---
# System prepended metadata

title: 'Maker Relay #52'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #52

![](https://i.imgur.com/uP0tFPY.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

[Rates Changes, July Core Unit Budgets, and PSM DC-IAM](https://vote.makerdao.com/executive/template-executive-vote-rates-changes-july-core-unit-budgets-and-psm-dc-iam-july-2-2021?network=mainnet#proposal-detail)

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

**Instant Access Module:**

The Debt Ceiling Instant Access Module for the PSM-USDC-A vault type will be *activated* with the following parameters:
- Maximum Debt Ceiling (line) = 10 billion DAI.
- Target Available Debt (gap) = 1 billion DAI.
- Ceiling Increase Cooldown (ttl) = 24 hours.

**Core Unit Budget Distributions - July:**
| Core Unit | Distribution Amount |
| --------------- | ----------- | 
| Growth (GRO-001) | 126,117 DAI |
| Content Production (MKT-001) | 44,375 DAI |
| GovAlpha (GOV-001) | 273,334 DAI |
| Real World Finance (RWF-001) | 155,000 DAI |
| Risk (RISK-001) | 182,000 DAI |
| Protocol Engineering (PE-001) | 510,000 DAI |
| Oracles (ORA-001) | 419,677 DAI |
| Oracles (ORA-001) - Continuity Reserve |	800,000 DAI |
| **Total** | **2,510,503 DAI** |

**Stability Fee Decreases:**
| Vault Type | Current Rate | Proposed Rate | Change |
| ---------- | ----- | ----- | ------ |
| ETH-A	| 3.50% | 2.00% | -1.50% |
| ETH-B | 9.00% | 6.00% | -3.00% |
| ETH-C | 1.00% | 0.50% | -0.50% |
| WBTC-A | 3.50% | 2.00% | -1.50% |
| LINK-A | 4.00% | 1.00% | -3.00% |
| YFI-A | 4.00% | 1.00% | -3.00% |
| UNI-A | 2.00% | 1.00% | -1.00% |
| AAVE-A | 2.00% | 1.00% | -1.00% |
| RENBTC-A | 4.00% | 2.00% | -2.00% |
| COMP-A | 3.00% | 1.00% | -2.00% |
| BAL-A | 2.00% | 1.00% | -1.00% |
| UNIV2DAIETH-A | 2.50% | 1.50% | -1.00% |
| UNIV2USDCETH-A | 3.50% | 2.00% | -1.50% |
| UNIV2DAIUSDC-A | 0.50% | 0.00% | -0.50% |
| UNIV2WBTCETH-A | 3.50% | 2.00% | -1.50% |
| UNIV2UNIETH-A | 4.00% | 2.00% | -2.00% |
| UNIV2ETHUSDT-A | 4.00% | 2.00% | -2.00% |

### Community Greenlight Polls

This poll will end **July 19, 16:00 UTC**

| Collateral | MIP9 Poll   | MIP6 Application |
| ---------- | ----------- | ---------------- |
| 0xBTC (0xBitcoin Neutral Mineable Token) | [Vote](https://vote.makerdao.com/polling/Qmd5WNP1?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/0xbtc-0xbitcoin-neutral-mineable-token-collateral-onboarding-application/8761)  |

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

### Active Signal Requests

[Increase Debt Ceiling of RWA-02 (NS-DROP) from 5M to 20M](https://forum.makerdao.com/t/signal-request-increase-debt-ceiling-of-rwa-02-ns-drop-from-5m-to-20m/9077)
*[@prankstr25](https://forum.makerdao.com/u/prankstr25) of the New Silver team is signaling for support of a Debt Ceiling raise for the [RWA-02 (NS-DROP) vault type](https://forum.makerdao.com/t/ns-drop-mip6-application-new-silver-drop-real-estate-backed-loans/3477)*

[Aave D3M Target Borrow Rate](https://forum.makerdao.com/t/signal-request-aave-d3m-target-borrow-rate/9142)
*In preparation for the coming [Aave Direct Deposit Dai Module (D3M)](https://governance.aave.com/t/the-maker-direct-deposit-dai-module-d3m/3514), this signal request is attempting to decide what rates the community wants to provide to the Maker Open Market Committee.*

[High Leverage G-UNI Vault to Replace PSM-USDC Exposure](https://forum.makerdao.com/t/signal-request-high-leverage-g-uni-vault-to-replace-psm-usdc-exposure/9027)
*[@hexonaut](https://forum.makerdao.com/u/hexonaut) is seeking support for prioritizing the G-UNI token from the Gelato Network.*

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

[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.*

### Last Week

[Flash Mint Implementation, Debt Floor Changes](https://vote.makerdao.com/executive/flash-mint-implementation-debt-floor-changes?network=mainnet#proposal-detail)
**Passed** on Jul 1, 2021, 17:15 UTC.
**Executed** on Jul 3, 2021, 17:15 UTC.
- The [Flash Mint Module](https://mips.makerdao.com/mips/details/MIP25) has been 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 have increased from 5,000 DAI to 10,000 DAI.
- The Debt Floor (`dust`) parameter for the ETH-B vault type has increased from 15,000 DAI to 30,000 DAI.

## Team Updates

### GovAlpha

[GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-07-01/9080)
- Put together templates for delegation, which will soon be public. We will be starting a Meet Your Delegates meetings.
- New and improved version of the MIPs portal being pushed to production.

### Protocol Engineering

Teamwork:

- Optimism Dai Bridge final review. We are complete for test deployments.
- Pending official launch date from Optimism
- D3M. Completed code but not an immediate priority - requires a review
- SushiJoin Adapter complete - awaiting Sushi teamwork

Technical Evaluation:

- [StakedETH](https://forum.makerdao.com/t/steth-collateral-onboarding-risk-evaluation/9061)

Testing:

- Final Echidna and audit tests for the L2 escrow.
- Starting to use Certora to verify optimism-dai-bridge formally.

Discussion/Documentation:

- ESM Postmortem - to be published this week.
- MegaPoker Postmortem - to be published this week.
- Defined expected [magnitude ranges](https://github.com/makerdao/dss/wiki/Numerical-Ranges) for all DSS parameters and quantities.
- Oracle Tail risk mitigation.

### Oracles

- Oracle CU polling vote has passed.
- Busy with legal work on the back-end.
- Carefully working on *Gopher* pricing tool. A minority of stakeholders upgrading and is running smooth. We will begin to complete the remainder of the migration.
- *Spire* coming out soon within the next few weeks, which adds an extra layer of redundancy similar to scuttlebutt. Both *Spire* and *Scuttlebutt* will be working in parallel.

### Risk

- Published two collateral evaluations for [stETH](https://forum.makerdao.com/t/steth-collateral-onboarding-risk-evaluation/9061) and [MATIC.](https://forum.makerdao.com/t/matic-collateral-onboarding-risk-evaluation/9069)
- Ongoing work on D3M. Evaluation should be finished by next week.
- Ongoing discussion about Institutional Vaults, which may soon be called Conditional Vaults.
- Preparing simulations testing lower LR ratios on Vaults.

### Real-World Finance

[Real-World Finance Core Unit Report - 2021-06](https://forum.makerdao.com/t/real-world-finance-core-unit-report-2021-06/9074)
- NewSilver request proposing to increase DC from 5 million to 20 million.
- Improvement in the smart contract for NewSilver following an audit by ABDK.
- Centrifuge collaterals approved by Governance were delayed, pushed to Kovan for next week.
- For SolarX, the risk assessment is delayed as we are discussing with them to improve MakerDAO safety by having more collateral at the beginning.
- Continuing progress on the Cayman Islands legal and tax side.
- Began working on a [real database](https://github.com/makerdao-rwf/makerdao-dw) both on-chain and off-chain to create more elaborative and useful models for data use replacing Dune Analytics.

### Growth

[Growth CU weekly update: June 25 - July 1](https://forum.makerdao.com/t/growth-cu-weekly-update-june-25-july-1/9078)
- Speaking with various companies that require Maker to pass through KYC processes. In discussion with Circle.
- Spoke with Galaxy, who like the idea of using Maker Vaults but don't want to involve KYC processes.
- PSM was delayed. Speaking with Paxos, Binance, and Gemini to continue business negotiations.
- Will be working with partners to discuss why they are not using Maker Vaults.
- BlockFi will be giving an 8.5% yield in Dai through July 30!
- We are approaching Gnosis about Maker Vault integration.
- Planning an event in Paris on July 21 for MakerDAO. If you will attend, reach out to get involved.

### Sustainable Ecosystem Scaling

- Our team's MKR Compensation Budget proposal passed.
- Potential Budget Modification for grants and/or incubation program on its way.
- Incubees DTalent and dUX are now live! Reach out for help if you need it.
- Working with Dai Foundation on potential MIPs.
- [CU Launch Pod Session](https://www.youtube.com/watch?v=6HjiMs2F5SM) with AmaZix Marketing CU. 

## Current Events

### Setting Sensationalism Straight

Following a [viral tweet](https://twitter.com/ChainLinkGod/status/1411022697367162880) accusing MakerDAO's Oracle providers of selling exclusive access to pricing data, Nik Kunkel, facilitator of the Oracles Core Unit, [responded to these claims](https://forum.makerdao.com/t/response-to-chainlinkgod-accusations/9112) bringing much-needed clarity. MakerDAO and the Maker Foundation have never profited or indirectly benefited from the use or sale of privileged price information.

### NewSilver Sees Support for Debt Ceiling Raise

New Silver has been working with MakerDAO for close to 2 years to bring high-quality, real estate collateralized short-term bridge loans to the protocol. After successfully utilizing almost all of the current 5M debt ceiling and making numerous improvements to their model, [they ask for 20M](https://forum.makerdao.com/t/signal-request-increase-debt-ceiling-of-rwa-02-ns-drop-from-5m-to-20m/9077) and have been getting support from several key DAO participants.

### Community Exploring PSM Alternatives

To address the protocol's growing USDC exposure, Sam started a [signal request and conversation](https://forum.makerdao.com/t/signal-request-high-leverage-g-uni-vault-to-replace-psm-usdc-exposure/9027) about creating a high-leverage Vault using Gelato Network's tokenized Dai<>USDC fixed-range UNI v3 position, called G-UNI. G-UNI can generate yield while being used as collateral; Sam believes such a vault could attract a couple of billion in TVL, which will indirectly unwind the PSM as minted DAI is sold for USDC.

### New MKR Compensation Guidelines Published

Last month, Planet_X [withdrew](https://forum.makerdao.com/t/mip53-the-mkr-compensation-guidelines/8012/18?u=davidutro) MIP53: The MKR Compensation Guidelines on behalf of the [working group](https://forum.makerdao.com/t/mkr-compensation-working-group-membership/7460), citing a need to develop the proposal further. Following up, Aes and LongForWisdom published the [Alternative MKR Compensation Guidelines](https://forum.makerdao.com/t/alternative-mkr-compensation-guidelines/9049) which use a different approach focusing on domain groupings and revising the initial distributions based on them.

### MIPs

[Weekly MIPS Update #43](https://forum.makerdao.com/t/weekly-mips-update-43/9190)

- Formal Submissions are open this week until Wednesday, July 7th, 4 pm UTC.
- See the MIPs update linked above for a complete list of proposals eligible for Formal Submission.
- *Brand new* [Maker Portfolio Core Unit](https://forum.makerdao.com/t/mip39c2-sp16-adding-maker-portfolio-core-unit-mpcu-001/8996/59) in RFC.

### State of the Peg

![Peg](https://i.imgur.com/92IWLkG.png)

- DAI peg solid as ever over the past week. 

![Dai Supply](https://i.imgur.com/RmdKmz2.png)

- Supply still over 5 billion and approaching 10 billion in TVL.

![DAI locations](https://i.imgur.com/CnKC6vA.png)

- DAI mostly in farms, thanks to Seb for the dashboard. Of that, it's primarily Aave and Compound.

![DAI share of Stablecoin](https://i.imgur.com/E1qqxw7.png) 

- Last month DAI was 11% of transaction volume.

![](https://i.imgur.com/f7YfWwZ.png) 

![](https://i.imgur.com/8qgW1BT.png) 

- PSM still atop the DAI supply charts breaking 3 billion and 55% of supply.
- ETH-A 1.4 billion
  - USDC-A 238 million
  - WBTC 213 million
  - ETH-C 175 million
  - PAX 67 million
  - LINK 33 million
  - ETH-B 31 million
  - TUSD 26 million
  - UniV2DaiEth 19 million
  - YFI 11 million 
  - UniV2WBTCEth 7 million
  - UniV2UniEth 6.9 million
  - UniV2DaiUSDC 5.1 million
  - UniV2UsdcEth 4.4 million
  - NSDROP 4.2 Million
  - UNI 2.7 million
  - renBTC 2.6 million
  - BAT 1.7 million
  - ZRX 1.5 million
  - MANA 1.4 million
  - AAVE 1.2 million
- Other vaults below 500K (LRC, BAL, GUSD, KNC<>USDT, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.2 million.

![](https://i.imgur.com/8NZIw1p.png)

- Over the last week, ETH vaults total debt outstanding summarizes broader activity quite well. It's somewhat flat.

![](https://i.imgur.com/raCUS9x.png)

- Even the collateralization buckets are in a safe(ish) range.
    
![](https://i.imgur.com/5zPU0X4.png)

- ETH-A's overall collateralization sits at 316%.

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

## Community

### Last Week's Call Recordings

Governance and Risk Call #148
[Video](https://www.youtube.com/watch?v=t4wP2_82iMo) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-148-thursday-july-1-17-00-utc/9036)

Speaker Series #001 St. Louis Federal Reserve Senior VP David Andolfatto
[Video](https://www.youtube.com/watch?v=CJ4vqE__f8g) | [Forum Post](https://forum.makerdao.com/t/speaker-series-1-st-louis-federal-reserve-senior-vp-june-29-3-00-pm-utc-11-00-am-et/8080)

AMA Ep. 02: A Deep Dai-ve with Centrifuge and Tinlake
[Video](https://youtu.be/5mnghrGB4Yc) | [Forum Post](https://forum.makerdao.com/t/ama-learn-about-centrifuge-and-tinlake-with-lea-lucas-and-martin/8824/3)

AMA Ep. 03: Maker Portfolio Core Unit with Chris Cameron
[Video](https://youtu.be/B6SKVhcJT5Y) | [Forum Post](https://forum.makerdao.com/t/ama-proposing-the-maker-portfolio-core-unit-with-chris-cameron/9062/2)

### Maker Forum Deep Dai-ve

- [Check out the latest Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance)
- [Maker Trilemma - PEG, Decentralization, DAI 1:1 collateral backing - USDC Discussion](https://forum.makerdao.com/t/maker-trilemma-peg-decentralization-dai-1-1-collateral-backing-usdc-discussion/9064)
    - Is the trilemma real? Can scaling RWA solve the trilemma? What's the risk we are incurring?

### Tweet of the Week

https://twitter.com/Cooopahtroopa/status/1408158542352158721

## Meetings and Events

### 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

#### Ask Me Anything

-  #04 Collateral Engineering with Robert Jordan (Monkey.irish)
    -  [Join Link](https://us02web.zoom.us/j/84920403178) | [Agenda](https://forum.makerdao.com/t/ama-collateral-engineering-with-robert-jordan-monkey-irish/8967) - July 09th at 14:00 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 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://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.*
