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.
This Week in Governance
Community Deep Dai-ve
Mark your Calendar
European investment firm Societe Generale-Forge has submitted a MIP6 application to onboard OFH - tokenized bonds regulated under French law - as a new collateral type for the Maker Protocol. Societe Generale, a subsidiary of Societe Generale-Forge, is a French multinational investment bank with 1.78 trillion in assets (as of 2020).
According to the proposal, the OFH tokens represent debt securities and “are issued by Societe Generale Société de Financement de l’Habitat (SG SFH), a specialised credit instritution duly licensed by the Autorité de Contrôle Prudentiel.”
@mrabino1 of 6s Capital reports successful completion of the circuit test to ensure a proper flow of funds between RWA Company and the Trust set up to manage those funds. 50,000 Dai were swapped for USD and sent to the Trust, $30,000 of which was returned and swapped back into Dai.
@YM_Wintermute has submitted a proposal to provide market-making services to MakerDAO. The proposal involves loaning 10,000 MKR to Wintermute Trading, who will either return the loan in full or provide 50 million USDC, representing a 100% premium to the current price.
@layerzero from Sustainable Ecosystem Scaling Core Unit introduces SES Legal used for legal and regulatory topics and initiatives. He also announces their Self Insurance Fund, which will cover legal costs, economic damages to third parties and can be used as a legal reserve for obtaining a legal opinion or advice. Check out their presentation covering the Self-Insurance Fund during the Governance and Risk Call #161.
- DAI’s peg; minimal slippage as per usual this past week.
- Thanks to blockanalytica, we have the last 90 days of peg stats helping to visualize the peg trend we have been casually mentioning.
- Supply is still hovering over 6 billion, with TVL above 12 billion. Aaaaaaalmost at 13 billion.
- DAI generated by USDC is 50.1%.
- Volume at around $645 million this last week.
- Average price places Dai at $1.000426.
- A total of 98 new vaults were created last week.
- A comparison of the primary lending platforms outstanding borrowers month over month.
- Up to 23.61 million Dai bridged to Optimism.
- ETH-A 1.77 billion
- PSM USDC 3.05 billion
- PSM USDP 348.9 million
- WBTC 316.36 million
- ETH-C 270.83 million
- USDC-A 238.82 million
- ETH-B 77.73 million
- PAX 67.39 million
- UniV2DaiUSDC 58.46 million
- LINK 43.56 million
- TUSD 26.58 million
- UniV2DaiEth 26.42 million
- YFI 24.96 million
- UniV2WBTCEth 13.25 million
- UNI 12.87 million
- GUniV3DaiUSDC 10 million
- UniV2UsdcEth 9.98 million
- UniV2UniEth 9.53 million
- NSDROP 8.67 million
- MANA 4.98 million
- GUSD-A 4.91 million
- renBTC 3.64 million
- ZRX 2.98 million
- BAT 1.95 million
- AAVE 1.05 million
- Other vaults below 500K (BAL, LRC, GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.09 million.
- ETH-C vault’s top collateralization ratio bucket is 600%.
- High-risk vaults include MANA and ETH-C with a Liquidation Wall beginning around 12% and steepening significantly around 27%.
- A 20% drop would hit about 12 million in ETH-A deposits.
- Mostly, that drop risk would be for the vaults at 160% collateralization and lower.
- 200% and 360% collateralization dominate the rest.
- Did you want that as a table? Good, because that is how you get tables.
- A humble week of growth from WBTC-A, 6 million debt, and four new vaults. 8.71% of the outstanding supply is sitting in Maker Vaults.
- October 4th - 6th Formal Submission Window is open.
- Ratification Polls go live on Monday, October 11th, and will run for two weeks, until Monday 25th.
This week has no active executive vote; the September 24th Executive passed on October 2nd, 2021, 19:47 UTC.
|Offboard the BAT-A Vault Type||Vote||Discussion|
|Offboard the LRC-A Vault Type||Vote||Discussion|
|Offboard the UNIV2AAVEETH-A Vault Type||Vote||Discussion|
|Offboard the ZRX-A Vault Type||Vote||Discussion|
|Offboard the UNIV2LINKETH-A Vault Type||Vote||Discussion|
Check out an ‘at-a-glance’ view of the current Vault types and their parameters on MakerBurn
PaperImperium Supplemental Compensation - In response to the proposed delegate compensation, @PaperImperium is signal requesting a one-time lump sum of 50,000 DAI outside of any delegate compensation that may or may not be forthcoming in the future when both @PaperImperium and the community feel that he has delivered value to the DAO.
Signal closes on October 6th, 2021.
This executive proposal passed, and the following changes occurred within the Maker Protocol:
- The USDT-A vault type was offboarded with the following details:
- Lower the USDT-A Liquidation Penalty (
chop) to 0%.
- Increase the USDT-A Liquidation Ratio from 150% to 300% to trigger liquidation of all remaining vaults.
- Liquidations will be enabled for USDT-A.
- Lower the USDT-A Liquidation Penalty (
- A total of 972,706 DAI was transfered upon proposal execution to the SES-001, DUX-001, SNE-001 and SH-001 core units as part of their initial DAI budgets.
- A total of 193,375 DAI is streamed to SNE-001 and SH-001 over the next three months as part of their ongoing budget.
- 538,400 DAI is streamed to GOV-001 over the next six months as part of their ongoing budget.
- 300 MKR was transferred upon proposal execution to RISK-001 as the retroactive part of their MKR budget sub proposal. This MKR is sourced from the MakerDAO treasury.
- @Planet_X opens the discussion with a detailed breakdown of the current Governance workflow, as well as ideas to streamline the process. He proposes a sequence of solutions by splitting up incoming proposals to help prevent binary offerings and automate the function of negotiation, leaving it up to the MKR holders on how badly they want the deal.
- Per the article: “The French Bank has applied for a $20mil loan in DAI stablecoins using bond tokens as collateral. The French government recognizes both the on-chain bond tokens, as well as the DAI stablecoin.”
- “Could a lack of understanding of how DAOs, such as MakerDAO, work be a contributing factor to how regulators perceive the sector?”
- Per the article: “MakerDAO representatives have been active in helping to find solutions to the bug, per Compound founder Robert Leshner. A MakerDAO rep did not return a request for comment by the time of publication.”
Self Insurance Fund
Core Unit Tools #09: Zodiac
Core Unit Launch Pod Sessions ||| Session #18: MakerLabs
Collateral Onboarding Call #38: REIF DROP: Commercial Real Estate Assets - Wednesday, September 29, 5 PM UTC
Governance and Risk Call #161
Collateral Onboarding Call #38: REIF DROP: Commercial Real Estate Assets
Core Unit Tools #8 Superfluid | Sept. 29, 2021
- 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
Subscribe for all public calls, votes, and other reminders.
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.
Voting dashboard for MKR voters.
MIPs Dashboard for everyone.
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.