Maker Relay Ep 10

Maker Relay 10

Hey everyone, thanks for checking out Maker Relay!

Whether you hold Maker (MKR) or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for updates on the MakerDAO ecosystem.


Weekly Governance Cycle

Executive Votes

Governance Polls

Some polls use instant run-off, so you can select multiple options and ranked-choices will be prioritized.

Poll Name Type Vote Discussion
Adjust the WBTC-A Debt Ceiling Meta-Parameter Vote Discussion
Base Rate Adjustment System-Parameter Vote Discussion

MIPs Updates

The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.

Poll Name Type Vote Discussion
Protocol Dai Transfer (New Author) MIP14c4:Subproposal Discussion
Whitelist New tBTC Oracle Access MIP10c9:Subproposal Discussion

Proposals in the Request-For-Comments phase include:

@monet-supply tested out GUSD which resulted in;

@tylerwinklevoss, the CEO and founder of Gemini, expressed interest in joining a governance call or collateral call to discuss further involvement between projects.

Community Greenlight Polls

All ended on Aug 31st, 2020

Poll Name Greenlight? More Info
BUSD -Binance USD Yes Details
CHI -Chi Gastoken No Details
GUSD -Gemini USD Yes Details
HBTC -Huobi Global BTC Yes Details
HTC-DROP - Harbor Trade Credit DROP Yes Details
NS-DROP - New Silver DROP Yes Details
REN - REN Yes Details
TAUD - TrueAUD Yes Details
TCAD - TrueCAD Yes Details
TGBP - TrueGBP Yes Details
Uni-V2-Dai-ETH - Uniswap V2 Dai-ETH Liquidity Token Yes Details
Uni-V2-USDC-ETH - Uniswap V2 USDC-ETH Liquidity Token Yes Details

Learn more about Maker Improvement Proposals (MIPs)

Monthly Governance Cycle

The Maker Foundation Interim Risk Team will place an Executive Vote proposal into the voting system to enact a new Dai Stability Fee.

Domain Teams


  • We’ll miss you @cyrus !!
  • Quite a few risk evaluations in the works on cTokens, Chainlink, ETH-A and ETH-B parameters.
  • For an in depth discussion on yETH vaults check out last weeks Governance and Risk call.
  • Expect more amazing output from @Primoz, like his post on rate setting below.

Smart Contracts

  • We’ll miss the chief triforce officer, the yam whisperer, @Mariano_Conti !!
  • Liquidations 1.2 spell passed.
  • The spell for PaxUSD and tether are slotted for September 4th, there are modifiers to not cast on a spell on Labor Day so between Tuesday and Friday.
  • Dark spell is up for comment until September 9th.

Current Events

MIP6 Collateral Onboarding - yEarn

@paraficapital submitted an application to onboard YFI as collateral, raising discussion of whether or not the community should establish rules for including newer tokens.

SebVentures comments:

@befitsandpiper responds:

More Information

MIP6 Collateral Onboarding - YFI

Vault Compensation

@monet-supply provided an update:

LongForWisdom echos @monet-supply’s update:

@lateot comments:

More Information

Please see Vault Compensation Plan v2

Peg Stabilization

@Primoz weighs in on issues in setting the base rate in Different Approach to Rate Setting.

Quantitative easing to fix the peg


State of the Peg

  • The Dai Peg is elevated again within an ETH rally. Also new opportunities, crazy volume, and high yields on other platforms. There are still some large slippage trades on uniswap (purple dots)

  • 443 million Dai. ETH still the majority share of Dai minting.
  • WBTC is at it’s Debt ceiling and BAT is almost at it’s debt ceiling too.

  • Volume at around $141 million this last week.
  • Volume Weighted Average Price (VWAP) price places Dai at $1.013

  • ETH vaults collateralization ratio mostly 200% and above.

  • ETH vaults first big liquidation wall at $316 ETH with $30 million Dai projected for liquidation.

  • BAT vaults much safer in collateralization ratios with the majority in the 250-300% bucket.

  • WBTC collateralization ratios still in the 150% -200% range with three large vaults pushing those lower buckets.

  • The WBTC liquidation wall gets steep between $10,429 BTC (22 million Dai for liquidation at an 11% drop) and $10,257 BTC (61 million Dai for liquidation at a 13% drop). | |


Articles and Thought Pieces

Videos and Podcasts

Maker Forum Deep Dai-ve

Tweet of the week

Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

Governance & Risk

Community Events


Reference Links

Discuss and debate Maker governance in the Forum and over Maker Chat

Propose technical changes, poll, and vote in the Governance Portal

Learn more about the Maker protocol in our Documentation

Have Feedback?

We value your input! Post in the forum, take our survey, or join us in the Community-Development channel to let us know what you want to see.

Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for informative and for communications purposes only.


Excellent summary!!!

1 Like

Not all polls use instant run off.

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