---
# System prepended metadata

title: 'Maker Relay #48'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #48

![](https://i.imgur.com/byh4tQ2.png)

_Hi 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._

## Votes

### Executive Votes

[June Core Unit Budget Distributions, Other Changes](https://vote.makerdao.com/executive/june-core-unit-budget-distributions-other-changes?network=mainnet#proposal-detail)
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](https://vote.makerdao.com/polling/QmRCn7Mh?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/cf-drop-mip6-application-consolfreight-drop-tokenized-freight-shipping-invoices/2214) | Onboarding RWA | [RWF Risk Eval,](https://forum.makerdao.com/t/cf-drop-collateral-onboarding-risk-evaluation/5597) [PE Eval,](https://forum.makerdao.com/t/rwa003-cf4drp-cf-drop-mip22-token-protocol-engineering-domain-team-assessment/8382) [Oracles Eval](https://forum.makerdao.com/t/rwa-003-cf-drop-collateral-onboarding-oracle-assessment-mip10c3-sp29/8399) |
| Add P1-DROP as new RWA Vault Type | [Vote](https://vote.makerdao.com/polling/QmdHV2tW?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/p1-drop-mip6-application-peoples-company-drop-us-agricultural-real-estate/5518) | Onboarding RWA | [RWF Risk Eval,](https://forum.makerdao.com/t/p1-drop-mip6-risk-assessment-alternative-equity-advisors-drop-us-agricultural-real-estate/8232) [PE Eval,](https://forum.makerdao.com/t/rwa006-pp1drp-p1-drop-mip22-token-protocol-engineering-domain-team-assessment/8418) [Oracles Eval](https://forum.makerdao.com/t/rwa-006-p1-drop-collateral-onboarding-oracle-assessment-mip10c3-sp32/8402) |
| Add HTC-DROP as new RWA Vault Type | [Vote](https://vote.makerdao.com/polling/QmRWg6nZ?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/htc-drop-mip6-application-harbor-trade-credit-drop-short-term-trade-receivables/3502) | Onboarding RWA | [RWF Risk Eval,](https://forum.makerdao.com/t/htc-drop-collateral-onboarding-risk-evaluation/8001) [PE Eval,](https://forum.makerdao.com/t/rwa004-ht2drp-htc-drop-mip22-token-protocol-engineering-domain-team-assessment/8416) [Oracles Eval](https://forum.makerdao.com/t/rwa-004-htc-drop-collateral-onboarding-oracle-assessment-mip10c3-sp30/8400) |
| Add FFT1-DROP as new RWA Vault Type | [Vote](https://vote.makerdao.com/polling/QmZCPDVY?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/fft1-drop-mip6-application-fortunafi-drop-revenue-based-financing-assets/6015) | Onboarding RWA | [RWF Risk Eval,](https://forum.makerdao.com/t/fft1-drop-collateral-onboarding-risk-evaluation/8036) [PE Eval,](https://forum.makerdao.com/t/rwa005-ff1drp-fft1-drop-mip22-token-protocol-engineering-domain-team-assessment/8417) [Oracles Eval](https://forum.makerdao.com/t/rwa-005-fft1-drop-collateral-onboarding-oracle-assessment-mip10c3-sp31/8401) |
| Parameter Changes Proposal - MakerDAO Open Market Committee | [Vote](https://vote.makerdao.com/polling/QmTj45HM?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-1-june-2021/8476) | Parameter Changes |  |
| Adjusting Auction Parameters for ETH Vault Types | [Vote](https://vote.makerdao.com/polling/QmUWwuxj?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/adjusting-auction-parameters-for-eth-vault-types/8477) | Parameter Changes |  |
| Adjust the UNIV2DAIUSDC Liquidation Ratio | [Vote](https://vote.makerdao.com/polling/QmTp7axX?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-lower-the-univ2daiusdc-a-liquidation-ratio/8487) | Parameter Changes |  |
| Investigate Implementation of a YFI-C Vault-Type with a Higher Liquidation Ratio | [Vote](https://vote.makerdao.com/polling/QmWFL6EB?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-new-vault-type-for-yfi-with-a-higher-lr/8199) | YFI-C Vault Type |  |
| Whitelist Yearn Finance on UNIUSD, LINKUSD, AAVEUSD, and COMPUSD | [Vote](https://vote.makerdao.com/polling/QmarCh1g?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip10c9-sp29-subproposal-to-whitelist-yearn-finance-on-uniusd-linkusd-aaveusd-compusd-oracles/8448) | MIP10c9-SP29 |  |

### Active Signal Requests

[Adjust PSM-USDC-A for “whatever it takes to keep the peg”](https://forum.makerdao.com/t/signal-request-adjust-psm-usdc-a-for-whatever-it-takes-to-keep-the-peg/8601)
*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)](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-3/8315)
*`dust` is the minimum permitted debt for a vault - you can learn more in the [documentation here.](https://community-development.makerdao.com/en/learn/governance/param-debt-floor/) 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](https://forum.makerdao.com/t/signal-request-burn-the-84k-foundation-mkr/8338)
*This signal is seeking support to burn the MKR that was handed to the [DAO from the Foundation.](https://blog.makerdao.com/the-maker-foundation-returns-dev-fund-holdings-to-the-dao/)*

[Should we add new PSMs?](https://forum.makerdao.com/t/signal-request-should-we-add-new-psms/8337/1)
*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](https://vote.makerdao.com/executive/urgent-changes-oracle-whitelisting-liquidations-2-0-activations?network=mainnet#proposal-detail)
**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.
- The UNIV2DAIETH-A, UNIV2USDCETH-A, UNIV2ETHUSDT-A, UNIV2WBTCDAI-A, UNIV2WBTCETH-A, UNIV2LINKETH-A, UNIV2UNIETH-A, UNIV2AAVEETH-A, UNIV2DAIUSDT-A vault types have been added to the Liquidations 2.0 framework.

## Updates

### MIPs

- [Weekly MIPS Update #39](https://forum.makerdao.com/t/weekly-mips-update-39/8606)

#### 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.

### GovAlpha

- [Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-06-04/8526)

### Protocol Engineering

- LP Tokens have been added to Liquidations 2.0 and the [Liquidations Portal](https://liquidations.makerdao.com/)
- 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 ](https://forum.makerdao.com/t/slp-aave-eth-erc20-token-smart-contract-technical-assessment/8519) | [SLP-YFI-ETH](https://forum.makerdao.com/t/slp-yfi-eth-erc20-token-smart-contract-technical-assessment/8518) | [SLP-LINK-ETH ](https://forum.makerdao.com/t/slp-link-eth-erc20-token-smart-contract-technical-assessment/8517)

### Oracles

- Check out the [Oracles Core Unit Launch Pod Session](https://youtu.be/niWT5wk2MNo)

### Real-World Finance

- [May Financial Presentation](https://docs.google.com/presentation/d/1OvTunGjgNvdeGFANZKSZucTwhShY5vuxTmLeToc5kVs/edit#slide=id.p) on May Financials
- Hiring some law firms for review of RWA collateral agreements 

### Risk

- Posted 3 more Sushi LP Evaluations, suggesting 1M DC for each until testing comes along; [SLP-YFI-ETH](https://forum.makerdao.com/t/slp-yfi-eth-collateral-onboarding-risk-evaluation/8466) | [SLP-AAVE-ETH](https://forum.makerdao.com/t/slp-aave-eth-collateral-onboarding-risk-evaluation/8468) | [SLP-LINK-ETH](https://forum.makerdao.com/t/slp-link-eth-collateral-onboarding-risk-evaluation/8467)
- Open Markets Committee has [proposed new rates](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-1-june-2021/8476/6) 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

### Growth

- [Weekly Update](https://forum.makerdao.com/t/growth-cu-weekly-update-may-28-june-2/8508)
- Discussion of contact service for known large vault holders, maybe utilizing the [Ethereum Push Notification Service](https://epns.io/)

### SES

- Working on OKRs, SES Portal
  * Here to help if your Core unit has any recruiting needs
- SES Office Hours are live. Join on Tuesdays 15:30-16:30 UTC
- Had a call with [SES Budget Auditors](https://forum.makerdao.com/t/mip40c3-sp10-modify-core-unit-budget-ses-001/7369/26)
- New [LexMaker Public Call Series](https://forum.makerdao.com/t/lexmaker-1-i-dai-foundation-maker-ip/8528)

### Community Development

- A [final goodbye post](https://blog.makerdao.com/the-maker-communitys-next-call-to-adventure/) 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](https://forum.makerdao.com/t/financial-report-2021-05/8527)

@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](https://duneanalytics.com/SebVentures/maker---accounting_1) as well. Check out how DAI is doing in the wild.

### [Increasing SourceCred Minimum Payment Discussion](https://forum.makerdao.com/t/sourcecred-distribution-for-week-ending-may-30th-2021/8495)

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](https://blog.coinbase.com/coinbase-exchange-unlocks-stable-pair-trading-5453f81cdda9) 

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

![Peg](https://i.imgur.com/nKIcPVv.png)

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

![Dai Supply](https://i.imgur.com/dEfh01d.png)

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

![Market sideways](https://i.imgur.com/P0eW8X7.png)

- Number go...sideways? It's a bit of a calm week for price events.

![](https://i.imgur.com/IFcqSp4.png) 

- DAI popped back up on Curve's weekly volume.

![](https://i.imgur.com/IifoYRR.png) 

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

![](https://i.imgur.com/lO1EpNJ.png)

![](https://i.imgur.com/tm1h9VM.png)

![](https://i.imgur.com/FS85wuI.png)

- 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](https://i.imgur.com/Cu8bbKH.png)

- ETH-B is still leading the at-risk liquidation charts, but a 15% drawdown would drag YFI into the mix too.
    
![ETH-B Whales](https://i.imgur.com/HRvKuar.png)

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

![WBTC Buckets](https://i.imgur.com/b4vJjAN.png) 

- The largest WBTC collateralization buckets at 240% and 190%.

https://daistats.com | http://dai.descipher.io | https://makerburn.com

## Community

### Articles

- [*Seeking Alpha*: Ethereum: Crypto's Evolutionary Platform](https://seekingalpha.com/article/4433455-ethereum-cryptos-evolutionary-platform)
- [*Yahoo Finance*: What Is DeFi (Decentralized Finance)?](https://finance.yahoo.com/news/defi-decentralized-finance-202448237.html)

### Podcasts

- [Ask MakerDAO Ep. 1 | Real-World Finance with Will Remor](https://anchor.fm/voicesofmkr/episodes/Ask-MakerDAO-Ep--1--Real-World-Finance-with-Will-Remor-e1263c9/a-a5pheno)

### Maker Forum Deep Dai-ve

- [[Discussion] Maker Is Not A Lender; Does Not Take Deposits](https://forum.makerdao.com/t/discussion-maker-is-not-a-lender-does-not-take-deposits/8520)
- [What did FEI do wrong? Will it become a viable competitor?](https://forum.makerdao.com/t/what-did-fei-do-wrong-will-it-become-a-viable-competitor/8490)
- [Governance-Focused Documentation](https://forum.makerdao.com/t/governance-focused-documentation/8504)
- [Maker and L2: Avoiding Ren’s mistake](https://forum.makerdao.com/t/maker-and-l2-avoiding-rens-mistake/8537)

_[Check out the latest Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance)_

### Tweet of the Week

https://twitter.com/SebVentures/status/1400524270317486093

- [@MKRDaiBot](https://twitter.com/MakerDaiBot)
- [@MakerDAO](https://twitter.com/MakerDAO)

## Meetings and Events

### This Week's Calls

#### Core Unit Office Hours

- [Join Link](https://us02web.zoom.us/j/82603350722?pwd=RThleVo5QlBRT1FuOWxiRCs3K0k2Zz09) | GovAlpha - Mondays 17:00 UTC
- [Join Link](https://www.google.com/url?q=https://meet.google.com/bjm-qiup-hif&sa=D&source=calendar&ust=1620493080631000&usg=AOvVaw056SKuyQn3F67FAtJTPIbl) | Protocol Engineering - Tuesdays 15:00 UTC
- [Join Link](https://us02web.zoom.us/j/7091120339?pwd=ek9XQWV0c0FJSCt2MHcwWmpWYkd3UT09) | Content Production - Wednesdays 16:00 UTC
- [Join Link](https://meet.google.com/sap-nttu-xga) | Growth - Wednesdays 17:00 UTC
- [Join Link](https://us02web.zoom.us/j/85252786103?pwd=bEZaZXdEcGlSWWd5bmpxMDBvVjdEUT09) | Sustainable Ecosystem Scaling - Tuesdays 15:30 UTC

#### Governance & Risk

- [Join Link](https://zoom.us/j/697074715) | [Agenda](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-144-thursday-june-3-17-00-utc/8459) - Thursdays at 16:00 UTC 

#### Sustainable Ecosystem Scaling Weekly Update

-  [Join Link](https://meet.google.com/eec-ezkd-pnq) | Fridays 14:30 UTC 

#### Tokenizing Collectible Cars with CurioInvest

- [Join Link](https://www.google.com/url?q=https%3A%2F%2Fus02web.zoom.us%2Fj%2F86978629683&sa=D&ust=1623530312092000&usg=AOvVaw3BKmM7irQbEB5t1QbQoGK1) | [Forum Post](https://forum.makerdao.com/t/speaker-tokenizing-collectible-vehicles-with-curioinvest/8541) | Tuesday June 8 at 14:00 UTC

#### 6s Capital's RWA Implementation

- [Join Link](https://www.google.com/url?q=https%3A%2F%2Fus02web.zoom.us%2Fj%2F85249633679&sa=D&ust=1623530312093000&usg=AOvVaw33y6O75cwOX4qQ9xQNrHHc) | [Forum Post](https://forum.makerdao.com/t/ama-6s-capital-rwa-implementation/8585) | Tuesday June 8 at 18:00 UTC and Thursday June 10 at 19:00 UTC

#### LexMaker 1: Dai Foundation & Maker IP

- [Join Link](https://www.google.com/url?q=https%3A%2F%2Fus02web.zoom.us%2Fj%2F88187828531%3Fpwd%3Dcmt2Z0ZNRXhnLzRucHRzNE9tRW9NQT09&sa=D&ust=1623530312090000&usg=AOvVaw3BlDRMIswAVEO5sejG-LFZ) | [Forum Post](https://forum.makerdao.com/t/lexmaker-1-i-dai-foundation-maker-ip/8528) | Wednesday June 9 at 17:00 UTC

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

- [Join Link](https://www.google.com/url?q=https%3A%2F%2Fus02web.zoom.us%2Fj%2F82942773725%3Fpwd%3DeWxBUXRZWHJsUEZ1QUF4U082SHYwUT09&sa=D&ust=1623530312091000&usg=AOvVaw3i3EN6CHRXtLT_LWx8STD4) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-12-strategic-marcomms-core-unit-cpm-001/8552) | Wednesday June 9 at 14:00 UTC

### Last Week's Call Recordings

Governance and Risk Call #144
[Video](https://youtu.be/f1QjT-yaztA) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-144-thursday-june-3-17-00-utc/8459)

Core Unit Launch Pod Session #11: Oracles Core Unit
[Video](https://youtu.be/Q6xNOLPcw2Y) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-11-oracles-core-unit-ora-001/8415)

SES Weekly Status Update: dTalent Update
[Video](https://drive.google.com/file/d/1-n_yibHlZuIJmHVfj49NyPK6BzY6ADc_/view?usp=sharing) | [Presentation](https://docs.google.com/presentation/d/1_3Hk3JorpB2pQ-r53CoxbXKzaItFpf2lHBaFRS8rIZA/edit?usp=sharing)

## Useful Links

[Forum](https://forum.makerdao.com) and [Maker Chat](https://chat.makerdao.com)
Discuss and debate MakerDAO.

[Public Calander](https://calendar.google.com/calendar/u/0?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20)
Subscribe for all public calls, votes, and other reminders.

[Participation Tools](https://community-development.makerdao.com/en/learn/governance/participate)
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.

[Governance Portal](https://makerdao.com/en/governance)
Voting dashboard for MKR voters.

[MIPs Portal](https://mips.makerdao.com/mips/list)
MIPs Dashboard for everyone.

[Learning Portal](https://community-development.makerdao.com/en/learn/) and [Technical Documentation Portal](https://docs.makerdao.com/)
Learn more about the Maker protocol.

### Have Feedback? 

We value your input! Take our [survey](https://forms.gle/Z2QAgywU2Sesm7Vy6) to let us know what we might be missing or how we can do better.

*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.*
