►
Description
Sébastien Derivaux (@SebVentures) introduced the Real-world Finance Core Unit (RWF-001) 3 and its accompanying proposals for budget and Facilitator Onboarding.
Agenda: https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-4-real-world-finance-core-unit-rwf-001/6970
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
A
B
B
B
Onboarding
is
really
cure
because
we
have.
There
is
a
mip
working
on
the
term
loans
and
stuff
like
that,
so
how?
What
does
it
mean
to
have
term
loans
on
unmakership
balance
and
speaking
of
the
balance
sheet,
all
the
stuff?
That
is
a
little
bit
boring
for
most
people
like
accounting,
solvency
and
regulatory
reporting
regulatory
reporting.
Only
if
at
some
point
someone
cares
to
have
information
of
what
we
do
inside
of
default,
but
it's
too
small.
No
one
cares
currently,
so
that
should
be
fine
for
at
least
the
next
week.
B
So
the
overall
idea
is
to
bring
a
finance
view
to
make
a
dab,
even
if
we,
if
some
of
us
are
able
to
hack
a
bit
of
solidity
or
at
least
to
read
it.
We
have
no
no
special
competency
here,
but
we
are,
most
of
us
have
a
financial
background,
so
that
means
that
we
might
have
a
different
perspective
on
the
on
the
situation
and
our
vision
is
that
the
future
of
finance
is
defined
and
maker
dao
will
be
the
main
actor
in
this
ecosystem.
B
A
So
I
have
a
question
regarding
your
because
my
accounting
courses
are
a
little
bit
in
the
past.
Now
I
understand
that
the
surplus
buffer
is
a
liability,
because
that's
what
the
someone
that
took
a
loan
owns
owes
us,
but
it
feels
a
little
bit
unnatural
that
we
can
actually
spend
the
the
surplus
buffer.
So
if
that
happened,
what
would
will
be
the
result
on
the
on
the
bar?
Well.
C
B
B
B
B
B
I
thought
we
didn't
give
much
thought
about
the
budget
currently
because
there
was,
I
was
the
first
one,
so
there
wasn't
a
new
click
framework
at
the
mecca
level.
It
was
just
a
simple
meep
40
and
deal
with
it.
So
I
didn't
what
to
expect
so
just
provide
something
that
seems
okay
at
the
time
and
still
now
and
another
thing
that
is
quite
important
inside
your
team-
is
that
currently
we
have
onboarded
exactly
zero
credit
hours.
So
obviously
it
doesn't
seems
fair
to
ask
for
anything
when
you
didn't
have
done
anything.
B
So
I
just
made
up
the
sentence,
which
is
moving
one
step
at
a
time
in
challenging
of
your
month,
using
real-world
knowledge
to
achieve
long-term
goals,
and
so,
as
you
can
see,
we
are
in
the
startup
mode,
because
we
don't.
We
have
a
lot
of
things
we
need
to
do,
but
we
are
a
small
team,
so
we
will
not
be
able
to
do
everything,
so
there
will
be
a
lot
of
fire
in
the
room
and
it's
not
a
problem.
I
mean
it's
not
a
problem
until
you
are
as
big
as
goldman
sachs.
B
Even
the
government
sucks
he's
not
able
to
to
to
solve
everything,
so
we
just
find
what
is
the
biggest
issue.
We
have
to
deal
right
now
and
we
deal
with
it.
So
currently
it's
on
boarding
with
a
wall
asset.
Then
we
see
that
we
have
an
issue
with
legal,
so
we
need
to
work
on
the
legal
side
and
stuff
because
it
at
least
in
my
in
my
view,
it
doesn't
make
sense
to
forecast
a
one
year
plan,
because
if
you
forecast
a
one
year
plan
the
next
day,
it
might
change
anyway.
A
B
A
B
C
B
B
C
What
I
would
like,
and
the
tree
knows
anyway,
most
likely
something
which
is
more
an
ass
to
the
community,
and
I
like,
for
example,
the
little
poll
you
did
for
you
know:
what
do
you
think?
How
long,
actually,
the
maturity
of
a
real
world
asset
could
could
be,
or
what
is
the,
how
low
a
financing
rate
for
real-world
assets
could
be?
I
I
think
it
goes
in
the
same
direction.
C
A
B
B
There
is
a
solution
for
that,
because
the
customer
deposits
are
quite
stable
and
the
demand
of
currency
is
quite
stable,
but
you've
listed
in
defi,
that's
something
that
is
different
because
usually
in
the
real
world
there
is
no
farming
farming
activities,
or
at
least
I
didn't
sell
them.
You
cannot
provide
a
ten
dollars
for
facebook
and
get
facebook
shares.
It
doesn't
matter.
C
I
think
the
the
big
difference
is
that
in
in
d5,
every
single
player
can
act
algorithmically,
you
know,
and
that
is
not
happening
in
the
real
world.
Yeah,
I'm
completely
visual.
It
was
more
really
like.
If
you
look
at
the
vision
or
strategy,
I
think
tim,
you
you
mention
it.
That
is
also
something
I
think
that
I
would
like
to
see:
hey
be
as
a
at
the
as
a
maker
as
a
community.
If
we
would
like
to
be
kind
of
you
know
the
decentralized
bank
for
d5.
B
B
I
don't
remember
the
name
compass
right,
yeah,
project,
compass
thanks,
so
there
is
a
working
move
for
it
and
we
will
be
able
to
follow
whatever
the
direction
is.
It's
super
important
to
know
the
direction
to
be
sure
that
we
go
there
but
yeah.
So
I
don't
have
a
clear
answer
of
what
is
the
proportion
of
assets?
B
A
A
B
But
in
one
year
yeah
the
idea
was
to
have
a
300
million
asset
loans,
so
that
means
that,
as
a
with
a
three
percent
average
stability
fee,
that
brings
nine
million
of
revenues
to
the
protocol,
which
is
a
a
good
start.
I
would
say
so.
This
number
was
a
challenge
by
some
people
and
I
fully
understand
it
because
it
seems
ambitious,
small
and
ambitious
at
the
same
time,
but
we
have
a
pipeline
currently
with
a
with
more
than
300
million
loans.
B
Obviously,
a
pipeline
is
just
an
indication
and
some
project
will
be
accepted.
Some
will
not
and
some
are
targeting
a
big
amount
and
maybe
they
will
not
deliver,
but
otherwise,
on
the
other
hand,
maybe
some
will
ask
for
a
smaller
amount
and
will
over
deliver.
I
think,
for
instance,
people
companies
that
are
asked
for
20
million,
but
they
deal
with
the
farmlands
every
day
and
if
you
want
to
grow
it,
that
shouldn't
be
any
reason
if
the
deal
is
good
for
both
parties,
so
that
might
go
bigger.
B
It's
always
difficult,
especially
when
you
go
from
zero
to
one.
It's
not
like.
We
are
doing
real-world
set
for
the
last
five
years.
We
have
a
history
if
we
can
forecast
the
next
year,
we
start
from
zero.
Six
months
ago.
We
are
still
at
zero
and
then
we
want
to
forecast
in
12
months,
so
my
bet
forecast
as
a
mathematician
would
be
zero
because
historically
it
was
always
zero.
But
let's
keep
this
challenge
of
going
to
300
million.
I
think
it's
possible,
so
those
are
indeed
the
slide
of
the
current
priorities.
B
B
So
we
need
to
set
up
a
reward
infrastructure,
so
there
is
currently
a
google
sheet
infrastructure
that
was
shared
in
the
forum
already,
but
the
idea
is
that
at
some
point
it
will
be
more
industrial,
so
we
can
monitor
a
more
a
bigger
part
of
the
assets
and
the
other
data
infrastructure
is
a
financial
statement
for
make
a
dao,
not
only
the
financial
assessment,
but
everything
else
that
provide
the
information.
I
use,
for
instance,
on
the
financial
presentation
every
month.
B
So
this
is
also
something
that
might
be
a
little
bit
complex
to
to
do
because,
for
instance,
it
was
a
the
profit
and
loss
statement
or
the
financial
statement
that
I
made
in
genetics
currently
doesn't
work
anymore,
because
this
presentation
is
no
longer
available.
So
I
will
need
to
find
another
provider
to
rebuild
a
bit
of
framework,
see
if
I
can
use
the
same.
A
B
B
B
It's
just
like
any
investment
you
can
do
in
the
real
world.
There
is
always
a
lot
of
negotiation,
and
sometimes
you
can
decide
that
negotiation
is
not
good
for
makers,
so
you
need
to
to
move
on.
But
it's
not
it's
not
something
that
you
can
easily
disclose
to
the
broad
community,
because
it's
we
cannot
find
sons.
Let's
say
we
find
out
that
an
asset
originator
is
made
some
bad
business
in
the
past.
B
C
Yeah-
and
I
think,
there's
also
like
this
part
of
it-
that
is
in
relation
to
the
answer-
originator
himself,
but
the
the
other
part
is,
is
whether
actually
he's
you
know
his
customers
actually
have
given,
given
him,
actually
the
authorization
to
disclose
activity
that
potentially
relates
to
them.
Actually
right
now,
like
that
openly
in
a
public
forum,
yeah
so
yeah,
it's
both
trade
secrets
and
business
secrets
and
as
well
as
like
responsibilities
that
they
have
towards
their
hospital.
B
Yeah
and
sometimes
the
asset
regenerators
share
with
us
in
information
that
they
don't
control
it's
another
information
from
the
third
party
with
the
womb.
They
have
an
mda,
so
they
can
share
it
with
us
because
we
also
have
an
nda,
but
at
the
end
it's
still
not
possible
to
make
it
public.
So
that's
something
to
take
in
account.
A
B
So
currently
what
happens
is
that
each
member
of
the
free
world
finance
core
unit
sign
the
nda
for
with
his
own
name
or
legality,
and
maybe
we
will
use
the
regularity
of
the
car
unit,
so
I'm
not
sure
about
what
is
the
best
course
of
action.
But
if
at
some
point
maker
has
a
legal
entity
for
that,
that
would
be
a
huge
win.
A
B
B
So,
regarding
the
more
long-term
objectives
that
I
put
in
this
slide,
which
I
call
the
backlog
and
the
wishlist
one
super
important
one
is
balance
sheet
manipulation,
so
I've
already
made
a
forum
passed
on
it
more
easily.
It's
just.
We
have
a
800
million
usdc
on
the
balance
sheet
and
we
do
nothing
with
it.
So
it's
a
huge
cost
of
opportunity
lost,
and
so
the
idea
is,
how
can
we
safely
do
something
with
them?.
B
A
A
B
It's
more
on
the
general
principle
of
balance
sheet
manipulation
and
not
on
the
details,
because,
obviously
you
can
develop
a
smart
contract.
You
can
put
a
multisig
you
can.
I
don't
know
there
are
other
solutions,
but
those
are
just
implementation
at
the
beginning.
You
need
to
understand
what
is
the
level
of
usdc?
You
need
to
keep
at
all
time
on
your
balance
sheet,
because
on
the
liability
side,
you
see
that
most
of
the
dye
are
used
in
the
as
for
farming
and
those
farm
will
end
in
one
week.
B
B
B
So
obviously
it
would
be
a
good
idea
to
have
some
strategic
increases,
but
at
the
same
time
there
are.
There
are
some
applications,
because
when
you
move
more
money
from
the
surface
buffer
to
a
strategy
cruiser
the
guarantee
for
the
diode
is
not
the
same.
Maybe
you
will
use
a
strategic
reserve
to
make
them
more,
maybe
not!
So
what
are
the
applications?
B
C
Even
though,
in
most
cases
we
are
like
we
have,
we
hold
senior
positions
into
the
investments
that
make
her.
That
maker
does.
You
still
have
to
account
for,
though,
the
weird
scenario
where
actually
there
is
actually
real
losses
that
should
occur,
and
actually
that's
where
it
sits,
and
it's
extremely
like
important
talk
for
us
to
to
to
actually
to
have
that
level
of
provision
that
is
actually
big
enough
to
cover
for
all
of
those
losses
which
which
you
try
to
forecast
right.
B
B
You
have
a
credit
risk
because
you
are
lending
money
to
people
and
some
will
fail.
Obviously
we
use
a
powerful
approach.
So
if
one
person
doesn't
repay
it's
not
a
big
deal,
we
have
the
senior
position
like
we
can,
let's
say,
sell
in
the
house,
but
let's
say
the
house
is
burning
down.
There
was
no
insurance
or
there
is
nothing
to
to
begin
from
that.
It's
still
not
a
problem,
but
if
there
is
a
big
market
crash
on
real
estate,
for
instance,
obviously
that
there
will
be
consequences.
B
B
One
thing
that
would
be
interesting
because
we
are
all
exposed
to
mkr
price,
so
I
always
want
to
increase
the
price
on
care
is
to
maybe
make
a
financial
pronunciation
for
investors
and
deal
a
bit
with
investor
relationship,
because
I
made
a
presentation
to
some
investors
once
or
twice,
and
I
was
always
amazed
by
the
lack
of
knowledge
of
maker
and
the
business
model
of
maker.
So
people
don't
understand
it.
Probably
we
are
not
doing
a
good
job
at
explaining
it.
B
B
B
Microcurrent
rating
is
an
idea
we
had
just
to
maker
will
invest
in
assets
in
structure
finance,
so
maybe
it
would
be
a
good
idea
to
publish
the
results
to
package
them
to
let
other
investors
know
if
some
investments
are
safe
or
not
safe
and
at
least
that
we
have
studied
them.
So
it
can
bring
value
to
other.
C
B
Yeah
so
obviously
I'm
european
and
I
live
in
in
france,
so
I
would
love
to
see
or
die,
but
I'm
not.
I
will
not
develop
it
at
all,
but
I
will
bring
any
financial
expertise
that
is
needed
for
that,
and
it
makes
sense
because
even
the
last
week
we
had
a
lot
of
discussions
thanks
to
the
business
development
team
from
the
foundation,
we
have
a
lot
of
discussion
with
the
creativity
while
assets
in
a
new.
B
So
obviously,
currently
we
are
just
saying
well,
okay,
but
you
have
to
add
the
arrow
to
usd.
Then
you
have
to
to
urge
the
usd
to
die
and
then,
at
the
end
of
the
day,
it's
not
competitive
at
all,
and
so
there's
a
lot
of
opportunities,
and
currently
it's
not
easy
to
to
do
so.
It
would
be
good
for
hill
asset
as
well,
even
just
from
a
diversification
catholic
point
of
view,
because
the
world
is
not
only
you.
B
Yes,
there
are
some
great
assets
that
are
uncorrelated
in
the
europe,
so
that
would
be
great
as
well
so
yeah.
It's
many
bringing
the
financial
competencies
to
that,
and
there
are
also
a
subject
of
regulation
with
mika
in
europe
so
that
that
will
impact
die
as
well.
So
it
makes
sense
to
do
the
work
as
well.
C
Yeah,
there's
just
a
few
asset
classes
that
are
probably
a
little
bit
less
touched
by
by
the
usd
rule
which
which
yeah
we
can
discuss
later,
but
with
the
teammates
has
been
working
on
a
few
of
those.
Where
were
most
especially
the
trades
and-
and
things
actually
happen
in
university,
which
you
then
you
can
actually
have
like
a
global
reach,
but
otherwise
it's
yeah.
It
can
be
quite
challenging
for
us
at
originators
because
they
have
to
manage
that.
Let
those
hedging
positions.
A
Seb,
I
wanted
to
to
ask
something
about
the
previous
slide,
so
it
seems
that
each
one
of
those,
no
this
yeah
sorry
it
seems
that
each
one
of
these
items
is
almost
like
a
full-time
job
for
one
or
actually
more
than
one
person.
So
how
are
you
guys
thinking
about
tackling
that?
Are
you
planning
on
like
hiring
more
people
or
calling
the
community
and
forming
working
groups?
How
are
you
prioritizing
privatizing
these
items?
What's
what's
the
plan.
B
B
I
mean
the
protocol
can
survive
if
you
don't
do
anything
this
year,
so
I
wouldn't
it's
always
difficult
to
know
what
will
happen
in
maker
in
the
next
month.
So
it's
super
impossible
to
forecast
what
will
happen
in
the
next
year,
for
instance,
for
balance
sheet
manipulation
most
likely
you
need
smartphone
product
and
most
likely
smart
contract
will
not
have
any
bandwidth
for
that
this
year,
so
we
have
at
least
one
year
to
figure
out
the
solution.
B
So
there
is
a
lot
of
problems,
but
some
problems
doesn't
need
a
solution.
Today
they
can
wait
for
a
few
weeks
and
yeah
it
will
grow
or
not
so
it
depends.
It
also
depends,
but
thanks
for
this
question,
because
it's
a
good
way
to
introduce
the
last
slide,
which
is
about
the
reporting
so
to
understand
what
is
doing
currently
the
team.
B
So
there
is
a
two
touch
point
for
that:
one
is
weekly
weekly
weekly
during
the
governance
and
risk
meeting,
so
there
is
a
short
presentation
about
what
we
have
done
since
last
week,
probably
good
to
ask
questions
as
well.
If
you
want
to
understand
more
on
get
more
information,
but
the
other
one
which
is
more
comprehensive
is
the
monthly
reporting
which
is
done
in
the
form.
You
have
an
example
on
the
on
the
right.
B
So,
every
month
since
january,
we
published
reporting
of
what
we
have
done
with
all
the
links,
and
sometimes
there
are
some
discussion
as
well,
and
you
can
start
a
discussion
if
there's
something
that
is
interesting
to
you
in
a
current
reporting
and
get
more
information
and
also
the
interaction
and
prioritization.
So
there
is
a
lot
of
subject.
B
B
B
So
if
the
community
wants
to
change
priorities
on
the
car
unit
or
add
new
stuff
or
remove
something,
as
I
can
do
it
easily
by
using
three
meters
by
order
of
importance,
the
one
the
most
formal
one
is
using
a
senior
request,
so
you
can
say:
hey
hello,
finance
coordinate.
Can
you
work
on
that
full
time?
Now?
Please
thanks
or
find
a
solution
to
this
problem.
B
B
C
For
I
don't
know
the
other
one,
if
I
don't
know
provision
for
casting,
you
know,
like
you
know
the
buffer
for
the
problem
buffering
strategic
research
problems.
I
should
like
those
problems
come
along
as
we
actually
grow
the
balance
sheet
and
therefore
kind
of
like
strike,
structuring
someone
like
kind
of
a
little
framework
actually
to
kind
of
okay.
You
need
to
have
like
a
ratio
of
x
to
actually
to
cover
in
case
of
losses,
as
we
go
actually
those
assets
into
the
portfolio.
So
actually
they
are
quite
organic.
C
At
up
and
up
at
some
points,
they
actually
grow
to
a
significant
size
with
them.
I
think
it
might
actually
make
sense
to
actually
create
something
working
group
there's
a
little
bit
more
formal,
but
I
think
organic
kind
of
like
leaves
us
with
some
levers
to
be
flexible
as
well
and
to
evolve
and
to
test
out
that
actually,
whether
the
frameworks
actually
work,
you
know
in
application.
A
A
That's
the
most
basic
example,
but
then
the
other
things
that
you're,
considering
or
having
your
radar
are
potentially
game
changing
as
well.
So
that's
why
I
was
more
pushing
for
it
and
to
make
sure
that
if
we
speak
again,
six
months
from
now
you'll
be
like
yeah.
We
did
all
this.
Smart
contracts
are
not
ready
yet,
but
look
all
we
have.
So
that's
that's.
That
was
where
my
question
was
going
a
bit.
B
Yeah
and
some
stuff
are
taking
time
I
mean,
for
instance,
the
shopless
buffer
I've
started
discussing
it.
I
think
it
was
in
december
arguing
that
there
is
no
dye
in
the
surplus
buffer
and
most
people
were
common
service
dynamic
buffer
because
we
can
use
it
to
buy
stuff,
and
then
there
was
a
lot
of
discussion
because
some
those
kind
of
stuff
just
take
time
even
for
me,
I
mean
it
took
me
three
days
to
find
out
the
maker
dial
balance
sheet,
the
correct
one,
because
I
have
previous
versions
that
were
wrong.
B
I
can
work
for
three
months
and
I
will
not
get
the
good
answer
in
three
months,
but
the
other
way
to
look
at
this
kind
of
problem
is
to
say:
okay,
we
will
try
to
think
a
little
bit.
We
will
do
one
experiment
with
a
people
company
that
will
have
a
five
year
loan
with
the
duration
of
happier
see
what
happens.
C
Questions
of
along
your
lines,
one,
when
I
guess
do
you
plan
to
to
be
coming
back
to
the
community
with
like
a
budget
update,
as
I
see
your
current
levels
as
being
something
that
could
fairly
quickly
be
run
through.
So
do
you
have
anything
in
mind,
or
is
it
just
going
to
be
kind
of
on
a
need-by-need
basis.
B
B
B
A
B
And
governance
you
mean
for
the
proposal
or
the
meeting
30,
so
the
executive
that
will
validate
everything
should
go,
live
or
is
from
maybe
live
as
we
speak,
so
people
will
have
to
to
vote
for
it.
You
cannot
vote
against,
but
you
can
not
vote
for
it
and
we'll
see
if
it
pass.
I
think
early
or
next
week
sounds
good.
I
think,
let
alone
for
wisdom.
Correct
me.
C
B
A
That's
good
to
know
alright,
so
if
there
are
no
more
questions,
let's
call
quite
an
evening,
thank
you.
Everyone
for
joining
us
and
yeah
vote
on
chain
you
have
until
monday
to
do
it
and
for
the
next
core
unit
launching
pod
session,
we'll
have
a
seth
next
wednesday
speaking
to
us
about
content,
so
really
looking
forward
to
that
one
so
come
join
us
and
see
you
at
forum.maker.com.