Hi everyone, thanks for checking out Maker Relay! Whether you hold MKR or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for MakerDAO updates.
If this executive proposal passes, the following changes will occur within Maker:
- The Flash Mint Module will be activated and authorized to flash-mint DAI.
- The Debt Floor (
dust) parameter for all vault types excluding PSM-USDC-A, ETH-B, and ETH-C will be increased from 5,000 DAI to 10,000 DAI.
- The Debt Floor (
dust) parameter for the ETH-B vault type will be increased from 15,000 DAI to 30,000 DAI.
|Investigate Offboarding Multiple Vault Types||Ends 06/24 4pm UTC||Discussion||Signal Request Polls|
|Adopt the Debt Ceiling Instant Access Module (DC-IAM) for PSM-USDC-A||Ends 06/24 4pm UTC||Discussion||Signal Request Polls|
|DssVest (MIP54)||Ends 06/28 4pm UTC||Discussion||MIP Ratification|
|Oracles Core Unit Subproposal Set, ORA-001||Ends 06/28 4pm UTC||Discussion||MIP Ratification|
|GovAlpha Facilitator Onboarding (MIP41c4-SP12)||Ends 06/28 4pm UTC||Discussion||MIP Ratification|
|Modify Core Unit Budget, RWF-001 (MIP40c3-SP11)||Ends 06/28 4pm UTC||Discussion||MIP Ratification|
|Modify Core Unit Budget, RISK-001 (MIP40c3-SP13)||Ends 06/28 4pm UTC||Discussion||MIP Ratification|
|GovAlpha Core Unit Budget, GOV-001 (MIP40c3-SP11)||Ends 06/28 4pm UTC||Discussion||MIP Ratification|
|Sustainable Ecosystem Scaling Core Unit MKR Budget, SES-001 (MIP40c3-SP17)||Ends 06/28 4pm UTC||Discussion||MIP Ratification|
|GNO (Gnosis)||Ends 07/05 4pm UTC||MIP6 Application||Greenlight Poll|
|MATIC (Polygon)||Ends 07/05 4pm UTC||MIP6 Application||Greenlight Poll|
|HPT (HuobiPool Token)||Ends 07/05 4pm UTC||MIP6 Application||Greenlight Poll|
|MC-DROP (Monachil Capital Partners DROP)||Ends 07/05 4pm UTC||MIP6 Application||Greenlight Poll|
Check out an 'at-a-glance view of the current Vault types and their parameters on MakerBurn
tout parameters for new PSMs
Signal about the fee in and out values for new PSMs and a continuation of the conversation about whether we should add new Peg-Stability Modules (PSMs) to the protocol.
Raise SF On RWA When Issuers Unilaterally Change Terms
Signal about adding a Stability Fee bump whenever Asset Originators unilaterally changing terms, discouraging such behavior.
Adjusting ttl on flap-auctions
A proposed decrease to the Bid Duration on Surplus Auctions(MKR Burn), as an optimization
Parameter Changes, Oracle Whitelisting, Other Changes
Passed on Jun 17, 2021, 17:34 UTC.
Executed on Jun 21, 2021, 14:05 UTC.
- The PSM-USDC-A Debt Ceiling has been increased from 3 Billion DAI to 4 Billion DAI.
- Multiple changes to Stability Fees, Debt Ceilings, Target Available Debt, and Ceiling Increase Cooldowns have been made to various vault types described in the Proposal Details section.
- Auction Parameters for ETH Vault Types have been updated as listed in the Proposal Details section.
- The UNIV2DAIUSDC-A Vault Type has had its Liquidation Ratio lowered from 105% to 102% and Stability Fee lowered from 1.0% to 0.5%, with liquidations remaining off.
- Ratification Votes are currently live!
- MIPs Update being redesigned.
- Monthly Governance Cycle recently changed.
- Help Wanted Thread from GovAlpha is up!
- Direct Deposit Module in development last week.
- Waiting for feedback from delegates about the design of the delegate tech.
- Testing out auctions and rewards for SushiJoin Adapter
- DSSVest work being wrapped up.
Clipperspecifics for CropJoin under review.
- Research happening around Oracle price changes and their effect on certain collateral types.
- Optimism changed their Token Standards, so doing a lot of work looking at L2 bridges - shooting at a moving target with L2’s yet to deploy.
- Auction-demo-keeper repository is maintained as a reference implementation and as a backup keeper for the community.
- Created a permissioned
gemjoinadapter, a Vault type with a built-in permission function.
- Mostly occupied with three larger evaluations; stETH, D3M, Polygon collateral evaluation
- stETH will be out this week
- 2-3+ weeks for the other two
- Posted the Sushi related Collateral Evaluations SLP-SUSHI-ETH and xSushi
- Risk Portal being expanded.
- Core Unit setup work being done behind the scenes.
- ORA-001 MIP set is up for a Ratification Poll Vote!
- Continuing work on stETH Oracle from Lido, approach undecided.
- New Silver Executive Summary issue being discussed.
- Two changes that caused an issue change to the overall LTV Ratio and the addition of riskier loans into the pool.
- Public call series, Focus on #02 with NewSilver 1 tomorrow!
- Doing work to prevent unilateral changes in terms without MKR vote.
- Working on onboarding law firms, one Cayman Island-based, two in the US.
- Expense coming from contingency budget at the moment.
- 20k per month estimated expense.
- Working on SolarX Cayman Island Trust Structure
- Leveraging RWF Team experience to expedite the process.
- Speaking with El Salvadorian Partners;
- Crypto adoption is still very early in the country. To impact retail, we need to push educational campaigns for Dai.
- We are helping partners launch a merchant solution so they can swap crypto into Dai.
- Sovryn bridge went live, accepting DAI from ETH Mainnet or BSC to RSK network using Babelfish protocol and transforming the DAI into XUSD.
- MaoDAO: First Play-to-earn DAO in China will be using Dai for payments.
- Doing a lot of work on the admin side.
- Discussions continue with interesting teams intending to join the incubator.
- Talent CU is live; if you are looking for talent, reach out!
- Front-End CU (DUX) had a meeting last week, recording in public Gdrive.
- Working with the PE team on the project’s sandbox.
- GNO on the collateral onboarding call, check out the recording!
This month, the discussion has been very active around Real World Asset business practices following the May RWA Report published by the RWF Core Unit. Illuminating some unilateral changes made by NewSilver, Greg Di Prisco, founder of RWA Co., published a thread summarizing his thoughts on the matter. In parallel, two AMAs with Matthew Rabinowitz and a Walkthrough of the 6s Capital Trust Structure were posted on the forums so stakeholders can familiarize themselves with how the 6S structure works.
Historically, MakerDAO has created permissionless Vaults tuned to their given collateral’s risk profile. There is a growing discussion in the community about setting up permissioned Institutional Vaults tuned to the borrowing organization’s risk profile alongside whatever collateral is used. Nadia, Facilitator of the Growth Core Unit, sums up the conversation nicely.
MKR voters heads up! The monthly governance cycle has officially changed to a more accomodating setup. Instead of three rounds of voting, MIPs and Subproposals will go through individual two-week Ratification Polls. Check out the latest MIPs Update for a view of the updated calendar.
- DAI trading at a very slim premium over peg with volume spiking into a bearish downturn.
- Top Volume was against ETH pairs, with DEX’s leading the charge.
- Rounding out DEX information, Curve has the lion’s share of DAI at 385 million.
- Supply above 5 billion.
This weeks rundown:
- PSM USDC 2.6 billion
- ETH-A 1.4 billion
- WBTC 247 million
- USDC-A 238 million
- ETH-C 138 million
- PAX 67 million
- ETH-B 35 million
- LINK 44 million
- YFI 43 million
- ETH-B 35 million
- TUSD 26 million
- UniV2DaiEth 19 million
- UniV2UsdcEth 8.3 million
- UniV2UniEth 6.9 million
- UNI 6.1 million
- UniV2WBTCEth 5.9 million
- NSDROP 3.2 Million
- UniV2DaiUSDC 3.1 million
- renBTC 2.7 million
- AAVE 2 million
- MANA 1.9 million
- BAT 1.7 million
- ZRX 1.5 million
- LRC 625K
- Other vaults below 500K (GUSD, KNC, USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.1 million.
- ETH-B vaults total debt had quite the slide over the past week.
- Much of the collateralization buckets are close to the line.
- ETH Volatility has crept back up over 7 %
- The associated risk premium for ETH is back up to 1.8%
- Four auctions settled on 6/20: WBTC, two on LINK, and UNI.
- Totol debt liquidated was $1,583,378.
- Paying the IRON Price: Fractional Reserve Banking on a Blockchain
- Decentralized finance (DeFi) has always been strange, but it’s becoming mind-bending.
- Stablecoin Models: Evaluating Centralized Vs. Decentralized Architectures
Dai is the first supported collateral type on Volmex v1
Volmex v1 is now live on the Ethereum mainnet, @colekennelly reached out to let the Maker community know Dai is the first supported collateral type on Volmex v1.
- Join Link | GovAlpha - Mondays 17:00 UTC
- Join Link | Protocol Engineering - Tuesdays 15:00 UTC
- Join Link | Content Production - Wednesdays 16:00 UTC
- Join Link | Growth - Wednesdays 17:00 UTC
- Join Link | Sustainable Ecosystem Scaling - Tuesdays 13:30 UTC
- Join Link | Fridays 14:30 UTC
[AMA] - 6s Capital - RWA Implementation
Two sessions with full videos posts on the forum
- June 18 -July 9 Hack Money
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Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.
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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 information and communication purposes only.