---
tags: Maker Relay
---

# Maker Relay Episode 43


_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

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

### Executive Votes

[Liquidations 2.0 Activations, Oracle Feed Changes](https://vote.makerdao.com/executive/liquidations-2-0-activations-oracle-feed-changes?network=mainnet#proposal-detail)
- ETH-A, ETH-B, ETH-C, WBTC-A vault type will be added to the liquidations 2.0 framework
- DeFi Saver will be onboarded as an Oracle Light Feed
- The pseudonymous individual known as 'Lisko' will be offboarded as an Oracle Dark Feed.

### Governance 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 |
| --------- | ---- | ---------- |
| Decrease the UNIV2DAIUSDC-A Liquidation Ratio | [Vote](https://vote.makerdao.com/polling/QmUH4LT7?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-liquidation-ratio-for-uni-v2-dai-usdc-a-vault-type/7444) |
| Add Multiple Vault Types to the Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmPaumGS?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/remaining-vaults-liquidations-2-0-parameters/7753) |

### 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 know 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

[Approve April 2021 Governance Cycle](https://vote.makerdao.com/executive/approve-april-2021-governance-cycle?network=mainnet#proposal-detail)
- MIP4, MIP9, MIP0 Amendments
- Declaration of Intent: eurDai
- Core Unit Mandate and Budget Approvals
- Content Production
- Growth
- MakerDAO Shop
- Protocol Engineering
- MakerDAO Shop Core Unit has been granted exclusive rights to shop.makerdao.com (until revoked by Governance)

## Updates

### MIPs

Our MIP Editors are busy confirming intentions for formal submission, [lastest update coming soon](https://forum.makerdao.com/tag/mips-update).

#### Formal Submission

Formal Submission for the May Governance Cycle begins today and end on Wednesday May 5th. Check out Thursday's [Governance and Risk Call](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-140-thursday-may-6-17-00-utc/7792) to see what MIPs will be approved for the first stage of polling.

*Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14)*

### Protocol Engineering

- Newly ratified Protocol Engineering Core Unit! Yay! :tada:
- Will start [hosting office hours](https://forum.makerdao.com/t/introducing-protocol-engineering-weekly-office-hours/7806) with Protocol Engineering team on Tuesdays at 15:00 UTC, open to all.
- Looking to get more participation from Keepers, [have some guides out.](https://github.com/makerdao/auction-demo-keeper)

### Oracles

- Getting ready to post Oracle Core Unit Proposal.
- Going to be redeploying all existing UNI-LP Oracles, have been optimized to save gas costs and will be rolled out over the next few weeks.
- New pricing tool `Gopher` is incoming. Gopher constantly pings data sources for all the price feeds available, rather than fetching all pricing data for a particular asset every time it is needed.
- Other tool will be put into production, called `Spire` that enables another P2P solution to back up the Oracle system.

### Real World Finance

- New Silver Vault (RWA-002) has pulled 500,000 DAI.
- Will be meeting to discuss concentration of Florida assets in New Silver portfolio.
- Looking to onboard up to four Centrifuge Assets.
- 6s released new documents, still making process on legal issues
- [April Financial Reporting](https://forum.makerdao.com/t/real-world-finance-core-unit-report-2021-04/7798
) is out, looking good :+1:

### Risk

* Looking to [lower KNC Debt Ceiling to 0](https://forum.makerdao.com/t/signal-request-adjust-knc-a-debt-ceiling/7706), following announcement that the project is moving to a new token.
* Preparing for new set of collateral applications, with Sushi-LP tokens next in line.
* Did some analysis on ETH-B liquidations from last week. Over $16M of ETH was liquidated, netting over 2M DAI in revenue for the protocol with really healthy bids.
* Auctions settled on average 4% below market price across 300+ auctions

## Current Events

### Hello, MKR

[The Maker Foundation has decided to return 84,000 MKR to the DAO](https://blog.makerdao.com/the-maker-foundation-returns-dev-fund-holdings-to-the-dao/) as part of the planned dissolution of the Foundation. It will ultimately be up to governance to decide how the tokens are used, with plenty of discussions already taking place [on the forum](https://forum.makerdao.com/t/maker-foundation-returns-84-000-mkr-to-governance/7803).

### Another Contract Ownership Transfered to the DAO

As of today, May 3 2021, the Foundation has transfered technical ownership of the redeemer contract to Maker Governance. The redeemer contract holds a remaining 19,587 MKR that permits addresses to swap their [old MKR](https://etherscan.io/token/0xc66ea802717bfb9833400264dd12c2bceaa34a6d) for [new MKR.](https://etherscan.io/token/0x9f8f72aa9304c8b593d555f12ef6589cc3a579a2) This redemption process is possible via the makerdao.com/redeem page. Please note that this does not change the current mechanics for users who wish to redeem - that process remains the same and interested parties may visit https://makerdao.com/redeem/.

### :musical_note: Flush with Caaaassh :musical_note:

Quite a few recent financial milestones this week with [Total Value Locked (TVM) surpassing $10B](https://forum.makerdao.com/t/10b-tvl-reached/7697). Not far behind was the protocol surpassing [4B DAI in circulation](https://makerburn.com/#/). You can check out the latest [financial report from April 2021 here](https://forum.makerdao.com/t/real-world-finance-core-unit-report-2021-04/7798).

### Venezuela + DAI :heart:

@Lozadaluis12 brings [the latest update](https://forum.makerdao.com/t/makerdao-venezuela-round-up-february-april-2021/7708) on DAI adoption and outreach in Venezuela. Highlights include new integrations, Peer to Peer networks, and meet-ups.

### Maker Foundation Meetup Grants Program Comes to an End

Today marks the end of the Maker Foundation’s Meetup Grants program. As with the [sunsetting of the Development Grants program](https://blog.makerdao.com/maker-development-grants-program-sunsets/), this announcement comes as the Foundation continues moving toward dissolution. Over the lifespan of the program, events drew approximately 6,000 attendees and granted over $80,000 Dai.

### Tuesday Community Call is Retired

David Utrobin announces the end of this long-standing call, in anticipation of a replacement series soon to be launched by the [Content Production Core Unit](https://mips.makerdao.com/mips/details/60626de7e65b747f996b3d5c) in partnership with Growth CU and others. Community calls have become a natural part of how we function. As we grow, reinventing ourselves and upgrading our offerings to be more tightly scoped and accessible is our duty.

## State of the Peg


- DAI peg more and more stable as the bull run continues. Heavy slippage is only on outlier trades above half a million or more. Which is... yeah that's the numbers were talking about now.


- 4 billion DAI is out swimming in the markets, 5.96 remaining until 10 billion.


- Shout out Makerburn for cool ATH badges, they're popping up everywhere lately.



- Volume at around $687 million this last week. The omikase bar keeps serving up the most volume, 84 million in 24 hours alone on Sushiswap.
- Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.002.


- Compound and Curve have the largest DAI balances.



The rundown speaks for itself:
- ETH-A 2 billion
- WBTC 331 million
- USDC-A 240 million
- PSM USDC 730 million
- ETH-C 184 million
- LINK 99 million
- PAX 96 million
- YFI 64 million
- ETH-B 43 million
- UniV2UsdcEth 35 million
- UniV2DaiEth 30 million
- TUSD 26 million
- UNI 19 million
- ZRX 5 million
- UniV2DaiUsdc 3.8 million
- UniV2UniEth 3.43 million
- UniV2WbtcEth 3.3 million
- AAVE 3 million
- UniV2EthUsdt 3.2 million
- BAT 2.9 million
- renBTC 2.4 million
- LRC 2.1 million
- MANA 2 million
- NS-DROP 510K
- Other vaults below 500K (BAL, GUSD, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 1.4 million.


- The largest bucket, half of outstanding DAI, ETH-A is lead by one vault with 736K ETH at a 490% collateralization.


- ETH-C has jumped recently and the average collateralization sits at 574.22%.
- It's worth mentioning that ETH-B has been growing as well 7 million away from it's ceiling.


- The LINK marines heard that liquidations 2.0 was shipping, so they popped on in. That's.... quite a chart. Worth noting that the top ten vaults have been active positions since Q1 of this year.


- Liquidation Walls start to get steep at 20% drawdown for mostly ETH vaults. Sorry to be debbie downer, but [stay frosty](https://chat.makerdao.com/channel/speculation?msg=xE69eqBbzyfK5FrTT) friends.

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

## Community

### Articles

- [*Yahoo Finance*: MakerDAO April Financial Report: Net Income Crosses $12 Million](https://finance.yahoo.com/news/makerdao-april-financial-report-net-094800167.html)
- [Foundation returns 84k MKR to Governance](https://blog.makerdao.com/the-maker-foundation-returns-dev-fund-holdings-to-the-dao/)

### Podcasts and Interviews

- [MakerDAOwith Nik Kunkel | MikoBits](https://www.youtube.com/watch?v=HNhHnxclATs)
- [Do or DAI w/Rune Christensen | SIGNAL by ConsenSys](https://open.spotify.com/show/3zp1ziapCuikboQykCjfdR)

### Maker Forum Deep Dai-ve

- [[Informal Poll] Zero Knowledge (secret) Voting](https://forum.makerdao.com/t/informal-poll-zero-knowledge-secret-voting/7795)
- [[Discussion] A Self-Underwriting Hedge Against ETH Price Drops](https://forum.makerdao.com/t/discussion-a-self-underwriting-hedge-against-eth-price-drops/7788)
- [[Informal Poll] Should we have a cooldown period before deciding how to spend the Foundation’s MKR tokens?](https://forum.makerdao.com/t/informal-poll-should-we-have-a-cooldown-period-before-deciding-how-to-spend-the-foundations-mkr-tokens/7805)
- [Tracking Core Unit Costs](https://forum.makerdao.com/t/tracking-core-unit-costs/7733)

_[Check out the latest Forum at a Glance](https://forum.makerdao.com/t/forum-at-a-glance-april-23-29/7728)_

### Tweet of the Week

https://twitter.com/teo_leibowitz/status/1387057292584046593

https://twitter.com/mdudas/status/1389057922857058308

## 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-140-thursday-may-6-17-00-utc/7792) | 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 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.

[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.*