Maker Relay Episode 22

Updates
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Maker Relay 22

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.

Votes

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
NEXO (NEXO) Vote Application
YFII (DFI.money) Vote Application

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

Last Week

Executive Vote: Increase YFI-A Debt Ceiling, Increase Dust Parameter for all Vault-Types

  • 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

Polls:

  • 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).

Signal Requests

Updates

MIPs

Weekly MIPS Update #21 (Nov 18)

Proposals in the Request-For-Comments phase include:

Sub-Proposals in the Request-For-Comments phase include:

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)

Smart Contracts

Token Smart Contract Assessments

Oracles

  • 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.

Risk

Current Events

Collateral Onboarding Handbook

State of the Peg

Peg
Peg1423×557 69.5 KB

  • DAI peg has been hovering closer and closer to the true peg. As low as 1.001 and up to 1.003.

Dai stats 1
Dai stats 11366×892 127 KB

  • 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) :eyes:

Dai stats 2
Dai stats 21382×917 144 KB

Dai stats 3
Dai stats 31367×917 135 KB

  • Other vault types total about 1.2 million.

VWAP
VWAP1418×572 40.3 KB

  • Volume at around $333 million this last week :chart_with_upwards_trend: .
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001. :arrow_heading_down:

  • 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.

https://daistats.com/#/ | http://dai.descipher.io/ | https://makerburn.com/#/

Community

Articles

Videos

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

@monet-supply points out that @longforwisdom is amaze

Meetings and Events

MakerDAO Open Calls

Community Call

  • Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast

Community Collateral Onboarding

Governance & Risk

  • Governance and Risk call is canceled this week. Happy Thanksgiving to those who celebrate!

Community Events

Hackathons

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! Reply to this post, 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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