Maker Relay 34
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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, we have an urgent vote to set the PSM-USDC-A Debt Ceiling, as well as MIPs that have been formally submitted for this month’s governance cycle!
Check our Participation Tools page for protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.
- Check out Primoz’s post about stablecoin volume through the 3pool in Curve.
- The PSM-USDC-A Debt Ceiling will increase to 1 billion DAI from its current value (around 247M at the time of writing).
- The USDC-A Debt Ceiling will decrease from 555 million DAI to zero DAI.
- This is a step toward fully replacing stablecoin vaults with PSM options for Maker.
- ETH-A Stability Fee parameter will increase from 4.5% to 5.5%.
- ETH-B Stability Fee parameter will increase from 7.5% to 9%.
- PSM-USDC-A Fee Out parameter will decrease from 0.1% to 0.04%.
- UNIV2DAIUSDT-A vault type will be added with the parameters listed below:
- Stability Fee: 4%
- Liquidation Ratio: 125%
- Debt Ceiling: 3 million DAI
- Auction Lot Size: 50,000 DAI
- Minimum Bid Increment: 3%
- Bid Duration: 6 hours
- Max Auction Duration: 6 hours
- Liquidation Penalty: 13%
- Debt Floor: 2,000 DAI
Weekly Governance Cycle
Some polls use instant run-off voting, so you can select multiple options, and ranked-choices will be prioritized.
|MakerDAO Supports EIP1559 (ETH fork)||Vote||Discussion, Proposal from ETH||ETH Response|
|Add ETH-C Vault Type||Vote||Proposal, Risk Eval||Vault Onboarding|
|Collateral Auction Parameter Updates||Vote||Discussion||Risk Parameters|
|Increase the ETH-A Target Available Debt (
Onboarding Uniswap V2 LPTs, Parameter Updates
Passed on Feb 23, 2021, 15:09 UTC.
Executed on Feb 25, 2021, 15:11 UTC.
- Collateral Onboarding
- The UNIV2WBTCDAI-A vault type has been added using UNI-V2-WBTC-DAI as collateral.
- The UNIV2AAVEETH-A vault type has been added using UNI-V2-AAVE-ETH as collateral.
- Debt Ceiling Instant Access Module (DC-IAM)
- The DC-IAM has been activated for LRC-A
- The DC-IAM has been activated for BAT-A
- The DC-IAM has been activated for BAL-A
- The DC-IAM has been activated for MANA-A
- The DC-IAM has been activated for ZRX-A
- The DC-IAM has been activated for KNC-A
- The DC-IAM has been activated for RENBTC-A
- Other Changes
- ETH-A Maximum Debt Ceiling has increased from 1.5 billion DAI to 2.5 billion DAI.
- System Surplus Buffer has increased from 10 million DAI to 30 million DAI.
- DAI Savings Rate has increased from 0% to 0.01%
- The Liquidations Circuit Breaker permissions over PSM-USDC-A have been revoked.
- The Liquidations Circuit Breaker permissions over UNIV2USDCDAI-A have been revoked.
dustparameter is the minimum possible debt for a vault. You can learn more about the
dust/ “debt floor” in the documentation here. The dust value of all vaults is currently set to 2,000 DAI, and this signal is asking what value, if any, the parameter should change to.
Increase PSM-DC and set Debt Ceiling for USDC-A/B to 0
As the stability fees collected from USDC are all 0, this signal proposes an adjustment of the Debt Ceilings and stops the
Newly submitted proposals
- MIP4c2-SP8: MIP 9 Amendments
- MIP4c2-SP13: MIP0 Amendments
- MIP13c3-SP10: Declaration of Intent - eurDai
- Growth Core Unit (GRO-001) Application
Proposals in Formal Submission
- MIP34: Keg Streaming Payments Module
- MIP38: DAO Primitives State
- MIP39: Core Unit Framework
- MIP40: Budget Framework
- MIP41: Facilitator Framework
- MIP43: Term Lending Module (TLM)
- MIP45: Liquidations 2.0 (LIQ-2.0) - Liquidation System Redesign
- MIP46: Parameter Proposal Groups
- MIP48: Streaming Payments via the Keg
Core Unit Proposals
- Real-World Finance: MIP39c2-SP1
- Risk: MIP39c2-SP2
- Governance: MIP39c2-SP3
For proposals in the RFC (Request for Comments) phase, please see the latest MIPs Update.
There Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed. Learn more about Maker Improvement Proposals (MIPs)
- MIP21 deployed to Kovan.
- UNI-V2-DAI-USDT getting added to the mainnet this week.
- Spending a few hours a week on MIP22.
- MIP45 (Liq 2.0) Updated and formally submitted
- Welcome back, @kurt_barry!!
- Partnering with DyDx and launching Starkware Update to Oracles, the first foray into L2.
- Parameters proposed for ETH-C Vault Type.
- Holding off on adding a lower LR WBTC vault.
- Dust parameter signal introduced due to cost of liquidations
- Recommending a 1B DAI DC for PSM-USDC-A.
- Proposal for changing Flip Auctions based on this week’s liquidations.
- Updated accounting frontend on Dune, the query is getting quite large, and we’re exploring another option.
- Working on MIP6 Application with Solar X REIT.
Core Unit Launch Pod Sessions
The latest call series at Maker focusses on new and developing Core Units. The series will give new units a chance to showcase what they intend to do and get feedback from the community before submitting their proposals. Join us this Wednesday at 18:00 UTC to hear @Nadia talk about the Growth Core Unit.
The MakerDAO Community Art Contest
Artists are given a chance to win Dai and have some featured artwork at MakerDAO by creating a visual artwork based on one of the original MakerDAO Core Principles.
State of the Peg
- DAI peg is holding steady even in the face of Tuesday’s market drop.
- This week’s Urgent Executive vote is the first step in reducing USDC’s impact on the MakerDAO portfolio. Since there was quite the velocity to deleveraging this weekend, it’s a timely catalyst.
- ETH A 1.317 Billion
- USDC A 422 million
- WBTC 248 million
- PSM USDC 247 million
- ETH B 49.995 million
- LINK 33 million
- YFI 28 million
- TUSD 26 million
- PAX 19 million
- UNI 7 million
- COMP 6 million
- ZRX 4.7 million
- GUSD 4.5 million
- Most Uni ETH LPs 3 million
- AAVE 2.4 million
- BAT 1.8 million
- LRC 1.469 million
- MANA 998K
- renBTC 839K
- Univ2ETHUSDT 714K
- Other vaults below 500K (BAL, Univ2LINKETH USDT, USDC B) totaling 263K.
- Volume at around $1.075 billion this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001.
The largest position at 440% dominates-ETH vaults collateralization ratio.
- Most other top vaults are well protected, though; only the fourth largest vault is bobbing just above 157%.
- Liquidation Walls at $1432 ETH.
- Three large vaults in LINK have decently protected collateralization ratios.
- That being said, an 18% drawback on LINK would wipe out the second biggest vault.
- Last week, we neglected to include the largest vault in ZRX. Sitting at 220% collateralized with a liquidation price of 1.03. The market has been frothy, and ZRX went down by 30% recently so hopefully, the OSM is kind.
Maker Forum Deep Dai-ve
Could Dai be short squeezed like Gamestop?
- *A great thread discussing market dynamics and how DAI accruing is different from “short interest.” *
- A Declation of Intent has officially been filed for pursuing a stablecoin pegged to the Euro. Help shape the process of exploration!
Tweet of the Week
Meetings and Events
MakerDAO Open Calls
- Cancelled this week!
- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET
Community Collateral Onboarding
- Bi-weekly Wednesdays at 18:00 UTC | Zoom - Message #governance-and-risk for Admission
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
Core Unit Launch Pod Sessions
- Session #1: Growth Core Unit - Wednesday March 3rd 18:00 UTC
- Feb. 15 - March 29: The MakerDAO Community Art Contest
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.