Relay #74

Dec 06, 2021

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 🍵

December 3 Executive postponed

The Executive Vote planned for December 3rd has been postponed until December 6th due to outstanding tasks that need to be completed by the Protocol Engineering and Collateral Engineering Services Core Units.

For more information, please see Protocol Engineering Facilitator @Derek’s post in the Maker Forum.

Aave offboarding leads to liquidations; new MIP

The AAVE-A Vault has been offboarded in accordance with the October 25th Signal Request, and November 18th Executive. The offboarding of this vault led to liquidations, which Vault user @richards86 expresses in his post. The subject was then further discussed during G&R Call #170.

BadgerDAO hack sees Celsius lose $50mil in BTC

A front-end attack on BadgerDAO facilitated the loss of around $120 mil in customer funds, with the largest loss attributed to the centralized lending platform, Celsius.

The hacker was able to drain around $50 million in BTC from the Celsius hot-wallet before the BadgerDAO team paused the contract.

While the loss isn’t significant compared to the overall funding the protocol received, Celsius holds the second-largest wBTC-A vault with nearly $417 million in total debt.

This Week in Governance 🗳️

MIPs

Weekly MIPs Update #65

As per MIP51c4: Calendar Exceptions, there will be no Monthly Governance Cycle in December, i.e., no Formal Submission Window and no Ratification Polls.
Proposals that intend to enter January’s Governance Cycle must be posted at the latest on Wednesday 8th. The reason for this is:
- Proposals that haven’t fulfilled their Feedback Period cannot be formally submitted
- The Feedback Period spans a minimum of 28 days
- And the Formal Submission Window for January closing on Wednesday 3rd
You can see all MIP-relevant dates for 2022 on the freshly updated MIP RFC and Formal Submission Dates post.

Active Executive Votes

There is currently no active executive vote. The most recent executive vote (below) was active and passed on November 26th. It was executed on November 29th.

Active Governance Polls

Use the MakerDAO Treasury to Fund MKR Expenses

Vote | Discussion

Increase the Dust Parameter for ETH-B Vault Type

Vote | Discussion

Increase the Dust Parameter for Most Vault Types

Vote | Discussion

Community Greenlight Polls

G-UNIv3-DAIUSDP (Gelato UniswapV3 DAI-USDP LP Token)

Ends 12/20 4 PM UTC | Application | Prioritization score: -6.97

aUST (Anchor TerraUSD)

Ends 12/20 4 PM UTC | Application | Prioritization score: -6.97

Active Signal Requests

Should Maker Prioritize Onboarding A Compound D3M? - Signal Closes December 17th - @GFXlabs, in consultation with the @Growth-Core-Unit and prominent Compound community members, is signaling to prioritize onboarding a D3M for the Compound DAI market in hopes to grow revenue, diversify counterparty risk, and demonstrate the MakerDAO does not favor Aave.

D3M Parameters & Guidance for MOMC - Signal Closes December 9th - As we move ahead with future changes on the parameters for the D3M, @Primoz ask the community on behalf of the MOMC for some guidance on what should be the spread between Aave DAI net borrow cost (incl. rewards) and ETH-A, and what should be the D3M Debt Ceiling.

Should We Introduce a Performance Modifier to the Delegate Compensation Trial? 1 - 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

Previous Executive

Onboarding New Vault Types, Parameter Changes, and Core Unit Budget Distributions - November 26th, 2021

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:

DECO-001 | 465,625 DAI | Proposal | Direct

SAS-001245,738 DAI | Proposal | Direct

IS-001195,443 DAI | Proposal | Direct

DECO-0015,121,875 DAI | Proposal | Over 33 months starting 2021-12-01

RWF-001 | 1,860,000 DAI | Proposal | Over 12 months starting 2022-01-01

SAS-001 | 1,130,393 DAI | Proposal | Over 12 months starting 2021-12-01

MKT-001 | 424,944 DAI | Proposal | Over 5 months starting 2021-12-01

IS-001 | 366,563 DAI | Proposal | Over 8 months starting 2021-12-01

COM-001 | 257,500 DAI | Proposal | Over 6 months starting 2021-01-01

COM-001 | 12,242 DAI | Proposal | Over 1 month starting 2021-12-01

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 @ 17:00 UTC

Maker Explorer #2: Crossing the Carbon Chasm

Join Link | Forum Post | Wednesday, Dec 9 @ 16:00 UTC

Meet Your Delegate #8 with Kianga Daverington

Join Link | Forum Post | Wednesday, December 8th @ 3:30 PM UTC

In Case You Missed It

Governance and Risk Call #170

Video | Snippet

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.

Check out the full 'Maker Relay'

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.

The MakerDAO Blog

Discussion about this post

The MakerDAO Blog

Relay #74

Current Events 🍵

December 3 Executive postponed

Aave offboarding leads to liquidations; new MIP

BadgerDAO hack sees Celsius lose $50mil in BTC

This Week in Governance 🗳️

MIPs

Active Executive Votes

Active Governance Polls

Community Greenlight Polls

Active Signal Requests

Previous Executive

Team Updates 📋

Collateral Engineering Services

Content Production

GovAlpha

Governance Communications

Growth

Immunefi Security

Protocol Engineering

Real-World Finance

Risk

Sustainable Ecosystem Scaling

Sidestream Auction Services

Core Unit Office Hours

Mark your Calendar 📆

In Case You Missed It

Useful Links ⚓

Have Feedback? 🎙️

Discussion about this post