Maker Relay Ep 18

Maker Relay 18

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 saw a massive update to the voting portal. You can batch vote and sort polls more intuitively, comment on executives, and enjoy the improvements!


Check our community development’s Governance Tools Resource for links to things like: system status, Dai stability, collateral/liquidations, protocol analytics, auctions, and some of the history of governance.

We :green_heart: love PR’s! Add your thoughts to our repo anytime.

Monthly Governance Cycle

Governance Cycle October Bundle: Vote

Poll Name Type Discussion If Passed
MIP14 - Protocol Dai transfer MIP Discussion Will be moved to Accepted status
MIP20 - Target Price Adjustment Module (Vox) MIP Discussion Will be moved to Accepted status
MIP21 - Real World Assets - Off-Chain Asset Backed Lender MIP Discussion Will be moved to Accepted status
MIP22 - Centrifuge Direct Liquidation Module MIP Discussion Will be moved to Accepted status
MIP23 - Domain Structure and Roles MIP Discussion Will be moved to Accepted status
MIP13c3-SP3: Declaration of Intent - Strategic Reserves Fund Sub-proposal Discussion Will move to Accepted status
MIP13c3-SP4: Declaration of Intent & Commercial Points - Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan Sub-proposal Discussion Will move to Accepted status
MIP13c3-SP5: Declaration of Intent: Maker to commence onboarding work of Centrifuge based Collateral Sub-proposal Discussion Will move to Accepted status

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
Add GUSD as a Collateral Type Collateral Onboarding Vote Discussion
Add PAXG as a Collateral Type Collateral Onboarding Vote Discussion

Community Greenlight Polls

The greenlight polls will close on Nov 2, 2020 at 4:00 PM UTC

Poll Name Vote Application
Aave USCD (aUDSC) Vote Application
Compound USD (cUSDC) Vote Application Coin (CRO) Vote Application
Curve DAO Token (CRV) Vote Application
Kickfurther DROP (KF-DROP) Vote Application
OMG Network (OMG) Vote Application
UPRETS Oosten Fund 1 LP (OST-1) Vote Application
Uniswap (UNI) Vote Application
Uniswap WBTC-WETH Liquidity Tokens (UNI-V2-WBTC-ETH) Vote Application
Uniswap USDT-WETH Liquidity Tokens (UNI-V2-USDT-ETH) Vote Application
yyCRV (yUSD) Vote Application

Check out MakerBurn’s Rundown page for a quick view of current available MakerDAO Vaults.

Last Week

Name Type Result Detail Unique Voters
Increase the Surplus Buffer, Oracle Whitelisting Executive Passed on Oct 26, 2020, 17:37 UTC. System Surplus Buffer increased from 2,000,000 -> 4,000,000 DAI. 26

Signal Requests



Weekly MIPS Update #18

Proposals in the Request-For-Comments (RFC) phase include:

Subproposals in the RFC phase include:

Learn more about Maker Improvement Proposals (MIPs)

Current Events

Collateral Onboarding Framework

  • Collateral Onboarding Framework is live on the forum!
    • [quote=“juanjuan, post:1, topic:4838”]
      Collateral Onboarding Framework is a model that attempts to compare and prioritize collateral types in an as-objective-as-possible way, in order to seed intelligent discussions.
    • The Framework was created to allow Domain Teams, Working Groups, and external contributors to have an overview of the collateral types, their onboarding status, and their different characteristics.
    • It aims to provide transparency to the broader Community and a common ground for discussions and potential future collaboration.

New Governance Portal Revealed

  • @derek presented the new Governance Portal redesign on the Community Call and there’s a replay of his deep dive presentation. The new governance portal introduces many new features including:
    • A new landing page with a quick overview of available actions, system stats, and highlighted recent votes.
    • The polling page has been revamped to allow batched polling.
    • The executive voting page now displays past executive proposals and their respective execution dates and amount of MKR still in support. Users are also able to add comments along with their vote so the community can better understand the rationale behind why people vote a certain way.

Maker Analytics

State of the Peg

  • This week, the DAI peg dipped below the longer term $1.01 price floor.

  • Dai supply creeps closer to a billion. USDC and ETH are the largest vault types.
  • WBTC broke the 100 million mark to ~106 million.
  • TUSD at 55 million, 23 million from PAX, ~4.8 million from LINK, 3.3 million from BAT.
  • Other vaults are at ~1.2 million with LINK quickly breaking out of sub one million category.

  • It appears the link marines discovered that Maker exists :eyes:

  • Volume at around $152 million this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.008.

  • ETH vaults collateralization ratio looking healthier with price jumps, downward stepping across the 200-350 collateralization buckets.

  • First liquidation wall at $316 where 35 million Dai is up for liquidation.

  • The next large liquidation wall continues at the meme price of $280 ETH where 84 million would get liquidated. | |


Articles and Videos

Maker Forum Deep Dai-ve

  • [Signal Request] Stablecoin Action Plan
    • @hexonaut kindly put together a post that summarizes the various options the community has for addressing USDC-A Stablecoin dominance in the collateral portfolio.
  • MakerDAO Protocol Cover using Nexus Mutual
    • @Hugh_Karp of Nexus Mutual talking about MakerDAO potentially taking out insurance against bad debt on the protocol.
  • Rate Setting Framework
    • The rates working group posted some guidance on the rate-setting framework that’s going to be in use now that that’s our proposal going through governance, so this will be a basic description of how rates proposals will be formed, what time things should happen.

Tweet of the Week

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

Check our Governance Tools Resource for links to things like; system status, Dai stability, collateral/liquidations, protocol analytics, auctions, and some of the history of governance.

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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