---
# System prepended metadata

title: Maker Relay 14
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay 14

![](https://i.imgur.com/M8AEXg2.png/img)
_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. 

## Votes

[Approve September 2020 Governance Cycle Bundle: Executive Vote](https://vote.makerdao.com/executive-proposal/approve-september-2020-governance-cycle-bundle--september-28-2020)
| Poll Name  | Type  | Discussion | If Passed
| ---------- | ----------------- | ---------- | ---------- | 
| MIP15 - Dark Spell Mechanism | MIP | [Discussion](https://forum.makerdao.com/t/mip15-dark-spell-mechanism/2578) | Will be moved to *Accepted* status
| MIP7c3-SP3 - Domain Team Onboarding (Risk) | Sub-Proposal | [Discussion](https://forum.makerdao.com/t/mip7c3-sp3-domain-team-onboarding-risk-domain-team/4050) | Primož Kordež will be onboarded as a Risk Domain Team
| MIP7c3-SP4 - Domain Team Onboarding (Smart Contracts) | Sub-Proposal | [Discussion](https://forum.makerdao.com/t/mip7c3-sp4-domain-team-onboarding-smart-contract-domain-team/4057) | Christopher Mooney, Wil Barnes, Lucas Manuel, and Brian McMichael will be onboarded as part of the Smart Contract Domain Team
| MIP12c2-SP4 - LRC Collateral Onboarding | Sub-Proposal | [Discussion](https://forum.makerdao.com/t/mip12c2-sp4-domain-work-requirements-for-lrc/3558) | Will be moved to *Accepted* status. LRC will be onboarded to the Maker Protocol for use as collateral
| MIP12c2-SP5 - COMP Collateral Onboarding | Sub-Proposal | [Discussion](https://forum.makerdao.com/t/mip12c2-sp5-comp-collateral-onboarding/4065) | Will be moved to *Accepted* status. COMP will be onboarded to the Maker Protocol for use as collateral
| MIP12c2-SP6 - LINK Collateral Onboarding | Sub-Proposal | [Discussion](https://forum.makerdao.com/t/mip12c2-sp6-link-collateral-onboarding/4066) | Will be moved to *Accepted* status. LINK will be onboarded to the Maker Protocol for use as collateral
| MIP13c3-SP2 - Declaration of Intent - Dai Flash Mint Module | Sub-Proposal | [Discussion](https://forum.makerdao.com/t/mip13c3-sp2-declaration-of-intent-dai-flash-mint-module/3635) | Will be moved to *Accepted* status.

The Executive Vote [(FAQ)](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs#governance) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a [continuous approval vote.](https://community-development.makerdao.com/makerdao-mcd-faqs/faqs/governance#what-is-continuous-approval-voting)

### Weekly Governance Cycle

*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 | Vote | Discussion | Results | Unique Voters |
| --------- | ---- | ---------- | ------- | ------------- |
| Adjust the PAXUSD-A Debt Ceiling | [Vote](https://vote.makerdao.com/polling-proposal/qmzofg3lwikafserdxblaquwkw1kj3cqmgjbmy7y9lwaws) | [Discussion](https://forum.makerdao.com/t/signal-request-increase-paxusd-a-debt-ceiling/4263) | **Ends Oct 1st**  | 3(+) |
| Base Rate Adjustment: -3.75% to 4.25% | [Vote](https://vote.makerdao.com/polling-proposal/qmyb7u8vpk7n4xtd6wacvhzx6hk9tszrze7b91ya1cd15z) | [Discussion](https://forum.makerdao.com/t/discussion-automate-base-rate-adjustment/4004/8) | **Ends Oct 1st** | 2(+) |

#### Community Greenlight Polls

Greenlight polls close on Oct 5 at 16:00 UTC.

| Collateral | MIP9 Poll                                           | MIP6 Application |
| ---------- | --------------------------------------------------- | ---------------- |
| renZEC (renZEC) | [Vote](https://vote.makerdao.com/polling-proposal/qmzfpbnvhqezxv6b2enrltdehq3ybthavj73gyvk5fvubz) | [Application](https://forum.makerdao.com/t/renzec-mip6-collateral-application/3581)  |
| REINNO (REINNO) | [Vote](https://vote.makerdao.com/polling-proposal/qmakfiaydofmwgrmddmhibwgn8tefptmblnj8neucty8xn) | [Application](https://forum.makerdao.com/t/reinno-mip6-collateral-onboarding-application/3891)  |
| renBCH (renBCH) | [Vote](https://vote.makerdao.com/polling-proposal/qmba2eyhhfx5tmg12mccvtge3vycshmscptfsycxspekix) | [Application](https://forum.makerdao.com/t/renbch-mip6-collateral-application/3762)  |
| MOONI-ETH-USDC (Mooniswap ETH-USDC Liquidity Pool) | [Vote](https://vote.makerdao.com/polling-proposal/qmd8mxitqjjudfqy3cbrviizktkm7vyaqzwsr32zwdrqsf) | [Application](https://forum.makerdao.com/t/3724)  |
| MOONI-ETH-WBTC (Mooniswap ETH-WBTC Liquidity Pool) | [Vote](https://vote.makerdao.com/polling-proposal/qmu6ftqzk69xpblgsg2qjrpwq64w36h84lbhekgbepxpgn) | [Application](https://forum.makerdao.com/t/mooniswap-liquidity-pool-eth-wbtc-collateral-application/3728)  |
| BAL (Balancer Token) | [Vote](https://vote.makerdao.com/polling-proposal/qmxdnkwsqwgb4f9xv8n64huizguot1vdojatjgqseruycz) | [Application](https://forum.makerdao.com/t/bal-mip6-collateral-onboarding-application/3880)  |
| MOONI-ETH-USDT (Mooniswap ETH-USDT Liquidity Pool) | [Vote](https://vote.makerdao.com/polling-proposal/qmpg5ft4gkn63b1t7adrzd57ghmk7rctwbxpwdatkgjygx) | [Application](https://forum.makerdao.com/t/mooniswap-liquidity-pool-token-eth-usdt-collateral-application/3729)  |
| UMA (UMA) | [Vote](https://vote.makerdao.com/polling-proposal/qmqf6xcm3jxs9hu9hnge6wgjydzmg3nsh4wcvaezqvfciz) | [Application](https://forum.makerdao.com/t/uma-mip6-collateral-onboarding-application/3555)  |
| cDAI (Compound DAI) | [Vote](https://vote.makerdao.com/polling-proposal/qmtw2srumkaznrcth5jkryfjcdjolxxy1ufaimk6v87bej) | [Application](https://forum.makerdao.com/t/cdai-mip6-collateral-onboarding-application/3764)  |
| ARCA (ArCoin) | [Vote](https://vote.makerdao.com/polling-proposal/qmvbcqfzst6w63a7ndnwdid6uzgfxzx99qqvfjx1c2gtxs) | [Application](https://forum.makerdao.com/t/arca-arcoin-mip6-collateral-onboarding-application/3544)  |
| CGT (CACHE Gold) | [Vote](https://vote.makerdao.com/polling-proposal/qmbr7zjw1p3bqhvraheqcpdjhkudebanuudp1isdj5laxz) | [Application](https://forum.makerdao.com/t/cgt-cache-gold-collateral-onboarding-application/3980)  |
| BPT-80BAL-20WETH (80% BAL 20% ETH Balancer Pool Token) | [Vote](https://vote.makerdao.com/polling-proposal/qmufspjjqvm5kztiasuqvqbysbhzsadpugktyuyerjglsq) | [Application](https://forum.makerdao.com/t/bpt-80bal-20weth-mip6-collateral-onboarding-application/3881)  |
| YFI (yearn.finance) | [Vote](https://vote.makerdao.com/polling-proposal/qmtlcudehuiqc3d3qtty6xgf82gzuxg1rlf9cdg4ffrcj6) | [Application](https://forum.makerdao.com/t/yfi-mip6-collateral-onboarding-yearn/3815)  |
|  CAT (ShuttleOne Credit Application Token) | [Vote](https://vote.makerdao.com/polling-proposal/qmttpzpvjhhknnafbvz5xjvai1yfhn9zz69rbuhsdm6cum) | [Application](https://forum.makerdao.com/t/cat-mip6-application-credit-application-token-cat-global-supply-chain-financing-shuttleone/3633)  |
| wNXM (Wrapped NXM) | [Vote](https://vote.makerdao.com/polling-proposal/qmebdagma2i6id4qysncycfesirjyt3kgnkdatwh6xq1m2) | [Application](https://forum.makerdao.com/t/wnxm-mip6-collateral-onboarding-application/3865)  |

#### Last Week

[Monthly MIPs Governance Poll](https://forum.makerdao.com/t/weekly-mips-update-15/4243): **Passed Sept 24** with **26,078.41 MKR** and **13** unique voters.  

[Multiple Changes](https://vote.makerdao.com/executive-proposal/multiple-changes--september-25-2020): **passed Sep 28** with **73,060.73 MKR** and **47** unique voters. 

Execution on Sep 28, 2020, 22:45 UTC:

Debt Ceiling Changes
- The BAT-A Debt Ceiling will increase from 5 million to 10 million.
- The USDC-A Debt Ceiling will increase from 400 million to 485 million.
- The TUSD-A Debt will increase from Ceiling 50 million to 135 million.
- The PAX-A Debt will increase from Ceiling 30 million to 60 million.
- Due to the debt ceiling changes, the Global Line parameter will increase from 1196 million to 1401 million.

Oracle Whitelisting
- Kyber will be whitelisted on the ETHUSD Medianizer contract.
- DDEX will be whitelisted on the BTCUSD Medianizer contract.
- The ETHUSD v1 Medianizer will be whitelisted on the ETHUSD Medianizer contract for Opyn.
- yearn.finance will be whitelisted on the BTCUSD OSM contract.

Rate Changes
- Base Rate meta-parameter will increase from 0% to 0.25%
- ETH-A Risk Premium will increase from 0% to 2%
- ETH-A Stability Fee will increase from 0% to 2.25%
- USDC-A Stability Fee will increase from 4% to 4.25%
- WBTC-A Stability Fee will increase from 4% to 4.25%
- TUSD-A Stability Fee will increase from 4% to 4.25%
- PAXUSD-A Stability Fee will increase from 4% to 4.25%
- BAT-A Stability Fee will increase from 4% to 4.25%
- MANA-A Stability Fee will increase from 12% to 12.25%
- ZRX-A Stability Fee will increase from 4% to 4.25%
- KNC-A Stability Fee will increase from 4% to 4.25%
- USDT-A Stability Fee will increase from 8% to 8.25%
- USDC-B Stability Fee will increase from 50% to 50.25%

#### Signal Requests

- [Add ETH-B Vault Collateral Type - September, 2020](https://forum.makerdao.com/t/signal-request-add-eth-b-vault-collateral-type-september-2020/4435) 
    - **Ends On Oct 5**
- [Should we take a more flexible and transparent approach to onboarding collateral?](https://forum.makerdao.com/t/signal-request-should-we-take-a-more-flexible-and-transparent-approach-to-onboarding-collateral/4380)
    - **Ends On Oct 1**

## Updates

### MIPs

- [Improvements to the Collateral Onboarding Framework](https://forum.makerdao.com/t/improvements-to-the-collateral-onboarding-framework/4250) | [Forum Signal Thread](https://forum.makerdao.com/t/signal-request-should-we-take-a-more-flexible-and-transparent-approach-to-onboarding-collateral/4380)
    - Increase community involvement
    - Increase agility, allow more flexibility
- [MIP14: Protocol Dai Transfer Update](https://forum.makerdao.com/t/mip14-protocol-dai-transfer-update/3844)
- [MIP17: Weekly Actual Debt Ceiling Adjustments](https://forum.makerdao.com/t/mip17-weekly-actual-debt-ceiling-adjustments/4312)

Proposals in the Request-For-Comments phase include:

- [MIP13c3-SP3: Declaration of Intent - Strategic reserves fund (SRF)](https://forum.makerdao.com/t/mip13c3-sp3-declaration-of-intent-strategic-reserves-fund-srf/3765)
- [MIP20: Target Price Adjustment Module (Vox)](https://forum.makerdao.com/t/mip20-target-price-adjustment-module-vox/3196)
- [MIP21: Real-World Assets - Off-Chain Asset-Backed Lender](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917)
- [MIP22: Centrifuge Direct Liquidation Module](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930)
- [MIP23: Domain Structure and Roles](https://forum.makerdao.com/t/mip23-domain-structure-and-roles/4021)
- [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)

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

### Smart Contracts

- Decreased the USDC, PAX, and TUSD liquidation ratios to 101% to help stabilize the peg
- The Gitcoin feed key was replaced on the MANA-USD Oracle
- Finished working on the flash mint module, will post about it in the forum and do a code review next week
- Next week: review MIP21 for [RWA](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917)

### Oracles

- TUSD Implementation was whitelisted
- A few whitelisting proposals for DDEX, OPYN, Yearn, Kyber
- Submitted Collateral Onboarding Oracle Assessments for PAXGUSD Oracle and YFI Oracle

### Risk

- [(Discussion) Unwinding Stablecoin Exposure](https://forum.makerdao.com/t/discussion-unwinding-stablecoin-exposure/4364) - [@Primoz](https://forum.makerdao.com/u/primoz/summary) speaks about some of the options available to start unwinding direct stablecoin exposure.
- [Close to finalizing new rate setting approach](https://forum.makerdao.com/t/different-approach-to-rate-setting/3889/42)

## Current Events

### Vault Compensation

The Vault Compensation Approval poll ended Tuesday, ** Sept 22** at 16:00 UTC with a decision not to distribute compensation, with **87,899.67 or 8.74%** of MKR voting from **38** unique addresses. 

The controversial decision has received coverage in a variety of news outlets, including:

- [The Block](https://www.theblockcrypto.com/post/78571/makerdao-wont-compensate-vaults-affected-by-liquidations-march-market-crash)
- [Coin Telegraph](https://cointelegraph.com/news/did-a-class-action-suit-play-a-role-in-maker-s-refusal-to-compensate-march-crash-victims)
- [Coindesk](https://www.coindesk.com/makerdao-vote-march-flash-crash-mkr-compensation)

#### More Information

- [Vault Compensation Plan Approval Poll](https://vote.makerdao.com/polling-proposal/qmnxitxuc5u4inynq8ekh5vvbgomjzl6fudwzhawbshhgh)
- [Vault Compensation Plan v3](https://forum.makerdao.com/t/vault-compensation-plan-v3/3688)
- [Vault Compensation Plan v2](https://forum.makerdao.com/t/vault-compensation-plan-v2/3584/112)
- [Black Thursday Vault owners report Thread](https://forum.makerdo.com/t/black-thursday-vault-owners-report-thread/1566)
- [Vault Compensation Postmortem](https://twitter.com/MonetSupply/status/1308464490954989568?s=20) by [@MonetSupply](https://forum.makerdao.com/u/monet-supply/summary)

### Collateral Onboarding

[@SebVentures](https://forum.makerdao.com/u/SebVentures) raises questions about how Maker can legally accept and liquidate real-world assets (RWA):

[quote="SebVentures, post:1, topic:4390"]
Not having legal contract make it uneasy to exercice collateral rights on RWA liquidation (as the collateral is not in the Vault). Currently, the solution is to use a Maker Representative which is more a bandaid than a good solution and/or a Foundation. A better solution might be to have a limited liability subsidiary to manage real world stuff.

What are your opinions on those subjects?
[/quote]

#### More Information

- [[Discussion] Legal structures of MakerDAO](https://forum.makerdao.com/t/discussion-legal-structures-of-makerdao/4390)
- [[Signal Request] Should we take a more flexible and transparent approach to onboarding collateral?](https://forum.makerdao.com/t/signal-request-should-we-take-a-more-flexible-and-transparent-approach-to-onboarding-collateral/4380)

**Collateral Onboarding Call**
Last week [@marczeller](https://forum.makerdao.com/u/marczeller) and Stani from Aave and Tyler Winklevoss from Gemini presented LEND and GUSD collateral types. Check out the [call summary and video recording on the forum.](https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-9-wednesday-september-23-17-00-utc/4227/2)

### Join the Summary Team

The Community Development (CommDev) team is looking for writers to join the Summary Team.

[@Davidutro](https://forum.makerdao.com/u/Davidutro) outlines the request:

[quote="Davidutro, post:1, topic:4318"]
The Summary team is a group of contributors who work together week-to-week producing high-quality summaries and abbreviated snippets of important public calls; These include Governance and Risk meetings, Collateral Onboarding Calls, Emergency Governance Calls, and more.
[/quote]

#### More Information

- [Wanted: Join the Summary Team](https://forum.makerdao.com/t/wanted-join-the-summary-team/4318)

## State of the Peg

![Peg](https://i.imgur.com/QUbKZK3.png)

- DAI peg in the past 24 hours has been close to the recent price floor of 1.01. Today, it has been dipping below $1.01.

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

- Dai supply inching closer and closer to one billion. 
- Utilization is mixed:
    - ETH at 65% 
    - BAT at 80%
    - USDC-A at 94%
    - WBTC at 69%
    - TUSD at 98.73%

![Second page display](https://i.imgur.com/Vyb2VCj.png)

- Just over 500k minted from other vault types. 
 
![VWAP](https://i.imgur.com/M61iBTV.png)

- Volume at around $189 million this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.011.

![ETH vaults collateralization ratio](https://i.imgur.com/ujevtgL.png)

- ETH vaults collateralization ratio is trimodal in the lower buckets of 150-300 collateralization.
 
![Liquidation Wall](https://i.imgur.com/85rXAyD.png)

- First significant liquidation wall at $279 ETH.
    
![WBTC](https://i.imgur.com/vxjr7nd.png) 

- For WBTC, the first liquidation wall is at $9394, for 35 million Dai.
 
![WBTC Significant vaults](https://i.imgur.com/uIe3W13.png)

- The largest vaults in WBTC still sit at ~175% collateralized

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

## Community

### Articles

- [Maker Foundation and Pundi X is set to unveil Dai-Agent network in Ghana](https://www.ebitcoinics.com/home/single_news/MjMwMQ)
- [How Dai Is Becoming the Currency of the NFT Digital Art and Culture Market](https://blog.makerdao.com/how-dai-is-becoming-the-currency-of-the-nft-digital-art-market/)

### Maker Forum Deep Dai-ve

- [[Discussion] ETH-B Vault](https://forum.makerdao.com/t/discussion-eth-b-vault/4316)
    - *[@Primoz](https://forum.makerdao.com/u/Primoz) asks for feedback on adjusting risk parameters for the ETH-B Vault :*

[quote="Primoz, post:1, topic:4316"]
We talked about a lower liquidation ratio ETH-B vault on governance call about two weeks ago and I want to start a discussion here before we proceed to implementing it.
[/quote]

### Podcast and Video

- [[Youtube] What is MakerDao and Why DAI is the Best Collateral out there](https://www.youtube.com/watch?v=ODbdf3V0WGA)
- [[Youtube] MakerDAO Community Call Sept 22, 2020: Maker Relay 13](https://www.youtube.com/watch?v=1AZOehuMHiY)
- [[Youtube] Async Art Launch Day Livestream (Edited)](https://youtu.be/P_6cjl3bxxw)
- [[Youtube] MakerDAO Community Collateral Onboarding Call: Sept 23, 2020](https://www.youtube.com/watch?v=HGBj0ouZP88)

### Twitter

- [Tweet of the Week](https://twitter.com/evabeylin/status/1310423406194565120)

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays at 16:00 UTC | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-13)

#### Community Collateral Onboarding

- Bi-weekly Wednesdays at 17:00 UTC | [Zoom](https://us02web.zoom.us/j/82526996403) - 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-10-wednesday-october-7-17-00-utc/4368) For October 7: 
    - @brian-CACHE and @cache.gold, from CACHE, will be presenting CACHE Gold
    - @mhluongo, from Keep Network, will be presenting tBTC

#### 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-112-thursday-october-1-16-00-utc/4391) | [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://community-development.makerdao.com/governance/governance-and-risk-meetings)
    - [Contributing](https://forum.makerdao.com/c/governance/gnr/8)

### Community Events

- Sept 30 [Stable Coins Demystified: The Why, How, and Where](https://www.eventbrite.de/e/stable-coins-demystified-the-why-how-and-where-tickets-112754975166)
- Oct 1: [Blockchain Education in Africa](https://www.crowdcast.io/e/BlockchainAfrica/register)
- Oct 6: [How Stablecoins Will Drive Mainstream Growth & Adoption in the Cryptoeconomy](https://hopin.to/events/blockchain-association-commemorates-hispanic-heritable-month-with-congressman-darren-soto)

### Hackathons

- Oct 2-20: [ETHOnline](https://www.ethonline.org/)

## 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.*