MakerDAO Maker Relay, 13 Jan 2021

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From YouTube: Voices of MKR Relay Ep. 27

Description

"Hey everyone, thanks for checking out the brand-new audio version of Maker Relay.

Whether you hold Maker (MKR) or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for updates on Maker governance. Let's jump right into it.

Forum: https://forum.makerdao.com
Rocket.Chat: https://chat.makerdao.com
Voting Portal: https://Vote.MakerDAO.com

Maker Relay (written version): https://forum.makerdao.com/t/maker-relay-ep-27-happy-2021/6016

Learn more about the Maker protocol: https://docs.makerdao.com

Check our Governance Tools Resource: https://community-development.makerdao.com/governance/governance-tools

Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for informative and for communications purposes only.

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Hey everyone, thanks for checking out the brand new audio version of maker relay whether you hold maker, die own a vault or want to get more involved in maker dow. This is your one stop shop for updates on maker governance, let's jump into it.

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Normally we would start with executive votes, but this week there aren't any active executive votes. So we'll start with governance polls. We've got seven governance polls this week to vote on, and to do so, you can head over to the voting portal at vote.makerdow.com.

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Some of the polls use instant runoff voting, which allows you to select multiple options and then the system will rank the choices according to which options receive the most votes. Others only allow you to make a single choice: whichever option gets, the most votes is considered the winner.

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So first up we've got a rates proposal, which is a poll on the stability fees that vault holders agree to pay in order to close their vaults. If the votes for yes exceed the votes for no, then the stability fees for the ether, a and b vaults, will increase and fees for the rap bitcoin. A yfia ave, a and mana a vaults will decrease.

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If passed, these stability fee changes will be included in the weekly executive vote on the friday. Following the conclusion of this poll. Next up, we have a proposal to whitelist gnosis on multiple oracles and a proposal to whitelist set proposal on multiple medianizers.

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If passed, these proposals will go to an executive vote.

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There's also a proposal to add liquidity provider, tokens from the bitcoin ether pool on uniswap version 2 as a collateral type, the application risk evaluation, smart contract and oracle evaluations are all available in the forum and the written version of the relay linked in the description below.

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After that, we have a poll to investigate the implementation of a rap bitcoin b, vault type, with a lower liquidation ratio than the rap bitcoin a vault. The intention there is to create a wrap bitcoin fault type, with parameters similar to the ethereum b, vault type that was implemented back in october of last year.

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Next up, there's a poll to adjust the system surplus buffer, currently set to 4 million die. If that proposal goes through, the buffer will increase to 10 million die.

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Finally, we have a poll to adjust the flap auction parameters also referred to as surplus auctions. The flap auction involves the maker protocol selling a fixed amount of dye in the system for mkr. That's then burned to reduce the total supply of mkr.

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The suggested changes are to increase the minimum bid increase, also known as the bag for flap auctions from two to four percent and increase the bid duration for the auctions from 30 to 60 minutes.

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Next up we'll cover maker improvement proposal, inclusion polls, these polls close on january 14th at 1600 utc. First up, we've got mip 29, which proposes the implementation of the peg stability module.

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The psm acts as a special vault, which is attached to a permissionless collateral type with a hundred percent collateralization ratio and a zero percent stability fee instead of crediting gems to the supplier of the tokens.

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This pulls them together and takes out a debt position at a hundred percent collateralization ratio issuing the newly minted erc20 die to the person who supplied the collateral.

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Next up, we've got mip 30, which implements a usdc collateral type, which would allow a vault user to benefit from comp farming rewards. There are five sub proposals up for inclusion. The first sub proposal is to onboard sebastian darvo to the risk domain. Team second is to onboard sam mcpherson to the smart contracts domain team.

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Third will onboard one to the operational support domain. Team fourth is to pursue the development of the governance, communications domain team and, last but not least, there's a sub proposal to cover the maker protocol using the nexus mutual implementation.

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So this will include a purchase of tranches using die in order to ensure bad debt within given parameters.

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uh This sub proposal will also enact a working group called the maker protocol cover group in order to review the changes claims made by nexus strategies and pricing thresholds for more information. Please check the links in the description make a relay skip the final week of the year due to the holidays. So this week we'll cover the last couple of weeks in governance votes the usdc peg stability module was activated on december 28 2020 at 1401 utc.

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This vote added the pexability module usdc a vault type and increase the global line parameter by 3 million, die the ether, a usdca and pexability module usdca debt ceilings. Executive vote was passed on january 5th and executed on january 7th at 7 36 utc, which means the ether ether. A debt ceiling has increased from 590 to 740 million. The usdca debt ceiling has increased from 485 to 555 million.

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The peg stability module usdca debt ceiling has increased from 3 to 30 million, and the global debt ceiling has increased by 247.

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The maker improvement proposal framework provides a process for maker governance to change the protocol as needed. Proposals in this request for comments phase include 26, which proposes dss gov, a governance contract redesign, which defines this contract replacement for a ds chief, which comes with improved security, usability and functionality for holders of the maker governance. Token mip 31 proposes the development of an active reserve, automated market maker, which is a technical proposal for an active reserve based on the uniswap version.

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2 contract mib 32 proposes the peg stability module for a compound mixed exposure, which provides an extension for the peg stability module that allows it to leverage usdc using cdi.

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It also converts usdc to cusd using the same joint adapter.

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Mip 34 is a keg streaming payments module which provides smart contract implementation of a streaming payment system for maker sub proposals in the request for comments, phase include a mip to onboard a new collateral type, backed by b protocol.

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This is a declaration of intent.

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Next up we'll cover updates from the domain teams. The smart contract domain team is putting mip 21 real world assets for off chain asset, backed lenders into covan this week. There's an ex there will be an executive vote coming up on that shortly.

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The team will be setting focus on mip, 14, 25 and 30 next, because the end of 2020 was so aggressive and we lost some smart contract engineers we'll need to pace ourselves and train up more people to have four collateral types. A month, one mip and a set of community initiatives.

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Sam is working on the user interface for the peg stability module and has a list of outstanding tasks for making the peg stability module more robust, which includes creating documentation, getting rid of the old collateral types and liquidating the old collateral types into the pexability module.

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The risk domain team is current, is working on finishing the collateral risk evaluation for tbtc in compound usdc and those evaluations will be posted in the forum soon and andy is working on refreshing. The risk assessment of the maker portfolio and real and the real world assets team is searching for lawyers and legal counsel in the interest of progressing with due diligence, the oracle's team has 17 white listing proposals in the backlog with 10 planned to be whitelisted this week.

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The team has also begun work on the real world assets oracle and has decided to make liquidity provision tokens the focus for collateral onboarding going forward. The team is awaiting a formal audit before raising debt ceilings on these liquidity provider. Tokens next up, we'll talk about state of the peg dye, is currently looking quite stable in the face of volatility from the recent bull market, the dye supply is crawling closer to 1.5 billion in outstanding die with ethereum outpacing.

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All the other collateral types, the largest ether collateralization bucket, is sitting at 390 percent with liquidation walls when ether hits 787 dollar price target. The largest pools outside of compound curve and uni swap account for 45 percent of protocol lock die.

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That's all for our first audio edition of maker relay. Please, post in the forum, take our survey or join us in the community development chat to. Let us know what you like to see check out the links in the description for more information and thanks for listening.

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