Maker Relay Ep 73
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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 🍵
The European Union’s Latest MiCA Report Comment
Europe’s latest draft crypto regulation MiCA limits use of stablecoins like DAI
Per the article: “Yesterday the European Council published a significantly expanded proposed ‘Regulation on Markets in Crypto Assets’ (MiCA) document. This means the legislation progresses to the next step, a three-way negotiation between the Council, the European Commission, and the European Parliament. Our interpretation of the expanded document is that a stablecoin like the DAI could be heavily restricted.”
In the MiCA report, which can be found here, crypto-assets were divided into three buckets: asset-referenced tokens, e-money tokens, and other crypto assets.
The important distinction here is “asset-referenced tokens”, which refers to cryptocurrencies backed by an index of assets.
The article speculates that “asset-referenced” tokens and stablecoins will face stout regulation under the EU’s current proposal and that the usage of Dai could be restricted within the European Union because of this distinction.
If this scenario were to play out as the article suggests, asset-referenced tokens would be limited to an activity level of fewer than 1 million transactions per day with the total value of those transactions capped to $224mil USD “within a single currency area”.
The article purports that this total would not only include on-chain transactions, but also the off-chain trading that occurs through Centralized Exchanges.
9B Dai in circulation
Another exciting milestone for MakerDAO! In addition to exceeding 9B Dai:
Over 10,000 MKR have been burned
Dai collateralized by USDC is under 30%
Estimated annual profits are over 132MM Dai
GUSD-PSM now live
With the successful passage and execution of the November 26th Executive, individuals can now trade Dai for Gemini USD (GUSD) using the Peg Stability Module (PSM).
The GUSD-PSM is launching with a debt ceiling of 10 million dai and a 0% fee, meaning users only need to worry about the transaction fee when exchanging Dai and GUSD.
This Week in Governance 🗳️
MIPs
As per MIP51c4: Calendar Exceptions, there will be no Monthly Governance Cycle in December, i.e., no Formal Submission Window and no Ratification Polls.
Active Executive Votes
There is currently no active executive vote. The most recent executive vote (shown below) was active and passed on November 26th. It was executed on November 29th.
Active Governance Polls
Increase the Dust Parameter for Most Vault Types
Increase the Dust Parameter for ETH-B Vault Type
Use the MakerDAO Treasury to Fund MKR Expenses
Add GUNIV3DAIUSDC2-A as a new Vault Type
One Time Payment to the GovComms CU to Deal with Budget Issues
Parameter Changes Proposal - MakerDAO Open Market Committee
Add CurveLP-stETH-ETH as a new Vault Type
Community Greenlight Polls
There are currently no active community greenlight polls.
Check out an ‘at-a-glance’ view of the current Vault types and their parameters on MakerBurn.
Active Signal Requests
Should We Introduce a Performance Modifier to the Delegate Compensation Trial? - Signal Closes December 10th
The GovAlpha Core Unit would like to propose a change to the cut-off value for delegate compensation. They introduce a Performance Modifier which will result in a reduced amount of compensation at lower levels of metric and ask whether we should introduce a performance modifier to the Delegate Compensation Trial.
Offboarding MATIC - Signal Closes November 30th
The MATIC vault is unprofitable unless it will be able to generate around 30M Dai. @NikKunkel formally asks the community whether Governance should offboard the MATIC token as recently done with KNC, COMP, and others.
Last Week
This Executive has passed executed on November 26th with the following changes:
As per the successful outcome of this governance poll, WBTC-C will be onboarded with the parameters listed.
As per the successful outcome of this governance poll, PSM-GUSD-A will be onboarded with the parameters listed below:
As per the successful outcome of this governance poll, the System Surplus Buffer increased from 60 million DAI to 90 million DAI over a period of 30 weeks (1 million DAI per week).
As per the successful outcome of this governance poll, the Aave D3M Maximum Debt Ceiling increased from 50 million DAI to 100 million DAI.
As per multiple successful budget proposals (linked below), DAI will be transferred and streamed to multiple Core Units, detailed below:
SAS-001 | 245,738 DAI | Proposal | Direct
IS-001 | 195,443 DAI | Proposal | Direct
DECO-001 | 465,625 DAI | Proposal | Direct
RWF-001 | 1,860,000 DAI | Proposal | Over 12 months starting 2022-01-01
COM-001 | 12,242 DAI | Proposal | Over 1 month starting 2021-12-01
COM-001 | 257,500 DAI | Proposal | Over 6 months starting 2021-01-01
SAS-001 | 1,130,393 DAI | Proposal | Over 12 months starting 2021-12-01
IS-0013 | 66,563 DAI | Proposal | Over 8 months starting 2021-12-01
MKT-001 | 424,944 DAI | Proposal | Over 5 months starting 2021-12-01
DECO-001 | 5,121,875 DAI | Proposal | Over 33 months starting 2021-12-01
Team Updates 📋
Content Production
ETHDenver 2022 Planning Update
Multi-chain DAI-lights - November 24, 2021
Development and UX
Governance Portal Release v0.2.4 - November 23rd
GovAlpha
GovAlpha Weekly Update - 2021-11-26
[Discussion/Feedback] Improving Clarity Regarding Signal Request Outcomes
Governance Communications
GovComms Bi-Weekly Update: Nov 15 - 26
Forum at a Glance: November 18 - 25
Growth
Growth CU weekly update: Nov 19-26
[Nexo Institutional Vault] Collateral Onboarding – Update
Oracles
[CurveLP-stETH-ETH] Collateral Onboarding Oracle Assessment (MIP10c3-SP43)
Protocol Engineering
[Curve.fi-ETH-stETH] ERC20 Token Smart Contract Technical Assessment
Chainlog: Improving how we keep track of our deployed contracts
Real-World Finance
MIP55c3-SP2: Create RealDAO SPF to make Moloch-based SPVs
Sustainable Ecosystem Scaling
SES Updates - 25.11.2021
Maker Explorer #1: Real-World Sandbox Grant Report
Mapping MakerDAO’s GitHub footprint
Aggregating educational resources - asking for community input
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 #170
Join Link | Agenda - Thursdays at 17:00 UTC
In Case You Missed It
Governance and Risk Call #169
Maker Explorer #1 | Real-World Sandbox Grant Report
Meet Your Delegate #7 with JustinCase
Useful Links ⚓
Forum and Maker Chat
Discuss and debate MakerDAO.
Public Calander
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.