---
# System prepended metadata

title: 'Maker Relay #44'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #44

![](https://imgur.com/y4X8QNh.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 MakerDAO governance, this is your one-stop shop for MakerDAO updates.

## Votes

### Executive Votes

[Liquidations 2.0 Activations, Transfer May Core Unit Budgets](https://vote.makerdao.com/executive/liquidations-2-0-activations-transfer-may-core-unit-budgets?network=mainnet#proposal-detail)
- UNI-A, ZRX-A, AAVE-A, BAT-A, RENBTC-A, LRC-A, MANA-A, COMP-A, KNC-A, BAL-A vault types will be added to the Liquidations 2.0 framework
- The UNIV2DAIUSDC-A Liquidation Ratio will decrease from 110% to 105%
- 40,000 DAI will be distributed to Real World Finance (RWA-001).
- 100,500 DAI will be distributed to Risk (RISK-001).
- 80,000 DAI will be distributed to GovAlpha (GOV-001).
- 126,117 DAI will be distributed to Growth (GRO-001).
- 44,375 DAI will be distributed to Content Production (MKT-001).

### Governance Polls

#### Weekly Polls

| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| Parameter Changes Proposal - MakerDAO Open Market Committee | [Vote](https://vote.makerdao.com/polling/QmPfe7kF?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-4-may-2021/7835) |

#### MIP Inclusion Polls

| MIP Title | MIP Poll   | More Info/Discussion |
| ---------- | ----------- | ---------------- |
| Strategic Marcomms Core Unit MIP Set | [Vote](https://vote.makerdao.com/polling/QmT8hdMX?network=mainnet#poll-detail) | [Core Unit Proposal,](https://forum.makerdao.com/t/mip39c2-sp9-strategic-marcomms-core-unit/7189) [Budget Proposal,](https://forum.makerdao.com/t/mip40c3-sp9-modify-core-unit-budget-cpm-001/7190) [Facilitator Proposal](https://forum.makerdao.com/t/mip41c4-sp9-facilitator-onboarding-cpm-001/7191)  |
| Sustainable Ecosystem Scaling Core Unit MIP Set | [Vote](https://vote.makerdao.com/polling/QmedzqLB?network=mainnet#poll-detail) | [Core Unit Proposal,](https://forum.makerdao.com/t/mip39c2-sp10-adding-sustainable-ecosystem-scaling-core-unit/7368) [Budget Proposal,](https://forum.makerdao.com/t/mip40c3-sp10-modify-core-unit-budget-ses-001/7369) [Facilitator Proposal](https://forum.makerdao.com/t/mip41c4-sp10-facilitator-onboarding-sustainable-ecosystem-scaling-core-unit/7370) |
| MIP49: Staking Rewards | [Vote](https://vote.makerdao.com/polling/QmbqFK7j?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip49-staking-rewards/6331) |
| MIP50: Direct Deposit Module | [Vote](https://vote.makerdao.com/polling/QmVMLZXE?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip50-direct-deposit-module/7356) |
| MIP51: Monthly Governance Cycle | [Vote](https://vote.makerdao.com/polling/QmTbPnaM?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip51-monthly-governance-cycle/7366) |
| MIP4c2-SP14: MIP0 Amendments for Improved Clarity | [Vote](https://vote.makerdao.com/polling/QmaetaLr?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp14-mip0-amendments/7260) |

### Active Signal Requests

- [Adjust KNC-A Debt Ceiling](https://forum.makerdao.com/t/signal-request-adjust-knc-a-debt-ceiling/7706)
*Gaging community support for reducing the KNC-A vault maximum debt ceiling (also known as the line) to 0 DAI, in preparation for the eventual transition of KyberDAO to their new token version*
- [Increase the DSR](https://forum.makerdao.com/t/signal-request-increase-the-dsr/7703)
*Currently set to 0.01%, this signal is seeking community decisions around if we should raise the DSR (DAI Savings Rate), and if so, how much should it be raised?*

### Last Week

[Liquidations 2.0 Activations, Oracle Feed Changes](https://vote.makerdao.com/executive/liquidations-2-0-activations-oracle-feed-changes?network=mainnet#proposal-detail)
**Passed** on May 4, 2021, 15:42 UTC.
**Executed** on May 6, 2021, 15:45 UTC.
- ETH-A, ETH-B, ETH-C, WBTC-A vault type has been added to the liquidations 2.0 framework
- DeFi Saver has been onboarded as an Oracle Light Feed
- The pseudonymous individual known as 'Lisko' has been offboarded as an Oracle Dark Feed.

## Updates

### MIPs

[Weekly MIPS Update #35 (May 10, 2021)](https://forum.makerdao.com/t/weekly-mips-update-35/7962)

#### New Submission Highlight

[MIP52: Dispute Resolution](https://forum.makerdao.com/t/mip52-dispute-resolution/7845)
@g_dip proposes his first MIP fresh off stepping away from the Maker Foundation! 

### GovAlpha

* Submit questions and concerns anonymously to the [Governance and Risk Call Suggestion Box](https://app.suggestionox.com/r/GovCallQs)
* Latest version of the [MIPs Portal is live](https://mips.makerdao.com/mips/list?&search=&subproposalsMode=false)

### Protocol Engineering

* Liq 2.0 is live for all ETH vaults and WBTC
  * Adding the 10 more Vault Types to the Liquidations 2.0 Framework
  * Should be adding the UNI-LP Tokens to Liq 2.0 next week
* Running up against gas limits on some of the Executive Spells
  * Will be able to onboard new collateral types directly into Liq 2.0
* Working on reviews for `DssVest`, Delegate Voting Proxy changes, Optimism DAI Bridge.
* SushiJoin is out for Audit.
* Hiring on track, have an accepted offer from a strong candidate. Congrats to the community for settling on incentives.

### Real-World Finance

* [Real-World Finance Core Unit Report - 2021-04 ](https://forum.makerdao.com/t/real-world-finance-core-unit-report-2021-04/7798)
* [Financial Report - 2021-04](https://forum.makerdao.com/t/financial-report-2021-04/7790)
* [Real-World Assets - Report - 2021-04](https://forum.makerdao.com/t/real-world-assets-report-2021-04/7850)
* Will likely be rolling out a [committee to handle RWF Parameters](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-rwa-committee/7893)
* Attempting to have 4 different Centrifuge assets ready to be onboarded by the end of the month will be up to Governance which ones RWF goes forward with.

### Risk

* Will propose Liq 2.0 for some of the UNI-LPs but not all.
  * starting with collaterals with one stablecoin.
  * Increasing expected duration for the auction.
* Will be submitting a new quarterly budget this week, includes new personnel and funding for Risk web app development.

### Growth Core Unit

* [Weekly Update](https://forum.makerdao.com/t/growth-cu-weekly-update-april-29-may-6/7885)
* Exploring the idea of special parameters for big customers.
* Looking at other L2 solutions for DAI to help with gas fees.
* Check out the [latest integration with BitPay ](https://www.businesswire.com/news/home/20210506005906/en/BitPay-Adds-Dai-Stablecoin-and-Wrapped-Bitcoin-WBTC-as-Payment-Option-for-Merchant-Processing-and-Cross-Border-Transactions%C2%A0) shout out to Jen S. for closing the deal.
* in the process of incorporation.

## Current Events

### Introducing the Liquidations 2.0 portal

The wait is over! Today the [Liquidations 2.0 Portal was announced](https://forum.makerdao.com/t/introducing-the-liquidations-2-0-portal/7956), giving easy access to interested parties to participate in collateral auctions. With flash loans enabled by the new upgrade to "Dutch" Auctions, anyone can participate without the need for excess liquidity. [Check the portal out here.](https://liquidations.makerdao.com/)

### Help us identify MakerDAO risks and opportunities

With the rapid expansion and transition away from the Maker Foundation @lollike from the proposed Sustainable Ecosystem Scaling Core Unit (SES) [asks community members to identify 3 risks and opportunities](https://forum.makerdao.com/t/help-us-identify-makerdao-risks-and-opportunities/7944) they see going forward. [The first round of polling](https://vote.makerdao.com/polling/QmedzqLB?network=mainnet#poll-detail) is live for SES-001 if you'd like to show your support or opposition for what the team has put forward so far.

### MKR Compensation Working Group Releases Guidelines

The hotly anticipated [MKR Compensation Guidelines](https://forum.makerdao.com/t/pre-mip-discussion-the-mkr-compensation-guidelines/7960) have been posted to the forum by the MKR Compensation working group. The guidelines include a recommended tier system for allocation to Core Units, with Core Unit Facilitators assigned an average MKR token amount per team member to allocate to their discretion within the team. 

### Heavy Debate Over Core Unit Proposals 

The Strategic Marcomms Core Unit MIP Set is [up for the first round of polling](https://vote.makerdao.com/polling/QmT8hdMX?network=mainnet#poll-detail) on the voting portal. There has been plenty of debate around the Core Unit and its proposed 5M DAI "Moonshot" Fund for unexpected marketing opportunities. A [thread campaigning against the Core Unit](https://forum.makerdao.com/t/campaigning-vote-no-on-inclusion-poll-for-strategic-marcomms-core-unit-mip-set-may-10-2021/7951) sprung up on the forum, prompting a competing [thread made in support of it](https://forum.makerdao.com/t/campaign-mip39c2-sp9-vote-yes-on-inclusion-poll-for-strategic-marcomms-core-unit-mip-set-may-10-2021/7958/1). Leave your thoughts, but don't forget to vote!

### More pushes into Real World Finance

@g_dip hinted at a new venture in the works, today he unveiled the [Real-World-Asset company] 

[quote="g_dip, post:1, topic:7966"]
Our vision is to have RWA Co. onboard billions of dollars of non-digitally native collateral into the Maker Protocol.
[/quote]

## State of the Peg

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

- DAI peg, high and low, trading in a 70 BIP range over the past week.

![](https://i.imgur.com/JfT3QHd.png)

- On-chain slippage is spiking, as the past 24 hours have been frothy. Almost all trade buckets are double in slippage week-over-week for DAI.

![](https://i.imgur.com/C23PYsN.png)

![](https://i.imgur.com/e2TjEZF.png)

![](https://i.imgur.com/cEnlZO7.png)

- Volume for Sushiswap and Uniswap dominating DeFi trading right now. Especially in the past 24 hours. 
- Uniswap v2 still has 220 million in liquidity in there (the last screenshot). It seems not everyone has migrated.

![](https://i.imgur.com/MOVi9Qt.png) 

- DAI on Curve (3pool & compound) is equal in volume, whereas historically, it was the lower weight in the pool.

![Dai Supply](https://i.imgur.com/Yyja21q.png)

- Despite slippage and peg fluctuations, there ***still*** is 4.7 billion DAI in the wild.

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

![Makerburn rundown](https://i.imgur.com/xgEapF1.png) 

- MakerBurn's rundown
  - ETH-A 2.5 billion
  - WBTC 376 million
  - USDC-A 240 million
  - PSM USDC 797 million 
  - ETH-C 253 million
  - LINK 135 million
  - PAX 88 million
  - YFI 55 million
  - ETH-B 49 million
  - UniV2DaiEth 28 million
  - TUSD 26 million
  - UNI 20 million
  - UniV2WbtcEth 12 million
  - UniV2UsdcEth 11 million
  - UniV2EthUsdt 7.1 million
  - UniV2DaiUsdc 3.8 million
  - ZRX 5.7 million
  - AAVE 4.1 million
  - UniV2DaiUsdc 3.6 million 
  - BAT 3.1 million
  - renBTC 2.6 million
  - MANA 2.1 million
  - LRC 2 million
  - UniV2Wbtc 716K
  - BAL 715K
  - NS-DROP 510K
- Other vaults below 500K (COMP, GUSD, KNC, USDT, UniV2LINK<>ETH UniV2AAVE<>ETH) at 760,805K.

![ETH-C collateralization](https://i.imgur.com/glWLsSi.png)

- ETH-C collateralization in the largest vaults are at least 200% and above. It's worth noting that beyond the biggest vault, there's a large number of sizeable positions. ETH-C is diverse.

![](https://i.imgur.com/ACkNua2.png)

- Visualizing ETH-A is easiest on the liquidation chart. The price would have to significantly drop to hit 100 million in liquidations.

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

- LINK has been surging in deposits and price. Liquidations really get intense in a particular .50 difference.
- $27-> $26.50 would correspond to 67 million liquidated. This would likely correspond to the [largest LINK vault](https://defiexplore.com/cdp/23254), open since April 28.

![](https://i.imgur.com/bEe5nAM.png)

- Lifetime PSM has a balance of 792 million.

![](https://i.imgur.com/X9FNwm8.png)

- With the PSM fees almost breaking one million.

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

## Community

### Articles

- [Opinion: MakerDAO on Collision Course With Banking Regulators](https://www.coindesk.com/makerdao-on-collision-course-with-banking-regulators)
- [BitPay Adds Dai Stablecoin and Wrapped Bitcoin (WBTC) as Payment Option for Merchant Processing and Cross-Border Transactions](https://www.streetinsider.com/Business+Wire/BitPay+Adds+Dai+Stablecoin+and+Wrapped+Bitcoin+%28WBTC%29+as+Payment+Option+for+Merchant+Processing+and+Cross-Border+Transactions%C2%A0/18377581.html)

### Maker Forum Deep Dai-ve

- [[Discussion] MakerDAO Key Performance Indicators (KPIs) & Capital Allocation](https://forum.makerdao.com/t/discussion-makerdao-key-performance-indicators-kpis-capital-allocation/7863)
- [[Tutorial] Increase the Surplus Buffer using the `lerp` Module](https://forum.makerdao.com/t/tutorial-increase-the-surplus-buffer-using-the-lerp-module/7872)
- [Who Does Routine Due Diligence?](https://forum.makerdao.com/t/who-does-routine-due-diligence/7886)
- [[Informal Poll] Should We Create High-Dust, Lower-Stability Fee Vaults?](https://forum.makerdao.com/t/informal-poll-should-we-create-high-dust-lower-stability-fee-vaults/7909)

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

### Tweet of the Week

https://twitter.com/tonysheng/status/1390791945824325632?s=20

## Meetings and Events

### MakerDAO Open Calls

#### Community Collateral Onboarding

- Bi-weekly Wednesdays at 18:00 UTC | [Video Link](https://us02web.zoom.us/j/82526996403) 

#### Governance & Risk

- [Agenda](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-141-thursday-may-13-17-00-utc/7930) | Thursdays at 17:00 UTC

#### Core Unit Office Hours

- GovAlpha - Mondays 17:00 UTC | [Video Link](https://us02web.zoom.us/j/82603350722?pwd=RThleVo5QlBRT1FuOWxiRCs3K0k2Zz09)
- Protocol Engineering - Tuesdays 15:00 UTC | [Video Link](https://www.google.com/url?q=https://meet.google.com/bjm-qiup-hif&sa=D&source=calendar&ust=1620493080631000&usg=AOvVaw056SKuyQn3F67FAtJTPIbl)
- Content Production - Wednesdays 16:00 UTC | [Video Link](https://us02web.zoom.us/j/7091120339?pwd=ek9XQWV0c0FJSCt2MHcwWmpWYkd3UT09)

## 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 auction 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://forms.gle/Z2QAgywU2Sesm7Vy6) to let us know what we might be missing or how we can do better.

*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.*