---
# System prepended metadata

title: 'Maker Relay #60'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #60

![](https://i.imgur.com/TR4vK90.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

### Vote Delegation Ramps Up, Compensation Proposed

MKR holders began delegating their MKR to MakerDAO's Recognised and Shadow delegates over the past couple of weeks. More than 60,000 MKR tokens have now been delegated.

- Recognized Delegate [@twblack88](https://forum.makerdao.com/u/twblack88/summary) made an [informal poll](https://forum.makerdao.com/t/delegate-compensation-informal-poll/10042) to explore issues around compensation for Recognised and/or Shadow delegates by inquiring about time commitments, whether compensation is appropriate, how much compensation is appropriate, and which delegates should receive compensation. 
- [@Spidomo](https://forum.makerdao.com/u/spidomo/summary) questions whether compensating delegates would result in scrutiny from regulators by creating a [separate poll](https://forum.makerdao.com/t/informal-poll-potential-issue-with-protocol-paid-delegates/10061).
- [@Makerman](https://forum.makerdao.com/u/makerman/summary) suggests [improvements to MakerDAO's](https://forum.makerdao.com/t/suggested-changes-to-maker-delegation-system/10066) vote delegation system.

### Introducing the PAX Peg Stability Module (PSM)

Last week's [executive vote](https://vote.makerdao.com/executive/template-executive-vote-vault-onboarding-6s-updates-and-reducing-vault-liquidation-ratios-august-20-2021?network=mainnet#proposal-detail) has successfully passed and onboarded the [PSM-PAX-A Vault](https://forum.makerdao.com/t/create-a-pax-psm/9683) on Friday, August 27, 2021.
 
- This vault will allow users to swap DAI for PAX tokens and visa versa, which gives people a chance to take advantage of arbitrage opportunities and help Dai maintain its peg.

### Assessing Real-World Asset (RWA) Structure

- [@christiancdpetersen](https://forum.makerdao.com/u/christiancdpetersen/summary) posted a [comparison of RWA Legal Structures.](https://forum.makerdao.com/t/real-world-asset-legal-structures-a-comparison/9877) 
- [@SebVentures](https://forum.makerdao.com/u/sebventures/summary) posted an audit of New Silver, including a [road-map for the improvement of on-chain securitization.](https://forum.makerdao.com/t/discussion-proposed-reform-of-makers-rwa-program-decentralize-and-de-risk-the-process/10002)
- [@PaperImperium](https://forum.makerdao.com/u/paperimperium/summary) has posted a proposal to [reform MakerDAO's Real-World Asset program.](https://forum.makerdao.com/t/on-chain-securitization-roadmap-new-silver-audit/9937) This proposal ultimately suggests splitting the Real-World Finance Core Unit into two separate Core Units, geared towards business function and risk analysis. 

## State of DAI

![Peg](https://i.imgur.com/4WL6vq3.png)

- DAI peg is solid (as it has been for months). There's some frothiness on the 26th, but the peg snapped back quickly.

![Dai Supply](https://i.imgur.com/G1TeN7z.png)

- Dai's supply is still above six billion with 12.3 billion TVL.
- Also notable: USDC is at 58.8% of DAI generated.

![Net Mint/Burn](https://i.imgur.com/si91jFD.png)

- 51 million in net mints over the week.

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

- Volume at $1.77 billion this last week. 
- DODO crept into the mix of top exchanges.

![DODO is maybe wrong](https://i.imgur.com/MkuiEB5.png)

- Diving in, the books look a little thin; we can give those numbers a haircut.

![Curve one month](https://i.imgur.com/oPSGqrQ.png) 

- Curve's one month has DAI at 17% of the trading volume.

![](https://i.imgur.com/5HdAg8R.png) 

- Polygon is the most active L2 for DAI.

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

![](https://i.imgur.com/3XGb6xb.png) 

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

- PSM USDC 3.36 billion
  - ETH-A 1.54 billion
  - WBTC 243.73 million 
  - ETH-C 241.11 million
  - USDC-A 238.82 million
  - ETH-B 76.92 million
  - PAX 67.33 million
  - UniV2DaiUSDC 50 million
  - LINK 40.61 million
  - UniV2DaiEth 28.1 million
  - TUSD 26.55 million
  - YFI 13.34 million
  - UNI 10.96 million
  - UniV2WBTCEth 10.24 million
  - UniV2UniEth 10 million
  - NSDROP 6.61 Million
  - UniV2UsdcEth 4.76 million
  - GUSD 4.36 million
  - renBTC 3.6 million
  - ZRX 2.61 million
  - BAT 2.32 million
  - AAVE 1.86 million
  - MANA 1.51 million
- Other vaults below 500K (LRC, BAL, KNC, USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.01 million.

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

- ETH-A vault stats are up, with the median debt up slightly.

![Debt outstanding](https://i.imgur.com/tCGEBOt.png)

- Debt outstanding continues to grow on ETH-A

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

- Liquidation Walls start hitting hundreds of millions in a hypothetical price drop of 25%.
    
![ETH-A buckets](https://i.imgur.com/KxNJAzZ.png)

- ETH-A buckets are the highest collateralized at 190%.

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update 51#](https://forum.makerdao.com/t/weekly-mips-update-51/10079)

We're currently going through a gap week; there are no significant Governance events planned for this week.

### Active Executive Votes

*There is no active executive vote for this week.*

### Active Governance Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | -----------|
| Lower the Flash Mint Fee (toll) to 0% | [Vote](https://vote.makerdao.com/polling/QmPvcF8K) | [Discussion](https://forum.makerdao.com/t/signal-request-lower-the-flash-mint-fee-to-0/9847) |
| Add RWA007 (SolarX) as a new RWA Vault Type | [Vote](https://vote.makerdao.com/polling/QmNfzNPY) | [Application](https://forum.makerdao.com/t/solarx-mip6-application-uprets-solarx-industrial-real-estate-backed-loans/6718), [RWF Evaluation](https://forum.makerdao.com/t/solar-x-collateral-onboarding-risk-assessment/9977), [PE Evaluation](https://forum.makerdao.com/t/rwa007-solarx-mip21-token-protocol-engineering-domain-team-assessment/10016), [Oracles Evaluation](https://forum.makerdao.com/t/rwa-007-solarx-collateral-onboarding-oracle-assessment-mip10c3-sp40/10070) |

### Community Greenlight Polls

*There is no community greenlight polls for this week.*

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

### Active Signal Requests

[[Signal Request] Nexo Institutional Vault](https://forum.makerdao.com/t/signal-request-nexo-institutional-vault/10046) - @Nadia requests feedback from the community on the [Nexo Institutional Vault](https://forum.makerdao.com/t/institutional-and-long-term-vaults-proposal/9586) and it's [terms](https://forum.makerdao.com/t/institutional-and-long-term-vaults-proposal/9586#institutional-vaults-5). This Institutional Vault offering comes as a response to the newly originated working group created by the Growth, Risk, Protocol Engineering, Real World Finance Core Units, and Nexo.

### Last Week

[Vault Onboarding, 6s Updates, and Reducing Vault Liquidation Ratios - August 20, 2021](https://vote.makerdao.com/executive/template-executive-vote-vault-onboarding-6s-updates-and-reducing-vault-liquidation-ratios-august-20-2021?network=mainnet#proposal-detail)
This executive proposal passed, and the following changes occurred:
- [Debt Ceiling](https://makerdao.world/en/learn/governance/param-debt-ceiling) for 6s Capital (RWA-001) will be increased from 1,000 DAI to 15 million DAI and the Broker-Dealer address updated.
- MATIC (Polygon) will be onboarded as the vault type MATIC-A with the following parameters detailed in this [poll.](https://vote.makerdao.com/polling/QmeRhDHX?network=mainnet#poll-detail)
- PSM-USDC-A Fee-In (tin) will be increased from 0.1% to 0.2%.
- PAX Peg Stability Module will be onboarded as the vault type PSM-PAX-A with the following parameters:
    - Fee In (`tin`): 0.1%.
    - Fee Out (`tout`): 0%.
    - Debt Ceiling (`line`): 50 million DAI.
- The following Liquidation Ratios were decreased:

|VAULT TYPE|CURRENT LR|PROPOSED LR|LR DIFFERENCE|
|---|---|---|---|
|ETH-A|150%|145%|-5%|
|WBTC-A|150%|145%|-5%|
|ETH-C|175%|170%|-5%|
|UNIV2DAIETH-A|125%|120%|-5%|
|UNIV2WBTCETH-A|150%|145%|-5%|
|UNIV2UNIETH-A|165%|160%|-5%|
|UNIV2USDCETH-A|125%|120%|-5%|
|UNIV2WBTCDAI-A|125%|120%|-5%|
|YFI-A|175%|165%|-10%|
|LINK-A|175%|165%|-10%|
|RENBTC-A|175%|165%|-10%|
|UNI-A|175%|165%|-10%|
|AAVE-A|175%|165%|-10%|
|BAL-A|175%|165%|-10%|
|COMP-A|175%|165%|-10%|

## 🤿 Community Deep Dai-ve

### Tweet of the Week

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Looked into <a href="https://twitter.com/MakerDAO?ref_src=twsrc%5Etfw">@MakerDAO</a> oracles gas costs. The currently running oracles have spent $30.69M on gas so far, with the top 14 feeds paying $1.93-2.14M each. This cost is something to take into consideration for off-boarding the unprofitable collaterals. <a href="https://t.co/ozzukGEKRl">pic.twitter.com/ozzukGEKRl</a></p>&mdash; banteg (@bantg) <a href="https://twitter.com/bantg/status/1431593857423118342?ref_src=twsrc%5Etfw">August 28, 2021</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

### Forum Insight 

- [[Informal Poll] Brand Research Results + Seeking Opinions on New Messaging](https://forum.makerdao.com/t/informal-poll-brand-research-results-seeking-opinions-on-new-messaging/10020)
  - *[@JerryAG](https://forum.makerdao.com/u/JerryAG/summary) released a follow-up poll that aggregated responses to better gauge the approach the DAO would like to take based on their initial poll asking what the community felt would improve the DAO's brand messaging.*

- [Mindmapping MakerDAO Discussions](https://forum.makerdao.com/t/mindmapping-makerdao-discussions/10023)
    - *[@Derek](https://forum.makerdao.com/u/derek/summary) of the PE Core Unit provides a visualization of the DAOs most discussed topics.*

_[Check out the latest Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance)_ | _[Video Version](https://www.youtube.com/watch?v=Xk_8uGZxIN8)_

### Articles

- [Utopia Launches DAI-Backed Anonymous USD Stablecoin](https://techstory.in/utopia-peer-to-peer-launches-dai-backed-anonymous-usd-stablecoin/)
    - *Utopia USD (UUSD) is a stablecoin native to the Utopia chain that's backed 1:1 with DAI. The token's principal feature is anonymity, as "every transaction is private and no metadata is visible.*

- [Vaults Can Store Your Cryptocurrency, but Are They Safe?](https://marketrealist.com/p/are-crypto-vaults-safe/)
    - *An article discussing the use and security of vaults in DeFi. The author uses the Coinbase vault (...LOL) and MakerDAO as examples of vaults containing security mechanisms.*

## 📋 Team Updates

### GovAlpha

[GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-08-26/10034)

- LongForWisdom was vacation, so [everything is fine](https://i.imgur.com/7udD8y2.jpg)
- Posted the [Quarterly Review for Q2 2021](https://forum.makerdao.com/t/govalpha-quarterly-review-q2-2021/9228).
- Synced up with DUX to go over how GovAlpha uses the Voter Portal and what tools and additions could help GovAlpha
- Sebix is working on the forum organization task, classifying the many tags and finding new Discourse Plug-ins to make finding information more accessible.
- Delegation is showing up strong this week, with 2 Executives passed and over 55k MKR delegated to our Recognized Delegates.

### Protocol Engineering

- GUNI Oracle:
    - Joined by the Gelato team, we added tests and are now ready for the next executive, which will target a DC of 1-3M.
- Staked ETH:
    - PE work here is done - targeting mid/end of September to align with the Oracles sprint.
- Related to StakedETH is the stETH/ETH Curve Pool:
    - Had a conversation with Nik/Sam discussing using CropJoin to integrate with such a pool. Keep an eye out for that one!
- Aave D3M:
    - Aave team completed their review.
    - We have one outstanding PR waiting to merge.
    - We'd like to get a formal audit. Therefore, we're talking to auditors about timing.
- Collateral Assessment
    - SolarX.
    - DssCharter.
    - Published the Formal MIP submission supporting Institutional Vaults.
    - Had many conversations about fixed-rate solutions, which we'll be taking some time to review as alternative options.
    - Deco, Akiva, and Sense.
- Layer2 work:
    - Arbitrum.
    - We did a high-level review with the team.
    - We had a call with Arbitrum and are doing a deeper dive.
- Optimism:
    - No updates on the Optimism front as we're gearing up for the Arbitrum launch.
- Other News:
    - PAX Token Name changed from PAXUSD to USDP.
    - PAX-PSM-A will remain unless we create a new `ILK.`

### Oracles

- New Balancer pool for stETH and ETH provides another place to query staked ETH price, not just one.
    Adding the LP token for stETH and ETH in Curve would align well with `Cropjoin.` Since `Cropjoin` hasn't been utilized, this may be an opportunity to maximize rewards on stETH, curve, and LIDO rewards.
- Core unit internal discussions: products and expansion. 
    - Primary focus is other L1s and L2's. We are evaluating things like Optimism, Arbitrum, and some L1s like Solana Avax, etc. 
    - Anything EVM compatible is relatively easier. Non-EVM compatible requires contractors or teams to port oracle contracts over—plenty of collaboration opportunities.
- Another discussion: Bridges. 
    - Optimism fast Dai withdrawal requires an oracle. 
    - Potential to create a standard for router contracts on every chain that works like message handlers. It's many to many compatible.
    - Since it looks to be a cross-chain world, bridges will be a great product. Additionally, the economics are better since you don't have to push prices continuously. Charging margin on transaction costs is locked in profit.

### Risk

- [Vault protection analysis](https://forum.makerdao.com/t/maker-vault-liquidation-protection-analysis/10026) posted today:
    - Plan is to track these metrics in time, automated dashboards.
    - Combine these metrics with vault's DAI borrowed utilization data we started collecting.
    - Short to Midterm goal: assign risk scores to Maker's vault owners and track scores in real-time.
- Polygon 100m treasury loan offer with terms included sent to Polygon team, awaiting feedback.
- Plan to create a framework for institutional and treasury types of permissioned loans.
- Proceeding with Nexo institutional vault risk evaluation, but first awaiting feedback from the community on loan terms.
- KNC-A offboarding parameters are coming soon.
- Post following on final timeline and steps regarding other collateral offboarding.

### Real-World Finance

- Matt Robinowitz gives everybody a huge thanks for everyone's support for 6S.
- 6S executive passed.
- Risk assessment of Solar X thanks to Christian.
* Gov Poll expected on Monday.
* [SolarX Collateral Onboarding Risk Assessment](https://forum.makerdao.com/t/solar-x-collateral-onboarding-risk-assessment/9977).
- Financial analysis of the institutional vaults by Mark.
* [Institutional Vaults Economic Terms](https://forum.makerdao.com/t/institutional-vaults-economics-terms/9989).
- Expanding the team.
* Partnership with JST Capital.
* [@luca_pro](https://forum.makerdao.com/u/luca_pro/summary) will work on an audit on FortunaFi.
* Full-time position to be onboarded.

### Growth

[Growth CU weekly update](https://forum.makerdao.com/t/growth-cu-weekly-update-august-20-26/10029)

- Growth follows the partnership strategy created by Greg in the Foundation times.
- We will be helping [BanklessDAO](https://twitter.com/banklessDAO) to create a proposal that will bring to Maker, a team that will help us create and propagate the Maker message.
- Loopring will launch EthPort, which will provide cheap L2-L1 composability. EthPort allows users to interact with Maker directly from Loopring L2.
- We joined forces with the DUX team and started having conversations with the leading custodial solutions to integrate the Voting Delegation system to increase participation in the Maker governance.
- Tokocrypto will list DAI next week against major cryptos, and then DAI/BIDR (Indonesian Fiat) will be listed later.

### Content Production

[Bi-Weekly Update: August 5 to August 18, 2021](https://forum.makerdao.com/t/content-production-bi-weekly-update-8-5-8-18/9943)

- Posted [Dai on Different Networks #8](https://forum.makerdao.com/t/dai-on-different-networks-8-august-23-2021/10040).
- Held an [AMA with @Planet_X](https://forum.makerdao.com/t/ama-dao-politics-with-recognised-delegate-planet-x/9904/2) on August 27th.
- [[Informal Poll] Brand Research Results + Seeking Opinions on New Messaging](https://forum.makerdao.com/t/informal-poll-brand-research-results-seeking-opinions-on-new-messaging/10020).

### Sustainable Ecosystem Scaling

[SES Public Drive](https://drive.google.com/drive/folders/1rjeOpHmE-kgFvkrliw2DlI810FhxPkp7)

- Incubation:
    - Presentation -> Last week! by @lollike
- DUX going live!
    - MIP Set in RFC.
- Immunefi joins the SES Incubator!
- Presentation -> Tomorrow @14:30 UTC ! by @sidestream
- Last Week:
    - 18.08 MIP6: Cauris Global Fintech Fund.
    - 25.08 Focus On: Deco Protocol.
- Upcoming:
    - 01.09 CULPS: Starknet @louismerkle
    - 08.09 CULPS: Strategic Happiness @burban
    - 15.09 CULPS: DUX Core Unit @dux-team!

### Governance Communication

- Engagement Project Manager hiring is coming along:
    - Already had several interviews.
- Payroll setup is finally coming to fruition: Dai is coming in!
- Continue to polish and improve on all current content projects:
    - Added a new Member to the Call Summaries Team!
    - Expanding to more calls via editorial summaries, thanks to @gala and GovAlpha. 
- Began digging into metric analysis for GovComms content:
    - Meeting with Content Production to team up and potentially expand on it.
- Working on the Emergency Process Docs.

## 📆 Meetings and Events

### Last Week's Call Recordings

- Governance and Risk Call # 156
    - [Video](https://www.youtube.com/watch?v=qoqY96z6fFU) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-156-thursday-august-26-17-00-utc/9986)

- [AMA] #07 DAO Politics with Recognised Delegate @Planet_X
    - [Video](https://www.youtube.com/watch?v=ncZejeOhwjQ) | [Forum Post](https://forum.makerdao.com/t/ama-dao-politics-with-recognised-delegate-planet-x/9904/2)

- Meet Your Delegate #04 - MakerMan
    - [Video](https://www.youtube.com/watch?v=Cm0Qy8PTEf0) | [Forum Post](https://forum.makerdao.com/t/meet-your-delegate-4-wednesday-august-25-19-00-utc/9962)

- Collateral Onboarding Call #37: Cauris Global Fintech Fund 
    - [Video](https://www.youtube.com/watch?v=x8HxS7gZl7E) | [Forum Post](https://forum.makerdao.com/t/collateral-onboarding-call-37-cauris-global-fintech-fund-wednesday-august-25-4pm-utc/9994/4)

- Focus On #03 | Focus on Deco
  - [Video](https://www.youtube.com/watch?v=yGOvf09U4PU) | [Forum Post](https://forum.makerdao.com/t/focus-on-03-focus-on-deco/9996)

- Forum At a Glance | August 20, 2021
    - [Video](https://www.youtube.com/watch?v=9W0YkRaTA84&t=45s) | [Written](https://forum.makerdao.com/t/forum-at-a-glance-august-20-26/10032)

### 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


#### Core Unit Launch Pod Sessions
    
- Core Unit Launch Pod Sessions Session #15: StarkNet Engineering Core Unit SNE-001 | 
    - [MIP](https://forum.makerdao.com/t/mip39c2-sp19-adding-the-starknet-engineering-core-unit-sne-001/9745) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-15-starknet-engineering-core-unit-sne-001/10047) | [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09)

## ⚓ 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.*
