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Oct 3 • 13 tweets • 12 min read
This is the #MakerUpdaits!

Q3 is over, and September was one of the most relevant months of the year for MakerDAO, the Maker Protocol, and DAI.

Let's see why.

🧵↓
Oracles Core Unit Facilitator @nomosparadox announced the soft launch of Chronicle 🚀

The first decentralized, community-run Oracle network.

We had a great time at @ETHWarsaw 🇵🇱

Thanks to all of you who have made it possible!

@ETHWarsaw Maker Governance voted to substantially lower Stability Fees in several vault types ↘️

ETH, WBTC, WSTETH, RENBTC, steCRV, and MANA are the collateral types included.

@ETHWarsaw The first executive vote of September also raised the WSTETH-B Debt Ceiling to 200 million ↗️

This is the only volatile-collateral vault type with a 0% Stability Fee, and the increase in its Debt Ceiling pumped the DAI minted from it to 120 million DAI!

@ETHWarsaw The Merge was implemented successfully! 🐼

We encouraged our community to read up on the implications of this historic Ethereum upgrade.

@ETHWarsaw Maker Governance voted to greenlight $GNO 🗳

That means risk, collateral, and oracle assessments will be posted soon on the Maker Forum to evaluate the actual viability of onboarding $GNO as a new collateral type in the Maker Protocol.

@ETHWarsaw @CoinSharesCo submitted MIP86: CoinShares USDC Institutional Rewards 💰

This MIP aims to invest up to 500 million USDC from the PSM in traditional financial assets with variable APY of the SOFR interest rate, payable in USDC.

↓

forum.makerdao.com/t/mip86-coinsh…
@ETHWarsaw @CoinSharesCo @CoinbaseInsto submitted MIP81: Coinbase USDC Institutional Rewards 💸

This MIP proposes to onboard ~1.6 billion of the PSM’s USDC to Coinbase Prime in order to provide up to 1.5% APY in USDC to these MakerDAO's holdings.

↓

forum.makerdao.com/t/mip81-coinba…
@ETHWarsaw @CoinSharesCo @CoinbaseInsto Following MIP81, we hosted an open call with @Coinbase CFO, Alesia Haas, addressing a set of questions from the Maker community about the @CoinbaseInsto proposal 💭

Recording here

↓

@ETHWarsaw @CoinSharesCo @CoinbaseInsto @coinbase DAI is different 🌟

Now everyone can understand why by reading this revealing article published by @banklessDAO

↓

banklesspublishing.com/dai-a-differen…
@ETHWarsaw @CoinSharesCo @CoinbaseInsto @coinbase @banklessDAO @Gemini CEO @tyler published "GUSD & MakerDAO Partnership Announcement"

The initiative aims to contribute to MakerDAO 1.25% APY for any GUSD in the PSM, as long as the average monthly balance on the last day of the month is over 100 million GUSD 🤝

↓

forum.makerdao.com/t/gusd-makerda…
@ETHWarsaw @CoinSharesCo @CoinbaseInsto @coinbase @banklessDAO @Gemini @tyler Total delegated MKR hit a new all-time high at 142.67k MKR! 📈

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More from @MakerDAO

Maker Profile picture
Oct 4
In recent months, the Maker community has seen multiple proposals pursuing initiatives to invest the stablecoins allocated in the PSM with the aim of diversifying MakerDAO's revenue streams.

What are these proposals and how are they doing?

🧵↓

1/ Image
1️⃣ MIP65: Monetalis Clydesdale: Liquid Bond Strategy & Execution

This MIP aims to onboard a real-world asset (RWA) Maker Vault with a debt ceiling of 500 million DAI that will acquire USDC via the PSM and invest them in approved bond strategies.

→ forum.makerdao.com/t/mip65-moneta…

2/
In May 2022, MKR holders and Delegates voted in favor of implementing MIP65 in a Governance Poll.

• 76,321 MKR voted for YES (71.19%)

• 16,337 MKR voted for ABSTAIN (15.24%)

• 14,552 MKR voted for NO (13.57%)

🗳 vote.makerdao.com/polling/QmXHM6…

3/ Image
Read 16 tweets
Maker Profile picture
Sep 23
DAI is different.

But not because of how it is backed or because of its peg mechanism.

It is because of the decentralized, open-source, and resilient infrastructure that sustains it.

Here are the 5 essential points to understand why DAI is a different stablecoin.

🧵↓

1/
1️⃣ Because of Maker Vaults

Maker Vaults are the lending core of Maker.

By opening a Maker Vault, users can deposit their crypto as collateral, such as ETH, and generate DAI against it as a loan.

As a result, the user created a DAI-denominated collateralized debt position.

2/
The Maker Protocol will establish specific parameters for all new vaults in order to maintain the over-collateralization of DAI at all times and thus protect its users.

This is why every Maker Vault has a yearly stability fee and minimum collateralization ratio.

3/
Read 16 tweets
Maker Profile picture
Sep 8
Once the Merge takes place, a forked Ethereum PoW chain appears to be imminent, with a non-zero chance that it will use the same chainId as the PoS chain.

What are the implications of this risk for the Maker Protocol, Dai, and MKR holders?

🧵↓

1/
The Protocol Engineering Core Unit published a document called “Maker Protocol, the Merge and Future Forks of Ethereum ” outlining the potential risks of replay attacks.

→ forum.makerdao.com/t/pecu-announc…

This thread is a summary of the most important points in this document.

↓

2/
A bit of context.

The Merge is expected to take place between Sept 14-15th.

It is an Ethereum update that will replace Proof of Work with the new Proof of Stake consensus mechanism.

3/
Read 16 tweets
Maker Profile picture
Sep 7
Maker leads both ETH and WBTC lending market shares with 45% and 42% respectively.

How are these markets distributed right now?

↓
Overall WBTC lending market closed at 247.7k WBTC in August.

Maker accrued 39.2k WBTC.

Aave, in second place, had 35.6k WBTC.

Compound is in third place with 19.4k WBTC.
Overall ETH lending market closed at 3.5 million ETH in August.

Maker led with 1.6 million ETH.

Aave had 1.1 million ETH in second place.

Compound, in third place, accrued 0.5 million ETH.
Read 4 tweets
Maker Profile picture
Sep 7
A new Executive Proposal is now live on the Maker Governance portal!

🗳 vote.makerdao.com/executive/temp…

The following changes are ready to be executed if MKR holders and Delegates support them with their vote.

↓

1/ Image
📊 MOMC Parameter Changes

The following vault parameter changes recommended by the Maker Open Market Committee - Parameter Proposal Group will be made if this executive proposal passes:

2/
↘️ Stability Fee Decreases:

• ETH-A Stability Fee from 2.25% to 1.5%.

• ETH-B Stability Fee from 3.75% to 3.0%.

• WSTETH-A Stability Fee from 2.25% to 1.5%.

• WBTC-A Stability Fee from 2.25% to 2%.

• WBTC-B Stability Fee from 3.75% to 3.5%.

3/
Read 11 tweets
Maker Profile picture
Sep 6
The Merge is approaching, and some users may be worried about what will happen after this historic Ethereum upgrade.

As a user, you don't have to take any specific action to keep your Maker Vault up and running or to hold your Dai.

Here is why.

🧵↓

1/
The Merge is an Ethereum upgrade, and the Maker Protocol will continue to work as it does today, with the same smart contract system, once the migration to Proof of Stake is complete.

This is basically because the Merge won’t affect the existing execution layer of Ethereum.

2/
The execution layer is where accounts, balances, smart contracts, and the blockchain state are.

The Merge will only replace Proof of Work with the new Proof of Stake consensus mechanism.

3/
Read 10 tweets

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