Maker Relay #66
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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 🍵
MakerBurn Launches NFTs Celebrating MakerDAO Milestones Comment
MakerBurn, one of the community’s go-to sites for MakerDAO analytics, launched a collection of NFTs commemorating important events in the history of MakerDAO.
Events include the launch of MakerDAO, the 100 million SAI milestone, and the release of Multi-Collateral Dai (MCD).
The collection is available on OpenSea. Users can make offers to purchase the NFTs, though MakerBurn hasn’t specified whether or not they’re for sale yet. If you’re going to make an offer, make sure it’s one they can’t refuse!
G-UNI hits Debt Ceiling; raise proposed Comment
G-UNI, an ERC20 wrapper around the NFTs representing the Uniswap v3 G-UNI DAI / USDC pool, quickly hit its debt ceiling of 10 million Dai. Launched on September 21, 2021, the G-UNI Vault helps MakerDAO reduce its reliance on USDC. As @hexonaut explains, “Looking at recent Uniswap numbers, APRs on this pool is around 4% based on the 140M TVL. If we offer 100x leverage (101% CR), this APR raises to 400%, attracting a lot more capital. This should be enough to attract a couple of billion TVL into the pool (depending on the SF), which will indirectly unwind the PSM as minted DAI is sold for USDC.”
Dai generated by USDC is currently at 47.7% and Protocol Engineering Core Unit Facilitator @Derek proposes raising the Debt Ceiling from 10 million to 50 million Dai.
The Case for Clean Money Comment
The Case for Clean Money was posted by @rune on Monday, October 4th. This proposal considers switching priorities of the DAO towards addressing and aiding to help fight against climate change.
This proposal includes the addition of the Sagittarius Engine. The goal of the Sagittarius Engine is to direct value flows of the Maker Protocol towards long-term governance participants, a core of MKR holders that participate based on a genuine interest in the project.
Governance Facilitator, @LongForWisdom, has followed this with a Signal Request asking if this is something the community agrees with.
This Week in Governance 🗳️
MIPs
The Ratification Polls for October’s Governance Cycle are up and running.
Active Executive Votes
This week has no active executive vote; The October 8th Executive passed on Oct 9, 2021, 12:32 UTC, and was executed on Oct 11, 2021, 14:00 UTC.
Active Governance Polls
Add stETH (Lido Staked ETH) as a new Vault Type
Nexo Institutional Vault Onboarding
PaperImperium Supplemental Compensation
Add the Aave Direct Deposit DAI Module (D3M)
Increase the GUNIV3DAIUSDC1-A Debt Ceiling
Adding the Deco Fixed Rate Core Unit (DECO-001)
Adding Data Insights Core Unit (DIN-001)
Adding MakerLabs Core Unit (SNUNK-001)
Implementation of DSS Charter (MIP59)
Modify Core Unit Budget, MKT-001 (MIP40c3-SP33)
Growth Core Unit Budget, GRO-001 (MIP40c3-SP37)
Community Greenlight Polls
This vote ends on October 18th, at 4 PM UTC.
Curve stETH-ETH LP Token
Vote | Application
Active Signal Requests Comment
Would you like to see MakerDAO move in the general direction indicated by the post ‘The Case for Clean Money’? - Given the discussion and excitement generated by @rune’s recent Clean Money post. GovAlpha is laying out the next steps concerning governance on this issue. @LongForWisdom is asking the community whether they would like to see MakerDAO move in the general direction indicated by the post ‘The Case for Clean Money’?
Restarted poll Raise the ESM threshold to 15% and increase the Governance Delay to 4 days - Maker is reaching a point where the core Maker security is so battle-tested that the emergency shutdown feature (ES) is beginning to become a risk rather than a solution; with only 75,000 MKR currently needed to trigger ES, it is the most likely place for someone to try to damage the system. @rune proposes to double the trigger amount to 150,000 MKR, which will reduce the risk of a sudden ES and make the system more reliable.
Set PSM fees to 0% - @SebVentures has been diligently pushing the idea to set PSM fees to 0%; which is also suggested in The Case for Clean Money. If their signal were to pass, Sebastien provides many long-term pros and cons and discusses how setting PSM fees to 0% would anchor the perception that 1 DAI = $1.
Turn off the burner, fuel up Sagittarius Engine - In reaction to @rune’s post, @Planet_X
signals to turn off the Buy and Burn, keep the surplus buffer at 60 million DAI, and direct excess funds of the Surplus Buffer to the Sagittarius Engine.
Previous Executive
Offboarding Vaults, MKR Vesting, and Core Unit Budget Distribution - Oct 8, 2021
After the passing of this executive, the following changes occurred within the Maker Protocol:
Vaults Offboarded:
BAT-A | Poll
LRC-A | Poll
ZRX-A | Poll
UNIV2AAVEETH-A | Poll
UNIV2LINKETH-A | Poll
Core Unit Budget Distribution:
CES-001 | 1,223,552 DAI | Poll
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 📆
Governance & Risk
Join Link | Agenda - Thursdays at 17:00 UTC
Core Unit Launch Pod Sessions
Issue Discussion #2 - Fixed-Rate Vault Solutions
In Case You Missed It
Governance and Risk Call #162
AMA Ep. 09 - Discussing Fixed-Rate DAI Loans from MakerDAO with Pairwyse
Core Unit Launch Pod Session #18: MakerLabs
Video Coming Soon! | Forum Post
Useful Links ⚓
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Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.
Governance Portal
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MIPs Portal
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Learning Portal and Technical Documentation Portal
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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.