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tags: Snippets
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# G&R #123 Snippet

Domain team updates, new governance cycle, road to PSM, active discussions and more. Check out updates from MakerDAO Governance and Risk Call #123 in this `snippet`

## Team Updates

### Smart Contracts

- [Monday's Urgent Executive](https://forum.makerdao.com/t/urgent-executive-eth-a-usdc-a-and-psm-usdc-a-dc-increase/5907/) vote increased Debt Ceilings for ETH-A, USDC-A, PSM-USDC-A.
- MIP21 going into Kovan the following week and executive next Friday.
- Team will focus on MIP 14, MIP MIP 25, MIP 30 next.
- End of 2020 was pretty aggressive and we lost so smart contract engineers. We'll need to pace ourselves and train up more people to have 4 collateral types a month, 1 MIP, and a set of community initiatives.
- Sam is working on the UI for PSM. There is a list of outstanding tasks for making the PSM robust: documentation, the UI, and moving/scuttling the old collateral types etc.

### Oracles

- LP tokens is the focus for collateral onboarding going forward.
- We need a formal audit before we start raising ceilings on LP tokens.
- 10 whitelisting proposals will go up next week.
- 17 in the backlog!
- As explained at EOY, began work on the RWA oracle this week.

### Risk

- Analysts finished collateral evaluation for tBTC, coming to forum soon. cUSDC CropJoin risk evaluation in the works.
- Monet Supply posted a [signal request](https://forum.makerdao.com/t/signal-request-increasing-dust-parameter/5963) for increasing Dust Parameter.
- Andy is working on refreshing Maker portfolio risk:
- Helping define surplus buffer and risk mitigation during the bull run.
- New report from rate setting working group is out, [check it out](https://forum.makerdao.com/t/rates-changes-proposal-6-jan-2021/5948).
- RWA progress on due diligence, the team needs a lawyer since that expertise isn't there...yet.

### Operations and Community Development

- 2021 is going to be a big year for the DAO and we have seen lots of activity in the community.
- Autonomous MakerDAO [proposed an interim budget](https://forum.makerdao.com/t/signal-request-interim-dao-operating-budget/5924/18) of 100k DAO to fund PSM audit and other expenses.
- Juan is in [formal submission for operational support facilitator!](https://forum.makerdao.com/t/mip28c7-sp2-subproposal-for-operational-support-domain-facilitator-onboarding/5309/7)
- Master list of projects from community development coming soon for everyone to be able see work being done and to contribute.

### Collateral Onboarding

- Peoples company RWA collateral call [replay](https://www.youtube.com/watch?v=mQeb6Pi5YDM)
- Next week's call is January 13 at 1 EST | 18 UTC with [xDAI [Stake]](https://forum.makerdao.com/t/collateral-onboarding-call-23-xdai-stake-wednesday-january-13th-18-00-utc/5910)

### MIPs

- Welcome to first Governance Cycle of 2021! MIP 29, MIP 30, MIP13c3-SP7, MIP13c3-SP8, MIP28c7-SP2, MIP7c3-SP5, and MIP7c3-SP6 are currently moving to [formal submission.](https://forum.makerdao.com/c/MIPs/fs/16)
- [Proposals in RFC:](https://forum.makerdao.com/c/MIPs/rfc/15) MIP 26, MIP 31, MIP 32, and MIP13c3-SP9.
- Greenlight polls for this month will be up on January 18.

## Other Presentations and Updates

### Road to PSM

- We went live with 3M DC, everything went according to plan and we raised the DC to 30M.
- Meeting with Quantstamp, finalizing report and everything looks good.
- Lots of trading activity already, not just for arbitrage, even though there's no interface yet.

### Surplus Buffer

- [Forum discussion](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer/5767) about increasing the buffer to pay for various DAO expenses.

## Peg

- DAI price VWAP of $1.003
- The new PSM debt ceiling filled immediately.
- The DAI supply hits new ATH at 1.34B with the major bull run in ETH continuing.