Maker Relay Ep 37

Maker Relay #37

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 we have our Monthly MIPs bundle up for an executive vote, including many Core Unit Proposals.

Visit our Participation Tools page for protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.

Executive Vote

Approve March 2021 Governance Cycle Bundle
This vote is open until March 26 16:00 UTC and includes the following MIPs:

MIP Type Discussion
MIP38: DAO Primitives State Core Unit Framework Discussion
MIP39: Core Unit Framework Core Unit Framework Discussion
MIP40: Budget Framework Core Unit Framework Discussion
MIP41: Facilitator Framework Core Unit Framework Discussion
MIP4c2-SP12: MIP16 Amendments Core Unit Framework Discussion
MIP4c2-SP10: MIP0 Amendments Core Unit Framework Discussion
MIP39c2-SP1: Adding Core Unit (Real-World Finance) Real-World-Fiance CU Onboarding Discussion
MIP40c2-SP1: Modify Core Unit Budget Real-World-Fiance CU Onboarding Discussion
MIP41c4-SP1: Facilitator Onboarding (Real-World Finance) Real-World-Fiannce CU Onboarding Discussion
MIP39c2-SP2: Adding Risk Core Unit Risk CU Onboarding Discussion
MIP40c2-SP2: Add Core Unit Budget Risk CU Onboarding Discussion
MIP41c4-SP2: Risk Core Unit Facilitator Onboarding Risk CU Onboarding Discussion
MIP39c2-SP3: Governance Core Unit - GOV-001 Governance CU Onboarding Discussion
MIP40c2-SP3: Core Unit Budget - GOV-001 Governance CU Onboarding Discussion
MIP41c4-SP3: Core Unit Facilitator Onboarding Governance CU Onboarding Discussion
MIP34: Keg Streaming Payments Module Keg Module Discussion
MIP48: Streaming Payments via the Keg Keg Module Discussion
MIP43 - Term Lending Module (TLM) Technical Proposal Discussion
MIP45: Liquidations 2.0 (LIQ-2.0) - Liquidation System Redesign Technical Proposal Discussion
MIP46: Parameter Proposal Groups General Proposals Discussion
MIP47: MakerDAO Multisignature Wallet Management General Proposals Discussion

Weekly Polls

Some polls use instant run-off voting, so you can select multiple options, and ranked-choices will be prioritized.

Poll Name Vote Discussion Type
DC Adjustment/DC-IAM activation for UNIV2DAIETH-A Vote Discussion Increasing Uni LP Debt Ceilings
DC Adjustment/DC-IAM activation for UNIV2DAIUSDC-A Vote Discussion Increasing Uni LP Debt Ceilings
DC Adjustment/DC-IAM activation for UNIV2USDCETH-A Vote Discussion Increasing Uni LP Debt Ceilings
Increase the dust Parameter for ETH-B Vault Type Vote Discussion Parameter Changes
Adjust the bump Parameter Vote Discussion Parameter Changes

Community Greenlight Polls

The greenlight polls will close on March 29, 2021, at 16:00 UTC.

Collateral MIP9 Poll MIP6 Application
SNX (Synthetix) Vote Application
sUSD (Synthetix USD) Vote Application
aAAVE (Aave AAVE) Vote Application
aWETH (Aave wETH) Vote Application
SolarX (Uprets/SolarX REIT) Vote Application
xSUSHI (Sushibar) Vote Application
SB-BFDC (SolidBlock Beach Front Digital Coin) Vote Application
CurveLP-cDAI-cUSDC (Curve cDAI-cUSDC Liquidity Token) Vote Application
CurveLP-renBTC-WBTC (Curve renBTC-WBTC Liquidity Token) Vote Application

Check out an 'at-a-glance view of the current Vault types and their parameters on MakerBurn

Active Signal Requests

  • Adjust PSM-USDC DC
    Signaling for what might be an appropriate amount to raise the Debt Ceiling for the PSM-USDC Vault Type.
  • Adjust COMP-A DC-IAM-line
    The line parameter is the maximum Debt Ceiling amount because COMP-A is maxed out. This is signaling for an amount of raise the community may support.
  • Adjust YFI-A DC-IAM-line
    The line parameter is the maximum Debt Ceiling amount because YFI-A is maxed out; this is signaling for an amount of raise the community may support.
  • Adjust ZRX-A DC-IAM-line
    The line parameter is the maximum Debt Ceiling amount because ZRX-A is maxed out; this is signaling for an amount of raise the community may support.
  • Adjust the Surplus Buffer (March/April 2021)
    According to the Risk Team, we still have a couple of weeks until the Surplus Buffer is reached - but we want to be at least at 2% (of Surplus Buffer/total DAI ratio).

Last Week

Executive Votes

Stability Fee Changes, Onboarding ETH-C
Passed on Mar 17, 2021, 16:56 UTC.
Executed on Mar 19, 2021, 16:57 UTC.

  • ETH-C vault type has been added using ETH as collateral
    • Stability Fee: 3.5%
    • Liquidation Ratio: 175%
    • Maximum Debt Ceiling: 2 billion DAI
  • Stability Fee Changes:
Vault Type Previous Stability Fee (SF) Current SF
UNIV2USDCETH-A 2.5% 3.5%
UNIV2WBTCETH-A 3.5% 4.5%
MANA-A 5% 4%
RENBTC-A 6% 5%

Increase Debt Floor, Increase Debt Ceilings
Passed on Mar 22, 2021, 13:07 UTC
Available for execution on Mar 24, 2021, 13:07 UTC.

  • ETH-A Maximum Debt Ceiling will increase from 2.5 billion DAI to 15 billion DAI.
  • WBTC-A Maximum Debt Ceiling will increase from 350 million DAI to 750 million DAI.
  • Debt Floor (dust) parameter will increase from 2,000 DAI to 5,000 DAI for all vault types except for ETH-B, PSM-USDC-A, and RWA001-A.



For the latest news on MIPs, check out the Weekly MIPS Update #30.

Submission Highlight

Smart Contracts Core Unit, SC-001

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)

Smart Contracts


  • No critical items came back from the UNI-LP Audits!


  • Writing a report on LINK-A parameters for Liquidations 2.0.
  • Gauntlet finished the report and will publish it on the forum soon.
  • Working on UNI-LP’s Debt Ceiling risk evaluations
  • Converting risk models to make publicly available

Real-World Finance

  • Centrifuge will use MIP21 for onboarding
  • Talked with a lawyer to help with RWA from the legal front
  • Looking for an alternative analytics platform to Dune

Current Events

Liquidations 2.0

  • A risk has been identified around Oracle Price Drops, which allows positions to be liquidated and auctions to potentially clear en masse at below the real market value.
  • The solution? A special permissionless circuit breaker. It allows anyone to disable liquidations instantaneously any time the next price for collateral is lower by a configurable percentage than the current price.
  • Liquidation 2.0 will be released as is, with an additional permissionless circuit breaker and a commitment to making this future upgrade, which “can be safely deployed within a couple of weeks without affecting the core auction code.”
  • More robust mitigation options may exist and should be implemented according to the Smart Contracts team, but it will take a few months from research to rollout.

ETH-C Vault is live!

  • The latest vault type to service ETH collateral is live! Following in the footsteps of ETH-B, this new ETH-C vault type experiments with a different liquidation ratio of 175% and has the initial stability fee set at 3.5%.
  • The community has big plans for this configuration, setting an initial maximum debt ceiling of 2B DAI.
  • Plenty of users have already opened ETH-C vaults, and you can track the progress of the vault type over at MakerBurn.

More Information

Community Calls, Governance Calls, and other public calls can be found on the MakerDAO Youtube Channel, catch up on the latest community decisions and tools available to community members.

State of the Peg

  • DAI peg jumping below the past week’s average to $1.00164 over the past 24 hours.

  • Volume at around $405 million this last week for ETH<>DAI pairs.
  • Average VWAP (Volume-Weighted-Average-Price) places Dai at $1.002
  • Sushiswap is starting to dominate a lot of DEX volume.


  • Total value locked is at 7.5 billion.

  • Dai Supply is inching closer and closer towards 3 billion. Biggest movers WBTC, more Dai in the PSM, ETH C climbing fast, a large COMP refinancing, and, obviously, UNI on teaser trailers and memes.
  • ETH-A 1.447 billion
    • USDC-A 321 million
    • WBTC 312 million
    • PSM USDC 591 million
    • ETH B 50 million
    • LINK 39 million
    • YFI 27 million
    • TUSD 26 million
    • PAX 19 million
    • UNI 10 million
    • ZRX 4.7 million
    • GUSD 4.5 million
    • AAVE 3.17 million
    • Uni LPs (except LINK, AAVE, WBTC<>ETH pairs) at 3 million cap
    • BAT 2 million
    • LRC 1.634 million
    • MANA 1.5 million
    • renBTC 1.119 million
    • ETH-C 728 K
  • Other vaults below 500K (BAL, KNC<>USDT, UniV2LINK<>ETH UniV2AAVE<>ETH, UniV2WbtcDai, UniV2DaiUsdt, COMP) at 21,646.

  • ETH vaults collateralization averages at 354%

Biggest vault

  • The largest collateralization bucket, 460%, is tied to the biggest vault in ETH-A with 637K ETH.

Liquidation walls

  • 30 million Dai liquidation speed bumps start at $1519 ETH.

  • ETH-B is a little less whale heavy…ish. The two top vaults still overshadow the rest of the positions.

  • ETH-C has a semi-equal vault distribution; the collateralization lines are the number of vaults.

COMP refinance

  • A COMP whale withdrew, dropping the ilk to just 94k. Farms or votes are calling. | |



Maker Forum Deep Dai-ve

Tweet of the Week

Meetings and Events

MakerDAO Open Calls

Community Call

Community Collateral Onboarding

  • Bi-weekly Wednesdays at 18:00 UTC | Zoom

Governance & Risk

Core Unit Launch Pod Sessions

Useful Links

Forum and Maker Chat
Discuss and debate MakerDAO.

Participation Tools
Library of useful links for Stakeholders; Protocol analytics, Dai analytics, collateral & liquidation metrics, governance history, and auctions data.

Governance Portal
Voting dashboard for MKR voters.

Learning Portal and Technical Documentation Portal
Learn more about the Maker protocol.

Have Feedback?

We value your input! Take our survey 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.


That is awesome but I don’t see anything about raising UNIV2UNIETH debt ceiling since it’s currently used up.

That would be because UNIV2UNIETH isn’t being voted on yet. If you are interested in seeing an increase I can help you with the signal request process (guidelines to which are here.)


How long from signal to reality?

Signal is 2 weeks typically, then goes on-chain the next week. So around 3 weeks from signal request post to execution. If it’s a more urgent/important signal it can get condensed by a week.

This topic was automatically closed 7 days after the last reply. New replies are no longer allowed.