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From YouTube: DXD Monetary Policy Monthly Meeting [2023-01-26]
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B
C
C
Is
the
new
DXE
token
model
how
that's
been
implemented
and
most
recently
kind
of
some
of
the
Redemption
things?
So
what
we're
going
to
talk
about
here
every
month
is
kind
of
different
things
going
on
with
the
DxD
market
and
different
tools
that
we
can
kind
of
use
to
be
able
to
like
affect
that
in
in
different
ways.
C
C
So
what
we
have
is
the
DHD
price
floor
guarantee
to
me:
DC
commits
to
buying
any
amount
of
DTD
on
the
market
inverse
bonds.
These
are
kind
of
a
little
bit
more
long,
long
term
way.
This
is
where
you
could
basically
increase
the
amount
of
nav
that
you
would
get
from
the
the
treasury
by
locking
it
up
longer.
C
These
middle
two
have
not
been
implemented.
Those
who
are
kind
of
we're
talking
about
those
this
would
kind
of,
maybe
not
something.
That
is
that
is
that
applicable
right
now,
as
we
kind
of
look
to
establish
these
other
other
things
so
yeah
so
I
think
the
the
starting
first
with
the
price
floor,
guarantee
and
so
previous
to
the
passage
of
The
Proposal.
C
Really
the
big
geek
style
has
been
doing
BuyBacks
for
a
long
time.
Right,
I
think
started
originally
in
May
2021,
so
we
had
almost
19
20
months
of
doing
those
BuyBacks
there.
All
of
those
were
taken
through
various
I
gotta,
say
it
gnosis
protocols,
but
they
were
basically
done
through
two
methods.
Originally,
it
was
Mesa
which
was
using
no
gnosis
protocol
V1
and
then
more
recently
we
would
switch
to
Cal
swap,
which
is
happening
both
on
gnosis
chain
and
mainnet.
C
C
C
There
is
I
think
David's
gonna
pass
tomorrow,
there's
an
eth
one,
an
eighth
order,
that
is
for
400,
I,
guess
400
West
that
will
go
through
Cal
Swap
and
it's
a
slightly
different
type
of
order,
but
that
will
be
another
one
that
will
go
and
kind
of
these,
this
buyback
portion,
but
really
the
the
vast
majority
of
the
action.
Since
the
proposal
has
been
in
the
the
member
Redemption
balancer
here,
and
so
there's
actually
only
been
one
a
completed,
Redemption
balancer.
C
So
this
was
the
first
one
for
Connor
5634
DxD,
but
there
are
several
I
think
there
are
another
seven
that
are
in
The
Proposal
queue
right
now,
several
of
them
that
are
gonna
pass
in
the
next
day
day
or
two
here,
so
I
did
just
kind
of
want
to
look
at
what
that
would
look
like
in
terms
of
the
stats
here,
and
so
let
me
put
this
page
up
here
and
yes,
you
can
see.
This
is
the
counter
one.
This
is
from
Molotov
and
another.
C
Two
of
these
are
Connors
also
and
then
a
couple
different
ones
there-
and
you
can
see
here.
This
is
the
amount
that
they're
actually
requesting
in
the
proposals,
and
you
know
the
total
amount
that
would
be
taken.
I
guess
redeemed
from
the
treasury
with
these
proposals
would
go
through,
would
be
about
5.6
million
dollars
and
that's
for
8616
DxD,
so
I
think
kind
of
a.
C
C
C
C
Any
of
these,
like
Redemption
proposals,
go
through
or
any
of
the
BuyBacks.
What's
basically
happening
is
a
DHC
holder
is
putting
is
giving
geek
style
is
selling
data
out
of
their
their
DxD
in
return
for
70
of
the
treasury
assets,
and
what
that
means
for
existing
dxt
holders
is
that
30
premium
is
basically
getting
distributed
to
the
rest
of
DxD
older.
So
in
this
case,
I
think
it
should
be
at
like
1.8
million
that
is
distributed
amongst
the
rest
of
the
26
453
dxt
out
there.
C
C
C
C
Yeah,
so
this
again
has
not
there's
no
kind
of
active
development
on
this
right
now.
I,
don't
think
it's
as
big
a
deal
considering.
Dxd
is
trading
closer
to
70
of
nav,
but
I
think
it's
an
interesting
idea
of
you
know
if
Deeks
down
in
the
future
wants
to
be
able
to
fundraise
like
how
is
how
does
that
kind
of
happen
and
I
think?
C
It
also
shows
you
that
if
geek
style
wanted
to
be
able
to
fundraise
in
the
future,
it
would
really
only
be
able
to
fundraise
right
at
100
of
nav.
So
if
we're
at
70
right
now,
that's
a
long
ways
away
of
being
able
to
take
in
New
Capital,
so
I
think
there
would
be
needing
a
lot
of
work
to
be
able
to
get
gxd
up.
To
that
point
where
it
would
be,
investors
would
be
interested
in
in
putting
more
capital
in
the
DX
Dow
and
then
the
the
fourth
element.
C
The
DC
is
the
protocol
owned
liquidity,
and
so
we
have.
This
is
what
was
committed
to
in
The,
Proposal
I.
Think
we've
seen
about
half
of
this,
maybe
a
little
bit
less
than
half
of
this
is
already
gone
through,
which
has
helped
improve
some
of
the
which
has
helped
improve
some
of
the
liquidity
on
chains
there.
Let
me
just
get
up
what
that
looks
like
here.
B
C
So
we
can
see
here
right,
I
mean
swap.
Our
mainnet
is
mostly
geeked
out
here,
but
it
is
already
lping
on
the
die
and
then
it
is
now
LP
on
the
txt
eth1
about
200
000
dollars,
and
that
is
done.
A
good
amount
to
increase
volume
a
bit,
but
is
not
really
that's
not
enough.
I
guess
it
kind
of
provides
like
a
base
for
people
to
instantly
sell
into.
C
And
then
yeah
I
guess
the
other
kind
of
update
wanting
to
give
in
general
is
DxD
volume
and
liquidity.
Let
me
clean
this
up
a
little
bit
so
just
looking
at
how
DxD
volume
has
fared
over
the
last
couple
months,
I
think
the
big
thing
that
you
would
see
differently
versus
the
last
couple
months
in
the
last
year
is
the
rise
of
this
on-chain
extra
element
and
that
on-chain
extra
element
is
a
lot
to
do
with
one
inch
limit
orders.
C
So
if
you
look
on
this
day
here,
I
think
it's
the
December
19th.
There
are
basically
two
big
500
000
purchases
of
DxD.
That
happened
through
one
inch,
I
believe
that
was
actually
Molotov.
Who
later
did
a
member
Redemption
balancer,
but
you've
seen
a
lot
more
activity
on
the
one
inch
there
and
you
can
kind
of
see
that
percentage
here.
C
C
B
C
C
I
guess
we're
looking
at
the
daily
average
for
for
dxt
volume.
So
six
months
we're
looking
at
yeah
around
30
30
000
three
month
average
is
around
40
41
000,
but
we've
had
a
little
bit
smaller
in
the
last
a
couple
weeks,
as
I
said.
Most
of
that
is
because
there
was
a
very
big
purchase
on
the
on
chain
extra
here
for
about
500k.
C
That
pushed
is
still
will
push
up
the
three-month
average
for
a
long
time,
but
is
nowhere,
is
the
reason
that
we
have
a
little
bit
lower
average
here.
This
is
not
as
important
as
it
used
to
be
because
we
were
using
this
in
order
to
like
track
BuyBacks
over
over
time,
but
it's
still
like
I
think
an
important
metric
to
think
about
like
how
much
yeah
daily
volume
organic
volume
is
being
generated
by
DxD.
C
So
this
does
not
include
DxD
purchase
I
mean
sorry
geek
style
purchases
of
DxD,
but
you
can
imagine
that
a
lot
of
the
volume
is
affected
by
that.
If
you
look
at
swapper
just
this
morning
or
maybe
yesterday
right,
you
see,
the
dxdeath
pool
here
has
had
a
good
amount
of
volume.
The
last
day
right,
29
405,
which
is
definitely
above
it's
above
the
the
daily
volume
average
already-
and
this
is
just
for
swapper
here,
but
you
can
see
like
some
of
this
activity.
C
Let's
look
at
this.
One
here
is
yeah
a
purchase
of
ten
thousand
dollars
worth
of
DxD,
and
you
can
see
kind
of
who's
it
going
to
and
yeah.
So
it's
someone
that
believe
again.
This
is
molotov's
address,
but
someone
that
had
done
a
DHD,
Redemption
balancer
and
then
now
is
more
inclined
to
purchase
DxD
when
it
drops
below
a
certain
amount.
C
So
that's
it
on
the
yeah
and
I
guess
yeah
on
the
kind
of
stats
part
before
we'll
get
into
here,
and
there
are
the
other
two
elements
of
the
token
proposal
that
are
were
important.
I
think
is
the
first
one.
Is
the
creation
of
this
call
and
this
monthly
meeting
where
we
talk
about
these
things?
I,
don't
think.
We've
had
a
good
forum
for
this,
so
I'm,
hoping
that
this
is
something
that
we
can
build.
A
C
The
other
element
that
it
committed
to
is
this
is
commits
to
Deeks
Dows,
I,
guess
core
mission,
of
course,
is
building
and
funding
decentralized
products
that
enable
Community
Freedom.
So
in
this
new
token
model
upgrade,
there
is
also
commitment
from
Deep
South.
You
spend
at
least
six
percent
of
geek
SAS
treasury
to.
A
C
C
C
So
that's
a
signal
that
I
think
is
important
for
dextao
to
to
hear
and
understand,
and
what
that
would
end
up
happening
with
this
six
percent
of
commitment
of
product
development
funding
is.
It
would
basically
decrease
the
amount
that
dick
style
would
have
to
spend
on
operations
and
product
funding,
and
so
that
also
will
depend
obviously
on
like
the
broader
crypto
Market.
So
you
know
in
a
bull
market
having
the
six
percent
number
if
the
treasury
kind
of.
C
Would
give
some
flexibility
to
be
able
to
spend
further
but
I
think
yeah?
This
is
kind
of
an
important
element
of
the
the
model
that
I
think
it
gets
to
the
again.
The
core
mission
of
DX
Dow
is
to
be
able
to
build
and
fund
decentralized
products
to
to
do
these
things
and
just
having
a
clear
agreement
or
understanding
with
DC
holders.
I
think
is
important,
so
I've
talked
for
a
bit
about
this
Ross
I,
don't
know
if
you
want
to
take
over
here
or
I
could
wear.
B
D
D
And
so
the
first
thing
is
to
ask
you
know
what
what
are
we
optimizing
for
in
this
entire
policy
and
in
the
short
term,
there
is
a
mechanism
in
which
token
holders
want
to
exit,
can
do
so
and
we
provide
Clarity
for
what's
going
to
happen
in
the
future.
What's
planned,
I
think
we're
we're
achieving
those
goals,
especially
with
the
number
of
balancers,
to
provide
the
mechanism
for
token
holders
who
want
to
exit.
A
B
B
D
Yeah
so
and
sort
of
on
that
we
have
a
broad
set
of
design
goals,
that
we
want
better
tools
to
express
preferences,
ability
to
enter
ability
to
exit
ability
to
give
signal.
Clearly,
a
clear
relationship
between
the
dxt
token
and
the
treasury,
and
that's
that's
70
really
starts
to
do
that
again:
long-term
alignment.
D
D
Okay
and
then,
of
course,
there
there
are
important
incentives
here,
so
we
want
dxt
holders
to
be
able
to
exit
positions
right
if
we
dxt
holders
you
feel
trapped
are
not
going
to
be
good
members
of
the
community
and
the
other
part
of
this
is
this.
Nav
below
100
is
very
important
to
provide
value
to
those
who
remain.
You
know
that
30
going
back
to
the
people
who
don't
redeem
is,
is
a
big
value.
D
It's
very
important
that
that
is
at
100
of
nav,
because
anything
below
that
is
going
to
dilute
existing
dxt
holders
and
then
on
that
note,
this
gap
between
the
70
that
we
currently
have
and
that
100
is
the
sort
of
Chasm
that
makes
it
you
know
pretty
difficult
to
for
the
Dow
to
raise
new
funds.
Getting
you
know
what
one
would
expect,
as
we've
been
so
far
below
nav,
that
it's
going
to
take
a
lot
of
work,
it's
going
to
take
work
to
get
just
to
70..
D
C
D
And
then
the
other
side
is
DxD.
Dx
Dao
doesn't
necessarily
need
to
raise
money
right
now.
So
it's
potentially
like
that's
a
decision
that
the
Dow
is
making
you
know.
Does
it
need
more
money?
If
the
answer
is
no,
then
having
that
number
that
Redemption
number
be
lower
is
beneficial
to
to
dxt
holders
and
putting
it
up
to
100
percent.
D
D
So
I
and
I
did
a
a
sort
of
quick
analysis
of
what
was
in
the
prior
proposal
for
bonds
that
were
discussed,
and
you
can
see
here.
The
chart
shows
the
the
different
rate
that
it
would
get
paid
out.
Basically,
it's
I
guess
that's
the
yield
curve,
and
one
of
the
things
is
that
you
can
see
that
it
actually
the
it
pays
out
more
for
short-term
bonds.
C
D
B
D
Really,
if
you
think
about
it,
there
isn't
much
right.
The
spot
price
will
go
up
temporarily,
while
those
bonds
are
being
issued
as
people
come
in
to
buy
in
order
to
get
out
at
that
higher
rate.
But
once
the
bonds
are
complete
that
will
drop
back
down
to
the
70
and
then
the
final
piece
here
is
that
they
do
give
a
signal
about
sort
of
an
expected
future
state
of
the
treasure
and
its
growth.
C
D
D
B
D
D
So
it's
a
good
tool
for
the
Dow
to
get
information
about
the
future
state
of
the
treasury.
The
bond
itself
isn't
necessarily
a
signal
instead,
like
how
the
market
participates
in
and
interacts
with.
It
is
what
creates
the
signal,
but
one
of
the
things
that
we
see
is
that
that
relationship
between
price
and
Redemption
rate
is
the
signal.
But
if
you
have
a
floor,
then
you
you
don't
get
a
negative
signal.
D
You
would
only
be
able
to
see
a
positive
signal
because
someone
can
exit
immediately
or
there
would
be
a
there
would
be
a
premium
if
there's
a
premium
on
the
price.
From
the
floor,
then,
you
know
you
have
positive
signal,
but
you
don't
see
that
negative
signal,
because
everyone
can
just
redeem
instantly
at
70
percent.
D
Can
you
go
to
the
next
one
yeah,
so
that
makes
it
harder
basically
to
determine
the
parameters
of
of
what
these
bonds
should
be,
because
so,
if
you
have
the
fast
redemptions
70,
essentially
a
member
balancer
is
a
fast
Redemption.
It's
an
eight
day
bonding
period
the
like.
So
you
get
the
signal
on
the
upside,
but
you
don't
get
the
signal
on
the
downside
and
the
Dow
can
guess
basically
what
it
thinks
the
market
will
bear
in
terms
of
the
bonds,
but
it
has
to
if
it
overshoots
it's
paying
too
much.
D
So
one
of
the
questions
is:
is
there
a
better
way
to
do
this,
and
so
one
proposal
is,
if
you
phase
out
the
instant
redemptions
and
you
make
all
the
all
the
bonds
redeem
at
70
percent
or
some
other
floor
price
for
floor
percentage
with
a
set
duration.
Essentially
these
the
spot
price
that
you
get
basically
gives
you
the
rate
that
the
that
is
expected
for
either
treasury
growth
or
treasury
shrinkage
over
the
duration
of
the
inverse
Bond.
B
D
And
then
there
are,
you
know
a
few
other
things
that
you
know
could
be
considered
with
a
system
like
this.
The
Redemption
percentage
of
NAD
could
be
increased.
Excuse
me
over
time.
If
the
Dow
was
looking
to
move
the
the
any
of
the
Redemption
rate
up
to
get
closer
to
a
point
where
raising
money
is
possible
at
100
of
NAD,
there
would
be
less
variables
less
contracts
that
you'd
necessarily
need
to
have.
You
have
sort
of
one
rate
and
the
market
determines
you.
A
D
Are
we
see
they're
currently
working
I
know
there
are
there
are
questions
around
the
redemptor
contract
and
I
think
those
are
I
think
that's
a
conversation
that
needs
to
happen
about
like
what
is
the
question
of
the
member
balancer
and
redemptor
the
Redemption
contract
and
these
potential
bonds
that
are
being
worked
on
right
now.
How
do
those
work?
What
needs
to
be
done
now?
B
C
D
D
People
like
to
understand
not
a
whole
lot
of
feedback
here
to
understand
what
the
right
rate
is,
whereas
if
you
had
just
one
Bond
and
it
were
always
at
70
percent,
the
market
would
basically
tell
you
what
it
what
it
is,
what
that
rate
is
by,
via
the
spot
price,
spot
price
would
drop
or
raise,
depending
on
what
the
expectation
of
Treasury
growth
is.
So
you
can
see
in
this
chart
here
like
these
three
lines.
Basically
just
say
you
know,
the
green
one
is
90
of
NAD
pays
out.
Eighty
percent
of
NAD
pays
out.
D
Percent
of
NAD
pays
out,
starting
at
t
equal
low.
If
the
expectation
of
the
market
is
that
the
treasury
is
not
decreased
by
the
amount
over
the
period
of
the
bond,
that
would
make
sense.
The
market
would
accept
an
80
bond
is
like
break
even
and
anything
above
that
would
be
positive
for,
like
the
market,
would
would
basically
buy
those
bonds
anything
below
that
the
market
shouldn't
buy
those
bonds,
but
you
need
to
release
them
all
in
order
to
know,
whereas
if
you
go
to
the
other,
the
next
slide.
D
And
there's
liquidity
around
the
the
Redemption
price
people
who
don't
want
to
take
the
risk
over?
Let's
say
the
one
year
to
get
out
at
70
percent
they
would
sell.
Now
that
would
drop
the
price
to
a
certain
amount
in
which
people
would
then
come
in
and
say:
okay,
that's
a
good
price
for
me
to
get
out
of
70
in.
A
C
You
actually
see
this
now
right
as
I
was
saying
before.
Do
you
look
at
the
some
of
the
Redemption
balancers
Connor's
right
and
then
I
think
Molotov
is
probably
gonna
start
doing
now,
where
they're,
basically
saying
I
will
buy
Dixie.
Now
that's
trading
at
65
66,
because
I
know
I
can
just
submit
a
proposal
in
eight
days
right,
which
is
a
this
time.
I
can
get
the
the
70
percent
and
yeah
I
mean
I.
Don't.
D
B
C
Yeah
I
guess
so
where's
the
other
one
up
here
and
so
I
think.
Actually
the
goal
of
this
would
be
to
raise
the
70
percent
right
soup
and
so
you're
kind
of
doing
that,
but
putting
some
time
on
it.
So
you
have
like
a
nice
yeah,
so
it
wouldn't
be
like
70
in
a
year.
That's
not
what
it's
kind
of
saying:
it's
like.
How
do
you
have
whatever
that.
C
Is
in
a
year
that
like
gets
you
to
70
percent
is
one
way
kind
of
I'm
doing
it
of
combining
those
but
I
I.
Guess
for
me,
I
think.
A
big
thing
right
now
is
we're
clearly
going
through
there's
a
big
transition
period.
Here
you
know
treasure
contraction
and
some
of
those
things
which
is
not
necessarily
I,
think
the
market
environment
or
the
type
of
Market
environment
that
we'd
want
long
term
for
the
token
model
that
can
get
how
to
do.
This
I
think
this
is
thinking.
C
D
D
A
D
Doesn't
necessarily
mean
that
75
is
better
than
70,
that
that's
a
it's
a
lever
that
that
we
have
to
align
incentives,
one
way
or
another.
Do
we
want
a
higher
rate
for
for
very
specific
reasons
like
to
to
get
closer
to
100
so
that
we
can
raise
funds?
Do
you
want
to
be
at
70,
so
it
benefits
longer
term
DxD
holders
more.
D
C
Is
it's
almost
like
a
free
option,
because
you
have
the
ability
to
exit
right
because
you
know
DTD
well,
it's
like
well,
it's
got
the
backing
of
all
the
stable
coins
in
each
so
I
know.
That's
like
confident
and
so
I
can
like
come
in
this
position
and
basically
make
a
thing.
Very
single
bet
on
that
that
you
want
to
access
that
and
others
that
are
like.
Well,
I,
actually,
don't
think
meme!
It's
worth
this
much.
C
A
C
Think
with
like
all
of
this,
it's
like
how
do
you
get
more
signal
that
people
are
doing
and
I
think
the
big
signal,
we're
still
kind
of
processing
I
think
right
is
the
signal
of
Dixie
holders
redeeming
at
70
right.
That
is
a
strong
signal,
but
then
the
question
is
like
well.
What
are
the
signals,
after
that?
How
do
we
kind
of
build
that
one
going
forward.
B
D
D
D
C
B
D
Yeah
I
actually
have
a
question
for
soup.
If
you're
still
here,
okay,
I
I,
think
you
know,
you
asked
one
redemptor
I.
Think
one
of
the
one
of
the
big
questions
is
here:
I
sort
of
wrote
it
here.
What
are
the?
What
needs
to
be
added
to
the
member
balancer
member
redemptor
process
for
it
to
be
an
acceptable,
stop
Gap,
I,
I
kind
of
see
the
redemptor
contract
and
this
member
balancer
to
be
sort.
A
B
A
Yeah,
and
also
just
to
add
my
my
two
cents
on
this
while
soup
is
typing,
I.
Think
like
we've,
now
seen
that
the
Dow
is
generally
open
to
fulfilling
that
member
balancer
request.
But
I
I
can
still
see
the
maybe
hesitation
for
larger
dxt
holders
like
it
goes
against
sort
of
your
Natural
Instincts
in
in
the
space
to
just
send
tokens
one
way,
whereas
the
redempt
or
it's
like
you,
know
in
the
same
transaction,
you're
you're
getting
the
funds
back.
B
C
C
This
is
not
Deuce
day
but
I,
don't
know
like
10
15
million
dollars
on
this
and
so
like
to
me.
That's
just
a
strong
signal
and
I
want
to
continue
to
support
the
minimum
price
floor
and
kind
of
how
we
can
do
that
in
different
ways,
but,
like
I,
think
whether
it's
the
member
balancers
are
kind
of
as
a
Redemptive
contract
kind
of
goes
forward
or
at
least
on
the
right
path,
and
we
don't
really
need
to
devote
as
much
time
and
resources
to
that.
D
D
D
D
What
the
redemptor
contract
is
right,
I
mean
and
it
you
could
still
use
the
right
like
the
redemptor
contract
is
essentially
just
using
rep
voters
as
your
Oracle,
so
the
redemptor
contract
that
was
discussed
has
this
Oracle
network
and
and
I
know.
3C
did
a
whole
bunch
of
good
work
on
that
and
and
it's
basically,
what
rep
holders
are
using
as
their
as
their
information
to
then
be.
A
D
C
With
that
in
station,
yeah
I
mean
I,
don't
know,
I
think
this
is
like
Risk,
that's
the
whole
point
you
got
to
be
making
like
I,
don't
know
I'm
thinking
of
of
Connor,
not
that
I
feel
like
I.
Follow
you
on
chain
enough.
So
I'm
like
some
comments
about
that.
But,
like
you
know,
I,
don't
know
how
much
profit
is
going
to
come
off
of
these
second
and
third
Redemption
bouncers.
C
You
could
look
at
what
like
the
the
profit
was,
but
that's
just
like
a
profitable
trade
and
you
can
do
whatever
you
want
on
the
interest
rate
between
the
eight
days.
But,
like
that's
a
that's
a
that's
a
thing
that
will
happen
when
you
enforce,
when
you
have
confidence
in
the
ability
of
the
Dow
to
enforce
it
and
I
think
as
I
said
before,
you
can
see
that
yeah.
This
is
Molotov
and
I.
Think
Molotov
is
now
doing
kind
of
the
same
thing.
Someone
sold
DHD
on
swapper,
like.
C
That's
just
I
mean
it
is
effort
to
verify
all
these
things,
but
it
also
takes
effort
to
to
kind
of
run
that-
and
you
know,
I
do
a
lot
of
things
and
execute
a
lot
of
things
around
here
and
I.
Don't
I'm
not
that
familiar
with
it.
So
if
someone
wants
to
kind
of
execute
on
that,
that's
more
than
they're,
more
than
welcome
to
I
would
say
to
Connor's
point
about
the
eight
days.
C
B
D
A
distinction
that
needs
to
be
made
between
you
know
when,
when
we
say
the
70
floor
place,
price
guarantee
is
that.
Are
we
saying
that
the
the
spot
price
is
going
to
be
70
of
nav?
Or
are
we
saying
that
there
is
the
ability
to
redeem
in
some
way
at
70?
Those
are
you
know,
those
may
not
those
aren't
equivalent
and
you
could
optimize
one
for
the
other
and
like
I'm,
not
sure
which
one
I
I
would
actually
say.
D
The
70
ability
to
redeem
is
more
important
than
the
spot
price
being
up
consistently
at
70
percent.
You
know,
Chris
has
said
to
me
multiple
times
that,
like
a
peg
is
expensive,
and
essentially,
if
you're
trying
to
keep
your
spot
price
at
70,
then
that
is,
that
is
a
peg
that
you're
going
to
be
paying
for.
C
I
did
want
to
talk
about
one
other
thing,
that
kind
of
noticing-
and
maybe
this
is
a
little
bit
more
about
how
we
do
these
things
like
going
forward
and
not
just
getting
started,
but
so
I
was
looking
at
the.
So
this
is
the
one
as
I
said,
with
redemptions
here
with
the
Redemption.
So
there's
only
26
000
dxt
in
in
this
version.
C
C
Now,
that's
not
because
the
others
tokens
increased,
appreciated
in
price.
It's
because
these
Redemption
balancers
are
taking
stable
coins
and
eth
out
of
the
treasury.
So
the
more
that
those
happen,
the
bigger
increase
of
percentage
of
the
others
tokens.
So
that's,
maybe
not
like
a
problem
right
now,
but
I
could
see
how
that
would
be
an
issue
in
the
future
and
the
way
that
the
model
would
work
out.
C
If,
if
stable
coins
and
ether
leaving
the
treasury
and
you're
still
committing
the
same
nav,
then
that
means
you
should
be
basically
rebalancing
away
from
some
of
these
tokens.
Now
these
already
have
a
25.
Most
of
these
already
have
a
25
collection
on
all
of
them,
so
the
wbtc
DPI
do
not,
but
the
the
the
ens
and
I
think
the
big
one
is
swapper.
Has
the
25
nav
discount,
which
a
yeah,
which
I
think
is
maybe
a
little
kind
of
high
considering
right
now?
C
If
we
wanted
to
rebalance
and
sell
some
swapper
for
either
eth
or
stable
coins,
I
don't
think
there
would
be
much
more
than
like
five
thousand,
maybe
I,
don't
even
know
how
much
dollars
of
liquidity
in
that
so
I
think
there's
a
little
bit
of
a
risk
in
having
swapper
there
at
this
high
of
liquidity.
Percentage
I
think
we
also
saw
maybe
I,
don't
know
if
it
was
actually
manipulation.
C
C
C
All
of
those
were
at
20
because
I,
don't
because
ens
is
not
I,
think
meant
to
be
sold
right.
I
think
the
ens
was
is
was
gifted
I,
guess
gifted
to
geek
style
as
to
be
governance
element.
So
I,
don't
think
that
is,
although
it
is
a
liquid
token,
that
was
not
really
meant
to
be
part
of
the
treasury
like
asset
there,
the
gno.
C
C
C
You
know
this
is
kind
of
what
I
think
is
a
really
important
part
of
this
whole,
like
Market
creation,
that
it's
not
just
about
like
style,
doing
something
and
everything
being
kind
of
fine,
it's
about
like
incentivizing,
Market
Behavior,
so
that
you
have
these
different
participants
that
can
kind
of
learn
about
these
things.
So
yeah
I
think
it's
okay,
that
there
is
a
little
bit
of
almost
like
the
Arbitrage
opportunities,
so
you
can
kind
of
encourage
other
people
to
be
engaged
in
in
the
ecosystem.
C
C
Says
swapper
to
10
and
yes,
50
yeah.
We
could
talk
about
this.
This
definitely
moment
we'll
I'll
put
in
the
the
form
after
that,
because
I
think
that's
probably
the
only
like
tool
belt
tool.
We
might
change
in
this
one.
The
other
things
are
the
protocol
on
liquidity,
but
I
think
we'll
kind
of
ramp.
Those
up
and
those
are
the
same
conditions
that
that
happened
before
and
yeah
I
would
be
yeah.
We
could
think
about
doing
the
ens
and
the
gno.
C
C
C
C
B
C
Yeah
and
like
again,
I
think
just
reading
comments,
someone
needed
money,
ASAP
and
excess
liquidity,
hence
bought
OTC
for
a
discount
like
I.
Think
that's
fine,
like
that's
a
good
like
activities.
Someone
who
is
like
participant
in
the
ecosystem
is
like
willing
to
make
that
eight
day
bet
sell
it
here
and,
like
you
know,
this
is
like
a
pretty
common
I,
think
Market,
operation
and
I.
Think
having
like
time
element
to
this
is
really
important.
That's
why
I
originally
was
attracted
so
much
to
the
bonds.
C
C
Cool
vocal
commitments-
oh
that's,
scary!
Well,
that's
the
other
thing
about
if
all
the
people
doing
the
member
balancers,
of
course,
you're
also
earning
reputation
so
for
each
successful
proposal
that
is
passed,
you
get
I,
think
500,
rep
and
so
kind
of.
That's
why
you
yeah
it's
500
rep,
but
now
that's
point:
zero,
two
percent.
C
C
B
B
C
Okay,
we'll
do
right
up
on
this
and
I
want
to
keep
having
this
conversation
again,
like
I
think
we
want
to
be
executing
on
the
short
term
there
and
this
kind
of
everything
with
the
Redemption
Redemption
bouncers
anything
with
kind
of
have
the
redemptor.
We
didn't
think
about
doing
that
on
gnosis
chain
for
smaller
amounts.
C
We
want
to
have
a
different
different
one,
because
I
do
think
there's
something
there,
but
hopefully
that's
through
the
on
chain,
at
least
on
chain
liquidity,
but
I
think
we
want
to
keep
executing
on
the
the
minimum
price
floor,
guarantee
and
figure
out.
We
can
continue
to
do
that
and
then
starting
to
shift
the
conversation
to
like
how
do
we
actually
set
the
right
long-term
incentives
once
we
get
past
this
transition
period,.