--- tags: Maker Relay --- # Maker Relay 35 ![](https://imgur.com/uDwDgC9.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. This week in Maker news, we have Core Units and MIPs at the forefront. ## 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. ### Weekly Governance Cycle *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 | Detail | | --------- | ---- | ---------- | ---------- | | Rates Proposal | [Vote](https://vote.makerdao.com/polling/QmWakAdq?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/rates-changes-proposal-2-mar-2021/6812) | Changing Stability Fees for Uniswap LP tokens, MANA-A, and RENBTC-A | ### MIP Inclusion Polls *The inclusion polls will close on March 11, 2021, at 16:00 UTC* | Title | Includes | Vote | Discussion | | ---------- | ----------- | ------- | ---------------- | | MIP43: Term Lending Module (TLM) | This MIP proposes an integration with Yield Protocol. | [Vote](https://vote.makerdao.com/polling/QmTeCt5Q?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip43-term-lending-module-tlm/6153) | | MIP45: Liquidation System Redesign | Would resolve some inefficiencies in the current liquidation system by replacing the current auction system (where bids start low) with a new Dutch-style auction system, where auction prices generally start high and drop over time. | [Vote](https://vote.makerdao.com/polling/QmQDoMAN?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352) | | MIP46: Parameter Proposal Groups | Proposes the formalization of Parameter Proposal Groups. | [Vote](https://vote.makerdao.com/polling/QmNnhoP4?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip46-parameter-proposal-groups/6341) | | MIP47: MakerDAO Multisignature Wallet Management | Defines the requirements for creating a Multisignature wallet that is owned by Maker Governance and utilized by community members. | [Vote](https://vote.makerdao.com/polling/QmRgHDAf?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip47-makerdao-multisignature-wallet-management/6338) | | The `Keg` MIP Set | [MIP34: Keg Streaming Payments Module,](https://forum.makerdao.com/t/mip34-keg-streaming-payments-module/6013) [MIP48: Streaming Payments via the `Keg`](https://forum.makerdao.com/t/mip48-streaming-payments-via-the-keg/6340) | [Vote](https://vote.makerdao.com/polling/QmPCpB7a?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip48-streaming-payments-via-the-keg/6340/2) | | Core Unit MIP Set | [MIP38: DAO Primitives State,](https://forum.makerdao.com/t/mip38-dao-primitives-state/6095) [MIP39: Core Unit Framework,](https://forum.makerdao.com/t/mip39-core-unit-framework/6096) [MIP40: Budget Framework,](https://forum.makerdao.com/t/mip40-budget-framework/6097) [MIP41: Facilitator Framework,](https://forum.makerdao.com/t/mip41-facilitator-framework/6098) [MIP4c2-SP10: MIP0 Amendments,](https://forum.makerdao.com/t/mip4c2-sp10-mip0-amendments/6099) [MIP4c2-SP12: MIP16 Amendments](https://forum.makerdao.com/t/mip4c2-sp12-mip16-amendments/6101) | [Vote](https://vote.makerdao.com/polling/QmZp2ZEE?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/weekly-mips-update-28/6791) | | Risk Core Unit MIP Set | [MIP39c2-SP2: Risk Core Unit,](https://forum.makerdao.com/t/mip39c2-sp2-adding-risk-core-unit/6342) [MIP40c2-SP2: Budget,](https://forum.makerdao.com/t/mip40c2-sp2-add-core-unit-budget-risk-core-unit/6343) [MIP41c4-SP2: Facilitator Onboarding](https://forum.makerdao.com/t/mip41c4-sp2-risk-core-unit-facilitator-onboarding/6344) | [Vote](https://vote.makerdao.com/polling/QmcuhN3e?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp2-adding-risk-core-unit/6342/2) | | Governance Core Unit MIP Set | [MIP39c2-SP3: Governance Core Unit,](https://forum.makerdao.com/t/mip39c2-sp3-governance-core-unit-gov-001/6348) [MIP40c2-SP3: Budget,](https://forum.makerdao.com/t/mip40c2-sp3-core-unit-budget-gov-001/6349) [MIP41c4-SP3: Facilitator Onboarding](https://forum.makerdao.com/t/mip41c4-sp3-core-unit-facilitator-onboarding/6350) | [Vote](https://vote.makerdao.com/polling/QmYwiCHC?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp3-governance-core-unit-gov-001/6348/2) | | Real-World Finance Core Unit MIP Set | [MIP39c2-SP1: Core Unit,](https://forum.makerdao.com/t/mip39c2-sp1-adding-core-unit-real-world-finance/6224) [MIP40c2-SP1: Budget,](https://forum.makerdao.com/t/mip40c2-sp1-modify-core-unit-budget-real-world-finance/6225) [MIP41c4-SP1: Facilitator Onboarding](https://forum.makerdao.com/t/mip41c4-sp1-facilitator-onboarding-real-world-finance/6226) | [Vote](https://vote.makerdao.com/polling/QmY9h8FK?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip39c2-sp1-adding-core-unit-real-world-finance/6224/2) | _Check out an 'at-a-glance' view of the current Vault types and their parameters on [MakerBurn](https://makerburn.com/#/rundown)_ ### Last Week [Parameter Updates and Onboarding RWA-001](https://vote.makerdao.com/executive/parameter-updates-and-onboarding-rwa-001?network=mainnet#proposal-detail) **Passed** Mar 7, 2021, 10:11 UTC. **Available for execution** on Mar 9, 2021, 10:11 UTC. - ETH-A Target Available Debt (`gap`) will increase from 30 million DAI to 80 million DAI. - Bid Duration (`ttl`) parameter will decrease from 6 hours to 4 hours for all vault types where liquidations are enabled. - Max Auction Duration (`tau`) parameter will decrease from 6 hours to 4 hours for all vault types where liquidations are enabled. - `box` parameter will increase from 15 million DAI to 20 million DAI. - Minimum Bid Increment (`beg`) parameter will increase from 3% to 5% for the ETH-B vault type. - Minimum Bid Increment (`beg`) parameter will increase from 3% to 5% for the UniswapV2 Liquidity Pool vault types. - RWA001-A vault type will be added using RWA001 (6s Capital) as collateral with preliminary, non-final parameters for testing purposes. [Increase PSM-USDC-A Debt Ceiling](https://vote.makerdao.com/executive/increase-psm-usdc-a-debt-ceiling?network=mainnet#proposal-detail) **Passed** Mar 2, 2021, 15:16 UTC. **Executed** Mar 4, 2021, 15:17 UTC. - PSM-USDC-A Debt Ceiling has increased to 1 billion DAI - USDC-A Debt Ceiling has decreased from 555 million DAI to zero DAI ### Active Signal Requests [Increase the `bump` / `ttl` parameters of FLAP auctions](https://forum.makerdao.com/t/signal-request-increase-the-bump-ttl-parameters-of-flap-auctions/6842) [quote="Aaron_Bartsch, post:1, topic:6842"] Now that the protocol is bringing in over 250k DAI per day, I wanted to open discussion/action on whether we should increase the lots (`bump`) of FLAP auctions. [/quote] [Adjust WBTC-A DC-IAM-line](https://forum.makerdao.com/t/signal-request-adjust-wbtc-a-dc-iam-line/6807) [quote="ultraschuppi, post:1, topic:6807"] At activation of [DC-IAM ](https://community-development.makerdao.com/en/learn/governance/module-dciam/) for WBTC-A we set the initial [`line` ](https://community-development.makerdao.com/en/learn/governance/module-dciam/) to [350 MM ](https://vote.makerdao.com/executive/onboarding-uniswap-v2-lpts-rates-updates-other-changes?network=mainnet#proposal-detail). Shortly after, the demand for DAI-from-WBTC-A picked up speed significantly, it slowed down a bit during last week’s sell-off, but I think it makes sense to get prepared. [/quote] [Adjusting Dust Parameter (2021-2)](https://forum.makerdao.com/t/signal-request-adjusting-dust-parameter-2021-2/6704) [quote="monet-supply, post:1, topic:6704"] Governance most recently raised the `dust` parameter in January, when it was increased from 500 DAI to 2,000 DAI due to increasing gas costs and rising ETH price. Since then, the potential costs of participating in auctions has grown, as evidenced by the recent market drawdown where sustained gas prices reached well over 1200 gwei. [/quote] [Adjust ETH-A DC-IAM-line (2021-05)](https://forum.makerdao.com/t/signal-request-adjust-eth-a-dc-iam-line-2021-05/6688) [quote="ultraschuppi, post:1, topic:6688"] The appetite for ETH-A hasn’t slowed down, the [current exec](https://vote.makerdao.com/executive/onboarding-uniswap-v2-lpts-parameter-updates?network=mainnet#proposal-detail) raising the `line` to 2.5B is most probably executed **after** we hit it. [/quote] ## Updates ### MIPs [Weekly MIPS Update #28 (March 1, 2021)](https://forum.makerdao.com/t/weekly-mips-update-28/6791/1) #### Proposals in the Request-For-Comments Phase ##### MIPs - [MIP31: Active Reserve AMM (dss-ara) ](https://forum.makerdao.com/t/mip31-active-reserve-via-amm/5639) - [MIP32: Peg Stability Module for Compound Mixed Exposure](https://forum.makerdao.com/t/mip32-peg-stability-module-compound-mixed-exposure/5684) - [MIP33: Maker Stability Price Module](https://forum.makerdao.com/t/mip33-maker-stability-price-module/5943) - [MIP35: Peg Stability Module - Compound Mixed Exposure - With Farming](https://forum.makerdao.com/t/mip35-peg-stability-module-compound-mixed-exposure-with-farming/6024) - [MIP36: Peg Stability - Compound Governance Dai Leverage](https://forum.makerdao.com/t/mip36-peg-stability-compound-governance-dai-leverage/6029) - [MIP37: Static Reserve For Governance](https://forum.makerdao.com/t/mip37-static-reserve-for-governance/6067) - [MIP42: Proposed Compensation Addendum for MakerDAO Contributors](https://forum.makerdao.com/t/mip42-proposed-compensation-addendum-for-makerdao-contributors/6138) - [MIP49: Governance Rewards ](https://forum.makerdao.com/t/mip49-governance-rewards/6331) ##### Declarations Of Intent - [MIP13c3-SP9: Onboarding a new collateral type backed by B.Protocol](https://forum.makerdao.com/t/mip13c3-sp9-onboarding-a-new-collateral-type-backed-by-b-protocol-declaration-of-intent/5920) - [MIP13c3-SP10: Declaration of Intent - eurDai](https://forum.makerdao.com/t/mip13c3-sp10-declaration-of-intent-eurdai/6766) ##### Amendments - [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-SP11: MIP24 Amendments](https://forum.makerdao.com/t/mip4c2-sp11-mip24-amendments/6100) - [MIP4c2-SP13: MIP0 Amendments](https://forum.makerdao.com/t/mip4c2-sp13-mip0-amendments/6758) ##### Core Unit Subproposals - Growth Core Unit: - [MIP39c2-SP4: Growth Core Unit, GRO-001](https://forum.makerdao.com/t/mip39c2-sp4-growth-core-unit-gro-001/6715/4) - [MIP40c2-SP4: Core Unit Budget, GRO-001](https://forum.makerdao.com/t/mip40c2-sp4-core-unit-budget-gro-001/6716/2) - [MIP41c4-SP4: Facilitator Onboarding, GRO-001](https://forum.makerdao.com/t/mip41c4-sp4-facilitator-onboarding-gro-001/6717/2) - Smart Contracts Core Unit - [MIP39c2-SP7: Adding Smart Contracts Core Unit](https://forum.makerdao.com/t/mip39c2-sp7-adding-smart-contracts-core-unit/6831) - [MIP40c2-SP7: Modify Smart Contract Core Unit Budget](https://forum.makerdao.com/t/mip40c2-sp7-modify-smart-contract-core-unit-budget/6832) - [MIP41c4-SP7: Facilitator Onboarding, Smart Contract Core Unit](https://forum.makerdao.com/t/mip41c4-sp7-facilitator-onboarding-smart-contract-core-unit/6833) - Content Production Core Unit - [MIP39c2-SP5: Content Production Core Unit, MKT-001](https://forum.makerdao.com/t/mip39c2-sp5-content-production-core-unit-mkt-001/6823) - [MIP40c2-SP5: Core Unit Budget - MKT-001](https://forum.makerdao.com/t/mip40c2-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) - MakerDAO Shop Core Unit - [MIP39c2-SP6: MakerDAO Shop Core Unit, MDS-001](https://forum.makerdao.com/t/mip39c2-sp6-makerdao-shop-core-unit-mds-001/6827) - [MIP40c2-SP6: MakerDAO Shop Budget, MDS-001](https://forum.makerdao.com/t/mip40c2-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) *Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14)* ### Smart Contracts - The first test for [MIP21](https://forum.makerdao.com/t/mip21-real-world-assets-off-chain-asset-backed-lender/3917) has been [approved for mainnet](https://vote.makerdao.com/executive/parameter-updates-and-onboarding-rwa-001?network=mainnet#proposal-detail)! - Proposed Liquidations 2.0 Timeline: ![](https://i.imgur.com/IomsBz7.png) - Working with [MIP22](https://forum.makerdao.com/t/mip22-centrifuge-direct-liquidation-module/3930) team, devoting at least 2 hours a week to meetings with RWA. - DEFCON spells updated and deployed on Mainnet, ready to be deployed in urgent/emergency situations. - Lots of discussion on the [Smart Contract Core Unit Budget.](https://forum.makerdao.com/t/mip40c2-spx-modify-smart-contract-core-unit-budget/6832) ### Risk - Focusing on RWA and LP collateral types in coming weeks. - Letting Keepers know about the upcoming changes to auction parameters following this week's executive vote - Looking to raise WBTC Debt Ceiling following this [risk report](https://forum.makerdao.com/t/state-of-wrapped-bitcoin-wbtc/6800). ### Oracles - LP oracles update: no major issues found! - Will need to make a few minor patches, but this should clear the oracle hurdle for LP vault Debt Ceilings. - Still need to make a plan for liquidations, as there have been problems with low participation in collateral auctions so far. - Looking into adding Curve LP tokens as well! - Oracle sensitivity has been lowered on less utilized collateral types to save money on Oracle spend. ## Current Events ### Core Unit Tools Series This Friday at 17:00 UTC, the second call in the Core Unit Tools series will take place! Sablier will be featured as a tool for payments that Core Unit facilitators may wish to utilize. Check out the post for [Core Unit Tools #02 Sablier](https://forum.makerdao.com/t/core-unit-tools-02-through-sablier-march-12th-17-00/6866), as well as the previous call on [Gnosis Safe](https://forum.makerdao.com/t/core-unit-tools-01-through-gnosis-safe-march-1st-17-00-utc/6757) if you haven't seen it! ### The MakerDAO Community Art Contest Artists are given a chance to win Dai and have some featured artwork at MakerDAO 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/FCC5Fa0.png) - DAI peg is getting even more stable week over week. The spike on that chart is still less than 1.001. ![VWAP](https://i.imgur.com/OWkm3xd.png) - Volume at around $1.075 billion this last week. - Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.001. ![Dai Supply](https://i.imgur.com/BIlIm58.png) ![Dai supply 2](https://i.imgur.com/Ts1mDpf.png) - Dai supply at 2.5 billion with ETH and WBTC leading the charge. Big moves into UNI, some motion in YFI and LINK, and BAT is back on the board. - ETH A 1.362 billion - USDC A 331 million - WBTC 260 million - PSM USDC 382 million - ETH B 50 million - LINK 34 million - YFI 26 million - TUSD 26 million - PAX 19 million - UNI 8 million - COMP 6 million - ZRX 4.7 million - GUSD 4.5 million - Most Uni ETH LPs still at a 3 million cap - AAVE 2.4 million - BAT 1.9 million - LRC 1.57 million - MANA 1.017 million - renBTC 904K - Other vaults below 500K (BAL, Univ2LINKETH USDT, Univ2ETHUSDT, USDC B) totaling 386K. ![ETH biggest bucket 200%](https://i.imgur.com/U7ACzuL.png) - ETH vaults collateralization ratio largest bucket is 200% collateralized. ![Weighted average 351%](https://i.imgur.com/8otWNJu.png) - Thanks to @tadeo, we can see the weighted average now 😇 , which sits at 351%. ![ETH liquidation walls](https://i.imgur.com/Myg9VOp.png) - Liquidation Walls at $1400 ETH. ![WBTC sitting at 300%](https://i.imgur.com/Vfp23J0.png) - WBTC has a higher popular collateralization bucket. ![WBTC Largest vault at 75MM](https://i.imgur.com/y7T2aDO.png) - Since it's dominated by one large vault. ![WBTC average collateralization](https://i.imgur.com/HgMsV2G.png) - The most popular collateralization is 265%, which is more visible in the chart above if you see the top vaults ratios. https://daistats.com | http://dai.descipher.io | https://makerburn.com ## Community ### Articles [*CoinTelegraph*: Active user wallets on Ethereum DeFi have dipped 40% in one month](https://cointelegraph.com/news/active-user-wallets-on-ethereum-defi-have-dipped-40-in-one-month) *With gas prices pushing the volume to L2 solutions, DeFi interactions on the Ethereum Network take a significant dip from February volume.* ### Maker Forum Deep Dai-ve [Governance at a Glance: Feb. 26 - Mar. 4, 2021](https://forum.makerdao.com/t/governance-at-a-glance-feb-26-mar-4-2021/6846) - [What’s backing my Dai?: An interactive visualisation](https://forum.makerdao.com/t/whats-backing-my-dai-an-interactive-visualisation/6813) - *@tadeo creates a visualization of the collateral securing every DAI token.* - [How to eventually remove DAI’s dependence on USDC and other stablecoins](https://forum.makerdao.com/t/how-to-eventually-remove-dais-dependence-on-usdc-and-other-stablecoins/6875) - *Contributors weigh in on the state of USDC and brainstorm ways to manage the risk of increased exposure to the stablecoin.* ### Tweet(s) of the Week https://twitter.com/madcapslaugh/status/1368643947069857797 https://twitter.com/nanexcool/status/1367276179347111937 ## Meetings and Events ### MakerDAO Open Calls #### Community Call - Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC | 6PM CET | [Crowdcast](https://www.crowdcast.io/e/the-makerdao-community-34) - We will be joined by Andrey Bugaevski from Incognito Protocol, an Ethereum Sidechain focused on privacy. #### 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-132-thursday-march-11-17-00-utc/6859) | [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) #### Core Unit Tools - Friday, March 12 at 12:00PM EST with [Sablier](https://forum.makerdao.com/t/core-unit-tools-02-through-sablier-march-12th-17-00/6866) #### Core Unit Pod Sessions - Wednesday, March 10 at 1 PM [Session #2: Governance Alpha Core Unit](https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-2-governance-alpha-core-unit/6847) ### 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/) ## Reference Links Discuss and debate Maker governance in the [Forum](forum.makerdao.com) and over [Maker Chat](https://chat.makerdao.com/) Propose technical changes, poll, and vote in the [Governance Portal](https://makerdao.com/en/governance) Learn more about the Maker protocol in our [Documentation](https://docs.makerdao.com/) ### Have Feedback? We value your input! Post in the [forum](https://forum.makerdao.com/), take our [survey](https://forms.gle/Z2QAgywU2Sesm7Vy6), or join us in the [Community-Development](https://chat.makerdao.com/channel/community-development) channel to let us know what you want to see. *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.*