Maker Relay 30
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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.
Check our Governance Tools Resource for links to things like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history.
- 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
- 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.
|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|
January 2021 Governance Cycle Bundle
Passed on Jan 28, 2021, 06:51 UTC. Executed on Jan 30, 2021, 06:52 UTC.
- MIP29: Peg Stability Module moved to Accepted status.
- MIP30: Farmable cUSDC Adapter (CropJoin) moved to Accepted status.
- MIP13c3-SP7: Governance Communications Domain (Declaration of Intent) moved to Accepted status.
- MIP7c3-SP5: Domain Team Onboarding (Risk Domain Team) onboarded Sébastien Derivaux as a Risk Domain Team Facilitator.
- MIP7c3-SP6: Domain Team Onboarding (Smart Contracts Domain Team) onboarded Sam MacPherson as a Smart Contracts Domain Team Facilitator.
- MIP28c7-SP2: Subproposal for Operational Support Domain Facilitator Onboarding onboarded @juanjuan as an Operational Support Facilitator.
[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).
Proposals in the Request-For-Comments phase include:
MIP26: DssGov - Governance Contract Redesign
- This MIP 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).
MIP33: Maker Stability Price Module
- This proposal allows Governance to defend an MKR price by pre-allocating dai to buy at a pre-defined level.
MIP34: Keg Streaming Payments Module
- The Keg is a tool for streaming ERC20 DAI to a preset group of addresses from out of the Surplus Buffer.
MIP35: Peg Stability Module - Compound Mixed Exposure - With Farming
- This proposal defines a new Peg Stability Module, which converts USDC to DAI and DAI to USDC, using Compound to generate leveraged yield.
MIP36: Peg Stability - Compound Governance Dai Leverage
- This proposal defines a Peg stabilizer controlled by governance, which uses the flash minting technique for Dai lending to leverage MakerDAO’s position on cDai.
MIP37: Static Reserve For Governance
- Defines a static reserve that can receive any tokens from anyone as any contract and allows Maker Governance to withdraw them.
MIP38: DAO Primitives State
- DAO Primitives State is a MIP that contains all the status related to Core Units, Budgets, and Facilitators.
MIP39: Core Unit Framework
- Contains a framework for managing Core Units and modifying them in the DAO Primitives State MIP.
MIP40: Budget Framework
- Contains a framework for managing budgets and modifying them in the DAO Primitives State MIP.
MIP41: Facilitator Framework
- Contains a framework with subproposal processes for managing Facilitators and modifying them in the DAO Primitives State MIP.
MIP42: Proposed Compensation Addendum for MakerDAO Contributors
- Proposes to pay contributors partially in time-locked MKR to increase value returned to contributors and directly align their interests with those of MakerDAO.
MIP43: Term Lending Module (TLM)
- Proposes an integration with Yield Protocol. Authors Allan and Alberto are employees of Yield, Inc., a company working to build Yield Protocol. Lev is an advisor to Yield, Inc.
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)
- 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
- 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
- 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.
- @juanjuan is the newly instated Operational Support Facilitator!
- A couple of video replays in case you missed the calls
- Check out TLDR for Core Unit Onboarding Proposals to get a better idea of the Core Unit submission process!
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.
- 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
- 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
- DAI peg holding steady in the face of high gas fees, a market push, and traditional finance losing their minds.
- 7-day Volume at around $1.075 billion.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001
- 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).
- Most DAI, outside of Compound, is living in Curve or Sushiswap.
- The largest ETH vaults collateralization ratio is 270%
- Liquidation Walls at $1199 ETH.
- AAVE vaults have larger vaults collateralized at 190%.
- Shout out to the AAVE whales. There are multiple large holders in the top vaults.
- YFI large holders have collateralization at 210%-230%, and they’re more recent positions.
- Ape together strong, the largest vaults in YFI.
- YFI struggle bus fires up at $25K YFI.
- Mark Cuban Talks DeFi, Says Crypto Is a Store of Value
ICYMI: DAI Will Be Used as Prize-Money in Three Upcoming Esports Tournanments
- The Maker Foundation has partnered with Community Gaming Partners to offer DAI to winners of upcoming events, starting with a League of Legends Tournament.
Reviewscenter: Everything you need to know about MakerDAO and DAI
- A journalistic expression of some basics of MakerDAO and the protocol, as well as some potential use cases.
Maker Forum Deep Dai-ve
Core Units I Wish Existed
- This week, @iammeeho brings a discussion on working groups the DAO would like to see implemented under the newly proposed Core Unit Operating Model.
Stats on the State of Maker
- @seth posts some core statistics on the growth of MakerDAO and asks the community what metrics they would like to see tracked further.
Crash in Slow Motion
- @SebVentures examines the potential risk to the Protocol due to the Box parameter.
Core Unit Proposal: Real-World Finance
- Proposal has been submitted for the newly named “Real-World Finance” group.
Tweet of the Week
Meetings and Events
MakerDAO Open Calls
Surplus Buffer Panel Discussion is happening this week!
Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast
Community Collateral Onboarding
- Wednesday, February 3 18:00 UTC with Reinno
- Wednesday, February 17, 18:00 UTC with Fortunafi
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
Know Your MIP
- Friday, February 5th at 18:00 UTC
- Wednesday, February 10th at 18:00 UTC
- Feb 1-5: Binance Blockchain Week 2021
- Feb 4: Crypto NYC: Lend me your Crypto
- Feb 4: ETHDenver 2021
- Feb 10: Canaccord Digital Assets Virtual Symposium
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.