►
From YouTube: Community Collateral Onboarding Call: August 26, 2020
Description
This video is a bi-weekly collateral onboarding call to discuss potential assets for MCD, open for anyone to join and present.
Introduction: @_LS
Presentation 1 (0:05:35): ShuttleOne
Presentation 2 (0:31:35): Arca Labs
Agenda and Discussions:
https://forum.makerdao.com/t/agenda-discussion-collateral-onboarding-call-6-wednesday-august-26-17-00-utc/3791
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
Okay,
cool,
then,
let's
start
the
second
collider
onboarding
call
today
for
those
who
are
joining
for
the
first
time.
This
is
newly
started
again
or
picked
up
again
and
it's
a
bi-weekly
call
and
it's
supposed
to
give
mipsix
applicants
a
platform
to
interact
with
the
community
and
present
their
proposals,
answer
questions
and
discuss.
Ideally,
it's
very
interactive,
so
please
either
post
questions
in
the
chat
or
or
ask
right
away.
A
I
will
I
will
play
the
time
keeper
today,
so
we
have
two
presenters
today
we
have
shuttle
one
and
r
collapse
and
on
last
week's
call,
we
had
matt
firm,
6s
capital
and
corel
from
new
silver
and
juan
was
so
kind
to
make
actually
a
really
thorough
write-up
of
last
week's
call
and
he
posted
on
the
forum,
and
you
can
also
see
the
recording
there
and
maybe
one
thing
before
we
start
or
we
head
into
the
presentations
and
each
each
presenter
will
get
about
like
10
minutes.
A
That's
the
that's
the
goal
to
keep
enough
time
for
actually
asking
questions,
one
thing
that
that
came
up
over
the
past
week
or
that
we
often
discussed
internally
how
we
should-
and
maybe
we
can
spend
a
few
minutes
on
this.
What
everyone
thinks
the
selection
process
of
this
these
presentations
should
be.
We
were
discussing
what
the
right
mechanism
is
and
juan
you.
I
think
you
also
wanted
to
maybe
discusses
a
little
bit
whether
we
should
have
like
first
come.
A
First
serve
or
use
other
metrics,
such
as
engagement
on
the
individual,
a
forum
post
or
whether
we
start
a
little
poll
before
each
call.
We
don't
want
to
create
more
overhead,
but
we
also
want
to
make
it
make
it
transparent,
and
if
there
are
any
comments
from
you
guys,
please
feel
free
to
share
or
or
if
you
have
any
questions
towards.
B
That
yeah,
I
think
that
sums
it
up
quite
well
yeah.
So
the
idea
is
that
we
are
fair
with
everyone
in
in
the
community
and
and
we
don't
want
to
to
play
favoritism
in
in
any
way.
So
the
way
we
did
it.
This
time
is
to
try
to
see
in
the
forum
based
on
likes
and
comments
and
and
the
timelines.
We
thought
that
these
two
projects
were
the
ones
that
were
well.
B
I
don't
know
if
most
relevant,
but
the
ones
that
should
present
now
and
seeing
that
there's
not
a
lot
of
projects
for
the
following
calls.
I
think
we'll
will
be
able
to
to
accommodate
everyone
so
far,
but
but
yeah
it's
something
to
to
consider.
If
anyone
has
any
idea
on
how
to
create
a
system,
that's
fair
and
does
not
require
to
move
a
lot
of
resources
to
to
solve
them.
Then
we're
all
ears.
A
Yeah
and
there's
just
like
a
there's,
a
comment
in
in
the
chat
from
raphael
from
trust
token,
and
we
actually
just
discussed
that
and
I
think
like
we,
we
thought
that,
given
the
fact
that
one
like
true
usd
is
accepted
as
collateral
already
or
like
already
quite
far
in
the
governance
process,
we
thought
it
might
be
good
to
give
other
projects
the
platform,
but
but
we,
if
there
is
demand
or
if
there's,
if,
if
we
should
have
you
on
one
of
the
calls-
and
maybe
I
would,
I
think
it
would
be
probably
better
to
have
it
than
maybe
on
the
next
call,
to
give
everyone
to
give
the
presenters
enough
time
to
go
through
their
content.
B
A
Cool
then,
let's
jump
right
in
should
we
start
with
this
one
from
shuttle,
one.
C
Yep,
let
me
share.
Can
I
share
a
screen?
Leia
yeah.
You
should
have
access
yeah,
yeah,
okay,
actually
it's
my
other
account
the
one
without
the
because
I
my
desktop,
doesn't
have
a
camera,
so
I'm
using
my
phone,
but
I'm
presenting
from
the
desktop
sorry
about
that
that
work,
one
second
yeah
that
works
now
great
okay,
let's,
let's,
let's
get
started!
Thank
you
all.
Thanks
for
the
opportunity
to
present
what
shuttle
one
is
and
how
we
can
improve
the
maker
ecosystem,
so
basically
shadow
one.
C
We
are
based
in
singapore
and
we
function
generally
around
in
southeast
asia,
so
1
a.m,
singapore
and
12
a.m.
Bangkok,
is
the
perfect
timing
for
us
always,
but
I
I
I
thank
for
everybody
for
for
the
time,
I'm
just
quick
I'll
quickly
run
through
what
shadow
one
is
about.
We
started
about
two
years
ago
and
we
first
built
a
off
and
on
ram
remittance
network
around
in
southeast
asia.
C
We
have
about
300
000
over
touch
points
before
the
pandemic
shut
down
most
of
our
partners
counters,
but
the
remittance
network
is
live
and
it's
still
very
important
for
the
current
development
in
terms
of
decentralized
asset
financing
and
yeah.
So
we're
based
in
singapore,
we're
undergoing
the
payment
services
license.
You
can
think
of
it
as
a
kind
of
electronic
money
license
in
singapore,
which
regulates
crypto
in
general,
it's
called
the
digital
payment
tokens.
That's
how
the
government
here
associates
crypto
with
in
that
sense.
C
So
in
a
nutshell,
today,
I'm
going
to
present
basically
the
assets,
how
we
use
it
for
trade
financing
generally
also
around
in
southeast
asia
and
some
of
the
partners
who
we
work
with
to
you
know,
get
get
it
done
in
that
sense.
So
we
have
three
products.
Basically,
a
simple
computer
vision,
the
blockchain
network
on
ethereum
that
users
die
and
our
remittance
network
also
uses
dye
exclusively
to
do
value
transfers.
C
C
We
see
the
movement
of
85
million
teus.
Basically,
these
are
containers
20
food
containers.
In
that
sense,
these
are
global
because
we
work
with
61
global
terminals
in
in
in
port
operations,
which
represents
in
2019
800
billion
asset
that
was
moved
in
85
million
cargo
cargo
containers.
C
So,
as
I
said
earlier
on,
we
started
with
value
transfers,
remittance
and
payment
systems.
This
is
life
right
now,
so
in
general,
you
know.
In
summary,
when
a
merchant
takes
a
loan
from
the
platform,
they
are
able
to
cash
out
their
die
wherever
we
support
a
local
currency,
so
we
also
do
have
an
application
where
on
it
allows
freely
the
movement
of
a
stable
point
and
in
that
sense
die
to
move
in
that
sense.
C
So
I
won't.
I
won't
go
through
this,
but
what
happened
during
the
pandemic?
The
last
few
months,
one
of
the
merchants
in
malaysia
decided
that
he
needs
to
secure
quickly
medical
supplies
in
china,
so
he
took
a
loan
from
the
platform
which
was
digital
and
die,
and
he
immediately
paid
a
chinese
supplier
in
china
and
therefore
that's
that's
how
it's
done
and
they
are
able
to
secure
medical
supplies
out
really
fast.
C
So
the
model
looks
like
this.
I
know
it's
complicated,
but
bear
with
me.
I
will
do
a
quick
demo
later
on,
for,
for
everybody
in
the
community.
Call
too
so
step
one.
We
connect
to
our
port
operators
by
apis
via
information
systems
that
they
have.
These
are
very
siloed
systems
that
are
built
30
over
years
ago.
C
So
we
we
connect
for
basic
information
to
draw
and
extract
basic
information
and
data
where
we
will
digitize
the
documentation,
we'll
run
the
credit
scoring
from
there,
and
we
will
issue
the
credit
in
die,
but
this
is
only
possible
because
of
a
role
that
is
in
our
ecosystem,
called
the
collateral
manager.
C
You
can
think
of
the
collateral
manager
as
controllers
of
the
processes
that
are
in
the
real
world
in
real
life,
where
they
can
take
control
of
the
cargo,
they
can
confiscate
the
cargo
in
case
of
a
default
and
liquidate
it
at
the
same
time,
at
our
request
in
that
sense.
So
this
is
how
it
flows
from
step,
one
to
step
in
the
the
tokenized
cargo
flows
in
and
out
between
the
real
world
and
and,
of
course,
fiat
and
die.
C
Also
interchangeably
in
that
sense,
so
this
is
the
movement,
the
operational
flow
plus
the
blockchain
flow.
The
collateral
that
we
are
talking
about
is
what
we
call
a
cap
token.
Basically,
it
stands
for
credit
application
token.
We
do
have
an
nf,
which
is
an
erc20.
C
We
have
an
mft
before
that,
which
is
the
risk
assessment
token.
You
can
generally
understand
the
the
red
token
as
all
the
information
that
you
need
about,
that
merchant
being
captured
in
one
nft,
in
that
sense,
inclusive
of
their
credit
scoring
and
then,
when
they
apply
for
a
loan,
the
cad
application
token
is
issued
based
on
the
asset
value,
which
is
usually
the
cargo
value
that
moves,
and
it
basically
mimics
a
30-day
25
to
30-day
shipment
of
goods
from
one
destination
to
another.
C
Okay,
so
some
of
the
information
that
is
covered
within
the
tokens
or
the
nft.
We
have
the
bank
statements
from
the
borrower.
We
do
a
60-day
credit
analysis
of
the
borrower.
We
have,
of
course,
the
company
registration,
how
many
directors
and
shareholders
we
have
to
do
kyb
as
part
of
our
regulatory
compliance
and
lastly,
we
also
have
some
customs
documentation
directly
from
from
the
customs.
C
So
what
you
can
see
on
this
screen
here
is
generally
a
sample
of
the
master
view
of
lading
that
goes
between
bangkok
and
thailand
and,
of
course,
it
captures
the
consignee,
which
is
generally
the
port
operator
that
we
work
with
the
shipper.
You
know
the
the
ship,
the
the
guy
that
helped
ships
the
goods
and
various
other
information
from
here.
We
also
work
with
alternative
port
data.
C
What
this
means
is
that
in
when,
when
in
our
risk
management,
we
don't
just
look
into
the
credit
analysis,
which
is
generally
what
banks
do
in
that
sense.
C
C
So
I'll
do
a
quick
demonstration
on
the
demo
on
test
end
of
how
this
is
done.
Basically,
our
partner
in
singapore
is
gets
you.
If
you
guys
go
back
to
our
mip
submission
on
the
forum.
You
will
be
able
to
find
more
information
about
who
our
guests,
what
they
do
and
who
are
they
are
their
parents
and
and
all
that,
so
in
general,
I'll
just
walk
through
the
flow
with
you
guys,
and
of
course
this
is
a.
C
This
is
a
you
know,
a
a
a
demo
for
demonstration,
but
we're
able
to
see
on
coven
how
this
is
done.
So,
as
I
as
I
come
along,
you
know,
I
create
a
loan
application.
I
will
put
make
a
electro
demo
and
we
have
a
few
asset
base.
We
will
focus
on
invoice.
C
C
Sure
let
me
just
check
my
okay,
I'm
back
here
all
right
here
it
is
okay.
Let
me
just
run
through
a
little
bit
again,
our
pardon
the
ui
ux.
You
know
we
are.
C
I
think
we
are
decent
smart
contract
developers,
but
when
it
comes
to
design,
there's
still
a
lot
more
room
to
to
for
improvement.
In
that
sense,
so
we
created
a
loan.
Let's
call
it
the
maker
collateral
demo,
all
right.
We
have
a
few
assets
that
we
are
actually
exploring
at
this
point,
but
the
one
that
is
already
in
production,
or
rather
has
been
developed,
is
the
one
with
the
invoices.
C
We
do
have
a
provision
for
bankers
guarantee
or
letters
of
credit
if
it's
assigned
to
us
or
our
partners,
which
basically
reduces
the
risk
premium
and
the
interest
rates
that
they
have
to
pay
so
I'll
work
with
demo
data,
of
course,
for
the
demo
we'll
have
a
trade
invoice,
we
will
have
yeah
first
month,
there
are
months
and
months
to
bank
records.
I'll
do
a
submission.
C
Once
I
click
submit,
it
basically
goes
into
our
our
credit
scoring
systems.
In
that
sense,
let
me
see
where.
B
B
B
C
Okay,
I
think
there's
some
error
in
this
on
the
servers,
but
let
me
try
another.
C
C
Okay,
I
think
there's
some
issues
with
our
demo,
but
I'll
carry
on
so
that
I
won't
waste
anybody's
time.
But
if
you
look
at
the
other,
the
other,
the
other
application
that
has
gone
in
previously
in
a
sense
that
has
been
scored
in
general,
we
work
with
the
nft
here.
A
C
Yeah,
let
me
so
I'll
I'll
I'll
go
back
to
my
presentation
so
that
we
won't.
We
will
be.
You
know,
conscious
of
time,
all
right.
B
C
All
right
so
anyway,
it
looks
like
this.
That
is,
live
all
right.
I'm
sorry!
I
only
have
a
screenshot
today
on
this,
but
if
possible,
I'll
send
the
community
update
with
a
video
that
we
had
that
we
made
a
few
weeks
ago.
C
So
in
general
the
nft
token
scores
for
risk,
and
then
there
is
a
there
is
the
cap
tokens
that
generally
represents
the
value
of
the
cargo
in
that
sense,
and
we
have
basically
quoted
in
on
the
an
on-chain
risk
management
codes
that
basically
and
I'll
run
through
a
little
bit
of
how
our
credit
scoring
is
done,
so
that
we
are
able
to
see
whether
this
are
strong
or
not
as
a
community,
and
here
it
is.
B
C
So
if
we
take
the
data
that
is
from
so
I've
extrapolated
the
data
that
is
from
one
of
our
actually
today,
there
was
an
application
for
the
loan,
and
these
are
all
their
bank
balances
in
renminbi,
because
we
we
were
ex,
we
were
rescoring
for
a
loan
in
china,
so
if
you
can
see
debit
credit
and
the
daily
balance
that
they
have
in
general,
we
go
by
a
few
steps.
One
extract
data
by
the
by
computer
vision.
C
Second,
we
coded
in
you
know
a
calculation
of
the
data
to
the
risk.
Third,
we
score
for
the
data
and,
lastly,
we
would
always-
and
lastly,
we
will
print
score
into
the
risk
assessment.
Token,
the
red
token
that
goes
on
chain
in
that
sense.
So
if
you
look
at
this-
yes
here,
some
of
our
hypothesis
in
that
sense,
60
days,
viability,
because
the
loan
tenure
is
about
30
days
and
whether
they
are
they
are
making
money,
at
least
in
the
last
60
days.
C
So
it
is
the
viability
of
the
us
generally
does
the
collateral
covers
at
least
60
of
the
loan
to
value
ratio?
Yes,
it
does,
however,
will
the
borrower
be
able
to
repay
at
a
random
given
date
in
the
future
in
the
next
30
days.
The
answer
is
no,
of
course,
we
have
upper
bounds
and
lower
bounds,
and
generally
they
feel
the
first
one.
They
would
definitely
not
do
well
on
the
next
two
transaction
velocity.
C
Is
this
a
real
company
we
score
for
the
amount
of
activity
that
happens
in
the
company
in
the
last
60
days?
Of
course,
if
we
see
a
bank
statement
of
say
three
line
items
right
generally,
that's
not
that's!
That's
not
somebody
that
will
go
back
and,
of
course,
we
do
macro.
We
overlook.
We
oversee
the
macro
parameters
where
we
look
at
the
paid
up
capital
of
the
company,
the
shareholding
of
the
company,
more
importantly,
the
quality
of
liquidation.
C
When,
if,
if
the,
if
a
default
happens
right,
are
we
able
to
get
a
minimum
of
30
cargo
value
return
based
on
our
current
processors
off
chain
to
return
the
money
in
usd
to
die?
And
if
we
can,
you
know
we'll
score
a
10
for
that
it's
called
upon
100.
Lastly,
a
collateral
manager
does
this
collateral
manager
that
we
are
working
with
have
legality?
C
That
means
they
are
the
consignee
on
the
master
bill
of
lading.
Do
they
have
sight
of
goods?
Do
they
control
the
storage
of
of
these
goods?
In
that
sense?
So
do
they
have
do
they
have
port
control
in
that
sense?
So
if
there
is,
then
they
score
a
10..
However,
unfortunately,
for
our
chinese
friends
today
that
applied
for
a
loan,
the
the
ratio
is
30.
Generally
speaking,
we
will
not
land
on
as
a
rule
of
thumb,
anybody
that's
lower
than
60,
but
of
course
the
system
will
give
a
risk
weighted
loan.
C
Our
value
in
that
sense-
and
we
calculate
that
entire-
you
have
the
forex
voltai
over
here,
so
this
is,
in
general,
a
very
simplified
version
of
how
we
do
credit
scoring
on
chain.
These
are
all
done
autonomously
by
by
algos,
so
it
reduces
the
amount
of
human
capital
that
we
will
need
in
our
systems.
C
Yep
yep
definitely
so
we
have
reached
some
smes.
There
was,
as
I
mentioned
earlier,
on,
there's
an
example
where
the
enterprise,
a
standard
band
grid,
credit
score.
C
So,
but
because
we
see
the
other
data
alternative
data
and
all
that
we
are
able
to
provide
a
scoring
and,
of
course
we
have
the
jurisdiction
of
the
collateral
managers
who
help
us
confiscate
goods
or
or
manage
the
cargo
in
that
sense,
so
we
have
some
comfort
in
terms
of
the
risk
premiums
that,
or
rather
the
loans
and
trade
financing
that
we
are
giving
out
today.
These
are
these.
Are
these
are
the
values
that
we
have
done
in
our
proof
of
concept
between
april
to
june?
C
Of
course,
the
business
has
grown
about
maybe
three
times
for
now,
but
this
is
in
general,
what
has
been
done
all
right
in
the
business
to
july
we
had
we
had
issued,
or
rather
we
have
dished
out
over
590
000
worth
of
loans.
Over
1.6
million
total
assets
were
scored
on
on
our
chain,
and
there
was
a
hundred
percent
repayment
in
july.
Of
course,
the
data
sample
is
still
small.
We
don't
expect
it
to
be.
C
We
don't
expect
defaults
in
general,
but
of
course
that's
not
a
good
expectations
once
we
scale
up
the
business.
So.
Lastly,
there's
three
things:
you
know
the
visa
assessment
token,
the
nft,
the
collateral
that
we
are,
we
are
proposing
to
onboard,
which
is
the
credit
application
token
and
lastly,
which
comes
with
you-
know
the
partners
that
we
work
with
in
real
life.
So
this
shuttle
one
as
a
team.
We
are
three-man
team.
We
are
based
in
south
asia,
I'm
in
singapore
and
yeah.
D
Hey,
if
you
don't
mind
I'll
jump
in,
I
have
a
couple
of
questions.
So
the
first
one
is:
how
do
you
make
sure
that
the
bank
statement
that's
being
produced
that
you're
using
computer
vision
to
read
is
not
fraudulent?
D
So
that's
the
first
question
fraudulent
bank
statement.
The
second
is,
I
guess,
from
my
perspective,
what
I'm
more
concerned
about
is
you're.
Putting
in
this
collateral
in
the
maker
system.
Is
that
collateral,
a
tradable
asset
and
like
at
what
point?
Do
you
say
that
collateral
has
a
bad
price
and
needs
to
be
liquidated
and
how
do
the
keepers,
the
auction
keepers,
buy
that
collateral
and
like
how
do
they
value
it?.
C
Yep
good
question,
so
the
first
one
I'll
answer
is
basically
the
the
questions
on
bank
statements,
fraudulent
bank
statements.
In
that
sense
right,
unfortunately,
we
do
have
a
a
risk
points
where
it's
actually
our
partners,
who
works
directly
with
the
merchants
themselves
that
validates
firstly
through
themselves,
whether
these
are
credible
bank
statements
to
begin
with.
All
right,
I
think,
for
us
in
terms
of
the
risk
management,
we
don't
simply
take.
C
You
know,
there's
how
much
money
left
in
your
bank
or
how
much
balance
you
have
at
the
end
of
the
day,
we
actually
take
the
running
average
of
seven
days,
60
days,
30
days
in
that
sense.
So,
even
if
you
have
a
million
dollars
that
has
been
pumped
in
on
the
last
day
of
the
60th
day,
you
know
we
we
generally
won't
give
you
a
loan,
because
your
previous
60
year,
60
days,
were
basically
zero.
C
Specifically
to
answer
the
question
in
terms
of
fraud
in
terms
of
computer
vision,
we
actually
rely
not
just
on
the
vision.
We
also
rely
on
our
partners
to
validate
and
declare
that
the
document,
the
documents
that
have
been
submitted
are
basically
I
mean
they
are
they
are
they
they
are
declared
to
be
true
in
that
sense,
yeah.
Second,
I
think
the
question
on
this
collateral
value.
Firstly,
the
collateral
recognizes
so
traditionally
in
trade
finance.
The
the
value
of
the
cargo
is
recognized
between
buyer
and
seller.
C
All
right,
there's
just
basically
two
people
in
it,
two
parties
in
that
sense
in
crypto,
and
I
think,
on
the
blockchain,
the
idea.
For
a
token,
that
represents
the
cargo
that
achieves
hopefully
more
than
just
one
standard
price
discovery
would
be
needed
and,
I
think,
more
importantly,
the
economy
that
is
created.
Basically,
the
guy
has
to
use
more
of
his
money
that
he
has
earned
or
the
merchant
to
pay
back
his
loan
at
his
interest
to
reclaim
or
to
to
close
the
the
loans.
C
During
I
mean
to
to
close
the
loans
are,
in
that
sense,
so
there's
an
increase
in
the
value.
There
is
an
increase
because
of
you
know,
fiat
money
that
comes
into
the
system
to
repay
the
loan,
which
is
converted
by
die
in
our
remittance
network
and
therefore
you
know
there
is
a,
I
guess:
quote-unquote
real
economy
in
that
sense,
yeah.
D
I
guess
my
confusion
is
though,
like
I
mean,
are
we
always
well?
First
of
all,
is
the
cargo
insured
was
kind
of
a
secondary
question,
but
but
I
don't
think
you're
getting
to
the
heart
of
my
question,
which
is
most
things
in
in
maker,
are
pretty
liquid
right?
There's
a
tradable
market
for
eth
is.
Would
there
be
a
tradable
market
for
these
collateral
tokens?
D
C
So
in
terms
of
exchange
mechanisms
in
terms
of
the
cargo
that
we
are
doing
right
now,
we
deal
with
commodities.
We
deal
with
oil,
we
deal
with
metals.
These
are
generally
easily
substitutable
items
in
globally.
In
that
sense,
not
just
in
the
crypto
space,
we
also
deal
with
food
because
food
in
the
last
six
months
and
we
deal
with
food
that
could
last
for
at
least
three
years.
This
will
include
your
you
know:
frozen
foods,
your
maybe
you
know
curated
uht
kind
of
yogurt
or
milk.
C
In
that
sense,
and
just
one
thing
in
terms
of
the
keepers
and
all
that
we
don't,
I
think
there
is
no
mechanism
now
in
in
in
in
maker.
I
mean
I
see
some
proposals,
but
there's
no
real
mechanism
for
for
the
keepers
to
come
aboard,
and
you
know
auction
some
of
these
items.
C
It
will
have
to
depend
on
us
in
that,
for
that
matter
we
are
building
a
network
of
liquidators
in
that
sense
for
food
in
general,
we
have
a
bunch
of
supermarkets
in
the
countries
that
the
destination
countries
that
we
are
working
with
right
now
and
one
caveat
I
was
in
food.
I
was
a
farmer
and
I
used
to
ship
vegetables
globally
all
across
the
world,
so
that
was
my
background
and
that's
why
I
focus
in
food
yeah
and
two
in
terms
of
the
commodities.
C
We
do
have
some
very
strong
partners
who
are
ready
to
take
on
some
of
these
color
these
commodities
that
maybe
a
three
percent
or
seven
percent
haircut.
You
know
in
that
sense.
A
Okay,
somebody
we're
gonna,
take
one
more
question
and
then
wrap
up
to
hand
over
to
our
collapse.
A
Okay,
then
no
takers,
then
things
is
wrong
and
then
maybe
we
can
hand
over,
maybe
amy.
You
can
give
sharing
rights
to
who's,
presenting
from
arka.
E
Steve,
I
will
it's
jerry
david
and
I
think
we'll
have
some
participation
as
well
from
the
rest
of
our
team,
so
mason
and
hassan
and
blair's
microphones
if
they
could
be
unmuted
to
be
very
helpful.
B
A
B
E
Yes,
it's
great
okay!
Well
great!
Thank
you
amy!
Thank
you
long
for
wisdom
and
a
big
thank
you
to
you
know
the
community
as
well,
for
inviting
us
here
today
to
present
a
little
bit
about
our
fund,
which
is
the
u.s
treasury
fund
and
our
token,
which
is
called
our
coin.
E
We
really
appreciated
the
comments
that
the
community
gave
during
the
application
process,
and
hopefully
we
can
address
some
of
those
comments
today,
in
addition
to
anything
else
that
anyone
would
like
to
discuss
I'll
jump
in-
and
I
know
we've
got
a
small
amount
of
time
today,
so
we
are
going
to
be
moving
pretty
quickly
through
this
presentation.
So
if
there
are
questions
I'll
try
to
hold
as
much
time
as
possible
for
the
team
to
answer
those
at
the
end
of
the
presentation.
E
So
briefly
for
those
of
you
that
are
not
familiar
with
the
company,
we
we
represent
a
company
called
arca
which
has
two
different
divisions
which
I'll
get
into
in
a
second.
Essentially,
the
company
itself
was
established
in
2017
and
we
currently
operate
offices
here
in
new
york,
which
is
where
I
reside,
and
I
know
los
angeles
as
well.
E
E
The
two
different
divisions
of
the
company
are
referred
to
as
arc
of
funds
and
arco
labs
for
the
purpose
of
this
presentation,
we'll
be
focusing
on
arca
labs,
which
essentially
has
been
created
in
order
to
design
innovative
projects
that
tap
into
blockchain
and
digital
asset
space.
Irrespective
there
are
some
key
points,
I
think
that
are
important
to
note,
with
reference
to
two
different
sides
of
our
business,
all
the
products
that
we
design
are
set
to
the
highest
standards,
the
product
we'll
be
talking
about
today.
E
Our
coin
was
set
to
meet,
what's
known
as
the
40
act,
which
is
really
one
of
the
higher
standards
with
reference
to
sec,
regulated
instruments.
The
other
things
that
I
think
are
super
important
to
note
are
that,
across
the
board,
we
take
certain
things
in
certain
things.
You
know
very,
very
seriously
risk
management
compliance
and
ensuring
that
we
partner
with
the
strongest
and
most
readily
available
top
service
providers
that
are
out
there.
E
The
final
thing
that
I
think
is
important
here
is
our
commitment
to
transparency
as
well
as
part
of
as
part
of
our
business.
We
spent
a
significant
amount
of
time
when
we
first
set
out
to
create
our
coin
with
the
sec.
It
was
very
important
for
us
to
make
sure
that
the
thesis
that
we
believed
at
the
time
dating
back
to
two
years
ago,
is
accurate,
and
that
thesis
was
that
you
know
security.
E
That
would
allow
us
to
offer
customer
protections
for
each
individual,
a
token
holder
and
we'll
get
into
what
those
customer
protections
really
are
a
little
bit
in
the
presentation,
but
essentially
after
we
met
with
the
sec
and
explains
them
what
we
wanted
to
do,
which
was
about
two
years
ago.
We
explained
something
we
wanted
to
create
an
interest-bearing
token
that
get
that
generated
yield.
So
anyone
who
old,
who
held
our
token,
would
have
a
low
volatility
instrument
that
was
backed
by
a
portfolio
of
us
treasuries
and
by
subscribing
to
the
fund.
E
One
would
then
receive
in
return
a
share
of
the
fund,
but
the
innovation
that
we
were
able
to
work
with
the
sec
on
was
to
introduce
blockchain.
So,
instead
of
giving
somebody
like
a
paper
share
certificate,
that's
somewhat
common.
In
the
traditional
space,
we
were
able
to
work
with
the
sec
to
create
a
digital
asset
or
a
token
that
we
call
our
coin.
E
So
when
an
r
coin,
which
really
is
a
share
of
a
closed
end
fund,
is
transferred,
it's
transferred,
peer-to-peer
from
wallet
to
wallet
and
we'll
get
into
what
that
flow
looks
like
a
little
bit
later
in
this
presentation
as
well,
but
the
important
thing
that
I
think
that
we've
distilled
from
our
filing,
which
I
would
encourage
everybody
to
review-
and
I
can
send
a
link-
you
know-
to
either
long
for
wisdom
or
amy
at
the
conclusion.
E
This
presentation
to
share
with
the
community,
but
the
important
points
here
are
that
the
fund
itself
is
a
short
duration,
us
treasury
fund.
You
know,
there's
a
minimum
investment
of
a
thousand
dollars
initially
that
the
as
noted
through
the
community.
Our
initial,
offering
is
a
hundred
thousand
hundred
million
shares.
This
can
be
changed
upon
demand
and
we've
already
spoken
with
the
sec
about
that
and
that
that's
gonna
be
managed
by
our
fund.
Manager's
name
is
jeff
gorman,
who
acts
as
the
advisor
to
the
fund.
E
Final
thing,
I
would
say
as
well,
is
that
there
is
a
small
fee.
It's
a
a
a
quarterback
basis
point
and
that
fee
as
well
is
associated
with
the
token
a
few
things
that
we
were
required
to
do
initially
when
setting
up
the
fund
as
part
of
this
1940
app
that
I
referenced
earlier,
we're
required
to
set
up
a
number
of
service
providers
that.
E
Act
as
the
administrator
or
act
as
the
operational
assistance
to
the
fund,
so
each
of
these
folks
that
are
listed
on
the
left-hand
side
of
this
slide
plays
a
very,
very
important
role
in
fund
operations,
which
essentially
ensures
that
you
know
the
customer
protections
under
the
1940
act
are
applicable
on
the
right-hand
side,
you'll
see
the
initial
list
of
custody
providers
that
we
have
for
our
token
as
well.
E
We
do
have
conversations
with
an
additional
five
or
six
different
custom
providers
that
we'll
be
announcing
relatively
soon,
but
this
is
just
to
to
to
share
with
the
community
that
we
are
working
with
some
of
some
of
the
custody
providers
and
we'll
be
offering
a
choice
for
wallets
as
well
as
custody,
as
we
continue
to
move
forward.
E
So
there
are
a
couple
of
things
that
are
super
important
about
this
fund,
and
these
are
kind
of
a
small
list
of
what
I
consider
to
be.
You
know
kind
of
the
most
important
attributes,
as
I
said
before,
register
under
the
1940
app
and
as
we're
registering
the
cordial
that
provides
us
with
some
additional
protections
that
ultimately
are
granted
to
any
our
coin
holder.
So
any
token
holder
can
rest
assure
that
you
know
their
token
itself.
E
You
know,
is
gonna,
be
held
in
trust,
which
is
super
important
when
we're
talking
about
things
like
you
know,
some
of
the
other
stable
tokens
that
are
out
there,
where
there
have
been
some
questions
with
reference
to
what
the
actual
num,
what
the
actual
aum
is,
or
the
dollar
value
of
assets
that
they're
holding
back
the
tokens
that
are
in
circulation.
E
For
us,
ours
are
all
held
at
a
at
a
bank
umb.
You
know
we
have
an
administrator
that
administrator
takes
a
look
into
our
bank
account
on
a
daily
basis.
They
actually
then
look
at
the
number
of
tokens
that
are
outstanding.
They
do
a
calculation
and
then
they
then
offer
to
the
marketplace.
You
know
kind
of
what
the
nav
the
net
asset
value
is
of
our
token
net
asset
value
of
our
token,
upon
our
launch
on
july,
the
6th
was
struck
at
a
dollar.
E
You
know
we're
going
on
two
months
right
now
and
net
asset
value
was
struck
yesterday
and
two
was
struck
at
a
dollar,
so
some
of
the
protections
that
you
receive
are
critically
important,
just
a
small
few
other
of
those
protections
that
I
think
are
important
for
this
group.
You
know
we
are
incredibly
transparent,
as
I
mentioned
before,
in
fact
we're
so
transparent
that
we
publish
our
nav
every
day,
we'll
publish
annual,
audited
financials
monthly
statement
of
accounts
sec
filings.
E
E
One
of
the
reasons
why
we
chose
to
be
a
closed
end
fund
through
our
application
with
the
scc
was
because
it's
a
familiar
structure-
and
this
comes
in
comes
up
again
later
on
in
this
presentation.
But
the
reason
why
it
was
important
for
us
to
choose
a
familiar
structure
was
to
give
confidence
to
institutional
investors
and
others
that
are
out
there
that
they're
investing
in
something,
first
of
all
that
they
know,
and
second
of
all,
that
provides
them
with.
E
As
I
said
before,
these
customer
protections
we've
created
this
wrapper,
and
this
wrapper
essentially
has
a
portfolio
of
short-term
us
treasuries.
Inside
of
it,
I
mentioned
that
those
u.s
treasuries
were
really
important
for
us
for
two
reasons.
The
first
is
their
low
volatility
instrument,
which
is
super
helpful.
When
we're
you
know
trying
to
utilize
our
token
our
coin
as
an
instrument
as
an
instrument
that
ultimately
would
have
low
levels
of
volatility.
The
second
thing
that's
super
important
about
the
us
treasures,
obviously,
is
that
they
are
interest.
E
Bearing
so
interest
is,
then
you
can
think
of
interest
as
being
stapled
to
our
coin
and,
ultimately,
ultimately,
then,
is
then
delivered
back
to
the
holder.
Of
that
token,
the
final
few
functions
are
important
because
they're,
one
of
the
reasons
why
we
opted
to
create
this
fund
through
use
of
blockchain
technology.
The
first
is
that
our
tokens
themselves
are
transferred
peer-to-peer,
so
peer-to-peer
means,
while
it's
a
wallet
and
that's
super
helpful
for
us
with
reference
this
use
case.
E
It's
also
super
helpful
when
we
start
talking
about
the
movability
and
the
transferability
of
our
coin
as
well.
The
final
points
are
that
by
using
blockchain
we're
able
to
remove
intermediaries,
banking
partners
broken
brokering
partners,
etc,
and,
as
a
corollary
to
that,
there
are
reduced
costs
and
fees,
and
all
of
this
is
facilitated
through
smart
contracts
that
were
created
by
our
partner
token
software.
E
So
I
mentioned
before
that.
This
is
a
low
volatility
token
and
that's
super
important
for
us
and
I
think
all
the
attributes
of
a
stable
token
certainly
apply
here,
so
things
like
being
back
one
to
one,
as
I
mentioned
before,
widely
distributed
low
volatility,
auditable
redeemable,
although
that
may
be
questionable
in
some,
but
with
some
of
the
offerings
in
the
marketplace
right
now.
Those
all
do
apply
to
our
coin
but,
as
I
said
before,
there
are
additional
and
enhanced
benefits
that
are
applicable
as
well.
E
We've
talked
about
them
previously,
but
interest
bearing
sec
registered,
mandated
daily
reporting
bankruptcy.
Protection
for
the
investor,
which
is
super
important,
as
well
as
the
portfolio
of
treasuries
that
I
mentioned
earlier
and
at
this
point,
I'd
like
to
hand
this
over
to
mason.
If
you
can
to
pick
up
on
the
second
part
of
the
presentation,
please.
F
Hello,
my
name
is
mason,
I'm
with
tokensoft
the
technology
provider,
and
so
one
thing,
that's
sort
of
really
important
is,
I
think,
for
every
project
in
the
space
we
sort
of
want
to
reach
decentralization
to
the
extent
possible
and
so
and
to
do
that
it
really
requires
a
little
bit
of
a
bridge,
especially
if
we're
touching
real
world
assets
and
so
our
client.
Our
coin
is
we
sort
of
see
it
as
the
bridge
from
the
centralized
world
into
the
decentralized
world
that
maker
operates
in
next.
F
Slide
and
so
how
do
we
think
about
this?
So
all
the
way
in
the
back
of
this
system
are
the
us
treasuries,
and
so
those
are
centralized.
They
also
provide
very
stable
value.
F
Our
coin
is
sort
of
the
intermediary
player,
where
the
token
can
transact
peer-to-peer
on
chain,
but
there
are
some
compliance
procedures
around
that
to
make
that
work
and
the
goal.
The
goal
here
is
sort
of
to
get
this
into
mcd
so
that
we
can
sort
of
at
least
map
into
the
centralized
world.
Hopefully
our
coin
can
provide
additional
stability
there
and
the
maker
system
can
additionally
benefit
as
well.
F
G
Yeah,
so
we
just
wanted
to
highlight
a
few
of
the
reasons
why
our
coin
is
is
well
suited
for
maker,
and
the
first
is
that
it's
it's
backed
by
stable
assets,
it's
backed
by
t-bills.
The
second
reason
is
this
provides
a
institutional
bridge
for
traditional
financial
players
to
kind
of
dip
their
toes
into.
G
We
think
that,
in
general,
with
with
things
like
traditional
financial
assets,
there's
going
to
be
a
kyc
and
aml
requirement
for
any
of
them
and
all
of
them,
and
they
have
restrictions
on
these
as
well
and
by
implementing
our
coin,
it's
the
first
step
to
linking
the
traditional
financial
world
with
digital
assets,
and
it
makes
these
institutional
players
more
comfortable
understanding
using
an
instrument
they're
used
to
using
historically
another
reason
we
think
this
is
good.
G
Is
we
believe
that
a
low
volatility
instrument
will
also
lead
to
reduced
die
volatility
so
because
these
are
backed
by
t-bills,
more
die?
Supply
can
be
issued
because
there's
low
liquidation
risk,
if
more
die
supply
is
issued,
die
should
return
to
its
peg.
If
die
returns
to
its
peg,
we
can
theoretically
increase
the
the
stability
fee
for
die
and
accrue
value
to
make
or
holders
via
die
interest
payments.
G
I
we
are.
We
also
understand
that
many
originally,
when
we
submitted
the
proposal,
some
community
community
members
were
concerned.
That
t-bills
were
not.
G
You
know,
short
duration,
bonds,
we're
not
yielding
that
much
interest,
and
while
that
is
true
today,
that
may
not
necessarily
be
true
tomorrow,
and
one
of
the
benefits
of
our
coin
is
that
our
cio
jeff
dorman
is
a
30-year
wall
street
veteran
and
has
traded
bonds
for
citadel
merrill
and
lehman,
and
he
just
has
experience
doing
this,
and
so
our
goal
would
be
to
generate
a
yield
in
excess
of
any
fund
expenses
and
we're
able
to
do
that
by
taking
a
view
on
rates
and
then
finally,
we
understand
that
you
know
maker
is
a
dow
and
we
want
the
community
involved
in
this
process
and
we're
open
to
feedback
and,
like
governance,
talks
about
how
the
liquidation
process
and
how
the
governance
process
for
our
coin
would
work.
G
Okay,
yeah,
I
mean
this
is
really
we
can
run
through
this,
like
we
don't
expect
our
coin,
people
that
are
locking
up
our
coin
in
a
cdp
to
be
liquidated.
G
For
the
reasons
I
just
said,
it's
super
low
volatility,
but,
to
the
extent
they
are,
we
would
want
to
some
guidance
and
help
from
the
community
in
suggesting
that
we
have
a
open
and
transparent
keepers
that
would
need
to
be
whitelisted
and
essentially
we'd
want
to
move
we'd
want
to
like
invite,
maybe
10
to
15
keepers
that
would
be
white
listed
and
could
control
the
process
of
the
liquidations
to
the
extent
they
occur.
G
G
Let's
see
what's
relevant
on
this
slide
yeah
I
mean
so
that's
pretty
that's.
I
mean
there's
nothing
in
on
this
slide
that
I
didn't
talk
about
like
I.
G
The
amount
of
keepers
will
increase
over
time
and
the
kyc
aml
process
is
fast
and
efficient.
It's
it's.
It's
not
a
steep
learning
curve
next
slide.
G
So
this
is
our
our
plan
is
to
roll
out
the
the
our
plan
is
to
increase
the
pool
of
keepers
in
a
phased
approach,
focusing
on
geography,
which
is
why
we
want
to
initially
start
with
10,
and
we
want
to
invite
the
community
to
provide
us
feedback
on
that
if
they
feel
like
that's
sufficient,
but
yeah
I
mean
for
regulatory
reasons.
G
I
can't
talk
too
much
about
our
expansion
into
europe
and
asia,
but
the
point
is:
is
that
for
right
now
we
feel,
like
an
initial
group
of
10
u.s
based
keepers
would
be
helpful.
To
start
this,
to
start
this
governance
process
in
doubt,
yeah
go
ahead.
E
And
I
think
just
to
wrap
this
up
kind
of
we're
running
short
on
time,
just
where
the
the
key
points.
I
think
that
isan
has
brought
up
here
that
we've
got.
You
know
a
strong
idea
as
to
how
we
could
handle
any
sort
of
liquidation,
we'd
love
to
validate
that
with
the
community.
So
we
also
have
additional
thoughts
as
well
and
how
we
can
handle
that.
So
the
key
takeaway
is
we're
open
to
any
feedback
on
this,
and
we
certainly
you
know,
welcome
your
questions
at
this.
D
Time
yeah,
I
mean
I
have
a
kind
of
a
silly
question
so
since
this
is
a
security
right,
so
everyone
has
to
be
kyc
and
who
handles
it?
How
does
a
maker
protocol
get
kyc
to
accept
this
as
a
collateral
like?
How
does
that
address?
Is
that?
Is
that
a
very
simple
answer,
or
am
I
being
silly.
F
Yeah
yeah,
so
okay,
so
there
is
a
platform
at
the
arco
website
that
onboards
the
investors,
whether
they're,
retail
or
institutional,
there's
a
onboarding
process
that
incorporates
kyc
into
it,
and
so
basically
as
soon
as
they're
approved
through
that
process,
and
they
they
subscribe
to
the
fun
they
pay.
The
address
is,
then
whitelisted,
so
that's
for
the
first
time
on
ongoing
basis,
they
can
just
use
that
address.
F
There's
also
the
ability
to
register
multiple
addresses,
so
one
of
these
investors
could
simply
whitelist
an
additional.
They
could
whitelist
the
maker
smart
contract.
They
could
whitelist
additional
addresses
that
they
use
day
to
day,
and
so
that's
sort
of
on
the
investor
to
to
coordinate
interesting.
D
Okay
and
then
I
mean
there's
a
simple
bound
right:
there,
there's
the
die
savings
rate
of
the
dsr,
whatever
this
is
yielding,
it
has
to
be
higher
than
the
dsr
right.
That's
the
bound,
because
if
it's
yielding
something
below
the
dsr,
then
there's
an
arbitrage
opportunity
for
the
person
depositing
this
our
coin.
D
D
Ever
goes
to
two
percent,
then
this
becomes
a
little
tough
to
add
as
a
collateral
type.
Obviously,
the
dsr
is
zero
and
you
can
also
limit
it
by
the
debt
ceiling,
but
that's
something
to
keep
in
mind
like
whatever
the
dsr
is.
Whatever
products
maker
acceptors
accepts
as
collateral
needs
to
be
high,
yielding
assets
that
beat
the
dpso.
G
Yeah
I
mean
I,
I
understand
that:
can
we
walk
through
the
flows
of
the
arbitrage,
so
I
put
in
I
put
in
our
like.
D
So,
let's
assume
that
your
star
is
it's
two
percent
right
yep
and
our
coin
is
yielding
25
basis
points.
G
D
So
I
deposit
the
our
coin:
deposit
thousand
dollars
worth
of
our
coin.
I
make
myself
ninety
thousand
dollars
worth
of
die.
I
take
the
ninety
thousand
dollar
dive,
put
it
in
the
dsr.
Now
I'm
yielding
two
percent
on
my
ninety
thousand,
I'm
essentially
stealing
money
from
the
maker
protocol,
but
you're
also
paying
along
the
way
right,
but
the
stability
like,
I
guess
the
stability
fee
needs
to
be
higher
than
the
dsr
for
this
particular
collateral
right.
D
D
G
To
know,
I
know
we're
just
talking
we're
talking.
No,
I
understand
a
question
I
mean
we.
I
have
to
think
about
like
modeling
the
rates
and
thinking
about
like
what
can
we
just
take
one
more
step
back
like
white
right
now,
there's
no
stability
fee
on
any
of
the
assets
right
or
any
other
collateral
right,
correct,
so
like
and
historically
it's
moved
around
a
lot,
it's
moved
from
like
five
to
ten.
It
was
higher
that,
like.
G
C
G
So
if
at
a
six
percent
stability
fee
and
and
let's
just
call
it-
a
three
percent
die
savings
rate,
then
you're
losing
you're,
essentially
paying
three
percent
to
borrow
die
right
and.
D
Yeah,
if
you're
not
using
anything
with
that,
die
right.
So
the
point
being,
I'm
just
trying
to
understand
the
use
case
from
the
user
perspective
of
okay.
They
have
this
r
coin
and
they
obviously
want
to
lever
up
what
at
what
interest
rates
would
they
lever
up?
Where
does
it
make
sense
for
them,
and,
and
just
I'm
trying
to
understand,
does
it
make
sense
for
the
maker
protocol.
B
I
think
sarah
said
that
cyrus
is
a
good
answer
to
you:
gosh,
well,
okay,
equivalent
to
be
equivalent
to
the
disability
fee
like
you
charged
under
different
usdc's,
not
tether,
obviously
but
tether,
but
usdc
or
or
true
usd
eventually.
You
know,
so
it
wouldn't
be
too
much
because
it's
I
treat
it
as
almost
as
cash.
E
To
what
other.
B
B
Then
you're,
probably
over
inflating
the.
D
Fair,
I
mean
we
can
get
an
answer
for
them
later
I
mean
my
kind
of
two
follow-up
questions
were
just
walking
through
a
liquidation
event
if
it
did
happen
like
if
the
keeper
does
end
up
buying
this
r
coin
through
an
auction
liquidation,
you
know,
what's
the
process
to
essentially
I
guess,
redeem
and
get
the
treasuries
and
liquidate
that
I
just
wanted
a
full
walk-through
of
a
true
end-to-end
liquidation
and
then
the
second
was:
could
this
same
concept
be
extended
to
a
bunch
of
other
collaterals?
Besides
u.s
treasuries.
E
Yeah,
so
I
can,
I
can
answer
both
those
I
believe,
and
the
first
one,
I
think,
is
with
reference
to
liquidation,
so
talking
through
what
a
liquidation
scenario
would
look
like,
and
let's
assume
that
the
keeper
receives
our
coin
into
their
wallet.
That's
already
been
pre-approved
or
has
already
been
white,
listed
through
the
portal
that
we've
set
up
ourselves,
essentially
you've
gotten
multiple
different
options.
E
E
The
second
would
be
to
participate
in
what
we
offer
our
redemption
schedule,
whereby
the
exchange
whereby
the
fund
itself
will
offer
for
redemption
up
to
25
of
the
underlying
assets
in
aum
right
now,
the
third
you
know
kind
of
option
would
be,
and
this
is
forthcoming
would
be
to
transact.
E
You
know,
on
an
exchange
and
again
you
know
kind
of
there
are
some
exchanges
that
we
obviously
would
easily
be
able
to
list
on
from
a
regulatory
perspective,
and
there
are
others
that
it
would
take
some
sort
of
a
lift
or
would
not
be
permissible.
For
our
token,
but
we
are,
you,
know,
kind
of
actively
engaging
in
what
that
strategy
is
and
implementing
solutions
for
liquidity
purposes
as
well.
E
E
G
I'm
back,
I
can
address
that.
Potentially,
let
me
try.
I
think
you
were
asking
about
the
like
an
acceptable
stability
fee
and
I
think
cyrus
posted
that,
like
it
should
be
on
par
with
other
stable
coins
and
and
and
I
first
of
all
like
I.
G
I
definitely
agree
with
that,
and
the
second
thing
I
would
say,
is
like
it's:
each
it's
each
participants,
each
participant
will
have
a
different
specific
hurdle
rate
that
they're
that
they're
willing
to
pay
in
interest
in
order
to
like
meet
the
demand
for
what
they're
doing
so,
for
instance,
like
maybe
someone
just
wants
to
put
it
in
there,
because
the
die
is
trading
a
dollar
or
two,
and
they
know
they
can
get
it
generated
a
dollar
and
sell
it
like.
G
I
guess
what
I'm
trying
to
say
is
like
the
hurdle
rates
are
dependent
on
what
each
individual
investors,
like
view,
is,
and
if
they
can
beat
a
three
percent
rate
and
that's
the
rate
they're
borrowing
at
then
that's
up
to
them.
Ideally,
ideally,
though,
like
I
agree
with
what
cyrus
says
like
it
should
it
should
mirror
stable
coins,
but
it
may
not
like,
as
long
as
you
can
get
a
better
rate
than
you're
paying
that's
the
hurdle.
So
if
die
is
trading
above
it's
peg
and
you
want
to
take
that
two
percent.
G
You
could
take
that
two
percent,
so
it
really
depends-
and
I
can
think
about
this-
answer
more
yeah
and
get
back
to
you.
D
B
I
mean
right
now:
the
duration
is
under
two
techn.
According
to
the
ppm,
we
have
the
ability
to
take
maturities
up
to
to
make
take
duration
up
to
eight
years.
We're
never
gonna
do
that.
B
Us
and
the
flexibility
investments,
but
the
goals
you
know
when
you,
when
you
create
a
bond
portfolio,
you're
goal
seeking
right,
you
can
go
seek
for
anything.
You
can
go
seek
for
duration.
You
can
goal
seek
for
yield.
We
are
focused
on
preserving
capital,
not
growing
capital,
so
in
different
yield
environments
and
different
market
environments.
B
You
know
30
plus
years
of
bond
experience.
We
will.
We
will
be
goal
seeking
for
different
things,
but
for
right
now
it's
preservation
of
capital,
which
is
a
very
low
duration,
low
interest
rate
sensitivity,
portfolio.
D
E
Form
yeah,
I
mean
that's
one
of
the
things.
That's
most
you
know
significant
about
our
filing
akash
is
that
you
know
we
received
approval
for
our
rapper
and
our
rapper
was
super
revolutionary
to
get
through
the
sec.
One
of
the
things
that
I
glossed
over
in
the
beginning
of
the
presentation
is
that
we
don't
intend
on
being
a
one-hit,
wonder
you
know
we
intend
on
listing
a
family
of
products
using
this
wrapper
of
different
asset
classes.
E
Different
underlines
that,
ultimately,
we'll
use
of
the
same
structure,
the
same,
create
redeem
function
and
the
same
flows
that
you
know
we've
run
through
the
past
will
run
through
for
the
community.
As
you
ask
so
the
answer
to
your
question
is
absolutely
yes.
D
E
Yeah,
so
the
way
that
the
way
that
the
system
has
been
set
up
is
obviously
that
is
a
hundred
percent
scalable.
You
know.
Initially,
we've
started
with
u.s
investors.
You
know
we
are
going
to
be
expanding,
that
relatively
soon
overseas
likely.
The
first
you
know
jurisdictions
that
will
be
coming
on
board
outside
of
the
us
will
be
in
the
uk
and
eu
and
we're
already
working
with
our
outside
council
in
different
jurisdictions
throughout
asia
to
come
up
with
the
most
acceptable
path
to
expand
distribution
of.
A
A
Okay,
no
takers
again,
but
the
recording
and
notes
will
be
posted
on
the
forum.
So
if
there's
any
questions
later
on,
then
feel
free
to
engage
there,
and
I
believe
that
all
your
contacts
are
also
there
so
yeah
and
if
there
are
other
applicants
on
that
call
and
want
to
present
another
time,
then
also
feel
free
to
just
post
it
in
the
forums.
And
then,
let's
see,
oh,
let's
talk
in
two
weeks
ago.