Proposal: 113 – End Getty’s Contributor Grant
Created: July 13th, 2022
Passed: Not yet but looking likely,
461,188K COMP For,
What does it do: Ends Getty Hill’s recurring contributor grant payment.
Why: Getty Hill resigned from his full-time contributor position with COMP.
Takeaway: Getty has played a significant role in working to advance COMP, and he will be missed. Some of his accomplishments while at COMP include Proposals 24, 47, and 51. Best of luck with your future endeavors, Getty!
Proposal: MOMC Parameter Changes
Created: July 13th, 2022
Passed: Not yet,
100,871 MKR For
What does it do: As outlined in the Community Forum, it changes the following parameters:
- Stability Fee – The annual percentage fee charged on the DAI generated on vaults.
- Increase the GUNIV3DAIUSDC1-A Stability Fee from 0% to 0.01%.
- Increase the UNIV2DAIUSDC-A Stability Fee from 0% to 0.01%
- Increase the WSTETH-A Stability fee from 2.25% to 2.5%.
- Reduce the USDC-A Stability Fee from 1% to 0%.
- Reduce the USDP-A Stability Fee from 1% to 0%.
- Maximum Debt Ceiling – The maximum value for debt ceiling that the DC-IAM will allow in the given vault type.
- Increase the UNIV2DAIUSDC-A Maximum Debt Ceiling from 250 million DAI to 300 million DAI.
- Reduce the LINK-A Maximum Debt Ceiling from 50 million DAI to 25 million DAI.
- Reduce the WSTETH-A Maximum Debt Ceiling from 200 million DAI to 150 million DAI.
- Reduce the WSTETH-B Maximum Debt Ceiling from 150 million DAI to 100 million DAI.
- Reduce the YFI-A Maximum Debt Ceiling from 50 million DAI to 25 million DAI.
- Reduce the MATIC-A Maximum Debt Ceiling from 35 million DAI to 20 million DAI.
- Target Available Debt – Controls the gap that DC-IAM aims to maintain between the current debt usage and the Debt Ceiling of the vault type.
- Increase the UNIV2DAIUSDC-A Target Available Debt from 10 million DAI to 20 million DAI.
- Reduce the MATIC-A Target Available Debt from 10 million DAI to 5 million DAI.
Why: Increasing the stability fees will help to minimize risk exposure while AMM pools are under-utilized. Decreasing the stability fee will simplify reporting conducted by the protocol.
Increasing the maximum debt ceiling allows users to maximize economic output during periods of high volume on AMMs. Decreasing the debt ceiling reduces exposure risk under current market conditions.
Increasing the target available debt will allow more flexibility for profits when AMMs experience an increase in volume. Decreasing the target available debt reduces tail risk with no tradeoff to users.
Takeaway: The proposal aims to maximize user output and minimize platform risk exposure under current market conditions.
Proposal: UI/UX upgrade governance framework
Created: July 7th, 2022
40K AAVE For,
What does it do: The proposal intends to implement governance guidelines to standardize the process of user and third-party integration into the Aave App.
Why: To improve the user experience, Aave created an online application for allowing interaction with the Aave protocol without technical knowledge. There is an increasing demand by third parties for Aave App integration, and this proposal streamlines the integration process.
Takeaway: Aave is conducting standard business operations that will streamline protocol operations.
Created: July 11th, 2022
37K AAVE For,
What does it do: Introduces the use of agEUR as collateral on Aave V3 Polygon.
Why: agEUR is an over-collateralized stablecoin pegged to the Euro. It is currently operational on 8 EVM capability blockchains with 3M of liquidity on Polygon. Support for agEUR collateral on Polygon in isolation mode will minimize risk and increase competitiveness for the protocol. This will also enable new trading strategies for users.
Takeaway: Aave continues to identify and stay ahead of collateral options for users deployed across multiple blockchains.
Created: July 8th, 2022
Passed: Not yet but looking likely,
50.6M UNI For,
What does it do: Introduces a 1bp fee tier on Uniswap V3 Optimism.
Why: A 1bp fee tier is currently only available on Ethereum and Polygon. Given its success with improving stable swap volume on these chains, this proposal is the first of several looking to move other chains to a 1bp fee tier.
Takeaway: Lower fees mean more attractive swapping rates, hopefully translating to more volume. A note that MetaMask Swaps aggregates swaps from a range of providers, including Uniswap, so these rates will be evident in the app.
- Rari Capital
Cryptofunds, market makers, and trading desks can interact with these DeFi protocols with MetaMask Institutional
MetaMask Institutional offers unrivaled access to the DeFi ecosystem without compromising on institution-required security, operational efficiency, or compliance requirements. We enable funds to trade, stake, borrow, lend, invest, and interact with over 17,000 DeFi protocols and applications.
Found this research useful? Connect with the ConsenSys Cryptoeconomic Research team at [email protected]
Disclaimer: ConsenSys Software Inc. is not a registered or licensed advisor or broker. This report is for general informational purposes only. It does not constitute or contain any individual investment advice and is made without any regard to the recipient’s objectives, financial situation, or means. It is not an offer to buy or sell, or a solicitation of any offer to buy, any token or other investment, nor is it intended to be used for marketing purposes to anyone in any jurisdiction. ConsenSys does not intend for any person or entity to rely on any facts, opinions, or ideas, and any financial or economic commentary expressed in this report may not be relied upon. ConsenSys makes no representations as to the accuracy, completeness, or timeliness of the information or opinions in this report and, along with its employees, does not assume any responsibility for any loss to any person or entity that may result from any act or omission based upon this report. This report is subject to correction, completion, and amendment without notice; however, ConsenSys has no obligation to do so.