Maker Relay Ep 11

Maker Relay 11

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.


This Week

Governance Polls

Special attention this week for the Vault compensation approval plan, the vote is up for two weeks!

Poll Name Type Vote Discussion Voting Options
Base Rate Adjustment Meta-Parameter Vote Discussion Variable -6% to 2%
Vault Compensation Plan Approval System-Parameter Vote Discussion Ranked Choice

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

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
MIP10c9-SP9 Whitelist tBTC on ETHBTC Oracle MIP Vote Discussion

Proposals in the Request-For-Comments phase include:

Proposals in the Conception Phase include:

Learn more about Maker Improvement Proposals (MIPs) in the Maker Forum

Signal Requests

Poll Name Vote End Date
Should we change box & ttl auction parameters? Vote & Discussion Sept 11
Approve New TUSD Implementation Vote & Discussion Sept 11

Last Week

Executive Votes

  • Executive Vote Passed: Sept 5, 2020
    • USDT will be onboarded
    • PAXUSD will be onboarded
    • The WBTC-A Debt Ceiling increased: 80 million to 120 million.
    • The Vat global line parameter increased: 708 million to 763 million.
    • The Base Rate meta-parameter increased: -6% to -2%.
    • The BAT-A Stability Fee increased: 0% to 2%.
    • The USDC-A Stability Fee increased: 0% to 2%.
    • The USDC-B Stability Fee increased: 44% to 48%.
    • The WBTC-A Stability Fee increased: 0% to 2%.
    • The KNC-A Stability Fee increased: 0% to 2%.
    • The ZRX-A Stability Fee increased: 0% to 2%.
    • The MANA-A Stability Fee increased: 6% to 10%.
    • Argent will be appointed as an Oracle Light Feed with the feed key 0x130431b4560Cd1d74A990AE86C337a33171FF3c6
    • MyCrypto will be appointed as an Oracle Light Feed with the feed key 0x3cb645a8f10fb7b0721eabae958f77a878441cb9

Domain Teams

Smart Contracts

PAXUSD and Tether added to Kovan and then Friday’s executive. Next up is work on liquidations 2.0 and a formal submission of the Dark Fix MIP.


Much of the oracles work went into the executive as lightfeeds. tBTC is about to relaunch their new version, so they had to deploy new contracts. We need to do a polling vote to swap their oracle whitelisting from the previous address. Hot off the press: LinkUSD assessment


cTokens research from Primoz is up. COMP and Chainlink evaluations coming soon. Chainlink’s evaluation came from an independent risk grantee. Much of these analyses can be used for other similar assets in the future. PAXG will have to wait until next cycle, unfortunately.

Domain Team Proposals

Two initiatives this week on autonomy for the DAO, these will hopefully add structure and longevity as the Foundation decentralizes:

  • LongForWisdom submitted MIP23 to provide a flexible and consistent structural framework for personnel working for MakerDAO within any domain.
  • There is a working group exploring autonomous MakerDAO.

Current Events

Vault Compensation

The Vault Compensation Plan Approval poll is now live. Please vote on whether or not to support any of the plans to auction MKR and DAI to compensate vaults affected by liquidations during the March 12 market crash.

More Information

Peg Stabilization

@Primoz summarizes the current strategy being pursued by the community:

@hexonaut responds:

The conversation on peg stabilization continues in Different Approach to Rate Setting.

Wil Barnes, a smart contract developer with the Maker Foundation, wrote an article on Restoring the Dai peg with the triforce yETH/MKR/Dai yVault to explore how Yearn’s innovative new yETH/strategy products have the potential to restore the Dai peg. As Wil explains,

“the yVault-ETH, StrategyMKRVaultDaiDelegate, and yVault-DAI contracts cooperate to deposit latent ETH, draw Dai against, and deploy that Dai into an interest earning yVault, with realized profits being recycled through this process to maintain a pre-determined leverage ratio.”

Gas Fees

@ccc begins a discussion proposing to Automate Base Rate Adjustment, a potential fix for the current issue of gas cost in governance. As @ccc explains:

@Jtathmann proposes a fix in Using Snapshot to Improve Signaling and Polls:

You can now test voting on Snapshot here!

State of the Peg

A thread worth reading on peg options and fees:

Building on the conversations around peg management, the DAI peg is under duress with recent ETH price movement, forked yield farms, and some market drama.

Dai supply down to ~ 427 million, from 500 million high last week.

Volume at around $411 million this last week. Average VWAP (Volume weighted average price) places Dai at $1.015 |


Community Highlights

  • September 8 Community Call Replay
    • Ambassadors from Latin America Action Group Pilot joined the community call to talk about building community and DAI adoption in Brazil and Venezuela

Articles and Thought Pieces

Videos and Podcasts

Maker Forum Deep Dai-ve

Tweet of the week

Meetings and Events

Community Call

Community Collateral Onboarding

  • Bi-weekly Wednesdays at 17:00 UTC | Zoom - Message #governance-and-risk for Admission
  • The presentations for this week collateral onboarding call are TrustToken and Mooniswap:
    • @rafael.cosman, from TrustToken will discuss this TUSD, TCAD, TAUD, and TGBP.
    • @jesssalomon and the 1inch team will talk about liquidity pools on Mooniswap.

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.


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