October was all about the Multi-Collateral Dai launch date announcement, Dai user growth, and, of course, DevCon 5 in Osaka, Japan.
There’s an awful lot for you to digest in this Month’s Making Maker, but before you take a bite, take a look at the most current statistics from mkr.tools:
- 1,696,629 ETH locked up
- 1.5656% of the entire ETH supply is locked up in Maker smart contracts
- 87,779,814 total Dai supply
Multi-Collateral Dai (MCD) Updates
On October 9, in Osaka, Japan, Maker Foundation CEO Rune Christensen announced the November launch date for MCD, and emphasized the crucial and decisive role decentralized governance of the Maker Protocol will play prior to launch. Rune also announced a redesign of the Maker website, unveiling in the process the new Dai logo. MCD will bring exciting new features to the Maker Protocol, including the highly anticipated Dai Savings Rate (DSR) and, of course, additional CDP collateral types. Watch the video of the announcement below:
On November 18, along with the release of MCD, will come a very important change in terminology: “Collateralized Debt Position (CDP)” will be replaced with “Vault.” Additionally, to help users and others distinguish between Dai generated via SCD and Dai generated via MCD, we will begin referring to SCD-generated Dai as Sai, and MCD-generated Dai as Dai. We urge all in the Maker community and in the media to do the same.
Pore over the findings from our security efforts, including our Bug Bounty Program, MCD formal verification, and audit report results, and learn of the progress we’ve made on our Integration Partner Program.
A number of partners have already integrated with one of our MCD Kovan testnet deployments. Some offer test environments, which we encourage users to take advantage of at their convenience. Individual user testing not only greatly benefits the ecosystem, but also assists in the success of MCD by uncovering integration issues before launch.
Since our last Dai in Numbers Report, Dai activity has more than quadrupled. The continued adoption of Dai illustrates the importance and appeal of stable currency in the Ethereum ecosystem.
The new Oasis Trade represents the first step toward creating an all-in-one decentralized finance (DeFi) hub through which users can trade crypto assets, earn savings by locking up Dai in the Dai Savings Rate (DSR), and access Multi-Collateral Dai CDPs. Users can now trade BAT, REP, ETH, and ZRX against DAI.
Early in the month, we introduced the Test Chain Guide, which describes how developers can use Maker’s custom test chain to start building dapps on top of the Maker Protocol right away.
Through a pilot with DexFreight and Centrifuge, we are helping to connect the logistics industry with DeFi. Trucking companies can fill financing gaps with tokenized freight invoices used as collateral. This pilot validates our mission to reshape the future of commerce.
A series of Governance Polls and Executive Votes this month resulted in an overall stability fee decrease to 5.5% from 10.5% at the end of September. Numerous factors drove the fee changes.
Here’s the polling and voting history:
- Oct. 28: Governance Poll: Should we keep at least a 10 million Dai buffer in the debt ceiling until the launch of MCD?
- Oct. 28: Governance Poll: Stability Fee Adjustment
- Oct. 25: Executive Vote: Lower the Stability fee by 4% to a total of 5.5% per year
- Oct. 21: Governance Poll: Stability Fee Adjustment
- Oct. 18: Executive Vote: Lower the Stability fee by 1% to a total of 8.5% per year
- Oct. 14: Governance Poll: Stability Fee Adjustment
- Oct. 11: Executive Vote: Lower the Stability fee by 1% to a total of 9.5% per year
- Oct. 4: Executive Vote: Lower the Stability fee by 2% to a total of 8.5% per year
On October 12, Cyrus Younessi, Head of Risk at Maker, shared a threat on Twitter detailing some of the new governance and risk features of MCD.
Following in the footsteps of Coinbase, Crypto custody provider Anchorage has launched a governance voting platform for MKR holders.
To stay current on Governance, Risk, and Community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review a series of posts on the MakerDAO Governance Risk Framework.
October Events: All Japan, All Day Long
DevCon 5 Maker Speaker Highlights
Nearly everyone at DevCon 5 anticipated a big announcement from Maker, and Rune didn’t disappoint. But when he made the big announcement, he did so at the end of a great discussion about the present and future of DeFi. Watch his entire presentation:
Mariano Conti, our Head of Smart Contracts, hit the DevCon stage on October 9 to discuss how he’s used crypto since 2014 to hedge against Argentina’s double-digit inflation. His journey began with Bitcoin but he’s since progressed to Dai, of course. Don’t miss his moving presentation:
Rune In Demand
CoinDesk’s Christine Kim caught up with Rune in Osaka, after the MCD launch announcement, to discuss what’s ahead for the Maker Foundation and MakerDAO:
On October 2, Rune appeared on Bloomberg Daybreak: Asia to discuss how stablecoins work and why they are needed in the global economy. The appearance created great DeFi buzz on Twitter. Watch the segment:
Images from Tokyo and Osaka
On Nov. 1, join Maria Magenes, our European Community Lead, and Gustav Arentoft, European Business Development Lead, in London for Maker Meets WeWork Labs, a presentation all about Dai, DeFi, and WeWork’s Blockchain Labs.
On Nov. 6 and 7, Maker will be at the headquarters of the Asian Development Bank in Manila for the Asia Finance Forum: The Future of Inclusive Finance. We've put out a challenge to the community to build Dai-integrated solutions for the agricultural sector.
To see additional events that 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.
The Latest Dai Integrations
Bloqchain Science, a smart contract auditor and security firm, now allows users to pay for its services in Dai.
Collaborative financial platform 2Gether now supports DAI.
Maker Community Notes
The Maker Foundation is dedicated to bootstrapping an ecosystem that not only brings financial stability and transparency to the global economy, but also highlights the vital role that community plays in a decentralized world. Learn how our community grants provide funding for the most promising blockchain projects.
Do you have friends who are interested in organizing a local meetup about Maker or DeFi? If so, let us know—there could be a refer-a-friend bounty in it for you.
To stay current on Maker Community meetings, bookmark our Community Playlist on Youtube.
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: