Maker Relay Ep 12

Maker Relay 12

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

Executive Votes

  • Changes to USDC-A and PAX-A Parameters, Reduce Box Parameter
  • This Executive Proposal passed and is available to execute September 15, 2020, 06:24 UTC.
  • The following were approved:
    • The USDC-A collateralization ratio will be decreased from 110% to 103%.
    • The PAX-A collateralization ratio will be decreased from 120% to 103%.
    • The USDC-A debt ceiling will be increased from 100 million to 200 million.
    • The PAX-A debt ceiling will be increased from 5 million to 30 million.
    • The Vat global line parameter will increase from 823 million to 948 million.
    • The box parameter will be changed from 30 million to 15 million.

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
MIP7c3-SP3 - Domain Team Onboarding (Risk) MIP Inclusion Poll Vote Discussion
MIP7c3-SP4 - Domain Team Onboarding (Smart Contracts) MIP Inclusion Poll Vote Discussion
MIP12c2-SP4 - LRC Collateral Onboarding MIP Inclusion Poll Vote Discussion
MIP12c2-SP5 - COMP Collateral Onboarding MIP Inclusion Poll Vote Discussion
MIP12c2-SP6 - LINK Collateral Onboarding MIP Inclusion Poll Vote Discussion
MIP13c3-SP2 - Declaration of Intent - Dai Flash Mint Module MIP Inclusion Poll Vote Discussion
MIP15 - Dark Spell Mechanism MIP Inclusion Poll Vote Discussion

Proposals in the Request-For-Comments phase include:

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

Weekly Governance Cycle

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 End Date
Vault Compensation Plan Approval Poll Proposal Vote Discussion Sept 22
Reduce USDC-A and PAX-A Liquidation Ratio System-Parameter Vote Discussion Sept 17
Approve New TUSD Implementation with Original Risk Parameters Collateral Onboarding Vote Discussion Sept 17
Base Rate Adjustment (range -6% to 2%) Meta-Parameter Vote Discussion Sept 17
Quantitative easing aka Manual PSM Proposal Vote Discussion Sept 17

Community Greenlight Polls

New polls next week, refer to the collateral status index for specific updates.

Domain Teams

Smart Contracts

The Base rate will remain unchanged this week at -2%, and Dark Spell is in a formal submission.

There is an ongoing signal request to increase the USDC-A debt ceiling on the forum. There is a proposal to onboard the four members of the smart contracts domain team: Lucas, Brian, Chris, and Will.


There was a whitelisting proposal for TBTC on the ETH-BTC Oracle. They were whitelisted before, had a bug, and they fixed that. This proposal did pass.

We shut down Single Collateral DAI after warning people six months in advance, and after a healthy amount of time, we will be shutting the Oracles down as well.

OPYN sold ‘put options’ against ETH that don’t expire until June 2021, and they have no way of changing which Oracle these use. Options are being discussed here.


Both LINK and COMP are reasonably liquid and have conservative initial risk parameters in the analysis. It’s up to Governance to determine the final parameters. COMP has high DEX volume, which bodes well for liquidations.

More work is coming on a different rate-setting approach and understanding the current risk exposure of vaults. Ideally, this will help Governance know what users are doing with DAI before setting rates. There is an opportunity to pitch in and become a contributor to risk.

Current Events

Peg Stabilization

Expedited Executive Vote (09-14-2020)

An Executive Vote has been expedited to help fix the Dai peg.

As @LongForWisdom explains:

More Information

Real-World Assets

@equivrel summarized the discussion around prioritization of Real-World Assets in a Signal Request

More Information

Signal Request: Should Real World Asset collateral onboarding be prioritized in the short term?

Vault Compensation

The Vault Compensation Governance Poll ends Tuesday, September 22. Signal your support for compensating vaults affected by liquidations during the March 12 market crash.

More Information

Collateral Onboarding

Collateral Onboarding Call #7 summary and video is now available. Last week @rafael.cosman, from TrustToken, presented TUSD, TCAD, TAUD, and TGBP and @jesssalomon, and the 1inch team talked about liquidity pools on Mooniswap.

State of the Peg

  • There is plenty of slippage on Uniswap, and the peg is up, especially over the past couple of days.

  • Focusing on this steeper price curve, hopefully, today’s executive will alleviate some pressure on the peg.

  • Supply is back up above ~500 million Dai. USDC-A capped at 100 million, though it will have more room soon.

  • Volume at around $205 million this last week.
  • Seven-day Volume Weighted Average Price (VWAP) places Dai at $1.032. |


Articles and Thought Pieces

Videos and Podcasts

Maker Forum Deep Dai-ve


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.


These might need looking at, the types are a bit screwy.

Base Rate is a meta-parameter.
USDC-A and PAX-A LR is a system parameter.
TUSD is probably collateral onboarding.
The others are probably just misc or other or proposal or something.

1 Like

Thanks Long for the clarification, made some edits.

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