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From YouTube: Delegate Office Hours | MIPs 81 and 82
Description
The Delegate Office Hours call is hosted by the Governance Communications Core Unit in collaboration with Recognized Delegates of MakerDAO.
The call aims to bring together all delegates and discuss recent events, governance activity, and other domains relative to governance and delegation.
https://forum.makerdao.com/t/delegate-office-hours-13/18111
https://forum.makerdao.com/t/mip81-coinbase-usdc-institutional-rewards/17703/201
https://forum.makerdao.com/t/mip82-monetalis-coinbase-appaloosa/17768
A
All
right,
folks,
sorry
about
the
old
technical
difficulties,
welcome
to
today's
delegate
officers,
Thomas
Florida,
gov
Collins
and
wanted
to
really
I
wanted
to
start
off
today.
Thank
you
all
for
joining
us
really
appreciate
it
start
off.
One
thing
is
we
use
the
chat
feature
during
the
call,
and
also
we
can
raise
your
hand
during
the
call,
using
your
reactions
option
in
the
zoo,
so
real
quick
wanted
to
ask.
A
There
was
a
question
that
was
that
was
raised
in
the
Forum
is
talking
about
the
time
and
date
of
the
call
and
I
just
wanted
to
get
everyone's
kind
of.
Maybe
I
just
open
the
floor
of
thoughts
that
this
is
still
good
for
everyone
or
if
we
want
to
change
it
up
to
open
the
floor,
to
ask
folks
so
you're
on
the
call
to
see
what
your
thoughts
were.
B
B
B
A
A
A
D
D
Thomas
Hi,
how
are
you
so
I
wanted
to
dive
into
one
of
the
most
I
talked
about
Forum
post
in
recent
memories?
Maybe
not,
but
it's
pretty
pretty
live
and
it's
mid
61.
The
usdc
and
I
saw
an
interesting
post,
I
think
24
hours
ago
by
Robert
of
SES
I
kind
of
wanted
to
hear
from
him
on
his
thinking
behind
the
post.
D
F
Hey
Frank,
you,
you
confused
me
a
little
bit
because
you
said
SES,
but
until
I
quickly
realized.
It
was
me
the
wow
this
this
started
with,
as
we
started,
seeing
the
this
plus
also
the
Appaloosa
deal
and
then
seeing
the
commentary
inside
of
Discord
in
the
form
you
know
there
were.
It
became
clear
from
a
technology
perspective
and
David
was,
was
looking
at
a
lot
of
this
on
my
team
and
also
Miguel,
and
also
Nikolai
and
some
others.
F
How
do
we
get
usdc
back?
Can
we
request
it
on
demand?
There
there's
a
lot
here,
and
so
it
just
made
sense
to
to
reach
out
I
posted
a
little
snippet
of
that
there's
still
a
bunch
of
work
to
be
done,
we're
waiting
back
to
hear
from
them
on
what's
possible
and
not
it
looks
like
it
can
be
done,
and
the
question
is
really
in
the
details
of
the
implementation
and
so
I
was
really
happy
to
see.
F
Coinbase
had
modified
the
MIP
to
include
you,
know,
CES,
and
the
implementation
side
of
things
for,
for
the
technical
piece
of
it
to
be
able
to.
You
know,
suggest
that,
yes,
we're
open
to
looking
at
Solutions
now.
There's
another
comment
in
there
about
the
future
and
and
I
think
what
we
need
to
do
is
just
as
a
as
a
community.
F
So
our
our
our
first
goal
was
we
wanted
to
reach
out
to
coinbase
as
a
technology
partner,
because
we
think
that
it's
not
only
today
and
it's
outside
of
the
mips
but
I
think
there
could
be
some
really
cool
integration
that
we
could
do
between
maker
and
coinbase,
and
that
was
the
other
impetus
to
to
reach
out
to
them
as
well,
so
hopefully
Frank
that
answers
a
little
bit
of
your
questions.
There's
a
lot
more
detail
here,
but
but
I'll
Reserve
that
for
a
future
conversation.
D
Again,
I
guess:
I
gather
you,
you
can't
get
into
specifics
of
the
implementation
of
technical
work
and
your
thoughts
on
whether
the
devs
over
a
coinbase
can
can
pull
this
off
and
I
asked
that
because
I
feel,
like
you
know,
the
gulf
Alpha
Team
worked
a
lot
with
the
custodial
services
and
not
just
coinbase
others.
I
believe
and
I
could
be
wrong.
Gov
Alpha
could
correct
me,
but
it
was
kind
of
a
frustrating
process
to
get
them
the
custody,
the
mkr
custody.
D
D
F
Yeah
and
I
don't
really
want
to
detail
a
specific
solution
at
the
moment
it
appears
just
based
upon
the
initial
conversations
that
it's
possible
now
becomes.
What's
the
motivation
to
do
it
what's
become
very
clear,
for
us
is
yes
from
a
technology
and
implementation
perspective,
there's
a
lot
of
opportunity
to
drive
the
manual
intervention
out
of
the
this
middle
layer.
This
custodian
trust
area,
you
know
with
rwas
they're
still
going
to
be
the
lead,
the
need
for
a
lot
of
legal
and
agreements
and
such
but
we're
starting
to
identify
different
areas
where
hey.
F
We
could
automate
this
and
we
bumped
into
this
and
said
you
know
this
is
a
great
opportunity
to
potentially
Implement
some
technology
here.
We
don't
think
it's
too
extensive,
but
it
really
requires
the
cooperation
from
coinbase
and
we're
hoping
we're
hoping
that
they'll
also
be
on
board
with
it
as
well.
A
C
I
D
cool
name
by
the
way,
if
you're
into
horses,
but
oh,
maybe
82,
sorry
to
go.
Thank
you
for
that
bit,
82
Appaloosa
usdc.
Perhaps
we
can
get
some
thoughts,
initial
thoughts
and
hopefully
strategic
Finance,
has
looked
into
it.
What
what
you
guys
are
thinking
there
as
far
as
his
proposal,
if
you
had
a
chance
to
review
it
and
and
any
opportunities
to
perhaps
in
the
future,
get
some
cash
that
can
do
something
similar
to
what
nip82
is
proposing.
J
Yeah,
so
we
looked
at
it
briefly
currently
I
think
it's
an
interesting
proposal,
it's
different
than
all
the
other
ones
that
you
see
currently,
which
are
more:
let's
invest
in
bonds,
maybe
65
conveys
and
so
on.
You
have
customers,
but
at
the
end
of
the
day
you
get
more
or
less
a
yield
linked
or
very
nothing
but
someone's
coming
from
bonds.
Here,
it's
more
risky,
but
it's
not
that
risky.
J
Think
very
naively
I
didn't
look
into
details
on
that
front,
but
we
can
assume
that
at
Mecca
Dao
we
are
doing
crypto
by
clones
in
a
safer
way
than
anyone
else,
because
we
are
making,
though,
and
we
have
the
best
team
pretty
much
and
others
two
two
and
P
to
make
good
Division
and
so
on.
The
creation
are
very
short,
that's
good
as
well.
If
we
do
it
of
chain,
we
have
less
control
over
the
process.
Usually
they
don't
create
very
fast.
Maybe
it's
once
per
day,
something
like
that.
So
it's
quite
different.
J
The
yield
is
better
than
D5
for
one
for
we've
looked
at
it
for
many
of
the
crypto
parties,
and
the
main
reason
we
found
is
that
people
in
the
traditional
system
like
to
have
a
Kunta
parties.
They
have
to
make
a
sign
a
contract
with
someone
and
even
if
nexo
and
Celsius
have
used
make
a
dough.
Some
people
still
wants
to
have
a
good
party
someone.
They
can
speak
to
and
sign
a
piece
of
paper
and
have
maybe
custom
terms
as
well.
So
I
don't
have
the
definitive
answer.
J
If
it's
a
good
deal
or
not,
that
will
be
up
to
make
a
token
or
just
to
decide,
but
I
think
it's
a
good
tool
to
have
in
our
belt
anyway.
Even
if
you
don't
choose
it
currently
or
if
you
don't
want
to
use
a
country,
it's
good
to
have
the
pipe
because
we
never
know
currently,
for
instance,
currently,
the
treasury
yields
is
three
percent
four
percent.
If
you
go
a
bit
longer
on
durations,
so
it's
it's
quite
good.
J
It
defines
a
yields
on
crypto
backgrounds
are
what
you
can
get
one
percent
on
average
on
your
loans,
not
even
sure
you
have
60
basis
point
on
Avi,
that's
not
very
important.
That's
not
very
good
and
C5
crypto
backgrounds
might
be
a
solution
to
keep
an
exposure
to
crypto
backgrounds,
but
with
a
better
yield.
That's
what
we
get
in
defy
currently,
if
that's
a
bit
helpful.
D
D
You
think
it's
something
that
could
be
a
template
for
future
cash
like
collateral
types.
So,
in
other
words,
you
know
I've
been
hearing
a
lot
about,
like
Signum
Bank
doing
a
lot
of
work.
You
know,
speaking
of
C,
by
defy
take
them,
Bank,
I'm,
just
hearing
their
name
everywhere.
It
seems
like
they're
sticking
their
nose
wherever
they
in
a
D5.
D
D
And
I
think
Signum
is
also
in
playing
a
role
in
MIP
82.
So,
and
you
know,
like
I,
said
I've
just
heard
so
many
people
are
trying
to
bring
our
was
on
chain
that
are
looking
to
work
with
signal
bank
so,
but
not
just
necessarily
them
in
the
future.
The
you
guys,
the
Strategic
Finance
see
other
players,
possibly
using
a
structure
like
nip
82
mid
65
as
a
way
to
outdoor
cash.
J
We
have
a
plenty
of
proposal
currently
and
we
are
trying
to
sell
them
out
because
some
are
still
not
public
and
I
think
for
making
Technologies.
What
could
make
sense
is
to
think
about
a
framework
where
you
want
to
go
to
the
balance
sheet
allocation
of
Mikado
because
we
have
6
billion.
We
have
four
billion
that
are
sitting
doing
nothing
in
usdc,
but
forbidden
is
a
lot,
but
if
you
put
1.6
billion
in
coinbase
institutional
reward,
Alpha
billion
income
base
or
loans
Appaloosa
coin
share
as
a
proposal
as
well.
We
have
now
a
gusd.
J
Well,
it's
a
lot
of
capital
that
you
can
invest
and
then
the
idea
is
to
find.
Well.
How
should
we
invest
all
this
Capital
to
keep
the
liquidity,
keep
safety
for
the
holders
and
get
the
best
yield
to
to
increase
the
also
plus
buffer,
which
is
always
good
to
dial
those
and
maybe
at
some
point,
buy
ease
or
byte
maker
token
down
the
line?
So
we
have
plenty
of
proposal.
J
J
It's
really
now
a
game
of
optimization
and
see
where
we
want
to
go
and
maker
token
holders
can
decide.
Well,
we
want
to
invest
in
short-term
bonds,
because
the
yield
in
125
are
good
right
now,
but
we
don't
want
to
go
more
than
I,
don't
know,
50
percent
30
percent
25
percent,
and
we
want
some
exposure
to
crypto
backloads
because
we
think
that's
the
future
as
well,
both
insertified
on
chain
and
maybe
as
well
in
of
chain
world
with
conveys
apparusa
for
instance.
J
So
it's
really
kind
of
trade-off
and
a
decision
of
well.
What
is
the
best
play
for
make
it
out
balance
sheet,
and
maybe
it's
on
size
to
invest
only
in
three
options.
One
super
liquid
that
is
yielding
a
little
bit
like
a
Gemini.
We
could
invest
2
billion
in
Gemini
and
keep
only
that
and
remove
those
or
psms,
because
jumia
is
giving
us
already
more
than
enough
I
have
something
in
between
this
is
kind
of
liquid,
but
yielding
even
more
could
be
coinbase
institutional
reward,
for
instance,
and
something
like
mip65
that
is
providing
more
yield.
F
Frank,
there's
there's
another
perspective,
so
there's
that
and
then
the
other
perspective
I'll
give
you
from
from
an
implementation
perspective.
So
the
best
way
to
look
at
every
rwa
today
and
and
I
think
sometimes
we
gloss
over
this
based
upon
comments.
That
people
make
is
that
everything
is
manual
and
everything
has
code
and
there
are
nuances
for
every
single
rwa,
so
everything's
a
one-off.
F
However,
we
want
it
to
work,
given
the
end
game
step,
but
I
think
SRS
are
still
there
and
then
we
move
to
a
governance
poll
or
our
facilitator
can
move
directly
to
a
governance
poll.
Is
that
what
do
we
want
to
focus
on?
What
that
allows
us
to
do
is
that
develop
some
use
cases
that
are
similar
across
collateral.
That
might
be
common,
but
across
different
suppliers
of
that,
and
then
try
to
introduce
Automation
and
get
away
from
more
of
the
manual
processes
that
we
have.
F
The
thing
that
we're
going
to
be
doing
is
doing
a
little
education
on
this
concept
around
collateral
management,
because
because
we
get
focused
on
getting
collateral
into
the
system,
but
as
it
relates
to
once
it's
in
the
system,
then
what
do
we
do
right?
So
just
a
really
simple
example.
Is
that
there's
a
lot
of
documentation
that
chases
these
deals
when
something
needs
to
be
amended,
it
needs
to
go
through
a
governance
process
that
has
to
be
managed.
We
also
have
to
know
where
the
documents
are
located.
F
We
also
have
to
ensure
that
that
we're
getting
paid
per
the
documents.
Each
of
these
deals
have
a
different
way
of
paying
us
now.
Some
of
this
information
just
simply
bubbles
up
into
the
financial
reporting
that
strategic
Finance
does.
But
there
are
people
that
need
to
be
involved
in
every
single
deal,
to
understand
the
nuances
and
details
of
the
money
flows
to
ensure
we
get
paid
at
the
end
of
the
day
and
also
what
happens
if
the
collateral
changes.
F
So
what's
the
ongoing
need
for
reassessment
of
that
collateral,
and
how
often
does
that
happen,
and
it
could
be
different
for
the
collateral
types,
so
there's
a
hidden
cost
of
doing
business
here
and
it's
and
it's
not
it's
not
that
it's
not
doable.
It's
just
that.
There
needs
to
be
a
better
process
around
that.
So
so
we'll
start
to
put
out
a
bit
more
information
on
what
we
feel
needs
to
be
done
here
and
I.
F
Think
it's
not
a
single
core
unit's
responsibility
by
the
way,
but
there's
going
to
need
to
be
a
process
behind
managing
these
rwas
and
then
in
the
future,
I
think
for
Vault
adoption
right,
because
this
is
gonna
have
to
carry
through
to
different
metadals
that
will
adopt
vaults.
However,
that
might
work
so
there's
a
bunch
of
stuff
that
needs
to
be
done.
There
too.
D
Yes,
I
guess,
like
you
know
myself,
I'm
guilty
of
it
like
I
focus
more
on
the
onboarding
and
how
do
we
collect
the
fees
right?
The
stability
fees
so
I
hear
you
on
that
Robert.
Can
you
walk
us
through
a
scenario,
though,
where
and
I
don't
mean
to
pick
a
MIP
82,
but
maybe
there's
a
Depot
there
or
or
I
think
the
collateral
ratio
is
120
say
it
falls
below
that?
F
F
So
meanwhile,
it's
very
chatty
in
our
channels
between
like
Christians
helping
you
know
with
the
legal
work
still
in
HP
bank
and
you
know,
Miguel-
is
popping
in
and
trying
as
a
as
a
product
manager.
You
know
helping
with
that
flow
and
making
sure
things
happen.
Governance
processes
are
are
being
followed,
and
you
know
you
see
that
pop
up
in
the
executive
and
language,
so
it's
and
I've
had
this
conversation
with
a
roon
and
I
want
to
point
this
out
and
I'm
trying
to
help
him
understand,
and
maybe
maybe
get
some
support
from
this.
F
This
group
as
well,
is
that
I
get
the
feeling
that
he
thinks
it's
a
future
activity
and
I'm
trying
to
ground
him
in
no
room.
This
is
a
today
activity
and
when
I
talk
about
automation,
that's
a
future
activity,
because
we
need
to
figure
out
what
we
can
automate
today,
based
upon
all
the
deals
that
we're
doing.
F
So
if
there's
automation
available-
and
it's
done
from
a
technology
perspective
that
might
be
a
baseline
service-
that
CES
leads
in
our
current
form
can
provide
to
the
projector,
metadals
and
potentially
other
ones,
but
we're
not
quite
sure
even
in
the
structure
of
the
end
game
and
the
different
players
inside
of
that.
So
it's
hard
to
see
where
we
might
fit
in
that,
but
I
think
there
are
services
that
we
can
provide
that
that
others
will
take
advantage
of.
Meanwhile
they'll
be
managing
those
vaults
themselves.
However,
they
might
do
that.
D
A
F
I
I
I,
don't
have
a
direct
answer
to
that
today.
So
I
had
my
first
meeting
with
with
Matt
last
week
just
to
just
to
try
to
connect
with
him
and
get
up
to
speed
and
figure
out
what's
going
on,
and
then
you
know,
the
next
steps
are
obviously
as
we're
as
we're
looking
at
and
putting
some
meat
behind
the
collateral
management
side
of
things
more
from
a
process
perspective.
D
F
Well,
I
think
Frank
I
think
you
know,
at
least
in
my
conversations
will
I
think
this
was
and
and
the
and
the
outlines
that
he
shared
with
with
CES
I
think
this
is
what
he
was
trying
to
put
together
and
and
I
I
know
there
was
communication
was
the
the
biggest
issue
in
in
trying
to
understand
exactly
what
was
happening
there.
So
you
know
we're
gonna,
take
whatever
will
and
his
his
new
team
had
put
together
and
see
what
we
can
do
with
it
and
then
figure
out.
A
A
F
A
A
C
Oh
just
a
quick
chill
Tim
and
I
updated
joke
Dao
and
we
want
to
run
a
contest
on
end
game,
a
link
to
the
thread.
There's
a
poll.
What
kind
of
Road
would
be
most
interesting
to
you
we'll
keep
pushing
that
promise,
because
we
just
so
in
love
with
it
and
I-
think
it's
great
so
give
it
a
spin.
Please
participate
in
the
vote
and
then
we'll
run
exactly
well.
If
you
want.
Thank
you
so
much.
D
G
G
Wanted
to
Shield
something
else
tomorrow:
water
is
going
to
be
presenting
What
or
potential
course
of
action
for
for
there
is,
is
the
vote
of
the
end
game
passes
so
so
yeah
I
I
invite
anyone
that
wants
to
play
red
team
and
and
take
kind
of,
like
the
other
side
of
the
of
that
debate,
I'm
going
to
try
to
moderate
it
as
neutrally
as
possible
and
and
yeah.
It
might
be
fun
so
tomorrow
in
the
SCS
updates.
Thank
you.
A
I
Oh
yes,
I.
Actually
so
I
got
this
question
else
in
the
event
at
72049,
because
we
have
some
potential
as
a
team
that
was
asking
me
this
question
and
I
was
curious.
If
somebody
has
an
insight
to
it,
it's
just
like
so
we
have,
for
example,
coinbase
approaching
Mega
governance
to
potentially
use
the
usdc
right,
and
we
also
know
that
there's
more
towels
impact
in
the
pipeline,
so
the
question
was
that
is
it?
I
For
example,
there
is
this
in
the
system
that
they
get
to,
for
example,
split
it
and
use
it,
or
would
it
be
like?
Basically,
they
have
to
compete
and
then
there'll
be
one
team
or
is
there
something
that,
for
example,
governance
has
to
decide
because
I
also
also
conduct?
You
know
interest
to
know
that,
for
example,
to
deal
with
coinbase
right
now,
I
probably
have
to
go
and
read
more
details.
I
would
repeat
just
like
a
single
I'll
say:
user
of
the
USB
Cinder
system.
Maybe
somebody
can
give
us
more
insights.
I
D
Oh
man,
I,
wish
I
had
the
answer
for
you.
My
brother
I
thought
that
was
actually
a
question
more
for
strategic
Finance
to
be
honest,
but
they
might
be
getting
ready
for
the
GNR
call,
but
by
the
way,
I
want
to
say,
welcome
to
Alex
I
actually
met
you
in
Paris
man
so
excited
to
have
you
on
in
hopefully
help
do
make
some
good
delegate
decisions
and
stuff.
So.
E
I'll
just
mention
briefly
that
that
it
hasn't
seen
the
partnership
announcement
from
Gemini
and
Tyler
I
would
recommend
checking
that
out,
because
this
is
a
huge
step
forward
and
the
battle
for
the
PSM
and
extracting
value
from
the
PSI,
and
it's
almost
entirely
on
chain.
It's
a
higher
degree
of
liquidity
than
the
coinbase
deal,
so
something
that
you
know
we've
been
working
on
for
a
while
and
pretty
excited
about
it
and
interested
to
get
feedback,
see
what
people
think
about
it.
D
Oh
man
I
just
saw
that
thanks
for
and
it
wasn't
on
the
forum
for
the
last
couple
of
hours.
So
can
you
give
us
a
quick
breakdown
before
we
finish
I
know,
we
only
got
like
two
minutes
so
I'm
like
eli5
on
this
I.
Guess
it's
gusd
right.
Obviously,
if
you
kind
of
walk
us
through
real
quick
through
it,
Mark
that'd
be
so
awesome.
E
Yeah,
absolutely
so
yeah,
it's
basically
a
marketing.
It's
incentive.
It's
a
125
basis
points
a
little
less
than
the
coinbase
deal,
but
high
level
we're
going
to
be
receiving
incentive
payments
for
operating
the
Gemini
PSM.
As
long
as
the
balance
is
over
100
million
gusd,
which
they're
looking
to
facilitate
through
Market
making
and
the
balance
will
need
to
be
sent
from
an
arranger
to
us,
but
we
don't
have
to
move
any
of
the
balance
on
the
PSM.
E
So
there's
no
extra
steps
like
the
coinbase
deal
where
we
actually
have
to
open
account
and
move
the
funds
into
the
account.
The
funds
remain
in
the
PSM.
We
just
get
a
credit
to
us.
Every
I
think
we
did
I,
think
it's
monthly
or
quarterly
of
the
interest.
So
it's
kind
of
The
Best
of
Both
Worlds
we're
getting
yield,
but
we're
also
not
losing
any
liquidity,
which
is
really
nice.