Maker Relay Ep 30

Updates
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#1

Maker Relay 30

Hey everyone, thanks for checking out Maker Relay!

Whether you hold 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 Governance Tools Resource for links to things like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history.

Executive Vote

Add ETH-A to the Debt Ceiling Instant Access Module (DC-IAM)

  • Currently has 57,388.55 MKR in support, needs another 10,020.17 MKR to pass.
  • If passed, this will activate the DC-IAM on the ETH-A Vault type, with the following parameters;
    • Maximum Debt Ceiling (line): 1.5 billion DAI
    • Target Available Debt (gap): 30 million DAI
    • Ceiling Increase Cooldown (ttl): 12 hours

More Info

  • Original Signal Request: Adjust ETH-A Debt Ceiling (2021-03)
  • Debt Ceiling Instant Access Module Community Portal Information
    • The main benefits of the DC-IAM are the reduced governance overhead in the setting of debt ceilings and mitigating risk when there is a large decrease in collateral price.
    • The downside is that the DC-IAM enables a griefing attack on the Debt Ceiling of collateral types using it. The outcome of this attack is to prevent DAI from being minted using a given collateral type. The severity and likelihood of this attack are minimal, and the mitigation strategy is to disable the DC-IAM for the attacked collateral type.

Weekly Governance Cycle

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

Poll Name Vote Discussion Type
Investigate Implementation of ETH-C Vault Type with Higher LR Vote Discussion R&D working group
Create Multiple Orcales for dYdX Vote Discussion Oracles
Add UNI-V2-DAI-USDC as a Collateral Type Vote Discussion Collateral Onboarding
Add UNI-V2-ETH-USDT as a Collateral Type Vote Discussion Collateral Onboarding

Last Week

January 2021 Governance Cycle Bundle
Passed on Jan 28, 2021, 06:51 UTC. Executed on Jan 30, 2021, 06:52 UTC.

Signal Requests

[Signal Request] Adjust the Surplus Buffer (2021-2)
This is attempting to decide how high to set the Surplus Buffer and what to do with fees: diverting some into MKR-burning or filling the buffer more quickly. @ultraschuppi also breaks down some charts to show benefits, as well as potential drawbacks of various options.

[Signal Request] Raise DSR
Lays out the statistics (DAI and revenue) and what raising the DSR would affect (by percentage).

Updates

MIPs

Weekly MIPS Update #26 Feb. 1, 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 makes 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 makes 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 makes 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)

Team Updates

Smart Contracts

  • 2 collateral assessments from @hexonaut this week
  • Updates to liquidations 2.0 working with auditors, view code if you’d like to lend extra eyes.
  • Reviewed MIP 21 and MIP 22, one of them will likely go to Kovan next week
  • 3 more LP tokens are in the pipeline for review
    • LP tokens are difficult to test on Kovan, so they will likely be heading straight to main-net

Oracles

  • Finishing the ABDK audit requests.
  • All 3 LP tokens hit the max DC in less than 24 hours. The demand is clearly there.
  • There are other opportunities like Sushiswap for liquidity, but the rewards there come from the underlying Sushi you don’t get with just the LP tokens in Maker.
  • @Marcandu put in serious work on 17 starkware oracles for DyDx. We’re testing those. The poll should go out Monday for whitelisting.
    • The Exec we’ll delay a few weeks out to coordinate with the SC team. This is the first oracle work on L2 :raised_hands:

Risk

  • 2 UNI LP evals done, both in review and will be published in the coming days (DAI<>USDC & USDT<>ETH). On the docket next are more LP pairs with high liquidity and volume: UNI<>ETH, LINK<>ETH, AAVE<>ETH
  • We might need to increase rates (Stability Fees) soon to offset the risks. Especially since Liquidations 2.0 is still in the works and not live yet. Rates are currently the only tool to lower debt exposure.
  • Updating risk premiums, finishing a budget proposal to go into the next monthly cycle.

Operations

  • @juanjuan is the newly instated Operational Support Facilitator!
  • A couple of video replays in case you missed the calls
    • Lido Finance talking about stETH for last week’s Community Collateral Call
    • KYM #3 discussing the Core Unit Operating Model
  • Check out TLDR for Core Unit Onboarding Proposals to get a better idea of the Core Unit submission process!

Current Events

Vault Compensation Analysis Team

  • The Executive Vote passed on Jan. 25th, committing to pay the group that worked on analyzing and proposing compensation for vault holders affected by Black Thursday. They will be paid 12,700 DAI in aggregate.

More Information

  • You can read up on who was a part of the group and what they did by visiting the Signal Request that asked Governance for compensation.

OasisDEX 1.1 Upgrade

OasisDEX 1.1 contract upgrade on 29-Jan-2021

  • The current OasisDEX contract will expire and shutdown on February 4th, 2021, at 24:00 UTC
  • Users can still cancel orders placed with this contract; however will not be able to create new orders.

State of the Peg

PEG
PEG1026Ă—543 90.9 KB

  • DAI peg holding steady in the face of high gas fees, a market push, and traditional finance losing their minds.

VWAP
VWAP1462Ă—565 41.2 KB

  • 7-day Volume at around $1.075 billion.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001

Dai Supply
Dai Supply875Ă—876 102 KB

  • 1.6 billion total supply with 2.15 billion debt ceiling. 4.78 billion locked.
    • ETH-A 906 million
    • USDC 368 million
    • WBTC 174 million
    • ETH-B 49.9 million (at max utilization)
    • PSM-USDC 45.8 million
    • TUSD 33 million
    • PAX 19 million
    • LINK 17.6 million
    • UNI 9.79 million
    • YFI 7.2 million
    • COMP 6 million
    • UniV2 (USDC<>ETH) 3 million
    • UniV2 (WBTC<>ETH) 2.999 million
    • UniV2 (DAI<>ETH) 2.999 million
    • LRC 1.8 million
    • AAVE 1.06 million
    • BAT steady at 836K
  • LP tokens hit max utilization, quickly.
  • YFI & AAVE are the biggest movers this week.
  • Smaller Vault types totaling 2.8 million (BAL, MANA, renBTC, ZRX, KNC, GUSD, USDT).

DAI in farms

  • Most DAI, outside of Compound, is living in Curve or Sushiswap.

ETH vaults collateralization ratio

  • The largest ETH vaults collateralization ratio is 270%

ETH liquidation walls
ETH liquidation walls702Ă—380 17.9 KB

  • Liquidation Walls at $1199 ETH.

AAVE vaults
AAVE vaults698Ă—387 13.4 KB

  • AAVE vaults have larger vaults collateralized at 190%.

AAVE Top Vaults
AAVE Top Vaults944Ă—212 24.6 KB

  • Shout out to the AAVE whales. There are multiple large holders in the top vaults.

YFI Collateralization

  • YFI large holders have collateralization at 210%-230%, and they’re more recent positions.

Largest YFI vaults
Largest YFI vaults949Ă—143 15.1 KB

  • Ape together strong, the largest vaults in YFI.

YFI liquidations

  • YFI struggle bus fires up at $25K YFI.

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

Community

Articles

Maker Forum Deep Dai-ve

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

Governance & Risk

Know Your MIP

Events

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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Maker Relay Ep. 30 - en español
#2

Check out the Audio version available here;

Anchor.FM

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