MakerDAO Community, 16 Feb 2021

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From YouTube: Community Call Feb 16th, 2021: What's going on at Maker

Description

Host: David Utrobin
CoHost: Payton Rose

MakerDAO is a Decentralized Autonomous Organization(DAO) that manages the Maker Protocol on the Ethereum blockchain.

This video is a weekly community call that focuses on interesting discussion topics, guest projects related to MakerDAO, and current events.

Maker Relay Ep 32
https://forum.makerdao.com/t/maker-relay-ep-32

If you're curious to learn more about MakerDAO explore some of the resources below:

Awesome-MakerDAO Resource Repository: https://awesome.makerdao.com/
Technical Documentation: https://docs.makerdao.com/
Community Portal: https://community-development.makerdao.com/
Governance Forum: https://forum.makerdao.com/
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Reddit: https://www.reddit.com/r/MakerDAO/
Chat: https://chat.makerdao.com/home

A

Hey everybody welcome to february 16th maker, doubt community call. My name is david utrobin, I'm a long time community member at maker, dow and foundation employee. I am a community development lead and I've been around for a bit of time uh and so yeah welcome to the community call uh today is going to be a pretty light, one uh we don't have a guest scheduled for today, or rather we did, but some scheduling conflicts happened and uh and yeah.

A

So today no guest, we will be uh instead and we'll be inviting peyton rose on the screen and me and him are gonna uh dual host yeah. That's the thing I was looking for: we're gonna dual host, uh just uh a general. You know, what's going on at maker dao session uh and we'll look through the maker relay that came out uh yesterday and uh and will obviously take any questions and discussion uh requests from the chat.

A

So if you're here on the call absolutely feel free to to jump in and so I'm inviting peyton onto the screen, uh hey. What's up man.

B

Doing already by yourself.

A

Doing fine doing fine, you want to introduce yourself and give people a little background as to who you are.

B

Yeah absolutely my name is uh payton. I'm pros 11 on the forums and uh yeah got started with maker uh a couple months ago, and uh basically I'm active in governance and in communication so uh happy to be here.

A

Nice right on right on all right man, so today we're gonna just scroll through the relay and see what's happening. uh There's there's actually a few things that that were really interesting this week off the top of your head. uh What what stuck out to you the most this week, peyton.

B

Oops there we go uh definitely for for me to be the euro die discussion. I think a lot of people are pretty excited about that, and seb has really taken the lead and got that I think further. Along than a lot of other mentions of it have been in recent memory at least.

A

Yeah euro die has been part of the like maker dao conversation since almost inception like uh at first there was sdr, and then you know the team came to the their senses and realized like a dollar peg. Stablecoin is more like marketable and then there's always been this idea of creating other synthetic assets, because dye is like a synthetic dollar the maker system can be created can be tuned to do anything right, you can make euro die. You can make uh pretty much any any any asset that you can get a good oracle on right.

B

Yeah, it's pretty exciting and um I think even looking into it would probably teach us a lot both in terms of governance and in terms of uh where the protocol can go from here. So definitely excited to be seeing that discussion.

A

Yeah same, were there any like um really big points that stuck out to you in that discussion?.

A

Oh, I think you're muted.

B

Yeah, sorry, my thing went down to the bottom and I completely lost it. um Yeah so said brought up today that uh it is almost like a natural way for core unit duplication to happen, which was something that I was curious about before.

A

B

A

It would have to basically be an entire clone of uh of maker right.

B

Right, which would mean other you know, potential risk people potential, smart contracts, oracles everything which would be a nice way to kind of get that redundancy we've been talking about.

A

So if we did a euro die, would everything be connected to like one governance, smart contract, or would it be like two governing smart contracts and like two mkr tokens?

A

Was there any indication in the thread what people are leaning towards or what's logical.

B

I mean you could go either way. I think uh mostly what people are leaning towards is you know, keeping it under one governance, but basically two two kind of branches there or you could even start with a euro.

A

B

Having its own core unit right, basically under this idea of launching the euro die program.

A

Right totally totally and in theory uh like you could you could basically just make uh a complete copy you you can copy like one for one. I guess the only difference is like there's a lot more die pairs that people trade on than euro pairs.

A

Actually, do you know of any euro trading pairs or any synthetic euros that do already exist? I think.

B

A

Stasis was doing something right.

B

Yeah, there are definitely a few that exist and I think seb highlights them. We should, let me see if I can grab a link to the forum post here, but um I.

A

Know they're all really small.

B

As the issue at the point, like maybe 30 million.

A

B

Cap, wise so right um having another euro asset would be pretty huge just for the crypto community in general. I think.

A

Yeah and if euro diet came about, it would be super easy to create like dex pairs of it, because you know it's permissionless, so you know as long as you're the one issuing uh you have. You stand a lot to gain, but who knows man yeah? It's it's like a whole rabbit hole of uh of like potential.

B

Yeah, so I'm excited to see where it goes and pitch in when I can say something useful. At least uh I just threw the link up to the chat there. So yeah, if you guys, are interested about the euro diet discussion go and uh give your voice.

A

Yeah right on sweet, so let's, uh let's go this through this maker relay together uh as uh just a quick overview of the maker relay in general. uh It's a publication, that's put together by a number of contributors at maker dao, and these contributors are actually in the process of forming a core unit called govcoms, so they're behind maker relay the governance, call summaries and a number of other projects, and so this is a really great publication.

A

It comes out every monday on the maker forum, there's also a sub stack that you can um that you can actually subscribe to. I think it's on the bottom here.

A

If it's not here, then we should add it here. Next time, uh yeah there's a sub stack link somewhere peyton if you're able to find it. That would be super helpful. um If not that's okay, I could. uh I could post it next week during the call, um but.

B

A

So that's the maker relay. It covers everything, that's happening kind of week to week at maker, and it's a really really great monday evening. Read so yeah, let's get let's get to it so votes for right now there is no active executive vote uh right now. All of the attention and all the action is, is happening on the governance polls and actually how many governance polls are open. 18 governance polls are open right now.

B

uh Yeah, it's a lot.

A

Yeah, it's quite a lot, uh and thankfully right uh there was that governance contract upgrade that happened uh late last year and it allows mkr voters to actually bundle up their poll votes, which is really great. Considering the gas situation on ethereum today,.

B

Yeah, I think I was able to sneak one through for about like twenty twenty seven dollars. So, oh, that's it try your luck! Yeah yeah,.

A

Well, yeah it's uh voting at uh at maker now currently is a thankless job, but as we as we've seen on the on many of the mips that are being submitted there there's a lot of, um I guess hope that maker mkr voters will eventually get rewarded and even and even so, like they're indirectly rewarded for voting like those, though those uh thankless like 50 to 100 000 mkr. That vote I mean they've. Their votes have resulted in 10x growth since launch right even more than that.

B

Yeah, you can say they're doing a great job so far, so uh bringing value to their own token right.

A

Yeah hell yeah, so cool, so some weekly governance uh polls this uh this week, oh geez, that sounds so jumbled. uh We have a couple of of uni v2, lp tokens being pulled to be added as collateral types. That's the ave eth lp token and the wbtc dial p token. So that's pretty exciting! Actually, this week we we had what was it four different uh uni vault types.

B

A

Deluso yeah, that's incredible and they're listed a little bit lower in the make relay so we'll uh we'll tell you which four in a second uh there's also this die savings rate adjustment, which is a really interesting vote. uh It's the the vote, I think, is to adjust it to like 0.01 percent right.

B

Correct so yeah very, very small, but um definitely increasing it so curious to see how that shakes out.

A

uh Did did you read or do you know any about any of like the reasoning behind this increase.

B

Yeah, so a lot of it I mean, is pr for one, but I think um I'm forgetting who originally pointed it out, but the idea is that a lot of integrations are building and um currently they don't have any incentive to like incorporate the dsr into their integrations right, because it's been at zero for so long. So by making a non-zero number then all of a sudden by integrating it. You know you do give your users at least a little bit of something and hopefully in the future.

B

You know we are able to offer a little something. Perhaps um if that's the way the community wants to go.

A

Yeah totally yeah and then there's like the added the even more added friction of. If, if integrators do integrate the dsr, their contracts are less gas efficient, which is the reasoning behind. Why compound actually uninstalled the dsr instagration, uh because it was at zero for so long and it caught like it was basically making it very expensive for people to go in and out of compound.

B

Certainly, but um I suppose, as it gets leveraged up, even a very small percentage makes a huge difference. So, oh.

A

B

um Yeah, I I think this is just a fundamental like our are we willing to make make integrations? You know, still pay attention to this and we'll see what happens after that right.

A

Yeah, it's a nice little! It's a nice little pr like push like. Oh.

B

A

This thing still exists. You know everybody was so hyped about the dsr uh when mcd was launching that it was like there was. It was like almost the central point of focus at the time uh and then you know just being in the situation we've been in for the last half a year, plus there's just no space for the dsr, but it looks like there's at least a basis point of space. Now.

B

Good place to start right.

A

Yeah, exactly exactly uh the other poles are to increase the system surplus buffer. uh This has also been a really popular topic of discussion at maker dow, we recently as a dow increased it to 10 million. uh It was previously, I think, four and you know 10 a 10 million surplus buffer when there's two billion outstanding die is, is uh the ratio there is quite small, so yeah.

B

And this one is a ranked choice, vote as well, so that's kind of cool from a polling perspective. You get to um signal all the choices in order. What what you prefer, the most.

A

Yeah, so the range is uh 10 to 30. nice yeah. This I really enjoy ranked choice. Voting from a ui perspective, it's like really nice, so props to the team. If you're watching this uh yeah, let me actually close this up. Yeah cool, so there's uh yeah an increase of the surplus buffer. I think in the forums 30 30 million was winning out as an option, uh and uh I mean I I couldn't see why not especially considering dye's growth right now.

A

uh The other two are an increase in the maximum debt ceiling for each a. um This is interesting because eath, a is, is actually the most popular vault on maker dow and it's it's sitting at you know over a billion point, one die issued against it, uh and so yeah uh do you have a a a a good understanding of where, where this is right now, peyton.

B

uh In terms of.

A

Oh and yeah, actually, I'm like reading this, this third and asking.

B

Oh yeah, sorry, um but basically just yeah looking to bump up the line, uh so as it says in the first line there it is sitting at 1.5 billion like we are on the um dc aiam. So it is periodically bumped up over time right now, it's like a 1.25 ish in that neighborhood, um so it can be walked up up to 1.5.

B

But this is another rank point ranked choice, polling: option uh where you can say what you'd like to see the maximum set up to, um though I guess it is worth noting that promotion from from risk has said that if we keep increasing the line, you know uh invariably we're gonna have to start adjusting other things like the stability fee, for instance, in order to keep up with the the added risk from from an eth pullback.

A

Right, which uh actually is exactly what the rates group has been doing with their rates proposals so recently, actually, yesterday it was pushed but eth a got. A one 100 basis point increase a one percent increase which it looks like there might be another increase coming soon. If, uh if we continue to see growth in ethan but yeah, it's it's certainly a big boy.

B

Definitely and um yeah it's hard- I mean, I guess it kind of makes sense right, like uh that's. That's where it all started with eath right.

A

Yep, that was that was the first. That was the first one that that was what single collateral that was was built on. You know just a singular eth vault type except back. Then there were cdps.

B

Sure, but very exciting, to see it above above that billion dollar mark I mean, like obviously, from a risk perspective that you're playing with big numbers, so should caution, perhaps uh should be observed, but uh very excited just from a cheerleading perspective of over a billion all from eath. You know yeah.

A

It is quite quite quite impressive, yeah all right cool and then the last. uh Well, it's not the last poll, but another governance poll uh is to set up uh debt ceiling, instant access modules for multiple vault types, uh and I actually think uh so. If I'm not mistaken, there was uh did they actually already set some some uh some new uh iams for yeah.

B

So this is the second round of that um mondays. When uh mondays the two exec, the two um executive votes, went live. I guess you can say um one of them was for the first set of the dcims.

A

Yeah I see volt types added stability, fee increases and decreases this thing and then yeah. Here's the adjustments in this neat little table here so yeah uni a got a dead ceiling, uh instant access, module, ave got it comp got it link got it, wbtc got it and our our favorite ife got it. If you wi-fi debate in the chat, just just kidding, don't do that, um but but yeah as you can see, we are making use of uh of instant access modules which just make the whole governance process way way way more scalable.

A

uh It reduces the amount of votes by quite a lot. uh Yeah.

B

A

So moving forward uh today is actually uh the first day of new green light polls, if I'm not mistaken, uh and so there have been quite a lot of mip six collateral, onboarding applications uh submitted as you could see, more than half of them, or just about half of them are liquidity tokens which uh you know to nick's credit is certainly proving to be uh a very effective collateral type uh yeah.

A

So it's really cool to see these.

B

Definitely and um unique, as well right in terms of offerings not a lot of places where you can be posting those for collateral, um so very exciting.

A

Yeah, that's a very good point uh and also a side note. uh The reason why the debt ceilings are staying at 3 million for now is, I believe, because the oracle for lp tokens is still going through.

A

I believe, an audit or actually it might have like just been completed recently. um I will verify that and when I read the oracle's update, that's a little bit lower in this relay uh but yeah cool. Do you have any uh thoughts peyton on any of these specifically, I know like, for example, reno came on a collateral, um a collateral partner call recently uh yeah.

B

Yeah I mean, I guess, that's worth pointing out. You know we point out. There are a ton of the liquidity tokens, but also several real world asset tokens as well with the uh fortune. If I drop london, digital bonds and and the reno there so um pretty pretty exciting, you know. Definitely you will see, some of them aren't off get the best start. I guess for the votes, but still still a couple days to go. There.

A

Yeah totally totally sweet all right moving forward yeah. So last week uh there were two different executive votes that were passed. uh One of them. I guess yeah, we'll do the first one. First, the first one onboarded uh two vault types, which were the dye usdc vault type, sorry, the dye, usdc uni, lp, vault type and the ethe usdt uh uni, lp, vault type, so that's pretty cool and then yeah the global system. Debt ceiling is just like some math that has to be done, was increased by these two three million dollar facilities uh yeah.

A

So that was one uh and then peyton. You want to read through the next one.

B

A

Make it a little interesting.

B

I was just gonna say I'm the last one. uh We're definitely watching see how quickly those get filled up. I know on the first batch they're pretty instant. um So far, there is still room there um so curious to see how long that'll last.

A

Let's actually quickly check it out, uh so daius dc is still at zero. These three are not new yeah, it looks like ethe, usdt has half a mil right now and link eath has yeah it's it's it's off to a slow start, but 3 million is not too large of a number.

B

Right, it could fill up very quickly for sure.

A

B

All right and then uh the other one we have the yeah.

B

I guess uh rates update as well as two more uniswap ones: um you're, not seeing double uh yeah, that's also really exciting there. We just showed the numbers and then the stability fees increase. um There were two that I believe that decrease um wi-fi and uh what was it bad as well? Yes, I get down at the bottom. There sorry- um and I guess overall, you know that was netted about a 20 million dollar annual difference.

B

If you were to extrapolate the fees um yep yep from when before this executive went, live till after so uh definitely pretty exciting. For a protocol perspective, there.

A

Yeah, it's also so interesting, like the more vault types there are, uh the more I guess unpredictable like uh like the rate changes are because you know some decrease some increase, but overall there's gonna be some sort of um change in that revenue number than that annual revenue number like every time, there's a rate change and if there's like 20 volts being changed at once, it's gonna be exciting. Every time there's a rate change.

B

Yeah it stacks up pretty quick.

A

We're down, you know just depends if.

B

A

If die is above peg again, you know which, thankfully, it's not, which is a whole other, a really great topic to discuss, but maybe later uh oh yeah and you missed one. One thing, though, uh really a really exciting thing too, is that yeah, oh.

B

Yeah, that is a big announcement. Sorry yeah, that is a hundred thousand dollars going to be transferred to the first kind of interim dab um budget. It's a multi-sig with five of the domain facilitators and uh that's right, yeah, that's kind of the first baby steps to the dow paying for its own operations so very, very exciting. There.

A

Yeah, it is really really exciting. uh People got to get paid, and- and this is you know, before core units get accepted and formal budgets start getting approved and paid out. uh This is kind of that first step and and what's exciting, is I'm like loading pages?

A

What's exciting? Is that that 100k actually was already paid out, uh and I found out that it's it's actually, you could see it reflected uh in the debt available to hear heal a value, so this used to be 12 700 for some reason, but now it's a hundred and twelve thousand uh yeah.

B

That would be from the um first distribution to the uh working group default compensation working group.

A

Right right, yes, exactly exactly and uh and so yeah, this was really cool to see, and I was when I first saw this. I was a little alarmed because I saw that the debt buffer was 50 000, but long for wisdom thankfully pointed out that, in order for maker dilution to happen and for mkr auctions to happen, uh this actually has to get healed first.

A

So this number is uh subtracted from this number uh and only when it's like completely evened out, if there is still 50 000 here, that's when you're able to actually kick off those um those flop auctions, the maker dilution auctions, so yeah fun facts for today, with david and pros.

A

So yeah going back to the relay uh yeah, so uh we're not gonna cover like the specific numbers I feel like y'all could read.

A

uh There were a couple of signal requests that were active this week. uh One was to lower the psm tout parameter. The tile parameter is like you could think of it. Like a toll to get out. I think it's actually, a trade die for the usdc, that's in the psm, so that's the tout and so yeah. The idea behind lowering it is basically to incentivize.

A

You know, repaying die and getting usdc off of maker's balance sheet and so yeah that kind of delta, where it's it's a little bit more expensive to trade for die a little less expensive to trade dive for usdc. uh It seems to make business sense, uh and so that's what that signal is about.

B

Yeah and then the other one is for the instant uh flash module fee. um Basically, that's a mip that has been passed, the I believe it's mip 25 and uh the code is coming along for it. So sam exxon went ahead and threw out the signal request to kind of ask the community what the fee should be for flash minting and then that way, when the code's ready to go there won't be anything else, stopping it. We can just flip it online with with the predetermined fee.

A

Yeah uh and I wonder what is actually winning- and it's really nice that in the poll they pointed out what the uh market competitor ave's fuse, which is .09 but yeah, it looks like a 0.05 fee- is gaining most of the support for now, but yeah cool all right and that that's it for, like the boats uh section of the relay uh the next major section of the relay, is this uh update section uh and for mips uh I'll I'll?

A

Take this one uh so yeah there have been no mips formally submitted for the february cycle. So if any of you have been observant, there was no inclusion poll this month and there is no bundled governance poll today and likewise there will be no bundled executive vote next week because there are no mips and formal submission.

A

So the focus of maker governance this month, as I said on the governance call last week, is really to to look at the mips and sub proposals that are in the request for comment phase, which uh there are quite a lot. I think it's north of 20 proposals, um if not more, even more than 20, probably like 25 or something, but I didn't count.

A

I just know that it's more than that, uh so uh yeah we're gonna, say paid.

B

Just it's a busy month, it's yeah yeah a lot of a lot of stuff in rfc, so um you can kind of see point by point here which each one of them are about. I would say which is neat, so if there are any things you have opinions on and want to get your comments in. I know, especially it's worth pointing out that the um minimum. What do you call that the minimum frozen period um for proposals going to be in the next executive?

B

That's coming up here, so um anyone who wants to submit theirs will have to get it locked in so kind of last call for comments. I guess for for a number of myths.

A

Yeah, that's right and that's the last edit that you can make to a mip if you're planning to submit it for the march cycle uh is going to be on the 24th. So yeah definitely be mindful of that.

A

If you're a mip author, but also charles and I will be reaching out to mip authors, um to remind them and to just make sure that people are ready for submission uh and also uh so, I actually took a stab at uh taking all of these mips that are in rfc and, uh and you know, organizing them under you know, commonalities so uh yeah. So here's here's my take on it I'll. uh I'm not gonna like share share I'll just go through the slide here, but yeah there's a few standalone technical mips.

A

So these are the governance contract redesign, the term lending module the reward joint adapter, the liquidations 2.0 mip. That was actually submitted. Finally for rc and we're really excited about it and then uh yeah. Just a standalone miscellaneous parameter proposal group proposal, there's a ton of payment related mips. um There is a handful of core unit related mips that actually, I believe, are being submitted for march.

A

um There's a handful more of queer unit, related sub sub proposals uh and there's a handful of psm related mips and then finally, there's just three standalone, subproposals uh yeah. So quite a lot quite a lot, especially for payments. It really. It really looks like the dow is um kind of kicking it full gear to make sure that it could stand alone apart from the foundation and that it could really sustain itself. um So that's that's cool that the infrastructure is being built.

B

Yeah, that's a really neat breakout in terms of the the mips. I think that's super helpful for people to have, um because I think a lot of people definitely have questions both about the core unit mips themselves, but also about all the implications in terms of all right. Well, how are you going to deal with payments? How are you going to deal with them with the governance things and having the myths broken out like that is, is really great.

A

Yeah, hopefully I mean I know it definitely helps me uh with, like you know, thinking about mips, because looking at a list like this, for example uh like even when we were putting together the relay with uh the rest of the team, everybody kind of agreed that yeah this is this is a little daunting.

A

uh It would be good to have like a little bit more or like sub organization.

B

Right, I think it's one thing: you know when there's like five mips in an rfc, but um you know we're in full gear now, so we gotta figure out some organization.

A

Yeah yeah totally totally uh yeah cool, so that's the noobs update uh and then we also have smart contracts, oracles and risk updates. You want to do the smart contracts, one pros.

B

Yeah, absolutely um so pretty exciting they're moving right along with uh mip 21 for some real world assets, uh getting that deployed to covan to start testing, hopefully we'll we'll get an update on thursday for sure during the governance and risk call, and hopefully uh we'll we'll hear some good news on that. I know they've been working on it for a little bit here.

B

um Sorry, my screen's a little fuzzy there, but uh they're scrolling.

A

Down yeah, maybe I.

B

A

B

Iterating on css, exactly sorry, I like couldn't read what it was. I had to switch to my time.

A

No worries I I zoomed in a little bit. Hopefully that helps with that. Oh.

B

That's awesome yeah. Thank you, sorry, um so um again, good to see that smart contracts work.

A

What is ssx exec lib.

B

I was kind of hoping you knew so this is a little awkward, but uh exactly.

A

B

A

Using the powers of uh inference, uh exec library sounds like the smart contracts team is creating exactly that, like a set of templates for common executives. uh So, like the one you know, the most common ones are probably going to be dead ceiling. Instant access module, like line increases, uh maybe stability fee increases yeah, just a ton of different ones, but I assume that that's what that is.

B

That that can make sense- I know brian- has put together a number of really cool things in terms of being able to call multiple lines at once, and even if it's not that, like nice work, brad great to see you doing all that that cool work, um huge.

A

Praise to the smart contracts team in general, yeah, they're mvps for real.

B

Keep it all running for sure, um obviously, working on liquidations 2.0 is going to be a huge priority for them going forward um as well as the defcon spells. I imagine just in terms of uh keeping the protocol safe and and functioning and, uh like we mentioned earlier, the code for the flashman module is coming along, um so hopefully be seeing that shortly.

A

Yeah, okay, so similar question: what what are defcon spells.

B

um So they're spells that would be used in an emergency situation right so depending on. If certain liquidations need to be shut off or other parameter, things need to be unwound or temporary halted in order to deal with an attack vector, um I think that's a decent explanation for them.

A

Yeah, that's that's well said, yeah, that's that's exactly right! That's exactly what I was looking for, so cool yeah.

B

Awesome, there's there's a lot to know in maker for sure. So it's always like. Sometimes you think you have a pretty good idea of what something is and someone else is like well kind of you're like ah yes,.

A

Yeah, that's why that's why I'm really enjoying this dual hosting, because anything, I'm not totally certain of I could bounce off of you.

B

Yeah, so it's a good good combo for sure yeah.

A

Redundancy baby.

B

Awesome um so that pretty much does it for start contracts. uh I guess we can go into oracle's.

A

Yeah, let's do it um so for oracle's nick, let us know that cf drop and wbtc die assessments are in the works. Cf drop is a real world asset collateral wbtc die, I believe, is referring to the uni lp token for wbtc die either that or sushi I'm not 100 sure.

A

uh I think it's probably the uni lp, though.

B

Yeah, I believe sushi ones are coming and in theory they should be pretty similar from an assessment standpoint.

A

Yeah right there there haven't been any sushi um uh green light poles yet either. As far as I know,.

A

Diego great things are being biddled yeah.

B

I saw that um I know um I think it was monet supply tweeted, that uh that he would be happy to submit a few if no one else was working on him. The other day.

A

Yeah- and I think I saw some in the forums I just haven't- seen the green light poles for them, yet it's exciting stuff yeah. So, besides that, there's an audit in progress for lp token oracles in general, that's one of the main constraining factors for the debt ceilings on those on those wall types uh and then there is this other uh thing that nick brought up. Actually during the last governance call, uh it was more of a discussion question around oracle.

A

So if the current gas fee trend continues, we may end up paying around 16 million a year just for gas costs to update our oracles.

B

Yeah, it's pretty staggering figure right.

A

Yeah, it's it's. uh You know it was basically a third of our revenue up until yesterday. Now it's like a fourth but still like. That is a lot a lot, a lot, a lot of money for gas costs uh and what's uh what's even more kind of I don't want to say the you know. The word alarming. That's not the right word.

A

What's even more kind of mind-blowing is that the oracles did already go through like an infrastructure upgrade and they were gas optimized and there's just a ton of work that nick and his team did to improve oracle's on the gas side, and even so you know we have to figure out. You know what are we willing and not willing to do as a community?

A

You know uh what are mitigation strategies like uh one option is to start to de-list vaults that don't have high usage. I know like generally speaking, that's like not a great idea because they could just be latent until somebody does.

B

A

Using them, you never know when a vault might become useful, like in the snap of a finger right and.

B

We've already put in all the work to onboard them, and you know so definitely kind of like cutting your losses, uh not not always a good feeling.

A

Yeah, you don't want to take those steps back if you worked so hard to step forward.

B

Definitely- and I guess it does kind of loop well into what we were talking about with with euro, die up at the top of the presentation where it's like, oh yeah, it could be useful to, like uh you know, exploring x, die and all these other in terms of porting. The the maker system um could get some valuable insight on if that would be possible for the oracles. I know nick kind of expressed some doubts about the feasibility of of transporting oracle's style too yeah, and I think definitely.

A

B

Now, right, there's there's no way, but currently that things are developing, so definitely something we want to keep an eye on.

A

Yeah true and then there was also like uh another. Mitigating, uh like meth idea, is to just tune the oracle parameters to basically update like a little bit less. So I think right now, they're programmed to all update if there's like more than a percent movement in the price of any given collateral, but uh increasing that to maybe one and a half or two might be might save.

A

You know five, ten fifteen percent on on overall gas costs, so there there are other ways that um that maker can approach kind of yeah dealing with the gas crisis on ethereum, pretty much.

B

Yeah they're flying good. It was nice to have that discussion during the risk. All know that we got a lot of smart minds, thinking about it and aware of it so and if anyone does have ideas that stem from that, like you know, please do bring them to the forum, bring them to the calls and um we can start working towards a solution.

A

Yeah right on right on and then uh yeah, so the last uh team update uh is from risk, and uh and so they have a couple of uni lp token risk evaluations in the work one for wbtc die the other for ave eth.

A

They put out a report on liquidation auctions so far in 2021, which was really cool, I believe uh actually yeah yeah. So so, if you want to dig into these go for it, uh but it is really really cool to see all this data unique bitters the amount of zero bids received on each uh each of the liquidation auctions as they've been uh analyzed and just a bunch of takeaways yeah primo's pre-motion the whole risk team. It just produces such high quality uh information about this stuff. So definitely take a look at it.

A

Major alpha leak right there um and then yeah they're focused on on liquidations 2.0 moving forward. So I think they're going to be coming out with a forum post. That recommends some parameters. uh They probably won't be um too far from what's current but of course yeah with with, uh with the the die supply where it is now um there there definitely might be some more substantial. Substantial changes, but who knows we're just gonna, have to wait.

B

A

You want to take uh the first of the current events.

B

Yeah absolutely this was a really cool feature um that was posted from, I believe the the foundation I've just been working on uh vote tracking uh for for the voting portal and uh yeah I've been playing around with this quite a bit. I wish, hopefully it loads here in a second.

A

One year there it is.

B

There we go like yeah, you can you can check polls actual votes, you can search particular addresses. um It even shows you, like the amount of mkr they've held over time in the voting contract or in governance. Rather, um it's a lot of really neat features, and uh definitely at least for me kind of helps, make the case for, like governance rewards showing like how many people and how long they've they've really uh stayed active.

A

How do I see more, I want to know the whole title. Maybe if I click this, let's see.

B

Yeah actually aquarius.

A

B

Usually they are hyperlinked, yeah activate.

A

Ds chief 1.2 yeah, ah this is so good.

B

Yeah, so you can even see like that period of time remember when people moved it back to the chief, because they didn't like one of the contracts or there's some drama there, but um you can actually see those spikes in time.

A

So interesting right, so this actually brings up uh a question. So I remember: there's the mkr gov dot science uh uh dashboard. You.

B

Know you know what.

A

Happened to it, it's just broken.

B

Yeah, I guess the I think it was the chief update, in fact that um basically changed something that made it not work and the team, um not the entire team, is still around so.

A

Got it? Oh man, that's unfortunate. Well, at least we have a replacement, replacement, dashboards and tools.

B

Yeah, like a lot of cool, doing analytics stuff as well. um So oh.

A

Yeah, that's right! That's right!.

B

Always always check the comms communications, we'll be sharing all the cool cool tools for you.

A

Yeah, this is makerdale alpha internal alpha, uh but anyway, uh yeah cool and the second current events thing that we decided to put on this list was that yearn finance who, uh who was the victim of a flash lone uh exploit? I don't know if they're calling them exploits or just like hacks, I don't know uh x-play we'll leave it with exploit uh yeah. So in order to actually pay their users back and make everybody whole they issued.

A

uh You know they diluted the wi-fi uh market cap, so they printed, I think, 6666 poetically, and then they used uh about a thousand of them or something to uh in a maker vault, uh and they printed, I think, nine uh or just sorry generated uh nine million die against those wi-fi and they use them to kind of make, make things right with their users, and so that was really really cool.

A

It's kind of like one of the first instances of permissionless bailouts or like permissionless credit lines to other dows, um and so because of maker. You know wifi had access to to capital in a in a pretty straightforward way, which is super powerful for protecting users for for increasing confidence in the space, uh and it's gonna be a really interesting thing to see how they manage that vault into the future. How quickly they decide to pay it off if they decide to just leave it into you know, leave it as a position into perpetuity.

A

um It's going to be really interesting to see how they manage it. Yeah.

B

Yeah, I was just going to say really showcases our current, as well as future wide spectrum of customers and of of people who can can really benefit from from the platform we have here.

A

Absolutely uh and then the last uh thing in the current events was uh we actually covered it in one of the executive votes.

B

Yeah, exactly just that uh multi-sig wall being set up- and uh there are the tags- everybody that uh I believe it's a four out of five multisig, so basically for them to fund any events. They have to have at least four of four of those five parties sign off on the transfer.

A

Yeah power, diagnosis right, I think correct, yeah, yeah, sweet, yeah, really really cool uh and if you're curious what the actual 100k is for. I think it was outlined in the original thread- that's down here and just for just for uh for fun. Actually I guess it's not outlined here. It's outlined in another thread.

B

I think it might be on the actual vote. Let me pull that up.

A

Let's see, uh you might be right.

A

I remember there was a thread, so I guess maybe it's in the poll, because oh no yeah, oh yeah here, so it's in the actual pull right so uh yeah so 40k was for a quan stamp audit. uh I believe of the psn module.

A

uh The psm development was almost 12 grand and then the deployment, the gas expense was uh 1100.

A

So yeah, that's uh that's uh at least 52k of the expenses and I believe uh the rest of them are for something else specified somewhere else.

B

Yeah, I believe it's just an estimate in terms of ongoing work for um hours, for um any additional things for for the psm.

A

Yeah, basically, I guess it's discretionary uh spending at some level, but I could have sworn they put up um like a larger rundown of that 100k yeah. I should be able to find it somewhere, but I guess not not right now, uh but yeah cool yeah. That's that's it for like the three big current events that happened uh this week uh and yeah and then uh the one of the final stretches for maker relay.

A

uh It also has this really great section: uh inspired by vikshesh chowdhury's um segment on the governance and risk call called the state of the peg and, uh as you can see, uh dye is strong. um Actually I wonder yeah it's down here. uh Yeah dye is strong. We made it over 2 billion, as we mentioned, the biggest movers are wi-fi, lincoln uni and yeah. Most ball types are dominated by quite uh significantly large positions, uh and so this is what the peg looks like and it looks uh pretty good.

A

It looks like it had a tiny spike on monday here, but all in all, we are pretty damn close to the dollar compared to the earlier or sorry latter part of 2020 or maybe even like most of 2020..

A

We were slightly above peg and between adding on all the different stable coin, vault types and introducing the psm, the peg corrected, which is really really nice to see, and also the insane die supply growth that probably also contributed to the health of the peg.

B

Definitely and yeah the bsm has just been incredible: um you'll see those you know they spike right back down. You know just take someone to to harp the price back down. Yeah.

A

Yeah all right sweet. uh This is pretty cool. uh This is actually taken from that uh dune analytics uh uh dashboard that you mentioned uh how many vaults total created by how many creators yeah that's the one so peyton just linked it um all right, yeah, here's what the seven day die, volume weighted average price looks like, uh as you can see. It's a nice shaped bell curve right at a dollar, so very nice to see with volume at 1.

B

Billion, isn't that crazy.

A

Yeah that that's quite something that is, that is amazing,.

B

I mean obviously a lot of a lot of people use it for for yield farming, where it kind of just sits in a particular place, but uh clearly a lot of a lot of different uh reasons to move the diet.

A

A lot of trades happening: oh yeah, uh yeah. I love the zero zero, like you know, just take off this one right. You know I'm just putting my finger on my own screen physically and it's a dollar. It's a dollar with two zeros behind it.

A

uh Yeah super exciting uh yeah, so the eth vault collateralization ratio has a pretty big buckets. Yeah tim. Does this really great thing he's the one who mainly puts together this section every week uh and he goes into like specific vault uh facilities and he kind of looks at them a little bit deeper. uh So, as you can see like for each a uh there's, two really big buckets for 370 and 600 collateralization, which is really really good.

A

uh Here's like the liquidation wall, so you could think of the shaded, an area as dye supply, and this line just being the price at which this amount of dye gets liquidated uh and it looks like there's a big wall at sixteen hundred dollar eath uh and that corresponds to about fifty four million die that would get liquidated if that price were to be hit like right now, this instant, but of course, faults are dynamic.

A

Users have the ability to add collateral or wipe die uh as the price crashes, so you know this figure might look a little smaller uh if, if eath words approach a sixteen hundred dollar price.

B

That is neat on the d5 explorer, um maybe I'll post, that link, but it does show what um what vaults are protected by like defy saver and stuff. It's kind of in the ui thing.

A

Yeah, can you post it I'll, actually pull it up for the video recording, so people are curious. What you're talking about yeah, so I'm gonna pass through this but feel free to check out the maker relay and look at some of the stuff um yeah. He goes into link. He goes into uni and then the very last one yeah wi-fi printer go bur and whale go splash into 600, collateralized vault and I believe, if I'm not mistaken, I think that was uh that was the wi-fi team doing that one yep.

B

Definitely um suppose there's a link to d5 explorer there, just a neat tool. You can use to look at different maker, vaults and including your own. If you have one and uh if you scroll down it, actually showcases it in the top 20 there a little further see that uh green symbol in the middle there.

A

B

uh That indicates that there well it's linked up with d5 saver, um so you can assume at least hopefully some functioning autonomy. There.

A

A lot of debt, 30 million die.

B

A

At least this guy could sleep at night because he's protected by automation,.

B

A

Although, honestly in these, in this, like you know congested network high gas prices, even automation kind of scares me what happens if defy saver screws up.

B

Right or uh yeah gas prices are too heavy and they don't get through like yeah. Are you really ever safe, yeah.

A

Exactly exactly uh the tail end of maker relay um highlights some uh articles that happened this week, some videos that happened this week. This was actually another community call that happened around blockchain for humanity. A pretty interesting discussion that I didn't watch, but I should if I have time during my lunch break, but.

B

A

And then just a forum deep dive, uh it just lists uh a handful of the more uh interesting or active forum posts of the week yeah and then uh and then yeah. Our team selects a tweet of the week, uh sometimes as a joke, sometimes seriously, uh and this one we decided to highlight. Hasu, who pointed out that maker is having incredible success, uh so yeah just a bit of our our own.

A

You know scratching our own backs with twitter influencers, so yeah, that's the tweet of tweak uh and then the rest is just meanings and events that are happening. uh So that's more more informational, nothing really to talk about there.

A

B

Yeah, if I could just plug the article that's linked there, um I guess pretty exciting note that uh grayscale filed a double request for for, like an mkr, um you know basically in theory to use as the same way they have their trust for ethereum and bitcoin on on the broader stock market.

A

Yeah yeah, they they opened quite a few. They opened quite a.

A

Few, so uh what does that tell you? I don't know.

B

So nothing in particular right because, like you, can open a trust and then never do anything with it, but yeah. It does at least seem to indicate that makers on their radar right and you'd have to assume that if a dress like that incorporated, it would have tremendous by pressure on, on the mkr token, just from having another easily accessible avenue of of investing in it yeah, but obviously speculation so yeah. I just think it's exciting that the the project's getting noticed- and you know.

A

It is nice, I hope uh my tweet that I put up yesterday gets the tweet of the week next week. I I feel like it was very uh you know uh on point accurate. I don't know if I should be saying these things about my own tweets but hold on. Where is it yeah there? It is here I'll I'll show it for I'll. Show the meme magic for the uh for the community call yeah crypto twitter was so negative about maker for so long.

A

Well, all of a sudden.

B

Very very true.

A

uh But anyway, with that, I'm gonna go ahead and stop sharing uh yeah cool. It looks like we're like right on time. uh We have about three minutes left. uh Is there anything anybody in the chat would like to make sure we mention or cover or talk about and likewise peyton uh anything we missed.

B

Yeah, I'm feeling pretty good covered a lot of ground there, um always a lot going on in makers so like. If there's anything we didn't cover like. Let us know because we we'd love to cover it. um Just so many exciting projects going on, and uh you know just a really exciting community to be a part of.

A

Absolutely couldn't agree more all right with that happy tuesday, everybody- and I hope this was valuable to uh you- uh whether you were here, live or watching in the recording uh and so yeah we'll see on the next community call, which I believe, sorry that I don't already have this page pulled up, but I believe it's opolis next is that right, yeah february 23rd opolis. So uh with the core units, uh there are service providers that kind of help core units do certain things.

A

So we had accountable uh do a presentation on one of the uh collateral uh calls and and yeah, and they they basically provided a service for core units where they would receive payment from the dow on their behalf and the core unit would be able to have all their accounting handled.

A

You know payouts of people's compensation and fiat as possible. Basically, it gives core units a lot more flexibility to work with people in ways that they're used to and then likewise. Opolis is a similar type of service provider, though it is different from accountable uh and it's gonna be cool to see them on the call. Next week.

B

Yeah, I'm definitely looking forward to hearing all about that. So see you all next week.

A

Yeah see everybody next week.