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tags: Voices of MKR
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# Voices of Maker Relay #30

(Input Relay Image for video use)

"Hey everyone! Thanks for checking out Maker Relay

Today is February 1, 2021 which marks the beginning of our February governance cycle.

## Executive

"At the time of recording, we have one executive up for a vote;"

This proposal would add the Debt-Ceiling Instant Access Module to the Eth-A vault type. The goal being to help automate the process of Debt-ceiling adjustments, with this vault type, which would allow governance to focus on other projects.

Please check the voting portal at vote.makerdao.com for this, as well as other avaliable votes and descriptions."

### Polls

"Next up we have the governance polls for this week.

The first poll is to help create a working group to investigate the implementation of an Eth-C Vault type. This vault would come with a higher liquidation ratio and lower stability fees. This would provide reduced fees for the owners of highly-collateralized Ether vaults and add stability to the Maker Protocol.

Following that, we have a poll to create multiple oracles for the dYdX exchange. This would allow for the adoption of liquidity provider tokens from the exchange as collateral types for DAI.

And our final polls are for adding Uniswap v2 DAI-USDC, and Ether-USDT liquidity tokens as collateral types in the protocol."

#### Signal Requests

"Next up are recent Signal Requests, there are often new signal requests, so please check with the forum for the most recent signals.

First is a proposal to adjust the surplus buffer. This request lays out some detailed information on different levels of adjustment, as well as how quickly we can fill the buffer if we divert varying percentages towards burning MKR as well.
Because we can use stability fees for both filling the buffer and burning MKR; if we raise the buffer, we may want to use less DAI from stability fees to burn MKR, while we fill that larger buffer.

We also have a signal request to raise the Dai Savings Rate. This rate was set to 0% back in September of 2020 to help recover the DAI peg closer to 1. Since we've consistenly maintained the peg and implemented new features to help continue that progress, this request proposes raising the DAI savings rate up from 0%.

Check out the forum post to see the potential rates being proposed and an excellent chart showing the effects of raising the DSR to the proposed rates, including the potential costs and revenue.

#### Last Week

"Last week we had our monthly governance executive, which included 2 MIPs and 4 Sub-proposals. This executive has passed and will create the following changes;

The Peg Stability Module will be implemented, creating a special vault type with 100% collateralization ratio and 0% stability fees.

The goal of the module is to help maintain the stability of the DAI peg by allowing Maker to transfer stablecoin-based collateral types to this module, and help to remove certain risks from the system related to using low-risk collateral types.

Next is the CropJoin Adapter, which allows vault users to benefit from Compound Protocol rewards by depositing collateral used to mint DAI into the Compound system and proportionally distributing the rewards.

The passing of the January governance bundle also has onboarded 3 new members of 3 Domain Teams. Sebastian to the Risk Team, Sam to the Smart contracts team, and Juan to the Operational Support team.

Finally, the January bundle approved the declaration of intent from the Governance Communications team, helping to move forward in our next phase of becoming an offical domain team."

### MIPs <these are not necessarily something we need to go into I think this layout makes more sense, and next week I think it makes sense to skip? barring new ones popping up>

"Next up, we have this week's Maker Improvement Proposals. Today marks the beginning of the new Monthly Governance cycle, so proposals that have been in the Request for comments phase for the mandated period of 1 month without edits may be submitted for polling by February the 3rd at 2400 UTC.

Proposals that haven't been in the Request-For-Comments phase for the mandated length yet, and therefore still need more feedback include:

MIP33, for the Maker Stability Price Module. This would permit governance to define parameters for the price of MKR allocate DAI to hedge the market in order to make this happen.

MIP34 for the Keg Streaming Payments Module, which is aimed at creating a system which would allow governance to pay contributors directly through the protocol. The module does this by defining target addresses for payment, as well as the relative weights of the payment.

MIP37 for the Static Reserve for Governance, which defines the parameters of allowing governance a reserve of DAI or other tokens, for use of payments, growth, and emergencies. The prorposal includes the differences between this and the surplus buffer, as well as a framework for what this can look like.

MIPs 38-41, as well as MIPs 4c2-SP10, 11, and 12, lay out a framework for creating and ammending current documents, in order to define "core units." These core units would essentially replace Domain teams, with new ideas about how they function, get paid and could be managed.

MIP 42 proposes an addendum for MakerDAO contributors to be partially paid in MKR. The goal here is to increase the ability of contributors to participate in governance. The proposal suggests the protocol would achieve this by adding a tentative 10% bonus to an invoice accepted by the foundation or protocol, to be paid out in MKR.
This MKR would be time-locked, given a community-set timeframe. This would offer more incentive for receipients to use this MKR for voting or governance activities.

Finally the recently-proposed MIP 43 proposes the development of a new module to buy and hold tokenized loans. The goal here would be to encourage further DAI adoption and provide a new tool to help maintain the peg. It would help the peg mainly by influencing the supply and demand for DAI."

## Domain Updates

"Next are the updates from our Domain Teams."

### Smart Contracts

"Our Smart Contracts Domain team is continuing work on liquidations 2.0, you can view the most recently updated code in the MakerDAO github if you'd like to review the work or potentially contribute.

Review of MIP 21 and 22, for adopting real-world assets and the creation of a mechanism to help automate liquidations, respectively, has been completed. The team is currently awaiting updates from those working groups, based on their feedback, and will be moving one or both of these projects to Kovan testing platform within the next week."

### Risk

"Our Risk Domain Team is has almost completed 2 uniswap liquidity token reviews, which will be published in the next few days, please check forum.makerdao.com for those updates.
The team is currently also reviewing risk related to rates on stability fees, as they are currently our only tool for lowering debt exposure. Current concensus is that we may need to raise these rates in order to reduce this risk.

### Oracles

"Our Oracles Domain Team is finishing up the audit from ABDK auditing firm, on the Peg Stability Module.
The team has also been looking into ways to incorporate Sushiswap LP tokens, however its currently seemingly illusive due to the sushi protocol.
Marc Andre from the Oracles team also put together 17 starkware oracles for the dYdX exchange, which the team is currently testing."

## State of the Peg

"Last but not least, we have the state of the peg, which is currently looking solid still, hovering right around $1, despite the current general market-volatility and gas price craze.
The new Liquidity token collateral types have been filled to max utilization, after reaching the 3 million DAI debt ceiling.
And we currently have about 1.6 billion DAI total in circulation, most of which is living within Compound, Curve or Sushiswap."

### Have Feedback?

"That’s all for this edition of Maker Relay. Please post in the forum, take our survey, or join us in the Community-Development chat channel to let us know what you want to hear.

Check out the links in the description for more information and thanks for listening!"

# Description:

Forum: https://forum.makerdao.com

Rocket.Chat: https://chat.makerdao.com

Voting Portal: https://Vote.MakerDAO.com

Maker Relay (written version): https://forum.makerdao.com/t/maker-relay-ep-30/6303

Learn more about the Maker protocol: https://docs.makerdao.com

Check our Governance Tools Resource: https://community-development.makerdao.com/governance/governance-tools

*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 exclusively.*