Sam MacPherson
@hexonaut
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CEO @phoenixlabsdev - contributing to ⚡️Spark⚡️. Previously Protocol Engineering @SkyEcosystem (MakerDAO at the time)
Toronto, Ontario
Joined July 2011
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An interesting story occurred over the past few weeks. It starts with a mistake we see far too often in DeFi - a user has accidentally sent some ETH to the wrong address. The end result is a heart-warming story full of ingenuity.
🧵👇
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I don't think people realize just how much Aave V3 e-mode is going to vacuum all the idle ETH into Lido.
Deposit stETH, borrow ETH, stake/trade into stETH, repeat.
If you're holding stETH, this virtually risk free until the Curve pool gets depleted.
This is going to be nuts.
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The MakerDAO community is excited to announce the Optimism Dai Bridge which solves the 1 week withdrawal problem for optimistic rollups.
Here's how it works:
1/
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I like how the PolyNetwork Exploiter is having an AMA right now... what a ridiculous space.
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In the past month Terra's UST has had to spend 100m to maintain its peg. Current burn rate is 4m / day and increasing.
By contrast Maker's DAI has earned the protocol 3.6m in the past month.
One of these is sustainable.
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🤯 Cross-chain end-to-end testing has landed in Foundry. These sorts of features are critical for Maker going multichain.
Mad respect to the Foundry team - they are shipping new features like crazy. 💨💨
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I want to kick off 2024 with an educational post about the Maker/DAI ecosystem. Memes have a strong influence in crypto and can persist even when no longer accurate. I’ll address the state of some of the larger ones.
1. “DAI is just wrapped USDC”
This hasn’t been true for about
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The user has been notified the ETH has been returned and is over the moon. Thanks to everyone on the Protocol Engineering team for making this happen. In particular
@gbalabasquer
@NazzMass
@iamchrissmith
were instrumental in developing and executing this strategy.
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I’m super excited to announce the launch of ⚡️ Spark Protocol ⚡️ - a growth-focused arm of the Maker Protocol.
Our first product is Spark Lend which builds upon Aave V3 to bring the best lending market features to Maker.
🧵👇
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Wrote an article about deploying your token/dapp to L2 first and the mental model switch involved with making this choice.
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It’s time for the Maker protocol to take bold action and seed the next phase of DeFi.
The bull market has been kind to us all, but that time is passing. We need to take the next step and begin integrating with the real world at scale.
Here’s how we do it 🧵👇
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Today Maker has activated the
@gelatonetwork
G-UNI DAI-USDC Uniswap V3 pool. This pool will initially start at a test debt ceiling of 10M, but once tested it should become the largest pool in Uniswap V3.
How does this work? 🧵👇
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To all those questioning why Maker backs DAI with stablecoins during the bull market rather than its own governance token now you know why.
DAI has had massive outflows all weekend as well, but 1 DAI = 1 USD and you can trust that.
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⚡️ Flash minting is here. ⚡️
DeFi position management / arbitrage is about to get a big UX improvement. Maker is providing 500M in ERC3156-compliant flash mints once the weekly spell passes.
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Wrote some thoughts about web3 protocol frontends.
TLDR is we need to move away from having the core protocol be linked to a single website managed by the same team and use free markets to provide superior UX.
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ETH retakes the lead as the number one collateral backing DAI.
Just today:
-19.2M📉in USDC
+100M📈in crypto-native assets
Total DAI supply moving quickly to overtake the 8B mark.
wagmi
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Building stablecoin demand is not easy.
DAI organic demand (EOA dai below) has been growing steadily over many years. These numbers are built by years of trust and not something that can be bought.
Yield farming can rapidly grow/contract, but organic demand is rock solid.
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Hey
@Permissionless
, if UST blows up before next week, can
@MakerDAO
take
@stablekwon
's speaking slot?
We have a few topics to go over. 😉
@Blockworks_
@BanklessHQ
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Foundry is really killing it at multi-chain dev tooling. 🔥🛠
For Maker's dss-bridge we are able to seamlessly switch between networks all in Solidity. This is both for our integration tests as well as well as deploy scripts.
The code reduction from JS equivalent is huge.
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Wrote an article about the history of Maker as well as my personal view of where we are heading in this multi-chain future.
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AI is coming for our jobs.
Github Co-Pilot autocomplete at the bottom (gray text) is completely correct albeit not gas optimized. 😬
Wrote the entire function just based on the name "canTopUp". Scary and cool!
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The conditions of the AaveDAO <> MakerDAO agreement have just kicked in this morning.
MakerDAO will begin paying 10% of the profit on the DAI market to AaveDAO until August 8th, 2025.
Funding/contributing to public goods is the way we all win.
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Spark 🤝 Chainlink
Spark Protocol is built to be collaborative and is open to working with all actors in the space. Partnerships such as the one with
@chainlink
are critical to growing the DAI ecosystem. LFG!
.
@spark_protocol
, a protocol powered by
@MakerDAO
, has integrated
#Chainlink
Price Feeds to help accelerate the development of its lending & borrowing platform, Spark Lend.
This marks the first Price Feeds integration for the MakerDAO ecosystem.
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Paxos offering Maker 45% of the Federal funds rate (~4.3%) for USPD in the PSM.
The competition is heating up. 🔥🔥🔥
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Special thanks to the
@optimismPBC
team for their awesome work on Optimism. We are all looking forward to some much needed gas relief.
Full announcement:
FIN/
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DSR going to 15%.
Remember DAI yield = max(TradFi, DeFi) and DeFi rates are exploding.
Enjoy the savings!
Due to the recent market volatility conditions, an Accelerated Proposal has been put forth for an Executive Vote to prepare the Maker Protocol for a potential excessive Dai demand shock caused by further bullish sentiment.
The Maker Protocol is working as expected, maintaining
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This is a game changer not only for the Maker protocol, but the Ethereum ecosystem at large as we can finally offer a fast, trustless, decentralized off-ramp for optimistic rollups.
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6. UST will collapse in a death spiral with LUNA hyper-inflating to try and cover the peg. This will collapse MIM as well now that they are backed with 1.1B UST.
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I disagree with almost every point in this thread. Let's take them one at a time.
Are we seeing a shift? Maker continues to be in the top 5 DeFi protocols by TVL. This is without us running liquidity mining.
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Feels like MKR, once a defi darling, has kind of had its days behind it.
We're seeing a pretty big shift that I think highlights really interesting lessons for defi projects.
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1b TVL in 6 months. Blown away at how fast things are growing. ❤️
None of this would have been possible without the stellar work by the
@Aave
devs building one of the best lending markets around.
As per the revenue share agreement, Maker is paying ~400k / year to AaveDAO.
⚡$1 billion in TVL ⚡
Spark went live in May this year. Six months later, we are thrilled to announce that Spark hit the incredible milestone of $1 billion in TVL!
This is a huge achievement for Spark, and it wouldn’t be possible without our fantastic community and partners🤝
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Just noticed DefiLlama is reporting RWA TVL now. Always the 🐐
Next step is to tokenize and provide real-time proof of reserves.
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Maker is about to pass a big milestone with 10% of the supply being burned. 🔥🔥🔥
If you are looking for a good fundamentals in a falling market...
110M / year in profit against a 1.66B market cap gives a P/E of 15. This is all while DAI is rapidly approaching the 10B mark.
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has been updated to clarify the two important charts relating DAI to collateral. The left one is the total amount of collateral that is backing DAI and the right is the DAI minted by collateral type. Thanks for this update - I think it's much more clear.
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Just spent the past few days adding support for linked libraries to
@gakonst
's Foundry. Running Forge against MakerDAO/spells-mainnet yields 28x speed up over dapptools.
Left: Forge (42s compile + execute / 36s cached)
Right: Dapptools (20m4s compile + execute)
🔥🔥🔥 LFG
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The Maker protocol can take advantage of this by offering a token (fDAI) which represents a claim on the L1 DAI through a vault which allows locking up fDAI in exchange for newly minted regular DAI. fDAI is then validated by a Maker Oracle which can verify against the CTC.
4/
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The first cross-chain instance of SparkLend is live, and ~15m has already been deposited! Now users can borrow DAI at the DSR (5%) on Gnosis Chain.
We are happy to work with
@gnosischain
,
@karpatkey
and
@BlockAnalitica
to make this happen.
LFG ⚡️⚡️⚡️
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The bull market is here, and there are some BIG updates from Maker:
💰 Onboarding Ethena sUSDe to sustain higher DSR
⚡ SPK token launch in summer 2024
🙈 Brand reveal soon
🏦 Lock MKR/NGT for additional yield
⛓️ Cross-chain NewStable
… and lots more!
Launch Season is upon us!
Endgame focuses MakerDAO towards scalable resilience and sustainable user growth: The goal is 100 billion Dai and beyond
Launch Season will bring the most important yield farming and UX features rapidly to market
More:
(1/9)
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Over the past few days DAI demand has violently contracted by 25%, but the peg is still rock solid due to the Peg Stability Modules.
Stacking DAI demand into the PSMs during the bull market gives DAI holders peace of mind during even the roughest of weeks.
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I'm continually impressed by
@DefiLlama
's ability to ship and take feedback.
Their new treasury tab originally included native tokens (see for why this is bad).
They took feedback and updated the default within a few days based on the results.
Excited to share this article
@MonetSupply
and I have been working on: A New Mental Model for Defi Treasuries
This topic is very close to our heart and we hope that everyone reads it.
Inside:
- Why native tokens in treasuries are not assets
(cont)
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DAI is currently the cheapest stablecoin to borrow on
@AaveAave
. This is thanks to the Maker D3M ensuring a recently lowered maximum borrow rate of 2.89% APY.
If you borrow against DAI on Aave, you can be sure you are only paying at most 2.89% APY (up to the 300m debt ceiling).
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Once we have the Proxy deployed at the target address we can issue a command to send the ETH back to the original user and voila we recovered the ETH!
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I think the real switch to rollups will occur when devs stop thinking of Ethereum as home base for their token/dapp.
If we really trust the rollup security model it's okay to have your base of operations completely on Arbitrum and bridge back to L1 later.
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It turns out that although Ethereum addresses may seem completely random, they are in fact deterministically generated. In particular we can replicate any smart contract address on L2 that has previously been deployed by an L1 EOA.
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With the most recent executive passing today, Maker revenues have increased to 94M / year with a P/E ratio of 24. Yes P/E, not P/S or some other speculative metric. P/E. Many tokens have future potential, but MKR is earning big right here right now.
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If you think you've missed the boat, and $MKR is "too expensive". Think again. Here is $MKR price with the same P/E ratio as other protocols:
Uniswap: $∞ (No Profit)
Compound: $5111 (ign. rewards) / $∞ (deduct rewards)
SushiSwap: $3866 / $∞ (-rew.)
Aave: $59,979 (540 P/E)
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Stablecoin builders: you need to focus on the demand side. Too many projects focus on fancy supply-side mechanics.
If users don't want to use your stablecoin as currency then it won't work.
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⚡️ Spark Protocol ⚡️ has launched on mainnet!
You can now borrow DAI at 1.11% against ETH/stETH using the link below. Please keep in mind that this rate will change with the DSR.
(Unfortunately, the frontend is not available to people in the USA)
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.
@Gemini
sending first payment to Maker as part of the GUSD partnership.
I expect revenue to reach 100m / yr quickly as we monetize the balance sheet.
Revenues which can:
- Be forwarded to DAI holders
- Reward MKR holders with a burn
- Buy stETH to increase protocol resilience
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Crypto needs to shift focus from trying to invent fancy ways to cycle money around with no real value. We need to connect to the real world and solve people's problems.
📈 Real Services
📉 Ponzis
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This seems quite dangerous 110m in leverage against roughly half the CRV circulating supply - some of it at 75% LTV.
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Stablecoin issuers: Once the PSM migration is complete there will be 1.4b in immediately available liquidity on USDS.
6% yield and 1.4b in USDC liquidity.
For comparison BUIDL is ~4.8% and 100m.
Just Peg with USDS
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Luckily one of the Maker team members still had access to the deployer private key. This would allow us to insert arbitrary smart contract code into the address the user sent the funds. And so we began preparations for the recovery.
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🥳 Optimistic DAI just passed the 1M minted mark! 🥳
Some fun facts about oDAI 👇
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DAI is now 52% backed by crypto-native assets and climbing rapidly.
These crypto loans are generating 160m / year to the protocol.
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People should be prepared for high single digit LST depegs after the peak of the bull as the withdrawal queue fills up.
It will recover, but this will stress DeFi protocols who are cavalier about leverage.
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To everyone concerned about replay attacks on the ETH PoW chain, the solution is very simple - don't use it.
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.
@phoenixlabsdev
has put out an updated version of the Spark Multichain Strategy taking into account the rebrand of DAI.
This is built upon the knowledge gained by working with our partners at
@gnosischain
and
@0xPolygon
.
More details 👇
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Due to
@ethena_labs
USDe, the Spark Morpho Vault has become the biggest earner for Maker at 65m / year.
Composable yield ftw.
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Whipped up a contract to do easy 20x leverage with Dai flash mint module and Curve. Instructions in the repository. Insane APY awaits. Use at your own risk.
Literally whoever fills up this first 10M on G-UNI can earn around 170% APR (20x 8.65%) on up to 500k DAI for at least a few weeks with virtually zero risk. Dai Flash Loan (free), Sell part for USDC, mint G-UNI, open vault, mint dai, repay loan.
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Yield-bearing Real World Asset growth in Maker is heating up. 🔥🔥🔥
With GUSD passing the 100m mark,
@Gemini
will begin paying Maker 1.25%.
Totals:
Coinbase - 1.6b @ 1.5% - +24m DAI / yr
Monetalis - 500m @ 3.82% - +19.1m DAI / yr
Gemini - 500m @ 1.25% - +6.25m DAI / yr
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Possible LUNA play is to wait until integer overflow on the total supply. The ultimate maximum supply hard cap.
This is of course assuming they have overflow checks which wouldn't surprise me if they don't.
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DAI supply back up over 5b. A 13% increase MoM.
sDAI proving to be the best combination of liquidity and yield this cycle.
With 25% on-demand access to USDC it should be a part of every treasury.
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A missing piece of DeFi is fixed rates that work in a capital-efficient way.
Spark Protocol will achieve this by partnering with fixed-rate protocols such as
@element_fi
and
@senseprotocol
to offer market-driven fixed borrow rates at scale.
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The MakerDAO Protocol Engineering team has released our strategy for the multi-chain world:
Lots of nuanced takes of the different solutions available from our L2 / Sidechain team members -
@bkiepuszewski
@krzKaczor
. I highly recommend reading it over.
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Spark is now the top earner for Maker Core at 50.7m / year.
The DSR could be raised above the fed funds rate now that DeFi rates are higher.
With sDAI you get max(TradFi, DeFi)
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Here is a thread to clarify some misunderstandings about the 1.6b
@CoinbaseInsto
yield offering.
First, the difference between protocol controlled value (PCV) and user's assets.
The proposal will invest the PCV in the USDC PSM, NOT user funds.
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Starting to think it's impossible to build an immutable USD stablecoin even at a small scale after seeing what's happening with Liquity.
The very nature of pegging requires governance to adjust to the changing market conditions of the underlying.
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Unlike side chains, all the data to reconstruct the Optimistic Virtual Machine (OVM) state is present on L1 in what is called the Canonical Transaction Chain (CTC). Anyone can look at this transaction log and reconstruct the OVM state.
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Congats guys! Can attest Foundry is the next big thing for Solidity dev.
Maker's Protocol Engineering is in the process of integrating Foundry into all of our repos.
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Spark Morpho Blue vault has been live for less than 12 hours and is already earning 41% APY on 100m. That's +41m / year in revenue (~10% increase).
Maker <> Spark <> Morpho <> Ethena
This is the power of DeFi.
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2B deposits into SparkLend. 🥳
+100% growth in one month and doesn't show signs of slowing. Seeing +5-10m DAI borrows per day now.
Wow massive 79k ETH deposit + max DAI borrow brings the total deposits on Spark over 1B. 🥳
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Seems like a fun exercise, so here are my 2022 predictions:
1. Crypto bull market will end with a blow off the top mania.
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Congratulations
@BlockTower
and
@centrifuge
! Another milestone in bridging DeFi and TradFi.
We're thrilled to announce that $220 million in Real-World Assets (RWA) are coming to Centrifuge, in partnership with
@BlockTower
and
@MakerDAO
!
BlockTower Credit will be the first institutional credit fund to bring their collateralized lending on-chain.
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What this means is that although we have to wait 1 week to ensure that the result of the computation of the CTC is correct, we can have off-chain proof that the individual transaction is correct within a few minutes.
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A lot of work finally able to be shipped soon.
The largest decentralized stablecoin is awake and making moves.
Sky is here.
The best and easiest place to get rewarded for saving without giving up control.
Discover the upgraded tokens, new features, and boosted Sky Token Rewards for early sign-ups. Follow this thread for the latest news and updates about SkyLaunch.
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Looks like $MKR is about to do its yearly 4x in four weeks after being ridiculously undervalued for months.
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Funding rates back above 35%. Time to start printing. 💸
Spark has ~1-1.5b to deploy, which will double Ethena's size and Maker's already sizable revenue.
(s)USDe leveragers will enjoy additional yield.
win-win-win
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Over the next few weeks Maker revenues will likely exceed 100m / year with a constant burn being applied to surplus > 50m (currently 75m).
This burn will be done by adding one-sided liquidity to the Uni V2 MKR-DAI pool via the dss-kiln module.
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An interesting mental model switch when coding for L2 is that you need to undo the default strategy of reducing SSTORE/SLOADs. It's all about the calldata size now.
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