---
# System prepended metadata

title: Maker Relay 08
tags: [Maker Relay]

---

---
tags: Maker Relay 
---

# Maker Relay 08
![Imgur](https://i.imgur.com/wsNJOP9.png)
_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

### Executive Votes

-  [Modify Multiple Parameters](https://vote.makerdao.com/executive-proposal/modify-multiple-system-parameters)
    - [Dust Parameter](https://forum.makerdao.com/t/3445) 
    - [BAT-A Risk Premium](https://forum.makerdao.com/t/3334) 
    - [Surplus Auction Buffer](https://forum.makerdao.com/t/3316)
    - USDC-B Stability Fee reduction from 46% to 44%.
    - MANA-A Stability Fee reduction from 8% to 6%.

#### Meta Parameter Polls

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

| Poll Name  | Vote                                                                                              | Discussion |
| ---------- | ------------------------------------------------------------------------------------------------- | ---------- | 
| Base Rate Adjustment | [Vote](https://vote.makerdao.com/polling-proposal/qmxsvxuukus5ngdfy4wcysbrzr1j3gens8o8axfkdheoca)

#### System Parameter Polls

| Poll Name  | Vote                                                                                              | Discussion |
| ---------- | ------------------------------------------------------------------------------------------------- | ---------- | 
| Adjust the ETH-A Debt Ceiling | [Vote](https://vote.makerdao.com/polling-proposal/qmp1mutxgaykgempxv5tvr3eu9paqzjwcd8bb9vvz9vyht) | [Discussion](https://forum.makerdao.com/t/discussion-eth-a-debt-ceiling-raise/3701)

### Community Greenlight Polls

| Poll Name  | Vote                                                                                              | Discussion | 
| ---------- | ------------------------------------------------------------------------------------------------- | ---------- | 
| BUSD | [Vote](https://vote.makerdao.com/polling-proposal/qmvs1ofzs4czibnzbbrgpk1tzt1dyhphvyucdd7draauva) | [Discussion](https://forum.makerdao.com/t/busd-mip6-collateral-onboarding-application/3376)
| UNI-V2-DAI-ETH | [Vote](https://vote.makerdao.com/polling-proposal/qmt8qe2d3qef95ajdg1fsibpkmacintcql2m3uctudabrt) | [Discussion](https://forum.makerdao.com/t/uni-v2-dai-eth-uniswap-v2-dai-eth-liquidity-token-collateral-application/3480)
| HTC-DROP | [Vote](https://vote.makerdao.com/polling-proposal/qmdcr6pkbtvfq3uv9nvgdknsewsmdsauttywftfxdebfpy) |[Discussion](https://forum.makerdao.com/t/htc-drop-mip6-application-harbor-trade-credit-drop-short-term-trade-receivables/3502)
| TCAD | [Vote](https://vote.makerdao.com/polling-proposal/qmwxanuhqa8cknyu5lttbf2z8dkwzrd621ndyvd3p2vmzr) | [Discussion](https://forum.makerdao.com/t/tcad-mip6-collateral-onboarding-application/3287)
| TGBP | [Vote](https://vote.makerdao.com/polling-proposal/qmnzasbhsdc9rxynkz6gs39albwqhnlewzukmjfdtwj8zu) | [Discussion](https://forum.makerdao.com/t/tgbp-mip6-collateral-onboarding-application/3240)
| REN | [Vote](https://vote.makerdao.com/polling-proposal/qmxybryyulwkggtkrvuyn65pllnjtavh91b7cpfbqnhzyu) | [Discussion](https://forum.makerdao.com/t/renbtc-mip6-collateral-application/2971)
| GUSD| [Vote](https://vote.makerdao.com/polling-proposal/qmrstwrnbrufiffttmsbxqn9ermoeiqj2b43r7xs2jwmhp) | [Discussion](https://forum.makerdao.com/t/gusd-mip6-collateral-onboarding-application/3319)
| TAUD | [Vote](https://vote.makerdao.com/polling-proposal/qmpimwmkyyxbknuzdhc7ttsqs2duovfq8zhznuqdvhmpso) | [Discussion](https://forum.makerdao.com/t/taud-mip6-collateral-onboarding-application/3288)
| NS-DROP | [Vote](https://vote.makerdao.com/polling-proposal/qmbjxuuqnudngj9csiv9itfb1nb5tlutp3pgbhrsdbqwww) | [Discussion](https://forum.makerdao.com/t/ns-drop-mip6-application-new-silver-drop-real-estate-backed-loans/3477)
| CHI | [Vote](https://vote.makerdao.com/polling-proposal/qmxgz8nwdpjesmdzuewtsfflmfuyqm3dtpwjqj1ue6ayzy) | [Discussion](https://forum.makerdao.com/t/chi-chi-gastoken-collateral-onboarding-application/3126)
| UNI-V2-USDC-ETH | [Vote](https://vote.makerdao.com/polling-proposal/qmdlxu99p19flezbexobtxwfhhzv7auswdrunr6rndby8b) | [Discussion](https://forum.makerdao.com/t/uni-v2-usdc-eth-uniswap-v2-usdc-eth-liquidity-token-collateral-application/3481)
| HBTC | [Vote](https://vote.makerdao.com/polling-proposal/qmy7o46b7meubdmbknj1jnvdirwezzqqi2u2k9aisw8ryz) | [Discussion](https://forum.makerdao.com/t/hbtc-mip6-collateral-onboarding-application/3336)

### Maker Improvement Proposal (MIPs) Polls

| Poll Name  | Vote                                                                                              | Discussion | 
| ---------- | ------------------------------------------------------------------------------------------------- | ---------- | --- | --- | 
| Monthly Governance Poll | [Vote](https://vote.makerdao.com/polling-proposal/qmu8qyaygem3nbtdnwshhvx9e9ndrkxpwldgu1nf98ctr2) | 
| MIP9: Should we subsidize governance polls and executive votes with system surplus? |  [Vote](https://forum.makerdao.com/t/poll-should-we-subsidize-governance-polls-executives-with-system-surplus/3693) | [Discussion](https://forum.makerdao.com/t/should-the-maker-community-reimburse-mkr-voters-for-the-eth-transaction-fees-incurred-when-polling-and-executive-voting/3651) |


#### Open Signal Requests

- [Creation of a MakerDAO strategic reserves (solving the peg)](https://forum.makerdao.com/t/poll-creation-of-a-makerdao-strategic-reserves-solving-the-peg/3638)

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

- [Weekly MIPS Update # 12](https://forum.makerdao.com/t/weekly-mips-update-12/3710)

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

- [MIP13c3-SP2: Declaration of Intent - Dai Flash Mint Module](https://forum.makerdao.com/t/mip13c3-sp2-declaration-of-intent-dai-flash-mint-module/3635/9)
    - [Signal request passed](https://forum.makerdao.com/t/signal-request-add-a-dai-flash-mint-module/3598) next step is to submit MIP13 process for September's governance cycle.
- [MIP14: Protocol DAI Transfer](https://forum.makerdao.com/t/mip14-protocol-dai-transfer/2462/39)
    - Needs a new champion.
- [MIP15: Dark Spell Mechanism](https://forum.makerdao.com/t/mip15-dark-spell-mechanism/2578/5)
    - Feedback cycle ends in August.
- [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/3021/36)
    - Work continues, it could be introduced for September's Governance cycle.
- [MIP20: Target Price Adjustment Module (Vox)](https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196/30)
    - Here is last week's section of the [Governance and Risk call](https://youtu.be/ZzEbuwyaZRQ?t=511) focusing on MIP20.

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

## Current Events

### Vault Compensation 



### Liquidations System 1.2 Upgrade

- [Liquidations System 1.2 Upgrade (Timeline)](https://forum.makerdao.com/t/liquidations-system-1-2-upgrade-timeline/3592/8) 

The proposed change lets Maker Governance control to some extent the amount of simultaneous auctions that can occur at once.

[Mariano Conti clarifies,](https://forum.makerdao.com/t/liquidations-system-1-2-upgrade-timeline/3592/8?)

> [quote="Mariano_Conti, post:8, topic:3592"]
"According to [http://makervaults.descipher.io/ ](http://makervaults.descipher.io/) the largest ETH-A vault has 37m Dai debt, second largest has 30m. If any of these 2 vaults were to be liquidated (they’re pretty safe right now) we’d see an immediate liquidity crunch, as keepers try to bid on an extremely large amount of auctions. I believe the risk to the system would be high, since in case of the first vault, 290,000 ETH would be auctioned, in up to 2900 different and simultaneous auctions."
[/quote]

### SourceCred Trial Update 

- [Week 10 DAI Distributions, new instance system & payout mechanism - SourceCred trial](https://forum.makerdao.com/t/week-10-dai-distributions-new-instance-system-payout-mechanism-sourcecred-trial/3632)

This update marks Week 10 of the [trial of SourceCred trial](https://forum.makerdao.com/t/maker-sourcecred-trial/2551). 2500 Dai were distributed in the preceding week and July's payouts have been distributed.

SourceCred provides a system that allows users of the Forum to build credibility & create value through interactions. 

That thread includes details about the algorithm being updated as well as the UI, actual numbers from the trial, and how to opt-in yourself!

### Should Voting Costs Be Reimbursed?

- [Should the Maker Community Reimburse MKR Voters for the ETH Transaction Fees Incurred when Polling and Executive voting?](https://forum.makerdao.com/t/should-the-maker-community-reimburse-mkr-voters-for-the-eth-transaction-fees-incurred-when-polling-and-executive-voting/3651?u=repotactics)

[@ElProgreso](https://forum.makerdao.com/u/ElProgreso) notes:

> [quote="ElProgreso, post:1, topic:3651"]
This week it will cost anywhere from $20 to $50 to Poll on the current nine (9) open polls. And perhaps this is the reason why we have had such a low, low, turnout. More than likely—it is.
[/quote]
> 

### Annualized Earnings Hit Zero

[@RyanWatkins_](https://twitter.com/RyanWatkins_) published a tweet commenting on Maker's earnings, citing the following graphic from Messari:

> "While Dai's supply is going parabolic, Maker's annualized earnings effectively just hit zero.

>Interest rates can't get up and MKR holders aren't being compensated at all for their crucial role in managing and backstopping the MakerDAO system."

![](https://pbs.twimg.com/media/EfoUydLX0AEtE2C?format=png&name=900x900)

## State of the Peg 08-17-2020

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

- DAI peg still above $1 though it's come down since last week.

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

- ~427 million Dai, skewing even more towards ETH vaults.

![VWAP](https://i.imgur.com/J4N9xlb.png)

- Volume at around $134 million this last week.
- Average VWAP(volume-weighted-average-price) places Dai at $ 1.011

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

- ETH vaults collateralization ratio spreading more evenly across the 200-350% CR buckets.

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

- First big liquidation wall at $319 ETH, a 27% drop would coincide with 38 million Dai getting liquidated.

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

- For WBTC liquidating 38 million WBTC the price would have to drop 22% to $9697.

![WBTC Vault](https://i.imgur.com/sjQhm9X.png) 

- For reference, the largest WBTC vaults are closer to 200% collateralization (189%).

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

## Community

### Articles and Thought Pieces

- [Ethereum Emission Debate Sparked by MakerDao Developer Marc-André Dumas’s Script](https://maxbit.cc/ethereum-emission-debate-sparked-by-makerdao-developer-marc-andre-dumass-script/)

> "There has always been speculation about the coin limit of Ethereum, and recently, it has been stimulated again with the release of a script by MakerDao developer Marc-André Dumas. The script in question projects the size of the issuance of the second largest cryptocurrency via capitalisation."
 
- [Who Uses the Maker Protocol and Dai, and Why?](https://blog.makerdao.com/who-uses-the-maker-protocol-and-dai-and-why/)

A resource for all types of projects that involve Dai, and explanations of some of the interesting things that can/have been done with it. 
> "Every day, people all over the world derive value from generating Dai and, in doing so, provide value to the Maker ecosystem. The number of people that use Dai will only grow in the coming years, as more and more individuals, businesses, developers, and other parties grasp the advantages of decentralized crypto assets."

- [Huobi Launches Consortium of DeFi Providers and Platforms With MakerDAO, Compound](https://www.coindesk.com/huobi-defi-makerdao-compound)

The "Global DeFi Alliance" includes Huobi, MakerDAO, Compound, dYdX, and DeFi price oracle network Nest.

### Videos and Podcasts

- [Live Video AMA with Rune Christensen](https://youtu.be/BuvMjoodowM?t=873) (time-stamped for your viewing pleasure)
- [Governance and Risk Meeting: Ep. 105](https://www.youtube.com/watch?v=ZzEbuwyaZRQ)
- [Maker Price Analysis - 15th August 2020](https://www.youtube.com/watch?v=Z9TdMvYQnPo)

### Maker Forum Deep Dai-ve

- [Discussion: Problems as I see now](https://forum.makerdao.com/t/discussion-problems-as-i-see-now/3671)
    - [@Aaron_Bartsch](https://forum.makerdao.com/u/aaron_bartsch) outlines 5 of their major issues with Maker, sparking a conversation about potential places for improvement. 
- [Adding Real World Assets (“RWA”) as DAI collateral is a critical step for Maker to stabilize the peg…](https://forum.makerdao.com/t/adding-real-world-assets-rwa-as-dai-collateral-is-a-critical-step-for-maker-to-stabilize-the-peg-and-in-doing-so-we-change-the-world/3653)
    - [@mrabino1](https://forum.makerdao.com/u/mrabino1) goes in depth discussing the addition of RWA and the potential effects that might have, also highlighting some of the points of potential failure, and ways to avoid that. 

> [quote="mrabino1, post:1, topic:3653"]
"Real world assets as collateral is a natural progression and a complement to the existing DAI collateral. In many ways, it is an evolved symbiotic relationship, as both truly need the other, even as neither realizes yet."
[/quote]

- [Help MakerDAO respond to a media inquiry from Cryptonomist](https://forum.makerdao.com/t/help-makerdao-respond-to-a-media-inquiry-from-cryptonomist/3662)

[@seth](https://forum.makerdao.com/u/seth) is looking for feedback from any and all users in relation to a media inquiry. The community-led Governance Communications (GovComms) team was given a list of questions and the decision was made to bring some of these to the rest of the community. 

### Twitter

https://twitter.com/kaiynne/status/1295210203139305472

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- There is no community call this week. Join us [August 25th](https://www.crowdcast.io/e/the-makerdao-community-7/register?utm_source=profile&utm_medium=profile_web&utm_campaign=profile) for a call with special guest Brian McMichael to show off and talk about the Ilk-Registry

#### Community Collateral Onboarding


- Bi-weekly Wednesdays at 17:00 UTC | 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)
    - Next call is August 26

#### 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-106-thursday-august-20-4-00-pm-utc/3657) | [Dial-in call link](https://zoom.us/) | [Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk@group.calendar.google.com&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

- Aug 18 [NASBP Learning: Cryptocurrencies & Money Transmitter Bonds in an Unpredictable Economic Environment](https://learn.nasbp.org/products/cryptocurrencies-and-money-transmitter-bonds-in-an-unpredictable-economic-environment#tab-product_tab_overview)
- Aug 24-25 [Korea DeFi Roadshow 2020 - Maker, Synthetix, Aave, Tritino, bZx Network](https://www.meetup.com/Korea-Blockchain-Community/events/272549345/)
- Aug 25 [Product Management In Blockchain: Overview, Roles, and Opportunity](https://www.eventbrite.com/e/product-management-in-blockchain-overview-roles-and-opportunity-tickets-116726557275)
- Aug 25 [Blockchain Global Governance Conference - BG2C](https://www.bg2c.net/en_speaker.html)

### Hackathons

- July 8 - Sept 8 [Matic Layer 2 Security Hackathon](https://gitcoin.co/issue/maticnetwork/matic-bounties/14/100023264)
- Aug 19 - Sept 30 [Apollo](https://gitcoin.co/hackathon/filecoin/?tab=hackathon:30)
- Oct 2-20 - [ETHOnline](https://www.ethonline.org/)

## 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! Post in the [forum](https://forum.makerdao.com/), 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.*