November has been a history-making month for MakerDAO and everyone in the Maker community. Multi-Collateral Dai (MCD) launched as expected on November 18, and set the stage for an era of decentralized finance.
As Maker Foundation CEO Rune Christensen noted on launch day, the release was only possible thanks to a global effort. “MCD literally could not have happened without the support and input of so many community members. Thank you, all.”
There’s plenty to cover, given the good news, but let’s first look at the impressive MCD numbers from Daistats.com.
Total Dai: 20,678,449.9
Dai from ETH: 19,748,184.87 (95.5%)
Dai from BAT: 695,674.2 (3.36%)
Dai in DSR: 4,178,344.33 (20.21%)
Vaults Opened: 1653
MKR in Burner: 5,811.49
MCD: Currency Re-imagined for the World
Currency Re-imagined for the World
The launch of MCD means that anyone, anywhere can now upgrade their Sai to Dai through the Migration Portal.
Also on November 18, Oasis Borrow and Oasis Save were released. Both are easily accessible through the Oasis DeFi hub. Oasis Borrow is the interface through which users may access the Maker Protocol and secure their collateral assets (ETH and BAT, currently) in Vaults to generate Dai. Oasis Save is the interface through which users access the Maker Protocol and use the Dai Savings Rate to earn savings on locked Dai.
Today, Dai holders everywhere can better power their journeys to financial inclusion by taking advantage of a new feature implemented directly in the Maker Protocol: the Dai Savings Rate (DSR). The DSR allows Dai holders to earn savings automatically and natively by locking their Dai into the DSR contract. DSR also presents new opportunities to cryptocurrency traders, startups, and established businesses to increase the return on their DAI holdings and operating DAI capital.
To ensure a smooth upgrade from Single-Collateral Dai (Sai) to Multi-Collateral Dai (Dai) for all users, partners, and organizations, an Upgrade Timeline has been created. It includes the actions specific community members and Maker Protocol users need to take, and when they need to take them.
List of Partners That Currently Support MCD
Airswap / Fluidity
New Maker Protocol Technical Documentation
Everything—everything— you need to know about the upgraded Maker Protocol now exists in new (highly technical) documentation. A more reader-friendly MCD white paper will be released soon.
With the launch of MCD comes new Dai branding. The new Dai logo is memorable, powerful in its simplicity, and likely to attract new users. The Maker Foundation and the broader MakerDAO community are confident that Dai can sit alongside the other major currencies of the world.
A series of Governance Polls and Executive Votes this month resulted in an overall stability fee decrease to 4% from 5.5% at the end of October. Numerous factors drove the fee changes.
Here’s the polling and voting history:
- Nov. 27: Executive Vote: Replace Debt Auction contract in MCD and remove the MKR oracle delay in SCD
- Nov. 22: Executive Vote: Lower the Sai Stability fee by 1% to a total of 4% per year
- Nov. 15: The Votes Are In: MCD Is Approved!
- Nov. 15: Executive Vote: Multi-Collateral Dai Launch- November 18
- Nov. 11: Governance Poll: Stability Fee Adjustment
- Nov. 7: Executive Vote: Lower the Stability Fee by 0.5% to a total of 5% per year and raise the Debt Ceiling by 20 million to 120 million Dai
- Nov. 4: Governance Poll: Migration Risk Construct Proposal
- Nov. 4: Governance Poll: Stability Fee Adjustment
Maker Foundation Interim Risk Team Proposal
The newly released MCD will exist in parallel with Single-Collateral Dai (SCD) for an indeterminate amount of time. During this overlap, the MKR community will be tasked with managing two Dai currencies, two stability fees, and, ultimately, two ecosystems. This presents a variety of risks to the Maker Protocol. As a result, the Interim Risk Team at the Maker Foundation has proposed a conservative migration strategy designed to mitigate overall risk. Read the entire proposal.
MKR Token Authority Transfer
The Maker Foundation multisig wallet is transferring control of the MKR token contract to MakerDAO governance as part of the move toward complete decentralization. Read more about it here.
New Maker Governance Dashboard
If you’ve ever wondered how many MKR tokens are distributed across the various executive proposals, or how the amount of MKR varies within DS-Chief, the new governance dashboard, developed by members of the MakerDAO community, provides answers. Want more features? Make your voice heard by joining this discussion in the Maker Forum.
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.
Congratulations to Andrew Redden, the community member who activated MCD! For rising to our challenge, he’ll receive one of every piece of swag Maker has ever created.
To stay current on Maker Community meetings, bookmark our Community Playlist on Youtube.
Developers should also bookmark our Developer Guides on Github.
On Nov. 19, Maker Foundation CEO Rune Christensen sat down with Jason Choi of The Spartan Group to discuss where Maker is headed in the next 10 years.
Two days later, CryptoMondays and DeFi NYC hosted a conference call on the potential of MCD, The call featured Maker Foundation President & COO Steven Becker; Allison Lu, Co-Founder & COO of UMA; Tim Ogilvie, Co-Founder & CEO of Staked; Robert Leshner, Founder & CEO, Compound. The conversation focused on the massive promise of MCD and the future of DeFi. Watch below.
On Nov. 21, Maker’s Head of Smart Contracts, Mariano Conti, was a guest on the POV Crypto Podcast. He discussed MCD and the people behind it. Two weeks earlier, Mariano spoke to Base Layer about the evolution of stablecoins and how and why Dai is growing in his home country of Argentina. And at the very beginning of the month, Mariano appeared on Block TV to discuss whether crypto can become a stable hedge against FIAT.
On Nov. 22, Steven Becker joined Laura Shin on Unconfirmed to discuss the transition from Sai to Multi-Collateral Dai, how with Dai Savings Rate works, and how the Maker Protocol might someday add tokenized real-world assets.
Notable November Events
Early in the month, Asian banks and regulators flocked to the Asia Finance Forum in Manila. Jocelyn Chang, APAC Community Lead, was there, along with Gustav Arentoft, European Business Development lead, and Kathleen Chu, Maker’s Community Lead in Japan. Discover the highlights here.
Maker Associate General Counsel Fennie Wang was in Hong Kong for Fintech Week in early Nov. She joined a panel discussion titled, A New Asset Class: Crypto Institutionalisation and Stablecoins, and later discussed the benefits of going cashless with representatives from Bitspark and OSL Brokerage.
Just a few days later, Charles St. Louis, one of our talented technical consultants, attended ETHWaterloo, where he led a workshop on the SCD to MCD migration process, participated in the hackathon, and mentored new hackers.
On Nov. 11, Brian Avello, Maker General Counsel, took part in a panel discussion at Fordham University Law School titled “An Overdue Payments Revolution: Public and Private Digital Currencies and Other Payment Rail Innovations. The day-long symposium addressed various regulatory challenges posed by the blockchain industry.
Also on Nov. 11, Greg Diprisco, our Head of Business Development, traveled to Toronto, Canada, to join a panel discussion on why Bay Street (the Canadian equivalent of Wall Street) should not ignore DeFi. Greg was joined on stage by Joey Krug from Augur/Pantera, Michael Dunworth of Wyre, and Hart Lambur from UMA. The event was moderated by Brian Mosoff, CEO of Ether Capital.
Maker joined the Convergence Global Blockchain Congress in Malaga, Spain, November 11-13. Our European Legal Counsel Jacek Czarnecki organized and led the International Association for Trusted Blockchain Applications’ Working Group Finance Roundtable, and later joined a panel discussion on financial markets infrastructures.
On Nov. 14, Nadia Alvarez of our LatAm Business Development team was in Asunción, Paraguay, for the annual WeXchange forum. The forum aims to unleash the growth potential of women entrepreneurs in STEM (Science, Technology, Engineering, and Mathematics) disciplines in Latin America and the Caribbean. Nadia joined the Entrepreneurs in Fintech, Blockchain and More panel to discuss how Latin American startups can integrate Dai to send and receive payments from all around the world.
Petru Catana, Associate Integrations Developer at MakerDAO, and Maria Magenes, European Community Lead, attended the Nordic Blockchain & DeFi Evening in Helsinki, Finland, on Nov. 21. The event, organized by Finnish Cryptocurrency Association and sponsored by Maker, Aave, and others, included a panel discussion on DeFi and a demo on how to create a Maker Vault to generate Dai.
Soren Peter Nielsen, Maker’s Head of Product, was a featured panelist at Blockshow Asia 2019, a blockchain festival powered by CoinTelegaph. Soren discussed the MakerDAO project on a stablecoin panel.
On Nov. 25, Maker’s European Community Lead Maria Magenes was in Milan, Italy, to speak to a group of Bocconi University students about DeFi. The event included a workshop on how to generate Dai by creating a Vault.
On Nov. 26, in collaboration with Kyber Network, Maker kicked off Yasashi (Gentle) DeFi, a monthly educational meetup at Lifull Hub in Tokyo, Japan. Kathleen Chu, Maker’s Community Lead in Japan, presented. For many attendees, it was their first introduction to Maker.
To see more events we sponsor, participate in, or plan to attend, head to our Events page, and bookmark it!
Reminder: If you’re organizing a small event that incorporates Maker or Dai—whether it's a meetup, panel, talk, or workshop— we want to support you! Learn more about our global meetups and micro-grants initiative.
Maker has partnered with Althea, a decentralized IP solution that launched its first network in Africa this month. Althea allows neighbors to resell bandwidth to neighbors. The partnership with help bootstrap the expansion of the network by bringing in more gear and improved bandwidth.
REINNO has integrated the Maker protocol into its platform, offering user the opportunity to benefit from holding Dai.
The Latest Dai Integrations
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!
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