---
# System prepended metadata

title: 'Weekly Relay: March 7th, 2022'
tags: [Weekly Relay]

---

---
tags: Weekly Relay
---

# Weekly Relay: March 7th, 2022

![](https://i.imgur.com/Hc1F5gd.png)

_Hi everyone, thanks for checking out the Weekly Relay! Whether you hold MKR or DAI, own a vault, or want to get more involved in governance, this is your one-stop shop for MakerDAO updates._

> The public PDF version is available [here.](https://pdfhost.io/v/UMBTuX95~_Weekly_Relay__March_1_7_2022https://pdfhost.io/v/UMBTuX95~_Weekly_Relay__March_1_7_2022)

🍵 Current Events

🗳️ This Week in Governance

🤿 Community Deep Dai-ve 

📆 Mark your Calendar

⚓ Useful Links

🎙️ Have Feedback?

## 🍵 Current Events

### [What Core Units does the DAO need next?](https://forum.makerdao.com/t/what-core-units-does-the-dao-need-next/13594)

The Sustainable Ecosystem Scaling Core Unit Team published a [post](https://makerdao-ses.notion.site/Core-Unit-Ideas-Comprehensive-List-2ce21712724f44d58b7e6f77888b0085) outlining the redesigned Core Unit Incubation Program. This latest iteration, aimed at improving throughput and effectiveness, begins in Q2.

The team has put together a comprehensive [list](https://makerdao-ses.notion.site/Core-Unit-Ideas-Comprehensive-List-2ce21712724f44d58b7e6f77888b0085) of ideas for new Core Units to be assembled and onboarded:

* Transparency Reporting Support Core Unit
* Software Quality Assurance Core Unit
* Accounting Support Core Unit
* Accounting Support Core Unit
* Red Team Core Unit
* MIPs Review Services Core Unit
* Smart Contracts Auditing Core Unit
* Management Support Core Unit
* DAO Resiliency Auditing Core Unit
* MarComms CU1
* Events Core Unit
* Community Development Core Unit
* Makernaut Support Core Unit
* Developer Relations Core Unit
* End-User Dai Adoption Core Unit
* Integrations Support Core Unit
* Advocacy & Public Policy Core Unit
* Regulatory Advisory Core Unit
* Self Insurance Core Unit
* Legal Network Coordination Core Unit
* Core Unit Incorporation Support
* Legal Review Core Unit
* Special Purpose Core Unit(s)
* Transparency Reporting Support Core Unit

While the full public announcement about the redesigned Incubation Program is still a couple of weeks away, the post gives a preview of a few of the main themes:

[quote="synesthesia, post:1, topic:13594"]

* The tentative timeline we are targeting has the start of the program in the second half of April, with graduations in November, i.e., in the last governance cycle of 2022.
* The program will feature three separate tracks: Outreach, Legal Resiliency, and Transparency & Quality Control - three focused curricula for the facilitator candidate to choose from, critical to the development and sustainable scaling of MakerDAO.
* Contrary to last year’s approach of full coaching teams, this program's season will focus on training the facilitator candidates. Focusing attention on the facilitator candidates aims to increase the number of Core Units added to the DAO over the year while providing the best onboarding experience that empowers the participants to successfully lead their teams.

[/quote]

The list of potential new CUs and the redesigned Incubation Program are not final and are currently under [heavy discussion](https://forum.makerdao.com/t/what-core-units-does-the-dao-need-next/13594).

### Real World Asset Fast-Tracking

In response to ongoing inquiries and feedback by community members and Real World Asset (RWA) originators, GovAlpha [submitted a signal poll](https://forum.makerdao.com/t/signal-request-real-world-asset-fast-tracking/13563) asking whether MakerDAO should "fast track" the current RWA process.

Onboarding RWAs is already a tedious and risky task that requires diligence and patience to execute efficiently and successfully. Since RWAs are also used as collateral, they introduce monetary risk. This risk is carefully analyzed and serviced with the help of several Core Units, who were upset at the idea of even submitting a public poll to support the action to fast-track RWAs. 

March 3rd's [Governance and Risk Call](https://youtu.be/qjg6cG7h_ak?t=2444) discussed several issues concerning this signal request:
- Lack of communication between Core Units
- Lack of patience by the community and RWA originators
- Lack of seriousness to risk mitigation

![](https://i.imgur.com/yjs2abD.png)

The majority of the community voted NO and believe that fast-tracking RWAs is a recipe for disaster. 

- The several responders include Nadia from Growth, who states, "*How can we Fast-Track a process that’s so new for everyone, from a legal and technical perspective?*"
- William from RWF also responds: "*This “fast-track” approach is deeply disturbing. At this stage of the evolution of RWAs, enabling full self-dealing by borrowers in a pure DeFi way without any lender side oversight or due diligence with a wide variety of possible collateral and structure type considerations is not about giving Delegates and MKR token holders an option. It’s about architecting a roadmap for catastrophic borrower behavior with many implications for credit risk at the core of the protocol, i.e., DAI and MKR.*"
- Eumenes, also from RWF, believes that "*It appears that the Borrowers (originators) want to design a less rigorous Loan review process so that they are more likely get a Loan from Maker, and likely at more favorable terms. This would probably increase the risks in RWA asset portfolio significantly.*"

Although this has initiated an impassioned discussion about the subject, it has also publicly clarified that MakerDAO **will not** be fast-tracking RWAs anytime soon.

## 🗳️ This Week in Governance

### Maker Improvement Proposals (MIPs)

[Weekly MIPs Update #77](https://forum.makerdao.com/t/weekly-mips-update-77/13706)

![](https://i.imgur.com/k0MsHrH.png)

The first week of March’s Governance Cycle has just started, and the Formal Submission Window will be open for the next two days (up till Wednesday)!

RFC and FS Dates for reference and existing proposals can be seen on this [proposal tracker (WIP)!](https://docs.google.com/spreadsheets/d/1OHZa-f4C2Z8PteZBb1Mfiz-MJn5Ky_PM15mM1QLgIRY/)

Things to Come!

-   Ratification polls go live on Monday, March 14th, and will run for fourteen days until Monday 28th!
-   The formally submitted proposals will be reviewed on the G&R Call on Thursday, March 10th. So be sure not to miss it!

* * * * *

> -   If you are working on submitting a proposal, [this guide](https://mips.makerdao.com/mips/md-viewer?mdUrl=https:%2F%2Fraw.githubusercontent.com%2Fmakerdao%2Fmips%2Fmaster%2Fmeta%2Fprimer_for_authors%2Fprimer_for_authors.md) might be helpful!
> -   Any questions, feel free to reach out to [@gala](https://forum.makerdao.com/u/gala), [@sebix](https://forum.makerdao.com/u/sebix) or [@blimpa](https://forum.makerdao.com/u/blimpa)! 

Pre-MIP Discussions:

-   [Auction-backed DAI](https://forum.makerdao.com/t/auction-backed-dai/13011/11)
-   [IAM for Surplus Buffer](https://forum.makerdao.com/t/premip-iam-for-surplus-buffer/11584)
-   [[Pre-MIP] Using Gyroscope to cut through Dai's Gordian knot: its USDC dependency](https://forum.makerdao.com/t/pre-mip-using-gyroscope-to-cut-through-dai-s-gordian-knot-its-usdc-dependency/8865)
-   [An RWA style solution to replace the PSM 1](https://forum.makerdao.com/t/an-rwa-style-solution-to-replace-the-psm/8705)

* * * * *

-   [Proposal Ideas on the Forum](https://forum.makerdao.com/c/mips/proposal-ideas/21?order=activity)

### Executive Vote

[Core Unit Budget Distributions, Recognized Delegate Compensation, MOMC Parameter Changes](https://vote.makerdao.com/executive/template-executive-vote-core-unit-budget-distributions-recognized-delegate-compensation-momc-parameter-changes-march-4-2022?network=mainnet#proposal-detail)

This executive proposal passed on March 04, 2022, 22:41 UTC, and was executed on March 06, 2022, 22:42 UTC. The following changes were made to the Maker Protocol:

#### Core Unit Budget Transfers

As per multiple successful budget proposals, a total of 397,184 Dai was transferred to multiple Core Units:

| Core Unit | Dai Amount | Proposal |
| :-------: | :--------: | :------: |
| Collateral Engineering Services | 259,184 | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP57) |
| Immunefi Security | 138,000 | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP58) |

#### Core Unit Budget Streams

As per multiple successful budget proposals, a total of 397,184 Dai was streamed to multiple Core Units:

| Core Unit | Dai Amount | Duration | Proposal |
| :-------: | :--------: | :------: | :------: |
| Collateral Engineering | 2,780,562 | 2022-04-01 until 2023-03-31 | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP57) |
| Risk | 2,760,000 | 2022-03-01 until 2023-02-28 | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP56) |
| Immunefi Security | 207,000 | 2022-03-01 until 2022-12-01 | [Proposal](https://mips.makerdao.com/mips/details/MIP40c3SP58) |

#### Recognized Delegate Compensation - February 2022

As per these successful governance polls ([1](https://vote.makerdao.com/polling/QmPCbBu3?network=mainnet), [2](https://vote.makerdao.com/polling/QmbvuhYH?network=mainnet)) and the ongoing trial of delegate compensation, a total of **57,665 DAI** was distributed to eight Recognized Delegates as itemized below:

| DAI Transferred | Delegate |
| :-------------: | :------: |
| 12,000 DAI | [FlipFlopFlap Delegate LLC](https://vote.makerdao.com/address/0xaf8aa6846539033eaf0c3ca4c9c7373e370e039b) |
| 12,000 DAI | [schuppi](https://vote.makerdao.com/address/0xb21e535fb349e4ef0520318acfe589e174b0126b) |
| 12,000 DAI | [Feedblack Loops LLC](https://vote.makerdao.com/address/0x845b36e1e4f41a361dd711bda8ea239bf191fe95) |
| 8,512 DAI | [MakerMan](https://vote.makerdao.com/address/0x22d5294a23d49294bf11d9db8beda36e104ad9b3) |
| 6,494 DAI | [ACREinvest](https://vote.makerdao.com/address/0x4d3ac33ab1dd7b0f352b8e590fe8b62c4c39ead5) |
| 5,072 DAI | [monetsupply](https://vote.makerdao.com/address/0x45127ec92b58c3a89e89f63553073adcaf2f1f5f) |
| 927 DAI | [JustinCase](https://vote.makerdao.com/address/0xcdb792c14391f7115ba77a7cd27f724fc9ea2091) |
| 660 DAI | [GFX Labs](https://vote.makerdao.com/address/0xf60d7a62c98f65480725255e831de531efe3fe14) |

#### MOMC Parameter Changes

As per this [governance poll](https://vote.makerdao.com/polling/QmPhbQ3B) on the latest MakerDAO Open Market Committee [proposal](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-2022-02-24/13434), the following parameter changes were made in the Maker Protocol:

| Parameter | Vault | Change | Previous | New |
| :-------: | :---: | :----: | :------: | :-: |
| Maximum Debt Ceiling | WSTETH-A | +100M DAI | 200M DAI | 300M DAI |
| Maximum Debt Ceiling | DIRECT-AAVEV2-DAI | +80M DAI | 220M DAI | 300M DAI |
| Target Available Debt | WSTETH-A | +10M DAI | 20M DAI | 30M DAI |
| Target Available Debt | DIRECT-AAVEV2-DAI | +15M DAI | 50M DAI | 65M DAI |
| Target Borrow Rate  | DIRECT-AAVEV2-DAI | -0.65% | 3.5% | 2.85% |

### Active Governance Polls

| Poll Name | Discussion |
| :-------- | :--------: |
| [Offboarding Parameters for TUSD-A](https://vote.makerdao.com/polling/QmVkRdjg?network=mainnet) | [Discussion](https://forum.makerdao.com/t/proposed-parameters-for-offboarding-tusd-a/13506) |
| [Reinstate Surplus Buffer Lerp](https://vote.makerdao.com/polling/QmeAHmS2?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-bring-back-the-mkr-burn-part-ii/13146) |

*Check out [February 28th's](https://forum.makerdao.com/t/weekly-relay-february-22-28-2022/13499) issue of Weekly Relay for more information on the most recently concluded polls.* 

### Community Greenlight Polls

*There is currently no active community greenlight polls.*

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

### Active Signal Requests

**[Real World Asset Fast-Tracking](https://forum.makerdao.com/t/signal-request-real-world-asset-fast-tracking/13563)**

The GovAlpha core unit has posted a signal request aiming to:

1. Clarify Real World Asset (RWA) issuers' options for getting onboarded into Maker.
2. Gather feedback on a "fast-track process" idea to ease friction for existing RWA issuers that have worked with Maker in the past.

There are currently two main ways RWA issuers can propose being onboarded:

1. Work with the Real World Finance Core Unit using the weekly governance cycle.
2. Propose a new MIP.

The GovAlpha team strongly recommends the first option.

Regarding a fast-track process for existing issuers, @LongForWisdom points out that exiting issuers have noted a delay between proposing the onboarding of a new RWA and concrete decision-making about that proposal. The goal of the fast-track process is to minimize this delay.

Pros and cons include:

**Pro**: This shows that Maker can be flexible and sensitive to issues facing RWA issuers/arrangers that wish to work with MakerDAO.
**Pro**: Could allow MakerDAO to onboard RWA faster, leading to more DAI minted and increased revenues.
**Con**: Requires Maker Governance to decide whether proposed collateral is safe and benefits Maker without evaluation from core units.
**Con**: May expose Maker to additional risk due to imperfect legal frameworks.
**Con**: Undermines the mandate of the Real World Finance Core Unit.
**Con**: Bypasses the monthly governance process.

Active discussion is underway. Share your two cents and vote in the poll [here](https://forum.makerdao.com/t/signal-request-real-world-asset-fast-tracking/13563).

**[Promote “MIP4c3-SP1: Amend MIP64 to clarify critical web bounty amount” to on-chain poll](https://forum.makerdao.com/t/signal-request-promote-mip4c3-sp1-amend-mip64-to-clarify-critical-web-bounty-amount-to-on-chain-poll/13649)**

psychonaut submits a very straightforward signal requesting:
At issue: [Amend MIP64 to clarify critical web bounty amount 6](https://forum.makerdao.com/t/mip4c3-sp1-amend-mip64-to-clarify-critical-web-bounty-amount/13439)

Considerations (not Pro or Con):

-   Increase the payout for Critical severity web bugs from 5k-50k to a single amount of 50k.
-   Reduce negotiation around the Critical severity bounty amount.
-   Increase incentive for whitehat hackers to pursue potential Critical severity web bugs.

## 🤿 Community Deep Dai-ve

### Tweet of the Week 😎

https://twitter.com/MakerDAO/status/1498674457929519105

### Forum Insight

**[Ukraine Vault/Loan/”War Bond” Purchase Proposal](https://forum.makerdao.com/t/ukraine-vault-loan-war-bond-purchase-proposal/13529)**

![](https://i.imgur.com/hrE8BhQ.png)

@Allan_Pedersen has submitted an informal poll proposing that Maker lend 1-5M DAI to Ukraine to aid their ongoing war effort. If the community supports the idea, Oasis Pro Markets and Monetalis have pledged to help execute it using real-world collateral.

[quote="Allan_Pedersen, post:1, topic:13529"]
I cannot, exactly, at this hour, tell you what will be the specific means of execution, but I will strive for getting to a situation where, as real-world collateral, we will have a loan obligation from the Nation of Ukraine (preferably a recognized bond) held by a Monetalis-Maker BVI Trust (or similar) structure and then a vault, set up specificall![](https://i.imgur.com/3xH4xup.png)
y for this situation, and an immediate DAI minting (and probable exchange to USD) and payment.
[/quote]

At the close of the informal poll, 61% of the 92 forum users who voted supported the idea—81% of the 63 users voted for an amount selected 5M Dai.

_Also, check out the latest [Forum at a Glance](https://forum.makerdao.com/tag/forum-at-a-glance) post for additional forum insights._

## 📆 Meetings and Events

### Last Week's Call Recordings

- Governance and Risk #180 | [Video](https://www.youtube.com/watch?v=qjg6cG7h_ak)
- Meet Your Delegate #9 ft. Doo Wan Nam & Flipside Crypto | [Video](https://www.youtube.com/watch?v=hNMKg9BNWjU)

### Upcoming Calls

- Meet Your Delegate #10 ft. Hasu | [Join Link](https://www.google.com/url?q=https://us02web.zoom.us/j/86221714672?pwd%3DR3hpWVF1eCt5TEpqa0dRVkRRMnpRQT09&sa=D&source=calendar&ust=1647127056052738&usg=AOvVaw1sK6fehFYe__Y2yzTIADMZ)
- [Forum Link](https://forum.makerdao.com/t/meet-your-delegate-9-hasu-no-longer-postponed/12944) | 2022-03-09T18:00:00Z

#### Governance & Risk

- [Join Link](https://zoom.us/j/697074715) | [Agenda](https://forum.makerdao.com/c/governance/gnr/8) - Thursdays at 16:00 UTC 

#### Core Unit Office Hours

- [Join Link](https://us02web.zoom.us/j/82603350722?pwd=RThleVo5QlBRT1FuOWxiRCs3K0k2Zz09) | GovAlpha Governance Q&As - Mondays 17:00 UTC
- [Join Link](meet.google.com/frj-vpji-huc) | Immunefi Security - Tuesdays 00:00 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/85252786103?pwd=bEZaZXdEcGlSWWd5bmpxMDBvVjdEUT09) | Sustainable Ecosystem Scaling - Tuesdays 15:30 UTC
- [Join Link](https://meet.google.com/sap-nttu-xga) | Growth - Wednesdays 17:00 UTC
- [Join Link](https://meet.google.com/nio-jrqq-guu) | Governance Communications - Fridays 18:00 UTC

## ⚓ Useful Links

[Forum](https://forum.makerdao.com) and [Maker Chat](https://chat.makerdao.com)
Discuss and debate MakerDAO.

[Call Calender](https://calendar.google.com/calendar/u/0?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20) | [Votes & Event Calendar](https://calendar.google.com/calendar/embed?src=bdf4un05hpg0611lg3ieue4t3c%40group.calendar.google.com&ctz=America%2FNew_York)
Subscribe to both 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 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](https://docs.makerdao.com/)
Learn more about the Maker protocol.

###  🎙️ Have Feedback?

We value your input! Take our [survey](https://survey.sogosurvey.com/r/OBV0Y7) to let us know what we might be missing or how to do better.

*Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is for information and communication purposes only.*

##### Credit

@Artem_Gordon
@nothsa









---
tags: State of Dai
---

# State of Dai: March 7th, 2022

![](https://i.imgur.com/QatlPdx.jpg)

*Hi everyone, thanks for checking out the State of Dai. Now separate from the Weekly Relay with the objective to scale and improve all the information you need for your Dai escapades!*

> The public PDF version is available [here.](https://pdfhost.io/v/KBHq3C9BL_State_of_Dai__March_1_7_2022)

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

- Quiet week for DAI trades, balancing out to be fractions of a penny below peg.

![Real volume and spikes](https://i.imgur.com/UIR3Ktd.png)

- A volume spike on march fourth – 69 million– total weekly volume at 1.2 billion. 

![7-Day Dai stats](https://i.imgur.com/jtecLoG.png)

- Tighter spread across the peg, with Max 1.04 and min .96.

![DAI Supply](https://i.imgur.com/P2fi8WM.png)

- Slight bump in supply to 9.8 billion. However, it's the second week in a row below our recent 10 billion DAI milestone.

![Vault changes](https://i.imgur.com/04ltK9d.png)

- Over the week, some redistribution to `ilk`s with a high-risk premia: ETH-C WBTC-B&C, plus some growth in wstETH.
- A reduction in ETH and WBTC-A vaults. 

![Organic growth is on an uptick](https://i.imgur.com/6Lw9JmM.png)

- Slight increase in organic demand, but the looming pain of the past month still dwarfs that growth. 

![Breakdown](https://i.imgur.com/aQNt9qL.png)

- Breaking the redistribution down further by vault type, bar charts help illustrate the reductions in organic WBTC-A and ETH-B demand.

![Borrow/repay](https://i.imgur.com/0Xg2Tfj.png) 

- An uptick on borrows overall, with march five the most active day. Mints at net +159 million.

![Feb retention](https://i.imgur.com/AgXdTga.png)

- Retention of DAI supply is still sticky for February, as Seb pointed out in the [concentraiton analysis.](https://forum.makerdao.com/t/borrowers-concentration-analysis/12014) However, big vaults make up the majority.

[Visit Makerburn](https://makerburn.com/#/rundown) for an up-to-the-minute breakdown. Removing screenshots here since reading from the source is always better.

![One auction settled in 36 mins](https://i.imgur.com/sNonqpL.png)

- One auction settled in 36 mins this last week. 

![Liquidation breakdown per drop](https://i.imgur.com/vFprYE1.png)

 - The liquidation wall is steep at a 24% drop, which after an unpleasant weekend would be... more unpleasant.

![high risk vault types](https://i.imgur.com/i2IayNR.png)

- Of the highest risk vaults, UNIV2 and ETH-C get the most collateral sent to the `hole` in that hypothetical scenario. 

[daistats.com](daistats.com) | [makerburn.com](makerburn.com) | [maker.blockanalitica.com](maker.blockanalitica.com)

###  🎙️ Have Feedback?

We value your input! Take our [survey](https://survey.sogosurvey.com/r/OBV0Y7) to let us know what we might be missing or how to do better.

*Disclaimer: This update is assembled by a group of contributing members in the MakerDAO community. This does not serve as financial advice or an inducement to vote in any specific way. This update is for information and communication purposes only.*

#### Credit

@twblack88