Maker Relay Ep 41

Maker Relay #41

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

Executive Vote

Liquidations 2.0 Contracts, Increase Emergency Shutdown Threshold

Governance Polls

The governance polls will close on April 22 at 16:00 UTC.

Poll Name Vote Discussion More Info
MIPs Monthly Governance Poll Vote Discussion Includes: MIP4 Amendments, MIP9 Amendments, MIP0 Amendments, eurDai, Content Production Core Unit(CU) Bundle, Growth CU Bundle, Protocol Engineering CU Bundle, & Swag Shop CU Bundle
Add YFI-A to Liquidations 2.0 Framework Vote Risk Evaluation cut = 0.99, step = 90 seconds, buf = 1.30, cusp = 0.4, tail = 140 minutes, chip = 0.1%, tip = 0, ilk.hole = 5m DAI, ilk.chop = 13%, tolerance = 0.5 & Global Auction Parameter: hole = 100m DAI

Community Greenlight Polls

The greenlight polls will close on May 3 at 16:00 UTC.

Collateral MIP9 Poll MIP6 Application
MCO2 (Moss Carbon Credit) Vote Application
rETH (Rocket Pool Staked ETH) Vote Application
1INCH (1inch Liquidity Protocol) Vote Application
bBadger (Badger Sett Badger) Vote Application
SLP-DAI-USDC (Sushiswap DAI-USDC LP Token) Vote Application
UNI-V2-DAI-PAX (Uniswap V2 DAI-PAX LP Token) Vote Application
UNI-V2-GUSD-DAI (Uniswap V2 GUSD-DAI LP Token) Vote Application

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

Active Signal Requests

PAX vault DC change
Asking if the community wants to move the Debt Ceiling of PAX-A vault to 50M, 0 Dai, or no change.

Adjust Liquidation Ratio for UNI-V2-DAI-USDC-A Vault Type
Currently, the UNI-V2-DAI-USDC vault type has a liquidation ratio of 110%. This signal asks if it should move to 105% or 103%.

Last Week

Onboard New Silver Series 2 DROP
Passed on Apr 14, 2021, 01:52 UTC.
Executed on Apr 16, 2021, 14:02 UTC.

  • New Silver Series 2 DROP has been onboarded to the Maker Protocol as RWA002-A with the parameters below:
    • 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

Updates

MIPs

For the latest news on MIPs, check out last week’s MIPs Update #32.

New Submission Highlight

MIP51: Monthly Governance Cycle

  • @LongForWisdom proposes changing the Monthly governance Cycle to streamline the procedure, aiming “to reduce the cost of participation for governance by reducing the number of votes that take place for each monthly cycle.”

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

  • Had an urgent situation with the Ethereum network arise last week following the Berlin Hard Fork. Maker Team was prepared, and the protocol experienced no downtime :+1:
  • Updating Liq 2.0, means a new Bug Bounty program!
  • Looking to review the SushiJoin adapter audit by ADBK.

Oracles

Risk

Real-World Finance

Current Events

ESM+End Module Upgrades and Disclosures

@Kurt_Barry posted a thread explaining the details behind the recent ESM + END Module upgrades. In short, they fixed two bugs, and the team explained the logic behind the fixes’ decision-making with disclosures. This was posted in line with the Protocol Engineering Team’s Road to DeFi Safety and associated deck

The DAO is growing up!

As more Core Unit Proposals hit the forum, the community is gradually supporting its own growth. With the next batch of Core Units expected in next week’s executive vote, the DAO payroll is expected to expand. Take a look at the community pioneers applying and already approved by Governance.

Next up, Liquidations 2.0

The executive vote is live for ushering our first vault type in the Liquidations 2.0 framework! As the system is entirely new, Risk will be recommending vault types slowly and will likely recommend tweaking the parameters over time. Share your thoughts about the Expected Auction Duration, currently at 40 minutes.

The Maker Roadmap

With the Core Unit Operating Model, the community has started to discuss the need for a driving vision. The most recent thread comes from @seth, who asks a series of questions about Maker Strategy for DAI dominance. Stay tuned for a forthcoming update from Project Compass who have tasked themselves with distilling a vision framework for the DAO.

State of the Peg

  • Over the course of the week, the weighted average Dai peg is still hovering in basis point territory. Peaking at 1.006 and going below peg to .99725 in the past 24 hours.

  • In the face of significant slippage and a micro-bear market, the peg was under more duress. It’s worth noting that most of the outsized slippage came from uniswap and sushiswap with trades above 100k in value.

  • Including this monster trade early on Sunday AM at the peak of crypto price declines in the wider market.

  • Dai Supply at 3.5 billion, 12 days till the stability buffer fills.

  • Volume around a staggering $801 million this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.002

  • Most of the liquidations over the weekend were in ETH-A and WBTC, looks like most vault owners kept themselves protected.

  • The volume on Curve seems to be peaking today versus over the weekend, with USDC doing the lion’s share of 3pool volume.

  • ETH vaults and WBTC are still leading in fees and TVL. Though it’s dominated by one large vault, as is the trend, ETH-C seems to be growing organically, with four larger positions at the top of the outstanding debts.
  • ETH-A 1.8 billion
    • USDC-A 240 million
    • PSM USDC 578 million
    • WBTC 375 million
    • USDC-A 240 million
    • ETH-C 137 million
    • ETH-B 49 million
    • YFI 75 million
    • LINK 69 million
    • PAX 39 million
    • TUSD 26 million
    • UniV2DAIETH 20 million
    • UniVUSDCETH 17 million
    • UNI 15 million
    • ZRX 5.7 million
    • UniV2DAIUSDC 4.1 million
    • UniV2WBTCETH 3 million
    • UniV2UniETH 3 million
    • UniV2ETHUSDT 3 million
    • BAT 2.9 million
    • AAVE 2.7 million
    • LRC 2.25 million
    • MANA 1.9 million
    • renBTC 1.9 million
    • BAL 1.7 million
    • COMP 1.07 million
  • Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, RWA 1&2) at 1.17 million.
  • Side note: look at those RWA vaults, :hatching_chick: just waiting for their little beaks to get a DROP.

313% for ETH-a

  • ETH-A vaults collateralization ratio averaging at 313%

  • Most of the ETH-A large vaults are collateralized well, keeping the liquidation price well below the recent price drop.

  • The biggest vault in ETH-B dominates the lowest collateralization bucket.

  • Digging deeper, the ETH-B top vaults are more diverse in their risk appetite.

  • A nice :gem: in YFI, the second-largest vault actually has more collateral (3200), but they’re 820% collateralized.

  • Finally, a breakdown of interest income thanks to @Sebventures.

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

Community

Articles

BTC Manager: Citibank Demystifies MakerDAO and DeFi for Fund Managers

Maker Forum Deep Dai-ve

Check out the latest Forum at a Glance

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Community Call | NEAR Protocol’s Rainbow Bridge

  • Tuesday 9AM PST | 10AM MST | 12PM EST | 4PM UTC | 6PM CET | Call Join Link

Community Collateral Onboarding

Governance & Risk

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.

10 Likes

I just want to say I find these roundups helpful to see a lot of stuff in one place. Others I have spoken to do as well. Just in case the likes that accumulate don’t make it clear, this is high-quality internal communication.

4 Likes

:bowing_man: that’s really awesome to hear!

1 Like

would be interested from your perspective, to hear if you think anything might be missing that you would generally find/search for elsewhere?

In other words, does this feel comprehensive, or are there other things you’d like included here/in a similar layout?

1 Like

I mean, maybe just find a way (no specific suggestions) to format so that the calendar of ongoing MIP discussions, votes, and calls are in one place separate from the rest? Because I click on these threads for two different reasons – a roundup of the weekly news, and to find calls/policy discussions all in one place for reference. There may be utility in keeping them bundled together, but may minimize a little scrolling to have them in separate places but cross linked to each other.

Not a firm suggestion, but maybe something to think about!

3 Likes

I also like the idea but it would be nice if it did not require so much scrolling, but just nitpicking at this point.

1 Like

thanks for the feedback!! that is very useful!

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