---
# System prepended metadata

title: 'Maker Relay #72'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #72

![](https://i.imgur.com/cZqd6rW.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._

🍵 Current Events

🗳️ This Week in Governance

🤿 Community Deep Dai-ve 

📋 Team Updates

📆 Mark your Calendar

⚓ Useful Links

🎙️ Have Feedback?

## 🍵 Current Events

### Governance Holiday Break Announcement

GovAlpha Core Unit Facilitator @LongForWisdom has announced the [winter holiday schedule](https://forum.makerdao.com/t/governance-over-the-holiday-break-2021-2022/11694) for non-emergency governance processes.

Coverage will be normal until the week of **December 13th,** when non-emergency Executive Votes will be paused, meaning the last Executive will likely take place on **December 10th.** The final Maker Relay of the year will be published on December 13th as well. The last Governance and Risk call of the year will take place the following week on **December 16th.**

### Harbor makes the world’s largest trade finance transaction funded with a stablecoin in its initial use of a MakerDAO credit line

MakerDAO’s Real-World Finance Core Unit is [excited to welcome](https://twitter.com/SebVentures/status/1461389753249636354) Harbor (HTC-DROP) as the fourth active Real-World Asset.

Harbor borrowed 2MM Dai and currently has a debt ceiling of 7MM. [According to Harbor,](https://twitter.com/harbor4trade/status/1461403152511553538) this represents the world’s largest trade finance transaction funded with a stablecoin.

* [October 2021 Update](https://forum.makerdao.com/t/harbor-update-october-2021/11365)
* [MIP6 Application](https://forum.makerdao.com/t/htc-drop-mip6-application-harbor-trade-credit-drop-short-term-trade-receivables/3502)
* [Collateral Onboarding Protocol Engineering Assessment](https://forum.makerdao.com/t/rwa004-ht2drp-htc-drop-mip22-token-protocol-engineering-domain-team-assessment/8416)
* [Collateral Onboarding Risk Assessment](https://forum.makerdao.com/t/htc-drop-collateral-onboarding-risk-evaluation/8001)
* [Collateral Onboarding Oracle Assessment](https://forum.makerdao.com/t/rwa-004-htc-drop-collateral-onboarding-oracle-assessment-mip10c3-sp30/8400)

### Dai trades at a premium in Argentina

Pointed out in [CryptoPotato](https://cryptopotato.com/people-argentina-pay-more-for-bitcoin-dai-than-physical-dollar/) and [confirmed](https://criptoya.com/ar) by the Maker Relay team, Argentinians who want to buy Dai with Pesos are paying a significant premium for their purchases.

The Argentinian government limited the number of US Dollars citizens can purchase with pesos to $200 a month in September 2020. Limiting the number of US dollars that can be purchased makes stablecoins like Dai more attractive.

A lot more attractive. Argentinians purchasing Dai with dollars are paying between $1.05 and 1.12 at the time of writing; those purchasing Dai with pesos are paying anywhere from 207.80 to 250.18 pesos for Dai compared with ~100 Argentinian pesos to convert to US dollars.

### State of DAI

![Peg](https://i.imgur.com/6dQNsFl.png)

- A choppy market always brings a bit of turbulence, but despite all the market confusion, the range keeps on tightening. 

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

- The total supply is sitting juuust under 9 billion, and the TVL in the protocol is up to a cool 18.49 billion. 

![Uniswap 24hr volume](https://i.imgur.com/q7Rpkwl.png) 

- Uniswap went and had a day on the 16th, overseeing the exchange of over 626mil Dai. 

![mint/burn](https://i.imgur.com/lbIm1eq.png)

- A down week saw a net mint/burn of around -613 million Dai.

![Vault creation](https://i.imgur.com/poK5TtE.png) 

- 94 unique creators created a total of 154 new vaults. 

![Dai in Blacklisted wallets](https://i.imgur.com/T4ld7HP.png)

- A look into Dai held in blacklisted wallets on Ethereum. 

MakerBurn rundown or dai stats
- ETH-A 3.17 billion
  - PSM USDC 2.23 billion
  - WBTC 1.34 million
  - ETH-C 585.79 million
  - USDP PSM 468.71 million
  - GUNI DAI-USDC 184.59 million
  - ETH-B 146.13 million
  - UniV2DaiUSDC 77.03 million
  - LINK 69.36 million
  - AAVE D3M 50 million
  - YFI 31.65 million
  - UniV2DaiEth 31.28 million
  - stETH 19.17 million
  - UniV2WBTCEth 18.41 million
  - UniV2UsdcEth 15.72 million
  - UNI 12.77 million
  - NS-DROP 12.6 mill
  - UniV2UniEth 9.44 million
  - MATIC 8.93 million
  - MANA 5.49 million
  - renBTC 5.1 million
  - GUSD 4.95 million
  - HTC-DROP 1.98 million
  - 6s Capital 1.42 million
  - Univ2wBTC-DAI 839k
  - FFT1-DROP 100k 

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

- The Liquidation walls are looking comfy, beginning around a 19% market drop before steepening at just around 21%. 

![wbtc-a](https://i.imgur.com/tVUV3oT.png)

- The wBTC-A total debt keeps on climbing! 

daistats.com | makerburn.com | maker.blockanalitica.com

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #63](https://forum.makerdao.com/t/weekly-mips-update-63/11768)

![](https://i.imgur.com/c13N7ZS.png)

- November’s Ratification Polls closed today at 16:00 UTC.

### Active Executive Votes

There is currently no active executive vote. The most recent executive vote (shown below) was active on November 19th and passed on November 20th. It was executed on November 22nd.

### Active Governance Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| Add a GUSD Peg Stability Module | [Vote](https://vote.makerdao.com/polling/QmayeEjz?network=mainnet) | [Discussion](https://forum.makerdao.com/t/proposal-gusd-psm/11148) |
| Increase the System Surplus Buffer | [Vote](https://vote.makerdao.com/polling/QmUqfZRv?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-increasing-the-surplus-buffer-2021-11/11448) | 
| Add WBTC-C as a new Vault Type | [Vote](https://vote.makerdao.com/polling/QmdVYMRo?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-new-vault-type-for-wbtc-with-a-higher-lr/11579) ||
| Increase the Aave D3M Maximum Debt Ceiling | [Vote](https://vote.makerdao.com/polling/QmZhvNu5?network=mainnet) | [Discussion](https://forum.makerdao.com/t/proposal-to-increase-the-d3m-dc-from-50m-to-100m/11737) |

### Community Greenlight Polls

| Collateral | MIP9 Poll   | MIP6 Application |
| ---------- | ----------- | ---------------- |
| SB-frOGI (SolidBlock Red Frog Digital Coin) | [Ends 11/29 4 PM UTC](https://vote.makerdao.com/polling/QmYGUEFy?network=mainnet) | [Application](https://forum.makerdao.com/t/sb-frogi-coin-mip6-application-membership-interests-in-red-frog-digital-series-of-solidblock-holdings-llc-in-the-form-of-red-frog-digital-coin-frogi-coin-a-solidblock-offering/11258) |
| MONETALIS (Monetalis Wholesale SME Green Growth Lending) | [Ends 11/29 4 PM UTC](https://vote.makerdao.com/polling/QmS52AtS?network=mainnet) | [Application](https://forum.makerdao.com/t/mip6-collateral-onboarding-application-monetalis-wholesale-green-economy-senior-secure-sme-funding/11223) |

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

### Active Signal Requests

[[G-UNI DAI / USDC 0.01% tier] Onboard G-UNI for UniV3’s new 0.01% fee tier](https://forum.makerdao.com/t/g-uni-dai-usdc-0-01-tier-onboard-g-uni-for-univ3s-new-0-01-fee-tier/11738) - Signal Closes November 25th - @kassandra proposes to onboard a G-UNI DAI / USDC 0.01% fee tier as a Maker Collateral type to help stay competitive. He provides proposed tick ranges and asks the community whether they want to onboard a G-UNI DAI/USDC 0.01% pool.

[One-time Payment to COM-001 to Cover Missing DssVest Funds](https://forum.makerdao.com/t/signal-request-one-time-payment-to-com-001-to-cover-missing-dssvest-funds/11685) - Signal Closes November 26th - The original DSSVest stream for the Governance Communications Core Unit was configured incorrectly, resulting in an unclaimed 39,300 Dai. Initially, the team believed they could slide through their 4-month stream period using the buffer and other savings. However, legal services and additional expenses recently arose, which pushed @Davidutro to formally ask the community whether they support a one-off governance request for a one-time payment of 27,058.33 Dai.

[Burn Baby Burn! [Burn The MKR Treasury]](https://forum.makerdao.com/t/signal-request-burn-baby-burn-burn-the-mkr-treasury/11617) - Signal Closes November 26th - @aburban90 asks the community to burn half of MKR in the treasury and use the remainder to vest Core Units.

[Should We Mint New MKR for Protocol Expenses or Fund Them With MKR from the MakerDAO Treasury?](https://forum.makerdao.com/t/signal-request-should-we-mint-new-mkr-for-protocol-expenses-or-fund-them-with-mkr-from-the-makerdao-treasury/11629) - Signal Closes November 27th - There is no clear indication about what should be the source of the MKR used for future expenses. @mkrorbkr presents two options: Use MKR from the MakerDAO Treasury or Mint new MKR using the PauseProxy.

[Adjusting Dust Parameter](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-4/11598) - Signal Closes November 25th - With gas and ETH prices continuing to go up, our dust limits offer less protection against losses. In response, @monet-supply proposes whether we should increase dust limits for all Vault types.

### Last Week

[Onboarding WBTC-B, Increasing WBTC-A Stability Fee, Change of Covenants for P1-DROP, Offboarding Collaterals](https://vote.makerdao.com/executive/template-executive-proposal-onboarding-wbtc-b-increasing-wbtc-a-stability-fee-change-of-covenants-for-p1-drop-offboarding-collaterals-november-19-2021?network=mainnet#proposal-detail)

This Executive has passed executed on November 22nd with the following changes:

- [WBTC-A Stability Fee increased from 2.5% to 4.0%](https://vote.makerdao.com/polling/QmRUgsvi)
- Increases to Local Liquidation Limits (ilk.hole):

| Vault Type | Current Local Liquidation Limit | Proposed Local Liquidation Limit | Local Liquidation Limit Difference | 
| :--------: | :-----------------------------: | :------------------------------: | :--------------------------------: |
| ETH-A | 40 million DAI | 65 million DAI | +25 million DAI |
| ETH-B | 25 million DAI | 30 million DAI | +5 million DAI |
| ETH-C | 30 million DAI | 35 million DAI | +5 million DAI |
| WBTC-A | 25 million DAI | 40 million DAI | +15 million DAI |
| WstETH-A | 3 million DAI | 7 million DAI | +4 million DAI |

[Change of Covenants for P1-DROP:](https://vote.makerdao.com/polling/Qma62bse)
- Increase maximum acquisition price from $1.5 million to $2.85 million.
- Include Arkansas as a possible state.

[Offboarding Vaults:](https://forum.makerdao.com/t/proposed-offboarding-collateral-parameters-2/11548)

| Vault | Parameter | Previous | New |
| :---: | :-------: | :------: | :-: |
| BAL-A | Liquidation Penalty (chop) |  | 0% |
| BAL-A | Debt Ceiling (line) | N/A | 0 Dai |
| BAL-A | Liquidation Ratio | 165% | 2300% over 30 days using dss-lerp |
| COMP-A | Liquidation Penalty (chop) | N/A | 0% |
| COMP-A | Debt Ceiling (line) | N/A | 0 Dai |
| COMP-A | Liquidation Ratio | 165% | 2300% over 30 days using dss-lerp |
| AAVE-A | Liquidation Penalty (chop) | N/A | 0% |
| AAVE-A | Debt Ceiling (line) | N/A | 0 Dai |
| AAVE-A | Liquidation Ratio | 165% | 2300% over 30 days using dss-lerp |

[Updating dss-lerp Liquidation Ratios:](https://docs.google.com/spreadsheets/d/1pG0HtlQlpfx4CWhDo1jftZID22GsRLPzBBib7N2hpwc/edit#gid=0)

- The previous dss-lerp for increasing the Liquidation Ratio of the following collaterals were canceled.

| Vault Type | New Contract |
| :---: | :-------: |
| LRC-A | Increase the Liquidation Ratio to 24300% over 30 days |
| BAT-A | Increase the Liquidation Ratio to 11200% over 30 days |
| ZRX-A | Increase the Liquidation Ratio to 5500% over 30 days |
| UNIV2LINKETH-A | Increase the Liquidation Ratio to 1600% over 30 days |

WBTC-B was [onboarded](https://vote.makerdao.com/polling/QmSL1kDq) as a new vault type.

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/SebVentures/status/1460219324581433351

### Forum Insight 

- [Improving governance participation rate at MakerDAO](https://forum.makerdao.com/t/improving-governance-participation-rate-at-makerdao/11706)
  - *@0xdeniz provides insight and sets the stage for the discussion on increasing voter participation.*

- [DAI Supply Growth and Risk Metrics](https://forum.makerdao.com/t/dai-supply-growth-and-risk-metrics/11704)
  - @josolnik and the Risk CU present an updated report on Dai’s growth, as well as addressing potential risks.*

- [DAIF CU Update - Q4 2021](https://forum.makerdao.com/t/daif-cu-update-q4-2021/11736)
    - In its first update as a Core Unit, the Dai Foundation shares the assets the Maker Foundation has transferred.

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

### Articles

- [Argentines Pay More For 1$ in Bitcoin or DAI Than For One Physical Dollar](https://cryptopotato.com/people-argentina-pay-more-for-bitcoin-dai-than-physical-dollar/)
    - *Per the article*: “On Ripio, one of the most popular exchanges in the country, DAI – a highly popular decentralized stablecoin in Argentina – was being bought at an impressive price of 231 ARS. The lowest price for each DAI token was nearly $210 on Binance P2P, making it the cheapest dollar equivalent for cryptocurrency enthusiasts in Argentina.”*

- [Do you play Free Fire, Dota2, or Counter-Strike? You can now earn DAI cryptocurrency](https://oicanadian.com/do-you-play-free-fire-dota2-or-counter-strike-you-can-now-earn-dai-cryptocurrency-2/)

- [MakerDAO’s Rune Christensen Joins VC Firm Dragonfly Capital](https://www.coindesk.com/business/2021/11/15/makerdaos-rune-christensen-joins-vc-firm-dragonfly-capital/)

## 📋 Team Updates

### Collateral Engineering Services

[CES Core Unit Update | #3](https://forum.makerdao.com/t/ces-core-unit-update-3/11742)

### Content Production
[Multi-chain DAI-lights - November 18, 2021](https://forum.makerdao.com/t/multi-chain-dai-lights-november-18-2021/11725)
[Ask MakerDAO #12: [AMA] Learn About Maker Wormhole with Protocol Engineering](https://forum.makerdao.com/t/ask-makerdao-12-ama-learn-about-maker-wormhole-with-protocol-engineering/11610)

### Development and UX
[Improving governance participation rate at MakerDAO](https://forum.makerdao.com/t/improving-governance-participation-rate-at-makerdao/11706)

### GovAlpha
[GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-11-19/11740)
[Governance Over the Holiday Break - 2021/2022](https://forum.makerdao.com/t/governance-over-the-holiday-break-2021-2022/11694)
[Meet Your Delegate #7](https://forum.makerdao.com/t/meet-your-delegate-7/11733)

### Governance Communications
[Forum at a Glance: November 11 - 18](https://forum.makerdao.com/t/forum-at-a-glance-november-11-18/11713)

### Growth
[Growth CU weekly update: Nov 12-19](https://forum.makerdao.com/t/growth-cu-weekly-update-nov-12-19/11735)

### Protocol Engineering
[Proposal to Increase the D3M DC from 50M to 100M](https://forum.makerdao.com/t/proposal-to-increase-the-d3m-dc-from-50m-to-100m/11737)

### Real World Finance
[Recurring Strategy Reviews - Next Steps & Key Focus Areas (Poll)](https://forum.makerdao.com/t/recurring-strategy-reviews-next-steps-key-focus-areas-poll/11650)

### Risk
[Proposed Risk Parameters for WBTC-C Vault Type](https://forum.makerdao.com/t/proposed-risk-parameters-for-wbtc-c-vault-type/11707)
[DAI Supply Growth and Risk Metrics](https://forum.makerdao.com/t/dai-supply-growth-and-risk-metrics/11704)

### SES
[SES Updates - 18.11.2021](https://forum.makerdao.com/t/ses-updates-18-11-2021/11717)
[Maker Explorer #1: Real-World Sandbox Grant Report](https://forum.makerdao.com/t/maker-explorer-1-real-world-sandbox-grant-report/11715)

## 📆 Meetings and Events

### Last Week’s Call Recordings

- Governance and Risk Call #168
    - [Video](https://www.youtube.com/watch?v=2GcrJwElB0Y) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-168-thursday-november-18-17-00-utc/11677/5) 
- Core Unit Launch Pod Sessions #21: Immunefi Security Core Unit
    - [Video](https://www.youtube.com/watch?v=oftcdpvEOUA) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-21-immunefi-security-core-unit/11560/6) 
- Core Unit Tools #11: Radicle.xyz
    - [Video](https://www.youtube.com/watch?v=nbdx6T5nwKM) | [Forum Post](https://forum.makerdao.com/t/core-unit-tools-11-radicle-xyz/11557) 
- Meet Your Delegate #6 Ft. GFX Labs
    - [Video](https://www.youtube.com/watch?v=SoiTAghnWFE) | [Forum Post](https://forum.makerdao.com/t/meet-your-delegate-6/11593/7) 
- AMA #12 Learn About Maker Wormhole with Protocol Engineering
    - [Video](https://www.youtube.com/watch?v=EdU9Qt4RIaY) | [Forum Post](https://forum.makerdao.com/t/ask-makerdao-12-ama-learn-about-maker-wormhole-with-protocol-engineering/11610) 

### 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 15:30 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
- *This Friday, 11/26/2021, Office Hours will be canceled for the US Holiday Thanksgiving.* | Governance Communications - Fridays 18:00 UTC
    - If you need to communicate with Gov-comms, you can reach out to @DavidUtro#4786 on Discord. 

#### Maker Explorer

- Maker Explorer #1: Real-World Sandbox Grant Report - *Wednesday, November 24th @ 4:00 PM UTC*
    - [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) | [Forum Post](https://forum.makerdao.com/t/maker-explorer-1-real-world-sandbox-grant-report/11715)

#### Meet Your Delegate

- Meet Your Delegate #7 - *Wednesday, November 24th @ 5:00 PM UTC*
    - [Join Link](https://www.google.com/url?q=https%3A%2F%2Fus02web.zoom.us%2Fj%2F85734619431%3Fpwd%3DWFI4OENEUlJPK2pNVG13OTI1ZWk1dz09&sa=D&ust=1638032737400000&usg=AOvVaw1oakV5RhZQINgbjzwU0VAA) | [Forum Post](https://forum.makerdao.com/t/meet-your-delegate-7/11733)

## ⚓ 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 Stakeholders; 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](https://docs.makerdao.com/)
Learn more about the Maker protocol.

###  🎙️ Have Feedback?

We value your input! Take our [survey](https://survey.sogosurvey.com/r/OBV0Y7) to let us know what we might be missing or how to 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.*
