---
tags: Maker Relay
---
# Maker Relay 42
_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
[**MIPs Bundle**](https://vote.makerdao.com/executive/approve-april-2021-governance-cycle?network=mainnet#proposal-detail)
If passed, the following MIPs and Subproposals will be officially accepted:
* Amendment Proposals
* [MIP4c2-SP7: MIP4 Amendments](https://forum.makerdao.com/t/mip4c2-sp7-mip4-amendments/6508)
* [MIP4c2-SP8: MIP 9 Amendments](https://forum.makerdao.com/t/mip4c2-sp8-mip-9-amendments/6793)
* [MIP4c2-SP13: MIP0 Amendments](https://forum.makerdao.com/t/mip4c2-sp13-mip0-amendments/6758)
* Declaration of Intent Proposal
* [MIP13c3-SP10: Declaration of Intent - eurDai](https://forum.makerdao.com/t/mip13c3-sp10-declaration-of-intent-eurdai/6766/17)
* Content Production Core Unit Onboarding Set
* [MIP39c2-SP5: Content Production Core Unit, MKT-001](https://forum.makerdao.com/t/mip39c2-sp5-content-production-core-unit-mkt-001/6823)
* [MIP40c3-SP5: Core Unit Budget - MKT-001](https://forum.makerdao.com/t/mip40c3-sp5-core-unit-budget-mkt-001/6824)
* [MIP41c4-SP5: Facilitator Onboarding, MKT-001](https://forum.makerdao.com/t/mip41c4-sp5-facilitator-onboarding-mkt-001/6825)
* Growth Core Unit Onboarding Set
* [MIP39c2-SP4: Growth Core Unit, GRO-001](https://forum.makerdao.com/t/mip39c2-sp4-growth-core-unit-gro-001/6715)
* [MIP40c3-SP4: Core Unit Budget, GRO-001](https://forum.makerdao.com/t/mip40c3-sp4-core-unit-budget-gro-001/6716)
* [MIP41c4-SP4: Facilitator Onboarding, GRO-001](https://forum.makerdao.com/t/mip41c4-sp4-facilitator-onboarding-gro-001/6717)
* Protocol Engineering Core Unit Onboarding Set
* [MIP39c2-SP7: Adding Protocol Engineering Core Unit](https://forum.makerdao.com/t/mip39c2-sp7-adding-protocol-engineering-core-unit/6831)
* [MIP40c3-SP7: Modify Protocol Engineering Core Unit Budget](https://forum.makerdao.com/t/mip40c3-sp7-modify-protocol-engineering-core-unit-budget/6832)
* [MIP41c4-SP7: Facilitator Onboarding, Protocol Engineering Core Unit](https://forum.makerdao.com/t/mip41c4-sp7-facilitator-onboarding-protocol-engineering-core-unit/6833)
* Swag Shop Core Unit Onboarding Set
* [MIP39c2-SP6: MakerDAO Shop Core Unit, MDS-001](https://forum.makerdao.com/t/mip39c2-sp6-makerdao-shop-core-unit-mds-001/6827)
* [MIP40c3-SP6: MakerDAO Shop Budget, MDS-001](https://forum.makerdao.com/t/mip40c3-sp6-makerdao-shop-budget-mds-001/6829)
* [MIP41c4-SP6: MakerDAO Shop Facilitator Onboarding, MDS-001](https://forum.makerdao.com/t/mip41c4-sp6-makerdao-shop-facilitator-onboarding-mds-001/6828)
### Governance Polls
#### Liquidations 2.0 Polls
| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| Add ETH-C to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmYU7BMP?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/eth-and-wbtc-vaults-liquidations-2-0-parameters/7628) |
| Add WBTC-A to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmT63Z5v?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/eth-and-wbtc-vaults-liquidations-2-0-parameters/7628) |
| Add ETH-A to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/Qme8CTGu?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/eth-and-wbtc-vaults-liquidations-2-0-parameters/7628) |
| Add ETH-B to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmTBfsaB?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/eth-and-wbtc-vaults-liquidations-2-0-parameters/7628) |
#### Community Greenlight Polls
The greenlight polls will close on May 3 at 16:00 UTC.
| Collateral | MIP9 Poll | MIP6 Application |
| ---------- | ----------- | ---------------- |
| MCO2 (Moss Carbon Credit) | [Vote](https://vote.makerdao.com/polling/QmbZunJq?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/mco2-moss-carbon-credit-mip6-collateral-onboarding-application/7323) |
| rETH (Rocket Pool Staked ETH) | [Vote](https://vote.makerdao.com/polling/QmV4YgXs?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/reth-mip6-collateral-application/6881) |
| 1INCH (1inch Liquidity Protocol) | [Vote](https://vote.makerdao.com/polling/QmVcvnGc?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/1inch-collateral-onboarding-application/6960) |
| bBadger (Badger Sett Badger) | [Vote](https://vote.makerdao.com/polling/QmcUakB4?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/bbadger-mip6-collateral-onboarding-application/7112) |
| SLP-DAI-USDC (Sushiswap DAI-USDC LP Token) | [Vote](https://vote.makerdao.com/polling/QmZpXu3K?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-dai-usdc-mip6-collateral-onboarding-application/7062) |
| UNI-V2-DAI-PAX (Uniswap V2 DAI-PAX LP Token) | [Vote](https://vote.makerdao.com/polling/QmcMSMeJ?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-dai-pax-mip6-collateral-onboarding-application/7060) |
| UNI-V2-GUSD-DAI (Uniswap V2 GUSD-DAI LP Token) | [Vote](https://vote.makerdao.com/polling/QmXWGE8y?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-gusd-dai-mip6-collateral-onboarding-application/7059) |
_Check out an 'at-a-glance view of the current Vault types and their parameters on [MakerBurn](https://makerburn.com/#/rundown)_
### Active Signal Request Forum Polls
[Adjust Liquidation Ratio for UNI-V2-DAI-USDC-A Vault Type](https://forum.makerdao.com/t/signal-request-adjust-liquidation-ratio-for-uni-v2-dai-usdc-a-vault-type/7444/1)
*This poll will run until Monday, April 26. If most forum voters (excluding abstain voters) support changing the UNI-V2-DAI-USDC liquidation ratio, I’ll follow up with an on-chain governance poll for the selected parameter update.*
### Last Week's Executive Vote
[System Surplus Buffer Increase and Burn, Parameter Changes, YFI-A Addition to Liquidations 2.0](https://vote.makerdao.com/executive/system-surplus-buffer-increase-and-burn-parameter-changes-yfi-a-addition-to-liquidations-2-0?network=mainnet#proposal-detail)
**Passed** on Apr 26, 2021, 22:06 UTC 👀
- The System Surplus Buffer will be increased from 30MM to 60MM over a period of 99 days, targeting 25% of incoming revenue used to burn MKR.
- Target 25% of the stability fee revenues to be used in Surplus Auctions to burn MKR. This will be achieved by increasing the System Surplus Buffer over 99 days starting on April 30th using a linear interpolation smart contract (lerp), instead of directly setting it to the target value of 60 million DAI. The 25% target assumes constant fees and no additional revenue over the time period. It should not be viewed as a guarantee of a specific percentage of revenue burn.
- YFI-A will be added to the Liquidations 2.0 framework.
- Multiple changes to stability fees and debt ceilings will be made to [various vault types](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-7-april-2021/7358)
[Liquidations 2.0 Contracts, Increase Emergency Shutdown Threshold](https://vote.makerdao.com/executive/liquidations-2-0-contracts-increase-emergency-shutdown-threshold?network=mainnet#proposal-detail)
**Passed** on Apr 22, 2021, 01:32 UTC | **Executed** on Apr 26, 2021, 14:02 UTC
- Add contract "MCD_DOG" - The liquidation module contract, a full upgrade to the previous `cat` contract for liquidations.
- Replace contract "MCD_END" - Contract for executing a shutdown of the protocol.
- Replace contract "MCD_ESM" - Emergency Shutdown Module contract that enables burning MKR to shut the protocol down.
- Replace contract "ILK_REGISTRY" - Contract defining the different vault types within the protocol.
- Add contract "CLIPPER_MOM" - Contract that enables a "circuit breaker" for Liquidations 2.0 if the price of collateral drops too severely.
- Add contract "MCD_CLIP_LINK_A" - Contract containing the LINK-A auction module.
- Add contract "MCD_CLIP_CALC_LINK_A" - Contract that contains the Auction Price Function for LINK-A.
- Remove contract "MCD_FLIP_LINK_A" - The previous contract setting the LINK-A liquidation parameters.
## Updates
### MIPs
For the latest news on MIPs, check out last week's [MIPs Update #34](https://forum.makerdao.com/t/weekly-mips-update-34/7668).
#### New Submission Highlight
[MIP50: Direct Deposit Module](https://forum.makerdao.com/t/mip50-direct-deposit-module/7356)
- @hexonaut proposes the Direct Deposit Module that interfaces with third-party lending protocols to enforce a maximum variable borrow rate for selected assets. Currently looking to integrate with aDAI on Aave.
*Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14)*
### Protocol Engineering
* [Liquidations 2.0 is live!](https://vote.makerdao.com/executive/liquidations-2-0-contracts-increase-emergency-shutdown-threshold?network=mainnet#proposal-detail)
* [Spells for Kovan](https://github.com/makerdao/spells-kovan/)
* [Spells for Mainnet ](https://github.com/makerdao/spells-mainnet/)
* Executive included two big fixes for bugs found in the End Module (process for implementing an Emergency Shutdown)
### Oracles
* Still working with [DeFi Saver to get their Light Feed](https://forum.makerdao.com/t/mip10c14-sp7-proposal-appoint-defi-saver-as-a-light-feed/7207) up and running
* Reaching out to more candidates to be a part of the Oracle Feed Process, following a [dark feed that retired](https://forum.makerdao.com/t/dark-oracle-removal-request/7555).
* Testing Sushiswap LP token prices with the current Uniswap Oracles
* Got audit back from ABDK
### Risk
* [Posted about auction duration parameters](https://forum.makerdao.com/t/liquidations-2-0-auction-duration-tradeoffs/7565).
### Real-World Assets
* RWA has officially minted it’s first DAI!
* [Coin Desk article](https://www.coindesk.com/maker-price-makerdao-real-world-assets-defi)
* [Centrifuge governance forum post](https://gov.centrifuge.io/t/we-just-got-a-5mm-credit-line-from-makerdao-ama/1970)
## Current Events
### ESM+End Module Upgrades and Disclosures
*The Executive Vote containing the upgrade passed!* Feel free to peruse @kurt_barry's [thread](https://forum.makerdao.com/t/esm-end-module-upgrades-and-disclosures/7569) explaining the details behind the recent ESM + END Module upgrades. Additional reading:
- [Road to DeFi Safety](https://forum.makerdao.com/t/protocol-engineering-the-road-to-defi-safety/7567)
- [Deck](https://docs.google.com/document/d/1N0RD4c5iv8GbzGPqraP_W5BjTYXpVvtMNLpvWconVXI/edit)
### Liquidations 2.0 is Live!
Liquidations 2.0 is live, with several upcoming votes to implement them onto specific vaults. As the system is entirely new, Risk will be recommending vault types slowly and will likely recommend tweaking the parameters over time. [Share your thoughts](https://forum.makerdao.com/t/liquidations-2-0-auction-duration-tradoffs/7565) about the `Expected Auction Duration`, currently at 40 minutes.
### Surplus Increasing
Maker Governance [continues to support expanding the surplus buffer](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer-march-april-2021/6979/1), with a raise to 60 million in the pipeline. After several months of explosive Dai growth, and not much Surplus Buffer growth in parallel, MKR voters are making moves.
## State of the Peg
- Highest the peg averaged over the weekend was 1.003.
- VWAP (Volume-Weighted-Average-Price) places Dai at $1.002
- Volume hit around $1.1 billion this last week, with sushiswap continuing to nom-nom on volume. Though DAI mostly ends up back on Compound or Curve.
- You can see the DAI parking lots in these top contract balances.
- 10 billion TVL!
- Maker dominance has returned to DeFi pulse.
- 3.6 billion Dai in circulation with interesting changes in PAX, LINK, and COMP.
- ETH-A 1.9 billion
- WBTC 334 million
- USDC-A 240 million
- PSM USDC 591 million
- ETH-C 149 million
- PAX 81 million
- YFI 70 million
- LINK 70 million
- ETH-B 50 million
- UniV2DaiEth 28 million
- TUSD 26 million
- UniV2UsdcEth 22 million
- UNI 18 million
- UniV2DaiUSDC 3.9 million
- UniV2EthUsdtm, V2UniEth, V2WbtcEth, all at 3 million cap.
- BAT 2.9 million
- AAVE 2.7 million
- LRC 2.1 million
- MANA 2 million
- renBTC 1.9 million
- COMP 1.1 million
- Other vaults below 500K (BAL, GUSD, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 1.374 million.
- ETH-C continues to grow with just barely 774K at the lowest collateralization bucket of 230%.
- Despite a dominant large vault, the rest of the outstanding debt is pretty diverse.
- The largest vault in LINK is also the largest collateralization bucket.
- Diving deeper on LINK, it's actually **TWO** big :whale:s at top. The second-largest vault has riskier collateralization and more recent activity.
- The largest COMP vault ***both*** added 57% more collateral and took out a significant DAI balance. Now it's sitting at 270%
- PAXUSD second largest vault took larger growth leaps, especially over the weekend.
- Global Liquidation Walls are looking a lot less risky; that being said, liquidations start to get intense at 21%.
https://daistats.com | http://dai.descipher.io | https://makerburn.com
## Community
### Articles
- [Coindesk: Maker Price Passes $4K for the First Time, as MakerDAO Brings Real Estate to DeFi](https://www.coindesk.com/maker-price-makerdao-real-world-assets-defi?amp=1)
### Maker Forum Deep Dai-ve
- [Real-World Assets - Strategy for 2021](https://forum.makerdao.com/t/real-world-assets-strategy-for-2021/7570)
- [ESM+End Module Upgrades and Disclosures](https://forum.makerdao.com/t/esm-end-module-upgrades-and-disclosures/7569/1)
- [Liquidations 2.0 Auction Duration Tradeoffs](https://forum.makerdao.com/t/liquidations-2-0-auction-duration-tradeoffs/7565/5)
- [Protocol Engineering & The Road to DeFi Safety](https://forum.makerdao.com/t/protocol-engineering-the-road-to-defi-safety/7567/3)
- [Intentional Organization: What can we do to communicate better in the DAO?](https://forum.makerdao.com/t/intentional-organization-what-can-we-do-to-communicate-better-in-the-dao/7588)
_[Check out the latest Forum at a Glance](https://forum.makerdao.com/t/forum-at-a-glance-april-16-22/7609)_
### Tweet of the Week
https://twitter.com/hagaetc/status/1385967683833929729
## Meetings and Events
### MakerDAO Open Calls
#### Community Call
- [Let's Talk about B.Protocol](https://forum.makerdao.com/t/community-call-lets-talk-about-b-protocol-apr-27-16-00-utc/7664) | Tuesday, April 27th at 16:00 UTC!
#### Community Collateral Onboarding
- [[MCO2] - Moss Carbon Credit](https://forum.makerdao.com/t/collateral-onboarding-call-31-mco2-token-wednesday-april-28-16-00-utc/7615) | Wednesday, April 28 at 16:00 UTC!
#### Governance & Risk
- [Agenda](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-139-thursday-april-29-17-00-utc/7618) | Thursdays at 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 informative and for communications purposes only.*)
_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
[**MIPs Bundle**](https://vote.makerdao.com/executive/approve-april-2021-governance-cycle?network=mainnet#proposal-detail)
If passed, the following MIPs and Subproposals will be officially accepted:
* Amendment Proposals
* [MIP4c2-SP7: MIP4 Amendments](https://forum.makerdao.com/t/mip4c2-sp7-mip4-amendments/6508)
* [MIP4c2-SP8: MIP 9 Amendments](https://forum.makerdao.com/t/mip4c2-sp8-mip-9-amendments/6793)
* [MIP4c2-SP13: MIP0 Amendments](https://forum.makerdao.com/t/mip4c2-sp13-mip0-amendments/6758)
* Declaration of Intent Proposal
* [MIP13c3-SP10: Declaration of Intent - eurDai](https://forum.makerdao.com/t/mip13c3-sp10-declaration-of-intent-eurdai/6766/17)
* Content Production Core Unit Onboarding Set
* [MIP39c2-SP5: Content Production Core Unit, MKT-001](https://forum.makerdao.com/t/mip39c2-sp5-content-production-core-unit-mkt-001/6823)
* [MIP40c3-SP5: Core Unit Budget - MKT-001](https://forum.makerdao.com/t/mip40c3-sp5-core-unit-budget-mkt-001/6824)
* [MIP41c4-SP5: Facilitator Onboarding, MKT-001](https://forum.makerdao.com/t/mip41c4-sp5-facilitator-onboarding-mkt-001/6825)
* Growth Core Unit Onboarding Set
* [MIP39c2-SP4: Growth Core Unit, GRO-001](https://forum.makerdao.com/t/mip39c2-sp4-growth-core-unit-gro-001/6715)
* [MIP40c3-SP4: Core Unit Budget, GRO-001](https://forum.makerdao.com/t/mip40c3-sp4-core-unit-budget-gro-001/6716)
* [MIP41c4-SP4: Facilitator Onboarding, GRO-001](https://forum.makerdao.com/t/mip41c4-sp4-facilitator-onboarding-gro-001/6717)
* Protocol Engineering Core Unit Onboarding Set
* [MIP39c2-SP7: Adding Protocol Engineering Core Unit](https://forum.makerdao.com/t/mip39c2-sp7-adding-protocol-engineering-core-unit/6831)
* [MIP40c3-SP7: Modify Protocol Engineering Core Unit Budget](https://forum.makerdao.com/t/mip40c3-sp7-modify-protocol-engineering-core-unit-budget/6832)
* [MIP41c4-SP7: Facilitator Onboarding, Protocol Engineering Core Unit](https://forum.makerdao.com/t/mip41c4-sp7-facilitator-onboarding-protocol-engineering-core-unit/6833)
* Swag Shop Core Unit Onboarding Set
* [MIP39c2-SP6: MakerDAO Shop Core Unit, MDS-001](https://forum.makerdao.com/t/mip39c2-sp6-makerdao-shop-core-unit-mds-001/6827)
* [MIP40c3-SP6: MakerDAO Shop Budget, MDS-001](https://forum.makerdao.com/t/mip40c3-sp6-makerdao-shop-budget-mds-001/6829)
* [MIP41c4-SP6: MakerDAO Shop Facilitator Onboarding, MDS-001](https://forum.makerdao.com/t/mip41c4-sp6-makerdao-shop-facilitator-onboarding-mds-001/6828)
### Governance Polls
#### Liquidations 2.0 Polls
| Poll Name | Vote | Discussion |
| --------- | ---- | ---------- |
| Add ETH-C to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmYU7BMP?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/eth-and-wbtc-vaults-liquidations-2-0-parameters/7628) |
| Add WBTC-A to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmT63Z5v?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/eth-and-wbtc-vaults-liquidations-2-0-parameters/7628) |
| Add ETH-A to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/Qme8CTGu?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/eth-and-wbtc-vaults-liquidations-2-0-parameters/7628) |
| Add ETH-B to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmTBfsaB?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/eth-and-wbtc-vaults-liquidations-2-0-parameters/7628) |
#### Community Greenlight Polls
The greenlight polls will close on May 3 at 16:00 UTC.
| Collateral | MIP9 Poll | MIP6 Application |
| ---------- | ----------- | ---------------- |
| MCO2 (Moss Carbon Credit) | [Vote](https://vote.makerdao.com/polling/QmbZunJq?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/mco2-moss-carbon-credit-mip6-collateral-onboarding-application/7323) |
| rETH (Rocket Pool Staked ETH) | [Vote](https://vote.makerdao.com/polling/QmV4YgXs?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/reth-mip6-collateral-application/6881) |
| 1INCH (1inch Liquidity Protocol) | [Vote](https://vote.makerdao.com/polling/QmVcvnGc?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/1inch-collateral-onboarding-application/6960) |
| bBadger (Badger Sett Badger) | [Vote](https://vote.makerdao.com/polling/QmcUakB4?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/bbadger-mip6-collateral-onboarding-application/7112) |
| SLP-DAI-USDC (Sushiswap DAI-USDC LP Token) | [Vote](https://vote.makerdao.com/polling/QmZpXu3K?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/slp-dai-usdc-mip6-collateral-onboarding-application/7062) |
| UNI-V2-DAI-PAX (Uniswap V2 DAI-PAX LP Token) | [Vote](https://vote.makerdao.com/polling/QmcMSMeJ?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-dai-pax-mip6-collateral-onboarding-application/7060) |
| UNI-V2-GUSD-DAI (Uniswap V2 GUSD-DAI LP Token) | [Vote](https://vote.makerdao.com/polling/QmXWGE8y?network=mainnet#poll-detail) | [Application](https://forum.makerdao.com/t/uni-v2-gusd-dai-mip6-collateral-onboarding-application/7059) |
_Check out an 'at-a-glance view of the current Vault types and their parameters on [MakerBurn](https://makerburn.com/#/rundown)_
### Active Signal Request Forum Polls
[Adjust Liquidation Ratio for UNI-V2-DAI-USDC-A Vault Type](https://forum.makerdao.com/t/signal-request-adjust-liquidation-ratio-for-uni-v2-dai-usdc-a-vault-type/7444/1)
*This poll will run until Monday, April 26. If most forum voters (excluding abstain voters) support changing the UNI-V2-DAI-USDC liquidation ratio, I’ll follow up with an on-chain governance poll for the selected parameter update.*
### Last Week's Executive Vote
[System Surplus Buffer Increase and Burn, Parameter Changes, YFI-A Addition to Liquidations 2.0](https://vote.makerdao.com/executive/system-surplus-buffer-increase-and-burn-parameter-changes-yfi-a-addition-to-liquidations-2-0?network=mainnet#proposal-detail)
**Passed** on Apr 26, 2021, 22:06 UTC 👀
- The System Surplus Buffer will be increased from 30MM to 60MM over a period of 99 days, targeting 25% of incoming revenue used to burn MKR.
- Target 25% of the stability fee revenues to be used in Surplus Auctions to burn MKR. This will be achieved by increasing the System Surplus Buffer over 99 days starting on April 30th using a linear interpolation smart contract (lerp), instead of directly setting it to the target value of 60 million DAI. The 25% target assumes constant fees and no additional revenue over the time period. It should not be viewed as a guarantee of a specific percentage of revenue burn.
- YFI-A will be added to the Liquidations 2.0 framework.
- Multiple changes to stability fees and debt ceilings will be made to [various vault types](https://forum.makerdao.com/t/parameter-changes-proposal-ppg-omc-001-7-april-2021/7358)
[Liquidations 2.0 Contracts, Increase Emergency Shutdown Threshold](https://vote.makerdao.com/executive/liquidations-2-0-contracts-increase-emergency-shutdown-threshold?network=mainnet#proposal-detail)
**Passed** on Apr 22, 2021, 01:32 UTC | **Executed** on Apr 26, 2021, 14:02 UTC
- Add contract "MCD_DOG" - The liquidation module contract, a full upgrade to the previous `cat` contract for liquidations.
- Replace contract "MCD_END" - Contract for executing a shutdown of the protocol.
- Replace contract "MCD_ESM" - Emergency Shutdown Module contract that enables burning MKR to shut the protocol down.
- Replace contract "ILK_REGISTRY" - Contract defining the different vault types within the protocol.
- Add contract "CLIPPER_MOM" - Contract that enables a "circuit breaker" for Liquidations 2.0 if the price of collateral drops too severely.
- Add contract "MCD_CLIP_LINK_A" - Contract containing the LINK-A auction module.
- Add contract "MCD_CLIP_CALC_LINK_A" - Contract that contains the Auction Price Function for LINK-A.
- Remove contract "MCD_FLIP_LINK_A" - The previous contract setting the LINK-A liquidation parameters.
## Updates
### MIPs
For the latest news on MIPs, check out last week's [MIPs Update #34](https://forum.makerdao.com/t/weekly-mips-update-34/7668).
#### New Submission Highlight
[MIP50: Direct Deposit Module](https://forum.makerdao.com/t/mip50-direct-deposit-module/7356)
- @hexonaut proposes the Direct Deposit Module that interfaces with third-party lending protocols to enforce a maximum variable borrow rate for selected assets. Currently looking to integrate with aDAI on Aave.
*Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14)*
### Protocol Engineering
* [Liquidations 2.0 is live!](https://vote.makerdao.com/executive/liquidations-2-0-contracts-increase-emergency-shutdown-threshold?network=mainnet#proposal-detail)
* [Spells for Kovan](https://github.com/makerdao/spells-kovan/)
* [Spells for Mainnet ](https://github.com/makerdao/spells-mainnet/)
* Executive included two big fixes for bugs found in the End Module (process for implementing an Emergency Shutdown)
### Oracles
* Still working with [DeFi Saver to get their Light Feed](https://forum.makerdao.com/t/mip10c14-sp7-proposal-appoint-defi-saver-as-a-light-feed/7207) up and running
* Reaching out to more candidates to be a part of the Oracle Feed Process, following a [dark feed that retired](https://forum.makerdao.com/t/dark-oracle-removal-request/7555).
* Testing Sushiswap LP token prices with the current Uniswap Oracles
* Got audit back from ABDK
### Risk
* [Posted about auction duration parameters](https://forum.makerdao.com/t/liquidations-2-0-auction-duration-tradeoffs/7565).
### Real-World Assets
* RWA has officially minted it’s first DAI!
* [Coin Desk article](https://www.coindesk.com/maker-price-makerdao-real-world-assets-defi)
* [Centrifuge governance forum post](https://gov.centrifuge.io/t/we-just-got-a-5mm-credit-line-from-makerdao-ama/1970)
## Current Events
### ESM+End Module Upgrades and Disclosures
*The Executive Vote containing the upgrade passed!* Feel free to peruse @kurt_barry's [thread](https://forum.makerdao.com/t/esm-end-module-upgrades-and-disclosures/7569) explaining the details behind the recent ESM + END Module upgrades. Additional reading:
- [Road to DeFi Safety](https://forum.makerdao.com/t/protocol-engineering-the-road-to-defi-safety/7567)
- [Deck](https://docs.google.com/document/d/1N0RD4c5iv8GbzGPqraP_W5BjTYXpVvtMNLpvWconVXI/edit)
### Liquidations 2.0 is Live!
Liquidations 2.0 is live, with several upcoming votes to implement them onto specific vaults. As the system is entirely new, Risk will be recommending vault types slowly and will likely recommend tweaking the parameters over time. [Share your thoughts](https://forum.makerdao.com/t/liquidations-2-0-auction-duration-tradoffs/7565) about the `Expected Auction Duration`, currently at 40 minutes.
### Surplus Increasing
Maker Governance [continues to support expanding the surplus buffer](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer-march-april-2021/6979/1), with a raise to 60 million in the pipeline. After several months of explosive Dai growth, and not much Surplus Buffer growth in parallel, MKR voters are making moves.
## State of the Peg
- Highest the peg averaged over the weekend was 1.003.
- VWAP (Volume-Weighted-Average-Price) places Dai at $1.002
- Volume hit around $1.1 billion this last week, with sushiswap continuing to nom-nom on volume. Though DAI mostly ends up back on Compound or Curve.
- You can see the DAI parking lots in these top contract balances.
- 10 billion TVL!
- Maker dominance has returned to DeFi pulse.
- 3.6 billion Dai in circulation with interesting changes in PAX, LINK, and COMP.
- ETH-A 1.9 billion
- WBTC 334 million
- USDC-A 240 million
- PSM USDC 591 million
- ETH-C 149 million
- PAX 81 million
- YFI 70 million
- LINK 70 million
- ETH-B 50 million
- UniV2DaiEth 28 million
- TUSD 26 million
- UniV2UsdcEth 22 million
- UNI 18 million
- UniV2DaiUSDC 3.9 million
- UniV2EthUsdtm, V2UniEth, V2WbtcEth, all at 3 million cap.
- BAT 2.9 million
- AAVE 2.7 million
- LRC 2.1 million
- MANA 2 million
- renBTC 1.9 million
- COMP 1.1 million
- Other vaults below 500K (BAL, GUSD, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 1.374 million.
- ETH-C continues to grow with just barely 774K at the lowest collateralization bucket of 230%.
- Despite a dominant large vault, the rest of the outstanding debt is pretty diverse.
- The largest vault in LINK is also the largest collateralization bucket.
- Diving deeper on LINK, it's actually **TWO** big :whale:s at top. The second-largest vault has riskier collateralization and more recent activity.
- The largest COMP vault ***both*** added 57% more collateral and took out a significant DAI balance. Now it's sitting at 270%
- PAXUSD second largest vault took larger growth leaps, especially over the weekend.
- Global Liquidation Walls are looking a lot less risky; that being said, liquidations start to get intense at 21%.
https://daistats.com | http://dai.descipher.io | https://makerburn.com
## Community
### Articles
- [Coindesk: Maker Price Passes $4K for the First Time, as MakerDAO Brings Real Estate to DeFi](https://www.coindesk.com/maker-price-makerdao-real-world-assets-defi?amp=1)
### Maker Forum Deep Dai-ve
- [Real-World Assets - Strategy for 2021](https://forum.makerdao.com/t/real-world-assets-strategy-for-2021/7570)
- [ESM+End Module Upgrades and Disclosures](https://forum.makerdao.com/t/esm-end-module-upgrades-and-disclosures/7569/1)
- [Liquidations 2.0 Auction Duration Tradeoffs](https://forum.makerdao.com/t/liquidations-2-0-auction-duration-tradeoffs/7565/5)
- [Protocol Engineering & The Road to DeFi Safety](https://forum.makerdao.com/t/protocol-engineering-the-road-to-defi-safety/7567/3)
- [Intentional Organization: What can we do to communicate better in the DAO?](https://forum.makerdao.com/t/intentional-organization-what-can-we-do-to-communicate-better-in-the-dao/7588)
_[Check out the latest Forum at a Glance](https://forum.makerdao.com/t/forum-at-a-glance-april-16-22/7609)_
### Tweet of the Week
https://twitter.com/hagaetc/status/1385967683833929729
## Meetings and Events
### MakerDAO Open Calls
#### Community Call
- [Let's Talk about B.Protocol](https://forum.makerdao.com/t/community-call-lets-talk-about-b-protocol-apr-27-16-00-utc/7664) | Tuesday, April 27th at 16:00 UTC!
#### Community Collateral Onboarding
- [[MCO2] - Moss Carbon Credit](https://forum.makerdao.com/t/collateral-onboarding-call-31-mco2-token-wednesday-april-28-16-00-utc/7615) | Wednesday, April 28 at 16:00 UTC!
#### Governance & Risk
- [Agenda](https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-139-thursday-april-29-17-00-utc/7618) | Thursdays at 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 informative and for communications purposes only.*
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