---
# System prepended metadata

title: Maker Relay 36
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay 36

![](https://i.imgur.com/DPgvH4W.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

_Check our [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 Vote

[Stability Fee Changes, Onboarding ETH-C](https://vote.makerdao.com/executive/stability-fee-changes-onboarding-eth-c?network=mainnet#proposal-detail)
- ETH-C vault type will be added using ETH (Ether) as collateral
	- Stability Fee: 3.5%
	- Liquidation Ratio: 175%
	- Maximum Debt Ceiling: 2 billion DAI
- *Changes in Stability Fees:*

| Vault Type | Current Stability Fee | Proposed Change |
| ------ | --- | --- |
| 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% |

#### More Information

- [Discussion](https://forum.makerdao.com/t/rates-changes-proposal-2-mar-2021/6812)
- [ETH-C Proposal](https://forum.makerdao.com/t/signal-request-new-vault-type-for-eth-with-a-higher-lr/6069)
- [ETH-C Risk Evaluation](https://forum.makerdao.com/t/eth-c-risk-parameters/6684)

### 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 | Type | Supplemental Info |
| --------- | ---- | ---------- | ------ | -------- |
| Optimism DAI Bridge | [Vote](https://vote.makerdao.com/polling/QmWWRWkY?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/announcing-the-optimism-dai-bridge-with-fast-withdrawals/6938) | Collaboration |  Optimism DAI Bridge will be developed to be deployed alongside the launch of Optimism |
| MIPs Monthly Governance Poll | [Vote](https://vote.makerdao.com/polling/QmS2rykD?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/weekly-mips-update-29/7000) | MIPs | [MIP34,](https://forum.makerdao.com/t/mip34-keg-streaming-payments-module/6013) [MIP38,](https://forum.makerdao.com/t/mip38-dao-primitives-state/6095) [MIP39,](https://forum.makerdao.com/t/mip39-core-unit-framework/6096) [MIP40,](https://forum.makerdao.com/t/mip40-budget-framework/6097) [MIP41,](https://forum.makerdao.com/t/mip41-facilitator-framework/6098) [MIP43,](https://forum.makerdao.com/t/mip43-term-lending-module-tlm/6153) [MIP45,](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352) [MIP46,](https://forum.makerdao.com/t/mip46-parameter-proposal-groups/6341) [MIP47,](https://forum.makerdao.com/t/mip47-makerdao-multisignature-wallet-management/6338) [MIP48](https://forum.makerdao.com/t/mip48-streaming-payments-via-the-keg/6340) |
| Increase the Max Debt Ceiling (DC) for ETH-A | [Vote](https://vote.makerdao.com/polling/QmQrPyC3?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-eth-a-dc-iam-line-2021-05/6688) | Parameter Adjustments | 2.5B DAI (no change), 10 B DAI (+7.5B), 15 B DAI (+12.5B) |
| Increase the Max DC for WBTC-A | [Vote](https://vote.makerdao.com/polling/QmQGirCV?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-wbtc-a-dc-iam-line/6807) | Parameter Adjustments | 350 MM DAI (no change), 500 MM DAI (+150 MM), 750 MM DAI (+400 MM) |
| Increase `dust` parameter for Most Vault Types | [Vote](https://vote.makerdao.com/polling/QmSuFZx5?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-2/6704) | Parameter Adjustments | PSM-USDC-A and ETH-B are excluded |

### 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)  |

### Active Signal Requests

[Adjust COMP-A DC-IAM-line](https://forum.makerdao.com/t/signal-request-adjust-comp-a-dc-iam-line/6992)
*signal for changing the `line` of COMP-A, we still have ~2MM of headroom left*

[Adjust ZRX-A DC-IAM-line](https://forum.makerdao.com/t/signal-request-adjust-zrx-a-dc-iam-line/6993)
*signal for changing the `line` of ZRX-A, we have a headroom of <200k left*

[Adjust the Surplus Buffer (March/April 2021)](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer-march-april-2021/6979)
*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) according to the Risk Team*

### Last Week

[Parameter Updates and Onboarding RWA-001](https://vote.makerdao.com/executive/parameter-updates-and-onboarding-rwa-001?network=mainnet#proposal-detail)
**Passed** on Mar 7, 2021, 10:11 UTC
**Executed** on Mar 9, 2021, 14:00 UTC
- Target Available Debt (`gap`) has increased from 30 million DAI to 80 million DAI for the ETH-A vault type
- RWA001-A vault type has been added using RWA001 (6s Capital) as collateral with preliminary, non-final parameters for testing purposes.
- ETH-B vault type.
- Minimum Bid Increment (`beg`) parameter has increased from 3% to 5% for the Vault Types that use Liquidity Tokens as collateral. 

## Updates

### MIPs

For the latest news on MIPs, check out the [Weekly MIPS Update #29](https://forum.makerdao.com/t/weekly-mips-update-29/7000).
 
 #### Submission Highlight
 
Governance Communications Core Unit, COM-001
- Mandate; [MIP39c2-SP8](https://forum.makerdao.com/t/mip39c2-sp8-governance-communications-core-unit-com-001/7009)
- Budget; [MIP40c2-SP8](https://forum.makerdao.com/t/mip40c2-sp8-modify-core-unit-budget-com-001/7010) 
- Facilitator Onboarding; [MIP41c4-SP8](https://forum.makerdao.com/t/mip41c4-sp8-facilitator-onboarding-com-001/7011)

*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

- [Optimism L2 DAI Bridge Announcement](https://forum.makerdao.com/t/announcing-the-optimism-dai-bridge-with-fast-withdrawals/6938) from Sam! :tada:
    - Code is open-sourced and can be found [here.](https://github.com/BellwoodStudios/optimism-dai-bridge)
- Deploying [ETH-C Vault](https://forum.makerdao.com/t/eth-c-risk-parameters/6684) to Kovan.
- [MIP 45](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352) Liquidations 2.0 prepping to go into Kovan this week.
    - Still waiting for the Trail of Bits audit.
    - Got feedback from the other auditors, ongoing engagement with Gauntlet working on parameters.
- [MIP 21 ](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917) deployed to Mainnet!
- [MIP 22](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930) discusion with Centrifuge around implementation.
- Working on security strategy and formal verification that the team will be releasing soon.

### Risk

- Working on Liquidations 2.0 parameters, starting with LINK, will be sharing a report this week.

### Oracles

- Pushing patched version of Scuttlebutt with larger state-size capabilities into production.
- Working with ABDK for the final report in the LP Oracle Audits.

## Current Events

### Core Unit Launch Pod Sessions

This is a big week for the Core unit Launch Pod Series, with two groups presenting their Core Unit applications. Join us Wednesday at 18:00 UTC for the [Smart Contracts Team](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-3-smart-contracts-core-unit/6946) and Friday at 17:00 UTC for the [Real-World Finance Team](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-4-real-world-finance-core-unit-rwf-001/6970). Core Units will have their applying facilitators present to give a brief presentation and respond to audience questions. 

*Catch up on the latest Core Unit news in the [Core Unit Corner](https://coreunit.makerdao.network/).*

### The MakerDAO Community Art Contest

Artists are [given a chance to win Dai and have some featured artwork at MakerDAO](https://community-development.makerdao.com/en/contribute/contest) by creating a visual artwork based on one of the original [MakerDAO Core Principles.](https://community-development.makerdao.com/en/learn/MakerDAO/core-principles/). 

## State of the Peg

![Peg](https://i.imgur.com/ssmIhM0.png)

- DAI peg floating at just above 1.002 for most of the week. No spikes either, which is welcome news. 

![Dai Supply](https://i.imgur.com/arvypp1.png)

![Dai supply 2](https://i.imgur.com/ahcA8MT.png)
- Shout out to @etheroll for the updates on Makerburn.
- 2.7 billion Dai in the wild. 7.38 billion TVL (total-value-locked) in the protocol.
- ETH A 1.451 billion
  - USDC A 331 million
  - WBTC 293 million
  - PSM USDC 449 million 
  - ETH B 50 million
  - LINK 39 million
  - YFI 26 million
  - TUSD 26 million
  - PAX 19 million
  - COMP 9 million
  - UNI 9.2 million
  - ZRX 4.7 million
  - GUSD 4.5 million
  - AAVE 3.5 million
  - Uni LPs except UNIV2ETHUNI at 3 million cap
  - BAT 2 million
  - LRC 1.634 million
  - MANA 1.037 million
  - renBTC 993K
- Other vaults below 500K (BAL, Univ2LINKETH, Univ2ETHUSDT, Univ2AAveETH, Univ2WBTCETH, USDC-B, USDT) totaling 398K.

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

- We have a slight feeds error with dai.stablecoin.science, so our regularly scheduled volume & VWAP programming is on a break this week.
- The top four exchanges – Sushiswap, Uniswap, Coinbase, and Binance – account for $149 million in volume over the last 24hrs.

![Dai in the farms](https://i.imgur.com/tU3fDuQ.png)

- DAI out in the heartland is mostly on Compound, Sushi, and Curve.

![What backs my dai](https://i.imgur.com/mm1fCWx.png)

- ETH is the most dominant part of the portfolio, 52.9%, vaults within have average weighted collateralization of 356%

![](https://i.imgur.com/R5qHufY.png)

- Largest ETH vaults collateralization is at 200% and 410%, with the biggest vault at 470%.

![Liquidation walls](https://i.imgur.com/7wpgMTv.png)

- Liquidation speed bumps at $1535 ETH.
    
![WBTC top vaults](https://i.imgur.com/J5IKQie.png)

- WBTC has three big vaults that are well collateralized.

![WBTC Bands](https://i.imgur.com/7bJZrip.png)

- You can see them dominating the buckets for collateralization ratios.

![UNI vaults](https://i.imgur.com/znYDgfS.png)

- UNI, aside from the top two vaults, has a healthy distribution and collateralization.

![UNI collateralization bands](https://i.imgur.com/I0C6g7p.png)

- You can see that in the collateralization bands too.

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

## Community

### Articles

- [*CoinTelegraph*: ‘Game changer’ for Maker and Ethereum with Optimism Dai bridge announced](https://cointelegraph.com/news/game-changer-for-maker-and-ethereum-with-optimism-dai-bridge-announced)
    - *CoinTelegraph highlights @hexonaut's Optimism DAI Bridge to be deployed upon Optimism's launch.*

### Maker Forum Deep Dai-ve

- [Governance at a Glance: Mar. 5 - Mar. 11, 2021](https://forum.makerdao.com/t/governance-at-a-glance-mar-5-mar-11-2021/6977)
- [[Discussion] NFT Vaults](https://forum.makerdao.com/t/discussion-nft-vaults/6980)
    - *@Aaron_Bartsch points to [Beeple’s 5000-day NFT sale for $69 Million ](https://www.theblockcrypto.com/linked/98047/christies-beeple-auction-ends-digital-art) and asks how Maker could serve NFT vaults.*
- [1, 2, 3, Blindspots check! Core Units we need?](https://forum.makerdao.com/t/1-2-3-blindspots-check-core-units-we-need/6972)
    - *@juanjuan asks for a conversation to ensure we are not leaving behind key assets in the Core Unit transition.*

### Tweet of the Week

https://twitter.com/bantg/status/1370821397308641288

## Meetings and Events

### MakerDAO Open Calls

#### Core Unit Tools

- March 16, 16:00 UTC: [Core Unit Tools #03: AccountAble for MakerDAO Teams](https://forum.makerdao.com/t/core-unit-tools-03-accountable-for-makerdao-teams-march-16-16-00-utc/7035)

#### Core Unit Launch Pod Sessions

- March 17, 18:00 UTC [Session #3: Smart Contracts Core Unit](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-3-smart-contracts-core-unit/6946)
- March 19, 17:00 UTC [Session #4: Real-world Finance Core Unit, RWF-001](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-4-real-world-finance-core-unit-rwf-001/6970) 

#### 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/t/agenda-discussion-scientific-governance-and-risk-133-thursday-march-18-17-00-utc/6982) | [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 Events

- Mar 9: [Maker Hanami Event](https://defi.connpass.com/event/206706/)
- Mar 12: [PwC DeFi Series n5 - Oracles](https://www.linkedin.com/feed/update/urn:li:activity:6773569554074497024/)

## 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.*