►
Description
For this session @nikkunkel will be presenting the Oracles Core Unit, ORA-001
Agenda: https://forum.makerdao.com/t/core-unit-launch-pod-sessions-session-11-oracles-core-unit-ora-001/8415
Governance Forum:
https://forum.makerdao.com/
Disclaimer: These calls and the summaries are produced and hosted by MakerDAO community members. Content produced by the community are not the statements or views of the Maker Foundation.
A
Hi,
everyone
welcome
to
core
unit
launch
spot
sessions,
number
11..
Well,
it's
a
long
session
streak.
Now
and
today
we
have
the
pleasure
of
being
joined
by
mr
nick
kunko
and
mark
andre,
which
I
expect
it's
going
to
be
a
a
really
good
presentation,
or
at
least
I'm
really
looking
forward
to
this
core
unit
and
all
the
possibilities
that
come
with
it
so
yeah
nick.
If
you
want
to
take
it
over.
B
B
B
B
B
B
A
little
bit
so
jumping
into
security
oracles
are
kind
of
this
critical
component
of
of
securing
the
maker
protocol
right.
So
when
we
talk
about,
you
know,
is
the
maker
protocol
secure.
You
know
there.
There
are
certain
types
of
risks
right
you
know
there
are.
There
are
smart
contract
risks
right?
There's,
there's
integration
risks,
but
oracles
are
are
one
of
those
risks
that
are
kind
of
the
the
achilles
heel
where
if
something
goes
wrong
with
them,
there
is
a
critical
path
that
can.
B
You
also
kind
of
want
to
like,
let's,
let's
kind
of
take,
a
look
at
the
alternative
right
from
a
cost
point
of
view.
You
really
want
to
avoid
vendor
lock-in
risk
as
well
right
so
for
those
of
you,
unfamiliar
with
vendor
lock-in
risk
right.
It's
when
a
traditionally
when
a
company
becomes
dependent
on
another
company
for
a
service
and
the
other
company.
Basically
just
has
all
the
leverage
they
have
complete
control
and
they
can
effectively
just
price
gouge
you
at
will.
B
This
is
not
a
scenario
that
the
dao
would
like
to
find
itself
in,
and
so
it's
really
behooves
it
to
to
really
have
their
own
oracle
stack,
so
they
don't
end
up
becoming
dependent
on
this
external
party
that
can
basically
just
like
tithe.
You,
however
much
you
want,
because
there's
no
credible
kind
of
alternatives.
B
B
And
it
you
know,
this
trend
is
not
going
to
kind
of
go
away.
Maker
is
kind
of
like
pac-man
and
it's
just
going
to
eat.
You
know
all
of
the
collateral
all
of
the
collateral,
all
the
collateral,
that's
kind
of
it's
it's
it's
it's
it's
one
kind
of
main
goal,
and
as
a
function
of
that,
you
know,
we
will
be
running
an
obscene
amount
of
oracles
right
and
so
just
by
dog
fooding,
our
our
own
kind
of
oracle
protocol.
B
The
last
point
here
is
that
if
you,
if
the
dow
kind
of
owns
its
own
oracle
protocol,
then
that
protocol
can
kind
of
be
fine-tuned
specifically
around
the
needs
and
requirements
of
the
maker
protocol
right.
So
what
maker
needs
in
an
oracle
may
or
may
not
be
the
same
as
what
a
as
what
another
protocol
needs
in
an
oracle
right
and
trying
to
get
a
vendor
to
specifically
craft
a
protocol
around
you
right.
There
may
be
some
friction
there,
but
with
an
in-house
oracle
protocol,
there's
effect
effectively
quite
aligned.
B
Incentives
right
that
if
we
can
make
something
more
efficient
for
the
way
that
maker
consumes
the
price
or
for
the
frequency
of
price
updates,
that
maker
needs
the
price
we
can
right.
You
know
turn
up
the
frequency
or
turn
down
the
frequency
of
price
updates
right
to
meet
the
cost
threshold
that
the
the
dow
is
looking
for.
A
Nick,
I'm
not
sure
if
you're
touching
up
on
this
topic
later,
like
selling
the
oracle
services
to
other
protocols,
maybe
and
if
that's
the
case,
how
it's
it's
a
bit,
the
opposite
question
like
right
like
how,
when
do
you
decide
that
serving
another
project
makes
sense
from
the
economic
point
of
view
and
then
what
how
many
changes
do
you
need
to
do
to
your
own
oracle
set?
I
guess
to
that.
B
You
end
up
having
this
tightly
coupled
kind
of
integration
and
communication
workflow
with
the
other
core
units,
so
instead
of
say
being
like
hey
external
vendor,
we
need
an
oracle
for
this
and
you
know
we're
we're
trying
to
do
collateral.
Onboarding
by
you
know
in
two
weeks,
or
you
know,
by
the
end
of
the
month
right,
the
vendor
may
have
other
customers
right.
The
vendor
may
have
competing
priorities.
B
The
vendor
just
may
be
in
a
period
right
where
they're
you
know
catching
up
on
some
technical
debt
or
dealing
with
some
fires
right
the
having
an
in-house
kind
of
oracle
protocol,
an
encore
unit,
really
kind
of
cuts
through
all
that
right
and
that
we
can
work
with.
You
know
the
risk
core
unit.
We
can
work
with
the
smart
contract
core
unit.
B
We
can
work
with
the
collateral,
onboarding
core
unit
kind
of
directly
to
to
basically
fast
track
things
which
ultimately
ends
up
in
faster
time
to
market
and,
as
we
can
see,
you
know,
as
we've
seen
in
the
past
right
time
to
market
can
be,
can
be
everything
right.
You
know
imagine
if
we
had
gotten
the
the
lp
tokens
out
you
know
months
later,
would
we
have
seen
the
same
traction?
You
know?
Probably
not
imagine.
B
If
we
had
gotten
the
lp
tokens
out
much
earlier,
we
could
have
probably
seen
a
lot
more
traction
right.
You
know
we're
coming
out
with
sushi
lp
tokens
right
in
in
the
next
few
weeks
should
we
have
perhaps
pushed
on
that
sooner.
You
know,
maybe
who
knows,
but
the
the
point
here
is
that
having
an
oracle
core
unit
right
gives
you
the
ability
to
to
tap
into
that
agile
kind
of
workflow
versus
trying
to
coordinate
on
an
external
vendor's
kind
of
workflow.
B
The
the
next
part
is
that,
depending
on
what
the
priorities
of
the
dow
are
we're
quite
willing
to
design
bespoke
mechanisms
right,
so
I
think
the
lp
tokens
are
an
example
of
this
right,
where
the
generalized
oracle
protocol
was
not
a
good
fit
for
for
pricing,
lp
tokens,
and
so
you
know
we
ended
up
creating.
You
know
a
bespoke
kind
of
lp
oracle
right
contract
that
fit
this
much
better,
and
so
you
know,
as
since
our
incentives
are
essentially
aligned
with
the
dows.
B
We're
quite
willing
to
you
know,
prioritize
these
bespoke
types
of
mechanisms
when
when
they
come
our
way
and
when,
when
the
dow
really
says
like
no
no
no
like
this
is
super
high
priority
right
for
the
health
of
the
of
the
maker
protocol
and-
and
that
leads
me
into
the
last
one
and
and
this
one's
kind
of
a
big
one.
It's
opportunity
there
is
a
and-
and
I
want
to
choose
my
words
carefully
here,
but
there
is
a
big
opportunity
here
for
productizing
oracles
and
offering
oracles
as
a
service.
B
Okay,
so
maker
kind
of
has
this
strategic
advantage
over
competing
oracle
protocols,
they're
they're
kind
of
they're
a
little
bit
hard
to
describe.
So
let
me
let
me
try
to
briefly
touch
on
them.
One
is
the
association
with
the
maker
brand,
any
oracle
protocol
that
can
say
hey
we're
used
by
maker
right.
B
That
gives
you
instant
credibility
right,
especially
when,
when
you
look
at
how
long
maker
has
has
been
around
right,
how
many
assets
maker
has
under
it
and
with
the
this
assumption
that
right,
the
amount
of
assets
in
maker
is
just
going
to
blow
up
right.
You
know
orders
of
magnitude
more.
That
means
something
it's
very
different
for
an
upstart
oracle
protocol
right
to
go,
raise
some
vc
money
and
start
convincing.
You
know
the
the
d5
majors
hey,
you
know
you
should
use
this
new
novel
oracle
that
we
created.
B
So
this,
like
this
association
with
with
maker
the
brand
this
utilization
in
maker,
this
history
and
reputation
that
we've
built
up
as
just
being
experts
in
the
oracle
field
is,
is
kind
of
extremely
valuable,
and
it's
not
it's
not
something
that
money
can
buy.
It's
only
something
that
you
earn
over
time,
and
so
we
should
monetize
that
reputation.
We
should
monetize
that
brand
and
an
oracle
product
kind
of
an
oracle
service
product
allows
us
to
do
that.
B
Right,
there's
also
a
positive
feedback
loop
here
with
economies
of
scale
right.
If
we
are
spending
you
know,
x
amount
on
an
oracle
anyway,
every
year,
right
just
to
support
a
collateral
type,
the
more
external
parties
we
can
get
to
use
that
oracle
and
start
paying
for
that
oracle.
The
more
we
either
a
subsidize,
our
own
costs
or
b,
actually
start
generating
profit
right
on
top
of
our
costs.
B
B
But
eventually-
and
you
know
I-
I
say
this
in
in
the
least
derogatory
way-
but
eventually
the
bean
counters
are
are
gonna
take
over
and
and
what
the
bean
counters
care
about
is
risk,
and
it's
gonna
be
all
about
de-risking
right.
We,
you
know
we're
we're
taking
too
much
risk.
We
need
to
take
less
risk,
and
one
of
the
areas
that
they're
going
to
focus
on
is
oracle
risk.
B
It
will
eventually-
and-
and
this
is
kind
of
my
vision-
it
will
eventually
be
irresponsible
for
any
protocol
to
be
exclusively
dependent
on
a
single
oracle
protocol.
It
doesn't
make
any
sense
for
someone
to
take
on
that
type
of
existential
risk.
You
know,
we've
talked
about
how
much
of
an
achilles
heel
oracle
protocols
can
be
to
to
defy,
especially,
and,
and
so
eventually,
it
will
just
make
sense
to
use
multiple
oracle
protocols.
B
B
The
the
business
model
here
quickly
becomes
well
maker
kind
of
has
this
very
natural
moat
around
real
world
assets,
and
this
natural
moat
really
comes
down
to
the
fact
that
we
have
no
cost
of
capital
right.
We
have
effectively
zero
cost
of
capital
because
we
are
the
primary
issuer
of
dye
and
we
can,
just
you
know,
die
out
of
thin
air
versus
secondary
lenders.
Right
need
to
source
stable
coin
liquidity
right
first
before
they
can.
B
B
B
Once
we
have
figured
out,
you
know
and
hit
the
magic
sauce
like
this,
it's
it
can
scale
incredibly
incredibly
quickly,
and
so
I'm
basing
my
vision
of
the
oracle
protocol
and
and
how
and
what
kind
of
world
it's
going
to
be
be
operating
in
based
off
of
how
I
believe
from
my
experience,
you
know
the
maker
protocol
is
going
to
evolve
and
look
in
the
coming
years,
and
so
so
you
have
these
right.
This
hugely
expansive
real
world
asset
portfolio.
B
B
B
Like
imagine
on
a
half
a
billion
dollar
loan,
if
we're
just
charging
a
million
a
year
in
oracle
fees,
and
that
is
a
continuous
charge
right
that
we
charge
every
year
as
a
recurring
charge.
That's
that's
almost
pure
profit
and
it's
pure
profit
from
for
a
couple
of
reasons.
Right,
real
world
assets
have
are
tend
to
be
quite
a
liquid,
and
so
the
frequency
of
price
updates
is
exponentially
lower
than
something
like
say,
ethereum
right.
B
Where
we're
updating
it,
you
know
on
average,
basically
every
you
know,
30
40,
minutes
right
and
so
because
of
those,
because
the
frequency
of
those
updates,
because
of
the
liquidity
that
rwa
expected
to
have
the
oracle
costs
the
cost
to
operate
that
oracle,
at
least
from
a
on-chain
transaction
perspective.
Those
just
basically
converge
to
zero.
They
basically
converge
to
being
quite
insignificant.
B
B
That
needs
to
happen
from
a
security
of
the
protocol
point
of
view
and
those
costs
could
be
significant,
but
I
don't
think
that
those
costs
are
going
to
be
as
big
as
the
gas
costs
have
have
trended
to
to
be
right,
where
they're,
just
all
kind
of
consuming.
I
think
those
costs
can
be
can
be
bounded
kind
of
quite
well,
and
so
what
I
really
see
is
that
this
real
world
asset
kind
of
business
is
going
to
be
quite
high
margin.
B
B
Now.
How
we
end
up
pricing
and
is
is
still
kind
of
a
question.
That's
that's
up
for
debate.
I
believe
that
you
know
one
of
the
variables
should
definitely
be
the
die
supply
right.
How
in
in
terms
of
how
much
is
expected
to
be
meant
like
what
is
the
debt
ceiling
of
this
this?
This
real
world
asset
right?
So
on
a
billion
dollar
real
world
asset?
B
You
know
we
should
expect
to
make
more
on
the
oracle
than
we
do
on
a
100
million
dollar
real
world
asset
than
we
would
on
a
10
million
dollar
real
world
asset
we
may,
even
you
know,
have
different
costs
associated
with
each
of
those
right,
maybe
on
a
10
million
dollar
real
world
asset
we're
fine
with
just
having
one
auditor,
you
know
review
financials
versus
on
a
billion
dollar
real
world
asset.
You
know
we
may
want
three.
B
We
may
want
even
more
right,
so
our
costs
may
not
even
be
fixed
on
our
end,
and
so
we
should
be
quite
dynamic
in
how
we
price
and
how
we
segment
our
customers
right.
But
I
do
believe
that
the
amount
that
is
being
borrowed-
and
that
is
to
say
the
debt
ceiling,
not
the
actual
amount,
but
the
debt
ceiling
that
this
line
of
credit
that
we've
extended
should
be
a
key
factor
in
in
pricing.
B
B
We
actually
only
update
on
a
four
percent
spread
right,
and
this
is
because
you
know
the
costs
that
we,
the
revenue,
that
we
generate
the
stability
fees
that
we
generate
from
those
ilks
from
those
collateral
types
are
just
completely
eclipsed
by
what
the
oracle
costs
would
be.
If
we
didn't
just
reduce
the
update
frequency
to
this
four
percent
kind
of
spread-
and
that's
the
trade-off
that
that
we've
had
to
make
on
on
layer
one
right
even
for
customers
right,
I
mean
right
now.
B
Many
of
these
protocols
have,
you
know
either
not
found
product
market
fit
or
if
they
have
have
not
managed
to
monetize
it
quite
as
effectively,
and
so,
although,
for
their
use
case,
they
may
need
oracles
that
are,
you
know,
update
on
a
half
a
percent
tick.
They
can't
afford
them,
and
quite
frankly,
neither
can
we
and
if
us,
as
the
largest
d5
protocol,
can't
afford
it
already.
You
know
we
can't
expect
the
minnows
and
the
upstarts
to
be
able
to,
and
so
there's
a
there's
a
big
problem
there
from.
B
How
do
you
generate
a
kind
of
a
profitable
oracle
business
on
layer,
one
it's
really
tricky,
but
on
layer,
two,
it's
it's
a
whole
different
ball
game
right
on
layer.
Two,
the
transaction
costs
are
so
much
cheaper
than
l1
that
they
pretty
much
just
converge
to
nothing
again
and
this
kind
of
completely
changes
the
game
right
because
you
don't
have
this
trade-off
anymore
of
cost.
To
you
know
how
accurate
or
how
secure
is
this
oracle
right?
B
B
Two
is
is
going,
is
happening
and
is
going
to
happen
in
mass
and
that
we
can
offer
this
service
that
everyone
needs
and
this
service
costs
us
almost
nothing
to
run.
So
it's
almost
pure
profit,
so
that
looks
quite
attractive
from
a
business
point
of
view.
We
then
look
at
the
fact
that
the
oracle
protocol,
as
it
is
today
the
way
we've
architected
it
the
way
we've
designed
it.
It's
already
blockchain
agnostic.
B
You
know
we
already,
you
know,
run
price
oracles
on
starkware
today
and
it
is
not
difficult
to
implement
and
the
reason
it's
not
difficult
to
implement
is
because
nothing
is
dependent
on
ethereum.
Nothing
assumes
that
you
know
oracle
related
things
are
ethereum
related
things.
The
only
part
of
the
oracle
protocol
that
actually
touches
ethereum
is
the
very
last
step
where
you
send
the
transaction
to
the
oracle
smart
contract,
and
that
makes
it
incredibly
adaptable
right
to
basically
push
those
oracle
prices
to
other
other
blockchains
right.
B
You
essentially
only
have
to
especially
if
they
support
the
evm
right,
which
is
the
ethereum
virtual
machine.
It
effectively
just
means
you
just
have
to
redeploy
the
same
oracle.
Smart
contract
on
this
other
blockchain,
and
the
only
difference
is
that
the
the
relayer
that's
pushing
this
price
update
instead
of
pointing
to
an
ethereum,
rpc
node.
It
just
has
to
point
to
you
know
an
optimism
rpc
node
or
an
arbitrarium
rpc
node
or
a
starkware
rpc
node.
B
B
Yep,
so
going
to
the
third
point
here,
I
I
think
we
briefly
covered
this
earlier
right,
our
better
funded
competitors
that
can
you
know,
lead
us
dry
on
l1.
They
don't
have
that
advantage
on
l2
there's.
No,
you
know
you,
you
can
say
maybe
that
there's
a
cost
of
attrition
with
marketing
dollars,
but
I
I
really
like
this,
this
much
more
level
playing
field
that
we
have
on
layer.
Two.
B
Okay,
so
with
that
kind
of
out
of
the
way
I
want
to
talk
about
what
the
mandate
is
of
the
oracle
protocol.
You
know
what
are
the
things
that
we
are
we're
going
to
be
kind
of
responsible
for,
and
it's
it's
quite
extensive.
I'm
not
gonna
lie
so
obviously
the
the
first
one
is
developing
and
maintaining
this
oracle
protocol
right.
There
are
clients
that
are
have
become
really
complex
over
the
years
oracle,
clients.
B
You
know
to
have
the
lowest
cost
for
that
performance,
making
it
incredibly
resilient
through
just
redundancy
and
redundancy
over
redundancy
right
where,
if
any
individual
component
fails,
it
should
have
no
effect
on
the
operation
of
the
of
the
protocol.
If
even
a
certain
combinations
of
of
components
fail
it,
there
should
still
be
a
happy
path
right
for
for
a
fully
functioning
oracle
network
and
essentially
mitigating
any
kind
of
centralized
point
of
failure
that
that
we
find
we're
also
going
to
be
responsible
for
doing
research.
B
I
think
that
this
is
something
that
maker
kind
of
maker
now
kind
of
had
a
lot
of
back
in
the
day,
and
it
really
enabled
us
to
be
in
this
privileged
position
that
we
are
today
and
that
we
had
a
very
significant
amount
of
our
funding
put
into
research
and
and
that
research.
You
know
what
didn't
just
help
maker
move
forward,
but
it
helped
the
entire
ecosystem
make.
B
You
know
this
order
of
magnitude
kind
of
shift
forward,
and
I
I
think,
we've
neglected
that
the
past
year
or
two
in
in
the
foundation,
and-
and
I
think
that
this
is
something
that
that
we
need
to
bring
back,
that
we
kind
of
have
researchers
who
are
just
exclusively
focused
on
research
and
not
kind
of
doing
this
context.
Shifting
and
between
working
on
the
product.
Going
back
to
doing
research,
you
know
being
distracted
by
something
else
going
back
to
doing
research.
B
B
B
You
know
events
right
when,
when
you
are
kind
of
in
a
in
a
system
that
is
working
in
real
time
when
you
are
actively
you
know
taking
you
know,
pieces
out
and
shoving
new
pieces
in
right.
It's
a
it's,
a
very
delicate
process,
and-
and
so
I
think
we
you
need
to
have
a
core
unit
like
us-
handling
that
that
type
of
sensitive.
B
I
don't
know
if
you've
ever
been
on
a
call
and
heard
my
phone
go
off
with
some.
You
know
whaling
alarm
yeah.
That
is
a
kind
of
our
internal
monitoring
setup
that
is
constantly
tracking
every
single
price
that
a
feed
submits
every
single
price
that
and
oracle
kind
of
receives
every
single
price
discrepancy
between
any
of
those
prices
and
what
we
perceive
to
be
the
market
price.
These
are
all
things
that
that
we're
tracking
you
know,
anytime.
Any
kind
of
administrative
action
is
called
on
an
oracle
smart
contract
right.
B
Right
we
touched
on
creating
this
oracle's
as
a
service
product
offering
for
layer
two
right.
We
want
to
design
and
implement
and
maintain
that
we
wanna
develop
kind
of
our
own
brand
around
the
oracles.
It
can't
just
be
you
know
the
oracle
protocol
or
makers
oracles
or
something
I
think.
If
you
want
this
to
succeed
it
it
needs
to
really
have
its
own
kind
of
brand
presence,
and-
and
we
can
can
we
can
talk
at
a
later
date.
B
So
we
don't
want
to
be
dependent
on
you
know
an
external
or
a
kind
of
marketing
core
unit
right,
which
is
going
to
have
various
competing
priorities.
You
know
within
within
the
dao,
for
for
marketing.
We
would
like
to
do
the
oracle
related
marketing,
in-house
and
and
last
is
and-
and
I
didn't
touch
on
this
earlier-
but
I
I
want
to
create
this
kind
of
centralized
decentralized
oracle.
Hybrid,
to
where
the
goal
is
to
reduce
the
deployment
time
and
and
what
what
do
I
mean
by
that?
B
Well,
one
of
the
complaints
we've
had
from
customers
is
that
when
they
want
an
oracle,
they
want
the
turnaround
time
to
just
be
like
that.
The
fact
that
we
have
you
know
we
spend
a
week
on
you
know
developing
and
testing
the
fact
that
we
then
have
to
do
a
you
know
a
feed
upgrade
right
which
can
take
another
week.
You
know
the
the
fact
that
we
have
to
do
a
governance
vote.
B
B
So
how
do
you
do
that
right?
Well,
this
is
what
this
centralized
decentralized
oracle
hybrid
is.
It
is
essentially
an
oracle
that
starts
off
as
centralized
and
just
becomes
decentralized
over
time.
So,
instead
of
using
the
dow,
you
know
appointed
feeds
right,
we
would
just
spin
up.
You
know
feeds
internally
in
the
oracle
core
unit
and
right
and
those
would
be
the
feeds
right,
and
so
we
avoid
this
whole
pain
process
of
okay.
B
Well,
we
have
to
you
know
up,
you
know,
tell
the
feeds
to
update,
and
then
you
know
wait
a
few
days
for
all
of
them
to
update
before
we
have
quorum
right
like
no.
We
just
have
instant
quorum
because
it's
just
us
internally,
just
spinning
up
a
node
right
same
thing
with
the
governance
process.
You
know
we
would
want
to
have
permission
from
governance
to
just
deploy
oracle's
on
behalf
of
the
dao,
using
our
centralized
feeds.
B
With
the
understand
we
implicit
under
sorry,
explicit
understanding
that
you
know
in
the
following
governance
cycle
that
oracle.
You
know
decentralized
by
replacing
the
oracle
core
unit,
centralized
feeds
with
the
maker
protocol
decentralized
feeds
and
that
the
ownership
of
the
oracle
contract
then
gets
flipped
over
from
the
oracle
core
unit
to
the
the
maker
protocol
right.
So
it's
this
getting
the
customer
the
oracle
that
they
want.
Immediately.
With
the
caveat
that
hey
you
know,
it's
not
really
decentralized.
B
You
know
from
the
get-go,
but
if
we're
being
honest
they
don't
really
care
for
them.
It's
like!
Oh
there's,
this
new
coin
called
you
know
xyz,
and
you
know
we
wanna
people
are
farming
with
it
and
they
wanna.
You
know
they
wanna
reduce
their
downside,
and
so
they
they
wanna,
be
able
to
hedge
their.
You
know,
coin
exposure
with
a
perp,
and
so
we
need
to
get
this
perp
up
within.
B
Okay.
So
let's
talk
about
money.
Let's
talk
about
budget
because
you
know
we
we
should
all
scrutinize
budgets
and
and
make
sure
that
you
know
we
are
one
adequately
funding
core
units
for
what
they're
trying
to
do,
but
also
you
know
be
not
over
funding
core
units
for
what
they're
trying
to
do
so
I'll
try
to
move
this
little
box
around
here,
so
you
guys
don't
get
blocked.
B
B
We
also
have
the
feed
stipends
right,
so
every
month
feeds
are
paid
a
currently,
it's
a
thousand
die
right
so,
and
we
have,
I
believe,
20
are
going
to
correct
me.
If
I'm
wrong,
we
have
25
or
26
feet:
56
26,
yeah,
okay,
good
good
man
I'm.
This
is
why
we
have
mark.
He
knows
everything
we
have
26
feeds
right,
so
that's
26
000
die
a
month
right
and,
as
the
scale
of
the
maker
protocol
expands,
you
know
we
probably
want
to
extend
and
increase
the
validator
set
right.
B
So
we
want
to
increase
the
amount
of
light
feeds
right
because
that
essentially
provides
more
more
security.
The
more
feeds
you
have
so
we've
allocated
budget,
you
know
to
cover
both
the
current
costs
of
paying
light
feeds,
but
also
the
anticipated
cost
of
onboarding
more
light
feeds
in
over
the
next
year.
B
B
But
also
to
our
networks,
right
where
we,
we
all
have
extensive
networks
in
the
cryptocurrency
industry
and
being
able
to
pay
out
referrals
to
those
to
get.
You
know
the
exact.
You
know
right
talent
that
we
want
being
able
to
pay
out.
You
know
significant
signing
bonuses
to
to
people
who
are
on
the
edge
about
joining
us
versus
joining
a
different
protocol.
B
You
know
you
don't
have
to
keep
paying
recruiters
after
you
know
the
the
for
the
one-time
payment,
you
don't
pay,
you
know
referrals
or
a
one-time
payment
right,
sign-on
bonuses
or
a
one-time
payment,
so
we
kind
of
expect
that
to
drop
off
in
in
subsequent
budgets.
Audits
right,
we
have
quite
a
few.
You
know.
Product
offerings
that
are
going
to
need
to
be
audited.
B
B
B
That's
also
going
to
help
with
retention
when
people
feel
like
you
know,
they're
connected
like
a
family
to
their
co-workers,
they're
also
going
to
be
much
more
likely
to
stay
longer
right
so
yeah.
I
I
think
it's
a
significant
amount
of
budget
allocated
to
travel,
but
ultimately
I
think
it
more
than
makes
up
for
itself
in
terms
of
the
in
in
terms
of
the
in
terms
of
retention
production
coverage
right.
B
We
talked
about
this
earlier
that
internal
monitoring
and
external
monitoring
it's
prohibitively
expensive
for
us
to
have
24
7
coverage
for
the
oracle
protocol
inside
the
oracle
core
unit
right,
we
would
need
you
know
one
devops
person
in
every
single
time
zone.
You
know
plus
redundancies,
just
for
the
oracles
alone.
That's
that's
just
a
non-starter
in
terms
of
costs
right
over
half
of
our
team
would
just
be
devops,
but
tech.
B
B
I
feel
like
I'm
taking
a
lot
of
time
on
this,
so
I'm
just
gonna
kind
of
just
kind
of
skip
the
the
rest
of
them,
because
the
costs
kind
of
start
to
become
quite
small
here,
right
marketing,
yeah,
you
know
what
we're
gonna
spend
on
branding
on
getting
our
name
out
there
on
sponsoring
conferences
on,
maybe
even
paying
for
some
high
profile
integrations
or
subsidizing
them
yeah,
so
really
we're
looking
at
half
a
million.
I
actually
think
that
in
the
first
year
we
will
spend
significantly
less
than
this.
B
This
is
what
the
budget
of
the
oracle
core
unit
is
really
going
to
look
like,
and
so
what
I
did
not
want
to
do
is
ask
for
half
of
this
amount
now
and
then
a
year
from
now
ask
for
double
and
and
kind
of
have
people
have
sticker
shock
or
something.
So
I
would
rather
be
very
upfront
that
yeah,
because
it's
going
to
take
us
a
while
to
spin
up
to
the
full
scale
that
we're
envisioning,
which
is
what
this
this
budget
kind
of
is,
is
priced
for.
B
B
So
this
is
the
same
kind
of
data
as
before,
just
in
kind
of
pie,
chart
forms,
so
you
can
kind
of
see
what
the
distribution
is.
As
you
can
see
right,
you
know,
the
cost
of
employees
is
really
where
most
of
the
most
of
the
money
is
going,
and
then
we
have
a
kind
of
mkr
vesting
and
so
we're
kind
of
using
the
model
that
was
proposed
by
scs
with
kind
of
minor
modifications.
B
So
it's
basically
the
maximum
of
this
2.45
waiting,
and
this
was
one
of
the
modifications
we
made.
We
we
raised
this,
I'm
sorry.
Actually,
that's
not
one
of
the
modifications
we
made
sorry
this.
This
is
the
same
weighting
as
ses
multiplied
by
the
gross
salary
of
the
individual,
minus
275
000,
and
comparing
that
number,
with
this
weight
down
here,
0.35.
B
B
So
you'll
just
take
the
historical
average
price
of
mkr
over
those
those
six
months.
And
if
you
look
at
the
forum
post,
I
linked
to
a
website
that
will
that
will
show
you,
the
history,
the
average
price
over
any
time
period,
and-
and
so
I
I
put
in
an
example
of
what
the
the
last
trailing
six
six-month
prices
has
been
and
how
that
translates
to
to
an
mkr
amount.
B
B
B
This
is
something
an
event
that
we
just
do
twice
a
year
in
order
to
protect
kind
of
employees
that
join
during
a
bull
run
and
then
kind
of
would
otherwise
get
screwed
on
the
mkr
price.
During
a
bear
run
we're
allowing
people
to
do
what's
called
a
manual
repricing,
essentially
at
any
point
in
time
they
can
take
the
new
six-month
trailing
average
mkr
price
and
use
that
as
their
new
mkr
lock-in
price,
with
the
caveat
that
it
resets
the
cliff
fest
right.
B
A
A
So
what
happens
when
the
oracle
cu
is
making
more
money
than
it
needs
to
run
like
when
it's
turning
a
profit
in
and
of
itself
as
the
idea
to
like
spin
it
off
and
just
be
an
affiliated
business
to
still
main
be
maintained
under
maker
control,
just
curious
to
like
thinking
thinking
ahead
five
years
down
the
road
like?
Do
you
still
want
to
be
tied
to
maker
and,
if
not
like,
how
does
that
spin
off
look.
B
B
You
know
company
right,
that's
doing
all
this
stuff,
but
I
think
it
can
operate
as
as
part
of
the
dow
quite
quite
effectively,
and
if
we
find
at
some
point
that
that's
not
the
case
right,
we
can
come
to
some
arrangement
with
the
community,
but
the
idea
is
that
right,
all
of
this
money
that
is
being
generated
from
you
know
the
oracle
protocol
right
from
you
know
serving
these
customers.
You
know
these
oracle
services
that
all
that
money
is
funneled
back
into
the
dow
right.
B
We
don't
keep
that
money
right.
We
are
we're,
not
you
know,
being
funded
by
the
dow
and
then
you
know
privatizing.
You
know
our
profits
to
ourselves
that
that's
not
how
we
envision
this.
We
envisioned
that
the
protocol,
the
the
dao,
is
funding
this.
The
dao
owns
the
protocol
itself,
like
we
don't
have
ownership
over
over,
like
administrative
ownership
over
the
the
oracle
protocol.
The
dow
owns
it.
B
You
know
because
that
just
makes
us
a
target
for
potentially
for
for
regulators
right
and
and
for
for
other
kind
of
state
actors
we
don't
want
to
be
able
to.
We
want
to
be
not
be
able
to
be
in
the
position
where
someone
asks
us
to
do
something
that
is
destructive
to
the
oracle
protocol
and
that
we
are
even
capable
of
of
doing
that.
We
want
to
be
able
to
say
we
can't
not.
B
A
A
B
B
You
know
they
just
click
on
it
and
click
like
sign,
and
you
know
maybe
they
have
to
put
in
their
key
or
you
know,
point
to
a
path
where
their
key
is
right
and
it'll,
then
just
sign
some
data
or
sign
some
message
on
behalf
of
the
auditor
right
and
then
we
can
essentially
use
that
signature
right
as
a
proof
that
the
auditor
has
reviewed
this
and
and
verified
this.
Ideally,
that's
the
type
of
mechanism
that
that
we
want
to
use
now,
whether
whether
that's
how
the
auditors
want
to
play
ball
right.
B
That's
that's
another
question,
and
so
we're
going
to
be
quite
flexible
on
on
this
at
the
beginning,
and
I
think
it's
really
like
an
iterative
type
of
approach.
I
don't
think
it's
just
you
come
up
with
one.
You
know
you
lock
yourself
in
a
closet
and
come
up
with
a
genius
design
and
like
it
magically
works
for
for
everything.
I
think
that
it's
one
of
those
things
where,
after
we
start
onboarding
real
world
assets,
you
know
in
bulk,
we
start
to
you
know,
identify
commonalities
between
you
know
their.
B
You
know
not
just
their
their
structure,
but
you
know
how
how
they,
how
they
function
and
how
you
know
what
kind
of
data
we
have
access
to
and
what
they
report
and
how
they
report
it
and-
and
I
think
it's
kind
of
one
of
those
you
know-
crawl,
walk,
run
type
of
things.
I
I
think
is
how
matthew
arena
wits
would
describe
it
where
I
don't
think
you
you
come
out
with
the
home,
run
winner
right
away.
A
Nice
yeah,
it's
fair
to
to
answer
like
that.
I
think
the
the
whole
thing
it's
very
a
very
nascent
state
so
and
the
other
question
I
had
regarding
the
the
pricing.
I
think
that
a
lot
of
projects
right
now
are
using
the
oracles
for
free.
Is
there
a
plan
on
charging
like
a
percentage?
I
don't
know
of
the
revenue
at
some
point
or
or
or
have
you
thought
about
the
the
pricing
models
at
all
or
it's
something
also
in
rnd.
B
B
Is
a
four
percent
spread
oracle
because
those
all
affect
our
kind
of
costs
to
operate
right,
and
then
you
have
to
kind
of
price
in
your
your
margin
right
and
you
know,
perhaps
you
want
to
have
margin
and
be
profitable
right
away.
That's
one
way
of
looking
at
it.
Maybe
the
other
way
of
looking
at
it
is
you
just
want
to.
B
B
Maybe
we're
willing
to
subsidize
a
lot
of
the
operation
costs
right
in
order
to
kind
of
snowball
that
market
share.
So
those
are
all
kind
of
things
we're
looking
at.
Essentially,
what
I
want
to
be
able
to
do
is
just
publish
like
a
kind
of
heat
map
to
the
community
and
to
customers
where,
essentially
before
they
even
come
to
us
asking
for
an
oracle,
they
would
know
exactly.
A
Looking
forward
to
it
any
any
questions
from
the
from
the
public-
yes,
hey,
nick
circling
back
to
juan's
question
at
the
beginning
of
your
presentation,
but
I
kind
of
had
a
different
question.
It
was
similar,
but
when
it
comes
to
business,
development,
right
and
selling,
oas
oracles
as
a
service
to
companies
or
protocols,
et
cetera,
is
that
something
you're
going
to
lean
on
the
business
development
team?
A
B
So
so
I
think
I
I
don't
think
it
should
be
one
or
the
other.
I
kind
of
think
it
should
be
both
right.
You
know
nadia
and
the
growth
core
unit
you
know
can
are
going
to.
Probably
you
know
their
their
entire
job
is
right,
getting
their
face
in
front
of
customers
right
and
telling
customers
about
all
the
different
product
offerings
we
have.
B
So
I
think
that
through
that
funnel
we
can
get
a
lot
of
business,
but
I
also
think
it
kind
of
behooves
us
to
have
at
least
some
bd
internally
right,
because
we
kind
of
we
need
but
dedicated
kind
of
bd
as
well.
We
need
someone
that
you
know
completely
understands
every
inch
in
detail
of
of
our
kind
of
product,
and
you
know
how
it
relates
to
our
competitors
and
how
you,
you
know,
sell
this,
and
I
I
I
think
that
you
definitely
need.
You
definitely
need
some
of
that
in-house.
B
You
need
some
of
that
strategy
in-house.
You
need
someone
kind
of
prioritizing
that
as
their
their
number
one
priority
rather
than
their.
You
know
a
number
four
or
five
right
because
you
know
for
for
the
growth
core
unit.
I
I
can't
imagine
that
okay,
getting
oracle
customers
is
super
high
on
the
list
compared
to
you
know
finding
the
next.
You
know
real
world
asset
originator.
That's
going
to
generate.
You
know
a
billion
die
right,
so
we
definitely
want
to
lean
on
what's
available
in
in
the
dow
within
the
core
units.
A
Yeah
that
makes
sense
and
real
quickly,
so
there's
going
to
be
incubation
of
other
core
units
that
could
possibly
play
in
the
sandbox
well
with
other
established
core
units.
What's
your
feeling
on
you
know
having
another,
I
don't
know.
Maybe
this
might
sound
crazy,
but
maybe
have
some
guy
who's
out
there
doing
oracle
pricing
for
coinbase
spin
out
on
his
own
and
say
hey.
I
want
to
join
the
maker
community
and
I
want
to
start
my
own
oracle's
core
unit.
A
B
B
Well,
there's
there
can
be
multiple
oracle,
core
units
right
that
are
that
are
doing
kind
of
collateral
onboarding
in
parallel
right,
if
you,
if
you
think
that
you
know
the
bandwidth
of
my
core
unit,
is
going
to
be,
you
know
so
high
with
developing
the
protocol
right.
You
know
that
we
that
that
we
don't
have
enough
resources.
You
know
that
we
can
devote
in
parallel
to
to
collateral
onboarding
right,
so
so
that
that's
kind
of
just
like
one
one
example
right:
we
we
could
have
one.
B
You
know
oracle
core
unit,
that's
maybe
more
on
the,
and
I
think
this
this
was
kind
of
your
point
just
now
on
the
data
modeling
side
right.
So
how
do
you
price
something
right?
You
know.
That's!
That's
almost
like
something
that
a
traditional
bank
does
right
is
they
have
like
some
internal
department?
That's
just
you
know,
figuring
out
how
to
price
things
right.
B
That's
not
even
a
technology
kind
of
problem
anymore,
and
you
know,
while
I
certainly
don't
want
my
core
unit
to
be
exclusively
just
focused
on
on
technology
and
have
that
be
its
only
competency,
I
can
definitely
see
the
value
and
there
being
another
core
unit.
That's
exclusively
just
you
know
full
of
some
like
econ
finance,
whiz
kids,
that
are
just
really
good
at
pricing
this
stuff
right.
B
I
kind
of
did
that
because
if,
if
I
don't,
then
these
are
things
that
are
just
being
left
on
the
table
that
that
no
one
is
doing
it
definitely
does
not.
You
know,
exclude
the
possibility
of
another
core
unit,
spinning
up
in
the
future
and
taking
over
you
know
some
or
a
multiple
of
those
responsibilities.
A
If
you
still
have
time,
I've
got
a
quick
question
about
like
l2
stuff,
I
know
we've
been
working
pretty
extensively
with
starkware.
Are
there
like
maker
projects?
We
would
need
to
start
testing
out
more
infrastructure
on
l2
or
are
you
looking
for
for
clients?
I
mean
euro
die
comes
to
mind
in
terms
of
things
that
have
been
proposed.
That
might
be
a
good
fit
for
it.
B
Sure,
yes,
so
I
mean
we
we
can
effective.
We
are
we
already
support
starkware
right,
so
any
client
that
is
running
on
starkware,
that
or
is
going
to
run
on
starkware
and
wants
oracles
from
us
yet
forward.
Those
people
are
away,
I'm
aware
of
of
a
couple
of
them,
but
if
you
totally
may
have
a
more
expansive
network
than
than
I
do
so,
please
yeah
forward
them
my
way
and
I'm
more
than
happy
to
to
talk
to
them.
I
think
we
can
get
them
up
and
running
quite
quickly.
B
A
A
We're
fine
go
ahead.
Taylor.
I
had
one
final
one
question
about
hiring
and
growth.
I
supported
the
team
for
maker
with
recruiting
on
and
off
as
an
external
recruited
until
recently,
and
now
this
opportunity
to
form
a
talent
core
unit
came
up
and
it
got
me.
Super
excited
and
interested
you've
mentioned
that
some
of
your
growth
plans
start
to
reach
15
people
within
the
next
year,
and
I've
also
saw
that
you
have
a
budget
allocated
for
recruiting
and
referral
fees.
A
One
question
on
our
side
as
well
was:
should
we
have
the
model
behind
the
talent,
cue
subsidized
by
by
the
dao
or
the
ses
or
the
governance
core
unit,
or
should
we
also
consider
a
revenue
model
attached
to
it?
I
think
my
questions
are
one.
How
soon
are
you
ready
to
hire
and
when
would
you
need
people
and
and
what
type
of
people
would
you
need
and
two?
B
Yeah,
so
I
mean
in
the
past
I've
I've
used
all
kinds
of
stuff:
we've
used
external
services,
we've
used
in-house
recruiters.
You
know
we've
used,
like
I
said
just
finding
people
at
crypto
conferences
where
just
like
these
guys
are
you
know
how
how
the
hell
would
we
ever
find
these
guys.
You
know
out
in
the
wild.
You
know
hit
the
jackpot
here,
but
yeah,
no,
I'm
I'm
open
to
to
using
anything.
B
That
brings
results
right
so
whether
that
is
a
you
know,
a
recruitment
based
kind
of
core
unit
or
or
a
kind
of
a
team
in
incubation
that
we
have
internal
to
the
dow,
whether
that's
an
external
recruiter,
I'm
whatever,
whatever
whatever
gets
the
results
right
and
in
terms
of
what
the
what
the
the
fee
structure
would
look
like,
I
mean
with
externals
right.
Those
are
all
negotiated
individually
with
internals.
B
B
People
right-
and
I
I
don't
know
if
you
guys-
are
basically
a
private
entity
taking
profit
or
if
all
your
money
just
comes
from
dow
funding
or
if
there's
some
kind
of
performance
based
thing
right,
I'm
I'm
not
in
the
recruiting
sphere
right.
So
I
I
I
leave
that
big
problem
up
up
to
you
and
I'm
happy
to
go
along
with
whatever
the
dao
ratifies.
A
Got
it
thanks
for
your
input
that
and
I
think,
yep
the
question
on
our
side
is
as
well.
You
know
once
when
you
have
four
to
five
core
units,
it's
easy
to
establish
a
team
for
that
which
can
be
subsidized
by
the
dao,
but
if
maker
would
reach
100
200
core
units
within
the
next
year,
it
would
be
difficult
to
scale
the
recruiting
team
according
to
the
specific
needs,
I'm
just
struggling
with
good
ideas
here.
A
B
So
you
know
we
want
some
full
stack
developers.
You
know
we
want
some
smart
contract
developers
we'll
want
a
couple
more
back-end
services
developers,
so
so
back-end
developers
right.
You
know
we,
we
kind
of
need
to
find
someone
who
will
kind
of
serve
as
the
the
bd
and
slash
marketing
person
at
the
start,
someone
who
will
serve
as
the
kind
of
operation
slash
accounting
person
at
the
start.
B
As
soon
as
the
governance
processes,
let
me
do
that
which
I
believe
is
like,
I
think
the
earliest
that
it
can
be
voted
on
is
in
the
june
mip
bundle,
so
the
earliest
I
could
get
access
to
the
funds
would
be.
It
sounds
like
beginning
july,
mid
july,
something
like
that.
So
that's
kind
of
the
timeline
that
I'm
working
with.