►
From YouTube: Community Collateral Onboarding Call: December 9, 2020
Description
Introduction: @juanjuan
Presentation 1 (0:00:40): Melon Protocol
Agenda and Discussion:
https://forum.makerdao.com/t/collateral-onboarding-call-20-melon-protocol-wednesday-december-9th-18-00-utc/5449
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
Hi
welcome
everyone
to
another
collateral.
Modeling
call
this
one's
edition
number
20..
Today,
I'm
joined
by
mona
lisa
from
melon
protocol
she'll
be
giving
us
a
brief
description
and
overview
of
what
known
protocol
is.
What's
coming
in
the
version
two.
I
think
it
is
die
in
melon
and
and
yeah
again,
as
always
feel
free
to
interrupt
with
questions
and
yeah
moana.
If
you
do
the
honors.
B
Hey
guys,
yeah
sure
so
really
excited
to
talk
to
you
guys
today,
a
little
bit
about
v2
and
actually
the
increasingly
large
role
that
dai
will
play
in
v2
as
well.
I
think
maybe
we'll
just
take
a
quick
moment
to
do
the
basics
on
on
what
melon
is
and
then
talk
about
our
personal
journey
from
v1
to
v2,
which
has
been
quite
a
learning
process.
I'll
talk
about
some
of
the
features
and
especially
how
we're
making
more
and
more
use
of
dai
with
v2.
B
I'm
gonna
maybe
touch
on
a
little
bit.
This
announcement
we
made
yesterday
with
rari
migrating
to
melon
and
then
yeah
and
then
maybe
just
kind
of
touch
on
the
rebrand.
We,
I
don't
know
if
you
guys
know
this,
but
we're
gonna
be
rebranding
melon
this
week,
actually
like
tomorrow,
probably
because
of
the
kind
of
ongoing
well,
it
was
triggered
by
the
ongoing
trademark
battle.
B
We
have
going
with
bny
malin
at
the
moment,
so
I'll
try
and
touch
on
all
those
subjects
so
like
maybe
just
to
begin
a
quick
kind
of
summary
on
what
what
is
melon.
So
I
guess
for
those
of
you
who
don't
know
melon,
it's
an
unchained,
completely
decentralized
on-chain
asset
management
protocol,
and
the
idea
is
that
it's
primarily
designed
to
solve
a
problem
that
exists
in
the
asset
management
industry,
which
is
extremely
high
barriers
to
entry,
it's
extremely
expensive
for
anyone
to
set
up
a
fund
in
traditional
finance.
B
B
You
know
in
this
kind
of
extremely
complex
and
draining
process,
so
what
we
set
out
to
do
was
back
in
2016
when
I
co-founded
malin
the
vision
really
was
that
or
the
realization.
The
assumption
that
we
made
was
that
all
assets
will
be
tokenized.
It
was
quite
a
big
bad
to
make
in
2016,
because
you
know
d5
was
very
young
in
its
infancy
like
apart
from
maker
and
augur
there
weren't.
B
There
wasn't
anything
else
really
at
that
time,
and
if
everything
is
tokenized,
then
we
can
now
automate
the
operational
and
administrative
processes
that
add
up
in
terms
of
cost
energy
and
time.
So
the
solution
melon
has
enables
managers
and
their
investors
to
have
extremely
cheap
solutions.
To
set
up
investment
strategies
or
products
is
extremely
simple.
B
You
can
just
you
know,
interact
with
our
interface
to
put
together
the
different
rule
sets
or
the
different
customized
modules
you
want
to
to
to
create
your
product
in
in
a
few
moments,
and
it
empowers
the
manager
and
their
investors
to
focus
on
what
they
really
are
passionate
about,
doing,
which
is
investing
ultimately
and
like
all
d5
protocols.
There's
this
idea
of
the
trustlessness
which
we're
really
big
on
and
with
melon.
B
The
idea
is
that
as
much
as
possible,
we
try
to
through
the
smart
contracts
we
try
to
establish
trust
between
the
fund
manager
and
the
investors
in
the
fund,
in
the
same
way
that,
with
the
maker
protocol,
for
example,
you're
establishing
trust
between
borrowers
and
lenders
through
smart
contracts,
we
do
the
same,
but
with
managers
and
their
investors,
so
so
yeah.
So
how
did
we
do
so?
I
guess
like
v1
was
launched
in
february
2019
and
we
also
decentralized
the
protocol
back
then.
B
B
Yeah,
so
actually
that's
a
great
question,
so
we
our
governance
model,
basically,
is,
I
think,
a
bit
different
than
some
of
the
other
d5
governance
protocols.
We
have
with
a
council-based
approach.
So
basically,
in
order
to
be
on
the
council,
you
have
to
be
either
extremely
technically
skilled
and
familiar
with
the
melon
protocol
or
you
have
to
be
a
user
representative.
B
So
the
initial
starting
council
was
made
up
of
various
auditors
in
the
space
or
smart
contract
experts
or
formal
verification
experts,
and
we
didn't
have
the
user
represent
representatives
to
begin
with,
because
the
users
were
non-existent
at
the
beginning
and
we
only
layered
in
the
user
representatives
recently
and
we
also
started
to
increase
the
size
of
the
council.
Recently,
we
added
four
new
members.
I
think
it
was
in
march
or
april
this
year,
maybe
may
even
and
yeah,
and
I
think
the
the
new
additions
have
been
really
great.
B
B
A
B
Yeah,
there's
a
few
I
would
say
like
there's
nothing.
Actually
there
is
so
there's
a
few,
so
one
of
the
early
projects
was
gorilla
funds
that
they're,
basically
just
building
a
cool
interface
which
enables
manager
to
launch
their
own
web
page
and
customize
it.
Because
right
now
on
our
interface,
you
would
just
have
all
the
funds.
B
Like
you
know,
kind
of
battle
of
the
fund
managers
games,
game
application,
but
unfortunately
that
was
paused
recently
due
to
other
reasons.
So
so
the
ecosystem
is
is
growing.
I
think,
if
I'm,
if
I'm
really
honest,
like
going
back
to
v1
criticisms,
I
think
that
the
the
code
base
wasn't,
you
know
extremely
developer,
friendly
and
also
the
documentation.
Wasn't.
A
B
Cool
so
yeah,
so
other
lessons
so
just
feel
free
to
interrupt
anytime.
It's
it's
it's
great
to
have
questions
so
yeah.
The
the
other
kind
of
another
lesson
we
learned
was
the
the
the
smart
contract
architecture
was
was
more
rigid
than
we
would
have
liked,
and
we
realized
this
when
we
started
to
see
new
kinds
of
d5
protocols
explode
last
year
and
our
kind
of
architecture
was
designed
that
we
could
only
integrate
a
certain
type
of
protocol.
B
But
now
you
know
you
were
starting
to
get
all
these
kind
of
different
models
of
of
d5
protocols
that
we
were
not
equipped.
So
this
is
something
we
have
addressed
in
v2
by
re-architecting
it
basically
from
the
ground
up
and
making
it
extremely
more
modular
and
flexible.
We
kind
of
see
it
now
as
like
layers
of
an
onion.
B
We
never
had
a
ui
kind
of
designer
working
in
the
house
and-
and
we
fixed
that
now
as
well
so
yeah
so
with
v2
like
in
terms
of
how
we've
kind
of
changed
things
it's
much
more
flexible
we've.
I
guess
I
said
we
re-architected
everything.
So
it's
a
much
more
modular
approach
which
allows
for
upgradeability
as
a
team
as
an
ecosystem.
B
We
have
a
much
more
integrated
workflow,
whereas
before
I
think
the
front,
the
the
smart
contract
team
and
the
front
end
team
used
to
work
kind
of
almost
in
isolation.
Now
the
workflow
is
much
much
more
integrated
and,
as
a
result,
we
can
fix.
You
know:
ux
ui
problems
in
the
front
front,
end
that
need
fixes
on
the
smart
contracts
almost
on
a
live
basis.
B
We
have
a
much
much
lighter
code
base,
which
should
enable
much
faster
and
much
cheaper
contracts
and
and
user
experience,
and
for
the
first
time
in
our
history
we
also
hired
a
experienced
ui
designer
who
was
helping
us
also
rebuild
the
interface.
So
we
have
yeah
so
kind
of
like
from
lessons
learned.
That's
what
we
learned
and
that's
what
we
applied
and-
and
I
guess
like
in
terms
of
features
and
what
can
be
expected
from
v2.
That's
not
already
in
v1.
B
B
No
problem,
no
problem
so
yeah
so
from
in
terms
of
features
and
what
to
expect
like.
In
v1,
we
had
an
asset
universe
of
about
14
assets
and
we
were
reluctant
to
grow
it
too
fast
beyond
that,
because
we
didn't
have
the
confidence
in
in
terms
of
being
able
to
handle
kind
of
other
assets
with
the
price
fee
that
we
were
working
with,
and
so,
as
a
result,
we
kind
of
controlled
that
asset
universe,
and
we
had
an
architecture
which
was
very
rigid
in
terms
of
adding
new
assets.
B
Having
said
that,
the
first
integration
in
terms
of
price
feed
that
we
will
provide
is
chain
link,
but
we
also
plan
to
integrate
other
options.
In
future,
we've
actually
looked
at
the
maker
price
feed,
for
example,
and
where
actually
was
one
of
our
favorites,
but
but
it
just
was
a
bit
restrictive
for
the
first
one,
because
one
of
the
biggest
in
terms
of
the
asset
universe,
because
one
of
the
biggest
pushbacks
we
had
from
users
is
they
wanted.
B
A
bigger
asset
universe
and
chain
link,
has
the
the
biggest
variety
of
assets
that
that
that
that
could
offer
so.
But
but
the
idea
going
forward
is
that
it's
it's
not
one
price
fee
we
rely
on,
but
it's
actually
you
slot
in
the
price
feed
you
want.
So
we
are
going
to
go
from
14
assets
to
well
over
100
assets
with
v2,
which
should
really
please
users.
B
They
they
take
it
as
a
like
a
kind
of
incentive
fee
and
because
all
of
our
funds
were
denominated
against
eth
and,
as
you
know,
especially
last
year,
it's
very
hard
to
outperform
eth.
A
lot
of
managers
were
weren't
too
happy
because,
like
you
know,
they
put
in
a
lot
of
work
to
try
and
manage
a
fund,
but
at
the
end
of
the
day
they
they
always
performed
well
against
usd
or
die,
but
they
were
receiving
their
fees
against
eve.
B
So
what
we
have
done
with
v2
is
enabled
people
to
decide
when
they're
setting
up
their
fund,
which
currency
they
want
to
benchmark
their
performance
against,
and
we
think
we
believe
that
one
of
the
most
popular
you
know
denominations
that
will
be
called
for,
is,
is
die,
die,
die
like
die
based
funds
and
speaking
to
users.
You
know,
of
course,
usdc
and
usdt
are
in
in
demand
as
well,
but
there's
always
that
risk.
B
A
B
Another
feature
is
that
we'll
be
able
to
provide
from
a
fund
you'll,
be
able
to
provide
liquidity
to
automate
automated
market
makers
like
uniswap
pools
so
yeah.
If
you're
a
market
maker,
you
could
actually
use
a
melon
fund
to
you
know,
manage
different
pools
and
prove
your
track
record
on
chain
through
a
melon
fund.
So
it
will
track
your
performance,
obviously,
and
if
you're
good
at
it,
then
you
may
attract
more
investors
into
your
fund.
B
Another
cool
feature
that
we're
excited
about
is
that
you
will
be
able
to
delegate
trading
from
a
fund
to
either
a
bot
or
a
strategy
or
something
else.
So
previously
it
was
only
the
manager
who
could
manage
the
fund,
and
now
you
can
delegate
to
a
third
party,
and
yes,
I
think
I
touched
on
it
really
briefly,
but
also
just
like.
Last
week
we
announced
we'll
also
have
just
completed
the
synthetics
integration.
B
A
B
It
could
be
anything
actually
yeah.
It
could
be
anything
we
actually
have
written.
A
blog
aaron
on
my
team
has
written
a
blog,
a
great
blog
on
how
to
build
a
melon
bot
using
javascript,
and
you
could
pretty
much
write
any
strategy
you
want
and
and
have
have
it
kind
of
being
implemented
on
the
melon
protocol
just
by
just
by
writing
it
in
javascript.
So
there's
a
great
blog
post
about
that
on
the
melon
protocol
blog
medium
page.
If
you
want
to
check
it
out.
A
B
Yeah
so
so
chain
link
the
way
chain.
Link
works
with
up
updating
price
feeds
is
there's.
There's
like
a
you
choose
a
depending
on
the
volatility
of
the
asset
you
choose
like
I'm
losing
the
word,
not
a
bandwidth,
but
a
like
a
a
slippage
rate.
I
guess
of
how
like
every
you
know,
so
the
price
doesn't
update.
B
B
B
Okay,
yeah
alexis
yeah.
So
to
answer
your
question
from
our
side,
you
could
you
could
do
it
as
often
as
the
blockchain
will.
Let
you
like
it.
You
can't
go
ultra
high
frequency
just
because
I
think
gas
costs-
and
you
know
natural
block
times-
will
prevent
you
from
being
ultra
high
frequency,
but
there's
nothing
to
there's
nothing
to
stop
you
other
than
than
that
limitation.
Otherwise,
the
the
blockchain
limitation
and
the
the
chain
link
limitation.
A
B
A
B
B
If
you
want
to
see
the
proof
of
the
data
that
we
have
a,
we
have
a
great
sub
graph
and
where
you
can
kind
of
query
all
the
the
data,
and
we
also
have
a
monitoring
tool
where
you
can
look
up
stuff,
which
is
just
the
visualization
of
the
subgraph.
Basically
and
that's
monit
melon.monitoring,
oh
shoot.
I
forgot
the
name
monitoring.melon.network.
A
B
After
all,
so
we
need
assets
to
manage
so
we're
not
going
to
be
the
leader
in
terms
of
moving
to
another
layer,
1
solution.
We
have
definitely
had
our
frustrations
with
ethereum,
I'm
sure
everyone
has,
but
I
can't
see
a
better
alternative
or
we
can't
see
a
better
alternative.
That's
obvious
right
now,
but
we're
definitely
keeping
an
eye
out
of
the
space.
Of
course
I
mean
some
of
the
recent.
You
know.
Announcements
have
been
interesting,
but
just
still,
I
wouldn't
say
that
have
been
proven
yet.
B
I
think
setting
up
a
fund
will
be
close
to
nothing
like
probably
20
30
max
of
ethereum
gas
mainly
and
the
the
recurring
kind
of
fees
will
be.
It
depends,
of
course,
how
often
you
trade
per
year,
but
so
that
that's
really
the
biggest
factor,
but
the
the
recurring
cost
shouldn't
be
more
than
a
thousand
or
two
thousand
dollars
a
year.
If
you
trade
quite
a
lot.
A
B
No,
so
that's
the
whole
point,
so
melon
actually
disrupts
the
administrator
part
of
it.
Just
drops
that
you
don't
need
operations,
you
don't
need
the
administrator,
because
we,
the
protocol,
calculates
the
nav
automatically
it
can
be
audited
on
chain.
You
can
prove
that
the
nav
is
what
it
is
by.
You
know
because
all
of
the
data
we
have
it
on
chain.
It
calculates
the
management
and
performance
fees,
it
automates
the
investments
and
redemptions
it.
B
B
But
you
want
some
assurance
that
I
can't
go
and
invest
in
nigerian
real
estate,
because
that's
not
what
you,
if
you
wanted
to
buy
nigerian
real
estate.
You
probably
wouldn't
go
to
me
because
I
have
no
experience
in
that.
So
you
you
insist
on
making
sure
that
I
have
a
rule
set
with
a
white
list
of
you
know,
assets
I
can
invest
in
and
those
are
all
us-based.
B
So
if
I
then
try
to
buy
anything
else,
the
protocol
yeah,
so
you
can,
you
can
restrict
from
like
maximum
concentrations
of
position
sizes.
You
can
say
mona
can't
take
a
position
size
more
than
five
percent
of
aum.
You
can
restrict
things
like
number
of
positions
you
can
restrict,
because
you
can
even
restrict
who
can
invest
and
who
can't
we
have
a
white
list
policy.
You
can
restrict
anything
you
want.
Basically,
we
haven't
written
all
the
policies,
obviously
because
they're
infinite,
but
yeah
you
can.
We
have.
A
B
Yeah,
I
that's
how
I
used
to
pitch
it
like
in
2016-17,
I
even
wrote
a
blog
post
about
how
about
how
madoff
could
have
been
avoided
with
with
melon.
I
think
I
think
I
can't
remember
when,
but
it
was
years
ago
so
yeah
that's
exactly
it
and
and
in
terms
of
like,
if
you
were
like,
I
guess
the
only
cost
that
would
remain
would
be.
B
I
I
mean
d5
is
like
a
really
great
area
when
it
comes
to
regulation,
but
you
you
you
get
like
the
people
who
you
know
believe
that
or
are
comfortable
just
launching
something
without
any
kind
of
legal
wrapper
around
it
and
other
people
that
want
to
have
something,
and
so
they
need
to
invest
a
few
thousand
dollars
in
a
legal
solution
or
vehicle.
Or
you
know,
company
to
have
above
the
melon
fund
and
we
don't
take
any.
B
You
know
we
sort
of
don't
try,
we
don't
take
any
view
and
that
we
let
the
user
decide.
But
we
can.
We
definitely
support
people
for
whatever
they
want
to
do
and
but
still
it
comes
out
much
much
less
expensive
than
if
you
were
doing
it.
The
traditional
way,
because
the
only
fee
that
might
occur
to
you
is
this
legal
overhead,
but
the
fund
administrator
is-
is
non-existent.
The
blockchain
is
the
custodian.
B
B
B
Rari
capital
are
an
autonomous,
automated
strategy
that
worked
to
get
the
best
yields
amongst
all
the
d5
protocols,
and
they,
I
think
at
the
peak
they
reached
90
million
in
terms
in
tbl,
and
they
we've
actually
been
speaking
to
them
for
a
few
months,
and
you
know
when
we
first
met
them.
We
said:
hey,
like
rari,
sounds
like
a
really
cool
idea.
B
Why
don't
you
guys
come
and
build
it
on
melon,
but
melon
wasn't
like
melon
v2
wasn't
quite
ready
for
them,
so
they
just
went
and
built
it
alone,
and
recently
we
reconnected
with
them.
You
know
we've
been
in
touch
ever
since,
but
we
a
few
weeks
ago
we
reconnected
with
them
and-
and
we
said
well,
you
know
how
are
you
you
know?
How
are
you
guys
doing
with
inverse
you
know?
Building
both
infrastructure
and
product
is
quite
hard
like.
B
B
Rari
will
be
migrating
their
liquidity
over
to
the
melon
protocol
and
essentially
what
that
means
is
that
from
now
on,
they
will,
after
that
natively
be
building
their
strategies
using
melon,
which
will
be
great
for
both
parties.
It
will
be
great
for
melon,
because
you
know
it
will
be
a
huge
boost
to
rtvl,
which
is
just
under
3
million
today,
but
sort
of
if
the
sort
of
60
million
or
so
comes
over
from
rari,
that's
a
massive
boost,
so
people
were
really
excited
about
that
in
our
community.
B
Yesterday
and
ferrari
it's
great
news,
because
I
think
they
can
move
much
much
faster
than
they
would
otherwise
if
they
were
just
building
the
infrastructure
alone.
But
rather
now
we
merge
teams
and
for
the
first
few
months
we
work
in
parallel.
But
the
idea
would
be
that
in
six
to
12
months,
they
basically
focus
solely
on
product
and
we
focus
solely
on
the
infrastructure,
which
frees
them
from
the
maintenance,
an
upgrade
burden
and
enables
them
to
focus
entirely
on
building
their
product
and
scaling
their
product
and
from
our
side.
B
It
enables
a
real
use
case
that
we're
really
excited
about
and
obviously
building
something
in
in.
In
sync,
with
you
know,
a
real
kind
of
user
who's
already
proven
some
success-
has
will
be
really
kind
of
useful
for
us
as
a
as
a
as
a
learning
curve
of
what
people
want.
So
that's
how
the
the
the
kind
of
partnership
will
work
as
a
kind
of
way
to
get
our
two
communities
excited.
B
So
we're
super
super
excited
not
just
because
we
really
like
the
rari
team
and
we're
really
excited
about
what
they're
building,
but
also
because
it
proves
quite
nicely
that
melon
is
flexible
modular
and
can
be
used
for
lots
of
different
things,
including
these
kind
of
awesome,
d5
strategies
that
are
emerging
recently
so
yeah.
So
I
think
that's
almost
all
the
things
I
was
going
to
talk
about.
I
think
it's
probably
worth
just
mentioning,
because
it's
coming
tomorrow
anyway,
but
we're
you
know.
B
So
you
can,
if
you
are
following
us
or
if
you're
not
following
us,
just
just
know
that,
because
you
know
it
might
be
confusing
to
people
at
the
start,
we're
super
excited
about
the
rebrand
actually
like
once
we
decided,
we
were
gonna,
do
it
we
just
like
we
were
like
okay.
Well,
let's
turn
this
into
a
positive
event.
We
never
actually
really
had.
B
We
never
really
had
you
know
it's
been,
you
know.
The
first
kind
of
logo
was
when
reto
and
I
co-founded
melonport.
I
think
it
was
like
an
extremely
99
designs
like
really
cheap,
not
nothing
wrong
with
99designs
by
the
way,
but
I
think
it
was
like
a
you
know:
a
little
competition.
We
ran
99
designs
and
it
cost
us
300
bucks.
B
So
no
wasn't
really
much
about
thinking
about
our
vision
and
our
values,
and-
and
so
I'm
really
excited
about
this
one,
because
I
think
we
we
put
a
lot
more
work
into
it
as
a
as
the
council
and
maybe
just
in
terms
of
things
coming
up
to
be
looking
out
for
yeah.
We
we
have
the
plans
to
launch
our
test
net
next
week.
So
if
any
of
you
want
access,
just
feel
free
to
dm
me,
I'm
on
telegram.
B
Actually
this
is
gonna,
be
on
youtube,
so
you
can
just
get
my
contact
details
from
juan
and
make
sure
we
give
you
private
test
net
beta
into
the
holidays,
and
we
are
coming
to
the
end
of
our
audits,
multiple
audits.
At
the
end
of
this
week,
we've
actually
been
doing
two
formal
audits
over
the
last
eight
weeks
in
parallel
and
two
informal
audits.
So
we'll
have
a
total
of
four
audits
by
this
friday.
B
Hopefully-
and
we
yeah,
we
try
to
emphasize
security
and
in
everything
we
do
so,
it
takes
us
longer
to
roll
things
out,
but
I
would
say
that
they're
more
in
production
than
testing
in
production
and
basically
yeah
we're
still
planning
to
do
the
main
net
release.
We
were
planning
to
do
it
just
before
christmas,
but
we're
we're
actually
going
to
push
that
back.
I'm
about
to
we're
about
to
announce
that
tonight
until
mid-jan,
because
we
don't
want
to
do
a
release
right
before
the
holidays.
B
So
you
can
look
out
for
the
main
net
release
in
the
middle
of
jan
and
that
will
give
us
a
week
or
two
before
when
we
come
back
from
holidays.
Just
to
you
know,
fix
up
anybody,
any
kind
of
feedback
that
has
been
reported
over
the
holidays
from
the
test
net
and
and
yeah,
and
then,
in
january,
once
we
once
we've
released
we're
going
to
probably
announce
our
new
kind
of
roadmap
that
the
cool
thing
about
post
v2
is
with
the
new
architecture.
B
I
think
our
release
cycles
will
become
a
lot
shorter,
because
the
the
big
kind
of
re-architecting
and
rebuilding
work
has
been
done
and
it's
been
a
construction
site
for
the
last
year,
but
I
think
from
now
on
integrations
with
the
new.
The
new
architecture
integrations
will
be
much
faster
and
much
easier
and
we
should
be
able
to
roll
them
out
at
a
much
faster
pace
than
we
had
been
able
to
previously
so
yeah.
I
think
that's
pretty
much
all
I
wanted
to
cover
today,
but
I'm
also
happy
to
take
any
medicines.
A
B
Yeah,
so
we
are
very
happy
for
people
to
white
label
melon
and
we
have
the
javascript
library,
which
enabled
which
actually
tells
people
how
to
do
that
gorilla
funds,
kind
of
help
to
that
to
some
extent,
but
we're
yeah.
We
we
don't
have
it
as
a
service
like
we
don't
provide
it
as
a
service,
but
we
have
documentation
that
enables
people
to
do
that
and
where
our
team
is
always
happy
to
help
anyone
doing
that.
So
yeah,
that's
a
good
point
and
you
know
we.
B
A
B
Yeah,
it's
a
really
good
question,
because
it's
also
something
that's
very
topical
right
now,
so
we
we
started
off
having
this
concept
of
a
phone
setup
fee
and
and
a
fun
a
fee
out.
When
someone
invests
in
the
fund,
it's
like
a
one
of
the
both
of
them
and
the
idea
is
that
the
fee
was
like
converted
into
melon
and
then
burnt.
So
it's
a
buy
and
burn
model
like
yeah
quite
similar.
B
They
showed
they
showed
their
points
in
a
very
nice
and
and
kind
of
consistent
way
and
melon
council
has
a
working
group
for
tokenomics
and
we've
been
discussing
it
back
and
forth
for
a
while,
and
they
approved
it
very
recently.
Now
the
question
is
just
in
terms
of
what
would
be
the
best
implementation
like.
Obviously,
there
are
different
ways
you
can
implement
it
and
we've
just
done
a
huge
exercise
in
terms
of
yeah
in
terms
of
making
the
code
base
as
lean
as
possible.
B
B
So
yeah,
the
the
the
that's
actually
quite
an
exciting
change,
we're
we're
making-
and
I
I
I
realized
that
just
now
that
I
also
forgot
to
kind
of
introduce
who
I'm
speaking
on
behalf
of
because
I
have
obviously
wearing
the
melon
council
hat.
But
you
asked
me
juan
also
at
the
beginning,
who's
building
on
melon,
and
I
also
forgot
to
mention
that
we
are
building
on
melon,
like
my
my
second
company.
B
So
after
dissolving
melonport,
I
took
some
time
off
and
we
came
back
together
like
at
the
end
of
last
year
and
decided
that,
with
all
the
cool
stuff
happening
in
d5,
there
was
a
lot
more.
We
could
do
with
melon,
and
so
we
made
a
proposal
to
the
melon
council
to
become
the
lead
developer
and
they
accepted
and
so
avant-garde
core
is
that
is,
is
a
is
who
I'm
kind
of
representing.
B
I
guess
these
days
and
we
are
the
lead
developer
for
the
melon
protocol,
we're
a
team
of
11
or
12
people
now
and
we're
basically
one
of
the
teams
receiving
tokens
in
in
exchange
for
delivering
work
on
the
protocol,
and
we
are
in
the
process
of
delivering
a
three-year
road
map.
But
this
time
the
road
map
is
not
fixed
in
stone
like
it
was
the
first
time
because
we
learned
from
v1
that
the
space
moves
so
quickly.
A
Go
nice
congrats
on
that
thanks,
I'm
leaving
like
a
little
bit
of
silent
space
to
see
if
anyone
wants
to
jump
in
all
right.
I'm
jumping
to
my
next
question
regarding
portfolio
rebalancing.
How
do
you
guys
manage
that?
Is
it
something
that
happens
whenever
there's
a
huge
drift
from
the
target
average
or
what
the
portfolio
manager
needs
to
actively
rebalance?
How?
How
does
it
work.
B
Yeah,
so
the
default
is
that
the
portfolio
manager
has
to
actively
rebalance
so,
like
I
I
think
I
have
said
this
like
a
few
times
now,
but
I
really,
if
there's
one
takeaway,
I
want
people
to
live
with
today.
It's
like
how
flexible
and
customizable
melon
is
so
it's
not
just
designed
for
one
type
of
fund
or
one
type
of
strategy
or
one
type
of
person.
It's
really
very
flexible
and
customizable,
so
it
you
could
use
it
to
launch
an
etf.
You
could
use
it
to
launch
a
discretionary
strategy.
B
You
could
launch
it
to
run
an
autonomous
strategy,
etc,
etc,
and
so
you
would
just
at
the
setup
phase,
you
would
just
be
picking
different
things
from
the
interface
from
the
menu
to
make
your
product
right
so
with
etfs.
They
are
currently
not
by
default
automatically
rebalanced,
so
you
would
have
to
write
about
to
automatically
rebalance.
B
If
that's
what
you
wanted
or
you
could
do
something,
you
could
choose
a
policy
that
we've
written
for
example,
and
you
could
queue
up
your
investments
until
you
decide
you
want
to
execute
them,
and
then
you
could
rebalance
everything
in
one
go.
So,
therefore,
your
portfolio
is
never
left
unbalanced
because
of
incoming
investments
right.
So
that's
kind
of
some
of
the
features
we
have
to
enable
for
passive
strategies
and
then
for
discretionary.
It's
like
just
by
default.
You
just
buy
and
sell
when
you
think
it's
the
right
time
to
buy
and
sell
nice.
A
B
It's
okay,
I
mean
it's
a
bit
different
because,
like
most
most
other
kind
of
defy
protocols
are
autonomous
and
and
automated
right.
So
it's
kind
of
you
easy
to
imagine
that
that's
what
melanie
did
it
for,
but
we
we're.
I
guess
like
another
difference,
is
we're
really
trying
to
be
infrastructure
and
to
be
infrastructure?
You
have
to
be
flexible
enough
to
be
able
to
cater
for
all
the
use
cases.
A
So
my
I
guess
my
expectation
was
to
be
a
little
bit
more
strict
because
of
the
smart
contract
part
of
things,
so
I'm
having
a
hard
time
to
reconcile
javascript
with
smart
contracts
and
the
flexibility
with
the
everything's,
unchained
and
very
reactive
kind
of
thing.
That's
that's
where
I'm
striking,
but.
B
So
so
it's
not
that
so
so
the
all
it
means
is
that
your
strategy
stays
off
chain,
so
the
the
factors
that
go
into
deciding
why
you
buy
yourself
something
stay
off
chain
and
I
think
that's
a
good
thing,
because
otherwise
people
people
will
copy
your
front
run
yeah.
So
if
they
don't
know
why
you're
buying
or
selling
something
they
have
no
reason
or
or
what
you're
or
how
you're?
How
are
you
getting
the
signal?
They
can't
copy
it
because
or
they
can't
copy
it
easily.
B
So
so
the
idea
is
to
keep
that
off
chain,
but
once
a
signal
is
triggered
triggered
off
chain
it,
it
enforces
the
trade
like
it
submits
the
trade.
So
it's
you
could
run
a
completely
unchanged
strategy
and
we
will
support
that
too.
But
it's
just
not.
You
just
have
to
be
aware
that
if
it's
unchained,
then
people
can
easily
front
run
or
understand
your
strategy
immediately.
B
A
I
had
a
quick
question:
did
you
have
like
a
timeline
goal
in
terms
of
collateralization
with
maker,
like
it
seemed
to
me
that
the
market
cap
for
the
mill
and
token
is
probably
a
little
small
right
now,
but
that's
also
seems
like
it's
pretty
tied
into
the
growth
of
the
protocol.
So
is
there
like
a
timeline
you're
shooting
for
so
payton
is
referring
to
potentially
using
the
token
as
the
collateral
type
two
means
die.
B
Yeah,
it's
not
something.
We
have
it's,
not
something,
that's
currently
on
the
roadmap,
but
it's
probably
something
we
should.
We
could
and
should
discuss
as
a
as
a
council,
but
it's
not
something
that
has
come
up
yet,
but
it's
a
good
idea
like
you
know,
we
should
definitely
be
discussing
it
at
the
very
least.
A
Also,
maybe
connecting
into
maker
to
to
have
leverage
in
the
strategies
right.
So,
if
I
don't
know
if
one
of
the
strategies
includes
one
of
the
collateral
types
that
maker
currently
supports,
potentially
the
the
asset
manager
could
use
maker
to
well
to
cycle
the
the
collateral
type
and
use
leverage.
B
A
B
B
B
But
but
yeah,
no
like
yeah
it'd,
be
really
cool
to
you
know,
hear
your
feedback
if
you
guys
have
a
chance
to
check
check
it
out,
we'd
love
to
hear
from
you
and
we're
huge
fans
of
dye.
I
got
I
recently
tweeted
about
this,
but
I
do
think
kind
of
custodial
custodial
sorry
yeah
custodial
based
stable
coins
pro
you
know
they
pose
a
really
big
risk,
a
systemic
risk
to
to
d5.
So
I'm
I'm
a
big
fan
and-
and
I
kind
of
denominated
funds
for
sure
so
yeah
I.
B
Yeah,
so
you
can,
you
can
follow
us
on
avant-garde,
phi
or
well,
starting
tomorrow
at
enzyme
finance
on
twitter.
It's
today
at
mellon
protocol
tomorrow
at
enzyme,
finance
and
same
on
on
medium,
etc.
It's
all
gonna
change
to
enzymes,
so
yeah
in
in
the
meantime,
if
you
want
to
join
our
telegram
channel,
I
can
probably
post
the
link
here
as
well.
I
think
we've
already
changed
that,
but
yeah.
We
would
love
to
to
hear
from
you
all.
A
Sounds
good
all
right!
Thank
you
for
for
coming
on.
It
was
great
having
you
thank
you
all
for
for
coming
and
next
week
we're
going
to
have
a
real
world
asset
coming
over,
so
that
the
the
whole
working
group
lucas
from
centrifuge
will
be
here,
and
there
will
be
three
projects
presenting
hardware,
trade,
credit,
people's
company
and
fortuna
phi,
so
join
us
next
week
at
this
same
time
and
have
a
great
week,
everyone
thank
you.