---
# System prepended metadata

title: Maker Relay 26
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay 26

![Imgur](https://imgur.com/LTbwkUi.png)

_Hey everyone, thanks for checking out the season finale of 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 saw the first community executive enter the voting portal, including a spirited discussion about better coordination of executives in the future. Governance is on a break until January 2021, there are no more planned monthly or weekly Governance actions this year.

## Votes

### Executive Vote

[Activate the USDC Peg Stability Module (PSM)](https://vote.makerdao.com/executive/activate-the-usdc-psm?network=mainnet#proposal-detail)

If passed, the vote will result in:
- The USDC PSM will be onboarded as the PSM-USDC-A vault type.
- The tin parameter will be set to 1% initially and will decrease to 0.1% over 7 days. tin refers to the fee when trading USDC in exchange for DAI.
- The tout parameter will be set to 0.1%. tout refers to the fee when trading DAI in exchange for USDC.
- The initial debt ceiling of the USDC PSM will be 3 million DAI.

### Community Greenlight Polls

These greenlight polls will close on Dec 28 at 16 UTC

| Collateral | MIP9 Poll                                           | MIP6 Application |
| ---------- | --------------------------------------------------- | ---------------- |
| WZEC (Wrapped Zcash) | [Vote](https://vote.makerdao.com/polling/QmcMnc2Q?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/wzec-mip6-collateral-onboarding-application/5153)  |
| DPI (DeFi Pulse Index) | [Vote](https://vote.makerdao.com/polling/QmPNXbP3?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/dpi-defi-pulse-index-collateral-onboarding-application-mip6/5073)  |
| WFIL (Wrapped Filecoin) | [Vote](https://vote.makerdao.com/polling/QmcKJmQS?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/wfil-mip6-collateral-onboarding-application/5205)  |

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

#### Last Week
Executive:
- [Collateral Onboarding, Rates Changes, Oracle Whitelisting](https://vote.makerdao.com/executive/collateral-onboarding-rates-changes-oracle-whitelisting?network=mainnet#proposal-detail)
    - **Passed** Dec 19, 2020, 15:09 UTC. **Executed** on Dec 21, 2020, 15:10 UTC.
    - The UNIV2DAIETH-A vault type will be added using UNI-V2-DAI-ETH (UniswapV2 DAI-ETH LP Token) as collateral.
    - The AAVE-A vault type will be added using AAVE as collateral.
    - ETH-A stability fee has been increased from 2% to 2.5%.
    - ETH-B stability fee has been increased from 4% to 5%.
    - WBTC-A stability fee has been increased from 4% to 4.5%.
    - BAT-A stability fee has been increased from 4% to 8%.
    - KNC-A stability fee has been decreased from 4% to 2%.
    - ZRX-A stability fee has been decreased from 4% to 2%.
    - MANA-A stability fee has been decreased from 12% to 10%.
    - COMP-A stability fee has been decreased from 3% to 2%.
    - BAL-A stability fee has been decreased from 5% to 2%.
    - YFI-A stability fee has been decreased from 10% to 9%.
    - Gnosis will be whitelisted on the ETHUSD OSM Oracle.
    - The global line parameter will increase by 13 million DAI as a result of the other debt ceiling changes.
- The [PSM Executive](https://vote.makerdao.com/executive/activate-the-usdc-psm?network=mainnet#proposal-detail) is currently sitting at 40,992 MKR and the current hat has 85K MKR. 

Polls: 
- [USDC Peg Stability Module Parameters](https://vote.makerdao.com/polling/QmfTU85J?network=mainnet#poll-detail), [Rates Proposal](https://vote.makerdao.com/polling/QmTTjqGb), [Whitelist Gnosis on ETHUSD Oracle (MIP10c9sp15)](https://vote.makerdao.com/polling/QmUqW1pf)
    - These polls went to an executive vote which also **passed**. These changes will become active in the Maker Protocol after the Governance Security Module delay expires.

## Updates

### MIPs

Proposals in the Request-For-Comments phase include:

- [MIP17: Weekly Actual Debt Ceiling Adjustments](https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-adjustments/4312)
- [MIP26: DssGov - Governance Contract Redesign](https://forum.makerdao.com/t/mip26-dssgov-governance-contract-redesign/4589)
- [MIP29: Peg Stability Module](https://forum.makerdao.com/t/mip29-peg-stability-module/5071)
- [MIP30: Farmable cUSDC Adapter (CropJoin)](https://forum.makerdao.com/t/mip30-farmable-cusdc-adapter-cropjoin/5163)

Sub-Proposals in the Request-For-Comments phase include:

- [MIP7c3-SP6: Domain Team Onboarding (Smart Contracts Domain Team)](https://forum.makerdao.com/t/mip7c3-sp6-domain-team-onboarding-smart-contracts-domain-team/5559)
- [MIP13c3-SP7: Governance Communications (Declaration of Intent)](https://forum.makerdao.com/t/mip13c3-sp7-governance-communications-declaration-of-intent/5028)
- [MIP13c3-SP8: Maker Protocol Cover with Nexus Mutual (Declaration of Intent)](https://forum.makerdao.com/t/mip13c3-sp8-maker-protocol-cover-with-nexus-mutual-declaration-of-intent/5056)

*The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed. Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14)*

### Signal Requests

[Adjust ETH-B line (IAM-Ceiling)](https://forum.makerdao.com/t/signal-request-adjust-eth-b-line-iam-ceiling/5731)
[New IAM-vault-type for WBTC with lower LR](https://forum.makerdao.com/t/signal-request-new-iam-vault-type-for-wbtc-with-lower-lr/5736)

### Smart Contracts

- DsChief v1.2 has been activated!
- Reconvening in the next year, which means Real World Assets [(MIP21)](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917) will get pushed to 2021.

### Oracles

- Continuing work on the UNI LP Oracle.
- More high liquidity pairs coming in 2021! These will start off with low debt ceilings to protect against exploits.
- Going into the next year the team will prioritize RWA.

### Risk

- All planned collateral evaluations are released.
- In the new year risk domain will be looking at prioritization framework to determine what to work on next.
- Started work on MIP30: CropJoin risk evaluation and assessing the situation with [TUSD.](https://forum.makerdao.com/t/tusd-is-undergoing-a-material-change-to-its-ownership-structure-is-there-a-process-for-reducing-exposure-in-the-event-of-a-material-change/5691)
- A [Risk Monitoring Dashboard](https://forum.makerdao.com/t/dai-monitoring-dashboard/5690) was shared on the forum.

## State of the Peg

![Peg](https://i.imgur.com/F9lxm4B.png)

- DAI 24 hour price is at 1.009. 

![Dai Supply](https://i.imgur.com/OxTy14A.png)

- 1.12 Billion Dai out in the wild. 
    - 467 million from ETHA
    - 439 million from USDC-A
    - 85 million from WBTC
    - 53 million from TUSD
    - 28 million from ETH-B
    - 18 million from PAX-A
    - 16 million from YFI
    - 5.8 million from LINK
    - 3.4 million from UNI-A
    - 2.8 million from BAT
    - Other vault types (and there are quite a few now) inching across the longstanding ceiling of 1.5 million. 1.6 outstanding from AAVE, BAL, COMP, GUSD, LRC, RENBTC, MANA, USDT, ZRX.

![Dai supply 1](https://i.imgur.com/JOmrvMP.png)

![Dai supply 2](https://i.imgur.com/tAFWKjR.png)

![Dai supply 3](https://i.imgur.com/ZUJlfg2.png)

![Dai supply 4](https://i.imgur.com/m0cakh7.png)

![VWAP](https://i.imgur.com/irCP5Rg.png)

- Volume at around $416 million over the last seven days.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.005

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

- ETH vaults collateralization ratio highest at 220% and largely diversified.

![ETH Liquidation](https://i.imgur.com/2VqeQWI.png)

- ETH Liquidations are less of a wall this week! They creep to 44 million Dai liquidated at $424 ETH.
    
![UNI collateralization](https://i.imgur.com/f9Fphj1.png)

- UNI collateralization at 180% dominated by one big vault, the usual meme for a new collateral type. Same for AAVE, BAL, COMP, LINK, etc.

![UNI Vaults](https://i.imgur.com/1iu8lfV.png)

- The UNI vaults at the moment.

![UNI LP tokens](https://i.imgur.com/Fo98571.png)

- UNI LP tokens are a different story, much more diversified collateralization. It's early though, so the :whale: 🎙 awaits.

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

## Community

### Articles

- [CryptoTelegram: Maker Bulls Reverses from 500 Gaining Versus BTC and ETH](https://cryptotelegram.com/maker-bulls-reverses-from-500-gaining-versus-btc-and-eth/)
- [Fintech Zoom: Ethereum – DeFi neighborhood raises centralization issues over Compound Chain](https://fintechzoom.com/fintech_news_ethereum/ethereum-defi-community-raises-centralization-concerns-over-compound-chain/)
- [The Block: ETH2 Staking Protocol 'Lido' Raises $2 Million in New Funding](https://www.theblockcrypto.com/linked/87761/eth2-staking-protocol-lido-raises-2-million-funding)

### Videos:

- [The MakerDAO Community Call: Building Risk Monitoring Tools with Prabhaav Bhardwaj](https://www.youtube.com/watch?v=jLKwxvC8dtA)
    - Check out their [Dai risk monitoring tool](https://www.monitor.simpleid.xyz/dai)
- [Real World Asset 2020 Wrap-up & RWA-2021](https://www.youtube.com/watch?v=6R3Px59h2z4)


### Maker Forum Deep Dai-ve

- [DAO’s Organigram](https://forum.makerdao.com/t/discussion-request-daos-organigram/5674)
    - *[Cryptouf](https://forum.makerdao.com/u/Cryptouf) begins a discussion asking if the DAO has an organigram, and if not would the community find it useful to create one.*
- [TUSD is undergoing a material change to its ownership structure. Is there a process for reducing exposure in the event of a material change?](https://forum.makerdao.com/t/tusd-is-undergoing-a-material-change-to-its-ownership-structure-is-there-a-process-for-reducing-exposure-in-the-event-of-a-material-change/5691)
    - *[Shane](https://forum.makerdao.com/u/shane) begins a discussion surrounding the changes to TUSD and what the DAO reaction should be, if any.*
- [Are we moving too fast? Reevaluating risk in anticipation of Maker Foundation hand-off](https://forum.makerdao.com/t/discussion-are-we-moving-too-fast-reevaluating-risk-in-anticipation-of-maker-foundation-hand-off/5748)
    - *[prose11](https://forum.makerdao.com/u/prose11) begins a discussion expounding upon [@ElProgreso](https://forum.makerdao.com/u/elprogreso)’s thread about the [potential need to slow down](https://forum.makerdao.com/t/words-from-the-wise-perhaps-you-should-slow-down-maker-community-youre-killin-em-softly/5485). That thread centered on some comments from [@cmooney](https://forum.makerdao.com/u/cmooney) on the December 3rd G&R call.*

### Tweet(s) of the Week

https://twitter.com/MislavJavor/status/1338619196444381185

https://twitter.com/DarrenMills/status/1339439995174572032?s=20

## Meetings and Events

### MakerDAO Open Calls

#### Community Collateral Onboarding

- [Collateral Onboarding Calls: 2020 Recap + Upcoming Calls](https://forum.makerdao.com/t/all-your-collateral-calls-are-belong-to-us-2020-recap-upcoming/5718)

#### Governance & Risk

- [No Governance Over the Winter Holiday ](https://forum.makerdao.com/t/no-governance-over-the-winter-holiday/5725)

### Community Events & Hackathons

- Jan 15-Feb 7, 2021: [MARKETMAKE Build the future of finance.](https://marketmake.ethglobal.co/)


## 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/)

Check our [Governance Tools Resource](https://community-development.makerdao.com/governance/governance-tools) for links to things like; system status, Dai stability, collateral/liquidations, protocol analytics, auctions, and some of the history of governance. 

### 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.*