Maker Relay Ep 59

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.

: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

August 6 Executive Finally Passes

The previous executive, posted on August 6, has passed as of August 22, at 21:24 UTC. Though the weekend was minorly stressful, passing this executive frees up room for this week’s significant changes, detailed below.

On-Chain Securitization Roadmap & New Silver Audit

Real-World Finance Core Unit posted a roadmap providing actionable items that aim to establish a more secure on-chain securitization mechanism. It will help the New Silver and Tinlake teams build a more robust system to manage Real-World Finance’s regulatory concerns.

Primary points of the roadmap include:

  • Continue to improve and challenge our securitization partners with the help of law firms.
  • Add great talents to increase internal expertise.
  • Partner with other institutional investors similar to JST Capital.

A New Delegate Enters the Room

Longstanding community member @MakerMan has thrown his hat in the ring to become a Recognised Delegate. He published his Delegate Platform with priorities including:

  • Provide stakeholder Recognition through both a micro to macrocosmic outlook; ‘People are important, too.’
  • Promote secure, sustainable, and scalable systems.
  • Push importance of data analytics for goal achievement and problem-solving.

Growth Opportunity: US mortgage lender, UWM Holdings Corp’s (NYSE: UWMC), to accept Crypto

@Spidomo reaches out to the community announcing that UWM Holdings Corp will begin accepting Bitcoin, but are looking into ETH and other tokens as well.

State of DAI

  • Everyone already beat us to it (here and here), but DAI supply is above 6 billion!

  • Volume is around $2.2 billion during this last week.

  • It’s worth mentioning that Nomics markets pages don’t capture Sushiswap’s 16 million from the week.

  • Assuming this dune analytics data is correct, the highest velocity day of mints/burns was 8-12.

  • Over the last week, net mints vs. burns was 84 million.

MakerBurn rundown or dai stats

  • PSM USDC 3.3 billion
    • ETH-A 1.5 billion
    • WBTC 240 million
    • ETH-C 240 million
    • USDC-A 238 million
    • PAX 67 million
    • ETH-B 56 million
    • UniV2DAIUSDC 49 million
    • LINK 40 million
    • UniV2DAIEth 28 million
    • TUSD 26 million
    • YFI 14 million
    • UniV2WBTCETH 10 million
    • UNI 10 million
    • UniV2UNIETH 10 million
    • NSDROP 6.7 Million
    • GUSD 4.3 million
    • UniV2USDCEth 4.2 million
    • renBTC 3.4 million
    • AAVE 2 million
    • BAT 1.9 million
    • ZRX 1.8 million
    • MANA 1.5 million
  • Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.02 million.

  • We see you, GUSD, creeping back in towards your debt ceiling. :eyes:

  • Liquidation Walls hit hard at a shave below the 25% price impact, lead by ETH-A.

  • ETH vaults top bucket for collateralization ratio is 200%.

  • Since ETH leads the pack of vaults at risk in a price tumble, it’s worth peeking into ETH market activity. The ETH-USD Perpetual rates look somewhat sideways but healthy.

ETH Volatility

  • Even though we’ve had a few weeks of extending rallies on ETH, the volatility has reduced a bit to 5.5%.

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

:ballot_box: This Week in Governance

MIPs

Weekly MIPs Update #50

  • Ratification Polls close on Monday, 23.

Active Executive Votes

Vault Onboarding, 6s Updates, and Reducing Vault Liquidation Ratios - August 20, 2021
If this executive proposal passes, the following changes will occur:

  • Debt Ceiling for 6s Capital (RWA-001) will be increased from 1,000 DAI to 15 million DAI and the Broker-Dealer address updated.
  • MATIC (Polygon) will be onboarded as the vault type MATIC-A with the following parameters detailed in this poll.
  • PSM-USDC-A Fee-In (tin) will be increased from 0.1% to 0.2%.
  • PAX Peg Stability Module will be onboarded as the vault type PSM-PAX-A with the following parameters:
    • Fee In (tin): 0.1%.
    • Fee Out (tout): 0%.
    • Debt Ceiling (line): 50 million DAI.
  • The following Liquidation Ratios will be decreased:
VAULT TYPE CURRENT LR PROPOSED LR LR DIFFERENCE
ETH-A 150% 145% -5%
WBTC-A 150% 145% -5%
ETH-C 175% 170% -5%
UNIV2DAIETH-A 125% 120% -5%
UNIV2WBTCETH-A 150% 145% -5%
UNIV2UNIETH-A 165% 160% -5%
UNIV2USDCETH-A 125% 120% -5%
UNIV2WBTCDAI-A 125% 120% -5%
YFI-A 175% 165% -10%
LINK-A 175% 165% -10%
RENBTC-A 175% 165% -10%
UNI-A 175% 165% -10%
AAVE-A 175% 165% -10%
BAL-A 175% 165% -10%
COMP-A 175% 165% -10%

Active Governance Polls

There are currently no active governance polls.

Community Greenlight Polls

Collateral MIP9 Poll MIP6 Application
CGFF-DROP (Cauris Global Fintech Fund DROP) Vote Application
NCP01-DROP (Nebula Capital Partners DROP) Vote Application
CNC1-DROP (CapitalNow Cannabis DROP) Vote Application

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

Active Signal Requests

[Signal Request] Lower the Flash Mint Fee to 0%

Last Week

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 51,567 DAI
Content Production - Continuity 46,500 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.

:diving_mask: Community Deep Dai-ve

  • Delegate stats sidebar
  • Displaying which executive a delegate is supporting
  • Updated polling filters, and more

Shadowy Super Coder of the Week

Forum Insight

Check out the latest Forum at a Glance | Video Version

Articles

:clipboard: Team Updates

GovAlpha

GovAlpha Weekly Update

  • Begun tracking delegates participation and communication metrics.
  • Still working on getting custody platform integration. DUX is offering integration help.
  • Making concrete process on the Maker Operational Manual.
  • Onboarding is going well. More projects may be coming soon for contributors.

Protocol Engineering

Upcoming Executive spell Contents:

  • PAX PSM.
  • MATIC collateral.
  • Reducing ILK Liquidation ratios.
  • 6s Broker-Dealer address (and yank our deployer address).
  • 6s Debt Ceiling increase.
  • CalcFab into the changelog.

Focus this week for the team:

  • We’ve been doing an async GUNI Review focusing on the Oracle; team meeting next Tuesday to conclude.
  • Small enhancements to OmegaPoker that optimizes the order in which collateral prices are updated.
  • 3/4 of the way through setting up the Goerli network, some outstanding work to wrap up RWA support, remove permissions and update changelog versions.
  • Wrapped up some Etherscan spell verification improvements for mainnet, Kovan, and Goerli.

Collateral:

  • Deployed MATIC to Kovan.
  • Outstanding: need to define StETH DC limits.

Discussions this week:

  • Institutional vaults - parameter discussion, Growth to talk to this.
  • StarkWare CU - liaison and discussion of including the risk framework.
  • Arbitrum - prior meeting to assess our technical approach.

Oracles

  • Tomorrow’s executive vote includes onboarding MATIC. The oracles are live. However, not all feeds have been upgraded; four more left.
  • We were working on stETH and identified that the Oracle setup is not gas efficient. Feed-based back end for stETH should be complete within the next couple of weeks.
  • Assessments coming out:
  • Oracle Core Unit is organizing two offsites, one in Reykjavík, Iceland, during September. Then we will meet at EthLisbon in October.

Risk

  • Proceeding with institutional vault risk assessment.
    • Nexo confirmed that they would be willing to increase their debt exposure by 100m to 200m under these conditions.
    • Still some discussion about origination fee levels.
    • Apart from our risk assessment and work that needs to be done by PE to have these special vaults implemented, we’ll also see revenue impact scenario analysis made by Mark.
    • This is essentially the main decision point at offering these kinds of vaults of particular sizes.
  • Polygon reached out asking for a 100M loan collateralized by their treasury MATIC tokens.
    • Such loans would probably need to reach higher collateralization levels than the one implemented at the upcoming MATIC-A vault.
    • It might be better for them and Maker to set up an institutional vault (origination fees and special requirements regarding LR and maintenance of CR).
    • In discussions with them about this.
  • Monet-supply should soon make two posts:
    • One is regarding dust limits and will be a signal poll to confirm whether the community approves the suggested dust limits.
    • He is also working on actual parameter changes needed for off-boarding the KNC-A vault (a showcase of the actual process off-boarding collaterals).
  • Most of the other team members are working on risk dashboards and automatization of vault user behavior metrics; a lot of interesting stuff is happening there.

Real-World Finance

  • Published the New Silver audit by Shearman & Sterling and on-chain securitization roadmap (On-Chain Securitization Roadmap / New Silver audit).
  • Partnering with JST Capital that does institutional investing in the Tinlake pools.
  • MIP58 - Cayman RWA Foundation Know Your MIP call.
  • SolarX Risk Assessment is delayed until the end of the week to allow the community to review the documentation before a formal vote.
  • Mark is working on the Institutional Vault analysis.

Growth

Growth CU weekly update

  • Working with strategic partners to increase Dai awareness in different countries. To replicate this experience with the Chinese market, we started to work with imToken.
  • Jenn made a post asking the community what they would like to spend their Dai on.
  • @Hajive joined our team yesterday and will be focused on the European market.
  • Star of the week: Jenn will be participating in the Web3 Fashion Week.
  • We began working with Nexo. We also have various institutions interested in opening Institutional Vaults with Maker.
  • Had a conversation with AAVE about the D3M module to bring liquidity into AAVE. Want to begin testing D3M with the AAVE v2 market.

Content Production

Content Production Bi-weekly Update

  • Working on Dai on Different Networks and Maker Relay to be available on Substack.
  • Tabling the Mascot Contest; only had one entry, but we analyzed this issue.
  • Conducted many brand research interviews. If you haven’t done one, let us know!
  • Upcoming: AMA with Planet_X and Centrifuge.

Governance Communications

GovComms Bi-weekly Update

  • Setup is moving slowly; we still haven’t gotten the first disbursement or the Payroll setup due to the delayed executive.
  • 3x new contributors being trained for the call summary team; welcome Andrea, Rody, and Zainab.
  • Hunt for an Engagement Lead continues.
  • Maker Relay got a facelift: a new banner, new informational structure, and a refreshed feedback survey.
  • Took ownership of Forum at a Glance and have begun making weekly improvements.
  • Created a basic GovComms CU Overview presentation for anyone to look through and understand what our team does.
  • Started a Team-Updates audit to make some actionable recommendations to bring us all closer to similar standards.
  • Met with Mario, our Reddit mod, to discuss Mario’s ongoing availability and our moderator needs, as well as the general state of Reddit. We will be publishing some polished notes from that call on our public drive today or tomorrow.
  • Met with Dumitru from the former Foundation Techops team to discuss infosec best practices for Google Drive.
  • Our office hours are set to Fridays 1800-1830 UTC and are available on the public calendar.

Sustainable Ecosystem Scaling

SES Public Drive

  • X-Ray Preliminary Findings
  • DUX CU going live
  • Immunifi joins the SES Incubator
  • Incubation Program Presentation tomorrow at 14:30 UTC during the public SES Status Call.

Last Week:

  • RWA: Collateral Onboarding: CapitalNow Cannabis
  • Know Your MIP (58): RWA Foundation

Upcoming:

  • MIP6: Cauris Global Fintech Fund (next Wednesday)
  • Focus On: Deco Protocol on August 25
  • CULPS: Starknet on September 1st
  • CULPS: DUX Core Unit (TBD)
  • CULPS: Strategic Happiness (TBD)

:calendar: Meetings and Events

Last Week’s Call Recordings

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

Meet Your Delegate

  • Meet Your Delegate #4 - Wednesday, August 25 19:00 UTC

: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.

11 Likes

This gets better and better. Takes me more than 10minutes to just skim but very informative.

Great job Tim! @twblack88

3 Likes

Tried to integrate some of your ideas! The squad is rallying around making the relay more and more useful.

5 Likes

Love the Relay, liked more the old images :sweat_smile:, but is as always an amazing work from the team, thanks Tim and the others !

3 Likes

Which images did you enjoy? The header, tweets, or other? Would love to get feedback =)

2 Likes

The votes and polls Video is now available for review:

Votes and polls Audio version is available:

The State of DAI video is now available for review:

The header, they were pretty cool, but this one is okay too, goes with Maker colours so it’s nice !

3 Likes

That’s great information

1 Like

Excellent work Tim, I’d love to help translate it :wink:, where can I buy that shirt like Kurt’s? I love it :slightly_smiling_face:.

1 Like

Beyond the good summary that is released week after week, I want to know how do you get a shirt as cool as the one Kurt has?

It’s awesome, it’s too cool!

1 Like

https://shop.makerdao.com/#/products/live-free-dai-hard-t-shirt-mens

@Alefcripto
@Saludiego_201

3 Likes

Thank you bro, appreciated :smiling_face_with_three_hearts:

1 Like

Now that I read this summary again, I realise this, what will be done with it? One of my friends participated, I guess he was the only one and he sent a chigüire hehehehe.

So did the Chiguire win as a maker mascot or not?

(as a curious fact it reminds me of the episode of timmy turner in which timmy won because he was the only participant)

1 Like

Although the expected support was not obtained, I think it is better to hold the contest again. Anyway, for me the chiguire won. :sunglasses:

2 Likes

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