Update: The Road to Multi-Collateral Dai—Kovan Release v0.2.6

May 22, 2019


A month ago today (April 24), we announced the release of MCD v0.2.4 on the Kovan testnet.

That release, which included updates to the MCD CDP Portal, Dai.js, and New Contract Addresses, was met with great response from the community. Thank you to everyone who tested v0.2.4 and provided feedback. As we progress, the Maker Foundation’s goal is to be as transparent as possible with the community, and consistently clarify the scope of releases.

Today, we share the details of the most recent update, MCD v0.2.6, deployed on the Kovan testnet. The release covers the newest development updates within the following areas:  

  • CDP Portal
  • Governance Dashboard
  • Testchain DSS deployment scripts
  • New Developer Guides

Prior to this release, we had a small v0.2.5 release that covered updates to the CDP Portal, Governance Dashboard, and the Testchain DSS deployment scripts. A changelog summary of the v0.2.5 release is below.

Summary of v0.2.5 Release (Changelog)

Descriptive Changelog and Release Timeline

Since the v0.2.4 Kovan release, the following has been changed and/or added for the new  v0.2.6 release:

Testchain DSS Deployment Scripts (Highlights)

  • Added Method Selection in order to raise the debt ceilings for collateral types via the config file for Kovan deployments (automatic or via executive vote).
  • Enabled the usage of Multicall version to be compatible with solc 0.5.
  • Added an implementation of DSR Proxy functions (dss-proxy-actions).
  • Changed deployment steps to adapt to the modifications made in vow, flap, flip, cat and pot (dss-deploy).
  • Minor changes to the Dai Token contract and fixed the expiration date (dss).
  • Added configurable auction parameters (dss).

Full Release Updates

User Interface Changes

MCD CDP Portal

The MCD CDP Portal has been updated quite a bit in v0.2.6. The major changes are:

  • Improved proxy creation and the allowances flow for cold wallet users.
  • Better indication of CDP creation wait times based on the transaction gas used.
  • Small changes to the NavBar CDP list UI.
  • Small adjustments to the CDP page and CDP Action forms.
  • The Dai.js SDK was updated to the latest version.
  • General bug fixes and performance optimizations.

Full Release Updates

Governance Dashboard

  • Added a check to ensure that we have all the data from both hot and cold wallets when a user exits the page before completing the on-boarding process.
  • Now using the contract's freeAll method when withdrawing the total MKR balance.
  • Updated Kovan MCD addresses for latest contract deployment.

Full Release Updates

Contract Addresses

Core System Contracts

Contract NameDescriptionContract Address
MCD_VATThe CDP core engine keeps track of DAI credit system accounting. 0xacdd1ee0f74954ed8f0ac581b081b7b86bd6aad9
MCD_CATThe user-facing gateway contract for liquidating (biting) CDPs.0x81f7aa9c1570de564eb511b3a1e57dae558c65b5
MCD_FLAPThe flap auction contract is responsible for buying and burning MKR when the system has a surplus.0xb6e31ab6ea62be7c530c32daea96e84d92fe20b7
MCD_FLOPThe flop auction contract is responsible for minting and selling MKR to cover bad debt.0x275ec1950d6406e3ce6156f9f529c047ea41c8ce

MKR Governance Token Contract

Contract Name DescriptionContract Address
MCD_GOVThe MKR governance token contract.0xd237d1f674c2232cef8fdc7148a59d576b67a8a3

DAI Stablecoin Contracts

Contract NameDescriptionContract Name
MCD_DAIThe DAI stablecoin contract.0xc7cc3413f169a027dccfeffe5208ca4f38ef0c40
MCD_JOIN_DAIThe DAI adapter is responsible for minting and burning DAI.0x7bb403aae0330f1acaad8f2a06ebe4b4e4784418

ETH Collateral Contracts

Contract NameDescriptionContract Address
MCD_JOIN_ETH_AThe ETH adapter is responsible for joining and exiting ETH collateral.
MCD_FLIP_ETH_AThe ETH flip auction contract is responsible for selling off ETH collateral for DAI when a CDP is liquidated.

Collateral 1 Contracts

Note: All five collateral tokens (COL1, COL2, COL3, COL4, COL5) from the previous release (v0.2.5), as well as ETH and FAUCET tokens, are kept unchanged for this release.

Contract NameDescriptionContract Address
COL1Collateral 1 token contract.
MCD_JOIN_COL1_AThe COL1 adapter is responsible for joining and exiting COL1 collateral.
MCD_FLIP_COL1_AThe COL1 flip auction contract is responsible for selling off COL1 collateral for DAI when a CDP is liquidated 0x6e8032435c84b08e30f27bfbb812ee365a095b31

Note: All of the contract addresses, ABIs, and release notes can now be found here: https://changelog.makerdao.com/.

New Developer Guides!

Introduction to SETH

Seth is a powerful command line tool created to interface with the Ethereum blockchain. In this developer guide, we walk you through the installation and setup of Seth. Seth has two main functionalities:

  1. Performing calls (which perform queries of the Ethereum blockchain).
  2. Sending transactions (writing to the blockchain, changing its state).

Guide Link

How to use MCD CLI to interact with Kovan deployment of MCD

This guide will walk you through using the mcd-cli to interact with the Kovan deployment of the MCD smart contracts, showcasing how to go through the following stages of the lifecycle of a collateralized debt position (CDP):

  • Opening a CDP
  • Depositing collateral tokens (COL1 token)
  • Drawing Dai
  • Paying back Dai
  • Unlocking collateral
  • Closing a CDP

Guide Link

How to use the dai-mcd-plugin

In this developer guide, we provide an example of how to use the dai-mcd-plugin in the dai.js library. In short, this plugin makes it easy to call functions that interact with the MCD smart contracts. In this example, you can:

  • Request COL1 type token from faucet to interact with MCD system
  • Lock COL1 token in the CDP and receive MDAI
  • Payback MDAI and withdraw COL1 token from CDP

Note: This plugin is currently being used for the mcd portal.

Guide Link

To access the full list of MakerDAO’s Developer Guides, please go here.

Next Steps

The team is still planning to migrate to the Goerli testnet for the next release, so look out for that exciting update!

As always, community feedback is crucial as we move toward the Ethereum mainnet release of Multi Collateral Dai. Please join our public #product-feedback channel on Rocket.Chat to provide feedback and ask any questions you may have.

You can also provide product feedback on the CDP Portal using Usersnap. You do not have to install a Chrome extension to do so. The Usersnap widget allows you to make comments right away.

Getting MakerDAO Updates

To receive updates on Maker from the Foundation, go to https://makerdao.com/en/. There, in the bottom right corner of the page, you will find the ‘Sign up for the latest content and updates’ button. Please enter your email and hit ‘Subscribe.’ If you are interested in learning more about creating a product or tool that leverages the Dai Credit System, contact the Maker Foundation’s product team via Rocket.Chat.

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May 22, 2019