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From YouTube: Delegate Office Hours | GUSD PSM, POVE, and More
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
A
All
right,
hey
everybody,
Welcome
to
delegate
office
hours.
My
name
is
David
with
govcoms
I'm
here
to
support
the
calls,
a
neutral
noodle
party
and
as
usual
today
we
have
a
random
handful
of
delegates
here
and
so
yeah.
A
That's
we're
gonna
treat
this
like
a
typical
office
hours
feel
free
to
raise
any
questions
or
topics
whatever
you
guys
want
to
talk
about
and
me
as
the
host
I'll
also
be
a
fly
on
the
wall
and
if
I
have
some
good
questions,
I'll
jump
in,
but
otherwise
yeah,
let's,
let's
keep
it
at
office
hours
and
so
there's
one
other
thing,
though:
I
am
curious
to
talk
about
the
timing
of
the
call
I
know
a
few
people
have
requested
varying
varying
it
so
that
other
delegates
can
join
so
that
other
participants
can
join.
A
And
so
maybe
we
could
start
off
the
conversation
there
perhaps
like
every
like
I
think.
Maybe
something
that
would
be
nice
is
every
other
week.
We
could
do
it
really
early
on
Thursday
I
know
this
is
running
at
like
four
or
five
UTC,
if
I'm
not
mistaken.
So
if
we
did
a
a
call,
basically
every
other
week
at
1
pm
UTC,
do
you
guys
think
that
would
that
would
be
good.
D
What's?
That's
what
9
A.M,
you
know:
East
Coast,
yeah,
yeah,.
A
Yeah
I
mean
yeah
I'll,
so
I'll
try
it
for
next
week
and
then
the
week
after
we'll
do
the
usual
4
P.M
and
then
the
week
after.
If
at
9am,
1pm
UTC
time
doesn't
work,
we'll
try
to
do
maybe
like
an
evening
one
like
7,
P.M,
UTC,
AKA,
11
p.m.
Eastern
time
or
something
like
that,
I
don't
know,
I
want
to
try
to
vary
the
times
and
see
who
shows
up
because
I
know
a
lot
of
delegates
aren't
able
to
make
this
time
and
it's
a
shame.
A
I
would
love
to
get
other
people
on
here.
C
B
A
Oh
yeah,
that
is
a
good
question.
I
mean
I
I,
wouldn't
mind
I,
don't
I,
don't
mind,
but
really
I'm
here
to
serve
you
guys,
so
I
think
it
really
depends
on
the
needs
of
the
community
and
the
needs
of
the
delegate
like
something
that
I've
observed
is
that
this
call
tends
to
have
more
participation
than
all
than
many
other
office
hours,
and
there
tends
to
be
like
a
lot
of
really
interesting
conversation
leading
up
to
the
GNR.
A
As
a
result
of
this
call
so
I
think
it's
a
pretty
valuable
call
to
keep
it
to
keep
every
week,
but
to
it's
kind
of
is
ease
the
pain
I.
Don't
want
to
characterize
it
as
pain,
but
to
ease
things.
Yeah,
I'm
open
to
doing
things
bi-weekly,
maybe
I
could
run
a
poll
or
something.
C
Yeah
I
mean
I
think
we
used
to
have
pretty
good
participation
numbers
still
a
far
way
down
from
the
like
40
plus
people.
We
had
with
it.
Okay,
let's
make
this
in
summer,
but
let's
see
how
it
turns
out.
E
C
A
I
was
gonna
say
like
like
the
way
that
all
the
other
office
hours
are
like
it's
just
like
a
matter
of
being
available
right
like
even
if
there's
no
topic
like
we
could
all
just
hang
out
here
in
silence
and
like
continue
working
right
until
somebody's.
A
C
D
True,
all
right,
so,
let's,
let's
get
into
it
because
I
wanted
to.
We
were
just
talking
about
the
subject:
Raphael
and
I.
It
actually
started
yesterday
with
Tim
black.
D
We
did
a
recording,
it's
not
a
Shameless
plug,
but
we
did
drinks
for
maker
delegate
and
Tim
and
I
stayed
afterwards
and
we
were
discussing
the
Gus
dpsm
The
Proposal
that
Gemini
has
put
up
and
we
came
up
with
an
interesting
idea
and
it
might
sound
crazy.
I,
don't
know
if
we
have
anybody
here
from
risk
or
I
see.
Sebastian
Robert
is
here
from
CES,
but
we
came
up
with
a
crazy
idea
of
like
what,
if
you
took
the
g-usd.
D
Oh
sorry,
if
you
took
the
usdc
and
helped
me
out
Tim
black,
if
I'm
wrong
here,
take
the
usdc
PSM
flash
loan
into
die
right,
one
transaction
and
then
buy
some
dusd,
which
is
going
to
be
provided
by
market
makers
like
genesis,
FTX
winter
me.
What
have
you
hopefully
Gemini
can
arrange
that
and
then
take
the
dies,
swap
it
to
gusd
and
then
take
the
GSU.
Do
you
gusd
and
put
it
into
the
dusd
PSM
to
earn
that
reward?
D
That
Gemini
is
proposing
I,
don't
know
anybody
here
is
technical
but
Tim
black.
If
I
got
that
wrong,
you
can
correct
me,
but
this
all
has
to
be
done
in
one
flash
loan.
So
in
one
one
transaction
right,
so
I
don't
know
what
you
guys.
Think
of
that,
if
that's
even
possible
or
is
that
just
wishful
thinking
on
RN
from
the
delegate
side.
G
I
think
I
was
just
doing
the
full
route
for
how
you
could
kick
start.
Those
incentives,
I
think
right,
I,
don't
think
it
would
make
sense
for
maker
to
eat
the
whole
pie
of
something
but
I
think
that
was
basically
the
the
route
yeah
no
market
makers
in
the
middle,
though
that's
the
only
part
all
this
would
just
be
fully
technically
executed.
D
C
No
idea:
300
300
million
300
1
million-
is
the
market
cabin
there's
a
little
over
350
000
of
exchange
liquidity
by
the
so.
H
D
Cut
out
the
middleman
of
having
to
to
do
everything
on
chain
right,
you
take
you
relieve
some
of
the
PSM
USD
cpsm
and
for
some
reason,
I'm,
always
Every,
Time,
I,
Think
of
PSM
I.
Only
think
of
usdc
right,
unfortunately,
but
you
relieved
that
by
swapping
some
of
it
on
chain
and
one
flash
loan
from
usdc
to
gusd
and
then
deposited
into
the
Gus
dpsm,
so
it's
kind
of
moving
money
around
but
again
in
one
transaction,
but
I
I,
don't
think
that's
even
possible!
C
But
I
think
for
a
flashlight.
You
don't
need
collateral,
I
think
so
that's
the
one
thing.
So
it
doesn't
matter.
What's
in
the
PSM
or
not
you
could
you
could
just
flash
low
on
a
ton
of
time
and
then
exchange
photo
to
USD
and
put
it
in
the
PSM
and
but
the
problem
is
that
this
duration
for
the
flashlight,
until
you
repay,
is
kind
of
sharp.
I
But
I'm
still
trying
to
like
my
understanding
is,
is
that
Gemini
is
going
to
do
whatever
they
need
to
do
meant,
whatever
gusd
deposit
it
and
PSM
we're
gonna
generate
die
and
put
it
in
the
stability
buffer
and
they're
going
to
pay
us
they're
trying
to
pay
us
directly
to
an
East
address.
So
we
have
we.
We
try
to
try
to
not
have
an
entity.
A
I
think
Robert.
What
the
delegates
here
are
trying
to
do
is
figure
out
a
way
to
get
more,
to
use
the
entire
PSM
by
an
action
of
maker
governance
and
so
yeah.
The
question
is
whether
we
should
or
not,
and
then
whether
it's
their
problem
or
not
like
from
I,
guess
Gemini's
perspective
just
having
the
deal
and
then
barely
like
just
having
the
option
for
the
PSM
might
be
really
good,
but
yeah
I
guess
like
what
can
make
her
do
to
maximize
it's
it's
its
yield.
A
H
Right
so
I
really
wouldn't
worry
about
this
problem
for
the
next
weeks,
but
what
I
get
from
delegates
that
are
present
is
that
you
want.
You
have
no
issue
with
raising
the
GPS
dpsm
and
then
my
question
to
you
would
be:
how
far
would
you
want
to
go?
C
Years
Sebastian
can
I.
Can
I
ask
you
a
question
because,
like
I
just
haven't
come
to
a
conclusion
here.
My
question
is
this:
let's
say
we:
we
expanded
the
guest
cpsm
to
500
and
Gemini
positions,
the
500
them
somebody
comes
along
and
swaps,
200.
C
Say
the
full
500
diameter
into
into
gusd
gust
into
die
right
and
then
basically,
if
the
guy
wants
to
redeem
all
of
that
position,
what.
B
J
E
C
C
Right,
that's
how
the
USD
comes
in
so
okay,
somebody
like
Pig
whale
says:
oh
I
have
500
mtusd
wherever
he
has
that
from
deposits
into
the
plsm
swaps
it
to
die,
and
now
I
said
that
does
whatever
with
the
diet.
We
have
the
500
mg
USD
and
but
then
we
have
to
keep
that
right,
because
if
the
guy
comes
back
to
swap
it
back,
we
need
to
have
that
right.
No.
H
No,
we
don't
have
to
keep
it
because
in
the
PSM,
everything
that
is
deposited
in
the
PSM
is
for
is
a
property
of
making
down.
If
you
want
and
so,
and
we
let
anyone
take
it
for
whatever
the
thought
is,
which
is
usually
zero
percent.
H
H
So
the
problem
that
you
need
to
consider
is
more
that
the
fact
that
I've
discussed
with
risk
a
little
bit
and
so
the
tail
riska
well
gemina.
There
is
500
million
or
whatever
the
amount
in
the
PSM
and
then
Gemini
says
well.
Thank
you
very
much.
I
have
500
million
out
now.
I
will
forbid
compatibility
to
US
dollar
because
now
I
have
500
Millions.
You
cannot
redeem
and
I
will
touch
the
treasury
bills
rate
on
on
that
something
like
that
or
make
us
or
make
a
sheet
of
conversion
to
U.S
dollar.
H
B
H
C
I
mean
honestly,
like
I,
I'd
love,
to
have
some
somebody
who
thinks
about
this
stuff
on
a
daily
basis
like
risk,
for
you
guys
to
come
up
with
a
number,
because
you're,
obviously
more
qualified
than
me.
You
know
like
I,
can
say
500
M,
but
it's
a
number
right
and
so
like
what
does
it
mean
in
terms
of
risk
exposure.
B
H
It's
it's
not
so
much,
you
cannot
quantify
it.
I
mean
what
is
the
probabilities
that
Gemini
will
default
or
robbers
I
mean
I,
have
no
idea
and
you
don't
neither,
but
you
have
to
decide
I.
Don't
so
that's
that's
the
point.
I
mean
there
is
no
bar
of
wrong
decisions.
Just
someone
need
to
make
the
call
yes.
C
Gemini
statements
and
circuit
statements
and
kind
of
compare
these
two
like
for
on
a
you
know,
compare
this
kind
of
Enterprises
with
each
other
from
from
the
perspective
of
classical
analysis
in
a
way.
Otherwise,
if
they
are
both
the
same,
then
I'd
say
50
50
right
later.
H
Yeah,
and
so
currently,
if
you
look
another
stablecon,
so
Circle
and
paxos
are
giving
monthly
statements
that
are
quite
detailed
with
all
the
assets
as
the
one
that
is
a
shift.
C
first
is
paxos,
so
usdp
and
busd,
because
they
do
a
lot
of
repo
transactions
which
give
them
a
lot
of
liquidity,
which
is
better
than
Circle,
which
is
normal
duration,
so
that
they
take
a
bit
more
risk.
H
H
H
And
there
is
no
clear
way
to
to
know
exactly,
and
the
other
point
is
tout
on
the
PSM
that
I
proposed
at
20
business
points
to
be
sure
that
we
can
keep
the
gusd
in
the
PSM.
But
after
thinking
about
it,
maybe
that's
not
the
best
option,
because
that
will
decrease
a
bit.
The
liquidity
of
the
PSM
and
so
I
might
revisit
that.
Later.
After
after
a
few
months
when
we,
when
we
get
some
result
from
consistent.
F
Yeah
I
I
just
want
to
like
give
you
a
little
bit
of
context
when
we
first
on
board.
The
gusd,
like
the
idea
same
as
with
usdp,
was
that
the
Gemini
team
was
going
to
use
the
whole
debt
ceiling
and
once
they
had
used
it,
we
will
we
we
were
supposed
to
increase
it
same
as
usdp
and
all
other
collaterals
that
we
have,
but
because
it
wasn't
a
priority
for
them
like
they
just
were
interested
at
that
time
on
having
USD
and
maker
to
show
another
like
P5
integration.
F
They
didn't
pay
attention
to
this,
like
they
weren't.
This
wasn't
a
priority,
but
what
I
wanted
like
Point
pointed
out
is
that,
if,
if
they,
if
they
will
like,
feel
the
whole
that's
selling,
probably
they
will
have
right
now,
500
million
and
without
paying
us
anything
just
like
by
following
the
standard
process
that
we
have
with
this
type
of
collaterals.
F
So
I
find
it
quite
interesting
that
now
that,
like
these
stable
coins
are
interested
in
in
using
maker
capabilities
of
liquidity,
they
are
offering
something
in
return
and
actually
I
I
know
they
are
like
trying
to
think
in
a
way
to
do
it
more
permissionless
without
the
need
of
an
entity.
So
I
think
it's
like
a
great
opportunity.
I
think
we
are
like
overthinking
it
because
it
is
just
for
three
months.
F
Yes,
of
course,
there's
always
a
risk,
but
what
I
try
to
explain
is
that
that
risk
was
always
present
and
if
they
were
just
like,
they
didn't
follow
the
standard
procedure
and
thanks
to
that
right
now
we
are
in
this
very
amazing
position
and
they
are.
They
want
to
give
us
money
to
increase
the
debt
ceiling,
which
I
think
it's
interesting,
so
yeah,
just
like
a
little
bit
up
context
of
the
story
of
this
collateral.
D
Hey
raised
my
hand,
so
real
quick,
I'll
jump
in
Nadia
just
to
follow
up.
Is
there
the
Market
maker?
D
F
Yes,
of
course,
like
same
as
paxos
paxus
is
using
a
market
maker
and
the
reason
why
the
the
USD
PSM
is
not
completely
taken
is
because
they
didn't,
they
didn't
pay
attention,
they
didn't
hire
a
market
maker
and-
and
you
can
see
it,
but
I
mean
if
they
are
offering
that
I
I
mean
I,
don't
know
I
I
can
confirm,
but
the
logic
says
that
they
will
hire
a
market
maker.
They
are
offering
something
because
they
want
to
increase
the
debt
selling
and
yeah.
F
C
F
I
think
coinbase
is
different,
because
coinbase
is
not
Circle
and
circle
is
not
interested
in
doing
this
because
we
gave
it
for
free,
like
we
raised
to
that
ceiling,
just
because
we
needed,
and
that
didn't
happen
with
Gemini.
So
it's
just
like
they're
competing
and
are
using
maker
as
a
medium
is
the
way
how
I
see
it,
and
that
is
like
the
same
reason
why
we
are
receiving
other
proposals
that
want
data
usdc
or
stable
coins
in
the
PSN,
because
right
now,
it's
very
valuable
for
all
these.
The
stable
coin
companies.
K
And
let
me
just
add
to
this
that
if
we
think
about
the
the
true
utility
from
our
side
or
what
the
PSM
should
be
doing,
we
want
uscc
in
this,
like
we
want
a
higher
higher
liquidity,
stable
coins
that
we
can,
that
a
rich
assures
and
indirectly
us
essentially
can
Arbitrage
our
pack
to
thing
legally.
K
Gsd
wouldn't
function
as
this
because
they're
my
like
our
market
cap
is
much
bigger
than
theirs.
So
if
we
need
to
I,
know
Arbitrage
away
X
percent
of
of
a
DPAC
that
for
gusd
represents,
let's
say
40
of
their
of
their
market
cap,
it
wouldn't
work
because
we'll
have
slippage
so
I
think
we're
in
a
unique,
unique
position
that
now
we
have
this
people
fighting
over,
but
I
think
we
should
ex
I
would
go
for
both
offers.
K
K
C
D
No
and
it's
interesting
to
to
see
when
you
navigate
D5
right,
like
the
platforms
I
was
looking
at
one
this
morning,
which
is
it's
a
very
popular
d-gen
platform.
Gee
I
can't
remember
now,
but
they
had
a.
D
You
know
I
would
have
thought
that
they
would
be
using
something
like
frax
or
even
die,
but
usdc
just
seems
to
just
you
know,
be
the
most
trusted
stable
coin.
For
whatever
reason
that
is,
whether
you're
a
hardcore
you
know
vegen
or
just
the
retail
individual
who's
looking
to
play
around
with
these
these
applications.
So
I
just
don't
know
how
I
just
don't
know
how
a
decentralized
stable
coin
is
going
to
make
any
traction
on
usdc.
D
They
just
completely
built
the
game
plan
and
they
were
taking
over
I
mean
if
not
they've,
taken
over
I.
Think
they're
only
barrier
is
teller,
usdt
right,
which
is
really
popular
supposedly
in
Asia
I,
don't
know
because
I'm
not
out
there,
but
it's
just
amazing
the
work
they've
done
and
the
clock
is
ticking
and
it
seems
that
usdc
just
keeps
on
just
firing
and
firing
and
like
it
doesn't
matter
to
most
people
from
what
I
see
whether
it's
usdc
centralized
or
it's.
You
know
something.
That's
super
decentralized
like
uxd
stablecoin
or
something.
F
I
I
think
it's
it's
it's
about
a
liquidity
like
the
diet.
Supply
is
not
enough
to
compete
with
usdc
and
usdt,
like
I
I.
Think
there's
demand,
but
when
you
have
to
decide
based
on
the
slippage
on
using
usdc
or
die,
should
go
for
ufdc
because
you
go.
Do
you
have
a
better
quote?
So
that's
that's
the
main
thing.
If,
like
stable
coins,
it's
all
about
liquidity.
F
If
you
want
to
pay
with
stable
coins,
it's
all
about
liquidity
because,
like
why
would
you
will
pay
a
premium
just
because
you
want
to
use
die
and
I'm
telling
you
like
I
I
and
manage
a
Career,
Unit
or
budgets
are
in
the
eye.
I
try
to
use
die
as
much
as
I
can,
but
sometimes
I
have
to
convert
it
to
other
stable
coin,
because
if
not,
I
will
pay
a
premium.
It's
just
because
of
liquidity.
K
We're
still
in
the
running
right,
number,
four
I,
hope
so
yeah
and
again,
like
the
the
benefits
of
that
I
only
felt
when
things
are
the
worse
when
when
there
is
a
censorship,
and
when
things
happen,
when
people,
when
user
real
users
starts
seeing
the
problems
with
centralized
stable
coins,
whether
that's
gonna
make
it
like,
we
go
popular
just
when
uscc
started,
Banning
random
wallets
right.
So
it's
also
I
think
I
still
say
it's
like
it's
playing
the
long
game.
A
Yeah
also
I
would
say
in
terms
of
like
the
greater
context
of
crypto
and
where
we
are
in
the
history
of
the
growth
of
crypto,
like
we
still
suffer
with
like
limited
network
throughput,
the
lack
of
like
killer
app
like
there's
there's
a
lot
of
unbanked
people
in
the
world.
A
I
think
that
was
one
of
the
big
big
big
things
that
that
made
me
believe
in
crypto
early
on,
and
so,
although
we
might
be
losing
the
battle
whatever
that
means
I
I,
don't
think
the
war
is
anywhere
near
over
I
think
we
have
a
long
way
to
go
with
layer
twos.
We
have
a
long
way
to
go
as
a
protocol
and
I.
Think,
like
you
know
the
decisions
we
make
today.
A
D
And
I
mean
some
of
the
Farms
that
are
being
proposed
in
the
end
game
right,
hopefully,
that'll
get
some
traction
for
die
right
for
minting
dye,
so
you
can
deposit
it
into
that
dive.
Vault
that's
proposed
to
get
some
metadata
token,
so
hopefully
that'll
pick
up
some
some
momentum
and
then
either
die
and
the
rest
of
the
stuff.
But
yeah
we'll
see
you're
right.
It's
it's
a
it's
a
long
game
and
yeah
it's
this
ecosystem.
It
changes
so
fast.
Right,
just
don't
know!
F
Yes,
Patrick
not
directly
as
as
roads,
Coronet
father
through
like
we
are
planning
to
do
that
with
gnosis.
For
example,
part
of
the
proposal.
A
Really
quickly,
can
you
actually
restate
what
Patrick
is
saying
in
chat
just
for
like
the
video
recording
just
so
you
we
know
like
what
you're
answering.
F
Yeah
Patrick
is
asking
me
if
we,
as
growth,
are
thinking
about
driving
to
incentivize
the
liquidity.
So,
yes,
the
answer
is
yes
like.
We
have
been
thinking
about
rewards
for
a
long
time,
and
we
are
talking
now
with
gnosis,
because
one
of
the
parts
of
the
deal
to
onboard
noses
token
that
we
want
to
propose
is
that
they
help
us
with
the
liquidity
on
different,
like
of
course
mainly
on
noses
chain,
but
also
in
different
Bridges
and
Texas,
and
the
way
to
do
it
is
through
bribes.
F
So
the
idea
we
have
is
to
use
that
I
mean
if
we
onboard
dno,
they
will
get
a
loan
from
maker
and
die,
and
part
of
this
diet
will
be
to
using
bribing
in
increasing
liquidity
and
improving,
like
yeah
diet,
liquidity
in
different
in
different
breaches,
and
all
of
that,
that's
that's
the
way
how
we
are
thinking
about
it
and
also
we
haven't
published
it
yet.
F
But
we
want
to
present
a
proposal
to
optimism
to
do
the
same,
but
inside
optimism
to
increase
the
liquidity
by
giving
optimism
rewards
to
any
die
user
in
any
platform
in
any
platform.
So
we
want
to
incentivize,
die,
Integrations
and
use
cases
all
around
optimism.
We
will
do
that
after
the
after
maker,
teleport
is
completely
deployed
and-
and
we
announced
that
people
can
use
it
and
we
have
a
product
and
all
that
once
that's
done,
we
will
post
it
in
in
the
optimism
a
forum.
D
I
think,
as
a
side
note,
there's
discussion
on
the
chat
room
there
about
switching
from
bribes
to
maybe
rewards
I
I
like
that
rewards.
It
sounds
a
lot
better
than
bribe
so
for
the
recording
yeah,
because
I
think
when
you
hear
the
word
bribe,
yeah
I
can
only
imagine
politicians
what
they
would
think.
Yeah.
A
Like
bride
implies,
like
you
know
that
you're
paying
somebody
to
do
something
illegal
right,
like
somebody
in
a
position
of
power
to
do
something.
That's
you
know,
unethical
for
a
payoff
like
that's
the
technical
meaning
of
the
word
right
yeah.
That's
that's!
Not
what
we're
doing
here,
we're
incentivizing
a
product.
You
know
by
paying
users
a
REV
share
or
something
of
that
nature.
A
So
I
saw:
do
you
had
your
hand
up,
I,
don't
know
if
you
still,
if
you
still
want
to
bring
up
something
or
if
it
was
answered.
A
I
mean
I'm
really
curious
about
the
the
delegates
who
are
pro-end
game.
What
their
view
is
on
the
Surplus
buffer
kind
of
being
converted
into
like
eth
when
clearly
like
there.
A
There
is
a
need
for
for
Capital
like
if
we
want
to
further
down
the
line
and
synthesize
these
sort
of,
like
the
like
liquidity
on
other
chains
and
and
continue
paying
for
teams
like
I'm
curious,
like
the
viability
of
of
really
like
dropping
down
our
Capital
buffer
and
and
whether
you
guys
agree
with
that
particular
aspect
of
the
pre-launch
mips.
D
Yes,
I
think,
what's
being
what's
being
proposier,
is
we're
looking
to
diversify
it
away
from
what
many
throughout
the
ecosystem,
and
maybe
folks
that
peek
in
and
out
have
labeled
dye
as
a
pretty
much
a
rapper
of
usdc
and
I?
Think
the
focus
of
the
end
game
is
to
eventually
kind
of
Swing
the
pendulum
to
another
side
where
the
centralized
collateral
and
the
number
one
decentralized
collateral
in
our
ecosystem
is
ethereum.
D
Right
Eve
now
stake
Eve,
so
totally
supported,
because
I
think
we
have
to
again
swing
that
pendulum
to
a
different
side
where
dye
is
no
longer
label.
As
a
rapper
and
I
know,
it's
not
a
rapper
exactly,
but
it's
a
big
portion
right
usdc
is
back
and
die
so
I,
don't
I,
don't
have
any
issues
with
it.
I
think
that
maker
has
a
lot
of
powerful
tools
available.
D
If
something
does
go
wrong,
where
you
know
you
see
something
like
eave
drop
a
tremendous
amount,
you
know
I,
don't
want
to
say
50
60,
because
that's
a
Black
Swan
event
and
those
don't
happen
every
year.
I
think
people
think
they
do,
but
they
don't
because
lately
it's
just
been
a
lot
of
bad
news:
political
news,
whatever
macro
news,
so
yeah
I'm,
you
know
it's
definitely
more
comfortable
to
sleep
at
night.
Knowing
you
have
dollars
under
your
pillow
or
in
this
case,
die
under
your
pillow,
but
I
I.
D
Personally,
don't
don't
see
any
problem
with
swinging
that
pendulum
over
to
more
decentralized
collateral,
be
interesting
to
see
what
other
delegates
think.
J
Talking
about
oh
I'm,
sorry,
so
tying
into
that,
you
know
you're
saying
it's
too
good
to
sleep
but
die
under
your
pillow.
But
if
that
dies
back
by
like
Leverage
peace
and
the
price
of
heat
just
drops
overnight,
the
eye
is
no
longer
backed
it's
no
longer
collateralized.
So
I
guess
that's
my
big
concern.
E
Oh
yeah
sure
I
was
going
to
mention
that
something
that
I
think
some
of
the
other
participants
also
mentioned
is
the
fact
that
right
now
he
has
usdc
is
a
large
portion
of
dye.
It's
packing
it,
but
at
the
same
time,
if
you
think
about
it,
that
also
means
that
dice
demand
is
still
there
right,
because
if
you
have
the
opposite
problem
like
despite
having
let's
say
PSN,
then
all
the
usds,
you
know
drain.
That
probably
means
that
the
demand
for
that
has
dropped
so
much
that
is
probably
going
to
break
the
fact
downward.
E
So
in
a
way,
Nadia
was
mentioned
this
it's
like
okay,
so
we
have
this
usdc
in
the
system
and
we
have
the
enough
demand.
We
need
to
basically
you
know
for
sure,
with
the
other
you
know
supply
of
it.
Basically
right
so
I
think
that
it's
not
necessarily
negative
per
se,
and
then
also
I
mean
the
market
is
in.
You
know
like
it
goes
up
and
down
so
we
had.
E
We
I
mean,
especially
if
the
market
you
know,
comes
back,
it's
probably
going
to
recover
somewhat,
but
I
do
think
that
we
also
need
to
make
sure
that,
if
there's
usage
in
the
system,
we
need
to
make
use
of
it
right.
But
there
was
also
the
issue
we
had
during
the
device
summer
was
like
yeah.
E
There
was
a
big
demand
for
die,
but
then
it
was
like
really
hard
to
make
use
of
it
or
even
charge
a
fee
for
it,
because,
unlike
the
other
times
like
there
was
like
you
know,
we
had
too
much
demand
for
it.
So
we
thought
you
know,
depend
what's
going
up.
A
Yeah
so
I
think
one
thing
just
just
to
go
to
what
you're
saying
Frank
that
I
disagree
with
you
on
is
that
Black's
funds
tend
to
happen
like
once
a
year
or
like
less
than
once
a
year
but
I
think,
like
you
know
the
less
Capital
we
have.
A
You
know
the
definition
of
what
a
Black
Swan
is
to
make
or
changes
right
like
right
now,
black
spawn
is
like
what
about
something:
80
million
dollar
loss
right
like
that's,
why
everybody's
so
concerned
about
usdc,
because
it's
it's
kind
of
a
single
point
of
failure
and
so
like
if
you're
taking
you
know
our
our
loss,
tolerance
from
80
mil
to
20,
mil
and
then
on
top
of
that
or
30
mil,
and
then
on
top
of
that
you're
also,
including,
like
you
know,
each
leverage
and
like
a
price
risk,
like
you
know,
it's
kind
of.
H
Yeah
I
just
wanted
to
point
that
in
the
ERM
framework
that
strategic
Finance
proposed
earlier
this
year
as
a
risk
of
ease,
was
pointed
out
to
96
now
86
percent
96
percent.
So
that's
why,
when
we
propose
to
deploy
some
of
the
balance
sheet
into,
if
there
was
quite
some
opposition
to
it,
but
at
the
end
it
was
it
was,
it
was
approved
by
a
thin
margin.
It
was
only
10
million
because
well
obviously,
if
you
can
drop
by
50
percent
or
eighty
percent,
you
can
lose
it
quite
quickly.
H
J
Nip
it
says
that,
like
the
synthetic
cap
price
for,
if
is
fifteen
hundred
dollars
to
zoom
out
opinion
on
that
number
like,
why
is
it
that
1500
is
the
right
number
to
set
instead
of
I?
Don't
know
150
or
300
I,
like
those
are
all
the
prices
that
he's
been
at
in
the
last
few
years.
J
So
like
it
feels
like
a
lot
of
the
numbers
in
there
are
just
kind
of
arbitrary,
like
oh,
we
can
go
down
to
a
surplus
offer
abyss
and
we
can
just
set
this
price
number
and
1.8
leverage
I,
don't
I'm,
not
seeing
the
justification
for
like
how
all
these
numbers
are
being
set
and
if
they're
set
wrong,
then
our
protocol
will
just
die
because
we
could
go
under
collateralized
and
that's
viral.
So
it
seems
like
a
very
important
thing
to
get
right.
That's
been
run
fairly
arbitrarily.
A
Yeah
yeah
I
definitely
have
seen
that
same
Viewpoint
shared
in
the
community
and
I
think
I've
even
seen,
Rune
acknowledge
it
and
that's
why
he
he
explicitly
sort
of
asks
for
feedback
from
risk
and
from
others
to
fine-tune.
Those
numbers
like
the
way
roon
operates
is
he's
very
much
like
a
like
a
Visionary
and
like
ignores
the
details
and
kind
of
lets.
People
figure
out
the
details,
but
he
he
tries
to
guide
the
ship
on
like
a
a
way
like
a
higher
level
and
I
think
yeah.
B
A
Yeah
I
think
one
of
Maker's
big
advantages
and
the
reason
why
it's
survived
up
until
this
point
is
the
value
that
governance
is
placed
on
proper
risk
management
and
so
yeah
like.
Thank
you
for
sharing
your
view
as
a
delegate
that
you
feel
that
the
risk
management
here
is
is
under
under
examined
or
undertuned
yeah.
D
D
What
type
of
risk
the
protocol
is
taking
on
onboarding
or
wa,
so
I
don't
know
who's
supposed
to
take
that
over
now,
but
I
think
that
you
know
when
it
comes
to
this
MIP
84,
you
know
personally,
as
a
delegate,
3F
delegate,
we
expect
risk
to
voice
an
opinion
and
kind
of
set
the
parameters
and
set
the
standard
of
how
this
protocol
owned.
Volt
emulation
should
work
so
I
I,
don't
you
know
I,
don't
expect.
You
know
the
author
of
a
MIP
to
get
all
the
numbers
correct
in
one
shot.
D
As
you
said
David,
you
know
this
guy's
a
Visionary.
He
likes
to
put
the
ideas
out
there
and
then
let
the
community
fine-tune
it.
I
also
think,
there's
too
much
of
an
emphasis
right
now:
MIP
84,
as
opposed
to
the
overall
picture
of
what
the
end
game
plan
is
going
to
to
propose
and
not
only
propose
but
also
build,
hopefully
in
the
next
24
months.
We're
just
too
focused
on
one
thing,
as
opposed
to
the
whole
picture,
which
could
actually
you
know,
innovate.
D
How
and
the
way
daus
can
actually
work
in
the
real
world
because,
as
said
by
many
people
dollars
right
now
aren't
really
working
man.
All
they
are
is
a
bunch
of
clutter
of
bureaucracy
where
everyone's
just
voicing
their
opinions.
You
know,
speaking
of
one
of
these
djen
apps,
that
I
visited
this
morning.
You
know
they
were
already
arguing
about
the
you
know:
the
collateral
ratio
and
what
they
were
even
arguing
if
mkr
should
be
allowed
as
a
margin
product
in
in
the
platform.
D
A
Now
I
appreciate
the
rant,
Frank
and
and
I
I
empathize,
with
a
lot
of
those
views
and
I
think
people
are
are
really
focusing
on
MIP
84
and
also
the
the
other
like
Prima
Prima
endgame
Prem
UPS
is
because
they're
good,
they're
gonna
be
up
for
a
vote
very
shortly.
Right
like
this
is
something
that
is
is
is
coming
to
a
head
very
soon
and
so
yeah
like
I
guess.
A
The
question
is
like:
are
delegates
not
I,
don't
want
to
say
responsible,
but
like
should
should
what
are
the
views
of
the
delegates?
Are
the
views
that
hey
like?
Where
are
the
experts
here?
Why?
Why
are
they
not?
You
know
contributing
more
during
this
RFC
phase
like
etc,
etc,
and
so
yeah
yeah
that
that's
kind
of
what
I'm
seeing.
A
Yeah
go
for
Joshua
and
also
not
not
just
delegates
but
should
make
your
Dow
stakeholders
generally
be
really
pushing
core
units
to
to
yeah,
like
maybe
risk
to
do
stuff
like
more
risk
work
around
the
parameters
here,
but
anyway,
yeah
sorry
go
for
it.
Joshua
yeah.
L
I
just
wanted
to
voice
something
I
put
in
the
chat
a
few
times.
I.
Just
think
that
the
you
know,
the
end
game
has
a
lot
of
interesting
ideas,
but
just
to
view
it
as
like,
a
monolith
like
everything
or
nothing
I
think
is-
is
just
kind
of
forcing
it's
like
a
kind
of
a
political
ploy
to
to
force
everything
through
like
I
I,
think
that's
kind
of
you
know
it
doesn't.
Then
it
doesn't.
L
Let
us
refine
the
individual
pieces
of
the
end
game
that
are
good
ideas,
and
you
know,
maybe
you
know,
take
out
the
pieces
that
that
seem
too
risky.
So
that's
kind
of
my
opinion.
I
Just
a
couple
of
comments
on
that
also,
you
know:
there's
there's
the
overall
budgeting
process
that
really
hasn't.
You
know.
Some
things
were
proposed
that
hasn't
been
addressed
and
there's
another
another
MIP
deadline
by
the
October
12th
I
can't
get
a
read
yet
on
whether
or
not
Roan
is
going
to
post
additional
mips.
I
So
there's
that
activity
and
then,
if,
if
any
of
you
attended
scs's
presentation
on
Friday,
where,
where
louder
had
presented
a
little
bit
more
about
the
project-based
funding,
and
that's
that's
about
the
most
tangible
piece
of
information,
I'll,
just
call
it
that
I've
seen
yet
in
the
way
of
like
okay
wow.
This
is
something
that
I
could
see
us
as
a
first
step
transitioning
ourselves
into
to
be.
I
You
know,
in
the
concept
of
hey
the
services
are
quote
unquote
free
today
and
then
we
click
forward,
and
then
we
figure
out
from
a
project
basis
which
projects
that
we
want
to
fund
which
which
does
align
with
the
end
game.
You
know
there's
Scopes
and
councils
and
tribunals
and
all
sorts
of
stuff
right
and
then
sure
over
time
that
could
be
generated.
But
what,
if
we
just
you
know,
do
something
a
lot
more
simple
right
and
maybe
that
does
come
out.
Maybe
that
is
what
actually
materializes
from
the
end
game
plan.
I
I,
don't
know
it's
just
there's
a
lot
of
details
that
are
lacking,
that
that
are
hard
to
to
really
plan
around,
but
I
would
hope
we
do
small
bite-sized
pieces
on
the
way
to
wherever
we're
going
and
then
evaluate
to
see
how
they're
working
and
then
modify
from
there.
But
I
don't
know,
that's
just
a
hope.
A
Yeah,
thanks
for
sharing
that
to
you
and
I
want
to
just
as
a
timekeeper.
We
have
about
six
minutes
until
the
governance
and
risk
call,
and
so
I'm
actually
gonna
stop
the
recording
here
and
for
the
last
five
minutes:
I'm
gonna,
I'm,
Gonna
Leave
it
pretty
much
like
off
the
Record,
but
I'm
gonna
continue
the
calls
so
yeah.
Thank
you
all
on
YouTube
for
watching.