---
# System prepended metadata

title: 'Maker Relay #65'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #65

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

_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

### Societe Generale-Forge submits MIP6 Collateral Onboarding application 

European investment firm Societe Generale-Forge has [submitted a MIP6 application to onboard OFH](https://forum.makerdao.com/t/security-tokens-refinancing-mip6-application-for-ofh-tokens/10605) - tokenized bonds regulated under French law - as a new collateral type for the Maker Protocol. Societe Generale, a subsidiary of Societe Generale-Forge, is a French multinational investment bank with 1.78 trillion in assets (as of 2020). 

According to the proposal, the OFH tokens represent debt securities and "are issued by Societe Generale Société de Financement de l’Habitat (SG SFH), a specialised credit instritution duly licensed by the Autorité de Contrôle Prudentiel."

### 6s Completes Successful Circuit Test of Funds

@mrabino1 of 6s Capital [reports successful completion of the circuit test to ensure a proper flow of funds between RWA Company and the Trust set up to manage those funds.](https://forum.makerdao.com/t/rwa001-a-circuit-test-report/10600) 50,000 Dai were swapped for USD and sent to the Trust, $30,000 of which was returned and swapped back into Dai.

### Does the DAO want a Market Maker?

@YM_Wintermute has [submitted a proposal](https://forum.makerdao.com/t/proposal-market-making-proposal-from-wintermute-trading/10629) to provide market-making services to MakerDAO. The proposal involves loaning 10,000 MKR to Wintermute Trading, who will either return the loan in full or provide 50 million USDC, representing a 100% premium to the current price.

### Self-Insurance Fund

@layerzero from Sustainable Ecosystem Scaling Core Unit [introduces](https://forum.makerdao.com/t/self-insurance-fund/10563) SES Legal used for legal and regulatory topics and initiatives. He also announces their Self Insurance Fund, which will cover legal costs, economic damages to third parties and can be used as a legal reserve for obtaining a legal opinion or advice. Check out their [presentation](https://youtu.be/EvRFFOT7aK8?t=2150) covering the Self-Insurance Fund during the Governance and Risk Call #161.

### State of DAI

![Peg](https://i.imgur.com/Sgp0pKE.png)

- 👆 DAI's peg; minimal slippage as per usual this past week.

![Blockanalytica DAI 90 day](https://i.imgur.com/n8ZUmF3.png)

- Thanks to blockanalytica, we have the last 90 days of peg stats helping to visualize the peg trend we have been casually mentioning. 

![Dai Supply](https://i.imgur.com/QIffX8N.png)

- Supply is still hovering over 6 billion, with TVL above 12 billion. Aaaaaaalmost at 13 billion. 
- DAI generated by USDC is 50.1%.  

![](https://i.imgur.com/1DfZ717.png)

- Volume at around $645 million this last week. 
- Average price places Dai at $1.000426.

![Vault Stats](https://i.imgur.com/DOAijh6.png)

- A total of 107 new vaults were opened last week by 68 new creators.

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

- A comparison of the primary lending platforms outstanding borrowers month over month.

![Optimism Poppin'](https://i.imgur.com/Vk97pCF.png)

- Up to 23.61 million Dai bridged to Optimism. 

![](https://i.imgur.com/eiNQGM6.png)

![](https://i.imgur.com/uCL5TXK.png)
- ETH-A 1.77 billion
  - PSM USDC 3.05 billion 
  - PSM USDP 348.9 million
  - WBTC 316.36 million
  - ETH-C 270.83 million
  - USDC-A 238.82 million
  - ETH-B 77.73 million
  - PAX 67.39 million
  - UniV2DaiUSDC 58.46 million
  - LINK 43.56 million
  - TUSD 26.58 million
  - UniV2DaiEth 26.42 million
  - YFI 24.96 million
  - UniV2WBTCEth 13.25 million
  - UNI 12.87 million
  - GUniV3DaiUSDC 10 million
  - UniV2UsdcEth 9.98 million
  - UniV2UniEth 9.53 million
  - NSDROP 8.67 million
  - MANA 4.98 million
  - GUSD-A 4.91 million
  - renBTC 3.64 million
  - ZRX 2.98 million
  - BAT 1.95 million
  - AAVE 1.05 million
- Other vaults below 500K (BAL, LRC, GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.09 million.

![]()

![ETH-C](https://i.imgur.com/jDXVUdl.png)

- ETH-C vaults top collateralization ratio bucket is 600%.

![Liquidation Walls](https://i.imgur.com/VYlbaNT.png)

- High-risk vaults include MANA and ETH-C with a Liquidation Wall beginning around 12% and steepening significantly around 27%. 

![ETH-A](https://i.imgur.com/l8LAPO2.png)

- A 20% drop would hit about 12 million in ETH-A deposits. 

![ETH-A buckets](https://i.imgur.com/FZ1Gz7H.png)

- Mostly, that drop risk would be for the vaults at 160% collateralization and lower.
- 200% and 360% collateralization dominate the rest. 

![](https://i.imgur.com/SLts5eQ.png)

- Did you want that as a table? Good, because that is how you get tables.

![](https://i.imgur.com/qoypf16.png)

- A humble week of growth from WBTC-A, 6 million debt, and four new vaults. 8.71% of the outstanding supply is sitting in Maker Vaults.

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #56](https://forum.makerdao.com/t/weekly-mips-update-56/10691)

- October 4th - 6th [Formal Submission Window](https://mips.makerdao.com/mips/md-viewer?mdUrl=https:%2F%2Fraw.githubusercontent.com%2Fmakerdao%2Fmips%2Fmaster%2Fmeta%2Fprimer_for_authors%2Fprimer_for_authors.md#formal-submission) is open.
- Ratification Polls go live on Monday, October 11th, and will run for two weeks, until Monday 25th.

### Active Executive Votes

*This week has no active executive vote; the September 24th Executive was passed on October 2nd, 2021, 19:47 UTC.*

### Active Governance Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| Offboard the BAT-A Vault Type | [Vote](https://vote.makerdao.com/polling/QmWJfX8U?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-offboard-mana-bat-zrx-lrc-univ2-linketh-and-univ2-aaveeth/10467) |
| Offboard the LRC-A Vault Type | [Vote](https://vote.makerdao.com/polling/QmUx9LVs?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-offboard-mana-bat-zrx-lrc-univ2-linketh-and-univ2-aaveeth/10467) |
| Offboard the UNIV2AAVEETH-A Vault Type | [Vote](https://vote.makerdao.com/polling/QmcuJHkq?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-offboard-mana-bat-zrx-lrc-univ2-linketh-and-univ2-aaveeth/10467) |
| Offboard the ZRX-A Vault Type | [Vote](https://vote.makerdao.com/polling/QmPfuF2W?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-offboard-mana-bat-zrx-lrc-univ2-linketh-and-univ2-aaveeth/10467) |
| Offboard the UNIV2LINKETH-A Vault Type | [Vote](https://vote.makerdao.com/polling/Qmd7DPye?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-offboard-mana-bat-zrx-lrc-univ2-linketh-and-univ2-aaveeth/10467) |

### Community Greenlight Polls

| Collateral | MIP9 Poll   | MIP6 Application |
| ---------- | ----------- | ---------------- |
| CurveLP-stETH-ETH | [Ends 10/18 4 PM UTC](https://vote.makerdao.com/polling/Qmd1qpHU?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/curvelp-steth-eth-mip6-collateral-onboarding-application/10229) |

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

### Active Signal Requests

[PaperImperium Supplemental Compensation](https://forum.makerdao.com/t/signal-request-paperimperium-supplemental-compensation/10454) - In response to the [proposed delegate compensation,](https://forum.makerdao.com/t/informal-poll-compensating-recognized-delegates-parameters/10196) @PaperImperium is signal requesting a one-time lump sum of 50,000 DAI outside of any delegate compensation that may or may not be forthcoming in the future when both @PaperImperium and the community feel that he has delivered value to the DAO. 
*Signal closes on October 6th, 2021.*

### Last Week

[Offboarding USDT Collateral, Core Unit Budget Distributions - October 1, 2021](https://vote.makerdao.com/executive/template-executive-vote-offboarding-usdt-collateral-core-unit-budget-distributions-october-1-2021?network=mainnet#proposal-detail)

This executive proposal passed, and the following changes occurred within the Maker Protocol:

- The USDT-A vault type was offboarded with the following details:
    - Lower the USDT-A Liquidation Penalty (`chop`) to 0%.
    - Increase the USDT-A Liquidation Ratio from 150% to 300% to trigger liquidation of all remaining vaults.
    - Liquidations will be enabled for USDT-A.
- A total of 972,706 DAI was transfered upon proposal execution to the [SES-001,](https://mips.makerdao.com/mips/details/MIP40c3SP31) [DUX-001,](https://mips.makerdao.com/mips/details/MIP40c3SP26) [SNE-001](https://mips.makerdao.com/mips/details/MIP40c3SP28) and [SH-001](https://mips.makerdao.com/mips/details/MIP40c3SP16) core units as part of their initial DAI budgets.
- A total of 193,375 DAI is streamed to [SNE-001](https://mips.makerdao.com/mips/details/MIP40c3SP28) and [SH-001](https://mips.makerdao.com/mips/details/MIP39c2SP11) over the next three months as part of their ongoing budget.
- 538,400 DAI is streamed to [GOV-001](https://mips.makerdao.com/mips/details/MIP40c3SP29) over the next six months as part of their ongoing budget.
- 300 MKR was transferred upon proposal execution to [RISK-001](https://mips.makerdao.com/mips/details/MIP40c3SP25) as the retroactive part of their MKR budget sub proposal. This MKR is sourced from the MakerDAO treasury.

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/pow_vt/status/1443250883689697280

### Forum Insight 

- [Create an FEI PSM](https://forum.makerdao.com/t/create-a-fei-psm/10583)
  - *@bpm6867 and @joey present their case to add FEI as an alternative PSM to further diversify DAI collateral with the addition of a decentralized USD stablecoin.*

- [Maker and negotiations](https://forum.makerdao.com/t/maker-and-negotiations/10587)
  - *@Planet_X opens the discussion with a detailed breakdown of the current Governance workflow, as well as ideas to streamline the process. He proposes a sequence of solutions by splitting up incoming proposals to help prevent binary offerings and automate the function of negotiation, leaving it up to the MKR holders on how badly they want the deal.*

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

### Articles

- [French multinational bank Societe Generale proposes to utilize DeFi MakerDAO stablecoins for $20mil loan](https://timesofindia.indiatimes.com/business/cryptocurrency/blockchain/french-multinational-bank-societe-generale-proposes-to-utilize-defi-makerdao-stablecoins-for-20-million-loan/articleshow/86721714.cms)
  - *Per the article: "The French Bank has applied for a $20mil loan in DAI stablecoins using bond tokens as collateral. The French government recognizes both the on-chain bond tokens, as well as the DAI stablecoin."*

- [DAOs can solve important dilemmas, but more education is required](https://cointelegraph.com/news/daos-can-solve-important-dilemmas-but-more-education-is-required)
  - *"Could a lack of understanding of how DAOs, such as MakerDAO, work be a contributing factor to how regulators perceive the sector?"*

- [$22M Drained From Compound Contract That Was Hit for $80M Last Week](https://www.coindesk.com/business/2021/10/03/66m-in-tokens-added-to-recently-hacked-still-vulnerable-compound-contract/)
  - *Per the article: "MakerDAO representatives have been active in helping to find solutions to the bug, per Compound founder Robert Leshner. A MakerDAO rep did not return a request for comment by the time of publication."*

## 📋 Team Updates

### GovAlpha

[GovAlpha Weekly Update - 2021-09-30](https://forum.makerdao.com/t/govalpha-weekly-update-2021-09-30/10608)

### Risk

[Risk Core Unit Month in Review: September 2021](https://forum.makerdao.com/t/risk-core-unit-month-in-review-september-2021/10659)

### Real-World Finance

[Fixing the par value of the stablecoins](https://forum.makerdao.com/t/fixing-the-par-value-of-the-stablecoins/10598)

### Growth

[Growth CU weekly update: September 24 - September 30](https://forum.makerdao.com/t/growth-cu-weekly-update-september-24-september-30/10602)
[Growth CU Quarter Review (May-June-July)](https://forum.makerdao.com/t/growth-cu-quarter-review-may-june-july/10329)

### Content Production

[Content Production Bi-Weekly Update: 9/16 - 9/29](https://forum.makerdao.com/t/content-production-bi-weekly-update-9-16-9-29/10599)
[Dai on Different Networks #13 - September 30, 2021](https://forum.makerdao.com/t/dai-on-different-networks-13-september-30-2021/10611)
[Seeking community members interested in podcasting](https://forum.makerdao.com/t/seeking-community-members-interested-in-podcasting/10601)

### Sustainable Ecosystem Scaling

[Self Insurance Fund](https://forum.makerdao.com/t/self-insurance-fund/10563)
[Core Unit Tools #09: Zodiac](https://forum.makerdao.com/t/core-unit-tools-09-zodiac/10679)
[Core Unit Launch Pod Sessions ||| Session #18: MakerLabs](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-18-makerlabs/10678)
[Collateral Onboarding Call #38: REIF DROP: Commercial Real Estate Assets - Wednesday, September 29, 5 PM UTC](https://forum.makerdao.com/t/collateral-onboarding-call-38-reif-drop-commercial-real-estate-assets-wednesday-september-29-5pm-utc/10541)

### Governance Communication

[GovComms Bi-Weekly Update: Sept 17 - 30](https://forum.makerdao.com/t/govcomms-bi-weekly-update-sept-17-30/10596)
[Maker Governance Review - September 2021](https://forum.makerdao.com/t/maker-governance-review-september-2021/10645)
[Forum at a Glance: September 24th - 30th](https://forum.makerdao.com/t/forum-at-a-glance-september-24th-30th/10595)

## 📆 Meetings and Events

### Last Week's Call Recordings

- Governance and Risk Call #161
    - [Video](https://www.youtube.com/watch?v=EvRFFOT7aK8) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-161-thursday-september-30-17-00-utc/10567/4)

- Collateral Onboarding Call #38: REIF DROP: Commercial Real Estate Assets
  - [Video](https://www.youtube.com/watch?v=Cvuq7-MvrKc) | [Forum Post](https://forum.makerdao.com/t/collateral-onboarding-call-38-reif-drop-commercial-real-estate-assets-wednesday-september-29-5pm-utc/10541/5)

- Core Unit Tools #8 Superfluid | Sept. 29, 2021
    - [Video](https://www.youtube.com/watch?v=-furSjVKJA8&t=22s) | [Forum Post](https://forum.makerdao.com/t/core-unit-tools-8-superfluid/10533)

### 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

#### Ask Maker Anything

- AMA #9 | Fixed-Rate Dai Loans with Pairwyse 
  - [Join Link](https://us02web.zoom.us/j/88455668919#success) | [Forum Post](https://forum.makerdao.com/t/ama-fixed-rate-maker-vaults-with-pairwyse/10397)

#### Core Unit Launch Pod Sessions

- Core Unit Launch Pod Session #18: MakerLabs
  - [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-18-makerlabs/10678)

#### Core Unit Tools

- Core Unit Tools #09: Zodiac
  - [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09#success) | [Forum Post](https://forum.makerdao.com/t/core-unit-tools-09-zodiac/10679)

## ⚓ 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.*