Maker Relay Ep 56

Maker Relay #56

Hi everyone, thanks for checking out Maker Relay! Whether you hold MKR or DAI, own a vault, or want to get more involved in governance, this is your one-stop shop for MakerDAO updates.

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

Active Governance Polls

Some polls use instant run-off voting, so you can select multiple options, and ranked choices will be prioritized.

Poll Name Vote Discussion More Info
Parameter Changes Proposal - MakerDAO Open Market Committee Vote ends 8/05 16:00 UTC Discussion ETH-B SF -1.00%, LRC-A DC -2MM, UNIV2ETHUSDT-A DC -10MM, UNIV2DAIUSDT-A DC - 10MM
Increase the UNIV2DAIUSDC-A Maximum Debt Ceiling Vote ends 8/05 16:00 UTC Discussion Ranked Vote: +0 DAI, +50MM DAI, +100MM DAI, +200MM DAI

Community Greenlight Polls

Collateral MIP9 Poll MIP6 Application
RWA-120dB (120dB Films) Vote ends 07/01 16:00 UTC Application

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

Active Signal Requests

There are no active signal requests at the time of writing.

Last Week

Due to a discussion by the community’s mandated actors’. we skipped last week’s executive vote. As per the discussion, it is not necessary to publish a weekly executive without substantive updates.

Wrapping updates into an executive for this Friday, August 6th (pending the current executive passing) is more reasonable.

Team Updates

GovAlpha

GovAlpha Weekly Update

  • Vote Delegation had a soft launch targeted for August 2nd. dUX team posted a vote delegation UI release.
  • Speaker Series call with Representative Ted Budd now available on Youtube along with the written transcription on the Forum.
  • The very first Meet Your Delegate call video recording is now available on YouTube.
  • Meet Your Delegate Call #2 with @Planet_X and I scheduled for Wednesday, August 4th at 18:00 UTC.
  • @monet-supply posted an application to become a Delegate.
  • I posted an application to become a Delegate.
  • @PaperImperium posted an application to become a Delegate.
  • @Sebix is working on figuring out an improved framework for tags. We’ve set some general goals, and he will suggest changes to meet those goals.

Protocol Engineering

Contract Work:

  • DssVest: ABDK audit returned, stylistic changes discussed & implemented. FV continues for completion next week.

Sushi LP Tokens:

  • Sushi Team is deploying a new AMM in 1-2 months.
  • Will introduce new custom ranges for LP tokens.
  • This breaks from Uniswap V2 design & introduces unknowns for SushiJoin development.
  • In conclusion: We’ll finish Keeper integration and CropJoin FV, and in 1-2 months, evaluate their upgrades.
  • Managed GemJoin Adapter: Updates and review.
  • Next week’s Executive, house cleaning tasks:
    • RWAs in the ILK registry.
    • Governance test message to L2 using the Governance relay.

Infrastructure:

  • Goerli TestNet setup: the team has set up nodes, hoping TechOps will operate an archive node.
  • Started test deploys on Goerli, and a few issues have come up.
  • Changelog updates: including ILK Registry on Kovan updated with most recent code.

Documentation:

Layer 2:

  • Accelerating Optimism Fast Withdrawal Bridge design discussions.
  • Ongoing work on the Arbitrum Bridge.
  • Actively working with StarkWare to create a new independent Core Unit.

Meetings/discussions last week:

  • Nexo & Institutional Vaults: finalizing parameters and hope to post this week.
  • Lido & Staked ETH: discussed Oracle design/implications with Nik.
  • L2 design: considerations for L2, e.g., behavior in the event of ES, etc.
  • Derek has been meeting and discussing plans with Starkware. Lots of progress, and will post more information soon.

Oracles

  • Working on the Oracle Core Unit formation. Friday, July 30th, was officially the first day as a CU.
  • Finished deployment of the 2nd transport layer called spire.
  • Deployed smart contracts for MATIC to the mainnet. Currently organizing the onboarding for MATIC collateral token.
  • Will be switching over to UNIv3 for checking prices due to better liquidity there.

Risk

  • @josolnik posted the Maker Vault Activity Metrics. The next step is to produce a more risk-focused analysis to help better understand the risk of Maker’s debt exposure to certain collateral assets.
  • Ongoing work to automize this Vault user insights.
  • Finalized simulations for lower LR for Maker Vaults. Suggests we may be able to lower LRs on lower-tier collaterals.
  • Also, creating a dashboard to monitor dynamics and risks to Aave.
  • @monet-supply will publish the G-UNIv3-DAIUSDC risk assessment.

Real-World Finance

Growth

Growth CU weekly update

  • Speaking with Paxos and next week will post on the forum the discussed agreement to add them to the PSM and add Dai to their platform, which will have access to Paxos on/off ramps.
  • In conversation with Binance to include BUSD in the PSM. Binance pay just integrated Dai and will be merging with Binance P2P. We are hoping this can be a solution for improved international transactions.
  • Dai was part of the first NFT collection by Damien Hirst called “The Currency.”
  • Project called SuperFluid, a streaming real-time payments protocol is live with Dai.
  • Derek posted an Institutional and Long-Term Vaults Proposal.

Content Production

Content Production Bi-Weekly Update: June 22 - August 2, 2021.

Sustainable Ecosystem Scaling

  • SES CU had @Juan, @Lenkla, and L2 present.
  • Had a first trial of organizing an event as a DAO, which was fun.
  • Had opportunities to discuss strengths and challenges with other projects about forming a DAO.
  • Lenka is the Project lead for X-RAY, creating a model for onboarding devs and other tech talent.
  • Lenka presented a short talk discussing her progress of decentralization and working for the DAO.
  • Looking to hire a data analyst. Please contact if interested.

Current Events

A Proposal for Institutional and Long-Term Vaults

@Derek and the @Protocol-Engineering Core Unit have provided a blueprint for Institutional Vaults. If passed as proposed, new vault mechanisms specific to Institutional and Long-term Vaults would be implemented.

Parameters unique to these vault types include:

  • An Origination Fee applied at the time of minting (1%)
  • A fixed Stability Fee for a set period (1.5%)
  • A “Vault starting size” of no less than $400m
    The proposal aims first to implement ETH and wBTC. If successful, considering vaults for LINK, UNI, and stETH.

Vote Delegation has Soft-Launched!

Vote delegation is officially part of the Maker Protocol. First announced by Governance Facilitator @LongForWisdom in this post from July 19th,

@bainpm has published a thread with details on the Vote Delegation UI that can be used to delegate MKR and view information about delegates. Check out @LongForWisdom’s MKR Holder’s Guide to Delegation for more information about vote delegation in MakerDAO.

Meet Your Delegate #1 allowed @PaperImperium and @ElPro to share their platform and respond to questions from the community. The series continues with Meet Your Delegate #2, scheduled for Wednesday, August 3rd at 6:00 PM UTC.

When they are published, be sure to follow the directions provided to delegate your MKR tokens properly. MKR tokens sent to your delegate’s contract address itself will be IRREVOCABLY LOST.

Pre-MIP Discussion of Legal Structures for Real-World Assets (RWA)

@SebVentures has published a Pre-MIP Discussion outlining a legal structure for managing RWA involving a Cayman Foundation set up to hold Special Purpose Vehicles (SPVs) that manage the loans.

Questions are posed about the degree of control the DAO expects to retain over these loans, what happens when MakerDAO faces an existential crisis, and how many Foundations to set up.

Governance Communications Core Unit Launches

Only one out of the four Core Units proposed in July has been voted in, and that’s the Governance Communications CU, facilitated by David Utrobin. The team is starting small with two full-time roles and several part-time contributors. Their goal is to create a healthy communication and information infrastructure at MakerDAO. The team is looking for a full-time Engagement Lead; please reach out to David if you are interested.

MIPs

Weekly MIPS Update #47

  • It’s Formal Submission week! Check out the MIP Update to see which MIPs are eligible for Formal Submission.
  • Ratification Polls for formally submitted proposals will go live on Monday 09, 16:00 UTC, and will run for two weeks until Monday, August 23.

State of DAI

  • Peg continues to be rock solid as ETH rallies.

  • TVL is 10.8 billion with 5.6 billion DAI outstanding.

  • DAI volume at around $1.39 billion this last week, lead by Uniswap, Curve pools, and Binance.

Diving into the vault report from the risk team, the sustainable growth retention metric is super intriguing:

  • PSM USDC 3.2 billion
    • ETH-A 1.4 billion
    • USDC-A 238.8 million
    • WBTC 209.7 million
    • ETH-C 181.7 million
    • PAX 67.3 million
    • UniV2DaiUSDC 49.5 million
    • LINK 33 million
    • ETH-B 31 million
    • TUSD 26.5 million
    • YFI 25 million
    • UniV2DaiEth 24.5 million
    • UniV2WBTCEth 9.9 million
    • UniV2UniEth 8 million
    • UniV2UsdcEth 6.2 million
    • NSDROP 5.4 million
    • UNI 2.4 million
    • renBTC 2.8 million
    • BAT 1.7 million
    • MANA 1.4 million
    • ZRX 1.4 million
    • AAVE 1.4 million
    • LRC 876K
  • Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 861K.

  • New ETH vaults opened across ETH-A ETH-B ETH-C, with average collateralization sitting quite healthy across the board. (357, 202, and 501 % respectively).
  • ETH-A had the largest gain of 43 million in new debt. ETH-B’s average median jumped up as well.

  • As with all rallies, the risk of liquidation starts to escalate past a 20% drop.

DAI stats collat page

  • With 190% collateralized overall, the appetite for more DAI mints appears stronger.

  • Daily volatility for ETH is still in the above 7% range.

  • Open interest on ETH and BTC at 6 billion and 11 billion, respectively. With a small turn negative for BTC OI in the past 24 hours.

daistats.com | 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 #152
Video | Forum Post

Collateral Onboarding Real-World Assets Call - Untangled
Video | Forum Post

Meet Your Delegate #1
Video | Forum Post

Speaker Series #3 - Representative Ted Budd
Video | Forum Post

Meetings and Events

This Week’s Calls

Meet Your Delegate #2 - Tim Black (@twblack88) and Planet_X

Join Link | Forum Post - Wednesday, August 4 6:00 PM UTC

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

Core Unit Launch Pod Sessions

Core Unit Launch Pod Session #14: Dai Foundation Core Unit DAIF-001
Join Link | Forum Post - June 30th at 19:00 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 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.

13 Likes

The video version of Votes & Polls:

Extended Audio Version of Votes & Polls:

Video Version of Current Events:

Extended Audio Version of Current Events:

The State of DAI Video Version

4 Likes

Niiice! The sounds effects are :fire: — not to mention how super informative these vids are. Great job Content CU!

5 Likes

I’m with you, I love the work of this CU, I will now say “the Maker News”.

6 Likes

Thank you both so much! We always appreciate feedback, but it certainly is a bit nicer when it’s so positive! :pray: :partying_face:

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