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This Week in Governance
Community Deep Dai-ve
Mark your Calendar
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.
- October 2021 Update
- MIP6 Application
- Collateral Onboarding Protocol Engineering Assessment
- Collateral Onboarding Risk Assessment
- Collateral Onboarding Oracle Assessment
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.
- 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.
- A down week saw a net mint/burn of around -613 million Dai.
- 94 unique creators created a total of 154 new vaults.
- 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!
- November’s Ratification Polls closed today at 16:00 UTC.
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.
|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|
|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
[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.
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. @Patrick_J 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.
This Executive has passed executed on November 22nd with the following changes:
- WBTC-A Stability Fee increased from 2.5% to 4.0%
- Increases to Local Liquidation Limits (ilk.hole):
|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|
- Increase maximum acquisition price from $1.5 million to $2.85 million.
- Include Arkansas as a possible state.
|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|
- 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.
- @0xdeniz provides insight and sets the stage for the discussion on increasing voter participation.
- @josolnik and the Risk CU present an updated report on Dai’s growth, as well as addressing potential risks.*
- In its first update as a Core Unit, the Dai Foundation shares the assets the Maker Foundation has transferred.
- Per the article: “On Ripio, one of the most popular exchanges in the country, DAI – a highly popular decentralized stablecoin in Argentina – was being bought at an impressive price of 231 ARS. The lowest price for each DAI token was nearly $210 on Binance P2P, making it the cheapest dollar equivalent for cryptocurrency enthusiasts in Argentina.”*
Governance and Risk Call #168
Core Unit Launch Pod Sessions #21: Immunefi Security Core Unit
Core Unit Tools #11: Radicle.xyz
Meet Your Delegate #6 Ft. GFX Labs
AMA #12 Learn About Maker Wormhole with Protocol Engineering
- 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 #1: Real-World Sandbox Grant Report - Wednesday, November 24th @ 4:00 PM 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.