---
# System prepended metadata

title: 'Maker Relay Ep #74'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay Ep #74

![](https://i.imgur.com/2bBLREB.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._

🍵 Current Events

🗳️ This Week in Governance

🤿 Community Deep Dai-ve 

📋 Team Updates

📆 Mark your Calendar

⚓ Useful Links

🎙️ Have Feedback?

## 🍵 Current Events

### December 3 Executive postponed

The Executive Vote planned for December 3rd has been postponed until December 6th due to outstanding tasks that need to be completed by the Protocol Engineering and Collateral Engineering Services Core Units.

For more information, please see Protocol Engineering Facilitator @Derek’s [post in the Maker Forum](https://forum.makerdao.com/t/decision-to-delay-today-s-executive-till-monday-6th/11999).

### Aave offboarding leads to liquidations; new MIP

The recent offboarding of the AAVE-A Vault led to a number of liquidations, documented by vault user @richards86 in [this post](https://forum.makerdao.com/t/an-assessment-first-hand-experience-and-recommendations-from-the-aave-offboarding/11836) and further discussed during the [G&R Call #170.](https://forum.makerdao.com/t/governance-and-risk-170-thursday-december-02-17-00-utc/11899)

In response, @PaperImperium of @gfxlabs has submitted a Maker Improvement Proposal (MIP) to define a [Collateral Offboarding Process.](https://forum.makerdao.com/t/mip62-collateral-offboarding-process/12029) 

The AAVE-A Vault has been offboarded in accordance with the [October 25th Signal Request](https://forum.makerdao.com/t/signal-request-offboarding-matic-comp-aave-and-bal/11184) and [November 18th Executive Vote.](https://vote.makerdao.com/executive/template-executive-proposal-onboarding-wbtc-b-increasing-wbtc-a-stability-fee-change-of-covenants-for-p1-drop-offboarding-collaterals-november-19-2021?network=mainnet#proposal-detail)

### BadgerDAO hack sees Celsius lose $50mil in BTC

A [front-end attack](https://rekt.news/badger-rekt/) on BadgerDAO facilitated the loss of around $120 mil in customer funds, with the largest loss attributed to the centralized lending platform, Celsius. 

The hacker was able to drain around [$50 million in BTC](https://etherscan.io/tx/0x951babdddbfbbba81bbbb7991a959d9815e80cc5d9418d10e692f41541029869) from the Celsius hot-wallet before the BadgerDAO team paused the contract.

While the loss isn’t significant compared to the overall funding the protocol received, Celsius holds the second-largest wBTC-A vault with nearly [$417 million in total debt](https://maker.blockanalitica.com/vaults/). 

### State of DAI

![Peg](https://i.imgur.com/QjcdQ8w.png)

- DAI peg experienced slippage during the market drop on Thursday/Friday. It quickly snapped back into the ~1.00 range.

![](https://i.imgur.com/USEdfJ8.png)

- Here’s a deeper look at it. 
- December 2nd - December 5th daily minimum price on this chart move from .84 to .92, .97, and .98. 

![7-Day Dai stats](https://i.imgur.com/Q93Ll5C.png)

- Zooming out on the weekly: min of 0.847 and max of 1.062 - or a 7-day average of .9998 on 726 million of DAI volume.
 
![Dai Supply](https://i.imgur.com/xyzn6fK.png)

- DAI supply held the 9bil mark through the week of wobbles.

![Mint/burn](https://i.imgur.com/EtVImmo.png) 

- Net mint of **125.6 million** over the last week.

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

- Net amount of new vaults is **104**.

![Dai on DEXs](https://i.imgur.com/qaI06jD.png)

- December 4th was a busy one for Dai, with over **746 million Dai** routing through Uniswap and 1inch alone.

![Collateral list 1](https://i.imgur.com/d0oT3NH.png) 
![Collateral list 2](https://i.imgur.com/HlI6e7B.png) 

**MakerBurn rundown**
- ETH-A 2.94 billion
  - PSM USDC 2.93 billion
  - WBTC 1.20 million 
  - ETH-C 599.70 million
  - PSM USDP 462.68 million
  - ETH-B 134.97 million
  - GUNI DAI-USDC 76.80 million
  - UniV2DaiUSDC 77.10 million
  - LINK 64.41 million
  - stEth 31.92 million
  - UniV2DaiEth 31.29 million
  - YFI 29.56 million
  - MATIC-A 19.47 million
  - UniV2UsdcEth 18.91 million
  - UniV2WBTCEth 18.12 million
  - UNI 10.99 million
  - NSDROP 10.14 Million
  - UniV2UniEth 9.44 million
  - WBTC-C 8.02 million
  - MANA 6.25 million
  - renBTC 5.02 million
  - GUSD 4.94 million
  - HTC-DROP 2.12 million
  - 6s Capital 1.42 million
  - UniV2wBTC-Dai 748k
- Other vaults below 500K (wBTC-B, FFT1-DROP, CF-DROP) at 1.1 million.

![](https://i.imgur.com/hA14YmW.png)

- ETH vaults collateralization has stayed mostly steady outside of the initial spike after the launch of the WETH-stETH pool. ETH-C has the highest average debt-weighted collateralization ratio at just over 389%. 

![Liquidation walls](https://i.imgur.com/rjHE3wS.png)

- Liquidation Walls get steep just above 17%. Another drop would place the UNIV2 wBTC-ETH-A at the greatest risk of liquidation. 

![17 percent drop model](https://i.imgur.com/eN1XIZ1.png)

- Even in that hypothetical simulation, most vaults are low risk or actively managed.
    
![Gini Coefficient](https://i.imgur.com/DKADMMz.png)

- **The wBTC vaults have a Gini score of .02 and 0.0, meaning these vaults are near “total equality,” i.e., all vaults near even debt exposure.**
    * *The Gini Coefficient measures wealth dispersion within a nation or social group. In crypto, this statistic can be used to measure a chain’s native token dispersion. In this case - we’re quantifying the concentration risk of individual assets.*

![](https://i.imgur.com/nRl3Hsr.png)

- Despite December 3rd, WBTC-C is climbing; Total debt at 8 million.

![DAI retention November](https://i.imgur.com/BNKCjiq.png)

- DAI retention is now on blockanalytica! November was huge.

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

- Auctions over the last week recovered 14 million over 40 auctions. 
- The heaviest day, being the 3rd, averaging auction duration was 34 minutes.

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #65](https://forum.makerdao.com/t/weekly-mips-update-65/12033)

- As per [MIP51c4: Calendar Exceptions](https://mips.makerdao.com/mips/details/MIP51#MIP51c4), there will be no Monthly Governance Cycle in December, i.e., no Formal Submission Window and no Ratification Polls.
- Proposals that intend to enter January’s Governance Cycle must be posted at the latest on Wednesday 8th. The reason for this is:
    - Proposals that haven’t fulfilled their Feedback Period cannot be formally submitted
    - The Feedback Period spans a minimum of 28 days
    - And the Formal Submission Window for January closing on Wednesday 3rd
- You can see all MIP-relevant dates for 2022 on the freshly updated [MIP RFC and Formal Submission Dates](https://forum.makerdao.com/t/mip-rfc-and-formal-submission-dates/7816) post.

### Active Executive Votes

There is currently no active executive vote. The most recent executive vote (below) was active and passed on November 26th. It was executed on November 29th.

### Last Executive

[Onboarding New Vault Types, Parameter Changes, and Core Unit Budget Distributions - November 26th, 2021](https://vote.makerdao.com/executive/template-executive-vote-onboarding-new-vault-types-parameter-changes-and-core-unit-budget-distributions-november-26-2021?network=mainnet#proposal-detail)

This Executive has passed executed on November 26th with the following changes:

- As per the successful outcome of this [governance poll,](https://vote.makerdao.com/polling/QmdVYMRo?network=mainnet#poll-detail) WBTC-C will be onboarded with the parameters listed.
- As per the successful outcome of this [governance poll,](https://vote.makerdao.com/polling/QmayeEjz?network=mainnet) PSM-GUSD-A will be onboarded with the parameters listed below:

| Parameter | New |
| :-------: | :-: |
| Fee In | 0% |
| Fee Out | 0% |
| Max Debt Ceiling | 10 million DAI |
| Target Available Debt | 10 million DAI |
| Ceiling Increase Cooldown | 24 hours |

- As per the successful outcome of this [governance poll,](https://vote.makerdao.com/polling/QmUqfZRv?network=mainnet#poll-detail), the System Surplus Buffer increased from 60 million DAI to 90 million DAI over a period of 30 weeks (1 million DAI per week).
- As per the successful outcome of this [governance poll](https://vote.makerdao.com/polling/QmZhvNu5?network=mainnet), the Aave D3M Maximum Debt Ceiling increased from 50 million DAI to 100 million DAI.
- As per multiple successful budget proposals (linked below), DAI will be transferred and streamed to multiple Core Units:

| Core Unit | Amount | Proposal | Direct/Stream |
| :-------: | :----: | :------: | :-----------: |
| DECO-001 | 465,625 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP35) | Direct |
| SAS-001 | 245,738 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP43) | Direct |
| IS-001 | 195,443 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP42) | Direct |
| DECO-001 | 5,121,875 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP35) | Over 33 months starting 2021-12-01 |
| RWF-001 | 1,860,000 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP39) | Over 12 months starting 2022-01-01 |
| SAS-001 | 1,130,393 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP43) | Over 12 months starting 2021-12-01 |
| MKT-001 | 424,944 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP33) | Over 5 months starting 2021-12-01 |
| IS-001 | 366,563 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP42) | Over 8 months starting 2021-12-01 | 
| COM-001 | 257,500 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP40) | Over 6 months starting 2021-01-01 |
| COM-001 | 12,242 DAI | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP40) | Over 1 month starting 2021-12-01 |

### Active Governance Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| Use the MakerDAO Treasury to Fund MKR Expenses | [Vote](https://vote.makerdao.com/polling/QmYdDTsn?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-should-we-mint-new-mkr-for-protocol-expenses-or-fund-them-with-mkr-from-the-makerdao-treasury/11629) |
| Increase the Dust Parameter for ETH-B Vault Type | [Vote](https://vote.makerdao.com/polling/QmZXnn16?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-4/11598) |
| Increase the Dust Parameter for Most Vault Types | [Vote](https://vote.makerdao.com/polling/QmUYLPcr?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-4/11598) |

### Community Greenlight Polls

| Collateral | MIP9 Poll   | MIP6 Application | Prioritization Score |
| ---------- | ----------- | ---------------- | -------------------- |
| G-UNIv3-DAIUSDP (Gelato UniswapV3 DAI-USDP LP Token) | [Ends 12/20 4PM UTC](https://vote.makerdao.com/polling/QmVTiToU?network=mainnet) | [Application](https://forum.makerdao.com/t/g-uni-dai-usdp-uniswap-v3-lp-erc20-collateral-onboarding-application/11374)  | -6.97 |
| aUST (Anchor TerraUSD) | [Ends 12/20 4PM UTC](https://vote.makerdao.com/polling/QmPBRpCW?network=mainnet) | [Application](https://forum.makerdao.com/t/aust-mip6-aust-collateral-onboarding-application/11494)  | -6.97 |

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

### Active Signal Requests

[Should Maker Prioritize Onboarding A Compound D3M?](https://forum.makerdao.com/t/signal-request-should-maker-prioritize-onboarding-a-compound-d3m/11997) - Signal Closes December 17th - @GFXlabs, in consultation with the @Growth-Core-Unit and prominent Compound community members, is signaling to prioritize onboarding a D3M for the Compound DAI market in hopes to grow revenue, diversify counterparty risk, and demonstrate the MakerDAO does not favor Aave.

[D3M Parameters & Guidance for MOMC](https://forum.makerdao.com/t/signal-request-d3m-parameters-guidance-for-momc/11898) - Signal Closes December 9th - As we move ahead with future changes on the parameters for the D3M, @Primoz ask the community on behalf of the MOMC for some guidance on what should be the spread between Aave DAI net borrow cost (incl. rewards) and ETH-A, and what should be the D3M Debt Ceiling.

[Should We Introduce a Performance Modifier to the Delegate Compensation Trial?](https://forum.makerdao.com/t/signal-request-should-we-introduce-a-performance-modifier-to-the-delegate-compensation-trial/11850) - Signal Closes December 10th - The GovAlpha Core Unit would like to propose a change to the cut-off value for delegate compensation. They introduce a Performance Modifier which will result in a reduced amount of compensation at lower levels of metric, and ask whether we should introduce a performance modifier to the Delegate Compensation Trial.

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/hosseeb/status/1465574280217825288

### Forum Insight 

- [Borrowers Concentration Analysis](https://forum.makerdao.com/t/borrowers-concentration-analysis/12014)
    - *@SebVentures provides a detailed breakdown of Maker’s borrow concentration.* 

- [MIP62: Collateral Offboarding Process](https://forum.makerdao.com/t/mip62-collateral-offboarding-process/12029)
    - *@GFXlabs publishes a proposal template that describes how to notify users of Maker vaults during collateral offboarding.*

_[Check out the latest Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance)_

### Articles

- [The value locked in Defi fell by 5% within 24 hours](https://cryptobriefing.com/governance-controversy-arises-in-makerdao-community/)
  - *” Since mid-November, the total value locked in [DeFi protocols] has fallen from US$257 billion to US$250.55 billion, and has lost more than 5% in the past 24 hours.”*

## 📋 Team Updates

*❗Team Updates will be removed from the Maker Relay beginning Ep 75. Instead, there will be a monthly Core Unit updates summary for November published very soon.❗*

### Collateral Engineering Services

[CES Core Unit Update | #4](https://forum.makerdao.com/t/ces-core-unit-update-4/12010)

### Content Production

[Content Production Bi-Weekly Update: 11/12 - 11/25](https://forum.makerdao.com/t/content-production-bi-weekly-update-11-12-11-25/11975)
[Multi-chain DAI-lights - December 2, 2021](https://forum.makerdao.com/t/multi-chain-dai-lights-december-2-2021/11982)

### GovAlpha

[GovAlpha Weekly Update - 2021-12-03](https://forum.makerdao.com/t/govalpha-weekly-update-2021-12-03/11998)
[Delegate Compensation Breakdown - November 2021](https://forum.makerdao.com/t/delegate-compensation-breakdown-november-2021/11979)
[Meet Your Delegate #8](https://forum.makerdao.com/t/meet-your-delegate-8/11995)

### Governance Communications

[Maker Governance Review: November 2021](https://forum.makerdao.com/t/maker-governance-review-november-2021/12000)
[Forum at a Glance: November 25th - December 2nd](https://forum.makerdao.com/t/forum-at-a-glance-november-25-december-2/11967)

### Growth

[Growth CU weekly update: November 26th - December 3rd](https://forum.makerdao.com/t/growth-cu-weekly-update-nov-26-dec-3/11996)

### Immunefi Security

[Immunefi Acquires Smart Contract Security Firm Klevoya](https://forum.makerdao.com/t/immunefi-acquires-smart-contract-security-firm-klevoya/11994)

### Protocol Engineering

[B.Protocol v2 Integration : technical review](https://forum.makerdao.com/t/b-protocol-v2-integration-technical-review/12019)
[Decision to Delay Today’s Executive till Monday 6th](https://forum.makerdao.com/t/decision-to-delay-today-s-executive-till-monday-6th/11999)

### Real-World Finance

[Borrowers concentration analysis](https://forum.makerdao.com/t/borrowers-concentration-analysis/12014)
[Untangled Finance - Collateral Onboarding Risk Evaluation](https://forum.makerdao.com/t/untangled-finance-collateral-onboarding-risk-evaluation/12006)
[Proposal Idea - Purchase ETH for Strategic Reserves [Poll]](https://forum.makerdao.com/t/proposal-idea-purchase-eth-for-strategic-reserves-poll/11949)

### Risk

[Risk Core Unit Month in Review: November 2021](https://forum.makerdao.com/t/risk-core-unit-month-in-review-november-2021/11914)
[MATIC Debt Increase Proposal for Last Executive of 2021](https://forum.makerdao.com/t/matic-debt-increase-proposal-for-last-executive-of-2021/11989)
[Product Discussion: Curve Pool Collaterals](https://forum.makerdao.com/t/product-discussion-curve-pool-collaterals/11980)
[wstETH-A Parameters Adjustment - Dec 1st 2021](https://forum.makerdao.com/t/wsteth-a-parameters-adjustment-dec-1st-2021/11934)

### Sustainable Ecosystem Scaling

[SES Update - 03.12.2021](https://forum.makerdao.com/t/ses-update-03-12-2021/11970)
[LexMaker #2 ||| System of a DAO: A Legal Framework for Decentralized Autonomous Organizations](https://forum.makerdao.com/t/lexmaker-2-system-of-a-dao-a-legal-framework-for-decentralized-autonomous-organizations/11931)
[Maker Explorer #2: Crossing the Carbon Chasm](https://forum.makerdao.com/t/maker-explorer-2-crossing-the-carbon-chasm/11929)
[Real-World Sandbox: Final Deliverable for Consultation Round](https://forum.makerdao.com/t/real-world-sandbox-final-deliverable-for-consultation-round/11915)

### Sidestream Auction Services

[SAS-001 Roadmap, Contact and Links](https://forum.makerdao.com/t/sas-001-roadmap-contact-and-links/11992)
[SAS-001 Incubation Recap - Milestones and Key Learnings](https://forum.makerdao.com/t/sas-001-incubation-recap-milestones-and-key-learnings/11917)

## 📆 Meetings and Events

### Last Week’s Call Recordings

- Governance and Risk Call #170
  - [Video](https://www.youtube.com/watch?v=Oc51JgPekLA) | [Snippet](https://forum.makerdao.com/t/governance-and-risk-170-thursday-december-02-17-00-utc/11899/2?u=artem_gordon)

### 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 15:30 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

#### Maker Explorer

- Maker Explorer #2: Crossing the Carbon Chasm 
  - [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) | [Forum Post](https://forum.makerdao.com/t/maker-explorer-2-crossing-the-carbon-chasm/11929) | *Wednesday Dec 9 16:00 UTC*

#### Meet Your Delegate

- Meet Your Delegate #8 with Kianga Daverington
  - [Join Link](https://www.google.com/url?q=https%3A%2F%2Fus02web.zoom.us%2Fj%2F87125064547%3Fpwd%3DOEhLNXZpeHJJWU9BNnU4b05XZ0pOUT09&sa=D&ust=1639237043828000&usg=AOvVaw1JihH24r52RHBvkkp-r4i2) | [Forum Post](https://forum.makerdao.com/t/meet-your-delegate-8/11995) | *Wednesday, December 8th @ 3:30 PM UTC*

## ⚓ Useful Links

[Forum](https://forum.makerdao.com) and [Maker Chat](https://chat.makerdao.com)
Discuss and debate MakerDAO.

[Public Call Calender](https://calendar.google.com/calendar/u/0?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20) | [Public Votes & Event Calendar](https://calendar.google.com/calendar/embed?src=bdf4un05hpg0611lg3ieue4t3c%40group.calendar.google.com&ctz=America%2FNew_York)
Subscribe to both 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](https://docs.makerdao.com/)
Learn more about the Maker protocol.

###  🎙️ Have Feedback?

We value your input! Take our [survey](https://survey.sogosurvey.com/r/OBV0Y7) 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.*