Maker Relay Ep 27- Happy 2021

Maker Relay 27

Hey everyone, thanks for checking out 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.

Votes

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.

Poll Name Vote Discussion Type
Rates Proposal Vote Discussion Rates
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

Last Week

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

Signal Requests

Updates

MIPs

Weekly MIPS Update #23 (Jan 4-8)

Proposals in the Request-For-Comments phase include:

Sub-proposals in the Request-For-Comments phase include:

Learn more about Maker Improvement Proposals (MIPs)

Smart Contracts

  • 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.

Risk

Oracles

  • 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 :b:, 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 :eyes:
    • 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.

https://daistats.com/#/ | http://dai.descipher.io/ | https://makerburn.com/#/

Community

Maker Forum Deep Dai-ve

Articles

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Community Call

  • Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast

Community Collateral Onboarding

Governance & Risk

Community Events

Hackathons

Reference Links

Discuss and debate Maker governance in the Forum and over Maker Chat

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.

Have Feedback?

We value your input! Please reply to this post, take our survey or join us in the Community-Development channel to let us know what you want to see.

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.

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