Maker Relay #69
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 🗳️ | Team Updates 📋
Mark your Calendar 📆 | Useful Links ⚓ | Have Feedback? 🎙️
Current Events 🍵
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.
🍵 Current Events
🗳️ This Week in Governance
🤿 Community Deep Dai-ve
📋 Team Updates
📆 Mark your Calendar
⚓ Useful Links
🎙️ Have Feedback?
🍵 Current Events
US government continues to weigh in on stablecoin regulations
The President’s Working Group on Financial Markets (PWG), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have issued a Report on Stablecoins detailing concerns about the expansion and use of stablecoins.
The report encourages legislators to draft laws:
“To address risks to stablecoin users and guard against stablecoin runs”
“To address concerns about payment system risk”
“To address additional concerns about systemic risk and concentration of economic power”
Goodbye Rocket.chat, hello Discord
Now that the October 31 deadline has passed, MakerDAO has officially shut down its Rocket.chat. Announced by the Maker Foundation on August 31, the community has launched an official Discord server.
To join the new Discord, please visit https://chat.makerdao.com/.
Tim Schuppener becoming a Recognised Delegate
Longtime community member Tim Schuppener (@ultraschuppi) has thrown his hat in the ring to become a Recognised Delegate.
To learn more about Tim’s platform, check out his Delegate Platform and keep an eye out for Meet Your Delegate #5, happening Wednesday, November 3rd at 17:00 UTC. If you can’t make the call, we’ll post the recording on MakerDAO’s Youtube channel.
This Week in Governance 🗳️
MIPs
Active Executive Votes
This week has no active executive vote; The October 29th Executive passed on Oct 31st, 2021 at 09:31 GMT-4, and is available for execution on November 2nd, 2021 at 10:00 GMT-4.
Active Governance Polls
Parameter Changes Proposal - MakerDAO Open Market Committee
Lower PSM Vault Fees
Community Greenlight Polls
MDI (MD Irradiance LLC)
Ends 11/14 4PM UTC | Application
OHM (Olympus DAO)
Ends 11/14 4PM UTC | Application
Active Signal Requests
[Signal Request] Set both USDC-PSM and USDP-PSM “tin” to 10 bps - Signal Closes November 7th - The USDC PSM has seen accelerating outflows as growth in demand for Maker vaults has begun to outstrip growth in demand for DAI. The goal for raising the tin
to 20 bps has been met, and there is no reason to favor inflows to a PSM that is nearly at capacity. And due to this lack of capacity in the USDP PSM, it is time to equalize the tin
fee for PSMs. In response, @PaperImperium signals to the community whether both USDC-PSM and USDP-PSM tin
should be set to 10 bps.
[Signal Request][P1-DROP] Change of covenants for P1-DROP (farmlands) - Signal Closes November 10th - @SebVentures from RWF presents an update for P1-DROP and requests to increase their acquisition price to $2.85M which would provide MakerDAO exposure of 2M per farm. The expected Debt Ceiling is 20M, and the TIN+equity tranche would be 8.5M. In addition, the signal requests to add Arkansas as a possible state.
[Signal Request] Should we increase Maximum Delegate Compensation as described in MIP61 to 144k DAI for the initial three-month delegate compensation trial? - Signal Closes November 4th - In response to previous signals and discussion, @LongForWisdom proposes a higher compensation for Delegates and asks the community whether we should increase the Maximum Delegate Compensation as described in MIP61 to 144,000 DAI for the initial three-month Delegate compensation trial?
MIP 55 Signal Request - RealDAO SPF (to make Moloch-based SPV’s) - Signal Closes November 11th - @jameskmccall from RWF presents a detailed MIP55 signal request to the community for support in their RealDAO Special Purpose Fund. The RealDAO SPF is a unique approach to express a willingness to experiment with other ways to handle Real-World Assets. The RWF Core Unit asks whether MakerDAO would signal a 50,000 DAI SPF (with conditions) to build a decentralized SPV infrastructure.
[Signal Request] Offboarding MATIC, COMP, AAVE, and BAL - Signal Closes November 8th - MATIC, COMP, BAL, and AAVE vaults have shown poor performance and difficulty covering Oracle gas-costs (with addition to other issues presented in the post,) @NikKunkel from Oracles Core Unit signals to offboard these vaults.
[Signal Request] Increase The MakerDAO NS-DROP maximum to 85% when AO TIN participation is at least 50% - Signal Closes November 4th - The New Silver AO pool on Tinlake has been live for ten months and approved as the first RWA with MakerDAO for six months. Therefore, given the seniority of the MakerDAO debt and many other protections, including borrowers’ equity on every loan, we hope the community would consider adjusting the maximum share of DROP tokens that the DAO is holding. @prankstr25 is asking the community whether we MakerDAO should increase its’ maximum share of NS-DROP to 85% when AO TIN participation is at least 50%
Previous Executive
Aave D3M Onboarding and Core Unit Budget Transfers
The executive on October 29th passed on Oct 31 2021 09:31 GMT-4 and is available for execution on Nov 02 2021 10:00 GMT-4.
The following changes will occur within the Maker Protocol:
The Aave DAI Direct Deposit Module will be onboarded to the Maker Protocol.
The Data Insights Core Unit will receive 107,500 DAI upon execution, and 357,000 DAI streamed over 6 months:
The Growth Core Unit will receive 791,138 DAI upon execution, and 942,663 DAI streamed over 8 months:
Data Insights Core Unit
107,500 DAI | Upon Execution
Data Insights Core Unit
357,000 DAI | Six-month period starting 2021-11-01
Growth Core Unit
791,138 DAI | Upon Execution
Growth Core Unit
942,663 DAI | Eight-month period starting 2021-11-01
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 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
Join Link | Agenda - Thursdays at 17:00 UTC
Ask Maker Anything
Join Link | Risk Management with MakerDAO’s Risk Core Unit - Thursday Nov 4, 14:00 UTC.
In Case You Missed It
Governance and Risk Call #165
Core Unit Tools #10
Monthly Strategy Review | 10/26/21
Useful Links ⚓
Forum and Maker Chat
Discuss and debate MakerDAO.
Public Calender
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.