---
# System prepended metadata

title: 'Maker Relay #41'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #41

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

_Hey 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 Vote

[Liquidations 2.0 Contracts, Increase Emergency Shutdown Threshold](https://vote.makerdao.com/executive/liquidations-2-0-contracts-increase-emergency-shutdown-threshold?network=mainnet#proposal-detail)
- The Liquidations 2.0 Contracts [will be authorized.](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352)
- LINK-A will be moved to the Liquidations 2.0 Framework.
- The [Emergency Shutdown Threshold](https://forum.makerdao.com/t/emergency-shutdown-module-threshold-change/7526) will increase from 50,000 MKR to 75,000 MKR.

### Governance Polls

The governance polls will close on April 22 at 16:00 UTC.

| Poll Name | Vote | Discussion | More Info |
| --------- | ---- | ---------- | ------- |
| MIPs Monthly Governance Poll | [Vote](https://vote.makerdao.com/polling/QmTxRwyh?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/weekly-mips-update-32/7464) | Includes: [MIP4 Amendments](https://forum.makerdao.com/t/mip4c2-sp7-mip4-amendments/6508), [MIP9 Amendments](https://forum.makerdao.com/t/mip4c2-sp8-mip-9-amendments/6793), [MIP0 Amendments](https://forum.makerdao.com/t/mip4c2-sp13-mip0-amendments/6758), [eurDai](https://forum.makerdao.com/t/mip13c3-sp10-declaration-of-intent-eurdai/6766/17), [Content Production Core Unit(CU) Bundle](https://forum.makerdao.com/t/mip39c2-sp5-content-production-core-unit-mkt-001/6823), [Growth CU Bundle](https://forum.makerdao.com/t/mip39c2-sp4-growth-core-unit-gro-001/6715), [Protocol Engineering CU Bundle](https://forum.makerdao.com/t/mip39c2-sp7-adding-protocol-engineering-core-unit/6831), & [Swag Shop CU Bundle](https://forum.makerdao.com/t/mip39c2-sp6-makerdao-shop-core-unit-mds-001/6827) |
| Add YFI-A to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmafteTW?network=mainnet#poll-detail) | [Risk Evaluation](https://forum.makerdao.com/t/yfi-a-liquidations-2-0-parameters/7502) | `cut` = 0.99, `step` = 90 seconds, `buf` = 1.30, `cusp` = 0.4, `tail` = 140 minutes, `chip` = 0.1%, `tip` = 0, `ilk.hole` = 5m DAI, `ilk.chop` = 13%, `tolerance` = 0.5 & Global Auction Parameter: `hole` = 100m DAI |

#### Community Greenlight Polls

The greenlight polls will close on May 3 at 16:00 UTC.

| Collateral | MIP9 Poll   | MIP6 Application |
| ---------- | ----------- | ---------------- |
| MCO2 (Moss Carbon Credit) | [Vote](https://vote.makerdao.com/polling/QmbZunJq?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/mco2-moss-carbon-credit-mip6-collateral-onboarding-application/7323)  |
| rETH (Rocket Pool Staked ETH) | [Vote](https://vote.makerdao.com/polling/QmV4YgXs?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/reth-mip6-collateral-application/6881)  |
| 1INCH (1inch Liquidity Protocol) | [Vote](https://vote.makerdao.com/polling/QmVcvnGc?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/1inch-collateral-onboarding-application/6960)  |
| bBadger (Badger Sett Badger) | [Vote](https://vote.makerdao.com/polling/QmcUakB4?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/bbadger-mip6-collateral-onboarding-application/7112)  |
| SLP-DAI-USDC (Sushiswap DAI-USDC LP Token) | [Vote](https://vote.makerdao.com/polling/QmZpXu3K?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-dai-usdc-mip6-collateral-onboarding-application/7062)  |
| UNI-V2-DAI-PAX (Uniswap V2 DAI-PAX LP Token) | [Vote](https://vote.makerdao.com/polling/QmcMSMeJ?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-dai-pax-mip6-collateral-onboarding-application/7060)  |
| UNI-V2-GUSD-DAI (Uniswap V2 GUSD-DAI LP Token) | [Vote](https://vote.makerdao.com/polling/QmXWGE8y?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-gusd-dai-mip6-collateral-onboarding-application/7059)  |

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

### Active Signal Requests

[PAX vault DC change](https://forum.makerdao.com/t/pax-vault-dc-change/7540)
*Asking if the community wants to move the Debt Ceiling of PAX-A vault to 50M, 0 Dai, or no change.*

[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)
*Currently, the UNI-V2-DAI-USDC vault type has a liquidation ratio of 110%. This signal asks if it should be moved to 105% or 103%.*

### Last Week

[Onboard New Silver Series 2 DROP](https://vote.makerdao.com/executive/onboard-new-silver-series-2-drop?network=mainnet#proposal-detail)
**Passed** on Apr 14, 2021, 01:52 UTC.
**Executed** on Apr 16, 2021, 14:02 UTC.
- New Silver Series 2 DROP has been onboarded to the Maker Protocol as RWA002-A with the parameters below:
	- 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

## Updates

### MIPs

For the latest news on MIPs, check out last week's [MIPs Update #34](https://forum.makerdao.com/t/weekly-mips-update-34/7668).

#### New Submission Highlight
 
[MIP51: Monthly Governance Cycle](https://forum.makerdao.com/t/mip51-monthly-governance-cycle/7366)

- @LongForWisdom proposes changing the Monthly governance Cycle to streamline the procedure, aiming "to reduce the cost of participation for governance by reducing the number of votes that take place for each monthly cycle."

*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

- [Delegation plan](https://forum.makerdao.com/t/governance-and-delegation/7455) posted to forum by @LongForWisdom
- [Forum at a Glance](https://forum.makerdao.com/t/forum-at-a-glance-april-9-15/7509)

### Smart Contracts

- Had an urgent situation with the Ethereum network arise last week following the Berlin Hard Fork. Maker Team was prepared, and the protocol experienced no downtime :+1:
- Updating Liq 2.0, means a new Bug Bounty program!
- Looking to review the SushiJoin adapter audit by ADBK.

### Oracles

- Responded to Berlin Hard Fork, no major Oracle issues.
- [DeFi Saver is still setting up light feed](https://forum.makerdao.com/t/mip10c14-sp7-proposal-appoint-defi-saver-as-a-light-feed/7207), shooting for this week’s executive.
- One original dark feed is moving on, [Lisko Out!](https://forum.makerdao.com/t/dark-oracle-removal-request/7555/1)

### Risk

- YFI-A Liquidations 2.0 [parameters released](https://forum.makerdao.com/t/yfi-a-liquidations-2-0-parameters/7502)
- ETH and WBTC parameters will be coming soon, likely with different settings
- Work continues on the [Risk Dashboard](https://maker.blockanalitica.com/)
- [Liquidations 2.0 Auction Duration Tradeoffs Thread.](https://forum.makerdao.com/t/liquidations-2-0-auction-duration-tradeoffs/7565)

### Real-World Finance

* [Framework](https://forum.makerdao.com/t/a-framework-for-valuing-mkr/7442) for evaluating MKR Price
* [Finance Website](https://finance.makerdao.network/) is live!
* [New Silver Vault](https://makerburn.com/#/collateral/rwa002_a) is up and running :sunglasses:
* [Real-World Assets - Strategy for 2021](https://forum.makerdao.com/t/real-world-assets-strategy-for-2021/7570)

## Current Events

### ESM+End Module Upgrades and Disclosures

Kurt Barry posted [a thread](https://forum.makerdao.com/t/esm-end-module-upgrades-and-disclosures/7569) explaining the details behind the recent ESM + END Module upgrades. In short, fixed two bugs, and the team explained the logic behind the fixes' decision-making with disclosures. This was posted in line with the Protocol Engineering Team's [Road to DeFi Safety](https://forum.makerdao.com/t/protocol-engineering-the-road-to-defi-safety/7567) and [associated deck](https://docs.google.com/document/d/1N0RD4c5iv8GbzGPqraP_W5BjTYXpVvtMNLpvWconVXI/edit)

### The DAO is growing up!

As more Core Unit Proposals hit the forum, the community is gradually supporting its own growth. With the next batch of Core Units expected in next week's executive vote, the DAO payroll is expected to expand. [Take a look at the community pioneers applying and already approved by Governance](https://forum.makerdao.com/t/makerdao-people-at-a-glance/7503).

### Next up, Liquidations 2.0

The executive vote is live for ushering our first vault type in the Liquidations 2.0 framework! As the system is entirely new, Risk will be recommending vault types slowly and will likely recommend tweaking the parameters over time. [Share your thoughts](https://forum.makerdao.com/t/liquidations-2-0-auction-duration-tradoffs/7565) about the `Expected Auction Duration`, currently at 40 minutes. 

### The Maker Roadmap

With the [Core Unit Operating Model](https://forum.makerdao.com/t/road-to-dao-the-core-unit-operating-model/6105), the community has started to discuss the need for a driving vision. The most recent thread comes from @seth, who [asks a series of questions about Maker Strategy for DAI dominance](https://forum.makerdao.com/t/a-series-of-questions-about-strategy/7487). Stay tuned for a forthcoming update from [Project Compass](https://forum.makerdao.com/t/project-compass-dao-vision-setting-working-group/7079) who have tasked themselves with distilling a vision framework for the DAO.

## State of the Peg

![Peg](https://i.imgur.com/8RCC4ha.png)

- Over the course of the week, the weighted average Dai peg is still hovering in basis point territory. Peaking at 1.006 and going below peg to .99725 in the past 24 hours.

![](https://i.imgur.com/h3S6nJP.png)

- In the face of significant slippage and a [micro-bear market](https://twitter.com/jchervinsky/status/1383639658999914504), the peg was under more duress. It's worth noting that most of the outsized slippage came from uniswap and sushiswap with trades above 100k in value.

![](https://i.imgur.com/Rl3uSzL.png)

- Including this monster trade early on Sunday AM at the peak of crypto price declines in the wider market.

![Dai Supply at 3.5 billion](https://i.imgur.com/LagKNDg.png)

- Dai Supply at 3.5 billion, 12 days till the stability buffer fills.

![VWAP](https://i.imgur.com/vw3eQxs.png)

- Volume around a staggering $801 million this last week.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.002

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

- Most of the liquidations over the weekend were in ETH-A and WBTC, looks like most vault owners kept themselves protected.

![](https://i.imgur.com/W9YdXQX.png)

- The volume on Curve seems to be peaking today versus over the weekend, with USDC doing the lion's share of 3pool volume.

![Run down at 3.5 billion DAI](https://i.imgur.com/MDsYDwt.png) 

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

- ETH vaults and WBTC are still leading in fees and TVL. Though it's dominated by one large vault, as is the trend, ETH-C seems to be growing organically, with four larger positions at the top of the outstanding debts.
- ETH-A 1.8 billion
  - USDC-A 240 million
  - PSM USDC 578 million
  - WBTC 375 million
  - USDC-A 240 million
  - ETH-C 137 million 
  - ETH-B 49 million
  - YFI 75 million
  - LINK 69 million
  - PAX 39 million
  - TUSD 26 million
  - UniV2DAIETH 20 million
  - UniVUSDCETH 17 million
  - UNI 15 million
  - ZRX 5.7 million
  - UniV2DAIUSDC 4.1 million
  - UniV2WBTCETH 3 million
  - UniV2UniETH 3 million
  - UniV2ETHUSDT 3 million
  - BAT 2.9 million
  - AAVE 2.7 million
  - LRC 2.25 million
  - MANA 1.9 million
  - renBTC 1.9 million
  - BAL 1.7 million
  - COMP 1.07 million
- Other vaults below 500K (GUSD, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, RWA 1&2) at 1.17 million.
- Side note: look at those RWA vaults, 🐣 just waiting for their little beaks to get a DROP.
 
![313% for ETH-a](https://i.imgur.com/Be4i7Nr.png)

- ETH-A vaults collateralization ratio averaging at 313%

![](https://i.imgur.com/UNqZaz9.png)

- Most of the ETH-A large vaults are collateralized well, keeping the liquidation price well below the recent price drop.

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

- The biggest vault in ETH-B dominates the lowest collateralization bucket.
 
![](https://i.imgur.com/ljLZzCN.png) 

- Digging deeper, the ETH-B top vaults are more diverse in their risk appetite. 
    
![](https://i.imgur.com/qtdVGvj.png)

- A nice 💎 in YFI, the second-largest vault actually has more collateral (3200), but they're 820% collateralized.

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

- Finally, a breakdown of interest income thanks to @Sebventures.


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

## Community

### Articles

[*BTC Manager*: Citibank Demystifies MakerDAO and DeFi for Fund Managers](https://btcmanager.com/citibank-makerdao-defi-fund-managers/?utm_source=onesignal&utm_medium=push&utm_campaign=push%notification)

### Maker Forum Deep Dai-ve

- [Call to arms - trading pairs](https://forum.makerdao.com/t/call-to-arms-trading-pairs/7501)
    - *@Planet_X calls for more DAI and MKR tokens to be supplied to Liquidity Providers.*
- [[Informal Poll] - Increasing the SourceCred payments](https://forum.makerdao.com/t/informal-poll-increasing-the-sourcecred-payments/7489)
    - *@mrabino1 asks the community how they would feel about increasing payments to contributors via SourceCred.*

_[Check out the latest Forum at a Glance](https://forum.makerdao.com/t/forum-at-a-glance-april-9-15/7509)_

### Tweet of the Week

https://twitter.com/FrankResearcher/status/1382351219360927748

## Meetings and Events

### MakerDAO Open Calls

#### Community Call | NEAR Protocol's Rainbow Bridge

- Tuesday 9AM PST | 10AM MST | 12PM EST | 4PM UTC | 6PM CET | [Call Join Link](https://www.crowdcast.io/e/the-makerdao-community-36o)

#### Community Collateral Onboarding

- Bi-weekly Wednesdays at 18:00 UTC | [Zoom](https://us02web.zoom.us/j/82526996403) - Message [#governance-and-risk](https://chat.makerdao.com/channel/governance-and-risk) for Admission
    - [Introduction](https://forum.makerdao.com/t/collateral-onboarding-call-bi-weekly-on-wednesday-at-17-00-utc-19-00-cet-10am-pst/3614) | [Collateral Status Index](https://forum.makerdao.com/t/collateral-status-index/2231)

#### Governance & Risk

- Thursdays at 17:00 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/t/agenda-discussion-scientific-governance-and-risk-138-thursday-april-22-17-00-utc/7515) | [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)

## Useful Links

[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 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.

[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.*