Maker Relay 03
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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.
Governance and Risk had their 100th Episode Thursday!
This positive note was worth sharing:
“I thought I’d mention that this is such an amazing project, we’re at the 100th governance call, and we’re discussing a coveted good problem to have, which is that there’s a ton of demand for Dai. Not just from COMP, but from all over the market. And most startups, most companies, would die (Dai) to be in this position, no pun intended. Or maybe pun intended. I just wanted to call out and I know that we have hard decisions to make, and it’s going to be difficult to figure out how we scale, but this is the right set of circumstances that we want to grow this project. It’s exciting to be here. It’s exciting to be with you guys.”
- No current Executive Vote
- Vault Compensation Plan - Approval of this poll moves forward with the other votes laid out in the plan.
- Base Rate Poll - The base stability fee rate for all collateral types. Options: -4% to 4%
- MIP16 - Weekly Governance Cycle [Discussion]
- MIP17 - Weekly Actual Debt Ceiling and Actual Risk Premium Adjustments [Discussion]
- MIP18 - Meta-Parameter Adjustments [Discussion]
- MIP19 - Liquidations System 1.1 Upgrade [Discussion]
- MIP18c4-SP1 - Meta-Parameters: Removing the DSR Spread [Discussion]
- MIP4c2-SP5 - Remove dependencies for MIP12 [Discussion]
Want to refresh your voting knowledge? Check out community development’s voter onboarding guide!
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)
Risk, Smart Contracts, and Oracles all contributed to the MIP12c2 Domain work for MANA.
- MIP19 formal submission to upgrade the liquidation system.
- 25 feeds so far (assuming Argent is verified)
- Creating a proposal to set quorum about the ideal number of feeds.
- MIP10 hasn’t been refactored yet, so the weekly cycle keeps new collateral moving swiftly.
Liquidity Mining Response Summary
- This thread by @LongForWisdom documents the steps taken to address the growing popularity and effects of liquidity mining on DAI. Including polls from Cyrus, Lev, and Joshua Pritikin.
- The final Signal request about COMP rewards runs until tomorrow.
- Pre-MIP discussion about the PSM This thread by @charlesstlouis introduces a discussion of the issues associated with stabilizing the peg of DAI to USD.
Peg Stability Module
- Wouter’s presentation, from the Governance and Risk call, covered mechanics and motivations for a Peg Stability Module.
Vault Compensation Analysis Team
State of the Peg
- DAI continues to trade above peg, check out the sections above for information about mitigating price issues. There are several peg solutions on the horizon up for debate.
- Dai supply at $195 million. Significant increase in ETH-A 200 and 250% Collateralization ratio buckets.
- Volume at around $30.6 million this last week.
- Average VWAP price places Dai at $ 1.016
- MakerDAO Approves 4 New Light Feeds For Oracles
- Welcome to the Evolution: How DeFi is Augmenting the Global Financial System
Maker Forum Deep Dai-ve
Proposal: Use excess USDC from the PSM to buy and burn MKR
This thread by @lateot proposes the diversion of funds above an established debt ceiling to a FLAP auction to buy-and-burn Maker (MKR) when DAI sits above the USD peg.
The Target Rate Feedback Mechanism: An Introduction
This thread by @Kurt_Barry introduces the Target Rate Feedback Mechanism (TRFM), “an alternative to the DAI Savings Rate (DSR) that has more flexibility in terms of applying directional pressure to the DAI price.”
Meetings and Events
MakerDAO Open Calls
- Tuesdays at 16:00 UTC | Crowdcast
Community Collateral Onboarding
- Wednesdays at 17:50 UTC | Zoom - Message #governance-and-risk in Maker Chat for password
Governance & Risk
- Thursdays at 16:00 UTC | Zoom
- July 14: LenDit Fintech: How DeFi Will Reshape Global Finance (Virtual)
- Sept. 15-16: Copenhagen Fintech Week 2020 (Virtual)
- Sept. 22-24: Money 20/20 Europe 2020—Amsterdam, Netherlands
- 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.