---
# System prepended metadata

title: 'Maker Relay #40'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #40

![](https://imgur.com/2aNDs9h.png)

_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 Vote

[Onboard New Silver Series 2 DROP](https://vote.makerdao.com/executive/onboard-new-silver-series-2-drop?network=mainnet#proposal-detail)
New Silver Series 2 DROP will be onboarded to the Maker Protocol as RWA002-A with the parameters given below if this executive proposal passes:
- Vault Type: RWA002-A
- Placeholder Token: RWA002
- Real World Asset Agreement (doc): [QmdfuQSLmNFHoxvMjXvv8qbJ2NWprrsvp5L3rGr3JHw18E](https://ipfs.io/ipfs/QmdfuQSLmNFHoxvMjXvv8qbJ2NWprrsvp5L3rGr3JHw18E)
- Stability Fee: 3.5%
- Debt Ceiling: 5 million DAI
- Vault Collateralization Ratio (`mat`): 105%
- `val`: 5,634,804
- `tau`: 0

### Governance Polls

#### Weekly Cycle 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 | 
| --------- | ---- | ---------- | ------- |
| Petition letter to a16z | [Vote](https://vote.makerdao.com/polling/QmPWEpBB?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-petition-letter-to-a16z/7181) | Signal |
| Parameter Changes Proposal (MakerDAO Open Market Committee) | [Vote](https://vote.makerdao.com/polling/QmRRzmnF?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-7-april-2021/7358) | Parameter Changes |

#### MIP Inclusion Polls

The inclusion polls will close on Thurs April 15, 2021 at 16:00 UTC

| MIP (or Set) | Vote   | Discussion | Details |
| ---------- | ----- | ------- | --------- |
| Growth Core Unit MIP set | [Vote](https://vote.makerdao.com/polling/QmQkY55z?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp4-growth-core-unit-gro-001/6715)  | MIP39c2-SP4: Growth Core Unit, GRO-001; [MIP40c2-SP4: Core Unit Budget](https://forum.makerdao.com/t/mip40c2-sp4-core-unit-budget-gro-001/6716), [MIP41c4-SP4: Facilitator Onboarding](https://forum.makerdao.com/t/mip41c4-sp4-facilitator-onboarding-gro-001/6717) |
| MakerDAO Shop Core Unit MIP set | [Vote](https://vote.makerdao.com/polling/QmT8MmYv?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp6-makerdao-shop-core-unit-mds-001/6827)  | MIP39c2-SP6: MakerDAO Shop Core Unit, MDS-001; [MIP40c2-SP6: MakerDAO Shop Budget](https://forum.makerdao.com/t/mip40c2-sp6-makerdao-shop-budget-mds-001/6829); [MIP41c4-SP6: MakerDAO Shop Facilitator Onboarding](https://forum.makerdao.com/t/mip41c4-sp6-makerdao-shop-facilitator-onboarding-mds-001/6828) |
| Content Production Core Unit MIP set | [Vote](https://vote.makerdao.com/polling/QmWuyhXu?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp5-content-production-core-unit-mkt-001/6823)  | MIP39c2-SP5: Content Production Core Unit, MKT-001; [MIP40c3-SP5: Core Unit Budget](https://forum.makerdao.com/t/mip40c3-sp5-core-unit-budget-mkt-001/6824); [MIP41c4-SP5: Facilitator Onboarding](https://forum.makerdao.com/t/mip41c4-sp5-facilitator-onboarding-mkt-001/6825) |
| Protocol Engineering Core Unit MIP set | [Vote](https://vote.makerdao.com/polling/QmQz4BBr?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp7-adding-protocol-engineering-core-unit/6831)  | MIP39c2-SP7: Adding Protocol Engineering Core Unit; [MIP40c2-SP7: Modify Core Unit Budget](https://forum.makerdao.com/t/mip40c2-sp7-modify-protocol-engineering-core-unit-budget/6832); [MIP41c4-SP7: Facilitator Onboarding](https://forum.makerdao.com/t/mip41c4-sp7-facilitator-onboarding-protocol-engineering-core-unit/6833) |
| MIP4c2-SP7: MIP4 Amendments | [Vote](https://vote.makerdao.com/polling/QmSrWLiK?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp7-mip4-amendments/6508)  | Allowance for: MIP amendments to be able to use the Weekly Governance Cycle for the first 3 months after a MIP has passed; multiple MIP amendments to happen in one proposal; and multiple MIP removals to happen in one proposal |
| MIP4c2-SP8: MIP9 Amendments | [Vote](https://vote.makerdao.com/polling/QmUSuJNN?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp8-mip-9-amendments/6793)  | Introduces a second poll date on the 1st Monday of each month, in addition to the 3rd Monday |
| MIP4c2-SP13: MIP0 Amendments | [Vote](https://vote.makerdao.com/polling/QmXBdYKq?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp13-mip0-amendments/6758)  | Defines: A procedure for tagging MIP Sets, and Roles involved and their responsibilities |
| MIP13c3-SP10: Declaration of Intent - eurDAI | [Vote](https://vote.makerdao.com/polling/QmVkrQjY?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp10-declaration-of-intent-eurdai/6766)  | MakerDao should investigate about and build a subprotocol providing a DAI-like stablecoin pegged to the official currency of the European Union (€). |


### Active Signal Requests

[Adjust Liquidation Ratio for UNI-V2-DAI-USDC-A Vault Type](https://forum.makerdao.com/t/signal-request-adjust-liquidation-ratio-for-uni-v2-dai-usdc-a-vault-type/7444)
*[@monet-supply](https://forum.makerdao.com/u/monet-supply) posted to suggest lowering the LR for this Uniswap LP token vault type, in order to increase utilization of a relatively safe vault type.*

### Last Week

[Increase Debt Ceilings, Provide April Core Unit Budgets](https://vote.makerdao.com/executive/increase-debt-ceilings-provide-april-core-unit-budgets?network=mainnet#proposal-detail)
**Passed** on Apr 9, 2021, 00:01 UTC.
**Executed** on Apr 11, 2021, 00:02 UTC.
- COMP-A Maximum Debt Ceiling has increased from 10 million DAI to 30 million DAI.
- ZRX-A Maximum Debt Ceiling has increased from 5 million DAI to 10 million DAI.
- YFI-A Maximum Debt Ceiling has increased from 45 million DAI to 75 million DAI.
- PSM-USDC-A Debt Ceiling has increased from 1 billion DAI to 2 billion DAI.
- April Budgets for the Real-World Finance (RWF-001), Governance (GOV-001), and Risk (RISK-001) Core Units have been distributed! (*For the first time ever!*)
	- 40,000 DAI to RWF-001
	- 80,000 DAI to GOV-001
	- 100,500 DAI to RISK-001

## Updates

### MIPs

For the latest news on MIPs, check out the [Weekly MIPs Update #32](https://forum.makerdao.com/t/weekly-mips-update-32/7464).

#### New Submission Highlight
 
Sustainable Ecosystem Scaling Core Unit, SES-001

- [Mandate](https://forum.makerdao.com/t/mip39c2-sp10-adding-sustainable-ecosystem-scaling-core-unit/7368)
- [Budget](https://forum.makerdao.com/t/mip40c3-sp10-modify-core-unit-budget-ses-001/7369) 
- [Facilitator Onboarding](https://forum.makerdao.com/t/mip41c4-facilitator-onboarding-sustainable-ecosystem-scaling-core-unit/7370)

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

### GovAlpha

- [Forum at a Glance](https://forum.makerdao.com/t/forum-at-a-glance-april-2-8/7376)
- Managing SourceCred fully on Gov-Alpha budget.
- Liquidations 2.0 Parameter Docs are up on the [Community Portal](https://community-development.makerdao.com/en/learn/governance/param-auction-price-function).

### Smart Contracts

- No collateral assessments this week, PAXG is still in Kovan.
- Still waiting on auditor for SushiJoin adapter.
- [Liquidations 2.0 deploy for LINK-A](https://forum.makerdao.com/t/link-a-liquidations-2-0-parameters/7180) pushed to Friday the 16th.
- `ilk` registry updates, DSS interfaces, MIP 45 Kovan description updates and PWC audit, audit debrief will be posted on the forum soon.
- [MIP50](https://forum.makerdao.com/t/mip50-direct-deposit-module/7356) was introduced by @hexonaut for directly supplying DAI into other protocols, check it out!

### Oracles

- Onboarding DeFiSaver Lightfeed delayed, expected for next executive vote.
- Received minor suggestions from ADBK for the Uni LP Oracles, Kurt caught some small changes to optimize gas fees :+1:.

### Risk

- Updated the collateral priority sheet.
- Proceeding with YFI-A Liquidations 2.0 parameters next, followed by ETH vaults and WBTC-A.
- [Rates changes have been proposed](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-7-april-2021/7358).
  - Check out the proposal to formally approve the group presenting these changes, the [MakerDAO Open Market Committee](https://forum.makerdao.com/t/parameter-proposal-group-makerdao-open-market-committee/7355)!

### Real World Finance

- [March Financial Report](https://forum.makerdao.com/t/financial-report-2021-03/7286)
- [Finance.makerdao.network under construction](https://finance.makerdao.network/), a domain for accessing all of RWF's Maker Financial reports.
- Working on Onboarding New Silver.
- Making progress with other asset originators.

### Operations and Collateral Onboarding

- [Operational Support Weekly Update](https://forum.makerdao.com/t/operational-support-weekly-update-april-5-8-2021/7381)
- Operational Support Core unit is merging with [Sustainable Ecosystem Scaling](https://forum.makerdao.com/tag/ses) Core Unit.

## Current Events

### Access to Maker Financials

Real World Finance Team has spun up a domain to host all of their monthly financial reports for MakerDAO. [Finance.makerdao.network under construction](https://finance.makerdao.network/), a domain for accessing all of RWF's Maker Financial reports. See the announcement thread, [here](https://forum.makerdao.com/t/makerdao-finance-website/7445).

### Community Blog Announced

Find the first series of articles [here](https://community-development.makerdao.com/en/blog) and the announcement post [here](https://forum.makerdao.com/t/announcing-makerdaos-community-blog/7424).

### Delegation Coming to MakerDAO?

Over the next few weeks, [@hexonaut](https://forum.makerdao.com/u/hexonaut) and [@Derek](https://forum.makerdao.com/u/derek) will be coordinating the required smart contracts and front-end work to allow delegated voting in the Maker Protocol. See [this forum thread](https://forum.makerdao.com/t/governance-and-delegation/7455) for more information.

### Monthly Governance Cycle Makeover

Hello [MIP51!](https://forum.makerdao.com/t/mip51-monthly-governance-cycle/7366) This MIP came as a result of many conversations in the community about making a more efficient Monthly cycle, citing some inefficiencies in the current process. A [discussion call](https://youtu.be/kMUbSOOqJeg) occurred to survey the options.

## State of the Peg

![Peg](https://i.imgur.com/NybM2bj.png)

- DAI peg keeps adding zeros; 24 hour VWAP at 1.00033.

![](https://i.imgur.com/rNfhEl5.png)

- Even on April 8, with a hefty amount of volume, the peg still held strong 1.0014.

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

- 7-day Volume at around $461 million this last week. 
- 7-day VWAP (Volume-Weighted-Average-Price) places Dai at $1.001.

![Makerburn tells us milestone](https://i.imgur.com/P3nsM6k.png)

- Fresh updates @makerburn, thanks for adding the next DAI milestone. 🤣

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

![Dai supply 2](https://i.imgur.com/LfqdG3n.png)

- 3.2 billion DAI out there changing lives.
- ETH-A 1.659 billion
  - PSM USDC 614 million 
  - WBTC 384 million
  - USDC-A 240 million 
  - LINK 72 million
  - ETH-B 53 million
  - ETH-B 49 million
  - YFI 48 million
  - TUSD 26 million
  - UNIV2DAIETH 18 million
  - PAX 15 million
  - UNIV2USDCETH 12.5 million
  - UNI 12.4 million
  - ZRX 5.6 million
  - UNIV2DAIUSDC, UNIV2WBTCETH, UNIV2WETHUSDT, UNIV2UNIETH all capped at 3 million
  - BAT 2.9 million
  - AAVE 2.8 million
  - renBTC 1.9 million
  - MANA 1.9 million
  - LRC 1.9 million
  - COMP 723K
- Other vaults below 500K (BAL, GUSD, KNC, USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt,) at 1.18 million.

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

- ETH-C vaults collateralization ratio skewed by the biggest vault in the bunch. Well heeled and protected, it sits at the top of the buckets with 60,000 ETH in the vault. 👀

![YFI vaults](https://i.imgur.com/t8YwVCN.png)

- Two large vaults in YFI with very different collateralizations, the larger vault has the safer bucket.

![UNI LP living on the edge](https://i.imgur.com/sginwfA.png) 

- Some of the UNIv2LP vaults are breaking out with deposits, DAI/ETH has one large vault (while USDC/ETH has two).

![Pink death march for DAIETH](https://i.imgur.com/zYbcXW5.png)

- A 19% price drop would make the most problems for the DAI/ETH vault.

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

- Liquidation Walls start to get rather intense at a 20% drawdown overall with WBTC and ETH combining to 160 million of collateral on the block. Can't wait for mainnet roll outs of new liquidations code.
    
![Seb made a Dune board](https://i.imgur.com/TAySLMv.png)

- @Sebventures made a [dune analytics board](https://duneanalytics.com/SebVentures/psm) to track the PSM. Gotta love the lifetime fees. 

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

## Community

### Articles

- [Be In Crypto: DeFi Industry Is Working to Integrate Into Real-World Finance, MakerDAO CEO Says](https://beincrypto.com/wef-speakers-defi-could-follow-fintechs-integration-model/)
- Discussing the world of DeFi, in the context of a [conversation at the Global Technology Governance Summit](https://www.weforum.org/events/global-technology-governance-summit-2021/sessions/is-decentralized-finance-the-answer)

### Maker Forum Deep Dai-ve

- [[Discussion] Maker and the (de)central bank meme](https://forum.makerdao.com/t/discussion-maker-and-the-de-central-bank-meme/7327)
*[@prose11](https://forum.makerdao.com/u/prose11) begins a discussion about what growth can look like going forward, and how we can prioritize our movements.*
- [[Discussion] Direct deposit DAI module (D3M)](https://forum.makerdao.com/t/discussion-direct-deposit-dai-module-d3m/7357)
[quote="EthWarrior, post:1, topic:7357"]
The D3M is an exploration of an alternative path to bring more liquidity in secondary DAI venues by minting DAI backed by aDAI and depositing it directly in secondary markets to release liquidity shortage pressures.
[/quote]

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

### Tweet of the Week

https://twitter.com/tomhschmidt/status/1381590704577675266

## Meetings and Events

### MakerDAO Open Calls

#### 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)

### Community Calls and Events

- Apr 13: [Core Unit Launch Pod Session #6: MakerDAO Shop Core Unit](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-5-content-production-core-unit-mkt-001/7073)
- Apr 13: [Community Call: Let’s Talk About Layer 2](https://www.crowdcast.io/e/the-makerdao-community-35)
- Apr 14: [Real World Assets Working Group Call](https://forum.makerdao.com/c/risk/collateral-meetings/23)
- Apr 16: [Core Unit Tools #5: Bitwage](https://forum.makerdao.com/t/core-unit-tools-05-through-bitwage-april-16th-16-00-utc/7449)
- Apr 20: [Demystifying Decentralized Finance (DeFi) : The Story of 2021](https://www.fwa.org/events/event_details.asp?legacy=1&id=1504386)

## Useful Links

[Public Google Calendar](https://calendar.google.com/calendar/u/0?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20)
Subscribe to this calendar for Votes and Public Calls.

[Forum](https://forum.makerdao.com) and [Maker Chat](https://chat.makerdao.com)
Discuss and debate MakerDAO.

[Participation Tools](https://community-development.makerdao.com/en/learn/governance/participate)
Library of useful links for Stakeholers; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.

[Governance Portal](https://makerdao.com/en/governance)
Voting dashboard for MKR voters.

[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
