►
From YouTube: Community Collateral Onboarding Call: September 9, 2020
Description
Introduction: @juanjuan
Presentation 1 (0:02:10): TrustToken (TUSD, TCAD, TAUD, and TGBP)
Presentation 2 (0:25:35): Mooniswap
Agenda and Discussion:
https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-7-wednesday-september-9-17-00-utc/3866
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
So
hello,
everyone
welcome
to
the
collateral
morning
call
number
seven
held
on
wednesday
september,
9th
at
5
pm
utc.
My
name
is
juan
I'm
here
with
some
22
people
involved
in
one
way
or
another.
We
make
her
down
and
the
idea
of
this
call
is
to
have
people
present
their
projects
and
have
a
discussion
around
it.
So
we'll
have
10
minutes
for
presentation
and
then
20
minutes
for
q.
A
A
and
discussion
today
we'll
have
rafael
cosman
from
trust
token
in
the
first
half
presenting
and
then
sergey
from
one
inch
and
jess
will
be
presenting
muni
swap
some
news
before
we
start.
I
wanted
to
to
quickly
say
that
since
we're
having
a
lot
of
demand
from
the
community
and
interesting
projects
presenting
we're
going
to
split
this
into
two
streams
of
calls
and
well,
this
might
change
in
the
future.
A
But
for
the
moment
we're
going
to
do
like
the
standard
collateral
types
as
we
were
doing
and
real
world
assets
so
to
launch
real
world
assets,
we
will
have
matthew
rabinowitz
from
6s
capital
coming
back
a
second
time
and
lucas
from
centrifuge.
This
will
happen
this
coming
this
coming
wednesday
september
16th.
At
5
pm
utc
for
for
those
that
are
in
the
forum,
this
project
have
made
considerable
effort
to
engage
with
the
with
the
government
process
and
moving
the
project
forward.
A
B
We're
ready
yeah
thank
you
for
having
us
on
juan
and
good
to
meet
everyone.
So
I'm
rafael,
I'm
the
ceo
of
trust,
token
and
we're
the
makers
of
true
usd
as
well
as
four
other
stable
coins,
true
aussie
dollar,
canadian
dollar,
hong
kong,
dollar
and
british
pound,
and
we
currently
have
four
products
all
of
our
product,
except
for
hong
kong
dollar,
four
products
that
are
in
the
process
of
being
onboarded
as
maker
collateral
and
three
of
them
were
just
greenlit
through
recent
votes.
B
I
imagine
that
some
folks
here
have
already
seen
the
relevant
threads
and
votes
on
those.
Some
folks
may
not
be
as
familiar,
but
I
wanted
to
give
a
quick
overview
of
what
the
two
currencies
are
and
the
value
that
they
can
provide
to
the
maker
community.
So
let
me
just
project
my
screen
and
hopefully
folks
will
be
able
to.
B
B
All
right,
let's
see,
are
folks
able
to
see
my
screen.
Okay,
can
I
get
a
thumbs
up?
Yep?
Yes,
excellent,
okay,
so
those
are
the
five
products
we
have
we've
created
so
far,
and
the
first
four
of
those
are
are
the
ones
that
we
are
right
now
working
on
onboarding
with
maker,
the
we
see
these
providing
value
to
maker
in
three
main
areas.
B
Finally,
these
products,
especially
true
usd
previously
already,
has
very
significant
use
in
d5
with
something
like
140
million
for
usd
that's
been
deposited
into
ave,
and
we
think
that
that's
right
now,
the
one
of
the
places
where
true
usd
has
the
best
support
in
ave.
But
we
do
think
that
if
truist
is
supported
in
maker
that
the
usage
there
could
be
pretty
significant
as
well,
so
I
wanted
to
show
and
by
the
way
feel
free
anyone
to
interrupt.
B
B
B
And
if
you
see
here,
you
can
just
click,
you
know
any
users
of
maker,
any
any
users
of
true
usd
whatsoever
can
anytime
just
download
a
current
audit
of
the
true
usd
collateral,
and
this
is
not
just
for
true
usd.
This
is
for
all
all
of
our
different,
true
currencies,
and
you
can
immediately
get
a
report
like
this
there's
an
independent,
accountant's
report,
and
you
can
see
that
this
is
dated
as
of
september.
9Th
1
12
p.m,
est,
which
is
right
now.
B
So
this
is
an
exact
current
24
7
audit
report
that
anyone
in
the
world
can
generate
24
7
to
see
that
true
usd
is
fully
backed
according
to
the
the
accountant,
and
so
that's
a
pretty.
This
is
a
pretty
big
step
forward
that
we've
made
and
it's
not
something
that
any
other
stable
coin
has
done,
and
we
actually
are
working
right
now
with
our
menino
and
collaborating
with
some
of
the
chain
link
oracles.
B
To
take
this
to
the
next
level,
where
this
information
not
only
can
be
reported
here,
24
7
them
a
testing
to
the
funds,
but
also
reported
on
the
blockchain
via
a
network
of
oracles
such
that
systems
such
as
maker
or
other
d5
systems,
can
actually
have
even
their
smart
contracts
know
that
the
true
usd
is
fully
backed
and
can,
if
they
want
put
into
place
any
sort
of
circuit
breakers
or
things
like
that.
If
at
any
point
true
usd
is
under
collateralized.
B
So
if
true
usd
really
was
the
first
fully
collateralized
stable
coin
that
came
out,
you
know
back
when
there
was
only
tether.
That
was
the
only
option
on
the
market
and
we
have
done
everything
we
can
to
make
sure
usd
as
trustworthy
as
possible
and
we
don't
necessarily
have
the
big
brand
names
that
usdc
has
working
with
coinbase
and
circle
and
so
on.
But
I
think
that
we
have
gone
above
and
beyond
to
work
on
the
trust,
which
is
one
of
the
most
important
things
to
us.
C
B
It
is
yes,
so
other
currencies
you
can
see,
you
can
click
through
them
right
here.
You
know
about
700,
000,
true
canadian
dollars.
True
hkd
is,
I
think,
having
an
issue
right
now,
but
the
other
four
are
all
in
the
normal
state.
So
if
there's
ever,
if
there's
ever
an
issue
with
any
of
these
audits,
you
know
we
we
work
with
the
auditors
to
divide
it
immediately
if
any
of
the
apis
go
down
or
anything
like
that.
B
A
D
Yeah
I
mean
I
can
start
with
my
questions.
I'm
basically
concerned
about
when
an
auction
happens.
So
I
want
you
to
think
as
a
market
maker,
so
I
want
to
like
let's
go
with
the
tusd.
So
for
whatever
reason,
tusd
is
probably
going
to
be
set
at
a
dollar
any
case,
so
there
might
not
be
auctions
but
like
what
about?
If
it's,
I
don't
know
the
hong
kong
dollar
or
you
said,
the
australian,
you
know,
dollar
or
whatever
yeah.
D
If
a
market
maker
buys
that
what
exactly
is
the
process
to
circle
back
and
get
it
back
to
die
right?
Because
if
an
auction
happens,
they're
depositing
die
in
the
in
the
system
to
win
the
auction,
and
then
the
market
maker
has
to
quickly
turn
around,
and
you
know
liquidate
that
somewhere
to
get
die
back,
because
otherwise
you're
sucking
up
sucking
away
liquidity
from
the
market
maker,
who's,
providing
liquidity
to
the
auctions.
D
B
D
Any
of
these
currencies
so
that
you're
you're,
expecting
the
market
maker
to
have
fx
broker
accounts
and
have
banking
systems
with
all
these
different
currencies.
Right
and
I
guess
what
I'm
trying
to
understand
is
what
is
the
settlement
process
and
all
that
to
eventually
turn
it
back
into
like
uscc,
where
they
could
mint
more
dive,
for
example,
does.
B
B
But
you
still
can
pretty
quickly
get
these
things
back
in
the
fiat
and
get
them
back
into
us
dollars,
and
we
also
can
make
that
easier
for
folks
we're
working
right
now
on
increasing
the
liquidity
of
each
of
these
products
on
unit
swap
and
having
a
large
amount
of
liquidity
from
each
product
to
true
usd
such
that
such
that
market
makers
or
liquidity
providers.
Don't
necessarily
have
to
do
that
forex
transaction
themselves.
They
can
just
do
it
directly
with
unit
swap
much
more
quickly
and
then
you
know
do
whatever
they
want.
D
Question
yeah,
then
that
answers
my
question
I
mean
I
would
encourage
that
just
because
it's
obviously
there's
you
know,
platforms
like
curve
or
balancer
that
might
be
less
price
impact,
so
yeah.
I
would
encourage
more
liquidity
in
that
way,
because
that
way,
the
market
maker
can
quickly
turn
it
and
to
die,
and
you
know,
provide
more
liquidity.
B
Yeah,
okay,
so
this
is
the
actual.
This
is
what
the
process
looks
like
for,
purchasing
and
redeeming
these
products.
So
you
just
create
an
account
in
our
application.
You
can
go
to
trustokin.com
and
I
think
that
many
folks,
because
for
a
lot
of
years
there
was
only
tether
and
it
wasn't,
it
wasn't
very
easy
to
purchase
and
redeem.
So
I
think
a
lot
of
folks
have
gotten
have
not
realized
yet
just
how
easy
it
is
to
mint
and
redeem
products
like
sure
usd,
but
you
screen
an
account.
B
Then
our
systems
will
mentor
usd
for
you
directly
and
similarly,
with
redeeming
true
usd
you
put
in
your
bank,
account
information
and
then
we'll
give
you
a
unique
ethereum
address
to
just
send
free
usd
to
and
as
soon
as
the
triosd
gets
to
that
address,
our
banking
partners
will
send
an
outgoing
wire
to
you
and
it's
a
very
similar
process
for
true
gdp.
True
aud
to
cad
and
so
on.
B
B
B
Yes,
so
we
actually
have
a.
We
actually
work
with
multiple
banks
in
order
to
make
it
easy
for
different
users.
So
we
do
we
bank,
with
silvergate,
we
bank,
with
prime
trust
in
nevada,
and
we
also
have
an
account
with
legacy
trust
in
hong
kong,
which
many
of
our
asian
customers
use
because
it's
you
know
it's
closer
in
terms
of
banking
hours
and
it's
faster
for
them
than
wiring
to
the
us.
So
we
we
have
all
three
of
those
options.
A
B
So,
unfortunately,
we
don't
have,
we
don't
have
banks
there,
yet
we
right
now
just
have
banks
in
the
u.s
and
then
one
bank
in
asia.
At
some
point,
we'd
like
to
have
a
bank
in
europe
as
well,
and
so
the
way
that
these
products
work
is
these
ones,
for
example,
are
being
offered
through
the
through
our
bank
in
hong
kong
that
has
multi-currency
accounts
and
the
it
is.
B
B
D
C
Yeah,
the
other
currencies
are
definitely
not.
Instruments
like
we
have
is
true
usd.
This
is
something
that
we
are
slowly
adding
by
adding
just
more
banking
partners
and
more
through
the
trust
companies
more
banks,
but
it
needs
to
have
a
certain
volume
before
it
really
makes
sense
for
a
bank
to
kind
of
set
this
all
up,
and
this
is
where
it's
kind
of
like
chicken
and
egg
problem
at
the
moment,
where
we
kind
of
like
slowly
adding
something.
B
Right
now,
it's
difficult
for
us
to
convince
silvergate
or
prime
trust
or
some
of
the
other
banks
to
add
instant
support
for
foreign
currencies.
If
they're
wondering
well,
is
there
really
going
to
be
enough
volume?
So
I
think
if
we
can
show
them
more
purchases
and
more
redemptions
happening
of
these
currencies,
then
I
think
that
we'll
be
more
able
to
convince
them
of
that.
B
Well,
so
we
there
are
a
couple
of
other
european
currencies
that
we
may
do
at
some
point.
Euro
is
obviously
a
big
one.
It's
a
little
bit
more
difficult
because
it's
got
a
negative
interest
rate
and
there
are
also
some
regulatory
things
we
have
to
figure
out
before
launching
euro,
and
then
there
are
some
smaller
european
currencies,
such
as
swiss
franc,
a
lot
of
the
asian
currencies.
B
We
can't
do
because
of
regulatory
reasons.
Many
of
them
have
restrictions
around
the
usage
of
their
currencies,
and
so
we
won't
be
able
to
do
like
a
tokenized
renminbi
or
anything
like
that.
We
could
potentially
do
something
like
singapore
dollar,
but
I
think
we're
right
now.
We're
still
focused
on
just
increasing
the
the
usage
and
the
support
within
d5
of
some
of
the
currencies
that
we
already
have
and
then
probably
adding
some
more
ones
such
as
europe.
C
True
yeah,
I
mean
I
can
yes,
but
I
think
it
might
be
better
to
talk
about
the
question
that
matthew
just
put
in
the
chat
here.
The
truth
said
that
half
a
second
there
truegold
has
been
created
for
most
likely
for,
like
it's
not
most
likely
legacy.
Trust
has
asked
us
to
create
a
true
gold
version.
We
didn't
necessarily
want
to
create
true
gold,
because
it's
a
more
difficult
market.
C
However,
some
of
the
larger
pension
funds
actually
are
looking
for
a
true
gold
version
where
it's
actually
gold
held
in
the
trust
somewhere
and
they
can
buy
parts
of
actual
physical
gold
and
not
gold
contracts,
so
we're
testing
this
out
at
the
moment
internally.
This
is
when,
if
that
test
all
works
out
and
the
market
actually
is
proven
out,
then
it
will
be
more
externalized
and
it's
more
for
other
people
and
other
people
can
actually
invest
into
gold
as
well.
C
However,
the
question
that
matthew
had
here
over
negative
interest
rates,
so
at
the
moment
we
are
not
exposed
to
negative
interest
rates.
The
the
funds
are
held
in
accounts
that
are
paying
zero
percent
interest
rates
for
the
foreign
currencies.
However,
we've
been
working
with
the
different
investment
managers
of
the
trust
companies
trying
to
find
solutions
for
us
in
order
to
make
sure
that
we
always
can
maintain
at
least
zero
percent,
but
we
actually
were
able
to
find
now
able.
C
We
are
able
to
find
some
opportunities
where
it
will
be
one
percent,
two
percent
in
the
range
of
one
percent
or
two
percent
by
combining
multiple
different
from
financial.
What's
my
what's
the
word,
I'm
looking
for
instruments,
thank
you
very
much.
They
have
a
lot
of
financial
instruments
in
the
background
to
to
make
sure
that
a
we
are
always
on
power
that
the
money
is
sitting
in,
for
example,
gbp
in
the
bank
account,
but
we're
not.
Actually
we
don't
have
we're
not
exposed
to
any
negative
interest
rates.
B
B
C
C
That
is
only
for
people
in
the
u.s,
but
we
cannot
actually
issue
it
to
anybody
on
the
european
side,
and
this
is
just
the
the
way
the
regulatory
setup
at
the
moment
works
and
we're
trying
to
find
the
middle
ground
somewhere,
trying
to
figure
out
how
we
can
actually
launch
something
that
makes
sense
for
everybody
in
the
world
and
not
just
like
a
sub
section
of
it.
It's
a
little
bit
more
complicated.
C
B
Okay,
I
want
to
make
sure
that
we've
got
enough
time
for
the
munaswa
team
to
give
their
presentation,
but
thank
you,
everyone
for
your
time
and
attention,
thank
you,
akash
and
other
folks
for
the
good
questions
and
we're
available
we're
on
the
maker
forum
and
also
feel
free
to
reach
out
to
us
directly.
If
you
have
any
questions,
I'll
put
my
email
address
in
the
chat
as
well.
If
anyone
has
more
questions,
I
want
to
follow
up
on
after
the
call.
E
So
I
I
am
jessica
solomon.
I
actually
used
to
work
for
maker
down
myself.
I
started
my
career
and
watching
there
in
december
of
2017.,
so
it's
really
exciting
to
present
now
from
the
outside.
It
sort
of
shows
how
cool
the
virtual
circle
of
d5
really
is.
So
I'm
going
to
go
ahead
and
just
share
some
slides
as
to
what
mooney
swamp
is
and
then
the
liquidity
pool
tokens
that
we're
presenting
them.
E
So
the
one-inch
team
we're
fast-moving
and
mission-driven
to
benefit
decentralized
finance.
So,
if
updates
are
coming
out
super
fast,
so
you
know
pay
attention
to
our
twitter
and
see
what's
going
on
so
mooneyswap
just
in
case,
you
guys
don't
know
what
it
is
because
we
did
launch
it
in
just
a
few
weeks
ago.
Actually,
in
august,
is
a
new
automatic
market
maker
to
increase
liquidity
provider.
E
So
we're
excited
to
be
a
part
of
this
sort
of
automated
market
maker
revolution,
so
we
know
swap
uses
virtual
balances
to
enable
liquidity
providers
to
capture
profits,
otherwise
captured
by
arbitrage.
So
this
slows
down
price
changes
to
prevent
arbitrage
traders
from
earning
up
to
100
percent
on
the
top
privileges.
E
E
F
E
Go
ahead,
yeah,
certainly
so
yeah
by
the
way:
that's
okay,
our
lord
and
savior
and
ceo.
So
he's
the
kind
of
man
of
the
hour
here
so
yeah
and
also
I
did
go
ahead
and
share
this
in
the
chat.
If
you
guys
want
to
take
a
look
on
your
own
time
at
any
point,
but
moving
on
from
this
just
some
stuff
about
one
inch
mission,
you
don't
really
need
enough
philly
chill
all
this
but
high
gas,
typical
savings,
redistributing
profit,
etc.
E
I'm
happy
to
see
you
guys
benefit
from
all
our
cool,
of
course,
so
yeah
and
now
on
to
our
actual
application,
so
the
first
application
for
a
collateral
that
we
put
in
with
the
mini
swap
liquidity
pool
token
of
each
usbc
collateral.
That's
the
link
to
the
application
that
I
wrote
if
you
want
to
check
that
proposal
out
next
mooney
swap
liquidity
pool
token
of
east
usdt
collateral
and,
lastly,
the
money
swap
liquidity
pool
token
of
east
to
wctc
collateral.
E
So
this
is
because,
in
the
pool
sale
of
usdc
for
east,
the
loss
is
not
as
great
as
it
would
be,
with
only
e
and,
of
course,
the
same
principle
would
apply
for
east
and
usd
secondly,
pools
in
which
fees
outperform
impermanent
loss
in
the
long
run
will
be
worthwhile
and
add
additional
protection
to
the
cattle
back
and
die
for
additional
production
to
die
as
liquidity
pools
earn
value
by
collecting
trading
fees.
So
the
collateral
actually
grows.
E
F
So
jessica
is
going
to
show
you
one
of
our
pools.
This
is
ethereum
chi
pool
you
haven't
heard
about
the
qi
token,
it's
our
gas
token
to
leverage
the
gas
costs
and
with
a
small
liquidity
here
and
not
huge
volume.
We
achieved
really
huge
apr
in
the
pool
because
of
our
special
implementation,
which
description
balances,
which
allows
to
let
the
repeat
providers
earn
more
than
the
traditional,
for
example,
0.3,
percentages
of
pool
fee
and
union
as
well.
So
you
see
we
did.
F
We
have
0.15
there
sophia
in
this
pool.
We
had
210
dollars
or
in
liquidity,
pool
fees,
and
we
did
additional
2895
dollars
just
based
off
this
special
implementation
and
we
really
pitch
providers
earned
on
the
price
leverage
instead
of
the
arbitrage
traders,
which
would
be
normal
on,
for
example,
unisov
or
balancer
polls.
F
F
So
we
have
more
to
my
solution
here
for
the
people
who
would
use
this
collateral
this
liquid
to
pull
tokens
collateral,
they
earn
on
each
trade
yeah.
They
earn
on
high
price
leapages
and
and
how
jessica
already
explained
on
big
pumps
or
dams,
the
pool
balance
the
the
the
value
of
the
poles
and
sell,
for
example,
if
to
to
use
dc
in
in
if
you
use
dc,
pool
and
the
other
way
around
us,
it
works
as
well
in
the
same
manner.
E
And
I
went
ahead
and
posted
that
link
to
what
I
was
just
showing
in
the
chat,
if
you
guys
want
to
check
that
out
on
ground,
timer
right
now
so
akash.
What
is
the
asset
values
of
these
mini,
swap
liquidity
tokens
at
what
are
the
max
availabilities
and
what
it
will
make
sense
to
mint
dye,
and
also
do
you
also
have
a
dipole.
We
do
have
a
diagonal
but
I'll.
Let
sergey
actually
expand
so.
F
With
a
max
stability
fee
would
be,
I
can't
really
answer
right
now,
so
we
are
open
for
suggestions.
So
actually
you
you
support
already
if
and
you
support
already
use
dc.
This
is
kind
of
combination
of
that.
So
at
least
you
will
have
similar
stability
fees
or
maybe
better,
because
you
have
lower
risks
yeah
if
you
comparing
to
just
having
only
if
collateral
so
this.
D
Sorry,
what
like
the
assets?
What's
the
total
size
of
the
assets
for
these
pools,
and
I
guess
the
another
question
kind
of
related
to
that
is
like.
Obviously,
these
people
would
be
taking
these
liquidity,
pools,
minting
dye
and
selling
back
into
creating
more.
They
would
be
like
levering
up
right.
So
what's
the
expectation
of
leverage
that
you
guys
would
end
up
having.
F
D
Yeah
so
like
the
basic
idea
of
why
these
liquidity
pool
tokens
like
why
you
guys
want
it
as
a
collateral
is
so
you
can
mint
dot
and
then
go
and
buy
more
eath
and
buy
more
usdc,
put
it
in
munis,
totally
swap
yeah
and
then
yeah
this
whole
cycle
of
leverage
right.
So
the
I
guess.
The
question
is:
what
is
the
expectation
of
leverage
that
you're
going
to
introduce
in
the
system
I'm
just
trying
to
get
a
handle
on.
E
That
and
like
issue
yeah,
I
understand
what
you're
asking
so
sergey.
What
he's
asking
is
essentially,
how
much
are
people
going
to
be
able
to
die
against
these
equipment?
Pools
like
how
many
liquidity
pool
tokens
are
out
there?
What's
the
sort
of
volume
right
now
or
what
do
we
expect
the
volume
to
be
so
internal
effects,
how
much
they
can
make.
F
F
So,
based
on
the
volume
we
have
in
the
last
in
the
last
24
hours,
we
did
like
three
and
a
half
millions
of
dollars,
volume
along
on
the
moon
swap,
but
we
reached
all
also
like
80
millions
in
a
day
of
volume
and
if
you
go
from
current
numbers
like
75
millions
of
dollars
in
the
total
liquidity
provided
into
the
money
swap
at
least
multiple
millions
of
dollars
would
be
used,
I'm
pretty
sure.
So
we
are
also
taking
talking
with
several
traders.
F
E
F
F
E
E
G
G
Like
my
main
concern,
I
guess
is
right,
so
so
you
guys
just
want
it
on
board
it
right,
I'm
thinking
more
in
terms
of
kind
of
stability
fees.
You
know
where
do
we?
Where
do
we
price
these
things
right?
So
it's
not
just
money
swap
right,
you
know,
there's
there's
the
other
liquidity
token
pools
as
well,
and
we
haven't
quite
nailed
down
a
strategy
yet
for
for
what?
What
is
the
best
way
to
price?
Something
like
that
and
what
is
the
best
way?
G
F
F
I
mean
I
mean
how
to
calculate
the
value
of
the
of
the
liquidity
pull
token.
It's
actually
quite
easy.
Just
you
have
the
all
the
prizes
already
in
your
oracle
systems.
You,
you
just
get
the
values
of
both
tokens.
You
balance
the
pool
and,
based
on
this
information
you
can
you
have
the
value
of
the
liquidity.
F
D
Yeah,
but
but
nick
to
that
point
like
I
guess,
I'm
a
little
confused
as
to
theoretically,
at
least
what
the
real
danger
is.
I
mean
like
what
I
imagine
happening
is
like
wiring
or
whoever
the
wifey
guys,
whatever
creating
an
automated
system
where
they're
taking
these
liquidity
provider,
tokens
minting
dye,
putting
it
in
like
their
version
of
y
curve
and
getting
a
high
interest
rate,
and
all
of
that
is,
like
industrial
scale,
managed
right
and
it's
kind
of
gas
efficient.
Also,
but
maybe
I'm
wrong.
G
Now,
there's
low
risk,
as
you
think,
the
consequences
of
their
strategies
haven't
really
shown
themselves
yet
in
terms
of
losses
for
users,
but
their
strategies,
you
know,
rely
on
liquidity
being
there
to
unwind,
and
if
that
liquidity
they
locked
up,
is
taken
by
someone
else,
then
they
can't
unwind
their
position
and
they're
stuck
then
in
their.
You
know,
at
the
mercy
of
the.
G
G
G
Sorry,
in
no
way
am
I
arguing
that
we
shouldn't
be
adding
lp
tokens.
I
think
actually,
it's
would
be
a
great
way
to
boost
I
supply,
but
I
would
just
advocate
for
a
cautious
approach.
Right,
limited
debt
ceilings,
higher
collateralization
ratios
higher
stability
fees
until
we
and
then
kind
of
tune
it
from
from.
H
Comments
actually
at
one
it
do.
We
expect
that
that
type
of
usage
for
this,
the
type
of
user
would
end
up
doing
what
we
saw
back
in.
I
guess
maybe
2019
in
single
collateral
die
like
they
would
just
use
it
to
lever
up
on
the
liquidity
pool
tokens,
therefore,
selling
the
die
on
the
market
and
hopefully
bringing
the
peg
back
into
balance.
Do
we
expect
that
to
be
more
the
case
for
this
than
other
collaterals
that
we
currently
have.
G
Sure,
but
the
thing
is
you're
only
looking
at
you
know
when
you
say:
oh,
it
would
help
restore
the
pick.
It
only
restores
the
pack
when,
at
the
entry
point
right
at
the
point
where
people
see
a
bunch
of
yields
lock,
you
know
provide
liquidity
and
leverage
up
on
that
liquidity
right
using
maker
when
that
yield
decreases
right
or
when
there's
a
more
tasty
yield
somewhere
else
right,
they'll
unwind
their
position
and
if
anything
it,
I
think
it
will
just
increase
the
volatility
of
of
of
the
diet.
G
I
don't
think
it'll
actually
help
it
one
way
or
another
because,
as
we've
seen,
you
know
with
all
of
this
yield
farming
kind
of
liquidity
stuff.
You
know
where
you
see
tdl's
balloon
up
in
you
know
eight
hours
from
zero
to
you
know:
250
million
back
down
to
zero
right
as
soon
as
the
next
yield
form
gets
going.
H
B
D
Yeah
I
mean
I
think
we
have
to
be
realistic.
Like
the
new
die.
That's
minted
is
probably
going
to
end
up
in
some
y
curve
pools,
so
it
would
theoretically
decrease
the
price
back
to
one.
It
would
help
stabilize
die
for
that
moment
now.
Obviously,
when
they're
rebalancing
and
stuff
like
that,
they're
pulling
dye
to
do.
E
That
yeah,
I
agree
and
also
raphael.
I
noticed
that
you've
commented
that,
in
general,
liquidity
pool
took
and
seemed
similar
to
a
50-50
combination
of
the
two
underlying
assets.
So
that
is
quite
true.
However,
of
course,
you
want
to
take
into
account
the
kind
of
additional
rewards
or
the
kind
of
fees
that
the
liquidity
providers
earn
and
the
formal
facility
pool
tokens.
So
that's
a
bit
of
a
small.
B
Yeah,
I
agree.
I
think
that
for
some
for
for
some
assets
like
if
that
liquidity
pool
contains
ether,
then
the
volatility
of
the
ether
is
probably
going
to
be
a
larger
factor
than
the
interest
that's
generated
from
the
fees.
But
I
guess
there's
a
lot
of
trading
volume.
That
might
not
be
the
case,
but
then
for
other
assets
like
if
it's
two
stable
coins
against
each
other,
then
it's
probably
gonna
be
low
volatility
and
the
the
fees
may
actually
be
dominant
in
terms
of
what
is
affecting
the
price
of
that
lp
token.