---
# System prepended metadata

title: Maker Relay 10
tags: [Maker Relay]

---

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tags: Maker Relay
---

# Maker Relay 10

![Imgur](https://i.imgur.com/6g5mKur.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. 

## Votes

### Weekly Governance Cycle

#### Executive Votes

- [Activate Liquidations 1.2, Multiple Other Changes](https://vote.makerdao.com/executive-proposal/activate-liquidations-12-multiple-other-changes)
    - **Passed on** Aug 30, 2020, 18:11 UTC with 98,724.63 MKR.
    - **Executed** on Aug 31, 2020, 14:00 UTC.

#### Governance Polls

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

| Poll Name  | Type  | Vote    | Discussion | 
| ---------- | ----------------- | ---------- | ----- |
| Adjust the WBTC-A Debt Ceiling| Meta-Parameter | [Vote](https://vote.makerdao.com/polling-proposal/qmek6shlrhbansnskchm1tkgnkk7mlkxysbmgb1n2kxdsy) | [Discussion](https://mkrgov.science/poll/280) 
| Base Rate Adjustment | System-Parameter | [Vote](https://vote.makerdao.com/polling-proposal/qmupsxcpwjj79qgvqu5mwkrdiu2aymkrdwqabri2ie3lgw) | [Discussion](https://forum.makerdao.com/tag/base-rate) |


#### MIPs Updates

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

- [Weekly MIPS Update # (Date)]()

| Poll Name  | Type  | Vote    | Discussion | 
| ---------- | ----------------- | ---------- | ----- |
| Protocol Dai Transfer (New Author) | MIP14c4:Subproposal |  | [Discussion](https://forum.makerdao.com/t/mip14-protocol-dai-transfer-update/3844) |
| Whitelist New tBTC Oracle Access | MIP10c9:Subproposal |  | [Discussion](https://forum.makerdao.com/t/mip10c9-subproposal-to-whitelist-new-tbtc-oracle-access/3805) |

Proposals in the Request-For-Comments phase include:

- [MIP13c3-SP2: Declaration of Intent - Dai Flash Mint Module](https://forum.makerdao.com/t/mip13c3-sp2-declaration-of-intent-dai-flash-mint-module/3635)
    - Last day for comments!
- [MIP13c3-SP3: Declaration of Intent - Strategic reserves fund (SRF)](https://forum.makerdao.com/t/mip13c3-sp3-declaration-of-intent-strategic-reserves-fund-srf/3765)
- [MIP17- Weekly Actual Debt Ceiling and Actual Risk Premium Adjustments](https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021)
    - Still a work in progress.
- [MIP20- Target Price Adjustment Module (Vox)](https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196/36)
    - Comment period ends October 8 and [@LongForWisdom](https://forum.makerdao.com/u/LongForWisdom) has revived the thread.

[@monet-supply](https://forum.makerdao.com/u/monet-supply) tested out GUSD which resulted in;
[quote="monet-supply, post:3, topic:3319"]
- GUSD withdraw request was sent with fast gas (94 gwei vs 94 gwei ethgasstation fast recommendation)
- GUSD deposit back into Gemini was credited to USD exchange balance within ~17 blocks (~4 minutes)
[/quote]

[@tylerwinklevoss](https://forum.makerdao.com/u/tylerwinklevoss), the CEO and founder of GUSD has expressed he will join on a governance call to discuss further involvement between projects. 

#### Community Greenlight Polls

**All ended on** Aug 31st, 2020
| Poll Name  | Greenlight?   | More Info | 
| ---------- | ----------------- | ---------- | ----- |
| BUSD -Binance USD | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmvs1ofzs4czibnzbbrgpk1tzt1dyhphvyucdd7draauva) |
| CHI -Chi Gastoken | No | [Details](https://vote.makerdao.com/polling-proposal/qmxgz8nwdpjesmdzuewtsfflmfuyqm3dtpwjqj1ue6ayzy) |
| GUSD -Gemini USD | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmrstwrnbrufiffttmsbxqn9ermoeiqj2b43r7xs2jwmhp) |
| HBTC -Huobi Global BTC | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmy7o46b7meubdmbknj1jnvdirwezzqqi2u2k9aisw8ryz) |
| HTC-DROP - Harbor Trade Credit DROP | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmdcr6pkbtvfq3uv9nvgdknsewsmdsauttywftfxdebfpy) |
| NS-DROP - New Silver DROP | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmbjxuuqnudngj9csiv9itfb1nb5tlutp3pgbhrsdbqwww) |
| REN - REN | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmxybryyulwkggtkrvuyn65pllnjtavh91b7cpfbqnhzyu) |
| TAUD - TrueAUD | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmpimwmkyyxbknuzdhc7ttsqs2duovfq8zhznuqdvhmpso) |
| TCAD - TrueCAD | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmwxanuhqa8cknyu5lttbf2z8dkwzrd621ndyvd3p2vmzr) |
| TGBP - TrueGBP | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmnzasbhsdc9rxynkz6gs39albwqhnlewzukmjfdtwj8zu) |
| Uni-V2-Dai-ETH - Uniswap V2 Dai-ETH Liquidity Token | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmt8qe2d3qef95ajdg1fsibpkmacintcql2m3uctudabrt) |
| Uni-V2-USDC-ETH - Uniswap V2 USDC-ETH Liquidity Token | Yes | [Details](https://vote.makerdao.com/polling-proposal/qmdlxu99p19flezbexobtxwfhhzv7auswdrunr6rndby8b) |

**Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14) in the Maker Forum**

### Monthly Governance Cycle

>The Maker Foundation Interim Risk Team will place an Executive Vote proposal into the voting system to enact a new Dai Stability Fee.

>The Executive Vote (FAQ) will begin on Friday at 4 pm UTC and will continue until the number of votes surpasses the previous Executive Vote total. This will be a continuous approval vote.

## Domain Teams

### Risk

- We'll miss you Cyrus Younessi!! 
- Quite a few risk evaluations in the works on cTokens, Chainlink, ETH-A and ETH-B parameters.
- For an in depth discussion on yETH vaults check out [last weeks Governance and Risk call](https://youtu.be/Yxzpggi6B68?t=3202).
- Expect more amazing output from [@primoz](https://forum.makerdao.com/u/primoz) like [this post on rate setting](https://forum.makerdao.com/t/different-approach-to-rate-setting/3889)
 
### Smart Contracts

- We'll miss the chief triforce officer, the yam whisperer, Mariano Conti!!
- Liquidations 1.2 spell passed.
- The spell for PaxUSD and tether are slotted for September 4th, there are modifiers to not cast on a spell on Labor Day so between Tuesday and Friday.
- Dark spell is up for comment until September 9th.

## Current Events

### MIP6 Collateral Onboarding - yEarn

[@paraficapital](https://forum.makerdao.com/u/paraficapital) submitted an application to onboard YFI as collateral, raising discussion of whether or not the community should establish rules for including newer tokens.

[SebVentures](https://forum.makerdao.com/u/SebVentures) comments:

[quote="SebVentures, post:13, topic:3815"]
I think that listing every shiny startup doesn’t make much sense. What’s the point of using a startup that test in prod and can die in a second? The experience from KNC and ZRX isn’t support for it anyway. LRC didn’t even pass the inclusion poll. There is already a backlog of bigger DAO projects.

Maybe we should set a standard like $500M market cap of free float and $10M annual earnings for DAO adoption?

The project is really young and already 4 of 9 members of the multisig are leaving (they stayed active what? 30 days?). Isn’t that a red flag?

Not that I’m against putting it on the backlog. But it would be sad for it to front run some collaterals that have more strategic value for Maker Protocol.
[/quote]

[@befitsandpiper](https://forum.makerdao.com/u/befitsandpiper) responds:

[quote="befitsandpiper, post:16, topic:3815, full:true"]
WBTC did not meet all these requirements, and it has been one of our best collateral types. I don’t think the market cap minimum should be higher than 50 mil, and I think the daily volume average should be heavily discussed. Do we even want collateral with such high turnover as 20% of market cap?
[/quote]

#### More Information

[MIP6 Collateral Onboarding - YFI](https://forum.makerdao.com/t/yfi-mip6-collateral-onboarding-yearn/3815/41)

### Vault Compensation 

[@monet-supply](https://forum.makerdao.com/u/monet-supply) provided an update:

[quote="monet-supply, post:70, topic:3584, full:true"]
Folks we’re still moving along, making some last preparations before we can put up the final poll - I expect we should be ready to go for next week or the following week, and will update everyone here once it’s on the schedule.
[/quote]

[LongForWisdom]() echos [@monet-supply's](https://forum.makerdao.com/u/monet-supply) update:

[quote="LongForWisdom, post:79, topic:3584"]
The poll is currently being discussed by the working group to make sure that the calculations make sense and are as easy as possible to understand and explain prior to the poll going live.
[/quote]

[@lateot](https://forum.makerdao.com/u/latetot) comments:

[quote="latetot, post:72, topic:3584, full:true"]
I think the plan will be rejected by MKR holders for this reason. People will still sue and there is no way to stop them. Most of the people making demands are also completely blind and dismissive about their own responsibility for having a basic understanding of the risks involved before taking out a loan and then expect other people to bail them out.
[/quote]

#### More Information

Please see [Vault Compensation Plan v2](https://forum.makerdao.com/t/vault-compensation-plan-v2/3584/5)

### Peg Stabilization

[@Primoz](https://forum.makerdao.com/u/Primoz) weighs in on issues in setting the base rate in [Different Approach to Rate Setting](https://forum.makerdao.com/t/different-approach-to-rate-setting/3889).

> [quote="Primoz, post:1, topic:3889"]
Discussion around this proposal, specifically:

* Is the general strategy of introducing more business policy logic into governance sound enough and doesn’t affect our approach to risk and peg?
* Is governance willing to change the way how rates are set?
* How does governance view low LR on USDC and associated risks with potentially increased exposure? Do we want to use low LR on USDC only when peg escalates or do we put a ceiling on DAI price immediately by implementing it?
* What is the peg deviation tolerance on DAI to assess proper LR for USDC should we decrease it immediately to defend against price appreciation?
[/quote]

[Quantitative easing to fix the peg](https://forum.makerdao.com/t/signal-request-quantitative-easing-to-fix-the-peg/3902)

>[sebventures](https://forum.makerdao.com/t/signal-request-quantitative-easing-to-fix-the-peg/3902)
>quote="SebVentures, post:1, topic:3902"]
Creation a USDC-M vault with no stability fees and a liquidation ratio of 100%. Only whitelisted address from Maker can use it. This bring the ability to unlimited leverage if needed to:

>1. Fix the peg
>2. Turn on the revenue stream (separate the SF parameters from fixing the peg)
>3. Make a profit doing so
[/quote]

## State of the Peg

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

- DAI

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

- 

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

- Volume at around $ million this last week. 
- Average VWAP price places Dai at $

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

- ETH vaults collateralization ratio

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

- 

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

## Community

### Articles and Thought Pieces

* [The First Maker Foundation Internal Hackathon Produces Great New Solutions for Dai](https://blog.makerdao.com/the-first-maker-foundation-internal-hackathon-produces-great-new-solutions-for-dai/)
    - The awards handed out were; People’s Choice, Best UI/UX, Ecosystem Award (Best Composability/Integration with the Crypto/DeFi Ecosystem), Best Developer Tool 

* [Ten Brief Explainer Videos About Dai and the Maker Protocol](https://blog.makerdao.com/ten-brief-explainer-videos-about-dai-and-the-maker-protocol/)
    - This is a list of video links that share all types of new information for people interested in learning more about Maker and Dai.
    - "In honor of those who like to learn by watching, listed below (in no particular order) are 10 videos* that provide brief overviews of the Dai stablecoin and the smart contracts that power the Maker Protocol."

### Videos and Podcasts

* [MakerDAO Community Call August 25th, 2020: Brian McMichael on the public Ilk(Collateral) Registry](https://www.youtube.com/watch?v=5NeTrdauKjw)
* [Community Collateral Onboarding Call: August 26, 2020](https://www.youtube.com/watch?v=aG9UU-XPULE)
* [Mariano Conti | Head of Smart Contracts at Maker DAO](https://www.youtube.com/watch?v=-iBJ2UXbOzg)
* [REIMAGINE 2020 - Gustav Arentoft - MakerDAO - DeFi's Moment](https://www.youtube.com/watch?v=pKM-BIyW0YA)
    - Gustav Arentoft, BizDev at MakerDAO, discusses how DeFi has no competitors, What DeFi learned from Black Thursday, & What's next for MakerDAO.

### Maker Forum Deep Dai-ve

* [Discussion: Creating a framework to onboard Domain Teams](https://forum.makerdao.com/t/discussion-creating-a-framework-to-onboard-domain-teams/3885)
* [Translucent Finance - Off-chain lenders](https://forum.makerdao.com/t/translucent-finance-off-chain-lenders/3800)
* [Economics behind Real World Assets (“RWA”) - Part 2](https://forum.makerdao.com/t/economics-behind-real-world-assets-rwa-part-2/3893)
* [[Discussion] MakerDAO in 5 years](https://forum.makerdao.com/t/discussion-makerdao-in-5-years/3804)

### Twitter

- [Tweet of the Week](https://twitter.com/nanexcool/status/1299517060293238784)

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays at 16:00 UTC | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-9)

#### Community Collateral Onboarding

- Bi-weekly Wednesdays at 17:00 UTC | [Zoom](https://us02web.zoom.us/j/82526996403) - 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)
    - [Agenda](https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-7-wednesday-september-9-17-00-utc/3866) | Next Call is Sept 9

#### 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-108-thursday-september-3-16-00-utc/3850) | [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

- Sept 1: [Blockchain Tech Talks: DeFi](https://www.meetup.com/Swedish-Blockchain-Association/events/272694484/) Current state of DeFi with MakerDAO with Gustav Arentoft, Business Development, Maker Foundation
- Sept 3: [Bar on The Block webinar: Scaling DeFi](https://www.eventbrite.com/e/scaling-defi-tickets-116861191971)
- Sept 4: [FriDAI Brunch #4 - Governance For Dummies: Towards Full Decentralization at MakerDAO](https://www.crowdcast.io/e/fridai-brunch-4/)

### Hackathons

- Aug 19 - Sept 30: [Apollo](https://gitcoin.co/hackathon/filecoin/?tab=hackathon:30)
- Oct 2-20: [ETHOnline](https://www.ethonline.org/)

## 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.*