Executive Vote: Onboard USDT and PAX; Multiple Other Changes

https://blog.makerdao.com/executive-vote-september-4-2020/

The Governance Facilitators and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

Onboard USDT (Tether USD)

As per the non-standard weekly poll, USDT will be added to the Maker Protocol as a collateral type if this proposal passes. USDT will be added with the following parameters, which match those in the linked poll.

  • Risk Premium: 8%
  • Liquidation Ratio: 150%
  • Debt Ceiling: 10 million
  • Auction Lot Size: 50,000
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 Dai

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%). This means that the initial stability fee for USDT will be 6%.

The risk evaluation for USDT can be found here. The smart contracts evaluation for USDT can be found here. The oracle evaluation for USDT can be found here.

Onboard PAX (Paxos Standard)

As per the non-standard weekly poll, PAX will be added to the Maker Protocol as a collateral type if this proposal passes. PAX will be added with the following parameters, which match those in the linked poll.

  • Risk Premium: 4%
  • Liquidation Ratio: 120%
  • Debt Ceiling: 5 million
  • Auction Lot Size: 50,000
  • Minimum Bid Increment: 3%
  • Bid Duration: 6 hours
  • Max Auction Duration: 6 hours
  • Liquidation Penalty: 13%
  • Dust: 100 Dai

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%). This means that the initial stability fee for PAX will be 2%.

The risk evaluation for PAX can be found here. The smart contracts evaluation for PAX can be found here. The oracle evaluation for PAX can be found here.

Increase the WBTC-A Debt Ceiling

As per the non-standard weekly WBTC-A debt ceiling poll, the WBTC-A Debt Ceiling parameter will increase from 80 Million to 120 Million if this proposal passes.

Community discussion around this change can be found here.

Increase the Base Rate

As per the weekly Base Rate poll, the Base Rate meta-parameter will be increased from -6% to -2% if this proposal passes.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Appoint Argent as an Oracle Light Feed

As per the MIP10c15-SP5 poll that took place under the weekly cycle Argent will be appointed as an Oracle Light Feed if this proposal passes.

Argent’s light feed proposal can be found here.

Appoint MyCrypto as an Oracle Light Feed

As per the MIP10c15-SP6 poll that took place under the weekly cycle MyCrypto will be appointed as an Oracle Light Feed if this proposal passes.

MyCrypto’s light feed proposal can be found here.

Summary

Therefore, if this Executive proposal passes the following will occur:

  • USDT will be onboarded with the parameters listed above.
  • PAX will be onboarded with the parameters listed above.
  • The WBTC-A Debt Ceiling will be increased from 80 million to 120 million.
  • The Vat global line parameter will increase from 708 million to 763 million.
  • The Base Rate meta-parameter will be increased from -6% to -2%.
  • The BAT-A Stability Fee parameter will be increased from 0% to 2%.
  • The USDC-A Stability Fee parameter will be increased from 0% to 2%.
  • The USDC-B Stability Fee parameter will be increased from 44% to 48%.
  • The WBTC-A Stability Fee parameter will be increased from 0% to 2%.
  • The KNC-A Stability Fee parameter will be increased from 0% to 2%.
  • The ZRX-A Stability Fee parameter will be increased from 0% to 2%.
  • The MANA-A Stability Fee parameter will be increased from 6% to 10%.
  • Argent will be appointed as an Oracle Light Feed with the feed key 0x130431b4560Cd1d74A990AE86C337a33171FF3c6.
  • MyCrypto will be appointed as an Oracle Light Feed with the feed key 0x3cb645a8f10fb7b0721eabae958f77a878441cb9.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

Community debate on this topic can be found on the MakerDAO governance forum.

Additionally, these changes may have been discussed further in recent Governance calls. Video and Audio for these calls is available to review.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Executive Vote: Onboard USDT and PAX; Multiple Other Changes appeared first on Maker Blog.

The Maker Protocol’s Liquidations System Upgrade 1.2 Is Live

https://blog.makerdao.com/the-maker-protocols-liquidations-system-upgrade-1-2-is-live/

The Liquidations System of the Maker Protocol is a critical element designed to ensure that Dai generated in Maker Vaults remains adequately collateralized. Simply put, it’s central to helping Dai maintain its soft peg to the US Dollar.

In the aftermath of the market collapse of March 12, the community recognized a need for an upgrade to that system. As a result, Maker governance voted to make a number of changes, including risk parameter adjustments. One adjustment increased the duration of collateral auctions to 6 hours. This was done to allow Keepers more time to submit bids in the event of heavy network congestion. 

After those improvements, further changes were discussed to design and implement a more robust system that would enable the Protocol to better deal with a large volume of Vault liquidations when necessary. The complete system upgrade will continue to be released in stages.

The first stage, Liquidations 1.1, went live after a vote last month and introduced a minor upgrade. The latest update to the Maker Protocol, Liquidations 1.2, was approved by Maker governance and executed on August 31, and contains a few more improvements, including throttling the number of auctions that can be held at any given time. The final and most significant upgrade—Liquidations 2.0— will be presented to the community and presumably voted on later this year.

What follows is background on the system, the reasons for changes, and what to expect moving forward.

How Liquidations Help Maintain the Dai Peg

Dai is generated by users against their crypto collateral assets deposited into Maker Vaults on the Maker Protocol. Market supply and demand determine the price of Dai, while the decentralized governance community votes to change incentives that impact Dai supply and demand to maintain price stability. To ensure there is always enough collateral in the Protocol to cover the value of Dai generated against it, each collateral asset is assigned a Liquidation Ratio (LR) determined by Maker governance. ETH, for example, has a LR of 150%, which means that a Vault with 100 Dai debt must have at least 150 Dai worth of ETH backing it. If the value of collateral falls below its LR, the contents of the Vault are auctioned to recover the Dai for the Protocol. 

Keepers are independent actors (typically automated bots) that participate in these collateral auctions by bidding. The winning bidder receives the collateral, while a 13% liquidation penalty is added to the debt and levied on Vault owners. Any funds remaining are returned to the Vault owner. Should no funds remain in the Vault after an auction, the owner will be left only with the Dai they originally generated against their collateral.

An efficient and effective Liquidation mechanism is not only vital to maintaining Dai stability, but also to maintaining confidence in Dai—both for Vault owners and Dai users. Collateral auctions must be carried out in a timely manner, since the longer they take, the higher the risk of collateral asset prices falling further and the Protocol incurring greater debt. They must also occur within a liquid market environment, meaning enough bidders must exist to absorb the collateral being auctioned and thereby recover the full amount of Dai for the Protocol and give Vault owners the best price

The Maker Protocol Liquidations System helps ensure that Dai generated in Maker Vaults remains adequately collateralized.

Oasis.app provides users with vital information for all collateral assets available in the Maker Protocol.

Liquidations 1.2: Stopgap Improvements

In conditions of extreme price volatility, when the value of collateral falls significantly in a short interval, it’s difficult for Keepers to support the amount of assets that need to be bought at auction as a result of liquidations. Not only are there currently a small number of Keepers, but also they have limited funds at their disposal.

Liquidations 1.2 addresses the problem by limiting both the number of auctions that can occur simultaneously and the total value of collateral being auctioned at any one time. This solution allows Keepers the opportunity to recycle capital through exchanges and bid on multiple auctions. Additionally, it provides some protection for Vault owners in the event of a flash crash, since only part of their collateral will be sold. Overall, Liquidations 1.2 aims to do the following: 

  1. Ensure confidence in the Liquidation system
    •  Enable strategies that help decrease the number of liquidations
  2. Improve system efficiency
    • Maximize available liquidity for auctions
    • Liquidate collateral at the best possible price, giving the Vault owner the best outcome, recovering the full amount of Dai for the Protocol, and minimizing further downside risk for Keepers
    • Reduce the impact of mass liquidations, which put Dai stability at risk
    • Help prevent an oracle attack affecting liquidations 
    • Provide a mechanism to help protect the Protocol in unforeseen circumstances (e.g., a Black Swan event)
  3. Improve the overall liquidation ecosystem
    • Update Keeper software to improve quality (stability, reliability, availability, and security) and ensure it continues to function as required under extreme circumstances

Those and other technical details for Liquidations 1.2 can be found in the community discussions on the Maker Forum

Liquidations 2.0

Currently, there are efforts toward finalizing Liquidations 2.0, a next-level upgrade of the liquidation system, which will focus on improving efficiency and reliability, simplifying the process of auction participation with the inclusion of Dutch Auction mechanics, and enabling auction access through popular existing decentralized exchanges (DEXs) and other interfaces. Readers may follow the Forum discussions on the topic at A Liquidation System Redesign: A Pre-MIP Discussion. As the community review progresses, the Foundation, to assist with lowering knowledge barriers about the new features, will publish a blog post review on Liquidation 2.0.

Increasing Participation to Safeguard Dai Stability

The redesign of the Maker Protocol’s Liquidations system should increase community participation in collateral auctions through the mechanisms described above, thereby improving decentralization of this critical element of the Maker ecosystem while helping to maintain Dai’s peg to the dollar even during a market downturn. The updates provided by Liquidations 1.2 should improve auctions while progress is made on version 2.0.

To learn more, review the Auctions and Keeper documentation in GitHub, participate in the community discussions in the Maker Forum, or ask specific questions about collateral auctions and becoming a Keeper in Maker’s #keeper channel on rocket.chat.

The post The Maker Protocol’s Liquidations System Upgrade 1.2 Is Live appeared first on Maker Blog.

Executive Vote: Raise the ETH-A Debt Ceiling

https://blog.makerdao.com/executive-vote-september-2-2020/

The Governance Facilitators and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

Raise the ETH-A Debt Ceiling

As per the forum poll here, the ETH-A Debt Ceiling will be raised from 420 million to 540 million if this proposal passes. Note that this change has been expedited by the MakerDAO Risk Team due to the current and projected usage of the new yEarn ETH vault.

Summary

Therefore, if this Executive proposal passes the following will occur:

  • The ETH-A debt ceiling parameter will be increased from 420 million to 540 million.
  • The ETH-A debt ceiling increase will increase the Vat global line parameter from 588 million Dai to 708 million Dai. …

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

Community debate on this topic can be found on the MakerDAO governance forum.

Additionally, these changes may have been discussed further in recent Governance calls. Video and Audio for these calls is available to review.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Executive Vote: Raise the ETH-A Debt Ceiling appeared first on Maker Blog.

Making Maker: August 2020

https://blog.makerdao.com/making-maker-august-2020/

August has been almost all about the Dai debt ceiling. We saw a few increases to the ceiling in the past several weeks, beginning with a historically large increase in late July, when MKR holders voted to raise it to 568 million. Shortly after, we saw another increase to 688 million. Now, as of this writing, the Dai debt ceiling stands at 588 million, with total Dai in existence over 435 million. Those and other milestones plus an explanation of the vital role of the Dai debt ceiling were published in a blog post a couple of weeks ago (link below).

Also in August, discussions began concerning an upgrade to the Liquidation system of the Maker Protocol, and we shared the winners of the Maker Foundation’s first internal hackathon. 

A lot has happened since the last Making Maker. and it’s all here. But first, let’s look at the numbers from daistats.com as of August 31, 2020, 1:30pm  PT. 

Total Dai: 438,795,166.54 

Dai from ETH: 341,341,822.4 (77.79%)

Dai from BAT: 4,985,032.07  (1.14%)

Dai from USDC-A: 11,191,492.76  (2.55%)

Dai from WBTC: 79,314,078.56 (18.08%)

Dai from USDC B: 4,981.73 (0%)

Dai from TUSD: 0 (0%)

Dai from KNC: 181,577.53 (0.04%)

Dai from ZRX:  106,257.92 (0.02%)

Dai from MANA: 315,865.33 (0.07%)

ETH Stability Fee: 0.0%

BAT Stability Fee: 0.0%

USDC-A Stability Fee: 44.00%

WBTC Stability Fee: 0.0%

USDC-B Stability Fee: 0.00%

TUSD Stability Fee: 0.0%

KNC Stability Fee: 0.00%

ZRX Stability Fee: 0.00%

MANA Stability Fee: 6.00%

Dai Savings Rate: 0%

Dai in DSR: 188,593,477.21 (42.98%)

Vaults Opened: 13,945

Blog Round-up

The Vital Role of the Dai Debt Ceiling in the Maker Protocol

The past several weeks have proved remarkable for DeFi and the Maker ecosystem, spurring an unprecedented level of debt ceiling activity. Learn what the Dai debt ceiling is and why it’s so important to the entire Maker ecosystem.

The Top 10 Crypto and DeFi Influencers on Twitter

The crypto and DeFi influencers chosen for this list provide insightful content and inspire valuable discussions about the DeFi movement on Twitter.

Who Uses the Maker Protocol and Dai, and Why?

The Maker Protocol provides a robust set of financial tools, while Dai unlocks the value inherent in those tools. Together, they fuel a large and growing ecosystem of DeFi projects that benefits users in numerous ways.

Dai stands out in a crowd of currencies.

Ten Brief Explainer Videos About Dai and the Maker Protocol

To satisfy those who like to learn by watching, here are 10 videos that provide brief overviews of the Dai stablecoin and the smart contracts that power the Maker Protocol.

The First Maker Foundation Internal Hackathon Produces Great New Solutions for Dai

The first Maker Internal Hackathon was held in June, and what a success it was! Fourteen developer teams participated in the event, ultimately delivering hugely valuable projects focused on different areas of the Maker Protocol and ever-expanding ecosystem. 

Composability means that developers can build on the Maker Protocol to create new dapps.

Worth Repeating

Welcome to the Evolution: How DeFi is Augmenting the Global Financial System

DeFi is changing the financial services world, from the composable infrastructure of its applications to its functionality and consumer benefits, but it’s doing so through augmentation, not revolution or replacement.

You’ve Learned How to Open a Maker Vault––Now What?

The Maker Foundation’s latest video, How to Open a Maker Vault, demonstrates how easy it is to generate the Dai stablecoin. Watch:

Developer Resources

Maker Protocol Technical Documentation

Everything—everything— you need to know about the upgraded Maker Protocol now exists in (highly technical) documentation. Get your geek on!

Developer Guides

MakerDAO’s Developer Guides help anyone integrate with Maker’s smart contracts, SDKs, APIs, products, and partners. Bookmark the guides and review them anytime.

Governance Updates

Miss This? Maker Governance Review: July 2020.

Governance Polls and Executive Votes in August 

To stay current on governance, risk, and community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.

Rune Radio 

On August 12, Outlier Ventures hosted Rune for a podcast discussion titled, Beyond Defi: Decentralising Global Credit Markets. The conversation starts at the very beginning of Rune’s exploration of digital currencies. Listen here.

On August 14, Maggie Ng, Sr. Vice President and Head of Marketing at Crypto.com, hosted a live AMA with Rune, who answered all sorts of viewer questions about Dai and Maker. Watch the video below (beginning at the 14.47 mark):

On August 17, In a 10-tweet thread, Rune explained why real-world assets (RWAs) are critical to DeFi scaling and having a positive impact on the economy. He also lists some of the incredible MIP6 collateral onboarding applications for RWAs.

The Latest Integrations

It’s all about speed for bloXroute, which has integrated Dai as it brings its fast network highway to DeFi.  

Trustee Wallet has integrated Dai.

Dai can now be sent to Klaytn as KDai through Orbit Chain. Hello, #EveryDai!

Community Highlights 

Blocklords has earned a Dai grant from MakerDAO. To celebrate, limited-edition “Maker Heroes” NFTs have been designed for players of the medieval grand strategy game. Each hero brings something special to the battlefield. Community members can get them at upcoming events and via the OpenSea marketplace.  

Maker Heroes—NFTs designed for Blocklords.

Event Recaps

At the tail end of last month (too late for the last Making Maker), Greg Diprisco, the Maker Foundation’s Head of Business Development, joined representatives from other leading DeFi protocols in a Radix-hosted roundtable discussion titled, The Path to Decentralization. The panelists discussed the delicate balance of CeFi and DeFi, navigating DeFi regulations in different geographies, and more.

On August 3, Gustav Arentoft, a Maker Foundation Business Development Associate in Europe, was happy to contribute to Open World Builders’ (OWB) free virtual blockchain bootcamp by Dapper Labs. A few weeks earlier, Charles St. Louis, Maker’s Decentralized Governance Architect, took the hot seat at OWB bootcamp. Watch his presentation here.

Two days later, Gustav was back at it, speaking at the first DeFi conference streamed from Africa, DeFi Conference 2020: The Rise of Decentralized Finance. Watch him introduce Maker and discuss the DeFi space. It all starts right after the opening address:

On August 6, Maker Foundation President and COO Steven Becker spoke at the virtual Global DeFi Summit, participating in a panel discussion titled, DAO Structures and Economics: From Token Distribution to Governance. The panel, moderated by Christina Comben from Cointelegraph, also included Blake Richman of Vertalo and Corey Caplan of DeFi Money Market Foundation. Watch the conversation:

The next day, Maria Magenes, a Maker Foundation Business Development representative in Europe, hosted another virtual FriDAI brunch. This time, she welcomed Henry Doe, Head of Design at the Foundation, and Lili Feyerabend, a freelance designer. The discussion focused on the importance of providing the best UX with the right design for products and services, especially those that are new and striving to succeed in Web 3.0

Maria starts the FriDAI discussion by asking Henry and Lili icebreaker questions.

On August 11, Nadia Alvarez, a Maker Foundation Business Development Associate in South America, was a guest at the latest DeFi Africa virtual meetup. The event, hosted by Maker’s ambassador to the region Sahabia, also featured Isa Kivlighan, Head of Marketing at Aave. The conversations focused on the many benefits of DeFi.

BlockDriven Academy hosts virtual events focused on specific career paths within the blockchain space. On several occasions, representatives from the Maker Foundation have been invited to speak. Last month, Jennifer Senhaji, joined a panel to discuss her role as a member of the Foundation’s Business Development team. On August 11, Jeremy Hollister, Head of People Success at the Foundation, participated in a discussion about how to get started in the blockchain space. Finally, on August 25, Soren Peter Nielsen, Head of Product at the Foundation, joined a panel on product management.

On August 13, Jen Senhaji introduced MakerDAO to attendees of the WIP (Work in Progress) Meetup, hosted by Matt from Cent. WIP meetups aren’t just for discussions around DeFi. Members consist of artists, poets, creators, collectors, number crunchers, and gamers, who attend to share project updates. Some who attend do so through their custom-tailored avatars from exciting locations within the crypto metaverse Cryptovoxels. Interested in joining? Take a look.
 

 Screenshot of a WIP meetup in the Cryptovoxels metaverse.

On August 14, Nathan Kim, the Korea Community Lead for the Maker Foundation, spoke in-person at a DeFi event in Seoul titled, The Present and the Future of Digital Assets. Nathan talked about the growth of the Maker Protocol and recent transitions within the DeFi ecosystem. Other organizations represented at the event included Chainlink and Conflux.

 Nathan Kim presents MakerDAO to a DeFi-curious audience in Seoul.

On August 18, Charles St Louis, Decentralized Governance Architect for the Maker Foundation, concluded Southeast Asia DeFi Week with an insider’s peek into the MakerDAO governance. Watch his presentation:

The Maker Foundation and Hashed co-hosted this year’s first and largest online DeFi conference in Korea —the Korea DeFi Roadshow 2020. Over three days (August 24-26), many popular DeFi protocols including MakerDAO, Aave, Synthetix, Terra, Kyber, and bZx, shared their stories and recent accomplishments. Maker’s Nathan Kim organized the event, which drew 1,700 attendees and offered DeFi topic discussions ranging from lending and derivatives to payment and regulation.

Nathan Kim (left) organized the Korea DeFi Roadshow 2020.

On August 25, Kathleen Chu, the Maker Foundation’s Community Lead in Japan, attended the Blockchain Global Governance Conference, organized by Japan’s Financial Services Agency and Nikkei, and held in Tokyo and online. Kathleen discussed the importance of the Ethereum community and DeFi. Watch the discussion:

To stay current on Maker Community meetings, bookmark our Community Playlist on YouTube.

Upcoming Events

Sept. 1: Swedish Blockchain Association Webinar: DeFi  

Sept. 3: Bar on The Block Webinar: Scaling DeFi

Sept. 4: FriDAI Brunch #4 – Governance For Dummies (Virtual)

Sept. 15-16: Copenhagen Fintech Week 2020 (Virtual)

Sept. 25-28: Coingangs Weekend—Belek, Antalya, Turkey

Sept. 30: Stable Coins Demystified (Virtual)

Dec. 9-10: Paris Blockchain Week Summit

To see more events we sponsor, participate in, or plan to attend, head to our Events page, and bookmark it!

Reminder: If you’re organizing a small event that incorporates Maker or Dai—whether it’s a meetup, panel, talk, or workshop—we want to support you! Learn more about our global meetups and micro-grants initiative

The Maker Foundation Is Hiring!

The Maker Foundation is looking for awesome people to join our growing, hard-working, and overall badass team. Check out our open roles and reach out if you’re interested!

Learn more about MakerDAO

Website: https://makerdao.com/

Blog: https://blog.makerdao.com

Reddit: https://www.reddit.com/r/MakerDAO/

Twitter: https://twitter.com/makerdao

The post Making Maker: August 2020 appeared first on Maker Blog.

Executive Vote: Activate Liquidations 1.2, Multiple Other Changes

https://blog.makerdao.com/executive-vote-august-28-2020/

The Governance Facilitators and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

Activate Liquidations 1.2

As per the non-standard weekly poll, the Liquidations 1.2 upgrade will be activated if this proposal passes. Initially, this was planned for August 14, 2020. But was pushed back to allow additional time for testing.

Community discussion around this change can be found here and here.

Increase WBTC-A Risk Premium

As per the non-standard weekly WBTC-A risk premium poll, the WBTC-A risk premium will increase from 2% to 4% if this proposal passes.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Community discussion around this change can be found here.

Decrease USDC-A Debt Ceiling

As per the non-standard weekly USDC-A debt ceiling poll, the USDC-A Debt Ceiling parameter will decrease from 140 million to 40 million if this proposal passes.

Community discussion around this change can be found here.

Whitelist yEarn Finance on ETH/USD Oracle

As per the fast-tracked non-standard weekly oracle whitelisting poll, the yEarn Finance contract will be whitelisted on the ETH/USD oracle if this proposal passes.

Community discussion around this change can be found here.

Summary

Therefore, if this Executive passes, the following will occur:

  • The cat contract will be replaced as part of the Liquidations 1.2 upgrade.
  • The flipper contracts will be replaced for all collateral types as part of the Liquidations 1.2 upgrade.
  • The new box parameter will be initialized to 30 million Dai.
  • The new dunk parameter will be initialized to 50 thousand Dai for each collateral type.
  • The WBTC-A Risk Premium will be increased from 2% to 4%.
  • The USDC-A debt ceiling parameter will be reduced from 140 million to 40 million.
  • The USDC-A debt ceiling reduction will reduce the Vat global line from 688 million Dai to 588 million Dai.
  • yEarn Finance will be whitelisted on the ETH/USD Oracle.

Note that the increase to the WBTC-A Risk Premium has no effect on the WBTC-A stability fee at this time, due to the negative base rate.

Note that this proposal includes an Office Hours modifier that only allows spell execution between 10am to 5pm EST.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

These changes have been discussed over the last month in the Maker governance forum, please review the discussion threads linked above to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. Video and audio for these calls is available to review.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Executive Vote: Activate Liquidations 1.2, Multiple Other Changes appeared first on Maker Blog.

The First Maker Foundation Internal Hackathon Produces Great New Solutions for Dai

https://blog.makerdao.com/the-first-maker-foundation-internal-hackathon-produces-great-new-solutions-for-dai/

The first Maker Internal Hackathon was held in June, and it was a great success! A total of 14 developer teams participated in the event over two full days and an optional weekend, ultimately delivering some hugely valuable projects focused on different areas of the Maker Protocol and ever-expanding ecosystem. 

The internal hackathon provided a fantastic opportunity for Maker developers to take time out from their day-to-day work and focus on building creative new solutions for the MakerDAO project. The event was held virtually (thanks to the realities of life during the COVID-19 pandemic), and hacks did not have to be Maker- or even DeFi-related, though this was encouraged. 

Set-Up, Presentation, and Voting Categories

Hackathon teams were limited to five developers. Everyone was encouraged to work with people from outside their own Maker Foundation teams to inspire cross-team collaboration, new friendships, and foster friendly competition. 

Teams were told that should they be prepared to present projects on an All-Hands call, after which a vote would be held to choose winners in four categories:

  1. People’s Choice
  2. Best UI/UX
  3. Ecosystem Award (Best Composability/Integration with the Crypto/DeFi Ecosystem)
  4. Best Developer Tool

On the Monday after the event, eight of the 14 teams chose to present, and Maker Foundation members were given one week to consider their choices.

Maker Internal Hackathon Winners

While there was no declared theme for the hackathon, many teams created solutions that improved the decentralization of different aspects of the Maker ecosystem

People’s Choice: The Keg

Team Members: Nik Kunkel, Maker Foundation’s Head of Backend Services; Lucas Manuel, Smart Contract Developer; Philip Bain, Software Engineer; Gonzalo Balabasquer, Software Engineer.

The Keg is a decentralized payments system for MakerDAO. After complete decentralization of the DAO, it could be a vital means to pay contributors directly via the Maker Protocol, without any middlemen. The Keg is designed to do just that: Governance would vote to “brew” (cue dank beer memes), which results in Dai being “sucked” from the Surplus Buffer and then deposited to the “Keg”, which is a pool. From there, the Dai would be “poured” into a third-party address used to pay people. The Keg would also make it possible to delegate the ability to “sip” (withdraw) Dai and put it into another address for greater security, or “chug” that account to drain it entirely. 

While there’s plenty more to do before the Keg can be released, it (or something similar) is critical to the operation of a self-sustaining MakerDAO.

The Keg was a well-deserved winner, taking 59% of the People’s Choice votes and earning the team Maker Foundation-paid entry into the next Ethereum Global Hackathon.

Best UI/UX: Oasis Pay

Team Members: Krzysztof Kaczor, Software Engineer; Jakub Wlodarczyk, JS Developer; Chris Bradbury, Product Manager.

Oasis Pay is a decentralized payments system that uses a layer-2 scaling solution (one that moves transactions off-chain from the layer-1 Ethereum network) to make fast Dai transfers, easily. Despite the benefits that blockchain technology brings, cryptocurrency payments still have drawbacks, including periodic slow transfer times and high costs (thanks to gas issues), and UX hurdles due to cumbersome private key management. Oasis Pay addresses these using ZK-Rollups (special transaction bundles), making transactions faster than the Ethereum mainnet without sacrificing security. Think of it as a type of decentralized PayPal that allows fast, trustless, and safe Dai payments. The email login for Oasis Pay, with additional (third-party) authentication via Magic link, is simple and convenient, improving usability by abstracting away unnecessary steps and providing an overall more seamless experience for users. Finally, it’s even possible to lock funds in the DSR with Oasis Pay.

Oasis Pay took an impressive 72% of the Best UI/UX vote.

Ecosystem Award: ds-deed

Team Members: Brian McMichael, Software Engineer.

ds-deed is a dapp.tools-compatible NFT token implementation. Non-fungible tokens (NFTs) are used in a variety of ways within the blockchain space, including to represent unique works of digital art, in-game items, and custom rewards for specific activities. 

The “deed” in ds-deed is a reference to property deeds, as NFT’s represent an ownership claim to a digital asset in the way that a real estate deed represents ownership of a land asset.

Brian built the project from the ground up, following dapp.tools’ style syntax, semantics, and, most importantly, memes. As Dai is part of the dapp.tools suite of development tools, ds-deed will ultimately make it easier to create and use NFTs on the Ethereum blockchain—for example, as badges of recognition, or to reflect participation in votes.

ds-deed took the prize with 19% of the Ecosystem Award vote.

The entire Maker Foundation Team at Devcon5 in Japan (Oct. 2019).

Best Developer Tool: Ethereum Monkey

Team Members: Ed Noepel, Software Engineer; Marc-André Dumas, Senior Integration Engineer.

Ethereum Monkey is a JSON-RPC proxy that accepts RPC commands and forwards them to an Ethereum node (Parity) or testchain (Ganache). The tool meddles with a certain proportion of these, injecting errors, such as dropping transactions and introducing delays, to help developers ensure the code is robust before deploying it to end users. It’s inspired by Netflix’s open-source tool Chaos Monkey, which randomly terminates services within the company’s cloud infrastructure, helping engineers implement resilient services. Ethereum Monkey is designed to mimic on an Ethereum testnet the kinds of issues associated with congestion on mainnet, since public and local testnets do not replicate real-world conditions well. 

Ethereum Monkey took 56% of the Best Developer Tool vote.

The Bar Is Set, and It’s High!

The dev teams at Maker never stop working to drive the organization toward complete decentralization, and the first Maker Internal Hackathon resulted in several solutions that could eventually be adopted into the Maker ecosystem. 

If you’re inspired by the first Maker Internal Hackathon, explore building your own applications on the Maker Protocol using the many Developer Guides on Github to self-integrate Dai

The post The First Maker Foundation Internal Hackathon Produces Great New Solutions for Dai appeared first on Maker Blog.

Ten Brief Explainer Videos About Dai and the Maker Protocol

https://blog.makerdao.com/ten-brief-explainer-videos-about-dai-and-the-maker-protocol/

Dai adoption is on the rise, resulting in several increases to the Dai debt ceiling, which as of this writing is at the unprecedented level of 688 million. News of the increases has spurred fresh curiosity about Dai and the Maker Protocol. 

While some people hear of Maker through friends and relatives, many are driven to the Maker website and the Maker blog from social media platforms. Twitter, a long-time haven for crypto enthusiasts, steadily drives people to Maker pages, as does YouTube. While Twitter draws people who appreciate their info served in bite-size chunks, YouTube is a perfect match for those who prefer to digest info visually.

In honor of those who like to learn by watching, listed below (in no particular order) are 10 videos* that provide brief overviews of the Dai stablecoin and the smart contracts that power the Maker Protocol.

Some of the videos are explainers created by the Maker Foundation, while others were published independently by Dai and Maker enthusiasts and members of the wider crypto community. Most are no more than a few minutes long.

What the Heck Is Dai, Anyway?

  1. What Is Dai?

Kris Merkel from Exodus Wallet provides a short summary of Dai and why it’s so useful. In less than two minutes, he explains how smart contracts and crypto collateral assets are used to generate Dai, and what people do with the Dai they acquire. Dai is integrated into the Exodus Wallet, so users can start exchanging other crypto tokens for Dai easily.  

  1. DAI Review: Why It’s The BEST Stablecoin!

This beautifully clear video, created in March by Guy at CoinBureau, focuses entirely on the Dai stablecoin. He discusses what a stablecoin is and the difference between centralized and decentralized versions, how smart contracts support decentralization and Maker governance, how Dai maintains its soft peg to the US Dollar to mitigate volatility, and what he thinks the future holds for Dai. It’s a must-watch.

  1. What Will Make Crypto and Blockchain More Relevant?

As a decentralized stablecoin, Dai is transparent and auditable. It is also open-source, borderless, and composable. In this video, the Maker Foundation’s CEO and a founder of the Maker project, Rune Christensen, explains to Bloomberg’s Paul Allen what these traits mean for increased Dai adoption around the globe, and how the many benefits of Dai allow users to transact in efficient and trustless ways.

Getting and Storing Dai

  1. How to Buy Dai on ChangeNOW.io

There are several ways to obtain Dai. Many first-time users head to a simple-to-use exchange, such as Coinbase, to buy Dai with dollars or another fiat currency. ChangeNOW.io is another “beginner-friendly” service that enables people to buy Dai using Visa, Mastercard, or another crypto. As a non-custodial, instant exchange, ChangeNOW bundles purchase and withdrawal together, so it doesn’t hold customer funds for any longer than it takes to complete the transaction. After entering the amount and type of crypto desired for purchase, and receiving a quote, a user simply sends funds to ChangeNOW, and Dai is sent straight to their designated Ethereum address, typically within two minutes.

  1. MetaMask Tutorial 2020: How to Use & Setup MetaMask

No matter where you get your Dai, you’ll need a wallet in which to store it safely. While there are many options, including desktop and mobile Ethereum wallets, which are great when using Dai on the go, a popular choice is MetaMask. This browser plug-in enables users to send and receive ETH, Dai, and other ERC20 tokens. It also interacts smoothly with partner websites and dapps within the Maker ecosystem. This video, created by Every Bit Helps, offers a step-by-step walkthrough of the Metamask installation and setup process.

Generating, Saving, and Trading Dai through the Oasis Hub

  1. How to Open a Maker Vault

While some Dai users prefer to purchase Dai from an exchange, plenty of others enjoy generating their own. Every Dai in existence was generated against collateral assets placed in a Maker Vault. This video, created by the Maker Foundation, shows how it’s done using the Oasis.app decentralized platform.

  1. How to Earn Savings with Dai

This Maker Foundation video tutorial provides a clear overview of how to use Oasis.app to earn on the Dai you hold. You’ll need to connect a wallet, such as Metamask, and then choose the amount of Dai you would like to deposit into the Dai Savings Rate (DSR) contract. There is no deposit limit, and you can withdraw your funds at any time!  

  1. Trade, Borrow, and Save DAI Using Oasis

Every day, people all over the world trade billions of dollars worth of crypto. Much of this trading takes place against stablecoins, such as Dai, that allow users to access a store of value more stable than volatile cryptocurrencies. Many Dai users prefer to manage their Dai on the Oasis platform. This video, a step-by-step guide to using Oasis Trade, Oasis Borrow, and Oasis Save, not only provides a detailed walkthrough of trading Dai against other digital assets on the platform, but also plenty of information about Maker Vaults and the Dai Savings Rate.

Smart Contracts and DeFi

  1. Smart Contracts: Smart, But Not Contracts

The Maker Protocol’s smart contracts are the topic of this video in which Greg Diprisco, the Maker Foundation’s Head of Business Development, is interviewed by Galaxy Digital Trading’s Yoshi Nakamura. Greg explains how smart contracts power the Protocol and why they are vital in building a trustless infrastructure: They enable the Maker Protocol to cut out middlemen and create a powerful and efficient financial system for the future.

  1. Maker Pitches DeFi to the Masses at CES 2020

One term you’ll come across in the context of the Maker Protocol, and increasingly in the broader blockchain sector, is Decentralized Finance, or DeFi. In this interview, conducted by CoinDesk’s Brady Dale at the Consumer Electronics Show in Las Vegas in January, the Maker Foundation’s COO Steven Becker explains how DeFi offers users greater transparency, efficiency, and control over their own money, and how the Maker Protocol and Dai fit into this new landscape of global financial services.

Bonus Video

Living on DeFi by Mariano Conti

While the 10 videos above collectively cover the basics of Dai and the Maker Protocol, this video describes the moment of truth—how it’s possible to actually live on Dai. Mariano Conti, former Head of Smart Contracts for the Maker Foundation and a well-known personality in the Ethereum community, lives in Argentina, where the local currency has collapsed. In this video, taped last year at Devcon5 in Japan, he discusses how he’s survived his country’s hyperinflation and capital controls, the effect getting paid in Dai has had on his life, and why the stablecoin has become a favorite cryptocurrency in other Latin American countries.  

All You Need To Know About Dai

The Maker Foundation publishes educational and informative content on the Maker blog and its social media channels. The MakerDAO Forum is a major hub of grassroots community-written materials and activity, and the starting point for most Maker governance discussions. To stay updated on Maker videos, follow the MakerDAO Vimeo channel and subscribe to the MakerDAO YouTube channel.

*The views and opinions expressed by the content creators and Maker Foundation employees in the videos shown above do not purport to reflect the views or opinions of the Maker Foundation or its affiliates.

The post Ten Brief Explainer Videos About Dai and the Maker Protocol appeared first on Maker Blog.

Executive Vote: Approve August 2020 Governance Cycle Bundle

https://blog.makerdao.com/executive-vote-approve-august-2020-governance-cycle-bundle/

The Governance Facilitators and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

August 2020 Governance Cycle Bundle

As per MIP3: Governance Cycle, this bundle consists of the proposals that have met the prior requirements to be included in the monthly MIPs executive. These proposals are as follows:

Maker Improvement Proposals
None present.

Sub-Proposals

Summary

Therefore, if this Executive passes, the following will occur:

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

These changes have been discussed over the last month in the Maker governance forum, please review the discussion threads linked above to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. Video and Audio for these calls is available to review.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Executive Vote: Approve August 2020 Governance Cycle Bundle appeared first on Maker Blog.

The Vital Role of the Dai Debt Ceiling in the Maker Protocol

https://blog.makerdao.com/https-blog-makerdao-com-the-vital-role-of-the-dai-debt-ceiling-in-the-maker-protocol/

On August 19, after an expedited vote, Maker governance passed a proposal to raise the ETH debt ceiling to 420 million Dai (from 340 million). When MKR holders vote to increase the debt ceiling of an asset accepted as collateral in the Maker Protocol, the Dai debt ceiling increases as a result. Therefore, the Dai debt ceiling now stands at 688,000,000, with total Dai in existence at over 432 million.

These debt ceiling increases are just those most recently approved as a result of a rapid rise in demand for the Dai stablecoin since the beginning of July, and the total debt increment resulting from accrued fees. Naturally, such big changes to Maker Protocol parameters spur curiosity from the broader crypto community and others interested in the decentralized finance (DeFi) ecosystem. They have questions about the Dai debt ceiling and want to know more about the vital roles that asset debt ceilings play in the Protocol, and how they are adjusted. This post serves to quell that curiosity. 

Before moving on to a list of the most frequently asked questions, here’s a review of what led to the most recent Dai debt ceiling increase.

Everything you need to know about the Dai debt ceiling.
Dai is the world’s first unbiased currency.

Background to the Rising Dai Debt Ceiling

The past several weeks have proved remarkable for DeFi and the Maker ecosystem. In July alone, Total Value Locked (TVL) in DeFi dapps more than doubled to slightly over $4 billion (as of this writing, the total is $6.66 billion). Meanwhile, demand for Dai also increased.

Intense demand for Dai on the open market has challenged the integrity of its soft peg to the US Dollar. Since the price of Dai is a function of supply and demand, Maker governance addressed the issue by holding a series of executive votes to raise the debt ceilings of various collateral assets accepted by the Protocol, including the most recent vote regarding ETH.  

Below is a review of the recent and unprecedented level of debt ceiling activity, followed by a list of Dai-generation milestones since just before the launch of Multi-Collateral Dai (MCD) in late November 2019.  

Debt Ceiling Activity

A historically large increase in the Dai debt ceiling occurred on July 29, when MKR holders voted to raise it to 568 million. This number represents the sum of the following collateral asset debt ceiling increases:

  • ETH from 260 to 340 million.
  • USDC-A from 80 to 140 million.
  • USDC-B from 10 to 30 million.
  • wBTC from 20 to 40 million.
  • BAT from 3 to 5 million.

On August 7, MKR holders voted to raise the wBTC debt ceiling further, from 40 to 80 million Dai. 

Most recently, on August 19, the ETH debt ceiling was again raised, this time from 340 million to 420 million, resulting in the current total of 688 million.  

Dai-generation Milestones 

The amount of Dai generated has grown exponentially in a short period of time. For instance, Single-Collateral Dai (SCD) took nearly 23 months from launch to hit the 100 million mark. However, since MCD launched in November 2019, it reached major milestones even more quickly: 

  • 200 million MCD: July 17, 2020 (8 months)
  • 300 million MCD: July 29, 2020 (12 days)
  • 400 million MCD: August 10 (12 days)

FAQs About the Maker Protocol Debt Ceiling

1. What is the Dai debt ceiling?

The Maker Protocol includes limits to the amount of Dai that can be generated against different collateral assets (e.g., ETH, BAT, USDC, etc.). Each asset has its own debt ceiling. The Dai debt ceiling is simply the sum of the debt ceilings of all collateral assets accepted. All of these figures can be found at Daistats.com.

2. Who sets the debt ceilings of collateral assets? 

Only holders of MKR, Maker’s governance token, can vote to change debt ceilings. Voters consider several factors, including the demand for Dai and the various risks associated with different assets. Decisions to hold votes are made after discussions are had on the weekly Maker Governance calls and in the Maker Forum. All voting is held transparently on the blockchain.

Collateral types are allocated their debt ceilings to help maintain the Dai peg and keep overall risk low as possible. Almost any asset can be added as a collateral type, as long as the appropriate risk parameters—debt ceiling and Liquidation Ratio—are set. The exposure of the system to the collateral assets are fine-tuned based on the risk assessment model. In simple terms, an asset that is deemed 10 times riskier than another would have a correspondingly lower debt ceiling (one-tenth of that of the less risky token).

3. Why Is the Dai debt ceiling necessary?

The role of the debt ceiling is to help manage risk within the Protocol. By balancing the proportion of total Dai that can be generated against the different collateral assets, the risk associated with each asset is limited. Allowing unlimited Dai generation would mean unlimited and unbalanced risk. For example, if users were allowed to generate a large proportion of Dai against an asset deemed relatively more risky than others, it would introduce an unacceptable amount of risk to the system as a whole.

4. What impact does the debt ceiling have on the Dai peg?

Maker Governance depends on risk parameters and Instruments within the Maker Protocol to help maintain Dai’s soft peg to the US Dollar, including the Dai and collateral asset debt ceilings, Stability Fee (the variable rate fee associated with Maker Vaults), and the Dai Savings Rate. Increasing or decreasing each of these variables independently or in combination influences overall supply and demand for Dai, which must be adequately balanced to sustain the peg:

  • Increasing the Stability Fee (SF) makes it more expensive to generate Dai. Vault owners purchase Dai to pay back tokens they have generated and decrease their ongoing expenses—increasing the price of Dai on the open market. 
  • Decreasing the SF makes it cheaper to generate Dai, resulting in more Dai being available on the open market and reducing demand from Vault owners—thereby decreasing the price of Dai. 
  • Increasing the Dai Savings Rate (DSR) prompts more users to lock Dai in the DSR, decreasing available supply and increasing the price on the open market.
  • Decreasing the DSR makes it less attractive for users to lock Dai in the DSR, leading to more Dai being released to the open market and reducing the price. 
  • Increasing the Dai debt ceiling. When the Stability Fee and DSR are low, and existing Dai is close to the debt ceiling, raising the debt ceiling is one of the few options left for increasing available supply to reduce the price of Dai.
  • Decreasing the debt ceiling reduces the potential supply of Dai, making it more likely the DC will be hit and increasing prices on the open market.

5. Can the amount of Dai debt generated from an asset be more than the debt ceiling for that asset?

Yes. Due to Stability Fees charged to Maker Vault holders, Dai debt can rise above an asset’s debt ceiling. Simply put, the Stability Fee continuously accrues, increasing the amount of Dai debt owed until it’s paid down. 

How the amount of Dai generated against an asset can be higher than the debt ceiling.
An example of how the amount of Dai generated against an asset can be higher than the debt ceiling, due to fees charged on Vaults.

6. What happens when the debt ceiling of a collateral type is reached? 

When the debt ceiling for a collateral asset is reached, no more Dai can be generated against that asset. A user would have to generate Dai against another asset, or buy Dai on the open market, which can contribute to it being pushed above its $1 peg.

No user is allowed to generate Dai in excess of the debt ceiling.
The Maker Protocol will not allow users to generate Dai in excess of the debt ceiling.

7. What happens when the Dai debt ceiling is reached?

The Dai debt ceiling caps the amount of Dai that can be generated against ANY collateral type. When the Dai debt ceiling is reached, the ONLY way to acquire Dai is to purchase it on the open market, which can contribute to it being pushed above its $1 peg.

Learn More About MakerDAO’s Decentralized Governance

The Dai peg is maintained through the Maker Protocol by a system of smart contracts and decentralized price feeds, with the debt ceilings and risk parameters for different collateral assets determined through a process of community-based governance. Read the Maker Protocol white paper for details.

Anyone can participate in Maker governance by getting involved in discussions on the Maker Forum and joining the weekly Maker governance calls.

The post The Vital Role of the Dai Debt Ceiling in the Maker Protocol appeared first on Maker Blog.

Executive Vote: Increase the Base Rate

https://blog.makerdao.com/executive-vote-increase-the-base-rate/

The Governance Facilitators and the Maker Foundation Smart Contracts Team have placed an Executive Vote into the voting system which will enable the community to approve the following alterations to the protocol.

Increase the Base Rate

As per the recent poll prompted by the MakerDAO Risk Team located here, this proposal asks whether the Base Rate meta-parameter will be increased from -6% to -4%.

Stability Fees are calculated from the Base Rate and Risk Premiums using the formula Stability Fee = max(Base Rate + Risk Premium, 0%)Please note that a negative Base Rate does NOT imply negative Stability Fees.

Summary

Therefore, if this Executive proposal passes the following will occur:

  • The Base Rate meta-parameter will be increased from -6% to -4%.
  • The USDC-B Stability Fee parameter will be increased from 44% to 46%.
  • The MANA-A Stability Fee parameter will be increased from 6% to 8%.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

Community debate on this issue can be found here. Please review this thread to inform your position before voting.

Additionally, these changes may have been discussed further in recent Governance calls. Video and Audio for these calls is available to review.

Action

Voting for this proposal will place your MKR in support of implementing the changes outlined above.


Resources

If you are new to voting in the Maker Protocol, please see the voter onboarding guide to learn how to use this dashboard and set up your wallet to vote.

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

The post Executive Vote: Increase the Base Rate appeared first on Maker Blog.