►
From YouTube: Community Collateral Onboarding Call: September 23, 2020
Description
Introduction: @juanjuan
Presentation 1 (0:00:58): Aave
Presentation 2 (0:21:18): Gemini
Agenda and Discussion:
https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-9-wednesday-september-23-17-00-utc/4227/2
Governance Forum:
https://forum.makerdao.com/
Disclaimer: The videos in this playlist are produced by MakerDAO community members. Content produced by the community may not be representative of the views held by the Maker Foundation.
A
The
recording
button
so
welcome
everyone.
My
name
is
juan
I'm
here
today
with
some
21
participants
from
the
maker
community,
some
interested
or
another
in
in
this
topic,
I'm
sure
more
people
will
be
coming
in
soon
so
yeah.
The
idea
of
this
this
course
to
have
different
projects
present
have
a
discussion
around
it.
So
usually
it's
around
10
minutes
for
a
presentation
and
then
20
minutes
where
we
do
q,
a
kind
of
free
for
all
where
anyone
can
can
ask
questions
and
and
people
from
the
project
discuss.
A
B
A
B
We
started
our
way
back
ago.
We
were
under
the
name
of
eat
land,
which
was
short
for
ethereum
lending,
so
ethereum
landing
started
in
roughly
2016
late.
We
released
on
2017
january
our
first
coven
release
and
may
2017
our
main
release
of
a
lending
protocol,
which
was
back
then
the
first
on-chain
landing
protocol
kind
of
those
times
where
there
there
wasn't
much
of
an
ecosystem
around
and
and
the
model
was
more
towards
peer-to-peer
fashion
over
collateralized
lending.
B
The
space
has
evolved
since
then,
so
systemic
risk
and
and
risk
modeling
has
taken
more
place
and
and
usually
when
we
create
new
markets
or
list
new
assets
into
ave.
We
we
have
a
internal
risk
policy
and
we
have
a
actuary
who's,
leading
our
risk
assessment
and
based
on
that,
we
currently
list
different
kinds
of
assets,
depending
on
on
the
systemic
and
counterparty
risk
that
is
involved
in
in
the
current
state.
B
Whatever
is
needed
to
compensate
the
the
protocol
to
get
it
out
of
the
deficit
state.
And
there
is
also
a
a
built-in
backstop
module
consisting
of
staking
of
stable
coins
to
to
bid
on
those
slashed
or
minted
minted
tokens.
So
in
in
essence,
the
the
idea
of
the
token
economics
is
to
provide
safety.
We
have
also
liquidity.
B
C
I
would
also
add
on
the
liquidity
side,
which
is
really
important
when
you
consider
an
asset
as
collateral
for
a
cdp
or
vault.
We
are
ongoing
in
partnership
with
balanced
labs
and
part
of
the
safety.
Module
will
actually
be
used
to
provide
liquidity
on
the
decentralized
finance
automatic
market
maker
balance.
So
we
can
expect,
after
the
migration
from
the
men
to
the
rv
assets,
to
have
very
deep
liquidity
and
decentralized
liquidity
on
the
asset
which
will
help
a
lot.
The
work
of
the
potential
keeper,
if
that's
needed,.
B
The
interesting
part
about
the
token
history
and
the
all
the
asset
history
is
that
it
has
been
on
the
market
for
almost
three
years
now
and
in
in
total
and
and
as
a
kind
of
like
a
holder
and
community
that
we
have
is
is
very
diverse,
so
it
doesn't
consist
simply
by
dfi
super
users.
The
the
other
product
itself
is
is
very
much
used
by
by
super
users
that
are
using
multiple
protocols.
B
We
have
common
users
with
with
maker
with
unislop,
but
we
also
have
a
very
large
base
of
community
members
that
are
not
actively
using
defy
but
are
supporting
the
movement
and
in
our
position
we
think
it's
great,
because
you
don't
need
to
be
involved
in
in
financial
services
on
your
daily
daily
basis
or
or
even
weekly
basis.
If
you
don't
have
that
urge
and
yeah
as
next
plans
after
the
the
the
migration
itself
process
is
quite
technically
simple.
B
We
deployed
today
the
kovan
version
tested
of
the
the
the
other
token,
and
also
we
deployed
the
safety
module
staking
as
well
today.
Actually
30
minutes
before
the
the
this,
this
collateral
call
and
what's
cool
about
that.
Is
that
our
next
step
is
the
the
vote
on
the
migration
which
might
happen
in
activa,
which
might
actually
get
activated
quite
soon
in
in
few
days
and
once
that
voting
period
finishes?
B
We
have
currently
five
auditor
companies
high
profile,
auditors
that
are
working
on
the
version
two
of
the
protocol,
and
we
also
have
a
formal
verification
done
where
we
have
set
quite
big
budget
as
well.
So
the
securities
is
quite
important
in
in
projects
such
as
ave
and
and
mega
dao,
and
as
they
are
the
base
layer
of
the
whole
e5,
and
I
think
that
is
something
where,
where
we
are
focusing
quite
a.
A
A
A
B
B
A
measure
that
we
want
to
do
is
there's
two
interesting
technical
features
is
one
is
that
our
current
model
doesn't
have
the
mending
facility
and
and
the
ability
to
mint
is
important
when
we
want
to
recover
the
protocol
itself
in
a
similar
way,
as,
for
example,
maker
does-
and
this
is
very
important
for
us-
and
second-
is
that
we
implemented
the
the
gaslist
permit
function.
So
that
allows
the
the
approvals
of
transactions
without
gas
costs,
and
that's
that's
super
awesome
and
and
yeah.
Those
are
the
two
important
things.
D
B
B
B
I
I
think
we're
looking
into
three
different
options
that
we
are
going
to
most
likely
deploy
infrastructure,
we're
still
thinking
which
one
of
these
options
we're
going
to
do
first
or
or
finalizing
them
as
well,
and
it
really
depends
on
actually
movers
that
are
doing,
let's
say,
liquidity,
bringing
liquidity
in
the
sense
that
they
have
swaps,
for
example,
really
depends
what
uniswap
is
looking
for
depends.
What
maker
is
looking
for
as
well,
because
when
what?
B
What
is
obvious
actually
about
is
more
of
a
secondary
market
for
tokens
that
have
liquidity,
so
that
means
basic
unit
swap
and
and
then
stable
coins,
which
means
practically
the
the
maker
system
and,
for
example,
the
gemini's
gsd.
It
really
depends
on
them
and
our
goal
is
to
have
infrastructure
that
we
can
deploy
very
quickly.
Whatever
there's
needs
for
for
interest
rates
on
chain.
C
And
I
would
like
to
add
on
that
topic.
Is
that
there's
not
one
layer
to
solution
that
solves
all
the
issue
and
as
a
money
market
protocol,
you
have
to
be
neutral
and
carefully
consider
what
are
the
use
case
and
what
is
the
user
base?
So,
for
example,
some
layer,
2
solution
are
very
much
focused
on
the
exchange
of
tokens,
for
example,
but
don't
do
as
much
smart
contract
execution,
but
it
can
be
a
very
good
use
case,
for
example,
with
the
support
of
a
tokens
which
are
interest
pairing
assets.
C
So
we
know
that
80
of
the
user
base
not
of
the
volume
of
of
the
the
capital
but
of
the
user
base
of
d5
are
people
that
just
ask
some
stable
coin.
They
are
looking
for
passive
income
in
order
to
mitigate
the
effect
of
inflation,
for
example,
where
they
are
and
for
them
this
kind
of
layer
to
solution
directly
focus
on
exchanging
assets
can
be
very
interesting
and
maybe
other
power
users
will
be
more
interested
into
smart,
contracted
execution
farming
composability
between
different
protocols,
and
maybe
they
they
will
need
another
solution.
C
E
B
B
Everyone
was
favoring
for
the
who
participated
into
four,
and
now
the
the
vote
starts
most
likely
in
a
few
days
and
you're
going
for
a
few
days
and
once
the
vote
ends.
What
happens
is
that
if,
if
the
vote
is
successful,
the
the
payload
will
will
will
be
executed,
so
it
there
will
be
like
a
separate
window
of
deployment.
It
will
be,
it
will
be
deployed
with
the
payload.
B
C
F
G
E
Ave
or
lend
I'm
just
kind
of
curious,
so,
like
one
thing,
I've
always
envisioned
is
the
a
tokens
and
how
that
could
be
collateral,
but
because
they
kind
of
change
on
their
own
in
terms
of
the
amount
do
you
guys
have
any?
I
know
this
is
kind
of
thinking
in
the
future,
but
do
you
guys
have
any
way
of,
or
does
anybody
on
the
call
know
of
like
what
a
tokens
could
they
eventually
be
a
collateral
type.
B
D
C
Cool
and
I
think
as
a
product
for
example,
I
I
think
adai
as
a
collateral
might
be
a
bit
too
circular
for
my
test
of
risk,
but,
for
example,
a
usdc
ui
or
even
better
ag.
Usd,
for
example,
can
be
a
very
interesting
product
because
you
have
a
collateral
that
grows
in
value
over
time
and,
if
are
they
supply
rate
can
build
on
average
the
stability
fee
on
the
assets.
It
can
be
like
a
very
interesting
product.
A
A
A
H
Great
well
thanks
for
having
us
it's
a
real
honor
to
be
presenting
to
this
project
that
has
such
a
noble
cause
so
really
excited
to
to
be
here.
I
want
to
start
by
saying
how
how
much
gemini
strongly
believes
in
the
promise
and
ethos
a
defy.
I
personally
was
very
moved
by
mariano
conti's
story
of
surviving
inflation
by
living.
The
bankless
life
earning
die,
investing
ether
so
that
that
sort
of
story
and
anecdote
tells
me
all.
H
I
need
to
know
about
how
how
important
this
movement
is
and
how
how
we
want
gemini
to
to
be
involved
in
it.
So
I
think
that
the
way
gemini,
ultimately
as
a
company
can
be
involved,
is
being
the
trusted
portal
or
bridge
into
this
new
world
of
defy,
obviously
we're
here
today
to
talk
about
the
gemini
dollar,
but
we've
in
support
for
it
in
the
maker
protocol,
but
we've
already
actually
started
sort
of
integrating
holistically
with
d5.
We
we
currently
list
the
die
token
for
trading
and
custody
on
gemini.
H
We
have
some
other
project
tokens
such
as
link,
orchid
and
others
listing
and
with
respect
to
the
maker
token.
While
I
can't
talk
about
our
future
plans,
I
can
confide
in
you
that
we
are.
We
are
very
fond
of
that
token
as
well,
so
we
don't
just
see
the
gemini
relationship
with
with
maker
and
other
d5
projects
as
just
hey
support
the
gemini
dollar,
but
really
a
two-way
street.
H
That
sort
of
creates
a
interesting
loop
for
customers
who
want
to
leave
the
existing
world
of
legacy
finance,
which
is
kind
of
bleak
right
now
and
safely
travel
into
this
new
bankless
world
on
the
ethereum
ecosystem.
So
so
that's
that's
sort
of
important
to
sort
of
lay
out
our
ethos.
So
why
don't
we
talk,
go
straight
to
or
go
into
sort
of
the
slides
of
what
the
gemini
dollar
is.
H
H
We
perform
monthly
audits
on
the
account
balances
and
we
publish
where
the
dollars
that
correspond
to
the
gemini
dollars
actually
reside
in
what
bank,
which
we
think
is
important
for
people
to
understand
the
concentration
risk
in
the
banks
where
they
are
and,
and
notably
those
banks
are
state
street
and
goldman
sachs
and
marshall.
If
you
could
bring
up
just
if
for
people
who
want
to
do
a
deeper
dive
on
the
information,
you
can
go
to
gemiini.com.
H
If
you,
if
you
scroll
down
to
page
three,
you
can
see
on
footnote
two
that
well,
you
can
see
on
page
three
that
you
know
the
dollars
on
the
blockchain
correspond
to
the
dollars.
In
the
account
footnote
number
two
we
published
that
those
dollars
are
held
at
state
street
and
goldman
sachs.
That
was
actually
going
through.
The
due
diligence
process
of
of
those
banks
was
actually
the
hardest
part
about
this.
It
took
almost
at
least
a
year,
maybe
closer
to
two
years
so
moving
a
lot.
Bpm
is
the
auditor.
H
They
do
a
lot
of
accounting
for
publicly
traded
companies,
so
they're
a
formidable
accountant
and
then,
lastly,
in
terms
of
the
audit
trail
trail
of
bits,
did,
did
a
security
audit.
So
we've
tried
to
bring
the
best
in
class
players
to
together
from
banking
partners
to
new
york
dfs
as
a
regulator,
trailer
bits
as
a
security
pen,
test
auditor
and
then
bpm
as
an
otter,
to
build
a
constellation
of
trust
around
the
gemini
dollar.
That's
the
value,
we
thought
we
could
add
and
we
think
to
a
certain
segment.
H
That
is
what
they'll
want
to
see,
especially
the
wall
street
institutional
crowd.
They
they
the
it's
a
selling
point
to
understand
that
they're,
interacting
with
a
counterparty,
that's
known
and
regulated
and
potentially
even
regulated
by
this,
their
same
regulator.
So
I
think
our
message
is
that
we
provide
different
value
in
comfort
to
different
customers,
but
some
people
may
want
a
decentralized
algorithmic
stablecoin
like
die.
H
H
We're
also
integrated
with
flexa,
which
is
a
decentralized
payments
network.
You
can
actually
they.
I
believe
they
also
support
and
die,
so
you
can
actually
walk
into
a
bed
bath
and
beyond.
Today,
open
up
the
gemini
app
go
to
the
pay
set,
the
pay
tab
and
you
can
purchase,
make
a
purchase
using
die,
bitcoin
or
gemini
dollars.
So
it's
pretty
exciting.
We
haven't
talked
about
it
a
whole
lot.
Just
given
the
the
pandemic
and
the
lockdowns.
We
didn't
really
want
to
encourage
people
to
necessarily
go
out
and
shop,
but
it's
very
cool.
H
It
works.
You
can
go
to
baskin
robbins
and
buy
ice
cream
and
you
can
actually
already
sort
of
live
on
crypto
and
I
think
it
was
interesting
kind
of
going
back
to
mariono's
talk.
He
talked
about
off-ramping
to
sort
of
pay,
some
bills
and
his
credit
card,
but
I
think
flex
is
actually
going
to
attenuate
his
need
and
other
people's
need
to
actually
off-ramp
out
of
crypto.
So
the
idea
of
spending
or
using
is,
is
starting
to
become
a
reality
and
then
moving
to
to
slide
four.
H
So
if
you
want
to
withdraw
dollars,
you
can
wire
it
back
to
your
bank
or
if
you
want
to
withdraw
dollars
into
the
blockchain,
then
we
wrap
them
create
usd
in
real
time,
and
it
will
send
to
the
address
that
you
have
told
us
to
send
the
gemini
dollars
to
when
you
want
to
off
ramp
out
of
gusd,
you
send
usd
into
the
gemini
platform
as
soon
as
it
hits
us.
We
re
real
time,
destroy
the
gosd
on
the
blockchain.
H
So
currently
it's
really
not
possible
to
hold
the
goc
balance
on
gemini.
We
don't
have
a
trading
book,
we
don't
have
a
btc
gsd
pair,
so
the
float
sort
of
reflects
that
potentially
a
little
bit
is
that
we
don't
our
customers,
you
know
as
soon
as
they
send
it
to
gemini
it's
destroyed.
We
also
do
not
put
balance
sheet
capital
of
the
firm
into
gsd,
so
we
try
and
keep
it
lean.
We
think
that's
just
like
the
most
accurate
way
to
sort
of
reflect
it,
or
at
least
that's
attack
we
take.
H
We
cover
currently
cover
all
gas
fees
for
gsd
creation,
so
it's
absolutely
free
to
create
usd
and
withdraw
to
a
project.
We've
processed
over
369
million
dollars
of
gsu
has
been
created,
of
which
355
million
have
been
redeemed
and
gemini
has
never
blocked
a
redemption
of
gosd.
So
those
are
sort
of
the
high
points.
I
I
This
is
a
video
that
that
marshall
put
together
of
it
just
shows
the
gemini
interface.
So
here
you've
got
our
our
trading
interface.
When
you
go
to
our
withdrawal
page,
that's
where
you
can
create
gemini
dollar,
so
it's
really
just
when
you
withdraw
dollars
out
of
your
gemini
account.
We
do
that
that
creation
and
that
transfer
on
the
fly.
So
you
see
it
says
there-
your
usd
will
be
converted
to
gemini
dollars
sent
on
the
ethereum
blockchain.
I
So
this
is
our
active
trader
sort
of
pro
tail
interface.
We
also
have
a
simpler
interface
that
most
of
our
customers
use
this
sort
of
the
main
gemini
interface,
and
if
you
flip
there,
you
see
what
most
gemini
customers
see
when
they
log
in
a
pretty
simple
portfolio
and
market
experience,
so
you
can
buy
or
sell
any
of
these
tokens
and
then,
if
you
wanted
to
use
gentlemen
idol
or
send
it
anywhere,
it's
just
like
any
crypto
withdrawal,
but
it
comes
out
of
your
dollar
balance.
I
I
What's
in
this,
mount
it'll
have
to
go
through
two-factor,
authentication
and
confirmation
and
then,
when
he
hits
this
button
after
he
puts
in
his
2fa,
the
contract
transaction
is
either
going
to
create
we're
going
to
call
into
the
smart
contract
to
create
the
gemini
dollar
on
the
fly
or
we'll.
Sometimes
we
bring
it
out
of
a
small
pool
of
gemini
dollar.
H
Okay,
thanks
sarah,
so
yeah
last
slide.
I
think
pretty
much
covers
you
know
what
we
do.
You
know.
I
think
that
I
understand
that
that
the
maker
protocol
has
centralized
stable
coins
already
and-
and
we
appreciate
that
that
there
is
there
is
a
point
of
failure,
necessarily
with
one
centralized
stablecoin,
but
if
I
think,
if
you
have
enough
of
them,
it
actually
creates
a
some
form
of
decentralization
there.
So
I
think
that,
ultimately
we
can.
E
Yeah
hi,
my
name
is
akash.
You
know
I
wanted
to
welcome
you
guys.
So
first
question
is
related
to
the
gemini
exchange
like
if
we
were
a
market
maker
and
we
had
to
buy
gusd
and
redeem
it
for
dollars
just
to
like
speed
up
the
process.
Like
are
you
guys
on
the
silvergate
network
or
other
networks
where
we
can
do
fast
wire
transfers.
H
Yeah,
the
short
answer
is
yes,
we
do
have
silvergate,
we
sort
of
consider
it
sort
of
like
a
hot
fiat
wallet
to
do
sort
of
wires
in.
We
are
on
the
send
network,
so
that
should
give
you
24
7
coverage,
and
then
we
sort
of
consider
state
street
in
goldman
sachs
as
sort
of
our
cold
fiat
wallets,
where
that
cache
is
ultimately
swept
too.
E
I
I
Theoretically,
it
would
be
possible
for
us
to
upgrade
the
contracts
to
a
new
version
that
add
those
kinds
of
functionality.
We
have
no
intention
or
plans
to
do
so
if,
as
us
as
a
centralized
and
as
a
regulated
entity,
if
we
were
forced
by
you,
know,
regulations
or
by
legal
proceedings
in
order
to
do
so
that
might
be
possible
in
the
future.
It
would
be
patently
obvious
that
that
would
be
happening,
though,
as
it
would
require
swapping
out
the
the
back
end
contract
implementation.
E
A
I
Yeah,
I
because
we
use
a
proxy
contract,
so
the
the
erc
20
spec
is
all
implemented
by
a
proxy
contract
as
far
as
all
the
token
balances.
So
even
if
we
were
to
do
any
sort
of
upgrades,
what
for
any
reason
it
shouldn't
affect
operation
of
gemini
dollar,
for
anybody,
you
wouldn't
have
to
say,
move
tokens
over
to
a
new
contract.
You
wouldn't
have
to
reprogram
how
you're
using
it.
I
I
believe
there
is
so
we've
we
have
a
couple
things
going
on
for
the
for
the
upgrade
function
the
upgrade
signers
are
is
in
our
is
really
in
our
gemini
custody
system.
So,
in
order
to
execute
an
upgrade,
it
goes
through
all
the
same
controls,
actually
some
of
the
more
intense
controls
that
we
have
just
to
access.
I
D
If
you
guys
thought
about
improving
liquidity
on
other
d5
protocols,
I
think
I
saw
you
guys
getting
involved
in
other
protocol
governance
as
well.
I
think
that'd
be
really
interesting
for
us
in
particular
curve,
for
example,
because
curve
stable
coin
liquidity
is
pretty
much
the
biggest
backstop
for
stable
coins
that
are
in
maker.
So
I
think
that
would
kind
of
go
a
long
way
towards
gusd's
involvement
with
maker.
So
just
curious,
if
you
guys
have
any
plans
for
that.
H
J
Can
you
guys
hear
me
so
hey
brian
mcmichael,
from
the
smart
contracts
team
here
I
just
want
to
say
I
did
look
over
the
contract.
Briefly
at
the
beginning
of
this
meeting
it
looks
good,
it's
it's
nice
and
small.
There
is
a
proxy
on
there,
so
I
would
want
to
mention
that
if
gsd
were
to
be
added,
just
keep
in
touch
with
us
and
let
us
know
if
you
do
plan
to
upgrade
that
implementation,
we
can
actually
pre-whitelist
that
ahead
of
time.
J
F
I
have
a
question
related
to
kind
of
the
business
side
of
this,
from
your
engagement
with
goldman
sachs
as
a
depository
like
just
in
general,
how
how?
How
is
the
contemplated
construct
if
negative
interest
rates
arise?
It's
question
number
one
question
number
two
is:
have
they
given
guidance
as
to
kind
of
the
maximum
scope
of
deposits
that
you're
allowed
to
bring
on.
H
Maybe
marshall
has
he
can
pop
in,
but
to
the
second
point,
that's
one
of
the
things
that
was
so
attractive
to
goldman
sachs
and
state
street
is
there's
tremendous
capacity
to,
for
you
know,
assets
or
cash
under
management
for
these
companies
for
both
of
these
these
banks.
So
if
you
know,
we
really
knock
it
out
of
the
park
with
gemini
dollar,
there
will
not
be
a
capacity
issue
anytime
in
the
near
future.
H
If
anyone
from
the
gemini
team
has
any
points
about
negative
interest
rates,
I
I
haven't
heard
any
talk
of
that
in
the
news
coming
out
of
the
fed
or
anything
you
know,
I
think
it
would
be
a
different
story
if
the
gusd
was
really
g
euro
or
some
other
jurisdiction,
but
marshall.
If
you
have
greater
detail
on
that,
let
me
know
otherwise
we
can
follow
up
on
some
of
the
message
boards
or
over
email
and
give
you
a
a
a
more
complete
answer.
G
Yeah,
my
my
quick
two
cents
is:
it's
super
interesting
question,
obviously
we've
yet
to
to
see
that
I
think.
Maybe
a
year
ago
we
were
looking
at,
you
know
200
bips,
on
on
treasury
assets,
and
now
you
know
we're
we're
floating,
I
think
below
50
bits
or
near
zero,
so
the
economics
of
a
gemini
dollar
as
like
a
corporate
entity,
you
know
our
are-
are
near
zero
right
now.
If
there
were
to
be
instances
of
negative
interest
rates,
I
think
that's
a
a
really
interesting
internal
discussion
that
would
be
had.
G
I
think
you
know,
there'd,
be
more
value
in
in
accepting
that,
but
I
think
there's
broader
implications
for
any
sort
of
entity
in
all
entities
in
the
world.
If
the
u.s
interest
rates
do
go
negative,
it's
not
just
the
gemini
dollar
itself,
but
I
think
with
the
priority
the
prioritization
of
gemini
dollar
within
gemini.
Currently,
as
you
can
see,
you
know,
we've
talked
about
the
float
and
and
how
it's
kind
of
low,
I
think
recently
with
the
rise
of
d5
and
what
we
see.
G
This
is
a
great
entrance
point
for
gemini
to
reprioritize
this
project
and
and
offer
this
bridge,
and
so
I
think
you
know
with
that
prioritization.
If
interest
rates
did
go
negative,
it's
probably
still
something
that
gemini
would
cover
and
would
you
know
want
to
absolutely
keep
the
the
project
alive
with.
H
Yeah
and
I'm
pretty
confident
that
that
goldman
sachs
would
have
interesting
ways
to
stave
off
negative
interest
rates,
whether
through
financial
instruments
of
all
the
type
of
banks
we
could
be
working
with.
I
think
they
could
get
potentially
the
most
creative
to
stave
off
negative
interest
rate
environment.
I
Loop
well,
redemption
of
gemini
dollar
on
the
gemini
platform
is
really
just
any
same
as
any
ethereum
deposit.
So
right
now
it's
12
confirmations.
It
shows
up
as
dollars
in
your
gemini
account.
You
could
trade
that
for
die
and
withdraw
that
right
back
out
as
die.
So
it's
really
the
12
confirmations
for
the
deposit
and
then
as
quickly
as
you
can
get,
the
withdrawal
out
would
be
the
minimum
amount
of
time.
You
could
do
to
turn
it
around
on
gemini.
So
there's
also
other
exchanges
that
support
gemini
dollar
as
well.
E
E
Add
I
add
something
to
that.
So,
given
that
they're
on
the
silvergate
network,
as
a
market
maker,
you
know
you
could
basically
get
usd
you
would
you
would
get
the
gusd
you'd
buy
it
on
auction,
send
it
to
gemini
exchange
it
for
usd
get
the
usd?
Let's
see
back
to
coinbase
mint
usdc
come
back
to
come
back
to
maker.
Dow
mint
die
from
that,
so
that
entire
process
could
take.
You
know
it.
A
D
Yeah,
I
guess
you
know
more
broadly,
just
the
the
idea
of
using
you
know
tokens
to
incentivize
bringing
liquidity
on
onto
the
chain
and
potentially
in
you
know,
incentivizing
gusd
in
particular
contracts
like
curve
or
and
and
as
for
what
the
token
incentives
are.
You
know
that
could
be
any
number
of
things
you
know
could
be
gusd.
If
you
wanted
to
subsidize
that,
or
you
know
some
other
value
questionable
token.
K
Cool,
so
I
have
first
of
all
thank
you
for
your
entire
team
at
gemini,
for
coming
on
and
talking
to
the
maker
community
really
appreciate
that.
I
guess
a
question
to
your
team
regards
to
your
interpretation
of
what
the
sec
released
on
monday
with
regards
to
the
occ
and
what
the
future
of
stable
coins
looks
like
for
you,
in
your
opinion.
Obviously
also
I
saw
that
the
eu
somebody
in
the
eu
was
saying
that
maybe
we
shouldn't
call
them
stable
coins,
call
them
something
else,
and
some
of
them
are
not
stable
right.
H
H
It's,
I
think,
technically
called
an
open
loop
store
of
value
similar
to
a
gift
card,
so
the
form
factor
may
be
cryptocurrency
or
a
crypto
wrapping
of
dollars.
But
ultimately
it's
a
see,
a
similar
legal
designation.
As
as,
like
a
gift
card
that
you
get,
you
know
you
go
into
dwayne,
reed
or
7-eleven,
and
you
buy
an
amazon
gift
card
or
something
so
we
believe
the
legal
precedent
is
is
understood
and
well
traveled,
at
least
in
the
us.
H
Now
there
are
other
jurisdictions
like
singapore,
where
it's
a
little
less
clear
if
they
want
to
treat
these
a
stable
coin.
Like
a
security,
I
haven't
read
the
sec
specific
guidance,
but
we
feel
pretty
confident
that
we
have
all
of
the
licenses
and
understand
the
legal
framework
and
theories
for
gusd,
at
least
in
the
u.s.
So
you
know
I
hopefully
that
that
answers
it,
but
if
there's
something
about
that
about
that
sec
guidance
that
you
think
that
you
want
to
tell
me.
K
Yes,
I
guess
the
the
notice
that
they
put
out
on
september
21st
on
monday
was
it
kind
of
felt
to
me
the
way
I
was
reading
it
and
I'll
try
to
post
it
on
here.
Real
quick,
like
they
were.
An
acceptance
of
stable
coins
like
gusd
and
usdc,
but
when
it
comes
to
like
ours,
die
they're
still
kind
of
questionable.
So
I
kind
of
wanted
to
get
your
opinion
on
that.
It's
still
not
clear
right.
K
They
always
say
that
if
you
have
any
questions
with
regards
to
making
an
algorithmically
stable
coin
quote-unquote
to
contact
fin
hub,
so
I
just
kind
of
wanted
to
get
an
idea.
What
you
think
the
future
is
if
stable
coins
are
gonna
stay
around
or
is
this
gonna
be
something
that
five
years
from
now
we're
gonna
remember
as
something
that
we
tried
and
that
we
just
couldn't
couldn't
pull
it
off?
I
guess.
H
Yeah
that
that's
a
great
question
I'd
say
ultimately
the
the
more
decentralized
the
project
is,
the
harder
it
is
for
it
not
to
live
on.
You
know,
earlier
incarnations
of
bitcoin
were
quashed
for
one
reason
or
another
because
they
lacked
the
decentralization
breakthrough,
so
I
think
very
much
bitcoin,
it's
just
too
hard
to
kill,
so
regulators
have
learned
to
adapt
to
it
and
accept
it,
and
I
feel,
like
that's,
definitely
got
to
be
the
path
forward
to
some
of
the
projects.
H
So
many
dr
companies
that
drive
the
u.s
economy
that
you
just
can't
do
it
so
just
completely
off
the
cuff,
I
would
say
like
if
you're
gonna
be
centralized,
do
it
the
right
way,
talk
to
the
regulators
and
and
get
the
dialogue
going
if
you're
not
going
to
take
that
path.
Ultimately,
then,
I
would
be
decentralized.
I
think
that's
that's
you
know.
I
would
definitely
double
down
and
sort
of
lean
in
to
to
that
path
as
well
and
tyler.
D
The
gemini
dollar
is
regulated
by
new
york
dfs,
which
is
a
state
regulator
and
we've
gotten
approvals
in
all
the
states
in
which
we
operate.
So
I
think
this
is
more
of
sort
of
confirmation
of
that.
These
instruments
are
sort
of
regulated
and
they're
safe
to
use,
I
think
tyler
you
made
the
point
about
the
more
decentralized.
A
stable
coin
is
the
harder
it
is
to
sort
of
shut
down,
but
it's
also
probably
the
harder
it
is
to
get
regulators.
H
H
Yeah
and
I
think
also
the
fact
that
we
trade
die
on
gemini
trust
company,
which
is
regulated
by
the
new
york
dfs.
We
also
trade
z
cash.
For
you
know,
people
can
buy,
sell
and
store
z,
cash
and
regulators.
You
know
the
dfs
got
comfortable
with
a
privacy
oriented
coin
like
zcash,
so
I
think
there's
an
education
thing
here.
I
think
the
more
regulators
understand
the
positive
nature
of
what's
happening
here
like
a
lot
of
times.
Their
initial
reaction
is
like
oh
you're,
trying
to
do
something
bad.
H
This
is
for
gangsters
and
holistic
activity,
but
the
more
we
can
elevate
stories
like
mariano's
story
of
surviving
inflation
and
living
bankless,
and
the
benefits
of
that.
I
think
that's
great,
and
I
think
I
think
engagement
is
always
important
like
having
someone
in
the
community
talking
to
the
fintech
hub
and
educating
them
is
a
huge,
I
think,
can
go
a
long
way.
H
We've
certainly
in
our
own
story,
have
have
done
a
lot
of
that
with
regulators
and
seen
them
come
full
circle
completely
skeptics
on
bitcoin.
In
fact,
our
first
interaction
with
the
dfs
was
getting
subpoenaed
about
bitcoin.
So
it
was
a
little
antagonistic,
but
we
went
in
there
and
we
said:
hey:
it's
not
a
ponzi
scheme.
There's
a
fixed
supply,
there's
a
lot
of
technical
merit
here,
yes
or
silk
road
happening
over
there,
but
I
think
that's
really
the
minority
of
the
activity
and
there's
so
much
good
here.
H
So
I
think
you
have
a
great
story.
I
do
think
you
guys
are
working
on
something
that
is
forever
changing.
The
world
you're
part
of
this
d5
revolution-
and
I
think
most
of
the
regulars
are-
are
quite
sophisticated
and
they
will
see
that.
So
I
am
a
big
fan
of
education
and
telling
the
story,
but
I
also
think
that
you
know
this
is
a
global
movement
and
what
you
guys
are
doing
is
global.
H
K
Thank
you
so
much
for
the
kind
words
tyler.
That's
really
really
nice
yeah.
I
agree
with
you.
This
is
a
great
community
to
make
your
communities
super
strong,
sometimes
we're
not
the
most
popular
folks
on
twitter
crypto
twitter,
but
you
know,
I
think
we
have
a
great
community
and
I
think
we're
going
to
continue
to
push
forward,
and
you
know,
together
with
with
gemiini
and
others,
we
I
think
we
can
do
some
great
things.
I
look
forward
to
voting
on
this
pretty
soon.
H
Yeah
I
mean
I,
I
think
you
know
look
we're
going
to
do
our
part
to
we
have
a
great
relationship
with
a
lot
of
regulators.
We
just
got
an
emi
license
with
the
fca
we
are
in
a
license.
Fca
is
in
london,
we're
obviously
with
the
dfs
in
new
york.
We
deal
with
50
state
regulators
in
the
fifth,
the
other
49
states
in
the
us,
we're
also
in
a
licensing
process
with
the
mafs
at
singapore.
H
A
All
right
I'll
take
it
as
a
no
thank
you.
Thank
you.
Everyone
thank
you.
Stanley
mark
tyler,
eric
marshall
and
cameron
and
everyone
else
for
participating
again,
let's
keep
the
the
conversation
going
in
the
forum
if
you
want
to
present
a
project.
Well,
you
know
the
link,
I
just
posted
on
the
on
the
chat
and
yeah.
Thank
you
all
for
for
coming.
Let's
keep
this
rolling.