---
# System prepended metadata

title: 'Maker Relay #51'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #51

![](https://imgur.com/vTlK4wf.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 MakerDAO governance, this is your one-stop-shop for MakerDAO updates._

## Votes

### Active Executive Votes

[Flash Mint Implementation, Debt Floor Changes](https://vote.makerdao.com/executive/flash-mint-implementation-debt-floor-changes?network=mainnet#proposal-detail)
If this proposal passes, the following will occur;
- The [Flash Mint Module](https://mips.makerdao.com/mips/details/MIP25) will be activated and authorized to flash-mint DAI.
- The Debt Floor (`dust`) parameter for all vault types excluding PSM-USDC-A, ETH-B and ETH-C will be increased from 5,000 DAI to 10,000 DAI.
- The Debt Floor (`dust`) parameter for the ETH-B vault type will be increased from 15,000 DAI to 30,000 DAI.

### Active Governance Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| Parameter Changes Proposal - MakerDAO Open Market Committee | [Ends 07/01 4pm UTC](https://vote.makerdao.com/polling/QmfZWY87?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-28-june-2021/8991) |

#### Community Greenlight Polls

| Collateral | Vote  | MIP6 Application |
| ---------- | ----------- | ---------------- |
| GNO (Gnosis) | [Ends 07/05 4pm UTC](https://vote.makerdao.com/polling/QmXNAnCy?network=mainnet#poll-detail) | [MIP6 Application](https://forum.makerdao.com/t/gno-collateral-onboarding-application/8484) | Greenlight Poll |
| MATIC (Polygon) | [Ends 07/05 4pm UTC](https://vote.makerdao.com/polling/QmVBdZ9n?network=mainnet#poll-detail) | [MIP6 Application](https://forum.makerdao.com/t/matic-mip6-collateral-onboarding-updated/8318) | Greenlight Poll |
| HPT (HuobiPool Token) | [Ends 07/05 4pm UTC](https://vote.makerdao.com/polling/QmeGtaeQ?network=mainnet#poll-detail) | [MIP6 Application](https://forum.makerdao.com/t/hpt-mip6-application-credit-application-token-hpt-huobipool-token/8588) | Greenlight Poll |
| MC-DROP (Monachil Capital Partners DROP) | [Ends 07/05 4pm UTC](https://vote.makerdao.com/polling/QmRkrmWs?network=mainnet#poll-detail) | [MIP6 Application](https://forum.makerdao.com/t/mc-drop-mip6-application-monachil-capital-partners-lp-drop-senior-secured-credit-facility-for-a-private-credit-fund/8543) | Greenlight Poll |

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

### Active Signal Requests

[Should we delay the governance poll related to adding PAX-GUSD-BUSD to PSM? ](https://forum.makerdao.com/t/signal-request-should-we-delay-the-governance-poll-related-to-adding-pax-gusd-busd-to-psm/8971)
*Signaling for community support to delay voting on additions to the PSM, in order to get a more clear understanding of what Paxos and other stablecoin PSMs can offer.*

[Raise SF On RWA When Issuers Unilaterally Change Terms](https://forum.makerdao.com/t/signal-request-raise-sf-on-rwa-when-issuers-unilaterally-change-terms/8858)
*Based on discussion around the [term changes from New Silver](https://forum.makerdao.com/t/post-mortem-new-silver-executive-summary-change/8911), [@PaperImperium](https://forum.makerdao.com/u/PaperImperium) is signaling for support to raise Stability Fees 3% when such changes occur.*

[Adjusting `ttl`(bid-duration) on flap-auctions](https://forum.makerdao.com/t/signal-request-adjusting-ttl-bid-duration-on-flap-auctions/8673)
*The `ttl` is the amount of time an auction runs after the last bet, essentially making a prediction of the MKR price in one hour. This signal is asking if this parameter should be reduced within the protocol.*

[Shorten the PPG process](https://forum.makerdao.com/t/signal-request-shorten-the-ppg-process/8862)
*[@alexis](https://forum.makerdao.com/u/alexis) is proposing to shorten the timeframe of rates changes by cutting the poll and passing directly to an executive vote.*

### Last Week

The Friday executive vote last week was delayed after conversations with @Protocol-Engineering and @GovAlpha-Core-Unit. The reasons for doing as are as follows:
- The only item slated for the spell was [Adopting DC-IAM for the PSM-USDC-A.](https://forum.makerdao.com/t/signal-request-adjust-psm-usdc-a-for-whatever-it-takes-to-keep-the-peg/8601)
- Casting a spell requires quite a bit of labor and resources.
- The Executive spell from last week still had not passed.

## Team Updates

### GovAlpha

- [GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-06-24/8944)
- 2 Weekly Polls passed.
- Skipping this week's Friday Executive Vote.
- A couple new team members being onboarded with some starter tasks.
- Delegation date solidifying, reach out to GovAlpha if you are considering becoming a delegate.

### Protocol Engineering

- SushiJoin: ensuring correct behavior in the event of ES.
- CropJoin: gas optimizations and improved manager contract implementation.
- D3M final round of cleanup.
- 1-year expiry added to the vote delegation process.
- Bug with auction demo keeper around gas, causing it to consume max block gas. We worked on a fix for that, PR being merged soon.
- Kurt put together a document defining magnitude and ranges for PSM-USDC quantities.
- Worked on risk scenario analysis for Oracle tail risk; it's not public yet.
- DSR entity-relationship and system modeling with [BlockScience](https://block.science/).
- Considering pivoting to focus on collateral onboarding short-term.
- Looking into concepts of permissionless versions of institutional Vaults.
- Working on technical analysis around stETH.
- Sam is reviewing gUNI as potential collateral.
- Working on L2 risk framework, a document describing different L2 & scaling solution architectures outlining their risks.
- Optimism bridge almost fully complete. We are testing it along with things like cross-chain votes.
- Arbitrum is finalizing their standard bridge; we are working on creating a Dai version of the bridge.
- Two new team members! Julien Martin and Talbaneth.

### Oracles

- Began production rollout for the *gopher* tool. It’s a pricing tool that we use to get the prices of assets, and it serves as redundancy for an existing tool that we’ve called *sensor*.
- Rolling out a tool called *spire* within the coming weeks, which adds an extra layer of redundancy similar to *scuttlebutt*. 
- Finding footing on legal structures.
- Figuring out staffing, projects, and internal structure.
- Reviewing oracle code for stETH deployment.

### Risk

- Working on two collateral evaluations: MATIC-POLYGON and stETH, running simulations with reports published soon and available on the dashboard. 
- Risk Dashboard development being worked on addressing labeling for vault owners so that we will have a structure of vault users (if vaults are related, what apps they used to open the vault if they are protected with Defisaver) and so on.
- We added better charts for CEX trading volume for each collateral asset; in addition to aggregated volume, now there are two more charts; aggregation by exchange and trading pairs.

### Real World Finance

- Published [post mortem](https://forum.makerdao.com/t/post-mortem-new-silver-executive-summary-change/8911) the notification issue.
- Begining audits of Centrifuge structure next week.
- Next Centrifuge batch contains four assets.
- Christian worked on solutions on the legal side involving Caymen Islands.
- Three law firms are now working with us in Caymen Islands and internationally.
- Began creating on-chain data [providing more information](https://duneanalytics.com/SebVentures/maker---accounting_1) with Dune Analytics.

### Growth

- [Growth CU weekly update: June 18 - June 24](https://forum.makerdao.com/t/growth-cu-weekly-update-june-18-june-24/8945/3)
- Had a conversation with Circle involving the Risk CU to access Circle's yield account. 
- Spoke with Syndicate Protocol to provide legal compliance through the DAO.
- New [MakerGrowth](https://twitter.com/MakerGrowth) twitter account.

### Content Production

- [Content Production Bi-Weekly Update: June 10 - June 24, 2021](https://forum.makerdao.com/t/content-production-bi-weekly-update-june-10-june-24-2021/8946)
- New hires, including a video producer and writer.
- Working through our backlog, expect a lot more content from us within the coming weeks.
- Having conversations with CUs regarding the portal, issues involve Gatsby and Github. 
- Outlining storyboards for educational video requests. Reach out if you have any MakerDAO branding to share.
- Looking for another writer, so we are still onboarding new team members. 
- Capybara [won](https://forum.makerdao.com/t/informal-poll-following-up-makerdao-mascot/8305) as the mascot for MakerDAO. 

### Sustainable Ecosystem Scaling

- Approaching the initial budget forecast, we may be posting a budget modification soon increasing our incubation and grants spend.
- Project's sandbox discussion with Nikolaj tomorrow in the weekly SES update.
- Speaking with different CUs to do a side-event in [ETHCC.io](http://ethcc.io/) that Growth CU is leading.
- Working with the Dai Foundation on a MIP Set.
- LexMaker series #2 coming soon
- Call about Liquidations 2.0 coming soon
- Incubation Side
- dTalent is helping reach for talent. Get in touch!
- Development & UX(dUX) core unit will be doing a short demo today.
- NewSilver Call last Friday. Video on [YouTube](https://www.youtube.com/watch?v=lK_E--GlBwU).
- Monachil [Collateral Call](https://forum.makerdao.com/t/collateral-onboarding-call-33-monachil-friday-june-25-3pm-utc/8896/2) tomorrow.
- Next Wednesday will have Launch Pod Session with AmaZix Marketing Core Unit.

## Current Events

### New Governance Facilitator in Town

The GovAlpha Core Unit welcomes its second active Governance Facilitator, [Payton Rose!](https://forum.makerdao.com/u/prose11/summary) This comes as no surprise, GovAlpha's aim is to create sufficient redundancy, representation, and balanced decision-making by aiming to have three active governance facilitators, as stated in their [mandate.](https://forum.makerdao.com/t/mip39c2-sp3-governance-core-unit-gov-001/6348)

### Rates Working Group Evolves

The current Rates Working Group wants to [form themselves as a Parameter Proposal Group](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) as outlined in [MIP46](https://forum.makerdao.com/t/mip46-parameter-proposal-groups/6341). They would expand coverage to:
* [Line, gap, ttl](https://community-development.makerdao.com/en/learn/governance/module-dciam/) for DC-IAM-based vault-types.
* [Debt ceiling](https://community-development.makerdao.com/en/learn/governance/param-debt-ceiling) for other vault-types.
* [Stability Fee](https://community-development.makerdao.com/en/learn/governance/param-stability-fee) for all vault-types.
* Debt Ceilings (`line`), Fee In (`tin`) and Fee Out (`tout`) of [PSM](https://community-development.makerdao.com/en/learn/governance/module-psm)s and their corresponding [DC-IAM](https://community-development.makerdao.com/en/learn/governance/module-dciam/) parameters if applicable.
* [Dai Savings Rate](https://community-development.makerdao.com/en/learn/Dai/dsr/)

### RWA: New Silver Incident Report

Sebastien Derivaux, Facilitator of the Real World Finance Core Unit, published a ["Post-Mortem" on the New Silver Executive Summary Change](https://forum.makerdao.com/t/post-mortem-new-silver-executive-summary-change/8911) detailing exactly what happened, what was learned as a result, and the solutions moving forward.

### Maker Improvement Proposals

[Weekly MIPS Update #42](https://forum.makerdao.com/t/weekly-mips-update-42/9010) is out, and it looks like all of June's Ratification Votes passed!

### State of the Peg

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

- DAI peg spiked on the 23rd of June (1.0084) and dipped below peg on the 25th (.998).
- Volume hit 737 million on June 21st with a low of 329 million as of yesterday (that's the gray line on that Santiment chart).
- The market has been whipsawing around significant wicks and even hardened OG's are DM-ing exhaustion memes.

![](https://i.imgur.com/VRyme8y.png) 

- Peak volume of DAI on Curve.fi was 91 million on 6/21

![Dai Supply](https://i.imgur.com/X4M8i44.png)

- Supply still above 5 billion.
- USDC PSM now backs 55.5% of the Dai supply.

![](https://i.imgur.com/2E68BBI.png) 

![](https://i.imgur.com/Bk9cK01.png) 

Some sleek updates to @MakerBurn's rundown:
- PSM USDC 2.8 billion
  - ETH-A 1.3 billion
  - WBTC 230 million
  - USDC-A 238 million
  - ETH-C 180 million
  - PAX 67 million
  - LINK 33 million
  - TUSD 26 million
  - ETH-B 25 million
  - UniV2DaiEth 19 million 
  - YFI 10 million 
  - UniV2WBTCEth 7.8 million
  - UniV2UniEth 6.9 million
  - UniV2UsdcEth 6.7 million
  - UniV2DaiUSDC 5.1 million
  - NSDROP 3.7 Million
  - renBTC 2.5 million
  - UNI 2.3 million 
  - BAT 1.7 million
  - ZRX 1.4 million
  - MANA 1.4 million
  - AAVE 1.08 million
- Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.37 million.

![YFI goes bye bye](https://i.imgur.com/1nV6xlw.png)

- @banteg stopped on by to explain YFI's largest vault unwinding. Seems as though there's lots of opportunities to collaborate across the ecosystem on rates.

![6-22 Auctions](https://i.imgur.com/TDjKhEe.png)

- 58 Auctions settled on June 22, mostly on ETH-A positions.

![Auctions by type](https://i.imgur.com/vX515nw.png)

![ETH-C](https://i.imgur.com/0eNJK3t.png)

- ETH-C vaults have been on an upward tear. 273 vaults total with 415% average collateralizaiton (weighted on debt size).

![Price drawdown table](https://i.imgur.com/YKZ5weB.png)

- 15-20% seems to be the candle du jour, so, a 20% drawdown puts ETH-A and WBTC atop the liquidation risks.
    
![Weight vault average](https://i.imgur.com/hjruQVB.png)

- WBTC's weighted collateralizaiton is at 253%

![WBTC buckets](https://i.imgur.com/UfELO4Q.png)

- The buckets for this `ilk` are heavily skewed to a safe margin above the min collateralization. Only 378K is at 160%.

![ETH Volatility](https://i.imgur.com/FJSKVzN.png)

- ETH's volatility has been at 7% for the past week.

![ETHA buckets](https://i.imgur.com/jOVsFXZ.png)

- ETH-A vaults have ~16 million of debt at or below 180% collateralized. 

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

## Community

### Articles

- [Stablecoin Rivalries: MakerDAO Promises Fee Reduction](https://www.investing.com/news/cryptocurrency-news/stablecoin-rivalries-makerdao-promises-fee-reduction-2541760)
- [Wolf of All Streets’ crypto trader Scott Melker breaks down the red-hot crypto corner of yield farming – and shares 4 of his favorite DeFi tokens](https://timesnewsexpress.com/news/finance/banking/wolf-of-all-streets-crypto-trader-scott-melker-breaks-down-the-red-hot-crypto-corner-of-yield-farming-and-shares-4-of-his-favorite-defi-tokens/)
- [Iron Finance bank run stings investors — A lesson for all stablecoins?](https://cointelegraph.com/news/iron-finance-bank-run-stings-investors-a-lesson-for-all-stablecoins)

### Forum Deep Dai-ve

- [Mapping out policy challenges and opportunities for Maker](https://forum.makerdao.com/t/mapping-out-policy-challenges-and-opportunities-for-maker/8959)
- [A Framework for Real-World Assets](https://forum.makerdao.com/t/a-framework-for-real-world-assets/8880)
- [Some comments on the state of the DAO](https://forum.makerdao.com/t/some-comments-on-the-state-of-the-dao/8773)
- [Some thoughts on Liquity](https://forum.makerdao.com/t/some-thoughts-on-liquity/8881) - [@LongforWisdom](https://forum.makerdao.com/u/longforwisdom/summary)

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

### Tweet of the Week

https://twitter.com/bkiepuszewski/status/1408067169036894213

## Meetings and Events

### 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

#### Speaker Series 

- Senior VP of St. Louis Federal Reserve, David Andolfatto
    - [Join Link](https://www.crowdcast.io/e/makerdao-speaker-series) | [Agenda](https://forum.makerdao.com/t/speaker-series-1-st-louis-federal-reserve-senior-vp-june-29-3-00-pm-utc-11-00-am-et/8080) - June 29th at 15:00 UTC 

#### Core Unit Launch Pod Sessions

- Core Unit Launch Pod Sessions #13: AmaZix Marketing Core Unit AMZX-001
    - [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) | [Agenda](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-13-amazix-marketing-core-unit-amz/8887) - June 30th at 15:00 UTC 

#### Ask Me Anything

-  Learn about Centrifuge and Tinlake With Lea, Lucas, and Martin
    -  [Join Link](https://us02web.zoom.us/j/82174835997) | [Agenda](https://forum.makerdao.com/t/ama-learn-about-centrifuge-and-tinlake-with-lea-lucas-and-martin/8824) - June 30th at 19:00 UTC 

### Last Week's Call Recordings

Governance and Risk Call #147
[Video](https://www.youtube.com/watch?v=zX1Q51TNpcs) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-147-thursday-june-24-17-00-utc/8904)

Monachil Collateral Onboarding Real World Assets Call: June 25, 2021
[Video](https://www.youtube.com/watch?v=K7J9xmcY4F8) | [Forum Post](https://forum.makerdao.com/t/collateral-onboarding-call-33-monachil-friday-june-25-3pm-utc/8896)

Tokenizing Real-World Assets with CurioInvest | What the World is Doing With Dai Ep 01
[Video](https://youtu.be/kkiBYDc3ZGY) | [Forum Post](https://forum.makerdao.com/t/speaker-tokenizing-collectible-vehicles-with-curioinvest/8541)

Ask Me Anything: Will Remor of MakerDAO’s Real-World Finance Core Unit
[Video](https://youtu.be/b2PYWVipTf0) | [Forum Post](https://forum.makerdao.com/t/ama-william-remor-of-the-real-world-finance-core-unit/8203)

## 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 Stakeholers; 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://forms.gle/Z2QAgywU2Sesm7Vy6) to let us know what we might be missing or how we can 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.*
