openskyComposable Recap 9
Stability, Security and Deep Work… The last week was dedicated to discussions of the Stability Scope. An unstable stablecoin is like yesterday’s papers. Useless. Risk management is a key element of DAI’s stability and MakerDAO is happy to have BA Labs as advisors here. Another important aspect of stability is managing and monitoring what RWA arrangers are doing. After all just two entities, Monetalis Clydesdale and BlockTower Andromeda manage the majority of MakerDAO’s RWA allocation. While t...
openskyComposable Recap 8
Igniting the future… MakerDAO co-founder Rune Christensen is now hosting weekly calls to further the development of the Governance AI Tools (GAIT). Recently all delegates and facilitators have been tasked to prepare material for the AI system to digest. https://forum.makerdao.com/t/atlas-and-gait-call-tasks-for-next-week/22458 But first, we want to ask our readers to apologise the missing edition of this newsletter. Last week saw us confronted with an endless stream of obligations both privat...
MKR AVC member. Researching all things MakerDAO. Self custody is the future.
openskyComposable Recap 9
Stability, Security and Deep Work… The last week was dedicated to discussions of the Stability Scope. An unstable stablecoin is like yesterday’s papers. Useless. Risk management is a key element of DAI’s stability and MakerDAO is happy to have BA Labs as advisors here. Another important aspect of stability is managing and monitoring what RWA arrangers are doing. After all just two entities, Monetalis Clydesdale and BlockTower Andromeda manage the majority of MakerDAO’s RWA allocation. While t...
openskyComposable Recap 8
Igniting the future… MakerDAO co-founder Rune Christensen is now hosting weekly calls to further the development of the Governance AI Tools (GAIT). Recently all delegates and facilitators have been tasked to prepare material for the AI system to digest. https://forum.makerdao.com/t/atlas-and-gait-call-tasks-for-next-week/22458 But first, we want to ask our readers to apologise the missing edition of this newsletter. Last week saw us confronted with an endless stream of obligations both privat...
MKR AVC member. Researching all things MakerDAO. Self custody is the future.
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Dashboards all around…
Due to some operational issues on our end we did not publish a newsletter last week. Instead, this week is when our tenth edition is being released.
Maker doesn’t stop! Ever. Instead both the DAI stablecoin and the many diligent contributors keep going. The last weeks have seen a slew of amazing reports that we want to showcase here.
The first is a PSM dashboard that ensures there are always more than 300M in the PSM, using Coinbase Custody and the JAT3 trust to either withdraw or deposit USDC.
Ecosystem Team has published a dashboard and Telegram alerts channel that issues instructions to the Trustee to keep the PSM at optimal levels. It’s simple, effective, and beautiful.
Steakhouse Financial released the Maker Protocol Economics Report for September.
Well worth the read the biggest takeways for us were:
20% increase in DAI demand vs Q2. The DSR is working!
A major portion of DAI is more than 1 year old. DAI is sticky
The protocol is profitable with 1.3M DAI in net profit in September
DSR holds 1.7B DAI, up ~700% from Q2
Please check out the report, it is well made and contains a wealth of information!
Also courtesy of Steakhouse Financial is the RWA report from October 2023.
Since an image is worth more than a thousand words, we want to include this dashboard.
Last month saw a slight decrease in RWA holding because Coinbase Custody withdrawals to replenish the PSM. This happened via an out-of-schedule executive. Maker is in a unique position to profit from high-interest environments. Very different than many other crypto projects that rely on cheap capital for inflows. If (or when) subDAOs unlock broad retail and insitutional adoption, this is a rocketship.
Phoenix Labs published how they will calculate the anticipated SPK airdrop. Token airdrops are one of the magical things about crypto. Spark has achieved $1.5bn in supply in less than nine month. We expect demand for their token to be high.
https://forum.makerdao.com/t/proposed-spark-pre-farming-airdrop-formula/21786
Two Aligned Delegates (Navigator and PALC) have been derecognized due to an operational breach.
https://forum.makerdao.com/t/ads-derecognition-due-to-operational-security-breach/22532
Maker is serious about operational resiliency. ADs are tightening their procedures now, thanks to guidance from governance facilitators. The bounty systems seems to have the right level of incentives for checking on AD wallets and producing on-chain evidence.
After Robin Nagpal another community member built an AI product that makes MakerDAO governance more accessible.
Reminiscent of Messari governor, users can see forum posts and sort them by engagement and divisiveness, plus getting an AI generated TL;DR.
LLMs and governance are a great match, and progress is swift.
DAI supply update
DAI lost 200M of supply since our last newsletter. We hope that the current bullish price movements will entice token holders to open vaults.
Stablecoin collateral is up, as the PSM was replenished to more sustainable levels.
Poll update
Three important polls are available for MKR holders at the portal.
All three are MIP102c2 proposals, changing scope language and furthering governance through clarifications.
Most important seems to be the clarficiation on advisory council / scope advisor engagement. And we’re proud to have KISS Q3 position document play a major role in this proposal.
https://vote.makerdao.com/polling/QmNjTZZm
Consider casting your ballot if you are an MKR holder.
Dashboards all around…
Due to some operational issues on our end we did not publish a newsletter last week. Instead, this week is when our tenth edition is being released.
Maker doesn’t stop! Ever. Instead both the DAI stablecoin and the many diligent contributors keep going. The last weeks have seen a slew of amazing reports that we want to showcase here.
The first is a PSM dashboard that ensures there are always more than 300M in the PSM, using Coinbase Custody and the JAT3 trust to either withdraw or deposit USDC.
Ecosystem Team has published a dashboard and Telegram alerts channel that issues instructions to the Trustee to keep the PSM at optimal levels. It’s simple, effective, and beautiful.
Steakhouse Financial released the Maker Protocol Economics Report for September.
Well worth the read the biggest takeways for us were:
20% increase in DAI demand vs Q2. The DSR is working!
A major portion of DAI is more than 1 year old. DAI is sticky
The protocol is profitable with 1.3M DAI in net profit in September
DSR holds 1.7B DAI, up ~700% from Q2
Please check out the report, it is well made and contains a wealth of information!
Also courtesy of Steakhouse Financial is the RWA report from October 2023.
Since an image is worth more than a thousand words, we want to include this dashboard.
Last month saw a slight decrease in RWA holding because Coinbase Custody withdrawals to replenish the PSM. This happened via an out-of-schedule executive. Maker is in a unique position to profit from high-interest environments. Very different than many other crypto projects that rely on cheap capital for inflows. If (or when) subDAOs unlock broad retail and insitutional adoption, this is a rocketship.
Phoenix Labs published how they will calculate the anticipated SPK airdrop. Token airdrops are one of the magical things about crypto. Spark has achieved $1.5bn in supply in less than nine month. We expect demand for their token to be high.
https://forum.makerdao.com/t/proposed-spark-pre-farming-airdrop-formula/21786
Two Aligned Delegates (Navigator and PALC) have been derecognized due to an operational breach.
https://forum.makerdao.com/t/ads-derecognition-due-to-operational-security-breach/22532
Maker is serious about operational resiliency. ADs are tightening their procedures now, thanks to guidance from governance facilitators. The bounty systems seems to have the right level of incentives for checking on AD wallets and producing on-chain evidence.
After Robin Nagpal another community member built an AI product that makes MakerDAO governance more accessible.
Reminiscent of Messari governor, users can see forum posts and sort them by engagement and divisiveness, plus getting an AI generated TL;DR.
LLMs and governance are a great match, and progress is swift.
DAI supply update
DAI lost 200M of supply since our last newsletter. We hope that the current bullish price movements will entice token holders to open vaults.
Stablecoin collateral is up, as the PSM was replenished to more sustainable levels.
Poll update
Three important polls are available for MKR holders at the portal.
All three are MIP102c2 proposals, changing scope language and furthering governance through clarifications.
Most important seems to be the clarficiation on advisory council / scope advisor engagement. And we’re proud to have KISS Q3 position document play a major role in this proposal.
https://vote.makerdao.com/polling/QmNjTZZm
Consider casting your ballot if you are an MKR holder.
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