Maker Relay Ep 47

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.


Executive Votes

There is not currently an executive vote (at the time of posting). Please check the Governance Portal for updates.

Governance Polls

Poll Name Vote Discussion More Info
Add SLP-USDC-ETH Vault Type Vote Discussion SushiJoin Technical Assessment, Risk Evaluation, P.E. Evaluation, Oracles Evaluation
Add SLP-WBTC-ETH Vault Type Vote Discussion SushiJoin Technical Assessment, Risk Evaluation, P.E. Evaluation, Oracles Evaluation
Add SLP-DAI-ETH Vault Type Vote Discussion SushiJoin Technical Assessment, Risk Evaluation, P.E. Evaluation, Oracles Evaluation
Reduce the PSM-USDC-A Fee Out (tout) Vote Discussion PSM Documentation, tout is currently set to 0.04%, the proposed change is to set it to 0%

Active Signal Requests

Burn the 84k Foundation MKR
This signal is seeking support to burn the MKR that was handed to the DAO from the Foundation.

New vault-type for YFI with a higher LR
Based on the discussion from the Growth Core Unit Yearn would like to see a YFI-based vault-type similar to ETH-C with a higher Liquidation Ratio to get a lower Stability Fee.

Should we add new PSMs?
Starting the polling on whether we wanted to add any new PSMs for other stablecoins or not. Stablecoins specifically being polled include; BUSD, USDT, PAX, TUSD, and GUSD.

Adjusting the dust parameter(2021-3)
dust is the minimum permitted debt for a vault - you can learn more in the documentation here. Higher dust values make vaults less accessible for smaller users and protect Maker from the risk of vaults being too small to liquidate profitably. There are separate polls for the ETH-C, ETH-B, and all other vault types, so make sure you read through all.

Lower the UNIV2DAIUSDC-A Liquidation Ratio

Last Week

Urgent Changes, Oracle Whitelisting, Liquidations 2.0 Activations
Passed on May 31, 2021, 04:31 UTC.
Available for execution on Jun 2, 2021, 04:31 UTC.

  • The PSM-USDC-A Debt Ceiling will increase from 2 billion DAI to 3 billion DAI.
  • The Flat Kick Incentive tip will increase from 0 DAI to 300 DAI for all vault types with active liquidations.
  • B.Protocol will be whitelisted on the WBTC OSM and Medianizer Oracles.



Weekly MIPS Update #38

Submission Highlight


Protocol Engineering

  • Working on getting the rest of the vault types into Liquidations 2.0.
  • Working on getting RWA types and SushiJoin up for this week’s vote.
  • Optimism DAI bridge development continues. Check out Derek’s post on Multi-chain/L2 solutions.


  • Getting the remainder of LP Vaults onto Liquidations 2.0.
  • Exploring pricing/monitoring for RWA collateral types.
  • L2 solutions are coming online. We will need to look out for competitors, exploring oracle options there as well.


Real-World Finance


  • Weekly Update
  • Talking with other L2 and L1 networks to get DAI on there, e.g., Polygon and Solana.


Current Events

New Monthly Governance Cycle

MKR voters, heads up! The monthly governance cycle has officially changed to a more accomodating setup. Instead of three rounds of voting, MIPs and Subproposals will go through individual two-week Ratification Polls. Check out the latest MIPs Update for a view of the updated calendar.

Global Debt Ceiling Reached

Following accelerated growth in the PSM(:point_up:), we’re waiting on the global debt ceiling raise that just passed to free up more DAI generation. Due to the “office-hours” modifier, an execution delay that ensures keepers will be present when the Executive goes live, the update is eligible for execution tomorrow, June 2, at 14:00 UTC.

Protocol Engineering Affirms Commitment to Multichain Strategy

Derek Flossman, of the Protocol Engineering Core Unit, posted a thread outlining the multichain landscape as their team sees it now, Maker’s unique opportunities and challenges, and a proposed roadmap for community discussion.

State of the Peg

  • DAI peg super stable this week.

  • Pretty tight band for the DAI price.

  • DAI Supply is still awaiting a global DC increase. Currently capped at 4.6 billion.

  • PSM inflow on 5-29 was 203 million.

  • USDC is eating quite the share in Curve, likely accompanying the PSM raise.

USDC PSM has officially flippened ETH for the time being.

  • PSM USDC 1.8 billion
    • ETH-A 1.6 billion
    • WBTC 297 million
    • USDC-A 240 million
    • ETH-C 219 million
    • PAX 69 million
    • YFI 45 million
    • ETH-B 44 million
    • LINK 36 million
    • TUSD 26 million
    • UniV2DaiEth 19.3 million
    • UniV2UsdcEth 13.7 million
    • UniV2UniEth 7.7 million
    • UNI 7.3 million
    • UniV2WBTCEth 6.1 million
    • renBTC 3.2 million
    • UniV2DaiUSDC 2.9 million
    • AAVE 2.1 million
    • NSDROP 1.9 Million
    • MANA 1.8 million
    • BAT 1.6 million
    • ZRX 1.5 million
    • LRC 713K
  • Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WBTCDAI, UniV2DAIUSDT, UniV2ETHUSDT, COMP) at 1.3 million.

  • ETH-B vaults have the largest bucket at risk since the biggest vault has a 140% collateralization ratio.

  • Liquidation walls kick in significantly for ETH-B & C and WBTC at 15% drawdown. I guess it would be fitting if there is a NgU conference that number go down. Just overcollateralize if you’re planning on raging in Miami. | |



Maker Forum Deep Dai-ve

Check out the latest Forum at a Glance

Tweet of the Week

Meetings and Events

This Week’s Calls

Core Unit Office Hours / Weekly Updates

  • Join Link | GovAlpha - Mondays 17:00 UTC
  • Join Link | Protocol Engineering - Tuesdays 15:00 UTC
  • Join Link | Content Production - Wednesdays 16:00 UTC
  • Join Link | SES Weekly Update - Fridays 14:30 UTC

Governance & Risk

Core Unit Launch Pod Sessions ||| Session #11: Oracles Core Unit ORA-001

[AMA] William Remor of the Real World Finance Core Unit

Last Week’s Call Recordings

Governance and Risk Call #143
Video | Forum Post

Core Unit Launch Pod Session #10: Collateral Onboarding Core Unit
Video | Forum Post

SES Weekly Status Update: Recruitment Update & Working Agreement
Video | Presentation

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 auctions 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 and 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.


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