Maker Relay Ep 28

Updates
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#1

Maker Relay 28

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

Executive Vote

Increase ETH-A and WBTC-A Debt Ceilings

  • Passed on Jan 19, 2021, 16:04 UTC with 57,268.46 MKR. Available for execution on Jan 21, 2021, 16:04 UTC.
  • ETH-A Debt Ceiling will increase from 740 million DAI to 1 billion DAI.
  • WBTC-A Debt Ceiling will increase from 160 million DAI to 210 million DAI.
  • Global Debt Ceiling will increase by 310 million DAI.

Governance Polls

Some polls use instant run-off voting, so you can select multiple options, and ranked-choices will be prioritized.

Poll Name Vote Discussion Type Unique Voters
Decrease the BAT-A Debt Ceiling Vote Discussion Debt Ceiling Adjustments 20
Increase the LINK-A Debt Ceiling Vote Discussion Debt Ceiling Adjustments 19
Increase the MANA-A Debt Ceiling Vote Discussion Debt Ceiling Adjustments 18
Decrease the TUSD-A Debt Ceiling Vote Discussion Debt Ceiling Adjustments 19
Whitelist Instadapp on ETHUSD Oracle Vote Discussion Oracles 20
Increase the Dust Parameter Vote Discussion System Parameter 20
Roll out Debt Ceiling Instant Access Module (DC-IAM) to Current and Future Vault Types Vote Discussion DC-IAM 18
Vault Compensation for Working Group Payment Vote Discussion Compensation 20
Monthly MIPs Governance Poll Vote 29:PSM; 30:CropJoin; 13c3-SP7:Gov-Comms; 7c3-SP5:Onboarding; 7c3-SP6:Onboarding; 28c7-SP2:Onboarding Monthly MIPS 19

Community Greenlight Polls

The greenlight polls will close on Feb 1 at 16:00 UTC.

Collateral MIP9 Poll MIP6 Application
STAKE (xDAI STAKE) Vote Application
stETH (LidoDAO Staked Ether) Vote Application
p1-DROP (Peoples Company DROP) Vote Application
renFIL (RenVM Filecoin) Vote Application
WFIL (Wrapped Filecoin) Vote Application
UNI-V2-DAI-USDC (UniswapV2 DAI-USDC Liquidity Token) Vote Application
UNI-V2-DAI-YFI (UniswapV2 DAI-YFI Liquidity Token) Vote Application
UNI-V2-DAI-USDT (UniswapV2 DAI-USDT Liquidity Token) Vote Application
UNI-V2-DAI-WBTC (UniswapV2 DAI-WBTC Liquidity Token) Vote Application
BPT-50WBTC-50WETH (50% WBTC 50% ETH Balancer Pool Token) Vote Application

Check out an ‘at-a-glance’ view of the current Vault types and their parameters on MakerBurn

Last Week

Stability Fee Changes, Oracle Whitelisting, Other Changes

  • Passed on Jan 18, 2021, 23:14 UTC. Available for execution on Jan 20, 2021, 23:14 UTC.
  • ETH-A Stability Fee will increase from 2.5% to 3.5%.
  • ETH-B Stability Fee will increase from 5% to 6.5%.
  • WBTC-A Stability Fee will decrease from 4.5% to 4%.
  • YFI-A Stability Fee will decrease from 9% to 6%.
  • MANA-A Stability Fee will decrease from 10% to 5%.
  • AAVE-A Stability Fee will decrease from 6% to 4%.
  • Set Protocol will be whitelisted on the AAVE/USD Medianizer Oracle.
  • Set Protocol will be whitelisted on the LRC/USD, YFI/USD, ZRX/USD, and the UNI/USD Medianizer Oracle.
  • Gnosis will be whitelisted on the BTC/USD, LINK/USD, ZRX/USD, YFI/USD, and the COMP/USD OSM Oracle.
  • The Minimum Bid Increase (beg) for FLAP auctions will increase from 2% to 4%.
  • The Bid Duration (ttl) for FLAP auctions will increase from 30 minutes to 60 minutes.
  • The System Surplus Buffer will increase from 4 million DAI to 10 million DAI.
  • Liquidations Circuit Breaker permissions over USDC-A, USDC-B, TUSD-A, PAXUSD-A, and GUSD-A will be revoked.

Signal Requests

  • Adjust ETH-A Debt Ceiling
    • Poll for two things here: changing the DC to allow more DAI from ETH-A.
    • and to find out if we want to switch over to IAM 5 for ETH-A
  • Interim DAO Operating Budget
    • Poll is closed with a large majority saying Yes to proceed. We will go to an on-chain vote for Feb 1st.
  • New vault-type for ETH with a higher Liquidity Ratio
    • Will highly reduce the risk of the protocol losing money on liquidations, while on the other hand offering a lower Stability Fee for people who want to stay heavily overcollateralized.

Updates

MIPs

Weekly MIPS Update #25 Jan 18, 2021

Proposals in the Request-For-Comments phase include:

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

  • MIP13c3-SP9: Onboarding a new collateral type backed by B.Protocol (Declaration of Intent)
    • An experiment is proposed for a native integration between B.Protocol and the MakerDAO system, by on-boarding a new collateral type, namely WBTC-B or ETH-C, with lower CR than WBTC-A or ETH-B (respectively), which will be natively backed by a strong commitment from B.Protocol backstop.
  • MIP4c2-SP10: MIP0 Amendments
    • Proposes edits to MIP0 that make it compatible with the newly proposed Domain Framework MIP set. The main difference is that it removes the inbuilt functionality of MIP0 to onboard core personnel. Instead, it uses the DAO Primitives State to determine who have been onboarded as Governance Facilitators by Maker Governance and then introduces logic that allows Governance Facilitators to designate MIP Editors.
  • MIP4c2-SP11: MIP5 Amendments
    • Proposes edits to MIP5 that make it compatible with the newly proposed Core Unit Operating Model MIP set. The main change is to the Governance Facilitator Emergency Vote process, which directly deals with onboarding and offboarding Facilitators.
  • MIP4c2-SP12: MIP16 Amendments
    • Proposes edits to MIP16 that make it compatible with the newly proposed Core Unit Operating Model MIP set. The main change is to clarify the Governance Powers of Facilitators.

Learn more about Maker Improvement Proposals (MIPs)

Smart Contracts

  • Liquidations 2.0 is the top priority right now.
    • PWC is currently auditing the Liquidations 2.0 code work first, then Quantstamp will take a look.
  • Working on MIP 21 (Real-World Assets(RWA)), which is close to being done, and MIP 22 (Centrifuge Direct Liquidation Module) is next.
  • RWA adapter currently has 2 different approaches; if we want to scale, we’ll need to standardize them going forward.
  • Community executive (community writes it’s own spell) is set for January 22nd.

Risk

  • Budget proposal and roadmap for Risk Domain are coming to the forum soon.

Oracles

  • Two proposals passed last week, whitelisting Gnosis and Set Protocol on multiple oracles.
  • dYdX has 17 proposals in the pipeline, and we expect to have deployment in testing by the end of the week. There is a slight challenge with baking layer-2 in.
  • We have leads for auditing firms for Uniswap LP oracle, will be meeting with them to discuss the scope for start date toward the beginning of February.

Current Events

Road to the DAO

  • Road to DAO: the Core Unit Operating Model
    • A MIP Set proposed by @juanjuan, with contributions from @elprogreso and @iammeeoh, designed to ease the separation from the Maker Foundation by paving a path towards putting people in charge of groups, paying contributors, and keeping projects accountable.
    • “We don’t believe it is entirely possible to achieve the Target Operating Model in the first iteration. The MIPs model allows us to discover the shortcomings of the current MIP Set, amend it, and integrate the temporary measures built around its weaknesses.”

Removing Circuit Breaker from Stablecoin Vault Liquidations

State of the Peg

Peg
Peg1418×562 194 KB

  • DAI peg moving exponentially closer to the dollar. Currently at 1.0019.

Dai Supply
Dai Supply892×795 108 KB

  • Total Dai outstanding is 1.4 Billion, and the TVL in Maker is 4.5 Billion.
  • Dai from:
    • ETH 739 million
    • ETH B 49 million
    • USDC-A 345 million
    • WBTC 148 million
    • TUSD 40 million
    • Dai through PSM is 29 million
    • PAX 19 million
    • LINK 9.9 million
    • YFI 5.1 million
    • UNI 3.8 million
    • BAT 2.8 million
    • UNI-LP (Dai/ETH) 1.7 million
    • LRC 1.6 million
    • Dai from other vault types 1.696 million
  • AAVE and COMP seeing more utilization and diversification. :chart_with_upwards_trend:
  • An urgent Executive passed today raising the debt ceilings of ETH-A and WBTC-A

VWAP
VWAP1412×563 40 KB

  • Volume at around $906 million this last week. :exploding_head:
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001

  • ETH vaults’ most popular collateralization ratio is at 540%. The largest vault in ETH-A is sitting at that ratio, and the rest of the largest positions fall at 290%. ETH positions are well protected in a frothy market.

  • Liquidation challenges at $1,071 ETH.

  • About half of the top YFI vaults in the 230-260% range.

  • WBTC’s largest vault is at 290%, but the rest of them fall closer to the 200% buckets.

702×388 18.3 KB

  • WBTC liquidations get challenging at 29K BTC with 24 million Dai up for liquidation.

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

Community

Resources

  • Check out the community-generated Governance Tools Resources
    • Find pages like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history.
  • There is now a merchant directory of businesses that accept Dai in the community portal.

Articles

Maker Forum Deep Dai-ve

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

Governance & Risk

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

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.

9 Likes
Maker Relay Ep. 28 - en español
#2

Thanks a lot as always. Was a bit disconnected this week. And it helps a lot.

4 Likes
#3

I can’t like your post with an emoji so you get a reply right back. :bowing_man:

Also, there is a team that assembles these FWIW: @Anna @JerryAG @seth @Davidutro and @prose11. Then there’s @Lozadaluis12 translating it to Spanish, which is a one-man team effort.

3 Likes
#4

So thanks to the all team ! If you want a translation in French I can help

2 Likes
#5

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