Maker Relay Ep 75

Maker Relay Ep #75

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

:calendar: Mark your Calendar

:anchor: Useful Links

:studio_microphone: Have Feedback?

Current Events

Final Maker Relay of 2021

As this will be the final Maker Relay of 2021, the Maker Relay team would like to thank readers for their support and wish you all a wonderful holiday season! :christmas_tree:

Please be sure to check out Governance Over the Holiday Break - 2021/2022 posted by @LongForWisdom for MakerDAO’s holiday governance schedule.

Unified Auctions UI Release

Sidestream Auctions Core Unit Facilitator @danik announces the initial release of the Unified Auctions Portal, “a unified entry point for all auction-related tools and services.”

The Auctions Portal includes an explanation of different auction types and links to existing tools to help individuals participate in auctions.

MakerDAO initiates delegate compensation

With the passage of the December 2nd Executive Vote, MakerDAO has transferred a total of 35,834 Dai to four Recognised Delegates:

  • FlipFlopFlap Delegate LLC
  • Feedblack Loops LLC
  • ultraschuppi
  • Field Technologies Inc.

This is in accordance with the three-month Delegate Compensation Trial outlined in MIP61 and voted on in this Signal Request. Please see MIP61 and the Ratification Poll for more details.

Sorbet Finance UI vulnerability discovered

A vulnerability has been discovered in the Router contract used by the Sorbet Finance UI, and funds have been whitehat hacked to a secure location.

Unfortunately, some wallets still have the contract approved to spend tokens. This does not directly affect MakerDAO’s integration with G-UNI, but the Gelato team is requesting that all G-UNI users revoke token approvals for wallets that have interacted with the Sorbet Finance UI.

For reference, the contract can be located at: 0x14e6d67f824c3a7b4329d3228807f8654294e4bd.

State of DAI

DAI peg is generally fine except for large trade slippage, which is normal across DEX platforms.

  • Max and min at 1.09 and 0.95, giving DAI a slight premium over this last week on 417 million in volume.
  • Average price puts DAI just below peg at 0.999945.

  • 9.2 billion total supply with 18 billion in TVL.

  • ETH-DAI saw its highest weekly volume on Uni and Sushiswap, where ETH was trading at sub $3,800.

  • The DAO’s current Loan-to-Value(LTV) ratio of 79% is the highest it’s been since October.
  • LTV allows lenders to assess the risk of a secured loan by taking the loan amount and setting it relative to the asset’s current market value. (LTV = (Amount owed on a loan/Appraised value of asset) x 100).

  • 31 new creators opened a total of 49 vaults.

  • A net burn of -13.27 mil DAI on the week.


MakerBurn rundown

  • PSM USDC 3.02 billion

    • ETH-A 2.92 billion
    • WBTC-A 1.17 billion
    • ETH-C 602.61 million
    • PSM USDP 463.68 million
    • ETH-B 132.13 million
    • GUNI Dai-Usdc (.05%) 75.19 million
    • LINK 64.96 million
    • UniV2DaiUSDC 37.58 million
    • stETH 34.44 million
    • UniV2DaiEth 30.1 million
    • YFI 28.84 million
    • MATIC-A 19.69 million
    • UniV2UsdcEth 19.05 million
    • UniV2WBTCEth 18.14 million
    • UNI 10.64 million
    • NSDROP 10.4 Million
    • UniV2UniEth 9.42 million
    • WBTC-C 8.48 million
    • GUNI Dai-Usdc (.01%) 8.42 million
    • MANA 6.26 million
    • renBTC 5.38 million
    • GUSD 4.61 million
    • WBTC-B 2.18 million
    • HTC-DROP 2.03 million
    • 6s Capital 1.42 million
    • UNIv2 wBTC-Dai 593k
  • Other vaults below 500K (FFT1-DROP, CF-DROP, Aave D3M and PSM GUSD) at 205k.

  • ETH-As largest collateral bucket (240%) sits at around 1.2 billion.

ETH-C collateral bucket is at 280%

  • 280% is the largest bucket for ETH-C, where 22% of vaults have DeFi saver protection.

  • Liquidation walls begin at around a 12% market drop before going parabolic at ~16%.

November surge in low-risk vaults

  • Since November, most vaults have migrated to less risky positions.

  • The most capital at risk sits in ETH and WBTC vaults.

  • A surge of inflows brought the PSM’s total balance to an ATH.

  • LINK, MATIC, WETH, and wBTC spearheading recent vault growth.

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

:ballot_box: This Week in Governance

MIPs

Weekly MIPs Update #66

  • As per MIP51c4: Calendar Exceptions, there will be no Monthly Governance Cycle in December, i.e., no Formal Submission Window and no Ratification Polls.
  • The Formal Submission Window for January opens on Monday 3rd (20 days from now) and closes on Wednesday 5th.
  • Since proposals must remain unchanged for one full week before their Formal Submission, the last day for modifications is December 29, 2021.

Active Executive Votes

There is currently no active executive vote. The most recent executive vote (below) was active and passed on December 11th. It was executed on December 13th.

  • However, all 48 executive votes were successfully passed for the year 2021!

Previous Executive

Parameter Changes, Switching MKR Vesting Source

The final executive proposal for 2021 passed, and the following changes occurred within the Maker Protocol:

Parameter Changes:

Vault Parameter Previous New Discussion
wstETH-A Maximum Debt Ceiling (line) 50 million DAI 200 million DAI Discussion
wstETH-A Target Available Debt (gap) 3 million DAI 20 million DAI Discussion
wstETH-A Debt Ceiling Increase Cooldown (ttl) 8 hours 6 hours Discussion
wstETH-A Auction Price Multiplier (buf) 1.3 1.2 Discussion
wstETH-A Local Liquidation Limit (ilk.hole) 7 million DAI 15 million DAI Discussion
MATIC-A Maximum Debt Ceiling (line) 20 million DAI 35 million DAI Discussion
MATIC-A Target Available Debt (gap) 20 million DAI 10 million DAI Discussion

Replacing MKR Vesting Streams:

As per this successful governance poll, the following MKR vesting streams are canceled and replaced by streams funded by the Protocol Treasury (Pause Proxy).

Core Unit Stream Amount Date
Protocol Engineering 13,930 MKR 2021-05-01 through 4 years
Oracles 1,051.25 MKR July 1st, 2021 through July 1st, 2022
Growth 803.18 MKR July 1st, 2021 through July 1st, 2022

Active Governance Polls

Poll Name Vote Discussion
Recognised Delegate Compensation Trial Performance Modifier Vote Discussion
DAI Direct Deposit Module (D3M) Net Rates Spread vote Discussion
DAI Direct Deposit Module (D3M) Debt Ceiling Targeting vote Discussion

Community Greenlight Polls

Collateral MIP9 Poll MIP6 Application Prioritization Score
G-UNIv3-DAIUSDP (Gelato UniswapV3 DAI-USDP LP Token) Ends 12/20 4PM UTC Application -6.97
aUST (Anchor TerraUSD) Ends 12/20 4PM UTC Application -6.97

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

Active Signal Requests

Should Maker Prioritize Onboarding A Compound D3M? - Signal Closes December 17th - @GFXlabs, in consultation with the @Growth-Core-Unit and prominent Compound community members, is signaling to prioritize onboarding a D3M for the Compound DAI market in hopes to grow revenue, diversify counterparty risk, and demonstrate the MakerDAO does not favor Aave.

Adjust minimum bid increase(beg) and lot size (bump) on flap-auctions - Signal Closes December 31st - Data shows that there are some inefficiencies when it comes to how we buy back MKR, such as buying 3.62% over market price. @JustinCase proposes to lower the beg to retain more value to be burned. In order to offset some of the disadvantages, @JustinCase would, at the same time, propose to increase the lot size.

:diving_mask: Community Deep Dai-ve

Tweet of the Week

Forum Posts

Check out the latest Forum at a Glance

Top Articles

: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

Delegate Office Hours

  • Join Link | ultraschuppi - Thursdays 16:30 UTC

Core Unit Launch Pod Sessions

  • Core Unit Launch Pod Session #22: TechOps Core Unit

Issue Discussion Series

  • Issue Discussion #3 | MKR Burn and the Surplus Buffer

Lex Maker

  • Lex Maker #2 | System of a DAO: A Legal Framework for Decentralized Autonomous Organizations

: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 now available on the MakerDAO Youtube channel:

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