MakerDAO Approves PSM Circuit Breaker

Friday, March 17, 2023

Quick Take

  • MakerDAO approves a PSM circuit breaker.
  • Fileverse releases a beta version of its file management tool.
  • Core developers consider EIPs for inclusion in Cancun.
  • ETHBerlin announces “Protocol Berg” conference.

MakerDAO Approves PSM Circuit Breaker

Maker Governance approved an executive vote to implement a mechanism that allows the protocol to reduce its risk exposure to de-pegged stablecoins. Coined as a “circuit breaker,” the mechanism allows MakerDAO to set the PSM debt ceiling to 0 during emergency situations, hence “breaking” its exposure to at-risk collateral.

The new implementation is also exempt from the Governance Security Module (GSM), allowing the protocol to switch on the breaker without delay. Initially, the breaker is enabled for three PSMs, including USDC, PAX, and GUSD. MakerDAO is also working to reduce its exposure to USDC and GUSD amid recent bank failures.

Fileverse Portal Beta Release

On-chain file-sharing tool Fileverse released a beta version of Portal, a smart contract for managing on-chain files. The beta release includes a UI for deploying portals, uploading, sharing, and managing privacy settings. Portal aims to be a Web3 alternative to platforms like Google Workspace and Notion.

Portal features a Private and Public mode. Private mode only allows whitelisted addresses to access encrypted files. Public mode allows files to be viewed by anyone through an IPFS-accessible webpage. Users can currently deploy Portals on Gnosis Chain. Currently, Fileverse is subsidizing gas fees for deploying Portals.

Beefy Introduces Yield Module

Beefy Finance introduced a Yield Module, a new dashboard that provides performance insights on vault positions. The Beefy Yield Module aims to measure yield performance more accurately, as opposed to variable APYs that are found on most DeFi dapps. The module visualizes a position’s market value over time.

The dashboard displays four key figures, including an “at-deposit” value, a “now” value, a yield value, and a PNL value. Beefy aims to help users distinguish between the accumulation and appreciation of their position. Beefy Finance also started indexing chains on its protocol, allowing it to access historical data moving forward.

EIPs Considered For Cancun Upgrade

Ethereum core developers discussed potential EIPs for Cancun, an upgrade to Ethereum’s execution layer slated for sometime later this year. Protodanksharding EIP-4844 is already confirmed to be in the upgrade. Proposed EIPs for Cancun include Simple Serialize (SSZ) changes, EVM Object Format (EOF), EVMMAX, and self-destruct removal.

The execution layer currently uses a serialization scheme called Recursive-Length Prefix (RLP), while the consensus layer uses Simple Serialize (SSZ). Core developers are looking to change the scheme on the execution layer to enable consistency. Ethereum Team Lead Peter Szilagyi suggested not to do a full transition to SSZ as the implications could lead to a delay in shipping Cancun.

ETH Berlin Introduces Protocol Berg

ETHBerlin introduced Protocol Berg, a new conference dedicated to protocol research, decentralized infrastructure, and core-developer experience. The one-day event will take place on September 15th in Kreuzberg, Berlin. Notably, the event will not have any sponsors and is free to attend. ETHBerlin has previously been an annual hackathon for Ethereum developers.