Maker Relay Ep 13

Maker Relay 13

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.


Monthly Governance Cycle

VOTE: MIPs Monthly Governance Poll

This poll asks whether the bundled contents of this month’s Governance Cycle should proceed to an Executive Vote to be held on September 28, 2020. The bundled contents of this poll consist of:

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

Weekly Governance Cycle

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

Poll Name Type Vote Discussion
MIP10c7-SP1: Update ETHUSD Data Model Data Model Vote Discussion
MIP10c9-SP7: Whitelist Opyn on ETHUSD Oracle Oracle Vote Discussion
MIP10c9-SP8: Whitelist DDEX on BTCUSD Oracle Oracle Vote Discussion
MIP10c9-SP10: Whitelist YEarn Finance on BTCUSD Oracle Oracle Vote Discussion
MIP10c9-SP11: Whitelist Kyber on ETHUSD Oracle Oracle Vote Discussion
Base Rate Adjustment: range -4% to 4% Meta-Parameter Vote Discussion
Prioritising Real World Asset Collateral Proposal Vote Discussion
Adjust the BAT-A Debt Ceiling from 5 to 10 mil. Dai System-Parameter Vote Discussion
Adjust the ETH-A Risk Premium from 0% to 2% System-Parameter Vote Discussion

Community Greenlight Polls

Poll Name Vote Discussion
BAL (Balancer Token) Vote Discussion
CAT (ShuttleOne Credit Application Token) Vote Discussion
CGT (CACHE Gold) Vote Discussion
UMA (UMA) Vote Discussion
YFI ( Vote Discussion
ARCA (ArCoin) Vote Discussion
cDAI (Compound DAI) Vote Discussion
wNXM (Wrapped NXM) Vote Discussion
REINNO (REINNO) Vote Discussion
renBCH (renBCH) Vote Discussion
renZEC (renZEC) Vote Discussion
MOONI-ETH-USDC (Mooniswap ETH-USDC Liquidity Pool) Vote Discussion
MOONI-ETH-USDT (Mooniswap ETH-USDT Liquidity Pool) Vote Discussion
MOONI-ETH-WBTC (Mooniswap ETH-WBTC Liquidity Pool) Vote Discussion
BPT-80BAL-20WETH (80% BAL 20% ETH Balancer Pool Token) Vote Discussion

Last Week

Enable TUSD, Reduce Stablecoin Liquidation Ratios, Other Changes

  • Passed on Sep 18, 2020, 19:53 UTC with 88,871.68 MKR. Executed on Sep 19, 2020, 07:53 UTC.
  • The new TUSD Implementation whitelisted and enabled for use in the Maker Protocol
  • The USDC-A Liquidation Ratio decreased from 103% to 101%
  • The PAXUSD-A Liquidation Ratio decreased from 103% to 101%
  • The TUSD-A Liquidation Ratio decreased from 120% to 101%
  • The USDC-A Debt Ceiling increased from 200 million to 400 million
  • The TUSD-A Debt Ceiling increased from 2 million to 50 million
  • The Global Line parameter increased from 948 million to 1,196 million
  • The Base Rate meta-parameter increased from -2% to 0%
  • The TUSD-A Stability Fee increased from 0% to 4%
  • The USDT-A Stability Fee increased from 6% to 8%
  • The PAXUSD-A Stability Fee increased from 2% to 4%
  • The USDC-A Stability Fee increased from 2% to 4%
  • The USDC-B Stability Fee increased from 48% to 50%
  • The BAT-A Stability Fee increased from 2% to 4%
  • The WBTC-A Stability Fee increased from 2% to 4%
  • The KNC-A Stability Fee increased from 2% to 4%
  • The ZRX-A Stability Fee increased from 2% to 4%
  • The MANA-A Stability Fee increased from 10% to 12%
  • The Gitcoin feed key has been replaced on the MANAUSD Oracle



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

Discussion and the weekly MIPs update.

Proposals in the Request-For-Comments phase include:

Smart Contracts

The Smart Contracts and Domain Work teams begin a conversation about boundaries and expectations for work done by the Foundation Smart Contracts Team, on behalf of the community.


The team is currently working on collateral evaluations for the October cycle: BAL, YFI, PAXG, and LEND.

@Primoz published a Help Wanted Thread looking for a person who is interested in building Risk Monitoring Tools and working with the Risk Domain Team.

Current Events

Vault Compensation

The Vault Compensation Plan Approval Poll ends Tuesday, September 22 at 16:00 UTC. The current leading vote is oscillating between 18% compensation and 0% compensation.

Make sure to get your vote in and be heard!

More Information

Collateral Onboarding

New Collateral Onboarding Grants fund community members interested in working on collateral onboarding and provide special incentives for rewarding collective collaboration.

Discussion on Improvements to the Collateral Onboarding Framework has also begun. In summary, the proposed changes are:

  • Suspend the usage of MIPs 8, 10, 11, and 12 effective immediately.
  • Explicitly allow collateral onboarding to be a flexible process that can adjust to the demands of reality.
  • Publish and maintain a public document with all collateral types listed and prioritized according to their varying risks and benefits.
  • Provide Foundation-funded grants for collateral onboarding to allow the community to take more of a role in this process.

New Badges Coming to the Forum

Join this Thursday’s (9/24) Governance and Risk call for an introduction to MakerDAO badges.

Badges reward individuals for participating in MakerDAO in various ways and displayed in the Forum to help personalize communications.

State of the Peg

  • DAI peg still just above $1.01. It’s worth mentioning that there has been a long term floor on Dai price at about $1.01. As the price goes closer and closer to peg, it tends to bounce back when a new opportunity pops up.
  • Each jump coincides with unique yields; Vishesh referred to this trend as the “Dai roller-coaster” in the Governance and risk call on September 17.

  • Almost 830 million Dai with large mints from a more diverse set of collateral.

  • Interesting to note: PAX-A at 99% utilization and TUSD has ~28 million.

  • Volume at around $259 million this last week.
  • Average Volume weighted average price (VWAP) places Dai at $1.02 |


Articles and Thought Pieces

Videos and Podcasts

Rise of DeFi: Powering the Next Crypto Boom, featuring MakerDAO, Compound Labs, Synthetix, Aave, Delphi Digital
MakerDAO founder Rune Christensen sits in on a panel of DeFi experts hosted by Chain Reaction Host Tom Shaughnessy.

Tech Intersect #34
MakerDAO general counsel Brian Avello joins Tonya M. Evans to discuss the role of law in blockchain, cryptocurrency, and DeFi.

Maker Forum Deep Dai-ve

MakerDAO Standard Governance Processes
@LongForWisdom lays out an overview of current governance processes, including information about signal requests, declarations of intent, and Maker Improvement Proposals (MIPs).

Can MakerDAO offer a better version of the StableCredit Protocol?
@gdip kicks off a discussion about StableCredit and whether or not aspects of the protocol might be useful to MakerDAO.

Using DAI in “blacklisted countries by USA government,” and USDC legal compliance
@smaugho raises important issues over the accessibility of Dai in countries blacklisted by the U.S. government due to the inclusion of USDC in the collateral portfolio of MakerDAO, asking:


Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

  • Bi-weekly Wednesdays at 17:00 UTC | Zoom - Message #governance-and-risk for Admission
    • Introduction
    • Agenda for September 23: Stani from Aave will present LEND, and Tyler Winklevoss from Gemini will present GUSD

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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