---
# System prepended metadata

title: 'Maker Relay #47'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #47

![](https://imgur.com/w1Pf7be.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 MakerDAO governance, this is your one-stop shop for MakerDAO updates._

## Votes

### Executive Votes

There is not currently an executive vote (at the time of posting). Please check the [Governance Portal](https://vote.makerdao.com/) for updates.

### Governance Polls

| Poll Name | Vote | Discussion | More Info | 
| --------- | ---- | ---------- | ------------ |
| Add SLP-USDC-ETH Vault Type| [Vote](https://vote.makerdao.com/polling/QmQhab5R?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/slp-usdc-eth-mip6-collateral-onboarding-application/7681) | [SushiJoin Technical Assessment,](https://forum.makerdao.com/t/technical-overview-of-the-sushiswap-variant-of-the-cropjoin-adapter-sushijoin/8122) [Risk Evaluation,](https://forum.makerdao.com/t/slp-usdc-eth-collateral-onboarding-risk-evaluation/8238) [P.E. Evaluation,](https://forum.makerdao.com/t/slp-usdc-eth-erc20-token-smart-contract-technical-assessment/7952) [Oracles Evaluation](https://forum.makerdao.com/t/slp-v2-usdc-eth-collateral-onboarding-oracle-assessment-mip10c3-sp34/8406) |
| Add SLP-WBTC-ETH Vault Type |[Vote](https://vote.makerdao.com/polling/QmYkwNiM?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/slp-wbtc-eth-mip6-collateral-onboarding-application/7683) | [SushiJoin Technical Assessment,](https://forum.makerdao.com/t/technical-overview-of-the-sushiswap-variant-of-the-cropjoin-adapter-sushijoin/8122) [Risk Evaluation,](https://forum.makerdao.com/t/slp-wbtc-eth-collateral-onboarding-risk-evaluation/8239) [P.E. Evaluation,](https://forum.makerdao.com/t/slp-wbtc-eth-erc20-token-smart-contract-technical-assessment/7953) [Oracles Evaluation](https://forum.makerdao.com/t/slp-v2-wbtc-eth-collateral-onboarding-oracle-assessment-mip10c3-sp35/8407) |
| Add SLP-DAI-ETH Vault Type | [Vote](https://vote.makerdao.com/polling/QmPSKDeH?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/slp-dai-eth-mip6-collateral-onboarding-application/7957) | [SushiJoin Technical Assessment,](https://forum.makerdao.com/t/technical-overview-of-the-sushiswap-variant-of-the-cropjoin-adapter-sushijoin/8122) [Risk Evaluation,](https://forum.makerdao.com/t/slp-dai-eth-collateral-onboarding-risk-evaluation/8237) [P.E. Evaluation,](https://forum.makerdao.com/t/slp-dai-eth-erc20-token-smart-contract-technical-assessment/7954) [Oracles Evaluation](https://forum.makerdao.com/t/slp-v2-dai-eth-collateral-onboarding-oracle-assessment-mip10c3-sp33/8405) |
| Reduce the PSM-USDC-A Fee Out (`tout`) | [Vote](https://vote.makerdao.com/polling/Qmc7PYCn?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-reduce-the-usdc-psm-tout-to-0/8128) | [PSM Documentation,](https://community-development.makerdao.com/en/learn/governance/module-psm) `tout` is currently set to 0.04%, the proposed change is to set it to 0% |

### Active Signal Requests

[Burn the 84k Foundation MKR](https://forum.makerdao.com/t/signal-request-burn-the-84k-foundation-mkr/8338)
*This signal is seeking support to burn the MKR that was handed to the [DAO from the Foundation.](https://blog.makerdao.com/the-maker-foundation-returns-dev-fund-holdings-to-the-dao/)*

[New vault-type for YFI with a higher LR](https://forum.makerdao.com/t/signal-request-new-vault-type-for-yfi-with-a-higher-lr/8199/2)
*Based on the discussion from the [Growth Core Unit](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-140-thursday-may-6-17-00-utc/7792/4#nadia-alvarez) Yearn would like to see a YFI-based vault-type similar to ETH-C with a higher Liquidation Ratio to get a lower Stability Fee.*

[Should we add new PSMs?](https://forum.makerdao.com/t/signal-request-should-we-add-new-psms/8337)
*Starting the polling on whether we wanted to add any new PSMs for other stablecoins or not. Stablecoins specifically being polled include; BUSD, USDT, PAX, TUSD, and GUSD.*

[Adjusting the `dust` parameter(2021-3)](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-3/8315)
*`dust` is the minimum permitted debt for a vault - you can learn more in the [documentation here.](https://community-development.makerdao.com/en/learn/governance/param-debt-floor/) Higher `dust`  values make vaults less accessible for smaller users and protect Maker from the risk of vaults being too small to liquidate profitably. There are separate polls for the ETH-C, ETH-B, and all other vault types, so make sure you read through all.*

[Lower the UNIV2DAIUSDC-A Liquidation Ratio ](https://forum.makerdao.com/t/signal-request-lower-the-univ2daiusdc-a-liquidation-ratio/8487)
[quote="hexonaut, post:1, topic:8487"]
Now that we have liquidations-2.0 online, we get some flexibility with stable collaterals that previously needed larger buffers because they couldn’t be liquidated. One such collateral that I think is a good candidate is `UNIV2DAIUSDC-A`.
[/quote]

### Last Week

[Urgent Changes, Oracle Whitelisting, Liquidations 2.0 Activations](https://vote.makerdao.com/executive/urgent-changes-oracle-whitelisting-liquidations-2-0-activations?network=mainnet#proposal-detail)
**Passed** on May 31, 2021, 04:31 UTC.
**Available for execution** on Jun 2, 2021, 04:31 UTC.
- The PSM-USDC-A Debt Ceiling will increase from 2 billion DAI to 3 billion DAI.
- The Flat Kick Incentive `tip` will increase from 0 DAI to 300 DAI for all vault types with active liquidations.
- B.Protocol will be whitelisted on the WBTC OSM and Medianizer Oracles.
- The UNIV2DAIETH-A, UNIV2USDCETH-A, UNIV2ETHUSDT-A, UNIV2WBTCDAI-A, UNIV2WBTCETH-A, UNIV2LINKETH-A, UNIV2UNIETH-A, UNIV2AAVEETH-A, UNIV2DAIUSDT-A vault types will be added to the Liquidations 2.0 framework

## Updates

### MIPs

[Weekly MIPS Update #38](https://forum.makerdao.com/t/weekly-mips-update-38/8486)

#### Submission Highlight

- *The Updated* [MIP39c2-SP8: Governance Communications Core Unit Mandate, COM-001](https://forum.makerdao.com/t/mip39c2-sp8-governance-communications-core-unit-com-001-updated-5-26-21/7009)

### GovAlpha

- [Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-05-27/8387).

### Protocol Engineering

- Working on getting the rest of the vault types into Liquidations 2.0.
- Working on getting RWA types and SushiJoin up for this week’s vote.
- Optimism DAI bridge development continues. Check out [Derek’s post](https://forum.makerdao.com/t/makers-multichain-strategy-and-roadmap/8380) on Multi-chain/L2 solutions.

### Oracles

- Getting the remainder of LP Vaults onto Liquidations 2.0.
- Exploring pricing/monitoring for RWA collateral types.
- L2 solutions are coming online. We will need to look out for competitors, exploring oracle options there as well.

### Risk

- Made a few parameter proposals last week, [higher dust limit](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-3/8315) and a [signal work USDC PSM and a flat `tip` for kicking vaults](https://forum.makerdao.com/t/urgent-adjustments-to-tip-psm-usdc-a-dc/8274/11).
- Adding Sushi LPs, looking into adding xSushi as collateral as well.

### Real-World Finance

- Centrifuge collaterals will be pushed back until the 18th.
- Posted new risk assessments: [6s](https://forum.makerdao.com/t/sixs-rwa-001-6s-preliminary-contracts-assessment/8233) & [Farmland Partners](https://forum.makerdao.com/t/p1-drop-mip6-risk-assessment-alternative-equity-advisors-drop-us-agricultural-real-estate/8232).
- [Published paper on liquidity](https://forum.makerdao.com/t/research-paper-stablecoin-design-liquidity/8352).
- Looking to onboard larger RWA types (50M DAI+) next year
- [Matthew R. led an emphatic and informative speech](https://youtu.be/jM5Fm74WL44?t=1735) about the RWA process for 6s capital, which has committed hundreds of thousands of dollars and countless hours towards an unknown outcome.

### Growth

- [Weekly Update](https://forum.makerdao.com/t/growth-cu-weekly-update-may-21-27/8385)
- Talking with other L2 and L1 networks to get DAI on there, e.g., Polygon and Solana.

### Content

- [Weekly update](https://forum.makerdao.com/t/content-production-bi-weekly-update-may-13-may-26-2021/8386)
- Working with Foundation to transition properties to the DAO like [community-development.makerdao.com](http://community-development.makerdao.com), Twitter, and the main domain.
- “What the World is Doing with DAI” series is coming soon.
- Content CU is hiring!
- [Mascot Vote](https://forum.makerdao.com/t/informal-poll-following-up-makerdao-mascot/8305) is quite close

## Current Events

### New Monthly Governance Cycle

MKR voters, heads up! The monthly governance cycle has officially changed to a more accomodating setup. Instead of three rounds of voting, MIPs and Subproposals will go through individual two-week [Ratification Polls.](https://mips.makerdao.com/mips/details/MIP51#mip51c2-ratification-poll) Check out the latest [MIPs Update](https://forum.makerdao.com/t/weekly-mips-update-38/8486) for a view of the updated calendar.

### Global Debt Ceiling Reached

![PSM Inflows](https://i.imgur.com/4V8Sewb.png)

Following accelerated growth in the PSM(:point_up:), we're waiting on the global debt ceiling raise that just passed to free up more DAI generation. Due to the "office-hours" modifier, an execution delay that ensures keepers will be present when the Executive goes live, the update is eligible for execution tomorrow, June 2, at 14:00 UTC.

### Protocol Engineering Affirms Commitment to Multichain Strategy

Derek Flossman, of the Protocol Engineering Core Unit, [posted a thread](https://forum.makerdao.com/t/a-multichain-strategy-and-roadmap-for-maker/8380/1) outlining the multichain landscape as their team sees it now, Maker's unique opportunities and challenges, and a proposed roadmap for community discussion.

### State of the Peg

![Peg](https://i.imgur.com/hY9Bbu5.png)

- DAI peg super stable this week.

![](https://i.imgur.com/Gt8K9Qs.png)

- Pretty tight band for the DAI price. 

![Dai Supply](https://i.imgur.com/ZIa5gsX.png)

- DAI Supply is still awaiting a global DC increase. Currently capped at 4.6 billion.

![](https://i.imgur.com/GczwD37.png)

- PSM inflow on 5-29 was 203 million.

![](https://i.imgur.com/3UacdTA.png) 

- USDC is eating quite the share in Curve, likely accompanying the PSM raise.

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

![](https://i.imgur.com/zPciMc2.png) 

USDC PSM has officially flippened ETH for the time being.
- PSM USDC 1.8 billion 
  - ETH-A 1.6 billion
  - WBTC 297 million
  - USDC-A 240 million
  - ETH-C 219 million
  - PAX 69 million
  - YFI 45 million
  - ETH-B 44 million
  - LINK 36 million
  - TUSD 26 million
  - UniV2DaiEth 19.3 million
  - UniV2UsdcEth 13.7 million
  - UniV2UniEth 7.7 million
  - UNI 7.3 million
  - UniV2WBTCEth 6.1 million
  - renBTC 3.2 million
  - UniV2DaiUSDC 2.9 million
  - AAVE 2.1 million
  - NSDROP 1.9 Million
  - MANA 1.8 million
  - BAT 1.6 million
  - ZRX 1.5 million
  - LRC 713K 
- Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WBTCDAI, UniV2DAIUSDT, UniV2ETHUSDT, COMP) at 1.3 million.

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

- ETH-B vaults have the largest bucket at risk since the biggest vault has a 140% collateralization ratio.

![](https://i.imgur.com/Udvq3Vz.png)

- Liquidation walls kick in significantly for ETH-B & C and WBTC at 15% drawdown. I guess it would be fitting if there is a NgU conference that number go down. Just overcollateralize if you're planning on raging in Miami.
    
https://daistats.com | https://makerburn.com | https://maker.blockanalitica.com/

## Community

### Articles

- [Research paper - Stablecoin design - Liquidity](https://forum.makerdao.com/t/research-paper-stablecoin-design-liquidity/8352/1)
- [*Yahoo Finance*: MakerDAO Unveils Scaling and Multi-Chain Strategy Roadmap](https://finance.yahoo.com/news/makerdao-unveils-scaling-multi-chain-052012716.html)

### Maker Forum Deep Dai-ve

- [Need for Data Insights Core Unit](https://forum.makerdao.com/t/need-for-data-insights-core-unit/8450)
- [[Discussion] Press Releases at MakerDAO](https://forum.makerdao.com/t/discussion-press-releases-at-makerdao/8323)
- [[Informal poll] DeFi Summer 2021 by MakerDAO](https://forum.makerdao.com/t/informal-poll-defi-summer-2021-by-makerdao/8425)
- [[Informal Poll] Reduce Pressure On USDC-PSM Through A MKR-PSM](https://forum.makerdao.com/t/informal-poll-reduce-pressure-on-usdc-psm-through-a-mkr-psm/8430)

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

### Tweet of the Week

https://twitter.com/dberenzon/status/1397747806677311488?s=20

## Meetings and Events

### This Week's Calls

#### Core Unit Office Hours / Weekly Updates

- [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 16:00 UTC
- [Join Link](https://meet.google.com/eec-ezkd-pnq) | SES Weekly Update - Fridays 14:30 UTC

#### Governance & Risk

- [Join Link](https://zoom.us/j/697074715) | [Agenda](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-143-thursday-may-27-17-00-utc/8228) - Thursdays at 16:00 UTC
 
#### Core Unit Launch Pod Sessions ||| Session #11: Oracles Core Unit ORA-001

- [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-11-oracles-core-unit-ora-001/8415) - Wednesday, June 2 17:00 UTC

#### [AMA] William Remor of the Real World Finance Core Unit

- [Join Link](https://forum.makerdao.com/t/ama-william-remor-of-the-real-world-finance-core-unit/8203) | [Forum Post](https://forum.makerdao.com/t/ama-william-remor-of-the-real-world-finance-core-unit/8203) - Wednesday, June 3 at 21:00 UTC

### Last Week's Call Recordings

Governance and Risk Call #143
[Video](https://youtu.be/jM5Fm74WL44) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-143-thursday-may-27-17-00-utc/8228)

Core Unit Launch Pod Session #10: Collateral Onboarding Core Unit
[Video](https://youtu.be/Q6xNOLPcw2Y) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-10-collateral-onboarding-core-unit/8268)

SES Weekly Status Update: Recruitment Update & Working Agreement
[Video](https://drive.google.com/file/d/1nlC8ZzUnzw7L7qqqKh1xV2nuqiY5S2oL/view?usp=sharing) | [Presentation](https://docs.google.com/presentation/d/1pzeIWAbPwM72e_PpmLJS54m0JyWr9WAdsfGsVLYFpq0/edit?usp=sharing)

## 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://forms.gle/Z2QAgywU2Sesm7Vy6) and let us know what we might be missing or how we can do better.

*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 information and communication purposes only.*