---
tags: Weekly Relay
---

# Weekly Relay: April 12th - April 18th, 2022


_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/0j1uVXRWj_Weekly_Relay_April_18_2022)
- Show some love to our [Medium account](https://medium.com/@MkrGovComms) :heart:

##  Current Events

### Compound Passes Proposal to Lower MKR Borrow Limit


@monet-supply [submitted a sentiment guage](https://www.comp.xyz/t/reducing-mkr-borrow-cap/2959) on Compound's Forum about reducing the cMKR borrow limit. The sentiment poll passed to reduce the MKR borrow cap to 5,000 MKR and was pushed [on-chain to Compound governance.](https://compound.finance/governance/proposals/97) <details><summary>The on-chain proposal poll passed and officially set the borrowing limit from the current value of 25,000 MKR to 5,000 MKR.</summary><br>


This will help increase our governance security and reduce Compound's MKR and DAI market volatility risk. Compound states that "MKR is not frequently borrowed, and based on historical demand across Aave and Compound, this 5,000 token limit is unlikely to limit typical usage."

The risk of the malicious triggering of an emergency shutdown has become the primary attack vector for Maker governance. The emergency shutdown threshold sits at 100k, which is currently 11% of MKR circulating supply; further increasing the ES threshold is not a solution.

monet-supply identified that reducing the availability of borrowable MKR can, in conjunction, reduce the cost of the attack because the cost of repurchasing burned MKR to close a loan would cost less after an attack were to happen. By reducing the availability of borrowable MKR, Compound reduces the risk of a malicious shutdown, making MKR and DAI a safer collateral assets overall.

Even though this action reduces the reserve growth of cMKR and the utility of Compound's money markets, the Compound community-supported to pushing this ahead. 

</details></br>

##  This Week in Governance

### Maker Improvement Proposals (MIPs)

[Weekly MIPs Update #83](https://forum.makerdao.com/t/weekly-mips-update-83/14673) by @blimpa

> 

- We are in the second week of April Ratification Polls, and 12 polls will run until Monday, April 25.
- RFC and FS Dates for reference and existing proposals can be seen [on this proposal tracker](https://docs.google.com/spreadsheets/d/1OHZa-f4C2Z8PteZBb1Mfiz-MJn5Ky_PM15mM1QLgIRY/).
- Check out the [Practical Guide to Voting](https://manual.makerdao.com/governance/voting-in-makerdao/practical-guide-voting) if you have any questions about the voting process at MakerDAO.
- Proposals eligible to enter the May Governance Cycle cannot be modified after Wednesday, April 27.
- Formal Submission Window for May will be open May 2nd - 4th.

### Executive Vote(s)

The week of April 12 - 18 contained two executive votes:

[Copy Stub For Out-Of-Schedule Executive - April 14, 2022](https://vote.makerdao.com/executive/template-executive-vote-copy-stub-for-out-of-schedule-executive-april-14-2022#proposal-detail)

> An oracle was frozen in an emergency executive 73 to mitigate a potential vulnerability. View this [post](https://forum.makerdao.com/t/14th-april-emergency-executive/14642) for additional information.

[Offload TUSD and DAI Transfers - April 15, 2022](https://vote.makerdao.com/executive/template-executive-vote-offload-tusd-and-dai-transfers-april-15-2022#proposal-detail)

<details><summary>These executive proposals passed and the following changes occured within the Maker Protocol:</summary><br>

#### TUSD Collateral Offloading

As per [this](https://vote.makerdao.com/polling/QmVkRdjg#poll-detail) successful governance poll, TUSD collateral in the Maker Protocol was liquidated under the parameters tabled below. The communication and lead-time requirements for offboarding collateral defined in [MIP62](https://mips.makerdao.com/mips/details/MIP62) have been met.

<details><summary>TUSD Parameters under Liquidation:</summary><br>

| Parameter | Amount |
| :-------: | :----: |
| Liquidations | Enabled |
| Auction Price Function | Linear Decrease (tau: 250 days (estimated 10bps drop per 6 hours = 250 days till 0)) |
| Liquidation Penalty | 0% |
| Liquidation Ratio | 150% |
| Auction Price Multiplier | 1.00 |
| Local Liquidation Limit | 5MM DAI |
| Max Auction Duration | 5 days (implies minimum price of 0.98) |
| Proportional Kick Incentive | 0 DAI |
| Flat Kick Incentive | 0 DAI* |

*The Protocol Engineering Core Unit has reduced the Flat Kick Incentive to zero as detailed [here](https://forum.makerdao.com/t/tusd-offloading-flat-kick-incentive-change/14645).

For further information, please see the proposal forum thread [here](https://forum.makerdao.com/t/proposed-parameters-for-offboarding-tusd-a/13506).

</details></br>

#### Growth Core Unit Budget

As per the ratified [GRO-001 DAI Budget](https://mips.makerdao.com/mips/details/MIP40c3SP37#budget-implementation), **474,683 DAI** was transferred to the [Growth Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP4) [multi-sig wallet](https://gnosis-safe.io/app/eth:0x7800C137A645c07132886539217ce192b9F0528e). This is the second of two lump-sum transfers specified in the budget proposal.

#### Fund Ambassadors Program Pilot

As per [this](https://vote.makerdao.com/polling/QmPpQ49p#poll-detail) successful governance poll, **25,000 DAI** was transferred to the Ambassadors Program [multi-sig wallet](https://gnosis-safe.io/app/eth:0xF411d823a48D18B32e608274Df16a9957fE33E45/balances).

For further information, please see the signal request thread [here](https://forum.makerdao.com/t/signal-request-fund-ambassadors-program-pilot/13199).

#### Replace Gelato Keeper Top-Up Contract DAI Stream

As per [this](https://forum.makerdao.com/t/update-to-the-gelato-keeper-network-top-up-contract/14524) forum post, the [Protocol Engineering Core Unit](https://mips.makerdao.com/mips/details/MIP39c2SP7) have included a replacement for the Gelato Keeper stream in this executive proposal to resolve a bug related to token approvals.

- The existing stream is revoked - previously streamed funds will be used to fund keeper actions as planned.
- **1,000 DAI per day** was streamed to the [new contract](https://etherscan.io/address/0x478c7Ce3e1df09130f8D65a23AD80e05b352af62) for 6 months.

</details>

### Active Governance Polls

<details><summary>There are 13 ratification polls and one poll to whitelist Oasis.app on multiple oracles:</summary><br>

| Poll Name | Discussion |
| :-------: | :--------: |
| [Whitelist Oasis.app on Multiple Oracles (MIP10c9-SP30)](https://vote.makerdao.com/polling/QmZykRSM#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip10c9-sp30-proposal-to-whitelist-oasis-app-on-ethusd-wstethusd-wbtcusd-renbtcusd-yfiusd-uniusd-linkusd-manausd/14379) |
| [Amend MIP64 to allow more flexibility in scope (MIP4c3-SP3)](https://vote.makerdao.com/polling/Qmad6Lo8#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip4c3sp3-amend-mip64-to-allow-more-flexibility-in-scope/14200) |
| [Governance Communications Core Unit, COM-001, Mandate Refresh (MIP39c2-SP30)](https://vote.makerdao.com/polling/QmWCUEaV) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp30-governance-communications-core-unit-com-001-mandate-refresh/13197) |
| [Dissolution of Content Production, MKT-001, Multi-Sig Request (MIP47c3-SP1)](https://vote.makerdao.com/polling/QmXhSC8x) | [Discussion](https://forum.makerdao.com/t/mip47c3-sp1-dissolution-of-content-production-mkt-001-multi-sig-request/13991) |
| [Modify Protocol Engineering Core Unit Budget, PE-001 (MIP40c3-SP68)](https://vote.makerdao.com/polling/QmWphKJY) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp68-modify-protocol-engineering-core-unit-budget-pe-001/13797) |
| [Add Data Insights Core Unit Budget (MIP40c3-SP64)](https://vote.makerdao.com/polling/Qme3VaY4) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp64-add-data-insights-core-unit-budget/13791) |
| [Modify Core Unit Budget, COM-001 (MIP40c3-SP62)](https://vote.makerdao.com/polling/QmWQBUi6) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp62-modify-core-unit-budget-com-001/13724/1) |
| [Modify Core Unit Budget, COM-001 (MIP40c3-SP63)](https://vote.makerdao.com/polling/QmUntLXk) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp63-modify-core-unit-budget-com-001/13654/1) |
| [Adding CES-001 as a Collateral Onboarding Domain Team](https://vote.makerdao.com/polling/QmVAD1ZD) | [Discussion](https://forum.makerdao.com/t/mip4c2-sp-mip7-amendments/13788) |
| [Modify the Collateral Application Form (MIP6c3-SP2)](https://vote.makerdao.com/polling/QmTGxRjL) | [Discussion](https://forum.makerdao.com/t/mip6c3-sp2-modify-the-collateral-application-form/13787) |
| [Adding Events Core Unit (EVENTS-001)](https://vote.makerdao.com/polling/QmSVzGcm) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp32-adding-events-core-unit-events-001/13780) |
| [Methodology and Review Process for Structured Finance Transactions (MIP67)](https://vote.makerdao.com/polling/QmWt5fov) | [Discussion](https://forum.makerdao.com/t/mip67-methodology-and-review-process-for-structured-finance-transactions/13737) |
| [Pairwyse Licensure (MIP66)](https://vote.makerdao.com/polling/QmdbNKMR) | [Discussion](https://forum.makerdao.com/t/mip66-pairwyse-licensure/13554) |
| [Update Data Insights Core Unit Mandate (MIP39c2-SP31)](https://vote.makerdao.com/polling/QmXEvrBB) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp31-update-data-insights-core-unit-mandate/13790) |

</details></br>

*Check out [April 11th's](https://forum.makerdao.com/t/weekly-relay-april-5-11-2022/14590) issue of Weekly Relay for more information on the most recently concluded polls.*

### Community Greenlight Polls

There are two active community greenlight polls for the week of April 12 - April 18, 2022.

| Greenlight Poll | Current Vote Breakdown | Begin Date | End Date |
| :-------------: | :--------------------: | :--------: | :------: |
| [HVBANK (Huntingdon Valley Bank Loan Syndication Collateral)](https://vote.makerdao.com/polling/QmUVKBfr#poll-detail) |  | April 18, 2022 at 16:00 UTC | May 02, 2022 at 16:00 UTC |
| [sETH2 (Stakewise Staked ETH)](https://vote.makerdao.com/polling/QmV7zcMW#vote-breakdown) | | April 18, 2022 at 16:00 UTC | May 02, 2022 at 16:00 UTC |

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

### Active Signal Requests

**[Extend SHCU (SH-001) Budget Until May Governance Cycle](https://forum.makerdao.com/t/signal-request-extend-shcu-sh-001-budget-until-may-governance-cycle/14511)**

@aburban90 has recently revised his MIP40c3: [modify the Strategic Happiness Core Unit Budget](https://forum.makerdao.com/t/mip40c3-sp67-modify-core-unit-budget-strategic-happiness-sh-001/13805). Due to the original budget quarter now being complete, Andrew requests a one-time transfer of 35,000 DAI to cover the time gap between budget cycles. The funds will be used to produce and deliver swag for Amsterdam and other upcoming events until the next Governance Cycle.

**Vote will run until April 21, 2022.**

<details><summary>Here are the current voting results:</summary></br>


</details></br>

**[Onboard D3M for TrueFi](https://forum.makerdao.com/t/signal-request-onboard-d3m-for-truefi/14563)**

TrueFi is signaling to onboard a D3M for a newly created TrueFi 3-month-maturity DAI lending portfolio with an initial debt ceiling of 50-100 million DAI. @RyanRodenbaugh, a member of TrueFi, states that this onboarding is in line with MakerDAO’s ‘[Aggressive Growth Strategy.](https://forum.makerdao.com/t/aggressive-growth-strategy/13958)’

Pros:

- Non-Crypto Lending Opportunities
- Customized Loan Opportunities
- Future Collaborations

Cons:

- Smart contract risk
- Multisig Risk
- Illiquidity Risk
- Compliance Risk

**Vote will run until April 25, 2022.**

<details><summary>Here are the current voting results:</summary></br>


</details></br>

##  Community Deep Dai-ve

### Tweet(s) of the Week

https://twitter.com/centrifuge/status/1516095897372823558

https://twitter.com/MakerDAO/status/1516047397276762113

### Forum Insight

**[New Content Production Core Unit proposed](https://forum.makerdao.com/t/informal-poll-fund-a-professional-media-production-company-as-a-core-unit-that-will-produce-content-for-the-benefit-of-makerdao-e-g-content-marketing-to-grow-dai-supply-and-expand-makerdao-s-fanbase/14641)**

<details><summary>A well-known television production company named Glass Entertainment Group proposes establishing a new production company, the content production core unit “Let’sMakerDAO,” with Nancy Glass as the Core Unit Facilitator.</summary><br>

<https://www.youtube.com/watch?v=pMXHx027er4>

Glass Entertainment Group has over 200 full-time staff across a handful of companies that support all GEG businesses. With the help and education of @maxglass, GEG submitted a post introducing a new Content Production Core Unit called "Let'sMakerDAO," or LMKR for short. [Nancy Glass](https://en.wikipedia.org/wiki/Nancy_Glass) is the facilitator proposed and the founder of GEG.

GEG speaks shortly on their mandate to increase Maker and Dai mass consumption, expand our reachable audience, grow the community, and help promote the MakerDAO name. They will also work with other Core Units to support needs and objectives containing professional audio and video.

There are two stages of commercial content production;

The development stage delivers a production plan based on a given production budget. The production plan will include a creative description and concept overview, an episodic breakdown, a description of the tone, and a style guide (the “look” of the content. E.g., Fonts & colors). Additionally, an audio-visual proof of concept, typically 90 seconds to 2 minutes, may be applied before voting for production.

The production stage is broken down into pre-production, production, and post-production, which can take up to 12 months. For GEG to enter a production stage, the community would have to vote on GEG's production budget and plan after they complete the developmental stage.

These two stages may likely have their signal requests. Instead of shelling out a large chunk of Dai, GEG applies for 3 months of development funding at 124.000 Dai. <details><summary>This will include a content marketing strategy and development team:</summary></br>


</details></br>

If a proposed Signal Request is successful, GEG will create a formal proposal to acquire the necessary budget and onboard as the LMKR Core Unit. GEG will provide show treatments/budgets/sizzles into a content-marketing strategy package using YouTube, podcast platforms, Twitter, Instagram, TikTok, Facebook, and MakerDAO’s website. The Strategy Proposal will focus on getting LMKR content picked up by the DeFi news outlets and mainstream media: network, cable, and print such as CBS, CNN, CNBC, The Wall Street Journal, etc.

GEG acknowledges their inexperience in crypto-related, global economics, and monetary policy production and not being crypto-native.

What comes after this informal poll? If more than 50% of non-abstaining votes favor a 3-month development test, GEG will post a detailed MIP officially requesting funding for their development budget. If less than 50% show support, no further action will be taken by GEG.

<details><summary>Here is the current poll outcome:</summary><br>


</details>

</details></br>

##  Meetings and Events

### Last Week's Call Recordings

- Governance and Risk Ep. 186
- [Forum](https://forum.makerdao.com/t/governance-and-risk-186-thursday-april-14-17-00-utc/14596) | [Video](https://www.youtube.com/watch?v=QH82k0Lkpi0)
- Focus On #9: Dai Foundation Update
- [Forum](https://forum.makerdao.com/t/focus-on-9-dai-foundation-core-unit-update/14349) | [Video (coming soon!)](https://www.youtube.com/c/MakerDAO/videos)

### Upcoming Calls

- Focus On #10: MIP6 vs. TradFi
- [Forum](https://forum.makerdao.com/t/focus-on-10-mip6-vs-tradfi/14628) | [Join Link](https://www.crowdcast.io/c/focus-on-ten)

#### Governance & Risk

- [Join Link](https://zoom.us/j/697074715) | [Agenda](https://forum.makerdao.com/c/governance/gnr/8) - Thursdays at 17:00 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/kwf-qayf-xdq) | Real World Finance - 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