Maker Relay Ep 16

Maker Relay 16

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 in MakerDAO, we have a bundle of MIP-related polls rolling out, as well as a new Governance Q&A session every Monday!


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 Vote Discussion End Date
Base Rate Adjustment: -4% to 4% Vote Discussion Oct 15 16:00UTC
Rates V2 Poll Vote Discussion Oct 15 16:00UTC
BAL Collateral Vote Application Oct 15 16:00UTC
YFI Collateral Vote Application Oct 15 16:00UTC

MIPs Updates

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

Inclusion Poll Name Type Vote Discussion
MIP:14 Protocol Dai Transfer Update MIP Vote Discussion
MIP:20 Target Price Adjustment Module MIP Vote Discussion
MIP:21 RWA Off-Chain Asset Backed Lender MIP Vote Discussion
MIP:22 Centrifuge Direct Liquidation Module MIP Vote Discussion
MIP:23 Domain Structure and Roles MIP Vote Discussion
MIP13c3-sp3: DOI - Strategic reserves fund (SRF) Subproposal Vote Discussion
MIP13c3-sp4: DOI - Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan Subproposal Vote Discussion
MIP13c3-sp5: DOI - Maker to commence onboarding work of Centrifuge based Collateral Subproposal Vote Discussion

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

Subproposals in RFC:

Domain Teams

Smart Contracts

Token Smart Contract Assessments

  • Smart Contract team preformed collateral assessments for YFI, BAL, GUSD


  • Submitted Oracle assessments YFI, PAXG, BAL.
  • Internal Oracle running for Uniswap LP tokens.


  • Published risk evaluations for YFI preformed by @monet-supply, and BAL by @williamr
  • Working on a new framework for ongoing risk premiums in-line with the new rate-setting approach and rates working group

Current Events

Surplus Buffer Discussion

Discussion is addressing the best strategy for disabling fees on stable coin debt. Also, addressing the sustainability of Surplus Auctions (FLAPs) continuing to run after the Buffer is reached.

State of the Peg 10-12-20

  • DAI peg slightly above 1.011 this week.

  • ~900 million Dai outstanding with ETH, USDC-A, WBTC, TUSD, and PAX-A, making up the lions share of minting.

  • Deposits into other vault types increasing.
  • ~1.6 million from different vault types.

  • Volume at around $135 million this last week.
  • Average VWAP (volume-weighted average price) places Dai at $1.011

  • ETH vaults collateralization ratio moving up from the 150-200 bucket and into safer collateralization ratios.

  • First significant liquidation wall still, miraculously, at around $280 ETH where 34 million ETH would get liquidated.

  • WBTC vaults still in the lower collateralization buckets though they are closer to 200% than it may appear.

  • The largest vaults with 192% and above tend to skew the numbers even if the vaults are “relatively safe.”

BTC Liquidation Wall

The first liquidation wall at $8965 BTC entails a 24% price drop amid a small price rally. | |


Articles and Thought Pieces

Videos and Podcasts

Maker Forum Deep Dai-ve


Ask questions via hastag #InvestETH for the Coindesk event running until October 16.

Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

Governance Q&A Sessions

  • Weekly on Mondays at 17:00 UTC | Zoom
    • Message #governance-and-risk for Admission
    • This is run as an informal question and answer format with the primary goal of helping participants in MakerDAO understand how governance works.
    • Sessions will not be recorded

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! 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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