Proposal to add MKR
Proposal to add MKR as a capped collateral to Interest Protocol.
Overview
The MKR token governs the Maker Protocol, which is one of the oldest and most battle-tested protocols in DeFi. The Maker Protocol issues the DAI stablecoin, and is one of the only protocols to not suffer technical exploits (there was a design exploit that resulted in some 0-bid liquidation auctions in 2020 that has since been fixed).
This collateral integration will support MKR holders’ ability to delegate MKR to a delegate contract of their choice, which is not available at any other venue.
Interest Protocol already supports CHAI, which is a DappHub token wrapper for DAI Savings Rate Module deposits.
Big thanks to Llama.xyz for developing the new MKR voting vaults and other contracts for this proposal.
Parameters
Token Address: 0x9f8F72aA9304c8B593d555F12eF6589cC3A579A2
Capped Token address: 0x2c52EE10BD58Efa20FC6ee418BF9085639E8247E
LTV: 70%
Liquidation incentive: 10%
Cap: 110,000 (~$1,000,000)
Primary Oracle Address: Chainlink
Secondary Oracle Address: Uniswap v3
Price deviation: 10%
Liquidity
Market Cap: $826,301,000 (circulating)
Liquidity: $17,500,000 (two combined Uniswap V3 pools)
Coingecko 7-day avg 24hr volume: $64,000,000
Notable exchanges: Coinbase, Binance, Kraken, OKX, Uniswap, etc
Technical risks
Type of contract: ERC20 Underlying asset: Governance Token Time: November 25, 2017 (~2055 days ago) Privileges: Can be minted by governance or excessive bad debt Upgradability: None
Relevant References
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x5fee...c86558 | 1.697M | FOR |
 0xe967...ce9B53 | 1.198M | FOR |
 0x3FB1...2d4C8A | 500,000 | FOR |
 Diego Ortiz | 80,377 | FOR |
VOTE POWER
Proposal Status
- Fri July 21 2023, 07:46 pmVoting Period Starts
- Thu July 27 2023, 11:10 amEnd Voting Period
- Tue August 01 2023, 07:38 pmQueue Proposal
- Mon August 07 2023, 05:43 pmExecute Proposal
Current Results
1-FOR
3.476M
2-AGAINST
N/A Tokens
3-ABSTAIN
N/A Tokens