Maker Relay Ep 15

Maker Relay 15

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.


Please check back as Executive Votes are currently pending for the week. We’ll post updates!

Governance Polls

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

All of these polls will end on 10/08/2020.

Poll Name Type Vote Discussion
Base Rate Adjustment (-4% to 4%) Meta-Parameter Vote Discussion
Add an ETH-B Vault Type System-Parameter Vote Discussion
Take a more Flexible and Transparent Approach to Collateral Onboarding Proposal/Collateral Onboarding Vote Discussion

Community Greenlight Poll Results

Poll Name Vote Details Application Result (Oct 5)
renZEC (renZEC) Vote Details Application Pass
REINNO (REINNO) Vote Details Application Didn’t Pass
renBCH (renBCH) Vote Details Application Pass
MOONI-ETH-USDC (Mooniswap ETH-USDC Liquidity Pool) Vote Details Application Didn’t Pass
MOONI-ETH-WBTC (Mooniswap ETH-WBTC Liquidity Pool) Vote Details Application Didn’t Pass
BAL (Balancer Token) Vote Details Application Pass
MOONI-ETH-USDT (Mooniswap ETH-USDT Liquidity Pool) Vote Details Application Didn’t Pass
UMA (UMA) Vote Details Application Pass
cDAI (Compound DAI) Vote Details Application Pass
ARCA (ArCoin) Vote Details Application Pass
CGT (CACHE Gold) Vote Details Application No (Defer)
BPT-80BAL-20WETH (80% BAL 20% ETH Balancer Pool Token) Vote Details Application Pass
YFI ( Vote Details Application Pass
CAT (ShuttleOne Credit Application Token) Vote Details Application Pass
wNXM (Wrapped NXM) Vote Details Application Pass

Governance Cycle

Last Week

  • Executive Vote: Raise the PAX-A Debt Ceiling and Decrease the Base Rate
    • Passed on Oct 4, 2020, 07:57 UTC with 67,999.74 MKR with 21 unique voters. Executed on Oct 4th, 2020, 19:58 UTC. Therefore the following has occurred:
    • PAXUSD-A Debt Ceiling increase from 60 million to 100 million.
      • Due to this debt ceiling change, the global Line parameter will increase from 1,416 million to 1,456 million.
    • Base Rate Meta-parameter will decrease from 0.25% to 0%
    • The USDC-A Stability Fee will decrease from 4.25% to 4%
    • The ETH-A Stability Fee will decrease from 2.25% to 2%
    • The WBTC-A Stability Fee will decrease from 4.25% to 4%
    • The TUSD-A Stability Fee will decrease from 4.25% to 4%
    • The PAXUSD-A Stability Fee will decrease from 4.25% to 4%
    • The BAT-A Stability Fee will decrease from 4.25% to 4%
    • The LRC-A Stability Fee will decrease from 3.25% to 3%
    • The MANA-A Stability Fee will decrease from 12.25% to 12%
    • The KNC-A Stability Fee will decrease from 4.25% to 4%
    • The ZRX-A Stability Fee will decrease from 4.25% to 4%
    • The LINK-A Stability Fee will decrease from 2.25% to 2%
    • The USDC-B Stability Fee will decrease from 50.25% to 50%
    • The USDT-A Stability Fee will decrease from 8.25% to 8%
    • The COMP-A Stability Fee will decrease from 3.25% to 3%
    • The new TUSD Token Contract implementation will be whitelisted for use in the Maker Protocol.



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

Weekly MIPS Update #16 (10/4/2020)

Formal submission phase for MIPs/Oct Governance Cycle begins today, Oct 5th, 2020. It runs through Oct 7th and will include MIPs/Subproposals in the RFC phase, moving to the governance cycle.

Submitted for October Governance Cycle Type Discussion
MIP14: Protocol Dai Transfer Update MIP Discussion
MIP21: Real World Assets MIP Discussion
MIP22: Centrifuge Direct Liquidation Module MIP Discussion
MIP13c3-SP5: Declaration of Intent: Maker to commence onboarding work of Centrifuge based Collateral Subproposal Discussion
MIP13c3-SP4: Declaration of Intent: Maker Governance to Utilize Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a Dai Subproposal Discussion
MIP13c3-SP3: Declaration of Intent: Strategic reserves fund (SRF) Subproposal Discussion

Proposals are in the Request-For-Comments phase include:

**Learn more about Maker Improvement Proposals (MIPs) **

Smart Contracts

  • The team is working on a priority sheet for collateral types that are passing Greenlight Polls.
  • The team performed a full code review of MIP21 and MIP20, and they will move forward for voting.
  • COMP, LINK, and LRC were added as collateral types.
  • Reviewed tUSD adapter implementation. It looks good and was included in Friday’s Executive Vote.
  • Christopher Mooney, Wil Barnes, Lucas Manuel, and Brian McMichael were officially ratified as smart contract domain team members! Congrats!


  • Whitelisting proposals passed: Kyber, DDEX, a custom job for OPYN, Yearn finance.
  • No new proposals for this week.
  • Working on collateral types for October.


  • Primož officially onboarded to the Risk Domain Team. Congrats!
  • Developing a new framework for risk evaluations to be more agile. Defining roles and attracting more people to join and use the framework to perform risk evaluations.
  • Risk evaluation for Balancer and Yearn collateral types will be released this week.
  • Risk evaluations for LEND and PAXG have a delay.
  • Collaborating with other domain teams on collateral prioritization framework.

Current Events

Vault Compensation

Vault Compensation Plan v3 - A Vault Compensation Support DAO to assure a better MakerDAO Governance

CryptoPost wrote about the class-action lawsuit.

State of the Peg

  • DAI peg came down slightly over the last week, dropping below the longer-term 1.01 price floor a few times.

  • Dai supply at 859 million.
    • 344 million from ETH
    • 4 million BAT
    • 353 million from USDC-A
    • 73 million WBTC

  • TUSD and PAX, both are climbing up with 53 million and 25 million, respectively.

  • A little over half a million from LRC and then ~632 thousand Dai from other vault types.

  • Volume at around $156 million this last week.
  • Volume Weighted Average Price (VWAP) places Dai at $1.009

  • ETH vaults collateralization ratio weighted towards the lower buckets.

  • First significant wall is at $280 ETH, which would equate to 34 million Dai liquidated.

  • WBTC Vaults collateralization back in the red zone.

  • Largest Vaults in WBTC are 178 collateralized and above.

WBTC Liquidation Wall

  • Steeper liquidation walls for WBTC, with the first significant one at $8493 BTC (a 21% drop). | |


Articles and Thought Pieces

Videos and Podcasts

Maker Forum Deep Dai-ve

from: Calling community members to be a Maker Representative


Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

Governance & Risk

Community Events


Reference Links

Discuss and debate Maker governance here 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! Please reply to this post, 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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