Thread by @MakerDAO

gm

This is the #MakerUpDaits!

What happened within MakerDAO, the Maker Protocol, and Dai in the last two weeks?

Let's find out.

🧵

1/

Over the past two weeks, market volatility put pressure on the Maker Protocol with major stress tests.

The Dai supply decreased by 2.2 billion.

Several Maker Vaults were closed and the Protocol experienced +200 liquidation auctions of risky collateral.

2/

Specifically, the Maker Protocol executed 257 liquidation auctions during the last two weeks.

These liquidations helped the Protocol cover 28.4 million Dai in risky debt.

On top of that, the Protocol accrued 3.7 million Dai in Penalty Fees.

3/

The recent drop in Dai demand came from 3 main sources:

- Contraction of @CurveFinance 3pool.
- Reduced mining rewards for Dai on @avalancheavax.
- Largest Vault owners reduced their Dai debt positions.

More details on this excellent thread:

4/

https://twitter.com/SebVentures/status/1525081583593656321?s=20&t=VmmrGAviYuibUpfoNeCWVQ

@CurveFinance @avalancheavax However, the Dai peg is very safe, strong, and therefore, resilient to this market contraction.

There are still 2.4 billion USDC and 46 million USDP in PSM reserves.

The Maker Protocol has +$10 billion in TVL and now is the largest DeFi protocol by TVL.

5/

@CurveFinance @avalancheavax A shipment from Brisbane to Hong Kong was financed from a Maker Vault through real-world asset collateral.

The transaction was executed via @Mastercard Provenance as the payment trigger.

6/

thedefiant.io/makerdao-real-…

@CurveFinance @avalancheavax @Mastercard The last Executive Vote passed.

That means that the Maker Protocol will add WSTETH-B as a new Vault Type.

Also, Stability Fees for WBTC-A and WBTC-B will be reduced to 2.25% and 4.0% respectively.

vote.makerdao.com/executive/temp…

7/

@CurveFinance @avalancheavax @Mastercard .@AntalphaGroup, the digital asset financial services firm established by @AntPoolofficial Holding, has proposed an Institutional Maker Vault framework composed of WBTC and ETH collateral and a debt ceiling of 1 billion Dai.

forum.makerdao.com/t/signal-reque…

8/

@CurveFinance @avalancheavax @Mastercard @AntalphaGroup @AntPoolofficial The GovComms Core Unit @mkrgov released the last Monthly Governance Recap!

Take a look:

forum.makerdao.com/t/monthly-gove…

9/

@CurveFinance @avalancheavax @Mastercard @AntalphaGroup @AntPoolofficial @mkrgov The Maker Governance approved via Governance Poll the investigation of a D3M implementation for @TrueFiDAO.

106,649 MKR voted YES! This is 98% of all delegated MKR.

vote.makerdao.com/polling/QmaoZp…

10/

@CurveFinance @avalancheavax @Mastercard @AntalphaGroup @AntPoolofficial @mkrgov @TrueFiDAO sETH2 (staked ETH from @stakewise_io) was also approved by the Maker Governance via Governance Poll as a new collateral to be added to the Maker Protocol.

vote.makerdao.com/polling/QmV7zc…

11/

@CurveFinance @avalancheavax @Mastercard @AntalphaGroup @AntPoolofficial @mkrgov @TrueFiDAO @stakewise_io We have new Delegates in the Maker Governance!

Welcome!

- London Business School Blockchain Society @lbsblockchain

- Blockchain@Columbia from Columbia University @BlockchainatCU

- Governance House

12/