Maker Relay Ep 38

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Votes

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

Executive Vote

Increase Debt Ceilings, Modify Risk Parameters
If this Executive Vote passes:

  • Surplus Lot Size bump parameter will be increased from 10,000 DAI to 30,000 DAI.
  • The Debt Floor dust parameter for ETH-B will be increased from 2,000 DAI to 15,000 DAI.
  • UNIV2DAIETH-A will be enabled on the Debt Ceiling Instant Access Module with the following parameters:
    • Maximum Debt Ceiling: 30 million DAI
    • Target Available Debt: 5 million DAI
    • Ceiling Increase Cooldown: 12 hours
  • UNIV2USDCETH-A will be enabled on the Debt Ceiling Instant Access Module with the following parameters:
    • Maximum Debt Ceiling: 50 million DAI
    • Target Available Debt: 5 million DAI
    • Ceiling Increase Cooldown: 12 hours
  • UNIV2DAIUSDC-A will be enabled on the Debt Ceiling Instant Access Module with the following parameters:
    • Maximum Debt Ceiling: 50 million DAI
    • Target Available Debt: 10 million DAI
    • Ceiling Increase Cooldown: 12 hours

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
Increase Debt Ceiling for YFI-A from 45 to 75 Million Dai Vote Discussion Debt Ceilings
Increase Debt Ceiling for ZRX-A from 5 to 10 Million Dai Vote Discussion Debt Ceilings
Increase Debt Ceiling for COMP-A from 10 to 30 Million Dai Vote Discussion Debt Ceilings
Increase Debt Ceiling for PSM-USDC-A from 1 to 2 Billion Dai Vote Discussion Debt Ceilings

Active Signal Requests

Last Week

Approve March 2021 Governance Cycle Bundle
Passed on Mar 25, 2021, 08:33 UTC.
Executed on Mar 27, 2021, 08:34 UTC.

  • The Core Unit Framework MIP set has passed. Included: MIP 38, 39, 40, 41, as well as MIP4c2-SP10 and MIP4-c2SP12
  • The Real-World Finance Core Unit set has passed. Included: MIP39c2-SP1, 40c2-SP1, and 41c4-SP1
  • The Risk Core Unit set has passed. Included: MIP39c2-SP2, 40c2-SP2, 41c4-SP2
  • The Governance Core Unit set has passed. Included: MIP39c2-SP3, 40c2-SP3, 41c4-SP3
  • The Keg Streaming Module MIP set has passed. Included: MIP34 and MIP48.
  • MIP43: Term Lending Module has moved to Accepted status.
  • MIP45: Liquidations 2.0 has moved to Accepted status.
  • MIP46: Parameter Proposal Groups has moved to Accepted status.
  • MIP47: MakerDAO Multisignature Wallet Management has moved to Accepted status.

Community Greenlight Polls

The greenlight polls closed on March 29 at 16:00 UTC.

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

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

Updates

MIPs

For the latest news on MIPs, check out the Weekly MIPS Update #31.

Submission Highlight

Strategic Marcomms Core Unit, CPM-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

  • Collateral onboarding still on hold to prioritize Liquidations 2.0. We’re pushing the final Kovan deployment to the 31st, with mainnet launch and LINK-A support targeted for April 9th’s executive.
  • Working with Centrifuge on MIP 22 will be deploying to Kovan next week.
  • Working on a framework for tokens with fees could lead to onboarding tokens like PAXG.
  • Auditors(ABDK) engaged for work on a more generalized version of the CropJoin adapter.

Risk

  • LINK-A Liquidations 2.0 Parameters
    LINK-A is being chosen as a test candidate for Liquidations 2.0. This thread lists the proposed liquidation parameters for the LINK-A vault.
  • Gauntlet’s Auction Assessment | Actual Report
    The simulation’s goal was to optimize the Liquidations 2.0 parameters, which form the Dutch Auction pricing curve. They then compare the optimized Liquidations 2.0 system performance to the current Liquidations 1.2 system. Key metrics tested are auction throughput, risk, and slippage.

Real-World Finance

  • New Silver will be on-chain soon!
    Check out the collateral onboarding application for NS-DROP
  • Sebastien Derivaux made a budget dashboard simulator.
    It’s a simulator where you can add more Core Units to see what happens if you increase targets, Dai in circulation, leverage ratio, how much MKR token you want to give to all the team, and the split between teams. It’s a simulator, so you can fork it as much as you want and make changes.

Oracles

  • Eyeing the Uniswap v3 announcement to work through some of the math on LP tokens and understand the changing landscape.
  • Working on Oracles Core Unit, targeting May 1st submission, TBD.

Current Events

Uni-LP Tokens Start Getting Larger Debt Ceilings

After a successful audit on the UNIv2 LP oracles, the Oracle and Risk teams have cleared them for larger Debt Ceilings. This week’s Executive Vote will be the first increases if passed.

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.

Call For Proposal Framework

Call for Proposals (CFPs) is an experimental framework from the Operational Support domain. The goal is to further nurture high-level needs from the MakerDAO community, build potential Facilitator candidates in a pipeline, and offer an opportunity for crowdsourcing the best solutions. Anyone can submit a “Call for Proposals,” which signals roles or initiatives looking for organizers or leads.

The first Call For Proposals: Grants has gone live!
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State of the Peg

  • DAI peg so close to par in the past 24 hours. 1.00052

  • Volume at around $527 million this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.002 with peaks at 1.003 and lows at 1.00046.

  • Dai supply crossed the 3 billion mark. :partying_face: With PSM, WBTC, and ETH-C rising quickly this week.
  • ETH-A 1.368 billion
    • USDC-A 314 million
    • WBTC 356 million
    • PSM USDC 651 million
    • ETH-B 50 million
    • LINK 39 million
    • YFI 37 million
    • TUSD 26 million
    • PAX 19 million
    • UNI 10 million
    • ZRX 4.8 million
    • AAVE 1.983 million
    • Uni LPs (except LINK, AAVE, WBTC<>ETH, and DaiUSDT pairs) at 3 million cap
    • BAT 2.4 million
    • LRC 1.485 million
    • MANA 1.135 million
    • renBTC 1.2 million
  • Other vaults below 500K (BAL, GUSD, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 800,381.
    ETH-A, ETH-B, and ETH-C vaults are dominated by one large vault, but the distribution is pretty even after those singular positions.

  • ETH-C is a good example. The positions step down from one large vault, and the ilk(Vault type) is growing fast.

  • You can already guess that for ETH-C vaults, ETH price would have to crater to $577 for liquidations to get troublesome.

21 percent price drop

  • At 21% down, ETH-A starts to accelerate alongside ETH-C in green, and WBTC in the lighter purple. Cascading liquidations are an industry-wide issue. Liquidations 1.2 and 2.0 include mechanisms that mitigate the shock to MakerDAO. That being said, the collateralization is well balanced for these vault types.

Dai deposited in AMMs

  • Most DAI out in the wild is in Compound, Curve, Sushiswap, or Uniswap.

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

Community

Articles

Throwback: MakerDAO Pitches DeFi to the Masses at CES 2020

Maker Forum Deep Dai-ve

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Community Call

Governance Issue Discussion Call

  • Framing a Framework for MKR Compensation
    Wednesday at 17:00 UTC | Join Details

Community Collateral Onboarding

Governance & Risk

Community Events

Useful Links

Public Google Calendar
Subscribe to this calendar for Votes and Public Calls.

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?

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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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