Maker Relay Ep 43

Maker Relay Episode 43

Hi 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

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

Executive Votes

Liquidations 2.0 Activations, Oracle Feed Changes

  • Will add ETH-A, ETH-B, ETH-C, WBTC-A vault types to the liquidations 2.0 framework
  • DeFi Saver will be onboarded as an Oracle Light Feed
  • The pseudonymous individual known as ‘Lisko’ will be offboarded as an Oracle Dark Feed.

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
Decrease the UNIV2DAIUSDC-A Liquidation Ratio Vote Discussion
Add Multiple Vault Types to the Liquidations 2.0 Framework Vote Discussion

Active Signal Requests

  • Adjust KNC-A Debt Ceiling
    Gaging community support for reducing the KNC-A vault maximum debt ceiling (also known as the line) to 0 DAI, in preparation for the eventual transition of KyberDAO to their new token version
  • Increase the DSR
    Currently set to 0.01%, this signal is seeking community decisions around if we should raise the DSR (DAI Savings Rate), and if so, how much should it be raised?

Last Week

Approve April 2021 Governance Cycle

  • MIP4, MIP9, MIP0 Amendments
  • Declaration of Intent: eurDai
  • Core Unit Mandate and Budget Approvals
    • Content Production
    • Growth
    • MakerDAO Shop
    • Protocol Engineering
  • MakerDAO Shop Core Unit has been granted exclusive rights to shop.makerdao.com (until revoked by Governance)

Updates

MIPs

Our MIP Editors are busy confirming intentions for formal submission, lastest update coming soon.

Formal Submission

Formal Submission for the May Governance Cycle begins today and ends on Wednesday, May 5th. Check out Thursday’s Governance and Risk Call to see what MIPs will be approved for the first stage of polling.

Learn more about Maker Improvement Proposals (MIPs)

Protocol Engineering

Oracles

  • Getting ready to post Oracle Core Unit Proposal.
  • Going to be redeploying all existing UNI-LP Oracles, which have been optimized to save gas costs and will be rolled out over the next few weeks.
  • New pricing tool Gopher is incoming. Gopher constantly pings data sources for all the price feeds available, rather than fetching all pricing data for a particular asset every time it is needed.
  • Another tool will be put into production, called Spire, that enables another P2P solution to back up the Oracle system.

Real-World Finance

  • New Silver Vault (RWA-002) has pulled 500,000 DAI.
  • Will be meeting to discuss the concentration of Florida assets in the New Silver portfolio.
  • Looking to onboard up to four Centrifuge Assets.
  • 6s released new documents, still making process on legal issues
  • April Financial Reporting is out, looking good :+1:

Risk

  • Looking to lower KNC Debt Ceiling to 0, following an announcement that the project is moving to a new token.
  • Preparing for a new set of collateral applications, with Sushi-LP tokens next in line.
  • Did some analysis on ETH-B liquidations from last week. Over $16M of ETH was liquidated, netting over 2M DAI in revenue for the protocol with really healthy bids.
  • Auctions settled on average 4% below market price across 300+ auctions

Current Events

Hello, MKR

The Maker Foundation has decided to return 84,000 MKR to the DAO as part of the planned dissolution of the Foundation. It will ultimately be up to governance to decide how the tokens are used, with plenty of discussions already taking place.

Another Contract Transferred to the DAO

May 3, 2021, the Foundation has transferred technical ownership of the redeemer contract to Maker Governance. The redeemer contract holds a remaining 19,587 MKR that permits addresses to swap their old MKR for new MKR. This redemption process is possible via the makerdao.com/redeem page. Please note that this does not change the current mechanics for users who wish to redeem - that process remains the same, and interested parties may visit MKR Redeemer.

Financial Milestones

Quite a few recent financial milestones this week with Total Value Locked (TVM) surpassing $10B. Not far behind was the protocol surpassing 4B DAI in circulation. You can check out the latest financial report from April 2021 here.

Venezuela + DAI :heart:

@Lozadaluis12 brings the latest update on DAI adoption and outreach in Venezuela. Highlights include new integrations, Peer to Peer networks, and meet-ups.

Maker Foundation Meetup Grants Program Comes to an End

Today marks the end of the Maker Foundation’s Meetup Grants program. As with the sunsetting of the Development Grants program, this announcement comes as the Foundation continues moving toward dissolution. Over the lifespan of the program, events drew approximately 6,000 attendees and granted over $80,000 Dai.

Retired Tuesday Community Call

David Utrobin announces the end of this long-standing call in anticipation of a replacement series launched by the Content Production Core Unit in partnership with Growth CU and others. Community calls have become a natural part of how we function. As we grow, it’s our duty to reinvent ourselves and upgrade our offerings.

State of the Peg

  • DAI peg more and more stable as the bull run continues. Heavy slippage is only on outlier trades above half a million or more. Which is… yeah, that’s the numbers we’re talking about now.

  • 4 billion DAI is out swimming in the markets, 5.96 remaining until 10 billion.

  • Shout out Makerburn for cool ATH badges; they’re popping up everywhere lately.

  • Volume at around $687 million this last week. The omakase bar keeps serving up the most volume, 84 million in 24 hours alone on Sushiswap.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.002.

DAI Balances topping compound and Curve

  • Compound and Curve have the largest DAI balances.

The rundown speaks for itself:

  • ETH-A 2 billion
    • WBTC 331 million
    • USDC-A 240 million
    • PSM USDC 730 million
    • ETH-C 184 million
    • LINK 99 million
    • PAX 96 million
    • YFI 64 million
    • ETH-B 43 million
    • UniV2UsdcEth 35 million
    • UniV2DaiEth 30 million
    • TUSD 26 million
    • UNI 19 million
    • ZRX 5 million
    • UniV2DaiUsdc 3.8 million
    • UniV2UniEth 3.43 million
    • UniV2WbtcEth 3.3 million
    • AAVE 3 million
    • UniV2EthUsdt 3.2 million
    • BAT 2.9 million
    • renBTC 2.4 million
    • LRC 2.1 million
    • MANA 2 million
    • NS-DROP 510K
  • Other vaults below 500K (BAL, GUSD, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 1.4 million.

ETH- A buckets

  • The largest bucket with half of outstanding DAI, ETH-A, is lead by one vault with 736K ETH at a 490% collateralization.

  • ETH-C has jumped recently, and the average collateralization sits at 574.22%.
  • It’s worth mentioning that ETH-B has been growing as well 7 million away from its ceiling.

  • The LINK marines heard that liquidations 2.0 was shipping, so they popped on in. That’s… quite a chart. Worth noting that the top ten vaults have been active positions since Q1 of this year.

Liquidation walls at 20% price drawdown

  • Liquidation Walls start to get steep at a 20% drawdown for mostly ETH vaults. Sorry to be Debbie Downer, but stay frosty friends.

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

Community

Articles

Podcasts and Interviews

Maker Forum Deep Dai-ve

Check out the latest Forum at a Glance

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Community Collateral Onboarding

Governance & Risk

  • Agenda | Thursdays at 17:00 UTC!

Core Unit Office Hours

  • GovAlpha - Mondays 17:00 UTC | Video Link
  • Protocol Engineering - Tuesdays 15:00 UTC | Video Link
  • Content Production - Wednesdays 16:00 UTC | Video Link

Useful Links

Forum and Maker Chat
Discuss and debate MakerDAO.

Public Calander
Subscribe for all public calls, votes, and other reminders.

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.

MIPs Portal
MIPs Dashboard for everyone.

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.

13 Likes

Useful as always. I always enjoy these.

1 Like

Just a small note on the ATH-stickers, since they seem to be popular right now. They appear when a value is within a certain range of the actual absolute highest number recorded, typically 1-2%. If I only triggered the sticker on the specific highest number, they wouldn’t show up very often due to the volatile nature of the space. Especially for prices.

For example: the highest number of DAI recorded at one particular time right now is 4,133,559,715.045335 meaning the ATH-sticker will stay up as long as DAI remains above 4,092,224,117.89488165 (99%).

6 Likes

Nice! Thanks for that explanation.

1 Like