Maker Relay Ep. 40

Maker Relay #40

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

Executive Vote

Onboard New Silver Series 2 DROP
New Silver Series 2 DROP will be onboarded to the Maker Protocol as RWA002-A with the parameters given below if this executive proposal passes:

  • Vault Type: RWA002-A
  • Placeholder Token: RWA002
  • Real World Asset Agreement (doc): QmdfuQSLmNFHoxvMjXvv8qbJ2NWprrsvp5L3rGr3JHw18E
  • Stability Fee: 3.5%
  • Debt Ceiling: 5 million DAI
  • Vault Collateralization Ratio (mat): 105%
  • val: 5,634,804
  • tau: 0

Governance Polls

Weekly Cycle 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
Petition letter to a16z Vote Discussion Signal
Parameter Changes Proposal (MakerDAO Open Market Committee) Vote Discussion Parameter Changes

MIP Inclusion Polls

The inclusion polls will close on Thurs, April 15, 2021, at 16:00 UTC.

MIP (or Set) Vote Discussion Details
Growth Core Unit MIP set Vote Discussion MIP39c2-SP4: Growth Core Unit, GRO-001; MIP40c2-SP4: Core Unit Budget, MIP41c4-SP4: Facilitator Onboarding
MakerDAO Shop Core Unit MIP set Vote Discussion MIP39c2-SP6: MakerDAO Shop Core Unit, MDS-001; MIP40c2-SP6: MakerDAO Shop Budget; MIP41c4-SP6: MakerDAO Shop Facilitator Onboarding
Content Production Core Unit MIP set Vote Discussion MIP39c2-SP5: Content Production Core Unit, MKT-001; MIP40c3-SP5: Core Unit Budget; MIP41c4-SP5: Facilitator Onboarding
Protocol Engineering Core Unit MIP set Vote Discussion MIP39c2-SP7: Adding Protocol Engineering Core Unit; MIP40c2-SP7: Modify Core Unit Budget; MIP41c4-SP7: Facilitator Onboarding
MIP4c2-SP7: MIP4 Amendments Vote Discussion Allowance for: MIP amendments to be able to use the Weekly Governance Cycle for the first 3 months after a MIP has passed; multiple MIP amendments to happen in one proposal; and multiple MIP removals to happen in one proposal
MIP4c2-SP8: MIP9 Amendments Vote Discussion Introduces a second poll date on the 1st Monday of each month, in addition to the 3rd Monday
MIP4c2-SP13: MIP0 Amendments Vote Discussion Defines: A procedure for tagging MIP Sets, and Roles involved and their responsibilities
MIP13c3-SP10: Declaration of Intent - eurDAI Vote Discussion MakerDao should investigate about and build a subprotocol providing a DAI-like stablecoin pegged to the official currency of the European Union (€).

Active Signal Requests

Adjust Liquidation Ratio for UNI-V2-DAI-USDC-A Vault Type
@monet-supply posted to suggest lowering the LR for this Uniswap LP token vault type to increase utilization of a relatively safe vault type.

Last Week

Increase Debt Ceilings, Provide April Core Unit Budgets
Passed on Apr 9, 2021, 00:01 UTC.
Executed on Apr 11, 2021, 00:02 UTC.

  • COMP-A Maximum Debt Ceiling has increased from 10 million DAI to 30 million DAI.
  • ZRX-A Maximum Debt Ceiling has increased from 5 million DAI to 10 million DAI.
  • YFI-A Maximum Debt Ceiling has increased from 45 million DAI to 75 million DAI.
  • PSM-USDC-A Debt Ceiling has increased from 1 billion DAI to 2 billion DAI.
  • April Budgets for the Real-World Finance (RWF-001), Governance (GOV-001), and Risk (RISK-001) Core Units have been distributed! (For the first time ever!)
    • 40,000 DAI to RWF-001
    • 80,000 DAI to GOV-001
    • 100,500 DAI to RISK-001

Updates

MIPs

For the latest news on MIPs, check out the Weekly MIPs Update #32.

New Submission Highlight

Sustainable Ecosystem Scaling Core Unit, SES-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)

GovAlpha

Smart Contracts

  • No collateral assessments this week; PAXG is still in Kovan.
  • Still waiting on the auditor for the SushiJoin adapter.
  • Liquidations 2.0 deploy for LINK-A pushed to Friday the 16th.
  • will post ilk registry updates, DSS interfaces, MIP 45 Kovan description updates, and PWC audit, audit debrief on the forum soon.
  • MIP50 was introduced by @hexonaut for directly supplying DAI into other protocols, check it out!

Oracles

  • Onboarding DeFiSaver Lightfeed delayed, expected for next executive vote.
  • Received minor suggestions from ADBK for the Uni LP Oracles; Kurt caught some small changes to optimize gas fees :+1:.

Risk

Real-World Finance

Operations and Collateral Onboarding

Current Events

Access to Maker Financials

Real-World Finance Team has spun up a domain to host all of their monthly financial reports for MakerDAO. Finance.makerdao.network under construction, a domain for accessing all of RWF’s Maker Financial reports. See the announcement thread, here.

Community Blog Announced

Find the first series of articles here and the announcement post here.

Delegation Coming to MakerDAO?

Over the next few weeks, @hexonaut and @Derek will be coordinating the required smart contracts and front-end work to allow delegated voting in the Maker Protocol. See this forum thread for more information.

Monthly Governance Cycle Makeover

Hello MIP51! This MIP came from many conversations in the community about making a more efficient Monthly cycle, citing some inefficiencies in the current process. A discussion call occurred to survey the options.

State of the Peg

  • DAI peg keeps adding zeros; 24-hour VWAP at 1.00033.

  • Even on April 8, with a hefty amount of volume, the peg still held strong 1.0014.

  • 7-day Volume at around $461 million this last week.
  • 7-day VWAP (Volume-Weighted-Average-Price) places Dai at $1.001.

  • Fresh updates @makerburn, thanks for adding the next DAI milestone. :rofl:

  • 3.2 billion DAI out there changing lives.
  • ETH-A 1.659 billion
    • PSM USDC 614 million
    • WBTC 384 million
    • USDC-A 240 million
    • LINK 72 million
    • ETH-B 53 million
    • ETH-B 49 million
    • YFI 48 million
    • TUSD 26 million
    • UNIV2DAIETH 18 million
    • PAX 15 million
    • UNIV2USDCETH 12.5 million
    • UNI 12.4 million
    • ZRX 5.6 million
    • UNIV2DAIUSDC, UNIV2WBTCETH, UNIV2WETHUSDT, UNIV2UNIETH all capped at 3 million
    • BAT 2.9 million
    • AAVE 2.8 million
    • renBTC 1.9 million
    • MANA 1.9 million
    • LRC 1.9 million
    • COMP 723K
  • Other vaults below 500K (BAL, GUSD, KNC, USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt,) at 1.18 million.

ETH-C

  • ETH-C vaults collateralization ratio skewed by the biggest vault in the bunch. Well-heeled and protected, it sits at the top of the buckets with 60,000 ETH in the vault. :eyes:

YFI vaults

  • Two large vaults in YFI with very different collateralizations; the larger vault has the safer bucket.

  • Some of the UNIv2LP vaults breaking out with deposits; DAI/ETH has one large vault (while USDC/ETH has two).

  • A 19% price drop would make the most problems for the DAI/ETH vault.

  • Liquidation Walls start to get rather intense at a 20% drawdown overall, with WBTC and ETH combining to 160 million of collateral on the block. Can’t wait for mainnet rollouts of new liquidations code.

Seb made a Dune board

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

Community

Articles

Maker Forum Deep Dai-ve

Check out the latest Forum at a Glance

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Governance & Risk

Community Calls and 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?

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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