---
tags: Maker Relay
---

# Maker Relay #62


_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

### Real-World Finance Hosts AMA in Maker Forum

The Real-World Finance (RWF) team [announced an AMA](https://forum.makerdao.com/t/rwf-ask-me-anything-september-2021/10234) addressing questions on the development of RWF and the onboarding of Real-World Assets as collateral in the Maker Protocol. Check out the thread to learn more about the team’s strategy on developing RWF and ask any questions you might have for the team.

### Offboarding Collateral Types

Offboarding unprofitable collaterals has been [discussed](https://forum.makerdao.com/t/offboarding-unprofitable-collaterals/9785) and led to [a poll to offboard](https://vote.makerdao.com/polling/QmQ4Jotm?network=mainnet#poll-detail) the Kyber Network token (KNC). There is also [a discussion about offboarding USDT](https://forum.makerdao.com/t/signal-request-offboard-usdt-collateral-types/10223) as a collateral type. Additionally, a [signal request](https://forum.makerdao.com/t/signal-request-offboard-unprofitable-collateral-types/8628) asks for community input on collateral types we should consider to offboard.

### Exploring Risk and USDC

[The SEC investigation into Coinbase](https://cointelegraph.com/news/regulatory-and-privacy-concerns-trail-sec-s-threat-to-coinbase) has raised concerns in the [Forum](https://forum.makerdao.com/t/legal-risks-if-circle-blacklist-any-usdc-held-at-maker/10279). The investigation targets Coinbase’s plan to release a ‘Lend’ feature on their platform. @PaperImperium asks [whether or not MakerDAO should engage legal representation.](https://forum.makerdao.com/t/informal-poll-do-we-want-legal-representation-advice-for-the-whole-dao/10260)

### State of DAI


- DAI peg had a super fun day on the 7th, just like everyone else with six monitors and an exchange referral code.
- As usual, once the froth died down, the peg snapped back with minimal slippage.


- 6.5 billion DAI with 12.4 billion TVL.


- Average settled price over the week was 1.0024
- Volume at around $816 million on the 7th alone, according to Messari.
- Uniswap at $533.70M, and Curve at $273 million over the week.


- Aave’s seen its dominance in the lending market dip in recent weeks. Is this a change in the status quo or just some correction [shenanigans](https://media1.giphy.com/media/6jRPMGlxveBs4/200.gif)?


- Polygon is still the top dog in bridged DAI, but Fantom has been picking up some serious steam.




Check out all the cool new ATH badges on the rundown:
- ETH-A 1.85 billion
- PSM USDC 3.32 billion
- WBTC 289 million
- ETH-C 286 million
- USDC-A 239 million
- ETH-B 87 million
- PAX 67.4 million
- UniV2DaiUSDC 53.63 million
- LINK 43.83 million
- UniV2DaiEth 28.11 million
- TUSD 26.6 million
- YFI 19.51 million
- UNI 12.94 million
- UniV2UniEth 10.52 million
- UniV2WBTCEth 10.26 million
- NSDROP 7.49 Million
- UniV2UsdcEth 5.62 million
- MANA 4.98 million
- renBTC 3.96 million
- ZRX 2.99 million
- BAT 2.43 million
- AAVE 1.65 million
- LRC 417K
- BAL 196K


- ETH-B is on the rise with the highest collateralization bucket at 140%


- $33 million at risk in a 5% drop. With a risk premium of 10.2%


- Liquidation Walls hit substantially different at 16-17%, especially for ETH vaults.


- The largest bucket for ETH-A is at 170%


- ETH-A on the 8th was the most substantial liquidation, correlating to the market downturn.


- Liquidation performance on the 7th has durations at below 40 mins with not as many active keepers. A loyal bot is out there `kick`ing for the good of the system.


- We see a continued uptick in overall vault creation across the board... excluding the 7th.


- The UNI vaults keep on climbing, with ~1.6 million in deposits since the 4th.


- RenBTC also saw a little action, with around 280k in total deposits.

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #53](https://forum.makerdao.com/t/weekly-mips-update-53/10310)

### Active Executive Votes

[Parameter Changes, September Core Unit Budgets, DssVest Streams - September 3, 2021](https://vote.makerdao.com/executive/template-executive-vote-parameter-changes-september-core-unit-budgets-dssvest-streams-september-3-2021?network=mainnet#proposal-detail)
If this executive proposal passes, the following changes and additions will occur within the Maker Protocol:

- The Flash Mint Fee will be decreased from 0.05% to 0%.
- The PSM-PAX-A Debt Ceiling will be increased from 50 million DAI to 500 million DAI.
- 2 million DAI will be distributed to the DAI Foundation Reserves Backup Wallet.
- 138,591 DAI will be distributed to the DAI Foundation Operational Wallet.
- 155,237 DAI will be distributed to the Sustainable Ecosystem Scaling Auditors’ Wallet.
- [DssVest](https://mips.makerdao.com/mips/details/MIP54) will be implemented, establishing both budget and MKR vesting agreement streams listed in the Proposal Details section.

### Active Governance Polls

|Poll Name|Vote|Discussion|
|---------|----|----------|
|Offboard KNC Legacy Token|[Vote](https://vote.makerdao.com/polling/QmQ4Jotm?network=mainnet#poll-detail)|[Discussion](https://forum.makerdao.com/t/signal-request-offboard-knc-legacy-token/10081)|
|Add GUNIV3DAIUSDC1-A as a new Vault Type|[Vote](https://vote.makerdao.com/polling/QmZ5TESw?network=mainnet)|[Discussion](https://forum.makerdao.com/t/g-uni-dai-usdc-uniswap-v3-lp-erc20-collateral-onboarding-application/9026)|
|Adopt the Debt Ceiling Instant Access Module for PSM-PAX-A|[Vote](https://vote.makerdao.com/polling/QmbGPgxo?network=mainnet)|[Discussion](https://forum.makerdao.com/t/signal-request-activate-dc-iam-for-psm-pax-a-and-adjust-dc-iam-gap-parameter-for-psm-usdc-a/10199)|
|Ratification Poll for GovAlpha Core Unit Budget Q4 2021 to Q1 2022 (MIP40c3-SP29)|[Vote](https://vote.makerdao.com/polling/QmVtkcqW?network=mainnet)|[Discussion](https://forum.makerdao.com/t/mip40c3-sp29-govalpha-core-unit-budget-q4-2021-to-q1-2022-gov-001/9799)|
|Ratification Poll for Risk Core Unit MKR Compensation (MIP40c3-SP25)|[Vote](https://vote.makerdao.com/polling/QmUAXKm4?network=mainnet)|[Discussion](https://forum.makerdao.com/t/mip40c3-sp25-risk-core-unit-mkr-compensation-risk-001/9788)|
|Ratification Poll for Modify Core Unit Budget - Sustainable Ecosystem Scaling (MIP40c3-SP31)|[Vote](https://vote.makerdao.com/polling/QmSkTmAx?network=mainnet)|[Discussion](https://forum.makerdao.com/t/mip40c3-sp31-modify-core-unit-budget-sustainable-ecosystem-scaling-ses-001/9805)|
|Ratification Poll for Collateral Engineering Services Core Unit, CES-001|[Vote](https://vote.makerdao.com/polling/QmbM8u7Q?network=mainnet)|[Discussion](https://forum.makerdao.com/t/mip39c2-sp20-adding-collateral-engineering-services-core-unit-ces-001/9809)|
|Ratification Poll for StarkNet Engineering Core Unit, SNE-001|[Vote](https://vote.makerdao.com/polling/QmesWgnC?network=mainnet)|[Discussion](https://forum.makerdao.com/t/mip39c2-sp19-adding-the-starknet-engineering-core-unit-sne-001/9745)|
|Ratification Poll for Development & UX Core Unit, DUX-001|[Vote](https://vote.makerdao.com/polling/QmSYLL9K?network=mainnet)|[Discussion](https://forum.makerdao.com/t/mip39c2-sp18-adding-development-ux-core-unit-dux-001/9770)|
|Ratification Poll for Strategic Happiness Core Unit, SH-001|[Vote](https://vote.makerdao.com/polling/Qme27ywB?network=mainnet)|[Discussion](https://forum.makerdao.com/t/mip39c2-sp11-strategic-happiness-core-unit/8006)|
|Ratification Poll for RWA Foundations (MIP58)|[Vote](https://vote.makerdao.com/polling/QmXeWtK1?network=mainnet)|[Discussion](https://forum.makerdao.com/t/mip58-rwa-foundations/9680)|

### Community Greenlight Polls

| Collateral | Vote | MIP6 Application |
| :----------: | :----: | :----------------: |
| RAI (Rai Reflex Index) | [Vote](https://vote.makerdao.com/polling/QmY7XB7L?network=mainnet#poll-detail) Ends 09/20 4PM UTC | [Application](https://forum.makerdao.com/t/rai-rai-collateral-onboarding-application-mip6/9802) |
| RARE (SuperRare) | [Vote](https://vote.makerdao.com/polling/QmPs96dJ?network=mainnet#poll-detail) Ends 09/20 4PM UTC | [Application](https://forum.makerdao.com/t/rare-collateral-onboarding-application-mip6/9944) |

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

### Active Signal Requests

### Previous Executive

[Vault Onboarding, 6s Updates, and Reducing Vault Liquidation Ratios - August 20, 2021](https://vote.makerdao.com/executive/template-executive-vote-vault-onboarding-6s-updates-and-reducing-vault-liquidation-ratios-august-20-2021?network=mainnet#proposal-detail)
This executive proposal passed, and the following changes occurred:

- [Debt Ceiling](https://makerdao.world/en/learn/governance/param-debt-ceiling) for 6s Capital (RWA-001) will be increased from 1,000 DAI to 15 million DAI and the Broker-Dealer address updated.
- MATIC (Polygon) will be onboarded as the vault type MATIC-A with the following parameters detailed in this [poll.](https://vote.makerdao.com/polling/QmeRhDHX?network=mainnet#poll-detail)
- PSM-USDC-A Fee-In (tin) will be increased from 0.1% to 0.2%.
- PAX Peg Stability Module will be onboarded as the vault type PSM-PAX-A with the following parameters:
- Fee In (`tin`): 0.1%.
- Fee Out (`tout`): 0%.
- Debt Ceiling (`line`): 50 million DAI.
- The following Liquidation Ratios were decreased:

|VAULT TYPE|CURRENT LR|PROPOSED LR|LR DIFFERENCE|
|:---:|:---:|:---:|:---:|
|ETH-A|150%|145%|-5%|
|WBTC-A|150%|145%|-5%|
|ETH-C|175%|170%|-5%|
|UNIV2DAIETH-A|125%|120%|-5%|
|UNIV2WBTCETH-A|150%|145%|-5%|
|UNIV2UNIETH-A|165%|160%|-5%|
|UNIV2USDCETH-A|125%|120%|-5%|
|UNIV2WBTCDAI-A|125%|120%|-5%|
|YFI-A|175%|165%|-10%|
|LINK-A|175%|165%|-10%|
|RENBTC-A|175%|165%|-10%|
|UNI-A|175%|165%|-10%|
|AAVE-A|175%|165%|-10%|
|BAL-A|175%|165%|-10%|
|COMP-A|175%|165%|-10%|

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/CryptoSteven88/status/1425454315687354376

### Forum Insight

- [Where to Find Opportunities at MakerDAO](https://forum.makerdao.com/t/where-to-find-opportunities-at-makerdao/10076)
- *@Davidutro provides a list of resources to check for opportunities within the DAO.*

- [[Informal Poll] Do we want legal representation/advice for “the whole DAO?”](https://forum.makerdao.com/t/informal-poll-do-we-want-legal-representation-advice-for-the-whole-dao/10260/13)
- *Core Units take on legal advisors to suit their own needs, but there is no legal expert for MakerDAO. @PaperImperium asks the community whether MakerDAO wants an external “general counsel” or formal legal advisor?*

- [RWF - Ask Me Anything - September 2021](https://forum.makerdao.com/t/rwf-ask-me-anything-september-2021/10234)
- *Real World Finance CU Facilitator, @SebVentures, held an AMA where he addressed many of the recent concerns regarding the direction and oversight of RWAs.*

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

### Articles

- [Ethereum (ETH) No Longer Leading Cross-Chain Coin, Sees New Leader](https://u.today/ethereum-eth-no-longer-leading-cross-chain-coin-sees-new-leader)
- *USDC has surpassed Ether in cross-chain dominance. The article lists DAI’s bridged TVL at 606 million - just short of USDT’s 693 million.*

- [Which stablecoins were actually ‘stable’ during this week’s sudden Bitcoin price crash?](https://fintechzoom.com/fintech_news_bitcoin-price/which-stablecoins-were-actually-stable-during-this-weeks-sudden-bitcoin-price-crash/)
- *A look into the peg stability of various stablecoins during the recent market correction.*

## 📋 Team Updates

### GovAlpha

[GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-09-09/10244)
- LongForWisdom is working on both intangible asset allocation + prioritization MIPs. Forum post to come soon on prioritization.
- prose11 working on documentation for DssVest.
- mkrorbkr, AstronautThis, and Gala are working on parameter documentation.

### Protocol Engineering

- [MIP50: Direct Deposit Module](https://forum.makerdao.com/t/mip50-direct-deposit-module/7356/11)
- [MIP39c2-SP19: Adding the StarkNet Engineering Core Unit (SNE-001)](https://forum.makerdao.com/t/mip39c2-sp19-adding-the-starknet-engineering-core-unit-sne-001/9745)

### Oracles

- [MIP39c2-SP23: Adding the Deco Fixed Rate Core Unit](https://forum.makerdao.com/t/mip39c2-sp23-adding-the-deco-fixed-rate-core-unit/10224)
- [[GUNI DAI-USDC] Collateral Onboarding Oracle Assessment (MIP10c3-SP41)](https://forum.makerdao.com/t/guni-dai-usdc-collateral-onboarding-oracle-assessment-mip10c3-sp41/10268/1)

### Risk

- [[Signal Request] activate DC-IAM for PSM-PAX-A and adjust DC-IAM gap parameter for PSM-USDC-A](https://forum.makerdao.com/t/signal-request-activate-dc-iam-for-psm-pax-a-and-adjust-dc-iam-gap-parameter-for-psm-usdc-a/10199)
- [[Signal Request] Offboard USDT Collateral Types](https://forum.makerdao.com/t/signal-request-offboard-usdt-collateral-types/10223)

### Real-World Finance

- [RWF - Ask Me Anything - September 2021](https://forum.makerdao.com/t/rwf-ask-me-anything-september-2021/10234)
- [Financial Report - 2021-08](https://forum.makerdao.com/t/financial-report-2021-08/10288)

### Growth

[Growth Weekly Update](https://forum.makerdao.com/t/growth-cu-weekly-update-september-3-september-9/10246)
- Onboarding new stablecoins to the PSM.
- sponsoring the [ETHOnline hackathon](https://online.ethglobal.com/).
- @zxMori is our Integrations Lead. He will be helping our partners to interact with the Maker Protocol.

### Content Production

[Bi-Weekly Update: July 22 to August 4, 2021]()
- [Delegate Debates | #1 Delegate Compensation](https://forum.makerdao.com/t/delegate-debates-1-delegate-compensation/10267)
- [Dai on Different Networks #10](https://forum.makerdao.com/t/dai-on-different-networks-10-september-9th-2021/10252)

### Sustainable Ecosystem Scaling

- Talent Core Unit 2.0 has a new facilitator, @manomad!
- Presentation: Technical Risks Presentation:
- September 10 at 14:30 UTC by @petru
- CULPS: Strategic Happiness by @burban on 08.09
- CUT: Ethereum Naming Service by @makoto on 10.09
- CULPS: DUX Core Unit by @dux-team on 15.09
- CULPS: Deco Protocol by @vamsi - TBC

### Governance Communication

- Governance and Risk Call optimization.
- Polishing Emergency Docs.
- Engagement Lead is still on the hunt.
- Updated feedback survey for Maker Relay.
- Finishing Contributor Onboarding and Training doc.

## 📆 Meetings and Events

### Last Week’s Call Recordings

- Governance and Risk Call # 158
- [Video](https://www.youtube.com/watch?v=0rChBliTRYE) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-158-thursday-september-9-17-00-utc/10220/4)

- Core Unit Launch Pod Sessions | Session #16: Strategic Happiness Core Unit
- [Video](https://www.youtube.com/watch?v=IZ2A8LNp32I) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-16-strategic-happiness-core-unit/10172/5)

- [AMA] Ep. 08 - A Technical Dai-ve with Centrifuge and Tinlake
- [Video](https://www.youtube.com/watch?v=wR25evZlV8M) | [Forum Post](https://forum.makerdao.com/t/ask-makerdao-8-a-technical-dive-into-centrifuge-and-tinlake-with-lea-lucas-and-martin/10138/4)

### 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 16:00 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

#### Delegate Debate Series

- Delegate Debate Series #1 - Delegate Compensation
- [Join Link](https://us02web.zoom.us/j/86329469091) | [Forum Post](https://forum.makerdao.com/t/delegate-debates-1-delegate-compensation/10267)

#### Core Unit Launch Pod Sessions

- Core Unit Launch Pod Sessions #17: Development and UX Core Unit
- [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-17-development-and-ux-core-unit/10297)

## ⚓ 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.*