---
tags: Maker Relay
---

# Maker Relay 15

_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

Please check back as [Executive Votes](https://vote.makerdao.com/) are currently pending for the week. We'll post updates!

### Governance Polls

*Some polls use [instant run-off](https://ballotpedia.org/Ranked-choicevoting(RCV)), so you can select multiple options and ranked-choices will be prioritized.*

All of these polls will end on **10/08/2020.**

| Poll Name | Type | Vote | Discussion |
| ---------- | ----------------- | ---------- | ----- |
| Base Rate Adjustment (-4% to 4%) | Meta-Parameter | [Vote](https://vote.makerdao.com/polling-proposal/qmcip7sxm4crb7hpdmk5rcnjuwcpmcnfswz4jzkluuyw65) | [Discussion](https://forum.makerdao.com/t/discussion-automate-base-rate-adjustment/4004/8) |
| Add an ETH-B Vault Type | System-Parameter | [Vote](https://vote.makerdao.com/polling-proposal/qmzvcsx9lkpejp8xpxsvkvvfot8anarmdq17afjdbbu3wu) | [Discussion](https://forum.makerdao.com/t/signal-request-add-eth-b-vault-collateral-type-september-2020/4435) |
| Take a more Flexible and Transparent Approach to Collateral Onboarding | Proposal/Collateral Onboarding | [Vote](https://vote.makerdao.com/polling-proposal/qmvazjqnlxuewwgtet9dyfkrnyhuxim6grpp8ufafm3gxf) | [Discussion](https://forum.makerdao.com/t/signal-request-should-we-take-a-more-flexible-and-transparent-approach-to-onboarding-collateral/4380) |

#### Community Greenlight Poll Results

| Poll Name | Vote Details | Application | Result (Oct 5) |
| ---------- | ----------------- | ---------- | ----- |
| renZEC (renZEC) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmzfpbnvhqezxv6b2enrltdehq3ybthavj73gyvk5fvubz) | [Application](https://forum.makerdao.com/t/renzec-mip6-collateral-application/3581) | Pass |
| REINNO (REINNO) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmakfiaydofmwgrmddmhibwgn8tefptmblnj8neucty8xn) | [Application](https://forum.makerdao.com/t/reinno-mip6-collateral-onboarding-application/3891) | Didn't Pass |
| renBCH (renBCH) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmba2eyhhfx5tmg12mccvtge3vycshmscptfsycxspekix) | [Application](https://forum.makerdao.com/t/renbch-mip6-collateral-application/3762) | Pass |
| MOONI-ETH-USDC (Mooniswap ETH-USDC Liquidity Pool) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmd8mxitqjjudfqy3cbrviizktkm7vyaqzwsr32zwdrqsf) | [Application](https://forum.makerdao.com/t/3724) | Didn't Pass |
| MOONI-ETH-WBTC (Mooniswap ETH-WBTC Liquidity Pool) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmu6ftqzk69xpblgsg2qjrpwq64w36h84lbhekgbepxpgn) | [Application](https://forum.makerdao.com/t/mooniswap-liquidity-pool-eth-wbtc-collateral-application/3728) | Didn't Pass |
| BAL (Balancer Token) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmxdnkwsqwgb4f9xv8n64huizguot1vdojatjgqseruycz) | [Application](https://forum.makerdao.com/t/bal-mip6-collateral-onboarding-application/3880) | Pass |
| MOONI-ETH-USDT (Mooniswap ETH-USDT Liquidity Pool) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmpg5ft4gkn63b1t7adrzd57ghmk7rctwbxpwdatkgjygx) | [Application](https://forum.makerdao.com/t/mooniswap-liquidity-pool-token-eth-usdt-collateral-application/3729) | Didn't Pass |
| UMA (UMA) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmqf6xcm3jxs9hu9hnge6wgjydzmg3nsh4wcvaezqvfciz) | [Application](https://forum.makerdao.com/t/uma-mip6-collateral-onboarding-application/3555) | Pass |
| cDAI (Compound DAI) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmtw2srumkaznrcth5jkryfjcdjolxxy1ufaimk6v87bej) | [Application](https://forum.makerdao.com/t/cdai-mip6-collateral-onboarding-application/3764) | Pass |
| ARCA (ArCoin) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmvbcqfzst6w63a7ndnwdid6uzgfxzx99qqvfjx1c2gtxs) | [Application](https://forum.makerdao.com/t/arca-arcoin-mip6-collateral-onboarding-application/3544) | Pass |
| CGT (CACHE Gold) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmbr7zjw1p3bqhvraheqcpdjhkudebanuudp1isdj5laxz) | [Application](https://forum.makerdao.com/t/cgt-cache-gold-collateral-onboarding-application/3980) | Pass |
| BPT-80BAL-20WETH (80% BAL 20% ETH Balancer Pool Token) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmufspjjqvm5kztiasuqvqbysbhzsadpugktyuyerjglsq) | [Application](https://forum.makerdao.com/t/bpt-80bal-20weth-mip6-collateral-onboarding-application/3881) | Pass |
| YFI (yearn.finance) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmtlcudehuiqc3d3qtty6xgf82gzuxg1rlf9cdg4ffrcj6) | [Application](https://forum.makerdao.com/t/yfi-mip6-collateral-onboarding-yearn/3815) | Pass |
| CAT (ShuttleOne Credit Application Token) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmttpzpvjhhknnafbvz5xjvai1yfhn9zz69rbuhsdm6cum) | [Application](https://forum.makerdao.com/t/cat-mip6-application-credit-application-token-cat-global-supply-chain-financing-shuttleone/3633) | Pass |
| wNXM (Wrapped NXM) | [Vote Details](https://vote.makerdao.com/polling-proposal/qmebdagma2i6id4qysncycfesirjyt3kgnkdatwh6xq1m2) | [Application](https://forum.makerdao.com/t/wnxm-mip6-collateral-onboarding-application/3865) | Pass |

## Governance Cycle

### Last Week

- **Executive Vote:** [Raise the PAX-A Debt Ceiling and Decrease the Base Rate](https://vote.makerdao.com/executive-proposal/raise-the-paxa-debt-ceiling-and-reduce-the-base-rate--october-2-2020)
- **Passed** on Oct 4, 2020, 07:57 UTC with **67,999.74 MKR** with **21** unique voters. Executed on Oct 4, 2020, 19:58 UTC. Therefore the following has occured:
- PAXUSD-A Debt Ceiling increase from 60 million to 100 million.
- Due to this debt ceiling change, the global Line parameter will increase from 1,416 million to 1,456 million.
- Base Rate Meta-parameter will decrease from 0.25% to 0%
- The USDC-A Stability Fee will decrease from 4.25% to 4%
- The ETH-A Stability Fee will decrease from 2.25% to 2%
- The WBTC-A Stability Fee will decrease from 4.25% to 4%
- The TUSD-A Stability Fee will decrease from 4.25% to 4%
- The PAXUSD-A Stability Fee will decrease from 4.25% to 4%
- The BAT-A Stability Fee will decrease from 4.25% to 4%
- The LRC-A Stability Fee will decrease from 3.25% to 3%
- The MANA-A Stability Fee will decrease from 12.25% to 12%
- The KNC-A Stability Fee will decrease from 4.25% to 4%
- The ZRX-A Stability Fee will decrease from 4.25% to 4%
- The LINK-A Stability Fee will decrease from 2.25% to 2%
- The USDC-B Stability Fee will decrease from 50.25% to 50%
- The USDT-A Stability Fee will decrease from 8.25% to 8%
- The COMP-A Stability Fee will decrease from 3.25% to 3%
- The new TUSD Token Contract implementation will be whitelisted for use in the Maker Protocol.

## Updates

### MIPs

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

[Weekly MIPS Update #16 (10/4/2020)](https://forum.makerdao.com/t/weekly-mips-update-16/4536)

*Formal submission phase for MIPs/Oct Governance Cycle begins today, Oct 5th, 2020. It runs through Oct 7th and will include MIPs/Subproposals in the RFC phase moving to the governance cycle.*

| Submitted for October Governance Cycle | Type | Discussion |
| ---------- | ----------------- | ---------- | ----- |
| MIP14: Protocol Dai Transfer Update | MIP | [Discussion](https://forum.makerdao.com/t/mip14-protocol-dai-transfer-update/3844) |
| MIP21: Real World Assets | MIP | [Discussion](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917/8) |
| MIP22: Centrifuge Direct Liquidation Module | MIP | [Discussion](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930) |
| MIP13c3-SP5: Declaration of Intent: Maker to commence onboarding work of Centrifuge based Collateral | Subproposal | [Discussion](https://forum.makerdao.com/t/mip13c3-sp5-declaration-of-intent-maker-to-commence-onboarding-work-of-centrifuge-based-collateral/4059) |
| MIP13c3-SP4: Declaration of Intent: Maker Governance to Utilize Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a Dai | Subproposal | [Discussion](https://forum.makerdao.com/t/mip13c3-sp4-declaration-of-intent-commercial-points-off-chain-asset-backed-lender-to-onboard-real-world-assets-as-collateral-for-a-dai-loan/3914) |
| MIP13c3-SP3: Declaration of Intent: Strategic reserves fund (SRF) | Subproposal | [Discussion](https://forum.makerdao.com/t/mip13c3-sp3-declaration-of-intent-strategic-reserves-fund-srf/3765) |

Proposals are in the Request-For-Comments phase include:

- [MIP17: Weekly Actual Debt Ceiling and Actual Risk Premium Adjustments](https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-and-actual-risk-premium-adjustments/3021)
- [MIP20: Target Price Adjustment Module (Vox)](https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196)
- [MIP23: Domain Structure and Roles](https://forum.makerdao.com/t/mip23-domain-structure-and-roles/4021)
- [MIP24: Emergency Response](https://forum.makerdao.com/t/mip24-emergency-response/4009)
- [MIP25: Flash Mint Module](https://forum.makerdao.com/t/mip25-flash-mint-module/4400)

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

### Smart Contracts

- The team is working on a priority sheet for collateral types that are passing Greenlight Polls.
- The team performed full code review of MIP21 and MIP20 and they will move forward for voting.
- [COMP](https://forum.makerdao.com/t/comp-mip6-collateral-onboarding-compound/3024), [LINK](https://forum.makerdao.com/t/link-collateral-onboarding-application/2586), and [LRC](https://forum.makerdao.com/t/mip12c2-sp4-domain-work-requirements-for-lrc/3558) were added as collateral types.
- Reviewed tUSD adapter implementation. It looks good and was included in Friday’s [Executive Vote.](https://vote.makerdao.com/executive-proposal/raise-the-paxa-debt-ceiling-and-reduce-the-base-rate--october-2-2020)
- Christopher Mooney, Wil Barnes, Lucas Manuel, and Brian McMichael were officially ratified as smart contract domain team members! Congrats!

### Oracles

- Whitelisting proposals passed: Kyber, DDEX, custom job for OPYN, Yearn finance.
- No new proposals for this week.
- Working on collateral types for October.

### Risk

- Primož officially onboarded as a Risk Domain Team. Congrats!
- Developing new framework for risk evaluations to be more agile. Defining roles and attracting more people to join and use the framework to preform risk evaluations.
- Risk evaluation for Balancer and Yearn collateral types will be released this week.
- Risk evaluations for LEND and PAXG have a delay.
- Collaborating with other domain teams on collateral prioritization framework.

## Current Events

### Vault Compensation

[Vault Compensation Plan v3 - A Vault Compensation Support DAO to assure a better MakerDAO Governance](https://forum.makerdao.com/t/vault-compensation-plan-v3-a-vault-compensation-support-dao-to-assure-a-better-makerdao-governance/4456)
- User [@sepu85](https://forum.makerdao.com/u/sepu85) posted this;
[quote="sepu85, post:1, topic:4456"]
Members of the community have proposed a very legit plan for compensation Black-Thursday Vault Victims, it has been passed but, we did not prepare ourselves against not supportive MKR whales. There’s a way to counteract this power, we just need to do an extra effort. Let’s create the incentives to make a new poll pass by the creation of a Vault Compensation Support DAO.
[/quote]

[CryptoPost](https://cryptopost.com/30m-makerdao-black-thursday-lawsuit-sent-to-arbitration/) wrote about the class-action lawsuit.

## State of the Peg


- DAI peg came down slightly over the last week dropping below the longer term 1.01 price floor a few times.


- Dai supply at 859 million.
- 344 million from ETH
- 4 million BAT
- 353 million from USDC-A
- 73 million WBTC


- TUSD and PAX both climbing up with 53 million and 25 million respectively.


- A little over half a million from LRC and then ~632 thousand Dai from other vault types.


- Volume at around $156 million this last week.
- Volume Weighted Average Price (VWAP) places Dai at $1.009


- ETH vaults collateralization ratio weighted towards the lower buckets.


- First significant wall is at $280 ETH, which would equate to 34 million Dai liquidated.


- WBTC Vaults collateralization back in the red zone.


- Largest Vaults in WBTC are 178 collateralized and above.


- Steeper liquidation walls for WBTC, with the first significant one at $8493 BTC (a 21% drop).

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

## Community

### Articles and Thought Pieces

- [How I bought this car with cryptocurrency & still have my crypto!](https://medium.com/@chrisjterry/how-i-bought-this-car-with-cryptocurrency-still-have-my-crypto-90283534fed8)
- "The DeFi space has exploded lately with tons of projects, just Google it. The one we will be talking about today is MakerDAO and how I turned my Ethereum into U$D to pay for the car but still have 100% of my Ethereum." - Chris J Terry
- [MakerDAO got its own crypto wiki page now! (Reddit Discussion)](https://www.reddit.com/r/MakerDAO/comments/j2kqax/makerdao_got_its_own_crypto_wiki_page_now/)
- [MakerDAO Wiki](https://zdl-crypto.fandom.com/wiki/Maker_DAO)
- [Calls for Maker (MKR) Rally Grows as Utility Touches Record High](https://maxbit.cc/calls-for-maker-mkr-rally-grows-as-utility-touches-record-high/)
- "MKR marked a comeback in the last two weeks on Maker’s increasing TVL."

### Videos and Podcasts

- [Watch the replay of Blockchain Education in Africa](https://www.crowdcast.io/e/BlockchainAfrica)
- [Making Maker September 2020](https://blog.makerdao.com/making-maker-september-2020/)

### Maker Forum Deep Dai-ve

- [@mrabino1](https://forum.makerdao.com/u/mrabino1) posted; [quote="mrabino1, post:1, topic:4519"]
With Real-World Assets being on-boarded hopefully soon as collateral, the community needs oversight of the off-chain lenders and be a proxy for confidential information that cannot be shared in a public forum. Ideally not only one Maker Representative per lender, ideally more. MKR’s governance and risk, needs you !
[/quote]
in: [Calling community members to be a Maker Representative](https://forum.makerdao.com/t/calling-community-members-to-be-a-maker-representative/4519)
- [@Derek](https://forum.makerdao.com/u/Derek) revamped the discussion on [Using Snapshot to Improve Signaling and Polls](https://forum.makerdao.com/t/using-snapshot-to-improve-signaling-and-polls/3810/30).
- [hexonaut](https://forum.makerdao.com/u/hexonaut) begins a discussion on [[Signal Request] Rates V2 (ends Oct 9th)](https://forum.makerdao.com/t/signal-request-rates-v2/4481), about creating a 'Rate Setting Group,' and main goals will be;
[quote="hexonaut, post:1, topic:4481"]
- Produce a rate adjustment proposal based on input from governance (in the form of signals or feedback), the Risk Team (Risk analysis), and from observation of the wider DeFi environment.
- Forum post whenever adjustments are proposed including rationale and inviting discussion. Forum posts will be made 1 week in advance of the on-chain poll unless the changes are considered an “emergency”.
- Bundled on-chain poll containing any proposed rate-changes for the week.
- MIP to be produced within 6 months, group ceases to operate if MIP is not passed within 6 months. Deadline is April 1st, 2021.
[/quote]

### Twitter

- [Tweet of the Week](https://twitter.com/tokenterminal/status/1311998021304037376)

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays at 16:00 UTC | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-14/register)

#### 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) | [Collateral Status Index](https://forum.makerdao.com/t/collateral-status-index/2231)
- [Agenda](https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-10-wednesday-october-7-17-00-utc/4368) For October 7:
- @brian-CACHE and @cache.gold, from CACHE, will be presenting CACHE Gold
- @mhluongo, from Keep Network, will be presenting tBTC

#### 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-113-thursday-october-8-16-00-utc/4505) | [Dial-in call link](https://zoom.us/) | [Calendar](https://calendar.google.com/calendar/embed?src=[e-mail]&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

- Oct 6: [LA Blockchain Summit Panel:](https://lablockchainsummit.com/) DAOs on the Rise: Why are they the Future of How Crypto and Beyond Will Operate?
- Oct 6: [How Stablecoins Will Drive Mainstream Growth & Adoption in the Cryptoeconomy](https://hopin.to/events/blockchain-association-commemorates-hispanic-heritable-month-with-congressman-darren-soto)
- Oct 8: [The Future of Payments - Fiat, Crypto, and DeFi](https://www.eventbrite.de/e/the-future-of-payments-fiat-crypto-and-defi-tickets-122496388997?aff=TW)
- Oct 9: [FriDAI Brunch #5 - Digital Art Immersion](https://www.crowdcast.io/e/FriDAI-brunch-5/register)

### Hackathons

- Oct 2-20: [ETHOnline](https://www.ethonline.org/)
- Sept 28-Dec 9: [Money Dance](https://www.moneydance.io/)

## Reference Links

Discuss and debate Maker governance in the [Forum]() 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.*