Weekly Relay | Episode 78
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👓 Here’s the breakdown:
Current Events 🍵 | This Week in Governance 🗳️ | Team Updates 📋
Mark your Calendar 📆 | Useful Links ⚓ | Have Feedback? 🎙️
Current Events 🍵
Exploring NFTs as Collateral
@monet-supply kicks off a discussion on the use of NFTs as collateral in the Maker Protocol.
NFTs offer a large opportunity for collateralization, potentially in the tens of millions of Dai to start. The post includes projections based on various factors around risk and demand and offers several solutions to the onboarding and management of NFTs as collateral.
How Should MakerDAO Handle Junior Capital Providers?
@Allan_Pedersen kicks off a discussion on how MakerDAO should handle Junior Capital providers in the context of Real-World Finance.
As the post explains, junior positions involve more risk and are liquidated before senior positions, which means both parties have different interests when a loan goes bad and Junior’s capital is at stake.
MakerDAO has expressed interest in maintaining senior positions in loans. The post outlines MakerDAO’s options and offers some pros and cons to start the discussion.
Dai Supply at All-Time High
The Dai supply is currently sitting at an all-time high, inching closer to the 10 billion Dai milestone by the day.
Annual profits are estimated at 113 million Dai, and the system surplus sits at 66 million Dai.
This Week in Governance 🗳️
MIPs
The second week of ratification polls begins today!
📆 RFC and FS Dates for reference and existing proposals can be seen here.
The Ratification polls for the January Governance Cycle are in their last voting week. Please, be sure to cast your vote before the week’s end!
Active Governance Polls
PPG - Open Market Committee Proposal
Decrease the GUNIV3DAIUSDC2-A Liquidation Ratio
Ratification Polls
Collateral Offboarding Process (MIP62)
Bug Bounty Program for MakerDAO Critical Infrastructure (MIP64)
Maker Keeper Network (MIP63)
Offboarding Content Production Core Unit
Facilitator Onboarding for RWF-001
Onboarding Tech-Ops Core Unit (TECH-001)
Onboarding Strategic Finance Core Unit (SF-001)
Development & UX Core Unit Budget - DUX-001
Core Unit Budget, SNE-001
Modify Core Unit Budget, ORA-001 (Oracle Gas Costs)
Modify Core Unit Budget - Sustainable Ecosystem Scaling (SES-001)
Community Greenlight Polls
OGN (Origin Protocol)
Ends 1/24 4PM UTC | Application
OUSD (Origin Dollar)
Ends 1/24 4PM UTC | Application
RBLD (Robinland Holdings)
Ends 1/24 4PM UTC | Application
TUSD-PSM (TrueUSD)
Ends 1/24 4PM UTC | Application
USDap (BondAppetit)
Ends 1/24 4PM UTC | Application
Active Signal Requests
Extend the Delegate Compensation Trial - Signal Request Ends January 31st - "The initial Signal Request that approved the Delegate Compensation Trial implemented a three-month trial period. During the trial period, we recognized that initial parameter requirements were too harsh and subsequently introduced the Performance Modifier to the trial via Signal Request, and this has been added to MIP61.
As things stand, MIP61 has not been submitted for Formal Submission, as there are still a few changes being discussed. Consequently, January 2022 is the final month currently covered by the trial, and compensation for Recognized Delegates would cease after this month."
In response to these events, @Patrick_J signals to the community by asking whether we should extend the Delegate Compensation Trial by a maximum of 6-months but end if MIP61 is approved.
Previous Executive
This executive proposal has passed, and the following changes occurred within the Maker Protocol:
Recover DAI from Optimism Escrow:
10 million DAI will be transferred to forum user @lost_some_dai.
For further information, please see the initial Signal Request on the MakerDAO forum here.
Uniswap LP Vault Debt Floor (dust) Increases:
The following Uniswap LP Vault Debt Floor (dust) changes were made to the Maker Protocol:
Delegate Compensation Payments - December:
As per these successful governance polls (1, 2) and the ongoing trial of delegate compensation, a total of 48,290 DAI was distributed to seven recognized delegates as detailed below:
Details on the breakdown of delegate compensation for December can be found on the MakerDAO forum here.
Team Updates 📋
Immenefi Security Core Unit | Bug Bounty Program & First 2022 Office Hours
Protocol Engineering | Q4 Highlights and Looking Forward to 2022
Sidestream Auction Services | Unified Auctions UI Release v0.5.1 - Jan 14, 2022
Core Unit Office Hours
Join Link | GovAlpha - Mondays 17:00 UTC
Join Link | Protocol Engineering - Tuesdays 15:00 UTC
Join Link | Content Production - Wednesdays 15:30 UTC
Join Link | Growth - Wednesdays 17:00 UTC
Join Link | Sustainable Ecosystem Scaling - Tuesdays 15:30 UTC
Join Link | Governance Communications - Fridays 18:00 UTC
Mark your Calendar 📆
Governance & Risk - Thursdays at 17:00 UTC
Core Unit Launch Pod Session #23 | Maker Talent Core Unit - Jan 19 @ 6PM UTC
ISCU Special Sessions | MIP64 (Bug Bounty Program) - Jan 20, 4PM UTC
In Case You Missed It
Governance and Risk Call #174
MakerDAO | A 2021 Recap
Useful Links ⚓
Forum and Maker Chat
Discuss and debate MakerDAO.
Public Calander
Subscribe for all public calls, votes, and other reminders.
Governance Portal
Voting dashboard for MKR voters.
Governance Tools
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.
MIPs Portal
MIPs Dashboard for everyone.
Learning Portal and Technical Documentation
Learn more about the Maker Protocol.
Have Feedback? 🎙️
We value your input! Take our survey to let us know what we might be missing or how we can do better.
Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is purely for information and communication purposes only.