---
# System prepended metadata

title: 'Maker Relay #27 _script_'
tags: [Voices of MKR]

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tags: Voices of MKR
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# Maker Relay #27 _script_

![](https://imgur.com/A2MQKr2.png)

"Hey everyone, thanks for checking out the brand-new audio version of 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 Maker governance. Let's jump right into it.

## Executive Votes

"Normally we would start with executive votes but this week there aren't any active executive votes."


### Polls

"Next up we'll cover the seven governance polls you can currently vote on. To do so, head over to the voting portal at vote.MakerDAO.com.

Some polls use instant run-off voting, so you can select multiple options and ranked-choices will be prioritized; others simply allow you to make a single choice.

First up we've got the Rates Proposal, which is a Rates Poll on the stability fees vault holders agree to pay in order to close their vaults. 

If the votes for the 'Yes' option exceed the votes for the 'No' option then the stability fees for the Ether-A and B Vaults will increase and fees for the Wrapped Bitcoin-A, YFI-A, AAVE-A, and MANA-A vaults will decrease.

If passed, these Stability Fee changes will be included in the weekly Executive Vote on the Friday following the conclusion of this poll.

Next up, we have a proposal to whitelist Gnosis on multiple oracles and a proposal to whitelist Set Protocol on multiple Medianzer's. If passed, these proposals will go to an executive vote.

There's a proposal to add liquidity provider tokens from the Bitcoin-Ether pool on Uniswap V2 as a collateral type. The application, Risk Evaluation, Smart Contracts Evaluation, and Oracles Evaluation are all avaliable on the forum, and the written version of the Relay, linked in the description. 

After that we have a poll to;

Investigate the Implementation of a WBTC-B Vault-Type with a lower Liquidation Ratio. The intention is to create a wrapped BTC vault type, with parameters similar to our ETH-B Vault type that was implemented in October. 

Our next poll is;

Adjusting the System Surplus Buffer, which is currently set to 4 Million Dai, if the proposed adjustment does pass, it will increase to 10 Million Dai.

Our last parameter poll is for;

Adjusting the FLAP Auction parameters. Also referred to as "surplus auctions," a flap auction involves the Maker Protocol selling a fixed amount Dai in the system for MKR that is then burned to reduce its total supply"

The suggested changes are to; increase the Minimum Bid Increase (beg) for FLAP auctions from 2% to 4%, and to increase the Bid Duration (ttl) for FLAP auctions from 30 minutes to 60 minutes."

#### MIP Inclusion Polls

"Next up we will cover the MIP inclusion polls,

The inclusion polls will close on Jan 14 at 16:00 UTC

First up we have MIP29, to implement the Peg Stability Module. The PSM acts a special vault which is attached to a permissioned collateral-type with 100% Collateralization Ratio and 0% Stability Fees. Instead of crediting gems to the supplier of the tokens, it pools them together and takes out a debt position at 100% Collateralization Ratio issuing the newly minted ERC20 Dai to the person who supplied the collateral.

Next is MIP30, to implement a USDC collateral type which would allow a CDP user to benefit from COMP "farming" rewards. 

There are four sub-proposals up for inclusion:

MIP7c3-SP5, to onboard Sébastien Derivaux to the Risk Domain team.

MIP7c3-SP6, to onboard Sam MacPherson to the Smart Contracts Domain team.

MIP28c7-SP2, to onboard Juan to the Operational Support Domain team.

MIP13c3-SP7, to pursue the development of the Governance Communications Domain team. 

and MIP 13c3-SP8, to cover the Maker Protocol with Nexus Mutual implementation. This would include purchase of tranches, using Dai, in order to "insure" bad debt, within given parameters. This also would enact a working group titled "Maker Protocol Cover Group," in order to review, changes, claims made by Nexus, strategies, and pricing thresholds. For more information, please check the links in the description. 

#### Last Week

Maker Relay skipped the final week of the year due to the holidays so this week we'll cover the last couple of weeks in governance votes. 

The USDC Peg Stabiliity Module was activated on Dec 28, 2020 @ 14:01 UTC. This vote added the PSM-USDC-A Vault type, and increased the global line parameter by 3 Million Dai. 

The Ether-A, USDC-A, and PSM-USDC-A Debt Ceilings executive vote was Passed on Jan 5, and executed on Jan 7, 2021 @ 07:36 UTC. This means; the ETH-A Debt Ceiling has increased from 590M to 740M, the USDC-A Debt Ceiling has increased from 485M to 555M, the PSM-USDC-A Debt Ceiling has increased from 3M to 30M, and the Global Debt Ceiling has increased by 247M.""

### MIPs

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

Proposals in the Request-For-Comments phase include:

MIP26: DssGov, a Governance Contract Redesign which
defines DssGov, a contract replacement for DSChief, that comes with improved security, usability and functionality for holders of the Maker governance token (MKR). 

MIP31: for the Active Reserve AMM (dss-ara), which is a technical proposal for an active reserve based on Uniswap V2 contract.

MIP32: a Peg Stability Module for Compound Mixed Exposure that provides an extension for the PSM. The extension allows the PSM to leverage USDC via dai using cdai. It also convert USDC to cUSDC using the same join adaptor (lending join).

MIP34: a Keg Streaming Payments Module that provides a smart contract implementation of a Streaming Payments System for Maker

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

MIP13c3-SP9 to onboard a new collateral type backed by B.Protocol, this is a Declaration of Intent."

You can weigh in on those at forum.makerdao.com

## Domain Team Updates

"Next are updates from our Domain Teams."

### Smart Contracts

"Our Smart Contracts Domain team is working on putting "MIP21 Real World Assets, for Off-chain Asset backed lenders" into Kovan this week, an executive vote on that will be coming up shortly. The team will be setting focus on MIP 14, MIP 25, MIP 30 next.

Because the end of 2020 was so aggressive and we lost some smart contract engineers, we’ll need to pace ourselves and train up more people to have 4 collateral types a month, 1 MIP, and a set of community initiatives. 

Sam is working on the UI for the Peg Stability Module and has a list of outstanding tasks for making the PSM robust which includes; documentation, getting rid of the old collateral types, and liquidating the old collateral types into the PSM."

### Risk

"Our Risk Domain Team is working on finishing the Collateral Risk Evaluation for tBTC and Compound USDC, coming to the forums soon.

Andy is working on refreshing the risk assessment of the Maker Portfolio, and Real-World-Assets team is searching for lawyers and legal council in the interest of progressing with due diligence."

### Oracles

The Oracles team has 17 whitelisting proposals in the backlog, with 10 planned to be whitelisted this week. The team has also begun work on the real-world-assets oralce, and has decided to make liquidity provision (LP) tokens the focus for collateral onboarding, going foward. 

The team is awaiting a formal audit before raising debt ceilings on these LP tokens. 

## State of the Peg

Now we'll talk about the state of the peg.

Dai is currently looking quite stable in the face of volatility from the recent bull market. The Dai supply is crawling closer to 1.5 Billion in outstanding Dai. 

With Ethereum outpacing all the other collateral types. The largest ETH collaeralization bucket is at 390%, with liquidation walls at $787 ETH.

The largest pools outside of Compound, curve.fi, and Uniswap account for 45% of protocol-locked-Dai.

### Have Feedback? 

That's all for our first audio edition of Maker Relay. Please post in the forum, take our survey, or join us in the Community-Development chat channel to let us know what you want to see. 

Check out the links in the description for more information and thanks for listening!

# Description:

Forum: https://forum.makerdao.com

Rocket.Chat: https://chat.makerdao.com

Voting Portal: https://Vote.MakerDAO.com

Maker Relay (written version): https://forum.makerdao.com/t/maker-relay-ep-27-happy-2021/6016

Learn more about the Maker protocol: https://docs.makerdao.com

Check our Governance Tools Resource: https://community-development.makerdao.com/governance/governance-tools 

*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 exclusively.*