---
# System prepended metadata

title: Maker Relay 19
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay 19

![](https://i.imgur.com/tnFiC3e.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 MakerDAO. 

## Votes

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

### Executive Vote

[Mitigating Flash Loan Risk (currently has *98,654.35 MKR in support*):](https://vote.makerdao.com/executive/mitigating-flash-loan-risk?network=mainnet#proposal-detail)
*If this passes the following will occur:*

* The GSM Pause Delay will be increased from 12 hours to 72 hours.
	* As per this [forum thread](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901), this change is being proposed in order to allow governance sufficient time to react to a governance attack on the Maker Protocol.
* The Oracle Freeze Module will be deauthorized.
	* As per this [forum thread](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901), this change is being proposed in order to prevent the freezing of the Oracle price feed by an attacker using flash loans. This change will also prevent Maker Governance from freezing the oracle price feed without waiting for the GSM Pause Delay of 72 hours.
* The Liquidations Circuit Breaker will be deauthorized.
	* As per this [forum thread](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901), this change is being proposed in order to prevent the freezing or unfreezing of vault liquidations by an attacker using flash loans. This change will also prevent Maker Governance from freezing or unfreezing liquidations without waiting for the GSM Pause Delay of 72 hours.


### Governance Polls

*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 |
| --------- | ---- | ---------- |
| Stablecoin Action Plan | [Vote](https://vote.makerdao.com/polling/QmQed3Ca?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-stablecoin-action-plan/4808) |
|Stability Fee Adjustment | [Vote](https://vote.makerdao.com/polling/QmT49dVf?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/rates-changes-proposal-26-oct-2020/4877) | 

#### Debt Ceiling Adjustments 

These polls will close on *11/5/2020 at 4 pm* UTC

| Collateral | Adjustment Amount | More Info | Vote |
| ---------- | ------------------ | ---------------- | -----|
| ETH-A       | 540M to 490M | [Signal Request](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-29th-oct-2020/4931) | [Vote](https://vote.makerdao.com/polling/QmUzF4Bn?network=mainnet#poll-detail) |
| ETH-B       | 20M to 10M | [Signal Request](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-29th-oct-2020/4931) | [Vote](https://vote.makerdao.com/polling/QmcvY5Pg?network=mainnet#poll-detail) |
| LINK-A      | 5M to 10M | [Signal Request](https://forum.makerdao.com/t/signal-request-increase-the-link-a-debt-ceiling/4863) | [Vote](https://vote.makerdao.com/polling/QmcoNR3P?network=mainnet#poll-detail) |
| MANA-A      | 1M to 250K | [Signal Request](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-29th-oct-2020/4931) | [Vote](https://vote.makerdao.com/polling/QmaiL9Xq?network=mainnet#poll-detail) |
| USDT-A      | 10M to 2.5M | [Signal Request](https://forum.makerdao.com/t/signal-request-delist-usdt-as-a-collateral-asset/4853) | [Vote](https://vote.makerdao.com/polling/QmQqKcmB?network=mainnet#poll-detail) |
| WBTC-A      | 120M to 160M | [Signal Request](https://forum.makerdao.com/t/signal-request-raise-the-wbtc-debt-ceiling/4861) | [Vote](https://vote.makerdao.com/polling/QmPdY9Rb?network=mainnet#poll-detail) |


### Last Week

**Oct 2020 *Governance Bundle*** was **Approved** on Oct 27th at 16:52 UTC with *106,198.96 MKR*
Included:

| MIP Within Governance Bundle  | Discussion |
| ---------- | ---------- |
| [MIP14 - Protocol Dai Transfer](https://github.com/makerdao/mips/blob/formal-submission/MIP14/mip14.md) | [Discussion](https://forum.makerdao.com/t/mip14-protocol-dai-transfer/2462) |
| [MIP20 - Target Price Adjustment Module (Vox)](https://github.com/makerdao/mips/blob/formal-submission/MIP20/mip20.md) | [Discussion](https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196) |
| [MIP21 - Real World Assets - Off-Chain Asset Backed Lender](https://github.com/makerdao/mips/blob/formal-submission/MIP21/MIP21.md) | [Discussion](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917) |
| [MIP22 - Centrifuge Direct Liquidation Module](https://github.com/makerdao/mips/blob/formal-submission/MIP22/mip22.md) | [Discussion](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930) |
| [MIP23 - Domain Structure and Roles](https://github.com/makerdao/mips/blob/formal-submission/MIP23/mip23.md) | [Discussion](https://forum.makerdao.com/t/mip23-domain-structure-and-roles/4021) |
| [MIP13c3-SP3 - Declaration of Intent - Strategic Reserves Fund](https://github.com/makerdao/mips/blob/formal-submission/MIP13/MIP13c3-Subproposals/MIP13c3-SP3.md) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp3-declaration-of-intent-strategic-reserves-fund-srf/3765) |
| [MIP13c3-SP4 - Declaration of Intent & Commercial Points - Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan](https://github.com/makerdao/mips/blob/formal-submission/MIP13/MIP13c3-Subproposals/MIP13c3-SP4.md) | [Discussion](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) |
| [MIP13c3-SP5 - Declaration of Intent: Maker to commence onboarding work of Centrifuge based Collateral](https://github.com/makerdao/mips/blob/formal-submission/MIP13/MIP13c3-Subproposals/MIP13c3-SP5.md) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp5-declaration-of-intent-maker-to-commence-onboarding-work-of-centrifuge-based-collateral/4059) |

**Community Greenlight Polls** that *Passed*.

- yUSD (yyCRV)
- UNI-V2-USDT-ETH (Uniswap USDT-WETH liquidity tokens)
- UNI-V2-WBTC-ETH (Uniswap WBTC-WETH liquidity tokens)
- UNI (Uniswap)
- KF-DROP (Kickfurther DROP)
- CRO (Crypto.com Coin)
- cUSDC (Compound USDC)
- aUSDC (Aave USDC)

**Community Greenlight Polls** that *did not Pass*

- OST-1 (UPRETS Oosten Fund 1 LP)
- OMG (OMG Network)
- CRV (Curve DAO Token)


### Signal Requests

[Should the Maker Community burn attacking borrowed MKR in the event of a governance attack leading to protocol redeployment?](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)
This signal is to disincentivise large MKR Holders from providing MKR Liquidity on Lending Platforms and AMM Platforms until such a time as the Maker Governance contracts can be replaced with versions that cannot be attacked using flash loans.

[Increase the Auction Surplus Buffer by 2m (System Surplus)](https://forum.makerdao.com/t/signal-request-increase-the-auction-surplus-buffer-by-2m-system-surplus-october-2020/4716)
Proposing a 2M increase of the Surplus Buffer.

## Updates

### MIPs

 [Weekly MIPS Update #19 (Oct 29th)](https://forum.makerdao.com/t/weekly-mips-update-19/4935)

#### MIPs put forth for formal submission:

- [MIP28: Operational Support Domain Definition](https://forum.makerdao.com/t/mip28-operational-support-domain-definition/4627)

#### Sub-proposals put forth for formal submission:

- [MIP13c3-SP6: SourceCred Funding 1](https://forum.makerdao.com/t/mip13c3-sp6-sourcecred-funding/4545)
- [MIP28c7-SP1: Subproposal for Operational Support Domain Facilitator Onboarding](https://forum.makerdao.com/t/mip28c7-sp1-subproposal-for-operational-support-domain-facilitator-onboarding/4628)

#### Proposals in the Request-For-Comments (RFC) phase include:

- [MIP17: Weekly Actual Debt Ceiling Adjustments](https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-adjustments/4312)
- [MIP24: Emergency Response](https://forum.makerdao.com/t/mip24-emergency-voting-system-replaces-mip-5/4009)
	- The proposal was recently updated by [@DavidUtro](https://forum.makerdao.com/u/davidutro/summary), as he joins as the official proposal’s Author.
- [MIP26: DssGov - Governance Contract Redesign](https://forum.makerdao.com/t/mip26-dssgov-governance-contract-redesign/4589)
- [MIP27: Debt Ceiling Instant Access Module](https://forum.makerdao.com/t/mip27-debt-ceiling-instant-access-module/4625)

#### Sub-proposals in the RFC phase include:

- [MIP4c2-SP6: Calendar Exceptions](https://forum.makerdao.com/t/mip4c2-sp6-calendar-exceptions/4546)

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

- YFI, BAL delayed to next week due to flash loan mitigation taking priority.
- Plan to assess UNI-LP tokens, renBTC, check out the prioritization framework.
- There’s a read only rocket-channel for collateral onboarding [#collateral-onboarding-updates-ext](https://chat.makerdao.com/channel/collateral-onboarding-updates-ext), anyone can join to get updates, pipeline announcements, and more.

### Oracles

- Deployed BAL and YFI oracles.
- Assessments for PAXG, AAVE, and GUSD ready to go.
- Focusing on LP token oracles.

### Risk

- Ongoing work on renBTC, started to focus on UNI-LP tokens.
- Rate changes: rate working group proposed a change to lower ETH-B Stability Fee from 6% to 4%
- Signal on stablecoins ended today with Option 3 - Migrate Users to a new Vault Type and has proceeded to a governance vote.


## Current Events

### New Governance Portal

Last week we introduced the new [governance portal](https://vote.makerdao.com/) and shared one of the new features, Mobile Wallet Deep Linking. We'll be highlighting an awesome new feature every week.

#### Executive Hard Hat

The way executive governance currently works, a proposal simply needs more MKR than the current “hat” proposal (usually the most recent proposal to be executed) to pass. The danger comes when too many voters move from the current hat to a new proposal because that lowers the amount of MKR needed to pass something potentially malicious. To guard against this, the new gov portal has a “hard hat” checkbox that allows voters to vote for both the hat and the new proposal at the same time. This helps keep the threshold needed to pass something from getting too low and protects the system.

https://i.imgur.com/gq12qMh.mp4

### Flash Loans

[Flash Loans and securing the Maker Protocol](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901) forum post led to an executive vote, [here](https://vote.makerdao.com/executive/mitigating-flash-loan-risk?network=mainnet#proposal-detail). 
- [Reacting to the October 23rd Executive](https://forum.makerdao.com/t/reacting-to-the-october-23rd-executive/4961)
- [[Urgent] Flash Loans and securing the Maker Protocol](https://forum.makerdao.com/t/urgent-flash-loans-and-securing-the-maker-protocol/4901)

#### More Information

[B Protocols Twitter Response](https://twitter.com/bprotocoleth/status/1321726575486914565)
[Medium Article: How to turn $20M into $340M in 15 seconds](https://medium.com/coinmonks/how-to-turn-20m-into-340m-in-15-seconds-48d161a42311)

### Securing Maker Protocol with Nexus Mutual

[@Hugh_Karp](https://forum.makerdao.com/u/Hugh_Karp) presented how [MakerDAO can benefit from Nexus Mutual.](https://youtu.be/0v3E_kpLxFg?t=3066) | [Forum Thread with more details.](https://forum.makerdao.com/t/makerdao-protocol-cover-using-nexus-mutual/4761)


## State of the Peg

![Peg](https://i.imgur.com/q3zw4tg.png)

- DAI peg dipping below 1.01 repeatedly, again, with the majority of larger trades on Uniswap.

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

- 950 million Dai out in the wild.
- USDC-A still leading with 405 million.
- 345 million from ETH-A and 457K from ETH-B.
- ~ 3.3 million from BAT.
- Other vault types (KNC, ZRX, MANA, USDT, COMP, LRC) topping one million again.

![](https://i.imgur.com/VghP4BO.png)

- WBTC crossed the 9 figure mark to ~106 million.
- TUSD at 56 million.

![](https://i.imgur.com/4guLQLf.png)

- PAX-A to 23 million.

![](https://i.imgur.com/bf3hBF0.png)

- LRC staying steady
- The link marines have hit 98% utilization on 4.8 million dai from LINK. There is a vote to increase the Debt Ceiling.

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

- Volume at around $145 million this last week. 
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.01. 

*Major shout out to @vishesh for overhauling Makervaults.descipher. Where there are 10 collateralization buckets, a smoother liquidation price graph, and all the collateral types. This update helps dig into smaller collateral types.*

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

- The largest amount of ETH vault's collateralization at 180%.

![](https://i.imgur.com/Y6EDC0o.png)

- Second largest at 280% due to the two largest vaults outstanding (~ 64 million in debt). 

![](https://i.imgur.com/UGY9go4.png)

- Between $320 and $318 ETH the liquidation wall looks like waves from planets in Interstellar.
    
![](https://i.imgur.com/howI1EM.png)

- The new look to Descipher really sheds some light on WBTC where the majority of debt is "safely" sitting at 190% collateralized.

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

## Community

### Articles

- [Web3 and Blockchain Tech Edu Is the Focus of Maker’s FriDAI Brunch Series](https://blog.makerdao.com/web3-and-blockchain-tech-edu-is-the-focus-of-makers-fridai-brunch-series/)
    - *Maria Magenes, Maker’s Community Lead for Europe and Africa, started FriDAI Brunch, a monthly virtual meetup series to learn and discuss various topics in DeFi. She's hosted 5 meet ups so far, join her this Friday at 3PM CEST | 8AM EST.*
- [MakerDAO Partners with FirstBlood Technologies Competitive Gaming Platform](https://www.gamasutra.com/view/pressreleases/372950/MakerDAO_Partners_with_FirstBlood_Technologies_Competitive_Gaming_Platform.php)
	- *FirstBlood Technologies, a competitives gaming platform, is partnering with MakerDAO to bring decentralized stablecoin integration to the FirstBlood platform.*
- [Ethereum Classic Labs and ChainSafe Systems Announce DAI-ETC Bridge, Integrating Dai to Expand DeFi on Ethereum Classic](https://www.prweb.com/releases/ethereum_classic_labs_and_chainsafe_systems_announce_dai_etc_bridge_integrating_dai_to_expand_defi_on_ethereum_classic/prweb17505446.htm)
	- *Ethereum Classic Labs and ChainSafe systems announced the luanch of a new bridge between ETH and ETC, which included a focus on bridging Dai to ETC.*

### Maker Forum Deep Dai-ve

- [MakerDAO Protocol Cover using Nexus Mutual](https://forum.makerdao.com/t/makerdao-protocol-cover-using-nexus-mutual/4761)
    - *This on-going discussion is covering pros and cons of utilizing Nexus Mutual to transfer risk (using a buffer for MKR minting, allow more collateral types, and provide buffer funds in emergency shutdown situation). Get yourself caught up if you haven't heard about this already and add some input, yourself!*
    
- [[Discussion & Poll] Are High Fidelity Summaries of Governance Calls Useful? would you vote to fund them?](https://forum.makerdao.com/t/discussion-are-high-fidelity-summaries-of-governance-calls-useful-would-you-vote-to-fund-them/4927)
	- *A discussion to gauge the community’s thoughts towards a program to produce high fidelity summaries of the Thursday Governance and Risk Calls.*
	
- [Put Options to hedge liquidation risk?](https://forum.makerdao.com/t/put-options-to-hedge-liquidation-risk/4959)
	- *[@Tempted](https://forum.makerdao.com/u/Tempted) begins a discussion about selling put options through Maker to insure/protect against CDP liquidation risk.*

### Twitter

https://twitter.com/RyanWatkins_/status/1323318971635015681

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays at 16:00 UTC | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-18)

#### 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)
    - [ConsolFreight](https://www.youtube.com/watch?v=gr2irePbjVI) and Curve Finance presented on the collateral onboarding call last week. 

#### 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-117-thursday-november-5-16-00-utc/4929) | [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://forum.makerdao.com/c/governance/gnr/8) | [Contributing](https://chat.makerdao.com/channel/gov-call-summaries)

### Community Events
- Nov 5: [Decentralised Finance or Decentralised Con?](https://sussblockchain.com/decentralised-finance-or-decentralised-con/)
- Nov 6: [FriDAI Brunch #6 - Stories from the blockchain glass ceiling](https://www.crowdcast.io/e/fridai-brunch-6/)
- Nov 11: [Futurist 2020](https://www.futuristconference.com/)
- Nov 11: [Blockchain Game Alliance Demo Day](https://www.youtube.com/watch?v=v24A5qNAuEQ&feature=youtu.be)
- Nov 12: [Fintech Career Incubator: All About FinTech Panel](https://www.youtube.com/watch?v=wzANo4OdIH0)


#### Community Highlights 
- [Claim your POAP NFTs for your Etereum wallet](https://bit.ly/37SKKzu) for community members proof of attendance 
    - Have you made any contributions to MakerDAO during Q3.2020? Let us share a POAP with you!


## Reference Links

Discuss and debate Maker governance in the [Forum](https://forum.makerdao.com/) 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.*