Maker Relay Ep 72

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

Governance Holiday Break Announcement

GovAlpha Core Unit Facilitator @LongForWisdom has announced the winter holiday schedule for non-emergency governance processes.

Coverage will be normal until the week of December 13th, when non-emergency Executive Votes will be paused, meaning the last Executive will likely take place on December 10th. The final Maker Relay of the year will be published on December 13th as well. The last Governance and Risk call of the year will take place the following week on December 16th.

Harbor makes the world’s largest trade finance transaction funded with a stablecoin in its initial use of a MakerDAO credit line

MakerDAO’s Real-World Finance Core Unit is excited to welcome Harbor (HTC-DROP) as the fourth active Real-World Asset.

Harbor borrowed 2MM Dai and currently has a debt ceiling of 7MM. According to Harbor, this represents the world’s largest trade finance transaction funded with a stablecoin.

Dai trades at a premium in Argentina

Pointed out in CryptoPotato and confirmed by the Maker Relay team, Argentinians who want to buy Dai with Pesos are paying a significant premium for their purchases.

The Argentinian government limited the number of US Dollars citizens can purchase with pesos to $200 a month in September 2020. Limiting the number of US dollars that can be purchased makes stablecoins like Dai more attractive.

A lot more attractive. Argentinians purchasing Dai with dollars are paying between $1.05 and 1.12 at the time of writing; those purchasing Dai with pesos are paying anywhere from 207.80 to 250.18 pesos for Dai compared with ~100 Argentinian pesos to convert to US dollars.

State of DAI

  • A choppy market always brings a bit of turbulence, but despite all the market confusion, the range keeps on tightening.

  • The total supply is sitting juuust under 9 billion, and the TVL in the protocol is up to a cool 18.49 billion.

  • Uniswap went and had a day on the 16th, overseeing the exchange of over 626mil Dai.

mint/burn

  • A down week saw a net mint/burn of around -613 million Dai.

  • 94 unique creators created a total of 154 new vaults.

Dai in Blacklisted wallets

  • A look into Dai held in blacklisted wallets on Ethereum.

MakerBurn rundown or dai stats

  • ETH-A 3.17 billion

    • PSM USDC 2.23 billion
    • WBTC 1.34 million
    • ETH-C 585.79 million
    • USDP PSM 468.71 million
    • GUNI DAI-USDC 184.59 million
    • ETH-B 146.13 million
    • UniV2DaiUSDC 77.03 million
    • LINK 69.36 million
    • AAVE D3M 50 million
    • YFI 31.65 million
    • UniV2DaiEth 31.28 million
    • stETH 19.17 million
    • UniV2WBTCEth 18.41 million
    • UniV2UsdcEth 15.72 million
    • UNI 12.77 million
    • NS-DROP 12.6 mill
    • UniV2UniEth 9.44 million
    • MATIC 8.93 million
    • MANA 5.49 million
    • renBTC 5.1 million
    • GUSD 4.95 million
    • HTC-DROP 1.98 million
    • 6s Capital 1.42 million
    • Univ2wBTC-DAI 839k
    • FFT1-DROP 100k
  • The Liquidation walls are looking comfy, beginning around a 19% market drop before steepening at just around 21%.

  • The wBTC-A total debt keeps on climbing!

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

:ballot_box: This Week in Governance

MIPs

Weekly MIPs Update #63

  • November’s Ratification Polls closed today at 16:00 UTC.

Active Executive Votes

There is currently no active executive vote. The most recent executive vote (shown below) was active on November 19th and passed on November 20th. It was executed on November 22nd.

Active Governance Polls

Poll Name Vote Discussion
Add a GUSD Peg Stability Module Vote Discussion
Increase the System Surplus Buffer Vote Discussion
Add WBTC-C as a new Vault Type Vote Discussion
Increase the Aave D3M Maximum Debt Ceiling Vote Discussion

Community Greenlight Polls

Collateral MIP9 Poll MIP6 Application
SB-frOGI (SolidBlock Red Frog Digital Coin) Ends 11/29 4 PM UTC Application
MONETALIS (Monetalis Wholesale SME Green Growth Lending) Ends 11/29 4 PM UTC Application

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

Active Signal Requests

[G-UNI DAI / USDC 0.01% tier] Onboard G-UNI for UniV3’s new 0.01% fee tier - Signal Closes November 25th - @kassandra proposes to onboard a G-UNI DAI / USDC 0.01% fee tier as a Maker Collateral type to help stay competitive. He provides proposed tick ranges and asks the community whether they want to onboard a G-UNI DAI/USDC 0.01% pool.

One-time Payment to COM-001 to Cover Missing DssVest Funds - Signal Closes November 26th - The original DSSVest stream for the Governance Communications Core Unit was configured incorrectly, resulting in an unclaimed 39,300 Dai. Initially, the team believed they could slide through their 4-month stream period using the buffer and other savings. However, legal services and additional expenses recently arose, which pushed @Davidutro to formally ask the community whether they support a one-off governance request for a one-time payment of 27,058.33 Dai.

Burn Baby Burn! [Burn The MKR Treasury] - Signal Closes November 26th - @aburban90 asks the community to burn half of MKR in the treasury and use the remainder to vest Core Units.

Should We Mint New MKR for Protocol Expenses or Fund Them With MKR from the MakerDAO Treasury? - Signal Closes November 27th - There is no clear indication about what should be the source of the MKR used for future expenses. @mkrorbkr presents two options: Use MKR from the MakerDAO Treasury or Mint new MKR using the PauseProxy.

Adjusting Dust Parameter - Signal Closes November 25th - With gas and ETH prices continuing to go up, our dust limits offer less protection against losses. In response, @monet-supply proposes whether we should increase dust limits for all Vault types.

Last Week

Onboarding WBTC-B, Increasing WBTC-A Stability Fee, Change of Covenants for P1-DROP, Offboarding Collaterals

This Executive has passed executed on November 22nd with the following changes:

Vault Type Current Local Liquidation Limit Proposed Local Liquidation Limit Local Liquidation Limit Difference
ETH-A 40 million DAI 65 million DAI +25 million DAI
ETH-B 25 million DAI 30 million DAI +5 million DAI
ETH-C 30 million DAI 35 million DAI +5 million DAI
WBTC-A 25 million DAI 40 million DAI +15 million DAI
WstETH-A 3 million DAI 7 million DAI +4 million DAI

Change of Covenants for P1-DROP:

  • Increase maximum acquisition price from $1.5 million to $2.85 million.
  • Include Arkansas as a possible state.

Offboarding Vaults:

Vault Parameter Previous New
BAL-A Liquidation Penalty (chop) 0%
BAL-A Debt Ceiling (line) N/A 0 Dai
BAL-A Liquidation Ratio 165% 2300% over 30 days using dss-lerp
COMP-A Liquidation Penalty (chop) N/A 0%
COMP-A Debt Ceiling (line) N/A 0 Dai
COMP-A Liquidation Ratio 165% 2300% over 30 days using dss-lerp
AAVE-A Liquidation Penalty (chop) N/A 0%
AAVE-A Debt Ceiling (line) N/A 0 Dai
AAVE-A Liquidation Ratio 165% 2300% over 30 days using dss-lerp

Updating dss-lerp Liquidation Ratios:

  • The previous dss-lerp for increasing the Liquidation Ratio of the following collaterals were canceled.
Vault Type New Contract
LRC-A Increase the Liquidation Ratio to 24300% over 30 days
BAT-A Increase the Liquidation Ratio to 11200% over 30 days
ZRX-A Increase the Liquidation Ratio to 5500% over 30 days
UNIV2LINKETH-A Increase the Liquidation Ratio to 1600% over 30 days

WBTC-B was onboarded as a new vault type.

: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 | #3

Content Production

Multi-chain DAI-lights - November 18, 2021
Ask MakerDAO #12: [AMA] Learn About Maker Wormhole with Protocol Engineering

Development and UX

Improving governance participation rate at MakerDAO

GovAlpha

GovAlpha Weekly Update
Governance Over the Holiday Break - 2021/2022
Meet Your Delegate #7

Governance Communications

Forum at a Glance: November 11 - 18

Growth

Growth CU weekly update: Nov 12-19

Protocol Engineering

Proposal to Increase the D3M DC from 50M to 100M

Real World Finance

Recurring Strategy Reviews - Next Steps & Key Focus Areas (Poll)

Risk

Proposed Risk Parameters for WBTC-C Vault Type
DAI Supply Growth and Risk Metrics

SES

SES Updates - 18.11.2021
Maker Explorer #1: Real-World Sandbox Grant Report

: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
  • This Friday, 11/26/2021, Office Hours will be canceled for the US Holiday Thanksgiving. | Governance Communications - Fridays 18:00 UTC
    • If you need to communicate with Gov-comms, you can reach out to @DavidUtro#4786 on Discord.

Maker Explorer

  • Maker Explorer #1: Real-World Sandbox Grant Report - Wednesday, November 24th @ 4:00 PM UTC

Meet Your Delegate

: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
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 now available on the MakerDAO Youtube channel:

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