---
# System prepended metadata

title: Maker Relay 28
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay 28

![](https://i.imgur.com/Qr2ArEt.png)

_Hey everyone, thanks for checking out Maker Relay!_

Whether you hold Maker (MKR) or DAI, own a vault, or want to get more involved in MakerDAO governance, this is your one-stop-shop for updates on the MakerDAO ecosystem. 

## Votes 

### Executive Vote

[Increase ETH-A and WBTC-A Debt Ceilings](https://vote.makerdao.com/executive/increase-eth-a-and-wbtc-a-debt-ceilings?network=mainnet#proposal-detail)
- **Passed** on Jan 19, 2021, 16:04 UTC with **57,268.46 MKR**. Available for execution on Jan 21, 2021, 16:04 UTC.
- ETH-A Debt Ceiling will increase from 740 million DAI to 1 billion DAI.
- WBTC-A Debt Ceiling will increase from 160 million DAI to 210 million DAI.
- Global Debt Ceiling will increase by 310 million DAI.

### Governance Polls

*Some polls use [instant run-off voting](https://en.wikipedia.org/wiki/Ranked_voting), so you can select multiple options and ranked-choices will be prioritized.*

| Poll Name | Vote | Discussion | Type | Unique Voters |
| --------- | ---- | ---------- | ------- | ------------- |
| Decrease the BAT-A Debt Ceiling | [Vote](https://vote.makerdao.com/polling/QmW4ei2M?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-11th-jan-2021/6005) | Debt Ceiling Adjustments | 20 |
| Increase the LINK-A Debt Ceiling | [Vote](https://vote.makerdao.com/polling/QmQtn7UY?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-11th-jan-2021/6005) | Debt Ceiling Adjustments | 19 |
| Increase the MANA-A Debt Ceiling | [Vote](https://vote.makerdao.com/polling/QmSCLfXN?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-debt-ceiling-adjustments-11th-jan-2021/6005) | Debt Ceiling Adjustments | 18 |
| Decrease the TUSD-A Debt Ceiling | [Vote](https://vote.makerdao.com/polling/QmXTGwq4?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-manage-tusd-exposure-due-to-ownership-change/5821) | Debt Ceiling Adjustments | 19 |
| Whitelist Instadapp on ETHUSD Oracle | [Vote](https://vote.makerdao.com/polling/QmNSb2cu?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip10c9-sp26-subproposal-to-whitelist-instadapp-gelato-automation-contract-for-eth-usd-oracle-access/5901) | Oracles | 20 |
| Increase the Dust Parameter | [Vote](https://vote.makerdao.com/polling/QmWPAu5z?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-increasing-dust-parameter/5963) | System Parameter | 20 |
| Roll out Debt Ceiling Instant Access Module (DC-IAM) to Current and Future Vault Types | [Vote](https://vote.makerdao.com/polling/QmZTdfZt?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-rolling-out-the-debt-ceiling-instant-access-module-dc-iam/6008) | DC-IAM | 18 |
| Vault Compensation for Working Group Payment | [Vote](https://vote.makerdao.com/polling/QmQcXFeC?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-vault-compensation-working-group-payment/5562) | Compensation | 20 |
| Monthly MIPs Governance Poll | [Vote](https://vote.makerdao.com/polling/Qmc4f5qj?network=mainnet#poll-detail) | [29:PSM;](https://forum.makerdao.com/t/mip29-peg-stability-module/5071) [30:CropJoin;](https://forum.makerdao.com/t/mip30-farmable-cusdc-adapter-cropjoin/5163) [13c3-SP7:Gov-Comms;](https://forum.makerdao.com/t/mip13c3-sp7-governance-communications-declaration-of-intent/5028) [7c3-SP5:Onboarding;](https://forum.makerdao.com/t/mip7c3-sp5-domain-team-onboarding-risk-domain-team/5476) [7c3-SP6:Onboarding;](https://forum.makerdao.com/t/mip7c3-sp6-domain-team-onboarding-smart-contracts-domain-team/5559) [28c7-SP2:Onboarding](https://forum.makerdao.com/t/mip28c7-sp2-subproposal-for-operational-support-domain-facilitator-onboarding/5309) | Monthly MIPS | 19 |

#### Community Greenlight Polls

The greenlight polls will close on Feb 1 at 16:00 UTC

| Collateral | MIP9 Poll                                           | MIP6 Application |
| ---------- | --------------------------------------------------- | ---------------- |
| STAKE (xDAI STAKE) | [Vote](https://vote.makerdao.com/polling/QmQLCdzd?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/stake-mip6-collateral-onboarding-application/5551)  |
| stETH (LidoDAO Staked Ether) | [Vote](https://vote.makerdao.com/polling/QmWfPcBx?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/steth-mip6-collateral-onboarding/5762)  |
| p1-DROP (Peoples Company DROP) | [Vote](https://vote.makerdao.com/polling/QmfJMofT?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/p1-drop-mip6-application-peoples-company-drop-us-agricultural-real-estate/5518)  |
| renFIL (RenVM Filecoin) | [Vote](https://vote.makerdao.com/polling/QmdkPvsk?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/renfil-mip6-collateral-onboarding-aplication/5740)  |
| WFIL (Wrapped Filecoin) | [Vote](https://vote.makerdao.com/polling/QmVYMqnr?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/alsowfil-wrapped-filecoin-mip6-collateral-onboarding-application/5480)  |
| UNI-V2-DAI-USDC (UniswapV2 DAI-USDC Liquidity Token) | [Vote](https://vote.makerdao.com/polling/QmSM6yTS?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-dai-usdc-mip6-collateral-onboarding-application/5830)  |
| UNI-V2-DAI-YFI (UniswapV2 DAI-YFI Liquidity Token)| [Vote](https://vote.makerdao.com/polling/QmZHXL1E?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-dai-yfi-mip6-collateral-onboarding-application/5606)  |
| UNI-V2-DAI-USDT (UniswapV2 DAI-USDT Liquidity Token) | [Vote](https://vote.makerdao.com/polling/Qmb8TKin?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-dai-usdt-mip6-collateral-onboarding-application/5865)  |
| UNI-V2-DAI-WBTC (UniswapV2 DAI-WBTC Liquidity Token) | [Vote](https://vote.makerdao.com/polling/Qma15twR?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-dai-wbtc-mip6-collateral-onboarding-application/5605)  |
| BPT-50WBTC-50WETH (50% WBTC 50% ETH Balancer Pool Token) | [Vote](https://vote.makerdao.com/polling/QmXKGvgf?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/bpt-50wbtc-50weth-balancer-wbtc-eth-50-50-liquidity-token-collateral-application/5662)  |

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

#### Last Week

[Stability Fee Changes, Oracle Whitelisting, Other Changes](https://vote.makerdao.com/executive/stability-fee-changes-oracle-whitelisting-other-changes?network=mainnet#proposal-detail)
- **Passed** on Jan 18, 2021, 23:14 UTC. Available for execution on Jan 20, 2021, 23:14 UTC.
- ETH-A Stability Fee will increase from 2.5% to 3.5%.
- ETH-B Stability Fee will increase from 5% to 6.5%.
- WBTC-A Stability Fee will decrease from 4.5% to 4%.
- YFI-A Stability Fee will decrease from 9% to 6%.
- MANA-A Stability Fee will decrease from 10% to 5%.
- AAVE-A Stability Fee will decrease from 6% to 4%.
- Set Protocol will be whitelisted on the AAVE/USD Medianizer Oracle.
- Set Protocol will be whitelisted on the LRC/USD, YFI/USD, ZRX/USD, and the UNI/USD Medianizer Oracle.
- Gnosis will be whitelisted on the BTC/USD, LINK/USD, ZRX/USD, YFI/USD, and the COMP/USD OSM Oracle.
- The Minimum Bid Increase (beg) for FLAP auctions will increase from 2% to 4%.
- The Bid Duration (ttl) for FLAP auctions will increase from 30 minutes to 60 minutes.
- The System Surplus Buffer will increase from 4 million DAI to 10 million DAI.
- Liquidations Circuit Breaker permissions over USDC-A, USDC-B, TUSD-A, PAXUSD-A, and GUSD-A will be revoked.

#### Signal Requests

- [Adjust ETH-A Debt Ceiling](https://forum.makerdao.com/t/signal-request-adjust-eth-a-debt-ceiling-2021-02/5993)
	- Poll for two things here: changing the DC to allow more DAI from ETH-A.
	- and to find out if we want to switch over to IAM 5 for ETH-A
- [Interim DAO Operating Budget](https://forum.makerdao.com/t/signal-request-interim-dao-operating-budget/5924)
	- Poll is closed with a large majority saying Yes to proceed. We will go to an on-chain vote for Feb 1st.
- [New vault-type for ETH with a higher Liquidity Ratio](https://forum.makerdao.com/t/signal-request-new-vault-type-for-eth-with-a-higher-lr/6069)
	- Will highly reduce the risk of the protocol losing money on liquidations, while on the other hand offering lower Stability Fee for people who want to stay heavily overcollateralized.

## Updates

### MIPs

 [Weekly MIPS Update #25 Jan 18, 2021](https://forum.makerdao.com/t/weekly-mips-update-25/6092)

Proposals in the Request-For-Comments phase include:

- [MIP26: DssGov - Governance Contract Redesign](https://forum.makerdao.com/t/mip26-dssgov-governance-contract-redesign/4589)
	- This MIP defines DssGov, a contract replacement for DSChief that comes with improved security, usability and functionality for holders of the Maker governance token (MKR).
- [MIP31: Active Reserve AMM (dss-ara)](https://forum.makerdao.com/t/mip31-active-reserve-via-amm/5639)
	- A technical proposal for an active reserve based on Uniswap V2 contract.
- [MIP32: Peg Stability Module for Compound Mixed Exposure](https://forum.makerdao.com/t/mip32-peg-stability-module-compound-mixed-exposure/5684)
	- Provides an extension for the PSM. The extension allows the PSM to leverage USDC via dai using cdai. It also convert USDC to cUSDC using the same join adaptor (lending join).
- [MIP34: Keg Streaming Payments Module](https://forum.makerdao.com/t/mip34-keg-streaming-payments-module/6013)
	- The Keg is a tool for streaming ERC20 DAI to a preset group of addresses from out of the Surplus Buffer.
- [MIP37: Static Reserve For Governance](https://forum.makerdao.com/t/mip37-static-reserve-for-governance/6067)
	- Defines a static reserve which can receive any tokens from anyone as any contract and allows Maker Governance to withdraw them.
- [MIP38: DAO Primitives State](https://forum.makerdao.com/t/mip38-dao-primitives-state/6095)
	- DAO Primitives State is a MIP that contains all the status related to Core Units, Budgets and Facilitators.
- [MIP39: Core Unit Framework](https://forum.makerdao.com/t/mip39-core-unit-framework/6096)
	- Contains a framework for managing Core Units and modifying them in the DAO Primitives State MIP.
- [MIP40: Budget Framework](https://forum.makerdao.com/t/mip40-budget-framework/6097)
	- Contains a framework for managing budgets and modifying them in the DAO Primitives State MIP.
- [MIP41: Facilitator Framework](https://forum.makerdao.com/t/mip41-facilitator-framework/6098)
	- Contains a framework with subproposal processes for managing Facilitators and modifying them in the DAO Primitives State MIP.

Sub-Proposals in the Request-For-Comments phase include:

- [MIP13c3-SP9: Onboarding a new collateral type backed by B.Protocol (Declaration of Intent)](https://forum.makerdao.com/t/mip13c3-sp9-onboarding-a-new-collateral-type-backed-by-b-protocol-declaration-of-intent/5920)
	- An experiment is proposed for a native integration between B.Protocol and the MakerDAO system, by on-boarding a new collateral type, namely WBTC-B or ETH-C, with lower CR than WBTC-A or ETH-B (respectively), which will be natively backed by a strong commitment from B.Protocol backstop.
- [MIP4c2-SP10: MIP0 Amendments](https://forum.makerdao.com/t/mip4c2-sp10-mip0-amendments/6099)
	- Proposes edits to MIP0 that makes it compatible with the newly proposed Domain Framework MIP set.  The main difference is that it removes the inbuilt functionality of MIP0 to onboard core personnel, and instead uses the DAO Primitives State to determine who have been onboarded as Governance Facilitators by Maker Governance, and then introduces logic that allows Governance Facilitators to designate MIP Editors.
- [MIP4c2-SP11: MIP5 Amendments](https://forum.makerdao.com/t/mip4c2-sp11-mip5-amendments/6100)
	- Proposes edits to MIP5 that makes it compatible with the newly proposed Core Unit Operating Model MIP set. The main change is to the Governance Facilitator Emergency Vote process, which directly deals with onboarding and offboarding Facilitators.
- [MIP4c2-SP12: MIP16 Amendments](https://forum.makerdao.com/t/mip4c2-sp12-mip16-amendments/6101)
	- Proposes edits to MIP16 that makes it compatible with the newly proposed Core Unit Operating Model MIP set. The main change is to clarify the Governance Powers of Facilitators.

*The Maker Improvement Proposal (MIPs) Framework provides a clear process for Maker governance to change the Protocol as needed. Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14)*

### Smart Contracts

- Liquidations 2.0 is the top priority right now.
	- PWC is currently auditing the Liquidations 2.0 code work first, then Quantstamp will take a look.
- Working on MIP 21 (Real-World Assets(RWA)) which is close to being done, and MIP 22 (Centrifuge Direct Liquidation Module) is next.
- RWA adapter currently has 2 different approaches, if we want to scale we'll need to standardize them going forward.
- Community executive (community writes it's own spell) is set for January 22nd.

### Risk

- Budget proposal and roadmap for Risk Domain is coming to the forum soon.

### Oracles

- Two proposals passed last week, whitelisting [Gnosis](https://vote.makerdao.com/polling/QmNwTMcB#poll-detail) and [Set Protocol](https://vote.makerdao.com/polling/QmTctW6i#poll-detail) on multiple oracles.
- dYdX has 17 proposals in the pipeline, we expect to have deployment in testing by end of week. Slight challenge is baking layer-2 in.
- We have leads for auditing firms for Uniswap LP oracle, will be meeting with them to discuss scope for start date toward the beginning of February.

## Current Events

### Road to the DAO

- [Road to DAO: the Core Unit Operating Model](https://forum.makerdao.com/t/road-to-dao-the-core-unit-operating-model/6105)
	- A MIP Set proposed by @juanjuan, with contributions from @elprogreso and @iammeeoh, designed to ease the separation from the Maker Foundation by paving a path towards putting people in charge of groups, paying contributiors, and keeping projects accountable.
	- "We don’t believe it is entirely possible to achieve the Target Operating Model in the first iteration. The MIPs model allows us to discover the shortcomings of the current MIP Set, amend it, and integrate the temporary measures built around its weaknesses."

### Removing Circuit Breaker from Stablecoin Vault Liquidations

- [Limiting Governance Attack Surface for Stablecoins](https://forum.makerdao.com/t/limiting-governance-attack-surface-for-stablecoins/6057)
    - The smart contracts domain team suggests reducing the governance attack surface by removing the liquidation circuit breaker from any Vaults that have liquidations explicitly set to off.
    - This was bundled in the [Jan 15th Executive Vote](https://vote.makerdao.com/executive/stability-fee-changes-oracle-whitelisting-other-changes?network=mainnet#proposal-detail) and executed on Jan 20th.

## State of the Peg

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

- DAI peg moving exponentially closer to the dollar. Currently at 1.0019.

![Dai Supply](https://i.imgur.com/fcGp0MN.png)

- Total Dai outstanding is 1.4 Billion and the TVL in Maker is 4.5 Billion. 
- Dai from:
    - ETH 739 million
    - ETH B 49 million
    - USDC-A 345 million
    - WBTC 148 million
    - TUSD 40 million
    - Dai through PSM is 29 million 
    - PAX 19 million
    - LINK 9.9 million
    - YFI 5.1 million
    - UNI 3.8 million
    - BAT 2.8 million
    - UNI-LP (Dai/ETH) 1.7 million
    - LRC 1.6 million
    - Dai from other vault types 1.696 million
- AAVE and COMP seeing more utilization and diversification. 📈
- An urgent Executive passed today [raising the debt ceilings of ETH-A and WBTC-A](https://vote.makerdao.com/executive/increase-eth-a-and-wbtc-a-debt-ceilings?network=mainnet#proposal-detail) 

![VWAP](https://i.imgur.com/BiGHn78.png)

- Volume at around $906 million this last week. 🤯 
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001

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

- ETH vaults most popular collateralization ratio is at 540%. The largest vault in ETH-A is sitting at that ratio and the rest of the largest positions fall at 290%. ETH positions are well protected in a frothy market.

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

- Liquidation challenges at $1,071 ETH.
    
![](https://i.imgur.com/db0fCBw.png) 

- About half of the top YFI vaults in the 230-260% range.
 
![](https://i.imgur.com/11Us6JQ.png) 

- WBTC's largest vault is at 290% but the rest of them fall closer to the 200% buckets.

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

- WBTC liquidations get challenging at 29K BTC with 24 million Dai up for liquidation.

https://daistats.com | http://dai.descipher.io | https://makerburn.com

## Community

### Resources

- Check out the community generated [Governance Tools Resources](https://en.wikipedia.org/wiki/Instant-runoff_voting)
    - Find pages like system status, Dai stability, collateral & liquidation metrics, protocol analytics, auctions, and governance history.
- There is now a [merchant directory](https://community-development.makerdao.com/en/funding/merchant-directory) of businesses that accept Dai in the community portal.

### Articles

- [CurioInvest begins to accept and payout in Dai to expand DeFi investment opportunities into Real World Assets](https://medium.com/@InvestCurio/makerdao-and-curioinvest-collaborate-to-expand-investment-opportunities-into-real-world-assets-f2089ebacd99)
- [MarketBeat: Defi Is The Next Generation For Cryptocurrency Investors](https://www.marketbeat.com/originals/defi-is-the-next-generation-for-cryptocurrency-investors/)
- [Cryptoticker: What Is DeFi? – A Beginner’s Guide To 5 Core DeFi Protocols](https://cryptoticker.io/en/what-is-defi-2/)
- [Crypto Briefing: 1inch Exchange Drops Costs of Swapping DAI, USDC Stablecoins](https://cryptobriefing.com/1inch-exchange-drops-costs-swapping-dai-usdc-stablecoins/)

### Maker Forum Deep Dai-ve

- [POAP: Maker Contributor Q4.2020](https://forum.makerdao.com/t/poap-maker-contributor-q4-2020/6075)
    - *[@blimpa](https://forum.makerdao.com/u/blimpa) generated a POAP for Maker contributors to obtain an NFT token for their Q4 contributions, make sure to fill yours out.*
- [[Brainstorm] How do we ensure small vaults have a place at Maker?](https://forum.makerdao.com/t/brainstorm-how-do-we-ensure-small-vaults-have-a-place-at-maker/6072)
	- *[@prose11](https://forum.makerdao.com/u/prose11) posted this to begin a discussion about working on the protocol/environment to keep space for smaller vaults as we continue growth.*
- [Incognito brings anonymous DAI transactions with close to zero fee (Intro)](https://forum.makerdao.com/t/incognito-brings-anonymous-dai-transactions-with-close-to-zero-fee-intro/6116)
	- *[@Andrey_Incognito](https://forum.makerdao.com/u/Andrey_Incognito) introduces a wallet that has been created to allow users to anonymously store, transfer, and trade DAI.*
- [DAO Platforms Evaluation](https://forum.makerdao.com/t/dao-platforms-evaluation/6113)
	- *[@Elena](https://forum.makerdao.com/u/Elena) is reaching out from Utrecht University and the University of Amsterdam. They are researching the process of DAO platforms, and have designed and implemented a Decision Support System for technology selection. They are evaluating currently existing DAOs and seeking feedback.*
- [Optimizing for the Ultimate Objective (please hold, your application is important to us)](https://forum.makerdao.com/t/optimizing-for-the-ultimate-objective-please-hold-your-application-is-important-to-us/6051)
    - Juan summarizes the ideas and ideologies that he's witnessed at MakerDAO during the last couple of weeks/months.

### Tweet of the Week

https://twitter.com/brianmcmichael/status/1350933101900402691

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- [Recording of Community Call Jan 19th, 2021: Fixed-Rate Positions with Yield Protocol](https://youtu.be/DvHq1exFvQw)

#### Community Collateral Onboarding

- Bi-weekly Wednesdays at 18:00 UTC | [Zoom](https://us02web.zoom.us/j/82526996403) - Message [#governance-and-risk](https://chat.makerdao.com/channel/governance-and-risk) for Admission
    - [Introduction](https://forum.makerdao.com/t/collateral-onboarding-call-bi-weekly-on-wednesday-at-17-00-utc-19-00-cet-10am-pst/3614) | [Collateral Status Index](https://forum.makerdao.com/t/collateral-status-index/2231)

#### Governance & Risk

- Thursdays at 16:00 UTC | [Zoom](https://zoom.us/j/697074715) 
    - Message [#governance-and-risk](https://chat.makerdao.com/channel/governance-and-risk) for Admission
    - [Agenda](https://forum.makerdao.com/c/governance/gnr/8) | [Dial-in call link](https://zoom.us/) | [Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk@group.calendar.google.com&ctz=America/Los_Angeles)
    - [Archives](https://forum.makerdao.com/c/governance/gnr/8) | [Contributing](https://chat.makerdao.com/channel/governance-and-risk)

## Reference Links

Discuss and debate Maker governance in the [Forum]() and over [Maker Chat](https://chat.makerdao.com/)

Propose technical changes, poll, and vote in the [Governance Portal](https://makerdao.com/en/governance)

Learn more about the Maker protocol in our [Documentation](https://docs.makerdao.com/)

### Have Feedback? 

We value your input! Post in the [forum](https://forum.makerdao.com/), take our [survey](https://forms.gle/Z2QAgywU2Sesm7Vy6), or join us in the [Community-Development](https://chat.makerdao.com/channel/community-development) channel to let us know what you want to see.

*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 informative and for communications purposes only.*