August was a busy month for Maker. With big announcements and partnerships introduced, the team has been hard at work bringing things to life. More importantly, the community has been deeply involved with us at every step and we’re grateful for all the feedback they have provided. Here’s a recap of the excitement and the updates thus far:
Fiat On and Off-Ramp
Maker partnered with Wyre, giving the world a quick and secure bridge to convert fiat directly into Dai. Wyre is the leading blockchain money transfer company operating a regulated global payment infrastructure.
Maker and Wyre celebrated this big partnership by throwing a hackathon together at their office in San Francisco. More info below.
Foundation Proposal Vote
In preparation for the MKR public vote on September 12th, we have posted an update of the Foundation Proposal. All MKR holders should reflect on the five core principles of Maker philosophy: Scientific Governance, Serving the Underserved, Sustainable Finance, Gradual Decentralization and the Driving of Dai Adoption.
Update on Multi-Collateral Dai
On September 17th, we will deploy the smart contract system to the Kovan Testnet, open source the code, release accompanying documentation, and make the results from the formal verification of the Multi-Collateral Dai smart contracts available.
We are eager to see Multi-Collateral Dai go live and are doing our due diligence in order to create a solid platform.
Dai Savings Rate
Starting with Multi-Collateral Dai, there will be a way to start accruing Dai just by holding it. The Dai Savings Rate (DSR) will allow a person to lock and unlock Dai into a DSR in which Dai continuously accrues, based on a global system variable called the DSR. Learn more about how DSR balances the supply and demand of Dai and will be one of the monetary policy levers that decentralized Maker Governance can control.
Hacks @ Hackathons
The unBlock hackathon in SF gave rise to some truly amazing projects leveraging Wyre and Maker’s API. Winning hacks included:
- Snowden Protocol — inspired by stories of mishandling secret information it enables two parties to agree to stake a certain amount of Dai before engaging in a sensitive conversation.
- Sky Interface — enables Dai deposits directly into someone’s bank account.
- Wrapped Dai — A smart contract that allows individuals with only Dai in their wallets to transact on the Ethereum network. This is done by delegating transaction sending to other network participants and paying them in DAI.
This came after ETH India which also wowed us with an amazing hack called InstaDapp which created one large (global) CDP with a slick UI for anyone to easily deposit collateral and withdraw Dai from!
More details coming on these and more amazing hacks + dapps on Maker.