Maker Relay 26
Hey everyone, thanks for checking out the season finale of Maker Relay!
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.
This week saw the first community executive enter the voting portal, including a spirited discussion about better executives’ coordination in the future. Governance is on a break until January 2021; there are no more planned monthly or weekly Governance actions this year.
If passed, the vote will result in:
- The USDC PSM will be onboarded as the PSM-USDC-A vault type.
tinparameter will be set to 1% initially and decrease to 0.1% over 7 days.
tinrefers to the fee when trading USDC in exchange for DAI.
toutparameter will be set to 0.1%.
toutrefers to the fee when trading DAI in exchange for USDC.
- The initial debt ceiling of the USDC PSM will be 3 million DAI.
The PSM Executive is currently sitting at 40,992 MKR, and the current hat has 85K MKR.
Community Greenlight Polls
These greenlight polls will close on Dec 28 at 16 UTC.
|Collateral||MIP9 Poll||MIP6 Application|
|WZEC (Wrapped Zcash)||Vote||Application|
|DPI (DeFi Pulse Index)||Vote||Application|
|WFIL (Wrapped Filecoin)||Vote||Application|
Check out an ‘at-a-glance’ view of the current Vault types and their parameters on MakerBurn
Collateral Onboarding, Rates Changes, Oracle Whitelisting
- Passed Dec 19, 2020, 15:09 UTC. Executed on Dec 21, 2020, 15:10 UTC.
- The UNIV2DAIETH-A vault type will be added using UNI-V2-DAI-ETH (UniswapV2 DAI-ETH LP Token) as collateral.
- The AAVE-A vault type will be added using AAVE as collateral.
- ETH-A stability fee has been increased from 2% to 2.5%.
- ETH-B stability fee has been increased from 4% to 5%.
- WBTC-A stability fee has been increased from 4% to 4.5%.
- BAT-A stability fee has been increased from 4% to 8%.
- KNC-A stability fee has been decreased from 4% to 2%.
- ZRX-A stability fee has been decreased from 4% to 2%.
- MANA-A stability fee has been decreased from 12% to 10%.
- COMP-A stability fee has been decreased from 3% to 2%.
- BAL-A stability fee has been decreased from 5% to 2%.
- YFI-A stability fee has been decreased from 10% to 9%.
- Gnosis will be whitelisted on the ETHUSD OSM Oracle.
- The global line parameter will increase by 13 million DAI due to the other debt ceiling changes.
USDC Peg Stability Module Parameters, Rates Proposal, Whitelist Gnosis on ETHUSD Oracle (MIP10c9sp15)
- These polls went to an executive vote, which also passed. These changes will become active in the Maker Protocol after the Governance Security Module delay expires.
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)
- DsChief v1.2 has been activated!
- Reconvening in the next year, which means Real-World Assets (MIP21) will get pushed to 2021.
- Continuing work on the UNI LP Oracle.
- More high liquidity pairs are coming in 2021! These will start with low debt ceilings to protect against exploits.
- Going into the next year, the team will prioritize RWA.
- All planned collateral evaluations are released.
- In the new year risk domain will be looking at the prioritization framework to determine what to work on next.
- Started work on MIP30: CropJoin risk evaluation and assessing the situation with TUSD.
- A Risk Monitoring Dashboard was shared on the forum.
State of the Peg
- DAI 24-hour price is at 1.009.
- 1.12 Billion Dai out in the wild.
- 467 million from ETHA
- 439 million from USDC-A
- 85 million from WBTC
- 53 million from TUSD
- 28 million from ETH-B
- 18 million from PAX-A
- 16 million from YFI
- 5.8 million from LINK
- 3.4 million from UNI-A
- 2.8 million from BAT
- Other vault types (and there are quite a few now) inching across the longstanding ceiling of 1.5 million. 1.6 outstanding from AAVE, BAL, COMP, GUSD, LRC, RENBTC, MANA, USDT, ZRX.
- Volume at around $416 million over the last seven days.
- VWAP (Volume-Weighted-Average-Price) places Dai at $1.005
- ETH vaults collateralization ratio highest at 220% and largely diversified.
- ETH Liquidations are less of a wall this week! They creep to 44 million Dai liquidated at $424 ETH.
- UNI collateralization at 180% dominated by one big vault, the usual meme for a new collateral type. Same for AAVE, BAL, COMP, LINK, etc.
- The UNI vaults at the moment.
- UNI LP tokens are a different story, much more diversified collateralization. It’s early, though, so the awaits.
- CryptoTelegram: Maker Bulls Reverses from 500 Gaining Versus BTC and ETH
- Fintech Zoom: Ethereum – DeFi neighborhood raises centralization issues over Compound Chain
- The Block: ETH2 Staking Protocol ‘Lido’ Raises $2 Million in New Funding
The MakerDAO Community Call: Building Risk Monitoring Tools with Prabhaav Bhardwaj
- Check out their Dai risk monitoring tool
- Real World Asset 2020 Wrap-up & RWA-2021
Maker Forum Deep Dai-ve
- Cryptouf begins a discussion asking if the DAO has an organigram, and if not, would the community find it useful to create one.
TUSD is undergoing a material change to its ownership structure. Is there a process for reducing exposure in the event of a material change?
- Shane begins a discussion surrounding the changes to TUSD and what the DAO reaction should be if any.
- Are we moving too fast? Reevaluating risk in anticipation of Maker Foundation hand-off
Tweet(s) of the Week
Meetings and Events
MakerDAO Open Calls
Community Collateral Onboarding
Governance & Risk
Community Events & Hackathons
- Jan 15-Feb 7, 2021: MARKETMAKE Build the future of finance.
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.