Weekly Relay | Episode 78
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 🍵
Exploring NFTs as Collateral
NFTs offer a large opportunity for collateralization, potentially in the tens of millions of Dai to start. The post includes projections based on various factors around risk and demand and offers several solutions to the onboarding and management of NFTs as collateral.
How Should MakerDAO Handle Junior Capital Providers?
As the post explains, junior positions involve more risk and are liquidated before senior positions, which means both parties have different interests when a loan goes bad and Junior’s capital is at stake.
MakerDAO has expressed interest in maintaining senior positions in loans. The post outlines MakerDAO’s options and offers some pros and cons to start the discussion.
Dai Supply at All-Time High
The Dai supply is currently sitting at an all-time high, inching closer to the 10 billion Dai milestone by the day.
Annual profits are estimated at 113 million Dai, and the system surplus sits at 66 million Dai.
This Week in Governance 🗳️
The second week of ratification polls begins today!
📆 RFC and FS Dates for reference and existing proposals can be seen here.
The Ratification polls for the January Governance Cycle are in their last voting week. Please, be sure to cast your vote before the week’s end!
Active Governance Polls
PPG - Open Market Committee Proposal
Decrease the GUNIV3DAIUSDC2-A Liquidation Ratio
Collateral Offboarding Process (MIP62)
Bug Bounty Program for MakerDAO Critical Infrastructure (MIP64)
Maker Keeper Network (MIP63)
Offboarding Content Production Core Unit
Facilitator Onboarding for RWF-001
Onboarding Tech-Ops Core Unit (TECH-001)
Onboarding Strategic Finance Core Unit (SF-001)
Development & UX Core Unit Budget - DUX-001
Core Unit Budget, SNE-001
Modify Core Unit Budget, ORA-001 (Oracle Gas Costs)
Modify Core Unit Budget - Sustainable Ecosystem Scaling (SES-001)
Community Greenlight Polls
OGN (Origin Protocol)
OUSD (Origin Dollar)
RBLD (Robinland Holdings)
Active Signal Requests
Extend the Delegate Compensation Trial - Signal Request Ends January 31st - "The initial Signal Request that approved the Delegate Compensation Trial implemented a three-month trial period. During the trial period, we recognized that initial parameter requirements were too harsh and subsequently introduced the Performance Modifier to the trial via Signal Request, and this has been added to MIP61.
As things stand, MIP61 has not been submitted for Formal Submission, as there are still a few changes being discussed. Consequently, January 2022 is the final month currently covered by the trial, and compensation for Recognized Delegates would cease after this month."
In response to these events, @Patrick_J signals to the community by asking whether we should extend the Delegate Compensation Trial by a maximum of 6-months but end if MIP61 is approved.
This executive proposal has passed, and the following changes occurred within the Maker Protocol:
Recover DAI from Optimism Escrow:
10 million DAI will be transferred to forum user @lost_some_dai.
For further information, please see the initial Signal Request on the MakerDAO forum here.
Uniswap LP Vault Debt Floor (dust) Increases:
The following Uniswap LP Vault Debt Floor (dust) changes were made to the Maker Protocol:
Delegate Compensation Payments - December:
Details on the breakdown of delegate compensation for December can be found on the MakerDAO forum here.
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 - Thursdays at 17:00 UTC
Core Unit Launch Pod Session #23 | Maker Talent Core Unit - Jan 19 @ 6PM UTC
ISCU Special Sessions | MIP64 (Bug Bounty Program) - Jan 20, 4PM UTC
In Case You Missed It
Governance and Risk Call #174
MakerDAO | A 2021 Recap
Useful Links ⚓
Subscribe for all public calls, votes, and other reminders.
Voting dashboard for MKR voters.
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.
MIPs Dashboard for everyone.
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.