May has been a strong month for MakerDAO and DAI.

The Maker ecosystem saw significant movements with the upcoming Launch Season and the latest updates around Maker products.

Here are the month's highlights ↓

• In May, Stability Fees for different Maker Vaults decreased, boosting the total DAI supply and keeping it above 5 billion DAI.

• The current Total Value Locked (TVL) in the Maker Protocol closed the month at approximately $8.91 billion.

• The ETH-C vault holds the most value in total-value locked, with around $2.04 billion worth of ETH locked.

• In addition to traditional vaults, the Spark and Morpho D3Ms have shown strong performance. The Spark D3M is generating approximately $75 million in estimated annual revenue, while the Morpho D3M brings in around $52 million. These two are the biggest revenue generators for the Maker Protocol.

• Meanwhile, the DSR slightly decreased to 8%. Despite this, nearly 2 billion DAI remains deposited. The largest deposit method is sDAI, with approximately 1.2 billion sDAI.

With Endgame approaching, the future looks promising. And this is just the beginning.

For complete data on MakerDAO metrics, visit:

The latest Executive Vote has just gone live on the Maker Governance portal.

🗳️ https://t.co/uGCRHTjVOb

MKR holders and delegates can use their voting power to deploy the changes listed below if they support them.

If this executive proposal passes, the following actions will occur within the Maker Protocol:

⚡ Trigger Spark Proxy Spell

A Spark proxy spell at 0x7bcDd1c8641F8a0Ef98572427FDdD8c26D642256 will be triggered. This includes changes that will adjust SparkLend’s risk parameters on Ethereum Mainnet and Gnosis Chain. The Spark’s MetaMorpho Vault allocation will also see increased supply caps.

[Mainnet+Gnosis] SparkLend Interest Rate Model Update

If this executive proposal passes, the following changes will be implemented on the SparkLend markets:

Ethereum

• ETH: Reduce slope 1 to 2.5%

• USDC and USDT: Change slope 1 to DSR + 1%, and reduce slope 2 to 15%

Gnosis

• ETH: Reduce slope 1 to 2.5%, and reduce optimal utilization to 80%

• DAI: Reduce slope 1 to 9%, reduce slope 2 to 15%, and increase optimal utilization to 95%

• USDC, USDT and EURe: Reduce slope 1 to 9%, reduce slope 2 to 15%, and increase optimal utilization to 95%

[Mainnet] Update Spark’s MetaMorpho Vault Supply Caps

To capitalize on Ethena's recent rate adjustments, the following changes on the Spark’s MetaMorpho Vault will take effect:

• Increase the supply cap of the sUSDe 91.5% LLTV pool to 100 million DAI.

• Increase the supply cap of the sUSDe 86% LLTV pool to 400 million DAI.

[Mainnet+Gnosis] Turn Off Siloed Borrowing for All Stablecoins

• Turn off siloed borrowing for USDC and USDT on both Ethereum and Gnosis.

• Turn off siloed borrowing for EURe on Gnosis.

[Gnosis] Disable Governance Bridge Security Delay

The bridge security delay for SparkLend governance on Gnosis will be reduced from 2 days to 0 days to streamline operations.

🔥 Smart Burn Engine (SBE) Parameter Updates

The Smart Burn Engine (SBE) parameter will be changed:

• The vow.hump (SBE Surplus Buffer Upper Limit) parameter will be increased to 55 million DAI.

This parameter sets the threshold for the Smart Burn Engine (SBE) to initiate transactions. The change, recommended by BA Labs, will enhance system resilience and reduce risks.

🏦 Approve RWA Foundation (RWAF) DAO Resolution

The following DAO Resolution about RWA Foundation (RWAF) will be approved:

• RWAF DAO Resolution with IPFS hash Qmb8vLDH6wT4Y2axnJX1JSKVKHTG3jzX3U3novw886H8UR.

The resolution instructs the Director of RWAF to start the process of finding and onboarding an appropriate banking partner for RWAF.

🏛️ Approve Harbor Trade Credit (RWA004-A) DAO Resolution

The following DAO Resolution pertaining to Harbor Trade Credit (RWA004-A) will be approved:

• RWA004-A DAO Resolution with IPFS hash QmUiYTRy4BkV681tfFe3Ksj6gdLEq27w34MqLw5LvRaBoD.

The resolution allows the DAO to support HTC's case against Snakebyte in Germany and cover the legal costs.

MKR holders and delegates now is the time to actively engage and shape the future direction of MakerDAO:

Vote directly through the Executive Proposal:

https://t.co/uGCRHTjVOb

or

Delegate your MKR to one or more Recognized Delegates:

Understanding Maker's Direct-Deposit Modules

Direct-Deposit Modules (D3Ms) are specialized pipelines that connect the Maker Protocol to various protocols needing liquidity and can provide outsourced yield on that liquidity.

D3Ms establish wholesale credit lines denominated in DAI, enabling these external protocols to access DAI directly from Maker. The borrowed DAI is then strategically deposited to enhance liquidity within targeted markets.

Currently, Maker has two active D3Ms: the Spark D3M and the Morpho D3M for the Spark MetaMorpho Vault. These D3Ms, powered by Maker, have a combined supply of approximately $1.2 billion — around $825 million to Spark and $400 million to Morpho.

These two D3Ms are top performers in annual fee generation for MakerDAO, with Spark generating approximately $70 million DAI and Morpho generating around $55 million DAI in annualized fees.

In essence, D3Ms enable the creation of new DAI, expanding the overall supply and influencing market dynamics. By strategically depositing borrowed DAI, D3Ms contribute to a more liquid and efficient DeFi ecosystem.

For live stats on the D3Ms and more in-depth information, visit MakerBurn:

Spark MetaMorpho DAI Vault Allocation Updated

An additional 50 million DAI has been allocated to the sUSDe/DAI 86% LLTV vault from the Spark MetaMorpho DAI Vault. This increases the vault's total debt exposure to 400 million DAI, enhancing the vault’s health and boosting annual income for the Maker Protocol.

Currently, the annual income from the Morpho DDM has surpassed $50 million, reaching approximately $52 million.

Inactive pools (94.5% and 77% LLTVs) have been reallocated until they reach at least 93% utilization. This will help concentrate usage into fewer pools and simplify the borrower experience.

Changes in Vault Allocations:

• USDe 77% LLTV allocation: 15,527,097 DAI (Reduction of 809,819 DAI)

• USDe 94.5% LLTV allocation: 8,843,231 DAI (Reduction of 470,704 DAI)

• sUSDe 77% LLTV allocation: 2,253,796 DAI (Reduction of 699,191 DAI)

• sUSDe 86% LLTV allocation: 134,183,115 DAI (Increase of 51,979,715 DAI)

Thanks to the @blockanalitica team, checking Maker’s analytics is easy on Makerburn.

On the Home page, you can get a quick look at Maker’s overall numbers, such as:

• Total supply of DAI
• Amount of DAI in the System Surplus
• Estimate of annual profits
• MKR price
• Progress of the MKR buyback
• Recent changes to the Maker Protocol
• TVL of the Maker Protocol
• Amount of DAI in the DSR
• Current price of DAI

Let’s take a quick overview of the rest of the site and the types of insights you can find ↓

An additional 50 million DAI has been allocated to the sUSDe/DAI 86% LLTV vault from the Spark MetaMorpho DAI Vault.

This update raises the Spark Morpho Direct-Deposit Module’s debt ceiling to a new all-time high of 450 million DAI.

Currently, this core vault engine contributes approximately $49 million in annualized income to the Maker Protocol.

As part of Maker's Endgame Plan, the Lockstake Engine will be introduced as a future initiative designed to significantly incentivize active participation in governance following the launch of the NewGovToken.

The Lockstake Engine will allow NewGovToken and MKR holders to lock their tokens and earn NewStable and SubDAO tokens. This forthcoming mechanism aims to foster long-term engagement and provide increased risk/reward exposure to the protocol's success. It is expected to launch following the rollout of the NewGovToken.

Discover its primary benefits and understand how it will generate additional engagement in governance participation. ↓

A new Executive Vote is live on the Maker Governance portal.

🗳️ https://t.co/2T1WqZsvsV

MKR holders and delegates can use their voting power to implement the changes listed below if they support them.

If this executive proposal passes, the following actions will be deployed within the Maker Protocol:

📊 Stability Scope Parameter Updates

As per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following Stability Fees will be changed:

• Decrease the ETH-A Stability Fee to 8.25%.

• Decrease the ETH-B Stability Fee to 8.75%.

• Decrease the ETH-C Stability Fee to 8.00%.

• Decrease the WSTETH-A Stability Fee to 9.25%.

• Decrease the WSTETH-B Stability Fee to 9.00%.

• Decrease the WBTC-A Stability Fee to 9.75%.

• Decrease the WBTC-B Stability Fee to 10.25%.

• Decrease the WBTC-C Stability Fee to 9.50%.

📊 Dai Savings Rate (DSR) Change

As per the recommendation of BA Labs, the following change to the DSR will be made:

• Decrease the DSR by 2 percentage points to 8.00%.

⚡ Spark Proxy Spell

A Spark Proxy Spell at 0x901E4450f01ae1A2615E384b9104888Cb9Cb02FF will be triggered. It includes the following change:

• Activate a new Dai Interest Rate Module to reduce the Spark Effective Dai Borrow Rate to 9%.

💸 Aligned Delegate Compensation for April 2024

The transfer detailed in the vote totalling 208.09 MKR for Aligned Delegate Compensation will be made to qualifying Aligned Delegates.

🗣️ Whistleblower Bounty

As a bounty for the information leading to the derecognition of AD TrueName, the following transfer will be made:

• Transfer 20.84 MKR to forum user Compacter at 0xbbd4bC3FE72691663c6ffE984Bcdb6C6E6b3a8Dd.

🤖 Keeper Network Job Update

The Keeper Network's D3MJob will be updated through the following contract calls:

• sequencer.removeJob(0x1Bb799509b0B039345f910dfFb71eEfAc7022323)

• sequencer.addJob(0x2Ea4aDE144485895B923466B4521F5ebC03a0AeF)

🏗️ Launch Project Funding

The following transfers will be made to the Launch Project at 0x3C5142F28567E6a0F172fd0BaaF1f2847f49D02F:

• Transfer 5,358,007 DAI to the Launch Project.

• Transfer 1,969.17 MKR to the Launch Project.

🐞 Bug Bounty Payout

The following transfers will be made as part of the Bug Bounty Program:

• Transfer 50,000 DAI to the bug reporter at 0xa24EC79bdF03bB325F36878573B13AedFEd0717f.

• Transfer 5,000 DAI to Immunefi at 0x7119f398b6C06095c6E8964C1f58e7C1BAa79E18.

MKR holders and delegates, now is the time to engage, vote, and shape the future direction of MakerDAO.

Vote directly through the Executive Proposal:
https://t.co/2T1WqZsvsV

or

Delegate your MKR to one or more Recognized Delegates:

As the launch season approaches, MakerDAO is preparing to introduce two new tokens - NewStable and NewGovToken. Explore the details below ↓

After the upcoming brand reveal, the new tokens will be introduced into the ecosystem. NewStable (NST) is the codename for the upgraded version of Dai, tailored for broader adoption and designed with enhanced stability features. The official name will be unveiled through the… https://t.co/IxQdu6Zetn

During April, a month marked by volatile market movements, DAI processed $636.72 billion in on-chain volume on Ethereum, exceeding the combined volume of all other stablecoins. Here are some insights: • The total Ethereum on-chain stablecoin transaction volume reached $1.18 trillion in April, setting a new monthly all-time high. • In April, DAI on-chain transactions accounted for ~54% of the total Ethereum on-chain stablecoin transaction volume. • During that month, DAI’s transaction volume increased by $448.83 billion, reflecting ~238% growth compared to the previous month. • April 2024 recorded the highest monthly on-chain transaction volume not just for DAI, but for all of the stablecoins on Ethereum. • The previous all-time high for DAI’s on-chain volume on Ethereum was in December 2021, reaching $367.69 billion.

Source: @TheBlock__ https://t.co/Md9JJ1KqKM

As of today, the DAI Direct Deposit Module deployed to Spark’s MetaMorpho vault has allocated 300 million DAI to its sUSDe/DAI and USDe/DAI markets on Morpho Blue. Here are some highlights and key metrics: • The recent rise in the Debt Ceiling has allowed for a deployment at an all-time high of 300 million, up to a maximum of $1 billion. • The largest market, representing the USDe/DAI LLTV at 86%, has over ~$151.21 million deposited and ~$135.26 million borrowed. • The D3M to Morpho is the second-highest annual revenue generator within MakerDAO. Based on Morpho’s current deposit APY, Maker is projecting over ~$57 million DAI in annual fees, trailing only the Spark D3M. • Since its inception, the Spark's MetaMorpho vault, which has $300 million in DAI deposited, has helped Morpho Blue exceed the $1 billion milestone in total deposits. 🦋 The performance of the eight vault types will be continuously monitored, and the @blockanalitica team will make any recommendations for allocation adjustments. These recommendations will depend on maintaining an optimal balance between risk and return, and ensuring that the overall exposure remains within sustainable limits.

Explore the current numbers from the different vault types here ↓ • https://t.co/WpwzTQJjOi • https://t.co/PIkcB712rb https://t.co/VHOhCwfZSu

A new Executive Vote is up on the Maker Governance portal. 🗳️ https://vote.makerdao.com/executive/template-executive-vote-stability-fee-changes-dsr-decrease-march-2024-ad-compensation-q1-2024-avc-member-participation-rewards-aave-sparklend-revenue-share-whitelist-new-address-in-the-rwa015-a-output-conduit-usdp-input-conduit-management-spark-proxy-spell-april-22-2024 MKR holders and delegates can use their voting power to deploy the changes listed below if they support them. If this executive proposal passes, the following actions will be deployed within the Maker Protocol: 📊 Stability Fee (SF) Changes If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following SFs will be changed: • Decrease the ETH-A SF to 10.25%. • Decrease the ETH-B SF to 10.75%. • Decrease the ETH-C SF to 10.00%. • Decrease the WSTETH-A SF to 11.25%. • Decrease the WSTETH-B SF to 11.00%. • Decrease the WBTC-A SF to 11.75%. • Decrease the WBTC-B SF to 12.25%. • Decrease the WBTC-C SF to 11.50%. 📊 Dai Savings Rate (DSR) Change The DSR will change as follows: • Decrease the DSR to 10% 💸 Aligned Delegate Compensation for March 2024 The transfers detailed in the vote totalling 214.55 MKR for Aligned Delegate Compensation will be made to qualifying Aligned Delegates. 💸 AVC Members Compensation Q1 2024 The distributions detailed in the vote totalling 175.14 MKR will be made for Q1 2024 AVC member compensation. 👻 Aave Revenue Share Payment A payment from the Surplus Buffer of 238,339 DAI to a smart contract 0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c controlled by Aave Governance will be made as part of the Spark Protocol-Aave Revenue Share. 📝 Whitelist New Address in the RWA015-A Output Conduit The following address will be whitelisted in the RWA015-A output conduit: • 0x6759610547a36E9597Ef452aa0B9cace91291a2f ❌ Push USDP Out of the Input Conduit Following the recommendation of the Governance Facilitators in collaboration with the spell team, the following operations will be performed: • Raise the PSM_PAX_A Debt Ceiling to 100,000 DAI. • Call push(uint256 amt) on the the PSM_PAX_A_INPUT_CONDUIT_JAR contract with an amount of 84,211.27 USDP, depositing the contents of the contract to the PSM and receiving an identical amount of Dai into the PSM_PAX_A_JAR contract. • Call void() on the PSM_PAX_A_JAR contract to deposit the Dai to the Surplus Buffer. • Set PSM-PAX-A Debt Ceiling to 0 DAI. Decrease Debt Ceiling of PSM_PAX_A back to 0 DAI. This will have the following net results: • The PSM_PAX_A Debt Debt Ceiling remains at 0 DAI after the transaction has been executed. Dai generated from PSM_PAX_A increases by 84,211.27 DAI. • USDP balance of MCD_JOIN_PSM_PAX_A increases by 84,211.27 USDP. • USDP balance of PSM_PAX_A_INPUT_CONDUIT_JAR decreases to 0 USDP. • Surplus Buffer increases by 84,211.27 DAI. ⚡ Trigger Spark Proxy Spell The SparkLend Proxy Spell on Ethereum at 0x3d1DD14Fa08163E7f64b0abf0F514f6276f50882 will be executed, containing the following items: [Ethereum+Gnosis] Upgrade Pool Implementation to Disable Flashloan into Borrow Feature This item upgrades the SparkLend pool implementation to disable the flashloan-to-borrow feature, reducing unnecessary risks and aligning with the latest Aave V3 release standards for enhanced security. [Gnosis] Onboard sxDAI This item proposes to onboard sxDAI (Savings xDAI), a yield-enhanced version of sDAI on the Gnosis Chain, as collateral with the following parameters: • Collateral: Yes Max LTV: 70% Liquidation threshold: 75% Liquidation bonus: 6% Liquidation protocol fee: 10% • Isolation mode: No • Efficiency mode: No • Borrowable: No • Supply cap: 40,000,000 sxDAI • Borrow cap: N/A [Gnosis] Onboard EURe This item proposes to onboard EURe (Monerium EUR emoney) on the Gnosis Chain with the following parameters: • Collateral: No • Isolation mode: N/A • Efficiency mode: N/A • Borrowable: Yes Base borrow rate: 0% Optimal borrow rate: 7% Max borrow rate: 57% Optimal Utilization: 90% Reserve factor: 10% Borrowable in isolation mode: No Siloed borrowing: Yes • Supply cap: 5,000,000 EURe • Borrow cap: 4,000,000 EURe • Oracle: EURUSD [Gnosis] Onboard USDC This item proposes to onboard USDC (Circle USDC) on the Gnosis Chain with the following parameters: • Collateral: No • Isolation mode: N/A • Efficiency mode: N/A • Borrowable: Yes Base borrow rate: 0% Optimal borrow rate: 12% Max borrow rate: 62% Optimal Utilization: 90% Reserve factor: 10% Borrowable in isolation mode: Yes Siloed borrowing: Yes Supply cap: 10,000,000 USDC Borrow cap: 8,000,000 USDC Oracle: Fixed 1:1 USD pricing [Gnosis] Onboard USDT This item proposes to onboard USDT (Tether USDT) on the Gnosis Chain with the following parameters: • Collateral: No • Isolation mode: N/A • Efficiency mode: N/A • Borrowable: Yes Base borrow rate: 0% Optimal borrow rate: 12% Max borrow rate: 62% Optimal Utilization: 90% Reserve factor: 10% Borrowable in isolation mode: Yes Siloed borrowing: Yes • Supply cap: 10,000,000 USDT • Borrow cap: 8,000,000 USDT • Oracle: Fixed 1:1 USD pricing [Gnosis] Refresh Existing Market Parameters This item updates Gnosis market parameters, including a significant adjustment of the xDAI interest rate model to align with current conditions and the introduction of sxDAI as collateral. xDAI Parameters: • Collateral: Yes Max LTV: 0% Liquidation threshold: 75% Liquidation bonus: 5% • Isolation mode: No • Efficiency mode: No • Borrowable: Yes Base borrow rate: 0% Optimal borrow rate: 12% Max borrow rate: 62% Optimal Utilization: 90% Reserve factor: 5% Borrowable in isolation mode: Yes Siloed borrowing: No • Supply cap: 20,000,000 xDAI • Borrow cap: 16,000,000 xDAI Cap Parameter Changes: • GNO supply cap: 100,000 GNO (100,000 GNO decrease) • wstETH supply cap: 15,000 wstETH (5,000 wstETH increase) [Gnosis] Update xDAI Oracle Parameter This item suggests changing the oracle for xDAI from the Chainlink DAI price feed to a fixed 1:1 USD pricing. [Ethereum] Activate the SparkLend External Security Access Multisig This item activates the SparkLend External Security Access Multisig with the Ethereum Address 0x44efFc473e81632B12486866AA1678edbb7BEeC3, which enables emergency interventions in extreme cases like potential code exploits threatening the protocol. Governed by selected members from the community, this feature aims to provide quick responses to emergencies, complementing existing governance processes. [Ethereum] Decrease the Effective DAI Borrow Rate If this executive proposal passes, as per the recommendation of the Stability Scope Advisory Council Member, BA Labs, the following changes will be made: • Decrease the Effective DAI Borrow Rate to 11.00%. MKR holders and delegates now is the time to engage, vote and shape the future direction of MakerDAO. Vote directly through the Executive Proposal: https://vote.makerdao.com/executive/template-executive-vote-stability-fee-changes-dsr-decrease-march-2024-ad-compensation-q1-2024-avc-member-participation-rewards-aave-sparklend-revenue-share-whitelist-new-address-in-the-rwa015-a-output-conduit-usdp-input-conduit-management-spark-proxy-spell-april-22-2024 or Delegate your MKR to one or more Recognized Delegates: https://vote.makerdao.com/delegates

https://t.co/FIPvBXcdS7

Maker Endgame is underway. As we ramp up for the Endgame launch season, here's what's on the horizon: • New Brand Identity: MakerDAO is unveiling a new brand identity that makes saving with stablecoins fun and simple. It promises easy access to innovative tokens without additional risk, embodying our core principles in a fresh, engaging way. • New SubDAOs: The introduction of new SubDAOs will mark an expansion in our ecosystem. These autonomous, flexible entities built on MakerDAO's robust infrastructure will cater to various interests, allowing users to choose their preferred SubDAO and start farming its unique tokens. • New Tokens: A month after our brand reveal, two new tokens will be launched - NewStable and NewGovToken. NewStable aims for mass adoption, offering a new way to engage with our ecosystem, while NewGovToken provides upgraded governance features, allowing MKR holders to convert their tokens at a significant multiplier. • AI Tools: To streamline the governance process and enhance user interaction, we're integrating advanced AI tools. These will simplify decision-making and allow members of all experience levels to contribute to the governance of SubDAOs. • Governance Participation Rewards: The Lockstake Engine will reward long-term governance participation. By locking MKR and NewGovToken, participants gain increased exposure to risks and rewards and a stronger influence over governance decisions. Additionally, 30% of all protocol surplus will be redistributed as NewStable rewards to active governance participants. • New Blockchain: Looking ahead, Phase 3 will introduce NewChain—a dedicated L1 blockchain designed to host our core tokenomics and governance mechanisms. This platform will support the scalability of the SubDAO ecosystem and facilitate the integration of real-world assets, DeFi, and inter-blockchain bridging. • NewBridge Launch: Alongside the Lockstake Engine, the first version of NewBridge will launch, seamlessly connecting NewStable, NewGovTokens, and other Maker Ecosystem tokens from Ethereum Mainnet to a major L2 network (TBD). This will significantly reduce transaction costs and enhance accessibility, paving the way for expanded token farming and usage. This is just the beginning. The future of MakerDAO and the vast potential of the Endgame strategy are poised to redefine our trajectory, aiming to scale the Dai supply to 100 billion and beyond.

Following last week's market fluctuations, the Maker Protocol executed 8 liquidation auctions amounting to 13,145,708 DAI. Here are three key points for a quick recap ↓ 1) Of the eight liquidations that took place on April 13th, the Maker Protocol successfully covered ~11.6 million DAI in risky debt and ~1.5 million DAI in penalties. 2) The largest liquidation auction involved a WBTC-C vault, which auctioned a total of 5,910,562 DAI from the sale of 99.17 WBTC. 3) Overall, ~9.04 million DAI was collected from WBTC vaults, while approximately 4.5 million DAI was collected from ETH and wstETH vaults.

Explore more about liquidations at https://t.co/05u0dWhvof Protect your vaults. Add collateral or pay your DAI debt partially.

Maker Governance has approved the onboarding of USDT, USDC, sxDAI, and EURe to SparkLend on Gnosis Chain, along with security enhancements for the platform. To be implemented, the proposal must be enacted through an upcoming Executive Vote. These are the main highlights: 1) Upgrade Pool Implementation to Disable Flashloan into Borrow Feature (Ethereum+Gnosis) Phoenix Labs proposed disabling the risky flashloan-to-borrow feature in SparkLend to enhance security. This aligns with Spark's proactive approach and dedication to top-notch security standards, coinciding with the v1.19.2 Aave V3 debut. 2) Gnosis Onboardings and Market Parameters Refresh • Onboard sxDAI. • Onboard EURe. • Onboard USDC. • Refresh Existing Market Parameters. Detailed Parameter Adjustments: Gnosis Chain Asset Onboarding. • sxDAI Supply Cap. Max LTV: 70%. Liquidation threshold: 75%. Liquidation bonus: 6%. Supply cap: 40,000,000 sxDAI. • EURe Borrowable Only. Base borrow rate: 0%. Optimal borrow rate: 7%. Max borrow rate: 57%. Supply cap: 5,000,000 EURe. Borrow cap: 4,000,000 EURe. • USDC & USDT Borrowable Only. Optimal borrow rates and caps designed for risk isolation. Supply caps: 10,000,000 each. Market Parameter Refresh • xDAI adjustments to direct usage towards sxDAI for collateralizing positions. • Supply Cap Adjustments for GNO and wstETH reflecting updated market liquidity and valuation.

How has the Maker Protocol performed after the most recent changes? In recent weeks, MakerDAO has deployed significant changes to the protocol and DAI. Among the most impactful are the effects of the Accelerated Proposal and the introduction of D3M to Spark's Metamorpho Vault. Let’s take a look at the most important metrics: • DAI supply: Currently, the DAI in circulation remains close to 5 billion, reflecting a growth of ~300 million over the last month. • Dai Savings Rate: ~1.54 billion DAI is currently deposited into the Dai Savings Rate, with sDAI leading at ~976 million DAI. This marks an increase of about 400 million since the Accelerated Proposal. • Collaterals: Maker’s total value locked (TVL) stands at approximately $8.4 billion across all vault types, driven by strategic deployments in D3M modules, significant contributions from Ethereum-based collaterals, and an expanding integration of real-world assets • With a 200 million DAI deployment, the Morpho D3M allocation is projected to generate around 50 million in annual income for the Maker Protocol, making it the second-largest core vault in terms of annualized fees. • Among the ETH vault types, the ETH-C vault currently holds the largest value locked in crypto collateral, amounting to approximately $1.88 billion and generating roughly $43 million in annualized fees. • On the other hand, the Spark D3M has ~970 million DAI supplied with a projected annual income of ~28 million.

For everything related to MakerDAO metrics and analytics, visit: https://t.co/6LDHxYXkQC

DAI supply is back at 5 billion.

A new Executive Vote is live in the Maker Governance portal. 🗳 https://vote.makerdao.com/executive/template-executive-vote-increase-gsm-pause-delay-increase-spark-metamorpho-vault-maximum-debt-ceiling-add-native-vaults-to-debt-ceiling-breaker-sparklend-proxy-spell-and-taco-resolutions-april-4-2024 MKR holders and delegates can use their voting power to deploy the changes listed below if they support them. If this executive proposal passes, the following actions will occur within the Maker Protocol: 🕐 Governance Pause Delay (GSM) Increase • The Governance Pause Delay (GSM) will be increased from 16 to 30 hours. This modifies the time that must pass before an executive spell's changes can affect the Maker Protocol. 📈 Spark MetaMorpho Vault DDM Maximum Debt Ceiling (line) Increase • The Spark MetaMorpho Vault DDM Maximum Debt Ceiling (line) will increase from 100 million DAI to 1 billion DAI with an initial allocation of 600 million DAI. Recommended Vault DAI allocations • Total allocation across all pools: 600 million DAI. • Specific allocations to various LTV pools as detailed in the proposal. Performance and pool selection adjustments • Prioritize allocations towards USDe pools over sUSDe, reflecting user preferences and risk considerations. • Focus future allocations into the 86% and 91.5% LLTV pools for USDe, aligning with demand trends and liquidity risk assessments. Vault parameter adjustments • DDM DC-IAM Parameters: Line: 1 billion DAI Gap: 100 million DAI TTL: 24 hours 📊 Add ilks to Debt Ceiling Breaker (LINE_MOM) The following ilks will be added to the Debt Ceiling Breaker (LINE_MOM): • ETH-A • ETH-B • ETH-C • WSTETH-A • WSTETH-B • WBTC-A • WBTC-B • WBTC-C This proposed change would enable the quick disabling of borrowing from specific crypto collateral vault types in emergencies, by expanding the Debt Ceiling Breaker's scope to include all listed vault types without the usual delay. ⚡ Trigger SparkLend Proxy Spell If this executive proposal passes, the SparkLend Proxy spell at 0x7748C5E6EEda836247F2AfCd5a7c0dA3c5de9Da2 will be executed. The expected contents of this are: Increase ETH Borrow Cap gap Parameter • Increases ETH Market borrow cap gap parameter from 10,000 ETH to 20,000 ETH. Increase WBTC Supply Cap max Parameter • Increases WBTC market supply cap max parameter from 6,000 WBTC to 10,000 WBTC. Activate Kill Switch Security Module Adds a kill switch to disable all borrowing across markets in case of a depeg on key collateral assets. Update MetaMorpho Market Caps Updates Market Cap Parameters to the following: • USDe 77% LLTV pool cap: 1 billion DAI • USDe 86% LLTV pool cap: 500 million DAI • USDe 91.5% LLTV pool cap: 200 million DAI • USDe 94.5% LLTV pool cap: 10 million DAI • sUSDe 77% LLTV pool cap: 1 billion DAI • sUSDe 86% LLTV pool cap: 200 million DAI • sUSDe 91.5% LLTV pool cap: 50 million DAI • sUSDe 94.5% LLTV pool cap: 10 million DAI ✔️ Approve TACO Resolutions If this executive vote passes, the TACO resolutions posted within QmUarSLBgfvCK5Mco2QS8UraSqwxWtK5jKiEbxDYxE1C4A will be approved: • Deployment of Dai to invest in Ethena Protocol's synthetic dollar products, with BlockTower Capital Advisors acting as the arranger, Coinbase as the custodian, and Ankura Trust Company as the paying agent. MKR holders and delegates now is the time to actively engage and shape the future direction of MakerDAO: Vote directly through the Executive Proposal: https://vote.makerdao.com/executive/template-executive-vote-increase-gsm-pause-delay-increase-spark-metamorpho-vault-maximum-debt-ceiling-add-native-vaults-to-debt-ceiling-breaker-sparklend-proxy-spell-and-taco-resolutions-april-4-2024 or Delegate your MKR to one or more Recognized Delegates: https://vote.makerdao.com/delegates

An upcoming Executive Vote will introduce key parameter changes to @sparkdotfi’s DAI liquidity deployment on Morpho Blue. The proposal aims to increase the Direct Deposit Module debt ceiling to 1 billion DAI, with an initial allocation of 600 million DAI, as recommended by the @BlockAnalitica team considering potential risks and market conditions. If this Executive Vote passes, the following changes will take place within the Maker Protocol: 📈 Debt Ceiling increase • Increase the Direct Deposit Module's debt ceiling for sUSDe and USDe/DAI markets on Morpho Blue to 1 billion DAI to enhance liquidity. Recommended Vault DAI allocations: • Total allocation across all pools: 600 million DAI (+500 million DAI) • Specific allocations to various LTV pools as detailed in the proposal. 📊 Performance and pool selection adjustments: • Prioritize allocations towards USDe pools over sUSDe, reflecting user preferences and risk considerations. • Focus future allocations into the 86% and 91.5% LLTV pools for USDe, aligning with demand trends and liquidity risk assessments. 📊 Vault parameter adjustments • DDM DC-IAM Parameters: Line: 1 billion DAI Gap: 100 million DAI TTL: 24 hours • MetaMorpho Vault Parameters: Market Caps: • USDe 77% LLTV pool cap: 1 billion DAI • USDe 86% LLTV pool cap: 500 million DAI • USDe 91.5% LLTV pool cap: 200 million DAI • USDe 94.5% LLTV pool cap: 10 million DAI • sUSDe 77% LLTV pool cap: 1 billion DAI • sUSDe 86% LLTV pool cap: 200 million DAI • sUSDe 91.5% LLTV pool cap: 50 million DAI • sUSDe 94.5% LLTV pool cap: 10 million DAI Risk Management Highlights • Cautious allocation: Initial allocation is strategically capped at 600 million DAI, based on comprehensive risk considerations including market exposure limits. • Ensuring stability: A focus on risk minimization and ensuring returns are in line with anticipated risks and capital costs. • Future flexibility: The 1 billion DAI debt ceiling prepares for gradual, risk-informed adjustments to market changes and growth opportunities. • Efficiency and data-driven adjustments: Enhancing liquidity pool efficiency and adjusting allocations based on market performance and the Ethena points program. Impact of the proposal The successful implementation of these changes will not only enhance the liquidity and efficiency of Spark’s DAI MetaMorpho Vault but also refine the risk profile of the vault's operations. By aligning the vault's parameters with the current market dynamics and user preferences, we can ensure a more robust and responsive liquidity framework within the Maker ecosystem.

@sparkdotfi Get the full context on the proposed changes in the original post on the Maker Forum ↓ https://t.co/pa0YilOpJM

A new Executive Vote is live in the Maker Governance portal. 🗳️ https://vote.makerdao.com/executive/template-executive-vote-stability-fee-changes-sparklend-d3m-maximum-debt-ceiling-increase-spark-dai-morpho-vault-d3m-deployment-dsr-decrease-sbe-parameter-update-hvbank-dao-resolution-approval-trigger-spark-proxy-spell-march-26-2024 MKR holders and delegates can use their voting power to deploy the changes listed below if they support them. If this Executive Vote passes, the following changes will take place within the Maker Protocol, and can be executed 48 hours after the approval: 📊 Stability Fee (SF) Changes • Decrease the ETH-A SF from 15.25% to 13.25%. • Decrease the ETH-B SF from 15.75% to 13.75%. • Decrease the ETH-C SF from 15% to 13.00%. • Decrease the WSTETH-A SF from 16.25% to 14.25%. • Decrease the WSTETH-B SF from 16% to 14.00%. • Decrease the WBTC-A SF from 16.75% to 14.75%. • Decrease the WBTC-B SF from 17.25% to 15.25%. • Decrease the WBTC-C SF from 16.50% to 14.50%. ⚡ SparkLend D3M Update • Increase the SparkLend D3M Maximum Debt Ceiling by 1.0 billion DAI from 1.5 billion DAI to 2.5 billion DAI. 🦋 D3M to Spark DAI Morpho Vault (DIRECT-SPARK-MORPHO-DAI) Deploy the Spark DAI Morpho Vault with the following parameters: D3M DC-IAM Parameters • Maximum Debt Ceiling (line): 100 million DAI • Target Available Debt (gap): 100 million DAI • Ceiling Increase Cooldown (ttl): 24 hours • Debt Write-off Timelock (tau) (Defines the time to elapse before debt can be written off after a D3M has been caged): 7 days D3M Addresses • oracle: 0xA5AA14DEE8c8204e424A55776E53bfff413b02Af • plan: 0x374b5f915aaED790CBdd341E6f406910d648fD39 • pool: 0x9C259F14E5d9F35A0434cD3C4abbbcaA2f1f7f7E • operator: 0x298b375f24CeDb45e936D7e21d6Eb05e344adFb5 Aditional actions: The DIRECT_MOM Breaker will be extended to include the Morpho D3M, enabling governance to deactivate vault functionality through an executive spell without waiting for the GSM Pause Delay. 📊 Dai Savings Rate (DSR) Change • Decrease the DSR by 2% from 15% to 13% 🔥 Smart Burn Engine (SBE) Parameter Updates • The hop (frequency) parameter will be decreased by 7,884 seconds from 19,710 seconds to 11,826 seconds • The bump (lot size) parameter will be increased by 25,000 DAI, from 50,000 DAI to 75,000 DAI 🏦 Approve HVBank (RWA009-A) Dao Resolution • HVBank (RWA009-A) Dao Resolution with IPFS hash QmStrc9kMCmgzh2EVunjJkPsJLhsVRYyrNFBXBbJAJMrrf will be approved. ⚡ Trigger Spark Proxy Spell A Spark proxy spell at 0x210DF2e1764Eb5491d41A62E296Ea39Ab56F9B6d will be triggered. This proxy spell will take the following action: • [SparkLend Ethereum] Increase the WBTC Supply Cap max by 1,000 WBTC, from 5,000 to 6,000 WBTC. • [SparkLend Ethereum] Decrease the Effective DAI Borrow Rate by 2 percentage points from 16.00% to 14.00%. • Transfer ownership of the Morpho Vault. MKR holders and delegates now is the time to actively engage and shape the future direction of MakerDAO: Vote directly through the Executive Proposal: https://vote.makerdao.com/executive/template-executive-vote-stability-fee-changes-sparklend-d3m-maximum-debt-ceiling-increase-spark-dai-morpho-vault-d3m-deployment-dsr-decrease-sbe-parameter-update-hvbank-dao-resolution-approval-trigger-spark-proxy-spell-march-26-2024 or Delegate your MKR to one or more Recognized Delegates: https://vote.makerdao.com/delegates