MKR Burning issue

#1

Hello everyone. I am Kyle, a freshmen just join the community.

I am very interesting in MKR. Could you please let me know why the community does not want to burn MKR as designed in Whitepaper?

Thanks!!

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#2

Welcome Kyle!

Maker has been burning quite a bit lately. You can track it here or on etherscan: https://makerburn.com/#/

2 Likes
#3

Thanks~ Very helpful!

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#4

We cannot burn the $4M surplus (as designed) because that money might be needed to cover the bad USDC debt.

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#5

Is there a thread with a discussion on MKR recent burning?
I’m interested in the following:

  • was there a vote recently related to MKR burning?
  • what funds (what surplus funds) are used to buy MKR?
  • where is MKR taken from? (as in, is it bought off the market, and if so, which market; or is there an auction)
  • basically all there is to know, all info on MKR burn and MKR burn rate

Thank you! :pray:

#6

  1. There was a vote recently to raise surplus from 2mm to 4mm which delayed the burning until the 4mm threshold was reached. Now the system is burning mkr as it was designed to.

  2. The funds from the revenue from vaults minus the DSR. Since the DSR is currently zero its all the revenue from vaults

Plus revenue from liquidations and soon psm

  1. Auction
5 Likes
#7

No, just some discussions and a Poll about MKR burned when used for flash loans

Sir, best to take a trip down the Auctions of the Maker Protocol:

2 Likes
#8

I don’t think there has been any serious push from the Maker community, let alone consensus, to change the structure by which MKR is burned.

#9

Here are two good resources to understand what is happening.

See system surplus accrue and MKR supply:

Daistats

See surplus Dai being auctioned off for MKR (which is then burned)

Daiauctions

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