---
# System prepended metadata

title: 'Maker Relay #57'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #57

![](https://i.imgur.com/sPQcDSH.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._

👓 Here's the breakdown:


🍵 Current Events


🗳️ This Week in Governance


🤿 Community Deep Dai-ve 


📋 Team Updates


📆 Mark your Calendar


⚓ Useful Links


🎙️ Have Feedback?


## 🍵 Current Events

### Recognized Delegates begin sharing their views

The first two episodes of Meet Your Delegate ([Ep 1](https://www.youtube.com/watch?v=SVUm1Bz0U9A) and [Ep 2](https://www.youtube.com/watch?v=n4eILXWY_28)) are now available on the MakerDAO Youtube channel. 

Check these out to hear what @elprogreso, @PaperImperium, me, and @Planet_X bring to the table as potential delegates and [join us Wednesday, August 11th for the 3rd installment](https://forum.makerdao.com/t/meet-your-delegate-3-wednesday-11-august-11-6-00-pm-utc/9694) featuring @monet-supply and @inkymaze.

Several Recognized Delegates have already [posted their delegate platforms in the Maker Forum](https://forum.makerdao.com/tag/delegate-platform), and more will follow soon.

### Fixed-Rate Vault Proposal

Following the discussion proposing to include [Institutional and Long-Term Vaults in the Maker Protocol,](https://forum.makerdao.com/t/institutional-and-long-term-vaults-proposal/9586) a proposal has been issued to [implement fixed-rate vaults using Deco Protocol.](https://forum.makerdao.com/t/fixed-rate-vaults-proposal-with-deco-protocol/9707)

As the proposal explains, the implementation would enable Vault owners to purchase "a pure-yield token which earns a yield that offsets the entire stability fee on the vault."

### Maker Foundation Transfers Social Media Channels to the Dai Foundation

With the rise of Core Units and the Maker Foundations formally dissolving, MakerDAO [tweeted](https://twitter.com/MakerDAO/status/1424790105449971722) that it will hand over its social media channels to appropriate Core Units following a community vote. 

In the meantime, the [MakerDAO Twitter account](https://twitter.com/MakerDAO), along with the Maker Blog, telegram, Facebook, and LinkedIn, will be used only for important messaging needs.

### State of DAI

![Peg](https://i.imgur.com/87XB7pH.png)

- DAI peg experiencing some slippage events since EIP 1559 began its burn.

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

- TVL is at a new high of 11.9 billion with 5.7 billion DAI in the wild.

![Trading Vol](https://i.imgur.com/6R2bV0e.png)

- Volume at around $2.08 billion this last week with Uniswap, Curve, Binance, and Coinbase leading the charts.

![Makerburn 1](https://i.imgur.com/GXwAFmR.png)

![Makerburn 2](https://i.imgur.com/b55o7jg.png) 

![Makerburn 3](https://i.imgur.com/l5Xirdz.png) 

- PSM USDC 3.2 billion 
  - ETH-A 1.4 billion
  - USDC-A 238.8 million
  - WBTC 221. million
  - ETH-C 197 million
  - PAX 67.2 million
  - UNIv2DAIUSDC 49.75 million
  - LINK 34 million
  - ETH-B 34 million
  - UNIv2DAIETH 28 million
  - TUSD 26.5 million
  - YFI 12 million
  - UNIv2WBTCETH 10 million
  - UNIv2UNIETH 10 million
  - NSDROP 6.3 million
  - UNIv2USDCETH 3 million
  - renBTC 2.7 million
  - UNI 2.4 million
  - BAT 1.9 million
  - AAVE 1.5 million
  - MANA 1.5 million
  - ZRX 1.4 million
  - LRC 877K
- Other vaults below 500K (GUSD, KNC<>USDT, UNIv2LINKETH UNIv2AAVEETH, UNIv2WBTCDAI, UNIv2DAIUSDT, UNIv2ETHUSDT, COMP) at 859K.
- Check out all those new RWA types! 6s, CF-DROP, HTC-DROP, FFT1-DROP, P1-DROP.

![ETH Rally changes liquidation game](https://i.imgur.com/yA4z3Gv.png)

- With the ETH rally, liquidations only get hairy closer to a 30% price drop, with the larger risks being ETH-A.

![ETH-A collateral ratio](https://i.imgur.com/9ULOp64.png)

- ETH-A's most popular collateralization ratio is 210% and then 510%
    
![ETH-A RP](https://i.imgur.com/2wzMGy6.png)

- Risk premium for ETH-A is at an all-time low.

![ETH be burning](https://i.imgur.com/O4LZZLh.png)

- It's worth mentioning that [18K ETH has burned](https://watchtheburn.com/) so far. As wallets roll out support across the space, we'll follow the average base fee, tips, and volatility to source relevant details to the largest vault type. Less ETH around will likely lead to more vaults, but time will tell.

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #48](https://forum.makerdao.com/t/weekly-mips-update-48/9757)
Ratification Polls for formally submitted proposals went live Today, Monday 09, 16:00 UTC, and will run for two weeks until Monday, August 23.

### Active Executive Votes

[MOMC Proposal, August Core Unit Budgets, Housekeeping - August 6, 2021](https://vote.makerdao.com/executive/template-executive-vote-momc-proposal-august-core-unit-budgets-housekeeping-august-6-2021?network=mainnet#proposal-detail)
If this proposal passes:
- DAI will be distributed to the Core Units as specified within their ratified budget proposals:

| Core Unit | Distribution |
|---|---|
| Growth | 637,900 DAI |
| Sustainable Ecosystem Scaling | 702,883 DAI |
| Content Production | 98,067 DAI |
| GovAlpha | 123,333 DAI |
| Real World Finance | 155,000 DAI |
| Risk | 182,000 |
| Protocol Engineering | 510,000 DAI |
| Oracles | 419,677 DAI |
| Governance Communications | 40,500 DAI |
| Governance Communications - Continuity | 121,500 DAI |
| **Total** | **2,990,860 DAI** |

- The following parameter changes will occur:
    - ETH-B Stability Fee will be decreased from 6% to 5%.
    - LRC-A Maximum Debt Ceiling will be decreased from 3 million DAI to 1 million DAI.
    - UNIV2ETHUSDT-A Maximum Debt Ceiling will be decreased from 10 million DAI to zero DAI.
    - UNIV2DAIUSDT-A Maximum Debt Ceiling will be decreased from 10 million DAI to zero DAI.
    - UNIV2DAIUSDC-A Maximum Debt Ceiling will be increased from 50 million DAI to 250 million DAI.
- Protocol Engineering Housekeeping:
    - Adding the VoteDelegateFactory contract to the Maker Protocol changelog.
    - Fixing the Ilk Registry for RWA vault types.

### Active Governance Polls

| Name  | Link| Discussion | More Info |
| ---------- | ------------------- | ---------- | ----- |
| Ratification Poll for Declaration of Intent - Onboarding a new collateral type backed by B.Protocol v2 (MIP13c3-SP11) | [Vote](https://vote.makerdao.com/polling/QmYzt3ub#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp11-onboarding-a-new-collateral-type-backed-by-b-protocol-v2-declaration-of-intent/8802)| [More info](https://github.com/makerdao/mips/blob/af132fb025a0be5c8e6e2cbc1b0fde6ae6266097/MIP13/MIP13c3-Subproposals/MIP13c3-SP11.md) |
| Ratification Poll for DAI Foundation Core Unit, DAIF-001 | [Vote](https://vote.makerdao.com/polling/QmVZ2rcG#poll-detail) | [Proposal](https://forum.makerdao.com/t/tusd-update-forum-poll-concerns-surrounding-the-tusd-collateral-type/3225) | [More Info](https://github.com/makerdao/mips/blob/06d8190480cfe45f57f44312c9193960bd1a4d69/MIP39/MIP39c2-Subproposals/MIP39c2-SP17.md)
| Ratification Poll for Growth Core Unit MKR Budget, GRO-001 (MIP40c3-SP23) | [Vote](https://vote.makerdao.com/polling/QmSAsT8S?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp23-growth-core-unit-mkr-budget-gro-001/9245) | [More Info](https://github.com/makerdao/mips/blob/06d8190480cfe45f57f44312c9193960bd1a4d69/MIP40/MIP40c3-Subproposals/MIP40c3-SP23.md) |

### Community Greenlight Polls

| Collateral | MIP9 Poll   | MIP6 Application |
| ---------- | ----------- | ---------------- |
| RWA-120dB (120dB Films) | [Vote ends 07/01 16:00 UTC](https://vote.makerdao.com/polling/Qmch87Tw?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/rwa-120db-mip6-application-120db-films-entertainment-finance-specialists/9415)  |

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

### Active Signal Requests

There are no active signal requests at the time of writing.

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/mrabino1/status/1423662918105812995

### Forum Insight 

- [Decreasing Liquidation Ratios - Analysis](https://forum.makerdao.com/t/decreasing-liquidation-ratios-analysis/9702)
  - *Primoz of the @Risk-Core-Unit details a strategy to lower the Liquidation ratios of certain vault types.*
- [MakerDAO valuation Report](https://forum.makerdao.com/t/makerdao-valuation-report/9710)
  - *@MarianoDP of the @Growth-Core-Unit spearheads discussion on Messari's Maker Valuation*
- [Create a PAX PSM](https://forum.makerdao.com/t/create-a-pax-psm/9683)
    - *@carlkvogel, of the PAX protocol, outlines a proposal to add PAX as a PSM vault type.*
- [[Informal Poll] Increasing the Surplus Buffer](https://forum.makerdao.com/t/informal-poll-increasing-the-surplus-buffer/9734)
    - *@ultraschuppi proposes an increase of the Surplus Buffer to 60 million.*

_[Check out the latest Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance)_

### Articles

- [Centrifuge and MakerDAO Bring Real-World Assets To DeFi](https://www.investing.com/news/cryptocurrency-news/centrifuge-and-makerdao-bring-real-world-assets-to-defi-2582187)
  - *An Investing.com article on the Centrifuge asset onboarding.*
- [What Is Dai (DAI), and Should You Buy It?](https://www.fool.com/the-ascent/cryptocurrency/articles/what-is-dai-dai-and-should-you-buy-it/)
- [MakerDAO Valuation](https://messari.io/article/makerdao-valuation)
  - *An article was written by Messari detailing the Protocol's growth.*
- [The Need for Real-World Assets in DeFi](https://hackernoon.com/the-need-for-real-world-assets-in-defi-fsg373r)
  - *An article by hacker noon on MakerDAO's onboarding of RWAs, and what that means for the greater DeFi landscape.*

## 📋 Team Updates

### GovAlpha

[GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-08-05/9713)

*Delegation:*
- Had the [delegation UI](https://vote.makerdao.com/delegates?network=mainnet) soft-launch on Monday, August 2nd.
- [Meet Your Delegate call #3](https://forum.makerdao.com/t/meet-your-delegate-3-wednesday-11-august-11-6-00-pm-utc/9694/2) will be hosted on Wednesday, August 11th, 6 PM UTC.

*Forum Posts and Optimization:*
- First draft of our combined Q4 2021 and Q1 2022 Budget is complete, will be in RFC next week before the September submission deadline.
- @Sebix has continued his project for [tags on the Maker forum](https://forum.makerdao.com/tags), intending to figure out how to make them more useful, better organized, and less sprawling.

### Protocol Engineering

*Headline priorities:*
- ClipperCallee implementation for SushiJoin.
- DssVest implementation for transferable tokens.
- DssCharter for Institutional Vaults in parallel with forum post discussion.
- G-UNI contract and oracle work to support collateral onboarding.
- D3M: Direct Deposit Module - useful later when rates increase.

*Forum Posts:*
- Executive Spell Postmortem [posted](https://forum.makerdao.com/t/faulty-2021-07-16-executive-spell-postmortem/9596) (re: correct raising DC on RWA002-A).
- July Month in Review [posted](https://forum.makerdao.com/t/protocol-engineering-month-in-review-july-2021/9663).
- Protocol Engineering housekeeping tasks [posted](https://forum.makerdao.com/t/protocol-engineering-housekeeping-tasks-6th-august-2021/9712)
- Institutional and Long Term Vaults [proposal](https://forum.makerdao.com/t/institutional-and-long-term-vaults-proposal/9586?u=artem_gordon).

*Documentation:*
- PR checklist for external teams to add collateral to mainnet & Kovan.
- ChainSecurity published Optimism Dai Bridge Audit; no errors!

*Layer 2:*
- Successful Optimism test spell cast on Kovan.

*Other:*
- Sam joined the PE team full-time.
- MATIC will be up on one of the coming Executives.

### Oracles

- The team is still setting up following their first week of operation.
- We've been focused on the London Hardfork prep. Testing various scenarios, which has been difficult due to the gas price market. Pushing updates to accommodate the new market conditions.
- Still not using the EIP 1559 transactions due to continued reliance on 3rd party software and libraries. Unfortunately, support isn't there yet.
- MATIC oracles software and contract are ready. However, the fees are still being deployed. Still on track for next week's executive.
- Began the talent search internally. Many interesting ideas came from the team, which is being constructed into a roadmap.

### Risk

*Forum Posts:*
- Published a [post](https://forum.makerdao.com/t/decreasing-liquidation-ratios-analysis/9702) that analysis how lower LR Maker Vaults could affect risk premiums for each Vault. Suggested to decrease LRs by 10% for second-tier Vaults and increase LRs by 5% for first-tier vaults.
- Writing a sub proposal for MKR compensation for our Core Unit. It will be posted soon.

*Collateral Evaluation:*
- [G-UNI DAI-USDC](https://forum.makerdao.com/t/g-uni-dai-usdc-collateral-onboarding-risk-evaluation/9719)

*Vault work progress:*
- Began working on a plan for how to offboard unprofitable Vault types. Will likely propose a combination of decreased DCs and increased LRs.
- Proceeding with Vault user behavior dashboard. We also managed to get good farming data on Dai.

### Real-World Finance

[Real World Finance July Report](https://forum.makerdao.com/t/financial-report-2021-07/9686/2)

*Forum Posts:*
- NewSilver July 2021 [Update](https://forum.makerdao.com/t/new-silver-july-2021-update/9750).
- [Published](https://forum.makerdao.com/t/mipxx-rwa-foundations/9680) a MIP for RWA Foundations. Still in the process of finalizing.
- We will now be able to provide additional financial reporting with the new full-time hire, Mark Tyler Phillips.

*Centrifuge Assets:*
- [Centrifuge executive](https://vote.makerdao.com/executive/template-executive-vote-centrifuge-asset-onboarding-july-23-2021?network=mainnet#proposal-detail) has passed and contains three new RWAs, which went live last weekend. The public Vaults will be available within the following weeks.

### Growth

[Growth Weekly Update](https://forum.makerdao.com/t/growth-cu-weekly-update-july-30-august-5/9706)

*Forum Posts:*
- We shared July's PnL in our [weekly update.](https://forum.makerdao.com/t/growth-cu-weekly-update-july-30-august-5/9706)
- [Paxos posted their proposal to include PAX in the PSM.](https://forum.makerdao.com/t/create-a-pax-psm/9683) They speak about including DAI in their platform, which would be a way to offer an on/off ramp for DAI.
    - Recommending the community not to include any more stablecoins. We should wait for the Paxos proposal to complete.
- [Collateral offboarding conversations continue.](https://forum.makerdao.com/t/signal-request-offboard-unprofitable-collateral-types/8628)
- [Mariano posted an MKR valuation report from Messari on the forum.](https://forum.makerdao.com/t/makerdao-valuation-report/9710)

*Stars of the Week:*
- [Stars of the week uses Bitcoin and Dai donations to support young underprivileged boys.](https://async.art/featured/micah-johnson)

*Sponsorship:*
- [Sponsoring a Battle Racers game](https://twitter.com/MakerGrowth/status/1422937704715718656) that will be issuing an NFT containing a Maker limited edition branding.

### Content Production

[Bi-Weekly Update: July 22 to August 4, 2021](https://forum.makerdao.com/t/content-production-bi-weekly-update-july-22-to-august-4-2021/9714)

*Posts and Uploads:*
* Continued the Maker Relay video series: 
    * [The State of Dai](https://www.youtube.com/watch?v=OyTfhyu04v8)
    * [Votes & Polls](https://www.youtube.com/watch?v=BA0p7x-xW6s) 
    * [Current Events](https://www.youtube.com/watch?v=yNv76y4DMnw)
* Published the weekly G&R Call.
* Published [Maker Relay on Substack](https://makerdaoupdates.substack.com/p/maker-relay-56). Subscribe to have Relay sent straight to your email!
* Published [Dai on Different Networks #4](https://forum.makerdao.com/t/dai-on-different-networks-4-july-29-2021/9597)

*Currently Working On:*
* Coordinating with GovComms on Explainer Videos.
* Continued development on a Discord server linked to RocketChat.
* Formalizing plans for a MakerDAO Newsletter.

### Sustainable Ecosystem Scaling

*Templates:*
- Finished the [forecast and reporting template](https://drive.google.com/drive/folders/1zmhfkQeui-XZsgXIcvri06Dri8QeBKl2) for DogFooding Products.
- We've released the [MKR compensation template](https://docs.google.com/spreadsheets/d/1FjWVLmizBeV05EgtI5gGmLZod3Ndi6iE5V3X4x--teQ/edit#gid=0).

*Hiring:*
- We're looking for an analyst/entry-level intern.

*Upcoming Calls:*
- [KYM Session](https://forum.makerdao.com/t/know-your-mip-9-mip13c3-sp11-onboarding-a-new-collateral-type-backed-by-b-protocol-v2-wednesday-11-3pm-utc/9741) with B.Protocol Declaration of Intent will be on August 11th.

### Governance Communication

*Getting Started:*
- Immediate priorities are to set up tracking and documentation for all of our active projects and to hire that Engagement Lead so we can begin tackling the other portion of our mandate.
- Setting up the CU; we still haven't gotten the first disbursement or the Payroll setup. But it will happen soon (next 1-2 weeks)
- Office hours are set to Fridays 1800-1830 UTC and are available on the public calendar.

*Hiring:*
- [Hiring](https://forum.makerdao.com/t/help-wanted-engagement-lead/9711) a full-time Engagement Lead.
- [Hiring](https://forum.makerdao.com/t/wanted-writers-and-reviewers-for-summary-team/9752) part-time contributors for summary transcriptions and reviews.

## 📆 Meetings and Events

### Last Week's Call Recordings

- Governance and Risk Call #153
    - [Video](https://www.youtube.com/watch?v=t63sZrRNlEY) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-153-thursday-august-5-17-00-utc/9671/7)

- MakerDAO Financial Report | July 2021
    - [Video](https://www.youtube.com/watch?v=UlqU4RW-U6Y) | [Forum Post](https://forum.makerdao.com/t/financial-report-2021-07/9686)

- Core Unit Launch Pod Sessions | Session #14: Dai Foundation Core Unit DAIF-001
    - [Video](https://www.youtube.com/watch?v=FyYN9HsoA7I) | [Forum](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-14-dai-foundation-core-unit-daif-001/9564/3)

### 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

#### Ask Maker Anything

-  Growing a DAO with Growth Core Unit Facilitator Nadia Alvarez
    -  [Join Link](https://us02web.zoom.us/j/88266644082) | [Agenda](https://forum.makerdao.com/t/ama-growing-a-dao-with-growth-core-unit-facilitator-nadia-alvarez/9754) - Monday August 16, 3PM UTC

#### Collateral Onboarding

- Collateral Onboarding Call #35: Nebula - Wednesday, August 11 4PM UTC
    - [Join Link](https://us02web.zoom.us/j/88508073720?pwd%3DR1FiRCtKK0hIVGJyMlpiekZIelY2Zz09&sa=D&source=calendar&usd=2&usg=AOvVaw2bZFk9OiwA_yeyeiUyPYwE) | [Agenda](https://forum.makerdao.com/t/collateral-onboarding-call-35-nebula-capital-partners-ltd-wednesday-august-11-4pm-utc/9753) - Wednesday August 11, 4PM UTC 

#### Know Your MIPs

- Know Your MIP #9: MIP13c3-SP11: Onboarding a new collateral type backed by B.Protocol v2 
    - [Join Link](https://us02web.zoom.us/j/87666791903?pwd=cnpZRldISHlmMzYrNWR2WElkN0VPQT09) | [Agenda](https://mips.makerdao.com/mips/details/MIP13c3SP11) - Wednesday August 11, 3PM UTC

#### Meet Your Delegate

- Meet Your Delegate #3 - @monetsupply and @inkymaze
    - [Join Link](https://us02web.zoom.us/j/86788307759?pwd=TUpuQVREcW85ZmFndXl5ZENRVDVSQT09) | [Agenda](https://forum.makerdao.com/t/meet-your-delegate-3-wednesday-11-august-11-6-00-pm-utc/9694) - Wednesday August 11 6:00 PM UTC

## ⚓ 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.*
