MakerDAO AMA, 17 Aug 2021

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From YouTube: [AMA] Growing MakerDAO with Nadia Alvarez | AMA Ep. 06

Description

Nadia is a former employee of the Maker Foundation and current Facilitator of the Growth Core Unit, where her team focuses on business partnerships and integrations.

Nadia:
LinkedIn - https://www.linkedin.com/in/nadia-alvarez-/
Twitter - https://twitter.com/MakerGrowth
Maker Forum - @Nadia
Chat - @Nadia

Growth Core Unit:
Core Unit Proposal - https://forum.makerdao.com/t/mip39c2-sp4-growth-core-unit-gro-001/6715
Facilitator Onboarding - https://forum.makerdao.com/t/mip41c4-sp4-facilitator-onboarding-gro-001/6717
Budget - https://forum.makerdao.com/t/mip40c3-sp4-core-unit-budget-gro-001/6716
Updates - https://forum.makerdao.com/c/core-units/growth/37

MakerDAO:
Chat - chat.makerdao.com
Forum - forum.makerdao.com

Jerry Goldfarb:
LinkedIn - https://www.linkedin.com/in/jerry-g-188a8a210/
Twitter - @JellyProducer
Forum - @jerryag
Chat - @Jerry.G

A

All right thanks everybody for coming to our sixth ama today, with nadia the growth core unit facilitator and um to get started. I kind of wanted to jump into how you got to be the facilitator of the growth core unit in the first place. Would like led you to this area of work.

B

I don't have a precise answer for that. It was like we were all working under the business business development team at the foundation, and we know that greg didn't wasn't going to create the period because he wasn't he was.

B

He wanted to create the real world assets business and develop that so between between the group, we all like decided that we wanted to continue what we were doing for the foundation, because I mean like well I I know that you don't know us, but we really really really love the project and we have been doing this for the last almost four years, so we think is is just like we, we we have so much to do that.

B

It was impossible for us to like do another another thing, although we were completely sure that if we, if we decided not to continue with the work that we were, what we were doing at the foundation, it was like very simple for us to find another job, because I mean we like. I think that that's one of the perks of working for maker for so long is that it's it's super easy to.

B

Like find a new job for you and any other d5 project or like in whatever crypto project, but we all think that we can do a lot more and uh we we were sure as well, that um after the foundation and working closely with the community, the things that we could uh we could like achieve could be even bigger than what we were doing with the foundation. So we wanted to continue, but we needed a facilitator and well like I don't know we decided it. It has to be me.

B

I don't know why, like I guess- and I was like okay, yes, I'm going to do it just because I really want uh like we think. We really think that the maker dao needs a growth team and we wanted to continue the work we were doing. So it was like kind of kind of that kind of random at the moment, but now it makes sense like now we all like, agree and think. Okay. Yes, I actually it's supposed like to be me as facilitator, like it makes sense now.

A

Okay, so in terms of the differences, I guess then like have there been drastic differences between the things you focus on or how you actually have to function in terms of now versus when you were with the foundation, or has it been pretty much just a continuation.

B

No, no, no, it's not a continuation. It is different, because now we have more freedom, you may say, and we can also like, probably during the foundation at the beginning, it was possible to do a lot of things, and you could also like uh complete uh your like, like the projects the proposed projects faster than now, but but at like at the uh like at the last years, it was even like every year was more complicated because we wanted to become into a dao, so the decisions uh has like we were thinking.

B

Okay, we have to figure out the way on how the community, the dow makes, make the decisions and not the foundation. So in that, in that process it was like almost impossible to create new projects or to er.

B

I don't know to think about doing new stuff that we do now, and so I think that now our like the work that we do with the community is amazing. I love it. I love how we can like continuously have these direct conversation with the community and we can create with the community and we can propose whatever we think is the best for the dow. Although I also know that it takes time, and sometimes you have to convince a lot of people and coordinate efforts to like to achieve what you want to achieve.

B

But I I think now uh like it's different, but I think it's better because we can be completely more creative and I I love that.

A

I think that's very interesting. um I I had sort of a connection with some of the members in the foundation when I was working with com dev and then through this transition. It's been interesting to continue to see all of those relationships kind of unfold into what we're now calling the community together. It's been very.

C

A

um So what have you and your team's main focus has been after this transition has happened, and now that you are in the dow and not the foundation.

B

Well, I think uh one of the things we want to achieve now is to try to try to find products for the dao, because, like I and I I think you jerry from your core unit- uh you perceive that we are always struggling about. Okay, we need a marketing career unit.

B

We need like uh someone to talk about the maker, but when we think about okay, but what what is what our maker products is it's hard to find out what like a right answer for that, so we are trying to figure out okay, so here's the maker protocol and uh we have like maker balls- we have die, uh what what are the products of of that, and how can we explain and reach out to a different audience uh and how to engage different audience with that with those products, because, usually what we do is I mean.

B

Sometimes you think that dye is maker's product, but we don't see it like that, because we think you need uh a middle party uh to offer that diet to someone in order to like create a service or a product.

B

Using dye I mean, if you have fiat like, for example, the what we, what we do in in latin america, if we want to, uh if we want to talk with people, about diet being a currency, to save uh to you to save your money, to save your your savings, uh you need to find exchanges that can accept fiat and convert that fiat to die and also you need to find wallets with a very friendly and you and a good user interface. So people can have access to die and save that die so in.

B

If you think about that, that is not the product that that is just like a part of of a product. The product could be um a currency for keep your savings, uh that's the product, but besides behind that idea, you need an exchange. You need wallets, you need like education programs, you need marketing campaigns and all of that, so that's what we are trying to figure it out now. What is what our maker products it could be die, but it has to be through partners offering like a solution.

B

It could be maker vaults, but then we have to find the best way. So maker bolts are really products because, as it is, it's just like a- I don't know it's just like something that is uh for just very crypto savvy people, or maybe developers, or maybe I don't know, farmers or people looking for like the next, uh the next best farming opportunity- and we don't want the maker protocol to be that we want really to be like if someone is thinking about makerbots, they think about loans like the best way to get liquidity.

B

So if we want to achieve that, we have to find a way to convert maker volts into a product. So that's why we are thinking about institutional votes or having a partner that can offer maker vaults or maker loans to these institutions.

B

So I think that's that's how we are like our current uh project, like inside project and maker growth, is to think about how we convert maker dao in different products. Also for gaming. We are also like thinking. Okay, we need to convert dye into a gaming currency, so we have to find, I don't know, talk with the taxi leaks and try to convince them to use die uh inside the game or to pay for the players or to pay prices.

B

We are also thinking how to convert die into something use useful in the nft world and um because, when we want, we we reach out to someone to integrate diet or the maker protocol or make your votes you have to know not just to convince them that die is the best uh decentralized, stable coin in the planet. You have to tell them why they will like help them to like create a better solution.

B

So that's what we are doing.

A

Now interesting, um I see peyton has a question: do you peyton? Do you want to ask yourself.

C

Yeah, absolutely uh hey dadia, thanks for doing this ama, it's a really great to get new perspective on here. uh So my question was basically now that a lot of the packs of steels are a bit more public. I was wondering if you could share a little bit about how that partnership came to be, and maybe some lessons that you learned that that growth will be applying towards other partnerships. As you look to grow on.

B

Yeah yeah: well, um it's the the the taxes partnership. It was interesting because we are also learning how to communicate and how to work with the community, and this is this is interesting for us, because before we were part of the foundation and we we knew how to work inside the foundation.

B

Although we we know, we knew at the time that we couldn't do a lot of things, because uh it could be like a liability for the protocol.

B

But now in this transition we are learning on how to work uh with the community, because now we are part of the community that, like the foundation, doesn't exist anymore, so it was at the at the beginning. It was hard for us to like to decide. Okay, we are going to tell the community that they shouldn't proceed with, uh including all these stable calls in the psm, because we think the psm is like a an important thing for other stable coins.

B

So we can use that as a negotiation tool, um but it was going to be a little bit disruptive with how things uh how things are uh with the community, because after the community decides you know in a poll. That is something that they want usually like. That has like a a a regular flow of how things should uh should work, so we were like kind of like breaking that breaking up that, um so we were like.

B

um Maybe maybe it's not the best thing to do now, because the community want to do that, but we also wanted to give it a try, because we wanted to like we have. Actually we have a relationship with all the stable coins around. We talked about how we talked with gemini, with all the taxes we talked, you name it.

B

We we, we know someone there, so we just wanted to give it a try, talk with them and try to find out what we can do together like there were there were we had a lot of ideas of what this partnership could bring to both of us.

B

I mean from the paxos perspective, it's easy because- and this is a a very important lesson that we learned is that taxes and gemini and any other like uh fiat, stablecoin, wants to win the stable coins game and they perceive usdc or circle as their their biggest competitor, not not die. That is just like a defy stable coin. They, they are competing against all other stable coins that are backed by u.s dollars that are in a bank generating a yield, so they are all after that yield.

B

That is, that is, it is generating the dollars in the bank. So one of the lessons we learned, I think, is that uh for a usdc or circle it has to be also very valuable, uh having the psm in the back, because that means like all that usdc that is locked in the makerbots are a money that users are not going to convert into. Fiat are not going to convert into into dollars. That means that is dollar that that are dollars in a bank generating interest to these companies.

B

That's why psm is so powerful uh for all these other uh stable coins and well. I think that's what we wanted to show to the community that sometimes the maker community is just like inside maker and they are not uh seeing what's happening out there. So what we want to do is like to bring all that in import, important and interesting stuff that are happening out there and use that as an input, so the maker community can like improve in the decision making process.

B

So I I think I I was like. uh I don't know if that that answered your question. If I don't.

C

B

That was great thank.

C

D

I think it did not. I got a, I got a question with regards to institutional votes. I was listening to the uh coinbase earnings call and they said that you know they added another 9 000, some crazy number of institution, institutional clients to their roster and one of the biggest things that the institutional client is looking for is well two of them. um It's custodial services right and two is um uh making sure they're compliant right. So I just wanted to get an idea from you from you talking to institutions.

D

Are you getting the same tone where they are thinking about? You know not only compliance but also custody, uh and if you can kind of give us a color of how that conversation goes when it comes to talking to institutions.

B

Yes, I think I I well. I try to write about that in the updates that I post on in the forum and uh what uh what we are seeing is uh a lot of institutions are interested on the defy opportunities like they don't know what what it is, but they know it's big and they want to be part of it, but on like, but they need what uh institutions are looking when they uh when they create the these kind of deals. So what do what they are looking for?

B

They are looking for a way to onboard the other, like the counterparty that that means kyc. They need an entity because uh I mean, let's, let's be honest, like those we are just like understanding on a legal perspective, what those are so they don't recognize a dao as an as an entity and they need an entity a counterparty to on board to on board with their compliance team.

B

Another thing they that's very important to them is okay, where these funds come from, and that's like a a tricky question, because in our case you could like you, could you could uh say that your funds, like the die funds, when you, when you open a vault, the die funds, come from your own assets because you're getting a loan using your own collateral. So you could say like okay, if you need to onboard an entity the entity that owns those sky funds, it should be you, but that's very hard to understand for the compliance team.

B

So what what what we are like? The conversation we are having now is around how we educate the compliance team about what maker dao is as a dao as and as the system how the system works and well one is the kyc problem where the funds come from, and uh and also of course, most of them want to want to like interact with other institutions or other um yes, other institutions, other kyc counterparties.

B

So that's the problem of these institutional pools is that they don't want to share the same pool as the crypto community is using because they don't know where these other phones come from. So for them is that's a problem, so usually these institutions- they also want like an exclusive, a pool just for institutions or for a wide label institutions or addresses that's like more or less the requirements that they have. Also, of course, I I think I I mentioned this in the past and they also in terms of liquidations.

B

They they want like longer a longer a longer window of time when, uh when we decide to liquidate their positions because actually for them, that's a risk, but they also want like um a lower collateral ratio, because they are looking uh different ways and strategies to be more capital efficient and having a bold with 300 percent collateral ratio.

B

That's not at all efficient for them, so they are used to this to these excellent terms, because of course they are talking about billions, so they can like play around with with this kind of this kind of best terms. But for us uh that we are creating a permissionless solution, it's it's very hard for us to try to offer that. That's why?

B

I think the same way it's like um and thinking that the solution for these institutions has to be done by a third party the same way as we want to offer die as a as a savings currency.

B

We can do that, like I, I can imagine maker dao, creating like a an exchange for every fiat currency in the planet and a wallet and and all of that that would be like impossible in the same way, I don't think we should like create a product for institutions, but we have to find this this other part of the puzzle that can offer those services to institutions.

D

Oh sorry, just a quick, quick follow-up uh and I don't know if you can disclose this and that's okay, if you can't, but are you guys more, uh the growth core unit talking to institutions uh baits in uh europe, asia? You know how about south america? Are you guys getting any traction? I was wondering if banks like banco do brazil or, uh if any of those banks are interested in this product. If, if you can talk about, if you can't, I totally get it.

B

No yeah, I can't talk about that like in general terms, I don't think talking about geography is a problem, uh but no, I mean uh frank, I'm super into latin. Like I, I lead the region and I know it like very well.

B

Latin america, like I, don't think what happened in el salvador can represent for real what could happen with crypto if a country adopts a cryptocurrency, I just think that was just like a pr thing, but not something that could potentially change how the things work in that country, because I don't think I mean I think, for a country to adopt crypto. uh A lot of things has have to happen. First, like you have to educate people you have to like.

B

I mean uh it's not easy, and I mean really easy for uh someone who hasn't been exposed to cryptocurrencies to I don't know to to say, to save money in bitcoin or die or any other cryptocurrency.

B

uh It's not easy to like wait for for metamask and and and like configure your metamask account. It's not easy and these solutions have have been improving over time, but I think we we need, like a lot more, um to expect that a country could adopt crypto. But well uh going back to your to your original question.

B

I think the country that is more close to uh to think about loans using a maker and on this institutional level of investments in crypto are countries that are thinking about how to put a regulation a relation in the middle, because when you regulate something what you are doing is you are allowing institutions to use it. So I think that's why we are seeing what we are seeing in in the us and it's just because institutions are getting ready to use d5.

B

uh I don't know how I don't know how this will end, but I think that's that's that's why, and um the us is, is the first country who which is like so actively looking for uh uh regulation.

B

uh I I'm sure it's not the best one, but if, if I'm telling you that the u.s regulation is not the best one, you can't imagine how other countries are like thinking about how to regulate. Crypto is crazy um uh institutions using the five.

B

The first approaches that we are seeing are in the us and actually that's why um avi and compound the institutional solution for those those d5 platforms are doing a test of this idea with u.s institutions, and I think that that's that's the first step, but of course one of I think one of the big differences between maker growth and other growth or bd teams of the other d5 projects is that we have a global team. We have people in all geographies and I think that's that's a plus, because we know what's happening everywhere.

B

uh We know like different teams from different projects. We are talking with everyone, so uh we are doing these efforts in the us just because uh this is happening in the us in the rest of the world. We are not seeing anything like that.

D

Oh, thank you for the input. I appreciate that.

A

um Is in terms of the conversations with these institutions, is it typical that they're just like here are the problems? This is why we can't do it if you figure out some answers to this, come back to us, or are they more interested in trying to collaborating and trying to find solutions together?

A

Can can you even speak to that.

B

Well, cool stuff is that they are collaborating. I mean it would be impossible for us to figure out the solution by ourselves, because we don't we don't have their compliance team, so we are working with them, but well. This requires a lot of uh legal efforts because actually in the team like we are not lawyers, we are not us based lawyers, so we we're working with uh with a legal team that is helping us to figure out what is the best way uh to like?

B

Yes to find a solution for all the challenges uh of working with uh with institutions. um We don't have a solution there and once we have it, you will see it on the forum.

A

Makes sense? Okay, um so I kind of wanted to go back a little bit also um in terms of like projects and things that your team or the team with the foundation, the business development team, then um in terms of things that are already accomplished and finished like what are some of the cool things that are your favorite to share and discuss or.

B

A

B

Well, that's a difficult question because, like every week there's something that I think wow. This is amazing. So, like I I don't know like one one thing that I I really liked was uh the integration of dye in opera and browser, because opera has a big presence in africa and not just the browser, but they also have a wallet that is connected to the browser and in africa. A lot of a lot of people use a opera just like their social media platform, not just like a browser but like a social media platform.

B

They receive the news and and all of that so actually before the gas fees were ridiculous.

B

We had a project with oprah to like launch a uh an adoption plan of dai uh using opera and the dsr and all of that, but then well, we don't have a dsr and the gas fees make impossible to er to run an adoption campaign. Because I mean um in this type of campaigns we are thinking on going to retail. So that will be like uh sending. I don't know one die to everyone who is using opera browser in africa, for example, and see what happens so. I I really like that.

B

But well that's that's the the exciting thing about crypto. You are always with a new challenge, so we we couldn't launch that completely because of the gas fee, so we are now planning on launching it in a layer two. uh So that's working progress again, another one that I really liked, and it was it wasn't because it it. It was like very innovative, but I think it is very important for thai was to have die in in the binance peer-to-peer market.

B

That was for us like a mega win. I can't explain you. How big is that? Because if you want to be a stable coin pack to the dollar, you have to be sure that people can convert their mon their their fiat currency into die. If not like it's it's it's kind of weird, like you're, not like completely unless you are completely into defy, but if not you're not completely buying the you can convert that token into dollars.

B

So having having died in the peer-to-peer market means that you can convert your local currency, using like whatever payment method to die in whatever country, where binance has presence and that's super interesting, because what happens in other parts of the world different than the us and europe is that every country has its own currency and every country has its own regulations. That makes difficult for the exchanges to integrate banks uh in their system.

B

So if you go, I don't know to nigeria or if you go to uh argentina, it stopped paying the ass for the exchanges to integrate with local banks, and you need that if you want to like give access to people to crypto, so finance just created this massive peer-to-peer solution and we have died there and that's not.

B

I mean that's not something that a lot of stable companies can can achieve for other tokens. So that's that was like a a very important thing for for the protocol in general.

A

Indeed, yeah that is really big. If yeah, if you can't convert the money, I it's hard to convince people that it's worth something if you can't, if you can't exchange it for what you would typically use yeah, that makes sense um that's kind of a unique new frontier.

A

I suppose um so sorry, let me read through real quick, um so in terms of when you're starting these types of conversations with a new company or protocol or something do typically, people respond positively and with a desire to collaborate, or is it typically more of like a well? What can you do for us kind of situation?

A

Is it? Is it easy? I guess.

B

I mean I don't have like a new unique answer for that there there are a lot of situations and it's different in every opportunity we have. We have to solve it in a different way.

B

What what is interesting and also what we learned during these years- is that uh in argentina that this is this is this is interesting. In argentina, we achieved an adoption of diet that we couldn't er er. We I mean it's difficult to replicate that, because in argentina, people like regular people uh are adopting crypto uh so because of our efforts and because we did it before anyone else uh dies like a very like everyone knows about dai in argentina. That's that's that's magic.

B

If you have the opportunity you have to go to argentina, because it's incredible to see how people talk about die like and and it's it's different from other stable coins, because they have the usd in the name so seeing all these people talking about die. So naturally it's it's amazing.

B

So what happened is that was that, after we achieved all these um in argentina, a lot of crypto projects that that heard about argentina, adopting crypto and all these people using crypto and all of that they went to argentina and they they found out that thai was used everywhere. So these crypto projects that are not from latin america, but they wanted to like start doing business in argentina.

B

They have to integrate thai and just because it was, it was like used a lot in the country. So that was interesting because maybe projects that took us like a lot of time to convince them to integrate. I because I mean in terms of volume, usdt or usdc, are more powerful than I. If that's your your use case. But if you go to argentina and you want to start a business there and you notice that die is so widely used. You have to integrate it.

B

You have to because your users are asking okay and when you, when are you going to integrate that so that that happened in argentina? That was super cool.

A

Yeah, it's great to have people advocating on behalf of maker dow in general. That's really cool um peyton.

E

I had a quick question: go for it yeah. uh I would love to ask uh like what is the growth core unit doing to enter into like other countries that are similar to latin america in their in their general properties, but but yeah, I'm just curious what what the growth team is doing to to try to approach other geographies around the world.

C

B

Yeah, well, um that's a that's the problem and is that any other geography is similar than latin america and in latin america all the countries aren't the same. Actually, that was a mistake I did at the beginning, because I thought okay. One thing I want to do is to replicate what we did in argentina in all latin america. Well, no, it's impossible because argentina, uh it's completely different than other countries in the region, including venezuela, because you could say okay, but both countries are like both countries speak spanish.

B

Both countries have inflation, both countries uh have the valuation and both countries are used to save their money in dollars. Yes, that's that's true, but it's a completely different context. So what we did in argentina didn't work in venezuela and, like the approaches, have to be different, but that was like I thought at the beginning.

B

It was easy to just replicate what we, what we did in one country and was a success in another one, but now it turned out that is not like that and if, if you think globally same thing- and I don't know like a lot of people- and I I I've heard this uh from a lot of crypto projects that actually use us as an example on the like, we are advisors of a lot of crypto projects, crypto projects because they love what what we do at maker growth so and they are always like telling us okay.

B

So we want to uh launch our product in argentina, nigeria and I don't know another country, and it's like whoa. No, that doesn't make any sense, because it's like so different, like different countries, different needs uh different solutions, different products. So uh well. No, we are not trying to replicate things. We are learning from what we do, uh but uh we are trying to understand the needs of a country and the projects that exist there and see.

B

How can how can we integrate the maker protocol within those projects to help them help them to create a solution for the particular needs that each country has.

E

Nice yeah. That makes a lot of sense to me uh and then, like a follow-up question, uh do you think that there is? uh I guess, uh how do I phrase this correctly? The way, the way that I want to do, you think there's uh room for other growth, core units that are also like geographically focused, but maybe have like boots on the ground elsewhere and they're more like capable of approaching like that area.

E

Or do you think that um would be uh growth teams should approach you guys and kind of create like a big hub and spoke growth team like I'm curious yeah? What maker dao as a whole should do to like try to approach those other parts of the world that we might not be able to approach right now.

B

Oh good good, one good question david, because I have been thinking about that um and I don't know the answer because for me the dao approach is also new like if, if if what we want to do is like something that something similar as what we had in the foundation, I will say: no everything has to be under the growth career unit, because in that sense we can all like coordinate and it will be easier.

B

But from adult perspective I I don't know and and and I'm happy about not knowing the answer, because uh I think, like the community will know. If I don't know the community will know- and I love that, because between all of us we can't just decide if there's a team that wants to present a proposal and it's a good proposal. Maybe they they should like do it by themselves and we could find ways to collaborate, maybe also another car unit that already exists to want to.

B

I don't know to include something else in their mandate and create like more a more localized uh evangelist everywhere in the world, and we could also collaborate with them. So I I don't, I don't have an answer for that and uh but I'm I'm happy to discover the answer with the community.

E

Yeah that that was that was a great answer in and of itself I I totally respect that um yeah and and uh and yeah, and so I guess I totally respect the team for the work it's been doing so far. So don't hear my my questions is like uh you guys aren't doing enough or anything like that. uh Yeah, it's totally just strategy and like forward-looking, is really what I'm asking for so yeah cool.

A

um Peyton had a question in the chat um along that line of incorporating with fiat, how is growth looking at real world asset opportunities and what ideas are most exciting for getting dye into the real world so to speak.

B

Well, we have we, we have real world assets opportunities, actually, some of the opportunities that the real world finance team has was because one of the one of the team just found a lead about about it and uh they pass it on to the real world finance career unit and things that uh on boarding a real-world asset is not like integrating die in a in a project, because uh we don't have like a uh a process uh that is okay. You have a real-world asset, you you already have a token.

B

You have to do one two three and then in two months you are on boarded like it's kind of more complicated and well.

B

We are now like trying to discover what are the different possibilities that these assets have like: creating a trust or doing it through centrifuge there's also the problem about where the asset is, because, if it's not like in in the u.s or in singapore, let's say it's more complicated to think about on board it in into the protocol, and also you have to think about the size of the loan that they can they can. uh They can have. They could have in case of being approved. You can't on board, like whatever real-world asset.

B

You have to think about how this asset will scale in the future and that actually, that happens with little collaterals in general. So I think um right now, from the maker growth perspective, we won't like to uh to try to attract different partnerships, but in the case of real world assets.

B

I think this will take a little bit more time until we have like a a process, a clear process of of how to onboard them and where these real-world assets should be and where they have to go to through centrifuge, when they have to go through a true trust, a trust and trustee a framework.

B

So, um although we actually we we in in singapore, we have found different companies that are super interested in doing that. We can just like uh put them all into the the the pipeline of the real world assets that are going to be on boarded because uh it takes a long a lot of time. So, if someone is interested about onboarding their asset, we can like tell them.

B

Okay, you will be on boarded if you, if you, if you have this and this and this you could be on boarded in three six months like we don't have an answer for that so yeah. I think we have to improve the process.

A

Do you think that, in terms of the scaling um and growth of the dow in general, that it's very do you feel like the process is pretty well defined? Thus far inter, like I think the collateral or onboarding process is still it's a it's, not exactly straightforward. If you just look at it, but once you have it once you've, had it explained to you or can talk to someone about it, I think it makes sense.

A

Do you think there's still a lot of improving to be done in the in the crypto space of the onboarding, not necessarily with real world.

C

B

Yes, I mean, and- and I'm talking about collateral in general, not just real world assets- I think we we have to like there's always room to improve and that's like the good thing about being a dao and being transparent, that we all know that there are things to be improved and I think the the the collateral on boarding process in general like it.

B

It has a lot to improve, because actually we now are thinking about off-boarding collaterals.

B

So, but we have to decide if, if we are thinking about onboarding, we really should be thinking about affording and affording how. What can we do now to avoid future of boardings uh from the protocol like what? What is that we are looking for uh what happens to like? I don't know like. There are a lot of questions to be answered, and I think now we are super focused on um minting more thai from different uh collaterals than usdc.

B

um So we have to think about onboarding collaterals that uh could have like a high debt ceiling. But that means that it has to have a lot of liquidity in dexes when talking about uh uh crypto collateral, but also, if we are talking about real-world assets, we can just onboard one real-world asset. That could mean one billion die, because that represents a lot of risk for the protocol. We have to go step by step, so uh we are discovering the process and I think that's why it has a lot to room for improvements.

B

um I think we are continuously improving the onboarding process, because crypto is it's also changing the every day. So before like when multicollateral die started, we didn't have the the the gas piece problems and I think nobody thought about that at that time. So we onboarded, like whatever tokens we had at the time and and the voting process took so long that we on board, when we on boarded those tokens, those tokens weren't like the most popular at that time.

B

So it's like everything is changing continuously and that's also why we have always to improve our process, because if, if not like uh the crypto space will change and the regulations will change and the world will change and we can be static, we have to always evolve with all those changes.

A

Makes sense, I guess- and um I do want to stop and say real, quick um we're getting to the top of the hour. So if anybody else has questions they want to come in and ask please feel free, um but so this is a very unique space that does change and grow so much and right now we have the impending regulations that are being discussed consistently.

A

I wonder if you have a perspective on that in terms of like not seeing the gas fee problem coming like have we kind of have we paid enough attention in terms of the regulatory conversations and are we kind of putting our putting our eggs in the right baskets and trying to prepare as much as we possibly can for the unknown of the impending regulation?

A

Is there more we could be doing.

B

Yeah, of course, I think there are a lot of more that we could do and not just in terms of regulation but uh like in in a lot of uh in a lot of different ways, and it's just because I mean when, when the foundation existed like there were a lot of business units that were in charge of different things. So, for example, we had, I don't know a legal team, we had a marketing team, we had well the business development team.

B

We had like all these uh business units that were taking care of something uh for the protocol and now, with the dissolution of the foundation we need. I think we have a lot of needs and we need to someone to like to replace these business units and start providing these services to the dow, uh maybe not in a similar way, as we had in the foundation, because maybe that doesn't work anymore, uh but in in some way. I I think it will be interesting to have a little service uh or something like that.

B

I don't know it should be a legal career unit, but maybe it's something that's what the ses coordinate is doing like trying to have a got different guidelines, or maybe it's something like what um uni swap did with the defy found whatever or maybe I don't know if you saw if something like it's something like what these uh lodgers dao is proposing to cure yarn and lido. Maybe something like that.

B

So, yes, I think we we we need more service providers to the doubt, definitely not just in in the legal aspect or to prepare ourselves for what will happen with the regulators, but uh also in in other aspects.

B

So yeah I need I I mean we need more more hands totally.

A

Makes sense and david you have one last question I think, would be a good one to end on. Did you want to come on and ask or do you want me to read it.

E

uh Yeah, I could, I could read it out, um so the question was: what's the number one thing that will help the impactfulness of the growth core unit that the dow could that the doubt could do um cu, members or otherwise doesn't necessarily have to be a c member or see you.

C

B

I don't know about the number one thing, but I know about. As I said, I think the dao in general needs more service providers.

B

uh It would be great like to have uh someone helping us with regulators uh with all the uh with all, like, I don't know a lobbyist or understanding like the directed the right direction for the dow like I. I really think that the decision of the foundation about dissolving itself was like the best thing that could happen, but I'm afraid that maybe someone wants like. I don't know to break that decentralization.

B

I think the protocol has to like be decentralized. I think that's the right path, but we now we need guidelines on okay. If we want to be decentralized what we should do and we should what we should avoid, and all these interactions with institutions and offering service to institutions or not like those like uh there are a lot of great lines, and I would love guidance or like more guidance.

B

Although we are uh asking uh we are asking to lawyers, and we are asking for advice and on those aspects, but I think it would be great if, if we have like someone like guiding not just the growth career unit but other koreans, I also think that it will be great um if we all uh as korean. It's like we try. But I think we can. We could improve in how we coordinate our efforts because the dao like because of this decentralized nature, of course it's called chaotic.

B

But I think uh it will be great if we can like find a way to coordinate what we are doing and like have goals and measure like uh if we are or not achieving those goals. And maybe it's just because I'm very biased because, like in the growth team, we have goals and we have metrics. And I like to like understand if we are doing a good job or not.

B

But I I really think that that's important for the dao in general, and I think that that will help us a lot to us as well, because if we all have not just as a maker growth team, but all care units have like a goal in mind, we will like all like join efforts to go uh in the same direction, and I think that that's important for for the dao so yeah that are like my general ideas, not the most important things. It's not the number one thing, but I think it's. Those are relevant.

C

A

Cool very good answer: yeah. Thank you so much, um and if people want to reach out to contact you what's the best way to contact you.

B

um Eat my email nadia at makergrowth.com or on telegram or on the forum or on twitter. Yes, I don't know, I'm everywhere rocket chat.

A

I don't know awesome well, thank you so much for doing this nadia and thank you. Everyone for coming.

A