What a month for MakerDAO! From Multi-Collateral Dai (MCD) and Governance updates to new partnerships and a slew of events around the globe, May began and ended with a bang. But before we dive into all of the news, here’s a look at the latest statistics from mkr.tools:
- 1,643,325 ETH locked up
- 1.5460% of the entire ETH supply is locked up in Maker smart contracts
- 81,686,528 total Dai supply
Multi-Collateral Dai Closer to Reality
On May 24, we announced the release of MCD v0.2.6 on the Kovan testnet, which covers the newest development updates within the CDP Portal, the Governance dashboard, Testchain DSS deployment scripts, and new developer guides.
If you missed Maker product coordinator Chris Bradbury’s walkthrough of the current state of our MCD CDP Portal a few weeks ago, watch it here.
Yearning for even more info about MCD? Dive into MCD 101, a complete guide on the whys and whats of Maker's smart contracts.
Finally, because we value the feedback of the Maker community and want you to be able to comment in one spot, build on each other’s ideas, and vote on what features you would like to see in the MCD/CDP portals and the Governance dashboard, we are now piloting a new way to provide design feedback. With your help, we look forward to evolving our products while maintaining the best design in the blockchain space.
Maker is now an associate founding member of the International Token Standardization Association, a nonprofit organization aimed at the development and implementation of comprehensive market standards for the identification, classification, and analysis of cryptographic tokens.
Defi-ing Tradition: Maker Leaders Talk Blockchain and DeFi at New York Blockchain Week
The Maker team was at NYBW to discuss everything from cryptocurrency market fluctuations to the Maker ecosystem. Our team members participated in seven panel discussions and 12 events and workshops. But it’s Maker’s role in inspiring decentralized finance (DeFi) that captured the attention of all. Dig into our recap of Maker presentations and events in the Big Apple.
A New Governance Onboarding Experience
On May 6, we updated the onboarding UI for the Governance dashboard to make it as easy as possible for users to understand and interact with it. The upgrade offers a new onboarding process that allows for easier set-up of voting contracts and improves the overall voting method.
Stability Fee News and Increases/Decreases through Polls and Votes
There was a lot of discussion in May about the Stability Fee. As the system grows and attracts more users, understanding of its dynamics evolves. Rune Christensen took some time to clarify three common misconceptions regarding the Stability Fee.
A series of Governance Polls and Executive Votes this month resulted in an overall stability fee increase to 17.5% (as of this writing). The month began with a 3% increase of the Stability Fee, from 16.5% to 19.5%; the month ended with the Maker Foundation Interim Risk Team placing an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 16.5%. Results of that vote will be posted next week (June). The fee changes were driven by numerous factors.
Here’s the history:
- May 3 Executive Vote: Raise the Stability Fee by 3% to a total of 19.5% per year
- May 13 Governance Poll: Stability Fee Adjustment Poll
- May 17 Executive Vote: Lower the Stability fee by 2% to a total of 17.5% per year
- May 20 Governance Poll: Stability Fee Adjustment Poll
- May 24 Executive Vote: Lower the Stability fee by 2% to a total of 17.5% per year
- May 27 Governance Poll: Stability Fee Adjustment Poll
- May 31 Executive Vote: Lower the Stability fee by 1% to a total of 16.5% per year
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.
Curious About the Maker Desk?
Our commitment to foster growth of the Dai system and rapid decentralization of MakerDAO is stronger than ever. Discover how the Maker Desk supports the Dai Protocol and the goals of the Maker Ecosystem Growth Foundation.
Collaboration and Partnership Highlights
Dai is now available on Coinbase, one of the largest cryptocurrency exchanges in the world.
We’ve partnered with Experimental, the blockchain gaming studio behind CryptoWars. By August 25, 2019, players will be able to purchase skins and other CryptoWars Marketplace assets using Dai.
Maker is helping to bring stability to charitable giving through a donation of Dai to the Social Alpha Foundation. We pledged 1010 Dai, which was raised from the proceeds of our Dappy Hour held in Sydney in April during EDCON 2019, the annual global Ethereum conference series aimed at boosting the communication and interaction of Ethereum communities worldwide. Read more.
Maker has partnered with Airtm to add Dai into its platform. Our stablecoin will help bring financial stability to individuals in regions suffering from hyperinflation. Maker is also contributing 10,000 Dai to Airtm’s Airdrop Venezuela campaign!
To leverage the power of Dai to enhance nonprofit impact and accelerate cryptocurrency adoption around the world, we’ve partnered with The Giving Block, an organization committed to building a network that brings together nonprofits and big players in the cryptocurrency space. The first nonprofit to benefit from the partnership is the Lupus Foundation.
May Events Recap
In Seoul on May 10, Maker’s Doo Wan Nam, our amazing community leader in Korea, introduced Maker to event attendees and provided a tutorial on CDPs.
On May 23, Jacek Czarnecki of our European legal team participated in a panel discussion at the Malta Blockchain Summit about the challenges of regulation. Today’s regulations have not been adjusted to the new technological reality and, therefore, often create obstacles. Also in Malta, Gustav Arentoft of our Business Development team introduced attendees to real-world blockchain partnerships and discussed financial inclusion and the power of the DeFi movement.
On the weekend of May 24, we joined UNICEF Innovate and OmiseGO at their SURGE education event and hackathon in Bangkok. Over 160 people attended and six hackathon teams were formed. The winning teams will go on to Techsauce to pitch on the blockchain stage with the support of UNICEF, OmiseGO, and local and international networks. Thousands of dollars worth of prizes were awarded through Bounties.Network. We are very proud to have been part of this initiative to tackle financial inclusion!
On June 7, Gustav Arentoft will be in Seoul, South Korea, to speak at the Blockchain Games Meetup.
The Latest Dai Integrations
- Dai has been integrated into Bleumi, Inc.’s Payment Gateway for stablecoins, which empowers businesses and merchants to accept global payments on their websites, via email, or in person.
- Maker CDP holders can now refinance through Nexo.
- Ren, a private and interoperable liquidity layer for decentralized finance, will integrate Dai as a stable payment mechanism in its fee model.
- You can now use Status, Opera, Trust, or Coindesk Dapp browsers to manage your CDPs on your mobile devices with CDP Saver.
- Through Fabr(x), a company that allows you to connect your platform to the decentralized web in less than 30 minutes, you can now integrate Dai, collateralized loans, and community governance into your application with just a few lines of code.
Learn more about MakerDAO: