Maker Relay 25
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Whether you hold Maker (MKR) or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for updates on the MakerDAO ecosystem.
The Monthly Governance cycle has been postponed until January, and DsChief v1.2 was successfully activated! December 17 will be the last Governance and Risk meeting of 2020. Governance calls will reconvene in January 2021.
Another plug for the community Governance Tools Resource links to things like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history. It’s where this week’s collateral overview came from.
Monthly Governance Cycle
Due to the MIP4c2-SP6: Calendar Exceptions, passed on Nov 24 there will be no monthly governance cycle for December 2020.
Weekly Governance Cycle
Some polls use instant run-off voting, so you can select multiple options, and ranked-choices will be prioritized.
|USDC Peg Stability Module Parameters||Vote||Discussion||Parameter Changes|
|Rates Proposal||Vote||Discussion||Parameter Changes|
|Whitelist Gnosis on ETHUSD Oracle (MIP10c9-SP15)||Vote||Discussion||Oracle Whitelist|
Community Greenlight Polls
The greenlight polls will close on December 28 at 16:00 UTC.
|Collateral||MIP9 Poll||MIP6 Application|
|WZEC (Wrapped Zcash)||Vote||Application|
|DPI (DeFi Pulse Index)||Vote||Application|
|WFIL (Wrapped Filecoin)||Vote||Application|
- DSChief v1.2 was successfully activated, upgrading MakerDAO’s official voting portal to protect against attacks involving flash loans.
- The Executive Vote submitted on December 11 passed on December 12, meaning the community will:
- Onboard renBTC as a new Collateral Type
- Onboard UNI as a new Collateral Type
- Enable Debt Ceiling Instant Access Module (DC-IAM) for ETH-B
- Reduce Stablecoin Stability Fees to 0%
- Modify YFI-A parameters
- Whitelist Yearn.finance on the YFIUSD OSM Oracle
Proposals in the Request-For-Comments phase include:
- MIP17: Weekly Actual Debt Ceiling Adjustments
- MIP26: DssGov - Governance Contract Redesign
- MIP29: Peg Stability Module
- MIP30: Farmable cUSDC Adapter (CropJoin)
Sub-Proposals in the Request-For-Comments phase include:
- MIP7c3-SP6: Domain Team Onboarding (Smart Contracts Domain Team)
- MIP13c3-SP7: Governance Communications (Declaration of Intent)
- MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)
The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed. Learn more about Maker Improvement Proposals (MIPs)
- Collateral Onboarding and MIP Updates 2020-12-11
- DSChief v1.2 has been successfully activated.
- SamM is working on the Peg Stabilization Module (PSM), and the Foundation has stated it will not be involved in its development.
- The team is making active progress on the 2020 Year-End Schedule.
Token Smart Contract Assessments
- tBTC Token Smart Contract Technical Assessment
- renBTC Token Smart Contract Technical Assessment
- UNI-V2-WBTC-ETH Oracle Smart Contract Technical Assessment
- The Risk team published Collateral Risk Evaluations for UNI-V2-WBTC-ETH, and CF-DROP.
- A risk assessment of the Peg Stabilization Module (PSM) has been published in the forum and plans to focus on real-world assets (RWA) in the coming year.
- The Oracles team published a post-mortem for the oracle outage that took place on November 25.
- The team also published oracle collateral assessments for UNI-V2-DAI-ETH, UNI-V2-WBTC-ETH, and UNI-V2-USDC-ETH
State of the Peg
- DAI 24 hour price creeping ever lower towards peg, sitting at 1.002.
- Dai supply still above a billion. In descending order:
- 450 million from USDC-A
- 438 million from ETH
- 94 million from WBTC
- 52 million from TUSD
- 18 million from PAX-A
- 15 million from YFI
- 10.4 million from ETH-B
- 5.7 million from LINK
- 2.9 million from BAT
- ~1.5 million from other collateral types (USDC-B, COMP, MANA, LRC, KNC, USDT, BAL, GUSD, ZRX)
The chart above is from Makerburns rundown.
- Volume at around $205 million this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.005.
- Volume is diversifying as well, with Sushiswap and dYdX alongside Uniswap.
- ETH vaults largest collateralization ratio at 210%
- The biggest ETH vaults are well collateralized.
- Liquidation Walls get pretty steep at $418 ETH, where 121 million Dai would be up for liquidation.
- In the worst case scenario, 15 million is the current
cat_boxparameter, which makes managing these auctions easier.
- In the worst case scenario, 15 million is the current
- YFI is still dominated by one whale whose position is sitting at 210% collateralization.
In Defense Of Burning
- @textrapperr opens a discussion on privileging Maker’s existing burn model over proposed “dividend/fee” models.
Unlocking compliant cryptocurrency flows
- This case study profiles MakerDAO’s use of Request Network to pay contributors.
Maker Forum Deep Dai-ve
- Strategic direction - integration with defi or protocol base layer?
[Discussion] MakerDAO Contributors compensation brainstorm
- SebVentures opens a discussion on how to compensate contributors directly from Maker funds.
- @hexonaut’s explains; “…Maker is not secure if there is more MKR available to borrow than there is locked in Chief/DssGov. The simplest and probably most robust way to solve this is to pay people to lock their MKR in chief and thus keep their MKR off the market.”
Let’s launch Oasis on IPFS!
- @MagoCrypto seeks input on the domain to be used for hosting Oasis on IPFS.
[Signal Request] Vault Compensation Working Group Payment
- @Monet_supply asks MakerDAO governance to consider funding payment for time contributed to the vault compensation project, despite the fact the plan ultimately failed to pass.
Tweet of the Week
Meetings and Events
MakerDAO Open Calls
- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast
Community Collateral Onboarding
- Bi-weekly Wednesdays at 18:00 UTC | Zoom - Message #governance-and-risk for Admission
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
This is the last Governance and Risk meeting of 2020.
- Dec. 15: The MakerDAO Community Call: Building Risk Monitoring Tools with Prabhaav Bhardwaj
- Dec. 17: Webinar series on decentralized finance and the future of banking with PwC
- Dec. 17: Discovering DeFi Product as a newbie
Propose technical changes, poll, and vote in the Governance Portal
Learn more about the Maker protocol in our Documentation
Check our Governance Tools Resource for links to system status, Dai stability, and collateral/liquidations, protocol analytics, auctions, and some of the history of governance.
Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for informative and for communications purposes only.