---
tags: Maker Relay
---

# Maker Relay #70


_Hi everyone, thanks for checking out Maker Relay! Whether you hold MKR or DAI, own a vault, or want to get more involved in governance, this is your one-stop-shop for MakerDAO updates._

🍵 Current Events

🗳️ This Week in Governance

🤿 Community Deep Dai-ve

📋 Team Updates

📆 Mark your Calendar

⚓ Useful Links

🎙️ Have Feedback?

## 🍵 Current Events

### MakerDAO’s Peg Stability Module (PSM) fees lowered to 0%

With the passage of the [November 4th Executive,](https://vote.makerdao.com/executive/template-executive-vote-parameter-changes-core-unit-budget-distribution-november-5-2021?network=mainnet#proposal-detail) the fees for using PSM-USDC-A and PSM-USDP-A have been lowered to 0%.

Users may now swap Dai for USDC and USDP (formerly PAX) 1:1 with just the Ethereum transaction fee instead of the additional fee assessed by MakerDAO, though @PaperImperium has published a [Signal Request](https://forum.makerdao.com/t/signal-request-set-both-usdc-psm-and-usdp-psm-tin-to-10-bps/11318) to set the fee back to 10 [basis points (bps).](https://www.investopedia.com/terms/b/basispoint.asp)

[PSM Smart Contract](https://etherscan.io/address/0x89B78CfA322F6C5dE0aBcEecab66Aee45393cC5A#code)
[Smart Contract PSM-USDC-A](https://etherscan.io/address/0x0a59649758aa4d66e25f08dd01271e891fe52199#events)
[Smart Contract PSM-USDP-A](https://etherscan.io/address/0x961ae24a1ceba861d1fdf723794f6024dc5485cf#code)
[Front-end on IPFS](https://ipfs.io/ipfs/QmXRmkz1NmKZ72NAFQv2qoqUzsXrvCRjLjnm3BjTeMzvRi/)

### Aave Direct Deposit Module (D3M) live, community asks: Wen Compound?

The Aave D3M went live with the execution of the [October 28th Executive](https://vote.makerdao.com/executive/template-executive-vote-aave-d3m-onboarding-and-core-unit-budget-transfers-october-29-2021?network=mainnet#proposal-detail), hitting its 10M debt ceiling almost immediately.

Proposed by @hexonaut in [MIP50: Direct Deposit Module](https://forum.makerdao.com/t/mip50-direct-deposit-module/7356), the D3M mints Dai backed by Aave’s aDai and deposits it in Aave to cap the variable interest rate borrowers accept when borrowing Dai on Aave.

Following the initial success of the Aave D3M, @Primoz [proposes increasing the debt ceiling to 50M](https://forum.makerdao.com/t/d3m-dc-increase-target-borrow-rate-decrease-proposal/11421) and @PaperImperium has created an informal poll soliciting feedback from the community on whether or not to prioritize [a D3M on Compound](https://forum.makerdao.com/t/informal-poll-prioritize-d3m-rollout-to-compound/11490)

### MakerDAO surpasses 8 billion Dai in circulation

Over 8.6 billion! In addition, the USDP-PSM, GUNI-DAI-USDC, Aave D3M, MATIC, stETH, MANA, and GUSD vaults are all near their debt ceilings, and the proportion of Dai collateralized by USDC is at 30%.

### State of DAI


- DAI peg was ultra-solid this past week.
- According to @aburban90, we’re in up only times. Check out [speculation](https://discord.gg/fDna9Gx2) for more tea leaf reading sessions; Like horoscopes, but for degens.


- Volume at around $804 million this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.000325.
- Max price was on Uniswap V2 1.04 and min .59 on bittrex. Here’s to hoping those are just API issues?


- Zooming closer to 9 million total supply. 19 billion TVL. Dai collateralization is mostly made up of ETH & WBTC in varying flavors.


- 125 new vaults were created over the past week by 81 unique creators.


- Continued evidence of a strong, strong week that shows Maker separating from the pack.


- More DAI burned this week than minted. With a net of -363 million.


MakerBurn rundown or dai stats
- ETH-A 3.07 billion
- PSM USDC 2.36 billion
- WBTC 1.06 billion
- ETH-C 699 million
- USDP 457 million
- ETH-B 150 million
- UniV2DaiUSDC 77.49 million
- GUNI-DAI/USDC 49 million
- LINK 69 million
- YFI 32 million
- UniV2DaiEth 31 million
- UniV2WBTCEth 17 million
- UNI 15 million
- UniV2UsdcEth 13 million
- NSDROP 10 Million
- UniV2UniEth 9.4 million
- MATIC 8.9 million
- stETH 4.9 million
- renBTC 4.5 million
- AAVE 1.2 million
- MANA 4.9 million
- GUSD 4.9 million
- BAT 813K
- COMP 504k
- Vaults below 500K (BAL, FFT1 Drop, LRC, ZRX, Univ2EthLink, Univ2AaveEth, and usdc-b) at 507k.


- ETH-C vaults collateralization ratio buckets.


- Liquidation Walls looks forgiving, but as a necessary aside: the Blockanalytica Dashboard is currently migrating their data, so all information posted after November 5th is unreliable. This issue should be resolved shortly.


- ETH-A debt weighted collateralization ratio up above 400%.


- The largest bucket is 240%.


- WBTC net deposits on a tear this week. Up over a Billion DAI outstanding from WBTC.


- The amount of protected vaults is 56%, and the amount of high-risk vaults is low compared to the amount outstanding.

daistats.com | makerburn.com | maker.blockanalitica.com

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #61](https://forum.makerdao.com/t/weekly-mips-update-61/11523)

- The Ratification Polls for the November Governance Cycle are now up.

### Active Executive Votes

[Parameter Changes, Core Unit Budget Distribution - November 5th, 2021](https://vote.makerdao.com/executive/template-executive-vote-parameter-changes-core-unit-budget-distribution-november-5-2021?network=mainnet#proposal-detail)

*This executive passed today, November 5th, at 6:18 GMT-5, and the following changes will occur within the Maker Protocol:*

| Vault | Parameter | Previous | New |
| :---: | :-------: | :------: | :-: |
| ETH-A | Stability Fee | 2.0% | 2.5% |
| ETH-B | Stability Fee | 5.0% | 6.0% |
| WBTC-A | Stability Fee | 2.0% | 2.5% |
| LINK-A | Stability Fee | 1.0% | 1.5% |
| MANA-A | Maximum Debt Ceiling (line) | 5 million DAI | 10 million DAI |
| RENBTC-A | Stability Fee | 2.0% | 2.5% |
| MATIC-A | Maximum Debt Ceiling (line) | 10 million DAI | 20 million DAI |
| MATIC-A | Target Available Debt (gap) | 3 million DAI | 20 million DAI |
| USCA-A | Stability Fee | 0.0% | 1.0%
| UNIV2WBTCETH-A | Maximum Debt Ceiling (line) | 20 million DAI | 50 million DAI |
| UNIV2WBTCETH-A | Target Available Debt (gap) | 3 million DAI | 5 million DAI |
| UNIV2WBTCETH-A | Stability Fee | 2.0% | 2.5% |

PSM Fees are lowered:

- Lower the PSM-USDP-A Fee In (tin) parameter from 0.10% to 0.0%.
- Lower the PSM-USDC-A Fee In (tin) parameter from 0.20% to 0.0%.

DUX-001 Core Unit Budget:

- As per this [ratification poll,](https://vote.makerdao.com/polling/QmSYLL9K?network=mainnet#poll-detail) 359,120.80 DAI is distributed to the [Development and UX (DUX-001) Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP18) Auditors Wallet at 0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad.
- This distribution will top-off the [DUX-001 Auditors Wallet](https://gnosis-safe.io/app/#/safes/0x5A994D8428CCEbCC153863CCdA9D2Be6352f89ad/balances) to the budget cap total of 483,575 DAI as requested in [MIP40c3-SP26.](https://mips.makerdao.com/mips/details/MIP40c3SP26)

### Active Governance Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| DIRECT-AAVEV2-DAI Parameter Adjustments | [Vote](https://vote.makerdao.com/polling/QmNbTzG1?network=mainnet) | [Discussion](https://forum.makerdao.com/t/d3m-dc-increase-target-borrow-rate-decrease-proposal/11421) |
| Increase the WSTETH-A Debt Ceiling | [Vote](https://vote.makerdao.com/polling/QmeQUKFm?network=mainnet) | [Discussion](https://forum.makerdao.com/t/request-to-raise-staked-eth-dc-to-50m/11402) |
| Recognised Delegate Compensation Increase | [Vote](https://vote.makerdao.com/polling/QmbvuhYH?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-should-we-increase-maximum-delegate-compensation-as-described-in-mip61-to-144k-dai-for-the-initial-3-month-delegate-compensation-trial/11093) |
| NS-DROP Covenant Modification | [Vote](https://vote.makerdao.com/polling/QmXcdMS3?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-increase-the-makerdao-ns-drop-maximum-to-85-when-ao-tin-participation-is-at-least-50/11134) |
| GUNIV3DAIUSDC-A Parameter Adjustments | [Vote](https://vote.makerdao.com/polling/QmemHGSM?network=mainnet) | [Discussion](https://forum.makerdao.com/t/request-to-raise-the-guniv3daiusdc1-a-dc-to-500m/11394) |
| Add WBTC-B as a new Vault Type | [Vote](https://vote.makerdao.com/polling/QmSL1kDq?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-new-iam-vault-type-for-wbtc-with-lower-lr/5736) |
| Ratification Poll for Adding Sidestream Auction Services Core Unit, SAS-001 | [Vote](https://vote.makerdao.com/polling/QmPnAkS4?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp25-adding-sidestream-auction-services-core-unit-sas-001/10796) |
| Ratification Poll for Modify Core Unit Budget, MKT-001 (MIP40c3-SP33) | [Vote](https://vote.makerdao.com/polling/QmPTCHwr?network=mainnet) | [Discussion](https://vote.makerdao.com/polling/QmPTCHwr?network=mainnet) |
| Ratification Poll for Real-World Finance Core Unit MKR Compensation, RWF-001 (MIP40c3-SP38) | [Vote](https://vote.makerdao.com/polling/QmYNiuNE?network=mainnet) | [Discussion](https://vote.makerdao.com/polling/QmYNiuNE?network=mainnet) |
| Ratification Poll for Modify Core Unit Budget, COM-001 (MIP40c3-SP40) | [Vote](https://vote.makerdao.com/polling/QmUGBMLz?network=mainnet) | [Discussion](https://vote.makerdao.com/polling/QmUGBMLz?network=mainnet) |
| Ratification Poll for Modify Core Unit Budget, RWF-001 (MIP40c3-SP39) | [Vote](https://vote.makerdao.com/polling/QmYoEMTT?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp39-modify-core-unit-budget-rwf-001/10543) |
| Ratification Poll for the Immunefi Security Core Unit (IS-001) | [Vote](https://vote.makerdao.com/polling/QmSbiSTX?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp24-adding-immunefi-security-core-unit-is-001/10810) |
| Ratification Poll for Supplement to Collateral Onboarding Application (MIP6c3-SP1) | [Vote](https://vote.makerdao.com/polling/Qme2ni4a?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip6c3-sp1-rwa-only-supplement-to-collateral-onboarding-application/10433) |
| Ratification Poll for Adding the Deco Fixed Rate Core Unit (DECO-001) | [Vote](https://vote.makerdao.com/polling/QmPPvUhN?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp23-adding-the-deco-fixed-rate-core-unit/10224) |

### Community Greenlight Polls

| Collateral | MIP9 Poll | MIP6 Application |
| ---------- | ----------- | ---------------- |
| MDI (MD Irradiance LLC) | [Ends 11/14 4PM UTC](https://vote.makerdao.com/polling/Qmf3G3eu?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/mip6-collateral-onboarding-application-md-irradiance-llc-construction-period-only-loans-to-late-stage-us-solar-projects/10817) |
| OHM (Olympus DAO) | [Ends 11/14 4PM UTC](https://vote.makerdao.com/polling/QmUVQdj5?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/ohm-olympus-dao-collateral-onboarding-application-mip6/10709) |

_Check out an ‘at-a-glance’ view of the current Vault types and their parameters on [MakerBurn](https://makerburn.com/#/rundown)_

### Active Signal Requests

[[Signal Request][P1-DROP] Change of covenants for P1-DROP (farmlands)](https://forum.makerdao.com/t/signal-request-p1-drop-change-of-covenants-for-p1-drop-farmlands/11236) - Signal Closes November 10th - @SebVentures from RWF presents an update for P1-DROP and requests to increase their acquisition price to $2.85M which would provide MakerDAO exposure of 2M per farm. The expected Debt Ceiling is 20M, and the TIN+equity tranche would be 8.5M. In addition, the signal requests to add Arkansas as a possible state.

[MIP 55 Signal Request - RealDAO SPF (to make Moloch-based SPV’s)](https://forum.makerdao.com/t/mip-55-signal-request-realdao-spf-to-make-moloch-based-spvs/11204) - Signal Closes November 11th - @jameskmccall from RWF presents a detailed MIP55 signal request to the community for support in their RealDAO Special Purpose Fund. The RealDAO SPF is a unique approach to express a willingness to experiment with other ways to handle Real-World Assets. The RWF Core Unit asks whether MakerDAO would signal a 50,000 DAI SPF (with conditions) to build a decentralized SPV infrastructure.

[[Signal Request] Increasing the Surplus Buffer (2021-11)](https://forum.makerdao.com/t/signal-request-increasing-the-surplus-buffer-2021-11/11448) - Signal Closes November 19th - @ultraschuppi is signaling to the community in request to increase the Surplus Buffer. He asks the community at which level we want to set the Surplus Buffer and whether we want to keep burning some of the profits.

### Last Week

[Aave D3M Onboarding and Core Unit Budget Transfers](https://vote.makerdao.com/executive/template-executive-vote-aave-d3m-onboarding-and-core-unit-budget-transfers-october-29-2021?network=mainnet#proposal-detail)

- The executive on October 29th passed on October 31st, 2021 09:31 GMT-4 and is available for execution on November 2nd, 2021, 10:00 GMT-4.

The following changes occurred within the Maker Protocol:

- The Aave DAI Direct Deposit Module will be onboarded to the Maker Protocol.
- The Data Insights Core Unit will receive 107,500 DAI upon execution and 357,000 DAI streamed over six months:
- The Growth Core Unit will receive 791,138 DAI upon execution and 942,663 DAI streamed over eight months:

| Core Unit | DAI Amount | Period |
| --------- | ---------- | ------ |
| Data Insights Core Unit | 107,500 DAI | Upon Execution |
| Data Insights Core Unit | 357,000 DAI | Six-month period starting 2021-11-01 |
| Growth Core Unit | 791,138 DAI | Upon Execution |
| Growth Core Unit | 942,663 DAI | Eight-month period starting 2021-11-01 |

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/ImperiumPaper/status/1456753984622977026
https://twitter.com/mhonkasalo/status/1456700306683740164 +1
https://twitter.com/MakerMegaphone/status/1456288880353693700 +2
https://twitter.com/tioahe/status/1455938678988156942
https://twitter.com/tioahe/status/1455964397202022408

### Forum Insight

_[Check out the latest Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance) or check out the [video version](https://www.youtube.com/watch?v=vk7F6ejxyQA)!_

### Articles

- [Governance Controversy Arises in MakerDAO Community](https://cryptobriefing.com/governance-controversy-arises-in-makerdao-community/)
- *A cryptobriefing article profiling the week’s passionate forum discussions.*

- [User provides an NFT as collateral for a loan worth more than 1 million USD in DAI](https://gruntstuff.com/they-provide-an-nft-as-collateral-for-a-loan-of-more-than-usd-1-million/242120/)
- *A digital investor offered an Autoglyphs NFT as collateral on a peer-to-peer market in exchange for over $1mil in loaned Dai.*

- [Stablecoin Valuations Continue to Swell, MIM and MUSD Market Caps Increase by Triple-Digits in 30 Days](https://news.bitcoin.com/stablecoin-valuations-continue-to-swell-mim-and-musd-market-caps-increase-by-triple-digits-in-30-days/)
- *Per the article: “Out of the top five stablecoins in terms of overall valuation, the stablecoin DAI, issued by Makerdao, rose the most with a 27.3% jump last month.”*

## 📋 Team Updates

### Content Production

[[AMA] Risk Management with MakerDAO’s Risk Core Unit](https://forum.makerdao.com/t/ama-risk-management-with-makerdaos-risk-core-unit/11208)
[Multi-chain DAI-lights - November 4, 2021](https://forum.makerdao.com/t/multi-chain-dai-lights-november-4-2021/11454)

### GovAlpha

[GovAlpha Q3 2021 Quarterly Review](https://forum.makerdao.com/t/govalpha-q3-2021-quarterly-review/11516)
[Meet Your Delegate #5](https://forum.makerdao.com/t/meet-your-delegate-5/11238)
[Fear, Respect, and Influence within MakerDAO](https://forum.makerdao.com/t/fear-respect-and-influence-within-makerdao/11398)
[GovAlpha Budget Return](https://forum.makerdao.com/t/govalpha-budget-return/11341)

### Governance Communication

[Maker Governance Review: October 2021](https://forum.makerdao.com/t/maker-governance-review-october-2021/11517)
[Forum at a Glance: October 28th - November 4th](https://forum.makerdao.com/t/forum-at-a-glance-october-28th-november-4th/11441)

### Growth

[Growth CU weekly update: October 29th - November 4th](https://forum.makerdao.com/t/growth-cu-weekly-update-october-29-november-4/11438)

### Protocol Engineering

[Request to raise Staked ETH DC to 50M](https://forum.makerdao.com/t/request-to-raise-staked-eth-dc-to-50m/11402)
[Request to raise the GUNIV3DAIUSDC1-A DC to 500M](https://forum.makerdao.com/t/request-to-raise-the-guniv3daiusdc1-a-dc-to-500m/11394)

### Real-World Finance

[Financial Report - 2021-10](https://forum.makerdao.com/t/financial-report-2021-08/10288)

### Risk

[D3M - DC Increase & Target Borrow Rate Decrease Proposal](https://forum.makerdao.com/t/d3m-dc-increase-target-borrow-rate-decrease-proposal/11421)
[[WBTC-B] Collateral Onboarding Risk Assessment](https://forum.makerdao.com/t/wbtc-b-collateral-onboarding-risk-assessment/11397)
[Risk Core Unit Month in Review: October 2021](https://forum.makerdao.com/t/risk-core-unit-month-in-review-october-2021/11352)

### Sustainable Ecosystem Scaling

[SES Updates - 04.11.2021](https://forum.makerdao.com/t/ses-updates-04-11-2021/11447)
[X-Ray Benchmarking report on the best practices in tech talent awareness, onboarding & retention for MakerDAO](https://forum.makerdao.com/t/x-ray-benchmarking-report-on-the-best-practices-in-tech-talent-awareness-onboarding-retention-for-makerdao/11339)

## 📆 Meetings and Events

### Last Week’s Call Recordings

- Governance and Risk Call #166
- [Video](https://www.youtube.com/watch?v=ASoEefJcG2k) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-166-thursday-november-04-17-00-utc/11369/5)

- Meet Your Delegate | Ep. 5 Ft. UltraSchuppi
- [Video](https://www.youtube.com/watch?v=3483QFS4_qQ) | [Forum Post](https://forum.makerdao.com/t/meet-your-delegate-5/11238)

- [AMA] Risk Management with MakerDAO’s Risk Core Unit | AMA Ep. 11
- [Video](https://www.youtube.com/watch?v=0ilts--wRXw) | [Forum Post](https://forum.makerdao.com/t/ama-risk-management-with-makerdaos-risk-core-unit/11208)

### This Week’s Calls

#### Governance & Risk

- [Join Link](https://zoom.us/j/697074715) | [Agenda](https://forum.makerdao.com/c/governance/gnr/8) - Thursdays at 16:00 UTC

#### Core Unit Office Hours

- [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 15:30 UTC
- [Join Link](https://meet.google.com/sap-nttu-xga) | Growth - Wednesdays 17:00 UTC
- [Join Link](https://us02web.zoom.us/j/85252786103?pwd=bEZaZXdEcGlSWWd5bmpxMDBvVjdEUT09) | Sustainable Ecosystem Scaling - Tuesdays 15:30 UTC
- [Join Link](https://meet.google.com/nio-jrqq-guu) | Governance Communications - Fridays 18:00 UTC

## ⚓ 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://slvw5de5kt4.typeform.com/to/wwaFbnIO) to let us know what we might be missing or how to do better.

*Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is purely for information and communication purposes only.*