Maker Relay Ep 32

Maker Relay 32

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 MakerDAO updates.

This week, whales splashing around and lots of collateral onboarding polls.

Votes

Check our Governance Tools Resource for protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.

Executive Vote

No Active Vote

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-AAVE-ETH Collateral Type Vote Application, Risk Eval., Smart Contracts Eval., Oracles Eval., Collateral Onboarding
Add UNI-V2-WBTC-DAI Collateral Type Vote Application, Risk Eval., Smart Contracts Eval., Oracles Eval., Collateral Onboarding
Dai Savings Rate Adjustment Vote Discussion Parameter Adjustments
Increase the System Surplus Buffer Vote Discussion Parameter Adjustments
Increase Maximum Debt Ceiling for ETH-A Vote Discussion Parameter Adjustments
Set Debt Ceiling Instant Access Module (for multiple vault types) Vote Discussion Parameter Adjustments

Community Greenlight Polls

The greenlight polls will close on March 1, 2021, at 16:00 UTC.

Collateral MIP9 Poll MIP6 Application
GLM (Golem) Vote Application
renDOGE (RenVM Dogecoin) Vote Application
REINNO (REINNO Stablecoin) Vote Application
SB-LDB (SolidBlock London Digital Bonds) Vote Application
FFT1-DROP (Fortunafi DROP) Vote Application
UNI-V2-BAT-DAI (BAT-DAI Liquidity Token) Vote Application
UNI-V2-DAI-COMP (DAI-COMP Liquidity Token) Vote Application
UNI-V2-LRC-ETH (LRC-ETH Liquidity Token) Vote Application
UNI-V2-UNI-DAI (UNI-DAI Liquidity Token) Vote Application
UNI-V2-YFI-ETH (YFI-ETH Liquidity Token) Vote Application
UNI-V2-COMP-ETH (COMP-ETH Liquidity Token) Vote Application
UNI-V2-LINK-DAI (LINK-DAI Liquidity Token) Vote Application

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

Last Week

Onboarding Uniswap V2 LPTs
Passed on Feb 11, 2021, 02:19 UTC.
Executed on Feb 15, 2021, 14:00 UTC.

  • UNIV2DAIUSDC-A vault type will be added using UNI-V2-DAI-USDC as collateral
  • UNIV2ETHUSDT-A vault type will be added using UNI-V2-ETH-USDT as collateral
  • The Global System Debt Ceiling will increase by 6 million DAI.

Onboarding Uniswap V2 LPTs, Rates Updates, Other Changes
Passed on Feb 13, 2021, 19:15 UTC.
Executed on Feb 15, 2021, 19:15 UTC.

  • UNIV2LINKETH-A vault type added using UNI-V2-LINK-ETH as collateral
  • UNIV2UNIETH-A vault type added using UNI-V2-UNI-ETH as collateral
    • The Global System Debt Ceiling increased by 6 million DAI due to the new vault types.
  • ETH-A Stability Fee increased from 3.5% to 4.5%
  • ETH-B Stability Fee increased from 6.5% to 7.5%
  • WBTC-A Stability Fee increased from 4% to 4.5%
  • LINK-A Stability Fee increased from 2% to 3.5%
  • COMP-A Stability Fee increased from 2% to 3%
  • BAL-A Stability Fee increased from 2% to 3.5%
  • UNIV2DAIETH-A Stability Fee increased from 1% to 2%
  • UNIV2USDCETH-A Stability Fee increased from 1% to 2.5%
  • UNIV2WBTCETH-A Stability Fee increased from 2% to 3.5%
  • BAT-A Stability Fee decreased from 8% to 6%
  • YFI-A Stability Fee decreased from 6% to 5.5%
  • 100,000 DAI will be transferred from the Maker Protocol to the Interim DAO Budget Multi-sig.

Debt Ceiling Instant Access Module Adjustments:

Vault Type Maximum Debt Ceiling (line) Target Available Debt (gap) Ceiling Increase Cooldown (ttl)
UNI-A 50 M DAI 3 M DAI 12 hours
AAVE-A 25 M DAI 2 M DAI 12 hours
COMP-A 10 M DAI 2 M DAI 12 hours
LINK-A 140 M DAI 7 M DAI 12 hours
WBTC-A 350 M DAI 15 M DAI 12 hours
YFI-A 45 M DAI 5 M DAI 12 hours

Signal Requests

Lower PSM-USDC-A tout Parameter

Initial Flash Mint Module Fee

Updates

MIPs

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

Proposals in the Request-For-Comments

Sub-Proposals in the Request-For-Comments

Proposals in Conception

Learn more about Maker Improvement Proposals (MIPs)

Smart Contracts

Oracles

  • CF-DROP, WBTC-DAI assessment in the works.
  • Audit in progress for LP token Oracles.
  • Discussion for Governance and Risk Call:
    • If the current gas fee trend continues, we will end up paying 16M a year just for gas costs.
      • What are we willing and not willing to do as a community?
      • One option is to start to delist vaults that don’t have high usage.
        Researching what we can do to reduce gas usage, we are already heavily gas optimized.

Risk

Current Events

More Information

Check out the thread explaining the Multi-Sig and where the initial funds will be going.

State of the Peg

  • We made it over 2 billion Dai!
    • ETH A 1.243 Billion
    • USDC A 352 million
    • WBTC 210 million
    • PSM USDC 118 million
    • ETH B 50 million
    • TUSD 29 million
    • YFI 23 million
    • LINK 20 million
    • PAX 19 million
    • UNI 14 million
    • COMP 6 million
    • All UniLP’s at 3 million cap (UniV2UsdcEth UniV2WbtcEth UniV2DaiEth)
    • AAVE 2.3 million
    • BAT 1.8 million
    • LRC 1.2 million
    • BAL 817K
    • renBTC 808K
    • Other vaults below 500K (MANA, KNC, GUSD, USDT, ZRX, USDC B) totaling 918K.
  • Biggest movers this week are YFI, LINK, and UNI. Most vault types are dominated by quite significant positions.

  • DAI had a tiny spike last Monday but, by and large, is extremely close to peg. In the last 24 hours, it’s actually been more under $1 than slightly over.

  • An excellent reflection point: over 21k vaults created.

  • Volume at around $1.07 billion this last week.
  • Average VWAP (Volume-Weighted-Average-Price) still healthy at $1.001

ETH Vaults

  • ETH vaults collateralization ratio has its biggest buckets around 370% and 600%.

Liquidation Walls

  • Liquidation Walls at $1613 correspond to 54 million Dai in liquidation.

Link Vaults

  • Link is dominated by one whale with a 360% collateralization bucket.

  • UNI also has a large vault that skews the collateralization curve at 210%.

  • A draw-down to $16.72 UNI would unwind a significant amount of Dai, ~9 million.

  • YFI printer go brrrr, and whale go splash into 600% collateralized vault.

https://daistats.com | http://dai.descipher.io | https://makerburn.com | Maker DAO - MCD

Community

Articles

Videos

Maker Forum Deep Dai-ve

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

Reference Links

Discuss and debate Maker governance here 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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