---
tags: Monthly Governance Review
---
# Maker Governance Review | November 2021
## Top Governance News
November has been an exciting month for the DAO, with three new Core Units, four passed Executives, and over nine BILLION Dai in circulation.
Be sure to check out LongForWisdom’s post for details on the [Holiday Break from Governance.](https://forum.makerdao.com/t/governance-over-the-holiday-break-2021-2022/11694)
The [November 4th Executive](https://vote.makerdao.com/executive/template-executive-vote-parameter-changes-core-unit-budget-distribution-november-5-2021?network=mainnet#proposal-detail) lowered the Fees on Peg Stability Modules PSM-USDP-A and PSM-USDC-A to 0.0%, distributed the Development and UX (DUX) Core Unit’s budget, and included several parameter changes on various vault types.
On [November 11th, the Executive](https://vote.makerdao.com/executive/template-executive-vote-parameter-changes-return-unused-budget-to-the-surplus-buffer-november-12-2021?network=mainnet#proposal-detail) included parameter adjustments on the GUNIV3DAIUSDC-A vault and DIRECT-AAVEV2-DAI (Aave Dai Direct Deposit Module or AAVE D3M), increased the debt ceiling on WSTETH-A from 5 to 50 million Dai and returned unused Dai from the GovAlpha Core Unit budget to the Surplus Buffer.
[November 18th, the Executive](https://vote.makerdao.com/executive/template-executive-proposal-onboarding-wbtc-b-increasing-wbtc-a-stability-fee-change-of-covenants-for-p1-drop-offboarding-collaterals-november-19-2021?network=mainnet#proposal-detail) onboarded WBTC-B as a new vault type, increased the Stability Fee on WBTC-A, increased the [Local Liquidation Limits](https://makerdao.world/en/learn/governance/param-local-liquidation-limit) on ETH-A, ETH-B, ETH-C, WBTC-A, and WSTETH-A, included a change of the covenant for P1-DROP (People’s Company Series 1), and steps to offboard several different vault types.
Offboarded vaults include BAL-A, COMP-A, AAVE-A, LRC-A, BAT-A, ZRX-A, and UNIV2LINKETH-A. Additionally, a [signal request](https://forum.makerdao.com/t/signal-request-offboarding-matic/11781) has been posted to offboard MATIC.
Most recently, the [November 25th Executive](https://vote.makerdao.com/executive/template-executive-vote-onboarding-new-vault-types-parameter-changes-and-core-unit-budget-distributions-november-26-2021?network=mainnet#proposal-detail) onboarded WBTC-C and the GUSD (Gemini USD) Peg Stability Module (PSM), increased the Surplus Buffer to 90 million Dai, increased the Debt Ceiling on the Aave Dai Direct Deposit Module from 50 to 100 million Dai, and released funds for several Core Unit budgets.
As we mentioned, three new Core Units have been voted into the DAO, bringing the total number of Core Units up to nineteen. Congrats to the new Core Units; you can find them listed with the Ratification Polls below.
## Key Outcomes
### Maker Improvement Proposals
The month of November contained eight ratification polls, of which have all passed:
| Ratification Poll | Discussion | Winning Option |
| :---------------: | :--------: | :------------: |
| [Supplement to Collateral Onboarding Application](https://vote.makerdao.com/polling/Qme2ni4a?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip6c3-sp1-rwa-only-supplement-to-collateral-onboarding-application/10433) | Yes |
| [Real-World Finance Core Unit MKR Compensation, RWF-001](https://vote.makerdao.com/polling/QmYNiuNE?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp38-real-world-finance-core-unit-mkr-compensation-rwf-001/10447) | Yes |
| [Modify Core Unit Budget, RWF-001](https://vote.makerdao.com/polling/QmYoEMTT?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp39-modify-core-unit-budget-rwf-001/10543) | Yes |
| [Modify Core Unit Budget, COM-001](https://vote.makerdao.com/polling/QmUGBMLz?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp40-modify-core-unit-budget-com-001/10756) | Yes |
| [Modify Core Unit Budget, MKT-001](https://vote.makerdao.com/polling/QmPTCHwr?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp33-modify-core-unit-budget-mkt-001/10150) | Yes |
| [Adding Sidestream Auction Services Core Unit, SAS-001](https://vote.makerdao.com/polling/QmPnAkS4?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp25-adding-sidestream-auction-services-core-unit-sas-001/10796) | Yes |
| [Adding the Deco Fixed Rate Core Unit (DECO-001)](https://vote.makerdao.com/polling/QmPPvUhN?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp23-adding-the-deco-fixed-rate-core-unit/10224) | Yes |
| [Immunefi Security Core Unit (IS-001)](https://vote.makerdao.com/polling/QmSbiSTX?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp24-adding-immunefi-security-core-unit-is-001/10810) | Yes |
### Core Unit Budget Distribution
| Core Unit | Transfer Amount | Budget Proposal |
| :-------: | :-------------: | :-------------: |
| DECO-001 | 465,625 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP35) |
| DUX-001 | 359,120.80 DAI | [Proposal](https://vote.makerdao.com/polling/QmSYLL9K?network=mainnet#poll-detail)
| SAS-001 | 245,738 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP43) |
| IS-001 | 195,443 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP42) |
- This distribution will top-off the DUX-001 Auditors Wallet to the budget cap total of 483,575 DAI
| Core Unit | Stream Amount | Budget Proposal |
| :-------: | :-----------: | :-------------: |
| DECO-001 | 5,121,875 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP35) |
| RWF-001 | 1,860,000 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP39) |
| SAS-001 | 1,130,393 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP43) |
| MKT-001 | 424,944 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP33) |
| IS-001 | 366,563 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP42) |
| COM-001 | 257,500 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP40) |
| COM-001 | 12,242 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP40) |
### Budget Return
- As per this [forum thread](https://forum.makerdao.com/t/govalpha-budget-return/11341), 218,059.81 unused DAI from the GovAlpha Core Unit budget was returned to the Surplus Buffer from the PauseProxy contract.
- This amount comprises budgeted funds unused by the GovAlpha Core Unit.
### Parameter Changes
#### Fee In Management
| Vault | Parameter | Previous | New | Poll |
| :---: | :-------: | :------: | :-: | :--: |
| PSM-USDP-A | Fee In | 0.10% | 0.0% | [Poll](https://vote.makerdao.com/polling/QmSkYED5?network=mainnet#poll-detail)
| PSM-USDC-A | Fee In | 0.20% | 0.0% | [Poll](https://vote.makerdao.com/polling/QmSkYED5?network=mainnet#poll-detail)
#### Maximum Debt Ceiling Management
| Vault | Parameter | Previous | New | Poll |
| :---: | :-------: | :------: | :-: | :--: |
| GUNIV3DAIUSDC-A | Maximum Debt Ceiling | 50 million DAI | 500 million DAI | [Poll](https://vote.makerdao.com/polling/QmemHGSM?network=mainnet) |
| WSTETH-A | Maximum Debt Ceiling | 5 million DAI | 50 million DAI | [Poll](https://vote.makerdao.com/polling/QmeQUKFm?network=mainnet) |
| DIRECT-AAVEV2-DAI | Maximum Debt Ceiling | 10 million DAI | 50 million DAI | [Poll](https://vote.makerdao.com/polling/QmNbTzG1?network=mainnet#poll-detail) |
| MANA-A | Maximum Debt Ceiling | 5 million DAI | 10 million DAI | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
| MATIC-A | Maximum Debt Ceiling | 10 million DAI | 20 million DAI | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
| UNIV2WBTCETH-A | Maximum Debt Ceiling | 20 million DAI | 50 million DAI | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
#### Liquidation Ratio Management
| Vault | Parameter | Previous | New | Poll |
| :---: | :-------: | :------: | :-: | :--: |
| GUNIV3DAIUSDC-A | Liquidation Ratio | 105% | 102% | [Poll](https://vote.makerdao.com/polling/QmemHGSM?network=mainnet) |
#### Stability Fee Management
| Vault | Parameter | Previous | New | Poll |
| :---: | :-------: | :------: | :-: | :--: |
| GUNIV3DAIUSDC-A | Stability Fee | 1.0% | 0.5% | [Poll](https://vote.makerdao.com/polling/QmemHGSM?network=mainnet) |
| ETH-A | Stability Fee | 2.0% | 2.5% | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
| ETH-B | Stability Fee | 5.0%| 6.0% | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
| WBTC-A | Stability Fee | 2.0% | 2.5% | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
| LINK-A | Stability Fee | 1.0% | 1.5% | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
| RENBTC-A | Stability Fee | 2.0% | 2.5% | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
| USDC-A | Stability Fee | 0.0% | 1.0% | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
| UNIV2WBTCETH-A | Stability Fee | 2.0% | 2.5% | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
| WBTC-A | Stability Fee | 2.5% | 4.0% | [Poll](https://vote.makerdao.com/polling/QmRUgsvi) |
View a detailed breakdown of the rate change proposal [here](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2021-10-28/11256/10) published by the [MOMC.](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355)
#### Target Available Debt Management
| Vault | Parameter | Previous | New | Poll |
| :---: | :-------: | :------: | :-: | :--: |
| DIRECT-AAVEV2-DAI | Target Available Debt | 10 million DAI | 25 million DAI | [Poll](https://vote.makerdao.com/polling/QmNbTzG1?network=mainnet#poll-detail) |
| MATIC-A | Target Available Debt | 3 million DAI | 20 million DAI | [Poll](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet#poll-detail) |
#### Target Borrow Rate Management
| Vault | Parameter | Previous | New | Poll |
| :---: | :-------: | :------: | :-: | :--: |
| DIRECT-AAVEV2-DAI | Target Borrow Rate | 4.0% | 3.9% | [Poll](https://vote.makerdao.com/polling/QmNbTzG1?network=mainnet#poll-detail) |
#### Local Liquidation Limit Management
| Vault | Parameter | Previous | New | Poll |
| :---: | :-------: | :------: | :-: | :--: |
| ETH-A | Local Liquidation Limit | 40 million DAI | 65 million DAI | [Poll](https://vote.makerdao.com/polling/QmQN6FX8) |
| ETH-B | Local Liquidation Limit | 25 million DAI | 30 million DAI | [Poll](https://vote.makerdao.com/polling/QmQN6FX8) |
| ETH-C | Local Liquidation Limit | 30 million DAI | 35 million DAI | [Poll](https://vote.makerdao.com/polling/QmQN6FX8) |
| WBTC-A | Local Liquidation Limit | 25 million DAI | 40 million DAI | [Poll](https://vote.makerdao.com/polling/QmQN6FX8) |
| WSTETH-A | Local Liquidation Limit | 3 million DAI | 7 million DAI | [Poll](https://vote.makerdao.com/polling/QmQN6FX8) |
#### Offboarding Vaults
The following vaults were offboarded by implementing the following parameter changes:
| Vault | Parameter | Previous | New | Poll |
| :---: | :-------: | :------: | :-: | :--: |
| BAL-A | Liquidation Penalty | N/A | 0% | [Poll](https://vote.makerdao.com/polling/QmcwtUau) |
| BAL-A | Debt Ceiling | N/A | 0 DAI | [Poll](https://vote.makerdao.com/polling/QmcwtUau) |
| BAL-A | Liquidation Ratio | 165% | 2,300% over 30 days using dss-lerp | [Poll](https://vote.makerdao.com/polling/QmcwtUau) |
| COMP-A | Liquidation Penalty | N/A | 0% | [Poll](https://vote.makerdao.com/polling/QmRDeGCn) |
| COMP-A | Debt Ceiling | N/A | 0 DAI | [Poll](https://vote.makerdao.com/polling/QmRDeGCn) |
| COMP-A | Liquidation Ratio | 165% | ,2000% over 30 days using dss-lerp | [Poll](https://vote.makerdao.com/polling/QmRDeGCn) |
| AAVE-A | Liquidation Penalty | N/A | 0% | [Poll](https://vote.makerdao.com/polling/QmPdvqZg) |
| AAVE-A | Debt Ceiling | N/A | 0 DAI | [Poll](https://vote.makerdao.com/polling/QmPdvqZg) |
| AAVE-A | Liquidation Ratio | 165% | 2,100% over 30 days using dss-lerp | [Poll](https://vote.makerdao.com/polling/QmPdvqZg) |
#### Updating dss-lerp Liquidation Ratios
| Vault | Parameter | New | Poll |
| :---: | :-------: | :-: | :--: |
| LRC-A | dss-lerp LR | 24,300% over 30 days | [Poll](https://vote.makerdao.com/executive/template-executive-proposal-onboarding-wbtc-b-increasing-wbtc-a-stability-fee-change-of-covenants-for-p1-drop-offboarding-collaterals-november-19-2021?network=mainnet#proposal-detail) |
| BAT-A | dss-lerp LR | 11,200% over 30 day | [Poll](https://vote.makerdao.com/executive/template-executive-proposal-onboarding-wbtc-b-increasing-wbtc-a-stability-fee-change-of-covenants-for-p1-drop-offboarding-collaterals-november-19-2021?network=mainnet#proposal-detail) |
| ZRX-A | dss-lerp LR | 5,500% over 30 days | [Poll](https://vote.makerdao.com/executive/template-executive-proposal-onboarding-wbtc-b-increasing-wbtc-a-stability-fee-change-of-covenants-for-p1-drop-offboarding-collaterals-november-19-2021?network=mainnet#proposal-detail) |
| UNIV2LINKETH-A | dss-lerp LR | 1,600% over 30 days | [Poll](https://vote.makerdao.com/executive/template-executive-proposal-onboarding-wbtc-b-increasing-wbtc-a-stability-fee-change-of-covenants-for-p1-drop-offboarding-collaterals-november-19-2021?network=mainnet#proposal-detail) |
### Vault Upgrades
The following vaults were onboarding during November:
| Vault | Poll |
| :---: | :--: |
| WBTC-B | [Poll](https://vote.makerdao.com/polling/QmSL1kDq) |
| WBTC-C | [Poll](https://vote.makerdao.com/polling/QmdVYMRo?network=mainnet#poll-detail) |
| PSM-GUSD-A | [Poll](https://vote.makerdao.com/polling/QmayeEjz?network=mainnet) |
### Covenants Changes for P1-DROP
As per [this poll,](https://vote.makerdao.com/polling/Qma62bse) the following covenant changes to P1-DROP (Peoples Company Series 1) occurred:
- Increased maximum acquisition price from $1.5 million to $2.85 million.
- Included Arkansas as a possible state.
### Surplus Buffer Increase
As per the successful outcome of this [governance poll](https://vote.makerdao.com/polling/QmUqfZRv?network=mainnet#poll-detail), the System Surplus Buffer increased from 60 million DAI to 90 million DAI over 30 weeks (1 million DAI per week).
### Aave D3M Debt Ceiling Increase
As per the successful outcome of this [governance poll](https://vote.makerdao.com/polling/QmZhvNu5?network=mainnet), the Aave D3M Maximum Debt Ceiling increased from 50 million DAI to 100 million DAI.
### Community Greenlight Polls
Greenlight Polls allow MKR token holders to signal their preferences for collateral types proposed through [Collateral Onboarding Applications.](https://forum.makerdao.com/c/MIPs/co/17) Community greenlight polls occur at fixed times each governance cycle, starting on the 1st and 3rd Mondays of the month and run for two full weeks.
- There was four community greenlight polls during November, which have passed except for OHM (Olympus DAO):
| Asset | Date Began | Date Ended | Voted Yes | Voted No | Voted Abstain | Prioritization Score |
| :---: | :--------: | :--------: | :-------: | :------: | :-----------: | :------------------: |
| [Monetalis Wholesale SME Green Growth Lending](https://vote.makerdao.com/polling/QmS52AtS?network=mainnet) |November 15 | November 29 | 63,518.39 MKR (78.45%) | 17,444.45 MKR (21.55%) | 0.03 MKR (0.00%) | 1.47 |
| [MD Irradiance LLC](https://vote.makerdao.com/polling/Qmf3G3eu?network=mainnet#poll-detail) | November 1 | November 15 | 42,724.82 MKR (50.31%) | 42,194.63 MKR (49.69%) | 0.00 MKR | -2.40 |
| [SolidBlock Red Frog Digital Coin](https://vote.makerdao.com/polling/QmYGUEFy?network=mainnet) | November 15 | November 29 | 42,799.21 MKR (54.12%) | 34,914.10 MKR (44.15%) | 1,372.54 MKR (1.74%) | -3.39 |
| [Olympus DAO](https://vote.makerdao.com/polling/QmUVQdj5?network=mainnet) | November 1 | November 15 | 39,246.24 MKR (46.22%) | 45,653.17 MKR (53.76%) | 20.04 MKR (0.02%) | -4.31 |
Check the progress of all proposed collateral types in the [Collateral Status Index.](https://forum.makerdao.com/t/collateral-status-index/2231)
## What’s Ahead?
As per [MIP51c4: Calendar Exceptions](https://mips.makerdao.com/mips/details/MIP51#MIP51c4), there will be no Monthly Governance Cycle in December, i.e., no Formal Submission Window and no Ratification Polls. Check out the [Governance schedule](https://forum.makerdao.com/t/governance-over-the-holiday-break-2021-2022/11694) for December and January. Standard coverage is set to resume on January 10th.
Provided there is enough content to warrant one, the last Executive vote of the year will begin on December 10th, with the last Governance and Risk call falling on the 16th. Outside of this Executive, no polls are currently scheduled for the tail-end of the governance cycle.
[ACREinvest](https://forum.makerdao.com/t/acreinvest-delegate-platform/11943) has just announced themselves as a Recognized Delegate. They will present their delegate platform at the [Meet Your Delegate call on December 7th.](https://forum.makerdao.com/t/meet-your-delegate-8/11995) We now have a total of 9 Recognized Delegates and 10 Shadow Delegates.
Governance Communications will soon publish the first monthly Core Unit Updates Review; A ‘one-stop-shop’ to catch up on all Core Unit updates for the month. Next month’s Maker Governance Review will be an Annual Governance Review, covering the entire year of 2021.
That said, be on the lookout for [LexMaker #2 - System of a DAO: A Legal Framework for Decentralized Autonomous Organizations](https://forum.makerdao.com/t/lexmaker-2-system-of-a-dao-a-legal-framework-for-decentralized-autonomous-organizations/11931), hosted by Miles Jennings of a16z, and David Kerr from Cowrie LLC. The two are set to dissect their [published analysis](https://a16z.com/wp-content/uploads/2021/10/DAO-Legal-Framework-Jennings-Kerr10.19.21-Final.pdf) on legal frameworks for DAOs.
*The call is scheduled for December 15th at 4:00 PM UTC.*
Happy Holidays! 🎄
### Resources
[Public Calendar](https://calendar.google.com/calendar/u/0?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20)
*Bookmark or Subscribe to this calendar for Votes and Public Calls.*
[Forum](https://forum.makerdao.com/) and [Maker Chat](https://chat.makerdao.com/)
*Discuss and debate MakerDAO.*
[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 auction data.*
[Governance Portal](https://makerdao.com/en/governance)
*Voting dashboard for MKR voters.*
[Learning Portal](https://www.makerdao.world/) | [Technical Documentation](https://docs.makerdao.com/) | [MIPs Portal](https://mips.makerdao.com/)
*Learn more about the Maker protocol.*
[MIP51: Monthly Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP51/mip51.md) | [MIP16: Weekly Governance Cycle](https://github.com/makerdao/mips/blob/master/MIP16/mip16.md#mip16-the-weekly-governance-cycle)
*Learn more about the Governance activities that occur during the Monthly and Weekly Governance Cycles.*
### Disclaimer
*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.*
### Feedback Survey
**We encourage you to complete our 3-question [feedback survey](https://survey.sogosurvey.com/r/DiUWgh).**
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