Maker Relay 22
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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.
Check our Governance Tools Resource for links to tools that articulate system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history.
Weekly Governance Cycle
Some polls use instant run-off voting, so you can select multiple options, and ranked-choices will be prioritized.
|Poll Name||Vote||Discussion||(Current) Unique Voters|
|Accelerate the Peg Stability Module Launch||Vote||Discussion||8|
Community Greenlight Polls
The greenlight polls will close on [Nov 30] at [4:00] UTC.
|Collateral||MIP9 Poll||MIP6 Application|
Check out an ‘at-a-glance’ view of the current Vault types and their parameters here; MakerBurn
Passed on Nov 21 14:26 UTC, excecuting on Nov 24 14:25 UTC
- 24 unique voters staked 79,677.39 MKR
- YFI-A Debt Ceiling increased from 7 million DAI to 20 million DAI.
- Global line parameter increased from 1,468,750,000 DAI to 1,481,750,000 DAI due to the change to the YFI-A debt ceiling.
- ETH-A, USDC-A, WBTC-A, TUSD-A, PAXUSD-A, YFI-A, LINK-A, BAT-A, ETH-B, LRC-A, MANA-A, ZRX-A, KNC-A, COMP-A, BAL-A, USDT-A, USDC-B, GUSD-A (dust) Parameters have all increased from 100DAI to 500DAI
- Lowering Stablecoin Stability Fees ended on a vote for No Change
Monthly MIPs Poll passed and will push through to an executive with these MIPs:
- 4c2-SP6 (Calendar Exceptions)
- 13c3-SP6 (SourceCred Funding)
- 24 (Emergency Voting System)
- 25 (Flash Mint Module)
- 27 (Debt Ceiling Instant Access Module)
- 28 (Operational Support Domain Definition)
- 28c7-SP1 (Operational Support Domain Facilitator Onboarding).
Proposals in the Request-For-Comments phase include:
- MIP17: Weekly Actual Debt Ceiling Adjustments
- MIP26: DssGov - Governance Contract Redesign
- MIP29: Peg Stability Module
- MIP30: Farmable cUSDC Adapter (CropJoin)
Sub-Proposals in the Request-For-Comments phase include:
- MIP13c3-SP7: Governance Communications (Declaration of Intent)
- MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)
The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.
Learn more about Maker Improvement Proposals (MIPs)
- UNI and AAVE collateral assessments are in the final review.
- PAXG charges a fee on transfer (also applies to Tether), will be putting PAXG off until 2021.
- Documentation for collateral onboarding is done and posted.
- Tentative schedule for year-end is up on the forum
- Auditors for Liquidations 2.0 will be announced this week.
Timeline for DSChief 1.2 revealed
Token Smart Contract Assessments
- Kovan deploys for oracles for PAXG, UNI, AAVE, on track to get them by the end of the year (except PAXG).
- Oracle assessments for renBTC and tBTC are coming soon.
- If protocols choose to use another oracle in their MIP6, a reminder that they’ll need to be aware of Maker’s oracle system.
- Finalize UNI LP’s, publish assessments by Dec 4 for onboarding on Dec 18.
- @Seb posted updates for RWA - Last 2 months review, updates and looking forward
Collateral Onboarding Handbook
- Introducing Collateral Onboarding Handbook
- collateral.makerdao.com is a go-to resource for all information about Maker Protocol collateral onboarding.
State of the Peg
- DAI peg has been hovering closer and closer to the true peg. As low as 1.001 and up to 1.003.
- Dai dipped below a billion but back up again. More ETH vaults than USDC at the moment.
- 410 million from ETH-A
- 7 million from ETH-B
- 2.9 million from BAT
- 392 million from USDC
- 116 million from WBTC
- 52 million from TUSD
- 21 million from PAX-A
- 5.8 million from LINK
- 6.9 million from YFI (20 million ceiling incoming)
- Other vault types total about 1.2 million.
- Volume at around $333 million this last week .
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001.
- ETH vaults collateralization ratio rising with the price rally.
- Liquidation Walls at $324 ETH.
- Witness the steepness, where a $6 price decline pushes liquidations off the cliff.
- Other vaults collateralization ratios are close to 200% (WBTC, LINK, etc.) and require a much more significant price decline to be relevant threats.
- How Ethereum 2.0 Will Address Gas Issues and Enable Dai and DeFi to Scale
- AMBCrpyto: A Few Reasons Why You Need to Take DeFi Seriously
- Crowdfund Insider: DeFi Tokens Aave and YFI Continue to Rally as Institutional Investors back Decentralized Finance Iniatives
- ¿Qué es Dai? Una stablecoin descentralizada perfecta para Venezuela - ¿Cómo funciona? DAI VZLA
- Chris Mooney discusses DSChief 1.2 with on MakerDAO Community Call
Maker Forum Deep Dai-ve
Surplus Auctions UI
- There is now a simple UI available that permits you to track and participate in Maker Surplus Auctions in real-time easily! Check it out here.
Cooperation intent from a Software House
- @smaugho has posted to begin a discussion surrounding incorporating a(their) software development team/company into the MakerDAO community potentially.
Increasing SourceCred Payouts
- A decision has been made to raise payouts from 2500 DAI to 5,000 DAI; this post provides more information on how and why this happened.
Tweet of the Week
Meetings and Events
MakerDAO Open Calls
- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast
Community Collateral Onboarding
- Wednesdays at 18:00 UTC | Zoom - Message #governance-and-risk for Admission
- Introduction | Collateral Status Index
- Agenda for Wednesday, November 25 18:00 UTC with Blocksquare.io
- Real estate tokenization protocol: A Pre-MIP Discussion
Governance & Risk
- Governance and Risk call is canceled this week. Happy Thanksgiving to those who celebrate!
- Nov 24: Join the Community Call with @twblack88 and @SebVentures to discuss Strategic reserves fund (SRF)
- Nov 24: Elevating New Nordic Fintech Innovation in Japan
- Dec. 9-10: Paris Blockchain Week Summit
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.