---
# System prepended metadata

title: 'Maker Relay #64'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #64

![](https://i.imgur.com/T1GUGU9.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

### MakerDAO Welcomes Four New Core Units

The close of this week’s Ratification Polls signals a number of new beginnings here at MakerDAO! The DAO is happy to welcome the following Core Units into the fold:

* [Collateral Engineering Services](https://forum.makerdao.com/t/mip39c2-sp20-adding-collateral-engineering-services-core-unit-ces-001/9809)
* [Development and UX](https://forum.makerdao.com/t/mip39c2-sp18-adding-development-ux-core-unit-dux-001/9770)
* [StarkNet Engineering](https://forum.makerdao.com/t/mip39c2-sp19-adding-the-starknet-engineering-core-unit-sne-001/9745)
* [Strategic Happiness](https://forum.makerdao.com/t/mip39c2-sp11-strategic-happiness-core-unit/8006)

### The Offical DAI Bridge to Arbitrum One is Live

Protocol Engineering Core Unit Facilitator @Derek [announces the launch of the official Dai Bridge to Arbitrum One.](https://forum.makerdao.com/t/official-dai-token-bridge-now-live-on-arbitrum-one/10438) The bridge lets users trade, lend, provide liquidity, and yield farm with DAI on the Arbitrum One network.

Maker Vaults do not currently exist on Layer 2, although this new development does enable the *use* of DAI on Arbitrum. 

### Gelato Network G-UNI DAI-USDC Uniswap V3 Pool Now Live

@hexonaut [announced the launch of the Gelato Network G-UNI DAI-USDC Uniswap V3 Pool](https://twitter.com/hexonaut/status/1440400852385107975) this past week. He explains in the thread that G-UNI gives MakerDAO exposure to Uniswap V3 via the DAI-USDC pool, which helps MakerDAO reduce its direct exposure to USDC while earning stability fees.

The pool is launching with a Debt Ceiling of 10 Million Dai, which will likely be raised once the security of the pool has been tested.

### Updates From Real-World Finance

@mrabino1 of 6S Capital reports successful completion of the circuit test to ensure a proper flow of funds! 50,000 Dai was sent to the Trust, of which 30,000 was returned. The remaining 20,000 Dai can be viewed on [MakerBurn](https://makerburn.com/#/collateral/rwa001_a).

@williamr of the Real World Finance Core Unit is requesting funds from the Special Purpose Fund to conduct a [feasibility study of Singaporean debt securities frameworks.](https://forum.makerdao.com/t/mip55c3-sp01-adding-special-purpose-fund-for-feasibility-study-for-securitisation-framework-in-singapore/10493). As the proposal explains, “Singapore is a cornerstone financial hub for the Asia-Pacific and is expected to lead the credit expansion in the fastest-growing region of the globe this decade.” Conducting this study will help MakerDAO understand what it takes to onboard Real-World Assets from Singaporean-based issuers.

Last but not least, we have the [monthly update from Harbor.](https://forum.makerdao.com/t/harbor-update-september-2021/10487) Over the past month, Harbor “recently closed on a supply chain finance program for an injection molding facility in Mexico” and “is open for investors looking to allocate funds towards the TIN tranche (junior), which will be reserved for investments of 100,000 DAI or more. Please contact investors@harbortrade.com to inquire about investing in TIN.” In addition, Harbor has welcomed Michael Gilhuley as their Head of Portfolio Management.

### State of DAI

![Peg](https://i.imgur.com/2W5d6t5.png)

- DAI peg following the same pattern as supply diversifies; rock-solid.

![Dai Supply](https://i.imgur.com/T3VqIuA.png)

- Slight dip in TVL (11.8 billion) although supply is still above 6 billion.

![](https://i.imgur.com/6KY5Kj1.png)

- Ohhhh, the sweet satisfaction as the weekly average price returns, thanks to Block Analitica: 1.0003.
- It seems this is the centralized exchange figure, and if so, I cannot wait to cross over DEX’s as well.

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

- Volume at around 2.1 billion this last week (source: [Messari](https://messari.io/asset/dai/chart/real-vol)). 

![Borrow/Lend](https://i.imgur.com/6Mb0Hnm.png)

- 566 million borrowed and 787 million repaid.

![Loan-to-Value](https://i.imgur.com/bT9B5Qt.png)

- Outstanding value of DAI versus its underlying collateral, over one year, is reaching parity.

![](https://i.imgur.com/0IEhx9i.png)

- Weekly net is (+)72 million.

![DAI surpassed USDT](https://i.imgur.com/Xast55d.png)

- DAI weekly trading volume surpassed USDT on Sushiswap.

![](https://i.imgur.com/A4WlurI.png)

![](https://i.imgur.com/Kr2jzou.png)

- ETH-A 1.74 billion
  - PSM USDC 3.17 billion
  - WBTC 287.58 million
  - ETH-C 265.74 million
  - PSM PAX 248.9 million 
  - USDC-A 238.82 million
  - PAX 67.38 million
  - ETH-B 57.9 million
  - UniV2DaiUSDC 54.43 million
  - LINK 41.77 million
  - TUSD 26.57 million
  - UniV2DaiEth 26.41 million
  - YFI 24.79 million
  - UniV2WBTCEth 13.22 million
  - UNI 12.84 million
  - UniV2UniEth 9.53 million
  - NSDROP 8.67 Million
  - UniV2UsdcEth 7.50 million
  - GUniV3Dai-Usdc1-A 6.46 million
  - MANA 4.98 million
  - GUSD 4.91 milliom
  - renBTC 3.50 million
  - ZRX 2.98 million
  - BAT 1.95 million
  - AAVE 1.05 million
- Other vaults below 500K (LRC, BAL, MATIC, UniV2LINKETH UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, UniV2EthUsdt, COMP) at 1.02 million.

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

- ETH vaults collateralization ratio.

![](https://i.imgur.com/vKGEn2n.png)

- Liquidation Walls for high-risk vaults are smooth. Mostly ETH-A and WBTC are at risk if they hit a 10% drop.

![](https://i.imgur.com/Gjtw3F6.png)

- That is likely for the folks living on the edge at 160% collateralization, and the rest of ETH-A is either 180% or 320%.

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

- Those risky WBTC vaults have 2 million in exposure.
    
![G-Unit](https://i.imgur.com/dL6cf48.png)

- Over 6.45 million DAI was generated in a week for G-UNI; Solid.

![ZRX Vaults](https://i.imgur.com/VMu1Oh8.png)

- ZRX is dominated by one vault, but at least it is almost at the debt ceiling. 

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #55](https://forum.makerdao.com/t/weekly-mips-update-55/10539)

- Ratification Polls are closed and all proposals have passed!

### Active Executive Votes

This week has no active executive vote; the September 24th Executive was passed on September 27th, 2021, at 16:45 UTC. 

### Active Governance Polls

| Poll Name | Vote | Discussion |
| ---------- | ----- | ----------- |
| Offboard USDT Collateral Types - September 27, 2021 | [Vote](https://vote.makerdao.com/polling/QmRNwrTy?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-offboard-usdt-collateral-types/10223) |

### Community Greenlight Polls

| Collateral | Vote | MIP6 Application |
| ---------- | ---- | ---------------- |
| REIF-DROP | [Ends 10/04 4PM UTC](https://vote.makerdao.com/polling/QmNzDxBK?network=mainnet) | [Application](https://forum.makerdao.com/t/reif-drop-mip6-application-reif-drop-commercial-real-estate-assets/10169) |
| SB-DDC | [Ends 10/04 4PM UTC](https://vote.makerdao.com/polling/Qmd7oS1n?network=mainnet) | [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) |

_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 MANA, BAT, ZRX, LRC, UNIV2-LINKETH, and UNIV2-AAVEETH](https://forum.makerdao.com/t/signal-request-offboard-mana-bat-zrx-lrc-univ2-linketh-and-univ2-aaveeth/10467) - In continuation of the process of offboarding, the remaining unprofitable vault types agreed on and discussed by the community in the recent forum thread. @rema from Risk Core Unit signals to offboard MANA, BAT, ZRX, LRC, UNIV2-LINKETH, and UNIV2-AAVEETH vault types.

[PaperImperium Supplemental Compensation](https://forum.makerdao.com/t/signal-request-paperimperium-supplemental-compensation/10454) - In response to the [proposed delegate compensation,](https://forum.makerdao.com/t/informal-poll-compensating-recognized-delegates-parameters/10196) @PaperImperium is signal requesting a one-time lump sum of 50,000 DAI outside of any delegate compensation that may or may not be forthcoming in the future when both @PaperImperium and the community feel that he has delivered value to the DAO.

### Last Week

[Adjusting Auction Parameters and Testing Layer 2 Components - September 24, 20210](https://vote.makerdao.com/executive/template-executive-vote-adjusting-auction-parameters-and-testing-layer-2-components-september-24-2021?network=mainnet#proposal-detail)
This executive proposal passed, and the following changes occurred within the Maker Protocol:

- Increase the ETH-A Local Liquidation Limit (`ilk.hole`) from 30 million DAI to 40 million DAI.
- Increase the ETH-B Local Liquidation Limit (`ilk.hole`) from 15 million DAI to 25 million DAI.
- Increase the ETH-C Local Liquidation Limit (`ilk.hole`) from 20 million DAI to 30 million DAI.
- Increase the WBTC-A Local Liquidation Limit (`ilk.hole`) from 15 million DAI to 25 million DAI.
- Decrease the Auction Price Multiplier (`buf`) for ETH-A, ETH-C, and WBTC-A vaults from 1.3 to 1.2.
- Multiple test actions will take place for Layer 2 DAI solutions on Optimism and Arbitrum, with the intention of denying the Protocol Engineering Core Unit’s Deployer Keys if successful.

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/bantg/status/1442116806425071618

### Forum Insight 

- [Maker Relay Passes the Torch](https://forum.makerdao.com/t/maker-relay-passes-torch/10396)
    - *@twblack88, Maker Relay’s longstanding facilitator, will be passing the project to the GovComms Core Unit. Tim will remain a guiding hand but will no longer be the sole poster of Relay. Thank you, Tim (and all the contributors along the way), for hours upon hours it took to build Relay into the resource it is today!*

*[Check out the latest Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance) | [Video](https://www.youtube.com/watch?v=WXpsxX9QsIE)*

- [Maker Vault Protection Scores](https://forum.makerdao.com/t/maker-vault-protection-score/10532)
    - *As a follow up to the @Risk-Core-Unit’s previous vault behavior analyses;* 
        - [*1st*](https://forum.makerdao.com/t/maker-vault-activity-metrics/9568)
        - [*2nd*](https://forum.makerdao.com/t/maker-vaults-market-activity/9787)
        - [*3rd*](https://forum.makerdao.com/t/maker-vault-liquidation-protection-analysis/10026)
    - *The Risk Core Unit creates a methodology for assessing vault level risk.*
    - *The next step is to integrate the insights from this analysis into the Risk teams [quantitative models](https://maker.blockanalitica.com/risk-model/?ilk=ETH-A) to continue improving the proposal process of Maker risk parameters.*

### Articles

- [Senator Warren’s Office Mixed Up MakerDAO with the DAO](https://www.thecoinrepublic.com/2021/09/21/senator-warrens-office-mixed-up-makerdao-with-the-disastrous-the-dao-project/)
    - * @PaperImperium’s comments on the Warren meeting hit the e-newsstand.*

- [As Much of The Crypto Market Struggles to Recover, the Dai Stablecoin Holds Steady](https://www.fxleaders.com/news/2021/09/22/as-much-of-the-crypto-market-struggles-to-recover-the-dai-stablecoin-holds-steady/)
    - *A look into the peg during the recent market drop.*

- [MakerDAO Integrates Gelato Network’s G-UNI Uniswap V3 Token as Collateral](https://www.kulr8.com/news/money/makerdao-integrates-gelato-network-s-g-uni-uniswap-v3-token-as-collateral/article_45afa5db-4d6d-585a-a6d9-7861b6eae5de.html)
    - *MakerDAO news is beginning to trickle into the mainstream media.*

## 📋 Team Updates

### GovAlpha

[GovAlpha Weekly Update - 2021-09-23](https://forum.makerdao.com/t/govalpha-weekly-update-2021-09-23/10481)
[Discourse and Notifications](https://forum.makerdao.com/t/discourse-and-notifications/540)
[Discord Migration RFC](https://forum.makerdao.com/t/discord-migration-rfc/10393)

### Protocol Engineering

[Official DAI Token Bridge now live on Arbitrum One](https://forum.makerdao.com/t/official-dai-token-bridge-now-live-on-arbitrum-one/10438)
[Friday 24th September 2021 Executive Spell L2 Technical Detail](https://forum.makerdao.com/t/friday-24th-september-2021-executive-spell-l2-technical-detail/10500)
[[GUSD] ERC20 Token Smart Contract Technical Assessment](https://forum.makerdao.com/t/gusd-erc20-token-smart-contract-technical-assessment/4603)

### Risk

[Maker Vault Protection Score](https://forum.makerdao.com/t/maker-vault-protection-score/10532)
[[Nexo Institutional Vault] Collateral Onboarding Risk Evaluation](https://forum.makerdao.com/t/nexo-institutional-vault-collateral-onboarding-risk-evaluation/10524)

### Real-World Finance

[RWA Report 2021-09](https://forum.makerdao.com/t/rwa-report-2021-09/10423)
[Biden admin looking to regulate stable coins?](https://forum.makerdao.com/t/biden-admin-looking-to-regulate-stable-coins/10517)
[MIP55c3-SP01: Adding Special Purpose Fund for Feasibility Study for Securitisation Framework in Singapore](https://forum.makerdao.com/t/mip55c3-sp01-adding-special-purpose-fund-for-feasibility-study-for-securitisation-framework-in-singapore/10493)
[RWA Foundations - Jersey edition](https://forum.makerdao.com/t/rwa-foundations-jersey-edition/10477)
[MIP40c3-SP38: Real-World Finance Core Unit MKR Compensation (RWF-001)](https://forum.makerdao.com/t/mip40c3-sp38-real-world-finance-core-unit-mkr-compensation-rwf-001/10447)
[Gensler/SEC Focuses on Regulating Stable Coins](https://forum.makerdao.com/t/gensler-sec-focuses-on-regulating-stable-coins/10420)
[MIP6c3-SP1: (RWA Only) Supplement to Collateral Onboarding Application](https://forum.makerdao.com/t/mip6c3-sp1-rwa-only-supplement-to-collateral-onboarding-application/10433)

### Growth

[Growth CU weekly update: September 17 - September 23](https://forum.makerdao.com/t/growth-cu-weekly-update-september-17-september-23/10483)

### Sustainable Ecosystem Scaling

[SES Updates - 23.09.2021](https://forum.makerdao.com/t/ses-updates-23-09-2021/10485)
[Core Unit Tools #8: Superfluid](https://forum.makerdao.com/t/core-unit-tools-8-superfluid/10533)

### Governance Communication

[Discord Migration | Collecting Account Names](https://forum.makerdao.com/t/discord-migration-collecting-account-names/10415)
[Forum at a Glance: September 17th - 23rd](https://forum.makerdao.com/t/forum-at-a-glance-september-17th-23rd/10475)

## 📆 Meetings and Events

### Last Week’s Call Recordings

- Governance and Risk Call #160
    - [Video](https://www.youtube.com/watch?v=IjVJZbo_rcA) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-160-thursday-september-23-17-00-utc/10431)

- Core Unit Launch Pod Session #17: Development and UX Core Unit 
    - [Video](https://www.youtube.com/watch?v=MsxoNbJu8as) | [Forum Post](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-17-development-and-ux-core-unit/10297/5)

### 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 Tools

- Core Unit Tools #8: Superfluid -- *September 29th @ 3:00 PM UTC*
    - [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09) | [Forum Post](https://forum.makerdao.com/t/core-unit-tools-8-superfluid/10533)

## ⚓ 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.*​
