---
# System prepended metadata

title: Maker Relay 25
tags: [Maker Relay]

---

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tags: Maker Relay
---

# Maker Relay 25

![](https://i.imgur.com/obuesZ6.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. 

The Monthly Governance cycle has been postponed until January, and DsChief v1.2 was successfully activated! December 17 will be the last Governance and Risk meeting of 2020. Governance calls will reconvene in January 2021. 

## Votes

Another plug for the community [Governance Tools Resource](https://community-development.makerdao.com/en/learn/governance/participate) links to things like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history. It's where this week's collateral overview came from. :wink: 

### Monthly Governance Cycle

Due to the [MIP4c2-SP6: Calendar Exceptions,](https://forum.makerdao.com/t/mip4c2-sp6-calendar-exceptions/4546) passed on **Nov 24** there will be no monthly governance cycle for December 2020. 

### Weekly Governance Cycle

*Some polls use [instant run-off voting](https://en.wikipedia.org/wiki/Ranked_voting), so you can select multiple options, and ranked-choices will be prioritized.*

| Poll Name | Vote | Discussion | Type | 
| --------- | ---- | ---------- | ------- | ------------- |
| USDC Peg Stability Module Parameters | [Vote](https://vote.makerdao.com/polling/QmfTU85J#poll-detail) | [Discussion](https://forum.makerdao.com/t/road-to-the-psm/5353) | Parameter Changes |
| Rates Proposal | [Vote](https://vote.makerdao.com/polling/QmTTjqGb#poll-detail) | [Discussion](https://forum.makerdao.com/t/rates-changes-proposal-7-dec-2020/5533) | Parameter Changes |
| Whitelist Gnosis on ETHUSD Oracle (MIP10c9-SP15) | [Vote](https://vote.makerdao.com/polling/QmUqW1pf#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip10c9-sp15-whitelist-gnosis-maker-adapter-contract-on-eth-usd-oracle/5359) | Parameter Changes |

#### Community Greenlight Polls

The greenlight polls will close on December 28 at 16:00 UTC.


| Collateral | MIP9 Poll  | MIP6 Application | 
| ---------- | ------------ | ---------- | ---------- |
| WZEC (Wrapped Zcash)  | [Vote](https://vote.makerdao.com/polling/QmcMnc2Q#poll-detail) | [Application](https://forum.makerdao.com/t/wzec-mip6-collateral-onboarding-application/5153)  |
| DPI (DeFi Pulse Index)  | [Vote](https://vote.makerdao.com/polling/QmPNXbP3#poll-detail) | [Application](https://forum.makerdao.com/t/dpi-defi-pulse-index-collateral-onboarding-application-mip6/5073)
| WFIL (Wrapped Filecoin) | [Vote](https://vote.makerdao.com/polling/QmcKJmQS#poll-detail) | [Application](https://forum.makerdao.com/t/wfil-mip6-collateral-onboarding-application/5205)

#### Last Week

- DSChief v1.2 was successfully activated, upgrading MakerDAO's official voting portal to protect against attacks involving flash loans.
- The Executive Vote submitted on December 11 passed on December 12, meaning the community will:
    - Onboard renBTC as a new Collateral Type
    - Onboard UNI as a new Collateral Type
    - Enable Debt Ceiling Instant Access Module (DC-IAM) for ETH-B
    - Reduce Stablecoin Stability Fees to 0%
    - Modify YFI-A parameters
    - Whitelist Yearn.finance on the YFIUSD OSM Oracle

## Updates

### MIPs

Proposals 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)
- [MIP26: DssGov - Governance Contract Redesign](https://forum.makerdao.com/t/mip26-dssgov-governance-contract-redesign/4589)
- [MIP29: Peg Stability Module](https://forum.makerdao.com/t/mip29-peg-stability-module/5071)
- [MIP30: Farmable cUSDC Adapter (CropJoin)](https://forum.makerdao.com/t/mip30-farmable-cusdc-adapter-cropjoin/5163)

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

- [MIP7c3-SP6: Domain Team Onboarding (Smart Contracts Domain Team)](https://forum.makerdao.com/t/mip7c3-sp6-domain-team-onboarding-smart-contracts-domain-team/5559)
- [MIP13c3-SP7: Governance Communications (Declaration of Intent)](https://forum.makerdao.com/t/mip13c3-sp7-governance-communications-declaration-of-intent/5028)
- [MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)](https://forum.makerdao.com/t/mip13c3-sp8-maker-protocol-cover-with-nexus-mutual-declaration-of-intent/5056)

*The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed. Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14)*

### Smart Contracts

- [Collateral Onboarding and MIP Updates 2020-12-11](https://forum.makerdao.com/t/collateral-onboarding-and-mip-updates-2020-12-11/5661/2)
- [DSChief v1.2](https://forum.makerdao.com/t/dschief-1-2-flash-loan-protection-for-maker-governance/5115) has been successfully activated.
- SamM is working on the Peg Stabilization Module (PSM), and [the Foundation has stated it will not be involved in its development.](https://forum.makerdao.com/t/foundation-statement-on-the-psm/5521)
- The team is making active progress on the [2020 Year-End Schedule](https://forum.makerdao.com/t/2020-year-end-schedule/5218).

#### Token Smart Contract Assessments

* [tBTC Token Smart Contract Technical Assessment](https://forum.makerdao.com/t/tbtc-erc20-token-smart-contract-technical-assessment/5399)
* [renBTC Token Smart Contract Technical Assessment](https://forum.makerdao.com/t/renbtc-erc20-token-smart-contract-technical-assessment/5341)
* [UNI-V2-WBTC-ETH Oracle Smart Contract Technical Assessment](https://forum.makerdao.com/t/uni-v2-wbtc-eth-collateral-onboarding-oracle-assessment-mip10c3-sp20/5501)

### Risk

- The Risk team published Collateral Risk Evaluations for [UNI-V2-WBTC-ETH](https://forum.makerdao.com/t/uni-v2-wbtc-eth-collateral-onboarding-risk-evaluation/5598), [CF-DROP](https://forum.makerdao.com/t/cf-drop-collateral-onboarding-risk-evaluation/5597), and [tBTC](https://forum.makerdao.com/t/tbtc-erc20-token-smart-contract-technical-assessment/5399).
- A risk assessment of the Peg Stabilization Module (PSM) has been [published in the forum](https://forum.makerdao.com/t/mip29-peg-stability-module-psm-risk-assessment/5504) and plans to focus on real-world assets (RWA) in the coming year.

### Oracles

- The Oracles team published a [post-mortem](https://forum.makerdao.com/t/11-25-20-oracle-outage-post-mortem/5547) for the oracle outage that took place on November 25.
- The team also published oracle collateral assessments for [UNI-V2-DAI-ETH](https://forum.makerdao.com/t/uni-v2-dai-eth-collateral-onboarding-oracle-assessment-mip10c3-sp18/5499), [UNI-V2-WBTC-ETH](https://forum.makerdao.com/t/uni-v2-wbtc-eth-collateral-onboarding-oracle-assessment-mip10c3-sp20/5501), and [UNI-V2-USDC-ETH](https://forum.makerdao.com/t/uni-v2-usdc-eth-collateral-onboarding-oracle-assessment-mip10c3-sp19/5500)

## State of the Peg

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

- DAI 24 hour price creeping ever lower towards peg, sitting at 1.002.

![Dai Supply](https://i.imgur.com/HQEfVj8.png)

- Dai supply still above a billion. In descending order:
    - 450 million from USDC-A
    - 438 million from ETH 
    - 94 million from WBTC
    - 52 million from TUSD
    - 18 million from PAX-A
    - 15 million from YFI
    - 10.4 million from ETH-B
    - 5.7 million from LINK
    - 2.9 million from BAT
    - ~1.5 million from other collateral types (USDC-B, COMP, MANA, LRC, KNC, USDT, BAL, GUSD, ZRX)

The chart above is from [Makerburns rundown](https://makerburn.com/#/rundown). 

![VWAP](https://i.imgur.com/yxy4jkW.png)

- Volume at around $205 million this last week. 
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.005.
- Volume is diversifying as well, with Sushiswap and dYdX alongside Uniswap.

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

- ETH vaults largest collateralization ratio at 210% 

![Largest ETH vaults ](https://i.imgur.com/KKv2Uq7.png)

- The biggest ETH vaults are well collateralized.

![Liquidation wall](https://i.imgur.com/FPO57sw.png)

- Liquidation Walls get pretty steep at $418 ETH, where 121 million Dai would be up for liquidation. 
    - In the worst case scenario, 15 million is the current `cat_box` parameter, which makes managing these auctions [easier](https://media0.giphy.com/media/eIfYQTaK3148kmMCxT/giphy.gif).
    
![](https://i.imgur.com/5eHO6p5.png)

- YFI is still dominated by one whale whose position is sitting at 210% collateralization.

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

## Community

### Articles

- [In Defense Of Burning](https://www.reddit.com/r/MakerDAO/comments/ka26nr/in_defense_of_burning/)
    - *[@textrapperr](https://www.reddit.com/user/textrapperr/) opens a discussion on privileging Maker's existing burn model over proposed "dividend/fee" models.*
- [Unlocking compliant cryptocurrency flows](https://request.network/en/customer-stories/makerdao/)
    - *This case study profiles MakerDAO's use of Request Network to pay contributors.*

### Maker Forum Deep Dai-ve

- [Strategic direction - integration with defi or protocol base layer?](https://forum.makerdao.com/t/strategic-direction-integration-with-defi-or-protocol-base-layer/5646)
    - *[@Planet_X](https://forum.makerdao.com/u/Planet_X) says: "...integration with other defi projects could possibly be the way to go forward, but it is in direct opposition with the intention of [Maker becoming the Linux of money ](https://blog.makerdao.com/how-linux-provides-a-roadmap-for-increased-adoption-of-blockchain-tech-and-the-maker-protocol/). So what I am proposing is that we have a principled discussion on the direction of Maker."*
- [[Discussion] MakerDAO Contributors compensation brainstorm](https://forum.makerdao.com/t/discussion-makerdao-contributors-compensation-brainstorm/5625)
    - *[SebVentures](https://forum.makerdao.com/u/SebVentures) opens a discussion on how to compensate contributors directly from Maker funds.*
- [Introducing DssGovRewards](https://forum.makerdao.com/t/introducing-dssgovrewards/5394)
    - *[@hexonaut's](https://forum.makerdao.com/u/hexonaut) explains; "...Maker is not secure if there is more MKR available to borrow than there is locked in Chief/DssGov. The simplest and probably most robust way to solve this is to pay people to lock their MKR in chief and thus keep their MKR off the market."*
- [Let’s launch Oasis on IPFS!](https://forum.makerdao.com/t/lets-launch-oasis-on-ipfs/5583)
    - *[@MagoCrypto](https://forum.makerdao.com/u/MagoCrypto) seeks input on the domain to be used for hosting Oasis on IPFS.*

### Tweet of the Week

[@AndrewSportX](https://twitter.com/AndrewSportX/status/1336027855134846989)

**MakerDAO Accounts**

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

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC |  6PM CET | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-24)

#### Community Collateral Onboarding

- Bi-weekly Wednesdays at 18:00 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) | [Collateral Status Index](https://forum.makerdao.com/t/collateral-status-index/2231)
    - [Agenda](https://forum.makerdao.com/t/collateral-onboarding-call-21-rwa-2020-wrap-up-rwa-2021-3-asset-originators-wednesday-december-16-18-00-utc/5588) for Dec 16 at 18:00 UTC. Join us for Real-World Assets 2020 Wrap up + 3 Real World Asset Originators 

#### 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-122-thursday-december-17-16-00-utc/5608) | [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://forum.makerdao.com/c/governance/gnr/8) | [Contributing](https://chat.makerdao.com/channel/governance-and-risk)

*This is the last Governance and Risk meeting of 2020.*

### Community Events
- Dec. 15: [The MakerDAO Community Call: Building Risk Monitoring Tools with Prabhaav Bhardwaj](https://www.crowdcast.io/e/the-makerdao-community-24)
- Dec. 17: [Webinar series on decentralized finance and the future of banking with PwC](https://www.pwc.ch/en/events/decentralised-finance-and-the-future-of-banking.html)
- Dec. 17: [Discovering DeFi Product as a newbie](https://www.crowdcast.io/e/discover-defi-products/register)

## Reference Links

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

Check our [Governance Tools Resource](https://community-development.makerdao.com/governance/governance-tools) for links to system status, Dai stability, and collateral/liquidations, protocol analytics, auctions, and some of the history of governance. 

### 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.*