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If this executive proposal passes, the following changes will occur:
Instant Access Module:
The Debt Ceiling Instant Access Module for the PSM-USDC-A vault type will be activated with the following parameters:
- Maximum Debt Ceiling (line) = 10 billion DAI.
- Target Available Debt (gap) = 1 billion DAI.
- Ceiling Increase Cooldown (ttl) = 24 hours.
Core Unit Budget Distributions - July:
|Core Unit||Distribution Amount|
|Growth (GRO-001)||126,117 DAI|
|Content Production (MKT-001)||44,375 DAI|
|GovAlpha (GOV-001)||273,334 DAI|
|Real World Finance (RWF-001)||155,000 DAI|
|Risk (RISK-001)||182,000 DAI|
|Protocol Engineering (PE-001)||510,000 DAI|
|Oracles (ORA-001)||419,677 DAI|
|Oracles (ORA-001) - Continuity Reserve||800,000 DAI|
Stability Fee Decreases:
|Vault Type||Current Rate||Proposed Rate||Change|
|Poll Name||Vote||Discussion||More Information|
|Increase the RWA-02 (NS-DROP) Debt Ceiling||Vote||Discussion||N/A|
|Add MATIC as a new Vault Type||Vote||Proposal||Risk CU Evaluation, Protocol Engineering CU Evaluation, Oracles CU Evaluation|
|Ratification Poll for Collateral Engineering Services, CES-001||Vote||Adding Collateral Engineering Services CU||Modify CES CU Budget, Facilitator Onboarding, CES CU|
|Ratification Poll for Governance Communications Core Unit, COM-001||Vote||Adding Governance Communications CU||Modify GovComm CU Budget, Facilitator Onboarding, GovComm CU|
|Ratification Poll for Growth Core Unit Budget, GRO-001||Vote||Discussion||N/A|
|Ratification Poll for Strategic Marcomms Core Unit||Vote||Adding Strategic Marcomms CU||Add Strategic Marcomms CU Budget, Facilitator Onboarding, Strategic Marcomms CU|
|Ratification Poll for Special Purpose Fund (MIP55)||Vote||Discussion||N/A|
|Ratification Poll for Dispute Resolution (MIP52)||Vote||Discussion||N/A|
|Ratification Poll for Modifying the Content Production Core Unit Budget, MKT-001||Vote||Discussion||N/A|
|Ratification Poll for Adding AmaZix Marketing Core Unit||Vote||Adding AmaZix Marketing CU||Adding AmaZix Marketing CU Budget, Facilitator Onboarding, AmaZix Marketing CU|
This poll will end July 19, 16:00 UTC
Check out an 'at-a-glance view of the current Vault types and their parameters on MakerBurn
Repeal “Parameter Changes Proposal - MakerDAO Open Market Committee - June 28, 2021”
@PaperImperium is signaling a poll to repeal a set of paramater changes that were proposed which significantly reduces the cash flow of MakerDAO.
Aave D3M Target Borrow Rate
@hexonaut is running a two-question signal poll in preparation for the launch of Aave D3M to gauge how the community wants to set the rates in relation to Maker’s own rates.
Increase Debt Ceiling of RWA-02 (NS-DROP) from 5M to 20M
@prankstr25 of the New Silver team is signaling for support of a Debt Ceiling raise for the RWA-02 (NS-DROP) vault type
- GovAlpha Weekly Update for 2021-07-08.
- There is now a new version of the MIPs portal. Check it out!
- @prose11 has published a detailed post about the GovAlpha Work-Week.
- Last week’s executive has still not yet passed. Go vote!
- The G-UNI Smart Contract Technical Assessment GUNI-DAI-USDC has been posted to the forum.
DssVestare being added to Dss-interfaces.
DssVestcode is being cleaned up after a bug was found.
- @Kurt_Barry posted the ESM Governance Permission Revocation Bug Postmortem
- The Announcement of the DAI Optimism Bridge has been posted.
- @NikKunkel responded to an accusation on twitter that resulted in a follow up from the accuser.
- Began shipping the LibP2P integration to the Kovan testnet. Scuttlebutt was previously a centralized point of failure. Now we have both operating in parallel. Feeds will push prices to both networks, and relayers can pull from both. Roll out will last two weeks.
- Oracle CU is finalizing the relationship with the payroll processor for setting up entities for the CU. Looking into the hiring process and filtering through candidates.
- Hoping to be fully operational by the end of the month.
- Risk assessment for MATIC, which compares various sides of risk.
- The team is planning future collateral risk assessments that have been backlogged.
- Real-World Finance Core Unit Report for 2021-06.
- NewSilver has requested a Debt Ceiling increase to 20 million DAI.
- Centrifuge assets may be on executive next Friday, depending on the current executive passing.
- Published the RWA legal structure, which should add flexibility to the CU.
- Two large corporations are showing interest in RWA and DAI loans.
- Published an overview prudential treatment of crypto-asset exposures.
- Growth Core Unit Weekly Update for July 2 - July 8.
- Find June’s PnL for Maker Growth inside the weekly update.
- Speaking with Thorchain about integrating Dai. Discussing various solutions and options available to implement this, which will contain an extended analysis posted soon.
- Now part of the Enterprise Ethereum Alliance (EEA). We will use this channel to communicate about what MakerDAO is doing.
- Marble cards Arena will launch this week, which converts your favorite forum post or executive vote into an NFT and play with it.
- Published the Growth Core Unit MKR Budget, which is currently in RFC.
- Content Production Bi-Weekly Update: June 25 - July 7th, 2021.
- Mascot art contest is live!
- We are welcoming Kat Obermeyer to the team!
- Performed an informal audit for video work of the top projects being done.
- Published A Look at Dai on Different Chain discussing opportunities available to Dai on networks outside of Ethereum.
AMA last Friday with @monkey.irish about the Collateral Engineering Services CU.
AMA Next Friday, July 16, with @Davidutro about the Governance Communication CU.
- Recently met to discuss strategies and roadmaps for the SES CU.
- Lenkla presenting project X-Ray, which can be found in their public drive.
Some team members will be attending the EthCC event with the Growth CU in Paris on July 23rd.
- Helping the DAI Foundation with writing and publishing of MIPs regarding IP management.
Last month, we saw a request from the community to speed up the parameter proposal process that had a healthy amount of support. As a result, our governance facilitators decided to expedite this month’s proposed rate changes. However, some thought that we moved too fast, since the rate changes dramatically affect MakerDAO’s cashflow and because there was not enough time for community feedback. Longforwisdom articulates his reasoning for expediting the changes. This brings to the forefront the issue of bundling multiple changes together in single Executive Votes as the DAO continues to refine the governance process. A possible remedy, of course, being the coming governance contract redesign.
To address the protocol’s growing USDC exposure, Sam started a signal request and conversation about creating a high-leverage Vault using Gelato Network’s tokenized Dai<>USDC fixed-range UNI v3 position, called G-UNI. G-UNI can generate yield while being used as collateral; Sam believes such a vault could attract a couple of billion in TVL, which will indirectly unwind the PSM as minted DAI is sold for USDC.
Last month, Planet_X withdrew MIP53: The MKR Compensation Guidelines on behalf of the working group, citing a need to develop the proposal further. Following up, Aes and LongForWisdom published the Alternative MKR Compensation Guidelines which use a different approach focusing on domain groupings and revising the initial distributions based on them. In the meantime, some Core Units have already moved forward with budget proposals containing MKR compensation package details; see ORA’s SP15, SES’s SP17,.
- Formal Submissions are complete, and Ratification Polls are up; go Vote!
- Slight spike in the DAI peg on July 7th. This jump corresponds with a downturn in ETH specifically (~8.5%) and crypto-asset markets generally.
- For centralized exchanges, a peak of 405 million and a trough of 217 million.
ETH had a 5% drawdown in the past two days, but the peg held stable. The initial shocks in the market after a sideways trend seem to be a little stronger.
- Uniswap V3 7-day volume of $568.65m with peak volume of 103 million on July 8.
- Sushiswap peak volume of 30 million.
- Compound, Yearn, and AAVE lead for DAI deposits in lending protocols.
- TVL in Maker is 9.3 Billion with 5.4 Billion DAI outstanding.
- PSM USDC 3 billion
- ETH-A 1.4 billion
- USDC-A 238 million
- WBTC 214 million
- ETH-C 165 million
- PAX 67 million
- ETH-B 33 million
- LINK 33 million
- TUSD 26 million
- UniV2DaiEth 23 million
- YFI 11 million
- UniV2WBTCEth 7.8 million
- UniV2UniEth 6.9 million
- UniV2DaiUSDC 5.1 million
- UniV2UsdcEth 4.9 million
- NSDROP 4.7 Million
- UNI 3 million
- renBTC 2.7 million
- BAT 1.7 million
- ZRX 1.5 million
- MANA 1.4 million
- AAVE 1.2 million
- Other vaults below 500K (LRC, BAL, GUSD, KNC, USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.2 million.
- As you can guess from the volume and price section above, ETH volatility is rising.
- Despite drawdowns, only one auction settled for 11K in debt. In the past two months, it’s one of three auctions that settled outside ~40 minutes (completing in 67 minutes)
- Liquidation Walls get steep in a 10% drawdown range. Mostly this steep wall ties to ETH A & B.
- ETH-A buckets have 540 million at 170% collateralized.
- ETH B similar with a larger share close to minimum collateralization.
- A Brief History of Decentralized Finance (DeFi)
- DeFi guide: How to use MakerDAO and mint DAI
- What is the DAI stablecoin?
The Quest for a Truly Decentralized Stablecoin
- *A brief look at the history of stablecoins.
What is a DAO anyway?
- @g_dip provides an in-depth look into DAOs and what they stand for.
A Look at Dai on Different Chains
- Explores Dai usage on layer-2s and non-EVM-compliant chains.
Funding for Geth/OpenEthereum
- Community discussion centered around g-ETH development and similar products worth funding.
- 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 | Growth - Wednesdays 17:00 UTC
- Join Link | Sustainable Ecosystem Scaling - Tuesdays 15:30 UTC
- Speaker Series #2 – Duke University Fuqua Business School Professor Campbell Harvey
- AMA Ep. 05: Governance Communications with David Utrobin @Davidutro
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MIPs Dashboard for everyone.
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Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is purely for information and communication purposes only.