Maker Relay Ep 57

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.

:eyeglasses: Here’s the breakdown:

:tea: Current Events

:ballot_box: This Week in Governance

:diving_mask: Community Deep Dai-ve

:clipboard: Team Updates

:calendar: Mark your Calendar

:anchor: Useful Links

:studio_microphone: Have Feedback?

:tea: Current Events

Recognized Delegates begin sharing their views

The first two episodes of Meet Your Delegate (Ep 1 and Ep 2) are now available on the MakerDAO Youtube channel.

Check these out to hear what @elprogreso, @PaperImperium, me, and @Planet_X bring to the table as potential delegates and join us Wednesday, August 11th for the 3rd installment featuring @monet-supply and @inkymaze.

Several Recognized Delegates have already posted their delegate platforms in the Maker Forum, and more will follow soon.

Fixed-Rate Vault Proposal

Following the discussion proposing to include Institutional and Long-Term Vaults in the Maker Protocol, a proposal has been issued to implement fixed-rate vaults using Deco Protocol.

As the proposal explains, the implementation would enable Vault owners to purchase “a pure-yield token which earns a yield that offsets the entire stability fee on the vault.”

Maker Foundation Transfers Social Media Channels to the Dai Foundation

With the rise of Core Units and the Maker Foundations formally dissolving, MakerDAO tweeted that it will hand over its social media channels to appropriate Core Units following a community vote.

In the meantime, the MakerDAO Twitter account, along with the Maker Blog, telegram, Facebook, and LinkedIn, will be used only for important messaging needs.

State of DAI

  • DAI peg experiencing some slippage events since EIP 1559 began its burn.

  • TVL is at a new high of 11.9 billion with 5.7 billion DAI in the wild.

  • Volume at around $2.08 billion this last week with Uniswap, Curve, Binance, and Coinbase leading the charts.

  • PSM USDC 3.2 billion
    • ETH-A 1.4 billion
    • USDC-A 238.8 million
    • WBTC 221. million
    • ETH-C 197 million
    • PAX 67.2 million
    • UNIv2DAIUSDC 49.75 million
    • LINK 34 million
    • ETH-B 34 million
    • UNIv2DAIETH 28 million
    • TUSD 26.5 million
    • YFI 12 million
    • UNIv2WBTCETH 10 million
    • UNIv2UNIETH 10 million
    • NSDROP 6.3 million
    • UNIv2USDCETH 3 million
    • renBTC 2.7 million
    • UNI 2.4 million
    • BAT 1.9 million
    • AAVE 1.5 million
    • MANA 1.5 million
    • ZRX 1.4 million
    • LRC 877K
  • Other vaults below 500K (GUSD, KNC<>USDT, UNIv2LINKETH UNIv2AAVEETH, UNIv2WBTCDAI, UNIv2DAIUSDT, UNIv2ETHUSDT, COMP) at 859K.
  • Check out all those new RWA types! 6s, CF-DROP, HTC-DROP, FFT1-DROP, P1-DROP.

  • With the ETH rally, liquidations only get hairy closer to a 30% price drop, with the larger risks being ETH-A.

ETH-A collateral ratio

  • ETH-A’s most popular collateralization ratio is 210% and then 510%

ETH-A RP

  • Risk premium for ETH-A is at an all-time low.

  • It’s worth mentioning that 18K ETH has burned so far. As wallets roll out support across the space, we’ll follow the average base fee, tips, and volatility to source relevant details to the largest vault type. Less ETH around will likely lead to more vaults, but time will tell.

daistats.com | makerburn.com | maker.blockanalitica.com

:ballot_box: This Week in Governance

MIPs

Weekly MIPs Update #48
Ratification Polls for formally submitted proposals went live Today, Monday 09, 16:00 UTC, and will run for two weeks until Monday, August 23.

Active Executive Votes

MOMC Proposal, August Core Unit Budgets, Housekeeping - August 6, 2021
If this proposal passes:

  • DAI will be distributed to the Core Units as specified within their ratified budget proposals:
Core Unit Distribution
Growth 637,900 DAI
Sustainable Ecosystem Scaling 702,883 DAI
Content Production 98,067 DAI
GovAlpha 123,333 DAI
Real World Finance 155,000 DAI
Risk 182,000
Protocol Engineering 510,000 DAI
Oracles 419,677 DAI
Governance Communications 40,500 DAI
Governance Communications - Continuity 121,500 DAI
Total 2,990,860 DAI
  • The following parameter changes will occur:
    • ETH-B Stability Fee will be decreased from 6% to 5%.
    • LRC-A Maximum Debt Ceiling will be decreased from 3 million DAI to 1 million DAI.
    • UNIV2ETHUSDT-A Maximum Debt Ceiling will be decreased from 10 million DAI to zero DAI.
    • UNIV2DAIUSDT-A Maximum Debt Ceiling will be decreased from 10 million DAI to zero DAI.
    • UNIV2DAIUSDC-A Maximum Debt Ceiling will be increased from 50 million DAI to 250 million DAI.
  • Protocol Engineering Housekeeping:
    • Adding the VoteDelegateFactory contract to the Maker Protocol changelog.
    • Fixing the Ilk Registry for RWA vault types.

Active Governance Polls

Name Link Discussion More Info
Ratification Poll for Declaration of Intent - Onboarding a new collateral type backed by B.Protocol v2 (MIP13c3-SP11) Vote Discussion More info
Ratification Poll for DAI Foundation Core Unit, DAIF-001 Vote Proposal More Info
Ratification Poll for Growth Core Unit MKR Budget, GRO-001 (MIP40c3-SP23) Vote Discussion More Info

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.

:diving_mask: Community Deep Dai-ve

Tweet of the Week

Forum Insight

Check out the latest Forum at a Glance

Articles

:clipboard: Team Updates

GovAlpha

GovAlpha Weekly Update

Delegation:

Forum Posts and Optimization:

  • First draft of our combined Q4 2021 and Q1 2022 Budget is complete, will be in RFC next week before the September submission deadline.
  • @Sebix has continued his project for tags on the Maker forum, intending to figure out how to make them more useful, better organized, and less sprawling.

Protocol Engineering

Headline priorities:

  • ClipperCallee implementation for SushiJoin.
  • DssVest implementation for transferable tokens.
  • DssCharter for Institutional Vaults in parallel with forum post discussion.
  • G-UNI contract and oracle work to support collateral onboarding.
  • D3M: Direct Deposit Module - useful later when rates increase.

Forum Posts:

  • Executive Spell Postmortem posted (re: correct raising DC on RWA002-A).
  • July Month in Review posted.
  • Protocol Engineering housekeeping tasks posted
  • Institutional and Long Term Vaults proposal.

Documentation:

  • PR checklist for external teams to add collateral to mainnet & Kovan.
  • ChainSecurity published Optimism Dai Bridge Audit; no errors!

Layer 2:

  • Successful Optimism test spell cast on Kovan.

Other:

  • Sam joined the PE team full-time.
  • MATIC will be up on one of the coming Executives.

Oracles

  • The team is still setting up following their first week of operation.
  • We’ve been focused on the London Hardfork prep. Testing various scenarios, which has been difficult due to the gas price market. Pushing updates to accommodate the new market conditions.
  • Still not using the EIP 1559 transactions due to continued reliance on 3rd party software and libraries. Unfortunately, support isn’t there yet.
  • MATIC oracles software and contract are ready. However, the fees are still being deployed. Still on track for next week’s executive.
  • Began the talent search internally. Many interesting ideas came from the team, which is being constructed into a roadmap.

Risk

Forum Posts:

  • Published a post that analysis how lower LR Maker Vaults could affect risk premiums for each Vault. Suggested to decrease LRs by 10% for second-tier Vaults and increase LRs by 5% for first-tier vaults.
  • Writing a sub proposal for MKR compensation for our Core Unit. It will be posted soon.

Collateral Evaluation:

Vault work progress:

  • Began working on a plan for how to offboard unprofitable Vault types. Will likely propose a combination of decreased DCs and increased LRs.
  • Proceeding with Vault user behavior dashboard. We also managed to get good farming data on Dai.

Real-World Finance

Real World Finance July Report

Forum Posts:

  • NewSilver July 2021 Update.
  • Published a MIP for RWA Foundations. Still in the process of finalizing.
  • We will now be able to provide additional financial reporting with the new full-time hire, Mark Tyler Phillips.

Centrifuge Assets:

  • Centrifuge executive has passed and contains three new RWAs, which went live last weekend. The public Vaults will be available within the following weeks.

Growth

Growth Weekly Update

Forum Posts:

Stars of the Week:

Sponsorship:

Content Production

Bi-Weekly Update: July 22 to August 4, 2021

Posts and Uploads:

Currently Working On:

  • Coordinating with GovComms on Explainer Videos.
  • Continued development on a Discord server linked to RocketChat.
  • Formalizing plans for a MakerDAO Newsletter.

Sustainable Ecosystem Scaling

Templates:

Hiring:

  • We’re looking for an analyst/entry-level intern.

Upcoming Calls:

  • KYM Session with B.Protocol Declaration of Intent will be on August 11th.

Governance Communication

Getting Started:

  • Immediate priorities are to set up tracking and documentation for all of our active projects and to hire that Engagement Lead so we can begin tackling the other portion of our mandate.
  • Setting up the CU; we still haven’t gotten the first disbursement or the Payroll setup. But it will happen soon (next 1-2 weeks)
  • Office hours are set to Fridays 1800-1830 UTC and are available on the public calendar.

Hiring:

  • Hiring a full-time Engagement Lead.
  • Hiring part-time contributors for summary transcriptions and reviews.

:calendar: Meetings and Events

Last Week’s Call Recordings

  • Governance and Risk Call #153

  • MakerDAO Financial Report | July 2021

  • Core Unit Launch Pod Sessions | Session #14: Dai Foundation Core Unit DAIF-001

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
  • Join Link | Governance Communications - Fridays 18:00 UTC

Ask Maker Anything

  • Growing a DAO with Growth Core Unit Facilitator Nadia Alvarez

Collateral Onboarding

  • Collateral Onboarding Call #35: Nebula - Wednesday, August 11 4PM UTC

Know Your MIPs

  • Know Your MIP #9: MIP13c3-SP11: Onboarding a new collateral type backed by B.Protocol v2

Meet Your Delegate

:anchor: 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.

:studio_microphone: Have Feedback?

We value your input! Take our survey to let us know what we might be missing or how to 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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Votes and Polls Video version is available on the Youtube Channel:

The extended audio version is available here:

The State of DAI video version is available here:

The Current Events Audio Version is available here:

The Current Events Video Version is available here:

or here -

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Maker Relay gets better every week! :fire:

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The maker Relay is like good wine, it gets better every week, there is nothing more bullish than this community and this content.

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Thanks Tim, everyone sees the commitment to the Maker Relay, it just keeps getting better and better, excellent.

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