Maker Relay #70
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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 🍵
MakerDAO’s Peg Stability Module (PSM) fees lowered to 0% Comment
With the passage of the November 4th Executive, the fees for using PSM-USDC-A and PSM-USDP-A have been lowered to 0%.
Users may now swap Dai for USDC and USDP (formerly PAX) 1:1 with just the Ethereum transaction fee instead of the additional fee assessed by MakerDAO, though @PaperImperium has published a Signal Request to set the fee back to 10 basis points (bps).
Aave Direct Deposit Module (D3M) live, community asks: Wen Compound?
The Aave D3M went live with the execution of the October 28th Executive, hitting its 10M debt ceiling almost immediately.
Proposed by @hexonaut in MIP50: Direct Deposit Module, the D3M mints Dai backed by Aave’s aDai and deposits it in Aave to cap the variable interest rate borrowers accept when borrowing Dai on Aave.
Following the initial success of the Aave D3M, @Primoz proposes increasing the debt ceiling to 50M and @PaperImperium has created an informal poll soliciting feedback from the community on whether or not to prioritize a D3M on Compound
MakerDAO surpasses 8 billion Dai in circulation
Over 8.6 billion! In addition, the USDP-PSM, GUNI-DAI-USDC, Aave D3M, MATIC, stETH, MANA, and GUSD vaults are all near their debt ceilings, and the proportion of Dai collateralized by USDC is at 30%.
This Week in Governance 🗳️
MIPs
The Ratification Polls for the November Governance Cycle are now up.
Active Executive Votes
Parameter Changes, Core Unit Budget Distribution - November 5th, 2021
This executive passed today, November 5th, at 6:18 GMT-5, and the following changes will occur within the Maker Protocol:
PSM Fees are lowered:
Lower the PSM-USDP-A Fee In (tin) parameter from 0.10% to 0.0%.
Lower the PSM-USDC-A Fee In (tin) parameter from 0.20% to 0.0%.
DUX-001 Core Unit Budget:
As per this ratification poll, 359,120.80 DAI is distributed to the Development and UX (DUX-001) Core Unit Auditors Wallet at 0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad.
This distribution will top off the DUX-001 Auditors Wallet to the budget cap total of 483,575 DAI as requested in MIP40c3-SP26.
Active Governance Polls
DIRECT-AAVEV2-DAI Parameter Adjustments
Increase the WSTETH-A Debt Ceiling
Recognised Delegate Compensation Increase
NS-DROP Covenant Modification
GUNIV3DAIUSDC-A Parameter Adjustments
Add WBTC-B as a new Vault Type
Ratification Poll for Adding Sidestream Auction Services Core Unit, SAS-001
Ratification Poll for Modify Core Unit Budget, MKT-001 (MIP40c3-SP33)
Ratification Poll for Real-World Finance Core Unit MKR Compensation, RWF-001 (MIP40c3-SP38)
Ratification Poll for Modify Core Unit Budget, COM-001 (MIP40c3-SP40)
Ratification Poll for Modify Core Unit Budget, RWF-001 (MIP40c3-SP39)
Ratification Poll for the Immunefi Security Core Unit (IS-001)
Ratification Poll for Supplement to Collateral Onboarding Application (MIP6c3-SP1)
Ratification Poll for Adding the Deco Fixed Rate Core Unit (DECO-001)
Community Greenlight Polls
MDI (MD Irradiance LLC)
Ends 11/14 4 PM UTC | Application
OHM (Olympus DAO)
Ends 11/14 4 PM UTC | Application
Active Signal Requests
Active Signal Requests Comment
[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.
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] Increasing the Surplus Buffer (2021-11) - Signal Closes November 19th - @ultraschuppi is signaling to the community in request to increase the Surplus Buffer. He asks the community at which level we want to set the Surplus Buffer and whether we want to keep burning some of the profits.
Previous Executive
Aave D3M Onboarding and Core Unit Budget Transfers
Comment
The executive on October 29th passed on October 31st, 2021 09:31 GMT-4 and is available for execution on November 2nd, 2021, 10:00 GMT-4.
The following changes occurred 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 six months:
The Growth Core Unit will receive 791,138 DAI upon execution and 942,663 DAI streamed over eight months:
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
In Case You Missed It
Governance and Risk Call #166
Meet Your Delegate | Ep. 5 Ft. UltraSchuppi
[AMA] Risk Management with MakerDAO’s Risk Core Unit | AMA Ep. 11
Useful Links ⚓
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MIPs 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.