---
tags: Maker Relay
---

# Maker Relay #59


_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

### August 6 Executive Finally Passes

[The previous executive](https://vote.makerdao.com/executive/template-executive-vote-momc-proposal-august-core-unit-budgets-housekeeping-august-6-2021?network=mainnet#proposal-detail) was originally posted on August 6 and has passed as of August 22, at 21:24 UTC. Though the weekend was minorly stressful, passing this executive frees up room for this weeks significant changes, detailed below.

### On-Chain Securitization Roadmap & New Silver Audit

Real-World Finance Core Unit posted a [roadmap](https://forum.makerdao.com/t/on-chain-securitization-roadmap-new-silver-audit/9937) providing actionable items that aim to establish a more secure on-chain securitization mechanism. It will help the New Silver and Tinlake teams build a more robust system to managing the regulatory aspects of Real-World Finance.

Primary points of the roadmap include:
- Continue to improve and challenge our securitization partners with the help of law firms.
- Add great talents to increase internal expertise.
- Partner with other institutional investors similar to JST Capital.

### A New Delegate Enters the Room

Longstanding community member [@Makerman](https://forum.makerdao.com/u/MakerMan) has thrown his hat in the ring to become a Recognised Delegate. He published his [Delegate Platform](https://forum.makerdao.com/t/makerman-delegate-platform/9891) with priorities including:
- Provide stakeholder Recognition through both a micro to macrocosmic outlook; ‘People are important, too.’
- Promote secure, sustainable, and scalable systems.
- Push importance of data analytics for goal achievement and problem-solving.

### Growth Opportunity: US mortgage lender, UWM Holdings Corp’s (NYSE: UWMC), to accept Crypto

[@Spidomo](https://forum.makerdao.com/u/Spidomo) reaches [out to the community]((https://forum.makerdao.com/t/growth-opportunity-second-largets-us-mortgage-lender-to-accept-cryptocurrency/9965)) announcing that [UWM Holdings Corp](https://www.uwm.com/) will begin accepting Bitcoin, but are looking into ETH and other tokens as well.

### State of DAI


- Everyone already beat us to it ([here](https://twitter.com/nomos_paradox/status/1428050344521592847?s=20) and [here](https://forum.makerdao.com/t/dai-outstanding-surpasses-6b/9919)), but DAI supply is above 6 billion!


- DAI peg is more solid than last week.
- In case you want to dive into peg mechanics, @kurtbarry posted a [concise thread for your reading pleasure](https://twitter.com/Kurt_M_Barry/status/1429564277329911809?s=20).


- Volume is around $2.2 billion during this last week.


- It’s worth mentioning that Nomics markets pages don’t capture Sushiswap’s 16 million from the week.


- Assuming this [dune analytics](https://dune.xyz/queries/856/1442) data is correct, the highest velocity day of mints/burns was 8-12.


- Over the last week, net mints vs. burns was 84 million.




MakerBurn rundown or dai stats
- PSM USDC 3.3 billion
- ETH-A 1.5 billion
- WBTC 240 million
- ETH-C 240 million
- USDC-A 238 million
- PAX 67 million
- ETH-B 56 million
- UniV2DaiUSDC 49 million
- LINK 40 million
- UniV2DaiEth 28 million
- TUSD 26 million
- YFI 14 million
- UniV2WBTCEth 10 million
- UNI 10 million
- UniV2UniEth 10 million
- NSDROP 6.7 Million
- GUSD 4.3 million
- UniV2UsdcEth 4.2 million
- renBTC 3.4 million
- AAVE 2 million
- BAT 1.9 million
- ZRX 1.8 million
- MANA 1.5 million
- Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.02 million.


- We see you, GUSD, creeping back in towards your debt ceiling. 👀


- Liquidation Walls hit hard at a shave below the 25% price impact, lead by ETH-A, which has been the pattern for a while now.


- ETH vaults top bucket for collateralization ratio is 200%.


- Since ETH leads the pack of vaults at risk in a price tumble, it's worth peeking into ETH market activity. The ETH-USD Perpetual rates look somewhat sideways but healthy.


- Even though we’ve had a few weeks of extending rallies on ETH, the volatility has reduced a bit to 5.5%.

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #50](https://forum.makerdao.com/t/weekly-mips-update-50/9992)
- Ratification Polls close on Monday, 23.

### Active Executive Votes

[Vault Onboarding, 6s Updates, and Reducing Vault Liquidation Ratios - August 20, 2021](https://vote.makerdao.com/executive/template-executive-vote-vault-onboarding-6s-updates-and-reducing-vault-liquidation-ratios-august-20-2021?network=mainnet#proposal-detail)
If this executive proposal passes, the following changes will occur:
- [Debt Ceiling](https://makerdao.world/en/learn/governance/param-debt-ceiling) for 6s Capital (RWA-001) will be increased from 1,000 DAI to 15 million DAI and the Broker-Dealer address updated.
- MATIC (Polygon) will be onboarded as the vault type MATIC-A with the following parameters detailed in this [poll.](https://vote.makerdao.com/polling/QmeRhDHX?network=mainnet#poll-detail)
- PSM-USDC-A Fee-In (tin) will be increased from 0.1% to 0.2%.
- PAX Peg Stability Module will be onboarded as the vault type PSM-PAX-A with the following parameters:
- Fee In (`tin`): 0.1%.
- Fee Out (`tout`): 0%.
- Debt Ceiling (`line`): 50 million DAI.
- The following Liquidation Ratios will be decreased:

|VAULT TYPE|CURRENT LR|PROPOSED LR|LR DIFFERENCE|
|---|---|---|---|
|ETH-A|150%|145%|-5%|
|WBTC-A|150%|145%|-5%|
|ETH-C|175%|170%|-5%|
|UNIV2DAIETH-A|125%|120%|-5%|
|UNIV2WBTCETH-A|150%|145%|-5%|
|UNIV2UNIETH-A|165%|160%|-5%|
|UNIV2USDCETH-A|125%|120%|-5%|
|UNIV2WBTCDAI-A|125%|120%|-5%|
|YFI-A|175%|165%|-10%|
|LINK-A|175%|165%|-10%|
|RENBTC-A|175%|165%|-10%|
|UNI-A|175%|165%|-10%|
|AAVE-A|175%|165%|-10%|
|BAL-A|175%|165%|-10%|
|COMP-A|175%|165%|-10%|

### Active Governance Polls

There are currently no active governance polls.

### Community Greenlight Polls

| Collateral | MIP9 Poll | MIP6 Application |
| ---------- | ----------- | ---------------- |
| CGFF-DROP (Cauris Global Fintech Fund DROP) | [Vote](https://vote.makerdao.com/polling/QmSkfphq?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/mip6-application-cauris-global-fintech-fund/9610) |
| NCP01-DROP (Nebula Capital Partners DROP) | [Vote](https://vote.makerdao.com/polling/QmTAyrNF?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/ncp01-drop-mip6-application-european-point-of-sales-consumer-finance-portfolio/9600) |
| CNC1-DROP (CapitalNow Cannabis DROP) | [Vote](https://vote.makerdao.com/polling/QmNYeYtP?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/cnc1-drop-mip6-application-capitalnow-cannabis-drop-factoring-and-equipment-financing-assets/9612) |

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

### Active Signal Requests

[[Signal Request] Lower the Flash Mint Fee to 0%](https://forum.makerdao.com/t/signal-request-lower-the-flash-mint-fee-to-0/9847)
*[@hexonaut](https://forum.makerdao.com/u/hexonaut) suggests following dYdX and permanently removing Flash Mint Fees, helping improve both arbitrage for DAI and front-end UX. Although there is a risk for potential loss of revenue, dYdX has shown its [liquidity pool increase](https://etherscan.io/tokentxns?a=0x1e0447b19bb6ecfdae1e4ae1694b0c3659614e4e) from 138k to ~10M, which is large enough to cover most use cases. The post follows up his [Initial Flash Mint Module Fee Signal Request.](https://forum.makerdao.com/t/signal-request-initial-flash-mint-module-fee/6485)

### Last Week

[MOMC Proposal, August Core Unit Budgets, Housekeeping - August 6, 2021](https://vote.makerdao.com/executive/template-executive-vote-momc-proposal-august-core-unit-budgets-housekeeping-august-6-2021?network=mainnet#proposal-detail)
If this proposal passes:
- DAI will be distributed to the Core Units as specified within their ratified budget proposals:

| Core Unit | Distribution |
|---|---|
| Growth | 637,900 DAI |
| Sustainable Ecosystem Scaling | 702,883 DAI |
| Content Production | 51,567 DAI |
| Content Production - Continuity | 46,500 DAI |
| GovAlpha | 123,333 DAI |
| Real World Finance | 155,000 DAI |
| Risk | 182,000 |
| Protocol Engineering | 510,000 DAI |
| Oracles | 419,677 DAI |
| Governance Communications | 40,500 DAI |
| Governance Communications - Continuity | 121,500 DAI |
| **Total** | **2,990,860 DAI** |

- The following parameter changes will occur:
- ETH-B Stability Fee will be decreased from 6% to 5%.
- LRC-A Maximum Debt Ceiling will be decreased from 3 million DAI to 1 million DAI.
- UNIV2ETHUSDT-A Maximum Debt Ceiling will be decreased from 10 million DAI to zero DAI.
- UNIV2DAIUSDT-A Maximum Debt Ceiling will be decreased from 10 million DAI to zero DAI.
- UNIV2DAIUSDC-A Maximum Debt Ceiling will be increased from 50 million DAI to 250 million DAI.
- Protocol Engineering Housekeeping:
- Adding the VoteDelegateFactory contract to the Maker Protocol changelog.
- Fixing the `Ilk` Registry for RWA vault types.

## 🤿 Community Deep Dai-ve

The DUX team [finished their biweekly sprint](https://chat.makerdao.com/channel/governance-and-risk?msg=939u65N7GPJgd7jzh) and released some incremental improvements to the [Governance Portal](https://vote.makerdao.com/) , including:

* Delegate stats sidebar
* Displaying which executive a delegate is supporting
* Updated polling filters, [and more](https://github.com/makerdao/governance-portal-v2/releases/tag/0.1.1)

### Tweet of the Week

https://twitter.com/tuoniaoX/status/1424563343742836741 +2

### Forum Insight

_[Check out the latest Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance)_ | [*Video Version*](https://www.youtube.com/watch?v=5bAZua4Jv08)

### Articles

- [The Lottery that Costs 1 Dollar and Gives You 50k](https://oicanadian.com/the-lottery-that-costs-1-dollar-and-gives-you-50-thousand/)
- *An article covering the DeFi project PoolTogether, a “no-loss” lottery game using DAI, which has seen a massive uptick in usage throughout Argentina.*

- [Crypto Bug Bounty Platform Immunefi Forms Security Core Unit, a Contracted Team in Maker Ecosystem](https://www.crowdfundinsider.com/2021/08/179108-crypto-bug-bounty-platform-immunefi-forms-security-core-unit-a-contracted-team-in-maker-ecosystem/)
- *Explores Immunefi’s “incubation” with the SES Core Unit.*

- [MakerDAO Shines as DAI’s Total Supply up by 46x in Past Year](https://crypto-economy.com/makerdao-shines-as-dais-total-supply-up-by-46x-in-past-year/)
- *A Crypto Economy article that explores the DAO’s growth and comments on the D3M, which would allow users to mint DAI on the Aave platform.*

## 📋 Team Updates

### GovAlpha

[GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-08-19/9942)

- Begun tracking delegates participation and communication metrics.
- Still working on getting custody platform integration. DUX is offering integration help.
- Making concrete process on the Maker Operational Manual.
- Onboarding is going well. More projects may be coming soon for contributors.

### Protocol Engineering

*Upcoming Executive spell Contents:*
- PAX PSM.
- MATIC collateral.
- Reducing ILK Liquidation ratios.
- 6s Broker-Dealer address (and yank our deployer address).
- 6s Debt Ceiling increase.
- CalcFab into the changelog.

*Focus this week for the team:*
- We’ve been doing an async GUNI Review focusing on the Oracle; team meeting next Tuesday to conclude.
- Small enhancements to OmegaPoker that optimizes the order in which collateral prices are updated.
- 3/4 of the way through setting up the Goerli network, some outstanding work to wrap up RWA support, remove permissions and update changelog versions.
- Wrapped up some Etherscan spell verification improvements for mainnet, Kovan, and Goerli.

*Collateral:*
- Deployed MATIC to Kovan.
- Outstanding: need to define StETH DC limits.

*Discussions this week:*
- Institutional vaults - parameter discussion, Growth to talk to this.
- StarkWare CU - liaison and discussion of including the risk framework.
- Arbitrum - prior meeting to assess our technical approach.

### Oracles

- Tomorrow’s executive vote includes onboarding MATIC. The oracles are live. However, not all feeds have been upgraded; four more left.
- We were working on stETH and identified that the Oracle setup is not gas efficient. Feed-based back end for stETH should be complete within the next couple of weeks.
- Assessments coming out:
- UNIv3-DAI-USDC
- [SolarX](https://forum.makerdao.com/tag/real-world-finance)
- Oracle Core Unit is organizing two offsites, one in Reykjavík, Iceland, during September. Then we will meet at [EthLisbon](https://www.ethlisbon.org/) in October.

### Risk

- Proceeding with institutional vault risk assessment.
- Nexo confirmed that they would be willing to increase their debt exposure by 100m to 200m under these conditions.
- Still some discussion about origination fee levels.
- Apart from our risk assessment and work that needs to be done by PE to have these special vaults implemented, we’ll also see revenue impact scenario analysis made by Mark.
- This is essentially the main decision point at offering these kinds of vaults of particular sizes.
- Polygon reached out asking for a 100M loan collateralized by their treasury MATIC tokens.
- Such loans would probably need to reach higher collateralization levels than the one implemented at the upcoming MATIC-A vault.
- It might be better for them and Maker to set up an institutional vault (origination fees and special requirements regarding LR and maintenance of CR).
- In discussions with them about this.
- Monet-supply should soon make two posts:
- One is regarding dust limits and will be a signal poll to confirm whether the community approves the suggested dust limits.
- He is also working on actual parameter changes needed for off-boarding the KNC-A vault (a showcase of the actual process off-boarding collaterals).
- Most of the other team members are working on risk dashboards and automatization of vault user behavior metrics; a lot of interesting stuff is happening there.

### Real-World Finance

- Published the New Silver audit by Shearman & Sterling and on-chain securitization roadmap (https://forum.makerdao.com/t/on-chain-securitization-roadmap-new-silver-audit/9937).
- Partnering with JST Capital that does institutional investing in the Tinlake pools.
- MIP58 - [Cayman RWA Foundation Know Your MIP call](https://forum.makerdao.com/t/know-your-mip-10-mip58-rwa-foundations/9864).
- SolarX Risk Assessment is delayed until the end of the week to allow the community to review the documentation before a formal vote.
- Mark is working on the Institutional Vault analysis.

### Growth

[Growth CU weekly update](https://forum.makerdao.com/t/growth-cu-weekly-update-august-13-19/9939)

- Working with strategic partners to increase Dai awareness in different countries. To replicate this experience with the Chinese market, we started to work with imToken.
- Jenn made a [post](https://forum.makerdao.com/t/where-do-you-want-to-spend-dai/9905) asking the community what they would like to spend their Dai on.
- @Hajive joined our team yesterday and will be focused on the European market.
- Star of the week: Jenn will be participating in the [Web3 Fashion Week.](https://twitter.com/DIGITALAX_/status/1427563877324271618)
- We began working with Nexo. We also have various institutions interested in opening Institutional Vaults with Maker.
- Had a conversation with AAVE about the D3M module to bring liquidity into AAVE. Want to begin testing D3M with the AAVE v2 market.

### Content Production

[Content Production Bi-weekly Update](https://forum.makerdao.com/t/content-production-bi-weekly-update-8-5-8-18/9943)

- Working on Dai on Different Networks and Maker Relay to be available on Substack.
- Tabling the Mascot Contest; only had one entry, but we analyzed this issue.
- Conducted many brand research interviews. If you haven’t done one, let us know!
- Upcoming: [AMA with Planet_X](https://forum.makerdao.com/t/ama-dao-politics-with-recognised-delegate-planet-x/9904) and Centrifuge.

### Governance Communications

[GovComms Bi-weekly Update](https://forum.makerdao.com/t/govcomms-bi-weekly-update-1-august-2-19/9940)

- Setup is moving slowly; we still haven’t gotten the first disbursement or the Payroll setup due to the delayed executive.
- 3x new contributors being trained for the call summary team; welcome Andrea, Rody, and Zainab.
- Hunt for an [Engagement Lead](https://makerdao.recruitee.com/o/engagement-lead-govcomms) continues.
- Maker Relay got a facelift: a new banner, new informational structure, and a refreshed feedback survey.
- Took ownership of Forum at a Glance and have begun making weekly improvements.
- Created a basic [GovComms CU Overview presentation](https://docs.google.com/presentation/d/1s8lxiq3-HXNzSiGYgpdwYBDnDMGYA0mU4R8wd58nPqk/edit?usp=sharing) for anyone to look through and understand what our team does.
- Started a Team-Updates audit to make some actionable recommendations to bring us all closer to similar standards.
- Met with Mario, our Reddit mod, to discuss Mario’s ongoing availability and our moderator needs, as well as the general state of Reddit. We will be publishing some polished notes from that call on our public drive today or tomorrow.
- Met with Dumitru from the former Foundation Techops team to discuss infosec best practices for Google Drive.
- Our office hours are set to Fridays 1800-1830 UTC and are available on the public calendar.

### Sustainable Ecosystem Scaling

[SES Public Drive](https://drive.google.com/drive/folders/1rjeOpHmE-kgFvkrliw2DlI810FhxPkp7)

- X-Ray Preliminary Findings
- DUX CU going live
- Immunifi joins the SES Incubator
- Incubation Program Presentation tomorrow at 14:30 UTC during the public SES Status Call.

*Last Week:*
- RWA: Collateral Onboarding: CapitalNow Cannabis
- Know Your MIP (58): RWA Foundation

*Upcoming:*
- MIP6: Cauris Global Fintech Fund (next Wednesday)
- Focus On: Deco Protocol on August 25
- CULPS: Starknet on September 1st
- CULPS: DUX Core Unit (TBD)
- CULPS: Strategic Happiness (TBD)

## 📆 Meetings and Events

### Last Week’s Call Recordings

- Governance and Risk Call #155
- [Video](https://www.youtube.com/watch?v=WL58Ff5jT7E) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-155-thursday-august-19-17-00-utc/9840/5)

- Growing MakerDAO with Nadia Alvarez | AMA Ep. 06
- [Video](https://www.youtube.com/watch?v=NvQTQD3ybqk) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-155-thursday-august-19-17-00-utc/9840/5)

- Collateral Onboarding Call #36: CapitalNow Cannabis
- [Video](https://www.youtube.com/watch?v=NN-oOlkpjXw&t) | [Forum Post](https://forum.makerdao.com/t/collateral-onboarding-call-36-capitalnow-cannabis-wednesday-august-18-4pm-utc/9882)

- Know Your MIP #10: RWA Foundations (MIP58)
- [Video](https://www.youtube.com/watch?v=_O_GIs27lEk) | [Forum Post](https://forum.makerdao.com/t/know-your-mip-10-mip58-rwa-foundations/9864/17)

- Meet Your Delegate | Ep. 3 Ft. Monet-Supply & Nick Cannon
- [Video](https://www.youtube.com/watch?v=PbdUe4diPjg) | [Forum Post](https://forum.makerdao.com/t/meet-your-delegate-4-wednesday-august-25-19-00-utc/9962)

### 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
- [Join Link](https://meet.google.com/nio-jrqq-guu) | Governance Communications - Fridays 18:00 UTC

#### Ask Maker Anything

- DAO Politics with Recognised Delegate @Planet_X @ 4:35 PM UTC
- [Join Link](https://us02web.zoom.us/j/81092801103) | [Agenda](https://forum.makerdao.com/t/ama-dao-politics-with-recognised-delegate-planet-x/9904)

#### Meet Your Delegate

- Meet Your Delegate #4 - Wednesday, August 25 19:00 UTC
- [Join Link](https://us02web.zoom.us/j/83609383054?pwd=TlE3bkExT3owT3drbnFGcERHeWFtdz09) | [Agenda](https://forum.makerdao.com/t/meet-your-delegate-4-wednesday-august-25-19-00-utc/9962)

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

### 🎙️ Have Feedback?

We value your input! Take our [survey](https://slvw5de5kt4.typeform.com/to/wwaFbnIO) 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.*