Making Maker: July 2019

July 31, 2019

July sizzled on the global temp front and here at the Maker Foundation. The month brought a few hot and long-awaited Multi-Collateral Dai (MCD) updates, including a collateral onboarding guide and a generous bug bounty announcement, as well as very cool partnership news, exciting new integrations, and more. But before we get into the roundup, let’s take a look at the most current statistics from

  • 1,379,211 ETH locked up
  • 1.2874% of the entire ETH supply is locked up in Maker smart contracts
  • 77,376,232 total Dai supply

MCD Updates

Collateral Onboarding Guide: How to Nominate Tokens for MCD

On July 9, we introduced the Collateral Onboarding Guide, which offers helpful information for any community member or token provider looking to suggest their favorite collateral types for inclusion in MCD. It also guides independent risk teams that want to make risk parameters for new collateral types. Remember, we need you to be engaged now more than ever!

Introduction to Auctions and Keepers in Multi-Collateral Dai

Whether you’re an MKR holder that actively participates in the governance of the system, someone interested in opening a Collateralized Debt Position (CDP), a Dai user that depends on the stability of the system, or a blockchain enthusiast that wants to contribute to Maker’s decentralized system, you’ll appreciate this overview of how Auctions and Keepers work to maintain system balance.

MCD Bug Bounty Announcement and Security Roadmap Update

The Maker Foundation has always been committed to the highest security standards, and that won’t change with the release of MCD. On July 24, we provided an overview of the security roadmap that our teams are working on in the run-up to launch, including an extensive bug bounty program with awards of up to $50,000 for critical issues.

In Case You Missed It

In late June, we revealed the MCD collateral types that MKR voters can select to evaluate first, as well as a list of critical milestones that must be achieved before MCD goes live. 

The seven initial MCD collateral types.

New Interviews with Rune

Worth Every Second

In what might be one of his best (and longest) interviews ever, Rune talked to Sunny Aggarwal and Friederike Ernst of the Epicenter Podcast about the origins of MakerDAO and Dai, Governance and MKR holders, what’s next with MCD, the Dai Savings Rate, and more. Watch MakerDAO – The Central Bank of Web 3.0

Rune on BBOD Talk

Early in the month, Rune spoke to Hannah Lee, PR and Marketing Assistant at Blockchain Board of Derivatives about how Dai works, its main competitive advantages, and future plans for MakerDAO. Take a look:

Watch the interview

Governance Updates

A series of Governance Polls and Executive Votes this month resulted in an overall stability fee increase to 20.5%, up 4% from 16.5% at the end of June. Numerous factors drove the fee changes.

Here’s the polling and voting history:

To stay current on Governance, Risk, and Community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.

Community Highlights

New Yorkers can now buy, sell, convert, send, receive, or store Dai on Coinbase and Coinbase apps.  

To stay current on Maker Community meeting, bookmark our Community Playlist on Youtube.

Collaboration and Partnership Highlights

We’ve partnered with Celer Network to bring Dai to a leading blockchain layer-two scaling platform. CelerX users will soon be able to use Dai to send instant micropayments and play blockchain eSport games with zero blockchain transaction fees.  

Brooklyn-based Fluidity has proposed a new model called Tokenized Asset Portfolio (TAP), which would allow real-world assets to be pledged as collateral in decentralized finance. See what this would mean for Dai and MCD.

We’ve joined the disclosure platform! The platform enhances transparency in the crypto market by providing comprehensive and accurate information to exchanges and corporations.

Photo courtesy of Xangle.

Upcoming Events

Our own Mariano Conti, Head of Smart Contracts, will discuss the current state of DAOs—what's working, what’s not, milestones, challenges, and more at the Web3 Summit in Berlin, August 19-21. 

Join Nik Kunkel, our Head of Backend Services, in San Francisco on August 22 at Meter Up: The State of Decentralized Finance, 2-6pm at Starfish Mission. Nik will give the keynote address, which will focus on demand generation for DAI and synthetic assets.

Photo courtesy of Meter

Maker’s European Business Development rep Gustav Arentoft will be in Berlin at The Misfit Economy: Conversations on DeFi conference to present Unlocking Value in Decentralized Finance on August 22.

To stay current on events we sponsor, participate in, or plan to attend, bookmark our Events page.

Reminder: If you’re organizing a small event that incorporates Maker or Dai—whether it's a meetup, panel, talk, workshop, or all of the above— we want to support you! Learn more about our global meetups and micro-grants initiative

The Latest Dai Integrations

Scroll, a management and security company offering a suite of software solutions that run on blockchain technology, has integrated DAI into its enterprise supply chain product, Aster.  

Akropolis sees Dai as critical to its mission to create safeguards against inflation and economic crises through technology. 

Dai has been integrated into the Everex Wallet, helping Maker expand into Southeast Asia.

The Tokamak Network, a protocol that can easily create a plasma chain that focuses on scalability and security, is now using Dai. This collaboration will help improve the blockchain environment, so that Dai can be used more freely.

The LYZE decentralized investment data analytics platform now includes on-chain data for Dai,  

Photo courtesy of Lyze

Dai is the first token supported on Plasma Enabled Matic sidechains!  MaticNetwork brings quick and inexpensive transactions, making it great for gaming, payments, and DEXes.  

Incento, a Venmo-like payment app that bridges the gap between real-world finance and crypto, now leverages Dai, allowing us to continue to help usher in a world where crypto-based payments will become mainstream!

Argent has integrated the Maker CDP Portal into its all-mobile smart wallet. Speed never fails to impress

T-Shirt Ideas Wanted from the Maker Japanese Community

We’d love to showcase Maker t-shirts with a Japanese phrase that includes the word “Dai.” Got an idea? If so, tweet it now to  #DAIsuki and @makerdao

The Maker Foundation Is Hiring!

The Maker Foundation is looking for awesome people to join our growing, hard-working, and overall badass team. Check out our open roles and reach out if you’re interested!

Learn more about MakerDAO:




July 31, 2019