Maker Relay #58
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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 🍵
Community debates RWA Foundations proposal
Following the Pre-MIP discussion on RWA Foundations, @SebVentures has posted MIP58: RWA Foundations to propose how MakerDAO can establish legal entities to manage real-world assets.
The Real-World Finance team is seeking feedback on the proposal, notably around how much power the DAO would like to retain when structuring these deals. Several community members have weighed in so far (here and here) and @christiancdpetersen provides more information in Real World Asset Legal Structures - A comparison.
Delegates start receiving delegated MKR
The Recognised Delegates who have stepped up to represent MKR holders are beginning to see tokens allocated to their addresses!
Check out each delegate’s voting weight and delegate your MKR using the new Delegates section of the Voting Portal.
Lower Flash Mint Fee to 0% - Signal Request
Following up on the Signal Request of the Initial Flash Mint Module Fee posted by @hexonaut, he resurfaces the subject by asking the community whether we should implement 0% Flash Mint Fees.
With the Flash Mint Module being activated more than a month ago and still not seeing much usage, @hexonaut suggests following dYdX and permanently removing Flash Mint fees to improve arbitrage opportunities for DAI and user experience. Although there is a risk for potential loss of revenue, dYdX has shown its liquidity pool increase from 138k to ~10M, which is large enough to cover most use cases.
Risk Team proposes lowering Liquidation Ratios on existing Vaults to encourage Dai supply growth
MakerDAO has never adjusted the Liquidation Ratios of existing Vaults. This week, the first proposal to suggest such changes has been put forward, along with some analysis to back up the recommendation. This proposal comes on the heels of growing USDC dominance in the collateral portfolio, as one approach to increase non-USDC Dai supply.
Quick lesson; The liquidation ratio of each vault tells you at which point the system will turn around and sell your collateral to pay down your debt. It is effectively the minimum collateral requirement per Vault type. For example, 150% LR means that the vault owner must uphold a minimum of $1.50 in collateral for each $1 of Dai generated or else the system will sell the collateral and pay down the debt.
Adjusting this parameter downward gives Vault users more bandwidth to generate Dai. Unlike adjusting downward, adjusting upward does the opposite and could cause instant liquidation of vault users who were unaware or unprepared for the change. This proposal only makes downward adjustments.
This Week in Governance 🗳️
MIPs
Weekly MIPs Update #49
This week is the last week for Ratification Polls, which will end on Monday, August 23rd.
Visit the MIPs Portal for a more detailed view of MIP statuses
Active Executive Votes
MOMC Proposal, August Core Unit Budgets, Housekeeping - August 6, 2021
If this proposal passes:
DAI will be distributed to the Core Units as specified within their ratified budget proposals:
The following parameter changes will occur:
ETH-B Stability Fee will decrease from 6% to 5%.
LRC-A Maximum Debt Ceiling will decrease from 3 million DAI to 1 million DAI.
UNIV2ETHUSDT-A Maximum Debt Ceiling will decrease from 10 million DAI to zero DAI.
UNIV2DAIUSDT-A Maximum Debt Ceiling will decrease from 10 million DAI to zero DAI.
UNIV2DAIUSDC-A Maximum Debt Ceiling will increase from 50 million DAI to 250 million DAI.
Protocol Engineering Housekeeping:
Adding the VoteDelegateFactory contract to the Maker Protocol changelog.
Fixing the
Ilk
Registry for RWA vault types.
Active Governance Polls
Onboarding PAX Peg Stability Module
Vote | Discussion | More Info
Reduce Vault Liquidation Ratios
Vote | Discussion | More Info
Ratification Poll for DAI Foundation Core Unit, DAIF-001
Vote | Discussion | More Info
Ratification Poll for Declaration of Intent - Onboarding a new collateral type backed by B.Protocol v2 (MIP13c3-SP11)
Vote | Discussion | More Info
Ratification Poll for Growth Core Unit MKR Budget, GRO-001
Vote | Discussion | More Info
Community Greenlight Polls
CNC1-DROP (CapitalNow Cannabis DROP)
NCP01-DROP (Nebula Capital Partners DROP)
CGFF-DROP (Cauris Global Fintech Fund DROP)
Check out an 'at-a-glance view of the current Vault types and their parameters on MakerBurn.
Active Signal Requests
@hexonaut asks the community whether or not we should remove the fee for flash minting to gain market share given the current lack of usage.
Team Updates 📋
Core Unit Office Hours
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 15:30 UTC
Join Link | Governance Communications - Fridays 18:00 UTC
Mark your Calendar 📆
Know Your MIP #10: MIP58: RWA Foundations
Join Link | Agenda - Wednesday, August 18 at 15:00 UTC
Governance & Risk
Join Link | Agenda - Thursdays at 16:00 UTC
In Case You Missed It
Community Collateral Onboarding | Nebula Capital Partners Call: August 11, 2021
Know your MIP KYM#09 | Declaration of Intent - WBTC-B Collateral Type - August 11th, 2021
Useful Links ⚓
Forum and Maker Chat
Discuss and debate MakerDAO.
Public Calendar
Subscribe for all public calls, votes, and other reminders.
Participation Tools
Library of useful links for Stakeholders; 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.