---
# System prepended metadata

title: 'Maker Relay #45'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #45

![](https://imgur.com/1mhbsZ9.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

[Parameter Changes and Oracle Updates](https://vote.makerdao.com/executive/parameter-changes-and-oracle-updates?network=mainnet#proposal-detail)
If this executive proposal passes, the following changes will occur within the Maker Protocol:
- The Stability Fee for KNC-A will be increased from 2.0% to 5.0%
- The Stability Fee for TUSD-A and PAXUSD-A will be increased from 0.0% to 1.0%.
- The Stability Fee for ETH-C will be decreased from 3.5% to 3.0%.
- The Debt Ceiling for KNC-A, PAXUSD-A, and USDC-B will be set to 0.
- The Uniswap LP Token Oracle will be replaced with an upgraded version based on recent audit results.

### Governance Polls

These Governance Polls will close on May 20, 2021, at 16:00 UTC.

| Poll Name | Vote | Discussion | Details | 
| --------- | ---- | ---------- | ------- |
| Add UNIV2DAIUSDT-A to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmUqRPjD?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/uni-lps-liquidations-2-0-parameters/8073) | Liquidations 2.0 |
| Add Volatile-Volatile UNI LPs to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmTkWrzY?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/uni-lps-liquidations-2-0-parameters/8073) | Liquidations |
| Add Stablecoin-Volatile UNI LPs to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmQ3tMWq?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/uni-lps-liquidations-2-0-parameters/8073) | Liquidations |
| MIP Monthly Governance Poll | [Vote](https://vote.makerdao.com/polling/QmYMpcUa?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/weekly-mips-update-35/7962) | [MIP50,](https://forum.makerdao.com/t/mip50-direct-deposit-module/7356) [MIP51,](https://forum.makerdao.com/t/mip51-monthly-governance-cycle/7366) [MIP4c2-SP14,](https://forum.makerdao.com/t/mip4c2-sp14-mip0-amendments/7260) [SES Core Unit Onboarding](https://forum.makerdao.com/t/mip39c2-sp10-adding-sustainable-ecosystem-scaling-core-unit/7368) |

### Community Greenlight Polls

The greenlight polls will close on May 31, 2021, at 16:00 UTC.

| Collateral | MIP9 Poll   | MIP6 Application |
| ---------- | ----------- | ---------------- |
| CEL (Celsius Network Token) | [Vote](https://vote.makerdao.com/polling/QmVBSHHa?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/cel-mip6-collateral-onboarding-application/7759)  |
| PA-DROP (PandaCredit DROP Token) | [Vote](https://vote.makerdao.com/polling/QmYi7vST?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/pa-drop-mip6-application-us-based-supply-chain-finance-for-large-oems/7787)  |
| SLP-SNX-ETH (Sushiswap SNX-ETH LP Token) | [Vote](https://vote.makerdao.com/polling/QmY8JTJz?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-snx-eth-mip6-collateral-onboarding-application/7692)  |
| SLP-UNI-ETH (Sushiswap UNI-ETH LP Token) | [Vote](https://vote.makerdao.com/polling/QmbMK3Jv?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-uni-eth-mip6-collateral-onboarding-application/7686)  |
| SLP-YFI-ETH (Sushiswap YFI-ETH LP Token) | [Vote](https://vote.makerdao.com/polling/QmUT9fNy?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-yfi-eth-mip6-collateral-onboarding-application/7688)  |
| SLP-AAVE-ETH (Sushiswap AAVE-ETH LP Token) | [Vote](https://vote.makerdao.com/polling/QmS4EdTk?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-aave-eth-mip6-collateral-onboarding-application/7689)  |
| SLP-COMP-ETH (Sushiswap COMP-ETH LP Token) | [Vote](https://vote.makerdao.com/polling/QmUsiua9?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-comp-eth-mip6-collateral-onboarding-application/7690)  |
| SLP-ETH-USDT (Sushiswap ETH-USDT LP Token) | [Vote](https://vote.makerdao.com/polling/QmbMJWjF?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-eth-usdt-mip6-collateral-onboarding-application/7685)  |
| SLP-LINK-ETH (Sushiswap LINK-ETH LP Token) | [Vote](https://vote.makerdao.com/polling/QmQGj8Dd?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-link-eth-mip6-collateral-onboarding-application/7684)  |
| SLP-USDC-ETH (Sushiswap USDC-ETH LP Token) | [Vote](https://vote.makerdao.com/polling/QmeS4EM6?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-usdc-eth-mip6-collateral-onboarding-application/7681)  |
| SLP-WBTC-ETH (Sushiswap WBTC-ETH LP Token) | [Vote](https://vote.makerdao.com/polling/QmaN6BAH?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-wbtc-eth-mip6-collateral-onboarding-application/7683)  |
| SLP-SUSHI-ETH (Sushiswap SUSHI-ETH LP Token) | [Vote](https://vote.makerdao.com/polling/Qma3sRGF?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-sushi-eth-mip6-collateral-onboarding-application/7691)  |

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

### Active Signal Requests

No active signal requests at the time of publishing.

### Last Week

[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)
**Passed** on May 13, 2021, 01:41 UTC.
**Executed** on May 17, 2021, 14:03 UTC.
- UNI-A, ZRX-A, AAVE-A, BAT-A, RENBTC-A, LRC-A, MANA-A, COMP-A, KNC-A, BAL-A vault types have been added to the Liquidations 2.0 framework
- The UNIV2DAIUSDC-A Liquidation Ratio has decreased from 110% to 105%
- 40,000 DAI has been distributed to Real World Finance (RWA-001).
- 100,500 DAI has been distributed to Risk (RISK-001).
- 80,000 DAI has been distributed to GovAlpha (GOV-001).
- 126,117 DAI has been distributed to Growth (GRO-001).
- 44,375 DAI has been distributed to Content Production (MKT-001).

## Updates

### MIPs

Check out the freshly posted weekly [MIPS Update #36](https://forum.makerdao.com/t/mips-update-36/8125).

#### New Submission Highlight

[MIP54: DssVest](https://forum.makerdao.com/t/mip-54-dssvest/8025)
*DssVest is a technical MIP for a module that automates token vesting once the vesting plan has been approved by Governance.*

### Protocol Engineering

- [Posted the postmortem for the End.cage bug](https://forum.makerdao.com/t/end-flow-overflow-bug-postmortem/8027) in the forum
- [Posted DssVest](https://forum.makerdao.com/t/mip-54-dssvest/8025/2)
- Updated Backstop Keeper for all the standard collateral types
- Vote Delegate Review ongoing to bring up to date and enable Vote Delegation
  
### Oracles

- Posted the MIP Subproposals for Oracles Core Unit :tada: 
    - [Mandate](https://forum.makerdao.com/t/mip39c2-sp12-adding-oracles-core-unit/8048)
    - [Budget](https://forum.makerdao.com/t/mip40c3-sp15-modify-oracles-core-unit-budget/8047)
    - [Facilitator Application](https://forum.makerdao.com/t/mip41c4-sp13-facilitator-onboarding-oracles-core-unit/8046)
- The foundation is currently paying for the Oracle Costs; DAO should be paying for this expense, so look for a cost breakdown coming to the forum in the next couple of weeks.
- Will be seeking feedback about monitoring of DAO Oracle expenses

### Real-World Finance

- Risk Assessments in the Forum - [Fortunafi](https://forum.makerdao.com/t/fft1-drop-collateral-onboarding-risk-evaluation/8036) | [Harbor Trade Credit](https://forum.makerdao.com/t/htc-drop-collateral-onboarding-risk-evaluation/8001)
- [New Budget for Real-World Asset CU](https://forum.makerdao.com/t/mip40c3-sp12-modify-core-unit-budget-rwf-001/7985)

### Risk

- Final review posted for [UNI-LP Liquidation 2.0 Parameters](https://forum.makerdao.com/t/uni-lps-liquidations-2-0-parameters/8073)
- Finalizing Sushi-LP Liquidation 2.0 Parameters
- Updating Core Unit budget proposal, including tools like [Blockanalitica](https://maker.blockanalitica.com/collaterals/ETH-A/)
- Good to see [WBTC liquidations](https://liquidations.makerdao.com/?network=mainnet) going smoothly
- Check out [Maker Collateral Risk Model Simulations](https://simulation.blockanalitica.com/)

### Growth Core Unit

- [Weekly Update ](https://forum.makerdao.com/t/growth-cu-weekly-update-may-7-13/8061)
- Welcome back Mariano!!!:tada::tada::tada:
  - Joining Growth Core Unit as a DeFi advisor

### Content Production

- [Bi-weekly Update ](https://forum.makerdao.com/t/content-production-bi-weekly-update-april-29-may-12-2021/8062)
- Content Team [Transparency Dashboard](https://www.notion.so/Content-Production-Core-Unit-b428b35984b7423893f5402618fae798)

### Operational Support

- [Weekly Update ](https://forum.makerdao.com/t/operational-support-weekly-update-may-7-13-2021/8059)
- Lots of Core Unit Launch Pod Calls Coming up!
- Pre-MIP discussion: [An (Alternative) MKR Compensation Plan](https://forum.makerdao.com/t/pre-mip-discussion-an-alternative-mkr-compensation-plan/8000)

## Current Events

### Competing Vesting Plans Hit the Forum

The Maker Community now has two vesting proposals out for public comment, with [MIP53](https://forum.makerdao.com/t/mip53-the-mkr-compensation-guidelines/8012) and its' [Pre-MIP discussion](https://forum.makerdao.com/t/pre-mip-discussion-the-mkr-compensation-guidelines/7960) stemming from the MKR Compensation Working Group's efforts and a [seperate Pre-MIP](https://forum.makerdao.com/t/pre-mip-discussion-an-alternative-mkr-compensation-plan/8000) discussion put forward by the SES Core Unit. Both groups suggest that their recommendations be used as guidelines for Core Units that wish to adopt them, rather than mandates for the whole DAO.

### Exit Polling for MIP49

Following the failed vote on [MIP49](https://forum.makerdao.com/t/mip49-staking-rewards/6331), @prose11 has put up some [exit polling questions](https://forum.makerdao.com/t/exit-polling-mip49-staking-rewards-informal-poll/8054) to see if the proposal might move forward if amended. Swing by and leave your thoughts if you haven't already.

### Speaker Series: St. Louis Fed Senior VP

@PaperImperium hits the ground running, securing a BIG name for the first iteration of the new [Speaker Series](https://forum.makerdao.com/t/speaker-series-1-st-louis-federal-reserve-senior-vp-june-29-3-00-utc/8080). Join us on June 29, 2021, at 15:00 UTC to hear David Andolfatto's thoughts on Central Banks and DeFi.

### SourceCred Update

[The latest update on SourceCred](https://forum.makerdao.com/t/sourcecred-distribution-for-week-ending-may-9th-2021-tithe-change/8094) on the Maker Instance is a juicy one. Updates had been delayed due to an issue with Maker's tithe to SourceCred. Things are back on track, and as a result of switching the tithe to manual distribution temporarily, opted-in users will be getting a bit more DAI from SourceCred :dollar: . 

### Liquidations 2.0 Front-End Launched

Last Monday, the [Liquidations 2.0 Portal launched](https://forum.makerdao.com/t/introducing-the-liquidations-2-0-portal/7956). Providing easy participation access in collateral auctions to all interested parties. 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/)

### State of the Peg

![Peg is trading very tight](https://i.imgur.com/0OFPp6P.png)

- DAI peg steady even in the midst of a wild drawdown across crypto assets. The flight to stables continues.

![Dai Supply](https://i.imgur.com/tZUDc3M.png)

- And here we are waiting, with almost 5 billion in outstanding Dai.

![Dai slippage low as heck](https://i.imgur.com/cq1SE58.png) 

- On-chain slippage for DAI has become rock solid since the slope doesn't even start climbing until almost two billion. 

![](https://i.imgur.com/irlP0Iu.png)

- The five leading markets for DAI include Sushi, Binance, Uniswap v2, Coinbase, and DyDx. Yes, Binance has two substantial DAI pairs for Tether and ETH.

![](https://i.imgur.com/aYaMMF9.png) 

- Average trading volume in Curve has been 97 million a day for DAI over the past month.

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

- The top DAI balances are in Compound, Curve, Sushi, and Cream.finance. 

![](https://i.imgur.com/iA4B043.png)

![](https://i.imgur.com/Aphez72.png) 

So close to 5 billion 😋
- ETH-A 2.6 billion
  - PSM USDC 799 million 
  - WBTC 424 million
  - ETH-C 270 million
  - USDC-A 240 million
  - LINK 110 million
  - PAX 88 million
  - YFI 65 million
  - ETH-B 43 million
  - UniV2DaiEth 29 Million
  - TUSD 26 million
  - UNI 21 million
  - UniV2UniEth 12 million
  - UniV2UsdcEth 12 million
  - UniV2WbtcEth 11 million
  - UniV2EthUsdt 6 million
  - ZRX 5 million
  - AAVE 4.7 million
  - UniV2DaiUsdc 3.4 milion
  - BAT 3.2 million
  - MANA 3 million
  - renBTC 2.7 million
  - LRC 1.6 million
  - BAL 550K
  - NS-DROP 510K
- Other vaults below 500K (GUSD, KNC, USDT, UniV2LINKETH, UniV2AAVEETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 1.3 million.
 
![](https://i.imgur.com/tmXuWFB.png)

- ETH vaults overall collateralization ratio at 334%.

![](https://i.imgur.com/20R5Awz.png)

- Liquidation walls for all assets get steep just before 15%.
    
![](https://i.imgur.com/rK9jHZa.png)

- Collateral breakdowns [on blockanalytica](https://maker.blockanalitica.com/collaterals/ETH-C/) are awesome. Shout out to the team for making each collateral type more robust. 
- ETH-C has some interesting data around weighted debt collateral ratio (423%) and median debt ($32,924).

![](https://i.imgur.com/kUm9Ffq.png)

- Comparing the same information to ETH-A, the top 10 vault's share of the debt pool is less, and the median debt is smaller.

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

- Top ten vaults in WBTC are more diverse than other large-cap Vault types.

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

## Community

### Articles

- [*CryptoSlate*: Ethereum poster child MakerDAO’s annual revenue breaks above $200 million](https://cryptoslate.com/ethereum-poster-child-makerdaos-annual-revenue-breaks-above-200-million/)
- [*Coinspeaker*: What Is MakerDAO’s DAI Stablecoin?](https://www.coinspeaker.com/guides/what-is-makerdaos-dai-stablecoin/)

### Maker Forum Deep Dai-ve

- [Good Faith Discussions and the DAO](https://forum.makerdao.com/t/good-faith-discussions-and-the-dao/8031)
- [[Informal Poll] Does MakerDAO want a mascot?](https://forum.makerdao.com/t/informal-poll-does-makerdao-want-a-mascot/8083)
- [A Series of Questions About Strategy](https://forum.makerdao.com/t/a-series-of-questions-about-strategy/7487)
- [[Discussion] MakerDAO subsidies to political parties](https://forum.makerdao.com/t/discussion-makerdao-subsidies-to-political-parties/8097)

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

### Tweet of the Week

https://twitter.com/mhonkasalo/status/1394345024150724611

## 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 Tools

- [Session #9: GovAlpha Core Unit](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-9-govalpha-core-unit/8124) | [Join Link](https://us02web.zoom.us/j/82942773725?pwd=eWxBUXRZWHJsUEZ1QUF4U082SHYwUT09)

#### Core Unit Office Hours

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

## 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 information and communication purposes only.*
