Maker Relay Ep 36

Maker Relay 36

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.

Votes

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

Executive Vote

Stability Fee Changes, Onboarding ETH-C

  • ETH-C vault type will be added using ETH (Ether) as collateral
    • Stability Fee: 3.5%
    • Liquidation Ratio: 175%
    • Maximum Debt Ceiling: 2 billion DAI
  • Changes in Stability Fees:
Vault Type Current Stability Fee Proposed Change
UNIV2DAIETH-A 2% 3%
UNIV2USDCETH-A 2.5% 3.5%
UNIV2WBTCETH-A 3.5% 4.5%
UNIV2ETHUSDT-A 4% 5%
UNIV2LINKETH-A 4% 5%
UNIV2UNIETH-A 4% 5%
UNIV2AAVEETH-A 4% 5%
MANA-A 5% 4%
UNIV2WBTCDAI-A 3% 2%
RENBTC-A 6% 5%

More Information

Governance Polls

Some polls use instant run-off voting, so you can select multiple options, and ranked-choices will be prioritized.

Poll Name Vote Discussion Type Supplemental Info
Optimism DAI Bridge Vote Discussion Collaboration Optimism DAI Bridge will be developed to be deployed alongside the launch of Optimism
MIPs Monthly Governance Poll Vote Discussion MIPs MIP34, MIP38, MIP39, MIP40, MIP41, MIP43, MIP45, MIP46, MIP47, MIP48
Increase the Max Debt Ceiling (DC) for ETH-A Vote Discussion Parameter Adjustments 2.5B DAI (no change), 10 B DAI (+7.5B), 15 B DAI (+12.5B)
Increase the Max DC for WBTC-A Vote Discussion Parameter Adjustments 350 MM DAI (no change), 500 MM DAI (+150 MM), 750 MM DAI (+400 MM)
Increase dust parameter for Most Vault Types Vote Discussion Parameter Adjustments PSM-USDC-A and ETH-B are excluded

Community Greenlight Polls

The greenlight polls will close on March 29, 2021, at 16:00 UTC.

Collateral MIP9 Poll MIP6 Application
SNX (Synthetix) Vote Application
sUSD (Synthetix USD) Vote Application
aAAVE (Aave AAVE) Vote Application
aWETH (Aave wETH) Vote Application
SolarX (Uprets/SolarX REIT) Vote Application
xSUSHI (Sushibar) Vote Application
SB-BFDC (SolidBlock Beach Front Digital Coin) Vote Application
CurveLP-cDAI-cUSDC (Curve cDAI-cUSDC Liquidity Token) Vote Application
CurveLP-renBTC-WBTC (Curve renBTC-WBTC Liquidity Token) Vote Application

Active Signal Requests

Adjust COMP-A DC-IAM-line
signal for changing the line of COMP-A, we still have ~2MM of headroom left

Adjust ZRX-A DC-IAM-line
signal for changing the line of ZRX-A, we have a headroom of <200k left

Adjust the Surplus Buffer (March/April 2021)
We still have a couple of weeks until the Surplus Buffer is reached - but we want to be at least at 2% (of Surplus Buffer/total DAI ratio) according to the Risk Team

Last Week

Parameter Updates and Onboarding RWA-001
Passed on Mar 7, 2021, 10:11 UTC
Executed on Mar 9, 2021, 14:00 UTC

  • Target Available Debt (gap) has increased from 30 million DAI to 80 million DAI for the ETH-A vault type
  • RWA001-A vault type has been added using RWA001 (6s Capital) as collateral with preliminary, non-final parameters for testing purposes.
  • ETH-B vault type.
  • Minimum Bid Increment (beg) parameter has increased from 3% to 5% for the Vault Types that use Liquidity Tokens as collateral.

Updates

MIPs

For the latest news on MIPs, check out the Weekly MIPS Update #29.

Submission Highlight

Governance Communications Core Unit, COM-001

The Maker Improvement Proposal (MIPs) Framework provides a clear Maker governance process to change the Protocol as needed. Learn more about Maker Improvement Proposals (MIPs)

Smart Contracts

  • Optimism L2 DAI Bridge Announcement from Sam! :tada:
    • Code is open-sourced and can be found here.
  • Deploying ETH-C Vault to Kovan.
  • MIP 45 Liquidations 2.0 prepping to go into Kovan this week.
    • Still waiting for the Trail of Bits audit.
    • Got feedback from the other auditors, ongoing engagement with Gauntlet working on parameters.
  • MIP 21 deployed to Mainnet!
  • MIP 22 discusion with Centrifuge around implementation.
  • Working on security strategy and formal verification that the team will be releasing soon.

Risk

  • Working on Liquidations 2.0 parameters, starting with LINK, will be sharing a report this week.

Oracles

  • Pushing patched version of Scuttlebutt with larger state-size capabilities into production.
  • Working with ABDK for the final report in the LP Oracle Audits.

Current Events

Core Unit Launch Pod Sessions

This is a big week for the Core unit Launch Pod Series, with two groups presenting their Core Unit applications. Join us Wednesday at 18:00 UTC for the Smart Contracts Team and Friday at 17:00 UTC for the Real-World Finance Team. Core Units will have their applying facilitators present to give a brief presentation and respond to audience questions.

Catch up on the latest Core Unit news in the Core Unit Corner.

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 floating at just above 1.002 for most of the week. No spikes either, which is welcome news.

  • Shout out to @etheroll for the updates on Makerburn.
  • 2.7 billion Dai in the wild. 7.38 billion TVL (total-value-locked) in the protocol.
  • ETH A 1.451 billion
    • USDC A 331 million
    • WBTC 293 million
    • PSM USDC 449 million
    • ETH B 50 million
    • LINK 39 million
    • YFI 26 million
    • TUSD 26 million
    • PAX 19 million
    • COMP 9 million
    • UNI 9.2 million
    • ZRX 4.7 million
    • GUSD 4.5 million
    • AAVE 3.5 million
    • Uni LPs except UNIV2ETHUNI at 3 million cap
    • BAT 2 million
    • LRC 1.634 million
    • MANA 1.037 million
    • renBTC 993K
  • Other vaults below 500K (BAL, Univ2LINKETH, Univ2ETHUSDT, Univ2AAveETH, Univ2WBTCETH, USDC-B, USDT) totaling 398K.

VWAP

  • We have a slight feeds error with dai.stablecoin.science, so our regularly scheduled volume & VWAP programming is on a break this week.
  • The top four exchanges – Sushiswap, Uniswap, Coinbase, and Binance – account for $149 million in volume over the last 24hrs.

Dai in the farms

  • DAI out in the heartland is mostly on Compound, Sushi, and Curve.

  • ETH is the most dominant part of the portfolio, 52.9%, vaults within have average weighted collateralization of 356%

  • Largest ETH vaults collateralization is at 200% and 410%, with the biggest vault at 470%.

Liquidation walls

  • Liquidation speed bumps at $1535 ETH.

  • WBTC has three big vaults that are well collateralized.

WBTC Bands

  • You can see them dominating the buckets for collateralization ratios.

  • UNI, aside from the top two vaults, has a healthy distribution and collateralization.

UNI collateralization bands

  • You can see that in the collateralization bands too.

https://daistats.com | http://dai.descipher.io | https://makerburn.com

Community

Articles

Maker Forum Deep Dai-ve

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Core Unit Tools

Core Unit Launch Pod Sessions

Governance & Risk

Community Events

Useful Links

Forum and Maker Chat
Discuss and debate MakerDAO.

Participation Tools
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auction data.

Governance Portal
Voting dashboard for MKR voters.

Learning Portal and Technical Documentation Portal
Learn more about the Maker protocol

Have Feedback?

We value your input! Take our survey to let us know what we might be missing or how we can do better.

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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