--- tags: Maker Relay --- # Maker Relay #56 ![](https://imgur.com/pJpHtEg.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 ### Active Governance Polls *Some polls use [instant run-off voting](https://en.wikipedia.org/wiki/Ranked_voting), so you can select multiple options and ranked-choices will be prioritized.* | Poll Name | Vote | Discussion | More Info | | --------- | ---- | ---------- | --------- | | Parameter Changes Proposal - MakerDAO Open Market Committee | [Vote ends 8/05 16:00 UTC](https://vote.makerdao.com/polling/QmVG38FK?network=mainnet#poll-detail) | [Discussion](https://vote.makerdao.com/polling/QmVG38FK?network=mainnet#poll-detail) | ETH-B SF -1.00%, LRC-A DC -2MM, UNIV2ETHUSDT-A DC -10MM, UNIV2DAIUSDT-A DC - 10MM| | Increase the UNIV2DAIUSDC-A Maximum Debt Ceiling | [Vote ends 8/05 16:00 UTC](https://vote.makerdao.com/polling/QmRAuMND?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-univ2daiusdc-a-dc-iam-line/9481) | Ranked Vote: +0 DAI, +50MM DAI, +100MM DAI, +200MM DAI | ### Community Greenlight Polls | Collateral | MIP9 Poll | MIP6 Application | | ---------- | ----------- | ---------------- | | RWA-120dB (120dB Films) | [Vote ends 07/01 16:00 UTC](https://vote.makerdao.com/polling/Qmch87Tw?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/rwa-120db-mip6-application-120db-films-entertainment-finance-specialists/9415) | _Check out an 'at-a-glance' view of the current Vault types and their parameters on [MakerBurn.](https://makerburn.com/#/rundown)_ ### Active Signal Requests There are no active signal requests at the time of writing. ### Last Week Last week's executive vote was skipped due to a [discussion by the community’s mandated actors’.](https://forum.makerdao.com/t/no-new-executive-proposal-2021-07-30/9591) As per the discussion, it is not necessary to publish a weekly executive without substantive updates. Wrapping updates into an executive for this Friday, August 6th (pending the current executive passing) is more reasonable. ## Team Updates ### GovAlpha [GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-07-29/9585) - Vote Delegation had a soft-launch targeted for August 2nd. dUX team [posted](https://forum.makerdao.com/t/vote-delegation-ui-release/9646) a vote delegation UI release. - Speaker Series call with Representative Ted Budd now available on [Youtube](https://www.youtube.com/watch?v=y834c0P1Crw) along with the [written transcription](https://forum.makerdao.com/t/speaker-series-3-representative-ted-budd-wednesday-july-28-12-00-edt-16-00-utc/9458/4?u=artem_gordon) on the Forum. - The very first Meet Your Delegate call video recording is now available on [YouTube.](https://www.youtube.com/watch?v=SVUm1Bz0U9A) - Meet Your Delegate [Call #2](https://forum.makerdao.com/t/meet-your-delegate-2-wednesday-august-4-6-00-pm-utc/9575) with @Planet_X and I scheduled for Wednesday, August 4th at 18:00 UTC. - @monet-supply [posted](https://forum.makerdao.com/t/monetsupply-delegate-platform/9545) an application to become a Delegate. - I [posted](https://forum.makerdao.com/t/scaling-dai-delegate/9366) an application to become a Delegate. - @PaperImperium [posted](https://forum.makerdao.com/t/paperimperium-delegate-platform/8992) an application to become a Delegate. - @Sebix is working on figuring out an improved framework for tags. We’ve set some general goals, and he will suggest changes to meet those goals. ### Protocol Engineering *Contract Work:* - DssVest: ABDK audit returned, stylistic changes discussed & implemented. FV continues for completion next week. *Sushi LP Tokens:* - Sushi Team are deploying a new AMM in 1-2 months. - Will introduce new custom ranges for LP tokens. - This breaks from Uniswap V2 design & introduces unknowns for SushiJoin development. - In conclusion: We’ll finish Keeper integration and CropJoin FV, and in 1-2 months, evaluate their upgrades. - Managed GemJoin Adapter: Updates and review. - Next week’s Executive, house cleaning tasks: - RWAs in the ILK registry. - Governance test message to L2 using the Governance relay. *Infrastructure:* - Goerli TestNet setup: the team has set up nodes, hoping TechOps will operate an archive node. - Started test deploys on Goerli, a few issues have come up. - Changelog updates: including ILK Registry on Kovan updated with most recent code. *Documentation:* - EVM Bytecode Programming: HackMD guide to deploy bytecode contracts. - Forum post: [Spell post mortem document](https://forum.makerdao.com/t/faulty-2021-07-16-executive-spell-postmortem/9596). - Forum post: [Layer 2 Risk Framework.](https://forum.makerdao.com/t/a-proposed-l2-risk-framework/9518) *Layer 2:* - Accelerating Optimism Fast Withdrawal Bridge design discussions. - Ongoing work on the Arbitrum Bridge. - Actively working with StarkWare to create a new independent Core Unit. *Meetings/discussions last week:* - Nexo & Institutional Vaults: finalizing parameters and hope to post this week. - Lido & Staked ETH: discussed Oracle design/implications with Nik. - L2 design: considerations for L2, e.g., behavior in the event of ES, etc. - Derek has been meeting and discussing plans with Starkware. Lots of progress, and will post more information soon. ### Oracles - Working on the Oracle Core Unit formation. Friday, July 30th was officially the first day as a CU. - Finished deployment of the 2nd transport layer called *spire*. - Deployed smart contracts for MATIC to the mainnet. Currently organizing the onboarding for MATIC collateral token. - Will be switching over to UNIv3 for checking prices due to better liquidity there. ### Risk - @josolnik posted the [Maker Vault Activity Metrics.](https://forum.makerdao.com/t/maker-vault-activity-metrics/9568) The next step is to produce a more risk-focused analysis to help better understand the risk of Maker’s debt exposure to certain collateral assets. - Ongoing work to automize this Vault user insights. - Finalized simulations for lower LR for Maker Vaults. Suggests we may be able to lower LRs on lower-tier collaterals. - Also, creating a dashboard to monitor dynamics and risks to Aave. - @monet-supply will publish the G-UNIv3-DAIUSDC risk assessment. ### Real World Finance - @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 RWAs using the Cayman Foundation. - Centrifuge Vaults are now up on the current executive poll. ### Growth [Growth CU weekly update](https://forum.makerdao.com/t/growth-cu-weekly-update-july-23-july-29/9570/1) - Speaking with Paxos and next week will post on the forum the discussed agreement to add them to the PSM and add Dai to their platform, which will have access to Paxos on/off ramps. - In conversation with Binance to include BUSD in the PSM. [Binance pay](https://pay.binance.com/) just integrated Dai and will be merging with Binance P2P. We are hoping this can be a solution for improved international transactions. - Dai was part of the first NFT collection by Damien Hirst called [“The Currency.”](https://www.heni.com/) - Project called [SuperFluid](https://www.superfluid.finance/home), a streaming real-time payments protocol is live with Dai. - Derek [posted](https://forum.makerdao.com/t/institutional-and-long-term-vaults-proposal/9586) an Institutional and Long-Term Vaults Proposal. ### Content Production [Content Production Bi-Weekly Update: June 22 - August 2, 2021](https://forum.makerdao.com/t/content-production-bi-weekly-update-july-8-july-21-2021/9487). - @JerryAG and @jmarshall produced video versions of the [Current Events,](https://www.youtube.com/watch?v=PI6SC2xsaas) [Votes and Polls,](https://youtu.be/45eCt25FxPI) and [State of DAI](https://www.youtube.com/watch?v=pUT-2MGG1NM) sections of Maker Relay. - You can find new episodes posted here in the [Maker Relay Playlist.](https://www.youtube.com/watch?v=h4YK-X5iQAE&list=PLLzkWCj8ywWPolnUhRn_HWeZJX35PuT53) - Continued [brand research,](https://forum.makerdao.com/t/participate-in-brand-research-support-marketing-efforts-for-makerdao/9341) to be used for marketing materials (Humans of MakerDAO) and educating the DAO on how people think about MakerDAO. - Published [Dai on Different Chain #4,](https://forum.makerdao.com/t/dai-on-different-chains-2-july-16-2021/9395/7) exploring the wallets that hold Dai on non-ETH blockchains, the xDAI chain, and layer-2 Rollups. - Met with the @Growth-Core-Unit and set up bi-weekly meetings with to discuss collaboration opportunities. ### Sustainable Ecosystem Scaling - SES CU had @Juan, @Lenkla, and L2 present. - Had a first trial of organizing an event as a DAO, which was fun. - Had opportunities to discuss strengths and challenges with other projects about forming a DAO. - Lenka is the Project lead for X-RAY, creating a model for onboarding devs and other tech talent. - Lenka presented a short talk discussing her progress of decentralization and working for the DAO. - Looking to hire a data analyst. Please contact if interested. ## Current Events ### A Proposal for Institutional and Long-Term Vaults @Derek, and the @Protocol-Engineering Core Unit have provided a blueprint for [Institutional Vaults.](https://forum.makerdao.com/t/institutional-and-long-term-vaults-proposal/9586) If passed as proposed, new vault mechanisms specific to Institutional and Long-term Vaults would be implemented. Parameters unique to these vault type include: - An Origination Fee applied at the time of minting (1%) - A fixed Stability Fee for a set period (1.5%) - A "Vault starting size" of no less than $400m The proposal aims to first implement ETH and wBTC, and if successful, considering vaults for LINK, UNI, and stETH. ### Vote Delegation has Soft-Launched! Vote delegation is [officially part of the Maker Protocol.](https://forum.makerdao.com/t/vote-delegation-ui-release/9646) First announced by Governance Facilitator @LongForWisdom in [this post from July 19th,](https://forum.makerdao.com/t/delegation-and-makerdao/9429) @bainpm has published a thread with details on the [Vote Delegation UI](https://forum.makerdao.com/t/vote-delegation-ui-release/9646) that can be used to delegate MKR and view information about delegates and you can check out @LongForWisdom's [MKR Holder’s Guide to Delegation](https://forum.makerdao.com/t/mkr-holder-s-guide-to-delegation/9602) for more information about vote delegation in MakerDAO. [Meet Your Delegate #1](https://www.youtube.com/watch?v=SVUm1Bz0U9A&pp=sAQA) gave @PaperImperium and @ElPro an opportunity to share their platform and respond to questions from the community. The series continues with [Meet Your Delegate #2,](https://forum.makerdao.com/t/meet-your-delegate-2-wednesday-august-4-6-00-pm-utc/9575) scheduled for Wednesday, August 3rd at 6:00PM UTC. Be sure to follow the directions provided to properly delegate your MKR tokens once they are available. MKR tokens sent to the delegate contract address itself will be IRREVOCABLY LOST. ### Pre-MIP Discussion of Legal Structures for Real-World Assets (RWA) @SebVentures has published a [Pre-MIP Discussion](https://forum.makerdao.com/t/pre-mip-discussion-rwa-foundations/9510) outlining a legal structure for managing RWA involving a Cayman Foundation set up to hold Special Purpose Vehicles (SPVs) that manage the loans. Questions are posed about the degree of control the DAO expects to retain over these loans, what happens in the event MakerDAO faces an existential crisis, and how many Foundations to set up. ### Governance Communications Core Unit Launches Only one out of the four Core Units proposed in July has been voted in, and that's the [Governance Communications CU](https://mips.makerdao.com/mips/details/MIP39c2SP8), facilitated by David Utrobin. The team is starting small with two full time roles, and several part time contributors. Their goal is to create a healthy communication and information infrastructure at MakerDAO. The team is looking for a full-time Engagement Lead, please reach out to [David](https://forum.makerdao.com/u/davidutro/summary) if you are interested. ### MIPs [Weekly MIPS Update #47](https://forum.makerdao.com/t/weekly-mips-update-47/9648) - It's Formal Submission week! Check out the MIP Update to see which MIPs are eligible for Formal Submission. - Ratification Polls for formally submitted proposals will go live on Monday 09, 16:00 UTC, and will run for two weeks until Monday August 23. ### State of DAI ![Peg](https://i.imgur.com/2aopKqY.png) - Peg continues to be rock solid as ETH rallies. ![Dai Supply](https://i.imgur.com/cNqJaAE.png) - TVL is 10.8 billion with 5.6 billion DAI outstanding. ![VWAP](https://i.imgur.com/khRVFZY.png) - DAI volume at around $1.39 billion this last week lead by Uniswap, Curve pools, and Binance. Diving into the [vault report](https://forum.makerdao.com/t/maker-vault-activity-metrics/9568) from risk team, the stats around sustainable growth are incredibly helpful: [quote="josolnik, post:1, topic:9568"] Overall, M3 retention above 60% is a good indication of protocol’s sustainable growth. ![C4_M3Retention](upload://dxP3C1xgM0YzvO6xVuId1t5P5EZ) [/quote] ![](https://i.imgur.com/dH1TivR.png) ![](https://i.imgur.com/3955KpR.png) - PSM USDC 3.2 billion - ETH-A 1.4 billion - USDC-A 238.8 million - WBTC 209.7 million - ETH-C 181.7 million - PAX 67.3 million - UniV2DaiUSDC 49.5 million - LINK 33 million - ETH-B 31 million - TUSD 26.5 million - YFI 25 million - UniV2DaiEth 24.5 million - UniV2WBTCEth 9.9 million - UniV2UniEth 8 million - UniV2UsdcEth 6.2 million - NSDROP 5.4 million - UNI 2.4 million - renBTC 2.8 million - BAT 1.7 million - MANA 1.4 million - ZRX 1.4 million - AAVE 1.4 million - LRC 876K - Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 861K. ![ETH A stats](https://i.imgur.com/Wix284l.png) ![ETH B overview](https://i.imgur.com/X1CXBUl.png) ![ETH C overview](https://i.imgur.com/27mgGSv.png) - New ETH vaults opened across ETH-A ETH-B ETH-C with average collateralization sitting quite healthy across the board. (357, 202, and 501 % respectively). - ETH-A had the largest gain of 43 million in new debt. ETH-B's average median jumped up as well. ![](https://i.imgur.com/haclceb.png) - As with all rallies, the risk of liquidation starts to escalate past a 20% drop. ![DAI stats collat page](https://i.imgur.com/nBXvI5Z.png) - With 190% collateralized overall, the appetite for more DAI mints appears stronger. ![](https://i.imgur.com/iV4VC6m.png) - Daily volatility for ETH still in the above 7% range. ![BTC ETH OI](https://i.imgur.com/Vjlg4ZD.png) - Open interest on ETH and BTC at 6 billion and 11 billion respectively. With a small turn negative for BTC OI in the past 24 hours. daistats.com | makerburn.com | maker.blockanalitica.com ## Community ### Tweet of the Week https://twitter.com/nanexcool/status/1421984652554903557 ### Articles - [The Need for Real-World Assets in DeFi](https://hackernoon.com/the-need-for-real-world-assets-in-defi-fsg373r) *An article by Hackernoon on MakerDAO onboarding RWAs and what that means for the greater DeFi landscape.* - [This Is What Needs To Happen To Secure DeFi and Crypto-Friendly Regulations, According to US Lawmaker](https://dailyhodl.com/2021/07/30/this-is-what-needs-to-happen-to-secure-defi-and-crypto-friendly-regulations-according-to-us-lawmaker/) *A Daily Hodl article detailing @PaperImperium's talk with Rep. Joe Budd.* - [PERI Finance Strikes Deal with MakerDAO to Bring Liquidity Solution](https://www.bloomberg.com/press-releases/2021-08-02/peri-finance-strikes-deal-with-makerdao-to-bring-liquidity-solution) *MakerDAO has conducted a strategic partnership with PERI Finance, implementing the DAI stablecoin in PERI Finance's staking services.* ### Maker Forum Deep Dai-ve - [[Informal Poll] What does MakerDAO want to see with regard to marketing?](https://forum.makerdao.com/t/informal-poll-what-does-makerdao-want-to-see-with-regard-to-marketing/9546/24) *@JerryAG and the @Content-Production team seek input on what types of marketing activities MakerDAO would like to engage in.* - [Maker Vault Activity Metrics](https://forum.makerdao.com/t/makerdao-budget-simulator-as-of-7-21-21-revenue-cash-flow-forecast/9469) *@josolnik and the @Risk-Core-Unit provide an in-depth look and visualize data of Maker Vaults.* In-depth and more critical information can be found in the post; a must read. - [Institutional and Long Term Vaults Proposal](https://forum.makerdao.com/t/institutional-and-long-term-vaults-proposal/9586) *@Derek outlines the parameters for the proposed Institutional Vaults. Follow the discussion in the thread.* _[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 #152 [Video](https://www.youtube.com/watch?v=00p_N7XAeAs) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-152-thursday-july-29-17-00-utc/9553/5) Collateral Onboarding Real World Assets Call - Untangled [Video](https://www.youtube.com/watch?v=0d2CJ2dV7Do) | [Forum Post](https://forum.makerdao.com/t/collateral-onboarding-call-34-untangled-friday-july-30-4pm-utc/9527) Meet Your Delegate #1 [Video](https://www.youtube.com/watch?v=SVUm1Bz0U9A) | [Forum Post](https://forum.makerdao.com/t/meet-your-delegate-1-wednesday-july-28-6-00-pm-utc/9424) Speaker Series #3 - Representative Ted Budd [Video](https://www.youtube.com/watch?v=y834c0P1Crw) | [Forum Post](https://forum.makerdao.com/t/speaker-series-3-representative-ted-budd-wednesday-july-28-12-00-edt-16-00-utc/9458) ## Meetings and Events ### This Week's Calls #### Meet Your Delegate #2 - Tim Black (@twblack88) and Planet_X [Join Link](https://us02web.zoom.us/j/86788307759?pwd=TUpuQVREcW85ZmFndXl5ZENRVDVSQT09) | [Forum Post](https://forum.makerdao.com/t/meet-your-delegate-2-wednesday-august-4-6-00-pm-utc/9575) - Wednesday, August 4 6:00 PM UTC #### 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 #### Core Unit Launch Pod Sessions Core Unit Launch Pod Session #14: Dai Foundation Core Unit DAIF-001 [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-14-dai-foundation-core-unit-daif-001/9564) - June 30th at 19:00 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.*