---
# System prepended metadata

title: 'Maker Relay #69'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #69

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

### US government continues to weigh in on stablecoin regulations

The President’s Working Group on Financial Markets (PWG), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have issued a [Report on Stablecoins](https://home.treasury.gov/system/files/136/StableCoinReport_Nov1_508.pdf) detailing concerns about the expansion and use of stablecoins.

The report encourages legislators to draft laws:

1. “To address risks to stablecoin users and guard against stablecoin runs.”
2. “To address concerns about payment system risk.”
3. “To address additional concerns about systemic risk and concentration of economic power.”

### Goodbye Rocket.chat, hello Discord

Now that the [October 31st deadline](https://forum.makerdao.com/t/transitioning-away-from-rocket-chat/10097) has passed, MakerDAO has officially shut down its Rocket.chat. Announced by the Maker Foundation on August 31st, the community has launched an official [Discord server.](https://forum.makerdao.com/t/announcing-makerdao-s-official-discord-server/11079)

To join the new Discord, please visit https://chat.makerdao.com/.

### Tim Schuppener becoming a Recognised Delegate

Longtime community member Tim Schuppener ([@ultraschuppi](https://forum.makerdao.com/u/ultraschuppi/summary)) has [thrown his hat in the ring](https://forum.makerdao.com/t/ultraschuppi-delegate-platform/11193) to become a Recognised Delegate.

To learn more about Tim’s platform, check out his [Delegate Platform](https://forum.makerdao.com/t/ultraschuppi-delegate-platform/11193) and keep an eye out for [Meet Your Delegate #5](https://forum.makerdao.com/t/meet-your-delegate-5/11238), happening Wednesday, November 03rd at 17:00 UTC. If you cannot make the call, we will post the recording on MakerDAO’s [Youtube channel.](https://www.youtube.com/c/MakerDAO/videos)

### State of DAI

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

- DAI’s spooky season concluded with peg fluctuations outside the normal range. Crab market === crab peg.

![](https://i.imgur.com/PGD9bwZ.png)

- Min and max hit 1.13 at highest and .94 at lowest. Yet, the average was still 1.000355. Outside of big whale splashes, the peg remains solid.

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

- Diving into the past 24 hours, this trend of focused arbitrage and 1:1 pricing is more obvious. Curve takes the lion’s share of on par swaps with 26 million in the past day.

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

- Dai supply at 8 billion with 17.3 billion TVL. ETH, WBTC, and USDP are eating away at USDCs dominance. 

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

- Daily vaults creation nets 85 new vaults over the week.

![](https://i.imgur.com/Q2VMTIy.png)

- 26th and 27th were the most active days, with more DAI burnt overall.

![](https://i.imgur.com/SxKH5Ps.png)

- A difference of 510 million borrowed 

![](https://i.imgur.com/c30kctc.png) 

![](https://i.imgur.com/vNbQ1jk.png) 


- ETH-A 2.6 billion
  - PSM USDC 2.5 billion 
  - WBTC 934 million
  - ETH-C 494 million
  - USDP 451 million
  - ETH-B 168 million
  - LINK 68 million
  - UniV2DaiUSDC 59 million
  - GUNIDAI/USDC 49 million
  - YFI 32 million
  - UniV2DaiEth 31 million
  - UniV2WBTCEth 17 million
  - UNI 15 million
  - NSDROP 10 Million
  - UniV2UsdcEth 10 million
  - UniV2UniEth 9 million
  - MATIC 8.9 million
  - MANA 4.9 million
  - GUSD 4.9 million
  - stETH 4.4 million
  - renBTC 4.4 million
  - AAVE 1.065 million
  - UniV2WbtcDai 768K
- Other vaults below 500K (BAL, COMP, new DROP tokens) at 333K.

![ETH-B buckets](https://i.imgur.com/ZTTmJyj.png)

- ETH-B vaults’ largest collateralization bucket is 170%.
 
![ETH-B risk premium](https://i.imgur.com/NWvtowQ.png)

- As you can see, ETH-B has the highest risk premium on the table.

![Capital at risk](https://i.imgur.com/ivNKSlX.png)

- Of total debt outstanding on more volatile collateral, only 4.05% of total debt is high risk. 
- Check out @primoz s [tweet thread](https://twitter.com/PrimozKordez/status/1455205353080201218?s=20) on these new blockanalytica pages.

![Vaults at high risk](https://i.imgur.com/cIojD9p.png)

- In a simulated 5% drop, you can see the vaults at risk are dominated by one large WBTC vault.

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #60](xxxxx)

### Active Executive Votes

- This week has no active executive vote; The October 29th Executive passed on October 31st, 2021 at 09:31 GMT-4, and is available for execution on November 02nd, 2021 at 10:00 GMT-4.

### Active Governance Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| Parameter Changes Proposal - MakerDAO Open Market Committee | [Vote](https://vote.makerdao.com/polling/QmXDCCPH?network=mainnet) | [Discussion](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) |
| Lower PSM Vault Fees | [Vote](https://vote.makerdao.com/polling/QmSkYED5?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-set-psm-fees-to-0/10894) |

### Community Greenlight Polls

| Collateral | MIP9 Poll   | MIP6 Application |
| ---------- | ----------- | ---------------- |
| MDI (MD Irradiance LLC) | [Ends 11/14 4PM UTC](https://vote.makerdao.com/polling/Qmf3G3eu?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/mip6-collateral-onboarding-application-md-irradiance-llc-construction-period-only-loans-to-late-stage-us-solar-projects/10817) |
| OHM (Olympus DAO) | [Ends 11/14 4PM UTC](https://vote.makerdao.com/polling/QmUVQdj5?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/ohm-olympus-dao-collateral-onboarding-application-mip6/10709) |

_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] Set both USDC-PSM and USDP-PSM “tin” to 10 bps](https://forum.makerdao.com/t/signal-request-set-both-usdc-psm-and-usdp-psm-tin-to-10-bps/11318) - Signal Closes November 07th - The USDC PSM has seen accelerating outflows as growth in demand for Maker vaults has begun to outstrip growth in demand for DAI. The goal for raising the `tin` to 20 bps has been met, and there is no reason to favor inflows to a PSM that is nearly at capacity. And due to this lack of capacity in the USDP PSM, it is time to equalize PSMs `tin` fee. In response, @PaperImperium signals to the community whether both USDC-PSM and USDP-PSM `tin` should be set to 10 bps.

[[Signal Request][P1-DROP] Change of covenants for P1-DROP (farmlands)](https://forum.makerdao.com/t/signal-request-p1-drop-change-of-covenants-for-p1-drop-farmlands/11236) - Signal Closes November 10th - @SebVentures from RWF presents an update for P1-DROP and requests to increase their acquisition price to $2.85M which would provide MakerDAO exposure of 2M per farm. The expected Debt Ceiling is 20M, and the TIN+equity tranche would be 8.5M. In addition, the signal requests to add Arkansas as a possible state.

[[Signal Request] Should we increase Maximum Delegate Compensation as described in MIP61 to 144k DAI for the initial three-month delegate compensation trial?](https://forum.makerdao.com/t/signal-request-should-we-increase-maximum-delegate-compensation-as-described-in-mip61-to-144k-dai-for-the-initial-3-month-delegate-compensation-trial/11093) - Signal Closes November 04th - In response to previous signals and discussion, @LongForWisdom proposes a higher compensation for Delegates and asks the community whether we should increase the Maximum Delegate Compensation as described in MIP61 to 144,000 DAI for the initial three-month Delegate compensation trial?

[MIP 55 Signal Request - RealDAO SPF (to make Moloch-based SPV’s) - Signal Closes November 11th](https://forum.makerdao.com/t/mip-55-signal-request-realdao-spf-to-make-moloch-based-spvs/11204) - @jameskmccall from RWF presents a detailed MIP55 signal request to the community for support in their RealDAO Special Purpose Fund. The RealDAO SPF is a unique approach to express a willingness to experiment with other ways to handle Real-World Assets. The RWF Core Unit asks whether MakerDAO would signal a 50,000 DAI SPF (with conditions) to build a decentralized SPV infrastructure.

[[Signal Request] Offboarding MATIC, COMP, AAVE, and BAL - Signal Closes November 08th](https://forum.makerdao.com/t/signal-request-offboarding-matic-comp-aave-and-bal/11184) - MATIC, COMP, BAL, and AAVE vaults have shown poor performance and difficulty covering Oracle gas-costs (with addition to other issues presented in the post,) @NikKunkel from Oracles Core Unit signals to offboard these vaults.

[[Signal Request] Increase The MakerDAO NS-DROP maximum to 85% when AO TIN participation is at least 50%](https://forum.makerdao.com/t/signal-request-increase-the-makerdao-ns-drop-maximum-to-85-when-ao-tin-participation-is-at-least-50/11134) - Signal Closes November 04th - The New Silver AO pool on Tinlake has been live for ten months and approved as the first RWA with MakerDAO for six months. Therefore, given the seniority of the MakerDAO debt and many other protections, including borrowers’ equity on every loan, we hope the community would consider adjusting the maximum share of DROP tokens that the DAO is holding. @prankstr25 is asking the community whether we MakerDAO should increase its’ maximum share of NS-DROP to 85% when AO TIN participation is at least 50%

### Last Week

[Aave D3M Onboarding and Core Unit Budget Transfers](https://vote.makerdao.com/executive/template-executive-vote-aave-d3m-onboarding-and-core-unit-budget-transfers-october-29-2021?network=mainnet#proposal-detail)

- The executive on October 29th passed on October 31st, 2021 09:31 GMT-4 and is available for execution on November 2nd, 2021, 10:00 GMT-4.

The following changes will occur within the Maker Protocol:

- The Aave DAI Direct Deposit Module will be onboarded to the Maker Protocol.
- The Data Insights Core Unit will receive 107,500 DAI upon execution and 357,000 DAI streamed over six months:
- The Growth Core Unit will receive 791,138 DAI upon execution and 942,663 DAI streamed over eight months:

| Core Unit | DAI Amount | Period |
| --------- | ---------- | ------ |
| Data Insights Core Unit | 107,500 DAI | Upon Execution |
| Data Insights Core Unit | 357,000 DAI | Six-month period starting 2021-11-01 |
| Growth Core Unit | 791,138 DAI | Upon Execution |
| Growth Core Unit | 942,663 DAI | Eight-month period starting 2021-11-01 |

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/MakerGrowth/status/1455190235906707464

### Forum Insight 

[X-Ray Benchmarking report on the best practices in tech talent awareness, onboarding & retention for MakerDAO](https://forum.makerdao.com/t/x-ray-benchmarking-report-on-the-best-practices-in-tech-talent-awareness-onboarding-retention-for-makerdao/11339) - The SES Team share their first major report on benchmarking done by their research project, X-Ray. This is a result of research work including expert interviews, team surveys, desk research & data benchmarks with valuable contributions from across the industry.

[GovAlpha Budget Return](https://forum.makerdao.com/t/govalpha-budget-return/11341) - GovAlpha is ready to return our unused DAI budget. They published a post to document the return of 218,059.10 DAI to the Pause Proxy. These funds have accumulated through over-budgeting, and the GovAlpha team has contacted @Makerburn to aid with the UI accounting of these actions.
GovAlpha intends to continue the process of reviewing and returning unused funds at the end of our budget period.

[[WBTC-B] and [WBTC-BProt-A]: Review and Plan of Action](https://forum.makerdao.com/t/wbtc-b-and-wbtc-bprot-a-review-and-plan-of-action/11191) - Recent forum discussions imply a bullish market outlook and a consequent increased demand for DAI minting, suggesting that several parameter changes and vault upgrades may be necessary. The Risk Core Unit believes that the time is right to introduce a WBTC-B vault with a lower liquidation ratio, which will help absorb the increased demand for WBTC capital and generate more DAI. In addition, the Risk Core Unit believes that we should also onboard the WBTC-BProt-A vault supported by the community. These vaults can be worked on in tandem. Check out the post for more information and links to this POA.

[A Framework for Valuing MKR - 10.27.2021](https://forum.makerdao.com/t/a-framework-for-valuing-mkr-10-27-2021/11241) - @Aes [published](https://forum.makerdao.com/t/a-framework-for-valuing-mkr/7442) a discounted cash flow model six months ago. He follows up on that post with a new thread containing updates, revisions, and an [MKR valuation model](https://docs.google.com/spreadsheets/d/1oBNTMKrp3hckGgPe5rYJfbGuJECB-X16/edit#gid=805216231) as of October 27th, 2021.

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

### Articles

- [Three Arrows Capital Backs $10M Raise for DeFi on Cardano](https://www.yahoo.com/now/three-arrows-capital-backs-10m-170151285.html)
    - * “The simple comparison is that we are building the MakerDAO and the Curve Finance of Cardano with foreign exchange on top.”*

## 📋 Team Updates

### Collateral Engineering Services

[CES Core Unit Update | #2](https://forum.makerdao.com/t/ces-core-unit-update-2/11299)

### Content Production

[Multi-chain DAI-lights](https://forum.makerdao.com/t/multi-chain-dai-lights/11266)
[Video Producing Concerns Addressed](https://forum.makerdao.com/t/video-producing-concerns-addressed/11294)
[[AMA] Risk Management with MakerDAO’s Risk Core Unit](https://forum.makerdao.com/t/ama-risk-management-with-makerdaos-risk-core-unit/11208)

### GovAlpha

[GovAlpha Weekly Update - 2021-10-29](https://forum.makerdao.com/t/govalpha-weekly-update-2021-10-29/11296)
[GovAlpha Budget Return](https://forum.makerdao.com/t/govalpha-budget-return/11341)
[Delegate Round-up - October 2021](https://forum.makerdao.com/t/delegate-round-up-october-2021/11336)
[About the Data Insights category](https://forum.makerdao.com/t/about-the-data-insights-category/11283)
[Meet Your Delegate #5](https://forum.makerdao.com/t/meet-your-delegate-5/11238)

### Governance Communications

[GovComms Bi-Weekly Update: Oct 15 - 29](https://forum.makerdao.com/t/govcomms-bi-weekly-update-oct-15-29/11301)
[Forum at a Glance: October 21st - October 28th](https://forum.makerdao.com/t/forum-at-a-glance-october-21st-october-28th/11262)

### Growth

[Growth CU weekly update: October 15th - October 28th](https://forum.makerdao.com/t/growth-cu-weekly-update-october-15-october-28/11261)

### Protocol Engineering

[Technical Tasks Included in the October 29th Executive](https://forum.makerdao.com/t/technical-tasks-included-in-the-october-29th-executive/11284)

### Real-World Finance

[MIP 55 Signal Request - RealDAO SPF (to make Moloch based SPV’s)](https://forum.makerdao.com/t/mip-55-signal-request-realdao-spf-to-make-moloch-based-spvs/11204)
[Monthly Strategy Review - Process Review & Discussion (Public Call on 10/26/21 1:30 PM UTC)](https://forum.makerdao.com/t/monthly-strategy-review-process-review-discussion-public-call-on-10-26-21-1-30pm-utc/11183)
[A Framework for Valuing MKR - 10.27.2021](https://forum.makerdao.com/t/a-framework-for-valuing-mkr-10-27-2021/11241)

### Risk

[[CurveLP-stETH-ETH] Collateral Onboarding Risk Evaluation](https://forum.makerdao.com/t/curvelp-steth-eth-collateral-onboarding-risk-evaluation/11224)
[[WBTC-B] and [WBTC-BProt-A]: Review and Plan of Action](https://forum.makerdao.com/t/wbtc-b-and-wbtc-bprot-a-review-and-plan-of-action/11191)

### Sustainable Ecosystem Scaling

[SES Updates - 28.10.2021](https://forum.makerdao.com/t/ses-updates-28-10-2021/11264)
[X-Ray Benchmarking report on the best practices in tech talent awareness, onboarding & retention for MakerDAO](https://forum.makerdao.com/t/x-ray-benchmarking-report-on-the-best-practices-in-tech-talent-awareness-onboarding-retention-for-makerdao/11339)

### Starknet Engineering

[Starknet Engineering Core Unit, October 2021 Update](https://forum.makerdao.com/t/starknet-engineering-core-unit-october-2021-update/11167)

## 📆 Meetings and Events

### Last Week’s Call Recordings

- Governance and Risk Call #165
    - [Video](https://youtu.be/7mPhNDuZXjs) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-165-thursday-october-28-17-00-utc/11209)

- Core Unit Tools #10
    - [Video](https://youtu.be/fBAf2ub3GpU) | [Forum Post](https://forum.makerdao.com/t/core-unit-tools-10-ricochet/11170)

- Monthly Strategy Review | 10/26/21
    - [Video](https://youtu.be/zmyLmrUItzc) | [Forum Post](https://forum.makerdao.com/t/monthly-strategy-review-process-review-discussion-public-call-on-10-26-21-1-30pm-utc/11183)

### 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 15:30 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

- [Join Link](https://us02web.zoom.us/j/85735701442?pwd=QXZGRi8yQkp1T1RmaFI0dTV0TGJmZz09) | Risk Management with MakerDAO’s Risk Core Unit - Thursday, November 04th, 14:00 UTC

#### Meet Your Delegate

- [Join Link](https://us02web.zoom.us/s/83774019674?pwd=NDNrWXY2Yi9wVEVzdFNZWW8zR3YyZz09) | #5 with UltraShuppi - Wed Nov 3, 17:00 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.*