What gets measured, gets done…

Any organisation must spend some of its work to know itself. Measure efficiency. Measure how close it is to its goals. Enumerate steps it needs to take.

MakerDAO is not different. If anything, the need to measure with accuracy is even higher than for a traditional business. Since it is a DAO, and token holders are not CEOs, but instead have many other priorities beside the DAO.

Where CEOs read executive summaries to decide where to spend their time, token holders often have even less attention available.

Last week we mentioned two interesting dashboards by Ecosystem Team and Steakhouse Finance, and this week we want to point out further resources.

One is the Ecosystem Actor and Alignment Conserver Directory developed by Endgame Edge.

The other is the Expenses Dashboard by Powerhouse

Focused on who is contributing to MakerDAO and is getting paid for it, the two resources offer a glimpse into the colorful workforce that keeps the lights on in the premier stablecoin of DeFi. Thanks to the current RWA deployments and a high interest macro environment, the DAO is very profitable and easily able to pay for the services, and distribute additional resources to savings DAI holders.

When we speak about the macro environment, it becomes clear that MakerDAO does not operate in a vacuum, but in a free market.

BA Labs’ monetsupply published deep research about the current market conditions and possible futures. We recommend to read it in full. It has certainly helped us make allocations with better knowledge and conviction.

The TL;DR is that the yield on treasuries is still high, and unlikely to fall in the near term, even though the FED is changing its strategy. Maker PSMs had reached the point where some USDC had to be drawn from Coinbase Custody vaults via an out-of-schedule executive spell.

The flows from Coinbase Custody to the PSM and RWA to PSM both worked as intended according to predefined rules. Arrangers followed the rules and the system kept sufficient amount of Stability Reserves in PSM at all times.

A stress that of sorts that resulted in a satisfactory upgrade of operating procedures.

AVCs are in the middle of the second round of scope discussions, focusing on Protocol Scope. Security especially for Endgame smart contracts that break new ground, but also for multi-chain strategies and bridges, play a significant role in discussions.

Bridging remains one of the big challenges of a multi-chain world, as massive hacks on these central pieces of technology have proven time and again.

DAI supply update

DAI supply is up by ~32M since last week. The withdrawal of USDC from Coinbase custody is clearly visible. Since then 180M have been returned into the vaults, and stablecoin collateral is at a low 13.5%. The last out-of-schedule executive had clear directions to the trustee to keep the levels within bounds ensuring DAI stabilty.

Voting update

No new polls have been added this week. We remind readers to vote if they hold MKR.

Image credits: Bing Image Creator

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