Maker Relay 04
Hey everyone, thanks for checking out Maker Relay!
Whether you hold Maker (MKR) or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for updates on the MakerDAO ecosystem.
The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed. Note that the MIPs editor keeps an excellent board of the MIPs process on github. Also note that @charlesstlouis began adding one liners for MIPs in the updates.
Proposals in the Request-For-Comments phase include:
Learn more about Maker Improvement Proposals (MIPs)
Smart Contracts and Risk
Token Smart Contract Assessments
TUSD - Poll still ongoing about TUSD upgrades and effects to the Maker Protocol
- 180 million was the winning poll option, was placed in Monday’s Executive Vote, and passed.
- The farming trend is taking another turn towards YFI farming, the community signaled on what the new ETH and USDC-A debt ceiling should be.
- 220 million for ETH with 68 total votes.
- 80 million for USDC-A with 56 total votes.
Vault Compensation Analysis Team
- The Initial Compensation Plan was voted against by MKR holders. It appears there is still interest in moving forward, so if you have feedback on the current plan please provide it in the threads.
- The team is wrangling feedback to understand how to proceed and may propose another vote.
State of the Peg
- DAI peg down very slightly from last week at 1.013.
- 218 million total Dai.
- Volume at around $33 million this last week.
- Average VWAP over seven days places Dai at $ 1.015
- ETH vaults collateralization ratio continues to grow in the 200-300 and 250-300 buckets. ~$67 million in the first bucket and $46 million in the second. Slightly more risk-on behavior as the ETH-A debt ceiling climbs.
- ETH at $150 nets out to ~34 million Dai liquidated but an even steeper curve at around $148 where $75 million in Dai would be liquidated.
- WBTC Collateralization ratios even more bimodal, with 10 million at 200-250% and ~$9 million at 150-200%
- First significant liquidation wall for WBTC at $8226.
Governance and Risk Observation
- Vishesh: Considering the lifecycle of Dai is a little bit missing (in our calculus) but it’s important to keep in mind that if the goal is bringing down peg you have to target use cases of Dai that will put more liquidity on the open market and help drive that price down.
Hackathons Winner Demos
From the Protect Privacy Hackathon:
- Sarang & Akash: Private Delegation Maker Governance
- Sunny Radadiya: TrustlessDAI
- Eugene Koinov: ZKVote
Want to learn more? Join the community call on Tuesday.
Forum Notable Thread(s)
@LongForWisdom is looking for someone to assist with the Governance Facilitator role on a regular basis. Duties include writing governance documentation, creating MIPs and pursuing initiatives that improve the efficiency and integrity of the MakerDAO governance process.
- @monet-supply provides his thoughts on his voting decisions
- Sam from FTX, shares a state of DeFi tweetstorm articulating some of the risks and the potential of the space at the moment.
Meetings and Events
MakerDAO Open Calls
- Tuesdays at 16:00 UTC | The MakerDAO Community Call: Hackathon Showcase Edition
Community Collateral Onboarding
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- July 30: The DeFi Roundtable: The Path to Decentralization(Virtual)
- Aug 5 DeFi Conference 2020 (Virtual)
- Sept 15-16: Copenhagen Fintech Week 2020 (Virtual)
- Sept 22-24: Money 20/20 Europe 2020—Amsterdam, Netherlands
- Dec 9-10: Paris Blockchain Week Summit
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.