►
From YouTube: Quarterly Strategy Review - Q4 2021
Description
The first Quarterly Strategy Review (QSR) meeting, hosted by Strategic Finance in partnership with Growth, Risk, PE, and RWF. The purpose of the call is to review prior quarter results, and discuss MakerDAO’s Strategic Focus Areas, Key Performance Indicators, align on priorities, and collaborate on how to overcome any challenges the DAO is facing.
https://forum.makerdao.com/t/quarterly-strategy-review-q4-2021-public-call-on-friday-3-11-22-5-00pm-utc/13734
A
A
Luckily,
I
don't
have
to
do
the
presenting
I'll
just
be
calling
on
people
asking
questions
and
moving
the
slides.
Thank
you
to
everyone
joining.
We
will
have
time
for
question
and
answers.
So
if
anything
does
pop
up
on
the
screen,
you're
wondering
about
feel
free
to
drop
it
in
the
chat.
We
can
circle
back
to
it
at
an
appropriate
time
or
just
write
it
down.
You
can
save
it
all
right,
be
more
than
happy
to
invite
you
on
the
mic
to
ask
your
questions
quick
housekeeping.
A
This
is
obviously
being
recorded,
we'd
like
to
put
this
up
on
youtube
and
save
it
for
other
people
who
weren't
able
to
make
this
call.
So
let's
try
not
to
talk
over
one
another
and
yeah
just
generally
be
polite,
so
the
people
of
the
internet,
don't
think
poorly
of
us
awesome.
So
we
have
a
number
of
people
that
are
actually
going
to
be
doing
the
presenting
today.
Let
me
see
if
I
can
call
them
all
out.
I
know
we
have
mark
from
real
world
finance.
A
B
B
Awesome
thanks
peyton.
I
appreciate
the
introduction
and
welcome
everyone.
This
is
mark
also
known
as
aes
or
ace
on
the
on
the
maker
dial
forums
and
welcome
to
maker
dow's
inaugural
qsr
meeting
covering
q4
2021
throughout
today's
call.
We
highly
encourage
participation
at
any
moment.
Just
raise
your
hand
and
peyton
will
help
facilitate
the
question
asking
you
know.
We
want
this
to
be
an
interactive
call
and
we
want
participation
from
people.
B
B
Our
existing
ce
reporting
is
highly
fragmented.
Lack
standardization
is
posted
in
different
areas
across
the
forums,
making
it
difficult
for
maker
holders
to
locate
and
assess
how
core
units
are
doing.
This
is
even
more
true
for
those
who
are
new
or
spend
less
time
on
the
forum
than
those
on
this
call.
Today,
we
also
have
no
centrally
agreed
upon
strategy
or
core
mission,
leading
to
a
lack
of
focus
and
efficient
allocation
of
capital.
B
The
web
3
industry
is
rapidly
evolving
and,
as
a
dow,
it's
even
more
important
for
us
to
communicate
effectively
and
ensure
we're
all
aligned
on
objectives
next
slide,
please
so,
as
we've
previously
discussed
and
lined
on
the
forums.
Our
current
top
three
strategic
focus
areas
today
are
number
one
ethan,
wbtc
lending,
two
scaling
world
acid
collateral
and
three
increasing
demand
for
dye.
B
Today,
I
think
around
94
of
our
stability
fees
come
from
eath
steak,
teeth,
rap
bitcoin
collateral.
This
was
even
higher
prior
to
the
onboarding
of
the
d3m
with
ave.
You
know.
Both
these
markets
have
shown
tremendous
growth.
Over
the
past
year,
ethan
wptc
lending
is
current
29
110
respectively,
as
measured
among
the
tier
one
d5
protocols,
which
includes
us
ave,
compound
and
liquidy
when
it
comes
to
world
assets.
This
focus
area
is
important
in
a
couple
key
ways.
B
First,
the
total
addressable
market
for
and
for
rdbas
is
in
the
hundreds
of
trillions
now
credit
equities.
Real
estate
are
collectively
worth
over
500
trillion
alone,
and
these
markets
dwarf
the
total.
You
know
crypto
native
markets,
which
are
valued
at
around.
You
know
1.8
trillion
today
and
dropping
so
I
think,
bridging
into
you
know,
the
real
world
assets
is
critical,
for
you
know
having
a
long,
a
long
runway.
B
B
Lower
stability
volatility
will
result
in
market
participants.
I
think
valuing
the
maker
token
much
higher.
This
will
also
mitigate
you
know:
governance
attack,
vectors,
increasing
demand
for
dye
and
expanding
our
presence
on
l2
is
also
extremely
important.
As
the
background
of
the
d5
stack,
keeping
die
safe
should
be
priority.
Number
one.
The
better
die
is
as
a
product.
The
more
organic
demand
there
is,
the
more
sticky
die
will
be
increases
our
chances,
which
will
increase
our
chances
of
successfully
growing
the
protocol
next
slide.
Please.
C
C
So,
first
on
the
lending
metrics.
As
you
all
know,
the
main
two
products
we
have
is
if
lending
and
bitcoin
lending.
So
we
are
tracking
the
market
shares
of
those
two
two
markets.
So
we
can
see
that
it's
not
moving
a
lot
quickly
over
time.
But
that's
why
we,
it's
always
good
to
compare
one
year
versus
the
previous
one.
So
what
we
can
say
is
that
we
are
decreasing
in
east.
Obviously,
in
2021
there
was
a
lot
of
new
project
liquidity
come
in
mind
and
there
are
many
others,
so
the
market
share
or
attention
on.
C
If
is
more
disparate
on
the
bitcoin.
On
the
other
hand,
we
are
gaining
a
lot.
We
have
gained
a
lot
of
market
share
over
the
year
from
15
percent
to
about
half
of
the
market
and
just
to
go
back
on
east.
We
are
around
half
of
the
market,
so
we
are
kind
of
the
leader
in
both
east
and
rapid
kind
now
and
on
web
bitcoin.
It
was
due
to
the
acquisition
of
celsius
on
the
redwater
setup
standing.
Those
are
the
other
initiatives
that
is
super
important
to
make
it
out
of
freewall
assets.
C
C
You
can
see
that
we
have
a
strong
growth
over
time.
Obviously
that
fluctuates
a
lot
depending
on
the
interest
rate.
We
can
charge
the
stability
fees
and
the
assets
we
have
under
management
or
at
least
borrowed
on
our
platform.
So
that's
why
it's
a
big
increase.
Now,
it's
a
little
bit
but
sorry
a
little
bit
less
as
as
fluctuation,
and
there
are
trends
that
are
taking
a
few
months
every
time,
the
number
of
volts
that
is
the
breast
of
our
customer
base.
C
You
can
see
that
we
don't
have
a
lot
of
volts
or
the
difference
between
last
year
is
a
small
decrease,
still
40
percent.
So
we
are,
we
are
not
generating
more
users.
The
user
base
is
more
and
more
concentrated
and
we
can
see
as
well
in
the
new
customer
growth
that
it's
going
up
a
little
bit
of
on
the
last
months
of
21,
but
it's
still
very
down
compared
to
the
previous
year.
C
This
is
obviously
due
to
the
gas
cost
on
ethereum
and
the
increase
of
the
dust
that
was
for
the
landing
matrix
on
the
diametric.
So
how
can
we
be
sure
that
a
lot
of
people
are
holding
dye
so
we
can
land
those
die
in
the
market?
The
market
share
of
a
die
is
a
5.8
percent.
It's
increasing
over
the
year,
it's
a
bit
random,
but
still
in
a
gross
mode.
C
So
that's
very
good
because
there
was
a
lot
of
competitors
coming
into
the
market
last
year,
but,
as
you
can
see,
they
we
still
gain
market
share
and
it
was
mainly
due
to
usdt
that
is
still
a
big
competitor,
but
is
a
decreasing
sensibly
and
the
second
one
so
market
share
is
the
amount
of
you
die,
usdc,
usd
and
so
on.
But
what
is
important
as
well
is
a
diet.
C
Transaction
market
share,
so
tracking
all
the
transactions
that
are
on
the
blockchain,
how
much
of
those
volume
is
on
die
because
we
have,
if
you
have
a
high
velocity,
stable
coin,
that
might
be
better
than
having
a
stabilicon.
That
is
not
liquid
unchained
and
that
is
just
used
on
some
centralized
exchanges.
C
D
Thank
you,
sir
hey
everyone,
so
given
that
capital
tris
involves
quite
some
context
behind
it,
it
also
makes
sense
for
me
to
just
take
a
minute
to
to
explain
the
logic
and
how
it
works.
So,
first
of
all,
like
I
wanna
just
answer
the
question
of
what
these
capillators
and
the
simplest
version
is,
that
is
the
it
actually
quantifies
the
estimated
loss
that
maker
could
experience
within
one
year,
given
the
a
certain
financial
risk
profile
right
in
very
short
form.
That's
essentially
just
annualized
income.
E
D
How
we
estimate
it
it's
related
to
again
the
collective
risk
model,
and
what
we
do
is
that
we
we
run
this
simulation
model
across
all
the
volt
types.
Then
we
compute
the
risk
premium,
and
then
we
multiply
there
is
premium
with
the
we
did
that
exposure
and
that
basic
calculator
is
per
volt
type
and
when
you
aggregate
all
the
wall
types
together,
that's
desperate
for
your
level
capabilities
right.
So
the
third
question
is
why
it
matters
and
the
main
reason
is
to
size.
F
D
The
necessary
surplus
buffer
for
the
financial
risk
of
the
portfolio
right
and
to
basically
make
more
concrete,
let's
say,
whereas
financial
is
coming
from,
let's
say
increased
debt
exposure
can
be
instant.
Income
coming
from
stability
fees
is
occurring
continuously,
let's
say
with
a
one
year
lab
and
we
could
see
already
from
the
past.
D
Apart
from
the
total
depth,
basically
like
the
the
a1,
are
the
serial
distribution.
Here
we
are
just
using
the
if
only
collateral,
volt
types
as
a
proxy,
and
then
we
have
the
liquidity.
Liquidity
is
yeah.
The
shear
distribution
is
is
quite
simple.
I
guess
to
understand.
Then
we
have
the
liquidity,
which
is
where
we,
where
it's
a
function
of
two
things
which,
which
is
the
depth
exposure
of
all
the,
if
only
collateralized
volatiles.
D
D
Model
and
and
it's
an
input
into
the
into
the
collectively
risk
model
if
the
share
was
protected
and
that's
basic,
basically
estimating
how
much
of
of
the
volts
would
actually
be
liquidated,
given
the
historical
data
and
also,
let's
say
the
present
state,
it's
a
high
cr
of
a
volts,
let's
say
400
percent.
That
indicates
that
there
needs
to
be
a
significant
drop
for
that
wall
to
be
liquidated
and
for
us
to
incur
losses
from
it
right.
D
That's
it
from
from
my
side.
But
apart
from
that,
the
the
metric,
it's
that
the
the
calculating
risk
has
decreased
by
one
third,
let's
say
in
q4,
and
that's
partially
also
reason,
because
we
were
still
tweaking
a
bit.
The
the
vault
production
score,
which
is
underlying
the
share,
was
protected
and
that's
all
together
contributes
to
the
to
the
whole
portfolio
level,
metrics
right
and
but
I
can
basically
go
into
that
a
bit
later.
C
C
What
is
interesting
is
always
to
focus
first
on
the
net
interest
income
just
to
reframe
it
it's
what
we
get
from
landing
the
die
minus
the
dsr,
so
the
die
saving
rate
that
we
are
offering
to
the
some
die
holders,
which
is
currently
one
basis
point,
so
it's
almost
insignificant,
but
it
could
increase
in
the
future.
That's
really
a
financial
matrix
that
is
kind
of
flickering.
C
It's
not
so
much
recurring,
because
the
yield
on
defy
are
what
they
are,
so
they
are
moving
a
lot
all
over
the
place,
but
things
are
stabilizing
over
the
years
and
we
we
should
expect
that
it
will
be
more
recurring
over
time
on
the
both
lines.
You
have
the
trap
network
income,
which
was
a
psm
and
the
stablecoin
volts
which
are
no
longer
used
really
so
in
2020
it
was
mainly
the
stabilicon
volts
because
we
had
a
bag
issue.
C
So
we
made
a
quite
some
profit
from
that,
but
it
was
a
for
the
wrong
reason
and
in
2021
it
was
mainly
the
psl,
so
that
was
there
are
4
million,
but
it's
unlikely
to
come
back
this
year,
for
instance,
but
it's
not
a
big
deal,
because
it's
not
a
product
line
that
we
are
working
a
lot
on
and
the
last.
The
next
line
is
a
net
liquidation
income.
C
The
bad
debt
expense
was
a
big
hit
in
20
it's
when
we
have
some
yeah
bad
debt
and
backed
that,
but
in
2021
there
was
a
new
issue
different.
So
then,
you
have
the
net
protocol
of
news
that
you
can
deduct
the
workforce
expenses,
which
are
mainly
the
car
units
or
only
the
colonies
which
gives
you
the
net
protocol
income,
which
is
still
increasing
a
lot.
Even
if
works,
quad
forks
have
only
started
in
2021.
C
The
net
protocol
income
increased
way
faster
than
that,
and
we
just
give
just
below
that.
The
recurring
income,
which
is
just
the
net
interest
income
minus
the
workforce,
expense,
which
is
what
we
can
expect
to
get
months
over
months,
and
that
is
less
more
sorry
more
stable
over
time
and
we
have
the
maker
price,
which
is
obviously
quite
important
for
maker
holders,
and
sometimes
it
moves
with
the
recurring
income,
sometimes
not
just
to
recap,
on
the
2021
milestones.
So
on
a
financial
perspective,
everything
is
quite
good.
All
numbers
are
up
on
the
wrist
side.
C
Everything
is
better
as
well
in
term
of
surplus
buffer
for
protecting
the
protocol.
It's
still
super
slow,
super
low,
sorry,
but
it's
better
than
what
we
had
one
year
ago,
make
a
foundation
maker
foundation
announced
and
the
dissolution
and
returned
almost
10
percent
of
maker
token
to
the
dow.
So
that
means
that
there
was
a
relative
effect
for
every
maker
token
dollars,
because
now
you
add
one
maker.
But
now
your
impact
is
one
point.
C
Almost
one
maker
reward
finance
was
the
first
coin
it
created,
and
now
we
are
up
now
to
18,
coordinates
and
remember
that
was
end
of
2021
and
we
have
now
more
than
that
major
launches
in
the
project
line
was
asset
clutter
on
boarding
the
rvdi
deposit
module,
the
new
c
recognition
system.
Liquidation
2.0
has
a
flash
meeting
where
you
can
borrow
as
much
almost
as
much
as
you
want
die
for
just
one
block
and
the
world
delegations
that
improve
sensibly
the
governance
of
mecca
and
on
one
nice
tight.
C
B
We're
also
forecasting
to
have
about
300
million
and
die
onboarded
through
rwas
by
year-end
and
around
700
million
usdc
earning
50
basis
points
as
we
start
to
invest
the
protocol
stable
coin
reserves.
We've
also
conservatively
forecasted
one
million
a
month,
liquidation
revenue
for
the
remainder
of
the
year.
B
B
We
may
quickly
see
the
liquid-staked
earth
become
the
dominant
collateral
type,
we'll
have
to
keep
an
eye
on
any
emerging
liquid
state
eath
tokens,
assuming
all
the
current
core
unit
budget
increases
pass
our
full
year.
2022
expenses
will
increase
by
39
percent
relative
to
the
q4
burn
rate
on
a
year-over-year
basis.
Looking
at
q4
2822
versus
q421,
the
expenses
would
increase
by
72
percent.
B
Keep
in
mind
that
oracle
prices
will
be
a
very
large
variable
in
our
year
over
year,
expense
growth,
we've
used
the
january
run
rate
for
the
full
year,
which
is
down
about
26
percent
q4
actuals,
but
they've
been
quite
volatile
over
the
last
several
months.
Most
recently,
the
oracle
expenses
have
continued
to
decline.
The
last
few
weeks,
especially
as
the
nft
hype,
has
started
to
cool
down
a
bit.
So
you
know
if
the
current
last
few
week
run
rates
continues.
B
D
On
thanks
so
to
continue
the
discussion
on
the
catholic
risk
as
it
relates
to
to
surplus
buffer.
It
makes
sense
to
also
put
it
in
relative
terms,
and
we
can
see
that
in
q4
capital
trees
has
been
significantly
higher
than
the
surplus
buffer,
which
basically
has
yeah.
Obviously
like
ris
has
been
rising
steadily,
whereas
capital
risk
is
much
more
volatile
right.
So
even
though
the
the
candidate
risk
has
has
fallen
since
then,
it's
it's.
D
In
case,
let's
say
we
have
certain
unexpected
price
shocks.
So
that's
number
one
and
number
two
is
that
also
the
the
the
capital
risk
has
the
percentage
of
risk
adapt,
which
is
also
something
that
that
hasn't
changed
that
much
in
q4?
That's
why
we
also
are
looking
at
at
capital
trees,
which
is
a
much
more,
is
more
indicative
of
of
putting
it
in
relative
terms
compared
to
their
surplus
buffer
next
slide.
Please.
D
So,
once
again,
if
we
go
into
a
deeper
view
of
the
capillaries,
and
we
see
that
the
capital
risk
has
has
decreased
in
q4,
going
from
one
141
million
in
october,
20
to
21
to
102
million
in
december
2021,
we
could.
We
could
also
see
in
the
in
the
table
above
in
the
risk
api.
Is
that
both
the
cr
distribution
has
decreased
basic
increase,
which
means
that
the
calculator
is
should
basically
go
down.
D
That
has
a
has
an
inverse
relationship
and
also
the
liquidity
has
an
inverse
relationship
and
also
the
yeah,
basically,
the
their
factor
right.
So
that
thing
is
the
shareholders
protected,
which
is
the,
which
is
the
thing
that
has
the
largest
impact
on
the
capillaries,
and
we
can
see
how
that
has
increased
since
october
till
december
right.
We
can
see
that
how
that
that
the
the
simulated
votes
that
that
were
basically
liquidated
right
in
our
simulations
went
down
and
that
all
that
also
contribute
to
a
decrease
in
the
capital
tree.
D
G
We
have
seen
how
large
ports
have
increased
thanks
to
nexo
and
celsius
and
other
whales
that
we
have
with
who
we
have
been
discussing
about
institutional
votes,
and
this
is
quite
interesting
because
it
has
make
us
think
about,
because
I
don't
know
if
you
all
are
aware
that
institutional
balls,
although
we
are
talking
about
the
product
it
it
hasn't,
been
deployed.
Yet
the
poll
passed.
But
we
are
waiting
for
some
minor
details,
so
we
can
launch
the
executive
boat.
G
So
that
is
important
for
these
institutions
and
it's
something
to
to
understand
if
we
want
to
grow
in.
In
that
aspect,
we
have
seen.
Actually,
you
can
you
can
see
that
when
we
started
talking
with
next
about
it,
it
was
around
september
october
and
then
we
have
the
same
conversation
with
celsius
and
you
can
see
how
the
a
largest
pulse
increased
in
in
number.
G
So
also
what
what
seth
said
at
the
beginning
celsius,
when
we
mentioned
to
them
that
the
minimum
to
have
access
to
the
institutional
board
was
200
million
die
was
to
mean
200
million
die,
then
they
they.
That
was
interesting
for
them,
and
that
is
why
they
started
using
wbtc
vault
another.
Another
thing
that
we
are
also
seeing
is
how
they
eat
market
is
a
super
competitive
market.
G
There
are
a
lot
of
players
around,
and
that
is
why
we
have
to
be
careful
about
it,
because,
of
course,
we
like
we
try
to
have
always
the
the
best
rates
on
the
market,
but
is
it's
hard
to
like
be
the
number
ones?
And-
and
I
think
that
is
the
reason
why
we
have
seen
how
we
are-
we
have
been
losing
a
little
bit
of
market
share
compared
to
the
previous
year.
G
So
that
is
why
it's
super
important
for
us
to
be
more
focused
on
stakehead,
raising
the
debt
ceiling
and
also
the
onboarding
of
the
stakeholder
people
can
cure,
because
that
will
help
us
to
attract
all
these
users
that
are
are
looking
are
looking
for.
Better
alternatives
that
just
having
it,
which
is
a
stakeholder
or
similar
tokens.
G
G
G
So
that
was
on
this
on
the
supply
side.
Now
talking
about
demand
in
terms
of
liquidity,
as
mentioned
someone
mentioned
before
use,
the
usdt
is
the
main
stable
coin
in
general,
but
that
is
especially
on
centralized
exchanges
and
I
think
it's
it's.
It
doesn't
make
sense
to
compete
against
usdt
in
that
field,
but
layer
two
should
be
or
or
or
or,
space
to
compete,
and
in
there
we
are
not
the
main
stable
coin
used
that
is
for
usdc.
So
usdc
is
the
main
stable
coin
in
texas,
like
every.
G
G
I
think
our
main
challenge
here
is
how
we
are
going
to
win
against
usdc
on
layer.
Two
and
again,
I
don't
think
central
s.
Exchanges
have
to
be
er
the
place
where
we
want
to
be
the
leaders,
but
layer
two
should
be
mostly
because
that
there's
that's
the
place
where
we
are
putting
our
efforts
and
try
to
build
the
maker
boats.
G
G
G
G
We
haven't
launched
like
a
different
maker
protocol
to
attend
to
these
customers,
which
I
think
is
is
is
great
and
also
it
is
an
excellent
tool
to
increase
thai
supply
with
our
main
collaterals
that
are
it
and
wbtc,
and
also
we
have
to
pay
attention
to
retail,
because
we
are
losing
that
market.
We
have
to
prioritize
the
deployment
of
makerbots
and
I-
and
this
is
something
that
I've
been
seeing-
I
think
not
just
in
layer
twos
but
in
different
side
chains
like
side
chains
like
polygon,
where
they
die.
G
The
poc
dye
is
huge.
It's
an
interesting
market
for
us,
and
these.
These
side
chains
are
also
interesting
in
having
maker
there.
So
we
could
like
make
agreements
with
them
and
have
a
benefit,
but
for
both
sides
like
I,
have
been
talking
with
er
with
polygon
and
other
side
chains,
and
they
they
want
to
help
us
to
launch
these
launch
maker
vaults
in
their
networks,
even
like
they
they
are
considering
giving
rewards
in
their,
in
their
token,
to
increase,
die
usage
there.
G
What
we
are
doing
to
try
to
avoid
this
is
a
protocol.
Engineering
is
suggesting
to
these
institutions
the
audit
of
the
code
that
they
will
use
to
protect
their
their
positions
and,
in
the
case
of
of
deploying
makerbots
in
other
domains-
and
I
think
this
this
is
also
a
question
I
have
about
the
surplus
buffer.
How
are
we
going
to
manage
to
have
higher
the
ceilings
in
other
domains
with
with
with
the
with
the
surplus
buffer
that
we
have
now?
So
that
is
a
question
for
for
all
of
us.
G
We
all
think
I
think
we
all
agree
that
the
surplus
batteries
is,
it
doesn't
represent
the
size
of
maker,
but
that's
not
just
the
the
only
problem
that
I
see.
The
problem
that
I
see
is
when
we
I
have
the
intentions
to
expand
our
business,
adding
more
real-world
assets
as
collaterals
to
the
protocol
or
deploying
liquidity
in
other
domains
or
having
higher
debt
ceilings
in
other
domains.
We
need
a
higher
supply
buffer
to
support
us
in
these
growth
initiatives.
G
On
the
demand
side,
we
are
seeing
a
lot
of
interest
about
how
to
migrate
liquidity
from
mainnet
to
other
networks.
So
maybe
once
a
wormhole
is
launched,
we
can
we
can
work
on
on
on
that
message
and
convert
wormhole,
also
in
a
product
of
maker,
to
solve
this.
This
this
opportunity
that
we
identified
in
the
market
and
the
challenges
we
have
on
the
on
the
demand
side
is
well
first
by
liquidity.
I
I
already
like
have
mentioned
this
challenge.
We
have
a
lot
of
times
and
the
other
one
is.
G
If
we
are
going
to
have
presence
of
the
canonical
dye
on
different
domains,
we
will
have
the
problem
of
liquidy
liquidity.
Defragmentation
and
again
probably
we
can
solve
that
with
a
higher
surplus
buffer.
I
think,
having
like
good
alternatives
on
how
we
can
increase
the
liquidity
in
those
domains
through
rewards
or
different
strategies
to
to
increase
the
liquidity
and
have
a
stronger
presence
in
those
domains.
B
Our
market
share
bottomed
in
early
q4
at
around
33
percent
and
has
since
rebounded
to
48
by
year-end,
taking
share
back
from
ave
and
compound,
so
we're
trending
100
in
the
right
direction
here
and
the
next
step
in
this
analysis
is
kind
of
to
dive
deeper
into
the
market's
growth
and
fluctuations
in
our
market
share.
I
think
nadia
and
team
have
already
started
this
analysis
and
we're
going
deeper
on
the
data
size
side.
To
look
more
into
customer
segmentation
and
the
overall
broader
market
of
customers
next
slide,
please.
B
The
w
up
back
one
yeah
thanks
the
wbdc
lending
market,
grew
tremendously
last
year.
This
was
something
that
was.
You
know
surprising
to
me
when
I
first
looked
at
this
data,
but
it
more
than
doubled
in
supply
from
2020,
so
we
went
from
you
know:
117k,
wrapped
btcs,
to
almost
268k
and,
unsurprisingly,
you
know
much
of
the
that
rap
bitcoin
made
its
way
into
these
tier
one
blending
d5
protocols.
B
B
C
C
Are
the
dynamics
in
the
market,
so,
as
you
can
see,
a
busd
grew
and
is
now
all
over
die,
but
that
could
be
mainly
due
to
the
fact
that
usdt
and
busd
are
used
mainly
on
centralized
exchanges
and
obviously
binance
is
pushing
for
busd.
So
that's
why
we
have
this
migration.
It
wasn't
a
market
that
we
we
could
get
anyway.
So
it's
more
immigration
for
from
usdt
to
busd.
C
C
But
what
is
interesting
is
if
you
looked
at
all
the
metrics
on-chain
metrics,
like
trading
on
decentralized
exchanges.
We
were,
we
were
the
number
one
by
far
early
in
2000,
20,
2020,
sorry,
but
now
we
are
quite
far
and
that's
a
liquidity
issue
that
there
is
a
super
right
to
push
forward
to
the
community,
because
liquidity
is
super
important
to
be
as
number
one
and
even
on
the
landing
platforms
again
die.
Obviously
we
are
landing
die
on
mekoda,
but
we
are
also
landing
die
of
people.
Our
landing
die
on
ave
and
compound.
C
It
was
mainly
dice
that
was
land
on
on
defy,
but
now
it's
going
towards
more
usdc,
and
it's
only
because
we
are
died,
that
you
can
still
be
the
king
on
this
phone,
but
it's
difficult
to
to
be.
We
are
challenged
still
and
on
the
stable
coin.
On-Chain
volume,
while
seams
are
more
flat,
but
it
reflects
almost
the
same
thing.
C
So
there
is
a
lot
of
work
to
be
done.
The
community
other
ideas.
Everything
is
possible,
maybe
raising
or
dsr
as
well.
But
for
that
we
need
to
be
able
to
invest
all
those
capital
we
have
on
the
balance
sheet,
and
so
we
need
to
find
a
solution
on
the
long
term.
It's
not
a
big
risk
currently,
but
it's
something
we,
I
think
we
should
think
about
it
and
if
you
can
go
to
the
next
slide,
please.
C
This
is
a
a
good
example,
because
last
year
was
the
first
year
of
layer
twos,
and
what
we
can
see
is
that
on
the
two
main
ones,
which
are
arabic
room
and
optimism.
So
while
we
had
a
good
start
on
optimism
now
we
are,
we
are
losing
market
share.
I
didn't
uncheck
the
most
likely
liquidity
made
liquidity
farming
incentive
or
something
like
that
to
gain
so
much
market
share.
C
C
It's
mainly
a
world
driven
by
usdc
and
ust,
and
that
might
be
explained
because
we
are
a
bit
late
to
the
party,
because
we
were
more,
we
we
have
a
better
bridge
than
the
other,
but
we
didn't
catch
up
because
in
part
because
we
weren't
put
into
the
pool
two
of
curve
in
orbit
room.
So,
as
you
know,
the
tree
pull
on
curve
is
a
super
important
on
l1,
because
we
have
two
billion
of
die
in
this
pool
alone
and
we
are
not
present
in
the
main
curve
pool
on
layer,
2.
C
H
Kind
of
by
the
methodology
for
structured
finance
that
was
posted
on
the
forum
by
my
team,
core
contributor,
eric
wrap,
really
lays
out
a
philosophy
for
more
investment
grade
type
assets.
Investment
grade
does
not
really
refer
to
a
category.
It
more
refers
to
underlying
principles
that
protect
maker
token
holders
from
losses,
and
the
second
piece
here
is
really
focusing
on
a
more
qualified
or
structured
mep6.
H
The
third
piece
is
really
I'm:
ensuring
that
maker
dao
has
the
necessary
covenants
rights
and
remedies
in
the
real
world.
So
should
something
go
wrong?
The
maker
token
holders
have
the
ability
to
salvage
value
in
the
real
world.
As
people
well
know,
it's
not
as
simple
as
liquidating
a
vault
and
making
that
vault
whole.
The
real
world
is
messy
across
different
geographies,
different
legal
structures,
etc.
H
So
we
don't
want
to
make
any
compromises
in
the
real
world
relative
to
sort
of
other
similar
institutions
making
loans
on
things
like
real
estate
and
renewable
energy
projects.
The
last
piece
on
sort
of
that
note
is
updating.
Upgrading
the
legal
structure
that
maker
doubt
has
access
to
and
adding
external
legal
support
as
needed.
Rwas
are
heterogeneous,
non-standardized
in
type
and
in
different
geographies.
H
So
we
want
to
reflect
that
in
our
structure.
The
second
piece
is
really
the
culling
of
the
chaff
and
the
onboarding
of
wheat,
historically
makerdale
may
have
been
sort
of
exposed
to
an
adverse
selection
issue
whereby
either
unqualified
or
simply
you
know,
alternative
and
creative,
shall
we
say,
counterparties
approach.
The
protocol,
knowing
that
on
the
open
market,
they'd,
probably
be
unable
to
access
traditional
financing,
and
they
see
that
maker
now
has
a
competitive
cost
of
capital
and
potentially
a
little
bit
more
creativity
and
entrepreneurialism.
H
H
As
of
recently
another
initiative,
we're
really
excited
about
moving
forward
is
a
separately
managed
account
with
short-term
money
market
assets.
This
will
give
maker
dow
an
opportunity
to
establish,
with
a
to
to
partner
with
an
established
partner
in
traditional
finance.
This
has
sort
of
three
points.
One
is
to
reduce
the
protocol's
reliance
on
usdc
and
a
single
entity.
The
second
is
to
achieve
a
little
yield
for
the
maker
token
holders,
and
the
third
is
to
respect
and
facilitate
the
liquidity
needs
of
the
protocol.
H
H
The
really
the
goal
here
is
for
maker
dow
to
compete
on
a
level
playing
field
outside
the
confines
of
d5,
and
that's
really
embodied
in
the
pipeline.
You
see
to
the
bottom
left.
All
of
these
opportunities
represent
between
20
million
and
one
billion
dollar
deals
with
often
world-renowned
recognized
and
regulated
institutions.
H
F
All
right,
hello,
everyone
derek
here
from
critical
engineering.
What
we
thought
we'd
do
is
give
you
a
quick
summary
of
some
of
the
technical
tasks
that
have
been
accomplished
behind
that
have
been
driving
much
of
the
financial
discussion
that
we've
previously
had
so,
first
of
all,
jumping
in
the
onboarding
of
ave
d3m.
This
has
been
really
successful
to
date.
It's
generated,
I
think,
167
million
dollars
worth
of
dye.
F
We've
also
made
some
internal
improvements
to
optimize
awareness
across
core
units,
so
making
sure
that
we
optimize
our
working
patterns
with
collateral
engineering
services.
For
example,
making
sure
that
we're
able
to
scale
our
ability
to
onboard
new
collateral
and
have
those
frameworks
in
place
to
do
so,
which
has
been
great
to
see
they've,
been
stepping
up
and
playing
a
role
in
onboarding
collateral,
with
some
initial
oversight
from
us.
F
But
again,
the
goal
here
is
to
have
multiple
teams
being
able
to
focus
on
smart
contract
work
collateral
onboarding
and
to
enable
make
it
out
to
scale
the
future
work
that
we're
we
will
be
are
undertaking
at
the
moment
for
q1
again
is
heavily
focused
on
optimism.
Arbitram
we're
also
working
closely
with
the
starkware
team
and
we're
also
having
discussions
with
other
zk
roll
ups
like
dk,
sync
and
aztec,
as
they
launch
their
test
nets
and-
and
we
get
involved
in
that
those
ecosystems
as
well,
also
having
a
focus
on
curve.
F
Lp
oracle
crop
join
tokens,
so
these
are
tokens
that
enable
rewards
to
be
generated
and
earned
as
part
of
collaterals
that
are
deposited
in
maker,
we're
also
working
on
a
rate
limited
snapper,
although
this
isn't
as
strictly
necessary
as
we've
this
week
increased
the
surplus
buffer
vote.
I
think
it's
been
increased
to
about
250
million,
but
it's
good
to
have
it
in
the
back
pocket
just
in
case
it's
needed
and
we've
also
been
heavily
involved
in
the
institutional
vault
work
as
well,
which
is
dss
charter.
F
Another
team
is
deco
and
they've
got
an
offering,
and
this
very
much
plays
into
the
dss
gate
initiative,
which
will
enable
us
to
create
sandboxes
and
create
debt
ceiling
limits
to
risk
limit
initial
opportunities
and
enable
us
to
again
scale
it's
something.
I've
reiterated
a
couple
of
times,
but
it
very
much
plays
into
this
opportunity
to
to
for
us
to
target.
Very
you
know
disparate
diverse
areas
of
of
growth
and
wrapping
up
here,
finally,
with
the
mcd
and
on
optimism
and
arbitrary,
doing
a
lot
of
work
in
this
space.
F
So
there's
a
lot
of
research
and
development,
making
sure
that
we
can
copy
over
the
mcd
on
layer
1
into
l2
and
then
understand
how
the
system
behaves,
how
we're
able
to
support
native
l2
tokens
and
grow
these
different
ecosystems
and
different
domains
and
understand
how
we're
able
to
focus
on
the
different
liquidity
areas
that
exist
within
them.
So
a
lot
of
work
happening
there
and
really
looking
forward
to
getting
into
this
and
taking
it
forward.
So
thank
you.
Everyone
for
all
the
work.
B
Thanks
derek,
so
we
also
put
together
a
short
list
of
some
other
areas
that
we'd
like
to
kind
of
discuss
as
a
community.
I
think
importantly,
you
know
there
should
be
governance
and
community
metrics
of
some
sort
to
kind
of
assess
how
we're
growing
the
community
and
how
efficiently
you
know,
governance
is
being
handled.
B
I
think
a
more
broad
objective,
setting
around
some
like
quantitative
stuff,
would
also
be
helpful
and
more
diametrics
we're
considering
building
and
looking
into
like
things
that
you
know
measure
the
usefulness
of
die
so,
like
peg
stability,
amount
of
like
integrations.
We
have
you
know
whether
that's
you
know:
d5
protocols,
c5
exchanges,
etcetera,
a
number
of
unique
holders
and
a
bunch
of
other
topics,
but
yeah.
I
think
at
this
time,
we'd
like
to
open
the
floor
for
any
q,
a
for
or
any
of
our
hosts
thanks
guys.
A
Sorry,
man
jeez-
I
didn't
want
to
forget
this
question,
but
with
regards
to,
I
guess
this
would
be
a
good
question
for
pekku.
I
don't
mean
to
pick
on
you,
but
I
saw
the
last
slide
there.
You
mentioned
that
you're
looking
to
release
mcd
on
arbitrom
and
optimism,
which
haven't
been
the
most
popular
layer
twos
in
the
world,
I'll
admit
that
being
a
user.
A
F
Yeah,
definitely
that
makes
sense
and
yeah.
I
know
that
the
members
of
our
team
and
growth
team
have
been
looking
at
the
opportunities
for
getting
onto
polygon
and
I
think
it's
absolutely
a
contender
for
focus.
That's
one
of
the
main
drivers
for
us
having
recently
created
internally
our
own
work
streams
that
focus
on
you
know:
cross-chain
scaling,
cross-domain
scaling
specifically
because
it's
not
just
relevant
the
work
we're
doing
for
l2s.
F
It's
also
giving
us
an
opportunity
to
look
in
other
other
areas
and
also
work
with
the
liquidity
generating
yield
farming
opportunities
that
exist
in
those
chains
and,
like
nadia
said
you
know,
we've
got
to
look
to
where
retail
is
participating
and
where
those
liquidity
areas
are
growing.
So
definitely
we're
not
wedded
to
any
one
particular
l2
or
side
chain
and
and
poly
polygon
is
a
is
definitely
a
contender
that
we're
looking
at
now
how
that
would
work
from
a
technical
perspective.
I
think
there's
some
risk
discussions.
We
have
to
have
there.
F
How
are
we
going
to
what
sort
of
debt
ceilings
are
we
going
to
have
in
place?
How
do
we
participate?
How
do
we
have
agreements
with
the
side
chains
to
scale
effectively,
and
you
know
have
an
eye
on
what
does
that
risk
look
like
for
both
parties
involved?
But
I
mean
long
long
story
short.
I
think.
Yes,
definitely
we
are
looking
at
that.
We
do
want
to
scale
into
that
that
space.
F
A
Got
it
and
a
follow-up
question
for
nadia,
you
mentioned
that
retail
is
key,
which
I
agree
with
you.
I
think
that
there's
one
thing
that
I'm
hearing
a
lot
is
that
five
years
from
now,
rwas
are
going
to
be
maybe
70
80
of
die
supply
and
then
the
rest
will
be
obviously
the
the
crypto
part
of
it.
But
I
I
think
that
we're
forgetting
retail
and
I
was
just
wondering
with
regards
to
expanding
into
something
like
starknet
and
other
layer,
twos
and
maybe
sidechains
in
the
near
future.
A
G
G
Still,
I
think
that,
like
80
of
the
supply
will
come
from
real
world
assets.
I
don't
think
this
is
an
effort
for
increased
diet
supply.
I
think
this
is
an
effort
to
maintain
a
relative
die
relevance,
so
it
is
a
feature
that
retail
is
looking
for
and
we
can
see
it
on,
like
the
amount
of
vaults
opened
for
less
than
100k
die.
G
So
there's
like
there's
market
for
it
problem
is
that
right
now
for
us
in
growth
to
talk
without
wallet
to
integrate
maker
vaults,
it
doesn't
make
any
sense,
because
no
one
will
use
it
like.
It
will
be
crazy
to
open
a
boat
using
a
wall,
a
wallet,
but
once
a
maker
bolts
are
implemented
in
on
layer,
twos
or
other
domains.
G
G
It's
like
more
like
a
a
technical,
er
challenge
right
now,
but
I
think
the
market
is
ready
and
we
already
know
what
are
the
wallets
that
want
to
do
that
integration
and
we're
just
waiting
for
having
makerbolson
on
on
on
layer
twos
and
have
a
lower
dust,
because
that
is
a
must
to
integrate
maker
bulbs
in
these
wallets
and
for
having
a
a
friendly
user
experience
for
newcomers.
We
die.
G
Yes,
of
course,
we
have
been
doing
that
since
moment,
one,
unfortunately,
that
is
almost
impossible
on
d5
wallets
what
because
again
gas,
visa
and
and
on
off
ramps,
and
all
of
that.
So
that
is
why
these
efforts
are
around
spy
around
the
centralized
wallets,
because
I
mean
a
newcomer
if
he
wants
to
buy
die,
he
wants
to
use
a
moon
pay
with
his
credit
card.
He
has
to
use
an
exchange
to
like
paid
with
fiat
like
that
is
an
is
like
that,
like
it
can
be,
do
a
is
somehow
else.
G
Of
course
you
can
convert
another
crypto
into
die
and
use
a
rainbow
wallet,
but
still
it's
not
enough.
So
yes,
definitely
that's
priority
one
to
work
with
wallets
and
have
a
better
interfaces,
but
we
have
to
be
conscious
as
well
about
the
reality
of
the
device
face
like
defy
is
not
yet
prepared
to
receive
someone
who
doesn't
know
anything
about
crypto.
E
Yeah
and
one
thing
I
want
to
add
about
the
getting
mcd
deployed
on
all
these
evm
compatible
chains,
the
longest
amount
of
time
is
going
to
be
the
first
deployment.
Once
we
have
the
first
deployment
all
these
change,
they're
evm
compatible.
So
it's
it's
not.
I
wouldn't
call
it
easy,
but
it's
going
to
be
way
quicker.
To
replicate
this
on
things
like
polygon
and
for
the
record,
I
do
think
we
should
deploy
on
polygon
with
reasonable
debt
ceilings.
A
Got
it
and
I
guess
the
reason
why
I
was
asking
about
the
retail
side
of
things
and
having
a
user-friendly
wallet
was
because
I
look
at
the
competitors
right,
maybe
not
competitors,
but
other
chains
that
are
not
evm
compatible
and
obviously
that's
solana.
Solana's
main
goal
is
to
do
two
things.
One
institutional,
high
frequency
traders
and
the
second
one
is
to
be
the
first
app
to
have
100
million
users
right
because
they
believe
the
one
who
has
the
most
users
is
the
one
that
wins.
A
And
then
you
look
at
tara,
luna
ust
and
I
had
a
great
pleasure
of
hanging
out
with
dew
who's
from
korea,
and
he
showed
me
the
terra
luna
app
and
it's
so
gamified,
it's
so
like
it's.
I
could
see
why
it's
addicting
and
why
it's
successful
in
korea,
so
I
was
just
thinking
you
know-
is
that
something
that
maker
dao
should
consider.
A
Thanks,
frank
and
yeah,
I
encourage
anyone.
If
you
have
questions
you
can
either
ask
them
on
the
mic
or
drop
them
in
chat,
we're
happy
to
ask
them
for
you
in
the
meantime,
while
everyone's
thinking
of
theirs,
I
don't
know
who
would
be
ideal
to
answer
this,
but
you
were
the
one
who
said
the
statement
mark,
so
I
might
start
with
you.
I
was
curious
about
the
wbtc
scaling.
A
Obviously,
this
year
we
had
wtc,
b
and
c
as
well
as
lowering
the
liquidation
ratio
for
wtca.
So
I
assume
those
are
kind
of
driving
factors
and
ones
that
we
probably
can't
repeat
again
to
as
much
success.
So
I
was
wondering
if
you
could
walk
us
through
like
what
will
be
the
driving
force
between
more
wbtc
usage
for
die
supply.
B
Yeah
and
I'll
give
a
brief
intro.
I
think
nadia's
extremely
well
educated
on
the
subject
as
well,
but
we're
seeing,
I
think,
a
lot
of
institutional
interests
from
people
that
and
institutions
that
own
wbtc.
So
I
think
in
q4.
Specifically,
you
know.
Celsius
came
on
board,
but
we're
also
you
know,
having
conversations
with
other
institutions
that
have
a
lot
of
bitcoin
and
I
think,
as
institutions
get
more
comfortable
wrapping
their
bitcoin.
You
know
there's
the
potential
for
this
to
surpass
and
eth
is
our
number
one
like
crypto
native
collateral.
B
G
Yeah,
I
I
think
institutions
their
treasuries
are
full
of
bitcoin.
That's
why?
If
we
talk
about
institutional
bulbs,
they
will
they,
they
will
open
a
boat
with
a
wbtc
and
the
five
projects,
like
the
old
ones,
have
their
own
token
or
eat
so
yeah
that
that
is
why,
like
the
reason
why
we
have
all
of
this
demand
of
the
wbtc
vote
is
because
we
are
talking
with
institutions
about
maker.
A
That
makes
sense
and
yeah
a
ton
of
institutions
holding
bitcoin
so
kind
of
a
natural
synergy
there.
Well
thanks
for
response.
In
the
meantime,
we
did
have
a
question
from
doctor
here,
a
question
for
vertical
engineering.
Is
there
anything
we
can
do
to
speed
up
the
development
of
l2
solutions
and
what
are
the
primary
time
sinks
involved
with
with
creating
these.
F
Yeah
this
this
one's,
that's
a
good
question,
ryder
time
sinks.
I
don't
know
sam
if
you
want
to
jump
in
on
this
one
as
you're
working
with
chris
on
the
development.
Specifically
there's
there's
a
lot
of
work
here,
we're
doing.
We've
we've
mapped
out
our
work
into
phases
to
kind
of
break
it
down,
so
we
have
the
the
original
or
the
we
have
the
slow
withdrawals
followed
by
fast
withdrawals,
wormhole
and
then
getting
into
the
mcd
on
l2
space.
F
E
F
Yeah,
I
think
we're
going
around
at
the
right
way,
though
we've
we've
got
our
focus
of
you
know
like
I
said
this
phasing
sam,
that
you
and
chris
have
been
a
major
part
of
breaking
it
down
into
its
constituent
parts.
We're
also
looking
at
scaling
the
team
so
having
two
more
smart
contract
developers
join
us
one
of
those
potentially
more
of
a
scrum
master
type,
organizational
coordinating,
engineer,
type
of
role,
because
we
do
have
a
lot
of
discussions
that
are
happening.
F
You
know
not
only
in
terms
of
what
we're
working
on
now,
but
also
you
know.
Denver
was
a
great
example
where
we
had.
You
know
aztec
and
zksync,
step
up
and
say:
hey
guys,
what
about
us
we're
coming
down
the
line
and
we're
like
okay?
This
is
great
there's
going
to
be
liquidity
in
this
space
from
discussions
that
we're
having.
So
how
do
we
make
sure
that
we're
in
there
from
day
one
as
opposed
to
arbitrarium,
where
we
were
a
bit
slower
to
get
on
board?
F
And
we
see
the
results
of
that
now,
so
it's
important
to
have
those
conversations.
Have
the
resources
to
be
able
to
participate
in
them
and-
and
I
think
we're
structuring
in
the
right
way
to
have
the
organization
around
prioritizing
of
these.
So
we
have
our
weekly
calls.
We
all
have
an
understanding
of
where
the
crossteam
dependencies
lie.
F
F
I'm
not
seeing
anyone
doing
that
to
the
extent
we
are
across
optimistic,
roll-ups
and
zk
roll-ups,
so
that
looking
at
the
cairo
code
and
as
an
example
and
extending
what
we
have
into
that
domain
as
well,
I'm
not
seeing
anyone
else
doing
that
to
the
level
we
are.
I
don't
know,
sam
if
you've
seen
anything
comparable.
G
Maybe
maybe
I
can,
I
can
add
something
here
like
if
you
like
it's.
I
don't
think
we
can
compare
ourselves
with
others,
because
maker
like,
if
you
could
say,
okay
maker,
is
almost
it
works
kind
of
similar
as,
for
example,
a
mai,
but
my
they
are
like
a
small
protocol
compared
to
maker,
like
their
use,
cases
are
different,
it's
not
a
dive
that
is
like
the
biggest
decentralized
stable
coin
and
we
have.
G
We
are
super
conservative
and
we
are
like
the
most
secure
protocol,
and
that
is
why
we
have
institutions
opening
books
like
my
they
they
don't
they.
They
are
not
after
institutions,
they
are
more
after
they
defy
space.
So
that
is
why
they
can
grow
faster
and
they
are
deploying
in
other
domains.
You
can
also
think
about
usd
who
are
growing
in
with
an
impressive
velocity,
but
also
like
the
same
thing
like
their
approach
is
different
because
they
are
not
deploying
the
protocol
in
other
domains.
G
A
F
I
see
one
question
we
I
don't
think
we
answered
was
from
paper.
So
if
money
was
no
object,
could
pe
go
faster
on
multiple
fronts
or
sourcing
devs?
The
constraints.
Sourcing
devs
is
definitely
a
challenge.
Sourcing.
The
right
devs
is
a
challenge.
Could
we
go
faster?
If
we
had
those
devs,
I
I
don't
see
it
as
a
solution
being
to
find
10,
devs
and
just
say,
go
build.
F
It's
like
sam
was
alluding
to
there's
a
lot
of
discussion,
particularly
on
the
mcd
on
l2
front,
where
we
have
to
look
understand,
assess
the
existing
modules
break
them
down,
understand
where
they
need
to
be
changed,
modified
upgraded.
We
need
to
look
at
the
overall
system
and
upgrade
the
compiler
version
of
it
to
be
applicable
in
different
domains.
F
So
there's
a
lot
of
architectural
thought
that
has
to
go
into
this
and
to
do
so
really
requires
a
solid
understanding
of
the
existing
infrastructure
on
l1,
which
takes
a
bit
of
time.
It's
not
something
you
can
just
throw
anyone
into
the
deep
end
on
so
so
yeah
there's
some
there's
some
constraints
there,
but
gradual
increasing
of
the
team
size
is
what
I'm
trying
to
target
so
like.
I
said
that
one
or
two
people
growth
gives
people
the
time
and
ability
to
scale
up
gradually.
F
E
E
We're
focused
on
right
now,
such
as
the
l2
stuff,
like
we're
going
very
fast,
and
we
could
maybe
get
marginal
gains
with
more
devs
on
a
particular
task,
but
more
I'm
referring
to
more
things
in
parallel
kind
of
thing
like
there's
all
these
chains
coming
up
and
stuff
like
that,
and
we
just
don't
have
the
bandwidth
to
focus
on
all
of
them.
So
that's
where
more
debts
could
help.
A
H
Sure
so
we
had
a
recent
setback
on
sock
gym
on
their
end,
most
of
the
things
are
sorted
out.
They're
having
to
deal
with
a
particular
aspect
of
the
die
conversion
and
their
partner
on
that
deal
can
no
longer
be
used
for
for
reasons.
I
can't
discuss
so
they're
trying
to
onboard
a
new
partner.
As
you
can
imagine,
a
counterparty
like
sock
gem
needs
to
go
through
kyc
aml,
but
things
look
pretty
good
there,
the
ball's
in
their
court
and
assuming
they
can
sort
that
out.
H
A
F
No,
no,
no,
that
that
my
my
response
was
the
paper.
This
question
was
so
more
sne,
so
more
stockwear
type
core
units
as
a
question,
I
think
yes,
the
more
stock
where
type
l2
core
units
is
definitely
something
we
should
look
at
again
in
terms
of
scaling.
I
think
the
the
idea
is
here
that
you
need
to
have
a
repeatable
process
in
framework,
and
I
reference
d3m.
F
I
think
that's
a
great
example
like
have
that
bolted
down
understood,
have
have
it
formally
verified,
have
audits
in
place
so
that
you
can
show
another
team
and
give
them
something
that
they
can
then
run
with
own.
It
scale
it
and
be
independent.
I
think
this,
you
know
getting
back
to
the
decentralized
nature
of
having
other
individual
teams
own.
These
things
and
being
able
to
go
forward
is
important.
I
don't
see
l2
as
being
any
different
now
to
make
a
man's
question
yeah.
F
F
F
So
so,
yes,
that's
for
12
months
is
the
idea
there
but
happy
to
hear
input
from
other
core
article
units
are
the
delegates
in
terms
of
the
size
and
the
direction
that
we're
that
we've
mapped
out
in
the
mip
and
supporting
documents
posted
in
the
last
couple
of
days.
As
that's
going
into
the
april
governance
process,.
F
One
final
question
I
hear
or
not
final,
but
another
question
from
makerman.
I
wonder
where
deco
sits
here
in
terms
of
smart
contract
manpower.
Do
they
fill
this
role
or
do
they
completely
separate?
Deco
is
great
because
they
have
ramsey
who
really
understands
the
maker
ecosystem.
He's
worked
with
us
before
they
are
separate
or
independent.
I
would
say,
because
they're
working
on
the
specific
deco
protocol,
it
has
some
overlaps
with
the
work
we
do
because
it
integrates
with
dss
gate.
F
I
mentioned
dsgate
earlier.
That
is
a
capability
that
will
allow
us
to
essentially
set
a
or
create
a
sandbox
so
that
we
can
have
multiple
initiatives
be
onboarded
within
a
known
debt
ceiling,
a
risk
limit.
So
this
is
important
because
it
will
help
facilitate
some
of
the
work.
Ses
is
doing
in
terms
of
looking
to
bring
on
other
teams
and
a
risk
limit.
Their
engagement
in
terms
of
new
modules
brought
into
the
ecosystem.
F
So,
yes,
they
deco
is
separate
in
terms
of
working
on
their
own
independent
module,
fixed
rate
loan
capability,
but
they
do
have
great
smart
contract
skills
and
experience,
and
we
are
working
with
them
both
in
terms
of
review
and
audit
capability,
and
also
a
risk
assessment.
Technical
assessment,
as
they
get
onboarded
into
the
platform.
A
Thanks
derek
and
what
might
be
a
good
wrapping
up
question
if
there's
not
else,
but
if
you
do
have
one
more
question:
please
throw
it
up,
so
we
can
get
it
asked.
There's
been
a
lot
of
focus
in
the
forum
lately
about
expenses.
I
was
wondering
probably
fit
for
strategic
finance,
but
other
facilities
might
want
to
weigh
in.
B
B
You
know
this
also
comes
up
with
with
new
core
units
being
onboarded
as
well.
So
I
think
we've
seen
how
quickly
the
market
can
turn
and
put
pressure
on
rates
as
well
as
force
our
borrowers
to
start
unwinding
some
of
their
vaults,
so
both
of
those
happen
continuously,
and
you
can
kind
of
see
the
month-over-month
impact
of
that
in
our
latest
financial
report.
B
It's
you
know
a
compounding
effect.
So,
even
though
our
revenue
run
rate
that's
occurring
today
is
around
75
million
a
year.
You
know
I
could
quickly
drop
10,
20,
30,
plus
percent,
even
more
if
we're
into
a
full-fledged
bear
market.
So
I
think
you
know
it's.
It
would
be
good
for
us
to
be
conserved
until
the
time
where
we
have
more
in
the
surplus
buffer,
which
I
think
people
are
looking
into
but
yeah.
E
F
E
F
F
We
could
certainly
map
that
out
in
greater
detail
and
give
you
a
more
timeline
orientated
view
of
what
delivery
looks
like
if
that
would
help.
I
don't
think,
there's
much
to
align
on
with
the
deco
group
beyond
the
work
they're
doing
as
their
mandate
is
pretty
specific
to
what
they're
delivering
unless
there
was
something
else
that
they
would
want
to
do
outside
of
that,
but
that's
probably
something
for
them
to
to
come
up
with
or
sync
up
with
us
on
so
yeah.
F
B
Just
to
add
real
quick
for
makerman's
comment,
this
is
a
very
standardized
process
in
corporate
finance
and
an
annual
budget
process
every
function.
I
think
I
think
most
fortune
500s,
I
would
suspect,
are
required
to
have
basically
contingency
planning
like
if
the
market
they're
in
goes
into,
you
know,
bear
market,
we
go
to
a
broader
recession,
there's
basically
tiers
that
you
you're
supposed
to
break
out
in
your
budget
like
what
are
the
first
things
to
go.
B
If
we
need
to
cut
costs
and
then
they
they
go
up
the
more
you
know
our
revenue
and
profit
goes
down.
So
I
think
this
is
something
we'd
like
to
include
in
a
revised
nip
40.
I've
mentioned
on
the
forums
and
deuce
thread
about,
I
think,
being
more
judicious
about
budgets,
but
I
think
we've
just
outgrown
the
mip
40
as
it
stands
today
and
it
can
add
a
lot
of
value
if
we
put
more
structure
around
it
but
yeah.
That's
how
we're
I
think
about
it
now.
I
I
This
there's
a
very
big
difference
between
the
different
core
units
in
in
terms
of
what
they
can
do.
If
you
have
a
team
of
full-time
contributors-
and
that's
the
only
thing
you
do,
then
obviously
it's
going
to
be
painful
to
scale
it
back,
but
there
are
other
core
units
and
scs
is
one
of
the
the
prominent
ones
there
that
have
much
more
possibilities
of
scaling
back,
because
there
are
the
grants.
Programs
there
are
the
others,
incubation
program,
etc
and
that's
another.
I
A
weak
point
of
the
budgeting
methodology
right
now
is
that
every
core
unit
they
they
have
their
own
contingency
plans
and
the
the
budget
caps
they're.
Really
it's
not
budgeting.
It's
really
like
budget
capping,
because
there
is
already
budgeted
in
in
many
cases
for
growing
the
team
and
eventualities
and
really
when
you
create
a
new
budget
for
a
core
unit.
You
have
to
you
have
to
kind
of
think
you
know
with
80
likelihood
what
budget
may
I
need
on
a
quarterly
basis.
I
I
The
budget
caps
are
are
sometimes
much
higher
than
the
than
the
average
actuals,
because
because
of
these
kind
of
dynamics-
and
you
can
easily
see
it,
of
course,
if
you
look
at
the
the
actual
numbers
versus
the
the
budgeted
numbers
for
for
ses,
for
example,
the
actual
numbers
are
much
much
lower
than
the
budget
numbers,
because
we
need
that
ability
to
scale
up
and
down.
But
that
also
means
that
you,
you
do
have
the
ability
to
scale
down
if
needed
and
yeah.
I
We've
never
even
asked
the
question
so
yeah.
That's
the
one
thing
like
about
the
discussion.
That's
going
on!
Sometimes
we're
jumping
a
little
bit
to
conclusions.
I
think
before
we've
we've
even
asked
the
question
the
the
relevant
questions.
So
let's,
let's
do
things
in
order
and
ask
the
question
first
and
then
think
about
mitigation
measures.
A
A
Definitely
a
huge
thanks
to
our
presenters
today,
I'll
give
you
a
proper
outro.
Since
I
watched
the
intro,
we
had
mark
and
seb
from
the
strategic
finance
core
unit
nadia
from
growth.
We
had
john
from
risk
tj
from
real
world
finance
and
derek
from
protocol
engineering.
So
thank
you
so
much
for
presenting
on
those
slides.
Thank
you,
everyone
for
asking
questions.
Let's
keep
any
of
the
discussion
going
in
the
forum
and
we'll
see
you
around
for
the
next
one
thanks.