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This Week in Governance
Community Deep Dai-ve
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MakerBurn, one of the community’s go-to sites for MakerDAO analytics, launched a collection of NFTs commemorating important events in the history of MakerDAO.
Events include the launch of MakerDAO, the 100 million SAI milestone, and the release of Multi-Collateral Dai (MCD).
The collection is available on OpenSea. Users can make offers to purchase the NFTs, though MakerBurn hasn’t specified whether or not they’re for sale yet. If you’re going to make an offer, make sure it’s one they can’t refuse!
G-UNI, an ERC20 wrapper around the NFTs representing the Uniswap v3 G-UNI DAI / USDC pool, quickly hit its debt ceiling of 10 million Dai. Launched on September 21, 2021, the G-UNI Vault helps MakerDAO reduce its reliance on USDC. As @hexonaut explains, “Looking at recent Uniswap numbers, APRs on this pool is around 4% based on the 140M TVL. If we offer 100x leverage (101% CR), this APR raises 400%, attracting more capital. This should be enough to attract a couple of billion TVL into the pool (depending on the SF), which will indirectly unwind the PSM as minted DAI is sold for USDC.”
Dai generated by USDC is currently at 47.7% and Protocol Engineering Core Unit Facilitator @Derek proposes raising the Debt Ceiling from 10 million to 50 million Dai.
This proposal includes the addition of the Sagittarius Engine. The goal of the Sagittarius Engine is to direct value flows of the Maker Protocol towards long-term governance participants, a core of MKR holders that participate based on a genuine interest in the project.
- DAI peg with some limited slippage over the past week. Excited to see how adjusting PSMs get the range to be even smaller.
- The 90-day peg, courtesy of Blockanalytica, helps visualize the effect - and things are looking steady.
- Seems like October 6/7 had the roughest patch for ETH<>DAI trades.
- Supply is trending up - situated at nearly 6.9 billion, with the TVL now over 13.5 billion.
- A total of around 297,256,355 Dai was generated in the last seven days.
- Last week, around 375mil Dai was borrowed, and 114mil was repaid, totaling a net -273.9mil.
- A total of 107 new vaults were opened last week by 68 new creators.
MakerBurn rundown or dai stats
- PSM USDC 3.02 billion
- ETH-A 1.88 billion
- WBTC 457.75 million (ATH)
- USDP-PSM 414.3 million
- ETH-C 288.11 million
- USDC-A 238.82 million
- ETH-B 94.44 million
- PAX 67.41 million
- UniV2DaiUSDC 58.77 million (ATH)
- LINK 44.24 million
- TUSD 26.58 million
- UniV2DaiEth 26.42 million
- YFI 24.58 million
- UniV2WBTCEth 14.25 million (ATH)
- UNI 13.56 million
- UniV2UsdcEth 10.05 million
- GUNI-DaiUSDC 9.99 million (ATH)
- UniV2UniEth 9.54 million
- NSDROP 8.67 million (ATH)
- renBTC 5.83 million (ATH)
- MANA 4.99 million (ATH)
- GUSD 4.94 million (ATH)
- ZRX 2.99 million
- BAT 2.05 million
- AAVE 1.058 million
- LRC 424K
- BAL 171K
- Other vaults below 500K: (UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP, and MATIC).
- ETH vaults collateralization ratio is currently seated at 339%.
- We saw two liquidations last week, affecting the wBTC and ETH-A vaults. The resulting auctions took around 30 minutes to conclude.
This week, the Liquidation Walls are fairly unforgiving, beginning around a 5% market drop before significantly steepening around 20%.
- Seeing a lot of ATHs across the board, which seems good.
- The Ratification Polls for October’s Governance Cycle are up and running.
- This week has no active executive vote; The October 8th Executive passed on Oct 9, 2021, 12:32 UTC, and was executed on Oct 11, 2021, 14:00 UTC.
|Add stETH (Lido Staked ETH) as a new Vault Type||Vote||Discussion|
|Nexo Institutional Vault Onboarding||Vote||Discussion|
|PaperImperium Supplemental Compensation||Vote||Discussion|
|Add the Aave Direct Deposit DAI Module (D3M)||Vote||Discussion|
|Increase the GUNIV3DAIUSDC1-A Debt Ceiling||Vote||Discussion|
|Adding the Deco Fixed Rate Core Unit (DECO-001)||Vote||Discussion|
|Adding Data Insights Core Unit (DIN-001)||Vote||Discussion|
|Adding MakerLabs Core Unit (SNUNK-001)||Vote||Discussion|
|Implementation of DSS Charter (MIP59)||Vote||Discussion|
|Modify Core Unit Budget, MKT-001 (MIP40c3-SP33)||Vote||Discussion|
|Growth Core Unit Budget, GRO-001 (MIP40c3-SP37)||Vote||Discussion|
Check out an ‘at-a-glance’ view of the current Vault types and their parameters on MakerBurn
Would you like to see MakerDAO move in the general direction indicated by the post ‘The Case for Clean Money’? - Given the discussion and excitement generated by @rune’s recent Clean Money post. GovAlpha is laying out the next steps concerning governance on this issue. @LongForWisdom is asking the community whether they would like to see MakerDAO move in the general direction indicated by the post ‘The Case for Clean Money’?
Restarted poll Raise the ESM threshold to 15% and increase the Governance Delay to 4 days - Maker is reaching a point where the core Maker security is so battle-tested that the emergency shutdown feature (ES) is beginning to become a risk rather than a solution; with only 75,000 MKR currently needed to trigger ES, it is the most likely place for someone to try to damage the system. @rune proposes to double the trigger amount to 150,000 MKR, which will reduce the risk of a sudden ES and make the system more reliable.
Set PSM fees to 0% - @SebVentures has been diligently pushing the idea to set PSM fees to 0%; which is also suggested in The Case for Clean Money. If their signal were to pass, Sebastien provides many long-term pros and cons and discusses how setting PSM fees to 0% would anchor the perception that 1 DAI = $1.
Turn off the burner, fuel up Sagittarius Engine - In reaction to @rune’s post, @Planet_X
signals to turn off the Buy and Burn, keep the surplus buffer at 60 million DAI, and direct excess funds of the Surplus Buffer to the Sagittarius Engine.
Offboarding Vaults, MKR Vesting, and Core Unit Budget Distribution - October 8, 2021
this executive proposal passed, the following changes occurred within the Maker Protocol:
Core Unit Budget Distribution:
- @SebVentures provides the initial framework for investing Maker liquidity into short-term ETFs to help manage the Protocol’s exposure to USDC.
- A thread by @Aes breaking down the RWAs for September.
- An article discussing Maker’s potential shift in direction and purpose toward helping climate change.
- Uses Maker as its example for taking out a DeFi loan.
- A look at the recent growth of MIM (Magic Internet Money), a stable, cross-chain yield-farming token.
Signal: Would you like to see MakerDAO move in the general direction indicated by the post ‘The Case for Clean Money’?
GovAlpha Weekly Update - 2021-10-07
Core Unit Budget Implementation Standardization
Real-World Finance Core Unit Report - 2021-09
Financial Report - 2021-09
Signal Request: Set PSM fees to 0%
MIP6 Collateral Onboarding Application: MD Irradiance LLC: Construction Period-only Loans to Late-Stage US Solar Projects
Investing our liquidity in short-term ETF, managing PSMs exposures
MakerDAO Budget Simulator - 9+3 Revenue & Cash Flow Forecast
Governance and Risk Call #162
AMA Ep. 09 - Discussing Fixed-Rate DAI Loans from MakerDAO with Pairwyse
Core Unit Tools #09 - Zodica
Core Unit Launch Pod Session #18: MakerLabs
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- Join Link | Growth - Wednesdays 17:00 UTC
- Join Link | Sustainable Ecosystem Scaling - Tuesdays 15:30 UTC
- Join Link | Governance Communications - Fridays 18:00 UTC
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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.