---
tags: Maker Relay
---

# Maker Relay #63


_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

### Dai Supply in PAX PSM Triples to 150 Million Over Last Week

The number of Dai generated from the PAX PSM (Peg Stability Module) has tripled over the last week from 50 to 150 million Dai. The PAX PSM has a debt ceiling of 500 million Dai, which means plenty of Dai is still to be generated.

First proposed in [MIP29](https://forum.makerdao.com/t/mip29-peg-stability-module/5071), a Peg Stability Module enables users to trade Dai 1:1 with other dollar-denominated stablecoins for a small fee.

### MakerDAO Covered in The Economist

@jacek notes in [this thread](https://forum.makerdao.com/t/makerdao-in-the-latest-edition-of-the-economist/10364) that MakerDAO was featured in a cover article in a recent edition of The Economist. [Down the rabbit hole: The promise and perils of decentralized finance](https://www.economist.com/weeklyedition/2021-09-18) details the rise of DeFi, characterizing Dai as “the biggest 'on-chain' stablecoin” and explores how DeFi aims to improve global financial networks.

### Meet the Regulators

Recognized Delegate @PaperImperium has [scheduled a meeting with US Senator Elizabeth Warren](https://forum.makerdao.com/t/senator-warren-meeting-chance-to-address-issues/10355) on Monday, September 20th. Senator Warren is a democrat representing Massachusetts as a Senate Committee on Banking, Housing, and Urban Affairs member. She is well-known for championing progressive causes.

Warren is among the regulators who have recently expressed concern regarding the usage of cryptocurrencies, particularly stablecoins by retail investors, and has been pushing for regulations. @PaperImperium explains, “This is expected to be a fairly mid-level meeting with the senator’s advisors on banking issues.” and the main goal “is to further open the channels of communication.”

We eagerly await an update and will report on how the meeting has gone!

### Should MakerDAO Mint MKR for Vesting?

In the MIP proposing DSSVest, a module to automate token vesting distributions, @Wouter notes that the first usage of DSSVest will result in new MKR minted to cover Core Unit MKR vesting plans and thereby asks [whether this was the intention of the MIP or should it be revisited.](https://forum.makerdao.com/t/mip-54-dssvest/8025/14?u=seth)

### Transitioning from Rocket.chat to Discord

In response to the Maker Foundation’s [announcement](https://forum.makerdao.com/t/transitioning-away-from-rocket-chat/10097) to shut down Rocket.chat, the community has decided to move its official chat channel to Discord.

@GovAlpha, @Content-Production, and Tech-Ops are collaborating on a plan for the channel implementation. @LongForWisdom posted a thread [seeking feedback on proposed roles and channels](https://forum.makerdao.com/t/discord-migration-rfc/10393) and @seth has a thread [seeking discussion on strategies for mitigating spam and other potential issues.](https://forum.makerdao.com/t/options-for-transitioning-from-rocket-chat/10243)

The current goal is for the new Discord to go live on Monday, October 18th, two weeks prior to the October 31 deadline for shutting down Rocket.chat.

### RWA Announces First Annual Gala Charity Dinner

In collaboration with MakerDAO, @mrabino1 of 6S Capital has announced that [the first annual Real-World Assets Gala Charity Dinner will take place in Seville, Spain on February 12, 2022.](https://forum.makerdao.com/t/rwa-first-annual-gala-charity-dinner-save-the-date/10390)

Details will be announced soon; hope to see you there!

### State of DAI


- DAI peg tightly bound in a small range, minimal slippage.


- 6.5 billion DAI and 12 billion TVL, slight drop there due to....reasons.


- Volume at around $1.6 billion this last week (source: Messari).


- Average settled price for DAI was 1.0015.


- TVL of all assets bridged from Ethereum is 617 million. DAI is 7.8 % and growing.


- DAI moved through various DEXs last week. Same top three market leaders of Uniswap, Sushiswap, and Curve.


- Maker has been neck and neck with Compound over the past few weeks.



- PSM USDC 3.25 billion
- ETH-A 1.84 billion
- WBTC 282.25 million
- ETH-C 253.34 million
- USDC-A 238.82 million
- PSM-PAX-A 149.12 million
- ETH-B 84.23 million
- PAX 57.37 million
- UniV2DaiUSDC 56.52 million
- LINK 43.19 million
- UniV2DaiEth 27.9 million
- TUSD 26.57 million
- YFI 19.31 million
- UNI 13.79 million
- UniV2WBTCEth 13.2 million
- UniV2UniEth 10.53 million
- NSDROP 7.6 Million
- UniV2UsdcEth 7.37 million
- MANA 4.98 million
- GUSD 4.9 million
- renBTC 3.72 million
- ZRX 3 million
- BAT 2.21 million
- AAVE 1.47 million
- LRC 418K
- BAL 196K
- Other vaults below 500K at 1.2 million.


- PAX PSM shot up to 150 million in the past week; A 3x increase.


- ETH-A vaults top collateralization ratio bucket is 170%, indicating less appetite for leverage.


- Liquidation Walls are getting ever closer to 10%. May the next OSM be [ever in your favor](https://i.imgur.com/hK4suXD.png).


- Eight liquidations over the past week; ETH-A is still the biggest one from three days ago.


- That ETH-A liquidation settled in 42 mins.


- 116 vaults were created over the week.



- (-)50 million net over the week.


- PAX-PSM is starting to make some moves in DAI generated.

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #54](https://forum.makerdao.com/t/weekly-mips-update-54/10398)

- The second week of ratification polls begins September 20th.

### Active Executive Votes

This week has no active executive vote; the September 17th Executive was passed on September 19th, 2021, at 19:37 UTC.

### Active Governance Polls

|Poll Name|Vote|Discussion|
|:---------:|:----:|:----------:|
| Adjusting Auction Parameters for ETH-A, ETH-B, ETH-C, and WBTC-A | [Vote](https://vote.makerdao.com/polling/QmfGk3Dm?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/adjusting-auction-parameters-for-eth-a-eth-c-and-wbtc-a-vault-types/10331) |
| Increase the System Surplus Buffer | [Vote](https://vote.makerdao.com/polling/QmXcVy9R?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer-september-2021/10120) |
| Ratification Poll for Strategic Happiness Core Unit | [Vote](https://vote.makerdao.com/polling/Qme27ywB?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp11-strategic-happiness-core-unit/8006) |
| Ratification Poll for Modify Core Unit Budget - Sustainable Ecosystem Scaling | [Vote](https://vote.makerdao.com/polling/QmSkTmAx?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp31-modify-core-unit-budget-sustainable-ecosystem-scaling-ses-001/9805) |
| Ratification Poll for GovAlpha Core Unit Budget Q4 2021 to Q1 2022 | [Vote](https://vote.makerdao.com/polling/QmVtkcqW?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp29-govalpha-core-unit-budget-q4-2021-to-q1-2022-gov-001/9799) |
| Ratification Poll for Collateral Engineering Services Core Unit | [Vote](https://vote.makerdao.com/polling/QmbM8u7Q?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp20-adding-collateral-engineering-services-core-unit-ces-001/9809) |
| Ratification Poll for RWA Foundations (MIP58) | [Vote](https://vote.makerdao.com/polling/QmXeWtK1?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip58-rwa-foundations/9680) |
| Ratification Poll for Risk Core Unit MKR Compensation | [Vote](https://vote.makerdao.com/polling/QmUAXKm4?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp25-risk-core-unit-mkr-compensation-risk-001/9788) |
| Ratification Poll for StarkNet Engineering Core Unit, SNE-001 | [Vote](https://vote.makerdao.com/polling/QmesWgnC?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp19-adding-the-starknet-engineering-core-unit-sne-001/9745) |
| Ratification Poll for Development & UX Core Unit, DUX-001 | [Vote](https://vote.makerdao.com/polling/QmSYLL9K?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp18-adding-development-ux-core-unit-dux-001/9770) |

### Community Greenlight Polls

| Collateral | Vote | MIP6 Application |
|:----------:|:-----------:|:----------------:|
| SB-DDC (Solid Block Detox Digital Coins) | [Ends 10/04 4PM UTC](https://vote.makerdao.com/polling/Qmd7oS1n?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/sb-ddc-mip6-application-membership-interests-in-detox-medical-digital-series-of-solidblock-holdings-llc-in-the-form-of-cryptographic-digital-tokens-ddcs-a-solidblock-offering/10063) |
| REIF-DROP (Commercial Real Estate Assets DROP) | [Ends 10/04 4PM UTC](https://vote.makerdao.com/polling/QmNzDxBK?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/reif-drop-mip6-application-reif-drop-commercial-real-estate-assets/10169) |

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

### Active Signal Requests

[Offboard USDT Collateral Types](https://forum.makerdao.com/t/signal-request-offboard-usdt-collateral-types/10223/9) - Following the discussion to offboard USDT token from the Maker Protocol, @monet-supply signals to the community by asking whether we support the parameter changes outlined in his Signal Request.

### Last Week

[Collateral Onboarding and Offboarding, PSM DC-IAM changes - September 17, 2021](https://vote.makerdao.com/executive/template-executive-vote-collateral-onboarding-and-offboarding-psm-dc-iam-changes-september-17-2021?network=mainnet#proposal-detail)

**Passed** on Sep 19, 2021, 19:37 UTC.
**Available for execution** on Sep 21, 2021, 19:37 UTC, the following changes will occur within the Maker Protocol:

- The GUNIV2DAIUSDC1-A vault type will be onboarded to the Maker Protocol with the parameters detailed [here](https://vote.makerdao.com/polling/QmZ5TESw?network=mainnet#poll-detail).
- The process for offboarding the KNC-A vault type will begin as detailed [here](https://vote.makerdao.com/polling/QmQ4Jotm?network=mainnet).
- Debt Ceiling Instant Access Module parameter changes will be made for PSM-PAX-A and PSM-USDC-A as detailed [here](https://vote.makerdao.com/polling/QmbGPgxo?network=mainnet).

## 🤿 Community Deep Dai-ve

### Tweet of the Week

*In honor of Tim Black*

https://twitter.com/iamTWB_/status/1439771818085126149?s=20

### Forum Insight

- [Fortunafi: External Audit Report, by Luca Prosperi](https://forum.makerdao.com/t/fortunafi-external-audit-report-by-luca-prosperi/10363/8)
- *@luca_pro shares an in-depth external audit of the FFT1-DROP token. There is lots of juicy information.*

- [[DUX] Post Mortem: Poll Vote Calculation Discrepancy](https://forum.makerdao.com/t/dux-post-mortem-poll-vote-calculation-discrepancy/10313)
- *@bainpm provides a detailed post-mortem of a protocol issue that affected voting weight. The bug did not alter the outcome of any poll, and correct voting percentages have now been assigned.*

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

### Articles

- [DAI Market Cap Increased More Than 800% in 12 Months](https://news.bitcoin.com/valuation-of-stablecoin-dai-market-swells-dai-market-cap-increased-more-than-800-in-12-months/)
- *Per the article: “The stablecoin DAI, on the other hand, is operated by the Makerdao project, which is a DAO. There are, of course, people behind the minting of DAI stablecoins, but it is based on participants adding value and over-collateralization to the service.”*

- [Stablecoin Adoption Increased Over 100% This Year: Here is Why](https://finance.yahoo.com/news/stablecoin-adoption-increased-over-100-164138189.html)
- *Ryan McNamara from Yahoo! Finance reviews stablecoin adoption over the past year by analyzing cryptocurrency wallets that are holding USD and DAI.*

## 📋 Team Updates

### GovAlpha

- [GovAlpha Weekly Update](https://forum.makerdao.com/t/govalpha-weekly-update-2021-09-16/10349)
- [Discord Migration RFC](https://forum.makerdao.com/t/discord-migration-rfc/10393/2)
- [MIP60: Intangible Asset Assignment](https://forum.makerdao.com/t/mip60-intangible-asset-assignment/10319)
- [Interim Intangible Asset Assignment](https://forum.makerdao.com/t/interim-intangible-asset-assignment/10320/2)

### Protocol Engineering

- [PECU Monthly Review](https://forum.makerdao.com/t/protocol-engineering-month-in-review-august-2021/10293/4)
- [MIP54: DssVest Discussion](https://forum.makerdao.com/t/mip-54-dssvest/8025/14)

### Oracles

- [[GUNI DAI-USDC] Collateral Onboarding Oracle Assessment (MIP10c3-SP41)](https://forum.makerdao.com/t/guni-dai-usdc-collateral-onboarding-oracle-assessment-mip10c3-sp41/10268)

### Risk

- [Risk Dashboard Updates](https://forum.makerdao.com/t/maker-risk-dashboard/8172/7)
- [Adjusting Auction Parameters for ETH-A, ETH-C and WBTC-A Vault Types](https://forum.makerdao.com/t/adjusting-auction-parameters-for-eth-a-eth-c-and-wbtc-a-vault-types/10331)

### Real-World Finance

- [RWF - AMA](https://forum.makerdao.com/t/rwf-ask-me-anything-september-2021/10234)

### Growth

- [Growth Weekly Update](https://forum.makerdao.com/t/growth-cu-weekly-update-september-10-september-16/10351)
- [B2B Activations Report - Jun - Jul - Aug - 2021](https://forum.makerdao.com/t/b2b-activations-report-jun-jul-aug-2021/10236)
- [Growth CU Quarter Review (May-June-July)](https://forum.makerdao.com/t/growth-cu-quarter-review-may-june-july/10329/5)

### Content Production

- [Content Production Bi-Weekly Update](https://forum.makerdao.com/t/content-production-bi-weekly-update-update-9-2-9-15/10353)
- [Dai on Different Networks #11](https://forum.makerdao.com/t/dai-on-different-networks-11-september-17-2021/10370)
- [[AMA] Fixed-Rate Maker Vaults with Pairwyse](https://forum.makerdao.com/t/ama-fixed-rate-maker-vaults-with-pairwyse/10397)

### Sustainable Ecosystem Scaling

- [SES Weekly Update](https://forum.makerdao.com/t/ses-updates-16-09-2021/10354)

### Governance Communication

- [GovComms Bi-Weekly Update](https://forum.makerdao.com/t/govcomms-bi-weekly-update-3-sep-02-16/10346/2)
- [Changes to the Governance and Risk Call | No more general team updates](https://forum.makerdao.com/t/changes-to-the-governance-and-risk-call-no-more-general-team-updates/10361)
- [Forum at a Glance: September 10th - 16th](https://forum.makerdao.com/t/forum-at-a-glance-september-10th-16th/10344/3)

## 📆 Meetings and Events

### Last Week’s Call Recordings

- Governance and Risk Call #159
- [Video](https://www.youtube.com/watch?v=r3q6YH__FOA) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-159-thursday-september-16-17-00-utc/10335/5)

- Delegate Debates #01 - Delegate Compensation
- [Video](https://www.youtube.com/watch?v=ls9HDfE3tgk) | [Forum Post](https://forum.makerdao.com/t/delegate-debates-1-delegate-compensation/10267)

### 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

#### Core Unit Launch Pods

- Core Unit Launch Pod Session #17: Development and UX Core Unit
- [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT0) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-17-development-and-ux-core-unit/10297)

## ⚓ 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.*​

Your weekly update covering current events, governance, Dai peg, team updates, and upcoming events! Check out the **Maker Relay Ep 63!**