Please see the latest MakerDAO news, updates, and more at blog.makerdao.com!

MakerDAO has joined forces with Airtm, a platform that helps people all over the world access dollars and protect their savings from devaluation. This partnership includes Dai as an Airtm in-wallet balance with direct on/off boarding transfers, allowing Airtm users to take charge of their financial futures. They can send and receive funds fast and inexpensively, regardless of location or currency type.

The Importance of this Alliance

We know the role cryptocurrencies play in global financial innovation, not only in terms of ease of transfer of value, but also in terms of monetary empowerment. Many South Americans for example, are deeply impacted by economies plagued by hyperinflation and political oppression. Decentralized, censorship-resistant cryptocurrencies, such as Dai, transcend borders and regimes, eliminating many of the obstacles that prevent people from being able to pay their rent or feed their families.

Nowhere is the combined power of Dai and Airtm more useful today than in Venezuela, a country facing severe economic and humanitarian crises. According to Steve Hanke, professor of applied economics at Johns Hopkins University, “Venezuela’s annual inflation rate measured for 3/23/19, is 121,102%.”

Through Airdrop Venezuela, an initiative led by Hanke that distributes donations in Dai and other cryptocurrencies through the Airtm platform, Venezuelans in need are getting help. The initiative’s mission is to send $1,000,000 in crypto to 100,000 Venezuelans in $10 micro transfers directly to their Airtm wallets. As part of the partnership, MakerDAO is contributing 10,000 Dai to Airtm’s AirdropVenezuela.org campaign.

Creating a Better Future

With Dai helping to power the engine of Airtm, users can not only escape weak currencies, but also worry less about how economic and political circumstances beyond their control affect their daily lives, and instead think long-term regarding their money. With access to Dai, people across the globe can design and control their financial futures, and realize possibilities once beyond their reach.

“By combining the benefits of cryptocurrency assets while removing their volatility, decentralized stable currencies like Dai are essential to achieving the full potential of blockchain’s global transport layer of value,” says Ruben Galindo, CEO of Airtm. “We are excited to collaborate with MakerDAO to include Dai as an Airtm in-wallet balance with direct on/off boarding transfers, connecting Dai to bank, e-money and other widely used value networks across Latin America via our peer-to-peer exchange.”

Watch this video to understand how Airtm works.

Learn more about MakerDAO:

Website: https://makerdao.com/

Twitter: https://twitter.com/makerdao

Reddit: https://www.reddit.com/r/MakerDAO/

The Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 14.5%.

The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote.

Review

The need to increase the Stability Fee was discussed in the Governance call on Thursday, April 18.

Please review the Video, Audio, Transcript (delayed by 24 to 48 hours), and the online discussion to inform your position before voting.

Key factors under consideration for increasing the Stability Fee are:

• Exchange price persists below $1
• High inventory levels among market makers and prop desks
• Little attributable impact from the previous Stability Fee increases

The MakerDAO community is moving forward with an Executive Vote to enact the rate determined by the previous Governance Poll.

Action

Voting for this proposal will place your MKR in support of increasing the Stability Fee by 3% to a new total of 14.5% per year.

Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 16:00 UTC.

To add current and upcoming votes to your calendar, please see the MakerDAO Public Events Calendar.

DeFi Cape Town Decentralized Financial Inclusion

3–8 p.m., April 18

The University of Cape Town

Rondebosch, Cape Town, 7700, South Africa

Register

In our efforts to reach out to DeFi, blockchain, and crypto enthusiasts in South Africa, we, along with Centrifuge and Linum Labs, will open Blockchain Week ZA with a DeFi event focused on decentralised financial inclusion. Offering more than a display of DeFi projects, the event will serve as a platform to challenge the status quo of financial exclusion in the region. Whether you’re a hacker, businessman, student, or a curious observer, we encourage you to attend and take a step toward joining the effort.

Attendees are especially looking forward to Mariano Conti’s’ presentation, Dai Credit System: The Backbone of an Open Financial Ecosystem, at 5:30pm. Conti, who is Head of Oracles at MakerDAO and one of the developers of the system elements that keep Dai stable, will not only discuss how Maker fosters financial inclusion, but also share his personal experiences as an Argentinian living in a broken economy with hyperinflation.

At 6:30 p.m., a diverse expert panel, which includes Gustav Arentoft of Maker’s Business Development team, will address the very essence of the event: Financial Inclusion: Frontier Tech in Africa. Topics will include emerging technologies and why they matter for the region, and how decentralization can unlock innovation, make previously inaccessible data available, and enable new ways to do business.

Maker joins an ecosystem of partners that include local NGOs as well as global fintech and payments businesses involved in some of the most exciting DeFi projects in the world.

ETH Cape Town Hackathon

April 19–21

The Lookout Waterfront

Granger Bay Blvd, V & A Waterfront

Cape Town, South Africa

As a co[sponsor of the very first ETH Cape Town Hackathon, we’re confident that the developer community in the region can begin addressing many of the financial pain points Africans experience and build awareness of Dai. The adoption of Dai can mean improved disaster relief efficiency, better loan and savings conditions, and the proliferation of emerging technologies that build on top of Dai to bring financial services to people excluded by the current system.

Here is the overview of how we plan to inspire seasoned developers, as well as educate and mentor aspiring builders of a more inclusive future on the blockchain.

Friday, April 19

9:30 p.m. — Learning by Example from DeFi Projects Using Dai
Engineer Sean Brennan from MakerDAO will lead the API Prize workshop, which is open to all hackers. The grand prize winner will receive 3K Dai; individual challenge winners who use Dai in their hacks will receive 200 Dai.

Saturday, April 20

1:00 p.m. — New Forms of Money

Members of the Maker team will join Unicef and Bounties Network in leading this Surge Youth Learning event aimed at teaching South African youth about cryptocurrencies and stablecoins, and how they can help address everyday problems. Surge offers a series of immersive events that offer young people new skills and opportunities to explore how the blockchain can play a leading role in addressing global challenges.

2:30 p.m: Setting the Premise for Financial Inclusion with MakerDAO

Gustav Arentoft has been very active setting up partnerships across Africa the past few months. He will share his experiences building those relationships and discuss the possibilities around open finance in Africa.

3:00 p.m. — Stopping Alzheimer’s and Neurodegenerative Diseases with IKU’s Neuro DAO

Gustav Arentoft retakes the stage, joined by Michael Kisselgof, co-founder and project lead at IKU DAO, to discuss how decentralised research organizations like IKU can use the blockchain to help address the problems of neurodegenerative disease research.

Learn more about MakerDAO:

Website:https://makerdao.com/

Blog: https://blog.makerdao.com

Reddit：https://www.reddit.com/r/MakerDAO/

Twitter:https://twitter.com/makerdao

To help continue expanding the Maker ecosystem, the Maker Ecosystem Growth Foundation (MEGF) was created. The MEGF controls a fund of MKR tokens that facilitate the adoption of the decentralized MakerDAO protocol. Just as innovation is key to how the Maker project builds new and better ways to level the economic playing field for people around the world, MEGF works to create a structure that is true to the spirit of the organization.

At the end of 2018, MEGF created a board. Though the term “board” may conjure up images of a formal corporate structure, the MEGF board was a bit different. It was made up of nine technical members, who were responsible for ensuring the security of the MEGF’s development funds in a multi-sig. Think of a multi-sig like a bank account with a number of signatories, a subgroup of whom are needed to sign before a transaction could take place. We chose technical individuals for this task, believing they would be best positioned to secure the multi-sig and ensure the soundness of each transaction.

But, due to the project’s rapid growth and the number of projects across the world building on top of MakerDAO, it became clear that the MEGF board required expertise beyond the ability to evaluate technical contributions and maintain the security of the funds. Just as traditional boards benefit from executive and operational expertise, including how to scale an organization and deal with regulatory, compliance, and other non-technical challenges, so would this one.

Because of this, we are looking to reconstitute the MEGF board in a way that will not only ensure the representation of a decentralized community of stakeholders (including technical contributors and security experts), but also borrow elements from traditional board structures, including independent directors. As part of this process, we will carefully and deliberately review the ideal MEGF board structure in the coming weeks, and will solicit input from a variety of stakeholders along the way: partners, developers, community members, token holders, governance experts, and others.

As the first step in this process, the technical board described above will be transitioned into a committee of the newly-constituted MEGF board, and will continue to evaluate the technical contributions to the project and safeguard the MEGF treasury moving forward. We thank all board members, past and present, for their service. We also envision a grant committee to help evaluate, vote on, and fund projects that facilitate adoption of MakerDAO. Other committees will also be considered.

Transparency is a fundamental pillar of how the Maker Ecosystem Growth Foundation envisions its relationship with the wider community. As we committed to in earlier announcements, we plan to to publish data and reports on a wide range of topics, including strategy, financials, partnerships, growth metrics, and team makeup, as well as to providing technical status and roadmap updates, as soon as we can do this without negatively impacting our top priority: the launch of Multi-Collateral Dai.

We believe in the power of MakerDAO to build a more open and inclusive financial system. To get there, we need to build further on our foundation structure and ensure that it continues to be transparent and representative. In doing so, we hope to make the project more resilient and efficient as we prepare to launch Multi-Collateral Dai.

Following the official launch of the National Relayer Campaign in Korea in March 2019, the MakerDAO Korean community worked closely with its partners including VANTA to drive awareness and adoption of Dai.

The latest initiative involves partnering with VANTA and HYCON (Glosfer) to collaborate on government projects for switching South Korean cities’ local currencies into cryptocurrencies.

Several Korean cities have their own local currencies to boost their local economies and preserve local capital. However, cryptocurrency’s advantages such as transparency and security are encouraging some cities to switch their local currencies into cryptocurrencies.

Glosfer, a leading blockchain technology and services company in Korea, collaborated with a local South Korean government to create Nowon Coin, which was the first local cryptocurrency in the world.

VANTA Network is creating more use case for such local cryptocurrencies:

“VANTA Network will provide API, which will be used by small business owners and enterprises to easily connect with their local community. Using VANTA’s API will create opportunities for marketing, and a portal for sending/receiving data while drastically reducing service fees.”

MakerDAO plays an important role as service providers like VANTA can swap received local cryptocurrencies with MakerDAO’s stablecoin Dai. Therefore, the service providers can reduce risk from large volatility in price. In addition, Dai’s global presence and usage help the service providers to turn Dai into cash or other use cases more easily.

We are excited about this new partnership, and we look forward to having more strong use cases and partners in Korea!

About MakerDAO

MakerDAO issues Dai, which is the first and largest decentralized stablecoin on the Ethereum blockchain. Despite the volatile nature of the cryptocurrency market, Dai has successfully maintained its peg to the US dollar.

About Glosfer (HYCON)

GLOSFER is a leading blockchain technology and services company in South Korea. Building on its roots as a first-generation blockchain company, GLOSFER strives to expand its activities into various industries to bolster its reach in both domestic and international markets, by leveraging innovative technologies and services, including its PHP API blockchain platform PACKUTH and its online and offline cryptocurrency trading platforms. With its upcoming Infinity Project, powered by its HYCON coin, the company seeks to establish and facilitate its cryptocurrency ecosystem while contributing to a more transparent and fair society based on blockchain technology through cooperation with public institutions.

About VANTA Network

VANTA is looking to build an intelligent network for real-time networking, which enables individuals and companies to quickly develop services that can efficiently transmit and process real-time data, as well as commercialize the services at low cost without additional infrastructure. As a result, creative services will be provided and integrated within the VANTA ecosystem, and VANTA blockchain will be a practical blockchain that will greatly contribute to improving the daily lives of individuals and operations of enterprise businesses.

Learn more about MakerDAO:

Website:https://makerdao.com/

Twitter:https://twitter.com/makerdao

Telegram:https://t.me/makerdaoofficial

Medium: https://medium.com/makerdao

Reddit：https://www.reddit.com/r/MakerDAO/

KakaoTalk: https://open.kakao.com/o/giWg6J2 password: maker

It’s been an action-packed month for Maker! Stability Fee increases, a long-awaited update on Multi-Collateral Dai, a new campaign launch in Korea, and more.

Let’s begin with the latest statistics from maker.tools.

• 2,172,000+ ETH locked up
• Over 2% of the entire ETH supply is locked up in Maker smart contracts
• 88,696,965 total Dai supply

Stability Fee Increases through Governance Votes

A series of Governance votes this month resulted in an overall stability fee increase to 7.5%. Actors that drove the increase include exchange prices persisting below $1, high inventory levels among market makers and prop desks, and no attributable impact from earlier fee increases.

To stay current on Governance, Risk, and Community issues, bookmark the MakerDAO Public Events Calendar. Newcomers might want to dive into our series of posts on the MakerDao Governance Risk Framework.

Update on Multi-Collateral Dai

Our main focus in the past few months has been the development and release of the Multi-Collateral Dai (MCD) core contracts on the Kovan testnet as we work toward a full MCD mainnet release. We’ve also focused on contract interaction with our core products and tools. In our latest published update, The Road to Multi-Collateral Dai, we provide an overview of how to get started, including a breakdown of how to get Kovan-ETH and K-Collateral Tokens. As always, you can see the latest MCD contracts here.

MakerDAO in Korea

To drive awareness of Dai in Korea, and build on the tremendous support of the Korean community, the National Relayer Campaign will soon be launched. A dozen key players, including VCs, incubators, and exchanges have advocated for Dai usage and encouraged adoption through projects for funding and integrating Dai in their dapps.

Maker a Hit at EthCC 2019 Paris

Ethereum developers from around the world gathered at the EthCC 2019 conference in Paris in early March. Coinhouse, sponsor of the event, noted the following in its wrap-up: “The name of the conference was EthCC, but it could have been called MakerCC, as almost every project has taken an interest in using MakerDAO and especially the DAI stable coin. It is quite incredible how DAI is imposing itself as a standard for exchanging non-volatile value on top of the Ethereum network.” So proud of the Maker team!

Oasis Contract Upgrade

Read the postmortem on the Oasis contract upgrade that fixed a detected vulnerability.

Integrating with Maker

Here are some notable integrations this month:

• UMA and DDex launch USStocks, the first Dai-collateralized synthetic asset.
• Connext Network releases Dai Card, a browser-based wallet for low-cost, instant payments.
• Wyre and Bloqboard partner to enable secondary trading of CDPs.
• Coinduck, a popular Korean fiat-crypto application, integrated Dai into their stablecoin market, enabling its usage in 1000+ partner stores.
• Celsius users can now earn interest for holding Dai in their wallets.
• Button Wallet now allows users to send Dai within Telegram
• AirWallet introduced CDPs to the South Korean market.
• Metaps accepted Dai for a gift card sale, selling out within a few minutes.
• Zerion integrated CDPs into its system. Through its beta site, you can now get a loan in Dai backed with ETH.
• Ujo Music added support for streaming payments through Dai, allowing artists greater control over their work.
• Coinomi has integrated Dai into its wallet platform.
• Loom now allows its games marketplace users to pay in DaiAny dapps building on Loom can also integrate Dai payments.
• Helena Network launched as the first dapp on the xDai sidechain.
• On Travala, you can now book any of 550,000+ hotels in 210 countries with Dai.
• With just a few lines of code, you can add Dai purchasing seamlessly to any app or website through 0x Instant. For example, you can now instantly purchase Dai through a tweet.

Introduction

Our main focus over the past couple of months has been the development and release of the Multi-Collateral Dai (MCD) core contracts on Kovan and their interaction with the core Maker products and tools. As we work toward the full MCD mainnet release, our goal is to be as transparent as possible with the community and consistently help clarify the scope of what will be delivered over the next few months. That said, this blog post will kick off Update One of many Kovan release updates on our road to Multi-Collateral Dai. Our aim is to update the community on our progress every few weeks. These updates will cover our latest deployments and the features within them, and offer example walkthroughs and guides for you to explore on your own.

MCD is essentially a decentralized system without any operator. Once deployed onto the blockchain, it operates in an autonomous way. When building a system like this, it is crucial to get feedback — not just from internal teams, but also from the entire Maker community. Please be sure to ask us any questions you may have, provide feedback or even share your excitement with us. To do so, join our public RocketChat and leave feedback in the #product-feedback channel.

It is no secret that one of the major challenges with the immutable nature of the blockchain is releasing smart contracts. In many respects, it is more like releasing hardware than software. The releases will cover the Maker smart contracts, front-end apps, tools, and services that will all be released on a schedule. Each Kovan release will be paired with a version number referenced in the individual code repositories. The current release is v0.2.2.

In short, the process for each deployment will run through a set number of steps which put the system into a state that is ready for testing. In this first deployment, we will include a governance poll and executive vote to raise the debt ceiling from 0 on the available collateral types to allow you to draw Dai. The details for the latest release (v0.2.2) are below.

MCD CDP Portal Sneak Peek

What’s New with MCD?

Overview: The Deployed Components (v0.2.2)

For the latest Kovan testnet release, we have updated our tools to help you interact with the Multi-Collateral Dai (MCD) system. These updates include:

MCD Contracts

• https://github.com/makerdao/dss/tree/master

MCD-CLI

• https://github.com/makerdao/mcd-cli/releases/tag/0.2.2-rc.1

Dai.js Library

• https://github.com/makerdao/dai.js/releases/tag/v0.13.2%2Bmcd-0.2.2

Governance Plugin

• https://github.com/makerdao/dai-plugin-governance/releases/tag/v0.5.2%2Bmcd-0.2.2

Governance Dashboard

• https://github.com/makerdao/governance-dashboard/releases/tag/0.2.2

MCD CDP Portal

• https://github.com/makerdao/mcd-cdp-portal/releases/tag/0.2.2

The MCD Contracts

Core System Contracts

MCD_VAT

• Description: The CDP core engine, keeping track of DAI credit system accounting.
• Contract Address: 0x48f749bd988caafacd7b951abbecc1aa31488690

MCD_CAT

• Description: The user-facing gateway contract for liquidating. (biting) CDPs.
• Contract Address: 0xc20e4eaf6b53347ad2d895390dd96ba635bbe4c1

MCD_FLAP

• Description: The flap auction contract responsible for buying and burning MKR when the system has a surplus.
• Contract Address: 0x71264874e428c12e4b4dd5d2a394a3790bfedf02

MCD_FLOP

• Description: The flop auction contract responsible for minting and selling MKR to cover bad debt.
• Contract Address: 0x64fa7232b1ce6cbef0bd5629823c3c7161dc2e96

MKR Governance Token Contract

MCD_GOV

• Description: The MKR governance token contract.
• Contract Address: 0x1cc05530723a4fd398b4354ea511a1b0543ba714

DAI Stablecoin Contracts

MCD_DAI

• Description: The DAI stablecoin contract
• Contract Address: 0x6503daa2e952d75fba63dba293bce40e3bb9d641

MCD_JOIN_DAI

• Description: The DAI adapter responsible for minting and burning DAI.
• Contract Address: 0x4abad252c30380d1d46ce3b5c52cc108b8c778c7

ETH Collateral Contracts

MCD_JOIN_ETH_A

• Description: The ETH adapter responsible for joining and exiting ETH collateral.
• Contract Address: 0x5a992003124c9b663d15556b0b4461e2356d9ddd

MCD_OSM_ETH_A

• Description: The oracle security module feeding the ETH/USD price into the system.
• Contract Address: 0x8C73Ec0fBCdEC6b8C060BC224D94740FD41f3774

MCD_FLIP_ETH_A

• Description: The ETH flip auction contract, responsible for selling off ETH collateral for DAI when a CDP is liquidated.
• Contract Address: 0x1f952afafee7dbea561211bc4c0c04e4d32b5903

Collateral 1 Contracts

COL1

• Description: Collateral 1 token address
• Contract Address: 0xb3844361e19ab82fce3dddd81637b85bcb554da7

MCD_JOIN_COL1_A

• Description: The COL1 adapter, responsible for joining and exiting COL1 collateral.
• Contract Address: 0xF2643546d27c8a5388D9Be48170d74b9c9Be39a6

MCD_OSM_COL1_A

• Description: The oracle security module feeding the COL1 USD price
• Contract Address: 0xF2643546d27c8a5388D9Be48170d74b9c9Be39a6

MCD_FLIP_COL1_A

• Description: The COL1 flip auction contract, responsible for selling off COL1 collateral for DAI when a CDP is liquidated
• Contract Address: 0xd7128a31a3e9d87be711bd3ddba5c6a275783922

To access the full list of contracts, please go here.

Getting Started with MCD

To start using and interacting with the above tools, you will need to get some Kovan ETH, COL1, COL2, COL3, COL4, COL5 and MKR. Please note that MKR holders will eventually confirm the final collateral types through a proposed vote from the Maker Risk Team. Once you have the respective Kovan tokens, you can proceed to the guide below to go through the processes of a CDP lifecycle. This includes locking in some collateral, drawing Dai, paying back the Dai, and then unlocking the collateral.

In the guide below, everything described above will be performed using the MCD-CLI and MCD-PORTAL tools.

How to Get Kovan-ETH and K-Collateral Tokens

Getting Kovan ETH

There are many sources from which to get Kovan ETH, including:

Standard Faucet Method: https://faucet.kovan.network/

• This method requires you to log in with your Github account. You then must paste your ETH address in the input box and request the funds.

Gitter Method: https://gitter.im/kovan-testnet/faucet

• This method also requires you to log in with your GitHub or an existing Gitter account. To receive Kovan ETH through this method, join this Gitter Channel (which you also need to cover gas costs for use of the dApps): https://gitter.im/kovan-testnet/faucet. Once you join the Gitter Channel, post your ETH address from MetaMask to the main chat. The Kovan faucet will then populate your wallet with the test funds. This could take a couple minutes or a couple of hours, as it is done manually by the channel’s admin.

Getting Kovan Collateral Tokens

We have deployed a special faucet that allows you to withdraw testnet collateral tokens that essentially mimic the real tokens that exist on mainnet.

K-Collateral Token Faucet Address: 0xDF31eF13A608728b6fEE5d2596Ddbb1e0d8BDe31

Before getting started, you must first setup Seth locally: https://dapp.tools/seth/

Note: You can call the gulp(address) function on it with seth. The addressparameter is the address of the COL1 to COL5 collateral types we have added to this deployment.

Instructions:

1. First, make sure that you have setup seth by following the setup instructions in the MCD-CLI README.md file: (https://github.com/makerdao/mcd-cli#installation).
2. In order to receive some tokens of the COL1 type, you must run the following commands in the CLI:

i. Setting the COL1 address to env variable:

$ export COL1A=0xb3844361e19ab82fce3dddd81637b85bcb554da7

ii. Setting the Faucet address to env variable:

$ export FAUCET=0xDF31eF13A608728b6fEE5d2596Ddbb1e0d8BDe31

iii. Now, you can call the gulp(address) function:

$ seth send $FAUCET ‘gulp(address)’ $COL1A

iv. Please verify your COL1 balance by running:

$ seth –from-wei $(seth –to-dec $(seth call $COL1A ‘balanceOf(address)’ $ETH_FROM)) eth

An example of the output you should be viewing when running the above command:

50.000000000000000000

That’s it! You now have some COL1 k-collateral tokens.

Note: If you would like to receive some K-MKR tokens, you would need to replace the COL1 token address with the MCD_GOV token address and follow the exact same process as above.

After you have successfully received the Kovan collateral tokens, you can continue on and explore the MCD-PORTAL and/or the MCD-CLI.

The Dai.js Library and Governance Plugin

The Dai.js library and the governance plugin tools enable you to start developing on MCD by creating loans, issuing Dai and interacting with the MKR governance system.

MCD Dai Plugin

The MCD Dai plugin allows you to interact with the Multi-Collateral Dai contracts. Follow the link below for an example of how to use the dai.js library to create and manipulatie CDPs (via the CDP Manager via a user’s DSProxy) and learn how to read data from the MCD system.

Link to the Repository: https://github.com/makerdao/dai.js/tree/dev/lib/dai-plugin-mcd

A plugin for adding MKR governance support for dApps

The dai.js plugin is used to interact with the MKR governance system. The plugin makes it easy to integrate Dai governance into front-end applications, such as the Maker Governance dashboard. You can use it to vote, cast proposals, query the voting contract, create a vote proxy, and much more. Follow the below link for installation instructions and examples:

Link to the Repository: https://github.com/makerdao/dai-plugin-governance

Governance Dashboard

The Governance dashboard is a front-end interface that displays current vote proposals and sends them out to the Maker community to vote on. The dashboard is updated to the latest MCD Kovan release with the executive vote.

You can currently interact with the governance dashboard in two places:

Run the local dashboard

1. https://github.com/makerdao/governance-dashboard

Staged environment

1. https://dai-gov-staging.now.sh/?mcd=true

Multi-Collateral Dai CDP Portal

As a permissionless system of smart contracts on the blockchain, MCD can be used by anyone. There are already many teams independently developing front-ends to interact with MCD. For the purpose of the Kovan releases and trying out MCD, we will make the MCD CDP Portal available, which is currently hosted in a staging environment. The portal will be updated accordingly to support every new Kovan release. In the first release of the staging environment, you will be able to lock collateral and draw Dai.

You can check it out here: https://mcd-cdp-portal-staging.now.sh

Note: You can also setup the MCD CDP Portal on your local machine by following the instructions in this repository: https://github.com/makerdao/mcd-cdp-portal

The current deployed stage environment is in a very early work stage and is still in progress. In terms of existing functionality, it is currently limited to opening new CDPs and viewing what a CDP would look like — however, it currently uses dummy data. Over the next few weeks, more functionality will be made available, and any feedback collected will be considered for upcoming releases.

If you are willing, you can use Usersnap, a Chrome extension, to provide feedback on the screens displayed. See the video snippet below Usersnap simplifies communication and collaboration between developers, users, and quality assurance personnel.

Multi-Collateral Dai CLI

A command-line interface (CLI) is where you can easily interact with the Multi-Collateral Dai contracts. In the CLI, you can lock assets such as ETH and many other collateral testnet dummy tokens we have added (COL1, COL2, COL3, COL4, COL5), draw Dai against them, check your CDP position, and much more.

The following link provides you with the necessary instructions to get started with the MCD CLI: https://github.com/makerdao/mcd-cli

CDP Lifecycle Walkthrough Guide

The following instructions will guide you through an example of a CDP’s lifecycle. We will be creating a loan with COL1 type collateral (note that COL1-COL5 collateral types simply simulate ERC-20 tokens) and will then pay it back. Since the MCD-CLI is based on seth, you must first set up the required variables to start interacting with the MCD system.

Let’s get started

First, add the required variables within terminal. Alternatively, you can add the variable in ~/.sethrc, so that you can more easily start working with the environment in the future.

The commands to set up the variables are as follows:

• ETH_FROM=<add your ETH address>
• ETH_KEYSTORE=<add the path to your keystore file>
• ETH_PASSWORD=<add the path to password file with file name>
• MCD_CHAIN=kovan
• SETH_CHAIN=kovan

Once set up, you can begin to run through the CDP lifecycle using the commands noted below.

For this example, we are going to use the COL1 tokens as the first type of collateral in our CDP. Before proceeding, please check that you have already received some COL1 from the faucet. If you haven’t, please visit the ‘Getting K Collateral tokens’ section above.

Instructions

1. Connect the COL1 tokens into the COL1 adapter. Here, you must change the below value of `60` to your own value.

Run:

$ mcd –ilk=COL1-A gem join 60

Output Example:

vat 60.000000000000000000 Unlocked collateral (COL1)

ink 0.000000000000000000 Locked collateral (COL1)

ext 0.000000000000000000 External account balance (COL1)

2. Lock your COL1 collateral tokens and then draw 1 dai from VAT. Again, please don’t forget to change the below value of 60 to your own value.

Run:

$ mcd –ilk=COL1-A frob 60 1

Example Output:
ilk COL1-A Collateral type

urn 16Fb96a5fa0427Af0C8F7cF1eB4870231c8154B6000000000000000000000000 Urn index

ink 60.000000000000000000 Locked collateral (COL1)

art 1.000000000000000000 Outstanding debt (Dai)

printf: ‘58234907888888888888888889’: Numerical result out of range

spot 0.000000009223372036854775807 Price with safety mat (USD)

rate 1.000000000000000000000000000 COL1 DAI exchange rate

fill 0 Collateralization Ratio (%)

rap 0.000000000000000000 Accumulated stability fee (Dai)

dai 1.000000000000000000000000000000000000000000000 Vat Dai

gem 0.000000000000000000

2a. Approve the MCD_JOIN_DAI to withdraw the minted Dai from your urn.

This will enable you to add MCD_JOIN_DAI and MCD_VAT variables with the respective contract addresses to the terminal.

Run:

$ seth send $MCD_VAT ‘hope(address)’ $MCD_JOIN_DAI

Note: This is a temporary solution until we finalize MCD dai.

3. Withdraw Dai and send it to your ETH personal account.

Run:

$ mcd dai exit 1

Example Output:

vat 0.000000000000000000000000000000000000000000000 Vat balance

ext 1.000000000000000000 ERC20 balance

Note: When you want to pay back your debt and unlock your collateral, follow these steps again.

4. Add your Dai back into the urn.

Run:

$ mcd dai join 1

Example Output:

vat 1.000000000000000000000000000000000000000000000 Vat balance

ext 0.000000000000000000 ERC20 balance

5. Remove your Dai debt and unlock your COL1 collateral from internal system (vat).

Run:

$ mcd –ilk=COL1-A frob — -60 -1

Example Output:

ilk COL1-A Collateral type

urn 16Fb96a5fa0427Af0C8F7cF1eB4870231c8154B6000000000000000000000000 Urn index

ink 0.000000000000000000 Locked collateral (COL1)

art 0.000000000000000000 Outstanding debt (Dai)

printf: ‘58234907888888888888888889’: Numerical result out of range

spot 0.000000009223372036854775807 Price with safety mat (USD)

rate 1.000000000000000000000000000 COL1 DAI exchange rate

fill 0 Collateralization Ratio (%)

rap 0 Accumulated stability fee (Dai)

dai 0.000000000000000000000000000000000000000000000 Vat Dai

gem 60.000000000000000000 Unlocked collateral (COL1)

6. Finally, remove your collateral COL1 token from the COL1 adapter.

Run:

$ mcd –ilk=COL1-A gem exit 60

Example Output:

vat 0.000000000000000000 Unlocked collateral (COL1)

ink 0.000000000000000000 Locked collateral (COL1)

ext 60.000000000000000000 External account balance (COL1)

After running the above commands, please confirm that you have your initial collateral (COL1) back in your wallet.

This concludes the CDP Lifecycle Walkthrough Guide! We look forward to updating you on our progress with MCD in the next couple of weeks.

Getting MakerDAO Updates

To receive updates on Maker, migrate to https://makerdao.com/en/ and in the bottom right corner of the page, you will find the “Sign up for the latest content and updates” button. Please enter you email and hit ’Subscribe’.

If you are interested in learning more about creating a product or tool that leverages the dai credit system, please get in touch with the team via Rocket.Chat.

For all other updates, follow us:

RocketChat: https://chat.makerdao.com/home

Telegram: https://t.me/makerdaoOfficial

Twitter: https://twitter.com/MakerDAO

Reddit: https://www.reddit.com/r/MakerDAO/

The Executive Vote (FAQ) will begin on Friday, March 22nd at 5 pm UTC and will continue until the number of votes surpasses the previous Executive Vote total. This will be a continuous approval vote.

Review

The increase to the Stability Fee was discussed in the Governance call on Thursday, March 21, and ratified by the community in a formal Governance Poll. Please review the Video, Audio, Transcript, and the online discussion to inform your position prior to voting.

Key factors under consideration for increasing the Stability Fee are:

• Exchange price persists below $1
• High inventory levels among market makers and prop desks
• No attributable impact from the previous Stability Fee increases

Analysis

An examination of the available data strongly suggests a Stability Fee increase is warranted. The exchange price of Dai across several major exchanges has been consistently hovering in the $0.96 to $0.99 range for two months. Decentralized exchanges with sufficient volume/liquidity also confirm the same discrepancy.

Below is an average price chart of the Dai trade history.

Informal discussions with several large Dai market makers have suggested that inventory levels have run high, and balance sheet capacity has diminished. Informal polling through various community channels has also shown strong support for an increase.

Resources

Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar please see the MakerDAO Public Events Calendar.

MakerDAO joins the #PiDay celebration by encouraging donations to charity

PiDay (March 14th) has been long celebrated as a geek holiday, so MakerDAO, in conjunction with our friends at @SendCrypto, are happy to announce a way for the crypto community to celebrate the date and help make the world a better place.

How?

Thanks to the magic of the @SendCrypto bot, Twitter users are able to donate their Dai, xDai, Ether, or many other supported ERC20 tokens directly from their tweets to one of the many charities just by sending a simple message: “@SendCrypto @EFF $3.14”

Why donate with your crypto?

The benefits are huge. By donating your tokens to charity, a whole host of intermediaries, banks, and random fee collectors are removed in favor of a system that is transparent and instant. That means the least number of people between your donation and the people who need it most.

Maker Matching Donations

Seeing as transparency and social good are fundamental pieces of Maker’s vision, we want #PiDai for #PiDay to be as meaningful as possible. The team at Maker will gladly match any donations that help meet the first three thresholds for each charity.

For example:

If donations to NeedsList hit the first three thresholds of $3.14, $31.41, and $314.15, we will match the total sum of $348.70 and send it to NeedsList as well.

If any other charities reach any of those three milestones, we’ll match those too!

Get Involved

Doing good doesn’t get any easier than this: simply tweet to @SendCrypto and add the @ handle of one of the charities below with the amount you’d like to donate.

Be sure to follow @sendcrypto bot before tweeting, or ensure your privacy settings are set to allow DMs from anyone. If you do not see a notification after you donate, please check your DM requests.

Some examples:

To send 3.14 Dai directly to the EFF’s wallet: “@SendCrypto @EFF $3.14”

To send 31.41 xDai directly to Unicef NZ’s wallet:
“@SendCrypto @UnicefNZ x$31.41”

To send 5 dollars in Eth directly to Unicef NZ’s wallet:
“@SendCrypto @UnicefNZ $5 ETH”

Other tokens are accepted as well, just substitute the token symbol in the tweet:

• REQ: Request Network
• KNC: Kyber Network
• DGX: Digix
• OMG: OmiseGo
• BAT: Basic Attention Token
• LINK: ChainLINK
• KIN: Kin
• ZRX: 0x
• BNB: Binance Coin

Leaderboard

Throughout the campaign anyone can see who has donated, and how much each charity has raised, by going to: https://sendcryptobot.io/piday/

We’ll be using this to track donations, and giving shout outs to users who made significant contributions to help reach milestones.

List of Charities

Lastly, please take some time to research into the charities here or below to see what they’re involved in, and find one that speaks to you.

• EFF (@EFF)
• Needslist (@NeedsList4Good)
• Unicef NZ (@UnicefNZ)
• Castro Limon (@CastroLimon)
• Give Directly (@Give_directly)
• Giveth (@Givethio)
• GraceAid (@GRACERefugeeAid)

If they all speak to you, and you’re feeling particularly charitable, you can donate to all of them!