Maker Relay 27
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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.
Check our Participation Tools page for links to system stats, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history.
This Week in Governance Polls
Some polls use instant run-off voting, so you can select multiple options, and ranked-choices will be prioritized.
The week’s Governance Polls will close on Jan 14 at 16:00 UTC.
|Whitelist Gnosis||Vote||BTC/USD OSM (MIP10c9-SP16), LINK/USD OSM (MIP10c9-SP17), ZRX/USD OSM (MIP10c9-SP18), YFI/USD OSM (MIP10c9-SP19), COMP/USD OSM (MIP10c9-SP20)||Oracles|
|Whitelist Set Protocol||Vote||AAVE/USD Medianzer (MIP10c9-SP21), LRC/USD Medianzer (MIP10c9-SP22), YFI/USD Medianzer (MIP10c9-SP23), ZRX/USD Medianzer (MIP10c9-SP24), UNI/USD Medianzer (MIP10c9-SP25)||Oracles|
|Add UNI-V2-WBTC-ETH as Collateral Type||Vote||Application, Risk Evaluation, Smart Contracts Evaluation, Oracles Evaluation||Onboarding|
|Investigate Implementation of a WBTC-B Vault-Type with a lower LR||Vote||Discussion||Signal Request|
|Adjust the System Surplus Buffer||Vote||Discussion||System Parameter|
|Adjust FLAP Auction parameters||Vote||Discussion||Auction Parameter|
MIP Inclusion Polls
The Inclusion Polls will close on Jan 14 at 16:00 UTC.
|MIP||Poll||MIP Info/Further Discussion|
|MIP29: Peg Stability Module||Vote||Discussion|
|MIP30: CropJoin - Farmable cUSDC Adaptor||Vote||Discussion|
|MIP7c3-SP5: Onboarding Sébastien Derivaux to the Risk Domain||Vote||Discussion|
|MIP7c3-SP6: Onboarding Sam MacPherson to the Smart Contracts Domain||Vote||Discussion|
|MIP13c3-SP7: Governance Communications Domain||Vote||Discussion|
|MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual||Vote||Discussion|
|MIP28c7-SP2: Onboarding JuanJuan to the Operational Support Domain||Vote||Discussion|
Check out an ‘at-a-glance’ view of the current Vault types and their parameters on MakerBurn
The USDC PSM was activated on Dec 28, 2020 @ 14:01 UTC
- The PSM-USDC-A vault type added using USDC as collateral
- The global line parameter increased by 3M due to the debt ceiling changes
The ETH-A, USDC-A, PSM-USDC-A Debt Ceilings executive vote was executed on Jan 7, 2021, @ 07:36 UTC
- ETH-A Debt Ceiling has increased from 590M to 740M
- USDC-A Debt Ceiling has increased from 485M to 555M
- PSM-USDC-A Debt Ceiling has increased from 3M to 30M
- Global Debt Ceiling has increased by 247M
- Rolling out the Debt Ceiling Instant Access Module (DC-IAM)
- Interim DAO Operating Budget
- Increasing Dust Parameter
- Adjust ETH-A Debt Ceiling (2021-02)
Proposals in the Request-For-Comments phase include:
MIP26: DssGov - Governance Contract Redesign
- Defines DssGov, a contract replacement for DSChief that comes with improved security, usability, and functionality for holders of the Maker governance token (MKR)
MIP31: Active Reserve AMM (dss-ara)
- A technical proposal for an active reserve based on the Uniswap V2 contract.
MIP32: Peg Stability Module for Compound Mixed Exposure
- Provides an extension for the PSM. The extension allows the PSM to leverage USDC via dai using cdai. It also converts USDC to cUSDC using the same join adaptor (lending join).
MIP34: Keg Streaming Payments Module
- Provides a smart contract implementation of a Streaming Payments System for Maker
Sub-proposals in the Request-For-Comments phase include:
Learn more about Maker Improvement Proposals (MIPs)
- MIP21 going into Kovan this week, executive this Friday.
- Team will focus on MIP 14, MIP 25, MIP 30 next.
- End of 2020 was pretty aggressive and we lost some smart contract engineers.
- We’ll need to pace ourselves and train up more people to have 4 collateral types a month, 1 MIP, and a set of community initiatives.
- Sam is working on the UI for PSM.
FLAP (Surplus Auction) parameter adjustments, 11th Jan 2021
- Urgent notice calling for expedited on-chain poll for a parameter change.
- Analysts finished collateral evaluation for tBTC
- The conclusion recommends a re-evaluation at a later point after the project has had some time to live and liquidity picks up.
- cUSDC CropJoin risk evaluation in the works.
- Monet_Supply posted a signal request for increasing Dust Parameter.
- Andy is working on refreshing Maker portfolio Value at Risk model(VaR):
- Helping define surplus buffer and risk mitigation during the bull run.
- New report from rate setting working group is out.
- RWA progress on due diligence, the team needs a lawyer since that expertise isn’t there…yet.
- LP tokens are the focus for collateral onboarding going forward.
- We need a formal audit before we start raising ceilings on LP tokens.
- 10 whitelisting proposals will go up this week.
- 17 in the backlog!
- Began work on the RWA oracle last week.
State of the Peg
- DAI peg looking stable with a few spikes within a frothy market.
- Volume at around $1.6 billion, with a , this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001
- Crawling closer to 1.5 billion in Dai outstanding, with ETH outpacing all the other collaterals.
- The PSM filled up pretty quickly which is a good sign.
- ETH-A 627,167,751
- USDC-A 438,341,301
- WBTC 124,410,149
- TUSD 51,282,155
- ETH-B 45,152,416
- PSM-USDC 27,693,436
- PAX 19,442,809
- LINK 9,933,753
- YFI 5,642,302
- UNI 4,007,879
- UniV2DaiEth 2,999,593
- BAT 2,845,414
- LRC 807,586
- BAL 337,198
- MANA 298,341
- ZRX 239,938
- renBTC 185,407
- KNC 111,120
- GUSD 52,551
- AAVE 24,371
- COMP 18,158
- USDT 1,096
- USDC-B 347
- ETH vaults largest collateralization bucket is at 390%. After the past 24 hours, it makes sense to have vaults well protected.
- Liquidation walls at $787 ETH.
- ETH-B has a large collateralization bucket at 130%.
- But it’s dominated by one large vault.
- 304K Dai out for liquidation; most auctions seem to be functioning well.
- The largest pools outside of Compound, Curve.fi, and uniswap account for 45% of protocol-locked-Dai.
Maker Forum Deep Dai-ve
Stay Grounded Maker Community. Stay Grounded
- @ElProgreso addressing the rise of MKR and ETH, and why it means we need to stay focused, more than ever.
What happens if DAI loses it’s peg and goes to $2 for example?
- @BlueCat began a discussion about ‘what-ifs’ and questions the results.
[Poll] What is the mission/vision of MakerDAO?
- @SebVentures making a post to begin discussion (and a poll) in an attempt to determine the mission/vision for moving forward as a community.
Explica: What is Dai and Why is this Cryptocurrency Presented as an Alternative to Obtain Dollars?
- Breaking down Dai and its advantages/disadvantages for use with different purposes.
American Banker: How decentralized finance could reshape banking
- A journalistic take on what the future of DeFi could mean for ‘traditional banking’ and the trends in financial industries, the world over.
The Block: A guide to The Block’s data dashboard
- “This article is an overview of the charts included on the [Block’s] dashboards, why those charts have been chosen, and what can be learned by following them — as well as pointing out interesting recent trends.”
CryptoSlate: Maker (MKR) rips 80% higher over the past week after extended bear market against Ethereum
- Discussing the increase in MKR token value, as well as touching on the ‘need for decentralized stablecoins.’
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
- Wednesdays at 18:00 UTC | Zoom - Message #governance-and-risk for Admission
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- 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.