►
From YouTube: Collateral Onboarding Call #45 | Backed-Finance
Description
MakerDAO Forum Post: https://forum.makerdao.com/t/collateral-onboarding-call-45-backed-finance/16420
Application Summary
Backed-Finance has applied to onboard Swiss-law tokenized short term bond ETFs held as on-chain, permissionless securities. The tokenized ETFs are backed 1:1 with the underlying asset.
The MIP6 application 6 is targeted to start its Greenlight polling on 18-July.
https://forum.makerdao.com/t/mip-6-declaration-of-intent-invest-in-short-term-bonds-proposal-for-implementation/16185
A
Hello
maker
dell
community.
Thank
you
for
joining
the
45th
collateral
onboarding
call.
Today
we
have
another
exciting
project,
backed
finance
with
one
of
the
co-founders
here,
adam
to
explain
a
little
bit
about
how
they
are
tokenizing,
etfs,
backed
one-to-one
with
a
swiss
association.
I
believe,
before
I
get
into
too
much
detail
or
confuse
anybody.
Let
me
just
go
ahead
and
say
that
questions
are
encouraged.
A
Please
feel
free
to
use
the
race
hand
feature
if
you'd
like
to
come
on
stage
and
have
a
more
in-depth
discussion
towards
the
end
of
the
call,
otherwise
drop
your
questions
in
chat
and
we'll
be
happy
to
address
them
during
a
break
in
the
action.
So
with
that
on
the
floor
over
to
adam,
please
take
it
away.
B
Thank
you.
Thank
you,
hello,
make
your
community
I'm
adam,
I'm
a
co-founder
at
beck
and
I'm
here
to
present
you
our
basically
the
company
and
our
proposal,
and
before
we
start
I
have,
as
you
can
see
a
short
little
disclaimer
as
we
all
know
and
love,
and
so
you
don't
have
to
read
anything
unless
you're
really
into
it.
But
I
will
say
a
few.
Let's
say
the
major
points
back
is
not
a
selling
issuing
offering
to
u.s
persons.
B
So
maybe
just
the
context
before
we
begin
basically
back
is
trying
to
breathe,
to
build
a
bridge
or
to
bring
real-world
assets
on
chains
and
and
and
the
important
thing
to
understand
is
that
we're
trying
to
do
it
in
in
a
way
that
is
both
compliant
and
backed
one-to-one
by
the
that's.
That's
what
we're
trying
to
do
so
I
will.
B
I
have
a
double
bachelor's
in
electrical
engineering
in
physics
and
I
have
a
phd
in
theoretical
physics
and
and
I
was
the
cto
in
the
outback
for
four
years,
so
I
know
crypto
read
to
the
beats
and
and
and
the
three
of
us.
You
know
we
start
together
and
and
we
try
to
come
up
with
ideas
to
do
a
new
crypto
venture
and
one
of
the
things
that
we
looked
at
was
the
stablecoin
market,
and
you
can
see
the
growth
here.
B
Actually
it's
better
to
look
at
this
at
this
roughing
in
low
scale.
But
I
think
even
that
is
impressive
and
well.
This
is
the
maker.
Now,
of
course,
I
don't
have
to
tell
you
about
center
coins,
and
but
the
you
know,
the
stable
coin.
Revolution
really
touched
off
free
both
in
the
you
know,
in
the
personal
level
and
who
you
know,
those
of
you
who
were
in
crypto
before
stable
coins
knew
how
hard
it
was,
and
basically
it
was
mostly
like
cheats.
B
B
So
we've
looked
at
this
revolution
and
specifically
to
be
honest,
we've
looked
at
at
certainly
so.
The
the
thing
that
that
really
touched
us
is
the
the
fact
that
circle
and
was
able
to
do
that
in
a
way
that
is
very
compliant
with
all
you
know,
all
the
licensing
and
everything
in
the
in
the
states,
and
so
we
thought
okay.
This
is
a
a
huge
move
for
crypto
and
the
obvious.
B
B
So
basically,
swiss
legislator
said
that
if
you
are
allowed
to
issue
a
swiss
security,
then
as
a
bank
note,
then
you're
also
allowed
to
issue
it
as
as
a
token
and
then
don't
really
mind.
It's
the
same
thing
for
them,
and
so
this
was
let's
say
the
first
crack
that
we
had
and,
and
it
was
it
was,
you
could
call
it
the
first
building
block,
but
it's
it's
really
the
beginning.
So
how
do
we?
B
It
is
basically
we
that
we're
wrapping
it
in
our
swiss
security,
so
you
can
think
of
it
like
rap,
bitcoin
or
rap
ether,
and
it's
actually
very
close
and
in
in
the
idea,
not
in
the
you
know,
regulation
and
basically,
if
if
let's
say
we
have
a
tesla
share
and
so
the
we
have
a
debt
product
a
structured
product
and
which
is
that
product
in
in
switzerland,
which
is
tagged
to
the
share.
So
let's
say
someone
one.
Someone
now
wants
to
buy
a
tesla
token.
B
It
means
basically
that
they're
buying
into
a
bond
that
is
pegged
to
the
price
of
the
tesla
with
our
swiss
issuer
and
the
fish
issuer
is
actually
committed
to
buying
the
underlying
so
buying.
The
actual
tesla,
if
there's
a
share
and
put
it
in
a
swiss
custody
and,
more
importantly,
this
this
share
is
actually
a
pledge
to
the
debt.
B
So
you
are
not.
The
buyer
is
not
exposed
to
the
issuer,
so
even
if
the
issuer
goes
bankrupt,
it's
okay,
because
because
the
there
is
a
third
party
which
is
a
security
agent
that
is
taking
over
the
custody
account
that
is
paying
to
the
token
holders.
So
it's
a
very
secure
and
let's
call
it
structuring,
and
so
you
can
see
here
in
the
diagram.
Basically,
we
have
the
underlying
asset.
This
could
be
like
the
tesla.
B
We
wrap
it
as
a
structured
product
and
and
basically
the
structure
product
is
issued
to
the
client
in
in
as
an
erc20,
and
another
important
aspect
is
that
this
is
basically
a
retail
product.
So
what
we've
done
and
much
of
you
know
much
of
the
work-
was
that
we've
filed
and
approved
a
prospective
er
er
er
with
the
fmr
and
then
listenstein,
which
is
under
european
union
law,
and
so
these
securities
would
be
retail
addressable
as
long
as
you're,
not
from
the
u.s,
and
so
that's
questions.
This
is
something
and
assume.
C
B
So
I'll
move
forward
so
maybe
to
dive
a
bit
a
bit
further,
and
this
is
the
the
product
flow
that
you
can
think
of
and
again,
let's
say
there
is
a
and
and
a
buyer.
An
investor
just
want
to
buy
a
share
this
one,
and
so
they
have
to
issue
a
tesla
token.
We
go
and
buy
the
tesla
share,
with
our
broker
put
it
in
in
custody
and
we
and
we
issue
the
token
to
the
investor
and
we
are
charging
fees.
Basically,
the
business
model
is
that
we
are
charging
fees
on
issuance
and
redemption.
B
Sorry,
who
is
the
clearing
fan?
So
basically
you
know
we
have
the
the
the
the
paying
agent,
which
is
us.
We
have
the
broker
that
we
have
several.
For
example,
you
can
imagine
interactive
brokers
and
offload
traders
when
we
buy
the
so
we
can
so
we
buy
the
tesla
share
with
you
know,
a
very
big
broker
like
flow
traders
or
or
or
an
interactive
broker,
and
we
put
them
in
a
swiss
castle.
B
I
think,
then
the
question
is
answer
so
so
again,
just
to
to
repeat
the
same
way
that
if
you
get
usbc
on
unisop
I'll
I'll
get
back
to
this
about
ftf
the
same
the
same,
the
same
the
same
and
if
you
get
used
to
seeing
new
swap
if
you
go
to
circle
and
you
want
to
redeem
them
and
you
want
to
redeem
it,
you
have
to
go
ml
with
circle.
It's
the
same
thing
with
us.
Our
product,
actually
l
pro,
is
actually
very
different
from
the
ftx
one.
B
First
of
all,
ftx
is
basically
a
synthetic
derivative,
so
they
are
actually
not
committed
to
buying
the
underline
and
they
can
buy
the
other
or
not.
But
you
are
exposed
to
the
issuer
and
the
issuer
does
not
have
to
to
buy
the
ammonia
on
on
another.
Another
thing
is
that
at
least
for
now,
ftx
did
not
release
their
product
as
really
freely
transferable
tokens,
and
they
may
do
that
in
the
future,
but
for
now
they
don't,
and
so
that's
that's
the
differentiation
between
us
and
sdx.
A
B
So
these
are
very
good
questions,
so,
basically,
on
the
day-to-day,
the
security
agent
does
nothing
okay.
So
it's
not
that
you
have
the
security
agent
risk
and
the
security
agent.
This
is
a
well-known
structure
in
switzerland
and
basically
we
have
the
issuer
and
the
securities
agent
is
a
third
party
that,
at
the
end,
that
is
basically
supposed
to
to
watch
the
issuer
and
if,
at
any
point
we
do
not
hold
our
commitment.
B
The
securities
agent
is
a
swiss
again,
a
third
party
swiss,
a
a
company
that
that's
all
they
do
basically
and
they're
they're,
just
a
security
station,
that's
the
service
they
provide
for
swiss
issues
and
it's
called
sis
and
you
can
see
all
the
details
on
on
our
partners
is
actually
in
the
prospectus
and
that
you
can
read
and
it's
only
100
something
pages
and
so
which
I
I
understand.
It's
a
show
for
your
perspective.
B
A
B
A
B
B
Okay,
so
the
the
nice
thing
again
when
we
started
the
important
thing
about
this
product
is
at
the
end,
you're
getting
an
erc20
token,
and
that
is
freely
transferable
and
you
can,
you
know,
just
send
it
to
everyone
around
the
world.
24
7
and
you
can
trade
its
attractions.
This
is
really
changing
the
way
securities
are
being
handled
today.
B
C
A
B
Wrapping
bitcoin
as
a
banknote
and
letting
people
that
like
to
buy
banknotes
by
bitcoin
by
a
banknote
and
say
in
the
form
of
an
atp
or
or
other
ways,
but
we
are
addressing
you
know,
a
growing
generation
that
is
that
likes
to
consume
their
financial
products
as
tokens,
and
we
want
to
bring
them
the
you
know
the
the
the
huge
market
in
a
financial
financial
market
on
change,
so
it
would
be
easy
for
them
to
to
to
trade.
You
know
in
a
way
that
they
they
like.
B
So
that's
one
type
of
that's
one
type
of
users
and,
of
course
you
know
the
the
the
these
users
they
also
like
to
accept
from
trading
24,
7
and
attractions.
They
can
use
their
tokens
as
collateral,
let's
say
with
maker,
or
they
can.
You
know,
use
them
in
compound
and
just
to
take
a
loan
against
that.
B
B
But
but
actually
most
of
the
world
cannot
er
and
it's
not
just
you
know,
markets
that
do
not
have
the
money
to
buy
and
that's
actually
you
know
you
have
you
have
much
of
latin
america.
Brazil
specifically,
they
just
cannot
access
the
market
unless,
if
you're
like
really
really
rich
and
we're
talking
about
far
east
asia,
and
so
so
there
is
a
a
huge
population
that
cannot,
you
know,
invest
or
or
manage
the
wealth
and
whatever
you
want
to
call
that
they're.
Just
you
know.
A
B
Let's
say
the
long-term
goal:
this
is
the
most
important
for
us
and
the
untapped
markets
and
of
course
you
know
most
related
to
this
call
is
the
defined
down
and,
to
be
honest,
I
I
see
dolls
and
I
was
you
know
four
years
of
down
stack,
and
so
I
see
downs
as
as
the
new
institution.
So
it's
the
same.
The
same
way
that
you
know
there's
in
three
five
you
ever
had
a
pension
fund.
B
As
the
institutionals
I
see
downs
like
the
the
the
huge
players
of
crypto
and
and
maker
is
you
know,
like
maybe
the
biggest
on
that
and
and
this
this
kind
of
players.
Again,
as
I
said
they,
they
the
only
way
that
they
can
they
can
access
a
real-world
asset
is,
is
or
the
best
way
for
them
to
access
real-world
assets
if
they
can
continue
it
via
tokens
and
that's
what
we're
trying
to
do.
C
B
So
let
me
speak
a
bit
about
the
proposal
to
make
here
so
specifically
we're
talking
about
an
and
you
know
an
ibt
etf,
ibc
atf
is
issued
in
ireland
by
blackrock
and
it's
basically
investing
in
treasury
bills
and
u.s
treasury
bills,
and
so
it's
a
very
safe
product.
You
can
call
it
and
and
we're
creating
or
issuing
bibta,
which
is
basically
again
structured
product
by
backed
around
the
ibt
atf
and
we're
proposing
to
make
here
basically
to
to
allow
the
token
holders
to
use
it
as
collateral
and
the
proposal
again.
B
This
the
specification
is,
of
course
the
technical
specification,
of
course
is
debatable,
but
this
is.
This
is
just
a
suggestion
that
we
have
a
b
ibt
apfm,
similar
to
the
one
that
you
have
with
usbc,
only
idta
only
of
course,
because
ibta
is
not
one
to
one
with
dime,
you
will
need
a
price
oracle
and,
and
every
every
token
holder
will
be
able
to
send
the
ibk
tokens
to
the
psm
and
get
a
die
for
it
and
maker
will
be
able
to
control
the
flood.
B
C
B
The
ibta
is
something
that
we
understood
that
the
maker
community
wants,
but
it's
not
the
the
heart
of
the
proposal.
If
make
you
and
we
decide,
you
want
like
another
asset.
That's
you
know,
that's
not
a
big
deal
for
us
and
we
are
also
issuing
other
products.
You
know
we're
doing
tesla
and
alibaba.
That's
the
first
batch
of
products
that
we
are
issuing.
B
I
see
a
question
here:
how
would
pricing
work
and
when
trading
on
unislow?
Okay,
that's
a
very
good
question
and
basically
uni
swap
is
a
secondary
market.
So
we
are,
we
cannot
control
and
we
do
not
control
the
the
the
secondary
market,
of
course,
and
the
and
the
price
there
could
fluctuate.
You
know
whatever
from
the
from
the
from
the
primary
market,
but
the
way
the
tag
is
capped
is
basically
by
having
the
you
know
the
the
the
the
users
able
to
buy
and
sell.
B
Also
by
us
it
means
that
if
the
price
fluctuates,
then
you
get
some
kind
of
an
arbitrage.
And
so
let's
say
the
price
of
tesla.
Now
is
a
thousand
dollars
in
in
in
unison
700
in
the
market,
so
anyone
can
buy
with
us
and
sell
on
new
swap
and
just
closing
the
advertising,
thus
keeping
the
peg
and-
and
I
will
say,
though,
that
this
is
only
true
when
the
market
is
open.
We
do
not
issue
a
redeem
when
the
market
is
closed.
B
That's
very
important
because
we
do
not
take
financial
position,
but
actually,
if
you
think
of
it,
this
is
not
a
bug.
This
is
a
feature
because
then,
what
you're
getting
is
you're
actually
getting
a
price
discovery
for
tesla
or
for
something
else
on
a
sunday,
which
is
what
we
want.
Okay,
so
let's
say
that
now
a
tesla
you
know,
tesla
factory
got
burned
on
sunday.
You
know
in
the
in
in
the
new
york
stock
exchange,
the
price
of
tesla
doesn't
change,
but
you
will
see
on
the
second
market.
B
A
B
B
But
the
regulated
ones,
so
it's
very
similar.
That's
that's
the
process,
but
again
we
assume
that
the
same
with
circle
and
usbc
most
customers
will
actually
not
buy
or
redeem
directly
with
us,
but
rather
we
you
will
get.
Let's
say
I
don't
know
five,
ten,
very
professional
players
that
will
just
keep
the
peg
and
close
the
arbitrage
and
most
players
will
just
play
in
the
secondary
market.
That's
how
we
assume
that
this
will
take
place.
A
B
A
C
B
The
the
market
kept
there,
which,
which
is
pretty
large,
but
not
huge,
but
it
doesn't
really
matter
because
you
know
you
have
to
think
about
the
underlying
of
of
the
ibta,
which
is
u.s
treasuries,
which
is
a
huge
market.
So
basically
you
get
almost
infinite
liquidity
and
that's
that's
the
important
thing
here.
C
B
B
Yeah
so
vibta
is
not
launched,
so
the
market
cap
is
is,
is
zero,
but
but
the
maker,
you
know
we
hope,
will
not
be
the
only
project
or
or
a
person,
and
that
is
investing.
We
all
will
offer
this
to.
You
know
all
our
customers
and
we
are
already
getting
actually
much
thing
to
make
a
proposal
that
we're
already
getting
many
other
projects
that
would
like
to
you
know
hop
on
the
same
product.
So
so
the
answer
is
no,
you
will
not
be
the
only
ones.
C
A
B
So
so
again,
we
are
not
issuing
the
etf
we're
using
a
structured
product
around
this
specific
etf,
and
we
will.
You
know,
issue
more
and
more
tokens
later
that
you
can
build
your
portfolio
with
so
we
you
know
the
same
way
that
we
will.
We
bring
this
etf
basically
to
allow
people
to
get
exposed
to
this
product
that
is
following
a
usa
treasury.
Then
we
will
do
another.
B
So
we
are,
you
know
we
will
have
many
products,
many
tokens
and
you
will
be
able
to
just
build
your
own
portfolio.
I'm
guessing
you
know.
You'll
have
things
like
set
protocols
that
are
building
etfs
on
chain
with
our
tokens
again,
we,
the
the
idea,
is,
if
you're
trying
to
create
financial
primitives
in
the
form
of
tokens.
That's
the
the
way
you
should
look
and-
and
we
will
not
basically
try
and
do
compositions
for
specifically
for
making,
but.
C
B
A
As
a
pros,
following
up
in
the
chat,
I
just
would
like
to
cut
in
line
with
a
quick
question
and
ask:
are
you
working
with
any
other
projects
or
do
you
have
any
other
projects
on
the
roadmap
to
work
with
and
a
similar
partnership
with
maker,
or
is
it
solely
focused
on
the
makers
ecosystem?
Right
now,.
B
No,
no,
it's
not
so,
as
I
said
you
know
it's
the
same,
you
know
you
could
I
think,
whatever
question
you
address
last,
I
think
you
should
just
the
easy
answer
is
just
think
about
certain
you
know
so
circle
is
not
did
not
create
usbc.
Just
for
making
you
know
makers
is,
is
a
in
a
sense.
It's
a
big
part
of
you
know.
I
think
you're
holding
4.5
billion
position
on
something
like
that
and
the
whole
market
is
like
50.
So
so
that's
a
big
chunk,
but
but
you
know
we
are
not
building
for
maker.
B
A
B
A
B
B
I
think
what
makes
it
a
good
product
but
as
part
of
the
terms
and
conditions
you
should
not
sell
them
to
yes
person
and
even
if
you
just
bought
them
on
the
secondary
market
and
not
from
us,
you
should
not
sell
them
to
us
persons,
and
if
you
are
a
us
person,
you
should
not
buy
them
also
in
the
second
market,
because
we
will
not
redeem
it
for
you
if
you
ever
want
to
redeem
it
with
us
okay.
So
we
encourage
this
person
to
not
take
part
in
this
product.
B
But
on
the
technique
to
you
know
to
to
stress
or
to
echo
the
the
technical
question,
there
is
no
limitation
on
the
technical.
It's
it's
a
legal
limitation.
There
are
actually
many
limitations
with
us
again.
If
you
want
to
work
with
us,
you
have
to
do
a
kyc
and
if
you're
a
u.s
person-
and
you
will
not
be
able
to
test
this
kyc
also,
you
know
the
the
issuance
website
or
redemption
website
is
just
closed
to
us
ideas.
You
know
we're
trying
to
do
the
best
we
can
to
avoid
users.
B
You
know
that's
mostly
up
to
whoever
operates
the
the
orca
and
again
the
the
this
specific
product
is
actually
traded
on
several
exchanges,
something
I
think
you
can
get
like
quite
a
bit
of
trading
hours
for
it,
and
but
but
yes,
probably
when
when
it's
when
trading
is
closed,
then
basically
it
will
be
according
to
to
the
closing
price.
But
you
know
it's
the
yeah.
The
idk
price
is
not
a
it's,
not
tesla.
You
know
it's
not
something.
That's
structured
in
the
end,
it's
a
it's
a
fixed
income,
very,
very
solid
product.
A
Got
it
and
I
think,
sticking
with
that
thread
then
I'll,
probably
also
just
threw
in
I
just
looked
up
the
performance
of
the.
I
shares
treasury
bond
one
two
three
year:
ucits
f
e,
f,
t
usc
and
the
inception.
It
has
only
returned
five
percent
over
the
past
looks
like
five
years.
So
can
you
provide
color
as
to
why
it
has
such
a
performance
level.
A
B
A
B
B
But
this
is
not
the
case
at
the
moment.
We're
not
trying
to
violate
anything
in
the
us,
so
this
will
restrict
equality,
but
I
think,
as
I
said,
I
think,
liquidity
outside
the
u.s
is
actually
much
bigger
and
has
much
demand.
You
know
most
people,
all
people
in
the
us
basically
can
buy
securities,
but
there
are
many
people
around
the
world
that
just
can.
So
I
think
this
is,
I
think
the
untest
markets
here
are
actually
much
more
interesting.
A
A
B
A
B
C
B
That
can
basically,
there
are
buyers
that
can
and
work
with
us,
and
so
you
you
will
always
be
able
to
unload
your
position
with
us.
You
know
so
it
really
doesn't
matter.
It's
not
that
you're
very
much
exposed
to
the
secondary
market,
because
you
can
always
come,
and
I
say
you,
it's
not
the
dallas
itself,
of
course,
because
the
doubting
of
kyc
and
but
but
the
token
holders
can
always
come
and
redeem
with
us.
B
A
Yeah
we'll
leave
this
room
open
just
for
another
minute
or
two
here
to
make
sure
that
there
are
no
other
questions,
appreciate
everybody's
participation
in
the
lively
discussion
as
we're
waiting
for
questions
we'll
just
toss
out
a
couple
reminders.
The
mipsix
is
available
in
the
forum,
along
with
the
prospectus
as
well.
The
I
believe
green
light
poll
goes
live
next
week.
If
I'm
not
mistaken,
so
definitely
keep
an
eye
out
for.
A
B
C
Nice
to
meet
you
yeah
sorry,
I
can't
type
that
fast
so
that
performance
of
this
etf
in
the
last
couple
of
months.
Obviously
interest
rates
are
going
up
right.
So
there's
some
exposure
to
interest
rate
risk,
so
a
ten
thousand
dollar
investment
would
have
been
ten
thousand
five
hundred
and
you
know
around
the
pandemic.
Obviously,
as
you
said,
interest
rates
were
meager
at
that
time
right,
so
why
is
it
now
worth
less?
Your
ten
thousand
five
hundred
dollars
from
2020
is
not
worth.
C
B
A
C
Anything
that
protects
any
dow
from
having
their
assets
frozen,
or
you
know
in
case
of
default,
like
some
of
the
companies
today
are
going
like
three
arrows
capital.
Is
there
any
any
protections
there?
For
you
know
we,
the
assets
can't
be
frozen,
such
as
etfs,
because
it
is
going
through
a
swiss
company
or
no.
B
So
again,
we've
chosen
switzerland
because
it's
very
very
advanced
with
respect
to
crypto
in
general
and
it's
very
safe.
So
it's
it's
considered
a
jurisdiction
that
really
wants
business
and
trying
to
keep
clarity
and
and
also
not
to
change
regulation
every
two
days
and
and
allow
people
to
work
and-
and
we
just
with
respect
to
your
question-
I
think
that
the
the
there
is
no
way
here
that
swiss
jurisdiction
will
try
to
confiscate
things
that
belong
to
the
dow
incense.