►
Description
Forum Post: https://forum.makerdao.com/t/collateral-onboarding-call-43-fei-rari-pools-use-cases/15009
The Fei Protocol submitted a MIP6 to onboard their stablecoin, FEI, as a collateral to the Maker Protocol. The team behind Fei hosted a community AMA to explore the possible use cases for this token within the MakerDAO ecosystem, ranging from a standard vault, D3M, or even a PSM.
Joey Santoro @joey & Brianna Montgomery @bpm6867 from Fei Protocol to lead joined us to host a discussion into Fei v2, the mutual benefits from onboarding, and answer any of the community’s questions.
A
If
you
have
any
questions
for
the
team
throughout
their
presentation,
please
feel
free
to
drop
them
in
the
chat
and
then
at
the
end,
during
our
q.
A
also
feel
free
to
use
the
race
hand
feature
to
hop
on
the
mic
and
ask
any
questions
you
have
directly
with
that.
I'm
excited
to
hand
the
mic
over
to
joey
to
go
ahead
and
kick
things
off.
B
B
You
know
and
sort
of
our
background
as
a
team,
and
that
can
you
know,
help
kind
of
give
context
to
maker.
As
to
you
know
who
they're
you
know
they
might
be
partnering
with
and
so
yeah,
maybe
like
zooming
back
out
yeah.
I've
been
using
d5
since,
like
before,
d5
was
a
word.
You
know
the
very
earliest
days.
It
was
literally
just
maker
dial
compound
pretty
much.
B
You
know
dydx
early
dharma,
and
this
was
a
very
cool
time
in
d5,
because
you
know
it
still
was
like
so
early
and
exciting,
and
you
know
the
first
lending
markets,
the
first
amms.
These
were
like
the
core
primitives
that
everything
we
had
today
were
built
on,
and
I
thought
maker
dow
and
I
still
do-
is
like
one
of
the
coolest
and
most
essential
protocols
in
d5.
I
was
kind
of
really
very
interested
in
like
the
stable
coin
trilemma.
B
Especially
now
makes
a
lot
a
lot
of
sense,
and
when
I
was
thinking
about
fey,
I
was
really
thinking
about.
What's
like
where's
d5,
going
what's
kind
of
the
next
sort
of
iteration
of
stable
coins
or
like
what
does
define
need
and
the
original
idea
for
faye,
the
big
idea
was
protocol
controlled
value.
There
was
actually
two
ideas
in
the
original
concept
and
only
one
of
them
is
still
being
used,
so
that
was
protocol,
controlled
value
and
direct
incentives.
B
B
That
was
really
the
angle
that
fey
took
and
some
of
the
early
ideas,
weren't
good
ideas
like
direct
incentives.
And
if
you
go
back
and
look
at
our
history,
you
can
see
kind
of
a
lot
of
the
the
challenges
and
and
trade-offs
that
were
made.
And
I
think
the
protocol
has
gotten
a
lot
more
battle
hardened
and
refocused.
B
Because
of
all
these
iterations
and
more
and
more,
I
have
come
to
appreciate
sort
of
maker,
dallas
design
philosophy,
and
you
know
maker's
place
in
d5,
because
it's
very
very
hard
to
make
something.
That's
truly
stable
in
a
ton
of
different
market
conditions,
and
I
think
that
you
know
yeah
it's
it's
very
cool
to
kind
of
internalize
all
of
the
learnings
from
you
know
these
giants
and
d5
and
try
to
apply
them
to.
B
You
know
to
a
newer
project
and
yeah
the
so
that's
kind
of
the
original
origin
of
the
face
stable
coin
and
the
current
version
is,
is
pretty
much
just
like
the
the
pcv
that's
backing
fey
and
then
the
protocol
is
like
shifting
the
pcb
across
stable
coins
and
d3m
style
deployments
and
yeah.
Just
all
these
other.
These
other
portfolio
allocations
there's
some
automated
backstopping,
like
you
have
with
mkr
and
yeah,
like
that's
sort
of
the
the
high
level
when
so
in.
B
At
the
end
of
last
year,
there
was
a
merge
between
bay
and
rari
capital
and
this
sort
of
created
the
the
tribe
dao,
where
previously
it
was
kind
of
called
the
fedo,
and
it
was
like
solely
focused
on
stable
coin,
and
now
you
have
fey
protocol
rari
capital,
which
is
fused
the
permissionless
lending
market.
They
also
have
a
yield
aggregator
and
then
two
more
projects
which
are
earlier
stage.
Volt
and
inflation
resistant,
stablecoin
and
midas
capital,
which
is
like
more
of
a
multi-chain,
focused
version
of
fuse.
B
B
Sweet
awesome
yeah,
so
I
think
that
the
a
really
good
place
to
start
is
why
why
on
board
fey
from
a
maker
down
perspective,
so
one
it
would
obviously
increase
the
decentralized
asset
backing
for
die
and
earn
the
protocol
revenue.
The
the
mips
six
application
includes
a
you
know,
stability
fee
and
you
know,
state
protocol
is
a
very
large
on-chain
reserve,
an
entity
that
you
know
could
provide
meaningful
cash
flow
to
make
it
out
and
sort
of
move
the
needle.
B
B
Conservative
decentralized,
stable
coins
that
can
scale-
and
you
know,
provide
that
permissionless
base
layer
for
d5
dye
is
filling
a
great
role
there.
Faye
wants
to
be
a
part
of
that
and
I
think
especially
together.
They-
and
I
can
kind
of
you
know-
be
sort
of
leading
decentralized,
stable
coins
and
you
know
adhering
to
kind
of
the
what
define
needs
right,
which
is
you
know,
a
commitment
to
decentralization,
a
commitment
to
permissionlessness,
a
commitment
to
conservatism
to
that
actually
be
able
to
weather.
B
You
know
the
crazy
market
volatility
and
adversarial
environment
of
d5
and
and
really
be
like
a
solid
bedrock
and
yeah.
So
I
think
faye
kind
of
fits
a
lot
of
these
these
criteria
and
there's
a
lot
of
cool
ways
to
to
collaborate,
and
we
can
touch
on
some
of
those
at
the
end
of
the
presentation
but
yeah
and
obviously,
from
a
perspective,
it's
important
to
know
kind
of
how
dye
fits
into
the
current
fey
protocol.
B
B
It
was
always
off
by
like
20
30
50
basis
points,
and
the
only
way
to
really
get
it
to
being
super
super
tight
is
to
peg
to
something
that
has
the
tightest
possible
our
bloop
on
chain
and
that
would
be
dye
or
or
usdc.
But,
as
we
mentioned,
phenopha
is
very
committed
to
decentralization
decentralized
collateral
as
much
as
possible,
and
so
dye
is
kind
of
a
perfect
candidate
to
serve
that
function
inside
they
protocol
so
yeah.
B
And
then
we
can
and
then
so
because
of
sort
of
the
recent
market
downturn,
the
protocols
had
to
preferentially
sell
stable
coins
in
the
short
term
to
defend
the
peg.
But
you
know
the
protocol
is
marco:
isn't
the
feypeg
issue
less
than
one
dollar?
How
does
the
dye
psm
help
here
at
all
yeah?
So
if
the
protocol
has
died
and
is
willing
to
sell
die
to
buy
back
faye,
then
people
can
buy
faye
under
a
dollar
in
the
market
and
bring
it
back.
B
So
people
can
basically
armed
faye
back
to
die
like
you
could
buy,
fey
low,
sell
it
for
die
at
a
dollar
and
that
helps
keep
the
peg
so
currently
the
usdc
psm,
because
there's
such
an
excess
demand
for
dye,
it's
sort
of
keeping
dye
under
a
dollar,
but
it
also
works
in
reverse.
If
you
kind
of
run
out
of
or
no,
I
think
it
works
the
same
way
actually
yeah.
B
B
Oh
yeah,
it
works
until
it
runs
out.
Okay,
so
long
for
wisdom.
This
is
a
great
point.
The
the
protocol
controlled
reserves
are
are
managed
by
the
tribe
dao
there's
some
yeah
there's
some
some
like
algorithmic
components
and
then
obviously
some
governance
components
and
these
reserves
would
kind
of
be
converted
into
each
other
as
needed,
with
dye
being
the
the
primary
sort
of
stability
asset
in
the
reserve.
B
There's
no
yeah,
it's
theoretically
possible
to
kind
of
enter
short
periods
of
under
collateralization,
at
which
point
tribe
would
be
issued
to
kind
of
re-collateralize
the
system
and
yeah.
So
the
reserves
are
super
important.
This
is
the
lifeblood
of
the
protocol.
Currently
the
collateralization
is,
you
know,
around
200
percent
and
so
yeah
that
that
sort
of,
like
the
the
credit
worthiness
of
the
tribe,
dao
or
the
collateral
backing
faye,
there
is
no
tribe
component
in
the
backing
in
this
model.
B
It's
purely
external
collateral
and
it's
like
a
very
high
quality
collateral
as
well.
So
that's
kind
of
the
idea
of
the
the
fey
pcb
and
you're
sort
of
splitting
between
all
these
different
stable
assets
and
eth
and
yeah
some
dpi
and
things
like
that
sort
of
meta
governance,
tribe,
dao,
has
kind
of
collected
a
lot
of
governance
tokens
throughout
the
period
of
like
deploying
capital
to
compound
ave
and
curve
and
whatever
so
there's
also
a
pretty
strong
meta
governance
component.
That's
not
really!
You
know.
B
This
missed
category
has
kind
of
a
lot
of
different
tokens
in
there
as
well,
so
yeah,
that's
kind
of
a
a
high
level
overview
of
the
protocol
controlled
value,
and
this
is
not
just
held
as
some
native
assets.
It's
it's
actively
deployed
so
about
half
of
the
east
is
staked
on
lido,
for
example,
and
then
you
know
the
rest
is
between
ave
compound
tokamak.
B
The
lusd
is
primarily
in
the
liquidy
stability
pool,
so
that's,
like
you
know,
earning
additional
yield
there.
The
dye
is
mostly
on
compound
et
cetera,
so
yeah
the
the
protocol
is
kind
of
actively
deploying
reserves
and
that's
where
the
majority
of
sort
of
the
revenue
of
the
protocol
comes
from
and
that
revenue
is
currently
you
know
a
couple
weeks
ago
it
was
like
30
or
40,
mil
with
the
drawdown
on
each
it's
probably
a
little
lower
than
that,
but
yeah.
B
That's
sort
of
the
annualized
revenue
of
the
protocol,
which
is
you
know,
denominated
in
both
like
eat,
staking
underlying
yield
tokens
and
stable
coins
or
blending
and
farming
so
yeah.
That's
sort
of
the
high
level
breakdown
of
the
sort
of
the
credit
worthiness
of
the
tribe,
dao
and
sort
of
fey
as
a
collateral
which
is
backed
by
you
know
this
sort
of
diversified
treasury.
If
you
will.
B
So
yeah
and
then
kind
of
diving
a
little
deeper
into
what
we
just
talked
about
with
face
stability.
You
know
it's
pegged
to
one
dollar:
it
uses
this
reserve
backing
mechanism
of
protocol
control,
value
and
redeemability.
Through
these
psms
there
are
psms
on
some
of
the
other
assets,
there's
a
psm
on
eth
and
a
psm
on
lusd,
where
they're
pegged
to
the
oracle
reported
price
from
chain
link.
B
These
are
usually
disabled.
They're
currently
enabled
because
you
know
the
die.
Reserves
are
so
low,
but
usually
it's
just
die
and
then,
when
the
protocol
is
under
stress,
it
kind
of
starts
releasing
other
assets
as
well.
Through
these
psms
and
yeah
there's
been
a
ton
of
dive,
pha
exchange
volume
through
the
psms.
You
know
hundreds
of
millions
and
the
protocol
has,
you
know,
been
sort
of
deploying
dye
throughout
the
ecosystem,
to
compound
maker,
dial,
etc.
All
right.
A
B
B
So
if
dye
is
at
a
surplus,
then
the
the
dye
psm
would
be
redeem
only
and
then
it
you
could
only
redeem
faye
for
like
eth
or
lusd
or
whatever,
there's
sort
of
some
some
sort
of
simple
criteria
for
how
you
can
get
from
just
die
to
lusd
or
eth.
And
then,
as
the
dire
reserve
started
to
deplete,
then
the
protocol
would
stay
like
not
not
be
minting,
not
be
minting,
eth
and
instead
be
minting
for
for
diet
to
kind
of
replenish
those
reserves.
B
There's
no
dashboard
on
the
stats
for
the
psm.
This
is
something
that
we're
working
on
right
now.
The
psms
are
mostly
used
by
arbitragers,
so
there
hasn't
really
been
a
ton
of
a
ton
of
data.
I
think
I
think,
there's
a
dune
dashboard
from
there's
a
dune
dashboard
from
lama
protocol.
That
is
very
awesome
and
has
a
lot
of
data
on
it.
Let
me
see-
maybe
let
me
drop
the
link
here.
A
A
B
This
would
increase
the
maker
dow
reserve
revenue
by
two
and
a
half
percent,
which
I
think
is
pretty
awesome
to
see
in
a
single
a
single
collateral
and,
as
I
mentioned
before,
faye
protocol
is
earning
sort
of
you
know.
Tens
of
millions
of
dollars
a
year
can
easily
cover
the
stability
fee
on
on
a
100
million
die,
and
so
I
think
it's
a
huge,
a
huge
win-win
and
something
that
we
hope
the
maker
community
really
seriously
considers
and-
and
I
think
the
tribe
die-
is
sort
of
prepared
to
use.
B
Roughly
two-thirds
of
this
150
million
die
cap
that
was
proposed
on
the
collateral
onboarding,
so
that
would
be
used
kind
of
immediately
and
to
you
know,
basically
help
defend
the
peg
in
the
current
sort
of
contractionary
cycle
and
you
know
be
deployed
into
some
of
these
various
protocol
strategies
to
help
increase
the
yield
as
well
and
that's
sort
of
the
yeah.
The
intended
use
case
for
for
this
diet
so
happy
to
take
some
questions
now.
B
I
also
have
one
more
slide
after
this
kind
of
on,
like
some
forward-looking
partnership
opportunities,
but
I
do
want
to
make
sure
to
carve
out
some
space
to
discuss
the
to
discuss,
sort
of
any
questions
about
the
terms
or
about
fey
as
sort
of
a
collateral
or
protocol,
or
anyone
involved
yeah
so
feel
free
to
fire
away.
Anybody,
if
you,
if
you
have
anything
and
there.
A
Hey
joey
retro
here,
quick
question:
you
you
brought
up
the
initial
proposal
that
I
believe
was
posted
in
september
for
the
psm,
and
in
that
you
also
mentioned
that
v2
would
be
rolled
out
in
that
time
frame
which
would
introduce
better
mechanics
to
managing
the
protocol.
Can
you
talk
about
that
v2
upgrade
at
all
in
terms
of
how
it
should
support
the
onboarding.
B
Yeah,
so
the
kind
of
what
I
discussed
is
basically
the
v2
it's
sort
of
going
all
in
on
protocol
controlled
value
and,
and
then,
as
I
mentioned
before,
tribe
is
sort
of
absorbing
the
the
volatility
in
the
reserve.
So
if
the
protocol
does
ever
go
under
100
collateralized,
which,
as
I
mentioned
it's
currently
around
200
percent
to
the
outstanding
fee,
then
tribe
would
be
issued
to
kind
of
recover
and
at
the
same
time
the
protocol
would
be.
B
B
B
There
was
one
piece
of
fev2
called
the
risk
curves,
which
is
like
sort
of
a
more
automated
way
of
rebalancing.
Pcv,
as
as
the
r
d
got
like
you
know,
much
more
in
depth
and
sort
of
the
trade-off
spaces
were
sort
of
surfaced
more.
It
was
the
you
know,
the
community
kind
of
decided
to
go
more
on
the
route
of
keeping
it
simple
and
using
kind
of
the.
If,
if
the
protocol
is
like,
has
this
die
buffer?
B
That's
like
that's
enough
and
then
it
would
start
preferentially
accumulating
more
volatile
assets
at
if
the
collateralization's
healthy
enough.
Otherwise
it
would
be
refilling
the
die
buffer.
So
it's
more
based
on
the
redemption,
rather
than
like
actively
rebalancing
and
then
governance
would
be
sort
of
voting
to
rebalance
as
needed
as
it's
doing
currently
with
the
sort
of
current
market
conditions.
A
God
I
appreciate
that
context,
just
as
a
quick
reminder
now
would
be
the
perfect
opportunity
to
use
the
race
hand
feature
if
you'd
like
to
come
up
on
stage
and
ask
a
more
in-depth
question.
Otherwise
it
does
look
like
we
have
another
one
from
long
from
long
for
wisdom.
Asking
at
what
point
do
you
bail
on
the
volatile
pcv
in
a
black
swan
event,
like
maker,
maintains
the
over
categorization
by
liquidating
users
below
that
ratio?
B
Yeah
yeah
absolutely
so
last
slide
looking
into
the
future.
Obviously
the
tribe
dial,
as
I
mentioned,
is
kind
of
a
bigger
entity
than
just
fey
the
stable
coin,
and
so
you
know
there's
a
couple
cool
ways
for
maker
dow
to
either
plug
into
that
or
sort
of
use,
some
of
the
newer
mechanisms
that
have
been
developed
by
the
tribe
dow.
B
B
So
as
I,
as
I
kind
of
mentioned,
the
protocol
is
sort
of
low
on
buy
reserves
which
are
usually
used
to
you
know,
defend
the
peg
in
the
psm
and
especially
in
the
current
market,
environment,
environment.
There's
a
lot
of
sort
of
pay,
that's
being
redeemed
for
underlying
reserves,
and
so
I
expect
that,
like
a
good
portion
of
that
die
would
be
redeemed,
and
this
could
be
a
way
that
the
protocol
could,
for
example,
unwind
its
incentive
program
right
now.
B
There's
there's
a
tribe
liquidity
mining
program,
that's
sort
of
artificially!
Well,
it's
providing
a
ton
of
value
to
the
protocol
right
you're.
Getting
all
the
secondary
market
liquidity-
and
some
of
that
is
being
recaptured
through
like
to
be
very
specific.
Some
of
the
yield
farming
where
tribe
is
being
sort
of
issued
to
liquidity
providers
is
going
to
or
the
fuse
pool
eight.
B
So
it's
dai,
fei
and
l
usd
in
the
three
pool
on
bouncer,
and
you
know
this
is
something
that
I
think
is
sort
of
in
the
spirit
of
d5
right.
It's
three
very
decentralized,
stable
coins
that
you
know
have
a
good
amount
of
lindy
and
sort
of
a
strong
value
proposition,
and
so
creating
kind
of
a
three
pool
around
these
tokens
would
be
a
good
way
to
be
an
alternative
to
like
three
crv,
and
you
know
the
three
crv
equivalent
in
the
balancer
ecosystem.
B
So
well,
we
would
be
using
the
die
for
for
that
as
well.
So
there's
kind
of
a
couple
like
core
use
cases
and
then
having
that
additional
50
million
or
whatever
in
the
event
of
sort
of
further
need
for
it.
That
would
be
kind
of
the
idea
there
yeah
so
yeah.
I
think
that
it
makes
a
lot
of
sense.
Hopefully
that
was
a
good
good
answer
to
your
question.
A
And
it
does
look
like
we
have
another
question
queued
up
by
el
pro.
He
asks.
Can
you
please
provide
more
color
on
how
a
is
adopting
erc
4626
and
what
benefits
can
it
provide
to
a
possible
partnership
with
maker
dow?
He
may
have
missed
it,
but
in
your
last
audit
of
july
21st
the
last
audit
was
july.
21St.
Are
you
slated
to
have
a
new
audit
in
2022.
B
Yeah,
so
there's
actually
been
like
quite
a
few
audits
for
all
of
the
different
kind
of
feature
rollouts
for
for
for
faye.
The
the
fey
protocol
as
it
stands
has
been
like
relatively
the
the
core
infrastructure
has
been
relatively
the
same.
There
hasn't
really
been
any
changes,
so
there
hasn't
been
any
new
audits
to
like
the
corefa
protocol,
but
there
have
been
some
new
products
like
turbo,
which
uses
erc
4626
extensively
and
that
was
like
well
audited.
It
was
audited
by
consensus,
diligence,
it
did
a
code
arena
audit.
B
We
sent
it
to
every
every
security
researcher
that
we
knew
and
I'm
really
excited
about
about
that
code.
So
maybe
that
kind
of
ties
into
the
this
4626
question,
which
is
from
lpro,
you
know
housepay
adopting
4626
and
what
benefits
can
it
provide
to
a
partnership
with
maker
dow
so
one?
I
think
it
would
be
very
awesome
if
maker
dow
created
an
adapter
for
46
26
collateral
types
so
that
you
know
it
would
be
very
easy
from
a
technical
perspective
to
onboard
new
collaterals
that
use
the
standard.
B
We've
seen
a
ton
like
way
more
adoption
than
I
was
expecting.
I
think
people
really
kind
of
got
the
idea
for
4626
so
for
for
those
of
you
who
aren't
familiar,
if
you
think
about
what
what's
common
across
compounds
of
a
the
the
die
savings
rate,
yearn
it's
like
you're,
deploying
a
single
token
to
a
strategy
and
then
possibly
earning
some
yield
on
that
token
and
erc
4626
is
a
standardization
of
the
interface
for
that
sort
of
paradigm.
It's
a
single
token
strategy
standard
and
most
of
d5
looks
like
this.
B
So
4626
has
a
ton
of
applications
in
it.
It's
really
powerful
for
there's
kind
of
two
consumers
of
the
standard.
There's
implementers
like
ave
and
compound
who
would
just
be
using
it,
and
the
reason
that
there
wasn't
a
standard
before
is
because
there
isn't
really
a
huge
incentive
for
implementers
to
actually
for
implementers
to
implement
a
common
standard
because
they're
just
like
we
don't
care
about
being
compatible
with
anything.
B
Balancers
and
integrator
and
maker
doubt
would
be
an
integrator
because
you're
taking
in
these
like
new
collateral
types,
which
might
be
yield
strategies,
and
it
makes
it
way
easier.
Because
now
you
don't
have
to
write
adapters
where
adapters
require
new
audits,
dev
time,
they're
very
prone
to
error,
and
so
the
tribe
dial
is
trying
to
use
4626
for
everything
and,
in
particular,
turbo
is
kind
of
the
a
product
that's
like
through
and
through
built
with
4626.
B
So
the
way
turbo
works
is
it
basically
takes
the
idea
that
maker
now
has
of
issuing
a
stablecoin
against
collateral,
but
it
separates
the
issuer
from
the
borrower.
So
in
the
maker
down
system,
if
you're
going
to
issue
die,
there's
always
a
non-zero
stability
fee,
and
I
don't
think
that's
like
it
has
to
be
that
way.
But
that's
just
the
way
that
maker
is
currently
programmed.
B
It's
always
a
non-zero
stability
fee
for
whatever
collateral
type
you
use,
you're,
always
paying
50
basis
points
two
percent,
three
percent
four
percent
to
generate
that
die,
but
the
way
that
turbo
kind
of
flips,
that
is
it
lets
issuers
issue,
die
into
approved,
yield
strategies
so
think
about
it,
like
it's
like
a
d3m
as
a
service.
Basically,
where
maker
doesn't
want
to
be
actively
rebalancing
between,
you
know,
ave
and
compound
in
whatever
d3ms
that
are
active.
B
It's
zero
percent
to
kind
of
boost
it
into
the
yield
strategy
and
then,
whatever
yield,
is
earned
to
say
on
ave,
it's
like
two
percent,
then
maker
dao,
or
in
this
case
the
tribe
gao,
would
make
1.6
percent.
And
then
the
user
would
make
40
basis
points
which
is
just
pure
profit
for
them.
And
it's
good
for
make
your
doubt
because
you
have
this
extra
layer
of
collateralization.
B
I
think
it
was
monet
supply
who
mentioned
that.
This
is
a
really
good
mechanism,
for,
if
maker
doesn't
want
to
be
actively
underwriting
all
of
these
these
strategies
they
just
want
to
underwrite
the
collector
rules
and
that's
what
turbo's
great
for
it
adds
an
extra
layer
of
protection
to
this
die,
that's
being
issued,
but
it
also
creates
this
nice
sort
of
incentive
alignment
with
users
for
users
are
going
to
go
find
this
yield
it's
sort
of
a
pure
profit.
B
B
B
So,
what's
really
cool
about
turbo
is
there's
two
ways
to
do
it
as
a
as
a
as
a
dow,
that's
kind
of
supporting
turbo.
You
can
have
risky
collateral
types
paired
with
very
conservative
yield
strategies
or
you
can
have
the
reverse,
where
you
have
sort
of
a
conservative
set
of
collateral
types
and
a
bunch
of
like
more
risk
on
yield
strategies
that
you
couldn't
normally
issue
directly
into
for
fear
of
or
because
it's
not
like
the
risk-adjusted
yield
is
not
good
enough.
B
B
B
It
was
a
different
time
when
dai
was
sort
of
trading
way
over
a
dollar
due
to
high
farming
incentives
and
things
these
were
like
d5
was
much
younger
and
I
think
people
were
a
lot
more
excited
by,
like
all
the
different
yield
opportunities
dai
was
sort
of
far
and
away
the
the
only
choice
for
for
these
sort
of
external
yield
opportunities,
and
there
was
just
so
much
demand
for
dye.
I
think
for
stable
coins
in
the
current
environment.
B
It's
more
competitive
faye
is
a
little
bit
like
cyclical
with
the
market
so
because
it's
paired
with
eth
and
other
volatile
assets
a
lot
of
times
when
the
market's
going
down.
There's
it's
like
there's
downward
peg
pressure.
That's
put
on
fae,
because
the
primary
liquidity
pairs
for
faye
other
than
stable
pairs
are
ethan
tribe
and
there's
a
quite
a
large
amount
of
ethan
drive
in
that's
paired.
With
fey,
so
as
those
tokens
go
down
in
value,
is
entering
circulation
and
probably
getting
redeemed.
B
B
A
B
It
gives
the
protocol
the
ability
to
basically
like
stay
long
eth
in
the
short
term,
if
the
like,
because
the
protocol
is
still
like
you
know-
200
percent
collateralized,
there's
there's
multiple
sides
to
the
argument
on
whether
to
stay
along
eve
or
start
selling.
Some,
and
I
I
do
think
that
you
know
the
protocol
is
going
to
be.
People
are
actively
discussing
whether
to
start
rebalancing
now,
but
in
in
either
case.
A
dialing
of
credit
would
be
useful
for
being
able
to
kind
of
quickly.
B
You
know
get
die
for
some
short-term
opportunities,
like
this
balancer
boosted
pool
that
I
mentioned,
or
if
it's
possible,
for
the
protocol
to
earn
more
than
two
percent
on
diet,
and
this
is
kind
of
a
cool
interest
rate
arbitrage
to
increase
protocol
cash
flow.
So
it's
not
just
about
selling
volatile
pcb
for
die.
A
Awesome
appreciate
the
questions
from
the
community
as
we're
nearing
the
top
of
the
hour
just
want
to
make
sure
that
any
other
questions
are
answered
while
we're
waiting
for
those
to
trickle
in,
I
always
like
to
ask:
what's
the
best
way,
to
get
a
hold
of
you,
joey
and
supporting
team
members
here
to
continue
the
conversation.
If
there's
any
other
questions,
yeah.
B
A
B
I
know
I
think
I
guess
I
would
say
that
yeah
like
there's
a
lot
that
fan
maker
can
do
together.
I
think
faye
is
very
in
the
spirit
of
maker
dao,
and
I
think
this
is
a
really
kind
of
low-risk
way
for
maker
to
increase
yield
on
board
more
like
sort
of
long-term
oriented,
dows
and
yeah.
We're
really
really
excited
to
have
the
opportunity
to
chat
to
everybody,
there's
a
ton
of
great
questions
today
and
just
thanks
a
ton
for
the
time.
A
Yeah
and
likewise,
thank
you
guys
for
making
time
on
your
schedule
to
speak
with
the
community.
Here,
I
just
dropped
the
link
for
faze
mips,
6
collateral
application
in
the
chat.
This
video
will
be
posted
on
the
call
announcement
link
in
case
anyone
would
like
to
follow
up
and,
as
always,
the
conversation
is
always
ongoing
at
forum.makerdow.com.