---
# System prepended metadata

title: 'Maker Relay #50'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #50

![](https://imgur.com/zI64wWY.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 MakerDAO governance, this is your one-stop shop for MakerDAO updates._

## Votes

### Executive Votes

[Flash Mint Implementation, Debt Floor Changes](https://vote.makerdao.com/executive/flash-mint-implementation-debt-floor-changes?network=mainnet#proposal-detail)

If this executive proposal passes, the following changes will occur within Maker:

- The [Flash Mint Module](https://mips.makerdao.com/mips/details/MIP25) will be activated and authorized to flash-mint DAI.
- The Debt Floor (`dust`) parameter for all vault types excluding PSM-USDC-A, ETH-B and ETH-C will be increased from 5,000 DAI to 10,000 DAI.
- The Debt Floor (`dust`) parameter for the ETH-B vault type will be increased from 15,000 DAI to 30,000 DAI.

### Governance Polls

| Poll Name | Vote | Discussion | Type |
|-|-|-|-|
| Investigate Offboarding Multiple Vault Types | [Ends 06/24 4pm UTC](https://vote.makerdao.com/polling/QmTXLUng?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-offboard-unprofitable-collateral-types/8628) | Signal Request Polls |
| Adopt the Debt Ceiling Instant Access Module (DC-IAM) for PSM-USDC-A | [Ends 06/24 4pm UTC](https://vote.makerdao.com/polling/QmZz4ssm?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-psm-usdc-a-for-whatever-it-takes-to-keep-the-peg/8601) | Signal Request Polls |
| DssVest (MIP54) | [Ends 06/28 4pm UTC](https://vote.makerdao.com/polling/QmPfjETk?network=mainnet#poll-detail) | [Discussion](https://github.com/makerdao/mips/blob/531a5dc77edc27eac7d4587795f142f6c90422e3/MIP54/MIP54.md) | MIP Ratifiation |
| Oracles Core Unit Subproposal Set, ORA-001 | [Ends 06/28 4pm UTC](https://vote.makerdao.com/polling/QmNRGQwN?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp13-adding-oracles-core-unit/8048) | MIP Ratifiation |
| GovAlpha Facilitator Onboarding (MIP41c4-SP12) | [Ends 06/28 4pm UTC](https://vote.makerdao.com/polling/Qme5m5rR?network=mainnet#poll-detail) | [Discussion](https://github.com/makerdao/mips/blob/16d5b722147b955f2cb87a2ef0ecaa5f6df952ba/MIP41/MIP41c4-Subproposals/MIP41c4-SP12.md) | MIP Ratifiation |
| Modify Core Unit Budget, RWF-001 (MIP40c3-SP11) | [Ends 06/28 4pm UTC](https://vote.makerdao.com/polling/QmcVDjiz?network=mainnet#poll-detail) | [Discussion](https://github.com/makerdao/mips/blob/9a3f0e6842a27a38f0e7a56fc6cc1826b478f38b/MIP40/MIP40c3-Subproposals/MIP40c3-SP12.md) | MIP Ratifiation |
| Modify Core Unit Budget, RISK-001 (MIP40c3-SP13) | [Ends 06/28 4pm UTC](https://vote.makerdao.com/polling/QmcAkqid?network=mainnet#poll-detail) | [Discussion](https://github.com/makerdao/mips/blob/ed6d7bc80c13252a1bc110bad28d2428bef45001/MIP40/MIP40c3-Subproposals/MIP40c3-SP13.md) | MIP Ratifiation |
| GovAlpha Core Unit Budget, GOV-001 (MIP40c3-SP11) | [Ends 06/28 4pm UTC](https://vote.makerdao.com/polling/QmXqB41P?network=mainnet#poll-detail) | [Discussion](https://github.com/makerdao/mips/blob/e3bdc1ef0ffb5266d9454e6dab0810abcfecb364/MIP40/MIP40c3-Subproposals/MIP40c3-SP11.md) | MIP Ratifiation |
| Sustainable Ecosystem Scaling Core Unit MKR Budget, SES-001 (MIP40c3-SP17) | [Ends 06/28 4pm UTC](https://vote.makerdao.com/polling/QmSmhV7z?network=mainnet#poll-detail) | [Discussion](https://github.com/makerdao/mips/blob/40de9327bb3df265f6074c32710b68f2b5bb681e/MIP40/MIP40c3-Subproposals/MIP40c3-SP17.md) | MIP Ratifiation |
| GNO (Gnosis) | [Ends 07/05 4pm UTC](https://vote.makerdao.com/polling/QmXNAnCy?network=mainnet#poll-detail) | [MIP6 Application](https://forum.makerdao.com/t/gno-collateral-onboarding-application/8484) | Greenlight Poll |
| MATIC (Polygon) | [Ends 07/05 4pm UTC](https://vote.makerdao.com/polling/QmVBdZ9n?network=mainnet#poll-detail) | [MIP6 Application](https://forum.makerdao.com/t/matic-mip6-collateral-onboarding-updated/8318) | Greenlight Poll |
| HPT (HuobiPool Token) | [Ends 07/05 4pm UTC](https://vote.makerdao.com/polling/QmeGtaeQ?network=mainnet#poll-detail) | [MIP6 Application](https://forum.makerdao.com/t/hpt-mip6-application-credit-application-token-hpt-huobipool-token/8588) | Greenlight Poll |
| MC-DROP (Monachil Capital Partners DROP) | [Ends 07/05 4pm UTC](https://vote.makerdao.com/polling/QmRkrmWs?network=mainnet#poll-detail) | [MIP6 Application](https://forum.makerdao.com/t/mc-drop-mip6-application-monachil-capital-partners-lp-drop-senior-secured-credit-facility-for-a-private-credit-fund/8543) | Greenlight Poll |

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

### Active Signal Requests

[Shorten the PPG process](https://forum.makerdao.com/t/signal-request-shorten-the-ppg-process/8862)
*Signal about decreasing the amount of time it takes the [Parameter Proposal Group](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355) to have their [Rate Change Proposals](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-4-may-2021/7835) put through governance.*

[`tin`/`tout` parameters for new PSMs](https://forum.makerdao.com/t/signal-request-tin-tout-parameters-for-new-psms/8789)
*Signal about the fee in and out values for new PSMs and a continuation of the conversation about whether we should [add new Peg-Stability Modules (PSMs)](https://forum.makerdao.com/t/signal-request-should-we-add-new-psms/8337) to the protocol.*

[Raise SF On RWA When Issuers Unilaterally Change Terms](https://forum.makerdao.com/t/signal-request-raise-sf-on-rwa-when-issuers-unilaterally-change-terms/8858)
*Signal about adding a Stability Fee bump whenever Asset Originators unilaterally changing terms, discouraging such behavior.*

[Adjusting ttl on flap-auctions](https://forum.makerdao.com/t/signal-request-adjusting-ttl-on-flap-auctions/8673)
*A proposed decrease to the Bid Duration on Surplus Auctions(MKR Burn), as an optimization*

### Last Week

[Parameter Changes, Oracle Whitelisting, Other Changes](https://vote.makerdao.com/executive/parameter-changes-oracle-whitelisting-other-changes?network=mainnet#proposal-detail)
**Passed** on Jun 17, 2021, 17:34 UTC.
**Executed** on Jun 21, 2021, 14:05 UTC.
- The PSM-USDC-A Debt Ceiling has been increased from 3 Billion DAI to 4 Billion DAI.
- Multiple changes to Stability Fees, Debt Ceilings, Target Available Debt, and Ceiling Increase Cooldowns have been made to various vault types as described in the [Proposal Details section](https://vote.makerdao.com/executive/parameter-changes-oracle-whitelisting-other-changes?network=mainnet#proposal-detail).
- Auction Parameters for ETH Vault Types have been updated as listed in the [Proposal Details section](https://vote.makerdao.com/executive/parameter-changes-oracle-whitelisting-other-changes?network=mainnet#proposal-detail).
- The UNIV2DAIUSDC-A Vault Type has had its Liquidation Ratio lowered from 105% to 102% and Stability Fee lowered from 1.0% to 0.5% with liquidations remaining off.

## Updates

### MIPs

[Weekly MIPS Update #41](https://forum.makerdao.com/t/weekly-mips-update-41/8892)

- Ratification Votes are currently live!
- MIPs Update being redesigned.

### GovAlpha

[GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-06-17/8829)

- Monthly Governance Cycle recently changed.
- [Help Wanted Thread](https://forum.makerdao.com/t/help-wanted-govalpha/8811) from GovAlpha is up!

### Smart Contracts

- Direct Deposit Module in development last week.
- Waiting for feedback from delegates about the design of the delegate tech.
- Testing out auctions and rewards for SushiJoin Adapter
- DSSVest work being wrapped up.
- `Clipper` specifics for CropJoin under review.
- Research happening around Oracle price changes, and their effect on certain collateral types.
- Optimism changed their Token Standards, so doing a lot of work looking at L2 bridges - shooting at a moving target with L2’s yet to deploy.
- [Auction-demo-keeper repository](https://github.com/makerdao/auction-demo-keeper) is maintained as a reference implementation and as a backup keeper for the community.
- Created a permissioned `gemjoin` adapter, which is a Vault type with a permission function built-in.

### Risk

- Mostly occupied with three larger evaluations; stETH, D3M, Polygon collateral evaluation
    - stETH will be out this week
    - 2-3+ weeks for the other two
- Posted the Sushi related Collateral Evaluations [SLP-SUSHI-ETH](https://forum.makerdao.com/t/slp-sushi-eth-collateral-onboarding-risk-evaluation/8825) and [xSushi](https://forum.makerdao.com/t/xsushi-collateral-onboarding-risk-evaluation/8826)
- Risk Portal being expanded.

### Oracles

- Core Unit setup work being done behind the scenes.
- [ORA-001 MIP set](https://forum.makerdao.com/t/mip39c2-sp13-adding-oracles-core-unit/8048) is up for a Ratification Poll [Vote](https://vote.makerdao.com/polling/QmNRGQwN?network=mainnet#poll-detail)!
- Continuing work on stETH Oracle from Lido, approach undecided.


### Real World Finance

- New Silver Executive Summary issue being discussed.
    - Two changes that caused an issue, change to overall LTV Ratio, and the additional of riskier loans into the pool.
- Public call series, Focus on #02 with NewSilver 1 tomorrow!
- Doing work to prevent unilateral changes in terms without MKR vote.
- Working on onboarding law firms, one Cayman Island-based, two in the US.
    - Expense coming from contingency budget at the moment.
    - 20k per month estimated expense.
- Working on SolarX Cayman Island Trust Structure
    - Leveraging RWF Team experience to expedite the process.

### Growth

[Growth CU Weekly Update](https://forum.makerdao.com/t/growth-cu-weekly-update-june-11-june-17/8831)

- Speaking with El Salvadorian Partners;
    - Crypto adoption is still very early in the country. To impact retail, we need to push educational campaigns for Dai.
    - We are helping partners launch a merchant solution so they can swap crypto into Dai.
- [Sovryn bridge](https://bridge.sovryn.app/) went live, accepting DAI from ETH Mainnet or BSC to RSK network using Babelfish protocol and transforming the DAI into XUSD.
- MaoDAO: First Play-to-earn DAO in China, will be using Dai for payments.

### Sustainable Ecosystem Scaling

- Doing a lot of work on the admin side.
- Discussions continue with interesting teams intending to join the incubator.
- Talent CU is live, if you are looking for talent reach out!
- Front-End CU (DUX) had a meeting last week, recording in the public Gdrive.
- Working with PE team on the projects sandbox.
- Yesterday we had GNO on the collateral onboarding call, check out [the recording!](https://youtu.be/LGWkyIx3ejQ)

### Content Production

- [Content Production Bi-Weekly Update: May 27 - June 9, 2021](https://forum.makerdao.com/t/content-production-bi-weekly-update-may-27-june-9-2021/8686/2)
- [[Informal Poll] Marketing Maker](https://forum.makerdao.com/t/informal-poll-marketing-maker/8700)

## Current Events

### Real World Assets Done Right

Discussion has been very active this month around Real World Asset business practices following the [May RWA Report](https://forum.makerdao.com/t/real-world-assets-report-2021-05/8672) published by the RWF Core Unit where some unilateral changes made by NewSilver were brought to light. Greg Di Prisco, founder of [RWA Co.](https://forum.makerdao.com/t/introducing-the-real-world-asset-company-rwa-co/7966), published a thread [summarizing his thoughts on the matter](https://forum.makerdao.com/t/some-comments-on-the-state-of-the-dao/8773). In parallel, [two AMAs with Matthew Rabinowitz](https://forum.makerdao.com/t/ama-6s-capital-rwa-implementation/8585) and a [Walkthrough of the 6s Capital Trust Structure](https://forum.makerdao.com/t/some-comments-on-the-state-of-the-dao/8773) were posted on the forums so stakeholders can familiarize themselves with how the 6S structure works.

### Institutional Vaults Under Consideration

Historically, MakerDAO has created permissionless Vaults tuned to their given collateral's risk profile. Now, there is a growing discussion in the community about setting up permissioned Instituational Vaults tuned to the borrowing organization's risk profile alongside whatever collateral is used. Nadia, Facilitator of the Growth Core Unit, [sums up the conversation](https://forum.makerdao.com/t/institutional-vaults/8637/18) nicely.

### Be Mindful, Update to the Monthly Governance Cycle

MKR voters, heads up! The monthly governance cycle has officially changed to a more accomodating setup. Instead of three rounds of voting, MIPs and Subproposals will go through individual two-week [Ratification Polls.](https://mips.makerdao.com/mips/details/MIP51#mip51c2-ratification-poll) Check out the latest [MIPs Update](https://forum.makerdao.com/t/weekly-mips-update-40/8759) for a view of the updated calendar.

### State of the Peg

![Peg](https://i.imgur.com/oq5ZAD9.png)

- DAI trading at a very slim premium over peg with volume spiking in a bearish environment.

![Dai volume](https://i.imgur.com/35mFRTW.png)

- Top Volume was against ETH pairs with DEX's leading the charge.

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

- Rounding out DEX information, Curve has the lion's share of DAI at 385 million.

![Dai Supply](https://i.imgur.com/sG1ozpO.png)

- Supply above 5 billion.

![Rundown 1](https://i.imgur.com/Q4g0llI.png) 

![Rundown 2](https://i.imgur.com/Y67X6ii.png) 

This weeks rundown: 
- PSM USDC 2.6 billion
  - ETH-A 1.4 billion
  - WBTC 247 million
  - USDC-A 238 million
  - ETH-C 138 million
  - PAX 67 million
  - ETH-B 35 million
  - LINK 44 million
  - YFI 43 million
  - ETH-B 35 million
  - TUSD 26 million
  - UniV2DaiEth 19 million
  - UniV2UsdcEth 8.3 million
  - UniV2UniEth 6.9 million
  - UNI 6.1 million
  - UniV2WBTCEth 5.9 million
  - NSDROP 3.2 Million
  - UniV2DaiUSDC 3.1 million
  - renBTC 2.7 million
  - AAVE 2 million
  - MANA 1.9 million
  - BAT 1.7 million
  - ZRX 1.5 million
  - LRC 625K 
- Other vaults below 500K (GUSD, KNC, USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.1 million.

![](https://i.imgur.com/vwfxpF1.png)

- ETH-B vaults total debt had quite the slide over the past week.

![](https://i.imgur.com/e0PbQUz.png)

- Much of the collateralization buckets are close to the line. 

![ETH volatitlity](https://i.imgur.com/Ox8QrGZ.png)

- ETH Volatility has creeped back up over 7 %

![ETH RP](https://i.imgur.com/Axa7Mf6.png)

- The associated risk premium for ETH is back up to 1.8%
    
![Auction in a downturn](https://i.imgur.com/lQoJd3p.png)

- Four auctions settled on 6/20: WBTC, two on LINK, and UNI.

![Auction data](https://i.imgur.com/fwxIbKl.png)

- Totol debt liquidated was $1,583,378.

https://daistats.com | https://maker.blockanalitica.com/ | https://makerburn.com

## Community

### Articles

- [Paying the IRON Price: Fractional Reserve Banking on a Blockchain](https://www.coindesk.com/paying-iron-price-fractional-reserve-banking)
- [Decentralized finance (DeFi) has always been strange, but it’s becoming mind-bending.](https://www.coindesk.com/weird-defi-alchemix-arcx-reflexer-convex)
- [Stablecoin Models: Evaluating Centralized Vs. Decentralized Architectures](https://hackernoon.com/stablecoin-models-evaluating-centralized-vs-decentralized-architectures-wn1y35tc)

### Maker Forum Deep Dai-ve

- [[Pre-MIP] Using Gyroscope to cut through Dai’s Gordian knot: its USDC dependency](https://forum.makerdao.com/t/pre-mip-using-gyroscope-to-cut-through-dai-s-gordian-knot-its-usdc-dependency/8865)
[quote="aklamun, post:1, topic:8865"]
Dai’s Peg Stability Module (PSM), which integrates Dai deeply with USDC, is critical to maintaining the Dai peg in a crisis. The Gyroscope mechanism can complement Dai by providing the path to decentralizing the PSM (and so re-decentralizing Dai).
[/quote]

- [Dai is the first supported collateral type on Volmex v1](https://forum.makerdao.com/t/dai-is-the-first-supported-collateral-type-on-volmex-v1/8838)
*[Volmex v1](https://volmex.finance/) is now live on the Ethereum mainnet, [@colekennelly](https://forum.makerdao.com/u/colekennelly) reached out to let the Maker community know Dai is the first supported collateral type on Volmex v1.*

- [[Brainstorm] 2021 mission and objectives](https://forum.makerdao.com/t/brainstorm-2021-mission-and-objectives/5809)
*[@SebVentures](https://forum.makerdao.com/u/SebVentures) begins a popular discussion about the realistic goals the community can accomplish in the year 2021.*

_[Check out the latest Forum at a Glance](https://forum.makerdao.com/t/forum-at-a-glance-june-11-17-2021/8822)_

### Tweet of the Week

https://twitter.com/jmflatow/status/1404472082474229764

## Meetings and Events

### This Week's Calls

#### Governance & Risk

- [Join Link](https://zoom.us/j/697074715) | [Agenda](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-144-thursday-june-3-17-00-utc/8459) - 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 Sessions #13: AmaZix Marketing Core Unit AMZX-001](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-13-amazix-marketing-core-unit-amz/8887)

#### Sustainable Ecosystem Scaling Weekly Update

- [Join Link](https://meet.google.com/eec-ezkd-pnq) | Fridays 14:30 UTC 

### Last Week's Call Recordings

Governance and Risk Call #146
[Video](https://youtu.be/WwPjQ9qTOzo) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-146-thursday-june-17-17-00-utc/8785)

LexMaker 1: Dai Foundation & Maker IP
[Video](https://youtu.be/gL9IS1XiZjc) | [Forum Post](https://forum.makerdao.com/t/lexmaker-1-i-dai-foundation-maker-ip/8528)

Core Unit Launch Pod Sessions #12: Strategic MarComms Core Unit (CPM-001)
[Video](https://youtu.be/RLQkfr8RlZI) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-12-strategic-marcomms-core-unit-cpm-001/8552)

[AMA] - 6s Capital - RWA Implementation
Two sessions with full videos posts [on the forum](https://forum.makerdao.com/t/ama-6s-capital-rwa-implementation/8585)

### Hackathons

- July 6-27 [Unitize - San Francisco Blockchain Week](https://gitcoin.co/hackathon/unitize/onboard)

## 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 and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for information and communication purposes only.*
