►
From YouTube: MakerDAO Community Meeting April 23rd, 2019
Description
Maker is a Decentralized Autonomous Organization(DAO) that manages the Dai Credit System on the Ethereum blockchain.
This video is a weekly community call that covers all Technical Milestones, Online Events, Notables, Partnerships, New Hires, Highlights from the Community, Real-Life Events, and more. Every now and then we even have a guest.
If you're curious to learn more about MakerDAO explore some of the resources below:
Awesome-MakerDAO Resource Repository: https://github.com/makerdao/awesome-makerdao/blob/master/README.md
CDP Portal: https://cdp.makerdao.com/
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Reddit: https://www.reddit.com/r/MakerDAO/
Chat: https://chat.makerdao.com/home
A
A
What
you
guys
would
like
to
see
in
this
call,
because
I
want
to
make
it
more
engaging
for
you
I,
don't
really
want
I,
don't
really
like
it
to
be
too
monotone,
and
just
me
presenting
for
half
an
hour
to
45
minutes.
It
tends
to
I
think
exhaust
people
and
myself
so
I'd
love
to
hear
from
you
guys
what
you'd
like
to
see
in
these
calls,
but
before
I
get
going
I
realize
that
I'm
actually
missing
one
thing
from
the
agenda,
which
I
am
no
longer
missing
there.
A
A
Also
from
maker
now
I
see.
Nick
crunkle
here
is
one
of
our
core
devs
awesome,
dude,
all
right
cool.
So,
let's,
let's
kick
it
off.
I'll
recap
the
events
very
briefly,
so
we
have
a
bunch
going
on
this
week.
In
Europe
we
have
black
split,
which
is
a
I
think
it's
a
tech
conference.
It's
happening
on
the
26th
and
Croatia,
and
our
business
development
guy
Gustav
is
gonna,
be
over.
There.
Gustav
was
an
awesome
dude
and
he
does
all
the
BD
in
Europe,
so
he's
gonna
be
over.
A
A
Yes,
so
it's
it's
an
open,
peer-to-peer
digital
network
where
contributors
can
have
as
little
or
as
much
skin
in
the
game
as
they
like
it
will
develop
and
own
the
researchers
dressing,
the
prevention
of
neurodegeneration,
and
so
they
actually
already
have
like
a
scientific
sort
of
breakthrough
to
seed
the
Dow.
This
is
all
super
complex
to
me.
I
have
no
idea
how
this
works,
but
it's
it's
an
interesting.
It's
interesting,
so
I
assume
that
they
are
doing
their
base
funding
and
all
of
that
and
die
since
they
are
doing
it
with
us
through.
A
You
know,
partnering
with
maker
Dow
and
whatnot
yeah,
so
they're
partnered,
with
like
you,
Penn
Duke
University
Alzheimer's,
Association
NIH,
while
they're
actually
partner
with
quite
a
lot
of
interesting
works,
but
we're
doing
an
event
with
them
on
the
29th
in
Berlin
and
I.
Believe
link
is
going
to
be
over
there.
We
also
have
an
event
in
Norway
on
April
29th,
called
learn
and
build
with
Oslo
blockchain
day.
A
We
have
a
couple
of
events
on
the
26th
in
Buenos
Aires.
We
have
mariana
Conti
participating
in
the
La
Plata
blockchain
Meetup
and
then
on
the
30th
in
Argentina.
We
are
participating
in
the
Argentina
FinTech
for
so
look
out
for
that
and
then
also
in
Korea,
we
have
do
presenting
I
think
it's
at
an
event
called
DLT
101
distributed
ledger
technology,
101
he's
gonna,
be
speaking,
he's
actually
hosting
it.
Oh
cool
yeah,
so
he's
gonna
be
there
from
the
23rd
to
the
28th.
So
I
guess
it's
5:00!
David
Wow
crew
goes
hard
awesome.
A
Yes,
so
that's
it
for
just
the
events
that
are
happening
this
week.
There's
a
lot
to
look
forward
to
in
the
month
of
May
are
particularly
you
know
for
me,
since
I'm,
biased
and
I
live
in
New
York,
but
near
blockchain
a
week
is
coming
up.
So
that's
going
to
be
a
lot
of
fun
excited
to
give
you
guys
some
updates
from
there,
but
that's
it
for
events
and
I'm
gonna
move
forward
to
some
of
the
technical
milestones,
partnerships
that
kind
of
stuff.
A
So
if
you
guys
are
regular
browsers
of
Reddit,
you
may
have
seen
the
the
thread
on
wisp,
which
is
a
free
payroll
tool
for
Ethan
die
and
it
actually
looks
pretty
sleek
I'm
actually
trying
to
get
in
contact
with
them
to
see
if
they
want
to
do
a
demo
here
on
the
call
for
us
so
look
out
for
that
that
they
might
come
on
as
guests
in
the
next
week
or
two.
Hopefully.
A
B
A
All
right!
So
besides
that
that's
the
only
real
partnerships,
I
think
that
they
self
integrated
I'm,
not
a
hundred
percent
sure
that
we
have
like
an
official
official
partnership.
But
it's
really
cool
that
you
know
payroll
tools,
free
payroll
tools,
we
use
and
I.
You
know
if
you're,
an
employer
and
some
other
country-
and
you
want
to
get
people
to
get
on
a
digital
platform-
and
you
know,
use
cryptocurrency,
particularly
with
a
stable
point,
called
die
yeah.
You
can
use
wisp
and
that's
really
cool
all
right
cool.
So
that's
it
for
partnerships.
A
This
week,
it's
kind
of
quiet.
In
other
news.
We
have
an
executive
vote
that
passed
on
Friday.
It
actually
passed
surprisingly
quickly,
but
the
stability
was
raised
from
eleven
and
a
half
percent
to
14
and
a
half
percent
for
three
percent
raise
and
today
or
sorry.
Yesterday
we
had
a
governance
poll
put
up
to
gauge
the
maker
token
holders
feelings
about
the
next
raise
and
so
far
we
have
a
two
percent
in
the
lead,
which
is
interesting.
A
So
you
know,
might
take
a
bit
of
time
for
CDP
users
to
digest
the
change
and
actually
make
decisions,
and
you
know
pay
down
their
their
CDP's
I
mean
it
takes
time
to
transfer
money
and
etc,
etc.
So
that's
that's
something
that
happened
and
then
also
just
as
a
side
note.
New
Oh,
which
is
a
borrowing
and
lending
platform,
recently
got
audited
by
Quan
Stamp.
So
that's
just
a
bit
of
ecosystem
news.
I
thought
that
was
cool,
I,
think
I'm
gonna
point
out
anytime.
A
A
project
gets
audited
on
here,
that's
like
relevant
to
defy
just
because
I
think
audits
are
really
important
in
the
space,
and
you
know
minimizing,
like
that.
Sort
of
technological
risk
for
users
is
really
really
important
when
it
comes
to
crypto
currencies
and
gaps
right,
yeah
David.
Thank
you
for
posting
that
I'm
gonna
check
that
out
myself
a
little
bit
later.
A
So
that's
pretty
much
it
for
some
of
the
technical,
some
of
the
more
official
stuff
some
highlights
from
the
community.
We
have
the
maker
roll-call
results
which,
if
you
didn't
know
originally,
it
was
supposed
to
be
like
its
own
separate
proposal.
But
then,
if
you're
participating
in
last
week's
governance
poll
I
believe
all
MKR
got
counted
in
that.
But,
interestingly
enough
it
seems
that
235,000
maker
was
counted.
A
So
so
it's
really
it's
kind
of
a
distribution
doesn't
surprise
me,
but
really
cool
numbers.
It's
actually
see
broken
down
for
you
and
also
I
kind
of
wanted
to
ask
the
question.
So
if
anybody
here
on
the
call
is
a
maker
holder
who
doesn't
vote
I
wanted
to
I
wanted
to
kind
of
ask
why?
So
anybody
here
has
any
answer
that
love
to
hear
it.
I.
B
A
A
You
know
we're
the
hot
wallet,
but
they
have
so
it
just
gives
them
an
ability
to
kind
of
keep
their
M
care
under
cold
wallet,
never
touch
their
cold
wallet
after
setting
up
the
cot,
the
the
proxy
and
then
just
using
the
hot
wallet
to
do
all
future
votes,
but
I
believe
that
the
the
team
is
working
on
on
putting
out
like
sort
of
direct
access
voting,
so
both
hot
walls
and
Cobalts
Nick
might
be
able
to
speak
to
that.
Actually
yeah.
C
So
everything
that
David
said
is
true.
I
just
want
to
add
one
clarifying
point
that
the
pot
wall
could
not
actually
take
any
of
three
DMARC.
It
will
be
the
only
power
that
the
hawala
has
it's
to
either
a
vote
or
be
to
withdraw
the
funds
back
to
the
cold
wall.
It
can't
do
take
out
the
NPR
throughout
the
film
that
anywhere,
you
feel
a
lot
of
people
felt
more
comfortable
voting
with
a
set
of
keys
that
was
restricted
again.
A
A
B
A
All
right,
cool
cool,
all
right,
so
moving
forward
so
also
highlight
from
the
community.
We
saw
the
guys
at
Dharma
post
a
refi
with
defy
guide,
which
is
a
guide
to
be
financing
your
CDP
and
it's
interesting
now,
because,
in
the
governance
space
we've
seen
a
bunch
of
people
trying
to
come
up
with
like
a
Lieb
or,
like
rate
called
the
die
poor
dpor
and
the
idea
is
that
all
right
like
if
our
stability
fee
is
higher
than
another
platforms,
borrowing
rate?
Why
don't
people
refinance
or
like
should
be
people
who?
A
Theoretically
people
should
be
closing
their
CPS
moving
their
debt
to
these
cheaper
instruments?
But
you
know
there's
kind
of
nuances.
Right
like
like
something
I
noticed
like
with
Dharma
like
there's
fundamental
differences
there,
it's
a
fixed
term
loan,
so
there's
like
90-day
loans
and
I
think
they
also
have
28-day
term
loans.
But
right
now
it's
the
90
day
loans.
So
there's
a
fixed
term,
and
with
that
fixed
term,
the
only
thing
you
could
really
do
is
top
it
up.
A
You
can
actually
withdraw
your
collateral
after
you
top
it
off
and
at
the
same
time,
you
can't
borrow
more
from
the
same
fixed
term
loan.
So
there's
a
I
guess:
there's
trade-offs
with
any
like
I
guess,
financial
instrument
or,
like
won't
one
arrangement,
I'm
curious
to
hear
your
guys's
thoughts
on
on
refinancing
and
like
obstacles
that
people
have
with
doing
that
and
yeah.
A
B
B
Yeah,
he
goes
right
back
into
the
place
folder
articles
about
comparing
here
to
contrast.
First,
peer-to-peer
platforms
were
makers.
Now
in
unis,
waffles
appeared
a
contract
and
Dharma,
and
some
others
are
peer-to-peer
compared
to
here,
just
consistently
shown
to
be
much
more
inefficient
and
compared
to
the
spirit
of
contract
right.
A
Right
yeah,
that's
that's
super
interesting,
I!
Guess
it's
because,
like
a
standardization
of
liquidity
right
like
with
with
like
maker
Dow
CDP's,
you
know
you
could
borrow
as
much
dye
as
you
want
so
long
as
you
have
the
collateral
right
and
then
with
like
unit
swap,
you
could
buy
as
much
as
you
want,
like
the
the.
What
is
it
what's
called
the
constant
market
market
maker
like
formula
that
they
use
it
kind
of
ensures
that
you
have
a
smooth
level
of
liquidity
across
like
both
the
bid
and
ask
so
it's
interesting
that
it's
interesting
yeah.
A
That's
it's
a
really
great
point.
I.
Also
like
one
thing
that
I
was
thinking
about
that
kind
of
gives.
People
an
obstacle
to
refinancing
is
also
the
need
for
float
right
so
like
in
order
to
move
your
CDP
debt.
You
actually
need
to
close
your
CDP
right
and
then
move
that
collateral
elsewhere
and
then
borrow
again.
A
But
how
do
you
do
that
either,
like
you
either
have
to
borrow
from
somewhere
temporarily
using
some
other
collateral
right
or
you
need
to
have
that
float
or
you
need
to
sell
your
assets
to
get
that
float
so
and
that's
like
a
tax
event
right.
So
there's
like
also
that
nuance
right
refinancing
isn't
so
isn't
like
the
click
of
a
button.
A
You
know
yeah,
alright,
cool
cool,
so
yeah
Dharma
did
that
came
out
with
a
little
refinancing
guide
how
to
move
your
CDP
over
to
Dharma
instead
app-v
to
arrives
so
instant
app
came
out
with
a
revamped
website
this
week
that
also
integrated.
You
know
swapping
khyber
right
there
in
the
dashboard,
so
instead
app
is
really
really
cool,
they're,
absolutely
killing
it
I'm
a
big
fan
of
theirs
that
their
their
whole
vision
is
to
get
all
the
defy
onto
one
platform.
A
So
you
can
manage
your
CDP,
you
can
you
know
trade
on
unit
swapping
khyber
you
could
blend
on
compound.
You
could
borrow
a
dorm
like
do.
Ideally,
you
can
do
pretty
much
anything
that
is,
that
is
a
good
defy
product
on
their
app,
so
really
real,
really
cool
that
they
came
out
with
a
little
v
to
revamp
version.
This
week,
I
already
spoke
about
the
end
Alzheimer's
with
IQ
and
maker.
Now
that's
just
referencing
the
event.
That's
happening
this
week
in
Berlin,
right,
yeah,
yeah
and
Berlin.
A
Let's
see
what
else?
Yes,
a
token
analyst
I
stumbled
across
the
page
from
token
analyst
I
Oh
on
stable
coins,
and
it
actually
is
really
interesting
because
it
shows
that
died.
Has
the
highest
TX
count
compared
to
USD,
see
packs
tu
is
the
ng
USD.
It
also
has,
like
I,
think
the
lowest
amount
of
coins.
Well,
the
second
lowest
amount
of
coins
in
circulation,
like
G
USD,
is
the
lowest
one
with
sixty-two
million,
and
then
it's
us
with
at
89,
I
guess
right
now,
like
88
and
then
the
third
one
is
like
110.
A
You
know,
but
and
also
we
have
I,
think
the
second
most
holders
so
there's
twenty
thousand
five
hundred
and
ninety
nine
holders
compared
with
us,
DC's,
twenty
thousand
nine
hundred
and
ninety
two
and
obviously
like
all
these
metrics
are
kind
of
like
you
got
to
take
them
sort
of
with
a
grain
of
salt,
because
you
know
people
can
have
multiple
wallet
addresses.
You
know.
A
Transactions
can
happen
on
a
contractual
level
like
it
and
there
could
be
a
lot
of
spam
transactions
like
you,
never
really
know
what's
going
on
behind
these
numbers,
but
they
give
you
a
decent
amount
of
like
insight.
So
I
thought
it
was
a
really
cool
comparison.
They
kind
of
put
all
the
different
staple
coins
together,
I.
B
B
A
C
A
Right
right,
right,
yeah
I
think
he
was
also.
He
also
put.
He
also
helped
put
together
a
couple
of
integration
guides.
I
remember
he
was
telling
me
yeah,
nice
yeah,
so
I
don't
know
David
I,
don't
I
personally,
don't
use
any
other
stable
quinn's.
That's
like
it's
like
one
step
down
from
like
blasphemy.
A
All
right
cool,
so
all
right
in
terms
of
developer
creations.
This
week,
I
saw
something
really
interesting,
although
I
can't
remember
where
I
saw
it.
I
just
managed
to
save
the
link
to
the
github
repo,
but
block
board
came
out
with
the
like
test
code
test
software
for
art.
This
thing
called
artists
and
artists
is
their
solution
for
executing
the
centralized
margin
trading
on
Dex's
and
it's
integrated
with
maker
Dow.
A
You
know
swap
and
soon
compound
to-
and
you
know
the
software
is
not
audited
or
anything,
but
it's
really
interesting
because
you
know
the
centralized
margin.
Trading
on
decks
is
kind
of
like
next-level
future
step
for
like
margin,
trading
right
and
I
thought
it
was
really
cool,
so
check
that
out,
if
you're
developer
and
are
interested
in
such
matters,
yeah
all
right
cool.
So
a
few
different
articles
that
came
out
this
week,
one
was
absolutely
hilarious.
It
came
out
on
what
was
a
coin
Jazeera,
which
is
like
the
onion
of
crypto.
A
C
A
Currently,
there's,
not
a
lot
of
really
great
uses.
One
really
great
overlook
these
case
is
using
it
as
a
heading
to
cool
and
your
folio.
If
you're
a
trader
so
definitely
check
that
out,
it's
a
great
article
really
really
very
readable,
especially
for
people
that
are
not
very
burst
in
like
portfolio
theory
and
stuff
like
that.
A
There
you
go
sorry
phone
number
person
I
had
to
meet
you
because
he's
getting
a
little
bit
of
static,
alright
cool.
So
the
next
article
that
came
out
this
week
was
a
maker
doubt
overview
by
pink
sky
and
pink
sky
is
a
blockchain
consulting
firm
and
they
just
did
a
general
overview
of
maker.
Dow
went
through
some
the
basic
like
how
the
system
works
and
then
some
of
the
risk
parameters
and
a
bit
of
a
synopsis
on
governance
generally,
a
great
overview
check
it
out.
A
If
you
want
an
introduction
to
maker
now,
there's
a
ton
of
introductions
to
make
it
out
nowadays
so
check
them
out
if
you
go
on.
Actually
this
is
a
great
place
to
plug
it,
but
if
you
guys
aren't
aware
of
awesome
maker
now
definitely
check
it
out.
There's
a
ton
of
everything
on
there,
including
like
overview
beginner
articles,
so
check
check
it.
Alright
cool
next,
the
last
article
that
I
highlighted
for
this
week's
community
call
was
made
an
article
called
maker.
A
Dow
voters
decided
on
oh
sorry,
divided
on
how
much
to
hike
fee
for
die
stable
coin,
and
this
was
a
coin
desks
article
on
basically
the
current
stability
few
situation
and
it
highlighted
how,
on
the
last
community
call.
Basically
it's
it's.
It
was
kind
of.
There
was
a
lot
of
in
dasari
the
last
governance
vote.
There
was
a
lot
of
indecision
on
exactly
how
much
Tyco
the
fee,
because
we
saw
a
fairly
like
evenly
distributed
vote
on
all
the
four
options.
A
I
think
it
was
like
25
percent
30
percent
17
like
it
was
a
very
kind
of
even
vote,
so
it
just
went
to
show
that
maker
governance
choosing
the
stability
for
you
right
now
is
more
of
an
art
than
really
a
science,
because
we
know
the
general
direction
not
we.
They
know
the
general
direction
right,
but
to
actually
get
a
stream
n't
on
a
particular
number.
A
Nextly.
We
have
a
couple
of
good
threads
on
our
subreddits,
so
there
was
one
thread
that
didn't
get
a
lot
too
many
comments,
but
I
thought
it
was
interesting.
So
I
figured
I'd
highlight
it
for
you
guys
here
it's
called
game
theory
around
house.
Edp
holders
may
responsibility
fee
changes
and
it
talks
a
bit
about,
like
you
know,
tragedy
of
the
Commons
and
then
people
thinking.
Ok,
you
know,
since
the
stability
fee,
the
actual
stability
fee
I
pay
over
the
course
of
a
year
is
just
the
average
right.
A
You
know
why
shouldn't
I
just
wait
for
the
drop
again.
Maybe
maybe
this
high
fees
scenario
is
just
gonna
last
for
a
couple
months
right
and
then
that
like
sort
of
deters
people
from
potentially
closing
their
CDs
due
to
the
high
fees-
and
it
also
highlights
the
fact
that
there's
latency
in
the
fee
changes
you
know
if
he
changed
today-
might
might
get
somebody
to
wipe
their
dye
on
their
CD
P.
A
You
know
a
month
from
now
if
they
see
that
it
persists,
so
I
think
that
the
increasing
of
the
fees
might
have
more
of
an
effect
over
time.
I
think
that's
like
the
theory
right,
so
yeah,
there's
a
it
had
a
couple
of
great
ideas
in
there.
So
definitely
check
it
out
and
comment.
It
was
a
good
thread.
Another
thread
worth
highlighting
was
why
doesn't
maker
get
a
former
Fed
member
on
the
team
to
help
figure
out
monetary
policy,
and
my
favorite
comment
on
that
thread.
It's
actually
the
first
one.
A
There's
a
lot
of
you
know:
I,
don't
you
know,
there's
a
lot
of
people
working
on
the
stability,
a
few
things
if
you
are
interested
in
though,
and
those
conversations
I
think
you
should
definitely
join
the
rmk
agro
subreddit
and
also
participate
in
our
Thursday
community
calls.
So
if
you
don't
know
about
that,
we
have
a
governance
and
risk
meeting
every
Thursday
at
12
p.m.
est,
basically
the
same
time
as
the
community
call.
So
it's
every
Thursday
come
on.
A
There's
a
bunch
of
people
in
the
community
that
participated
in
it
I
think
the
average
like
participation,
the
call
for
people
that
actually
joined
the
call
is
between
like
60
and
80
people
pretty
regularly,
and
we
also
have
you
know
a
few
presentations
that
recall
from
people
in
the
community
guys
like
vishesh,
Baron,
Gotti
Matthew
Rabinowitz,
like
they
go
through
a
lot
of
the
analytics
and
a
lot
of
the
the
way
that
making
governance
is
trying
to
approach
the
the
the
issue
from
a
scientific
governance.
Standpoint
so
definitely
check
that
out.
A
That
both
of
those
comments
were
super
insightful,
and
you
know
I
personally
learned
a
lot.
I,
don't
know
much
about
how
people
and
risk
management
and
the
financial
world
handled
data
data
sets.
But
it's
a
really
great
thread.
If
you
want
to
educate
it
yourself,
a
bit
about
that
issue,
all
right
and
then
the
last
little
subcategory
I
have
on
my
agenda
is
governance,
so
Matthew
Rabinowitz
came
out
with
another
weekly
narrative
on
Maker
Dao.
A
So
if
you
haven't
seen
those
they're,
a
really
really
great
sort
of
four
or
five
paragraph
synopsis
of
what's
been
going
on
in
the
land
of
maker,
doubt
governance
so
check
that
out,
yeah
and
then
the
executive
vote.
The
stability
fee
wait
hold
on
yeah
yeah.
That
happened
ready.
Yes,
so
the
executive
vote
there
was
a
raise
of
the
stability
few
by
3%
to
14.5
percent
yeah,
but
I
covered
that
already
all
right,
cool
and
so
yeah
and
I
had
a
few
questions
for
the
community.
A
We
already
talked
a
bit
about
refinancing
your
CP,
hey,
Richard,
Burton,
welcome
yeah,
so
I
had
a
few
questions
for
the
community
that
we
already
covered.
One
of
them,
which
is
like
obstacles
for
refinancing
your
CDP
debt,
but
I
also
kind
of
wanted
to
gauge
the
sentiment
of
people
in
this
call
about
how
they
personally
responded
to
rate
hikes,
and
some
of
you,
like
your
ideas.
I
know,
some
of
the
more
popular
ideas
are
putting
out
a
governance
proposal
for
lowering
the
debt
ceiling.
A
I
know
a
lot
of
people
are
kind
of
upset
at
the
rate
hikes,
but
I
kind
of
want
to
engage
people's
thoughts
in
this
in
this
community
call
and
there's
a
thing
in
chat
from
Jordan
Crandall,
David
I
think
it
would
be
super
helpful
to
distribute
all
these
notes
in
the
style
of
Evan
Van
Ness
this
week.
In
the
theory
I'm
like
we
can
make
heard
ow
sorry
I
sure
you
do
this
yeah.
That
is
a
good
idea.
A
There
used
to
be
there
used
to
be
a
thing
called
making
maker
that
was
coming
out
like
I
think
every
month,
but
it
hasn't
been
super
consistent
and
I.
Think
yeah
I
might
I
might
do
something
with
these,
because
I
have
I
literally
have
like
this
active
agenda
in
another
document,
spanning
from
like
when
I
started.
A
Doing
this,
you
know
when
I
took
over
this
meeting
from
rich,
so
I
have
a
ton
of
these
and
yeah
I'll
talk
to
somebody
in
our
team
to
see
if,
if
we
could
figure
out
a
streamlined
way
to
do
that,
yeah
all
right,
cool,
oh
and
Marcin
earlier
earlier,
said
that
he
he
used
us
DT.
Damn
Marcin,
that's
messed
up,
I'm,
just
joking
all,
right
cool,
so
yeah!
So
I
wanted
to
ask
you
guys.
How
have
you
guys
personally
responded
to
the
rate
hikes
water?
Your
some
of
your
thoughts,
I'd
love
to
hear
them.
A
You
know
it's
interesting,
because
I
was
also
thinking
about
the
fact
that
leverage
tends
to
get
more
expensive
in
bull
markets,
because
that's
when
everybody
wants
to
participate
in
the
bull
market
right
to
get
leverage
and
since
like
one
of
the
primary
use,
cases
of
CBP's
and
dye
is
really
to
get
leverage.
It
makes
sense
that
the
stability
feels
going
up
because
yeah.
B
C
A
C
A
B
It's
just
the
most
organic
indicator
that
we
have
of
changing
sentiment
right
like
it's
like
the
the
stability
for
you.
Changing
is
supposed
to
be
the
counterbalance
that
balances
out
risk-taking
and
leverage
is
risk-taking
right
and,
if
everyone's
starting
to
get
more
bullish
and
going
more
leverage
log
like
that,
it's
just
a
indicate.
A
super
neutral
non-subjective
indicator
that
everyone
is
starting
to
get
more
bullish,
so
I
think
I
think,
because
the.
B
It's
these
transition
points
that
are
really
going
to
stress
the
the
die
peg,
and
so
this
is
kind
of
where
we
will
see
like
the
most
fun
about
makers.
The
maker
system,
because
of
the
rate
of
change
and
and
you'll
see
the
most
stress
along
along
the
peg
itself.
I
just
think
it's
super
interesting,
so
we
are,
we
are
like
I
would
say
we're.
Definitely
that
passed
the
first
50
percent
of
our
first
sinusoid
and
we're
on
to
like
the
the
second
stage,
and
so
this
is
the
other
half
of
the
maker.
B
C
So
the
thing
that
everyone
needs
to
right
do
is
like
contextualize
to
stability
to
you
like,
given
what
are
the
lending
rates
for
for
eath
on
on
centralized
exchanges
and
I?
Think
from
what
I've
seen
is
they're
they're,
pretty
high
I
think
someone
posted
in
general
the
other
day
that
the
Phoenix
was
charging
2.7
percent
per
day
on
that
day,
that
eath
just
kind
of
took
a
rib
up
and,
and
in
that
sense
the
stabilities
are
so
pretty
low
right,
so
you're
what
the
civility
fee
is
just
a
percentage
of.
C
Do
you
think,
one
year
from
now,
each
will
be.
You
know
higher
than
what
the
stability
fee
is
is
going
to
be
right
over
over
what
the
expected
stability
fee
will
be
over
that
term
and
I'd
say
if
anything,
the
Simoni
fee
should
be
even
higher
than
the
rates
going
on
centralized
exchanges
exactly
because
it
doesn't
have
the
counterparty
risk.
So
if
people
are
looking
at
comparing
makers
rates
with
other
people's
rates,
I
think
maker
will
always
kind
of
be
this.
This
boogeyman
to
pick
on
saying,
like
oh,
they
have
a
higher
rate.
C
A
B
Such
a
yeah
go
for
David,
the
big
criticism
of
maker,
doubt
and
and
I
think.
Actually,
the
the
big
mistake
that
make
the
maker
doubt
governance
did
was
produce.
A
stability
fee
have
half
a
half
a
percent
to
begin
precedent
of
like
what
a
stability
fee
is.
I
mean
I,
don't
feel
too
strongly
about
that,
but,
like
that
was
the
context
where,
like
you,
can
only
increase
the
stability
fee
to
a
substantial
degree
when
you
start
at
point
five
percent,
so
going
from
0.5
two
percent
to
14
and
a
half
percent
is
like.
B
B
A
Especially
when
the
secondary
product
is
leveraged
right
so
like
if,
if
people
were
opening
CDP's,
for
you
know,
other
reasons
right
or
dye
was
being
used
largely
for
other
reasons.
There
was
more
of
a
balance
in
the
use
cases
right.
You
might
not
see
such
a
volatile
stability
but
yeah.
That's
that's
an
interesting
kind
of
dichotomy.
There,
the
bull
versus
the
bear.
D
B
A
Love
to
hear-
oh,
yes,
so,
yes,
I,
just
sort
of
read,
Jordans
comment
in
the
chat
for
the
people,
that'll
be
listening
to
this
after
the
call,
Jordan
wrote
true
when
I
first
started,
diving
in
in
that
fee
was
half
a
percent.
It
was
truly
magical
internet
money
to
me
now
with
all
of
the
hikes,
even
though
I
understand
more
or
less
why
it
seems
less
and
less
magical
over
time
and
yeah.
You
know-
and
it
just
goes
to
show
that
it's
really
the
market
that
sits
the
rate
cuz
at
half
a
percent.
A
The
dye
peg
was
fine
and
there
was
no
reason
to
really
change
it.
And
then
you
know
there
was
that
brief
period
where
it
didn't
need
to
be
changed
and
it
actually
got
up.
Then
people
were
like
what
you
upped
it
to
two
and
a
half
percent:
that's
five
times
the
original
stability
fee
and
they
were
really
upset.
But
you
know
it
wasn't
up
to
because
of
you
know,
profit
motive.
A
It
was
up
to
because
to
maintain
the
health
of
the
peg
and-
and
it
seemingly
had
some
effects,
because
shortly
after
that,
the
the
fee
was
raised
back
or
sorry
decreased
back
down
to
half
a
percent
and
that's
ready,
you
know,
and
then
you
know
this
whole
situation
happened
where
we
started
doing
I
think
what
was
it.
We
started
with
half
percent
increments
up
yeah
and
that
lasted
for
like
two
votes
before
we
realized
it
literally
does
nothing
and
then
we
started
ramping
up.
A
A
All
right
yeah,
so
besides
that
I
also
had
a
I,
also
have
kind
of
a
short
presentation
from
one
of
our
community
members
reuptake
in
Marcin.
I.
Think
he's
in
this
call.
He's
gonna
talk
a
bit
about
efforts
to
her
like
localization
of
content
and
and
so
actually
yeah
Marcin
come
on.
Introduce
yourself
hi.
D
So
I
was
thinking
how
to
bridge
the
maker
Dow
to
more
people
to
be
more
inclusive
and
I
am
thinking
that
localizing.
Some
content
is
very
important
things
to
do,
as
we
are
the
link
weights
to
some
pretty
complex
matter,
and
these
things
are
and
not
easily
comprehend.
Seeds
said
by
even
by
English
speakers,
so
I
started
with
doing
these
video
tutorials
to
make
$1
systems,
but
what
makes
them
unique
it.
D
D
You
don't
have
to
do
dubbing
like
in
cinema,
watching
every
sentence,
it's
better
to
provide
your
your
own
translation.
Without
these
constraints,
then,
in
process
of
conversation
with
the
Devi
twit
reach,
I
was
asked
to
prepare
some
proposals
for
translating
faq
documents
into
several
languages,
and
what
I
would
like
to
do
is
to
engage
community
in
this
process
as
much
as
I
can,
because
I
think
that
there
is
many
many
people
from
different
Lots
length.
D
Language
background
speakers
of
various
languages
and
I
think
that
this
is
a
good
way
to
make
them
engage
in
the
community
if
they
are
not
coders,
they
are
not
risk
managers
and
that's
why
I
first
step,
which
I
did
was
to
create
some
proposal
how
to
deal
with
this
and
I
put
the
link
here,
and
if
anyone
wants
to
comment
on
this,
how
to
encourage
you
to
do
just
that
in
our
maker
chat.
We
have
this
community
development
channel,
which
is
not
the
most
popular
I
think
it
should
be,
should
be
bit
more
popular.
D
A
D
D
A
And
actually
tying
in
to
like
this
whole
thing.
I
know
I've
been
speaking
to
Kath
our
our
community
and
do
also
our
and
chaough
ark,
our
community
managers
in
in
Korea,
China
and
Japan,
and
all
three
of
them
kind
of
voiced.
The
same
concerns
that
there's
like
this
whole
group
of
the
community.
That
is
not
bilingual,
that
you
know
doesn't
natively
speak
in
English
that
you
know
there.
They
also
kind
of
have
their
concerns
like
with
these
fee
hikes,
with
with
learning.
A
D
I
just
want
to
I.
Did
you
know
this
situation
is
like
not
not
black
and
white,
so
they're
people
who
have
some
command
of
English,
but
they
will
still
prefer
to
learn
new
hard
things
in
their
native
language,
even
if
they
can
understand
English
it's
much
easier
to
learn
in
native
language,
em,
so
yeah,
that's.
Why.
D
A
All
right
cool,
so
if
anybody
has
anything
yeah
come
to
the
Community
Development
chat
either
pay
me
directly
or
ping
Marcin
his
handle
on
our
Rocket
chat
is
retaken.
You'll,
see
him
all
over.
The
chats
he's
super
active
so
definitely
hit
us
up
and
besides
that,
before
I
open
it
up
kind
of
to
the
final
questions
sort
of
like
open-ended
leads
to
you
guys.
A
I
wanted
also
to
mention
that
this
week,
I'm
gonna
be
putting
on
hopefully
today
or
tomorrow,
I'm
gonna
be
putting
up
a
thread
on
the
make
er
Dao
subreddit
just
for
gathering
ideas
for
the
community
call
and
kind
of
listing
my
own.
So
some
of
the
ideas
that
I
already
had
and
I'm
gonna
outline
all
this
in
the
post,
but
things
like
themes,
you
know
things
like
live
sort
of
tutorials.
A
You
know
things
like
inviting
people
with
like
threads,
that
are
kind
of
popular
on
reddit
to
come
and
talk
about
those
threads
and
really
yeah.
I
mean
I
made
a
whole
list,
I'm
kind
of
doing
failing
at
getting
these
ideas
off
the
top
of
my
head
to
you
guys,
but
yeah
I'm,
gonna
post,
something
on
reddit
and
I'd
love
some
some
feedback
from
you
guys,
but
without
further
ado,
there's
about
seven
minutes
left
on
the
call.
So
I'd
love
to
hear
questions
from
you
guys
if
there's
something
that
you
want
covered
or
spoken
about.
C
C
A
C
Just
like
what
are
you
guys
doing
to
get
the
I
mean
I've
read
on
market-maker
chat.
Somebody
said
that
there's
no
rush
to
get
advertisement
for
die
until
you.
You
know
it
can
be
proven
that
the
mechanism
design
is
sound.
Of
course
it's
packed
to
the
dollar,
but
what
exactly
is
being
done
right
now?
I
mean
yeah.
A
Sure
so
we
do
have
a
business
development
team,
so,
like
I
mentioned
Gustav
earlier
in
the
call
he's
our
BD
lead
in
in
Europe.
We
have
guys
like
Mariano
Nadia
in
South
America
working
on
partnerships
down
there
and
then
in
the
States.
We
have
like
Greg
capisco
and
we
haven't.
We
have
a
handful
of
people
on
the
BD
side
and
and
like
if
you've
been
following
maker,
like
we
have
been
announcing
partnerships,
kind
of
left
and
right
over
the
last
year
and
I
think
speaks
to
the
point
about
advertising
die
specifically
I.
A
Think
the
problem
with
that
is
that
there
wouldn't
be
a
lot
of
ROI,
because
there's
not
enough
people
accepting
died
on
a
consumer
level
so
like
we,
we
have
I
think
over
200
and
I
think
15
integration
partners
like
as
of
now,
which
sounds
like
a
lot,
but
in
reality
for
like
a
kind
of
global
cash
system.
It
really
isn't
because
you
know
it,
there
aren't
solutions.
Yet,
where,
like
you,
can
walk
into
any
coffee
shop
in
Brooklyn,
you
know
where
I'm
at
to
pay
for
dyes,
so
I
think
advertising
dye
is
I.
A
A
It's
it's
really
that
it's
too
early
for
that
and
also
there's
the
other
point
that
multi
collateral
dye
isn't
out
yet
and
that
we
are
still
kind
of
experimenting
with
a
single
collateral
die,
and
you
know
that
could
be
seen
in
the
whole
peg
situation.
Currently
so
I
think
it's
a
bit
about
managing
risk
and
also
creating
strategic
sort
of
partnerships,
and
you
know
yeah
we're
actively
working
that
just
like
I
expect
most
crypto
projects
to
be
if
they're
worth
their
salt.
A
So
I
think
that
that
question
can
be
answered
like
with
like
a
range
because
I
think
before,
like
before
the
new
year,
I'd
say
maybe
like
around
New
Year's
and
earlier
the
peg
was
trading.
You
know
below
and
above
a
dollar
like
pretty
regularly,
but
the
whole
thing
is.
It
was
like
trading
in
the
range
it
was
regularly
below
by
a
little
bit.
A
It
was
regularly
above
by
a
little
bit,
and
it
was
hitting
the
dollar
very
often
and
like
the
current
predicament,
is
that
it's
been
below
$1,
like
the
vast
majority
of
the
time,
so
it
hasn't
been
going
back
up
and
so
I
think
answer
that
question
like
what
is
a
healthy
range.
It's
actually
the
second
time.
I
got
this
question
today,
shooting
from
the
hip
I'd
say
probably
like
98
cents
to
a
dollar
in
a
cent
which
is
like
plus/minus
like
one
to
two
percent
on
both
sides
of
the
USD
exchange
rate.
A
But
the
whole
thing
is
it's
being
able
to
give
market
participants
the
chance
to
die
at
$1
and
I.
Think,
like
the
biggest
group
of
system,
participants
that
feel
the
pain
or
probably
market
makers.
So
market
makers
that
make
markets
on-die
currently
are
struggling
with
like
having
way
too
much
die
that
they
can't
unload
and
they
can't
unload
it
because
the
market
just
hasn't
been
going
back
up
to
$1,
very
often
so
and
interestingly
enough.
A
That
actually
might
also
contribute
to
the
lag
in
the
peg,
because
any
demand
for
die
might
be
getting
soaked
up
by
market
makers
trying
to
offload
their
die.
So
that's
that's
actually
to
the
point
of
why
market
maker
inventory
levels
are
important,
but
yeah
I
hope
that
answers
the
question
a
bit
yeah.
Thank
you,
yeah
sure.
A
All
right
cool,
so
without
further
ado.
Thank
you
guys
for
coming
on.
The
call
really
appreciate
your
participation
and
again
look
out
for
the
thread
this
week.
I'd
love
to
hear
your
ideas,
even
guess
the
ideas,
if
you
guys
want
to
refer
people
to
me
or,
if
you're
personally
passionate
about
talking
about
something
or
presenting
something
hit
me
up,
I'm
always
up
for
making
this
call
more
engaging
for
you
guys.
So
thank
you
guys
for
coming
and
I'll
see
you
guys
next
week
take
care.