September 16: Extra!

Great read! Highly recommended to read in full for any MKR hodl’ers. Such an exciting project!!

“The Dai Savings Rate (DSR) is one of the most anticipated features of Multi-Collateral Dai (MCD). In addition to continuing to provide Dai holders with a stable decentralized currency, MCD will offer an option to earn savings simply by holding Dai.

In Single-Collateral Dai thus far, the lever used to maintain the Dai peg has been the Stability Fee. By targeting Dai generation, this parameter impacts the supply side of Dai.

The DSR, however, offers an alternative tool for Maker governance. Because the DSR will influence Dai holders’ behavior (as opposed to the behavior of CDP owners), Maker governance can affect the demand side of Dai. End users will be incentivized to buy or sell Dai in the open marketplace based on how much additional Dai they may earn through the DSR.

At the accounting level, Dai awarded through the DSR is recorded in the same line item as the one used to record Stability Fees collected. In other words, the Dai created for the DSR is recorded as an offsetting adjustment of Stability Fees collected for the Surplus Auction. If the total amount of Stability Fees collected in Dai does not cover the total amount of Dai minted for the DSR, the difference is recorded as bad debt, and MKR is printed to cover the cost. 

Conceptually, the Stability Fee should be comprised of two components: 1) a collateral-specific risk premium that is a value transfer from CDP owners to MKR holders, and 2) a DSR adjustment that is a value transfer from CDP owners to Dai holders. Essentially, CDP owners compensate the two distinct ecosystem actors: MKR holders for the risk of collateral, and Dai holders for the risk of Dai instability.”

Monolith: Decentralized payments/banking update

“The ERC-1155 token standard provides a way to make one smart contract govern almost an unlimited number of tokens. Additionally, each token is semi-fungible, unlike ERC-721 non-fungible tokens (NFTs), which can only be owned by one address each.

This expands the design space for building game economies and provides efficiency benefits as well.”

“With followers, 3Box enables an open social graph for the entire Ethereum network and all its applications.

Followers, the newest feature from 3Box, allows Ethereum users to curate a public list of profiles — or addresses — that they want to follow, save, or generally keep handy for a variety of reasons.”