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.
- Modify Multiple Parameters
Meta Parameter Polls
Polls use instant run-off, so you can select multiple options and ranked-choices will be prioritized.
|Base Rate Adjustment||Vote|
System Parameter Polls
Community Greenlight Polls
Maker Improvement Proposal (MIPs) Polls
|Monthly Governance Poll||Vote|
|MIP9: Should we subsidize governance polls and executive votes with system surplus?||Vote||Discussion|
Open Signal Requests
- Creation of a MakerDAO strategic reserves (solving the peg)
- Resubmit Inclusion Poll for MIP12c2-SP4 - LRC Collateral Onboarding
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:
MIP13c3-SP2: Declaration of Intent - Dai Flash Mint Module
- Signal request passed next step is to submit MIP13 process for September’s governance cycle.
MIP14: Protocol DAI Transfer
- Needs a new champion.
MIP15: Dark Spell Mechanism
- Feedback cycle ends in August.
MIP17: Weekly Actual Debt Ceiling and Actual Risk Premium Adjustments
- Work continues, it could be introduced for September’s Governance cycle.
MIP20: Target Price Adjustment Module (Vox)
- Here is last week’s section of the Governance and Risk call focusing on MIP20.
Learn more about Maker Improvement Proposals (MIPs) in the Maker Forum
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.
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?
- Should the Maker Community Reimburse MKR Voters for the ETH Transaction Fees Incurred when Polling and Executive voting?
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
- Live Video AMA with Rune Christensen (time-stamped for your viewing pleasure)
- Governance and Risk Meeting: Ep. 105
- Maker Price Analysis - 15th August 2020
Maker Forum Deep Dai-ve
Discussion: Problems as I see now
- @Aaron_Bartsch outlines 5 of their major issues with Maker, sparking a conversation about potential places for improvement.
Adding Real World Assets (“RWA”) as DAI collateral is a critical step for Maker to stabilize the peg…
- @mrabino1 goes in depth discussing the addition of RWA and the potential effects that might have, also highlighting some of the points of potential failure, and ways to avoid that.
@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
- 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
- Bi-weekly Wednesdays at 17:00 UTC | Message #governance-and-risk for Admission
- Next call is August 26
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- Aug 18 NASBP Learning: Cryptocurrencies & Money Transmitter Bonds in an Unpredictable Economic Environment
- Aug 24-25 Korea DeFi Roadshow 2020 - Maker, Synthetix, Aave, Tritino, bZx Network
- Aug 25 Product Management In Blockchain: Overview, Roles, and Opportunity
- Aug 25 Blockchain Global Governance Conference - BG2C
Propose technical changes, poll, and vote in the Governance Portal
Learn more about the Maker protocol in our Documentation
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.