---
# System prepended metadata

title: Maker Relay 17
tags: [Maker Relay]

---

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tags: Maker Relay
---

# Maker Relay 17

![](https://i.imgur.com/GJH7IUT.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. 

This week, the monthly MIPs poll is up, alongside plenty of community greenlight polls, Maker is also seeking [Maker Representatives](https://forum.makerdao.com/t/calling-community-members-to-be-a-maker-representative/4519) for Real-World Asset Collateralization. 

## [Votes](https://vote.makerdao.com/)

*Learn more about Governance in Community Development's [Voter Onboarding Guide](https://community-development.makerdao.com/onboarding/voter-onboarding)!*

### Monthly Governance Cycle

#### MIPs Updates

The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed.
- For more information on the MIPs included in this monthly governance poll, please check out our [Weekly MIPS Update #17 (Oct 14 2020)](https://forum.makerdao.com/t/weekly-mips-update-17/4746)

| Poll Name  | Type  | Vote    | Discussion | Includes |
| ---------- | --------- | ---------- | ----- | ----- |
| MIPS Monthly Governance Poll | MIP(s) | [Vote](https://vote.makerdao.com/polling-proposal/qmdo1zzqeddcptubhy2nu3fjroti1tyfv9mg6bexpgrwq9) | [Discussion](https://forum.makerdao.com/t/weekly-mips-update-17/4746) | [MIP14](https://forum.makerdao.com/t/mip14-protocol-dai-transfer/2462); [MIP20](https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196); [MIP21](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917); [MIP22](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930); [MIP23](https://forum.makerdao.com/t/mip23-domain-structure-and-roles/4021); [MIP13c3-SP3](https://forum.makerdao.com/t/mip13c3-sp3-declaration-of-intent-strategic-reserves-fund-srf/3765); [MIP13c3-SP4](https://forum.makerdao.com/t/mip13c3-sp4-declaration-of-intent-commercial-points-off-chain-asset-backed-lender-to-onboard-real-world-assets-as-collateral-for-a-dai-loan/3914); [MIP13c3-SP5](https://forum.makerdao.com/t/mip13c3-sp5-declaration-of-intent-maker-to-commence-onboarding-work-of-centrifuge-based-collateral/4059)


Proposals in the Request-For-Comments (RFC) phase include:

- [MIP17: Weekly Actual Debt Ceiling Adjustments](https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-adjustments/4312)
- [MIP24: Emergency Response](https://forum.makerdao.com/t/mip24-emergency-response/4009)
- [MIP25: Flash Mint Module](https://forum.makerdao.com/t/mip25-flash-mint-module/4400)
- [MIP26: DssGov - Governance Contract Redesign](https://forum.makerdao.com/t/mip26-dssgov-governance-contract-redesign/4589)
- [MIP27: Debt Ceiling Instant Access Module](https://forum.makerdao.com/t/mip27-debt-ceiling-instant-access-module/4625)
- [MIP28: Operational Support Domain Definition](https://forum.makerdao.com/t/mip28-operational-support-domain-definition/4627)

Subproposals in the RFC phase include:
- [MIP13c3-SP6: SourceCred Funding](https://forum.makerdao.com/t/mip13c3-sp6-sourcecred-funding/4545)
- [MIP28c7-SP1: Subproposal for Operational Support Domain Facilitator Onboarding](https://forum.makerdao.com/t/mip28c7-sp1-subproposal-for-operational-support-domain-facilitator-onboarding/4628)
- [MIP4c2-SP6: Calendar Exceptions](https://forum.makerdao.com/t/mip4c2-sp6-calendar-exceptions/4546)

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

### Weekly Governance Cycle

#### Governance Polls

*Some polls use [instant run-off](https://ballotpedia.org/Ranked-choicevoting(RCV)), so you can select multiple options and ranked-choices will be prioritized.*

| Poll Name  | Type  | Vote    | Discussion | 
| ---------- | ----------------- | ---------- | ----- |
| Approve Maker Representatives | Proposal | [Vote](https://vote.makerdao.com/polling-proposal/qmb8emcfysvfkdedfjamy4b6gd4gujsa55tetxj6x4esew) | [Discussion](https://forum.makerdao.com/t/signal-request-approve-maker-representatives-as-an-oversight-role-for-real-world-assets-october-2020/4656) |
| Increase Surplus Auction Buffer | System-Parameter | [Vote](https://vote.makerdao.com/polling-proposal/qmpen941iw8k8yzpwy84hxai43ceukdxwqh9gnwkj2pun3) | [Discussion](https://forum.makerdao.com/t/signal-request-increase-the-auction-surplus-buffer-by-2m-system-surplus-october-2020/4716) |
| MIP10c9-SP12: Whitelist B.Protocol on ETHUSD Medianizer Oracle  | Oracle Subproposal | [Vote](https://vote.makerdao.com/polling-proposal/qmbcg6dtqsb8jffglk6arnq2psenwvx19ugspgsh8biunn) | [Discussion](https://forum.makerdao.com/t/mip10c9-sp12-whitelist-b-protocol-contract-on-ethusd-oracle/4620) |
| MIP10c9SP13: Whitelist B.Protocol on ETHUSD Medianizer Oracle Security Module | Oracle Subproposal | [Vote](https://vote.makerdao.com/polling-proposal/qmvaf5dtkruyc1m64emqfc39hlxrbfxnp16w5xczykgzr9) | [Discussion](https://forum.makerdao.com/t/mip10c9-sp13-whitelist-b-protocol-contract-on-ethusd-oracle-osm/4621) |

#### Community Greenlight Polls

| Poll Name  | Vote    | Application | 
| ---------- | ----------------- | ---------- | ----- |
| Aave USCD (aUDSC) | [Vote](https://vote.makerdao.com/polling-proposal/qmnpaseyla968b1j3yzs4fad8oyfcfajzaq86nnxnublxs) | [Application](https://forum.makerdao.com/t/ausdc-mip6-collateral-onboarding-application/4159) |
| Compound USD (cUSDC) | [Vote](https://vote.makerdao.com/polling-proposal/qmd4k1jkqa2juzc9fdfo6golrix5fycd5ga12vrg3qreyz) | [Application](https://forum.makerdao.com/t/cusdc-mip6-collateral-onboarding-application/4135) |
| Crypto.com Coin (CRO) | [Vote](https://vote.makerdao.com/polling-proposal/qmdmkhgbe63wvftmbfn1mkhb8rwgehjhvoh9jwjz7ub8ah) | [Application](https://forum.makerdao.com/t/cro-mip6-collateral-onboarding-application-crypto-com/4453) |
| Curve DAO Token (CRV) | [Vote](https://vote.makerdao.com/polling-proposal/qmuegqank3mnswx6cnetf8xyx61sjtv4jc7higuajbdnnr) | [Application](https://forum.makerdao.com/t/crv-mip6-collateral-onboarding-application/4535) |
| Kickfurther DROP (KR-DROP) | [Vote](https://vote.makerdao.com/polling-proposal/qmd6q6bwfjrmtefcuubkqyjiabq6ptj4t3uzmwnwwdeqbs) | [Application](https://forum.makerdao.com/t/kf-drop-mip6-application-kickfurther-drop-consignment-inventory-finance-for-ecommerce-retail-brands/4064) |
| OMG Network (OMG) | [Vote](https://vote.makerdao.com/polling-proposal/qmy4f55dwtx2shsjpqvr6ljnhvh8zopgwirtmjpudcmihr) | [Application](https://forum.makerdao.com/t/omg-mip6-collateral-onboarding-application/4211) |
| UPRETS Oosten Fund 1 LP (OST-1) | [Vote](https://vote.makerdao.com/polling-proposal/qmscnu46wdyet3ychb93ofmlq4mnzp9gk8rzfkwat7qtnx) | [Application](https://forum.makerdao.com/t/ost-1-mip6-collateral-onboarding-application-by-uprets-real-estate-backed-digital-security/4438) |
| Uniswap (UNI) | [Vote](https://vote.makerdao.com/polling-proposal/qmwbmqmivxtxca25vla1au4zwxv8eprmk7jrzpsdhgydmx) | [Application](https://forum.makerdao.com/t/uni-mip6-collateral-onboarding-application/4433) |
| Uniswap WBTC-WETH Liquidity Tokens (UNI-V2-WBTC-ETH) | [Vote](https://vote.makerdao.com/polling-proposal/qmy7xb87uyd2odf8fbs2qm3gvqncwcfuzdgpxdlbmoctry) | [Application](https://forum.makerdao.com/t/uni-v2-wbtc-eth-dai-collateral-onboarding-application/4279) |
| Uniswap USDT-WETH Liquidity Tokens (UNI-V2-USDT-ETH) | [Vote](https://vote.makerdao.com/polling-proposal/qmugasl4qnytdcunuxbbvgorhw6jzn5abl3gmycj4n8prl) | [Application](https://forum.makerdao.com/t/uni-v2-usdt-eth-dai-collateral-onboarding-application/4280) |
| yyCRV (yUSD) | [Vote](https://vote.makerdao.com/polling-proposal/qmy3fekswlftazdqdyhgvyny56hagabt7zkhqdxkwppknf) | [Application](https://forum.makerdao.com/t/yusd-mip6-collateral-onboarding-application/4269) |

### Last Week

| Name  | Type |  Result    | Detail | Unique Voters |
| ------------ | ------- | ---------- | ----------- | -----|
| [Add ETH-B Vault Type](https://forum.makerdao.com/t/discussion-eth-b-vault/4316) | Executive | **Passed** on Oct 17, 2020 with **61,429.72 MKR**. **Executed** on Oct 19, 2020, 14:00 UTC. | **ETH-B** will be added as a **vault type**.  | 16 |
| [Rates V2 Poll](https://mkrgov.science/poll/331) | Proposal | **Passed** with **28,060.98 MKR** |  Risk Team will start producing Risk Premium/Competitive Rates on a monthly basis which get handed off to the Rates Working Group who will propose the Stability Fee rate changes | 15 |
| [Add YFI as Collateral](https://forum.makerdao.com/t/yfi-mip6-collateral-onboarding-yearn/3815) | Collateral Onboarding Poll | **Passed** with **34,019.54 MKR** | Moves to executive vote | 16 |
| [Add BAL as Collateral](https://forum.makerdao.com/t/bal-mip6-collateral-onboarding-application/3880) | Collateral Onboarding Poll | **Passed** with **33,114.57 MKR** | Moves to executive vote | 18 |
| Base Rate Adjustment | Base Rate Poll | **0% won** the vote with **51,783.07 MKR** | Resulted in a 0% base rate | 9 |

## Domain Teams

### Smart Contracts

- Moving quick! ETH-B collateral type [deployed on Kovan](https://github.com/makerdao/spells-kovan/pull/22), passed executive on October 17.
- [Liquidations 2.0 discussion call]((https://www.youtube.com/watch?v=IMSusgznlYk)) took place, Smart Contracts team is working to get the code complete.
- BAL, YFI, possibly PAXG collateral types will be on Kovan this week.

### Risk

- GUSD and PAXG evaluations are being finalized.
- Focusing on new assets with the prioritization framework, with UNI and REN ranking the highest.
- Collateral evaluation template is getting finalized and will hopefully attract more analysts.

## Current Events

### Maker and Kleros Fellowship

Announced fellowship between Kleros and Maker:
- Kleros is a decentralized decision making protocol. A key use case of Kleros is to act as a decentralized verification (or vetting) mechanism for the compliance of crypto assets with required conditions.
	- This framework should address features such as code, risk profile, and legal compliance.
	- Applications close in two weeks.

#### More Information

- [Kleros Website](https://kleros.io/)
- [Fellowship Blog Post](https://blog.kleros.io/kleros-maker-fellow-on-decentralized-finance/)
- [Legal Assessment Framework](https://forum.makerdao.com/t/kleros-maker-fellowship-on-collateral-legal-assessment-framework/4725) from [@amyjung](https://forum.makerdao.com/u/amyjung)

### Maker Representatives

Real world assets are coming as collateral to the MakerDAO protocol. Maker Representatives are being tasked with an oversight role. This [Advisory Resource Board for Maker Representatives](https://forum.makerdao.com/t/advisory-resource-board-for-maker-representatives/4765) has a vote currently in the [governance portal.](https://vote.makerdao.com/polling-proposal/qmb8emcfysvfkdedfjamy4b6gd4gujsa55tetxj6x4esew)

#### More Information
- [Calling community members to be a Maker Representative](https://forum.makerdao.com/t/calling-community-members-to-be-a-maker-representative/4519)
- [MIP13c3-SP4: Off-Chain Asset Backed Lender to onboard Real World Assets as Collateral for a DAI loan](https://forum.makerdao.com/t/mip13c3-sp4-declaration-of-intent-commercial-points-off-chain-asset-backed-lender-to-onboard-real-world-assets-as-collateral-for-a-dai-loan/3914)

## State of the Peg

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

- DAI peg had periodic dips below $1.01 over the past 7 days.

![Dai Supply](https://i.imgur.com/dn6SEAA.png)

- Dai supply above 903 million with USDC and ETH still topping the lion's share. 
- 79 million from WBTC, 50 million TUSD, 24 million PAX-A. 
- Other vault types continue to grow, historically they've been 500K or less, but now they are at ~1.7 million Dai, with LRC leading the pack.
 
![Dai Supply 2](https://i.imgur.com/WhasSJJ.png)


![Dai supply 3](https://i.imgur.com/w1cOeT9.png)

![Dai supply 4](https://i.imgur.com/jWozFTC.png)

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

- Volume at around $117 million this last week. 
- Average VWAP (Volume weighted average price) places Dai at $1.01.
 
![ETH vaults collateralization ratio](https://i.imgur.com/VOUyoBM.png)

- ☝️ ETH vaults collateralization ratios. 

![280 ](https://i.imgur.com/AMJ0UW5.png)

- 280 ETH price still holds for the big liquidation wall of 29 million Dai. 

![WBTC Vaults](https://i.imgur.com/VZMIBxj.png)

- WBTC vaults almost the same, with the under 200% collateralization band dominating. 

![WBTC Vaults](https://i.imgur.com/iml1GTj.png)

- In the midst of a rally for BTC, these riskier vault positions are a little less collateralized, but it's a significant jump to get to liquidations.

![WBTC Liqduiations](https://i.imgur.com/VvQBOjI.png)

- $9700 is the magic price for WBTC to start liquidating in larger amounts and the curve gets steep from there. 
- $9687 would equate to 52 million dai liquidated.

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

## Community

### Articles and Thought Pieces

* The EU is Requesting Feedback on it's Crypto [Regulation Framework](https://d-core.net/eu-requests-feedback)
* [A comparative study between centralized & decentralized oracles](https://hackernoon.com/synth-protocols-explained-and-compared-with-other-defi-protocols-p82u3zkw)

### Videos and Podcasts

* Watch the [demo day from community-development](https://youtu.be/vkPaT_7EEbs)
* Ren and Uniswap [collateral onboarding call replay](https://www.youtube.com/watch?v=cPHZU1ywhi8)
* Nadia Alvarez at [Buenbit CriptoForum](https://youtu.be/aJ5AF87c_U4?t=8640)


### Maker Forum Deep Dai-ve

* [MakerDAO Protocol Cover using Nexus Mutual](https://forum.makerdao.com/t/makerdao-protocol-cover-using-nexus-mutual/4761)
* [Farming activity of vault users](https://forum.makerdao.com/t/farming-activity-of-vault-users/4781)
* [Using DAI in “blacklisted countries by USA government”, and USDC legal compliance](https://forum.makerdao.com/t/using-dai-in-blacklisted-countries-by-usa-government-and-usdc-legal-compliance/4256)
* @LongForWisdom is hosting informal [Governance Q&A Sessions](https://forum.makerdao.com/t/meeting-governance-q-a-sessions/4633) every Monday at 17:00 UTC. Come with questions or topics in mind to discuss!

### Twitter

[Tweet of the Week](https://twitter.com/itsamyjung/status/1318180962170294272)

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays at 16:00 UTC | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-16/register)
    - Derek Flossman will join us this week for a dive into the upcoming Governance Portal Redesign

#### Community Collateral Onboarding


- Bi-weekly Wednesdays at 17:00 UTC | [Zoom]() - Message [#governance-and-risk](https://chat.makerdao.com/channel/governance-and-risk) for Admission
    - [Introduction](https://forum.makerdao.com/t/collateral-onboarding-call-bi-weekly-on-wednesday-at-17-00-utc-19-00-cet-10am-pst/3614) | [Collateral Status Index](https://forum.makerdao.com/t/collateral-status-index/2231)
    - [Agenda](https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-12-wednesday-october-21-17-00-utc/4745) for October 21: @gregoryklumov from EURStasis will present EURS and @cryptocom_official from crypto.com will present CRO 

#### 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-115-thursday-october-22-16-00-utc/4757) | [Dial-in call link](https://zoom.us/) | [Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk@group.calendar.google.com&ctz=America/Los_Angeles)
    - [Archives](https://forum.makerdao.com/c/governance/gnr/8)
    - [Contributing](https://forum.makerdao.com/c/governance/gnr/8)

### Community Events

- Oct 26: [IOSG 7th Old Friends Reunion - DeFi Summit 2020](https://www.eventbrite.hk/e/iosg-7th-old-friends-reunion-defi-summit-2020-tickets-122011376311)
- Oct 27: [Wanxiang Blockchain Summit](https://www.blockchainlabs.org/week2020/home)
- Oct 29: [Crypto Assets Conference (CAC20B)](https://www.crypto-assets-conference.de/)

### Hackathons

- Oct 2-20: [ETHOnline](https://www.ethonline.org/)
- Sept 28-Dec 9: [Money Dance](https://www.moneydance.io/)


## 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.*