►
From YouTube: DXD Token Working Group Call #3 [2022-09-29]
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B
Welcome
to
DxD
token
group
call
number
three:
we're
gonna
go
over
some
token
model
for
dxt
here.
So
I'm
gonna
share
my
screen
to
the
presentation
here.
C
B
Okay,
so
just
kind
of
go
over
the
agenda
for
today,
what
we're
going
to
talk
about
just
do
a
quick
recap
of
the
last
two
calls,
and
then
you
know
first
before
we
get
into
the
new
DHC
token
model,
how
we
talk
about
those
things.
I
think
we
talked
about
the
last
couple
weeks.
I
think
we
have
some
discussions
on
like
the
current
DxD
liquidity
and
kind
of
some
issues
on
that,
and
maybe
how
we
can
address
some
of
those.
B
So
I
want
to
talk
about
that
and
then
get
into
this
kind
of
talking
about
like
a
new
policy
framework
for
dxt
token
accrual
and
then
at
the
end
we
dive
into
a
little
bit
of
a
treasury
management
discussion.
So
we
actually
have
the
guys
from
kaparki
here
who
have
been
doing
really
they've
been
doing
some
good
work
for
a
bunch
of
different
Dows
here,
and
so
we
want
to
maybe
chat
a
little
bit
further
about
what
could
happen
with
with
DX
out
there.
B
So
just
to
recap.
So,
as
I
said,
it's
a
third
call.
The
first
call
went
over
the
history
of
dextao
and
DxD
like
how
we
got
here,
call
number
two
discussed:
some
comparable
projects:
token
models,
you're,
looking
at
om,
looking
at
Temple
and
looking
at
a
couple,
different
ones
for
maybe
ideas
that
detail
could
could
learn
from
and
then,
as
I
said
before,
we
also
using
this
as
maybe
an
opportunity
to
discuss
some
current
DxD
issues
with
the
liquidity
there
so
yeah.
B
So
just
to
start
again,
this
is
going
to
be
talking
first
about
just
kind
of
getting
closer
to
nav,
more
like
a
short
and
medium
term
thing
at
first,
so
yeah,
dxt
and
nav
no
surprise
to
anyone
here.
Dhd
continues
to
trade,
far
below
nav,
just
by
30
reduction
in
Supply.
B
This
is
a
bad
look
and
so
I
think
you
can
see
here
a
couple
different
projects
that
we've
compared
to
both
of
these
have
actually
just
recently
their
nav
ratio
is
actually
shot
up
in
the
last
couple
weeks
for
temple
it
shot
up
because
they
did
this
Temple
Ascend,
which
basically
purchased
a
lot
of
different
Temple
below
nav
through
a
liquidity,
bootstrapping
pool
and
then
om
it.
Actually,
it's
more
because
I
think
they're,
liquid
treasury
value
dipped
below
their
yeah
dipped
below
their
the
token
value.
B
So
it
wasn't
that
the
token
value
went
up.
It's
more
like
the
treasury
value,
went
down
and
then
yeah,
and
then
we
can
see
kind
of
DxD
there
at
44
right
now,
and
so
this
is
yeah
again
a
problem
that
I
think
we're
all
aware
of
the
current
current
DxD
liquidity
and
yeah
I.
Think
in
the
last
month,
we've
really
had
a
lot
of
issues
with
gpv1,
so
gnosis
protocol
V1.
It's
always
taken
a
lot
of
headache
to
do
that,
and
so
we
are
switching
over
to
Cal
protocol
I.
B
Think
as
of
like
today.
Actually
so
we
talked
about
this
on
the
governance
discussion
yesterday
and
we've
already
done
some
test
trades
for
weft
and
xdi,
and
so
here
for
the
existing
DxD
buyback,
we're
going
to
switch
over
to
Cal
protocol
yeah
going
forward
that'll
be
a
little
bit
different
because
it
doesn't
rely
on
an
oracle.
It
just
use
it.
It
just
executes
at
market
price.
B
So,
given
the
load
liquidity,
the
orders
will
be
small
and
there
will
probably
be
some
slippage,
but
I
think
it's
important
to
just
keep
doing
that,
and
so
that
is
still
on
the
old
buyback
extension
number
nine
that
was
there
and
there's
about
I,
think
70
60
eth.
That
is
still
to
be
there
and
then
there's
already
been
in
500k.
That
has
been
authorized
for
additional
purchases
and
I
think
it's
an
opportunity
for
us
now
to
kind
of
think
about
like
okay.
B
Well,
what
is
the
best
way
to
to
kind
of
use
those
BuyBacks
and
kind
of
the
most
efficient
way,
but
also
just
kind
of
the
way
that
we'll
be
yeah
I
think
getting
getting
dxt
closer
to
nav,
so
I'm,
thinking
kind
of
like
a
two
pronged
approach
here
is
you
know
we
have.
Cal
protocol
obviously
exists
both
on
mainnet
and
gnosis
chain,
main
net
there's
a
little
bit
more.
B
Liquidity
for
DxD,
actually
I
think
a
yeah,
a
significant,
more
liquidity
for
GXT
on
on
mainenet,
as
well
as
I,
think
just
putting
orders
on
mainnet
is
it's
a
much
easier
way
to
attract
that,
but
you
can
still
get
gnosis
chain
for
Price,
Discovery
and
other
ways
and
the
other
key
thing
with
gnosis
chain
that
is
better
is
be.
Is
we
can
submit
orders
through
proposals
that
only
take
five
days,
whereas
with
mainnet
those
take
16
days
to
do?
B
D
B
Yeah
and
so
I
just
kind
of
wanted
to
lay
out
potentially
what
this
could
look
like
and
Connor
and
I
had
actually
talked
a
little
bit
about
this,
like
kind
of
two-pronged
approach
here
and
so
I
think,
having
basically
like
being
able
to
use
Cal
protocol
to
do
limit
orders
for
DxD
on
mainnet
and
then
to
just
be
able
to
have
like
a
nice
like
basically
order
book
that
that
has
there.
B
That
would
provide
some
support
for
like
when
the
price
will
Spike
from
different
BuyBacks
like
having
some
kind
of
support
there,
and
so
this
is
something
just
kind
of
an
idea
of
what
we
could
do
in
terms
of
placing
limit
orders
here,
and
so
we
could
submit
these
kind
of
starting
in
the
next
couple
days
here,
but
just
kind
of
gradually
submit
limit
orders
on
the
way
up
over
this
time.
B
To
like
point
five-
and
you
can
see
here
the
execution
day
as
I
said
it's
16
days
after
so
it
wouldn't
actually
the
order
wouldn't
be
placed
until
then,
and
so
it
does
make
it
a
little
bit
difficult
to
figure
out
what
price
to
do
so.
I
think
it's
better
to
not
really
think
you're
going
to
time
the
market.
B
More
of
just
like
the
the
order
book
will
have
liquidity
at
you
know
every
every
tick
and
you
think
about
like
there
is
I
guess
the
only
downside
of
these
limit
orders
is
there's
some
opportunity
cost
for
the
eth,
but
given
that
there's
so
much
eth,
indeed
Styles
treasury,
that's
not
really
doing
anything.
I
don't
think
it
is.
B
Is
that
bad
that
there's
a
limit
order
at
0.24
eth
at
sorry,
0.24
dxdeath,
even
though,
for
instance,
like
DC
price,
might
not
be
there
for
a
while,
it
does
I
think
provide
like
a
good
level
of
support
and
then
like
on
gnosis
chain.
What
we
could
do
is
over
the
next
I
think
it's
like
two
weeks
basically
have
five
eth
orders
or
five
weth
orders
that
are
executed
and
remember.
B
This
is
only
five
days,
so
this
would
be
they
kept
coming
more
and
then,
after
that,
this
would
be
all
of
the
eth.
That's
left
over
from
buyback
extension
number
nine,
and
then
we
would
shift
to
the
new
500k
authorization
and
then
I'm
proposing.
We
talked
about
this.
A
little
bit
is
to
actually
use
stable
coins
to
purchase
them
there.
B
B
It's
still,
of
course,
all
the
limit
orders
would
be
in
Ethan
I
still
think.
Some
of
that
is
there,
but
I
think
it's
an
opportunity,
maybe
to
do
that
for
on
gnosis
chain,
and
so
then
this
would
just
be
like
orders
that
could
be
placed
daily.
Market
buys
on
gnosis
chain
through
through
Cal,
swap
there,
and
then
this
with
these
orders
total.
B
B
So
yeah
I
don't
know
if
anyone
has
kind
of
any
thoughts
on
on
this.
In
terms
of
like
an
initial
plan,
as
I
said,
this
is
like
the
short-term
idea
and
kind
of
getting
things
back
and
dealing
with
DxD
liquidity,
and
we
could
talk
about
the
long-term
token
model
in
a
second.
B
But
any
thoughts
on
on
this
and
using
Cal
protocol
again,
which
has
like
a
it,
has
a
market
buy,
we
can
use
on
gnosis
chain
and
then
we
can
use
the
limit
order,
but
they're
it's
like
they're,
not
necessarily
thrilled
about
us
using
limit
orders
but
I
think
they're,
they're,
okay,
with
with
us
doing
it,
and
so
I
think
this
is
a
plan
that
yeah
should
provide
at
least
like
a
good
initial
liquidity
batch
over
the
next
month
and
a
half.
F
B
F
I
think
it's
a
good
approach.
I
think.
F
Think
you
probably
but
like
the
the
price
of
the
limit,
was
I.
Think
like
like
you.
F
Like
adjust
them
down,
I
guess
like
so
that
we're
not
like,
like.
B
What
I
mean
yeah
I
mean
the
only
like
issue
with
this
or
like
the
thing
just
I
guess
skate
around
is
that
there
is
such
a
long
lag
between
submission
day
and
the
execution
day.
So,
like
you're,
you
know,
let's
say
he's
like.
Oh,
we
shouldn't
be
submitting
at
this
price,
but
like
that's
when
you're
submitting
that
the
proposal
and
then
you're
not
sure
what
it's
going
to
be
like
16
days
later,
yeah.
F
B
And
I
think
like
that's,
why
we
would
start
with,
like
0.24
and
I,
think
what
it's
a
trading
like
0.28
right
now
and
we
can
even
start
lower
because,
like
to
your
point,
you
want
to
like
yeah,
provide
that
like
support
and
then
just
kind
of
gradually
go
up
there.
B
Any
other
thoughts
comments,
I,
guess,
Dave's
saying
we
can
decide
an
order,
expiry
date,
yeah
and
I.
Guess
like
when
that
happens.
We
want
that
just
because
if
we
had
like
a
really
low
order
that
was
placed
on
there,
like
eventually
we'd
have
to
want
to
get
that
eth
back.
B
C
B
A
A
C
Like
seen
any
evidence
that,
like
the
buyback
program
actually
like.
F
B
A
B
Yeah
I
think
I
I
think
everyone
here
is
in
agreement
that
the
buyback
program
is
not
a
very
effective
way
of
driving
value
to
DxD
long
term.
That's
kind
of
like
one
of
the
reasons
I
think
we're
like
starting
like
doing
the
dxt
token
working
group
and
then
maybe
trying
to
come
up
with
like
a
different
model,
I
think
right
now.
The
only
mechanism
that
DXL
has
to
drive
value
through
txt
is
through
this
buyback
process
and
it's
like
manual.
B
It's
not
really
like
it's
not
really
that
great,
but
that
is
really
like
the
only
thing
we
have
right
now,
and
so
this
would
be
like
a
very
yeah
like
more
of
a
plan
for
like
the
next
month
and
a
half
and
then
yeah,
trying
to
figure
out
if
we
can
have
a
different
model
that
that
gets
us
more
of
like
a
long-term,
sustainable.
C
Convinced
you
know
that
any
impact.
C
Things
where
we
probably
need
to
work
on
it's.
E
C
Like
the
rep
model,
I
think
that's
kind
of
like
root
of
all
evil,
but
it
seems
like
we
are
sad
more
on.
You
know
like
looking
for
ways
to
reduces.
C
A
A
C
Area
I
would
prefer,
if
we
maybe
just
reserve.
B
B
And
I
do
think
you're
right
that,
like
the
goal,
is
more
reducing
DxD
Supply
rather
than
like
that
long
term,
sustainable
thing
and
I
think
as
Conor
was
saying
like
that
is
like
it's
a
you're
just
kind
of
you're,
giving
more
value
to
deep
style
itself
for
eventually
or
DxD
holders.
Eventually,
when
we
do
get
to
a
better
model.
F
C
B
Execute
these
ones
over
the
next
like
month
and
a
half
but
I
think
using
both
mainnet
and
gnosis
chain
and
then
also
introducing
the
some
buying
and
stable
coins
would
be
good
and
we're
gonna
have
to
coordinate
a
little
bit
with
the
Cal
protocol
people,
because
it
is
a
little
tricky
to
do
this,
but
they
are
very
interested
in
I
think
working
with
us,
because
it
is
kind
of
cool
that
adao
is
doing
this
in
a
dow
he's
using
Cal
protocol,
so
they've
been
interested
working
with
that
and
Dave
Dave
is
the
one.
B
Who's
is
kind
of
coordinating
the
actual
like
order
placements,
because
the
way
it
works
is
you
actually
have
like
anyone
can
place
the
order
on
behalf
of
DX
Dao,
but
then
it
has
to
actually
be
signed
by
DXL.
So
the
proposal
itself
is
actually
just
signing
an
order,
that's
created
by
someone
else.
B
Okay,
let
me
get
back
to
this
screen
yeah
and
I.
Guess
maybe
this
is.
We
were
just
talking
about
there,
but
you
know:
is
that
enough?
Is
that
like
a
way
to
provide
like
a
liquid
market
for
for
DxD?
Is
that
going
to
really
help?
Are
there
other
things
we
could
consider
to
get
back
to
nav
at
a
at
a
another
level
so
like
if
DTD
does
get
to
0.5?
Should
D
extow
just
provide
like
a
million
dollars
of
liquidity?
Should
we
do
like
a
liquidity,
bootstrapping
pool
I?
B
Don't
think
we
need
to
answer
these
questions
yet,
but
I
think
there
are
like
yeah
things
we
should
be
thinking
about,
as
as
this
next
round
of
BuyBacks
goes
through.
Okay,.
B
Yeah
and
then
back
to
a
new
dxt
token
model
kind
of
what
we're
focusing
on
like
the
long
term.
So
assuming
dxt
gets
to
a
point,
a
healthy
place,
we
can
kind
of
think
about.
Well,
what
is
a
more
efficient
way
of
doing
this,
so
we
don't
have
to
place
all
these
orders.
We
don't
have
to
have
all
these
parameter
changes
there.
B
A
C
Know
like
okay.
C
B
That
yeah
I
think
that's
actually
very
actually
very
similar
to
I
think
what
we
would
be
doing
for
like
a
new
token
model,
so
I
think
like
the
problem
is
like
that
would
take
just
time
and
like
how
do
we
have
like
a
more
immediate
intervention
right?
That's
what
we
were
kind
of
adjusting
before
and
I
think
going
like
what
we're
going
to
discuss
now
is
precisely
those
types
of
ideas
there.
B
Good,
okay.
C
In
and
in
order
to
DC
all
the
solar
item
or
like
a
one-year
timer
yeah.
B
I
mean
you
could
but
like
what's
the
yield
on
that
gonna
be
like
how
much
dxt
is
going
to
be
staked
in
that
I
think
you
would
probably
need
more
than
500k
to
actually
drive
value
to
that.
So
yeah
I
think
that
it's
just
figuring
out
more
than
just
what
to
do
with
that.
500K
is
is
important,
official
yeah,
so
so
I
think
I
think
we
probably
hit
on
some
of
those
ideas
and
someone
I
have
here.
B
You
know
all
value
generated
by
dxtau
Revenue
product
tokens,
DX
Ventures
investment
should
flow
to
the
treasury
eventually,
and
the
treasury
in
turn
then
needs
to
provide
a
liquid
market
for
dxde
at
a
fair
value
through
whatever
mechanism,
whether
it's
some
staking
mechanism
or
or
something
else
so
I
kind
of
had
this
working
through
this,
like
I'm,
calling
like
a
DxD
monetary
policy
framework,
because
I
I
actually
think
one
of
the
ways
to
go
about
this
is
to
have
a
a
couple,
different
tools
that
you're
using
to
adjust
this,
and
so
these
are
the
four
different
ones
that
I'm
kind
of
looking
at
of
these
are
like
the
pillars
that
would
be
able
to
achieve
this.
B
Like
you
know
this
ability
to
how
come
how
can
the
treasury
in
turn
provide
a
liquid
market
for
DxD
and
at
a
fair
value
and
I?
Think
it's
having
these
four
components.
So
it's
like
a
price
floor,
support,
absorbing
cell
pressure,
the
ability
to
Mint
new
DxD
and
then
like
ensuring
a
liquid
market
for
for
DxD.
B
So
the
the
price
floor
support.
So
this
would
be
a
commitment
by
dextao
to
purchase
any
amount
of
DxD
at
a
certain
percentage
of
nav.
You
don't
say
70.
B
B
This
is
manual
submissions,
but
it
could
be
in
large
amounts,
as
it's
kind
of
just
you
know,
basically
teach
that
will
always
commit
to
buy
an
infinite
amount
of
DxD
at
that
at
that
value
because,
eventually
like
that
is
a
good
value
because
it
would
be
at
you
know
what
it's
70
or
or
whatever
the
number
would
be,
and
this
is
actually
modeled
off
of
the
Temple
defend
that's
what
they
basically
had
is
they
had
like
a
floor
support
that
they
would
always
provide
for
DxD
I'm,
sorry
for
for
temple,
for
them
to
be
selling
there,
and
in
this
way,
for
for
these
for
the
TC
acquired
through
this
one.
B
This
DxD
would
actually
be
returned
to
the
general
Treasury
and
then
the
the
second
one
I'm
calling
absorbing
cell
pressure,
and
these
are
I
guess
you
call
inverse
DxD
bonds
and
Crystal
I
think
these
are
kind
of
can
be
very
simple
to
like
the
synthetic
staking
contract,
but
they
could
also
be
a
couple
different
things,
and
so
this
is
also
modeled
off
of
ohm.
So,
very
simply,
you
could
have
DxD
be
deposited
into
a
smart
contract
and
then
you
can
redeem
form
the
treasury
in
the
form
of
an
inverse
Bond.
B
B
You
could
use
these
in
a
couple
different
ways
and
you
could
adjust
a
bunch
of
different
parameters
to
try
to
appeal
to
different
dxt
token
holders,
and
so
some
of
these
words-
and
you
know
because
they
are
inverse
bonds,
I'm
taking
some
of
the
language
from
bonds,
but
it
sometimes
doesn't
doesn't
carry
over
but
yeah.
The
three
things
I
think
you
could
change
is
you
could
change
like
the
principle
to
be
repaid?
This
could
be
greater
or
less
than
you
know,
100
nav.
B
If
you
wanted
to
encourage
or
or
discourage
something
you
could
change
the
maturity
date
right,
it
could
be
a
very
short
term,
something
it
could
be.
You
could
redeem
in
a
week
or
you
could
redeem
in
a
year
or
two
years,
and
then
you
could
also
change
like
the
coupon
right.
So
you
could
have
something
where,
like
a
real
Bond,
you
actually
are
getting
periodic
payments
in
in
each
or
in
Stables,
rather
than
just
the
one.
B
Lump
sum
at
maturity
obviously
like
the
way
that
the
the
value
would
be
calculated
it
would,
it
would,
in
the
end,
be
whatever
the
the
nav
number
would
be,
but
you
could
actually
have
some
of
those
payments
be
streamed
to
the
txc
Token
holder
in
that
manner,
and
then
the
DxD
from
these
bonds
would
be
burnt,
because
I
think
this
is
kind
of
a
way
of
you
know
when
you're
when
you're
the
idea
of
an
inverse
Bond
and
redeeming
from
the
treasury
kind
of
going
back
to
the
bonding
curve,
you
would
actually
just
be
I
think
best
to
be
burning
the
dxt
and
then
I.
B
B
So
I
think
you
could
have
like
a
an
effective
monetary
strategy
that
can
consist
of
several
different
types
of
bonds.
So,
like
just
you
know,
this
would
be
something
you
could
decide.
You
could
say:
okay,
there's
gonna
be
250k
of
inverse
bonds
that
mature
immediately
and
pay
out
80
of
nav.
B
You
could
have
250k
of
inverse
bonds
that
mature
in
three
months
at
90
of
nav
and
then
250k
of
inverse
bonds,
that
mature
in
six
months
at
100
of
nav
or
even
like
kind
of
I,
think
another
way
to
think
about
this
is
you
could
actually
have
a
year
bond
that
basically
pays
out
at
higher
than
nav
and
then,
but
it's
basically
achieving
that
with
like
a
monthly
payment
in
there
and
I.
Think
having
these
this
would
require
some
management
to
determine
like
what
bonds
are
issued.
B
What
what
are
the
parameters
of
them
but
I
think
when
you
look
at
DxD
token
holders
they
will
vary
a
lot
in
their
needs,
and
so
you
could
imagine
someone
that's
you
know
why
I
want
liquidity,
on
my
dxt
token,
to
buy
a
house
in
like
a
year,
but
I
don't
really
need
it
right
now,
so
you
could
just
stake
that
and
be
able
to
get
the
nav
the
full
nav
payment
just
because
you'd
be
willing
to
wait
around.
B
So
some
advantages
to
this
you
give
the
time
for
the
treasury
to
adjust
liquidity
to
redemptions.
So
I
think
one
of
the
things
that
if
you
are
having
Redemption
from
the
treasury,
one
of
the
things
that
is
difficult
is
you
have
to
prevent
a
bank
run
right.
B
So
if
you're
allowing
Redemption
of
the
treasury
in
eth,
then-
and
you
have
some
of
your
treasury,
not
in
eth,
then
you
have
to
be
able
to
manage
that
to
make
sure
that
if
someone
comes
to
redeem
DxD
for
eth,
you
have
you
have
enough
eth
to
do
that.
So
if
you
have
a
bunch
of
inverse
dxt
bonds
that
are
issued
that
people
deposit
into
that
in
a
year,
there
will
be
a
lot
of
nav
that
they
will
redeem
at
nav
then
like.
B
In
that
meantime,
the
treasury
governance
can
adjust
to
that
and
plan
for
those
redemptions
University
Steve
bonds.
Obviously
they
take
DC
off
the
market
if
you'd
be
depositing
into
a
smart
contract,
it'd
be
inverse
bond
that
would
not
be
able
to
be
sold
so
it'd
be
a
really
great
way
of
taking
txt
off
the
market
and
then
yeah
kind
of
to
Christopher's
point
like
I
think
it
creates
a
structure
for
dividend
like
payments
as
well
as
long-term
staking,
and
so
it's
not
so
much
that
it
is
yeah.
B
It
could
be
just
a
staking
one,
but
you
could
adjust
a
bunch
of
different
parameters
to
allow
that
and
I
I
definitely
think
I,
don't
think
BuyBacks
are
efficient
in
really
any
way
in
capital
efficient
there
and
so
I.
Think
moving
to
something
that
has
dividend
like
payments
or
long-term
staking
is
is
a
good
model,
but
I
like
this
inverse
DT
Bond,
because
it
gives
you
some
flexibility,
I
think
in
how
you're
adjusting
that
yeah.
B
So
maybe
we
just
stop
there,
because
I'm
kind
of
curious
to
see
get
people's
thoughts
on
this
idea
of
basically
having
like
a
floor
price
that
you
are,
that
DxD
would
be
like
willing.
I
mean
stat
would
be
willing
to
to
purchase
an
infinite
supply
of
of
DxD
at
a
certain
price
and
then
the
these
like
DxD
inverse
bonds.
That
would
be
a
way
of
like
absorbing
the
cell
pressure.
F
Of
the
Dow
I
guess,
but.
F
B
B
C
Like
the
model,
but
I'm
kind
of
like
I,.
C
C
C
If
we're
like
not
really
fixing
the
root
core
of
like
problem,
which
is
again
rap
in
my
opinion,
you
know
we
are
not
really
what.
B
B
And
I
mean
the
governance
thing
you're
kind
of
talking
about
like
how
do
we
have
better
product
development?
How
do
we
have
yeah?
How
do
we
incentivize
the
right
things
and
I
think
that
is
all
super
super
important
and
as
I
think
as
Connor
said,
I
think
we're
going
through
to
addressing
some
of
these
issues
now
and
I
think
it
will
take
some
some
time
to
do,
but
I
think
that
is
separate
from
when
all
of
those
issues
are
solved.
B
At
the
end
of
the
day,
how
is
Success
being
translated
into
DxD,
because
right
now,
there's
no
yeah,
there's
no
way
for
that,
so
I
think
they're
kind
of
like
they're
they're,
two
separate
issues.
A
One,
you
know
it
takes
up
capacity
like
a
development
capacity
from
fixing
like
the
core
issues
right
and
then
you
know
once
these
questions
are.
C
Fixed,
as
you
kind
of
like
said,
which
kind
of
like
might
take
some
time
that
might
be
kind
of
like
very
new
D5
constructs
that
we
cannot
even
anticipate
now.
That
might
be
a
lot
more
efficient.
You
know
than
what
we
are
discussing
now
and
so
from
that
I'm.
C
But
just
kind
of
like
for
me,
you
know
it's
all
about
always.
You
know
like
having
a
very
clear
focused
on.
C
A
B
C
Know
it's
it's
also
a
painkiller
and
it's
not
kind
of
like
really
trying
to
fix
an
online
issue.
B
Yeah
and
I
think
most
of
this
is
being
driven
by
I,
guess
kind
of
some
other
other
Deeks.
Oh
sorry,
the
camera's
moving,
it's
pulling
my
hand
is
being
driven
by
dxt
holders
who
are
unhappy
with
the
price
of
dxt
and
the
lack
of
liquidity
and
so
I
think
that's
what
we're
trying
to
address.
B
And
and
I
again,
I
agree
with
all
the
kind
of
the
things
that
we
can
kind
of
focus
on,
but
just
the
from
the
priorities
that
we've
kind
of
heard
from
other
DHT
holders.
It
seems
that,
like
this
is
an
important
thing
to
be
able
to
provide
some
liquidity
and
some
like
token
model
there
again,
just
like
kind
of
going
back
to
the
the
problem,
and
the
problem
here
is
that,
like
txt,
is
just
trading
really
really
far
below
Book
value.
Yeah.
C
But
I
mean
like
the
same
is
true
for
like
a
lot
of
other
I
mean
you
could
have
also
put
like
next
to
mutually
and.
C
C
B
Cool
yeah
I
mean,
and
it's
good
to
hear,
a
different
kind
of
opinions
of
txt
holders.
Because
again,
one
of
the
reasons
we've
been
doing.
This
is
because
large
dxt
holders
have
been
pushing
for
it
because
it's
important
I
think
to
get
liquidity
and
there
is
like
a
a
little
bit
of
a
not
like
a
death
spiral.
B
But
I
think
this
is
also
happening
with
Nexus
Mutual,
where,
like
people
are
just
turned
off
to
the
project,
because
it's
trading
below
at
some
nav
and
so
I
think,
like
that's
kind
of
we
can
address
it,
then,
and
then
just
thinking
about
like
kind
of
the
incentive
issues.
Yeah
I
mean
I
really
think
and
as
the
the
post
that
that
that
Connor
shared
that's
like
the
phase.
B
One
of
this
and
I
think
the
phase
two
that
is
happening
over
the
next
six
weeks
is
really
going
to
address
this
and
so
I
think
there
is
a
yeah
like
long
term.
The
only
way
that
dick
style
works.
B
The
only
way
the
txt
accrues
value
is
if
there
is
like
a
functioning
system
of
different
people
being
incentivized
to
do
the
right
things,
but
I
think
one
of
the
things
that's
maybe
different
from
some
of
those
other
projects
that
have
raised
money
they're,
all
about
like
kind
of
doing
product
development
he's
like
dexta,
was
a
very
big
treasury
that
I
think
figuring
out
how
that
treasury
value
translates
into
DxD
is
important
or
I.
C
Know
question
like
motivation
of
you
know
like
people
that
really
want
this
excuse
me
like
they
might
be
looking
for
like
a
way
out.
F
F
Remaining
holders
you.
A
F
A
F
F
Back
below
this
far
below
nav,
then
then
the
fruits
of
the
labor
from
the
issues
that.
C
C
C
C
B
B
Like
kind
of
you
know
the
feds
signaling
what
the
future
is,
because
there's
just
a
lot
of
uncertainty
right
now
on
how
DxD
accrues
value
because,
like
we
had
this
bonding
curve
that
isn't
really
working
and
then
we
have
like
the
buyback
here
so
I
think
just
making
sure
that
there
is
a
model
that
will
be
built
towards
is
important
but
I
like
yeah
in
terms
of
that's,
why
I
think
there's
like
the
the
medium
term
is
kind
of
getting
there,
and
then
it's
sending
this
signal
going
forward,
but
yeah
I,
don't
know
in
terms
of
like
implementing
this.
B
This
would
be
lower
on
the
priority
and
I
think
like
the
governance,
2.0
things
like
just
for
on
that
I
think
we
will
have
in
the
next
couple
months
like
that
will
be
audited
and
things
are
kind
of
working
on
that
in
in
Bogota
there.
So
that,
of
course,
has
like
a
much
higher
priority.
B
And
I,
maybe
the
only
other
thing
that
I've
heard
that
it
is
difficult
to
get
new
investors
into
DxD.
I
guess
is
maybe
like
that's
that's.
Probably
the
more
of
the
concern
for
me
is
that
there
isn't
really
a
liquid
market
for
DxD
and
some,
even
if
it
is
a
buyer's
Paradise
that
sometimes
you
see
people
don't
I
mean
again.
You
can
look
at
candyfork.e
I've
been
buying
dxde
for
with
all
of
my
my
payments
for
last,
like
two
years.
B
I
think
it
is
a
great
buy,
but
there
there
does
seem
to
be
something
that
is
like
turned
off
people
a
little
bit,
and
maybe
that
is
what
you're
saying
that
it's
just
like
kind
of
the
underlying
issues
of
rep
and
just
to
stick
up
for
for
rep
a
little
bit.
I.
Think
if
you
look
at
the
management
of
the
treasury,
I
think
rep
holders
have
driven
have
managed
to
treasury.
Well,
both
in
terms
of
diversification.
B
It
did
and
also
the
value
it's
driven
back
through
the
buyback
that
it
didn't
just
execute
like
a
big
buyback
that
got
it
up
to
nav
and
provided
exit
liquidity.
B
It's
acquired
30
of
the
circulating
supplies,
decreased,
30
of
that
and
also
like
manage
the
treasury
that
is
worth
the
same
amount
in
eth
than
it
was
when
it
raised
so
you
had
25
000
eat
that
was
raised
and
right
now,
if
you
look
at
the
value
of
the
GXT
of
the
deed
style
treasury,
not
counting
DxD,
it's
25,
000
piece
and
so
I
think
maybe
there's
some
things
we
can
get
into
in
building
products
and
kind
of
incentivizing
in
different
ways.
But
I
think
there
are
some
strengths
to
the
rep
model.
F
F
Into
UMC,
like
again,
I've
sort
of
only
increased
my
DxD
position
over.
A
Time
quite
drastically.
B
F
F
B
So
I
just
want
to
I
think
it's
a
great
conversation,
but
I
want
to
just
kind
of
make
sure
we're.
A
B
Along
just
to
discuss
some
other
things,
especially
because
I
want
to
get
into
maybe
some
of
the
treasury
ideas
there
and
so
yeah
I
think
the
the
last,
the
third
and
fourth
one
of
this
kind
of
monetary
policy
framework
are
not
as
I
think,
are
not
as
complicated
or
maybe
they're
a
little
bit
easier
yeah
to
understand.
B
So
if
we
could
do
new
DxD
minting,
is
there
a
world
where
we
want
to
allow
new
DxD
to
be
minted
at
whenever
100
of
nav
in
each
or
approved
stable
coins
is
deposited
right,
and
so
this
would
enable
dht's
Capital
base
to
grow.
It
also
would
basically
prevent
DxD
trading
above
nav,
because
if
it
was
trading
above
NAD,
obviously
people
would
just
go
and
mint
new
DxD
from
and
with
with
eth
or
stable
coins,
but
that
would
again
grow
the
capital
base
of
the
treasury.
B
You
could
also
set
new
dxt
minting
at
like
110
of
nav
or
something,
and
so
that
would
be
like
the
new
Deeks
dementing
and
then
just
creating
like
a
liquid
market
for
DxD.
This
would
maybe
be.
If
we
had
you
know,
protocol
and
liquidity
is,
is
used
by
a
lot
of
other
Dows
and
Geeks
out
so
far
not
been
providing
liquidity
on
that.
B
B
Foreign
yeah,
so
that's
kind
of
like
the
the
four
areas
I
was
thinking
about,
and
you
know
this
is
said.
There's
like
the
third
meeting
and
we're
gonna
discuss
some
of
this
and
in
bogota's
of
some
of
the
other
contributors
and
kind
of
get
some
other
ideas.
B
Maybe
we
can
flesh
this
out
a
little
bit
more,
but
yeah
I'm
I'm
thinking
that
something
like
this
could
be
yeah
a
model
that
we
can
kind
of
signal
that
this
is
going
to
be
the
long-term
value
of
DxD
as
a
way
to
make
it
attractive
and
be
able
to
educate
people
on
what
the
appeal
of
holding
DxD
is
and
so
yeah.
Hopefully
you
know
the
monetary
policy
framework
I
think
they
come
with
a
different
name
for
that
I.
B
Don't
know
if
I,
like
monetary
policy
there,
but
yeah
any
any
kind
of
thoughts
on
this.
Before
we
move
on
to
some
quick
treasury
discussion.
A
E
E
High
level
trying
to
think
about
this,
all
those
things
you
just
laid
out
are
to
allow
yeah
allow
people
to
come
freely
in
and
out
of
this
ecosystem.
You
believe
it
you
can
go
buy
the
token
and
if
you
don't
believe
it,
you
can
exit
at
that
at
the
fair
market,
value
and
Revenue
that
gets
made
will
go
into
this
this
thing
and
all
the
revenue
all
the
all.
E
E
B
E
B
B
So
you
just
like
you
basically
lose
your
Treasury
and
it's
only
backing
like
eth
there,
whereas
like
what
you're
trying
to
do
here
is
basically
like
allow
all
of
those
things
at
the
bonding
curve
has,
but
also
have
a
treasury
that
you
can
use
to
deploy
and
earn
a
yield
off
of
fun.
B
Product
development
like
a
whole
bunch
of
things,
and
you
need
to
have
a
way
of
managing
that
Treasury
and
then
also
like
meeting
those
redemptions
or
meeting
like
anyone's
depositing
to
give
them
that
fair
market,
Price
and
so
I,
don't
see
how
you
can
do
that.
Also
with
the
bonding
curve.
B
F
Put
dye
into
pools
with
that
kind
of
thing.
A
B
B
A
A
F
F
I
think
the
the
number
of
the
XD
maybe
should
be
limited
to
whatever
has
been
done.
F
Of
allowing
buyers
to
to
buy
in
adjustable
treasury
value
when,
like
in
the
future,
the
products
should,
and
it
will
be
like
a
significant
portion.
F
F
F
Think
about
that
the
idea
of
like
once
the.
F
B
Yeah
and
I
think
that's
kind
of
a
question
on
yeah.
What
is
nav
should
account
for
all
liquid
assets,
some
plus
some
value
of
the
non-liquid
ones
so
like.
How
do
you
convey
that
and
then
I
think
the
other
thing
is
thinking
about
what
is
done
with
the
DxD.
That's
acquired
here
here.
I
said
that
that
just
goes
in
the
general
Treasury,
and
so
maybe
that
could
be.
You
know
that
that
supply
that
you're
talking
about
here
and
then
the
bonds
here
it
actually
was
going
to
be
burning.
B
B
Cool
well
I
want
to
just
yeah
we'll
continue
this
conversation
just
because
we
got
just
a
little
bit
more
time
here.
I
want
to
talk
a
little
bit
about
treasury
yield
and
maybe
give
the
let
the
party
guys
introduce
themselves,
but
just
like
as
a
quick
overview.
B
B
The
first
is
there's
about
700
000
in
mainnet
swapper
in
the
eth
die
pool,
and
then,
if
you
look
on
gnosis
chain,
there
are
four
different
pools
that
geeked
out
is
lping
on
the
largest
being
the
weft
dipole
there,
but
it's
also
doing
some
on
the
web,
wbtc
usdc
wxi
and
the
wet
DPI
there,
and
then
addition
to
that
geek
style
has
about
2
000,
State
eth,
here
I
think
yeah.
Some
is
all
right.
B
This
is
steak,
wise,
yeah,
se2,
I,
think
it's
stake
wise
and
then
this
is
Lido,
and
then
this
is
rocket
pool
there,
and
so
that's
kind
of
where
I
think
we're
looking
at
in
terms
of
now
and
I
want
to
look
at
like
the
treasury
yield
like
what
is
what
is
what
is
being
yielded
on
right
now,
right
now,
you'd
see
that
there
are,
you
know
about
23.
B
This
is
all
non-dxies,
so
this
is
just
stable
coins
in
eth,
along
with
some
of
the
other,
smaller
tokens
in
there,
and
so
right
now
you
can
see.
23.2
million
is
not
is
Idle
assets
not
being
put
to
use
there's
about
2.6
million
in
state
eat.
B
That's
earning
like
a
very
nice
four
percent
yield
and
then,
if
you
look
at
some
of
the
other
pools
that
have
done
well,
even
the
ethi
and
the
on
notice
chain
and
mainnet
have
actually
had
a
small
return
there,
as
has
the
usdc
dipole,
that's
actually
on
swapper
there.
B
So
this
is,
you
know,
I,
don't
think
this
is
a
very
sophisticated
deployment
there,
but
there
is
some
ability
that
treasure
it
has
been
deployed.
And
again,
it's
very
cool
because
this
has
all
been
done.
Trustlessly
through
different
relayers
there,
and
so
you
know,
thinking
about
going
forward-
is
how
to
basically
how
to
extract
more
yield
or
what
kind
of
is
the
way
to
do
that.
So,
if
you
see
like
our
current
utilization
ratios
is
the
amount
of
of
funds
that
are
being
put
to
work
there.
B
A
B
And
that
could
come
from
a
couple
different
ways
it
could
come
from.
You
know
we
could
take
the
we
currently
have
and
then
eat
the
steak
eat
usdc,
guy
LUSD.
This
is
about
like
30
to
40
percent
of
the
usdc
die
in
lousd.
That's
in
the
treasury
so
have
some
of
that.
There
that
we're
using
to
extract
more
yield
and
then
like
yeah.
Where
could
It
Go
it
could
go
to
curve
in
terms
of
stables,
there's
the
curve
meth
stakey's
pools.
B
You
could
also
go
to
swapper,
both
in
ens
eth
and
even
like
swapper,
DxD,
Heath
and
then
I.
Just
think.
What's
reported
to
be
able
to
do
this
I
think
reporting
is
is
is
important.
We
we
have
some
ability
to
do
this
now,
but
it
does
get
like
pretty
complicated
and
so
I
think
we
need
some
more
capabilities
there.
We
need
a
better
dxde
price
if
you're
going
to
do
liquidity,
provisioning
on
swapper,
dxdeath
and
then
I
think
we
actually
need
the
ability
to
interact
with
with
curves.
B
So
we
have
relayer
contracts
that
allow
us
to
provision
liquidity
on
swapper,
but
we
would
need
something
to
do
that
with
curve
and
then
like
yeah.
What
else
that
could
happen
is
we
could
have
some
type
of
Leverage
and
risk
management
where
we're
doing
a
little
bit
more
interesting
things
with
the
treasury
in
terms
of
extracting
yield
through
some
type
of
carry
trade
or
something
else.
So
these
are
just
some
initial
ideas
that
maybe
start
the
conversation
for
the
treasury
and
I.
B
Don't
know
if
fasu
or
yeah
jump
in
and
kind
of
chat
a
little
bit
about
our
party
and
what
you
guys
have
been
doing.
D
If
anyone
doesn't
know
a
few
months
ago,
also
for
the
DSL
to
take
care
of
their
country
developments,
but
it
didn't,
people
didn't
go
through
because
mainly
it
wasn't
decentralized
enough
and
the
Excel
is
probably
the
most
decentralized
ecosystem
right
now
and
our
our
technology
required
that
there
was
at
least
one
test
designer
which
Within
centralization.
D
So
what
we
have
right
now
is
the
zolgate
module,
which
is
working
much
better.
It's
it's
in
the
last
couple
of
months
and
we're
using
the
most
extreme.
So
what
we
wanted
to
propose-
and
before
doing
so,
I
wanted
to
talk
to
you
about.
This
call
was
to
start
to
make
another
proposal
and
ask
for
a
small
sum,
for
example,
of
10
million
dollar
equivalent,
and
we
could
use
it
within
the
nurses
chain
for
some
time
to
see
if
you
feel
comfortable
with
the
window
to
work.
D
It's
you
know
something
that
makes
sense
for
you
and
once
you
do,
if
you
do,
we
can
have
another
discussion
and
probably
talk
about
using
this
technology.
Also
in
on
a
maintenance
you
know.
So
what
we
will
do
is
make
sure
that
there's
going
to
be
what
you
see
whenever
you
need.
D
So
that,
eventually,
you
can
just
forget
about
the
treasury
liability
to
focus
on
on
the
core
business
of
yourself.
So
that's
what
I
wanted
to
share
today.
B
Yeah
and
I
think
a
lot
of
what
reached
out
could
do
is
yeah.
We
there's
a
lot.
We
could
do
without
needing
that
much
more
engineering,
development
or
even
kind
of
some
of
the
smart
contract,
stuff
and
so
I
think
some
of
the
things
here
initially
are
really
about
just
like
the
low-hanging
fruit
here,
but
I
think
figuring
out
a
way.
This
is
the
low
hanging
fruit,
but
this
is
you
know
we're
talking
just
going
through.
B
B
We
want
to
figure
out
how
to
scale
so,
whatever
we
do
now
in
terms
of
building
out
more
capability,
like
figuring
out
how
that's
like
a
good
foundation
for
the
future,
and
so
I
think
like
for
the
first
thing
that
that's
important
like
for
me,
is
to
just
have
kaparki
in
some
of
these
conversations
or
other
managers
kind
of,
as
in
suggesting
some
of
these
moves,
and
we
can
have
discussions
as
a
community
to
figure
out
like
okay.
B
C
B
Yeah
and
I
think
one
of
the
things
I
think
the
reporting
you
guys
do
for
the
weekend.
Nurses
Farms
is
always
a
great
read.
It's
really
helpful
to
kind
of
see
that
and
I
think
just
having
that
type
of
information
and
transparency
on
the
treasury
is
an
important
thing
that
would
yeah
help
us
make
better
decisions,
but
also
kind
of
communicate
to
a
broader
audience
that
are
things
about
DX
style
there,
yeah
I,
don't
know
if
anyone
had
any
other
thoughts
on
a
kind
of
Treasury
Conor
enough.
B
You
had
anything
in
terms
of
like
deploying
the
the
treasury
and
managing
like
Risk
Management.
Here.
B
F
Things
that
we've
just.
A
F
About
with
the
different
different
models
of
the
dxt
model
and
having
parts
of
the
treasury
ready
for
Bibles
or
or
bombs
or
whatever
is.
B
Yeah
and
I
think
what's
interesting
is
that
it's
a
different
type
of
liquidity
because
I
think
with
gnosis
stuff.
You
have
the
like
you're
funding
initiatives,
kind
of
incentives
here,
but
in
addition
to
doing
that
for
Geek
style
and
Building
Products,
we
would
have
this,
like
other
element
about
token
liquidity,
that
it's
maybe
a
little
bit
more,
but
precisely
that
would
require
a
lot
like.
Oh
look,
there's
DxD!
That's
an
inverse
bond
that
in
six
months
we're
going
to
need
you
know
six.
B
F
E
B
E
E
D
Like
we
need
funds
symbols
again,
any
number
of
restrictions
that
you
can
come
through
with.
A
B
And
we
were
actually
chatting
just
at
the
beginning
of
the
call
here.
There
was
a
call
yesterday
that
kaparki
was
on
with
the
ens
Dao
group
there
and
I'll
just
say
it
was.
It
was
fun
hearing
or
it
was
nice
hearing,
ens
team
Nick
a
lot,
but
talking
about
what
they're
interested
in
their
needs
are,
and
it
was
a
lot
of
the
decentralization
elements
that
we're
talking
about
here
that
I
Think,
Geek
style
has
been
pioneering.
B
Ens
is
also
interested
in
like
some
of
those
same
things
and
seeing
this
was
basically
like
an
open
call.
I
think
it
was
an
RFP
to
manage
the
ens
Dow
treasury,
which
I
think
is
like
50
million
dollars
and
growing
too
from
the
the
fees
there,
and
there
was
a
good
group
of
like
10
to
15
different
managers.
I
think
there
were
some
from
enzyme.
B
There
was
a
guy
from
Alistar
someone
who's
actually
on
this
call
a
couple
weeks
ago,
and
then,
yes,
you
can
kind
of
see
how
this
treasury
management
side
of
things
is
is
growing
in
the
like
defy
trustless
way.
Not
just
like
hey
give
me
your
money
and
I'll.
Give
you
two
in
20
and
like
we'll
call
it
I'll,
come
back
to
you
in
a
year
or
something
foreign.
E
E
D
D
Delay
were
the
result
and
Pinto
what
you're
doing,
because
that
will
know
for
Frontline,
for
example,
because
the
strategy
will
be
there
and
people
will
just
didn't
produce
it
and
then,
when,
when
the
timer
goes
to
zero
and
the
executes
with
all
that,
until
then,
the
yields
will
be
the
same
value
payers
in
the
industry.
Probabilities
for
the
strategy,
public.
B
B
What
is
like
I
mean
caparky's,
not
gonna,
be
it's
not
the
one
building
the
smart
contracts
that
is
going
to
be
like
executing
that
they're
going
to
be
using
different
ones
and
there's
a
couple
different
options
that
I
think
zodiac
is
one
and
another
one
is
mimic
that
is
kind
of
there,
but,
like
those
to
me,
are
all
about
like
Avenues,
to
execute
an
overall
like
treasury
strategy,
and
what
you
really
need
is
like
good
reporting
and
risk
management,
and
that
is
like
independent
of
how
you're
actually
executing
or.
D
Deploying,
and
also
at
any
point
to
whatever
you
want
through
the
funds,
because
you
have
custody
of
your
own
plans,
and
you
just
you
know,
have
to
say,
for
example,
or
do
whatever.
Whatever
you
need.
D
B
Cool
yeah
glad
we
got
to
have
this
kind
of
conversation
at
the
end.
I
think
is,
as
Connor
was
saying
like
seeing
how,
if
we
do
Implement
like
this
new
token
model
like
how
that
is
maybe
like
requires
a
lot
more
liquidity
management
to
be
able
to
like
meet
the
cash
or
as
a
lot
more
cash
flow
needs
that
would
need
to
be
met
by
liquidity.
D
Management
yeah:
we
would
have
several
meetings.
B
B
Cool
yeah
well
I
think
we
can
call
it
there.
I
gotta
go
sign
this
carrot
campaign
for
for
Keenan
here
or
the
or
farming
campaign
before
it
expires
the
next
15
15
minutes,
but
yeah.
This
was
great
I'll
post
some
notes
in
the
the
slides
up
on
dial
talk
after
this
and
yeah
we'll
continue
the
conversation
on
like
the
liquidity,
the
new
token
model
and
then
like
the
treasury
stuff.
Here
all
are
kind
of
different
different
angles.
So.