Maker Relay 33
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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.
Check our Participation Tools page for protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.
Onboarding Uniswap V2 LPTs, Parameter Updates
If Passed, the following changes will occur;
- UNIV2WBTCDAI-A vault type will be added using UNI-V2-WBTC-DAI as collateral
- UNIV2AAVEETH-A vault type will be added using UNI-V2-AAVE-ETH as collateral
- ETH-A Maximum Debt Ceiling will increase from 1.5 billion DAI to 2.5 billion DAI.
- System Surplus Buffer will increase from 10 million DAI to 30 million DAI.
- DAI Savings Rate will be increased from 0% to 0.01%
- Liquidations Circuit Breaker permissions over PSM-USDC-A will be revoked
- Liquidations Circuit Breaker permissions over UNIV2USDCDAI-A will be revoked
- Multiple Debt Ceiling Instant Access Module (DC-IAM) Activations, see below
Debt Ceiling Instant Access Module (DC-IAM) Activations
|Vault Type||Max Debt Ceiling (line)||Target Available Gap (gap)||Ceiling Increase Cooldown (ttl)|
|LRC-A||10 M||2 M||12 Hrs|
|BAT-A||3 M||1 M||12 Hrs|
|BAL-A||5 M||1 M||12 Hrs|
|MANA-A||2 M||500 k||12 Hrs|
|ZRX-A||5 M||1 M||12 Hrs|
|KNC-A||5 M||1 M||12 Hrs|
|RENBTC-A||2 M||500 k||12 Hrs|
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||Extra Info|
|Add UNI-V2-DAI-USDT as a Collateral Type||Vote||Application, Risk Eval, Smart Contracts Eval, Oracles Eval||Collateral Onboarding||SF:4% LR:125% DC:3M|
|Increase Stability Fees (ETH-A & ETH-B)||Vote||Discussion||Parameters||A:4.5%-5.5%, B:7.5%-9.0%|
|Lower PSM-USDC-A tout parameter||Vote||Discussion||Parameters||0.1% to 0.04% PSM Documentation|
|Decrease the Stablecoin Vault Debt Ceilings||Vote||Discussion||Parameters||USDC-A, PAX-A, GUSD-A, USDT-A|
|Initial Flash Mint Module Fee||Vote||Discussion||Parameters||.05%, .09%, Abstain|
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
Last week no new executive votes passed. Polls that did pass went into the current executive vote.
[Signal Request] Adjust ETH-A DC-IAM
line parameter refers to the Maximum value for the Debt Ceiling. This signal is polling options for a supported increase of the ETH-A vault type
[Signal Request] Increase ETH-A DC-IAM
gap parameter refers to the amount of gap the DC-IAM aims to maintain between the current debt usage and the Debt Ceiling. This signal is polling for support of an amount of increase to the ETH-A
[Signal Request] Does MakerDAO support EIP-1559?
The Ehereum Cat Herders are hosting a community call to discuss the impact of a chain split that could impact stakeholder groups, including MakerDAO. This signal is searching for feedback from the community about feelings surrounding the EIP-1559 fork.
chop adjustments for UNI LP Vault Types
beg parameter refers to the auction bid increment during auctions of a given vault type; the
chop refers to the penalty fee. This signal seeks feedback for proper amounts for both of these parameters, specifically on our Uniswap Liquidity Token vault-types.
[Signal Request] Adjust the ETH-B Auction Parameters (
This signal seeks support for appropriate amounts to raise the
chop parameters for the ETH-B vault-type.
[Signal Request] Move to Percentage IAM
This signal asks the Maker Community if the Instant Access Module for adjusting Debt Ceilings should change from a fixed amount to a percentage-based model.
Proposals in the Request-For-Comments phase include:
- MIP26: DssGov - Governance Contract Redesign
- MIP31: Active Reserve AMM (dss-ara)
- MIP32: Peg Stability Module for Compound Mixed Exposure
- MIP33: Maker Stability Price Module
- MIP34: Keg Streaming Payments Module
- MIP35: Peg Stability Module - Compound Mixed Exposure - With Farming
- MIP36: Peg Stability - Compound Governance Dai Leverage
- MIP37: Static Reserve For Governance
- MIP38: DAO Primitives State
- MIP39: Core Unit Framework
- MIP40: Budget Framework
- MIP41: Facilitator Framework
- MIP42: Proposed Compensation Addendum for MakerDAO Contributors
- MIP43: Term Lending Module (TLM)
- MIP45: Liquidations 2.0 (LIQ-2.0) - Liquidation System Redesign
- MIP46: Parameter Proposal Groups
- MIP47: MakerDAO Multisignature Wallet Management
- MIP48: Streaming Payments via the Keg
- MIP49: Governance Rewards
Sub-Proposals in the Request-For-Comments
- MIP4c2-SP7: MIP4 Amendments
- MIP4c2-SP10: MIP0 Amendments
- MIP4c2-SP11: MIP5 Amendments
- MIP4c2-SP12: MIP16 Amendments
- MIP13c3-SP9: Onboarding a new collateral type backed by B.Protocol (Declaration of Intent)
Core Unit Proposals
- Real-World Finance: MIP39c2-SP1
- Risk: MIP39c2-SP2
- Governance: MIP39c2-SP3
Proposals in Conception
Learn more about Maker Improvement Proposals (MIPs)
- Collateral assessments published for UNI-V2-AAVE-ETH, UNI-V2-DAI-USDT.
- MIP21 to Kovan coming soon, @hexonaut found some critical bugs.
- Liquidations 2.0 small changes in RFC and coming close to lock up before formal submission.
- Get general updates in the Collateral Onboarding RocketChat channel.
- The Scuttlebutt Network faced an outage last November, the team is looking into increasing the maximum size of the network, so they don’t have to keep re-deploying every few weeks.
- Core Unit Oracle proposal in development.
- Working on how to define parameters for Liquidations 2.0
- Publishing risk assessments of UNI LP pairs.
- Looking into parameters that would be necessary for a WBTC vault with a lower Liquidation Ratio.
Core Unit Conceptual Hackathon
Hack the Future of Work, the Core Unit Hackathon concluded this week with several potential proposals workshopped. The Core Unit Corner has been set up to share information about ongoing and proposed Core units (thanks @operational-support!).
- Check out the Core Unit RocketChat for the latest and to engage with other members working on core units!
State of the Peg
- DAI peg is still strong at 1.000215. One Coinbase oracle spike at 6:20 am this morning.
- Volume at around $1.075 billion this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001, although we might need some more zeroes on that data.
- Dai supply still over 2 billion, with a max ceiling of 2.833 billion. KNC and MANA broke out of the sub 500k vault category. The pattern of “one large vault” starts to change into a meme of “two large vaults.”
- ETH A 1.418 Billion
- USDC A 327 million
- WBTC 263 million
- PSM USDC 133 million
- ETH B 49.995 million
- LINK 34 million
- YFI 28 million
- TUSD 26 million
- PAX 19 million
- UNI 16 million
- COMP 6 million
- KNC 4.6 million
- AAVE 3.3 million
- Most Uni ETH LP’s at 3 million cap (UniV2UsdcEth UniV2WbtcEth UniV2DaiEth)
- Univ2UNI<>ETH & Univ2DAIUSDC just under 3 million cap with 105k and 78k to go.
- BAT 1.8 million
- LRC 1.646 million
- MANA 873K
- Univ2ETHUSDT 666K
- renBTC 592K
- Other vaults below 500K (BAL, ZRX, GUSD, USDT, Univ2LINKETH, USDC B) totaling 339K.
- The most recent query for PSM Revenues sits at 85K for Feb. Shout out to @sebventures dune page compiling the protocols PnL.
- ETH is dominated by two large ETH vaults with collateralization ratios of 530% and 200%.
- Liquidation Walls at $1663 ETH, considering the past 24 hours may the OSM be ever in your favor.
- Two new large vaults in KNC, where the average collateralization is much safer than 220%. Most of the top positions sit at 530%.
- The largest LINK positions at 290% collateralization.
- The biggest vaults in LINK quite recently refreshed to stay on the safer side.
- There’s been a fair amount of liquidations today. Keep your vaults safe, friends.
Coindesk: Over $25M Liquidated accross DeFi as ETH faces price pressure
- February 22nd saw heavy market volatility, leading to big liquidations at MakerDAO and across the Defi Space.
Maker Forum Deep Dai-ve
[RWA] Things I don’t like about Real-World Assets
- @e18r inspires a discussion about the push for RWA and the challenges of the asset class.
[Tutorial] Adjusting a Vault’s Debt Ceiling with the IAM
- @Aaron_Bartsch put together an awesome tutorial that allows anyone to adjust DCs with the Instant Access Module.
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
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- Feb 25: PwC Decentralized finance and future of banking Series - Exchanges
- Mar 5: The.Conference Exchanges DeFi Edition
Discuss and debate Maker governance over Maker Chat
Propose technical changes, poll, and vote in the Governance Portal
Learn more about the Maker protocol in our Documentation
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.