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# System prepended metadata

title: Maker Relay 04
tags: [Maker Relay]

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tags: Maker Relay
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# Maker Relay 04

![](https://i.imgur.com/xZEr8Lr.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. 

## Governance

[**Governance Polls Summary Thread**](https://forum.makerdao.com/t/weekly-polls-2020-07-20/3275)

[@MakerMan](https://forum.makerdao.com/u/makerman) pointed out the experience for voting could be aggregated and [@LongForWisdom](https://forum.makerdao.com/u/longforwisdom) delivered a more concise voting thread with Forum context and the voting portal unified.

[**Governance at a Glance**](https://forum.makerdao.com/t/governance-at-a-glance/84/76)

### MIPs Updates
The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed. Note that the MIPs editor keeps an [_excellent_ board of the MIPs process](https://github.com/makerdao/mips/projects/1) on github. Also note that @charlesstlouis began adding one liners for MIPs in the updates. 🙌

- [Weekly MIPS Update #9 7/13 - 7/14](https://forum.makerdao.com/t/weekly-mips-update-9/3269)

Proposals in the Request-For-Comments phase include:

- [MIP20](https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196) Target Price Adjustment Module
- [MIP13c3-SP1](https://forum.makerdao.com/t/mip13c3-sp1-declaration-of-intent-forward-guidance/3130/5) Declaration of Intent for Forward Guidance

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

## Domain Teams

### Smart Contracts and Risk

#### Token Smart Contract Assessments

![MANA](https://i.imgur.com/LZgXC0l.png) 

[MANA Risk evaluation forum thread](https://forum.makerdao.com/t/mana-mip12c2-sp2-collateral-onboarding-risk-evaluation/3128)

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

[LEND Risk evaluation forum thread](https://forum.makerdao.com/t/lend-mip12c2-sp2-collateral-onboarding-risk-evaluation/3127)

TUSD - [Poll still ongoing](https://forum.makerdao.com/t/tusd-update-forum-poll-concerns-surrounding-the-tusd-collateral-type/3225) about TUSD upgrades and effects to the Maker Protocol

### Risk

[Signal Request: Should we raise the ETH debt ceiling?](https://forum.makerdao.com/t/signal-request-should-we-raise-the-eth-debt-ceiling/3228) 
- 180 million was the winning poll option, was placed in Monday’s Executive Vote, and passed.

[Signal Request: Increases in the ETH and USDC-A debt ceilings](https://forum.makerdao.com/t/signal-request-increases-in-the-eth-and-usdc-a-debt-ceilings/3265)
- The farming trend is taking another turn towards YFI farming, the community signaled on what the new ETH and USDC-A debt ceiling should be. 
    - 220 million for ETH with 68 total votes.
    - 80 million for USDC-A with 56 total votes.

## Working Groups

### Vault Compensation Analysis Team

[A recap from @adrianmcli](https://forum.makerdao.com/t/vault-compensation-plan-proposal/2900/21)

- The Initial Compensation Plan was voted against by MKR holders. It appears there is still interest in moving forward, so if you have feedback on the current plan please provide it in the threads.
- The team is wrangling feedback to understand how to proceed and may propose another vote.

## State of the Peg

![Peg](https://i.imgur.com/6Sk5cEv.png)

- DAI peg down very slightly from last week at 1.013. 

![Dai Supply](https://i.imgur.com/Mehnj9N.png)
- 218 million total Dai.

![VWAP](https://i.imgur.com/q5aknYG.png)
- Volume at around $33 million this last week. 
- Average VWAP over seven days places Dai at $ 1.015

![](https://i.imgur.com/SrU8TPA.png)
- ETH vaults collateralization ratio continues to grow in the 200-300 and 250-300 buckets. ~$67 million in the first bucket and $46 million in the second. Slightly more risk-on behavior as the ETH-A debt ceiling climbs.

![](https://i.imgur.com/Ei4IaS1.png)
- ETH at $150 nets out to ~34 million Dai liquidated but an even steeper curve at around $148 where $75 million in Dai would be liquidated. 

![](https://i.imgur.com/WX6d5Dg.png) 

- WBTC Collateralization ratios even more bimodal, with 10 million at 200-250% and ~$9 million at 150-200%

![](https://i.imgur.com/LkdNd51.png)

- First significant liquidation wall for WBTC at $8226.

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

##### Governance and Risk Observation

[1:11:36](https://youtu.be/zyTd7pUX__M?t=4296)

- Vishesh: Considering the lifecycle of Dai is a little bit missing (in our calculus) but it’s important to keep in mind that if the goal is bringing down peg you have to target use cases of Dai that will put more liquidity on the open market and help drive that price down.

## Community

### Hackathons Winner Demos

From the [Protect Privacy Hackathon](https://gitcoin.co/hackathon/privacy/onboard): 
- Sarang & Akash: [Private Delegation Maker Governance](https://github.com/sarangparikh22/Private-delegation-Maker-Governance)
- Sunny Radadiya: [TrustlessDAI](https://github.com/sunnyRK/TrustlessDai)
- Eugene Koinov: [ZKVote](https://github.com/sunnyRK/TrustlessDai)

Want to learn more? Join the community call on Tuesday.

### Articles

* [Why Online Merchants Should Accept Dai For Crypto Payments](https://blog.makerdao.com/why-online-merchants-should-accept-dai-for-crypto-payments/)

### Forum Notable Thread(s)

* [Wanted: Governance Help](https://forum.makerdao.com/t/wanted-governance-help/3277)

@LongForWisdom is looking for someone to assist with the Governance Facilitator role on a regular basis. Duties include writing governance documentation, creating MIPs and pursuing initiatives that improve the efficiency and integrity of the MakerDAO governance process.

### Social 

- MonetSupply provides his thoughts on [his voting decisions](https://twitter.com/monetsupply/status/1285273487515373568?s=21)
- Sam from FTX, shares a [state of DeFi tweetstorm](https://twitter.com/sbf_alameda/status/1284965991445704705?s=21) articulating some of the risks and the potential of the space at the moment.

## Meetings and Events 

### MakerDAO Open Calls

#### Community Call

- Tuesdays at 16:00 UTC | [The MakerDAO Community Call: Hackathon Showcase Edition](https://www.crowdcast.io/e/the-makerdao-community-4/register)

#### Community Collateral Onboarding

- Wednesdays at 17:50 UTC | [Zoom](https://zoom.us/j/697074715) - Message [#governance-and-risk]((https://chat.makerdao.com/channel/governance-and-risk)) in Maker Chat for password

#### 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-99-thursday-july-2-9am-pst-4-00-pm-utc/2944) | [Dial-in call link](https://zoom.us/u/acRbIMDvK) | [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

- July 30: [The DeFi Roundtable: The Path to Decentralization(Virtual)](https://www.eventbrite.co.uk/e/the-defi-roundtable-the-path-to-decentralization-tickets-111841448784)
- Aug 5 [DeFi Conference 2020 (Virtual)](http://bitcoinevents.co.za/deficonf2020/)
- Sept 15-16: [Copenhagen Fintech Week 2020 (Virtual)](https://cphfintechweek.com/)
- Sept 22-24: [Money 20/20 Europe 2020—Amsterdam, Netherlands](https://europe.money2020.com/)
- Dec 9-10: [Paris Blockchain Week Summit](https://www.pbwsummit.com/)

### Hackathons

- July 6-27 [Unitize - San Francisco Blockchain Week](https://gitcoin.co/hackathon/unitize/onboard)
- July 6 - Aug 6 [HackFS](https://hackfs.com/)
- Oct 2-20 [ETHOnline](https://www.ethonline.org/)

## 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/)

### 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.*