---
# System prepended metadata

title: 'Maker Relay #39'
tags: [Maker Relay]

---

---
tags: Maker Relay
---

# Maker Relay #39

![](https://imgur.com/o7cxpeS.png)

_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

_Visit our [Participation Tools page](https://community-development.makerdao.com/en/learn/governance/participate) for protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data._

### Executive Vote

[Increase Debt Ceilings, Provide April Core Unit Budgets](https://vote.makerdao.com/executive/increase-debt-ceilings-provide-april-core-unit-budgets?network=mainnet#proposal-detail)
If this executive proposal passes:
- COMP-A Maximum Debt Ceiling will be increased from 10 M DAI to 30 M DAI.
- ZRX-A Maximum Debt Ceiling will be increased from 5 M DAI to 10 M DAI.
- YFI-A Maximum Debt Ceiling will be increased from 45 M DAI to 75 M DAI.
- PSM-USDC-A Debt Ceiling will be increased from 1 B DAI to 2 B DAI.
- April Budgets for the Real-World Finance (RWF-001), Governance (GOV-001), and Risk (RISK-001) Core Units will be distributed.
	- 40,000 DAI to RWF-001
	- 80,000 DAI to GOV-001
	- 100,500 DAI to RISK-001

### 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 | Options |
| --------- | ---- | ---------- | ------- |
| Increase the System Surplus Buffer | [Vote](https://vote.makerdao.com/polling/QmRmXKoJ?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/signal-request-adjust-the-surplus-buffer-march-april-2021/6979) | 30 M DAI - no change 60 M DAI (+30M) + 0% MKR Burn, 60 M DAI (+30M) + 25% MKR Burn |
| Appoint DeFi Saver as Oracle Light Feed (MIP10c14-SP7) | [Vote](https://vote.makerdao.com/polling/Qmby2Ur5?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/mip10c14-sp7-proposal-appoint-defi-saver-as-a-light-feed/7207) | Yes, No, Abstain |
| Add LINK-A to Liquidations 2.0 Framework | [Vote](https://vote.makerdao.com/polling/QmPtNp9a?network=mainnet#poll-detail) | [Discussion](https://forum.makerdao.com/t/link-a-liquidations-2-0-parameters/7180) | Yes, No, Abstain |

### Active Signal Requests

- [Petition Letter to A16z](https://forum.makerdao.com/t/signal-request-petition-letter-to-a16z/7181) including a link to the current draft of the [Petition](https://bafybeies2vgpzxnrrc7i76wuefswn2tnnqboqzckpnognfklfhkit2x5ry.ipfs.dweb.link/).

### Last Week

[Increase Debt Ceilings, Modify Risk Parameters](https://vote.makerdao.com/executive/increase-debt-ceilings-modify-risk-parameters?network=mainnet#proposal-detail)
**Passed** on Mar 31, 2021, 17:28 UTC.
**Executed** on Apr 2, 2021, 17:28 UTC.
- Surplus Lot Size `bump` parameter has been increased from 10,000 DAI to 30,000 DAI.
- The Debt Floor `dust` parameter for ETH-B has been increased from 2,000 DAI to 15,000 DAI.
- UNIV2DAIETH-A has been enabled on the Debt Ceiling Instant Access Module with the following parameters:
	- Maximum Debt Ceiling: 30 million DAI
	- Target Available Debt: 5 million DAI
	- Ceiling Increase Cooldown: 12 hours
- UNIV2USDCETH-A has been enabled on the Debt Ceiling Instant Access Module with the following parameters:
	- Maximum Debt Ceiling: 50 million DAI
	- Target Available Debt: 5 million DAI
	- Ceiling Increase Cooldown: 12 hours
- UNIV2DAIUSDC-A has been enabled on the Debt Ceiling Instant Access Module with the following parameters:
	- Maximum Debt Ceiling: 50 million DAI
	- Target Available Debt: 10 million DAI
	- Ceiling Increase Cooldown: 12 hours

## Updates

### MIPs

This week marks the start of the April Governance Cycle. [Check out last week's MIP Update](https://forum.makerdao.com/t/weekly-mips-update-31/7232) and keep an eye out for MIPs moving formal submission this week!

#### Submission Highlight
 
[MIP13c3-SP10: Declaration of Intent - eurDai](https://forum.makerdao.com/t/mip13c3-sp10-declaration-of-intent-eurdai/6766)
* Proposal for a stablecoin by Maker pegged to the Euro. Stay tuned for an upcoming Know Your MIP call!

*The Maker Improvement Proposal (MIPs) Framework provides a clear Maker governance process to change the Protocol as needed. Learn more about [Maker Improvement Proposals (MIPs)](https://forum.makerdao.com/c/MIPs/14)*

### Smart Contracts


- Starting work on collateral evaluations again!
- Deploying PAX-G to Kovan, hopefully addressing fee-charging tokens.
- Liquidations 2.0 close to being done, with an estimated deployment date of Friday, April 16th, 2021
- Reviewed ESM replacement, more to come later.
- Optimism L2 delayed their launch, giving us more time for audits.
  * Upgradable v1 bridge
  * Gov repeater, a mechanism for spells on L2
  * Participating in token bridge standard design discussions
- Derek submitted [Protocol Engineering](https://forum.makerdao.com/t/mip39c2-sp7-adding-protocol-engineering-core-unit/6831) (formally Smart Contracts) Core Unit to Formal Submission!

### Risk

* Focusing on Liquidations 2.0

### Real-World Finance

* [Real-World Finance Core Unit Report - 2021-03](https://forum.makerdao.com/t/real-world-finance-core-unit-report-2021-03/7289)
    * This week is the final due diligence for New Silver! Soon™️ 
* [Crypto Banking 101](https://forum.makerdao.com/t/crypto-banking-101/7257) article from the RWF team.

### Oracles

* [Lightfeed proposal from DeFiSaver](https://forum.makerdao.com/t/mip10c14-sp7-proposal-appoint-defi-saver-as-a-light-feed/7207), is up for a vote.
* ABDK will do the audit for the SushiJoin adapter this month.
* Revamping Oracle Kovan Deployment to mirror Mainnet feeds.
* Targeting May 1st submission for Oracles Core Unit.

## Current Events

### Liquidations 2.0

With the approval of [MIP45](https://forum.makerdao.com/t/mip45-liquidations-2-0-liq-2-0-liquidation-system-redesign/6352), the Domain Teams and newly approved Core Units are hard at work to deliver the latest upgrade to the liquidations system for the protocol. LINK-A is the first `ilk` (vault type) for migration. Assuming no delay in Governance votes and barring unexpected barriers to implementation, the new expected date is April 16th

#### More Information
*You can find detailed explanations on Liquidations Parameters over on the Community Development Website, under the [Governance Section](https://community-development.makerdao.com/en/learn/governance). Shout out to @blimpa and @prose11 for pushing all those updates.*

## State of the Peg

![Peg at one and three zeros](https://i.imgur.com/1WIsi08.png)

- DAI 24-hour VWAP has been adding zeros upfront, getting ever closer to peg parity: 1.000679.

![DAI peg bump to 1.004](https://i.imgur.com/YgkHp0r.png) 

- Even with the biggest moves on Sushiswap, corresponding to this weekend's airdrop festival, the peg still held at 40 bips and below.

![](https://i.imgur.com/54ILPrb.png) 

- Volume at 575 million with Sushiswap again leading a huge part of the trading.
- VWAP over the whole week is 1.001.

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

- Digging a little deeper, you can see that most of the volume ends up back to curve 3pool.

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

- Which had a whopping amount of volume on Saturday, mostly capitulating two-to-one with USDT.

![Dai Supply](https://i.imgur.com/OmP16NN.png)

![Dai supply 2](https://i.imgur.com/M7umLV1.png)

- Dai supply at 3.1 billion. We feel it's silly to keep saying "all-time high in Dai supply," so we're calling it now: 5 billion is the next milestone. Then the march to 50 billion. We can get beers with @NikKunkel at that point.
- Uni LPs begin to diversify with that extra debt ceiling room, alongside some larger moves in LINK and YFI.
- ETH-A 1.5 billion
  - USDC-A 263 million
  - WBTC 375 million
  - PSM-USDC 646 million 
  - ETH-B 50 million
  - ETH-C 60 million
  - LINK 74 million
  - YFI 45 million
  - TUSD 26 million
  - PAX 19 million
  - UniV2DAIETH 17 million
  - UNI 12 million
  - UniV2USDCETH 10 million
  - ZRX 4.9 million
  - UniV2DAIUSDC 3.4 million
  - UniV2WBTCETH 3 million
  - AAVE 2.6 million
  - UniV2ETHUSDT 2.5 million
  - BAT 2.4 million
  - renBTC 1.8 million
  - LRC 1.6 million
  - MANA 1.1 million
  - COMP 687K
- Other vaults below 500K (BAL, GUSD, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt) at 948,921.

![ETH-B](https://i.imgur.com/7CDIaxz.png)

- ETH-B has two large vaults at the top with similar collateral. One is riding the edge, and the other is well collateralized at 330%—diamond whale at the top, riding out the crest of 2K ETH.

![](https://i.imgur.com/GLH6Zha.png)

- Liquidation speed bumps at 1901 ETH for the `Ilk.`

![](https://i.imgur.com/8RH2ywg.png)

- ETH-C is a little healthier, with the largest vault sitting at 640%.

![](https://i.imgur.com/EFAh26D.png)

- LINK had a large vault splash in this morning, sitting at 240% collateralized. 
    
![](https://i.imgur.com/7uHBVkz.png)

- LINK price at 22 would impact that position significantly.

![YFI Vaults](https://i.imgur.com/VvOGofN.png)

- YFI vaults are a little more diversified, with a second large position up top. It's always good to see additional diversification (beyond the big 🧠 energy of yield farming against the debt from an exploit).

![Liquidations All](https://i.imgur.com/QTDF4jY.png)

- This screenshot is the sum of all liquidations at 5, 10, 15, and 20%; market drawdowns create complications at 15% for 44.9 million DAI on the auction block.

https://daistats.com | http://dai.descipher.io | https://makerburn.com

## Community

### Articles

- [*The Defiant*: What is MakerDAO and how does DAI work?](https://thedefiant.io/what-is-makerdao-and-how-does-dai-work/)
*The Defiant highlights MakerDAO, showcasing a video on the platform to explain DAI to users.*

### Maker Forum Deep Dai-ve

- [Financial Report - 2021-03](https://forum.makerdao.com/t/financial-report-2021-03/7286)
    - *[@SebVentures](https://forum.makerdao.com/u/SebVentures) Posted the monthly financial report for both Dai and MKR. "The only possible issue is DAI usage. We are losing significant market share in on-chain volume this month (from 17% of the volume to 8%)."*
- [Real-World Finance Core Unit Report - 2021-03](https://forum.makerdao.com/t/real-world-finance-core-unit-report-2021-03/7289)
	- *[@SebVentures](https://forum.makerdao.com/u/SebVentures) also posted the March RWA Report, "The first RWA investment by MakerDAO can happen in April." Which is extremely exciting news!*
- [Should We Raise the Minimum MKR Needed to Call End. Cage for Emergency Shutdown?](https://forum.makerdao.com/t/informal-poll-should-we-raise-the-minimum-mkr-needed-to-call-end-cage-for-emergency-shutdown/7277)
	- *[@ElProgreso](https://forum.makerdao.com/u/ElProgreso) began a discussion surrounding whether or not it makes sense to raise the amount of MKR needed to initiate an Emergency Shutdown. Because the current amount is 50,000 MKR, we could risk potential attacks on the protocol.*

### Tweet of the Week

https://twitter.com/tobi/status/1378116793370349569

## Meetings and Events

### MakerDAO Open Calls

#### Community Call

- Tuesdays 9AM PST | 10AM MST | 12PM EST | 5PM UTC |  6PM CET | [Crowdcast page for makerDAO](https://www.crowdcast.io/makerdao) check the chat for an updated link tomorrow!

#### Community Collateral Onboarding

- Wednesdays | [Zoom](https://us02web.zoom.us/j/82526996403) - Message [#governance-and-risk](https://chat.makerdao.com/channel/governance-and-risk) for Admission
    - [Introduction](https://forum.makerdao.com/t/collateral-onboarding-call-bi-weekly-on-wednesday-at-17-00-utc-19-00-cet-10am-pst/3614) | [Collateral Status Index](https://forum.makerdao.com/t/collateral-status-index/2231)
    - April 7: [Bancor](https://forum.makerdao.com/t/collateral-onboarding-call-29-bancor-wednesday-april-7-18-00-utc/7054)
    - April 14: [SolidBlock](https://forum.makerdao.com/t/collateral-onboarding-call-30-solidblock-wednesday-april-14-17-00-utc/7052)

#### 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-136-thursday-april-8-17-00-utc/7279) | [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)

### Events

- Apr 6: [WEF Global Technology Governance Summit 2021](https://www.weforum.org/events/global-technology-governance-summit-2021)
- Apr 6: [Pantera Blockchain Summit](https://pantera.ljfevents-rsvp.com/)
- Apr 20: [FWA - Demystifying DeFi: The Story of 2021](https://www.fwa.org/events/event_details.asp?legacy=1&id=1504386)


## Useful Links

[Public Google Calendar](https://calendar.google.com/calendar/u/0?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20)
Subscribe to this calendar for Votes and Public Calls.

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

[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.

[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.*