►
From YouTube: Collateral Onboarding Call #26: Reinno February 3, 2021
Description
Intro by @JuanJuan
REINNO - https://reinno.io/
MIP6: [REINNO] MIP6 Collateral Onboarding Application
Agenda and Discussion:
https://forum.makerdao.com/t/collateral-onboarding-call-26-reinno-wednesday-february-3-18-00-utc/6242
Governance Forum:
https://forum.makerdao.com/
Disclaimer: These calls and the summaries are produced and hosted by MakerDAO community members. Content produced by the community are not the statements or views of the Maker Foundation.
A
My
name
is
juan
and
I'm
joined
here
by
a
bunch
of
maker
enthusiast
to
speak
about
real
world
assets
or
real
world
finance,
as
our
working
group
has
renamed
itself
not
long
ago,
just
to
remind
everyone
about
the
dynamic
of
the
call,
if
you,
if
you
have
any
questions
or
or
if
you
feel
like
like
saying
something
or
comment
by
all
means,
please
do
so
and
yeah
natalia
from
from
reynolds.
Thank
you
for
for
being
here.
B
B
Yeah,
okay,
awesome,
so
yeah
once
again,
thank
you.
Everyone
for
joining
us
for
this
collateral,
onboarding
call
for
the
reno
stablecoin
and
reno
is
a
fintech
startup.
That's
trying
to
bring
liquidity
to
commercial
real
estate
through
tokenization
and
blockchain.
Based
lending
on
this
call.
Today
we
have
four
people
from
our
team.
We
have
myself.
My
name
is
natalia.
I'm,
the
chief
marketing
officer
and
my
background
is
in
marketing
pr
and
economics.
B
We
also
have
victor
our
ceo,
whose
background
is
in
growing
and
scaling
businesses
he's
a
serial
entrepreneur
and
he'll
be
talking
later
on
about
our
price
discovery
and
how
we
evaluate
the
assets
when
we
tokenize
them.
We
also
have
chris,
who
is
our
ceo.
His
background
is
in
banking
and
I.t
and
we
also
have
christo
our
cdo.
Who
is
he
worked
on
several
blockchain
projects
and
his
background
is
in
banking
and
data
science,
so
he'll
be
talking
more
about
the
stablecoin,
how
it
works
and
how
we
use
it.
B
Okay,
so
right
now,
let's
go
a
little
bit
back
and
I'll.
Tell
you
why
we're
doing
what
we're
doing?
Basically
real
estate
is
a
great
asset.
It's
great
for
your
portfolio
to
diversify,
to
grow
wealth
over
time,
but
it's
really
not
liquid
and
most
real
estate
deals
require
some
sort
of
debt,
which
means
that
there's
going
to
be
a
bank
and
a
mortgage
involved
with
traditional
banks.
As
we
all
know,
they're
super
slow,
they're,
not
flexible.
They
require
lots
of
paperwork
and
intermediaries.
B
So
at
the
end
of
the
day,
financing
a
real
estate
deal
becomes
really
expensive
and
even
worse,
let's
say
I
own
a
five
million
dollar
building
and
I
need
to
borrow
just
one
million,
but
what
the
bank
is
gonna
do
it's
gonna
block
the
entire
property
and
all
of
my
equity
is
going
to
be
locked
by
a
bank,
even
though
I
just
needed
to
borrow
a
fraction
of
what
my
property
is
worth.
So
this
is
really
inefficient
and
that's
why
we've
decided
to
come
in
and
try
to
solve
this
problem
with
tokenized
lending.
B
So
for
our
solution.
We
first,
of
course,
tokenize
the
property,
so
we
create
digital
shares
of
a
building
or
a
portfolio,
and
then
our
clients
are
able
to
use
these
tokens
as
long
collateral
to
borrow
money
so
right
away.
You'll
see
that
there
is
an
increased
flexibility
since
going
back
to
that
five
million
dollar
building
example.
Now
I
will
be
able
to
deposit
just
the
right
amount
of
token
as
collateral.
B
So
let's
say
a
million
and
five
hundred
thousand
worth
of
tokens
to
get
that
one
million
and
then
the
rest
of
my
equities
over
three
million
dollars
in
equity
that
previously
would
have
been
logged
by
a
bank
is
now
free.
I
can
hold
it,
I
can
sell
it.
I
can
use
it
for
another
loan.
There
are
lots
and
lots
of
possibilities,
especially
if
my
financial
needs
change.
I
can
do
anything
I
want
and
reno
also
offers
an
instant
offer
to
our
clients.
B
Basically,
we
do
all
of
the
paperwork
due
diligence
and
assessment
of
the
property
during
that
optimization.
So
when
someone
wants
to
borrow
money,
our
system
automatically
connects
the
data
to
the
tokens
they
deposit
and
the
algorithm
you
know
works.
It
out
calculates
the
ltv
and
the
interest
rate
and
our
clients
can
get
an
offer
instantly,
which
is
not
available
at
regular
bank
and,
of
course,
the
tokens
are
independent.
B
B
B
There
were
two
different
projects:
one
was
the
office
building
in
connecticut
and
another
one,
a
commercial
real
estate
fund
and
since
then,
the
value
of
real
estate
that
we
tokenized
reached
350
million
dollars
in
september
of
2020.
We
also
launched
a
marketplace
for
tokenized
commercial
real
estate,
where
investors
from
all
over
the
world
can
invest
in
tokenist
properties,
and
we
really
wanted
to
put
the
buildings
that
are
going
to
perform
well
in
the
coffee
19
times.
B
That's
where
you'll
find
their
medical
buildings
and
industrial
facilities,
as
you
know,
with
a
boom
of
online
shopping
and
e-commerce
warehouse
is
now
performing
well,
and
I
think
that's
what
really
allowed
us
to
secure
11
million
from
investors
on
the
marketplace
for
the
deals
listed
there
and,
of
course
we
have
some
goals
for
2020
and
the
future.
One
of
them
is
reaching
1
billion
dollars
in
tokens
commercial,
real
estate,
we're
already
30
there,
and
we
have
some
clients
that
have
several
buildings.
B
We
believe
that
the
new
regulation
and
new
rules
from
the
securities
and
exchange
commission
will
make
it
possible.
We
are
currently
working
on
it,
but
of
course
the
major
major
goal
for
us
is
issuing
the
first
loan,
backed
by
tokens
real
estate
and
again
we
already
have
the
platform
ready
the
risk
model.
We
have
some
clients
that
are
willing
to
try
this
method
and
that
want
this
flexibility,
but,
of
course,
we're
looking
for
funding
for
these
loans
and
connected
to
that.
B
C
Thank
you.
Shall
you
just
scroll
to
the
present?
Okay,
you
keep
the
presentation.
So
when
we
are
talking
about
our
approach
to
the
rain
stable
coin,
I
guess
it
makes
sense
to
think
of
it
in
layers.
So
here
on
this
slide,
we
are
basically
describing
the
first
layer,
which
is
people
coming
with
tokenized
commercial,
real
estate,
so
with
cre
tokens
and
depositing
them
within
a
smart
contract
in
order
to
get
the
renault
stablecoin.
C
The
way
that
the
renault
stablecoin
works
is
the
exact
same
way
that
dye
would
work,
meaning
that
this
is
a
collateralized
depth
position
which
has
certain
collateral
ratios
requirements.
Certain
liquidation
ratios-
and
this
is
the
way
that
we
intend
to
maintain
the
peg
of
this
coin.
Essentially,
what
we
intend
to
do
for
this
is,
after
the
issuing
of
the
rain
or
stable
coins.
Some
of
it
would
go
to
a
trick
or
fool
where
we
want
to
secure
the
liquidity.
C
For
this
token
and
the
other,
we
want
to
use
as
collateral
for
maker
in
order
to
issue
thai
meaning
again
to
have
a
collateralized
loans,
not
based
on
the
cre
tokens,
but
rather
based
on
the
reign
of
stable
coin,
so
natalie,
if
we
can
move
to
the
next
slide,
please
right
so
here
is
what
I
was
explaining
up
to
now
and
for
now.
I
think
that,
let's
focus
on
the
right
hand
side
of
the
of
of
the
slide.
C
C
On
the
left
hand,
side
is
just
an
abstraction
of
the
same
process
where
we
are
pretty
much
saying
there
will
be
users
who
are
maybe
not
that
blockchain
savvy.
So
we
want
to
make
an
obstruction
of
the
whole
process
for
them
where
they
are
able
to
just
say:
look,
we
have
these
theory
tokens.
We
want
to
deposit
them
as
collateral
and
the
whole
process,
which
is
described
in
detail
to
the
right.
C
On
the
other
hand,
reynold
will
have
to
deal
itself
with
the
liquidation
of
cre
tokens
themselves
and
how
this
will
happen
in
order
to
maintain
the
pack
of
the
rain
stable
coin
itself,
and
obviously,
as
as
mentioned
on
the
slide,
we
would
also
be
providing
incentives
on
both
ends.
In
form
of
renal
governance
tokens,
so
this
is
pretty
much
it
regarding
how
we
envision
our
setup.
Obviously,
this
is
open
for
discussion,
but
this
is
the
direction
which
we
are
going
to
right
now.
C
A
At
lisa,
maybe
we
can
like
do
just
a
pause
for
to
see
if
there's
any
any
questions.
Luckily,
I'm
joined
by
people
that
are
much
smarter
than
me,
but
for
me
there
are
a
lot
of
things
going
on
at
the
same
time.
So
it's
it's
hard
for
me
to
wrap
my
head
around
all
the
all
the
concepts
like.
Why
is
there
another
stable
coin?
For
example,
why
is
that
needed.
C
Because
we
want
to
provide
an
abstraction
where
maker
would
not
have
to
deal
with
lots
and
lots
of
different
individual
theory
tokens,
but
they
would
have
to
deal
with
one
single
token,
which
will
and
the
price
discovery
and
the
liquidity,
for
this
token
should
be
pretty
straightforward,
because
we
will
have
a
trigger
pull
and
so
the
price
discovery
would
not
be
centralized,
meaning
we
will
not
be
providing
the
value
of
the
token
ourselves,
but
rather
this
can
be
obtained
in
a
decentralized
fashion.
This
is
the
main
reason.
A
A
C
The
middle,
so
let's,
let's
go
on
the
right
hand,
side
again.
So,
let's
start
from
the
process
from
the
beginning.
Somebody
has
a
real
estate
building
and
they
want
to
tokenize
it.
They
come
to
reynold
and
they
tokenize
this
building.
They
can
obviously
sell
part
of
the
tokens
on
our
marketplace
or
they
can
keep
the
tokens
themselves
in
either
scenario
somebody
holds
tokens
which
represents
shares
within
a
commercial
real
estate.
Building,
probably
they
might
be
looking
for
liquidity.
C
They
might
be
looking
for
a
loan,
so
they
want
to
to
have
some
liquidity
based
on
those
tokens,
so
we
are
offering
them
to
take
a
loan
against
the
tokens
collateral
now.
Obviously,
one
approach
is
that
we
would
come
to
maker
with
those
tokens
and
we
will
say:
okay,
those
are
the
tokens
which
you
can
use
as
collateral
in
order
to
issue
die.
However,
this
means
that
we'll
have
to
do
a
separate
process
for
each
individual
tokenized
building,
because
each
individual
tokenized
building
has
its
own
theory
tokens,
meaning
those
are
no
just
one
yeah.
C
This
is
not
just
one
token.
Those
are
different
kind
of
tokens
and
in
order
to
provide
a
good
enough
abstraction
of
this,
we
we
have
the
process
where
we
issued
the
reign
of
stablecoin.
So
the
reign
of
stablecoin
is
all
different
kinds
of
theory
tokens
deposited
in
cdp's
and
we
issued
the
reign
of
stablecoin,
then
with
the
reign
of
stablecoin.
D
I
was
just
going
to
say
what
was
the
choice:
what
was
the
thing
behind
making
reno
like
a
stable
coin,
rather
than
just
like
an
unstable
pool
of
those
assets
right
like
because
you
essentially
have
you've
got
two
sets
of
loans
happening
here
right
you've
got
the
the
locking
of
cre
in
rayno's,
say
like
protocol
to
get
rainer
tokens
and
then
you're
doing
that
again
in
the
maker
protocol.
So
it
feels
like
that's,
maybe
going
to
be
less
capital
efficient.
I
guess,
depending
on
the
liquidation
ratios
of,
like
both
particles.
C
We
were
talking
about
building
an
index,
meaning
karen
index,
which
represents
all
the
different
coins
which
are
deposited
there,
but
at
the
end
of
the
day
we
decided
it
would
be
a
lot
more
efficient
for
us.
If
we
represent
this
as
a
stable
coin,
we
put
it
in
a
trick-or-fool,
because
then
the
price
discovery
would
be
pretty
easy
and
we
would
have
to.
C
E
Okay,
do
you
don't
mind?
Can
I
also
back
up
and
that's
just
a
general
question
when
you
asked
about
the
real
estate
being
tokenized,
so
where
does
that
get
recorded
in
some
state
registry
or
is
it
in
its
own
entity
and
then
you're
tokenizing,
the
equity
of
that
entity,
or
how
is
the
title
traversed.
F
G
C
A
G
C
Yes,
we
expect
that
there
would
be
an
interest
on
the
maker
vote
and,
as
with
all
other
coins
which
are
used
as
collateral
in
maker,
we
expect
that
there
is
going
to
be
a
liquidation
ratio
and
a
collateralization
ratio.
I
cannot
tell
you
what
those
ratios
will
be
right
now
out
of
the
top
of
my
head.
Obviously,
we'll
have
to
discuss
them
with
maker.
In
case
the
token
is
decided
to
be
on
board.
So
this
is
all
for
discussion,
but
we
are
assuming
that
both
of
these
will
be
present.
D
C
C
C
D
I
think
I
get
that
so
I
kind
of
appreciate
the
point
about
p
tokens,
but
I
mean
die,
presumably
isn't
what
your
customers
want
to
either
write
if
they
want
to
tokenize
a
building,
they
may
want
the
loan
in
like
dollars
right,
rather
than
are
you
expecting
them
to
yes,
so
you're
already
needing
to
do
a
conversion
from
like
diet
to
dollars
so
like?
How
is
that
any
different
from
doing
the
the
lp
toke,
like
the
three-pole
lp
token,
to
dollars.
E
C
We
are
going
to
have
different
kinds
of
reno,
so
we
are
going
to
have
multiple
reno
stable
coins
issued,
meaning
it
is
one
kind,
but
a
lot
of
them
issued
at
the
end
of
the
day.
All
of
them
can
be
deposited
in
a
tree
curve
pool,
but
if
nobody
provides
the
counter
liquidity
for
those
tokens,
meaning
if
nobody
provides
the
the
curve
lp
tokens,
this
means
that
there
will
be
a
limited
amount
of
tokens
which
are
able
to
be
withdrawn
from
this
pool.
G
G
C
Correct,
however,
there
is
a
difference
between
the
poor
needing
to
facilitate
only
the
liquidations
when
they
happen
and
the
pool
needing
to
facilitate
the
entire
liquidity.
So
this
is
this
is
our
point
here
that,
at
the
end
of
the
day,
we
do
not
expect
that
all
of
reynold
positions
will
be
liquidated
at
once.
Should
this
occur,
meaning,
let's
imagine
that
the
clarity
is
a
the
liquidation
ratio
is
set
at
90
percent,
for
example.
C
This
means
that
at
any
given
point
in
time
when
there
is
a
rhino
token
fluctuation
and
we
are
opening
new
cdp
positions
with
die,
this
would
mean
that
they
would
be
opened
at
a
different
price
point
for
the
reynold
token,
if
the
rhino
token
fluctuates,
which
means
at
the
end
of
the
day.
If
we
do
have
liquidations,
they
would
not
occur
all
simultaneously,
and
this
is
the
point
that
there
can
be
a
risk
management
depending
on
the
current
open.
E
F
F
That's
what
the
tokenization
setup
that
we
we
are
executing
is
as
well
as
on
top
of
this,
we
do
have
a
so-called
fractional
mortgage,
which
here
in
the
united
states,
is
structured.
This
is
called
ucc
lien
on
the
title
of
the
property,
which
protects
the
property
from
being
sold
being
used
as
collateral
for
another
mortgage,
or
something
like
this.
Potentially
that
can
provide
additional
risk
for
for
us,
yeah
and
and
basically
as
a
shareholder
you're,
having
proportional
rights
on
the
dividends
and
and
and
everything
in
the
decision
making.
F
E
F
Yeah
so,
first
to
start
there,
so
first
we
we're
working
on
this
process
for
more
than
two
years
to
basically
be
able
to
identify
the
price
of
of
a
token
based
on
the
underlying
asset
and
to
be
able
to
adjust
this
price
over
time.
Because
that's
the
problem,
I
mean
you
can
identify
price
the
current
price
of
an
asset
when
you're
tokenizing
it,
but
then
it's
also
very
important
to
adjust
that
price
over
time.
F
So
in
order
to
do
that,
of
course,
the
first
thing
that
we
are
doing
in
the
major
one
is
a
third-party
assessment
from
an
independent
assessor
and
basically
that's
that's
a
pretty
normal
procedure
that
the
banks
are
executing.
However,
over
time
we
are
collecting
also
a
lot
of
data
regarding
the
cash
flow
of
the
building.
You
know
what
are
the
tenants?
F
What
are
the
least
terms-
and
we
are
using
this
cash
flow
to
basically
additionally
evaluate
the
price,
usually
in
the
commercial
real
estate
space,
the
the
asset,
the
valuation
is
based
mostly
on
the
on
the
cash
flow
or
cap
rates.
So
that's
why
the
cash
flow
is
very,
very
important
for
a
matter.
So
when
we
are
basically
collecting
information
regarding
the
cash
flow
and
dividends
are
distributed
through
leno's
platform,
we
are
having
a
lot
of
information
about
that
in
real
time.
F
You
know
some
some
information
regarding
you
know,
pricing
and
stuff
like
this,
which
are
again
independent
and
you
can
real
time
take
and
adjust
the
price
based
on
that
so
another
another
way
to
basically
update
this
information
is
more
manual
way
in
the
end
of
the
of
the
year.
You
can
collect
some
more
information
regarding
the
property.
You
know
new
list
terms,
some
changes,
for
example,
if
there
are
significant
changes,
should
be
announced
from
the
the
property
owners
like,
for
example,
I
mean
that's,
that's
a
pretty
classic.
F
You
know
banking
procedure
as
well.
So
if
there
is
a
let's
say,
a
problem
with
a
tenant,
a
major
tenant
and
the
building
has
you
know
cash
flow
issue,
something
like
this.
They
need
to
basically
tells
us,
so
we
can
add
the
new
the
new
data
into
our
database,
and
this
data
is
gonna
use,
algorithms
to
recalculate
the
value
of
this
acid.
F
So
that's
how
we
can
basically
adjust
our
risk
parameters.
Another
another
very
important
piece
that
we
are
building
is
the
so-called
internal
grading
system,
which
is
which
is
not
based.
I
mean
it's,
not
the
grading
system
like
this
office
student
is
a
class
means
that
this
is
more
mostly
it's
efficiency
from
a
energy
standpoint.
We
are
basically
what
we
are
doing
is
more.
F
You
know
we
are
rating
them
for
investment
standpoint
and,
for
example,
buildings
which
are
graded,
with
with
a
class
means
that
they're
pretty
safe
investments
according
to
to
our
our
grading
characteristics,
and
we
can
provide
lower
interest
rates
higher
ltv
stuff.
Like
this
and
a
good
example
of
you
know,
this
grading
is,
for
example,
now
with
kobi
we,
we
saw
an
asset
class
that
was
pretty
pretty
good
pre-order
with
the
office
buildings.
F
For
example
san
francisco
right
now
it's
suffering
so
we
can't
evaluate-
or
I
mean
we
can
add,
additional
risk
factors
for
this
particular
area
or
downtown
areas
in
particular
right
now,
but
that
that's
gonna
change
at
some
point.
Probably
people
gonna
go
back
in
big
cities
and
downtown,
so
those
trading
criterias
are
taking
in
consideration
asset
class
and
geolocation.
E
F
E
F
So,
basically,
the
the
shareholders
are
appointing
an
asset
manager
who
is
managing
the
the
property
for
for
them.
I
mean
they're,
basically,
they're
not
active
participant,
they're
passive
investors,
but
they're
they're
they're
the
owners,
while
if
there
is
an
issue
and
something
needs
to
be
paid,
it
should
be
paid
by
the
llc
and
the
cash
flow
of
building,
so
the
the
property
manager
or
the
asset
manager
actually
need
to
to
deal
with
issues
like
this.
E
E
F
Yeah
I
mean
we
can.
We
can
get
back
to
crystal
here
to
explain
that.
Basically,
but
I
mean
maker
doesn't
need
to
liquidate
commercial,
real
estate
tokens
and
that's
not
the
point
we
want
to
avoid
this
part
and
create
basically
another
layer
which
which
is
solving
this
particular
problem
by
issuing
a
stable
point.
So
basically,
commercial,
real
estate
tokens
are
staked
into
venus,
stable
point,
then
winstable
coin
is
issued
and
then
being
a
stable
point.
F
I
mean
we
are
creating
liquidity
in
in
curve
for
it,
which
then
is
going
to
be
used
for
liquidation.
So
if,
in
terms
of
liquidation,
let's
say
a
building
is
not
performing.
Basically,
this
liquidation
should
happen
on
renault.
So
we
need
to
execute
that
maker
is
not
gonna,
be
responsible
for
something
like.
D
This
so
you
mentioned,
like
the
people,
are
providing
liquidity
on
curve.
A
couple
of
times
like
who
do
you
predict
is
going
to
be
doing
that
because
they're
going
to
need
to
provide
raino,
stable
coins
and
and
throughput
lps,
which
is
fine,
but
I
guess
the
kind
of
the
general
plan
is
for
like
people
to
to
lock
up
series,
get
renault
lock
their
inner
and
make
your
own
get
die
right.
So
where
does
the
the
renault
come
from
that's
going
to
go
in
the
liquidity
pools.
C
So
initially
we
are
going
to
provide
some
liquidity
to
the
tree
curve
pool
and
subsequently
we
are
going
to
provide
incentives
for
people
who
want
to
also
provide
liquidity
to
the
trigger
pool
in
form
of
the
renal
governance
tokens.
And
we
are
also
thinking
about
what
other
incentives
we
can
provide
for
that.
E
F
E
F
Yeah
yeah
definitely
yeah
we're
we're
putting
uc,
but
because
that's
something
that
we
are
executing
now,
I'm
not
you
know,
I'm
not
the
lawyer
in
our
organization,
even
I'm,
working
with
a
lot
of
documents,
but
so
far
we
we
have
never
put
uc
so
far,
because
we
are
now
executing
our
first
loans.
We
are
working
on
on
our
first
loans
now,
so
that's
why
you
know
I
I
I'm
not
familiar
with
difference
and
with
the
blank
meaning,
but
yeah
I
mean
it's.
Basically.
C
F
F
E
E
Somewhat,
I
mean
the
real,
I
guess
the
question
I'm
getting
at
is
that
you
know
mortgage-backed
securities,
which
you're
just
fractionalizing
it's
smaller
than
a
mortgage-backed
security,
but
you
can
also
buy
a
portion
of
a
mortgage-backed
security.
You
know
they
don't
use
llc's
and
selling
off
securities.
They
put
them
in
different
structures
that
are
bankruptcy
remote.
I
was
curious
how
you'd,
if
you
thought
about
how
to
approach
that?
That's
all
you
don't
have
to
go
into
it.
Now.
It's
fine
yeah.
F
C
D
Right,
but
so
the
value
of
stable
point
is
to
stay
close
to
the
one
dollar
pack
right.
People
complaining
when
dies
at
like
one
dollar,
one
cent
so
yeah,
I
guess
have
you
got
any
like
sort
of
thoughts
anyway
about
like
that,
because
you
kind
of
bounce
demand
and
supply
of
the
actual
stable
coin
itself,
rather
than
like,
even
separately
from
like
the
the
loan.
C
Sorry,
but
can
you
just
reiterate
the
question?
I
understand
that
we
need
to
balance
supply
and
demand
in
order
to
have
a
arena
stable
coin,
so
for
the
most
part,
if,
let's
put
it
like
this
for
the
most
part,
if
the
token
goes
above
a
dollar
in
our
particular
case,
this
is
not
a
big
issue
by
any
stretch
of
the
imagination.
So
obviously
we
want
to
be
close
to
a
dollar,
but
it
going
above
the
door
is
not
a
problem.
Our
major
problem
is
if
it
goes
below
a
dollar,
since
it's
used
as
collateral.
D
C
So,
okay,
so
if
it
is
going
below
well,
my
the
the
basic
idea
is
that
the
way
that
we
say
the
set
the
liquidation
ratio
on
the
reign
of
stable
coins-
probably
this
will
have
to
be.
Let's
say
it
would
those
would
need
to
have
to
trigger
first
before
the
die
liquidation
ratios
trigger.
So
we
will
have
to
set
the
die
wants
in
such
a
way
that
we
ensure
that
if
there
is
some
price
issues
with
the
token
we
first
liquidate
on
our
end-
and
this
way
we
can
restore
the
peg
before
that.
D
Right,
okay,
I
mean
the
the
reason
I'm
asking
is
because
maker
has
that
mechanism
as
well
right,
like
like
the
first
lcd
had
that
mechanism,
you
have
you
you
lock
ether,
you
die,
etc.
When
die
is
above
a
dollar,
it
makes
sense
to
pay
back
volts
and
it's
like
it's
all
right,
no
one
dies
without
a
dollar,
it
makes
sense
by
volts
and
vice
versa
windows
above
a
dollar
right
like
that,
isn't
enough
to
stabilize
stable
point.
That's
what
we've
discovered
right.
C
Yeah,
I
I
fully
understand
what
you're
saying.
However,
as
I
mentioned,
we
do
not
need
the
rain
stable
coin
to
be
fully
stable.
To
be
perfectly
honest,
we
expect
that
there
are
majority
of
the
operations
which
are
going
to
happen
with
the
co.
So
first,
obviously
we
need
to
delve
into
the
economics
of
this,
but
majority
of
the
reason
why
dai
has
more
a
lot
of
fluctuations
is
mainly
because
die
is
widely
used.
So
there
are
a
lot
of
things
which
can
push
it
into
one
direction
or
the
other.
C
While
the
rain
stable
coin
majority,
it
will
be
just
listed,
as
we
mentioned,
on
a
tree
curve
pool,
and
we
expect
that
a
lot
of
our
customers
which
want
to
take
out
loans,
will
just
come
to
us
and
say
we
want
to
loan
in
u.s
dollars
as
you,
as
you
mentioned,
so
we'll
have
to
facilitate
the
entire
process
for
them.
So,
at
the
end
of
the
day,
we
do
not
expect
that
we
will
have
this
portion
of
the
volatility
which
comes
from
the
high
usage
of
the
coin.
The
same
way
that
happens,
we
die.
A
So
potentially
the
opposite
is
true:
the
the
smaller
the
market
cap,
it's
the
easier
it
is
for
for
one
single
player
to
just
move
the
the
price.
By
a
lot
like.
I
can
imagine
that
the
euro
dollar
is
much
harder
or
it
requires
much
more
capital
to
to
sway
than
I
don't
know,
die
or
or
any
other
or
any
small,
stable
coin
or
well.
No,
it
doesn't
even
have
to
be
stable,
any
any
type
of
value
store.
C
In
a
situation
when
we're
talking
about
an
adversarial
attack,
meaning
that
somebody
wants
to
move
this
price
on
purpose,
then
I
agree
with
you.
Definitely
a
smaller
cap
token
would
be
a
lot
easier
to
move.
So
I
was
talking
about
the
situation
with
general
usage,
but
when
we
are
talking
about
somebody
wants
to
move
the
price
sure
they
can
do
that.
We
just
need
to
investigate
what
kind
of
incentives
are
there
for
them
to
do
that
at
the
end
of
the
day,
meaning
that
they
cannot
really
the
best
thing
which
can
happen.
C
If
we
are
looking
at
an
attack
vector
for
this,
they
might
be
looking
to
have
some
theory
tokens
liquidated,
but
that's
about
it,
meaning
out
of
the
top
of
my
head.
I
cannot
see
a
major
reason
for
anyone
doing
that.
That's
not
saying
that
it
cannot
happen
just
that.
I
don't
see
the
reason
behind
that.
C
You're
completely
correct
there,
so
when
we
are
talking
about
issuing
die
in
exchange
for
rainless
collateral,
obviously
we
will
have
to
take
into
account
the
current
liquidity
of
rain
on
the
tree
curve
pool
so
pretty
much.
I
guess
we
should
be
able
to
understand
what
is
the
risk
exposure
at
any
different
price
point
for
reno,
and
this
way
we
can
determine
a
maximum
amount
of
dye
which
can
be
issued
depending
on
various
collateral
levels,
on
very
sorry
on
various
liquidity
levels,
which
are
there
on
the
trigger
pull.
C
D
So
so
I
want
to
go
about
something
you
mentioned
earlier,
which
was
that
if
the
renault
token
increases
in
price,
that's
not
so
much
of
a
problem,
so
the
way
the
way
other
assets
work
on,
make
it
right
like
if
the
price
of
the
collateral
token
goes
up.
That
means
there
is
more
there's
more
room
for
users
to
mint
die.
From
that
token
right,
yeah.
E
D
So
if
there
ain't,
if
the
price
of
the
radio
silver
point
goes
up
to
say,
like
I
don't
know,
1.1
like
that's
quite
an
extreme
example,
but
that
means
everyone
can
mint,
like.
Maybe
eight
percent
more
die
right
and
and
that's
fine
until
it
goes
down
again
back
to
one
at
which
point
they
were
going
to
get
liquidated
if
they
don't
deal
with
the
deal
with
the
situation
right
so.
D
C
This
will,
of
course,
be
a
subject
of
further
detailed
discussions
on
how
we
want
to
handle
this,
but
one
simple
solution
would
be
to,
in
the
case
of
the
rain
or
stablecoin
as
collateral,
to
assume
a
hard
cap
of
the
token
at
one
dollar,
meaning
to
not
allow
any
meeting
of
new
die
before
above
one
dollar.
And
this
way
we
would
easily
solve
this
issue.
D
F
Yeah
and
basically
we
we
can
also
always
use
the
this
liquidity
directly,
execute
loans
through
the
liquidity
pool
and
and
that
that's
how
we
can
reduce
the
price.
I
mean
if
we
do
have
a
lot
of
demand
from
real
estate
donors
to
to
use
our
services
we
can.
We
can
use
that
directly
and
that
that's
how
we
can
with
this
price
increase.
I.
D
F
F
I
know
we're
not
having
such
intention
that
that's
why
I
mean
I
don't
know
if
you're
familiar,
we
really
proposed
a
joint
venture
even
maker
to
work
on
this,
because
it's
very
important
for
the
entire
community,
not
not
only
for
for
reno
but
bringing
real
world
assets,
it's
something
that
is
very
important
for
the
industry
overall.
So
we
we're
here
to
work
together.
E
F
A
C
I
can
make
just
one
final
comment
regarding
the
question,
which
was
the
one
before
that
regarding
reno
becoming
a
totally
separate,
stable
coin.
At
the
end
of
the
day,
we
are
tokenization
company
and
we
want
to
tokenize
real
estate
and
issue
loans.
We
understand
that
maker
is
a
lot
more
integrated
into
the
deaf
space,
and
this
is
why
we
are
looking
to
leverage
this
relationship
with
you.
So
we
are
not
looking
to
really
integrating
really
developing
this
direction.
A
Okay,
so
I
guess
we'll
wrap
it
up.
Thank
you,
natalie,
victor
and
christoph
for
coming
and
presenting
it
was
really
nice
having
you
and
for
those
that
are
regulars
in
this
type
of
course.
Next
week
we'll
have
the
know,
your
beam
number
five,
so
we'll
skip
a
week
on
the
collateral
types
and
we'll
yeah
we'll
have
lev
explaining.
I
think
it's
me
43..
I
can't
remember
very
well,
but
we'll
see
you
all
at
yeah
wednesday,
at
6
00
pm
utc
thanks
again.