Maker Relay Ep 20

Maker Relay 20

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.


Check out the Governance Tools Resource for links to things like: system status, Dai stability metrics, collateral & liquidation metrics, protocol analytics, auctions, and governance history.

This Week

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

November Inclusion Polls Vote Discussion
MIP24:Emergency Voting System Vote Discussion
MIP25:Flash Mint Module Vote Discussion
MIP27: Debt Ceiling Instant Access Module Vote Discussion
MIP28: Operational Support Domain Definition Vote Discussion
MIP4c2-SP6: Calendar Exceptions Vote Discussion
MIP13c3-SP6: SourceCred Funding Vote Discussion
MIP28c7-SP1: Operational Support Domain Facilitator Onboarding Vote Discussion
Other Polls Vote Discussion Unique Voters
Burning Borrowed, Attacking MKR Vote Discussion 7
Stablecoin Action Plan Vote Discussion 9

Last Week

Executive vote: Onboard YFI and BAL, Debt Ceiling and Stability Fee Adjustments

  • Passed on Nov 8, available for execution Nov 11 22:19 UTC
  • 84,889.81 MKR from 27 unique voters supported the vote
Debt Ceiling Adjustment Polls
Collateral Type Adjustment Winning Option Unique Voters
USDT-A 10M to 2.5M Yes 25
WBTC-A 120M to 160M Yes 25
ETH-A 540M to 490M Yes 25
ETH-B 20M to 10M Yes 25
MANA-A 1M to 250K Yes 18
LINK-A 5M to 10M Yes 25



Weekly MIPS Update #20 (Nov 5)

Proposals in the Request-For-Comments phase include:

Sub-Proposals in the RFC phase include:

Learn more about Maker Improvement Proposals (MIPs)

Smart Contracts


Per the approved MIPs, 6s Capital will now go out and deploy the contemplated structures and demonstrate for community review.

Relevant Links:

Current Events

New Governance Portal

Recently we introduced the new governance portal and demonstrated some of the new features like Voter Comments and Governance Poll batched-voting. This week, Josh Levine highlights another awesome feature, On-Chain effects.

On-Chain Effects

Proposals can be complex – stability fees, dust limits, debt ceilings, DSR, etc., are liable to be changed within a single proposal. Because of that, it hasn’t always been easy to audit what changes have resulted from past proposals and what changes would result if new proposals were to pass. The On-Chain effects tab shows the precise, smart contract state changes that, if already passed, resulted from the execution of the proposal, and if not already passed, would result from it passing.

A community member, Destiner, created Catflip with a “changelog” that showed past proposals and what they changed. His project laid some of the conceptual groundwork for this feature.


State of the Peg

  • DAI still hovering at 1.01 with periodic dips below.

  • 352 million from ETH A 1.1 million ETH B
  • 2.8 million from BAT
  • 407 million from USDC-A
  • 106 million from WBTC
  • 56 Million from TUSD
  • 21 million from PAX-A
  • 4.9 million from LINK at the ceiling
  • Other vault types totaling: 1.1 million (with LRC comprising 552 K).

  • Volume at around $236 million this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.01.

  • ETH vaults collateralization is significantly above 200%, with the biggest vaults at 210 or 280% collateralized.

  • 30 million Dai Liquidation Wall sits at $319 ETH. However, with just a $3 ETH price drop, Dai liquidated jumps to 100 million. This risk is worth repeating, especially with ETH price moving from 379-454 in just two days.
  • Other volatile asset types all have above 200% collateralization ratios.
  • Several collateral types (BAT, COMP, KNC, LINK, MANA, ZRX) follow a “one large vault” trend. :whale: :whale2: | |




Maker Forum Deep Dai-ve

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Community Call

  • Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | Crowdcast

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 system status, Dai stability, collateral/liquidations, protocol analytics, auctions, and some of the history of governance.

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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