Maker Relay #56
Hi everyone, thanks for checking out Maker Relay! Whether you hold MKR or DAI, own a vault, or want to get more involved in governance, this is your one-stop shop for MakerDAO updates.
👓 Here’s the breakdown:
Current Events 🍵
This Week in Governance 🗳️
Community Deep Dai-ve 🤿
Team Updates 📋
Mark your Calendar 📆
Useful Links ⚓
Have Feedback? 🎙️
Current Events 🍵
Vote Delegation has Soft-Launched!
Vote delegation is officially part of the Maker Protocol. First announced by Governance Facilitator @LongForWisdom in this post from July 19th,
@bainpm has published a thread with details on the Vote Delegation UI that can be used to delegate MKR and view information about delegates and you can check out @LongForWisdom’s MKR Holder’s Guide to Delegation for more information about vote delegation in MakerDAO.
Meet Your Delegate #1 gave @PaperImperium and @ElPro an opportunity to share their platform and respond to questions from the community. The series continues with Meet Your Delegate #2, scheduled for Wednesday, August 3rd at 6:00PM UTC.
Be sure to follow the directions provided to properly delegate your MKR tokens once they are available. MKR tokens sent to the delegate contract address itself will be IRREVOCABLY LOST.
A Proposal for Long-term and Institutional Vaults
@Derek, and the @Protocol-Engineering Core Unit have provided a blueprint for Institutional Vaults. If passed as proposed, new vault mechanisms specific to Institutional and Long-term Vaults would be implemented.
Parameters unique to these vault type include:
An Origination Fee applied at the time of minting (1%)
A fixed Stability Fee for a set period (1.5%)
A “Vault starting size” of no less than $400m
The proposal aims to first implement ETH and wBTC, and if successful, vaults for LINK, UNI, and stETH will be considered.
Pre-MIP Discussion of Legal Structures for Real-World Assets (RWA)
@SebVentures has published a Pre-MIP Discussion outlining a legal structure for managing RWA involving a Cayman Foundation set up to hold Special Purpose Vehicles (SPVs) that manage the loans.
Questions are posed about the degree of control the DAO expects to retain over these loans, what happens in the event MakerDAO faces an existential crisis, and how many Foundations to set up.
Governance Communications Core Unit Launches
Only one out of the four Core Units proposed in July has been voted in, and that’s the Governance Communications CU, facilitated by David Utrobin. The team is starting small with two full time roles, and several part time contributors. Their goal is to create a healthy communication and information infrastructure at MakerDAO. The team is looking for a full-time Engagement Lead, please reach out to David if you are interested.
This Week in Governance 🗳️
MIPs
It’s Formal Submission week! Check out the MIP Update to see which MIPs are eligible for Formal Submission.
Ratification Polls for formally submitted proposals will go live on Monday 09, 16:00 UTC, and will run for two weeks until Monday August 23.
Votes
Active Executive Votes
Centrifuge Asset Onboarding - July 23, 2021
If this executive proposal passes, the following changes will occur:
CF-DROP (ConsolFreight DROP Token):
The CF-DROP token will be activated as a new RWA vault type (RWA003-A) with the following parameters:
Stability Fee = 6%
Debt Ceiling = 2 million DAI
Minimum Vault Collateralization Ratio = 105%
Liquidation Process is as outlined in MIP22.
HTC-DROP (Harbor Trade Credit DROP Token):
HTC-DROP will be activated as a new RWA vault type (RWA004-A) with the following parameters:
Stability Fee = 7%
Debt Ceiling = 7 million DAI
Minimum Vault Collateralization Ratio = 110%
FFT1-DROP (Fortunafi DROP Token):
FFT1-DROP will be activated as a new RWA vault type (RWA006-A) with the following parameters:
Stability Fee = 4.5%
Debt Ceiling = 15 million DAI
Minimum Vault Collateralization Ratio = 105%
P1-DROP (Peoples Company Series 1 DROP Token):
P1-DROP will be activated as a new RWA vault type (RWA006-A) with the following parameters:
Stability Fee: 2%
Debt Ceiling: Zero DAI
Minimum Vault Collateralization Ratio: 100%
Active Governance Polls
Some polls use instant run-off voting, so you can select multiple options and ranked-choices will be prioritized.
Parameter Changes Proposal - MakerDAO Open Market Committee
Vote | Discussion
Increase the UNIV2DAIUSDC-A Maximum Debt Ceiling
Vote | Discussion
Community Greenlight Polls
This poll ends on August 5, 16:00 UTC
RWA-120dB (120dB Films)
Vote | Application
Check out an ‘at-a-glance’ view of the current Vault types and their parameters on MakerBurn.
Active Signal Requests
There are no active signal requests at the time of writing.
Last Week
Last week’s executive vote was skipped due to a discussion by the community’s mandated actors’. As per the discussion, it is not necessary to publish a weekly executive without substantive updates.
Wrapping updates into an executive for this Friday, August 6th (pending the current executive passing) is more reasonable.
Community Deep Dai-ve 🤿
Tweet of the Week
"Here's the Daiwanese <> English dictionary you ordered" @MakerDAOpic.twitter.com/wikZfnh4gJ
— mariano.eth ✨ᕙ༼ຈل͜ຈ༽ᕗ✨ | 🦇🔊 (@nanexcool) August 2, 2021
Forum Insight
[Informal Poll] What does MakerDAO want to see with regard to marketing?
@JerryAG and the @Content-Production team seek input on what types of marketing activities MakerDAO would like to engage in.Maker Vault Activity Metrics
@josolnik and the @Risk-Core-Unit provide an in-depth look and visualize data of Maker Vaults. In-depth and more critical information can be found in the post; a must read.Institutional and Long Term Vaults Proposal
@Derek outlines the parameters for the proposed Institutional Vaults. Follow the discussion in the thread.
Check out the latest Forum at a Glance
Maker in the News
The Need for Real-World Assets in DeFi
An article by Hackernoon on MakerDAO onboarding RWAs and what that means for the greater DeFi landscape.This Is What Needs To Happen To Secure DeFi and Crypto-Friendly Regulations, According to US Lawmaker
A Daily Hodl article detailing @PaperImperium’s talk with Rep. Joe Budd.PERI Finance Strikes Deal with MakerDAO to Bring Liquidity Solution
MakerDAO has conducted a strategic partnership with PERI Finance, implementing the DAI stablecoin in PERI Finance’s staking services.
Team Updates 📋
Mark your Calendar 📆
Coming up!
Meet Your Delegate #2 - Tim Black (@twblack88) and Planet_X
Join Link | Forum Post - Wednesday, August 4 6:00 PM UTC
Governance & Risk
Join Link | Agenda - Thursdays at 16:00 UTC
ICYMI
Governance and Risk Call #152
Video | Forum Post
Collateral Onboarding Real World Assets Call - Untangled
Video | Forum Post
Meet Your Delegate #1
Video | Forum Post
Speaker Series #3 - Representative Ted Budd
Video | Forum Post
Useful Links ⚓
Forum and Maker Chat
Discuss and debate MakerDAO.
Public Calender
Subscribe for all public calls, votes, and other reminders.
Participation Tools
Library of useful links for Stakeholers; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.
Governance Portal
Voting dashboard for MKR voters.
MIPs Portal
MIPs Dashboard for everyone.
Learning Portal and Technical Documentation Portal
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.