---
# System prepended metadata

title: 'Maker Relay #37'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #37

![](https://imgur.com/albgqE1.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

This week we have our Monthly MIPs bundle up for an executive vote, including *many* Core Unit Proposals.

_Visit our [Participation Tools page](https://community-development.makerdao.com/en/learn/governance/participate) for protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data._

### Executive Vote

[Approve March 2021 Governance Cycle Bundle](https://vote.makerdao.com/executive/approve-march-2021-governance-cycle-bundle?network=mainnet#proposal-detail)
*This vote is open until March 26 16:00 UTC and includes the following MIPs:*

| MIP | Type | Discussion |
| -------- | -------- | -------- |
| [MIP38: DAO Primitives State](https://github.com/makerdao/mips/blob/master/MIP38/mip38.md) | Core Unit Framework | [Discussion](https://forum.makerdao.com/t/mip38-dao-primitives-state/6095) |
| [MIP39: Core Unit Framework](https://github.com/makerdao/mips/blob/master/MIP39/mip39.md) | Core Unit Framework | [Discussion](https://forum.makerdao.com/t/mip39-core-unit-framework/6096) |
| [MIP40: Budget Framework](https://github.com/makerdao/mips/blob/master/MIP40/mip40.md) | Core Unit Framework | [Discussion](https://forum.makerdao.com/t/mip40-budget-framework/6097) |
| [MIP41: Facilitator Framework](https://github.com/makerdao/mips/blob/master/MIP41/mip41.md) | Core Unit Framework | [Discussion](https://forum.makerdao.com/t/mip41-facilitator-framework/6098) |
| [MIP4c2-SP12: MIP16 Amendments](https://github.com/makerdao/mips/blob/master/MIP4/MIP4c2-Subproposals/MIP4c2-SP12.md) | Core Unit Framework | [Discussion](https://forum.makerdao.com/t/mip4c2-sp12-mip16-amendments/6101) |
| [MIP4c2-SP10: MIP0 Amendments](https://github.com/makerdao/mips/blob/master/MIP4/MIP4c2-Subproposals/MIP4c2-SP10.md) | Core Unit Framework | [Discussion](https://forum.makerdao.com/t/mip4c2-sp12-mip16-amendments/6101) |
| [MIP39c2-SP1: Adding Core Unit (Real-World Finance)](https://github.com/makerdao/mips/blob/master/MIP39/MIP39c2-Subproposals/MIP39c2-SP1.md) | Real-World-Fiance CU Onboarding | [Discussion](https://forum.makerdao.com/t/mip39c2-sp1-adding-core-unit-real-world-finance/6224) |
| [MIP40c2-SP1: Modify Core Unit Budget](https://github.com/makerdao/mips/blob/master/MIP40/MIP40c2-Subproposals/MIP40c2-SP1.md) | Real-World-Fiance CU Onboarding | [Discussion](https://forum.makerdao.com/t/mip40c2-sp1-modify-core-unit-budget-real-world-finance/6225) |
| [MIP41c4-SP1: Facilitator Onboarding (Real-World Finance)](https://github.com/makerdao/mips/blob/master/MIP41/MIP41c4-Subproposals/MIP41c4-SP1.md) | Real-World-Fiannce CU Onboarding | [Discussion](https://forum.makerdao.com/t/mip41c4-sp1-facilitator-onboarding-real-world-finance/6226) |
| [MIP39c2-SP2: Adding Risk Core Unit](https://github.com/makerdao/mips/blob/master/MIP39/MIP39c2-Subproposals/MIP39c2-SP2.md) | Risk CU Onboarding | [Discussion](https://forum.makerdao.com/t/mip39c2-sp2-adding-risk-core-unit/6342) |
| [MIP40c2-SP2: Add Core Unit Budget](https://github.com/makerdao/mips/blob/master/MIP40/MIP40c2-Subproposals/MIP40c2-SP2.md) | Risk CU Onboarding | [Discussion](https://forum.makerdao.com/t/mip40c2-sp2-add-core-unit-budget-risk-core-unit/6343) |
| [MIP41c4-SP2: Risk Core Unit Facilitator Onboarding](https://github.com/makerdao/mips/blob/master/MIP41/MIP41c4-Subproposals/MIP41c4-SP2.md) | Risk CU Onboarding | [Discussion](https://forum.makerdao.com/t/mip41c4-sp2-risk-core-unit-facilitator-onboarding/6344) |
| [MIP39c2-SP3: Governance Core Unit - GOV-001](https://github.com/makerdao/mips/blob/master/MIP39/MIP39c2-Subproposals/MIP39c2-SP3.md) | Governance CU Onboarding | [Discussion](https://forum.makerdao.com/t/mip39c2-sp3-governance-core-unit-gov-001/6348) |
| [MIP40c2-SP3: Core Unit Budget - GOV-001](https://github.com/makerdao/mips/blob/master/MIP40/MIP40c2-Subproposals/MIP40c2-SP3.md) | Governance CU Onboarding | [Discussion](https://forum.makerdao.com/t/mip40c2-sp3-core-unit-budget-gov-001/6349) |
| [MIP41c4-SP3: Core Unit Facilitator Onboarding](https://github.com/makerdao/mips/blob/master/MIP41/MIP41c4-Subproposals/MIP41c4-SP3.md) | Governance CU Onboarding | [Discussion](https://forum.makerdao.com/t/mip41c4-sp3-core-unit-facilitator-onboarding/6350) |
| [MIP34: Keg Streaming Payments Module](https://github.com/makerdao/mips/blob/master/MIP34/mip34.md) | Keg Module | [Discussion](https://forum.makerdao.com/t/mip34-keg-streaming-payments-module/6013) |
| [MIP48: Streaming Payments via the Keg](https://github.com/makerdao/mips/blob/master/MIP48/MIP48.md) | Keg Module | [Discussion](https://forum.makerdao.com/t/mip48-streaming-payments-via-the-keg/6340) |
| [MIP43 - Term Lending Module (TLM)](https://github.com/makerdao/mips/blob/master/MIP43/mip43.md) | Technical Proposal | [Discussion](https://forum.makerdao.com/t/mip43-term-lending-module-tlm/6153) |
| [MIP45: Liquidations 2.0 (LIQ-2.0) - Liquidation System Redesign](https://github.com/makerdao/mips/blob/master/MIP45/mip45.md)  | Technical Proposal | [Discussion](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352) |
| [MIP46: Parameter Proposal Groups](https://github.com/makerdao/mips/blob/master/MIP46/MIP46.md) | General Proposals | [Discussion](https://forum.makerdao.com/t/mip46-parameter-proposal-groups/6341) |
| [MIP47: MakerDAO Multisignature Wallet Management](https://github.com/makerdao/mips/blob/master/MIP47/MIP47.md) | General Proposals | [Discussion](https://forum.makerdao.com/t/mip47-makerdao-multisignature-wallet-management/6338) |

### Weekly 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 |
| --------- | ---- | ---------- | ------- |
| DC Adjustment/DC-IAM activation for UNIV2DAIETH-A | [Vote](https://vote.makerdao.com/polling/QmaZE3g6?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-increase-uniswap-dai-eth-usdc-eth-dai-usdc-debt-ceilings-add-dc-iam/7063) | Increasing Uni LP Debt Ceilings |
| DC Adjustment/DC-IAM activation for UNIV2DAIUSDC-A | [Vote](https://vote.makerdao.com/polling/QmZordW8?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-increase-uniswap-dai-eth-usdc-eth-dai-usdc-debt-ceilings-add-dc-iam/7063) | Increasing Uni LP Debt Ceilings |
| DC Adjustment/DC-IAM activation for UNIV2USDCETH-A | [Vote](https://vote.makerdao.com/polling/QmZNz7Hf?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-increase-uniswap-dai-eth-usdc-eth-dai-usdc-debt-ceilings-add-dc-iam/7063) | Increasing Uni LP Debt Ceilings |
| Increase the `dust` Parameter for ETH-B Vault Type | [Vote](https://vote.makerdao.com/polling/QmaP9wBh?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-2/6704) | Parameter Changes |
| Adjust the `bump` Parameter | [Vote](https://vote.makerdao.com/polling/QmeLmzsa?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-increase-the-bump-ttl-parameters-of-flap-auctions/6842) | Parameter Changes |

### Community Greenlight Polls

*The greenlight polls will close on March 29, 2021, at 16:00 UTC.*

| Collateral | MIP9 Poll   | MIP6 Application |
| ---------- | ----------- | ---------------- |
| SNX (Synthetix) | [Vote](https://vote.makerdao.com/polling/QmbageWV?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/snx-mip6-collateral-onboarding-application/6497)  |
| sUSD (Synthetix USD) | [Vote](https://vote.makerdao.com/polling/QmfA2gaW?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/susd-mip6-collateral-onboarding-application/6555)  |
| aAAVE (Aave AAVE) | [Vote](https://vote.makerdao.com/polling/QmTrbBEV?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/aaave-mip6-collateral-onboarding-application-for-aaave/6588)  |
| aWETH (Aave wETH) | [Vote](https://vote.makerdao.com/polling/QmVBGusc?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/aweth-mip6-collateral-onboarding-application-for-aeth/6589)  |
| SolarX (Uprets/SolarX REIT) | [Vote](https://vote.makerdao.com/polling/QmeAHrDb?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/solarx-mip6-application-uprets-solarx-industrial-real-estate-backed-loans/6718)  |
| xSUSHI (Sushibar) | [Vote](https://vote.makerdao.com/polling/Qmdkrgon?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/xsushi-mip6-collateral-onboarding-application/6541)  |
| SB-BFDC (SolidBlock Beach Front Digital Coin) | [Vote](https://vote.makerdao.com/polling/QmXsUuLA?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/sb-bfdc-mip6-application-own-and-trade-a-piece-of-paradise-with-this-beachfront-hotel-in-phuket-thailand-managed-by-best-western-plus-a-solidblock-offering/6778)  |
| CurveLP-cDAI-cUSDC (Curve cDAI-cUSDC Liquidity Token) | [Vote](https://vote.makerdao.com/polling/QmfX8Kmu?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/curvelp-cdai-cusdc-mip6-collateral-onboarding-application/6682)  |
| CurveLP-renBTC-WBTC (Curve renBTC-WBTC Liquidity Token) | [Vote](https://vote.makerdao.com/polling/QmbcueDJ?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/curvelp-renbtc-wbtc-mip6-collateral-onboarding-application/6680)  |

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

### Active Signal Requests

- [Adjust PSM-USDC DC](https://forum.makerdao.com/t/signal-request-adjust-psm-usdc-dc/7072)
Signaling for what might be an appropriate amount to raise the Debt Ceiling for the PSM-USDC Vault Type.
- [Adjust COMP-A DC-IAM-line](https://forum.makerdao.com/t/signal-request-adjust-comp-a-dc-iam-line/6992)
The `line` parameter is the maximum Debt Ceiling amount because COMP-A is maxed out. This is signaling for an amount of raise the community may support.
- [Adjust YFI-A DC-IAM-line](https://forum.makerdao.com/t/signal-request-adjust-yfi-a-dc-iam-line/7055)
The `line` parameter is the maximum Debt Ceiling amount because YFI-A is maxed out; this is signaling for an amount of raise the community may support.
- [Adjust ZRX-A DC-IAM-line](https://forum.makerdao.com/t/signal-request-adjust-zrx-a-dc-iam-line/6993)
The `line` parameter is the maximum Debt Ceiling amount because ZRX-A is maxed out; this is signaling for an amount of raise the community may support.
- [Adjust the Surplus Buffer (March/April 2021)](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer-march-april-2021/6979)
According to the Risk Team, we still have a couple of weeks until the Surplus Buffer is reached - but we want to be at least at 2% (of Surplus Buffer/total DAI ratio).

## Last Week

### Executive Votes

[Stability Fee Changes, Onboarding ETH-C](https://vote.makerdao.com/executive/stability-fee-changes-onboarding-eth-c?network=mainnet#proposal-detail)
**Passed** on Mar 17, 2021, 16:56 UTC.
**Executed** on Mar 19, 2021, 16:57 UTC.

- ETH-C vault type has been added using ETH as collateral
	- Stability Fee: 3.5%
	- Liquidation Ratio: 175%
	- Maximum Debt Ceiling: 2 billion DAI
- Stability Fee Changes:

| Vault Type | Previous Stability Fee (SF) | Current SF |
| ------ | --- | --- |
| UNIV2DAIETH-A | 2% | 3% | 
| UNIV2USDCETH-A | 2.5% | 3.5% |
| UNIV2WBTCETH-A | 3.5% | 4.5% |
| UNIV2ETHUSDT-A | 4% | 5% |
| UNIV2LINKETH-A | 4% | 5% |
| UNIV2UNIETH-A | 4% | 5% |
| UNIV2AAVEETH-A | 4% | 5% |
| MANA-A | 5% | 4% |
| UNIV2WBTCDAI-A | 3% | 2% |
| RENBTC-A | 6% | 5% |

[Increase Debt Floor, Increase Debt Ceilings](https://vote.makerdao.com/executive/increase-debt-floor-increase-debt-ceilings?network=mainnet#proposal-detail)
**Passed** on Mar 22, 2021, 13:07 UTC
**Available for execution** on Mar 24, 2021, 13:07 UTC.

- ETH-A Maximum Debt Ceiling will increase from 2.5 billion DAI to 15 billion DAI.
- WBTC-A Maximum Debt Ceiling will increase from 350 million DAI to 750 million DAI.
- Debt Floor (dust) parameter will increase from 2,000 DAI to 5,000 DAI for all vault types except for ETH-B, PSM-USDC-A, and RWA001-A.

## Updates

### MIPs

For the latest news on MIPs, check out the [Weekly MIPS Update #30](https://forum.makerdao.com/t/weekly-mips-update-30/7083).
 
#### Submission Highlight
 
Smart Contracts Core Unit, SC-001
- Mandate; [MIP39c2-SP7](https://forum.makerdao.com/t/mip39c2-sp7-adding-smart-contracts-core-unit/6831)
- Budget; [MIP40c2-SP7](https://forum.makerdao.com/t/mip40c2-sp7-modify-smart-contract-core-unit-budget/6832) 
- Facilitator Onboarding; [MIP41c4-SP7](https://forum.makerdao.com/t/mip41c4-sp7-facilitator-onboarding-smart-contract-core-unit/6833)

*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)*

### Smart Contracts

- Working with 6s for [MIP21 ](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917) Testing. [MIP 22](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930) going into Kovan next week.
- [Smart Contract Core Unit Call](https://www.youtube.com/watch?v=_04sO6evht8) and discussion
- Updated Liquidation 2.0 Timeline: 

![](https://i.imgur.com/6PH8jEw.png)

### Oracles

- No critical items came back from the UNI-LP Audits! 

### Risk

- Writing a report on LINK-A parameters for [Liquidations 2.0](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352).
- Gauntlet finished the report and will publish it on the forum soon.
- Working on UNI-LP’s Debt Ceiling risk evaluations
- Converting risk models to make publicly available

### Real-World Finance

- Centrifuge will use MIP21 for onboarding
- Talked with a lawyer to help with RWA from the legal front
- Looking for an alternative analytics platform to Dune

## Current Events

### Liquidations 2.0

- A [risk has been identified](https://forum.makerdao.com/t/liquidations-2-0-and-oracle-price-drop-faults/7096/1) around Oracle Price Drops, which allows positions to be liquidated and auctions to potentially clear en masse at below the real market value.
- The solution? A special permissionless circuit breaker. It allows anyone to disable liquidations instantaneously any time the next price for collateral is lower by a configurable percentage than the current price.
- Liquidation 2.0 will be released as is, with an additional permissionless circuit breaker and a commitment to making this future upgrade, which "can be safely deployed within a couple of weeks without affecting the core auction code."
- More robust mitigation options may exist and should be implemented according to the Smart Contracts team, but it will take a few months from research to rollout.

### ETH-C Vault is live!

- The latest vault type to service ETH collateral is live! Following in the footsteps of ETH-B, this new ETH-C vault type experiments with a different liquidation ratio of 175% and has the initial stability fee set at 3.5%.
- The community has big plans for this configuration, setting an initial maximum debt ceiling of 2B DAI.
- Plenty of users have already opened ETH-C vaults, and you can track the progress of the vault type over at [MakerBurn.](https://makerburn.com/#/collateral/eth_c)

#### More Information

*Community Calls, Governance Calls, and other public calls can be found on the [MakerDAO Youtube Channel](https://www.youtube.com/c/MakerDAO/videos), catch up on the latest community decisions and tools available to community members.*

## State of the Peg

![Peg](https://i.imgur.com/7NvvwSh.png)

- DAI peg jumping below the past week's average to $1.00164 over the past 24 hours.

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

- Volume at around $405 million this last week for ETH<>DAI pairs. 
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.002
- Sushiswap is starting to dominate a lot of DEX volume.

![TVL](https://i.imgur.com/bZ61SMg.png)

- Total value locked is at 7.5 billion.

![Dai Supply](https://i.imgur.com/Iy8eOHs.png)

![Supply 2](https://i.imgur.com/TmZ6CjG.png)

- Dai Supply is inching closer and closer towards 3 billion. Biggest movers WBTC, more Dai in the PSM, ETH C climbing fast, a large COMP refinancing, and, obviously, UNI on [teaser](https://twitter.com/uniswap/status/1374069664297406467?s=21) trailers and [memes](https://twitter.com/sassal0x/status/1373642150521360392?s=20).
- ETH-A 1.447 billion
  - USDC-A 321 million
  - WBTC 312 million
  - PSM USDC 591 million 
  - ETH B 50 million
  - LINK 39 million
  - YFI 27 million
  - TUSD 26 million
  - PAX 19 million
  - UNI 10 million
  - ZRX 4.7 million
  - GUSD 4.5 million
  - AAVE 3.17 million
  - Uni LPs (except LINK, AAVE, WBTC<>ETH pairs) at 3 million cap
  - BAT 2 million
  - LRC 1.634 million
  - MANA 1.5 million
  - renBTC 1.119 million
  - ETH-C 728 K
- Other vaults below 500K (BAL, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 21,646.

![ETH Vaults average](https://i.imgur.com/WYuWkxp.png)

- ETH vaults collateralization averages at 354%

![Biggest vault](https://i.imgur.com/s9BuR9R.png)

- The largest collateralization bucket, 460%, is tied to the biggest vault in ETH-A with 637K ETH.

![Liquidation walls](https://i.imgur.com/3jKhy9Z.png)

- 30 million Dai liquidation speed bumps start at $1519 ETH.

![ETH-B vaults](https://i.imgur.com/tiRMO8u.png) 

- ETH-B is a little less whale heavy...ish. The two top vaults still overshadow the rest of the positions.

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

- ETH-C has a semi-equal vault distribution; the collateralization lines are the number of vaults.

![COMP refinance](https://i.imgur.com/9KlXNZa.png)

- A COMP whale withdrew, dropping the `ilk` to just 94k. Farms or votes are calling.

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

## Community

### Articles

- [Security with Maker - Quantstamp Blog](https://quantstamp.com/blog/security-with-maker)

### Maker Forum Deep Dai-ve

- [It's here! 97 Initiatives from the MakerDAO Community](https://forum.makerdao.com/t/its-here-97-initiatives-from-the-makerdao-community/7151)
    - Amy presents the [brand new list](https://projects.makerdao.network) of active community initiatives.
- [[Proposal] Petition Letter to A16z](https://forum.makerdao.com/t/proposal-petition-letter-to-a16z/7025)
    - Iammeeoh proposes that the Maker community work together to produce an open letter to A16Z asking for more involvement and help.
- [[Discussion] Core Unit Budget, Incentives and Vesting](https://forum.makerdao.com/t/discussion-core-unit-budget-incentives-and-vesting/7102)
    - Standalone discussion thread to sum up and continue the conversation around Core Unit Budgets, Incentives, and Vesting.

### Tweet of the Week

https://twitter.com/mhonkasalo/status/1371945528112652291

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays 9AM PST | 10AM MST | 12PM EST | 4PM UTC |  6PM CET | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-31)
- This week, learn all about the planned [Optimism DAI Bridge](https://forum.makerdao.com/t/announcing-the-optimism-dai-bridge-with-fast-withdrawals/6938)

#### Community Collateral Onboarding

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

#### 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

#### Core Unit Launch Pod Sessions

- March 24: Session #5: [Content Production Core Unit](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-5-content-production-core-unit-mkt-001/7073)

## 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 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.*
