Maker Relay Ep 63

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

Dai Supply in PAX PSM Triples to 150 Million Over Last Week

The number of Dai generated from the PAX PSM (Peg Stability Module) has tripled over the last week from 50 to 150 million Dai. The PAX PSM has a debt ceiling of 500 million Dai, which means plenty of Dai is still to be generated.

First proposed in MIP29, a Peg Stability Module enables users to trade Dai 1:1 with other dollar-denominated stablecoins for a small fee.

MakerDAO Covered in The Economist

@jacek notes in this thread that MakerDAO was featured in a cover article in a recent edition of The Economist. Down the rabbit hole: The promise and perils of decentralized finance details the rise of DeFi, characterizing Dai as “the biggest ‘on-chain’ stablecoin” and explores how DeFi aims to improve global financial networks.

Meet the Regulators

Recognized Delegate @PaperImperium has scheduled a meeting with US Senator Elizabeth Warren on Monday, September 20th. Senator Warren is a democrat representing Massachusetts as a Senate Committee on Banking, Housing, and Urban Affairs member. She is well-known for championing progressive causes.

Warren is among the regulators who have recently expressed concern regarding the usage of cryptocurrencies, particularly stablecoins by retail investors, and has been pushing for regulations. @PaperImperium explains, “This is expected to be a fairly mid-level meeting with the senator’s advisors on banking issues.” and the main goal “is to further open the channels of communication.”

We eagerly await an update and will report on how the meeting has gone!

Should MakerDAO Mint MKR for Vesting?

In the MIP proposing DSSVest, a module to automate token vesting distributions, @Wouter notes that the first usage of DSSVest will result in new MKR minted to cover Core Unit MKR vesting plans and thereby asks whether this was the intention of the MIP or should it be revisited.

Transitioning from Rocket.chat to Discord

In response to the Maker Foundation’s announcement to shut down Rocket.chat, the community has decided to move its official chat channel to Discord.

@GovAlpha, @Content-Production, and Tech-Ops are collaborating on a plan for the channel implementation. @LongForWisdom posted a thread seeking feedback on proposed roles and channels and @seth has a thread seeking discussion on strategies for mitigating spam and other potential issues.

The current goal is for the new Discord to go live on Monday, October 18th, two weeks prior to the October 31 deadline for shutting down Rocket.chat.

RWA Announces First Annual Gala Charity Dinner

In collaboration with MakerDAO, @mrabino1 of 6S Capital has announced that the first annual Real-World Assets Gala Charity Dinner will take place in Seville, Spain on February 12, 2022.

Details will be announced soon; hope to see you there!

State of DAI

  • DAI peg tightly bound in a small range, minimal slippage.

  • 6.5 billion DAI and 12 billion TVL, slight drop there due to…reasons.

  • Volume at around $1.6 billion this last week (source: Messari).

  • Average settled price for DAI was 1.0015.

  • TVL of all assets bridged from Ethereum is 617 million. DAI is 7.8 % and growing.

  • DAI moved through various DEXs last week. Same top three market leaders of Uniswap, Sushiswap, and Curve.

  • Maker has been neck and neck with Compound over the past few weeks.

  • PSM USDC 3.25 billion
    • ETH-A 1.84 billion
    • WBTC 282.25 million
    • ETH-C 253.34 million
    • USDC-A 238.82 million
    • PSM-PAX-A 149.12 million
    • ETH-B 84.23 million
    • PAX 57.37 million
    • UniV2DaiUSDC 56.52 million
    • LINK 43.19 million
    • UniV2DaiEth 27.9 million
    • TUSD 26.57 million
    • YFI 19.31 million
    • UNI 13.79 million
    • UniV2WBTCEth 13.2 million
    • UniV2UniEth 10.53 million
    • NSDROP 7.6 Million
    • UniV2UsdcEth 7.37 million
    • MANA 4.98 million
    • GUSD 4.9 million
    • renBTC 3.72 million
    • ZRX 3 million
    • BAT 2.21 million
    • AAVE 1.47 million
    • LRC 418K
    • BAL 196K
  • Other vaults below 500K at 1.2 million.

  • PAX PSM shot up to 150 million in the past week; A 3x increase.

  • ETH-A vaults top collateralization ratio bucket is 170%, indicating less appetite for leverage.

  • Liquidation Walls are getting ever closer to 10%. May the next OSM be ever in your favor.

  • Eight liquidations over the past week; ETH-A is still the biggest one from three days ago.

  • That ETH-A liquidation settled in 42 mins.

  • 116 vaults were created over the week.

  • (-)50 million net over the week.

  • PAX-PSM is starting to make some moves in DAI generated.

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

:ballot_box: This Week in Governance

MIPs

Weekly MIPs Update #54

  • The second week of ratification polls begins September 20th.

Active Executive Votes

This week has no active executive vote; the September 17th Executive was passed on September 19th, 2021, at 19:37 UTC.

Active Governance Polls

Poll Name Vote Discussion
Adjusting Auction Parameters for ETH-A, ETH-B, ETH-C, and WBTC-A Vote Discussion
Increase the System Surplus Buffer Vote Discussion
Ratification Poll for Strategic Happiness Core Unit Vote Discussion
Ratification Poll for Modify Core Unit Budget - Sustainable Ecosystem Scaling Vote Discussion
Ratification Poll for GovAlpha Core Unit Budget Q4 2021 to Q1 2022 Vote Discussion
Ratification Poll for Collateral Engineering Services Core Unit Vote Discussion
Ratification Poll for RWA Foundations (MIP58) Vote Discussion
Ratification Poll for Risk Core Unit MKR Compensation Vote Discussion
Ratification Poll for StarkNet Engineering Core Unit, SNE-001 Vote Discussion
Ratification Poll for Development & UX Core Unit, DUX-001 Vote Discussion

Community Greenlight Polls

Collateral Vote MIP6 Application
SB-DDC (Solid Block Detox Digital Coins) Ends 10/04 4PM UTC Application
REIF-DROP (Commercial Real Estate Assets DROP) Ends 10/04 4PM UTC Application

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

Active Signal Requests

Offboard USDT Collateral Types - Following the discussion to offboard USDT token from the Maker Protocol, @monet-supply signals to the community by asking whether we support the parameter changes outlined in his Signal Request.

Last Week

Collateral Onboarding and Offboarding, PSM DC-IAM changes - September 17, 2021

Passed on Sep 19, 2021, 19:37 UTC.
Available for execution on Sep 21, 2021, 19:37 UTC, the following changes will occur within the Maker Protocol:

  • The GUNIV2DAIUSDC1-A vault type will be onboarded to the Maker Protocol with the parameters detailed here.
  • The process for offboarding the KNC-A vault type will begin as detailed here.
  • Debt Ceiling Instant Access Module parameter changes will be made for PSM-PAX-A and PSM-USDC-A as detailed here.

:diving_mask: Community Deep Dai-ve

Tweet of the Week

In honor of Tim Black

Forum Insight

Check out the latest Forum at a Glance

Articles

:clipboard: Team Updates

GovAlpha

Protocol Engineering

Oracles

Risk

Real-World Finance

Growth

Content Production

Sustainable Ecosystem Scaling

Governance Communication

: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

Core Unit Launch Pods

: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 & Polls the Video Version is now available on the MakerDAO Youtube Channel:

The State of DAI Video Version is now available on the MakerDAO Youtube Channel:

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