Maker Relay Ep 68

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

MakerDAO at ETHLisbon, ETHPortland, and NFT.NYC

Members of the Maker Mafia were in attendance at the recent ETHLisbon conference and will be attending events in the coming weeks. Please join us if you are in the area!

ETHLisbon Pics

Events

Dai generated by USDC drops to 40%

At the time of writing, DaiStats shows that the proportion of Dai collateralized by USDC is now at 40%.

MakerDAO recently deployed the G-UNI DAI-USDC Uniswap V3 pool and USDP (formerly PAX) peg stability module (PSM) to help reduce the proportion of USDC collateralizing the protocol, which was previously over 50%.

“Clean Money” up for sentiment poll; Rune presents “The Decentralized Community & The Decentralized Workforce.”

Governance Facilitator @LongForWisdom has published an Exploratory Sentiment Poll to gauge the community’s interest in pursuing the ideas laid out in The case for Clean Money.

Rune gave a presentation after last week’s G&R call entitled “The Decentralized Community & The Decentralized Workforce”, where he expanded on what the implementation of these ideas could look like.

State of DAI

  • DAI peg has been hitting some chop the past week.

VWAP

  • Range max and min from .90 - 1.05 with just under a billion dollars in volume.

  • Dai’s supply is above 7.5 billion with 16.5 billion TVL.

  • A total of 113 new vaults were created last week. Do you follow the DAIbot yet?

  • Around 676mil Dai was minted, along with 445mil in burns - totaling a net positive of just over 231mil Dai.

  • A 10% upswing saw MakerDAO grab first place in TVL on Ethereum, again.

Trying a little different view here on Makerburn, “change in 24 hours.” LINK got a nice influx of 7 million.

FWIW, another view worth sorting on: Annual fees. :wink:

  • ETH-A 2.3 billion
    • PSM USDC 2.7 billion
    • WBTC 684 million
    • ETH-C 420 million
    • USDP 413 million
    • USDC-A 238 million
    • ETH-B 114 million
    • USDP 67 million
    • UniV2DaiUSDC 59 million
    • LINK 58 million
    • YFI 31 million
    • UniV2DaiEth 31 million
    • TUSD 26 million
    • UniV2WBTCEth 17 million
    • UNI 14 million
    • NSDROP 10 million
    • GUNI DAI/USDC
    • UniV2UsdcEth 9.7 million
    • UniV2UniEth 9.4 million
    • MANA 4.9 million
    • GUSD 4.9 million
    • renBTC 4.3 million
    • BAT 1.3 million
    • AAVE 1 million
    • UniV2WbtcDai 768K
  • Other vaults below 500K (ZRX, LRC, BAL, UniV2LINKETH UniV2AAVEETH, , UniV2DaiUsdt, UniV2EthUsdt, COMP) at 721K.

  • Overall collateralization is 225%.

  • Liquidation risk starts to hit 30 million and higher at a 15% drop.

  • Breaking that down by risk buckets makes drops a little clearer. Low risk still gets hit in a swift down-candle.

  • ETH-C vaults collateralization ratio is well protected; all the influx is staying relatively safe.

ETH-A buckets

  • ETH-A Buckets have 210% and 320% as the largest collateralization.

  • WBTC’s total debt has been up and to the right.

LINK stats

  • LINK stats have much green in there nice to see things diversify. The largest vault is about three months old.

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

:ballot_box: This Week in Governance

MIPs

Weekly MIPs Update #59

Active Executive Votes

If this executive proposal passes, the following changes will occur within the Maker Protocol:

  • GUNIV3DAIUSDC1-A Debt Ceiling will be increased from 10 million DAI to 50 million DAI.
  • WSTETH-A (Wrapped Staked ETH) vault type will be onboarded to the Maker Protocol with the parameters detailed in this poll.
  • ETH-A, ETH-B, and WBTC-A will have multiple Debt Ceiling Instant Access Module Parameters adjusted as detailed below:
Vault Type Parameter Previous New
ETH-A Target Available Debt gap 100 million DAI 150 million DAI
ETH-A Cooldown ttl 8 hours 6 hours
ETH-B Target Available Debt gap 10 million DAI 20 million DAI
ETH-B Cooldown ttl 8 hours 6 hours
ETH-B Debt Ceiling line 300 million DAI 500 million DAI
WBTC-A Target Available Debt gap 30 million DAI 60 million DAI
WBTC-A Cooldown ttl 8 hours 6 hours
WBTC-A Debt Ceiling line 750 million DAI 1.5 billion DAI

Active Governance Polls

Poll Name Vote Discussion
Recognised Delegate Compensation Trial Vote Discussion
Raise the ESM threshold and Increase the Governance Delay Vote Discussion
Clean Money Sentiment Vote Discussion

Community Greenlight Polls

Collateral MIP9 Poll MIP6 Application
OFH (Security Tokens Refinancing) Poll MIP6
TM2-DROP (Technology Metals Market) Poll MIP6
CSC (Curio Stablecoin) Poll MIP6

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

Active Signal Requests

Crank DC, DC-IAM, & Liquidation Parameters - Signal Closes October 29th - In response to the Governance and Risk Call during October 14th, @aburban90 signals a second attempt to raise the debt ceilings for ETH-A, ETH-B, WEBTC-A, and others along with raising the liquidation penalty for ETH-A and ETH-B vaults.

Should we increase Maximum Delegate Compensation as described in MIP61 to 144k DAI for the initial three-month delegate compensation trial? - Signal Closes November 4th - In response to previous signals and discussion, @LongForWisdom proposes a higher compensation for Delegates and asks the community whether we should increase the Maximum Delegate Compensation as described in MIP61 to 144,000 DAI for the initial three-month Delegate compensation trial?

Increase The MakerDAO NS-DROP maximum to 85% when AO TIN participation is at least 50% - The New Silver AO pool on Tinlake has been live for ten months and approved as the first RWA with MakerDAO for six months. Therefore, given the seniority of the MakerDAO debt and many other protections, including borrowers’ equity on every loan, we hope the community would consider adjusting the maximum share of DROP tokens that the DAO is holding. @prankstr25 is asking the community whether we MakerDAO should increase its’ maximum share of NS-DROP to 85% when AO TIN participation is at least 50%

Last Week

  • Last week contained no active executive vote; The previous executive on October 8th passed on Oct 9, 2021, 12:32 UTC, and was executed on Oct 11, 2021, 14:00 UTC.

:diving_mask: Community Deep Dai-ve

Tweet of the Week

Forum Insight

Adding utility to MKR token (discount stability fees for vault owners who hold MKR) - @sasa believes there should be more utility benefits to the MKR token to help MakerDAO benefit from new DeFi developments and increase our dominance in the lending market. @sasa presents an idea for discount stability fees for vault owners who hold MKR. This can help incentivize asset managers to own and store MKR. Check it out and leave your feedback.

Issues with our governance process and delegate compensation - Delegate compensation continues to be a controversial and critical topic for discussion. @AstronautThis posts a thread addressing some issues with the governance process being followed for Delegate compensation. Astro believes that the MIP61 process should be followed and polled on-chain along with any successful signal requests. Astro also believes that Delegates should abstain from polls and votes involving their Delegate compensation. Finally, the post contains some thoughts for long-term solutions. Check it out!

Check out the latest Forum at a Glance

Articles

Prelude to the future of finance? SocGen is raising a loan from a DeFi protocol to refinance tokenized bonds

:clipboard: Team Updates

Content Production

GovAlpha

Governance Communications

Real-World Finance

Sustainable Ecosystem Scaling

StarkNet Engineering

:calendar: Meetings and Events

Last Week’s Call Recordings

  • Governance and Risk Call #164

  • Rune Christensen presents The Decentralized Community & The Decentralized Workforce

  • [AMA] Collateral Onboarding CSC from CurioInvest | AMA Ep. 10

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 Tools

: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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The State of DAI video version is available on the MakerDAO Youtube channel:

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