---
# System prepended metadata

title: 'Maker Relay #55'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #55

![](https://imgur.com/ODm7hFN.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 governance, this is your one-stop-shop for MakerDAO updates._

## Votes

### Active Executive Votes

[Centrifuge Asset Onboarding - July 23, 2021](https://vote.makerdao.com/executive/template-executive-vote-centrifuge-asset-onboarding-july-23-2021?network=mainnet#proposal-detail)
If this proposal passes:
- CF-DROP (ConsolFreight DROP Token) will be [added](https://forum.makerdao.com/t/cf-drop-mip6-application-consolfreight-drop-tokenized-freight-shipping-invoices/2214) to the Maker Protocol as a new RWA vault type (RWA003-A) with the parameters listed below:
    - Vault Type Identifier: RWA003-A
    - Stability Fee: 6%
    - Debt Ceiling: 2 million DAI
    - Minimum Vault Collateralization Ratio: 105%
    - Real World Asset Agreement [doc](https://ipfs.io/ipfs/QmQMNfSbGS8qkJbatQgxMUsz27G8YELWgtXeLs8uFCZoY8)
    - Liquidation Process: MIP22
    - Tau: 0
- HTC-DROP (Harbor Trade Credit DROP Token) will be [added](https://forum.makerdao.com/t/htc-drop-mip6-application-harbor-trade-credit-drop-short-term-trade-receivables/3502) to the Maker Protocol as a new RWA vault type (RWA004-A) with the parameters listed below:
    - Vault Type Identifier: RWA004-A
    - Stability Fee: 7%
    - Debt Ceiling: 7 million DAI
    - Minimum Vault Collateralization Ratio: 110%
    - Real World Asset Agreement [doc](https://ipfs.io/ipfs/QmYR2PXwLpdXS8Vp1yS39SPFT1XhmgbsK6XvZ9ApRpNV8M)
    - Liquidation Process: MIP22
    - Tau: 0
- FFT1-DROP (Fortunafi DROP Token) will be [added](https://forum.makerdao.com/t/fft1-drop-mip6-application-fortunafi-drop-revenue-based-financing-assets/6015) to the Maker Protocol as a new RWA vault type (RWA005-A) with the parameters listed below:
    - Vault Type Identifier: RWA005-A
    - Stability Fee: 4.5%
    - Debt Ceiling: 15 million DAI
    - Minimum Vault Collateralization Ratio: 105%
    - Real World Asset Agreement [doc](https://ipfs.io/ipfs/QmbgDoPn6UcfSDENDqHLgatMFoqXikC8E8it9WaZXyLXmc)
    - Liquidation Process: MIP22
    - Tau: 0
- P1-DROP (Peoples Company Series 1 DROP Token) will be [added](https://forum.makerdao.com/t/p1-drop-mip6-application-peoples-company-drop-us-agricultural-real-estate/5518) to the Maker Protocol as a new RWA vault type (RWA006-A) with the parameters listed below:
    - Stability Fee: 2%
    - Debt Ceiling: Zero DAI
    - Minimum Vault Collateralization Ratio: 100%
    - Real World Asset Agreement (doc) - TBD
    - Liquidation Process: MIP22
    - Tau: 0

### Community Greenlight Polls

| Collateral | Vote | MIP6 Application |
| ---------- | ---- | ---------------- |
| G-UNIv3-DAIUSDC (Gelato UniswapV3 DAI-USDC LP Token) | [Ends 08/02 16:00 UTC](https://vote.makerdao.com/polling/QmaYX3dr) | [Application](https://forum.makerdao.com/t/g-uni-dai-usdc-uniswap-v3-lp-erc20-collateral-onboarding-application/9026) |
| U-DROP (Untangled Finance DROP) | [Ends 08/02 16:00 UTC](https://vote.makerdao.com/polling/QmeCpRW3) | [Application](https://forum.makerdao.com/t/mip6-application-untangled-finance-drop-u-drop-diversified-trade-finance-fund/9167) |

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

### Active Signal Requests

[Adjust UNIV2DAIUSDC-A DC-IAM-line](https://forum.makerdao.com/t/signal-request-adjust-univ2daiusdc-a-dc-iam-line/9481)
*[ultraschuppi](https://forum.makerdao.com/u/ultraschuppi) is signaling a vote to change the DC-IAM of UNIV2DAIUSDC-A in response to almost reaching the Maximum DC.*

### Last Week

[FLAP Auction Adjustment and RWA-02 (NS-DROP) Debt Ceiling Increase](https://vote.makerdao.com/executive/template-executive-vote-flap-auction-adjustment-and-rwa-02-ns-drop-debt-ceiling-increase-july-17-2021?network=mainnet#proposal-detail)
This proposal has passed, and the following changes have occurred:
- The Bid Duration (`ttl`) for FLAP auctions decreased from [60 minutes to 30 minutes.](https://forum.makerdao.com/t/signal-request-adjusting-ttl-bid-duration-on-flap-auctions/8673)
- The Debt Ceiling for RWA-02 (NS-DROP) increased from [5 million DAI to 20 million DAI.](https://forum.makerdao.com/t/signal-request-increase-debt-ceiling-of-rwa-02-ns-drop-from-5m-to-20m/9077)

## Team Updates

### GovAlpha

[GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-07-22/9485)

*Governance:*

- [Two sets of polls](https://vote.makerdao.com/polling?network=mainnet) are active. Both are greenlight polls: G-UNIv3-DAIUSDC and U-Drop Tokens.
- Ratification polls have now closed.
- [Last week’s executive](https://vote.makerdao.com/executive/template-executive-vote-flap-auction-adjustment-and-rwa-02-ns-drop-debt-ceiling-increase-july-17-2021?network=mainnet#proposal-detail) has passed. A [new executive](https://vote.makerdao.com/executive/template-executive-vote-centrifuge-asset-onboarding-july-23-2021?network=mainnet#proposal-detail) has been posted on July 23rd. 

*GovAlpha:*

- @LongForWisdom created a thorough [post](https://forum.makerdao.com/t/delegation-and-makerdao/9429) on the Delegation process.
- Will be hosting the new [Meet Your Delegate](https://forum.makerdao.com/t/meet-your-delegate-1-wednesday-july-28-6-00-pm-utc/9424) calls on Wednesday, July 28th @ 18:00 UTC.
- @LongForWisdom published a [post](https://forum.makerdao.com/t/2021-07-23-executive-and-ongoing-participation-issues/9500) discussing the July 23rd executive and ongoing participation issues.
- GovAlpha Budget will be updated per quarter instead of the regular 2-quarter update.
- [MIPs Portal](https://mips.makerdao.com/) has some new additions.

### Protocol Engineering

*Collateral Types:*

- Looking into Centrifuge collateral types for Kovan.
- Working on a review for the mainnet spell.

*Contract work:*

- DssVest code is still under audit.
- Added lerp helpers in DssExecLib.
- ClipperCallee implementation for SushiJoin is still in review.

*Discussions:*

- Will start on Goerli within next couple of weeks.
- DssCharter review and discussion with risk/growth. More information coming soon. 

*Forum Posts:*

- Weekly Spell Postmortem soon.
- [Proposed L2 Risk Framework](https://forum.makerdao.com/t/a-proposed-l2-risk-framework/9518)

### Oracles

- This week was the Oracle Team’s last week in the Maker Foundation. The CU legal entity is coming out and currently identifying new processes to spin up.
- Libp2p deployment is continuing. Moved on to a new phase and within the final stages of the rollout.
- Have been looking at stETH and Oracles needed for the Optimism Dai Bridge with Fast Withdrawalsm.
- Added Oracle support for MATIC. Testing is now underway, and we will deploy MATIC within the next few weeks.

### Risk

- Still working on simulations on lower LR Vaults.
- Working on Aave monitor, which will include information on the largest Vault users. A similar monitor will be built for Compound.
- Vault users and their behavior, which includes growth and risk-related topics.
- Made some updates and will be publishing to the [Collateral Onboarding Prioritization Sheet](https://docs.google.com/spreadsheets/d/1IX9e2fyfz7djtDMKn5gMyGsyFxHoY75GncMbAjnSXrM/edit?usp=sharing).
- Began working on gUNIDAI risk assessments, which will be available next week.

### Real-World Finance (RWF)

[Real-World Finance Core Unit Report - 2021-06](https://forum.makerdao.com/t/real-world-finance-core-unit-report-2021-06/9074)
- RWF [published a Revenue & Cash Flow Forecast ](https://forum.makerdao.com/t/makerdao-budget-simulator-as-of-7-21-21-revenue-cash-flow-forecast/9469) based on MakerDAO's status as of 7/21/2021 using their Budget Simulator.

"While we are forecasting to finish 2021 at nearly 10x 2020 FY revenue, the rolling 12-month forecast is less favorable. Assuming no change in our assets generating stability fees, we are forecasting $48M in revenue broken down by the following income streams."

- @SebVentures published a [Pre-MIP discussion on RWA Foundations](https://forum.makerdao.com/t/pre-mip-discussion-rwa-foundations/9510) on a potential legal structure for onboarding Real-World Assets (RWA) using a Cayman Foundation.
- A MIP6 Application has been submitted to [onboard 120dB Films: Entertainment Finance Specialists](https://forum.makerdao.com/t/rwa-120db-mip6-application-120db-films-entertainment-finance-specialists/9415) as an asset originator.

### Growth

[Growth CU weekly update: July 16 - July 22](https://forum.makerdao.com/t/growth-cu-weekly-update-july-16-july-22/9484)
- Participated in a [Maker Mafia](https://www.eventbrite.com/e/keeping-up-with-the-maker-mafia-tickets-161918960971) side event.
- Gustav and Nadia participated in EthCC, speaking about RWAs and the transition of the Foundation in the DAO.
- Have been working with GrayScale on including MKR in the [latest Defi Fund launch](https://grayscale.com/introducing-grayscale-defi-fund/). In the following weeks, we will also begin educational programs for investors.

### Content Production

[Content Production Bi-Weekly Update: June 8 - July 21, 2021](https://forum.makerdao.com/t/content-production-bi-weekly-update-july-8-july-21-2021/9487).
- MakerDAO's [Art Contest](https://forum.makerdao.com/t/art-contest-dragon-vs-capybara-a-mascot-for-makerdao/9059) to decide on a mascot is live through July 31!
- @jmarshall and @jerryag produced video versions of the [Current Events](https://www.youtube.com/watch?v=4WQD47LQOKI), [Votes and Polls](https://www.youtube.com/watch?v=Fvje--f34Ww) and [State of DAI](https://www.youtube.com/watch?v=OyTfhyu04v8) sections of Maker Relay.
- @kat spoke at the Maker Mafia event at ETHCC Paris!
- Started the Humans of MakerDAO series, which is intended to be used in marketing materials and brand research. Head to [this thread](https://forum.makerdao.com/t/participate-in-brand-research-support-marketing-efforts-for-makerdao/9341) if you're interested in participating! 
- Planning for [Explainer/Topical Videos](https://docs.google.com/spreadsheets/d/1R2FEhK1g2iAQJF_JHeG0YGyOKYyfeifsKDNHdfJFrPY/edit#gid=0) 
- Published [Dai on Different Chain #3](https://forum.makerdao.com/t/dai-on-different-networks-3/9494), exploring wallets that hold Dai on non-ETH blockchains.

### Sustainable Ecosystem Scaling (SES)

- The SES team is seeking input from the community on MakerDAO's [Risks and Opportunities.](https://forum.makerdao.com/t/help-us-identify-makerdao-risks-and-opportunities/7944)
- Presented at EthCC with Lenkla.
- Last week’s call happened with @andy about roles and responsibilities. Available in [public folder](https://drive.google.com/file/d/14Mx6CyJXvlo2Jw_KGoSw5zmn776gsWaD/view?usp=sharing).
- Friday, July 23rd: call with @nikolaj about the incubation program update.
- [Dai Foundation MIP Set](https://forum.makerdao.com/t/mip39c2-sp17-adds-core-unit-daif-001-dai-foundation/9239) is in RFC. We are looking for feedback.

*Incubees:*

- A CU focused on auctions and liquidations, UIs, and services.
- A CU to manage a bug bounty program and security-related activities.
- dTalent CU is now live.
- dUX CU is now live.

*EthCC Side-Events:*

- [The DAOist](https://www.thedaoist.co/schedule) with @lenkla and @juanjuan occured Friday, July 23rd.

*Upcoming Calls:*

- [RWA: Collateral Onboarding: Untangled](https://forum.makerdao.com/t/collateral-onboarding-call-34-untangled-friday-july-30-4pm-utc/9527) on July 30th.
- KYM with B.Protocol Declaration of Intent on August 11th.

## Current Events

### Delegation and MakerDAO

@LongForWisdom formally introduces and outlines how the delegation system will operate within MakerDAO in [this thread](https://forum.makerdao.com/t/delegation-and-makerdao/9429). 

A soft launch of the MVP Delegation UI is set for August 2nd, with a hard launch following: the integration of leading custody holders into the delegation model, a stable release of the delegation UI, and only once multiple Recognized Delegates have actively engaged with the Maker Community. 

If you're interested in becoming a Delegate, the requirements can be seen [here](https://forum.makerdao.com/t/recognised-delegate-requirements/9421).

### Flash Mint Implementation

The Flash Mint Module [proposed in September 2020](https://forum.makerdao.com/t/mip25-flash-mint-module/4400) launched with the [June 18 Executive.](https://vote.makerdao.com/executive/template-executive-vote-flash-mint-implementation-debt-floor-changes-june-18-2021?network=mainnet#proposal-detail)

The contract is available on [Etherscan.](https://etherscan.io/address/0x1eb4cf3a948e7d72a198fe073ccb8c7a948cd853#writeContract)

### Protocol Engineering Proposes L2 Risk Framework

The Protocol engineering team has posted a [proposal for a risk assessment framework](https://forum.makerdao.com/t/a-proposed-l2-risk-framework/9518) for Layer 2 solutions. This framework is aimed at helping Maker to decide how and if we should consider embracing these Layer 2 solutions. 

### Marketing Maker

Discussion on the need for additional marketing efforts started on the GnR call and took to the Forum in [this thread](https://forum.makerdao.com/t/marketing-for-makerdao/9497/6). Opinions on the implementation of marketing efforts have been mixed: [here](https://forum.makerdao.com/t/campaign-vote-yes-to-strategic-marcomms-cu-because-their-purpose-is-to-create-a-customer/9490/3) and [here](https://forum.makerdao.com/t/campaigning-vote-no-on-inclusion-poll-for-strategic-marcomms-core-unit-mip-set-may-10-2021/7951/6), but many agree that additional marketing efforts are necessary. 

The current sentiment seems to be split between Core Units (CUs) handling marketing internally and onboarding a Marketing-focused CU. Weigh in [on the Forum.](https://forum.makerdao.com/t/marketing-for-makerdao/9497)

### MIPs

[MIPs Update #45](https://forum.makerdao.com/t/weekly-mips-update-45/9427)

- Several potential CUs, along with [MIP52](https://vote.makerdao.com/polling/QmSUYRFT?network=mainnet#vote-breakdown), did not pass their ratification polls.

### State of DAI

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

- DAI peg trading occaisonally above premium with some large trades generating slippage, though this weekends rally has brought welcome milestones. 

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

- TVL is above 10 billion with 5.5 billion DAI outstanding.

![VWAP](https://i.imgur.com/Pg9OJku.png)

- Volume at around $1.98 Billion this last week lead by DEX's again.

![L2 DAI Growing](https://i.imgur.com/6EO6BT3.png) 

- DAI on L2 has been steadily growing over the past month.

![](https://i.imgur.com/dGx5IFZ.png) 

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

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

- PSM USDC 3.1 billion 
  - ETH-A 1.4 billion
  - USDC-A 238.8 million
  - WBTC 209.7 million
  - ETH-C 178.7 million
  - PAX 67.3 million
  - UniV2DaiUSDC 49.5 million
  - LINK 32.7 million
  - ETH-B 30.6 million
  - TUSD 26.5 million
  - UniV2DaiEth 24.5 million
  - YFI 19.5 million
  - UniV2WBTCEth 9.9 million
  - UniV2UniEth 8 million
  - UniV2UsdcEth 6.4 million
  - NSDROP 4.7 million
  - UNI 4 million
  - renBTC 2.8 million
  - BAT 1.8 million
  - MANA 1.5 million
  - ZRX 1.4 million
  - AAVE 1.3 million
  - LRC 876K 
- Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 854k.

![DAIUSDC](https://i.imgur.com/KeLGN7C.png)

- Seems like the UNILP rates change lead to the max debt ceiling in a couple days, just over the 21-22nd alone 20 million DAI minted. 

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

- Liquidation Walls are in a much safer band where a 25% collateral price drop is the threatening target.
    
![](https://i.imgur.com/Tvthv0D.png)

- Overall ETH-A collateralization is above 300% with the median debt jumping up 

![](https://i.imgur.com/LzoO4Nd.png)

- The largest ETH-A collateralization bucket is 200%.

daistats.com | dai.descipher.io | makerburn.com | maker.blockanalitica.com

## Community

### Tweet of the Week

https://twitter.com/RyanWatkins_/status/1417626182875586563  

### Articles

- [MakerDAO Has Come Full Circle](https://blog.makerdao.com/makerdao-has-come-full-circle/)
  - *A post from Rune detailing the Foundation's dissolution and MakerDAO's journey to full decentralization.*
- [MakerDAO to dissolve Foundation and become truly decentralized again](https://cointelegraph.com/news/makerdao-to-dissolve-foundation-and-become-truly-decentralized-again)
  - *Coindesk coverage of the dissolution.*
- [Money Reimagined: Regulate Stablecoins, Don’t Smother Them](https://www.coindesk.com/money-reimagined-regulating-stablecoins)
  - *Coindesk explores the history of tangential regulatory actions and comments on the Maker Foundation's dissolution in the context of incoming regulation.*

### Maker Forum Deep Dai-ve

- [[Discussion] ”Money Creation in Decentralized Finance: A Dynamic Model of Stablecoins and Crypto Shadow Banking”](https://forum.makerdao.com/t/discussion-money-creation-in-decentralized-finance-a-dynamic-model-of-stablecoins-and-crypto-shadow-banking/9483)
    - *@PaperImperium dives into the above paper, presented at an economic conference on July 22, which presents recommended guidelines for the regulation of stablecoins.*
- [MakerDAO Budget Simulator as of 7/21/21 - Revenue & Cash Flow Forecast](https://forum.makerdao.com/t/makerdao-budget-simulator-as-of-7-21-21-revenue-cash-flow-forecast/9469)
- [Dai on Different Chains #3 - July 22, 2021](https://forum.makerdao.com/t/dai-on-different-networks-3/9494)
    - *Explores Dai's distribution on layer-2 solutions.*

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

### Last Week's Call Recordings

Governance and Risk Call #151
[Video](https://www.youtube.com/watch?v=9dixuxRgT2A) | [Forum Post](hhttps://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-151-thursday-july-22-17-00-utc/9423/4)

Maker Relay Video Series #001
[MakerDAO Goes to Paris | 07/13 - 07/19](https://www.youtube.com/watch?v=4WQD47LQOKI)
[Votes and Polls](https://www.youtube.com/watch?v=Fvje--f34Ww)
[State of Dai](https://www.youtube.com/watch?v=OyTfhyu04v8)

## 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 

- Speaker Series #3 – Representative Ted Budd
    - [Join Link](https://www.crowdcast.io/e/makerdao-speaker-series-3/register) | [Agenda](https://forum.makerdao.com/t/speaker-series-3-representative-ted-budd-wednesday-july-28-12-00-edt-16-00-utc/9458) - Wednesday July 28, 12:00 EDT/16:00 UTC

## 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.*
