►
From YouTube: Community Collateral Onboarding Call: November 18, 2020
Description
Introduction: @juanjuan
Presentation 1 (0:01:25): Set Protocol & Index Coop
Agenda and Discussion:
https://forum.makerdao.com/t/collateral-onboarding-call-16-setprotocol-indexcoop-wednesday-november-18-18-00-utc/5097
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
Okay,
hello
welcome
everyone
again
to
another
collateral
onboarding
call.
Today,
I'm
joined
by
a
bunch
of
people,
including
lots
of
known
names
from
the
forum.
It's
nice
to
see
you
guys
all
and
yeah
we
have
set
protocol
and
index
cop.
They
are
going
to
do
a
joint
presentation
where
they're
going
to
explain
a
little
bit
more
how
how
the
how
the
thing
works
and
under
I
don't
know
what
to
call
it
a
a
partnership
I'll,
let
you
guys
go
for
it.
So
I
don't
know
over
analyzer.
A
A
C
D
C
C
The
tokens
within
the
index
are
selected
by
d5
pulse.
So
this
is
a
company
that
has
the
website
that
has
that
does
profiles
of
different
protocols
and
they
have
a
published
methodology.
So
they
say
we
classed
certain
tokens
and
certain
protocols
has
been
worthy
to
be
included
with
the
pulse
index
and
that's
their
job.
They
just
focus
on
saying
these
are
companies
that
we've
selected
sorry
protocols
that
we've
selected
to
be
part
of
the
index,
so
the
equivalent
would
be
standard
and
poor
or
the
ftse
so
ft
ftse.
C
C
C
C
C
C
C
So
the
objectives
of
the
cooperative
we're
trying
to
do
two
things
at
the
moment:
we're
focusing
on
growing
our
community
so
recruiting
new
members
getting
people
more
involved,
setting
ourselves
up,
but
also
building
the
assets
under
bolt
and
dpi.
So
we're
focusing
on
a
single
index
and
we
want
to
make
it
big.
We
want
to
make
it
well
integrated
and
we
want
to
get
really
economies
of
scale.
We
want
to
become
an
integrated
part
of
d5.
C
C
Okay,
I'm
going
to
try
and
come
on
to
some
of
the
the
risks
that
a
fund
has
when
you're
using
this
classroom.
So
I'm
going
to
start
talking
about
a
uni
swap
and
balance
the
liquidity
pools,
because
it's
important
to
try
and
get
everyone
to
understand
how
the
pool
works
so
uni
swap
and
balance
work
on
constant
dollar
values.
C
C
C
If
you
redeem
your
the
token
you
put
in
you'll,
get
out
the
same
number
of
tokens
that
you've
that
you
placed
in
it
so
another
way
of
imagining
it
is
it's
a
cold
wallet
you've
placed
the
tokens
into
a
code
wallet
and
then,
a
few
months
later
you
take
them
out.
You
get
the
same
number
of
tokens
out.
There's
been
no
exposure
to
the
market
in
terms
of
trading.
C
So
that's
the
key
difference
between
what
the
set
token
does
and
the
other
two
tokens.
The
other
two
tokens
are
great
for
market
making
they're
not
so
good
for
a
long-term
hold
strategy,
they're
doing
something
different,
and
this
is
really
one
of
the
key
risks
with
a
a
fund-based
token
used
as
a
collateral.
C
What
happens
when
a
single
token
collapses?
It
may
happen.
One
of
the
11
tokens
we've
selected
may
have
an
exploit,
may
have
a
bug.
The
price
can
drop
through
the
floor.
We
don't
know
with
a
set
token
if
one
of
the
tokens
drops
by
a
factor
of
99,
so
it's
only
worth
one
percent
of
the
value
it
was
when
you
put
it
in
the
set
pool
net
asset
value
will
drop
by
the
same
amount
by
the
valuation
of
the
token
multiplied
by
the
number
of
tokens
that
you've
got
in
there.
A
Over
and
I
said
I
have
one
question
before
we
move
on:
if
you
don't
mind,
how
does
set
rebalance
a
portfolio
or
do
you
at
all,
so
how
I
don't
know
the
question
is
clear,
but
if,
if
one
asset
wins
a
lot
of
value
or
earns
a
lot
of
value,
then
your
portfolio
would
not
be
as
you
wished
in
the
initial
or
at
the
time
of
buying
it,
and
maybe
that's
fine.
I
was
just
wondering
how
how
the
revenges
are
done
if,
if
they
are
done
at
all,
I
I
can.
E
A
C
C
We
have
a
governance
contract
that
interacts
with
the
pool
that
allows
us
to
remove
tokens
and
add
two
tokens,
and
that
is
done
by
the
guys
at
set
and
brian
can
give
more
details
on
that
and
that's
done
in
a
controlled
manner,
and
we
can
ask
ryan
that
question
and
to
follow
on.
But
the
other
question
is,
if
a
token
goes
up
in
value,
we
don't
care,
we
let
it
go
up
in
value.
C
We
are
in
because,
when
a
token
multiplies
in
value
by
a
factor
of
four
its
market,
capitalization
has
gone
up
by
a
factor
of
four.
It
should
be
four
times
greater
within
the
fund,
so
we're
always
aiming
to
have
the
same
number
of
tokens
for
each
protocol
in
the
fund,
where
we
need
to
rebalance
is
if
a
protocol
is
issuing
lots
of
tokens,
so
uni
swap
at
the
moment
are
issuing
sorry
uni
swap
a
week
ago.
C
We're
issuing
lots
of
tokens
every
day,
and
so,
every
month
in
november,
we
to
rebalance
we
sold
or
most
of
the
other
tokens
a
fraction
of
them
and
purchased
more
uni,
swap
so
that
the
set
token
the
dpi
token
that
was
on
the
market
was
still
worth
the
same
value
but
the
underlying
tokens.
You
had
more
uniswap
of
them
in
there,
but
we
don't
need
to
rebalance
because
of
changes
in
price.
We
need
to
rebalance
due
to
changes
in
the
number
of
tokens
on
the
market.
A
Yeah,
that's
understood,
but
let's
say
I
have
a
portfolio.
That's
I
don't
know
50
percent
of
other
and
50
percent
maker.
If,
if
one
of
the
two
protocols
goes
up
in
price,
then
I
could
have,
I
don't
know
75
percent
maker
25
other.
So
in
this
case
it
would.
I
would
need
to
rebalance,
I
guess
so.
I
was
wondering
if
that's
done
automatically
at
some
point
or
if
there
are
parameters
to
be
defined.
I
don't
know,
maybe
that's
my
question
for
brian.
C
A
C
A
A
E
Are
you
asking
more
like
what
the
rebalance
mechanism
is?
Yes,
yeah,
so
it
it's
basically
like
a
a
large
t-wab
right.
So
by
two
I
mean
time-weighted
average
price,
so
we're
basically
executing
a
series
of
trades
over
a
certain
window.
Those
trades
are,
the
parameters
of
those
trades
are
defined
by
the
index
cooperative.
E
So
then
you
know
so
ultimately
you
know
right
now
we
kind
of
have
a
limited
pool
of
addresses
that
can
actually
execute
the
trades
over
time,
we're
going
to
basically
relieve
those
restrictions
and
allow
pretty
much
anybody
to
execute
a
trade
and
all
they
would
do
is
just
pass
in.
Oh,
I
want
to
trade,
my
unity
so
that
you
would
then
be
swapped
for
eth,
and
we
basically
just
like
over
this
over
this
trade
window.
E
They'll
be
kind
of
it'll,
be
swapping
out
of
tokens
and
eath,
and
some
of
the
east
is
then
being
swapped
back
into
the
tokens
we're
trying
to
buy.
That
makes
sense,
so
it's
just
kind
of
a
gradual
process
over
time
and
of
course,
in
that,
since
you're
interacting
in
the
market,
there
is
some
element
of
slippage,
so
you
wouldn't
expect
for
necessarily
like
if
you,
if
you're
trading
it
it's
trading,
fifty
dollars
or
a
hundred
dollars.
E
Let's
say
you
would
expect,
maybe
after
the
rebalance
for
it
to
be
potentially
not
you
know
worth
99.50
right
now.
You
know
the
last
rebalance
we
did,
for
example,
prices
actually
moved
in
our
favor
during
during
over
the
course
of
three
balance,
so
we
actually
didn't
have
any
slippage.
We
had
excess,
so
that
was
nice
but
yeah.
So
it's
basically
just
a
long
t-op
window.
There's
you
know
all
the
parameters
for
the
rebalance
are
decided
beforehand
and
there's
no
like
none
of
the
execution
is
left
up
to
other
than
like.
E
A
C
Okay,
good,
thank
you,
brian,
and
so
the
key
is
for
the
start
token,
if
we
see
a
price
collapse,
it's
controlled,
it's
just
within
the
single
token
collapses.
The
fund
will
maintain
the
rest
of
the
value.
This
is
different
for
a
uni
swap
pool
or
a
balancer
pool
because
they
will
effectively
get
drained
because
if
one
token
becomes
worth
less,
the
external
people
can
trade
with
that
pool,
add
the
token
that's
worth
less
and
withdraw
the
token.
C
That's
if
you
have
a
plane,
balancer
token,
so
the
more
advanced
balancer
tokens
they
can
have
more
controls
on
them.
So
they
can
look
at
market
volatility.
They
can
look
at
price
slippage.
I
think
and
stop
the
trade
functions,
and
so
they
can
pause
different
functions.
I'm
no
expert
on
that
area.
I
understand
that
capabilities
available.
C
However,
that's
more
smart
contract
risks
that
you're
introducing
to
the
system,
and
if
you
pause,
how
a
contract's
working
that's
going
to
have
an
impact
on
anything,
that's
trying
to
build
on
top
of
it.
So
what
I'm
trying
to
say
is
that,
in
terms
of
collateral,
the
set
token
protocol
is
a
much
more
robust
form
of
collateral
than
using
something
like
a
uni
swap
pool
or
a
balancer
pool,
just
because
of
the
the
design
choices
that
have
been
made.
B
C
The
next
risk
we've
got
is
more
of
a
governance
risk,
and
that
is
if
d5
pulse
or
if
we
include
a
token
that
collapses.
So
if
we
include
tokens
that
collapse,
then
the
index
will
drop
by
an
amount
and
the
inclusions
here
are
purely
done
by
d5
pulse.
They
decide
what
goes
into
the
index
that
they've
created,
and
they
you
have
a
published
methodology.
C
They
will
recommend
new
tokens
to
be
included.
This
needs
to
be
ratified
by
the
index
cooperative
and
then
the
sap
labs
will
calculate
the
rebalance
transactions
to
be
done
to
add
the
new
token
to
the
the
dpi
index
and
really
what
I'm
saying
here
is
the
country.
The
key
control
measure
here
is
the
reputation
of
the
three
organizations
involved,
there's
nothing
in
terms
of
contracts
or
other
external
forces
that
can
force
us
to
not
put
crap
into
our
index.
C
E
If
I,
if
I
could
jump
in
real,
quick
here
as
well,
just
one
one
side
is
like
some
of
these
things
can
be
mitigated.
So
what
over
analyzer
said
in
terms
of
you
know,
d5
pulse
ultimately
decides
what
gets
included
in
the
pool.
As
you
said,
index
ratifies
it.
So
you
know
there
is
that
that
check
there
as
well,
some
of
the
calculations
for
kind
of
units
unit
amounts
and
how
much
is
included
in
the
index.
Some
of
those
things
can
actually
be
kind
of
enforced.
To
a
certain
extent.
E
You
can
definitely
like
use
oracles
and
things
like
that
in
the
future.
At
the
moment,
we
don't
have
oracles
for
every
asset
in
in
the
set,
but
there
are
ways
we
could.
You
know
at
least
decrease
some
of
the
the.
If
you
want
to
call
it
attack
surface
or
or
whatever,
whatever
you
want
to.
However,
you
want
to
think
about
it,
but
there
are.
There
are
like
ways
we
can
increase
the
guarantees
over
time.
C
C
The
other
thing
about
this
using
the
dpi
token
as
collateral,
is
to
understand
how
it
the
markets,
so
our
key
secondary
market
is
uniswap.
We
have
a
dpi
ethereum
ether,
uniswap
pool
and
that's
currently
got
about
30
million
dollars
worth
of
liquidity.
So
it's
got.
It
can
allow
large
trades
with
minimal
slippage,
and
I
would
imagine
that
you
would
need
a
price.
I
recall
that
can
match
this
so
that
you
can
track
the
market
price
of
dpi
to
use
it
as
classroom.
E
And
one
other
thing
to
add
as
well
on
that
is-
or
maybe
I
don't
know
if
you're
sorry,
if
you're
going
to
get
into
the
next
slide,
but
even
though
there's
a
secondary
market
for
dpi,
eth,
yeah,
okay,
it
looks
like
we're
gonna
talk
about
here,
but
there's
the
way.
There's
the
ability
to
still
redeem
the
token
into
its
constituent
parts
and
execute
you
know,
essentially
an
arbitrage
using
all
the
all
the
different
components.
C
Exactly
so,
that's
that's
what
we
say
about
the
primary
market,
so
the
primary
market
is
the
issue
and
redemption
contracts
that
are
created
by
set
labs,
and
these
take
the
underlying
tokens.
So
the
11
tokens
in
the
correct
weight
there
they
are
deposited
into
the
pool
and
it
issues
the
dpi
tokens
in
the
correct
work.
Correct
number.
C
So
this
is
a
primary
market.
Most
people
won't
interact
with
this.
It's
a
lot
easier
to
to
use
the
uni
swap
market,
but
if
you're
doing
a
large
buy
it
can
be
more
efficient
to
do
it
this
way
and
there
are
arbitrage,
bots
and
people
that
will.
If
the
secondary
market
moves
away
from
the
net
asset
value,
they
will
buy
dpi
split
it
down
into
the
11
tokens
and
sell
them
to
capture
that
differential
in
prices.
So
there
is
a
primary
market.
C
So
this
is,
this:
doesn't
rely
on
the
uni
swap
liquidity
for
dpi.
It
really
really
relies
on
the
uni,
swap
liquidity
for
the
11
tokens
that
make
up
epi
and
they
have
a
combined
market
cap
of
4.5
billion
at
the
moment
dollars.
So
there's
going
to
be
lots
of
opportunities
to
sell
those
into
the
market.
C
E
C
C
C
C
However,
we
take
the
view
that
as
more
opportunities
to
use
dpi
are
created
so
make
a
volts,
rv
volts
compound
votes.
We
will
see
that
making
dpi
more
attractive
to
people,
and
so
we
we
expect
more
dpi
to
be
issued
and
that's
an
automatic
process
in
the
market.
So
if
we
build
it,
they
will
come
is
the
expectation.
C
C
C
We
are
very
well
aware
of
this
risk
and
we're
looking
at
ways
to
mitigate
it.
The
easiest
mitigation
is
we
never
take
anything
out,
but
there
are
opportunities
for
us
to
earn
some
yield
on
the
tokens
that
lying
underneath
and
to
lock
them
into
governance
contracts,
use
them
for
voting.
Well,
it's
something
that
we're
looking
at.
C
It's
a
risk
to
the
how
efficient
dpi
is
in
the
market,
but
it's
something
that
we
really
really
really
want
to
avoid.
So
we're
looking
at
things
like
time,
locking
dpi,
so
we
only
farm
what's
been
put
in
a
time
lock
contract.
So
we
know
it
can't
be
redeemed.
We
can
farm
it.
We
can
get
some
index.
We
can
get
some
income
from
it.
We
put
it
back
into
the
treasury
when
the
time
lock
ends.
C
So
we
can
do
it,
but
we
are
being
ultra
cautious
because
we
know
that
if
we
screw
it
up,
we
we
destroy
our
own
reputation
as
well
as
impacting
other
protocols.
But
it's
something
that
as
the
maker
dow
need
to
be
aware
of,
and
you
need
to
consider
that
as
a
risk
that
we
posit
that
we
could
present
to
you.
C
Next
risk
is
really
around
smart
contracts.
The
smart
contracts
were
generated
by
set
I'll.
Let
brian
speak
about
these.
In
a
moment
we
have
a
few
contracts
involved,
so
we
have
the
pool
contract
that
contains
all
the
assets.
We
have
issue
and
redemption
contracts
and
we
have
the
government's
contract
that
can
rebalance
the
con
the
con,
the
contents,
so
we
can
pull
tokens
out
without
redeeming
dpi
or
issuing
dpi.
C
The
set
v1
contracts
have
got
upwards
of
27
million
in
them,
and
they've
been
live
for
18
months.
The
version
2,
which
dpi
dpi
is
a
version
2
contract
they've
been
running
for
about
three
months
now
and
dpi
is
the
main
asset
and
we
have
got
20
odd
million
dollars
locked
in
and
these
have
been
audited
and
brian.
Do
you
have
anything
extra
to
say
to
this.
E
Yeah,
I
would
say
there
is
one
other
audit
from
on
these
v2.
We
used
abdk
as
well
so
they've
been
looked
at.
You
know
by
a
couple
yeah
two
firms
that
we're
pretty
feel
pretty
strongly
about
as
far
as
yeah
kind
of
hooking
on
to
overhandlers
over
analyzers.
The
last
point
is,
you
know
the
way
it's
designed
right
now.
Is
it's
very
extensible
right?
So
you
know
there
is
some
leeway
in
terms
of
you
know
the
functionalities
we
can
add
to
the
dpi
right.
E
E
You
know
outcome
right,
yeah
things,
things
are
just
very
extensible,
so
that
said,
like
the
current,
you
know,
I
guess
you
could
say
like
feature
set
is
on
dpi
is
very
risk
risk
averse
and
risk
neutral.
You
know
it's
been.
Basically,
you
know
like
over
over
analyzer
said
it's
issuance
and
redemption.
The
issuance
of
redemption
doesn't
use
any
oracles
or
anything
like
that.
So
kind
of
some
of
those
flash
loan
attacks
and
things
like
that
that
have
been
kind
of
going
on
recently
are
not
susceptible
to
that.
E
I
guess
the
one
other
thing
as
well.
That's
worth
mentioning
is
there
is
the
ability
to
collect
kind
of
the
fees
on
the
set,
so
that's
one
added
functionality,
and
so
that
that
does
create
what
would
be
some
sort
of
kind
of
discontinuity
because
those
fees
are
accumulated
kind
of
in
one
transaction.
So
you
know
the
streaming
fee.
We
have
isn't
huge,
it's
95
basis
points
spread
out
over
the
year
and
we
tend
to
accrue
fees
a
little
bit
or
definitely
more
frequently
than
that.
C
Okay,
thank
you.
Finally,
I
think
this
is
my
almost
final
slide
really
about
the
the
benefits
of
epi
is
collateral.
We
are
a
small
pooled
fund.
We've
only
got
20
million
dollars
under
vault
at
the
moment,
but
we
are
directly
linked
to
4.5
billion
dollars
worth
of
assets
on
the
market.
So
there's
plenty
of
room
for
more
dpi
to
be
issued
by
absorbing
these
tokens,
and
the
key
advantages
collateral
is
that
we
have
less
volatility
than
any
of
the
thing
any
single
token,
because
we're
the
average
of
them.
C
Obviously,
if
the
d5
market
goes
down,
dpi
will
go
down
with
it,
but
what
we
won't
see
is
significant
drops,
because
a
single
protocol
has
a
failure
and
that's
really
the
key
advantage
is
we're
diversified
and
that
controls
risk
and
the
final
thing
is
a
bunch
of
links.
I
can
give
you
this
presentation.
B
B
B
C
So
regulatory,
I
think
my
stock
answer
is
I'm
not
a
lawyer,
so
I'm
the
wrong
person.
But
yes,
my
understanding
is
that
we
we
are.
The
aim
is
that
index
coup
will
be
a
decentralized
organization
run
by
the
people
who
own
the
index
token,
and
that
is
how
we
reduce
the
regulatory
risks
the
fund
is
held
in.
One
of
those
token
addresses-
and
I
realized
that
one
of
those
those
e
for
scan
addresses
are
identical,
so
it's
held
within
a
single.
E
You
know
the
that
smart
contract
basically
grants
permissions
to
what
we
call
modules
right.
So
if,
if
a
module
is
permissioned
to
interact
with
that
contract,
then
that's
where
kind
of
tokens
are
moved
around.
So,
for
example,
issuance
is
done
through
a
module.
So
you
know:
we've
allowed
this
issuance
module
to
move
tokens
out
of
the
contract
or
into
the
contract
and
in
return
either
mint
or
burn
the
dpi
itself.
E
Organization,
the
the
main
things
from
the
smart
contract
perspective
that
I
can
speak
to
are
you
know
I
already
mentioned
the
rebalances.
Those
are
getting
pretty
close.
Actually
it's
more
on
the
governance
side
in
terms
of
you
know,
approving
you
know,
parameters
and
stuff
like
that
and
having
an
actual
unchain
process
to
do
that.
E
Some
of
that
is
still
done
off
chain,
but
as
far
as
like
the
tech
for
rebalancing,
you
know
in
a
lot
of
ways
they,
you
know
it
could
basically
run
without
you
know,
set
needing
to
be
there
or
anything
like
that.
You
know
there
could
we're
pretty
close
to
being
able
to
just
allow
it
to
kind
of
go
by
itself.
If
there's
some
sort
of
like
incentive
in
place
for
people
to
help
execute
the
rebalance
yeah.
E
No,
I
mean
yeah,
so
it's
very
very
similar.
That's
that's
a
great
way
to
think
about.
It
is
like
anybody.
Can
it's
basically
it'll
get
to
the
point
like
I
said
we
kind
of
have
it
not
as
completely
decentralized
right
now
we
have
like
a
subset
of
addresses
that
are
allowed
to
call
like
rebalance
transactions,
but
even
those
addresses
are
only
allowed
to
pass
in
the
component.
They
want
to
rebalance,
they
aren't
allowed
to
just
decide
the
size
or
anything
like
that.
E
E
Yeah,
no
that's
just
up
to
as
overlanders
over
analyzer
mentioned
kind
of
that's
all
up
to
d5
pulse
in
terms
of
inclusion
and
things
like
that
and
then
in
terms
of
the
calculation
yeah.
Basically,
d5
pulse
helps
decide
which
components
are
included
in
the
set
and
then
based
off
that
there's.
You
know
some
calculations
that
happen
off
chain
for
now,
but
some
of
it
can
be
brought
on
chain
as
well
to
decide
what
the
the
proportions
are
of
each
asset
within
the
set.
C
Yes,
we
hold
maker,
I'm
not
really
sure
how
I
can
understand
why
maker
have
a
policy
of
not
having
their
own
token
as
collateral.
That
makes
sense
to
me
whether
you
use
that
to
either
have
a
set
parameters
so
that
the
class
rule
can
be
less
or
you
have
that
as
well
record
parameter.
I
don't
know
at
the
moment,
I
think
you're,
probably
I
think
I've
seen
you
between
about
10
and
15.
C
C
A
So,
to
add
a
little
bit
to
other
analyzer.
The
reason
why
maker
decides
to
not
allow
makeras
collateral
is
that
the
maker
token
is
is
the
last
bastion
of
protection
for
bad
debt,
so
if
vaults
become
under
collateralized
and
and
the
auctions
are
not
successful
enough
to
recover
all
the
die
there,
there's
maker,
that's
minted
and
sold
for
that
to
cover
for
that
bad
debt.
So
that
means
that
the
maker
token
would
lose
value
based
on
that
process.
A
A
E
Yeah,
I
think
it's
probably
yeah
sorry,
I
just
said
I
think
it's
all
hey.
We
want
to
think
about
the
risk
right,
so
the
like
most
conservative
thing
would
just
say:
yeah
take
out,
you
know
when
we
consider
you
know
how
much
die
you
get
to
take
out
based
on
the
value
of
you
know
the
the
bpi
you
just
subtract,
the
the
percentage
that's
associated
with
maker
right.
That
would
be
the
most
conservative
thing
if
you
want
to
just
if,
if,
in
that
scenario,
you're
scared
of
maker
collapsing
to
zero.
D
Yeah,
the
the
other
question
I
had
was
like
efficiency.
So,
for
example,
like
wi-fi,
I
believe
you
can
deposit
another
contract
and
earn
another
positive
interest
rate.
So
my
other
question
is
like
does:
is
the
index
smart
enough
to
kind
of
deal
with
those
situations
where
you
know
you
have
a
bunch
of
these
underlying
tokens?
There's
a
possibility
of
earning
additional
returns
through
other
deposits,
and
so
I
believe,
like
if
you
deposit,
wifi,
why
wifey
like
you
would
get
why
wifey
and
that
would
be
theoretically
something
you
could
hold
in
an
index.
D
C
We
run
the
risk
of
redemptions,
so
we're
looking
at
asking
people
to
stake
the
dpi
con
with
us
for
28
days,
and
in
that
period
we
would
re,
remove
the
underlying
tokens
equivalent
to
the
state,
dpi
and
then
farm
them.
So
the
wi-fi
goes
into
the
wi-fi
governance
to
earn
the
percentage
there.
The
other
tokens
we
can
put
on
units
what
we
can
put
on
compound
or
rv
to
earn
interest.
That
way
and
that's
something
we're
looking
at
another
way
of
doing.
It
is
to
create
an
index
of
the
income
generating
tokens.
C
C
We
can
take
a
risk-based
approach
and
maybe
remove
a
certain
percentage
to
earn
income
for
the
the
cooperative,
but
we're
not
going
to
be
doing
that
very
quickly.
It's
something!
We've
got
to
do
very
carefully
because
we've
got
to
maintain
the
the
redemption
market.
We've
got
to
allow
people
to
redeem
at
any
time,
because
if
we
people
can't
redeem,
we
destroy
how
we
we
become
integrated
into
other
protocols,
because
we
no
longer
have
that
tie
to
the
underlying
assets.
D
C
F
Yeah,
so
in
regard,
so
if
I
can
yeah
put
some
questions
so
in
regards
to
makers
collateral,
you
have
this
so-called
quotation:
risks
that
juan
described.
I
I
don't
see
it
as
a
huge
problem.
You
know
we
have
risk
parameters
and
we
can
set
them.
I
just
see
it
as
another
part.
You
know
another
layer
of
risks
and
yeah.
We
can
just
increase
liquidation
ratio
or
lower
depth
ceiling,
but
you
know
it's
it's
something
we
should
have
in
mind.
F
The
other
two
issues
that
I
potentially
see
are
related
to
keepers
and
to
oracles.
So
when
keepers
bid
in
this
case,
you
know,
keepers
need
to
have
some
kind
of
strategy.
You
know
how
high
they
will
be
because
their
beat
it
can
be
locked
for
a
few
hours,
and
here
they
would
need
to
have
you
know
some
kind
of
pricing
strategy.
That's
not
so
straightforward,
so
they
would.
Basically,
you
know,
you
know,
need
to
have
portfolio
the
the
the
index
structure
in
front
of
them
and
know
you
know.
F
F
So
I'm
not
sure
if
nick
is
here,
I
think
not,
but
as
much
as
I
know,
oracle
team
when
they
deploy
a
new
oracle,
they
usually
need
a
few
weeks
just
to
test
it
out.
So
I
can
see
that
you
know
you're
making
your
balances.
You
know
quite
often,
maybe
even
monthly,
if
I
saw
right
and
I'm
not
sure
how
this
would
fit
in
with
what
oracle
team
is
doing,
because
they
always
need
a
bit
of
time,
I'm
not
sure
how
it
would
work.
F
E
Yeah
yeah
I
mean
definitely
any
any
edition
of
assets
is
where
it
you
know,
will
have
a
heads
up.
So
you
know,
like
d
d5
pulse
will
post
the
new
you
know
weights,
which
includes
any
new
assets
a
couple
weeks
ahead
of
time
so
yeah.
I
suppose
if,
if
the
dev
cycle
is
something
where
it's
like
that,
you
can't
just
like
add
like
you
need
to
be
able
to
test
it
for
a
couple
weeks
ahead
of
time.
E
F
E
A
C
At
the
moment
it
has
no
functionality
apart
from
voting
the
intention
we
are
looking
at
staking
for
rewards
and
possibly
staking
with
slashing
penalties.
So
if
we're
looking
at
removing
some
tokens
from
the
the
dpi
treasury
to
farm
them,
we're
talking
about
staking
index
as
a
backstop
on
any
errors
on
that.
C
C
E
E
You
know
potentially
there's
a
world
in
the
future,
where,
like
we,
take
a
small
spread
on
like
trades
that
are
executed
through
through
the
protocol,
but
we
don't
have
those
enabled
yet
and
even
like
the
the
smart
contracts
that
we
use
for
the
rebalance,
don't
even
have
the
ability
for
that
to
be
enabled.
Yet
so
you
know,
and
any
upgrades
of
those
contracts
would
be
up
to
the
discretion
of
the
index
co-op
as
well.
A
E
Sounds
good
yeah
and
if
you
want
to
find
me,
I'm
I'm
in
the
index
discord
and
a
little
more
active
in
the
index
discord
than
our
set
discord
right
now.
But
you
can
find
me
in
there
if
you
want.
I
don't
think
you
really
want
to
follow
me
on
twitter
because
there's
not
much
to
to
get
there
but
yeah,
and
then
I
guess,
if
anybody's
interested
in
smart
contracts
or
anything
like
that,
we're
definitely
we're.