Maker Relay Ep 33

Maker Relay 33

Hey everyone, thanks for checking out Maker Relay!

Whether you hold MKR or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for MakerDAO updates.


Check our Participation Tools page for protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.

Executive Vote

Onboarding Uniswap V2 LPTs, Parameter Updates
If Passed, the following changes will occur;

  • UNIV2WBTCDAI-A vault type will be added using UNI-V2-WBTC-DAI as collateral
  • UNIV2AAVEETH-A vault type will be added using UNI-V2-AAVE-ETH as collateral
  • ETH-A Maximum Debt Ceiling will increase from 1.5 billion DAI to 2.5 billion DAI.
  • System Surplus Buffer will increase from 10 million DAI to 30 million DAI.
  • DAI Savings Rate will be increased from 0% to 0.01%
  • Liquidations Circuit Breaker permissions over PSM-USDC-A will be revoked
  • Liquidations Circuit Breaker permissions over UNIV2USDCDAI-A will be revoked
  • Multiple Debt Ceiling Instant Access Module (DC-IAM) Activations, see below

Debt Ceiling Instant Access Module (DC-IAM) Activations

Vault Type Max Debt Ceiling (line) Target Available Gap (gap) Ceiling Increase Cooldown (ttl)
LRC-A 10 M 2 M 12 Hrs
BAT-A 3 M 1 M 12 Hrs
BAL-A 5 M 1 M 12 Hrs
MANA-A 2 M 500 k 12 Hrs
ZRX-A 5 M 1 M 12 Hrs
KNC-A 5 M 1 M 12 Hrs
RENBTC-A 2 M 500 k 12 Hrs

Weekly Governance Cycle

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

Poll Name Vote Discussion Type Extra Info
Add UNI-V2-DAI-USDT as a Collateral Type Vote Application, Risk Eval, Smart Contracts Eval, Oracles Eval Collateral Onboarding SF:4% LR:125% DC:3M
Increase Stability Fees (ETH-A & ETH-B) Vote Discussion Parameters A:4.5%-5.5%, B:7.5%-9.0%
Lower PSM-USDC-A tout parameter Vote Discussion Parameters 0.1% to 0.04% PSM Documentation
Decrease the Stablecoin Vault Debt Ceilings Vote Discussion Parameters USDC-A, PAX-A, GUSD-A, USDT-A
Initial Flash Mint Module Fee Vote Discussion Parameters .05%, .09%, Abstain

Community Greenlight Polls

The greenlight polls will close on March 1, 2021, at 16:00 UTC.

Collateral MIP9 Poll MIP6 Application
GLM (Golem) Vote Application
renDOGE (RenVM Dogecoin) Vote Application
REINNO (REINNO Stablecoin) Vote Application
SB-LDB (SolidBlock London Digital Bonds) Vote Application
FFT1-DROP (Fortunafi DROP) Vote Application
UNI-V2-BAT-DAI (BAT-DAI Liquidity Token) Vote Application
UNI-V2-DAI-COMP (DAI-COMP Liquidity Token) Vote Application
UNI-V2-LRC-ETH (LRC-ETH Liquidity Token) Vote Application
UNI-V2-UNI-DAI (UNI-DAI Liquidity Token) Vote Application
UNI-V2-YFI-ETH (YFI-ETH Liquidity Token) Vote Application
UNI-V2-COMP-ETH (COMP-ETH Liquidity Token) Vote Application
UNI-V2-LINK-DAI (LINK-DAI Liquidity Token) Vote Application

Check out an ‘at-a-glance’ view of the current Vault types and their parameters on MakerBurn

Last Week

Last week no new executive votes passed. Polls that did pass went into the current executive vote.

Signal Requests

[Signal Request] Adjust ETH-A DC-IAM line
The line parameter refers to the Maximum value for the Debt Ceiling. This signal is polling options for a supported increase of the ETH-A vault type line parameter.

[Signal Request] Increase ETH-A DC-IAM gap
The gap parameter refers to the amount of gap the DC-IAM aims to maintain between the current debt usage and the Debt Ceiling. This signal is polling for support of an amount of increase to the ETH-A gap parameter.

[Signal Request] Does MakerDAO support EIP-1559?
The Ehereum Cat Herders are hosting a community call to discuss the impact of a chain split that could impact stakeholder groups, including MakerDAO. This signal is searching for feedback from the community about feelings surrounding the EIP-1559 fork.

[Signal Request] beg and chop adjustments for UNI LP Vault Types
The beg parameter refers to the auction bid increment during auctions of a given vault type; the chop refers to the penalty fee. This signal seeks feedback for proper amounts for both of these parameters, specifically on our Uniswap Liquidity Token vault-types.

[Signal Request] Adjust the ETH-B Auction Parameters (beg and chop)
This signal seeks support for appropriate amounts to raise the beg and chop parameters for the ETH-B vault-type.

[Signal Request] Move to Percentage IAM
This signal asks the Maker Community if the Instant Access Module for adjusting Debt Ceilings should change from a fixed amount to a percentage-based model.



Weekly MIPS Update #27 (Feb. 18, 2021)

Proposals in the Request-For-Comments phase include:

Sub-Proposals in the Request-For-Comments

Core Unit Proposals

Proposals in Conception

Learn more about Maker Improvement Proposals (MIPs)

Smart Contracts



Real-World Finance

Current Events

Core Unit Conceptual Hackathon

Hack the Future of Work, the Core Unit Hackathon concluded this week with several potential proposals workshopped. The Core Unit Corner has been set up to share information about ongoing and proposed Core units (thanks @operational-support!).

More Information

  • Check out the Core Unit RocketChat for the latest and to engage with other members working on core units!

State of the Peg

  • DAI peg is still strong at 1.000215. One Coinbase oracle spike at 6:20 am this morning.

  • Volume at around $1.075 billion this last week.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001, although we might need some more zeroes on that data.

  • Dai supply still over 2 billion, with a max ceiling of 2.833 billion. KNC and MANA broke out of the sub 500k vault category. The pattern of “one large vault” starts to change into a meme of “two large vaults.”
    • ETH A 1.418 Billion
    • USDC A 327 million
    • WBTC 263 million
    • PSM USDC 133 million
    • ETH B 49.995 million
    • LINK 34 million
    • YFI 28 million
    • TUSD 26 million
    • PAX 19 million
    • UNI 16 million
    • COMP 6 million
    • KNC 4.6 million :eyes:
    • AAVE 3.3 million
    • Most Uni ETH LP’s at 3 million cap (UniV2UsdcEth UniV2WbtcEth UniV2DaiEth)
    • Univ2UNI<>ETH & Univ2DAIUSDC just under 3 million cap with 105k and 78k to go.
    • BAT 1.8 million
    • LRC 1.646 million
    • MANA 873K
    • Univ2ETHUSDT 666K
    • renBTC 592K
    • Other vaults below 500K (BAL, ZRX, GUSD, USDT, Univ2LINKETH, USDC B) totaling 339K.

  • The most recent query for PSM Revenues sits at 85K for Feb. Shout out to @sebventures dune page compiling the protocols PnL.

  • ETH is dominated by two large ETH vaults with collateralization ratios of 530% and 200%.

  • Liquidation Walls at $1663 ETH, considering the past 24 hours may the OSM be ever in your favor.

  • Two new large vaults in KNC, where the average collateralization is much safer than 220%. Most of the top positions sit at 530%.


  • The largest LINK positions at 290% collateralization.

  • The biggest vaults in LINK quite recently refreshed to stay on the safer side.

  • There’s been a fair amount of liquidations today. Keep your vaults safe, friends. | |



Maker Forum Deep Dai-ve

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 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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