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Create Update Week 8 2021, 02-24-2021.md

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### Governance Update
#### Recent Votes [Spartan Council]
| Name | Category | Link |
| ------------- |:-------------:| :-----:|
| SCCP-86: Initialize New Merging Window | Product | [View](https://gov.synthetix.io/#/synthetixproposal/proposal/QmURjYjVtSDc9urbuRTTgmKU21ZqanuKg2HFyLwKLJjHyZ) |
Given sDAO’s intention to migrate to a new account, this SCCP proposes to open up the account merging window for a 2-week period.
This proposal passed on Feb 15th.
| Name | Category | Link |
| ------------- |:-------------:| :-----:|
| SCCP-85: Increase loans and shorting CAP to 30m | Product | [View](https://gov.synthetix.io/#/synthetixproposal/proposal/QmRse6mLMepuME5WitK9d851tteQTmFegU1omqHLX19fqh) |
Shorting cap of 20m is maxed out. After the first week of using the promoted shorting mechanism, we are confident the cap can be safely increased to 30m to allow more users to borrow or short available assets.
This proposal passed on Feb 15th.
#### Pending Proposals
| Name | Category | Link |
| ------------- |:-------------:| :-----:|
| SIP 112: ETH Wrappr | Product | [View](https://sips.synthetix.io/sips/sip-112) |
Proposes to deploy a new contract that accepts deposits in ETH and in return mints sETH in the user’s wallet.
After successful ETH deposit, users’ ownership over ETH is transferred to Synthetix protocol. Wrappr is a conditionally bidirectional contract, meaning that if it holds ETH in its reserve, it will accept deposits in sETH and releases ETH. ETH can be unwrapped at any point by anyone after the corresponding amount of sETH is sent back and effectively burned.
| Name | Category | Link |
| ------------- |:-------------:| :-----:|
| SIP 113: Reenable sKRW | Product | [View](https://sips.synthetix.io/sips/sip-113) |
Proposed SIP to reenable the previously deprecated sKRW Synth that tracks the price of the Korean Won.