---
tags: Weekly Relay
---

# Weekly Relay: March 14th, 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/gnhu3j6yN_Weekly_Relay__March_8_14_2022)

🍵 Current Events

🗳️ This Week in Governance

🤿 Community Deep Dai-ve

📆 Mark your Calendar

⚓ Useful Links

🎙️ Have Feedback?

## 🍵 Current Events

### Discussion(s) on Improving Core Unit Budget Requests

As the number of Core Units continues to expand and several in preparation for incubation, existing Core Units strive to scale. However, growth is usually accompanied by budget increases.

Recently, there has been a community-wide assertion that our workforce spending may become unsustainable, potentially leaving the protocol in a precarious situation.

January's expenses vs. budget can be found [here](https://forum.makerdao.com/t/makerdao-actual-expenses-vs-budget-january-2022/13720).


Keep in mind that most FTEs are also receiving or will be receiving MKR through an approved vesting proposal.


This exponential growth in Core Unit expense comes unnoticed; several discussions have already been initiated on the Forum and public calls.

Recognized Delegate, Doo Nam, [calls for improving Core Unit budget examination and awareness](https://forum.makerdao.com/t/call-for-responsible-budget-and-process/13816).

Doo-

> ...we are seeing more and more requests for an increase in budget and new Core Unit onboarding applications with large budgets that I fear are overwhelming the Maker community. This is especially critical as the profit for the Maker protocol has been declining dramatically.
>
>Each budget modification request should be examined carefully, but in reality, it has been difficult...

Members from SES and SF Core Units are working together to improve and implement a standardized budgeting process for Core Units.

Aes-

>We have outgrown MIP40 - while it served its initial purpose, it is much too broad and needs more structure so DAO members can more easily assess budget requests
>a. SF will be proposing a revised MIP40
>
>The existing expense reporting is highly fragmented and not standardized, making it extremely challenging even for those who are full-time to assess how CUs are spending their budget
>a. SF is collaborating with SES to standardize this process and provide best practices, but it will require CU buy-in
>
>Lack of performance evaluations and accountability for CUs - this should be a part of any budget increase request
>a. SF is collaborating with SES and delegates to launch a qualitative and quantitative review process

Below is a chart provided by Aes that shows an up-to-date comparison of active budget proposals in RFC relative to their previous budget.


Recognized delegate, MakerMan also [voices his opinion](https://forum.makerdao.com/t/rfc-budget-request-mip-break-on-going-from-expansion-budget-requests-budget-polling-to-rcv/13877) to revise the current budget request MIP, MIP40.

MakerMan-

>Maker now has >20 CUs with more ‘incubating’ and over 1/2 of these after as little as six months, asking for expanded budgets with greater than 10% increases. This also includes MKR vesting.
>
>With revenue on the decline and expenses still rising dramatically, MakerDAO governance needs a better way to manage MakerDAO CU budgets (this includes DAI streaming and MKR vesting).

He also provides several suggestions to help improve governance ability with managing budgets.

However, this is not all doom and gloom; many Core Units and Delegates agree with these opinions and are willing to help streamline the process to help improve future budget modifications.

## 🗳️ This Week in Governance

### Maker Improvement Proposals (MIPs)

[Weekly MIPs Update #78](https://forum.makerdao.com/t/weekly-mips-update-78/13903)


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

The Ratification Polls for March's Governance Cycle are now up. Go cast your vote!

If you have any questions about the voting process at MakerDAO, the [Practical Guide to Voting](https://manual.makerdao.com/governance/voting-in-makerdao/practical-guide-voting) will be useful.

Things to Come:

- The last day of modifications for proposals expecting to enter April’s Governance Cycle is March 30, 2022!
- The next Formal Submission Window will be open from Monday, April 4th through Wednesday, 6th.
- To enter May’s Governance Cycle, a proposal must be posted on the forum on April 6th at the latest.

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)
- [Proposal Ideas on the Forum](https://forum.makerdao.com/c/mips/proposal-ideas/21?order=activity)
- [[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](https://forum.makerdao.com/t/an-rwa-style-solution-to-replace-the-psm/8705)

### Executive Vote

[Mitigate Post-Shutdown Flash Loan Vulnerability](https://vote.makerdao.com/executive/template-executive-vote-mitigate-post-shutdown-flash-loan-vulnerability-march-9-2022?network=mainnet#proposal-detail)

[Curve stETH-ETH Onboarding, Rate Limited Flapper, Immunefi Bug Bounty Payouts](https://vote.makerdao.com/executive/template-executive-vote-curve-steth-eth-onboarding-rate-limited-flapper-immunefi-bug-bounty-payouts-march-11-2022?network=mainnet#proposal-detail)

Both executive votes passed on March 9th and March 11th, respectively, and were executed on March 11th and March 14th with the following changes to the Maker protocol:

#### Mitigate Post-Shutdown Flash Loan Vulnerability

This executive proposal passed and now mitigates the post-shutdown flash loan vulnerability in the Maker Protocol as described by the Protocol Engineering Core Unit [here](https://forum.makerdao.com/t/post-shutdown-flash-loan-vulnerability-announcement-and-remediation-plan/13746).

>- Giving a new module `flash-killer` authorization over the [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module), such that anyone can permissionlessly use `flash-killer` to disable the [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module) in the event of [Emergency Shutdown](https://makerdao.world/en/learn/governance/emergency-shutdown) being triggered.
>- The vulnerability is not exploitable until three days (currently) after [Emergency Shutdown](https://makerdao.world/en/learn/governance/emergency-shutdown) is triggered, meaning there is a 3-day window where any user can disable the [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module) using `flash-killer` before an exploit can take place.

The Protocol Engineering Core Unit considers this a temporary mitigation and recommends that the issue be solved more permanently in the future via the replacement of the [Flash Mint Module](https://manual.makerdao.com/module-index/module-flash-mint-module). The source code for the `flash-killer` module can be found [here](https://github.com/makerdao/flash-killer). The `flash-killer` contract address is [0x07a4BaAEFA236A649880009B5a2B862097D9a1cD](https://etherscan.io/address/0x07a4BaAEFA236A649880009B5a2B862097D9a1cD).

#### Onboarding CRVV1ETHSTETH-A

As per this successful [governance poll](https://vote.makerdao.com/polling/Qmek9vzo), the CRVV1ETHSTETH-A vault type was onboarded with the following parameters:

| Parameter(s) | New |
| :-------: | :-: |
| **Initial Collateral** | |
| Stability Fee | 3.5% |
| Liquidation Ratio | 155% |
| Max Debt Ceiling | 3MM DAI |
| Target Available Debt | 3MM DAI |
| Ceiling Increase Cooldown | 8 Hr |
| Debt Floor | 25,000 DAI |
| **Liquidation** | |
| Auction Price Function | Stairstep Exponential Decrease |
| Price Change Multiplier | 0.99 |
| Price Change Interval | 90 Seconds |
| Auction Price Multiplier | 1.30 |
| Liquidation Penalty | 13% |
| **Limits** | |
| Local Liquidation Limit | 3MM DAI |
| Maximum Auction Drawdown | 0.4 |
| Maximum Auction Duration | 140 Minutes |
| Breaker Price Tolerance | 0.5 |
| *Incentives* | |
| Proportional Kick Incentive | 0.1% |
| Flat Kick Incentive | 300 DAI |

#### Add Rate Limiter to Flap Auctions

As per these successful governance polls [1](https://vote.makerdao.com/polling/QmagLVA2), [2](https://vote.makerdao.com/polling/Qmdd4Pg7) a new rate limiter, detailed below, was added to the flapper contract.

- [Modify the Flapper-Contract](https://forum.makerdao.com/t/rate-limited-flapper/13056) by introducing a rate limit so the protocol can control the amount of simultaneously running flap-auctions. This is achieved by limiting the amount of DAI that can be simultaneously auctioned for MKR.
- Add a parameter, `lid,` which sets the total value of DAI allowed to be sent out to [surplus (flap) auctions](https://auctions.makerdao.com/flap) at once.
- Set the `lid` parameter to **150,000 DAI**.

Please note that this executive proposal does not include a  [System Surplus Buffer](https://manual.makerdao.com/parameter-index/core/param-system-surplus-buffer), which will remain at the current value of 250 million DAI.

#### Immunefi Bug Bounty Payouts

As part of the [Immunefi Bug Bounty Program](https://mips.makerdao.com/mips/details/MIP64), a total of 2,750 was transferred as follows:

- **2,500 DAI** was transferred to [0x3C32F2ca11D92a7093d1F237161C1fB692F6a8eA](https://etherscan.io/address/0x3C32F2ca11D92a7093d1F237161C1fB692F6a8eA).
- **250 DAI** was transferred to [0x2BC5fFc5De1a83a9e4cDDfA138bAEd516D70414b](https://etherscan.io/address/0x2BC5fFc5De1a83a9e4cDDfA138bAEd516D70414b).

For further details, please see the relevant forum thread [here](https://forum.makerdao.com/t/bounty-payout-request-for-immunefi-bug-5565/13545).

### Active Governance Polls

| Poll Name | Discussion |
| :-------: | :--------: |
| [Fund Ambassadors Program Pilot](https://vote.makerdao.com/polling/QmPpQ49p?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-fund-ambassadors-program-pilot/13199) |
| [Amend MIP64 to clarify critical web bounty amount (MIP4c3-SP1)](https://vote.makerdao.com/polling/QmQD5PDm?network=mainnet) | [Discussion](https://forum.makerdao.com/t/signal-request-promote-mip4c3-sp1-amend-mip64-to-clarify-critical-web-bounty-amount-to-on-chain-poll/13649) |
| [Ratification Poll for Declaration of Intent - Invest in Short-Term Bonds](https://vote.makerdao.com/polling/QmR6QMt6?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip13c3-sp12-declaration-of-intent-invest-in-short-term-bonds/13084) |
| [Ratification Poll for Facilitators Offboarding (MDS-001)](https://vote.makerdao.com/polling/QmV3Lem7?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip41c5-sp5-facilitator-offboarding/13005) |
| [Ratification Poll for GovAlpha Budget 2022-23](https://vote.makerdao.com/polling/QmSBytmr?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp59-govalpha-budget-2022-23/13144) |
| [Ratification Poll for Modify Core Unit Budget - Real-World Finance (RWF-001)](https://vote.makerdao.com/polling/QmXDh7RR?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp61-modify-core-unit-budget-real-world-finance-rwf-001/13152) |
| [Ratification Poll for Modify GovAlpha Core Unit MKR Budget](https://vote.makerdao.com/polling/QmefuvKL?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip40c3-sp60-modify-govalpha-core-unit-mkr-budget/13145) |
| [Ratification Poll for Onboard-Amend Keeper Network - Gelato Network](https://vote.makerdao.com/polling/QmTnVxAL?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip63c4-sp2-onboard-amend-keeper-network-keep3r-network/12748) |
| [Ratification Poll for Onboard-Amend Keeper Network - Keep3r Network](https://vote.makerdao.com/polling/QmaEfChz?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip63c4-sp2-onboard-amend-keeper-network-keep3r-network/12748/1) |
| [Ratification Poll for Rapid Payment for Small Bug Bounties](https://vote.makerdao.com/polling/QmRdVByP?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip4c3-sp1-rapid-payment-for-small-bug-bounties-mip64-mip40c3-sp42-amendment/12869) |
| [Ratification Poll for Recognized Delegate Compensation](https://vote.makerdao.com/polling/QmTvzCjL?network=mainnet) | [Discussion](https://forum.makerdao.com/t/mip61-delegate-compensation/10640) |

*Check out [March 7th's](https://forum.makerdao.com/t/weekly-relay-march-1-7-2022/13731) issue of Weekly Relay for more information on the most recently concluded polls.*

### Community Greenlight Polls

There were no active community greenlight polls for the week of March 8 - 14, 2022.

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

### Active Signal Requests

**[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 submitted 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 pros and cons):

- 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 Critical potential severity web bugs.

**[Onboard D3M For Notional Finance](https://forum.makerdao.com/t/signal-request-onboard-d3m-for-notional-finance/13782)**

Recognized Delegate GFX Labs is signaling to onboard a D3M (DAI Direct Deposit Module) for Notional Finance’s 3-month-maturity DAI lending pool 1, with an initial debt ceiling of 10 million DAI (unless recommended otherwise by Risk Core Unit).

[quote="GFXlabs, post:1, topic:13782"]

Pros:

1. Increased revenues. As of writing, the 3-month rate on Notional is north of 7%, on a base of around 85m DAI. For example, even a trial 10m DAI DC would firmly put a Notional D3M in the top 10 ilks by revenue. (10m DAI is currently estimated to suppress rates only to 6% as of writing)


For reference, estimated yearly revenue from other top ilks are below:


1. Increased control over the front end of the yield curve. Strategically, Maker’s use of D3Ms across multiple lending venues will exert control over more of the total market, dampening effects of fragmented liquidity for DAI, as well as volatility during market downturns. Being fairly insensitive to gas costs, Maker’s D3M for Aave has allowed for steady DAI rates even in the face of intense volatility. That stabilization can also be applied to the very shortest portion of the yield curve.
2. Diversification of counterparties. Maker currently faces existential risk from various counterparties: Circle, Lido, Bitgo, Paxos, and occasionally Aave. By growing DAI supply and increasing the rate by which the Surplus Buffer grows, a program of diverse D3Ms advances the goal of reducing excess reliance on individual counterparties.
3. Familiar credit risks and technological risks. The risks represented by exposure to Notional’s overcollateralized lending platform (listed under Cons) are risks that Maker has deep expertise in evaluating and monitoring through Collateral Engineering Services, Risk, and Protocol Engineering Core Units.
4. Reduced reliance upon stablecoin collateral. As of writing, the DAI supply is 68% backed by stable collateral, the bulk of which is 5,300,000,000 USDC and nearly 500,000,000 USDP. D3Ms can scale quickly and are limited only by the depth of their deployed markets, allowing them to grow as demand for DAI on the lending platform grows. Not only does this increase DAI supply, but it should also lower the demand for the PSMs, as there are alternative methods of obtaining DAI.


Cons:

1. Smart contract risk. There is always smart contract risk with any protocol-to-protocol interaction. Steps to mitigate this for Notional include [an audit by ABDK](https://github.com/notional-finance/contracts-v2/blob/master/audits/ABDK%20-%20Notional%20V2%2C%20Sept%201%202021.pdf), a \$1,000,000 bug bounty program on Immunefi, [analysis via Code4rena](https://code4rena.com/reports/2021-08-notional/), formal [verification via Certora](https://github.com/notional-finance/contracts-v2/blob/master/audits/Certora%20-%20Formal%20Verfication%20Report%2C%20Nov%201%202021.pdf), and a pending diligence report by Consensys.
2. Multisig risk. Notional's governance mechanisms are still in the early stages of decentralizing. At the moment, key portions of the protocol are governed by a 3 of 5 multisig. No firm timeline is set, but the multi-sig's admin powers are intended to be phased out over time. A possible mitigant of risk to Maker is that [one of its delegates (GFX Labs) is one of the signatories, and all signatories are fully doxxed 1](https://etherscan.io/address/0x22341fB5D92D3d801144aA5A925F401A91418A05#readProxyContract). Note that other underlying collaterals already in Maker's portfolio also include governances with multisigs, so this is not a novel form of risk.
3. Illiquidity risk. If the amount of DAI in the liquidity pool drops due to LPs withdrawing their capital, there may be insufficient liquidity for Maker to withdraw 100% of its capital prior to maturity. It should be noted that Maker will always be able to withdraw its capital upon maturity regardless of the liquidity in the pool. This illiquidity risk only refers to withdrawals prior to maturity. A gradual scaling of maximum exposure can keep in mind to mitigate this.
4. Capital loss risk. If liquidations do not perform properly, capital loss is a risk. Notional has built a [robust liquidation infrastructure 1](https://blog.notional.finance/understanding-liquidations/) and currently utilizes conservative parameters. Being an overcollateralized lending platform, the risk of bad debt stemming from default is, in principle, low. While probably unnecessary for Maker, there is also coverage available for Notional under Nexus Mutual.
5. Oracle risk. Notional utilizes Chainlink oracles for the four listed assets. [Maker is already exposed to Chainlink oracles via Aave](https://forum.makerdao.com/t/d3m-risk-assessment/9353) and [(soon) Compound](https://forum.makerdao.com/t/compound-d3m-risk-assessment/12580).

[/quote]

**[Onboard PAXG](https://forum.makerdao.com/t/signal-request-onboard-paxg/13768)**

Another Signal Request for new collateral onboarding was posted by the Strategic Finance Core unit, this time for onboarding PAXG (PAX Gold).

[quote="SebVentures, post:1, topic:13768"]

Pros

* Gold might be an important building block for DeFi. When we onboarded WBTC, it was small and unproven in DeFi; since then, it has been an important piece, in part thanks to MakerDAO. The same thing can happen with PAXG.
* DeFi can provide yield for gold and attract TradFi people
* This onboarding might increase our relationship with Paxos.
* US Dollar dominance is under attack (especially after the weaponization of the dollar), and strong inflation is on the menu. Both are good for gold.

Cons

* Gold can fall into oblivion soon.
* The current rates increase are bad for gold.
* PAXG is centralized by Paxos
* Demand can be lacking, and we would incur a loss and a defocus (Oracle costs)

[/quote]

## 🤿 Community Deep Dai-ve

### Tweet of the Week


https://twitter.com/MakerDAO/status/1503442865250263047

### Forum Insight

[stkMKR: Maker Staking and Tokenomics Revision](https://forum.makerdao.com/t/stkmkr-maker-staking-and-tokenomics-revision/13890)

Monet-supply introduces a proposal for staking MKR and potentially revising its tokenomics in the hope of improving user growth, governance participation, governance security, and more.

> stkMKR token economics mechanism is primarily inspired by Cosmos style governance, with additional influence from stkAAVE and xSUSHI token economics.

> stkMKR is a mintable token representing a share of MKR staked in governance. It is not generally transferable; it can only be minted into or transferred between voting or delegate contracts. This allows for full participation within governance while ensuring that staked MKR cannot be traded on liquid markets.




Initial example parameters are provided, and the proposal is open to the public for further discussion.

_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

- Quarterly Strategy Review - Q4 2021
- [Forum](https://forum.makerdao.com/t/quarterly-strategy-review-q4-2021-public-call-on-friday-3-11-22-5-00pm-utc/13734) | [Video](https://youtu.be/ssTkOX9mL0U)
- Governance and Risk | Ep. 181
- [Forum](https://forum.makerdao.com/t/governance-and-risk-181-thursday-march-10-17-00-utc/13764) | [Video](https://youtu.be/GIa-7PnBfeA)
- Meet Your Delegate | Ep.9 Ft. Hasu
- [Forum](https://forum.makerdao.com/t/meet-your-delegate-9-hasu-no-longer-postponed/12944) | [Video](https://youtu.be/u7tT3HgAXqo)

### Upcoming Calls

- Focus On #6: Data Insights Core Unit
- [Forum](https://forum.makerdao.com/t/focus-on-6-data-insights-core-unit/13827) | [Join Link](https://us02web.zoom.us/j/86221714672?pwd=R3hpWVF1eCt5TEpqa0dRVkRRMnpRQT09) Passcode: 724756

#### 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 14th, 2022


*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/vOp8bgcNp_State_of_Dai__March_8_14_2022)


- Peg is quite solid except for a wobbly ETH market on the 9th. It seems like some folks got caught in the bull trap.


- According to Messari, 1.1 billion in "real volume."


- DAI Max and min had a much tighter band at 1.02 and .95, though on admittedly smaller volume.


- Supply is the new stable—9.8 billion holding despite drawdowns across the market and vault refinancings.


- The most dramatic change in vaults over the week was WBTC-A (135 million less).


- ETH-A still dominates the debt share.


- Mints are positive, with a net of 78 million.

[Visit Makerburn](https://makerburn.com/#/rundown) for an up-to-the-minute `ilk` breakdown.


- A 24% Price drop starts to ramp up liquidations.


- After these highly volatile few weeks, 24% is a max pain moment. Using the blockanalytica sim, that drawdown hits 350 vaults, mostly WBTC and ETH vaults.

[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