Maker Relay Ep 44

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Executive Votes

Liquidations 2.0 Activations, Transfer May Core Unit Budgets

  • UNI-A, ZRX-A, AAVE-A, BAT-A, RENBTC-A, LRC-A, MANA-A, COMP-A, KNC-A, BAL-A vault types will be added to the Liquidations 2.0 framework
  • The UNIV2DAIUSDC-A Liquidation Ratio will decrease from 110% to 105%
  • 40,000 DAI will be distributed to Real World Finance (RWA-001).
  • 100,500 DAI will be distributed to Risk (RISK-001).
  • 80,000 DAI will be distributed to GovAlpha (GOV-001).
  • 126,117 DAI will be distributed to Growth (GRO-001).
  • 44,375 DAI will be distributed to Content Production (MKT-001).

Governance Polls

Weekly Polls

Poll Name Vote Discussion
Parameter Changes Proposal - MakerDAO Open Market Committee Vote Discussion

MIP Inclusion Polls

MIP Title MIP Poll More Info/Discussion
Strategic Marcomms Core Unit MIP Set Vote Core Unit Proposal, Budget Proposal, Facilitator Proposal
Sustainable Ecosystem Scaling Core Unit MIP Set Vote Core Unit Proposal, Budget Proposal, Facilitator Proposal
MIP49: Staking Rewards Vote Discussion
MIP50: Direct Deposit Module Vote Discussion
MIP51: Monthly Governance Cycle Vote Discussion
MIP4c2-SP14: MIP0 Amendments for Improved Clarity 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

Liquidations 2.0 Activations, Oracle Feed Changes
Passed on May 4, 2021, 15:42 UTC.
Executed on May 6, 2021, 15:45 UTC.

  • ETH-A, ETH-B, ETH-C, WBTC-A vault type has been added to the liquidations 2.0 framework
  • DeFi Saver has been onboarded as an Oracle Light Feed
  • The pseudonymous individual known as ‘Lisko’ has been offboarded as an Oracle Dark Feed.



Weekly MIPS Update #35 (May 10, 2021)

New Submission Highlight

MIP52: Dispute Resolution
@g_dip proposes his first MIP fresh off stepping away from the Maker Foundation!


Protocol Engineering

  • Liq 2.0 is live for all ETH vaults and WBTC
    • Adding the 10 more Vault Types to the Liquidations 2.0 Framework
    • Should be adding the UNI-LP Tokens to Liq 2.0 next week
  • Running up against gas limits on some of the Executive Spells
    • Will be able to onboard new collateral types directly into Liq 2.0
  • Working on reviews for DssVest, Delegate Voting Proxy changes, Optimism DAI Bridge.
  • SushiJoin is out for Audit.
  • Hiring on track, have an accepted offer from a strong candidate. Congrats to the community for settling on incentives.

Real-World Finance


  • Will propose Liq 2.0 for some of the UNI-LPs but not all.
    • starting with collaterals with one stablecoin.
    • Increasing expected duration for the auction.
  • Will be submitting a new quarterly budget this week, includes new personnel and funding for Risk web app development.

Growth Core Unit

  • Weekly Update
  • Exploring the idea of special parameters for big customers.
  • Looking at other L2 solutions for DAI to help with gas fees.
  • Check out the latest integration with BitPay shout out to Jen S. for closing the deal.
  • in the process of incorporation.

Current Events

Introducing the Liquidations 2.0 portal

The wait is over! Today the Liquidations 2.0 Portal was announced, giving easy access to interested parties to participate in collateral auctions. With flash loans enabled by the new upgrade to “Dutch” Auctions, anyone can participate without the need for excess liquidity. Check the portal out here.

Help us identify MakerDAO risks and opportunities

With the rapid expansion and transition away from the Maker Foundation @lollike from the proposed Sustainable Ecosystem Scaling Core Unit (SES) asks community members to identify 3 risks and opportunities they see going forward. The first round of polling is live for SES-001 if you’d like to show your support or opposition for what the team has put forward so far.

MKR Compensation Working Group Releases Guidelines

The hotly anticipated MKR Compensation Guidelines have been posted to the forum by the MKR Compensation working group. The guidelines include a recommended tier system for allocation to Core Units, with Core Unit Facilitators assigned an average MKR token amount per team member to allocate to their discretion within the team.

Heavy Debate Over Core Unit Proposals

The Strategic Marcomms Core Unit MIP Set is up for the first round of polling on the voting portal. There has been plenty of debate around the Core Unit and its proposed 5M DAI “Moonshot” Fund for unexpected marketing opportunities. A thread campaigning against the Core Unit sprung up on the forum, prompting a competing thread made in support of it. Leave your thoughts, but don’t forget to vote!

More pushes into Real World Finance

@g_dip hinted at a new venture in the works, today he unveiled the [Real-World-Asset company]

State of the Peg

  • DAI peg, high and low, trading in a 70 BIP range over the past week.

  • On-chain slippage is spiking, as the past 24 hours have been frothy. Almost all trade buckets are double in slippage week-over-week for DAI.

  • Volume for Sushiswap and Uniswap dominating DeFi trading right now. Especially in the past 24 hours.
  • Uniswap v2 still has 220 million in liquidity in there (the last screenshot). It seems not everyone has migrated.

  • DAI on Curve (3pool & compound) is equal in volume, whereas historically, it was the lower weight in the pool.

  • Despite slippage and peg fluctuations, there still is 4.7 billion DAI in the wild.

  • MakerBurn’s rundown
    • ETH-A 2.5 billion
    • WBTC 376 million
    • USDC-A 240 million
    • PSM USDC 797 million
    • ETH-C 253 million
    • LINK 135 million
    • PAX 88 million
    • YFI 55 million
    • ETH-B 49 million
    • UniV2DaiEth 28 million
    • TUSD 26 million
    • UNI 20 million
    • UniV2WbtcEth 12 million
    • UniV2UsdcEth 11 million
    • UniV2EthUsdt 7.1 million
    • UniV2DaiUsdc 3.8 million
    • ZRX 5.7 million
    • AAVE 4.1 million
    • UniV2DaiUsdc 3.6 million
    • BAT 3.1 million
    • renBTC 2.6 million
    • MANA 2.1 million
    • LRC 2 million
    • UniV2Wbtc 716K
    • BAL 715K
    • NS-DROP 510K
  • Other vaults below 500K (COMP, GUSD, KNC, USDT, UniV2LINK<>ETH UniV2AAVE<>ETH) at 760,805K.

  • ETH-C collateralization in the largest vaults are at least 200% and above. It’s worth noting that beyond the biggest vault, there’s a large number of sizeable positions. ETH-C is diverse.

  • Visualizing ETH-A is easiest on the liquidation chart. The price would have to significantly drop to hit 100 million in liquidations.

  • LINK has been surging in deposits and price. Liquidations really get intense in a particular .50 difference.
  • $27-> $26.50 would correspond to 67 million liquidated. This would likely correspond to the largest LINK vault, open since April 28.

  • Lifetime PSM has a balance of 792 million.

  • With the PSM fees almost breaking one million. | |



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?

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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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