Maker Relay 32
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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 MakerDAO updates.
This week, whales splashing around and lots of collateral onboarding polls.
Check our Governance Tools Resource for protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.
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.
|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|
|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
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|
- No MIPs have been formally submitted for the February cycle.
Proposals in the Request-For-Comments
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.
MIP45: Liquidations 2.0 (LIQ-2.0) - Liquidation System Redesign
- Proposes a new method for Liquidations in the MakerDAO echo system, including a shift to a “Dutch Auction” style of liquidation.
MIP46: Parameter Proposal Groups
- Proposes the formalization of Parameter Proposal groups tasked with evaluating information and using their analysis to produce parameter change proposals.
MIP47: MakerDAO Multisignature Wallet Management
- Defines the requirements for creating a Multisignature wallet that Maker Governance recognizes.
MIP48: Streaming Payments via the Keg
- Describes how to utilize the Keg, a method of streaming DAI to various addresses, at a defined rate.
MIP49: Governance Rewards
- Proposes the creation of Governance Rewards, allowing the Maker community to reward MKR holders for locking their MKR tokens in Governance.
Sub-Proposals in the Request-For-Comments
MIP4c2-SP7: MIP4 Amendments
- Amends MIP4 to allow for the Weekly Governance Cycle to be used for amendments to MIPs within the first 3 months of their passing and proposes allowing modifications for multiple MIPs to be made in a single proposal.
MIP4c2-SP10: MIP0 Amendments
- This amendment proposes edits to MIP0 that make it compatible with the newly proposed Domain Framework MIP set. Using the DAO Primitives State directive to determine Governance Facilitators and allowing them 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.
MIP13c3-SP9: Onboarding a new collateral type backed by B.Protocol (Declaration of Intent)
- Declaration of Intent for onboarding a new collateral type, WBTC-B or ETH-C, with lower CR than WBTC-A or ETH-B (respectively), natively backed by a B.Protocol backstop.
MIP39c2-SP1: Adding Core Unit (Real-World Finance)
- This Core Unit is designed to pursue Real-World Asset work and more generally helps MakerDAO take over the traditional finance world.
MIP39c2-SP2: Adding Risk Core Unit
- Onboarding Risk Core Unit ensures Maker Protocol can continue to grow safely by having proper risk management parameters and risk mitigation tools applied.
MIP39c2-SP3: Governance Core Unit - GOV-001
- Proposed because MakerDAO requires a consistent and well-run governance process managed by elected facilitators to remain stable and secure as it grows.
MIP40c2-SP1: Modify Core Unit Budget (Real-World Finance)
- Remuneration for the Real-World Finance Core Unit.
MIP40c2-SP2: Add Core Unit Budget (Risk Core Unit)
- Remuneration for the Risk Core Unit.
MIP40c2-SP3: Core Unit Budget - GOV-001
- Remuneration for the GovAlpha Core Unit.
MIP41c4-SP1: Facilitator Onboarding (Real-World Finance)
- Real-World Finance application for Sébastien Derivaux (@SebVentures) to serve as facilitator.
MIP41c4-SP2: Risk Core Unit Facilitator Onboarding
- Risk application for Primož Kordež (@Primoz) to serve as facilitator.
MIP41c4-SP3: Core Unit Facilitator Onboarding
- @Longforwisdom is applying to be a Facilitator of the GovAlpha Core Unit.
Proposals in Conception
MIP44: Reward Join Adapter (
- Proposes a generic vault solution for all tokens generating rewards.
Learn more about Maker Improvement Proposals (MIPs)
- Planning to get MIP21 (Real World Assets) to Kovan soon
- Iterating on
- Continuing to work with auditors on MIP45 Liquidations 2.0
- Working on
- Code for MIP25: Flash Mint Module will be reviewed soon
- 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.
- If the current gas fee trend continues, we will end up paying 16M a year just for gas costs.
- Uni pairs: WBTC<>DAI & AAVE<>ETH risk evaluations in the works.
- Report on liquidation auctions so far in 2021.
- Focused on Liquidations 2.0 moving forward.
- Vote tracking is arriving at Maker! Check out the forum post for full details!
- Yearn.Finance recently used a MakerDAO vault to restore user funds after exploiting a V1 pool targeting yDAI.
Interim DAO Operating Budget passes executive vote
- 100,000 DAI was transferred to a MakerDAO Multi-Sig wallet to fund initial DAO operations, including the first PSM audit. The Multi-Sig requires 4 out of 5 signatories for authorization, and the funds can be returned to the Surplus Buffer at any time. The following mandated domain facilitators will administer the multi-sig wallet:
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 collateralization ratio has its biggest buckets around 370% and 600%.
- Liquidation Walls at $1613 correspond to 54 million Dai in liquidation.
- 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.
Grayscale files for more DeFi Trusts, including MKR
- Grayscale’s move to file for more DeFi Trusts in Deleware could indicate plans for more traditional investment vehicles to become available for tokens in the DeFi space, including MKR.
FriDAI Brunch #9: Blockchain for Humanity
- Discussion on how blockchain technology can be a fundamental asset for humanity and social causes.
Maker Forum Deep Dai-ve
- Discussion on the best path to bring the EuroDAI vision to reality.
Given the high gas price environment on L1
- A discussion about plans for utilizing Layer 2 (L2) solutions in the wake of high gas prices.
Operational Support Weekly Update
- The Operational Support Team provides their update for Feb. 8th - 12th with links to current Core Unit applications and informational calls.
Tweet of the Week
Meetings and Events
MakerDAO Open Calls
- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast
Community Collateral Onboarding
- Wednesday, February 17 18:00 UTC with Fortunafi | Zoom - Message #governance-and-risk for Admission
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- Feb 16: MakerDAO Community Call
- Feb 22: Hello Decentralization
- Mar 5: The Conference Exchanges DeFi Edition
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.
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.