Maker Relay Ep 48

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Executive Votes

June Core Unit Budget Distributions, Other Changes
If passed, the following will occur:

Core Unit Budget Distributions - June

  • 40,000 DAI will be distributed to Real World Finance (RWF-001).
  • 100,500 DAI will be distributed to Risk (RISK-001).
  • 80,000 DAI will be distributed to GovAlpha (GOV-001).
  • 510,000 DAI will be distributed to Protocol Engineering (PE-001).
  • 126,117 DAI will be distributed to Growth (GRO-001).
  • 44,375 DAI will be distributed to Content Production (MKT-001).
  • 642,135 DAI will be distributed to Sustainable Ecosystem Scaling (SES-001).

Liquidations 2.0

  • USDC-A, USDC-B, TUSD-A, PAXUSD-A, GUSD-A, PSM-USDC-A, UNIV2DAIUSDC-A, USDT-A vault types will be added to the Liquidations 2.0 framework, though liquidations will be disabled.

Other Changes

  • The PSM-USDC-A Fee Out (tout) will be decreased from 0.04% to 0%.
  • The Global Debt Ceiling will be increased by 500 million DAI.

Governance Polls

Poll Name Vote Discussion Type Extra Info
Add CF-DROP as new RWA Vault Type Vote Discussion Onboarding RWA RWF Risk Eval, PE Eval, Oracles Eval
Add P1-DROP as new RWA Vault Type Vote Discussion Onboarding RWA RWF Risk Eval, PE Eval, Oracles Eval
Add HTC-DROP as new RWA Vault Type Vote Discussion Onboarding RWA RWF Risk Eval, PE Eval, Oracles Eval
Add FFT1-DROP as new RWA Vault Type Vote Discussion Onboarding RWA RWF Risk Eval, PE Eval, Oracles Eval
Parameter Changes Proposal - MakerDAO Open Market Committee Vote Discussion Parameter Changes
Adjusting Auction Parameters for ETH Vault Types Vote Discussion Parameter Changes
Adjust the UNIV2DAIUSDC Liquidation Ratio Vote Discussion Parameter Changes
Investigate Implementation of a YFI-C Vault-Type with a Higher Liquidation Ratio Vote Discussion YFI-C Vault Type
Whitelist Yearn Finance on UNIUSD, LINKUSD, AAVEUSD, and COMPUSD Vote Discussion MIP10c9-SP29

Active Signal Requests

Adjust PSM-USDC-A for “whatever it takes to keep the peg”
Signaling for changing PSM-USDC-A to; activate DC-IAM, set a really high line on it with corresponding gap and ttl defined by @Risk-Core-Unit

Adjusting Dust Parameter (2021-3)
dust is the minimum permitted debt for a vault - you can learn more in the documentation here. Higher dust values make vaults less accessible for smaller users and protect Maker from the risk of vaults being too small to liquidate profitably. There are separate polls for the ETH-C, ETH-B, and all other vault types, so make sure you read through all.

Burn the 84k Foundation MKR
This signal is seeking support to burn the MKR that was handed to the DAO from the Foundation.

Should we add new PSMs?
Starting the polling on whether we wanted to add any new PSMs for other stablecoins or not. Stablecoins specifically being polled include; BUSD, USDT, PAX, TUSD, and GUSD.

Last Week

Urgent Changes, Oracle Whitelisting, Liquidations 2.0 Activations
Passed on May 31, 2021, 04:31 UTC.
Executed on Jun 2, 2021, 04:31 UTC.

  • The PSM-USDC-A Debt Ceiling has increased from 2 billion DAI to 3 billion DAI.
  • The Flat Kick Incentive tip has increased from 0 DAI to 300 DAI for all vault types with active liquidations.
  • B.Protocol has been whitelisted on the WBTC OSM and Medianizer Oracles.



June Formal Submission Period

Another monthly Governance Cycle kicks off with the Formal Submission period. Keep an eye out on the forums for MIP authors submitting their proposals before the window closes on Wednesday, the evening of June 9th.


Protocol Engineering

  • LP Tokens have been added to Liquidations 2.0 and the Liquidations Portal
  • Updating Optimism DAI bridge to ERC-20 Fiat-Bridge Standard
  • Working with auditors to getting new code reviewed
  • Working with Arbitrum and Starkware about L2 solutions with them
  • Review for new Sushi LP Token Technical Assessments up on the forum; SLP-AAVE-ETH | SLP-YFI-ETH | SLP-LINK-ETH


Real-World Finance


  • Posted 3 more Sushi LP Evaluations, suggesting 1M DC for each until testing comes along; SLP-YFI-ETH | SLP-AAVE-ETH | SLP-LINK-ETH
  • Open Markets Committee has proposed new rates for the month of June
    • Lowered many SFs to encourage DAI generation
    • Adjusted gap for DC-IAM for many of them
    • Upped ETH-B line to 300 million but made auction parameters more conservative
  • Looking for different solutions with institutional vaults



Community Development

  • A final goodbye post from the community development department at the Foundation summing up the department’s work over the past three years.

Current Events

Financial report for May 2021

@Sebventures is back at it with another round of financial reporting. In short, numbers keep going up :slightly_smiling_face: . Dune Analytics page is updated as well. Check out how DAI is doing in the wild.

Increasing SourceCred Minimum Payment Discussion

The latest SourceCred distribution update spurred a great discussion on increasing the minimum monthly distribution from SourceCred, currently set to 10 DAI. In last week’s distribution, increasing the minimum to 20 DAI would net over a third in gas savings, which the SouceCred Working group has acknowledged.

Coinbase Drops Stablecoin fees

Coinbase is making waves, announcing cheaper stablecoin trading fees, with the Maker Fee dropped to .00% and the taker Fee to .01%. Check it out for yourself and notice those DAI pairs right at the top.

State of the Peg

  • DAI peg had a tight band around 1 for most of the week, with some larger outsized trades on Friday.

  • Supply almost at 5 billion, back on a growth trajectory.

  • Number go…sideways? It’s a bit of a calm week for price events.

  • DAI popped back up on Curve’s weekly volume.

  • Value in PSM had another 100 million inflow between June 2nd and 3rd.

  • PSM USDC 2 billion
    • ETH-A 1.7 billion
    • WBTC 271 million
    • USDC-A 240 million
    • ETH-C 222 million
    • PAX 69 million
    • YFI 54 million
    • ETH-B 50 million
    • LINK 36 million
    • TUSD 26 million
    • UniV2DaiEth 19 million
    • UniV2UsdcEth 15 million
    • UNI 7.7 million
    • UniV2UniEth 7.7 million
    • UniV2WBTCEth 6.1 million
    • UniV2DaiUSDC 2.9 million
    • renBTC 2.8 million
    • AAVE 2.4 million
    • NSDROP 1.9 Million
    • MANA 1.8 million
    • BAT 1.6 million
    • ZRX 1.5 million
    • LRC 768K
  • Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.5 million.


  • ETH-B is still leading the at-risk liquidation charts, but a 15% drawdown would drag YFI into the mix too.

ETH-B Whales

  • Top vault balances lead the collateralization and collateral locked inside ETH-B.

  • The largest WBTC collateralization buckets at 240% and 190%. | |




Maker Forum Deep Dai-ve

Check out the latest Forum at a Glance

Tweet of the Week

Meetings and Events

This Week’s Calls

Core Unit Office Hours

  • Join Link | GovAlpha - Mondays 17:00 UTC
  • Join Link | Protocol Engineering - Tuesdays 15:00 UTC
  • Join Link | Content Production - Wednesdays 16:00 UTC
  • Join Link | Growth - Wednesdays 17:00 UTC
  • Join Link | Sustainable Ecosystem Scaling - Tuesdays 15:30 UTC

Governance & Risk

Sustainable Ecosystem Scaling Weekly Update

Tokenizing Collectible Cars with CurioInvest

6s Capital’s RWA Implementation

LexMaker 1: Dai Foundation & Maker IP

Core Unit Launch Pod Sessions #12: Strategic MarComms Core Unit (CPM-001)

Last Week’s Call Recordings

Governance and Risk Call #144
Video | Forum Post

Core Unit Launch Pod Session #11: Oracles Core Unit
Video | Forum Post

SES Weekly Status Update: dTalent Update
Video | Presentation

Useful Links

Forum and Maker Chat
Discuss and debate MakerDAO.

Public Calander
Subscribe for all public calls, votes, and other reminders.

Participation Tools
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.

Governance Portal
Voting dashboard for MKR voters.

MIPs Portal
MIPs Dashboard for everyone.

Learning Portal and Technical Documentation Portal
Learn more about the Maker protocol.

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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 information and communication purposes only.



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