Making Maker: July 2020

In July, MKR holders accepted Decentraland’s MANA as a new collateral asset into the Maker Protocol, and several votes on asset debt ceiling increases were held. Details are in the Governance section below.  

As the Maker voting community continues its efforts to bring financial stability and transparency to the world economy, the DeFi and Dai milestone hits just keep on comin’! On July 17, total Dai reached the 200M mark: celebrates the 200M Dai milestone with confetti.

Eleven days later, total Dai hit 300M, and then, on July 26, Maker became the first DeFi project to reach $1B total value locked in DeFi.   

Image courtesy of

In response to Maker community conversations surrounding the Dai peg over the last few months, Maker Foundation CEO Rune Christensen penned a Forum post on July 22, regarding the much discussed Peg Stabilization Module.  

There’s much more to recap, but first, let’s look at the numbers from as of July 31, 2020, 9 am  PT. 

Total Dai: 365,198,062.84 

Dai from ETH: 267,458,006.93 (73.24%)

Dai from BAT: 2,372,311.91  (0.65%)

Dai from USDC-A: 53,927,869.07  (14.77%)

Dai from WBTC: 39,999,932.59 (10.95%)

Dai from USDC B: 4,884.47 (0%)

Dai from TUSD: 0 (0%)

Dai from KNC: 130,078.63 (0.04%)

Dai from ZRX:  27,810.24 (0.01%)

Dai from MANA: 78,183.87 (0.02%)

ETH Stability Fee: 0.0%

BAT Stability Fee: 0.0%

USDC-A Stability Fee: 4.00%

WBTC Stability Fee: 2.0%

USDC-B Stability Fee:  50.00%

TUSD Stability Fee: 0.0%

KNC Stability Fee: 4.00%

ZRX Stability Fee: 4.00%

MANA Stability Fee: 12.00%

Dai Savings Rate: 0%

Dai in DSR: 178,525,921.03 (48.88%)

Vaults Opened: 12,304

Blog Round-up

Why Online Merchants Should Accept Dai For Crypto Payments

Dai is the ideal crypto solution for e-commerce. The stablecoin offers the benefits of crypto (speed and transparency) and fiat currency (reliable price) while avoiding the risk and costs of traditional internet payments (chargebacks and high transaction fees). 

MakerDAO Approves 4 New Light Feeds For Oracles

To increase the security of the Protocol as MakerDAO moves toward complete decentralization, Maker Governance recently reviewed and added four “Light” Feeds to the existing Oracle group.

Four organizations providing new Light Feeds as part of the Maker Oracle Feeds.

Welcome to the Evolution: How DeFi is Augmenting the Global Financial System

DeFi is changing the financial services world, from the composable infrastructure of its applications to its functionality and consumer benefits, but it’s doing so through augmentation, not revolution or replacement.

Maker Foundation Offers a 25,000 Dai Prize to Winner(s) of Reddit/Ethereum Scaling Competition

The Reddit/Ethereum Scaling Competition presents a huge opportunity to spur mainstream crypto adoption. Dai will scale massively in the coming years with the help of the strong and growing MakerDAO community. So, helping to power the growth of Ethereum by rewarding the winner(s) is a critical part of making that happen. There’s still time to submit applications!

Worth Repeating

You’ve Learned How to Open a Maker Vault––Now What?

The Maker Foundation’s latest video, How to Open a Maker Vault, demonstrates how easy it is to generate the Dai stablecoin. Watch:

How Dai Became A Favorite Crypto in Latin America

For Latin Americans, the true safe-haven currency is the US Dollar. It’s not always easy to buy, though, which is where MakerDAO’s Dai stablecoin comes in. Dai, built on the Ethereum network and underpinned by a system of smart contracts and decentralized price feeds, is designed to maintain a soft-peg to the US dollar.

Developer Resources

Maker Protocol Technical Documentation

Everything—everything— you need to know about the upgraded Maker Protocol now exists in (highly technical) documentation. Get your geek on!

Developer Guides

MakerDAO’s Developer Guides help anyone integrate with Maker’s smart contracts, SDKs, APIs, products, and partners. Bookmark the guides and review them anytime.

Governance Updates

MANA Approved by Maker Governance as Collateral Type in the Maker Protocol

MKR holders have accepted MANA (Decentraland) as a new collateral asset in the Maker Protocol. Anyone can now connect a wallet to Oasis Borrow to lock the token in a Maker Vault to generate Dai.

Miss This? Maker Governance Review: June 2020

July’s Governance Polls and Executive Votes 

To stay current on governance, risk, and community issues, bookmark the MakerDAO Public Events Calendar. Newcomers to Maker might want to review our series of posts on the MakerDAO Governance Risk Framework.

Rune Radio 

On July 14, Rune participated in Binance’s Off the Charts!, a virtual conference, celebrating the exchange’s third birthday. He took part in a panel discussion titled “Rise of Decentralization: Today’s Cutting-Edge Web3 and DeFi Solutions.” Watch the discussion below (starting at 1:09 ):

July 29 saw MakerDAO’s founder take part in CoinDesk Live’s celebration of Ethereum’s fifth birthday, ETH at Five. In an online panel titled Ethereum’s Bankless Bankers,” Rune discussed the rise of the DeFi movement with sector leaders Compound’s Robert Leshner and Uniswap’s Hayden Adams. Read the recap at the link above or watch the entire panel.

Rune joins Compound and Uniswap founders to discuss the past, present, and future of decentralized finance.

The Latest Integrations

Dai has been integrated into the Spells of Genesis blockchain-based mobile game. Learn how to win Dai by playing the game.

Dai is the exclusive stablecoin of Polyient Games’ NFT (PGFK) sale, which will be held September 15. Polyient is an investment firm focused on non-fungible tokens (NFTs) and blockchain gaming.

MEET.ONE wallet is now integrated with

The D’CENT Biometric wallet, which allows users to authenticate transactions with a fingerprint, also now includes Oasis.

Users of Request Invoicing can now create their invoices denominated in USD, Euros, or GBP, and get paid directly in Dai.  

Community Highlights and Event Recaps

A MakerDAO working group has embarked on an awesome new NFT badges project funded by a Maker microgrant. NFTs will be redeemable by completing key actions involving Dai and the Maker Protocol, from accruing a certain amount of Dai from DSR to winning auctions.  

The Tiger NFT, created by artist Richard Rosa will be redeemable by Keepers that “bite” large Vaults (trigger liquidations).

On July 1, Chao Pan, the Maker Foundation’s Community Lead for China, joined representatives from Dragonfly Capital, Multicoin Capital, and dForce in the first installment of The Block’s four-part webinar, The Exchange. Chao shared the success of Dai adoption in China and his views on the latest trends in DeFi.

On July 2, the Maker Foundation’s Community Lead for APAC Jocelyn Chang discussed the meaning and significance of DeFi with representatives from Synthetix and InstaDApp at LongHash Venture’s digital event titled Through the DeFi Looking Glass.  

Maker’s Jocelyn Chang and others in the defi space take part in a panel discussion titled Through the DeFi Looking Glass.  

Also on July 2, Gustav Arentoft, the Maker Foundation’s Business Development Associate in Europe, took part in a Blockchain Game Alliance-hosted fireside chat titled DeFi x Gaming. He and Aleksander Larsen from Axie Infinity discussed MakerDAO’s significance for the gaming space, and how Dai and the Maker Protocol are being used.  

Gustav Arentoft and Aleksander Larsen chat about the intersection of gaming and DeFi.

On July 3, Jocelyn Chang joined Maria Magenes, the Maker Foundation’s Community Lead for Europe, as co-host of the second FriDAI Brunch, titled The Potential of DeFi in India and Malaysia. The panel discussion featured Nuo’s Sai Teja and Harith Kamarul of Etherscan. Be sure to follow Maria on Twitter for updates on her FriDAI Brunches. 

Maker’s Maria Magenes and Jocelyn Change discuss DeFi with Sai Teja and Harith Kamarul.

On July 4, Chao Pan participated in an online panel discussion during the 2020 China-Singapore Blockchain Leaders Summit. The talk, titled Technological Challenges and Risks of Large-scale DeFi Applications, was jointly organized by the Singapore University of Social Sciences (SUSS), Wanxiang Blockchain Labs, and Chao discussed connecting DeFi with real-world assets at scale.   

On July 13, Greg Diprisco, the Maker Foundation’s Head of Business Development, discussed the growth of the Maker Protocol and ecosystem with digital asset broker Voyager. Read Greg’s insights on Voyager’s blog, Node.

On July 14, Maker Foundation President and COO Steven Becker took part in LendIt Fintech’s webinar, Breaking Down the DeFi Buzz: How DeFi Will Reshape Global Finance, alongside Lex Sokolin (Head of Fintech at ConsenSys) and Lucas Vogelsang (Founder of Centrifuge). The group explored how a decentralized approach to finance can combat some of the biggest problems of traditional finance.

Also on July 14, Maria Magenes contributed to a panel discussion about DeFi at Blockchain Days, a virtual conference organized by Blockchain Education Network Italy and centered on the application of blockchain in different industries. 

On July 16, Doo Wan Nam, the Maker Foundation’s Business Development Associate in the APAC region, moderated a virtual panel discussion titled Blockchain And Digital Assets: An Investors Perspective. The talk was part of the Asia World Blockchain Summit, an annual conference that brings together government authorities, institutional investors, family offices, hedge funds, asset allocators, crypto entrepreneurs, and other leaders from the blockchain and fintech spaces.  

Also on July 16, the Maker Foundation co-hosted the third DeFi Africa virtual meetup. This theme this year was “Privacy in Decentralized Finance.” Maker’s Ambassador to Africa, Sahabia, moderated a panel discussion between Andrey Bugaevski, Project Lead at Incognito; Reuben Yap, Project Steward at Zcoin; and Diego Salazar, Community Lead at Monero.  

On July 18, Greg Diprisco participated in OKExDeFi’s second roundtable. He and OKEx CEO Jay Hao discussed how DeFi and CeFi can work together. Watch the video:

On July 24, Greg spoke at the 2020 Onchain Fintech Conference in Seoul, South Korea. He introduced representatives from traditional financial companies and banks to Maker, explaining how traditional financial systems can benefit from integrating on-chain technologies, such as DeFi and the Dai stablecoin. Read Doo’s Twitter thread of the event.

Greg Diprisco shared Maker’s contributions to the global economy with fintech execs in South Korea.

On July 26, Greg participated in Pundi’s XPOS® Distributor and Merchant Workshop 2020, giving a presentation titled Why Merchants Should Choose the Dai Stablecoin

Greg Diprisco explains the advantages of Dai for e-commerce merchants.

On July 28, Maker Foundation President and COO Steven Becker participated in Prophesying the Future of Oracles, a conversation hosted by the DApp Incubation Association (DIA). Steven joined other leaders from the DeFi space to discuss the current and future challenges and solutions of DeFi’s data infrastructure. 

Maker Foundation President and COO Steven Becker discusses DeFi’s data foundations with other DeFi leaders.

Also on July 29, Maker Foundation Associate Integrations Developer Petru Catana took part in Ironhack’s Intro to Blockchain, a virtual educational event for young coders. Petru explained how the Maker Protocol works, demonstrated some simple coding, and then explored the benefits of Dai using real use case examples.

Petru Catana shows young coders how the Maker Protocol works.

To stay current on Maker Community meetings, bookmark our Community Playlist on YouTube.

Upcoming Events

Aug. 3: Open World Builders guest lecture —DeFi (Virtual)

Aug. 5: DeFi Conference 2020 (Virtual)

Aug. 7: FriDAI Brunch #3—UX and Design as Key Tools to Foster DeFi (Virtual)

Sept. 15-16: Copenhagen Fintech Week 2020 (Virtual)

Sept. 22-24: Money 20/20 Europe 2020—Amsterdam, Netherlands

Dec. 9-10: Paris Blockchain Week Summit

To see more events 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 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!

In the meantime, stay home and stay healthy!

Learn more about MakerDAO:





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