---
# System prepended metadata

title: Maker Relay 16
tags: [Maker Relay]

---

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tags: Maker Relay
---

# Maker Relay 16

![](https://imgur.com/9SNmwgZ.png)
_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 in MakerDAO, we have a bundle of MIP-related polls rolling out, as well a new [Governance Q&A session](https://forum.makerdao.com/t/meeting-governance-q-a-sessions/4633) every Monday!


## Votes

### Weekly Governance Cycle

#### Governance Polls

*Some Polls use [instant run-off](https://ballotpedia.org/Ranked-choicevoting(RCV)), so you can select multiple options and ranked-choices will be prioritized.*

| Poll Name  | Vote  | Discussion    | End Date | 
| ---------- | ----------------- | ---------- | ----- |
| Base Rate Adjustment: -4% to 4% | [Vote](https://vote.makerdao.com/polling-proposal/qmcxasffbv24bmuaztbykynyxuwvpf4szehyyntrzkrxqt) | [Discussion](https://forum.makerdao.com/tag/base-rate) | Oct 15 16:00UTC |
| Rates V2 Poll | [Vote](https://vote.makerdao.com/polling-proposal/qms4jkh7utakzjxy7tsnopmgjw1v4eg6a5jw8l9xfji6ag) | [Discussion](https://forum.makerdao.com/t/signal-request-rates-v2/4481) | Oct 15 16:00UTC |
| BAL Collateral | [Vote](https://vote.makerdao.com/polling-proposal/qmq9wz6hcxkntvwth3m8rmgcbpjkmbwbxsycotupea1pxx) | [Application](https://forum.makerdao.com/t/bal-mip6-collateral-onboarding-application/3880) | Oct 15 16:00UTC |
| YFI Collateral | [Vote](https://vote.makerdao.com/polling-proposal/qmpjjv8deqyivhwvdefsphq3jikxj5hma1sugvtqzrnni6) | [Application](https://forum.makerdao.com/t/yfi-mip6-collateral-onboarding-yearn/3815) | Oct 15 16:00UTC |


### MIPs Updates

The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.

| Inclusion Poll Name  | Type  | Vote    | Discussion | 
| ---------- | ----------------- | ---------- | ----- |
| MIP:14 Protocol Dai Transfer Update | MIP | [Vote](https://vote.makerdao.com/polling-proposal/qmptjbxzu2ldzx9ijrcvwnao62ddknxk5fnjxdayqyshe8) | [Discussion](https://forum.makerdao.com/t/mip14-protocol-dai-transfer-update/3844) |
| MIP:20 Target Price Adjustment Module| MIP | [Vote](https://vote.makerdao.com/polling-proposal/qmeruwhxmg4vacryc86lelwwzuj2h9cxpwcc2xw5wuk3w9) | [Discussion](https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196) |
| MIP:21 RWA Off-Chain Asset Backed Lender| MIP | [Vote](https://vote.makerdao.com/polling-proposal/qms8fy94n9rqcesvlwkuczd8xyzrqeugs1b8cuasscrnas) | [Discussion](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917) |
| MIP:22 Centrifuge Direct Liquidation Module | MIP | [Vote](https://vote.makerdao.com/polling-proposal/qmud2d7ycmjhhj6yudtpog8y7jq2amxk7glk47cwkkn2i4) | [Discussion](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930) |
| MIP:23 Domain Structure and Roles | MIP | [Vote](https://vote.makerdao.com/polling-proposal/qmrlh4tb6zlqf5gtsaamjsus9yarbddnqbyxv6opgnvb87) | [Discussion](https://forum.makerdao.com/t/mip23-domain-structure-and-roles/4021) |
| MIP13c3-sp3: DOI - Strategic reserves fund (SRF) | Subproposal | [Vote](https://vote.makerdao.com/polling-proposal/qmrcpjrrvv3nk4ntsareiom8jkqqmjmjn9ecia94yutoqu) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp3-declaration-of-intent-strategic-reserves-fund-srf/3765) |
| MIP13c3-sp4: DOI - Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan | Subproposal | [Vote](https://vote.makerdao.com/polling-proposal/qmvwj12wqj4nyvoxrtjdpjmeoxdv2krur69g9tvfxpr1hb) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp4-declaration-of-intent-commercial-points-off-chain-asset-backed-lender-to-onboard-real-world-assets-as-collateral-for-a-dai-loan/3914) |
| MIP13c3-sp5: DOI - Maker to commence onboarding work of Centrifuge based Collateral | Subproposal | [Vote](https://vote.makerdao.com/polling-proposal/qmqyevr1g9zjrdzmqahqgj7hhvbaaxdm2dqgbnarqbe6qs) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp5-declaration-of-intent-maker-to-commence-onboarding-work-of-centrifuge-based-collateral/4059) |

Proposals are in the Request-For-Comments phase include:

- [MIP17: Weekly Actual Debt Ceiling Adjustments](https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-adjustments/4312)
- [MIP24: Emergency Response](https://forum.makerdao.com/t/mip24-emergency-response/4009)
- [MIP25: Flash Mint Module](https://forum.makerdao.com/t/mip25-flash-mint-module/4400)
- [MIP26: DssGov Governance Contract Redesign](https://forum.makerdao.com/t/mip26-dssgov-governance-contract-redesign/4589)
- [MIP27: Debt Ceiling Instant Access Module](https://forum.makerdao.com/t/mip27-debt-ceiling-instant-access-module/4625)
- [MIP28: Operational Support Domain Definition](https://forum.makerdao.com/t/mip28-operational-support-domain-definition/4627)

Subproposals in RFC: 
- [MIP13c3-SP6: SourceCred Funding](https://forum.makerdao.com/t/mip13c3-sp6-sourcecred-funding/4545)
- [MIP28c7-SP1: Subproposal for Operational Support Domain Facilitator Onboarding](https://forum.makerdao.com/t/mip28c7-sp1-subproposal-for-operational-support-domain-facilitator-onboarding/4628)
- [MIP4c2-SP2: MIP8 Amendments](https://forum.makerdao.com/t/mip4c2-sp2-mip8-amendments/2664)
- [MIP4c2-SP3: MIP9 Amendments](https://forum.makerdao.com/t/mip4c2-sp3-mip9-amendments/2665)
- [MIP4c2-SP4: MIP12 Amendments](https://forum.makerdao.com/t/mip4c2-sp4-mip12-amendments/2666)
- [MIP4c2-SP5: MIP12 Amendments](https://forum.makerdao.com/t/mip4c2-sp5-mip12-amendments/3137)


## Domain Teams

### Smart Contracts

- Pushed ‘spells kovan repository’ and ‘spells mainnet repository’ public
- @cmooney posted [Liquidation 2.0 technical summary](https://forum.makerdao.com/t/liquidations-2-0-technical-summary/4632) on the forum. There is a  [stakeholder discussion call for liquidation 2.0](https://forum.makerdao.com/t/agenda-discussion-liq-2-0-stakeholder-discussion-wednesday-october-14-2020-1700-utc/4631) October 14 at 1pm EST and it's the last chance for comments to code and design before code freeze.
- Posted [MIP27: Debt Ceiling Instant Access Module](https://forum.makerdao.com/t/mip27-debt-ceiling-instant-access-module/4625)
- Dockerized auction keeper for flap auctions

#### Token Smart Contract Assessments

- Smart Contract team preformed collateral assessments for [YFI](https://forum.makerdao.com/t/yfi-erc20-token-smart-contract-technical-assessment/4626), [BAL](https://forum.makerdao.com/t/bal-erc20-token-smart-contract-technical-assessment/4630), [GUSD](https://forum.makerdao.com/t/gusd-erc20-token-smart-contract-technical-assessment/4603)

### Oracles

- Submitted Oracle assessments [YFI](https://forum.makerdao.com/t/mip12c2-sp7-yfi-collateral-onboarding/4639), [PAXG](https://forum.makerdao.com/t/mip10c3-sp11-proposal-paxgusd-oracle-collateral-onboarding-oracle-assessment/4221), [BAL](https://forum.makerdao.com/t/mip12c2-sp8-bal-collateral-onboarding/4640).
- Internal Oracle running for Uniswap LP tokens.

### Risk

- Published risk evaluations for [YFI](https://forum.makerdao.com/t/yfi-collateral-onboarding-risk-evaluation/4575) preformed by @monet-supply, and [BAL](https://forum.makerdao.com/t/bal-collateral-onboarding-risk-evaluation/4600) by @williamr
- Working on a new framework for ongoing risk premiums in-line with new rate setting approach and rates working group

## Current Events

### Surplus Buffer Discussion

[Discussion](https://forum.makerdao.com/t/discussion-increasing-surplus-buffer/4644) is addressing the best strategy for disabling fees on stable coin debt. Also addressing the sustainability of Surplus Auctions (FLAPs) continuing to run after the Buffer is reached. 

## State of the Peg 10-12-20

![Peg](https://i.imgur.com/4IhFs7F.png)

- DAI peg slightly above 1.011 this week.

![Dai Supply](https://i.imgur.com/Sidnok2.png)

- ~900 million Dai outstanding with ETH, USDC-A, WBTC, TUSD, and PAX-A making up the lions share of minting.

![Dai supply 2](https://i.imgur.com/S0Vdfpa.png)

![Dai supply 3](https://i.imgur.com/S0Vdfpa.png)

- Deposits into other vault types increasing.
-  ~1.6 million from other vault types.

![VWAP](https://i.imgur.com/Ahp4LSE.png)

- Volume at around $135 million this last week. 
- Average VWAP (volume weighted average price) places Dai at $1.011

![ETH vaults collateralization ratio](https://i.imgur.com/ZbadvW1.png)

- ETH vaults collateralization ratio moving up from the 150-200 bucket and into safer collateralization ratios.

![ETH Liquidation wall](https://i.imgur.com/5ZzV42w.png)

- First significant liquidation wall still, miraculously, at around $280 ETH where 34 million ETH would get liquidated.

![WBTC Vaults ](https://i.imgur.com/ZYEf9VF.png)

- WBTC vaults still in the lower collateralization buckets though they are closer to 200% than it may appear.

![WBTC Vaults](https://i.imgur.com/VJ3K4D7.png)

- The largest vaults with 192% and above tend to skew the numbers even if the vaults are "relatively safe."

![BTC Liquidation Wall](https://i.imgur.com/5n4kCAN.png)

- First liquidation wall at $8965 BTC, but that entails a 24% price drop in the midst of a small price rally.

https://daistats.com/#/ | http://dai.descipher.io/ | http://makervaults.descipher.io/

## Community

### Articles and Thought Pieces

* [Emirex: Deep Dive into MAKER](https://blog.emirex.com/deep-dive-into-maker-mkr)
	* Emirex takes a look at the technical aspects of how MakerDAO works and what it can be used for.

### Videos and Podcasts

* [Youtube: How to Participate in Surplus Auctions with Ed Noepel](https://www.youtube.com/watch?v=1gONHZFK0Mo&feature=youtu.be)
* [FriDAI Brunch #5 - Digital Art Immersion](https://www.crowdcast.io/e/FriDAI-brunch-5/register) 
    * How Bockchain and Crypto are influencing the Art Space?


### Maker Forum Deep Dai-ve

* [Governance Q&A Sessions](https://forum.makerdao.com/t/meeting-governance-q-a-sessions/4633) have started with [@LongForWisdom](https://forum.makerdao.com/u/LongForWisdom) every Monday at 17:00 UTC. 
* [@s_ben](https://forum.makerdao.com/u/s_ben) posted a [SourceCred Trial - Final Report](https://forum.makerdao.com/t/sourcecred-trial-final-report/4569) to create a discussion location for the [SourceCred Trial](https://forum.makerdao.com/t/mip13c3-sp6-sourcecred-funding/4545).
* [@mrabino1](https://forum.makerdao.com/u/mrabino1) setup a disussion/Q&A for [Off-chain Asset backed lenders to onboard Real World Assets](https://forum.makerdao.com/t/doi-off-chain-asset-backed-lender-to-onboard-real-world-assets-extended-q-a/4296). Due to the current vote relating to [MIP21](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917).

### Twitter

[Ask questions for #InvestETH running until October  16](https://twitter.com/hashtag/investeth)

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays at 16:00 UTC | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-15)

#### Community Collateral Onboarding


- Bi-weekly Wednesdays at 17:00 UTC | [Zoom](https://us02web.zoom.us/j/85664416154?pwd=T3lIMlZSMURrTUhWdGs2NDlXdGlIdz09) - Message [#governance-and-risk](https://chat.makerdao.com/channel/governance-and-risk) for Admission
    - [Introduction](https://forum.makerdao.com/t/collateral-onboarding-call-bi-weekly-on-wednesday-at-17-00-utc-19-00-cet-10am-pst/3614) | [Collateral Status Index](https://forum.makerdao.com/t/collateral-status-index/2231)
- Last week we had Fernando Martinelli from Balancer and @mhluongo from Keep Network join, [watch the replay](https://www.youtube.com/watch?v=cPDwGHxuNtY)
- [Agenda](https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-11-wednesday-october-14-17-00-utc/4629) for October 14: We’ll discuss RenVM and Uniswap.
    -  @mw_burgess and the Ren team, and Hayden and the Uniswap team will be joining to answer any questions.

#### Governance Q&A Sessions

- Weekly on Mondays at 17:00 UTC | [Zoom](https://us02web.zoom.us/j/82603350722?pwd=RThleVo5QlBRT1FuOWxiRCs3K0k2Zz09)
    - Message [#governance-and-risk](https://chat.makerdao.com/channel/governance-and-risk) for Admission
    - This is run as an informal question and answer format with the primary goal of helping participants in MakerDAO understand how governance works. 
    - *Sessions will not be recorded*

#### Governance & Risk

- Thursdays at 16:00 UTC | [Zoom](https://zoom.us/j/697074715) 
    - Message [#governance-and-risk](https://chat.makerdao.com/channel/governance-and-risk) for Admission
    - [Agenda](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-114-thursday-october-15-16-00-utc/4657) | [Dial-in call link](https://zoom.us/) | [Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk@group.calendar.google.com&ctz=America/Los_Angeles)
    - [Archives](https://community-development.makerdao.com/governance/governance-and-risk-meetings) | [Contributing](https://forum.makerdao.com/c/governance/gnr/8)

### Community Events

- Oct 14: [CoinDesk Invest : eth](https://www.coindesk.com/events/invest-ethereum-economy) The Fees are Too Damn High: DeFi Pushes Ethereum To its Limit with Rune at 15:30 CEST (9:30am ET)
- Oct 12-16: [RBWC Digital Sessions - IMF/ World Bank Fall Meetings](https://www.reinventingbrettonwoods.org/https://www.reinventingbrettonwoods.org/) The Future of Money Reimagined for Financial Inclusion Panel
- Oct 17: [Liquidity 2020 summit](https://liquidity2020.dystopialabs.com/)


### Hackathons

- Oct 2-20: [ETHOnline](https://www.ethonline.org/)
- Oct 16: [DeFi Madrid](https://defi.madrid/)
- Sept 28-Dec 9: [Money Dance](https://www.moneydance.io/)

## Reference Links

Discuss and debate Maker governance in the [Forum]() and over [Maker Chat](https://chat.makerdao.com/)

Propose technical changes, poll, and vote in the [Governance Portal](https://makerdao.com/en/governance)

Learn more about the Maker protocol in our [Documentation](https://docs.makerdao.com/)

### Have Feedback? 

We value your input! Post in the [forum](https://forum.makerdao.com/), take our [survey](https://forms.gle/Z2QAgywU2Sesm7Vy6), or join us in the [Community-Development](https://chat.makerdao.com/channel/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.*