Maker Relay Ep 66

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

MakerBurn Launches NFTs Celebrating MakerDAO Milestones

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 hits Debt Ceiling; raise proposed

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.

The Case for Clean Money

The Case for Clean Money was posted by @rune on Monday, October 4th. This proposal considers switching priorities of the DAO towards addressing and aiding to help fight against climate change.

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.

Governance Facilitator, @LongForWisdom, has followed this with a Signal Request asking if this is something the community agrees with.

State of DAI

  • 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%.

ath szn

  • Seeing a lot of ATHs across the board, which seems good.

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

:ballot_box: This Week in Governance

MIPs

Weekly MIPs Update #57

  • The Ratification Polls for October’s Governance Cycle are up and running.

Active Executive Votes

  • 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.

Active Governance Polls

Poll Name Vote Discussion
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

Ratification Polls:

Poll Name 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

Community Greenlight Polls

Collateral MIP9 Poll MIP6 Application
Curve stETH-ETH LP Token Ends 10/18 4 PM UTC Application

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

Active Signal Requests

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.

Last Week

Offboarding Vaults, MKR Vesting, and Core Unit Budget Distribution - October 8, 2021
this executive proposal passed, the following changes occurred within the Maker Protocol:

Vaults Offboarded:

Vault Poll
BAT-A Poll
LRC-A Poll
ZRX-A Poll
UNIV2AAVEETH-A Poll
UNIV2LINKETH-A Poll

Core Unit Budget Distribution:

Core Unit Amount Poll
RISK-001 700 MKR Poll
CES-001 1,223,552 DAI Poll

:diving_mask: Community Deep Dai-ve

Tweet of the Week

Forum Insight

Check out the latest Forum at a Glance

Articles

:clipboard: Team Updates

Collateral Engineering Services

CES Core Unit Update | #1
CES Auditor’s Wallet Multisig

GovAlpha

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

Protocol Engineering

Request to raise the G-UNI DC to 50M
[DIRECT-AAVEV2-DAI] Direct Deposit Module Technical Assessment

Oracles

[wstETH] Collateral Onboarding Oracle Assessment (MIP10c3-SP42)

Real-World Finance

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

Growth

Growth CU weekly update: October 1 - October 7

Content Production

Issue Discussion | #2 Fixed-Rate Vault Solutions
Dai on Different Networks #14 - October 7, 2021

Sustainable Ecosystem Scaling

SES Updates - 7.10.2021
Core Unit Launch Pod Sessions ||| Session #19: Deco Fixed Rate
Core Unit Launch Pod Sessions ||| Session #18: MakerLabs
Core Unit Tools #09: Zodiac

Governance Communication

Forum at a Glance September 30th - October 7th

: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 15:30 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 Pod Sessions

Issue Discussion Series

:anchor: Useful Links

Forum and Maker Chat
Discuss and debate MakerDAO.

Public Calander
Subscribe for all public calls, votes, and other reminders.

Participation Tools
Resources for stakeholders; protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.

Governance Portal
The voting dashboard for MKR voters.

MIPs Portal
MIPs Dashboard for everyone.

Learning Portal and Technical Documentation
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.

4 Likes

Excellent work Artem :ok_hand:

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The Votes and Polls video 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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Excellent work Artem, it feels weird to see fresh faces in the Maker Relay, but I like the way you’re doing it! Keep it up.

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Don’t worry. We are all still working together during the relay. Fresh minds help promote new ideas every so often!

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