Maker Update 925

I am happy to announce Maker Update 925. This is the first of a series of system updates in preparation for v900, the first release that allows dai issuance. Maker uses Kelvin versioning - versions are positive integers and count down - because the Maker system contracts will eventually become fixed.

This update contains several standalone building blocks that require minimal admin configuration.

Changes 947 -> 925:

  • Extend the MKR token systems with a supply controller, which enables future system contracts to manipulate the supply, and allows anyone to destroy the supplier's own balance. This building block, combined with the token auction variants, means we will be able to run our first buy&burn auction for MKR.

  • Create an issuer whitelist contract (separate from contract ACL infrastructure) to begin building the dai issuer whitelist. This will define the set of actors (humans and contracts) that can create CDPs during v900.

  • Deploy a vault contract which enables the entire system to manipulate tokens through a single address, which simplifies integration with tokens that require holders to be whitelisted.

  • Deploy an initial Feedbase contract, which defines a data stream standard for all oracle inputs to the Maker system. This is not a complete oracle solution and is simply the base data layer that gives us an endpoint to develop certain off-chain components around.

  • Deploy a new system registry that also acts as a proxy for Maker's ACL database. This introduces a layer of indiretion which will make authority updates much simpler, like when we upgrade to a role-based access control system.

The only root action that needs to take place is to grant the supply controller the ability to do direct balance manipulation of MKR. This action was formally approved last Sunday and will be triggered by the admin multisig this week. The rest of the changes can be configured by the deployer or will only need configuration when the CDP engine is deployed in v900.

Nikolai Mushegian

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