---
# System prepended metadata

title: Maker Relay 09
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay 09

![Imgur](https://i.imgur.com/6a0HSY9.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

**Governance has been voting on Debt Ceilings a lot lately and the Maker blog is here to help! Learn more about [The Vital Role of the Dai Debt Ceiling in the Maker Protocol](https://blog.makerdao.com/https-blog-makerdao-com-the-vital-role-of-the-dai-debt-ceiling-in-the-maker-protocol/)**

### Monthly Governance Cycle

#### Executive Votes

- [Executive Vote Approve August 2020 Governance Cycle Bundle](https://vote.makerdao.com/executive-proposal/approve-august-2020-governance-cycle-bundle)
    - [mip0c13-sp1 discussion](https://forum.makerdao.com/t/mip0c13-sp1-subproposal-for-core-personnel-offboarding/3508)
    - [mip13c3-sp1 discussion](https://forum.makerdao.com/t/mip13c3-sp1-declaration-of-intent-forward-guidance/3130)

#### MIPs Updates

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

| Poll Name  | Type  | Vote    | Discussion | 
| ---------- | ----------------- | ---------- | ----- |
| MIP13c3-SP3 | Declaration of Intent - Strategic reserves fund (SRF) | [Poll](https://forum.makerdao.com/t/poll-creation-of-a-makerdao-strategic-reserves-solving-the-peg/3638) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp3-declaration-of-intent-strategic-reserves-fund-srf/3765/2?u=jerryag)
MIP0c13-SP1 | Subproposal for Core Personnel Offboarding | [Vote](https://vote.makerdao.com/polling-proposal/qmu8qyaygem3nbtdnwshhvx9e9ndrkxpwldgu1nf98ctr2) | [Discussion](https://github.com/makerdao/mips/blob/RFC/MIP0/MIP0c13-Subproposals/MIP0c13-SP1.md) |

Proposals in the Request-For-Comments phase include:

- [A Liquidation System Redesign: A Pre-MIP Discussion](https://forum.makerdao.com/t/a-liquidation-system-redesign-a-pre-mip-discussion/2790/2)
- [Vault Liquidation Mechanism for Centrifuge Trade Finance Assets: A Pre-MIP Discussion](https://forum.makerdao.com/t/vault-liquidation-mechanism-for-centrifuge-trade-finance-assets-a-pre-mip-discussion/3737)

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

### Weekly Governance Cycle

#### Executive Votes

- [Executive Vote: Increase ETH Debt Ceiling to 420 Million](https://vote.makerdao.com/executive-proposal/increase-the-etha-debt-ceiling-to-420-million)
    - [Discussion](https://forum.makerdao.com/t/discussion-eth-a-debt-ceiling-raise/3701) 
- [Executive Vote: Increase the Base Rate](https://vote.makerdao.com/executive-proposal/increase-the-base-rate)

#### 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 | Result    | Discussion | 
| ---------- | ----------------- | ---------- | ----- |
| Adjust ETH-A Debt Ceiling | System Parameter Poll | [Yes/Pass](https://vote.makerdao.com/polling-proposal/qmp1mutxgaykgempxv5tvr3eu9paqzjwcd8bb9vvz9vyht) | [Discussion](https://forum.makerdao.com/t/discussion-eth-a-debt-ceiling-raise/3701)
| Base Rate Adjustment | Meta Parameter Poll | [-4 & -2](https://vote.makerdao.com/polling-proposal/qmxsvxuukus5ngdfy4wcysbrzr1j3gens8o8axfkdheoca) | [Discussion](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-105-thursday-august-13-4-00-pm-utc/3570) |
| Adjust the USDC-A Debt ceiling | System Parameter Poll | [Vote](https://vote.makerdao.com/polling-proposal/qmyw9g1er2uf32mbojwde8nfdjlrqyjzgyzsdhkuyutban) | [Discussion](https://forum.makerdao.com/t/discussion-reduce-the-usdc-a-debt-ceiling/3738/2) |

#### Community Greenlight Polls

| Poll Name  | Vote    | Discussion | 
| ---------- | ----------------- | ---------- | ----- |
| BUSD (Binance USD) | [Vote](https://vote.makerdao.com/polling-proposal/qmvs1ofzs4czibnzbbrgpk1tzt1dyhphvyucdd7draauva) | [Discussion](https://forum.makerdao.com/t/busd-mip6-collateral-onboarding-application/3376) |
| CHI (Chi Gastoken) | [Vote](https://vote.makerdao.com/polling-proposal/qmxgz8nwdpjesmdzuewtsfflmfuyqm3dtpwjqj1ue6ayzy) | [Discussion](https://forum.makerdao.com/t/chi-chi-gastoken-collateral-onboarding-application/3126) |
| GUSD (Gemini USD) | [Vote](https://vote.makerdao.com/polling-proposal/qmrstwrnbrufiffttmsbxqn9ermoeiqj2b43r7xs2jwmhp) | [Discussion](https://forum.makerdao.com/t/gusd-mip6-collateral-onboarding-application/3319) |
| HBTC (Huobi Global BTC) | [Vote](https://vote.makerdao.com/polling-proposal/qmy7o46b7meubdmbknj1jnvdirwezzqqi2u2k9aisw8ryz) | [Discussion](https://forum.makerdao.com/t/hbtc-mip6-collateral-onboarding-application/3336) |
| HTC-DROP (Harbor Trade Credit DROP) | [Vote](https://vote.makerdao.com/polling-proposal/qmdcr6pkbtvfq3uv9nvgdknsewsmdsauttywftfxdebfpy) | [Discussion](https://forum.makerdao.com/t/htc-drop-mip6-application-harbor-trade-credit-drop-short-term-trade-receivables/3502) |
| NS-DROP (New Silver DROP) | [Vote](https://vote.makerdao.com/polling-proposal/qmbjxuuqnudngj9csiv9itfb1nb5tlutp3pgbhrsdbqwww) | [Discussion](https://forum.makerdao.com/t/ns-drop-mip6-application-new-silver-drop-real-estate-backed-loans/3477) |
| REN (REN) | [Vote](https://vote.makerdao.com/polling-proposal/qmxybryyulwkggtkrvuyn65pllnjtavh91b7cpfbqnhzyu) | [Discussion](https://forum.makerdao.com/t/ren-mip6-collateral-application/3233) |
| TAUD (TrueAUD) | [Vote](https://vote.makerdao.com/polling-proposal/qmpimwmkyyxbknuzdhc7ttsqs2duovfq8zhznuqdvhmpso) | [Discussion](https://forum.makerdao.com/t/taud-mip6-collateral-onboarding-application/3288) |
| TCAD (TrueCAD) | [Vote](https://vote.makerdao.com/polling-proposal/qmwxanuhqa8cknyu5lttbf2z8dkwzrd621ndyvd3p2vmzr) | [Discussion](https://forum.makerdao.com/t/tcad-mip6-collateral-onboarding-application/3287) |
| TGBP (TrueGBP) | [Vote](https://vote.makerdao.com/polling-proposal/qmnzasbhsdc9rxynkz6gs39albwqhnlewzukmjfdtwj8zu) | [Discussion](https://forum.makerdao.com/t/tgbp-mip6-collateral-onboarding-application/3240) |
| UNI-V2-DAI-ETH (UniswapV2 Dai-Eth Liquidity Token) | [Vote](https://vote.makerdao.com/polling-proposal/qmt8qe2d3qef95ajdg1fsibpkmacintcql2m3uctudabrt) | [Discussion](https://forum.makerdao.com/t/uni-v2-dai-eth-uniswap-v2-dai-eth-liquidity-token-collateral-application/3480) |
| UNI-V2-USDC-ETH (UniswapV2 USDC-ETH Liquidity Token) | [Vote](https://vote.makerdao.com/polling-proposal/qmdlxu99p19flezbexobtxwfhhzv7auswdrunr6rndby8b) | [Discussion](https://forum.makerdao.com/t/uni-v2-usdc-eth-uniswap-v2-usdc-eth-liquidity-token-collateral-application/3481) |



### Governance Cycle

#### Signal Requests

[Increase WBTC DC](https://forum.makerdao.com/t/signal-request-increase-wbtc-debt-ceiling/3731)

[Should we fast track MIP10c9-SP6: yEarn ETH/USD OSM Whitelisting?](https://forum.makerdao.com/t/signal-request-should-we-fast-track-mip10c9-sp6-yearn-eth-usd-osm-whitelisting/3783)

## Domain Teams

### Smart Contracts

See details on Liquidations 1.2 below

### Risk

The risk team is assisting liquidations 1.2 with operational support and parameters evaluation. The team posted both [USDT and PAX Collateral Onboarding Risk Evaluation](https://forum.makerdao.com/t/usdt-pax-collateral-onboarding-risk-evaluation/3723)

## Current Events

### Vault Compensation 

No updates for this week. See [Vault Compensation Plan v2](https://forum.makerdao.com/t/vault-compensation-plan-v2/3584/5)

### Liquidation System Upgrade

Liquidation 1.2 is in progress, with a lengthy discussion from Thursday August 20th's [Governance and Risk call](https://youtu.be/fPpCmrSkWPY?t=1911).

As [@charlesstlouis](https://forum.makerdao.com/u/charlesstlouis) explains:

[quote="charlesstlouis, post:1, topic:3592"]
With the amount of Dai outstanding in the Maker Protocol, if there were a price crash, there would not be enough liquidity available to manage a large amount of auctions properly. In this case, the circuit breaker is not the right solution as it is subject to the system delay in addition to other complications. The Liquidations 1.2 Upgrade will allow Maker Governance to control the total amount of Dai that can be in auction at any one time.
[/quote]

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

[quote="LongForWisdom, post:16, topic:3592, full:true"]
Note that this was postponed for the time being so that the smart contracts team has time to write more tests before it is put to an executive vote.
[/quote]

#### More Information

[Liquidations 1.2 Technical Details](https://forum.makerdao.com/t/liquidations-1-2-technical-details/3792)

[Liquidations System 1.2 Upgrade (Timeline)](https://forum.makerdao.com/t/liquidations-system-1-2-upgrade-timeline/3592/15)

[Opt-in liquidation systems, and a registry for upgradable dss modules](https://forum.makerdao.com/t/opt-in-liquidation-systems-and-a-registry-for-upgradable-dss-modules/3784)

[Liquidation Auction Mechanisms: More Is Better?](https://forum.makerdao.com/t/liquidation-auction-mechanisms-more-is-better/3757)

### Including Real World Assets (RWA) in the Maker Protocol

[@g_dip](https://forum.makerdao.com/u/g_dip) explains:

[quote="g_dip, post:1, topic:3511"]
For the past year, the Maker Foundation has been researching and experimenting how to generate additional value from the Maker Protocol by providing collateral which does not originate on the blockchain. This post intends to kick-off discussions on including “real world assets” (“RWA”) in the Maker Protocol and highlight questions we believe projects should consider if they are interested in seeing these assets on-boarded.
[/quote]

#### More Information

[Lucas V. discusses short term RWA liquidtions](https://youtu.be/fPpCmrSkWPY?t=3933) on Ep. 106 of Governance and risk.

[Initial Thoughts and Questions for Including Real World Assets in the Maker Protocol](https://forum.makerdao.com/t/initial-thoughts-and-questions-for-including-real-world-assets-in-the-maker-protocol/3511)

[Real World Assets - CTL Document Roadmap - Getting started v1](https://forum.makerdao.com/t/real-world-assets-ctl-document-roadmap-getting-started-v1/3716)

[Adding Real World Assets (“RWA”) as DAI collateral is a critical step for Maker to stabilize the peg… and in doing so, we change the world](https://forum.makerdao.com/t/adding-real-world-assets-rwa-as-dai-collateral-is-a-critical-step-for-maker-to-stabilize-the-peg-and-in-doing-so-we-change-the-world/3653)

## State of the Peg August 24

![Peg](https://i.imgur.com/NYM5SWf.png)

- DAI peg got closer and closer to a dollar over the past week, but the past 24 hours has an upward trend.

![Dai Supply](https://i.imgur.com/Swk9Gew.png)

- 442 milion Dai, with ETH and WBTC responsible for 78% and 18% respectively.

![VWAP](https://i.imgur.com/BO0vqfN.png)

- Volume at around $122 million this last week. 
- Average 7 day VWAP (volume weighted average price) price places Dai at $1.009

![ETH Vaults CR](https://i.imgur.com/ZITvdP8.png)

- The majority of ETH vaults collateralization ratio still in between 200 - 300 %

![](https://i.imgur.com/p68eOSs.png)

- First 30 million liquidation wall at $296 ETH, a 28% drop.

![WBTC Vaults](https://i.imgur.com/ZG7CDLv.png)

- WBTC Vaults collateralization still on the riskier end, with large amounts in the 150-200 % bucket.

![Liquidation wall](https://i.imgur.com/l7uBpbo.png) 

- With a 15% price drop in BTC, 23 million dai would be up for liquidation.

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

## Community

### Articles and Thought Pieces

- [Reddit thread: Is Dai considered a success](https://www.reddit.com/r/MakerDAO/comments/ieew0h/is_the_dai_considered_a_success/)

### Videos and Podcasts

- [[Podcast] Debt IS money. Really. with Piers Ridyard talking to Greg Diprisco of MakerDAO](https://www.radixdlt.com/podcast/debt-is-money-really/)
- [[Youtube] DeFi Roundtable: The Path to Decentralization Ft Radix, MakerDAO, Chainlink, Aave, Argent, Messari](https://www.youtube.com/watch?v=ylM3z1WWsXM&feature=youtu.be)
- [[Youtube] Introduction to Maker DAO: The De-Central Bank for Web 3.0 by Tokemy](https://www.youtube.com/watch?v=X8U4emerj64&feature=emb_logo)

### Maker Forum Deep Dai-ve

- [Incentivized Attention: MakerDAO Governance Prediction Markets](https://forum.makerdao.com/t/incentivized-attention-makerdao-governance-prediction-markets/3789)
> @[Graeme_Barnes](https://forum.makerdao.com/u/graeme_barnes) discusses a project they are working on, relating to the creation of 'prediction markets,' and asking questions about potential implementations for governance. 
- [Launching Oasis on IPFS](https://forum.makerdao.com/t/launching-oasis-on-ipfs/3755)
> [@MagoCrpyto](https://forum.makerdao.com/u/magocrypto), with [Unstoppable Domains](https://unstoppabledomains.com/), begins a discussion about moving the [Oasisapp.crypto](oasis.app) to the MakerDAO. 
> [@monet-supply]() asked;
> [quote="monet-supply, post:2, topic:3755"]
I wonder if controlling a UI and domain through IPFS could expose MakerDAO to new legal risks? I think it would be a first for the DAO directly controlling user facing content.
[/quote]
- [MAKER CDP liquidation simulator](https://forum.makerdao.com/t/maker-cdp-liquidation-simulator/3675)
- [Should MakerDAO/DAI run Simultaneously on another Chain?](https://forum.makerdao.com/t/should-makerdao-dai-run-simultaneously-on-another-chain/3317/2)

### Twitter

- [Tweet of the Week](https://twitter.com/emilianobonassi/status/1297578983857573889)

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays at 16:00 UTC | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-7/register) | [Zoom](https://us02web.zoom.us/j/86833814449?pwd=NVhldnlyaUEvUm43b1ltbHI1MU5ZZz09)

#### 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-6-wednesday-august-26-17-00-utc/3791) for August 26

#### 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-107-thursday-august-27-16-00-utc/3754) | [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

- Aug. 24-26: [Korea DeFi Roadshow 2020](https://www.crowdcast.io/e/defiroadshowday1/register)
- Aug 25: [Product Management In Blockchain: Overview, Roles, and Opportunity](https://www.eventbrite.com/e/product-management-in-blockchain-overview-roles-and-opportunity-tickets-116726557275)
- Aug 25: [Blockchain Global Governance Conference - BG2C](https://www.bg2c.net/en_speaker.html)
- Dec. 9-10: [Paris Blockchain Week Summit](https://www.pbwsummit.com/)

### Hackathons

- July 8 - Sept 8: [Matic Layer 2 Security Hackathon](https://gitcoin.co/issue/maticnetwork/matic-bounties/14/100023264)
- 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](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/)

### Have Feedback? 

We value your input! Reply to this post, 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.*