---
# System prepended metadata

title: Maker Relay 20
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay 20

![](https://i.imgur.com/qKxUNLv.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

Check out the [Governance Tools Resource](https://community-development.makerdao.com/en/learn/governance/participate) for links to things like; system status, Dai stability, collateral/liquidations, protocol analytics, auctions, and some of the history of governance. 

### This Week

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

| Poll Name | Vote | Discussion |  Unique Voters |
| --------- | ---- | ---------- |  --------- |
| Burning Borrowed, Attacking MKR | [Vote](https://vote.makerdao.com/polling/QmPaNqm4?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-should-the-maker-community-burn-attacking-borrowed-mkr-in-the-event-of-a-governance-attack-leading-to-protocol-redeployment/4903) | 3 |
|Stablecoin Action Plan | [Vote](https://vote.makerdao.com/polling/QmY1vJPs?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-stablecoin-action-plan/4808) | 5 |


### Last Week

[**Executive vote:**](https://vote.makerdao.com/executive/onboard-yfi-and-bal-debt-ceiling-and-stability-fee-adjustments?network=mainnet#proposal-detail) Onboard YFI and BAL, Debt Ceiling and Stability Fee Adjustments

- **Passed** on Nov 8, available for execution Nov 11 22:19 UTC
- **84,889.81 MKR** from **27 unique voters** supported the vote

##### Debt Ceiling Adjustments

| Collateral Type | Adjustment | Winning Option |  Unique Voters |
| --------- | ---- | ---------- |  ------------- |
| USDT-A | 10M to 2.5M | **No** | 1 |
| WBTC-A | 120M to 160M | **Yes** | 7 |
| ETH-A | 540M to 490M | **Yes** | 7 |
| ETH-B | 20M to 10M | **Yes** | 7 |
| MANA-A | 1M to 250K | **No** | 0 |
| LINK-A | 5M to 10M | **Yes** | 7 |


## Updates

### MIPs

 [Weekly MIPS Update #20 (Nov 5)](https://forum.makerdao.com/t/weekly-mips-update-20/5009)

| Inclusion Poll | Vote                                           | Discussion |
| ---------- | --------------------------------------------------- | ---------------- |
| MIP24:Emergency Voting System | [Vote](https://vote.makerdao.com/polling/QmXYH4tV?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip24-emergency-voting-system-replaces-mip-5/4009)  |
| MIP25:Flash Mint Module | [Vote](https://vote.makerdao.com/polling/QmUWfZQo?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip25-flash-mint-module/4400)  |
| MIP27: Debt Ceiling Instant Access Module | [Vote](https://vote.makerdao.com/polling/QmXEbm31?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip27-debt-ceiling-instant-access-module/4625)  |
| MIP28: Operational Support Domain Definition | [Vote](https://vote.makerdao.com/polling/QmaaQiHP?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip28-operational-support-domain-definition/4627)  |
| MIP4c2-SP6: Calendar Exceptions | [Vote](https://vote.makerdao.com/polling/QmdPHdY2?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp6-calendar-exceptions/4546)  |
| MIP13c3-SP6: SourceCred Funding | [Vote](https://vote.makerdao.com/polling/QmYfYpqF?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp6-sourcecred-funding/4545)  |
| MIP28c7-SP1: Operational Support Domain Facilitator Onboarding | [Vote](https://vote.makerdao.com/polling/QmaugQcR?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip28c7-sp1-subproposal-for-operational-support-domain-facilitator-onboarding/4628)  |

Proposals in the Request-For-Comments phase include:

- [MIP17: Weekly Actual Debt Ceiling Adjustments](https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-adjustments/4312)
	- Defines an automated process for weekly Debt Ceiling adjustments
- [MIP26: DssGov - Governance Contract Redesign](https://forum.makerdao.com/t/mip26-dssgov-governance-contract-redesign/4589)
	- Defines DssGov, a contract replacement for DSChief that comes with improved security, usability and functionality for holders of the Maker governance token (MKR)
	
**Sub**-Proposals in the RFC phase include:

- [MIP13c3-SP7: Governance Communications Declaration of Intent](https://forum.makerdao.com/t/mip13c3-sp7-governance-communications-declaration-of-intent/5028)
	- Declaration of intent for creating governance communications Domain. The team likes to call this gov-comms.
- [MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)](https://forum.makerdao.com/t/mip13c3-sp8-maker-protocol-cover-with-nexus-mutual-declaration-of-intent/5056)

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

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

### Smart Contracts

* GSM Pause Delay has been increased to 72 hours, authorization removed from Oracle Freeze Module and Liquidations Circuit Breaker.
	* Domain team is working with the Foundation on a proposal to get those modules back in place.
* [[UNI-V2-USDC-ETH] ERC20 Token Smart Contract Technical Assessment](https://forum.makerdao.com/t/uni-v2-usdc-eth-erc20-token-smart-contract-technical-assessment/5012)
* [[UNI-V2-DAI-ETH] ERC20 Token Smart Contract Technical Assessment](https://forum.makerdao.com/t/uni-v2-dai-eth-erc20-token-smart-contract-technical-assessment/5013)


### Risk

Per the approved MIPs, [6s Capital](https://www.linkedin.com/in/mrabino1) will now go out and deploy the contemplated structures and demonstrate  for community review. 

Relevant Links:
- [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: 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)
- [Forum Update/Discussion](https://forum.makerdao.com/t/implementation-updates-for-real-world-assets-mip21-mip13c3-sp4-for-6s-capital/5059)
- [Next Steps Forum Post](https://forum.makerdao.com/t/next-steps-for-real-world-asset-onboarding-risk-parameters-for-the-recently-accepted-mip21-and-mip13c3-sp4-for-6s-capital/5052)

## Current Events

### New Governance Portal
Recently we introduced the new [governance portal](https://vote.makerdao.com/) and shared one of the new features like Mobile Wallet Deep Linking and Executive Hard Hat. This week, Josh Levine, highlights another awesome feature, On-Chain effects.

#### On-Chain Effects
Proposals can be complex –  stability fees, dust limits, debt ceilings, DSR, etc, are liable to all be changed within a single proposal. Because of that, it hasn’t always been easy to audit what changes have resulted from past proposals and what changes would result if new proposals were to pass. The On-Chain effects tab shows the precise smart contract state changes that, if already passed, resulted from the proposals execution, and if not already passed, would result from it passing.


A community member, [Destiner](https://github.com/Destiner), created [Catflip](https://catflip.co/maker/) with a “changelog” that showed past proposals and what they changed. His project laid some of the conceptual groundwork for this feature.

Demo: https://i.imgur.com/BQHHYCM.mp4 
[Docs](https://observablehq.com/@jparklev/maker-spell-tracing)

## State of the Peg

![Peg](https://i.imgur.com/ucE3FLu.png)

- DAI **still** hovering at 1.01 with periodic dips below. 

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

- 352 million from ETH A 1.1 million ETH B
- 2.8 million from BAT
- 407 million from USDC-A
- 106 million from WBTC
- 56 Million from TUSD
- 21 million from PAX-A
- 4.9 million from LINK at the ceiling
- Other vault types totaling: 1.1 million (with LRC comprising 552 K).

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

![](https://i.imgur.com/aRE7JYT.png)

![VWAP](https://i.imgur.com/K899pbg.png)

- Volume at around $236 million this last week. 
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.01.

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

- ETH vaults collateralization is significantly above 200% with the biggest vaults at 210 or 280% collateralized.

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

![](https://i.imgur.com/NcoRyH7.png)

- 30 million Dai Liquidation Wall sits at $319 ETH. However, with just a $3 ETH price drop, Dai liquidated jumps to 100 million. This risk is worth repeating, especially with ETH price moving from 379-454 in just two days.
- Other volatile asset types all have above 200% collateralization ratios.
- Several collateral types (BAT, COMP, KNC, LINK, MANA, ZRX) follow a "one large vault" trend. :whale: :whale2: 

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

## Community

### Articles

- [Dai Experiences 623% Growth in Q3](https://www.altcoinbuzz.io/cryptocurrency-news/product-release/dai-experiences-623-growth-in-q3/)
	- *AltcoinBuzz outlines the historic growth of stablecoins and MakerDAO specifically in Q3.*
- [Here's What October's Busist ERC-20 Dapps have been working on](https://insights.santiment.net/read/here%27s-what-october%27s-busiest-erc-20-dapps-have-been-working-on-%F0%9F%8F%97%EF%B8%8F-6092)
	- *Sanbase Insights lists the top 10 ERC-20 projects with highest-recroded developer activity. MakerDAO falls in at #5 at time of posting.*
- [When ETH 2.0 is released, what happens to ETH locked in a CDP?](https://www.reddit.com/r/MakerDAO/comments/joxibb/when_eth_20_is_released_what_happens_to_eth/)
	- *Reddit user [@T_Peters](https://www.reddit.com/user/T_Peters/) asks about ETH 2.0 effects, post-transition. [@cryptOwOcurrency](https://www.reddit.com/user/cryptOwOcurrency/) responded with an analogy/explanation.*

### Videos
- [MakerDAO Community Call Replay: Flash Loan Incident and Governance Upgrades with Kurt Barry](https://www.youtube.com/watch?v=F8vyOhIaF2s)
    - David and Kurt discuss flash loan incident and what the community is moving to implement as an interim solution.
- [FriDAI Brunch #6 Replay](https://www.crowdcast.io/e/fridai-brunch-6)
    - Shefali Roy, Griff Green, Jennifer Senhaji, and Maggie Love highlighted the success & achievements of many female friends working in the space and shared advice to encourage & inspire new entrants.

### Maker Forum Deep Dai-ve

- [MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)](https://forum.makerdao.com/t/mip13c3-sp8-maker-protocol-cover-with-nexus-mutual-declaration-of-intent/5056)
    - *[@Hugh_Karp](https://forum.makerdao.com/u/Hugh_Karp) posted the declaration of intent on the forum for review and comments.*
- [Governance-forget about whales](https://forum.makerdao.com/t/governance-forget-about-whales/4995)
	- *[@Planet_X](https://forum.makerdao.com/u/Planet_X) outlines the reasons everyones vote counts with the MKR protocol.*
- [DAI Holder Snapshot Polls](https://forum.makerdao.com/t/just-for-fun-dai-holder-snapshot-polls/5043)
	- *[@monet-supply](https://forum.makerdao.com/u/monet-supply) added some active polls to the [Snapshot voting portal](https://snapshot.page/#/dai) to play with Dai voting*

### Tweet of the Week

https://twitter.com/martinshibuya/status/1324471826731466754

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC |  6PM CET | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-19)

#### 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-15-wednesday-november-11-18-00-utc/4983/) for Wednesday, Nov 11 18:00 UTC | 1 PM EST  
    - Budd White from [Paperchain](https://forum.makerdao.com/t/pc-drop-mip6-application-paperchain-drop-tokenized-music-streaming-invoices/2215) will be joining us to explain what they do and how this could work with Maker.

#### 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-118-thursday-november-12-16-00-utc/5008) | [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

- Nov 10: [Decentralised finance and the future of banking (PwC Switzerland)](https://www.linkedin.com/events/decentralisedfinanceandthefutur6730114014384291840/)
- Nov 11: [Futurist 2020](https://www.futuristconference.com/)
- Nov 11: [BGA Game Demo Day](https://youtu.be/v24A5qNAuEQ)
- Nov 12: [Fintech Career Incubator: All About FinTech Panel](https://www.youtube.com/watch?v=wzANo4OdIH0)
- Nov 16: [2020 Global Blockchain Policy Forum](https://oecd-events.org/blockchainforum)

### Hackathons

- Nov 27: [DeFi Madrid hackathon](https://defi.madrid/)

## 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/)

Check our [Governance Tools Resource](https://community-development.makerdao.com/en/learn/governance/participate) for links to things like; system status, Dai stability, collateral/liquidations, protocol analytics, auctions, and some of the history of governance. 

### 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.*