Maker Relay Ep 45

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

Executive Votes

Parameter Changes and Oracle Updates
If this executive proposal passes, the following changes will occur within the Maker Protocol:

  • The Stability Fee for KNC-A will be increased from 2.0% to 5.0%
  • The Stability Fee for TUSD-A and PAXUSD-A will be increased from 0.0% to 1.0%.
  • The Stability Fee for ETH-C will be decreased from 3.5% to 3.0%.
  • The Debt Ceiling for KNC-A, PAXUSD-A, and USDC-B will be set to 0.
  • The Uniswap LP Token Oracle will be replaced with an upgraded version based on recent audit results.

Governance Polls

These Governance Polls will close on May 20, 2021, at 16:00 UTC.

Poll Name Vote Discussion Details
Add UNIV2DAIUSDT-A to Liquidations 2.0 Framework Vote Discussion Liquidations 2.0
Add Volatile-Volatile UNI LPs to Liquidations 2.0 Framework Vote Discussion Liquidations
Add Stablecoin-Volatile UNI LPs to Liquidations 2.0 Framework Vote Discussion Liquidations
MIP Monthly Governance Poll Vote Discussion MIP50, MIP51, MIP4c2-SP14, SES Core Unit Onboarding

Community Greenlight Polls

The greenlight polls will close on May 31, 2021, at 16:00 UTC.

Collateral MIP9 Poll MIP6 Application
CEL (Celsius Network Token) Vote Application
PA-DROP (PandaCredit DROP Token) Vote Application
SLP-SNX-ETH (Sushiswap SNX-ETH LP Token) Vote Application
SLP-UNI-ETH (Sushiswap UNI-ETH LP Token) Vote Application
SLP-YFI-ETH (Sushiswap YFI-ETH LP Token) Vote Application
SLP-AAVE-ETH (Sushiswap AAVE-ETH LP Token) Vote Application
SLP-COMP-ETH (Sushiswap COMP-ETH LP Token) Vote Application
SLP-ETH-USDT (Sushiswap ETH-USDT LP Token) Vote Application
SLP-LINK-ETH (Sushiswap LINK-ETH LP Token) Vote Application
SLP-USDC-ETH (Sushiswap USDC-ETH LP Token) Vote Application
SLP-WBTC-ETH (Sushiswap WBTC-ETH LP Token) Vote Application
SLP-SUSHI-ETH (Sushiswap SUSHI-ETH LP Token) Vote Application

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

Active Signal Requests

No active signal requests at the time of publishing.

Last Week

Liquidations 2.0 Activations, Transfer May Core Unit Budgets
Passed on May 13, 2021, 01:41 UTC.
Executed on May 17, 2021, 14:03 UTC.

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

Updates

MIPs

Check out the freshly posted weekly MIPS Update #36.

New Submission Highlight

MIP54: DssVest
DssVest is a technical MIP for a module that automates token vesting once the vesting plan has been approved by Governance.

Protocol Engineering

Oracles

  • Posted the MIP Subproposals for Oracles Core Unit :tada:
  • The foundation is currently paying for the Oracle Costs; DAO should be paying for this expense, so look for a cost breakdown coming to the forum in the next couple of weeks.
  • Will be seeking feedback about monitoring of DAO Oracle expenses

Real-World Finance

Risk

Growth Core Unit

  • Weekly Update
  • Welcome back Mariano!!!:tada::tada::tada:
    • Joining Growth Core Unit as a DeFi advisor

Content Production

Operational Support

Current Events

Competing Vesting Plans Hit the Forum

The Maker Community now has two vesting proposals out for public comment, with MIP53 and its’ Pre-MIP discussion stemming from the MKR Compensation Working Group’s efforts and a seperate Pre-MIP discussion put forward by the SES Core Unit. Both groups suggest that their recommendations be used as guidelines for Core Units that wish to adopt them, rather than mandates for the whole DAO.

Exit Polling for MIP49

Following the failed vote on MIP49, @prose11 has put up some exit polling questions to see if the proposal might move forward if amended. Swing by and leave your thoughts if you haven’t already.

Speaker Series: St. Louis Fed Senior VP

@PaperImperium hits the ground running, securing a BIG name for the first iteration of the new Speaker Series. Join us on June 29, 2021, at 15:00 UTC to hear David Andolfatto’s thoughts on Central Banks and DeFi.

SourceCred Update

The latest update on SourceCred on the Maker Instance is a juicy one. Updates had been delayed due to an issue with Maker’s tithe to SourceCred. Things are back on track, and as a result of switching the tithe to manual distribution temporarily, opted-in users will be getting a bit more DAI from SourceCred :dollar: .

Liquidations 2.0 Front-End Launched

Last Monday, the Liquidations 2.0 Portal launched. Providing easy participation access in collateral auctions to all interested parties. 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.

State of the Peg

  • DAI peg steady even in the midst of a wild drawdown across crypto assets. The flight to stables continues.

  • And here we are waiting, with almost 5 billion in outstanding Dai.

  • On-chain slippage for DAI has become rock solid since the slope doesn’t even start climbing until almost two billion.

  • The five leading markets for DAI include Sushi, Binance, Uniswap v2, Coinbase, and DyDx. Yes, Binance has two substantial DAI pairs for Tether and ETH.

  • Average trading volume in Curve has been 97 million a day for DAI over the past month.

  • The top DAI balances are in Compound, Curve, Sushi, and Cream.finance.

So close to 5 billion :yum:

  • ETH-A 2.6 billion
    • PSM USDC 799 million
    • WBTC 424 million
    • ETH-C 270 million
    • USDC-A 240 million
    • LINK 110 million
    • PAX 88 million
    • YFI 65 million
    • ETH-B 43 million
    • UniV2DaiEth 29 Million
    • TUSD 26 million
    • UNI 21 million
    • UniV2UniEth 12 million
    • UniV2UsdcEth 12 million
    • UniV2WbtcEth 11 million
    • UniV2EthUsdt 6 million
    • ZRX 5 million
    • AAVE 4.7 million
    • UniV2DaiUsdc 3.4 milion
    • BAT 3.2 million
    • MANA 3 million
    • renBTC 2.7 million
    • LRC 1.6 million
    • BAL 550K
    • NS-DROP 510K
  • Other vaults below 500K (GUSD, KNC, USDT, UniV2LINKETH, UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 1.3 million.

  • ETH vaults overall collateralization ratio at 334%.

  • Liquidation walls for all assets get steep just before 15%.

  • Collateral breakdowns on blockanalytica are awesome. Shout out to the team for making each collateral type more robust.
  • ETH-C has some interesting data around weighted debt collateral ratio (423%) and median debt ($32,924).

  • Comparing the same information to ETH-A, the top 10 vault’s share of the debt pool is less, and the median debt is smaller.

  • Top ten vaults in WBTC are more diverse than other large-cap Vault types.

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

Community Collateral Onboarding

Governance & Risk

  • Agenda | Thursdays at 17:00 UTC

Core Unit Tools

Core Unit Office Hours

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

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 information and communication purposes only.

15 Likes

Useful as always. Thanks :pray:

2 Likes

10 Billion DAI just around the corner.

3 Likes

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