Maker Relay Ep 31

Maker Relay 31

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.

This week’s theme: everything goes to mars. :rocket:


Check our Governance Tools Resource for links to things like system metrics, Dai metrics, collateral & liquidation metrics, protocol analytics, auctions, and governance history.

Executive Vote

Onboarding Uniswap V2 LPTs
This vote is to onboard 2 new Uniswap V2 liquidity tokens.

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
Add UNI-V2-UNI-ETH as Collateral Type Vote Application, Risk Evaluation, Smart Contracts Evaluation, Oracles Evaluation Collateral Onboarding
Add UNI-V2-LINK-ETH as Collateral Type Vote Application, Risk Evaluation, Smart Contracts Evaluation, Oracles Evaluation Collateral Onboarding
Rates Proposal (Stability Fees) Vote Discussion Stability Fee Adjustments
Interim DAO Budget (100,000 Dai) Vote Discussion Autonomous DAO

Debt Ceiling Instant Access Module

Collateral Vote Discussion Max Debt Ceiling Target Available Debt (gap) Ceiling Increase Cooldown (ttl)
UNI-A Vote Discussion 50 M 3 M 12 Hours
YFI-A Vote Discussion 45 M 5 M 12 Hours
AAVE-A Vote Discussion 25 M 2 M 12 Hours
COMP-A Vote Discussion 10 M 2 M 12 Hours
LINK-A Vote Discussion 140 M 7 M 12 Hours
WBTC-A Vote Discussion 350 M 15 M 12 Hours

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

Last Week

Activate Debt Ceiling Instant Access Module for ETH-A
Passed Feb 2, 2021 at 15:00 UTC, executed Feb 4 at 15:04 UTC.

  • DC-IAM has been activated on the ETH-A vault type, with the following parameters;
    • 1.5 Billion Dai - Maximum Debt Ceiling (line)
    • 30 Million Dai - Target Available Debt (gap)
    • 12 Hours - Ceiling Increase Cooldown (ttl)
  • Discussion
  • Information about the DC-IAM

Signal Requests



Latest MIPs Update #26 Feb. 1, 2021

  • No MIPs have been formally submitted for the February cycle.

Proposals in Request-For-Comments

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

Proposals in Conception

[MIP44: Reward Join Adapter (RewardJoin)]

Learn more about Maker Improvement Proposals (MIPs)

Smart Contracts



Current Events

Core Unit Season at MakerDAO

In anticipation of the Core Unit Operating Model MIP Set going up for a vote next month, several Domain and Working Groups have started to file for consideration as Core Units completely funded by the DAO. So far, the community has received proposals from Governance, Risk, and Real World Assets, with several other groups presenting working drafts. To learn more about Core Units, join the conversation on the Community Call tomorrow at 12pm EST.

More Information

Check out the Core Unit Onboarding channel on Rocket.Chat
Forum Post: Core Units I wish Existed

State of the Peg

  • DAI peg at 1.003.

  • PSM revenues are visible thanks to @Sebventures Dune analytics board.

  • 1.88 Billion Dai out in the wild.
    • ETH A 1.095 buhbuh Billion
    • USDC A 362 million
    • WBTC 172 million
    • PSM USDC 83 million
    • ETH B 49 million
    • TUSD 30 million
    • PAX 19 million
    • LINK 18 million
    • UNI 12 million
    • YFI 7 million
    • COMP 6 million
    • All UniLP’s at 3 million cap (UniV2UsdcEth UniV2WbtcEth UniV2DaiEth)
    • LRC 1.5 million
    • AAVE 1.4 million
    • BAT 835K
    • BAL 787K
    • Other vaults below 500K (MANA, renBTC, KNC, GUSD, USDT, ZRX, USDC B) totaling 1.289 million.

  • Volume at around $1.075 Billion this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001

  • ETH vaults collateralization ratios looking quite healthy.

  • Yet, Liquidation Walls (45 million) start at $1650 ETH. :flushed: Why?

  • The second-largest ETH position is at 150%, stay frosty Mr. :whale2:

  • UNI collateralization majority at 210%.

  • This is smart because UNI price has been quite volatile lately. A pullback to $15.57 (29% correction) would correspond to 8.5 million in liquidations.

  • The largest unicorns keep themselves protected, but there is some downside risk at that 210% bucket. But hey, YOLO, right? | |



Maker Forum Deep Dai-ve

  • Pre-MIP discussion: PSM flapper
    • Buy-back USDC in the PSM with Dai from the Surplus Buffer, then use that USDC to buy-back MKR instead
  • Introducing the MCD Voting Tracker
    • Data Services, an internal team in the Maker Foundation, will be releasing a limited duration Beta Program for a new exciting data product that gives detailed historical data on MCD Governance Polls, Executive Votes and Voters, accessible by anyone via an easy to use Graphical User Interface.

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

Governance & Risk

Know Your MIP

Community Events

Reference Links

Discuss and debate Maker governance in the 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, 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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