Maker Relay Ep 8

Maker Relay 08

Hey everyone, thanks for checking out Maker Relay!

Whether you hold Maker (MKR) or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for updates on the MakerDAO ecosystem.


Executive Votes

Meta Parameter Polls

Polls use instant run-off, so you can select multiple options and ranked-choices will be prioritized.

Poll Name Vote Discussion
Base Rate Adjustment Vote

System Parameter Polls

Poll Name Vote Discussion
Adjust the ETH-A Debt Ceiling Vote Discussion

Community Greenlight Polls

Poll Name Vote Discussion
BUSD Vote Discussion
UNI-V2-DAI-ETH Vote Discussion
HTC-DROP Vote Discussion
TCAD Vote Discussion
TGBP Vote Discussion
REN Vote Discussion
GUSD Vote Discussion
TAUD Vote Discussion
NS-DROP Vote Discussion
CHI Vote Discussion
UNI-V2-USDC-ETH Vote Discussion
HBTC Vote Discussion

Maker Improvement Proposal (MIPs) Polls

Poll Name Vote Discussion
Monthly Governance Poll Vote
MIP9: Should we subsidize governance polls and executive votes with system surplus? Vote Discussion

Open Signal Requests

MIPs Updates

The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.

Proposals that are in the Request-For-Comments phase include:

Learn more about Maker Improvement Proposals (MIPs) in the Maker Forum

Current Events

Vault Compensation

Liquidations System 1.2 Upgrade

The proposed change lets Maker Governance control to some extent the amount of simultaneous auctions that can occur at once.

Mariano Conti clarifies,

SourceCred Trial Update

This update marks Week 10 of the trial of SourceCred trial. 2500 Dai were distributed in the preceding week and July’s payouts have been distributed.

SourceCred provides a system that allows users of the Forum to build credibility & create value through interactions.

That thread includes details about the algorithm being updated as well as the UI, actual numbers from the trial, and how to opt-in yourself!

Should Voting Costs Be Reimbursed?

@ElProgreso notes:

Annualized Earnings Hit Zero

@RyanWatkins_ published a tweet commenting on Maker’s earnings, citing the following graphic from Messari:

"While Dai’s supply is going parabolic, Maker’s annualized earnings effectively just hit zero.

Interest rates can’t get up and MKR holders aren’t being compensated at all for their crucial role in managing and backstopping the MakerDAO system."

State of the Peg 08-17-2020

  • DAI peg still above $1 though it’s come down since last week.

  • ~427 million Dai, skewing even more towards ETH vaults.

  • Volume at around $134 million this last week.
  • Average VWAP(volume-weighted-average-price) places Dai at $ 1.011

  • ETH vaults collateralization ratio spreading more evenly across the 200-350% CR buckets.

  • First big liquidation wall at $319 ETH, a 27% drop would coincide with 38 million Dai getting liquidated.

  • For WBTC liquidating 38 million WBTC the price would have to drop 22% to $9697.

  • For reference, the largest WBTC vaults are closer to 200% collateralization (189%). |


Articles and Thought Pieces

“There has always been speculation about the coin limit of Ethereum, and recently, it has been stimulated again with the release of a script by MakerDao developer Marc-André Dumas. The script in question projects the size of the issuance of the second largest cryptocurrency via capitalisation.”

A resource for all types of projects that involve Dai, and explanations of some of the interesting things that can/have been done with it.

“Every day, people all over the world derive value from generating Dai and, in doing so, provide value to the Maker ecosystem. The number of people that use Dai will only grow in the coming years, as more and more individuals, businesses, developers, and other parties grasp the advantages of decentralized crypto assets.”

The “Global DeFi Alliance” includes Huobi, MakerDAO, Compound, dYdX, and DeFi price oracle network Nest.

Videos and Podcasts

Maker Forum Deep Dai-ve

@seth is looking for feedback from any and all users in relation to a media inquiry. The community-led Governance Communications (GovComms) team was given a list of questions and the decision was made to bring some of these to the rest of the community.


Meetings and Events

MakerDAO Open Calls

Community Call

  • There is no community call this week. Join us August 25th for a call with special guest Brian McMichael to show off and talk about the Ilk-Registry

Community Collateral Onboarding

Governance & Risk

Community Events


Reference Links

Discuss and debate Maker governance in the Forum and over Maker Chat

Propose technical changes, poll, and vote in the Governance Portal

Learn more about the Maker protocol in our Documentation

Have Feedback?

We value your input! Post in the forum, take our survey, or join us in the Community-Development channel to let us know what you want to see.

Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for informative and for communications purposes only.

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