---
# System prepended metadata

title: 'Maker Relay #68'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #68

![](https://i.imgur.com/74ul1aK.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 governance, this is your one-stop-shop for MakerDAO updates._

🍵 Current Events

🗳️ This Week in Governance

🤿 Community Deep Dai-ve 

📋 Team Updates

📆 Mark your Calendar

⚓ Useful Links

🎙️ Have Feedback?

## 🍵 Current Events

### MakerDAO at ETHLisbon, ETHPortland, and NFT.NYC

Members of the Maker Mafia were in attendance at the recent ETHLisbon conference and will be attending events in the coming weeks. Please join us if you are in the area!

**ETHLisbon Pics**
- https://twitter.com/Mariandipietra/status/1451609334316732423
- https://twitter.com/Davidutro/status/1450041078787174404
- https://twitter.com/LenklaH/status/1451138133379194883
- https://twitter.com/PabloSabbatella/status/1450861930860613633

**Events**
- [ETHLisbon](https://www.ethlisbon.org/)
- [ETHPortland](https://2021.ethportland.com/)
- [NFT.NYC](https://www.nft.nyc/)

### Dai generated by USDC drops to 40%

At the time of writing, [DaiStats](https://daistats.com/#/) shows that the proportion of Dai collateralized by USDC is now at 40%.

MakerDAO recently deployed the [G-UNI DAI-USDC Uniswap V3 pool](https://twitter.com/hexonaut/status/1440400852385107975) and [USDP (formerly PAX) peg stability module (PSM)](https://vote.makerdao.com/executive/template-executive-vote-vault-onboarding-6s-updates-and-reducing-vault-liquidation-ratios-august-20-2021?network=mainnet#proposal-detail) to help reduce the proportion of USDC collateralizing the protocol, which was previously over 50%.

### “Clean Money” up for sentiment poll; Rune presents “The Decentralized Community & The Decentralized Workforce.”

Governance Facilitator @LongForWisdom has published an [Exploratory Sentiment Poll](https://forum.makerdao.com/t/informal-polls-clean-money-exploratory-sentiment-polling/11129) to gauge the community’s interest in pursuing the ideas laid out in [The case for Clean Money.](https://forum.makerdao.com/t/the-case-for-clean-money/10684)

Rune gave a presentation after last week’s G&R call entitled [“The Decentralized Community & The Decentralized Workforce”](https://www.youtube.com/watch?v=oDUvD7514wc), where he expanded on what the implementation of these ideas could look like.

### State of DAI

![Peg](https://i.imgur.com/I1QscyX.png)

- DAI peg has been hitting some chop the past week.

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

- Range max and min from .90 - 1.05 with just under a billion dollars in volume. 

![Dai Supply](https://i.imgur.com/X4Ocdxw.png)

- Dai’s supply is above 7.5 billion with 16.5 billion TVL.

![Vaults](https://i.imgur.com/DJS4unr.png)

- A total of 113 new vaults were created last week. Do you follow the [DAIbot](https://twitter.com/MakerDaiBot) yet? 

![mint/burn](https://i.imgur.com/wotfpei.png) 

- Around 676mil Dai was minted, along with 445mil in burns - totaling a net positive of just over 231mil Dai.

![ETH chain TVL](https://i.imgur.com/sCRybUU.png) 

- A 10% upswing saw MakerDAO grab first place in TVL on Ethereum, again.

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

Trying a little different view here on Makerburn, “change in 24 hours.” LINK got a nice influx of 7 million. 

FWIW, another view worth sorting on: Annual fees. :wink: 

- ETH-A 2.3 billion
  - PSM USDC 2.7 billion 
  - WBTC 684 million
  - ETH-C 420 million
  - USDP 413 million
  - USDC-A 238 million
  - ETH-B 114 million
  - USDP 67 million
  - UniV2DaiUSDC 59 million
  - LINK 58 million
  - YFI 31 million
  - UniV2DaiEth 31 million
  - TUSD 26 million
  - UniV2WBTCEth 17 million
  - UNI 14 million
  - NSDROP 10 million
  - GUNI DAI/USDC
  - UniV2UsdcEth 9.7 million
  - UniV2UniEth 9.4 million
  - MANA 4.9 million
  - GUSD 4.9 million
  - renBTC 4.3 million
  - BAT 1.3 million
  - AAVE 1 million 
  - UniV2WbtcDai 768K
- Other vaults below 500K (ZRX, LRC, BAL, UniV2LINKETH UniV2AAVEETH, , UniV2DaiUsdt, UniV2EthUsdt, COMP) at 721K.

![](https://i.imgur.com/15c5gBU.png)

- Overall collateralization is 225%.

![](https://i.imgur.com/gzzVR0b.png)

- Liquidation risk starts to hit 30 million and higher at a 15% drop.

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

- Breaking that down by risk buckets makes drops a little clearer. Low risk still gets hit in a swift down-candle. 

![ETH-C Buckets](https://i.imgur.com/UzAqi9C.png)

- ETH-C vaults collateralization ratio is well protected; all the influx is staying relatively safe. 

![ETH-A buckets](https://i.imgur.com/glS3cNK.png)

- ETH-A Buckets have 210% and 320% as the largest collateralization.
    
![WBTC Total Debt](https://i.imgur.com/jiF366T.png)

- WBTC’s total debt has been up and to the right.

![LINK stats](https://i.imgur.com/RhdWV6X.png) 

- LINK stats have much green in there nice to see things diversify. The largest vault is about three months old.

daistats.com | makerburn.com | maker.blockanalitica.com

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #59](CMoOOOOon Pablo, post it already:eye:_:eye:)

### Active Executive Votes

- [Parameter Changes, WSTETH-A Onboarding - October 22, 2021](https://vote.makerdao.com/executive/template-executive-vote-parameter-changes-wsteth-a-onboarding-october-22-2021?network=mainnet#proposal-detail)

If this executive proposal passes, the following changes will occur within the Maker Protocol:

- GUNIV3DAIUSDC1-A Debt Ceiling will be increased from 10 million DAI to 50 million DAI.
- WSTETH-A (Wrapped Staked ETH) vault type will be onboarded to the Maker Protocol with the parameters detailed in this [poll.](https://vote.makerdao.com/polling/QmXXHpYi?network=mainnet#poll-detail)
- ETH-A, ETH-B, and WBTC-A will have multiple Debt Ceiling Instant Access Module Parameters adjusted as detailed below:

| Vault Type | Parameter | Previous | New |
| ---------- | --------- | -------- | --- |
| ETH-A | Target Available Debt `gap` | 100 million DAI | 150 million DAI |
| ETH-A | Cooldown `ttl` | 8 hours | 6 hours |
| ETH-B | Target Available Debt `gap` | 10 million DAI | 20 million DAI |
| ETH-B | Cooldown `ttl` | 8 hours | 6 hours |
| ETH-B | Debt Ceiling `line` | 300 million DAI | 500 million DAI |
| WBTC-A | Target Available Debt `gap` | 30 million DAI | 60 million DAI |
| WBTC-A | Cooldown `ttl` | 8 hours | 6 hours |
| WBTC-A | Debt Ceiling `line` | 750 million DAI | 1.5 billion DAI |

### Active Governance Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| Recognised Delegate Compensation Trial | [Vote](https://vote.makerdao.com/polling/QmPCbBu3?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-should-we-trial-delegate-compensation-as-described-in-mip61-over-3-months/10978) |
| Raise the ESM threshold and Increase the Governance Delay | [Vote](https://vote.makerdao.com/polling/Qmeac95W?network=mainnet) | [Discussion](https://forum.makerdao.com/t/restarted-poll-signal-request-raise-the-esm-threshold-to-15-and-increase-the-governance-delay-to-4-days/10896) |
| Clean Money Sentiment | [Vote](https://vote.makerdao.com/polling/Qmdumzrv?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-would-you-like-to-see-makerdao-move-in-the-general-direction-indicated-by-the-post-the-case-for-clean-money/10932) |

### Community Greenlight Polls

| Collateral | MIP9 Poll   | MIP6 Application |
| ---------- | ----------- | ---------------- |
| OFH (Security Tokens Refinancing) | [Poll](https://vote.makerdao.com/polling/QmWXwP5e?network=mainnet) | [MIP6](https://forum.makerdao.com/t/security-tokens-refinancing-mip6-application-for-ofh-tokens/10605) |
| TM2-DROP (Technology Metals Market) | [Poll](https://vote.makerdao.com/polling/QmZAQwrW?network=mainnet) | [MIP6](https://forum.makerdao.com/t/tm2-drop-mip6-application-technology-metals-market-tm2-trade-finance-for-trading-of-physical-metals/10666) |
| CSC (Curio Stablecoin) | [Poll](https://vote.makerdao.com/polling/QmXtTXr8?network=mainnet) | [MIP6](https://forum.makerdao.com/t/csc-mip6-application-curiodao-s-stablecoin-backed-by-tokenized-physical-real-world-assets/10495) |

_Check out an ‘at-a-glance’ view of the current Vault types and their parameters on [MakerBurn](https://makerburn.com/#/rundown)_

### Active Signal Requests

[Crank DC, DC-IAM, & Liquidation Parameters](https://forum.makerdao.com/t/signal-request-crank-dc-dc-iam-liquidation-parameters-preparation-parabolic-stage-nfa-second-attempt/11026) - Signal Closes October 29th - In response to the Governance and Risk Call during October 14th, @aburban90 signals a second attempt to raise the debt ceilings for ETH-A, ETH-B, WEBTC-A, and others along with raising the liquidation penalty for ETH-A and ETH-B vaults.

[Should we increase Maximum Delegate Compensation as described in MIP61 to 144k DAI for the initial three-month delegate compensation trial?](https://forum.makerdao.com/t/signal-request-should-we-increase-maximum-delegate-compensation-as-described-in-mip61-to-144k-dai-for-the-initial-3-month-delegate-compensation-trial/11093) - Signal Closes November 4th - In response to previous signals and discussion, @LongForWisdom proposes a higher compensation for Delegates and asks the community whether we should increase the Maximum Delegate Compensation as described in MIP61 to 144,000 DAI for the initial three-month Delegate compensation trial?

[Increase The MakerDAO NS-DROP maximum to 85% when AO TIN participation is at least 50%](https://forum.makerdao.com/t/signal-request-increase-the-makerdao-ns-drop-maximum-to-85-when-ao-tin-participation-is-at-least-50/11134) - The [New Silver AO pool](https://tinlake.centrifuge.io/pool/0x53b2d22d07E069a3b132BfeaaD275b10273d381E/new-silver-2) on Tinlake has been live for ten months and approved as the first RWA with MakerDAO for six months. Therefore, given the seniority of the MakerDAO debt and many other protections, including borrowers’ equity on every loan, we hope the community would consider adjusting the maximum share of DROP tokens that the DAO is holding. @prankstr25 is asking the community whether we MakerDAO should increase its’ maximum share of NS-DROP to 85% when AO TIN participation is at least 50%

### Last Week

- Last week contained no active executive vote; The previous executive on October 8th passed on Oct 9, 2021, 12:32 UTC, and was executed on Oct 11, 2021, 14:00 UTC.

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/lucasvo/status/1451518208708648968


### Forum Insight 



[Adding utility to MKR token (discount stability fees for vault owners who hold MKR)](https://forum.makerdao.com/t/adding-utility-to-mkr-token-discount-stability-fees-for-vault-owners-who-hold-mkr/11109) - @sasa believes there should be more utility benefits to the MKR token to help MakerDAO benefit from new DeFi developments and increase our dominance in the lending market. @sasa presents an idea for discount stability fees for vault owners who hold MKR. This can help incentivize asset managers to own and store MKR. Check it out and leave your feedback.

[Issues with our governance process and delegate compensation](https://forum.makerdao.com/t/issues-with-our-governance-process-and-delegate-compensation/11088) - Delegate compensation continues to be a controversial and critical topic for discussion. @AstronautThis posts a thread addressing some issues with the governance process being followed for Delegate compensation. Astro believes that the MIP61 process should be followed and polled on-chain along with any successful signal requests. Astro also believes that Delegates should abstain from polls and votes involving their Delegate compensation. Finally, the post contains some thoughts for long-term solutions. Check it out!

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

### Articles

[Prelude to the future of finance? SocGen is raising a loan from a DeFi protocol to refinance tokenized bonds](https://www.marketwatch.com/story/prelude-to-the-future-of-finance-a-major-bank-is-raising-a-loan-from-a-defi-protocol-to-refinance-tokenized-bonds-11634588556)

## 📋 Team Updates

### Content Production

- [Announcing MakerDAO’s Official Discord Server](https://forum.makerdao.com/t/announcing-makerdao-s-official-discord-server/11079)
- [[AMA] Collateral Onboarding CSC from CurioInvest](https://forum.makerdao.com/t/ama-collateral-onboarding-csc-from-curioinvest/10977)
- [Rune Christensen presents The Decentralized Community & The Decentralized Workforce](https://forum.makerdao.com/t/rune-christensen-presents-the-decentralized-community-the-decentralized-workforce/11149)
- [Dai on Different Networks #16 - October 21, 2021](https://forum.makerdao.com/t/dai-on-different-networks-16-october-21-2021/11138)

### GovAlpha

- [[Informal Polls] Clean Money - Exploratory Sentiment Polling](https://forum.makerdao.com/t/informal-polls-clean-money-exploratory-sentiment-polling/11129)
- [[Signal Request] Should we increase Maximum Delegate Compensation as described in MIP61 to 144k DAI for the initial three-month delegate compensation trial?](https://forum.makerdao.com/t/signal-request-should-we-increase-maximum-delegate-compensation-as-described-in-mip61-to-144k-dai-for-the-initial-3-month-delegate-compensation-trial/11093)
- [Issues with our governance process and delegate compensation](https://forum.makerdao.com/t/issues-with-our-governance-process-and-delegate-compensation/11088)

### Governance Communications

- [Forum at a Glance: October 14th - October 21st](https://forum.makerdao.com/t/forum-at-a-glance-october-14th-october-21st/11135)
- [GovComms Bi-Weekly Update: Oct 01 - 15](https://forum.makerdao.com/t/govcomms-bi-weekly-update-oct-01-15/11070)

### Real-World Finance

- [RWA Strategy Update - Being more strategic](https://forum.makerdao.com/t/rwa-strategy-update-being-more-strategic/11078)
- [RWA Foundation #001 - RWA Foundation](https://forum.makerdao.com/t/rwa-foundation-001-rwa-foundation/11066)

### Sustainable Ecosystem Scaling

- [Core Unit Tools #10: Ricochet](https://forum.makerdao.com/t/core-unit-tools-10-ricochet/11170)

### StarkNet Engineering 

- [Starknet Engineering Core Unit, October 2021 Update](https://forum.makerdao.com/t/starknet-engineering-core-unit-october-2021-update/11167)

## 📆 Meetings and Events

### Last Week’s Call Recordings

- Governance and Risk Call #164
    - [Video](https://www.youtube.com/watch?v=TYD0X4zA6g4) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-164-thursday-october-21-17-00-utc/11110/5) 

- Rune Christensen presents The Decentralized Community & The Decentralized Workforce
    - [Video](https://www.youtube.com/watch?v=oDUvD7514wc) | [Forum Post](https://forum.makerdao.com/t/rune-christensen-presents-the-decentralized-community-the-decentralized-workforce/11149)

- [AMA] Collateral Onboarding CSC from CurioInvest | AMA Ep. 10
    - [Video](https://www.youtube.com/watch?v=TYD0X4zA6g4) | [Forum Post](https://forum.makerdao.com/t/ama-collateral-onboarding-csc-from-curioinvest/10977)

### This Week’s Calls

#### Governance & Risk

- [Join Link](https://zoom.us/j/697074715) | [Agenda](https://forum.makerdao.com/c/governance/gnr/8) - Thursdays at 16:00 UTC 

#### 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 15:30 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
- [Join Link](https://meet.google.com/nio-jrqq-guu) | Governance Communications - Fridays 18:00 UTC

#### Core Unit Tools

- Core Unit Tools #10: Ricochet 
    - [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) | [Forum Post](https://forum.makerdao.com/t/core-unit-tools-10-ricochet/11170)

## ⚓ 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://slvw5de5kt4.typeform.com/to/wwaFbnIO) to let us know what we might be missing or how to do better.

*Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is purely for information and communication purposes only.*​
