--- tags: Maker Relay --- # Maker Relay 11 ![Imgur](https://i.imgur.com/u7Prmey.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 ### This Week #### Governance Polls _Special attention_ this week for the Vault compensation approval plan, the vote is up for two weeks! | Poll Name | Type | Vote | Discussion | Voting Options | | ---------- | ----------------- | ---------- | ----- | -----| | Base Rate Adjustment | Meta-Parameter | [Vote](https://vote.makerdao.com/polling-proposal/qmy8wrc5qu3yntdpnvkgsp2jx81uaa9vb9gjhwgo4bz49e) | [Discussion](https://forum.makerdao.com/t/discussion-automate-base-rate-adjustment/4004) | Variable -6% to 2% | | Vault Compensation Plan Approval | System-Parameter | [Vote](https://vote.makerdao.com/polling-proposal/qmnxitxuc5u4inynq8ekh5vvbgomjzl6fudwzhawbshhgh) | [Discussion](https://forum.makerdao.com/t/vault-compensation-plan-v2/3584/97) | Ranked Choice | *Some polls use [instant run-off](https://ballotpedia.org/Ranked-choicevoting(RCV)), so you can select multiple options and ranked-choices will be prioritized.* #### MIPs Updates The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed. - [Weekly MIPS Update #14 (Sept 7th)](https://forum.makerdao.com/t/weekly-mips-update-14/4028) | Poll Name | Type | Vote | Discussion | | ---------- | ----------------- | ---------- | ----- | | MIP10c9-SP9 Whitelist tBTC on ETHBTC Oracle | MIP | [Vote](https://vote.makerdao.com/polling-proposal/qmnmzxuxgbjx2nxqhs7hjcqhtcwsdmj8wuxywci5m7prpv) | [Discussion](https://forum.makerdao.com/t/mip10c9-subproposal-to-whitelist-new-tbtc-oracle-access/3805) | Proposals in the Request-For-Comments phase include: - [MIP13c3-SP3: Declaration of Intent - Strategic reserves fund (SRF)](https://forum.makerdao.com/t/mip13c3-sp3-declaration-of-intent-strategic-reserves-fund-srf/3765) - [MIP14: Protocol Dai Transfer Update](https://forum.makerdao.com/t/mip14-protocol-dai-transfer-update/3844/3) - [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) Proposals in the Conception Phase include: - [MIP22: Centrifuge Direct Liquidation Module](https://forum.makerdao.com/t/mip-22-centrifuge-direct-liquidation-module/3930) - [MIP21: Real World Assets - Off-Chain Asset Backed Lender](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917) - [MIP13c3-SP4 (subproposal) Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan](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) - [Emergency Response MIP](https://forum.makerdao.com/t/emergency-response-mip/4009) - [Debt Ceiling Instant Access Module: Pre-MIP Discussion](https://forum.makerdao.com/t/debt-ceiling-instant-access-module-pre-mip-discussion/3924) Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14) in the Maker Forum #### Signal Requests | Poll Name | Vote | End Date | | ---------- | ----------------- | ---------- | | Should we change box & ttl auction parameters? | [Vote & Discussion](https://forum.makerdao.com/t/signal-request-should-we-change-box-ttl-auction-parameters/4023) | Sept 11 | | Approve New TUSD Implementation | [Vote & Discussion](https://forum.makerdao.com/t/signal-request-approve-new-tusd-implementation/3982) | Sept 11 | ### Last Week #### Executive Votes - [Executive Vote **Passed:** Sept 5, 2020](https://vote.makerdao.com/executive-proposal/onboard-usdt-and-pax-multiple-other-changes--september-4-2020) - USDT will be onboarded - PAXUSD will be onboarded - The WBTC-A Debt Ceiling increased: 80 million to 120 million. - The Vat global line parameter increased: 708 million to 763 million. - The Base Rate meta-parameter increased: -6% to -2%. - The BAT-A Stability Fee increased: 0% to 2%. - The USDC-A Stability Fee increased: 0% to 2%. - The USDC-B Stability Fee increased: 44% to 48%. - The WBTC-A Stability Fee increased: 0% to 2%. - The KNC-A Stability Fee increased: 0% to 2%. - The ZRX-A Stability Fee increased: 0% to 2%. - The MANA-A Stability Fee increased: 6% to 10%. - Argent will be appointed as an Oracle Light Feed with the feed key `0x130431b4560Cd1d74A990AE86C337a33171FF3c6` - MyCrypto will be appointed as an Oracle Light Feed with the feed key `0x3cb645a8f10fb7b0721eabae958f77a878441cb9` ## Domain Teams ### Smart Contracts PAXUSD and Tether added to Kovan and then Friday's executive. Next up is work on liquidations 2.0 and a formal submission of the Dark Fix MIP. ### Oracles Much of the oracles work went into the executive as lightfeeds. tBTC is about to relaunch their new version, so they had to deploy new contracts. We'll need to do a polling vote to swap their oracle whitelisting from the previous address. Also this assessment hot off the press: [LinkUSD assessment](https://forum.makerdao.com/t/mip10c3-sp8-proposal-linkusd-oracle-collateral-onboarding-oracle-assessment/4039) ### Risk [cTokens](https://forum.makerdao.com/t/research-ctokens-as-collateral/3979) research from Primoz is up. COMP and Chainlink evaluations coming soon. Chainlink's evaluation came from an independent risk grantee. Much of these analyses can be used for other similar assets in the future. PAXG will have to wait until next cycle, unfortunately. #### Domain Team Proposals Two initiatives this week on autonomy for the DAO, these will hopefully add structure and longevity as the Foundation decentralizes: - LongForWisdom [submitted MIP23](https://forum.makerdao.com/t/mip23-domain-structure-and-roles/4021) to provide a flexible and consistent structural framework for personnel working for MakerDAO within any domain. - There is a [working group](https://forum.makerdao.com/t/working-group-autonomous-makerdao/4036) exploring autonomous MakerDAO. ## Current Events ### Vault Compensation The [Vault Compensation Plan Approval poll](https://vote.makerdao.com/polling-proposal/qmnxitxuc5u4inynq8ekh5vvbgomjzl6fudwzhawbshhgh) is now live. Please vote on whether or not to support any of the plans to auction MKR and DAI to compensate vaults affected by liquidations during the March 12 market crash. #### More Information - [Vault Compensation Plan v2](https://forum.makerdao.com/t/vault-compensation-plan-v2/3584/5) - [Error in Vault Compensation Poll](https://forum.makerdao.com/t/error-in-vault-compensation-poll/4024/3) ### Peg Stabilization [@Primoz](https://forum.makerdao.com/u/Primoz) summarizes the current strategy being pursued by the community: > [quote="Primoz, post:32, topic:3889"] This strategy is basically stating to 1) Determine rates more on market/competitive landscape basis 2) Make less frequent changes to rates by keeping Base rate stable and Risk Premium used only to assess risk compensation 3) Defend the peg through lower USDC liquidation ratio. [/quote] [@hexonaut](https://forum.makerdao.com/u/hexonaut) responds: > [quote="hexonaut, post:39, topic:3889"] I think we should take care not to eliminate the usefulness of the Base Rate as a monetary lever when the supply starts outstripping demand again. I can appreciate that the Base Rate is nearly useless with these huge farming APRs, but I worry that when we re-enter positive interest rate territory we will need to rapidly adjust each of the Stability Fees again which I want to avoid. It may make sense to keep the spirit of the Base Rate, but adjust the formula so it doesn’t have the same size effect on all collateral types. [/quote] The conversation on peg stabilization continues in [Different Approach to Rate Setting](https://forum.makerdao.com/t/different-approach-to-rate-setting/3889/32). [Wil Barnes](https://wilbarnes.ghost.io/author/wil/), a smart contract developer with the Maker Foundation, wrote an article on [Restoring the Dai peg with the triforce yETH/MKR/Dai yVault](https://wilbarnes.ghost.io/restoring-dai-peg-triforce-yvault/) to explore how Yearn's innovative new yETH/strategy products have the potential to restore the Dai peg. As Wil explains, > "the yVault-ETH, StrategyMKRVaultDaiDelegate, and yVault-DAI contracts cooperate to deposit latent ETH, draw Dai against, and deploy that Dai into an interest earning yVault, with realized profits being recycled through this process to maintain a pre-determined leverage ratio." ### Gas Fees [@ccc](https://forum.makerdao.com/u/ccc) begins a discussion proposing to [Automate Base Rate Adjustment](https://forum.makerdao.com/t/discussion-automate-base-rate-adjustment/4004), a potential fix for the current issue of gas cost in governance. As [@ccc](https://forum.makerdao.com/u/ccc) explains: > [quote="ccc, post:1, topic:4004"] Voting is now expensive. The recent spike in gas prices pushed them to a level that is, frankly, absurd. Should this occur again, it could be detrimental to the usability of system; it seems to have harmed the price of ETH at any rate. Voting on the Base Rate every week incurs gas costs that are unnecessary and could be reduced. [/quote] [@Jtathmann](https://forum.makerdao.com/u/Jtathmann) proposes a fix in [Using Snapshot to Improve Signaling and Polls:](https://forum.makerdao.com/t/using-snapshot-to-improve-signaling-and-polls/3810/15) >[quote="Jtathmann, post:1, topic:3810"] Snapshot allows for off-chain vote signaling. It is 100% gasless. Anyone can participate by creating proposals and voting for them. You are able to select start and stop times, as well as a block height which will be used to gather on-chain data for the front end [/quote] > You can now test voting on Snapshot [here](https://snapshot-2.on.fleek.co/#/maker/proposal/QmeQovfrEnKG3q77DZJLdtrGtJCoxtMBxGxHjUf9mEchDC)! ## State of the Peg A thread worth reading on peg options and fees: https://twitter.com/jgarzik/status/1303386827240411137 ![Peg](https://i.imgur.com/nF2LsdY.png) Building on the conversations around peg management, the DAI peg is under duress with recent ETH price movement, forked yield farms, and some market drama. ![Dai Supply](https://i.imgur.com/EaEzMqC.png) Dai supply down to ~ 427 million, from 500 million high last week. ![VWAP](https://i.imgur.com/0ySqWbU.png) Volume at around $411 million this last week. Average VWAP (Volume weighted average price) places Dai at $1.015 https://daistats.com/ | http://dai.descipher.io/ ## Community ### Community Highlights - September 8 [Community Call](https://www.crowdcast.io/e/the-makerdao-community-10) Replay - Ambassadors from Latin America Action Group Pilot joined the community call to talk about building community and DAI adoption in Brazil and Venezuela ### Articles and Thought Pieces - [MakerDAO Eyes Adding Gemini and Binance USD as Collateral](https://decrypt.co/40361/makerdao-eyes-adding-gemini-binance-usd-as-collateral?utm_source=reddit&utm_medium=social&utm_campaign=sm) - A discussion of MakerDAO's governance process and the recent greenlighting of coins like Gemini and BUSD. ### Videos and Podcasts - [Governance For Dummies: Maker Towards Full Decentralization](https://www.crowdcast.io/e/fridai-brunch-4/register) - Watch the replay of FriDAI Brunch where [@CharlesStLouis](https://forum.makerdao.com/u/charlesstlouis) gave an interactive presentation about governance processes, how to participate, and what Maker is doing to move towards full decentralization of the Protocol. - [Introduction to Maker DAO](https://www.youtube.com/watch?v=X8U4emerj64) ### Maker Forum Deep Dai-ve - [Feed back regarding sourceCRED to drive the future of Maker rewards for community effort](https://forum.makerdao.com/t/feed-back-regarding-sourcecred-to-drive-the-future-of-maker-rewards-for-community-effort/3970/5) > The sourceCred team put together a short survey on the SourceCred trial and are seeking input and responses on various parts of the process. ### Twitter - [Tweet of the Week](https://twitter.com/nanexcool/status/1302349389239922688) ## Meetings and Events #### Community Call - Tuesdays at 16:00 UTC | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community/register) #### Community Collateral Onboarding - Bi-weekly Wednesdays at 17:00 UTC | [Zoom]() - 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) - [Agenda](https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-7-wednesday-september-9-17-00-utc/3866/2) for September 9 - The presentations for this week collateral onboarding call are TrustToken and Mooniswap: - @rafael.cosman, from TrustToken will discuss this TUSD, TCAD, TAUD, and TGBP. - @jesssalomon and the 1inch team will talk about liquidity pools on Mooniswap. #### 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-109-thursday-september-10-16-00-utc/3971) | [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 - Sept 15 [Copenhagen Fintech Week 2020](https://cphfintechweek.com/) - Replay [Blockchain Tech Talks: DeFi](https://www.youtube.com/watch?v=ts-XL9TPenw) ### Hackathons - 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.*