---
tags: Maker Relay
---

# Maker Relay #73


_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

### The European Union's Latest MiCA Report

[Europe’s latest draft crypto regulation MiCA limits use of stablecoins like DAI](https://www.ledgerinsights.com/europe-draft-crypto-regulation-mica-limits-use-of-stablecoins-like-dai/)

Per the article: *"Yesterday the European Council published a significantly expanded proposed ‘Regulation on Markets in Crypto Assets’ (MiCA) document. This means the legislation progresses to the next step, a three-way negotiation between the Council, the European Commission, and the European Parliament. Our interpretation of the expanded document is that a stablecoin like the DAI could be heavily restricted."*

In the [MiCA report](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020PC0593), crypto-assets were divided into three buckets: asset-referenced tokens, e-money tokens, and *other* crypto assets.

The important distinction here is "asset-referenced tokens," which refers to cryptocurrencies backed by an index of assets.

The article speculates that "asset-referenced" tokens and stablecoins will face stout regulation under the EU's current proposal and that the usage of Dai could be restricted within the European Union because of this distinction.

If this scenario were to play out as the article suggests, asset-referenced tokens would be limited to an activity level of fewer than 1 million transactions per day, with the total value of those transactions capped to $224mil USD "within a single currency area."

The article purports that this total would include on-chain transactions and the off-chain trading that occurs through Centralized Exchanges.

### 9B Dai in circulation

Another exciting milestone for MakerDAO! In addition to exceeding 9B Dai:

* Over 10,000 MKR have been burned
* Dai collateralized by USDC is under 30%
* Estimated annual profits are over 132MM Dai

### GUSD-PSM now live

With the successful passage and execution of the November 26th Executive, individuals can now trade Dai for Gemini USD (GUSD) using the Peg Stability Module (PSM).

The GUSD-PSM is launching with a debt ceiling of 10 million dai and a 0% fee, meaning users only need to worry about the transaction fee when exchanging Dai and GUSD.

* [Proposal](https://forum.makerdao.com/t/proposal-gusd-psm/11148)

### State of DAI


- DAI peg experienced some slippage on the 23rd and some wider price bands for very large trades. The mid-line stood strong through the madness, and the overall range continued to tighten.


- Max and min at 1.03 to 0.94 with 481 million DAI traded.


- DAI supply over 9 Billion!


- Volume on DEXs topped by Uniswap and Sushiswap.


- Added a look into Dai held in blacklisted wallets (on the Ethereum chain).


- Net burn of 484K over the last week.


- Net amount of new vaults is 89.




- ETH-A 3.1 billion
- PSM USDC 2.4 billion
- WBTC 1.3 million
- ETH-C 602 million
- USDP PSM 468 million
- USDC-A 238 million
- ETH-B 142 million
- GUNI-DAI/USDC 89 million
- UniV2DaiUSDC 77 million
- LINK 67 million
- AAVE D3m 35 million
- YFI 31 million
- UniV2DaiEth 31 million
- stETH 27 million
- UniV2WBTCEth 18.42 million
- UniV2UsdcEth 16 million
- NSDROP 12 million
- UNI 11.62 million
- MATIC 9.5 million
- UniV2UniEth 9.44 million
- MANA 5.5 million
- renBTC 5.2 million
- GUSD 4.94 million
- HTC-DROP 2 million
- 6s Capital 1.42 million


- ETH-C's largest bucket is collateralized at 540%.


- Liquidation Walls get steep just above 20%.


- Vaults at risk in an 18% drop would be mostly low risk, primarily on ETH-A and ETH-B. The larger vaults with the most collateral, in this scenario, have DeFi saver protection.


- Staked ETH has grown considerably since launch, and luckily most vaults collateralize at 200%.


- For what it is worth, that is still 22 million in medium risk.

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

## 🗳️ This Week in Governance

### MIPs

[Weekly MIPs Update #64](https://forum.makerdao.com/t/weekly-mips-update-64/11878)


- 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.

### Active Executive Votes

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

### Active Governance Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| 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) |
| Increase the Dust Parameter for ETH-B Vault Type | [Vote](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-4/11598) | [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) |
| Add GUNIV3DAIUSDC2-A as a new Vault Type | [Vote](https://vote.makerdao.com/polling/QmSkHE8T?network=mainnet) | [Discussion](https://forum.makerdao.com/t/g-uni-dai-usdc-0-01-tier-onboard-g-uni-for-univ3s-new-0-01-fee-tier/11738) |
| One Time Payment to the GovComms CU to Deal with Budget Issues | [Vote](https://vote.makerdao.com/polling/Qmc7Necw?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-one-time-payment-to-com-001-to-cover-missing-dssvest-funds/11685) |
| Parameter Changes Proposal - MakerDAO Open Market Committee | [Vote](https://vote.makerdao.com/polling/QmNqCZGa?network=mainnet) | [Discussion](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2021-11-25/11825) |
| Add CurveLP-stETH-ETH as a new Vault Type | [Vote](https://vote.makerdao.com/polling/Qmek9vzo?network=mainnet) | [Discussion](https://forum.makerdao.com/t/curvelp-steth-eth-mip6-collateral-onboarding-application/10229) |

### Community Greenlight Polls

There is currently no active community greenlight polls.

_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 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.

[Offboarding MATIC](https://forum.makerdao.com/t/signal-request-offboarding-matic/11781) - Signal Closes November 30th - The MATIC vault is unprofitable unless it will be able to generate around 30M Dai. @NikKunkel formally asks the community whether Governance should offboard the MATIC token as recently done with KNC, COMP, and others.

### Last Week

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

## 🤿 Community Deep Dai-ve

### Tweet of the Week

https://twitter.com/wkampmann/status/1461407797682266123

### Forum Insight

- [An assessment, first-hand experience, and recommendations from the Aave Offboarding](https://forum.makerdao.com/t/an-assessment-first-hand-experience-and-recommendations-from-the-aave-offboarding/11836/2)
- *@richards86 assesses the AAVE off-boarding from a user's perspective and offers recommendations for how off-boarding can be better handled in the future.*

- [Aggregating educational resources - asking for community input](https://forum.makerdao.com/t/aggregating-educational-resources-asking-for-community-input/11822)
- *@Petru_Catana of the SES Core Unit is putting together a definitive list of MakerDAO learning resources and is asking for community input on any commonly used resources or help expand the general MakerDAO knowledge base.*

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

### Articles

- [U.S. Senate Banking Committee Seeks Clarity on Stablecoins From Top Stablecoin Issuers](https://coinfomania.com/senate-banking-committee-seek-clarity-stablecoin/)
* *The U.S. Senate Banking Committee sent out a request to several stablecoin issuers and cryptocurrency exchanges, demanding an explanation of how the entire process works and how investors are protected.*

- [Stablecoins: How safe and stable are they?](https://cryptoslate.com/stablecoins-how-safe-and-stable-are-they/)
* *Cryptoslate attempts to shed light on the current stablecoin landscape, though several common misconceptions pertaining to Dai remain.*

## 📋 Team Updates

### Content Production

[ETHDenver 2022 Planning Update](https://forum.makerdao.com/t/ethdenver-2022-planning-update/11790)
[Multi-chain DAI-lights - November 24, 2021](https://forum.makerdao.com/t/multi-chain-dai-lights-november-24-2021/11817)

### Development and UX

[Governance Portal Release v0.2.4 - November 23rd](https://forum.makerdao.com/t/governance-portal-release-v0-2-4-november-23rd/11789)

### GovAlpha

[GovAlpha Weekly Update - 2021-11-26](https://forum.makerdao.com/t/govalpha-weekly-update-2021-11-26/11847)
[[Discussion/Feedback] Improving Clarity Regarding Signal Request Outcomes](https://forum.makerdao.com/t/discussion-feedback-improving-clarity-regarding-signal-request-outcomes/11816)

### Governance Communications

[GovComms Bi-Weekly Update: Nov 15 - 26](https://forum.makerdao.com/t/govcomms-bi-weekly-update-nov-15-26/11877)
[Forum at a Glance: November 18 - 25](https://forum.makerdao.com/t/forum-at-a-glance-november-18-25/11827)

### Growth

[Growth CU weekly update: Nov 19-26](https://forum.makerdao.com/t/growth-cu-weekly-update-nov-19-26/11840)
[[Nexo Institutional Vault] Collateral Onboarding – Update](https://forum.makerdao.com/t/nexo-institutional-vault-collateral-onboarding-update/11814)

### Oracles

[[CurveLP-stETH-ETH] Collateral Onboarding Oracle Assessment (MIP10c3-SP43)](https://forum.makerdao.com/t/curvelp-steth-eth-collateral-onboarding-oracle-assessment-mip10c3-sp43/11854)

### Protocol Engineering

[[Curve.fi-ETH-stETH] ERC20 Token Smart Contract Technical Assessment](https://forum.makerdao.com/t/curve-fi-eth-steth-erc20-token-smart-contract-technical-assessment/11855)
[Chainlog: Improving how we keep track of our deployed contracts](https://forum.makerdao.com/t/chainlog-improving-how-we-keep-track-of-our-deployed-contracts/11834)

### Real-World Finance

[MIP55c3-SP2: Create RealDAO SPF to make Moloch-based SPVs](https://forum.makerdao.com/t/mip55c3-sp2-create-realdao-spf-to-make-moloch-based-spvs/11796)

### Sustainable Ecosystem Scaling

[SES Updates - 25.11.2021](https://forum.makerdao.com/t/ses-updates-25-11-2021/11826)
[Maker Explorer #1: Real-World Sandbox Grant Report](https://forum.makerdao.com/t/maker-explorer-1-real-world-sandbox-grant-report/11715)
[Mapping MakerDAO’s GitHub footprint](https://forum.makerdao.com/t/mapping-makerdaos-github-footprint/11833)
[Aggregating educational resources - asking for community input](https://forum.makerdao.com/t/aggregating-educational-resources-asking-for-community-input/11822)

## 📆 Meetings and Events

### Last Week's Call Recordings

- Governance and Risk Call #169
- [Video](https://www.youtube.com/watch?v=KBoHc7e45Is) | [Forum Post](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-169-thursday-november-25-17-00-utc/11791/4)
- Maker Explorer #1 | Real-World Sandbox Grant Report
- [Video](https://www.youtube.com/watch?v=qSVasC31A2w) | [Forum Post](https://forum.makerdao.com/t/maker-explorer-1-real-world-sandbox-grant-report/11715)
- Meet Your Delegate #7
- [Video](https://www.youtube.com/watch?v=brNkBB33H84) | [Forum Post](https://forum.makerdao.com/t/meet-your-delegate-7/11733)

### 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

## ⚓ 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 & Important Events 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 Portal](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.*