Maker Relay Ep 55

Maker Relay #55

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Votes

Active Executive Votes

Centrifuge Asset Onboarding - July 23, 2021
If this proposal passes:

  • CF-DROP (ConsolFreight DROP Token) will be added to the Maker Protocol as a new RWA vault type (RWA003-A) with the parameters listed below:
    • Vault Type Identifier: RWA003-A
    • Stability Fee: 6%
    • Debt Ceiling: 2 million DAI
    • Minimum Vault Collateralization Ratio: 105%
    • Real World Asset Agreement doc
    • Liquidation Process: MIP22
    • Tau: 0
  • HTC-DROP (Harbor Trade Credit DROP Token) will be added to the Maker Protocol as a new RWA vault type (RWA004-A) with the parameters listed below:
    • Vault Type Identifier: RWA004-A
    • Stability Fee: 7%
    • Debt Ceiling: 7 million DAI
    • Minimum Vault Collateralization Ratio: 110%
    • Real World Asset Agreement doc
    • Liquidation Process: MIP22
    • Tau: 0
  • FFT1-DROP (Fortunafi DROP Token) will be added to the Maker Protocol as a new RWA vault type (RWA005-A) with the parameters listed below:
    • Vault Type Identifier: RWA005-A
    • Stability Fee: 4.5%
    • Debt Ceiling: 15 million DAI
    • Minimum Vault Collateralization Ratio: 105%
    • Real World Asset Agreement doc
    • Liquidation Process: MIP22
    • Tau: 0
  • P1-DROP (Peoples Company Series 1 DROP Token) will be added to the Maker Protocol as a new RWA vault type (RWA006-A) with the parameters listed below:
    • Stability Fee: 2%
    • Debt Ceiling: Zero DAI
    • Minimum Vault Collateralization Ratio: 100%
    • Real World Asset Agreement (doc) - TBD
    • Liquidation Process: MIP22
    • Tau: 0

Community Greenlight Polls

Collateral Vote MIP6 Application
G-UNIv3-DAIUSDC (Gelato UniswapV3 DAI-USDC LP Token) Ends 08/02 16:00 UTC Application
U-DROP (Untangled Finance DROP) Ends 08/02 16:00 UTC Application

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

Active Signal Requests

Adjust UNIV2DAIUSDC-A DC-IAM-line
ultraschuppi is signaling a vote to change the DC-IAM of UNIV2DAIUSDC-A in response to almost reaching the Maximum DC.

Last Week

FLAP Auction Adjustment and RWA-02 (NS-DROP) Debt Ceiling Increase
This proposal has passed, and the following changes have occurred:

Team Updates

GovAlpha

GovAlpha Weekly Update

Governance:

GovAlpha:

  • @LongForWisdom created a thorough post on the Delegation process.
  • Will be hosting the new Meet Your Delegate calls on Wednesday, July 28th @ 18:00 UTC.
  • @LongForWisdom published a post discussing the July 23rd executive and ongoing participation issues.
  • GovAlpha Budget will be updated per quarter instead of the regular 2-quarter update.
  • MIPs Portal has some new additions.

Protocol Engineering

Collateral Types:

  • Looking into Centrifuge collateral types for Kovan.
  • Working on a review for the mainnet spell.

Contract work:

  • DssVest code is still under audit.
  • Added lerp helpers in DssExecLib.
  • ClipperCallee implementation for SushiJoin is still in review.

Discussions:

  • Will start on Goerli within the next couple of weeks.
  • DssCharter review and discussion with risk/growth. More information is coming soon.

Forum Posts:

Oracles

  • This week was the Oracle Team’s last week in the Maker Foundation. The CU legal entity is coming out and currently identifying new processes to spin up.
  • Libp2p deployment is continuing. Moved on to a new phase and within the final stages of the rollout.
  • Have been looking at stETH and Oracles needed for the Optimism Dai Bridge with Fast Withdrawals.
  • Added Oracle support for MATIC. Testing is now underway, and we will deploy MATIC within the next few weeks.

Risk

  • Still working on simulations on lower LR Vaults.
  • Working on Aave monitor, which will include information on the largest Vault users. Will build a similar monitor for Compound.
  • Vault users and their behavior, which includes growth and risk-related topics.
  • Made some updates and will be publishing to the Collateral Onboarding Prioritization Sheet.
  • Began working on gUNIDAI risk assessments, which will be available next week.

Real-World Finance (RWF)

Real-World Finance Core Unit Report - 2021-06

“While we are forecasting to finish 2021 at nearly 10x 2020 FY revenue, the rolling 12-month forecast is less favorable. Assuming no change in our assets generating stability fees, we are forecasting $48M in revenue broken down by the following income streams.”

Growth

Growth CU weekly update: July 16 - July 22

  • Participated in a Maker Mafia side event.
  • Gustav and Nadia participated in EthCC, speaking about RWAs and the transition of the Foundation in the DAO.
  • Have been working with GrayScale on including MKR in the latest Defi Fund launch. In the following weeks, we will also begin educational programs for investors.

Content Production

Content Production Bi-Weekly Update: June 8 - July 21, 2021.

Sustainable Ecosystem Scaling (SES)

  • The SES team is seeking input from the community on MakerDAO’s Risks and Opportunities.
  • Presented at EthCC with Lenkla.
  • Last week’s call happened with @andy about roles and responsibilities. Available in public folder.
  • Friday, July 23rd: call with @nikolaj about the incubation program update.
  • Dai Foundation MIP Set is in RFC. We are looking for feedback.

Incubees:

  • A CU focused on auctions and liquidations, UIs, and services.
  • A CU to manage a bug bounty program and security-related activities.
  • dTalent CU is now live.
  • dUX CU is now live.

EthCC Side-Events:

Upcoming Calls:

Current Events

Delegation and MakerDAO

@LongForWisdom formally introduces and outlines how the delegation system will operate within MakerDAO in this thread.

A soft launch of the MVP Delegation UI is set for August 2nd, with a hard launch following soon after. The remaining tasks include integrating leading custody holders into the delegation model, a stable release of the delegation UI, and only once multiple Recognized Delegates have actively engaged with the Maker Community.

If you’re interested in becoming a Delegate, the requirements can be seen here.

Flash Mint Implementation

The Flash Mint Module proposed in September 2020 launched with the June 18 Executive.

The contract is available on Etherscan.

Protocol Engineering Proposes L2 Risk Framework

The Protocol engineering team has posted a proposal for a risk assessment framework for Layer 2 solutions. This framework is aimed at helping Maker to decide how and if we should consider embracing these Layer 2 solutions.

Marketing Maker

Discussion on the need for additional marketing efforts started on the GnR call and took to the Forum in this thread. Opinions on the implementation of marketing efforts have been mixed: here and here, but many agree that additional marketing efforts are necessary.

The current sentiment seems to be split between Core Units (CUs) handling marketing internally and onboarding a Marketing-focused CU. Weigh-in on the thread.

MIPs

MIPs Update #45

  • Several potential CUs, along with MIP52, did not pass their ratification polls.

State of DAI

  • DAI peg trading occasionally above premium with some large trades generating slippage, though this weekend’s rally has brought welcome milestones.

  • TVL is above 10 billion with 5.5 billion DAI outstanding.

  • Volume at around $1.98 Billion this last week lead by DEX’s again.

L2 DAI Growing

  • DAI on L2 has been steadily growing over the past month.

  • PSM USDC 3.1 billion
    • ETH-A 1.4 billion
    • USDC-A 238.8 million
    • WBTC 209.7 million
    • ETH-C 178.7 million
    • PAX 67.3 million
    • UniV2DaiUSDC 49.5 million
    • LINK 32.7 million
    • ETH-B 30.6 million
    • TUSD 26.5 million
    • UniV2DaiEth 24.5 million
    • YFI 19.5 million
    • UniV2WBTCEth 9.9 million
    • UniV2UniEth 8 million
    • UniV2UsdcEth 6.4 million
    • NSDROP 4.7 million
    • UNI 4 million
    • renBTC 2.8 million
    • BAT 1.8 million
    • MANA 1.5 million
    • ZRX 1.4 million
    • AAVE 1.3 million
    • LRC 876K
  • Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 854k.

  • Seems like the UNILP rates change lead to the max debt ceiling in a couple of days, just over the 21-22nd alone 20 million DAI minted.

  • Liquidation walls for all collateral are in a much safer band, where a 25% collateral price drop is the threatening target.

  • Overall, ETH-A collateralization is above 300%, with the median debt jumping up

  • The largest ETH-A collateralization bucket is 200%.

daistats.com | dai.descipher.io | makerburn.com | maker.blockanalitica.com

Community

Tweet of the Week

Articles

Maker Forum Deep Dai-ve

Check out the latest Forum at a Glance

Last Week’s Call Recordings

Governance and Risk Call #151
Video | Forum Post

Maker Relay Video Series #001
MakerDAO Goes to Paris | 07/13 - 07/19
Votes and Polls
State of Dai

Meetings and Events

This Week’s Calls

Governance & Risk

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
  • Join Link | Growth - Wednesdays 17:00 UTC
  • Join Link | Sustainable Ecosystem Scaling - Tuesdays 15:30 UTC

Speaker Series

  • Speaker Series #3 – Representative Ted Budd

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 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 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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Polls and Votes Audio:

Polls and Votes Video:

[Current Events] Vote Delegation, L2 Strategy, Flash Minting Audio:

[Current Events] Vote Delegation, L2 Strategy, Flash Minting Video:

The State of DAI Video:

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