Maker Relay Ep 70

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’s Peg Stability Module (PSM) fees lowered to 0%

With the passage of the November 4th Executive, the fees for using PSM-USDC-A and PSM-USDP-A have been lowered to 0%.

Users may now swap Dai for USDC and USDP (formerly PAX) 1:1 with just the Ethereum transaction fee instead of the additional fee assessed by MakerDAO, though @PaperImperium has published a Signal Request to set the fee back to 10 basis points (bps).

PSM Smart Contract
Smart Contract PSM-USDC-A
Smart Contract PSM-USDP-A
Front-end on IPFS

Aave Direct Deposit Module (D3M) live, community asks: Wen Compound?

The Aave D3M went live with the execution of the October 28th Executive, hitting its 10M debt ceiling almost immediately.

Proposed by @hexonaut in MIP50: Direct Deposit Module, the D3M mints Dai backed by Aave’s aDai and deposits it in Aave to cap the variable interest rate borrowers accept when borrowing Dai on Aave.

Following the initial success of the Aave D3M, @Primoz proposes increasing the debt ceiling to 50M and @PaperImperium has created an informal poll soliciting feedback from the community on whether or not to prioritize a D3M on Compound

MakerDAO surpasses 8 billion Dai in circulation

Over 8.6 billion! In addition, the USDP-PSM, GUNI-DAI-USDC, Aave D3M, MATIC, stETH, MANA, and GUSD vaults are all near their debt ceilings, and the proportion of Dai collateralized by USDC is at 30%.

State of DAI

  • DAI peg was ultra-solid this past week.
  • According to @aburban90, we’re in up only times. Check out speculation for more tea leaf reading sessions; Like horoscopes, but for degens.

VWAP

  • Volume at around $804 million this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.000325.
  • Max price was on Uniswap V2 1.04 and min .59 on bittrex. Here’s to hoping those are just API issues?

  • Zooming closer to 9 million total supply. 19 billion TVL. Dai collateralization is mostly made up of ETH & WBTC in varying flavors.

  • 125 new vaults were created over the past week by 81 unique creators.

outstanding loans/project

  • Continued evidence of a strong, strong week that shows Maker separating from the pack.

  • More DAI burned this week than minted. With a net of -363 million.

MakerBurn rundown or dai stats

  • ETH-A 3.07 billion
    • PSM USDC 2.36 billion
    • WBTC 1.06 billion
    • ETH-C 699 million
    • USDP 457 million
    • ETH-B 150 million
    • UniV2DaiUSDC 77.49 million
    • GUNI-DAI/USDC 49 million
    • LINK 69 million
    • YFI 32 million
    • UniV2DaiEth 31 million
    • UniV2WBTCEth 17 million
    • UNI 15 million
    • UniV2UsdcEth 13 million
    • NSDROP 10 Million
    • UniV2UniEth 9.4 million
    • MATIC 8.9 million
    • stETH 4.9 million
    • renBTC 4.5 million
    • AAVE 1.2 million
    • MANA 4.9 million
    • GUSD 4.9 million
    • BAT 813K
    • COMP 504k
  • Vaults below 500K (BAL, FFT1 Drop, LRC, ZRX, Univ2EthLink, Univ2AaveEth, and usdc-b) at 507k.

  • ETH-C vaults collateralization ratio buckets.

  • Liquidation Walls looks forgiving, but as a necessary aside: the Blockanalytica Dashboard is currently migrating their data, so all information posted after November 5th is unreliable. This issue should be resolved shortly.

  • ETH-A debt weighted collateralization ratio up above 400%.

  • The largest bucket is 240%.

  • WBTC net deposits on a tear this week. Up over a Billion DAI outstanding from WBTC.

  • The amount of protected vaults is 56%, and the amount of high-risk vaults is low compared to the amount outstanding.

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

:ballot_box: This Week in Governance

MIPs

Weekly MIPs Update #61

  • The Ratification Polls for the November Governance Cycle are now up.

Active Executive Votes

Parameter Changes, Core Unit Budget Distribution - November 5th, 2021

This executive passed today, November 5th, at 6:18 GMT-5, and the following changes will occur within the Maker Protocol:

Vault Parameter Previous New
ETH-A Stability Fee 2.0% 2.5%
ETH-B Stability Fee 5.0% 6.0%
WBTC-A Stability Fee 2.0% 2.5%
LINK-A Stability Fee 1.0% 1.5%
MANA-A Maximum Debt Ceiling (line) 5 million DAI 10 million DAI
RENBTC-A Stability Fee 2.0% 2.5%
MATIC-A Maximum Debt Ceiling (line) 10 million DAI 20 million DAI
MATIC-A Target Available Debt (gap) 3 million DAI 20 million DAI
USCA-A Stability Fee 0.0% 1.0%
UNIV2WBTCETH-A Maximum Debt Ceiling (line) 20 million DAI 50 million DAI
UNIV2WBTCETH-A Target Available Debt (gap) 3 million DAI 5 million DAI
UNIV2WBTCETH-A Stability Fee 2.0% 2.5%

PSM Fees are lowered:

  • Lower the PSM-USDP-A Fee In (tin) parameter from 0.10% to 0.0%.
  • Lower the PSM-USDC-A Fee In (tin) parameter from 0.20% to 0.0%.

DUX-001 Core Unit Budget:

Active Governance Polls

Poll Name Vote Discussion
DIRECT-AAVEV2-DAI Parameter Adjustments Vote Discussion
Increase the WSTETH-A Debt Ceiling Vote Discussion
Recognised Delegate Compensation Increase Vote Discussion
NS-DROP Covenant Modification Vote Discussion
GUNIV3DAIUSDC-A Parameter Adjustments Vote Discussion
Add WBTC-B as a new Vault Type Vote Discussion
Ratification Poll for Adding Sidestream Auction Services Core Unit, SAS-001 Vote Discussion
Ratification Poll for Modify Core Unit Budget, MKT-001 (MIP40c3-SP33) Vote Discussion
Ratification Poll for Real-World Finance Core Unit MKR Compensation, RWF-001 (MIP40c3-SP38) Vote Discussion
Ratification Poll for Modify Core Unit Budget, COM-001 (MIP40c3-SP40) Vote Discussion
Ratification Poll for Modify Core Unit Budget, RWF-001 (MIP40c3-SP39) Vote Discussion
Ratification Poll for the Immunefi Security Core Unit (IS-001) Vote Discussion
Ratification Poll for Supplement to Collateral Onboarding Application (MIP6c3-SP1) Vote Discussion
Ratification Poll for Adding the Deco Fixed Rate Core Unit (DECO-001) Vote Discussion

Community Greenlight Polls

Collateral MIP9 Poll MIP6 Application
MDI (MD Irradiance LLC) Ends 11/14 4PM UTC Application
OHM (Olympus DAO) Ends 11/14 4PM UTC Application

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

Active Signal Requests

[Signal Request][P1-DROP] Change of covenants for P1-DROP (farmlands) - Signal Closes November 10th - @SebVentures from RWF presents an update for P1-DROP and requests to increase their acquisition price to $2.85M which would provide MakerDAO exposure of 2M per farm. The expected Debt Ceiling is 20M, and the TIN+equity tranche would be 8.5M. In addition, the signal requests to add Arkansas as a possible state.

MIP 55 Signal Request - RealDAO SPF (to make Moloch-based SPV’s) - Signal Closes November 11th - @jameskmccall from RWF presents a detailed MIP55 signal request to the community for support in their RealDAO Special Purpose Fund. The RealDAO SPF is a unique approach to express a willingness to experiment with other ways to handle Real-World Assets. The RWF Core Unit asks whether MakerDAO would signal a 50,000 DAI SPF (with conditions) to build a decentralized SPV infrastructure.

[Signal Request] Increasing the Surplus Buffer (2021-11) - Signal Closes November 19th - @ultraschuppi is signaling to the community in request to increase the Surplus Buffer. He asks the community where we want to set the Surplus Buffer and whether we want to keep burning some of the profits.

Last Week

Aave D3M Onboarding and Core Unit Budget Transfers

  • The executive on October 29th passed on October 31st, 2021 09:31 GMT-4 and is available for execution on November 2nd, 2021, 10:00 GMT-4.

The following changes occurred within the Maker Protocol:

  • The Aave DAI Direct Deposit Module will be onboarded to the Maker Protocol.
  • The Data Insights Core Unit will receive 107,500 DAI upon execution and 357,000 DAI streamed over six months:
  • The Growth Core Unit will receive 791,138 DAI upon execution and 942,663 DAI streamed over eight months:
Core Unit DAI Amount Period
Data Insights Core Unit 107,500 DAI Upon Execution
Data Insights Core Unit 357,000 DAI Six-month period starting 2021-11-01
Growth Core Unit 791,138 DAI Upon Execution
Growth Core Unit 942,663 DAI Eight-month period starting 2021-11-01

:diving_mask: Community Deep Dai-ve

Tweet of the Week

  • Was amesome to meet a few peeps for the first time.

Forum Insight

Check out the latest Forum at a Glance or check out the video version!

Articles

:clipboard: Team Updates

Content Production

[AMA] Risk Management with MakerDAO’s Risk Core Unit
Multi-chain DAI-lights - November 4, 2021

GovAlpha

GovAlpha Q3 2021 Quarterly Review
Meet Your Delegate #5
Fear, Respect, and Influence within MakerDAO
GovAlpha Budget Return

Governance Communication

Maker Governance Review: October 2021
Forum at a Glance: October 28th - November 4th

Growth

Growth CU weekly update: October 29th - November 4th

Protocol Engineering

Request to raise Staked ETH DC to 50M
Request to raise the GUNIV3DAIUSDC1-A DC to 500M

Real-World Finance

Financial Report - 2021-10

Risk

D3M - DC Increase & Target Borrow Rate Decrease Proposal
[WBTC-B] Collateral Onboarding Risk Assessment
Risk Core Unit Month in Review: October 2021

Sustainable Ecosystem Scaling

SES Updates - 04.11.2021
X-Ray Benchmarking report on the best practices in tech talent awareness, onboarding & retention for MakerDAO

: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

: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.

8 Likes

wow, already 70 editions, reporting week after week, and always with the quality of content that characterises it.

4 Likes

The State of DAI video is now available for review on the MakerDAO Youtube channel:

1 Like

Excellent summary Artem :eyes:

Hmm what nice jackets from DAI and Maker. :sunglasses:

4 Likes

The jackets are BOMB!

4 Likes

Hey man @Artem_Gordon these links—link-out to the voting portal — is that because there’s no discussion available or it’s on-purpose?

1 Like

Hey, thanks for finding this. I think this was probably a human error during copy/pasting links. Will fix it up and double-check for future releases.

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