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From YouTube: Focus On #01: Focus On RWF
Description
Focus On #01: Focus On RWF
Focus On is a new MakerDAO original series, where we talk with Core Units about their progress and deep dive on the details. For the debut we’ll have Sébastien Derivaux with Real World Assets Core Unit
Agenda: https://forum.makerdao.com/t/focus-on-01-focus-on-rwf/7508
Governance Forum:
https://forum.makerdao.com/
Disclaimer: These calls and the summaries are produced and hosted by MakerDAO community members. Content produced by the community are not the statements or views of the Maker Foundation.
A
Hi
everyone
welcome
to
our
first
session
of
focus
on
today.
Well,
first
of
all,
the
idea
of
this
series
is
to
give
an
opportunity
to
existing
core
units
to
showcase
a
bit
what
they've
been
working
on,
what
they've
been
doing
and
to
open
a
space
for
the
rest
of
the
community
to
actually
be
able
to
yeah
to
ask
any
questions
and
and
provide
a
little
bit
more
transparency,
so
yeah
the
first
one,
the
first
guinea
pig
is
real
world
finance,
one
of
our
favorite
core
units.
B
Yeah
thanks,
so
I
will
obviously
discuss
mainly
about
the
new
silver
on
boarding
that
has
been
live
in
less
than
one
hours
ago.
One
hour
and
two
minutes
ago
it
was
the
spell
was
executed
so
super
exciting,
and
I
will
detail
a
bit
more
about
what
what
was
the
risk
of
executing
this
spell.
But
it's
executed
anyway.
So
it's
too
late.
But
if
you
have
other
questions
on
the
car
units,
please
feel
free
to
ask
them
at
the
end
of
the
presentation
and
I
will
be
able
to
answer
them
as
well.
B
So,
just
to
give
you
a
bit
of
a
summary
of
what
we
will
discuss,
we
will
review
a
bit.
What
is
a
new
silver,
the
technical
side?
What
are
the
processes
that
will
be
involved
in
in
this
mip,
a
bit
of
the
legal
side
as
well
parameters,
so
monitoring
that
we
do
on
new
silver,
because
most
of
the
tough
stuff
is
off-chain,
because
last
time
I
checked,
my
house
is
still
in
the
real
world
and
not
on
the
blockchain.
B
B
Obviously,
no
one's
like
to
buy
and
haul
and
hold
their
house
and
have
a
lot
of
work
to
be
done
to
do
so.
They
want
something
new
and
at
least
in
the
u.s,
and
so
those
are
the
companies
that
do
that,
and
a
new
silver
coordinates
they're
landing
to
them.
They
borrow
wholesale
and
their
land
retail,
so
they
submit
their
mips
application
in
july
2020.
B
So
almost
nine
months
ago
they
already
have
a
teammate
pool
on
centrifuge
centrifuge,
being
the
partner
that
do
that
is
doing
the
securitization
of
the
borrowing
of
offers
of
miseva
and
the
teenage
pool,
which
is
the
boring
of
a
new
silver,
is
already
3
million
more
than
2
million,
and
there
was
a
13
underlying
loans
at
the
time.
But
now
there
is
14,
I
think
so.
The
proposed
debt
ceiling
on
all
sides
is
5
million.
B
So
if
we
agree
to
let
them
borrow
5
million
on
omega
vault
to
be
able
to
finance
borrowers
in
the
reward
to
renovate
houses.
Most
of
these
all
of
these
are
in
the
u.s.
So
below
you
have
the
orbit
structure
on
the
teenage
pool.
So
in
a
pool
has
a
side
of
assets
which
are
the
loans
that
are
used
by
the
to
fix
and
flips.
B
B
So
there
is
currently
in
this
picture,
half
a
million
of
die.
That
is
that
are
sitting
ready
to
be
to
be
alone,
to
winning
borrowers
and
to
finance
that
the
teenage
pool
do
a
split.
There
is
a
tin
trench
that
is
a
junior
tranche,
which
is
the
most
crispy
one
and
the
drop
trench,
which
is
the
senior
crunch,
which
is
the
less
risky,
because
when
you
lend
money,
some
borrowers
will
not
repay.
B
B
B
Basically,
what
we
do
is
that
we
are
checking
every
month
on
the
real
world
finance
team
if
the
covenants
are
breached.
The
covenant
are
the
words
that
we
have
decided
with
new
silver
and
if
one
of
those
rules
are
breached,
we
can
decide
at
what
discussion
to
liquidate
them,
and
but
it
can
also
be
liquidated
when
make
a
dao
as
a
governor's
body,
decide
to
stop
the
investment,
maybe
in
two
three
five
ten
years
maker
will
decide
well.
B
A
Except
before
we
get
into
the
two-step
liquidation
process
asking
regarding
the
due
diligence-
and
he
asks
how
I'm
trying
to
phrase
this
in
an
easier
way,
but
with
the
main
question
being
on
how
much
due
diligence
work,
hours
or
expenses
has
to
be
done
for
one
of
these
projects,
maybe
using
newsletter
as
an
example
since
it
passed.
So
how
how
many,
how
many
hours,
I
guess,
is,
or
how
many
resources
I
don't
know
if
there's
a
way
of
easily
measuring
that,
is
that
the
question
process?
B
Yeah,
so
a
very
good
question,
like
always,
I
would
say
a
lot,
but
it's
difficult
to
separate
what
is
directly
due
to
new
silver
and
what
is
due
to
the
fact
that
new
silver
was
the
first
one.
So
that's
why
it's
a
bit
tricky,
but
I
would
say
that
writing
the
risk
assessment
was
40
hours.
I
guess
something
like
that.
B
B
C
No,
my
comment
was
just
just
working
on
on
it
from
the
other
side
from
centrifuges
perspective.
These
first
deals
take
took
a
long
time,
just
because
we're
everything
is
new
and
we're
figuring
everything
out
but
like
we
are
building
templates
now
and
figuring
out
how
to
automate
stuff
and
how
to
ask
ask
for
the
information
up
front
from
the
originator,
so
that
maker
has
everything
that
they
need
and
can
kind
of
process
this
much
faster.
So
I
can
get
much
more
streamlined
over
time.
B
Okay,
so
the
average
marital
the
portfolio
is
the
thirteen
months
we
have
saw
that
earlier.
So
when
we
ask
to
be
be
paid
of
all
the
drop
token
we
have,
we
can
expect
to
be
on
average,
be
paid,
not
everything
but
at
in
the
worst
case.
It
will
take
24
months,
but
we
will
get
some
cash
payments
earlier
and
it's
a
two-step
liquidation.
So
this
is
important
because
it's
a
part
of
a
mid-20,
it's
a
two-step
liquidation.
B
B
B
So
they
can
make
a
loan
investment.
As
you
can
see
here,
they
have
still
money
in
the
reserve.
So
there
is
no
need
to
work
with
maker
to
get
the
title
to
make
the
investment,
but
as
a
second
investment,
they
don't
have
enough
cash
in
the
reserve
to
be
able
to
finance
the
loan,
so
they
will
borrow
a
little
bit
on
maker
using
mid,
22
and
mid-21.
B
B
B
Let's
say
that
the
time
passed
and
we
are
not
sure
that
will
be
paid
at
all.
We
can
cause
our
depredation,
the
r
location,
with
close
the
ns2
drop
volt
the
whole
facility,
because
it's
a
volt
facility
where
there
is
only
one
volt
and
we'll
take
all
this
value
as
seen
to
the
surplus
buffer.
So
sin
is
about
depth
and
deprecation.
B
B
A
B
A
B
B
B
But
obviously
that's
when
you
have
one
loan,
but
new
silver
has
many
loans.
They
will
have,
let's
say
30
and
every
month
there
will
be
a
loan
that
is
ending
this
month.
Sometimes
it
will
be
two
loans.
Sometimes
it
will
be
three
loans,
so
it's
already,
it
will
depend
so
cash
flow
will
depend
on
the
timing.
C
New
silver,
the
major
the
majority
of
new
servers
loans
are
12
month
loans,
but
there
are
some
loans
that
are
24
month,
loans.
So
in
the
worst
case
scenario,
if
they
have
just
funded
a
loan
and
then
you
make
this
decision
to
liquidate,
then
you
would
have
to
wait
24
months
for
that
one
loan
to
pay
pay
off.
A
B
Yeah
yeah
yeah,
you
are
completely
correct.
We
shouldn't
make
real-world
asset
investments
that
are
above
the
surplus
buffer
and
in
my
mind
we
should
never
make
any
investment
that
is
above
the
surplus
buffer
anyway,
except
for
the
big
assets,
like
is
obviously
maybe
rapid,
car
and
usdc
stuff
like
that.
But
for
the
rest,
when
there
is
a
big
risk,
a
big
tail
risk,
not
the
probability
can
be
very
low,
but
if
there
is
a
tail
risk
it
should
be
below
the
surplus
buffer.
So
in
any
case
nothing
wrong
can
happen.
A
A
B
So
it
depends,
every
loan
should
be
below
the
surplus
buffer,
but
you
can
make
many
loans
and
by
many
loans
I
mean
every
loan
is
a
different
type
of
collateral,
because
it's
unlikely
then,
for
instance,
wi-fi
and
new
silver
goes
to
zero.
At
the
same
time
I
mean
one
can
default,
but
not
it's
unlikely
that
both
will
default
the
same
day
because
wi-fi
and
new
silver
are.
B
Yeah,
so
for
that,
probably
we
will
have
to
to
wait
a
little
bit
and
have
a
bigger
surplus
buffer,
but
that
would
be
cool
yeah,
so
will
is
talking
about
the
green
seal
situation.
Green
seal
is
it's
kind
of
a
new
silver.
It
could
be
a
collateral
for
foreign
maker
as
well,
but
it's
I
think,
it's
a
bankrupt.
B
Now
it
was
a
startup
that
was
doing
trade
finance,
financing
that
was
backed
by
southbank
so
and
backed
by
doing
taking
money
from
credit
suisse,
so
maker
was
kind
of
creditrius
and
grinsil
was
kind
of
a
musical,
and
the
issue
with
the
green
seal
is
that
obviously
the
amount
was
not
the
same.
I
think
they
had
3
billion
of
loans
and
1.5
or
2
billion
were
to
one
company.
B
We
try
to
have
a
lot
of
real-world
asset
investment
like
new
silver
and
when
we
invest
in
a
company
like
new
silver,
we
want
them
to
have
many
borrowers
that
are
independent
and
at
best
that
are
investing
in
other
different
geographies,
because
it's
unlikely
that
one
entrepreneur
in
florida
renovating
a
house
has
anything
in
common
with
one
entrepreneur
in
new
york.
Renovating
penthouse.
C
C
C
B
Yeah
yeah,
it
was
freelance,
but
still
a
soft
bank
did
invest
in
them
and
credit
suisse
was
okay
to
lend
them
money.
So,
as
you
can
see
here,
it's
not
so
easy.
Okay.
So
on
the
legal
side
there
is
a
asset
originator
which
in
this
case
is
new
silver
and
they
don't
keep
the
assets
they
create
another
entity
which
is
called
the
spv
for
for
special
proposed
vehicle
or
sometimes
spe
for
special
purpose
entities.
B
B
To
be
sure
that
we
have
some
rights,
so
we
will.
The
real
world
finance
team
has
invested
in
one
drop
in
a
few
drop,
a
token
to
be
sure
that
we
we
have
a
contract
that
we
have
put
on
chain
using
mid-21
and
we
also
have
a
side
letter
to
formalize
audit
rights
from
the
for
for
the
credible
finance
team.
So
we
have
access
thanks
to
this
drop
subscription.
B
B
B
So
this
increased
the
bankruptcy
remoteness
of
ns
pool
lse
and
another
good
thing
for
the
independent
director
is
that
you
will
be
able
to
more
or
less
clean
the
mess,
if
needed,
let's
say
new
silver
disappear.
Then
opponent
director
will
step
in
and
appoint
a
backup,
servicer
or
servicer
to
to
deal
with
the
loans.
B
B
B
B
In
any
case,
the
only
impact
is
on
maker
side,
because
we
decide
to
put
the
depth
of
the
vault
to
decrease
the
surface
buffer
and
we
can
it's
in
any
case,
it's
a
decision
of
maker
governance,
so
it
doesn't
really
matter
to
have
to
wait
for
some
time
in
the
case
of
success.
There
is
it's
one
year,
because
matthew
wants
to
have
one
year
to
deal
with
the
self
degradation
before
another
liquidation.
B
B
It's
not
really
an
investment
in
investment
on
my
side
because
it
will
take
36
years
before
getting
backs
the
money
I
pay
for
the
for
the
gas
fees,
so
it's
not
the
best
investment
so
and
at
scale.
What
would
be
better
but
with
the
way
I've
disc.
We
had
found
that
just
by
making
this
investment
because
it
was
quite
difficult
to
do.
B
B
So
inside
meep
21,
we
put
a
placeholder
token,
which
in
this
case
is
called
kilowall
asset
0002,
which
is
not
super
important,
but
we
need
a
value
for
that
and
we
have
used
the
depth
ceiling,
which
is
five
million
plus
two
years
of
stability
fees,
because
obviously
we
land
only
for
the
for
a
bigger
criteria
and
times
the
collateral
ratio,
which
is
a
105
percent.
So
that
gives
you
this
number
a
bit
above
5
million.
B
B
A
B
So
here
you
have
on
in
orange,
you
have
a
some
slices
which
represents
the
collateral,
which
is
the
properties
in
the
real
world.
So
there
are,
in
this
case
five
properties
for
pharmaceutical.
For
instance,
those
properties
are
financed
by
the
part
of
equity.
So
when
you
buy
a
company,
you
put
your
own
money
to
buy
the
company
and
you
use
so
what
we
call
the
under.
You
can
borrow
some
money
to
the
spv
to
an
s
pool.
B
So
even
if
the
the
borrower
doesn't
repay,
you
get
the
collateral,
which
is
a
property
and
you
can
sell
it
on
the
market
at
the
spv.
So
the
spv
is
composed
on
the
asset
side
by
the
individual
loans
he
made
to
the
borrowers,
to
finance
the
properties
and
on
the
liability
side
there
is
an
equity
part
which
are
the
team
tranche
that
we
don't
invest
in.
B
B
So
the
from
the
yellow
to
the
gray
area-
it's
at
least
one
thirteen
percent,
that's
a
minimum,
it
will
not
go.
It
cannot
go
this
low
using
tea
neck
anyway,
but
still
in
case
of
and
after
that,
you
need
to
add
the
equity
part
of
the
borrower,
which
is
a
as
we
said,
at
least
at
least
15
percent,
but
currently
on
average
30
percent.
C
Yeah,
I
was
just
going
to
say
if
you
look
at
the
when
it's
all
said
and
done,
the
the
yellow,
the
maker
vault
part,
yellow
the
maker
debt
as
a
ratio
of
the
orange.
The
total
value
of
the
asset
is
about
54
and
from
if
you
flop
that
around
from
an
overclatterization
rate,
it's
185
percent
of
the
underlying
asset.
B
B
Low,
that's
a
more
or
less
number,
so,
okay,
so
the
monitoring.
How
do
we
do
the?
How
do
we
monitor
what
is
happening
outside
the
blockchain,
so
we
have
created
a
dashboard
that
takes
in
account
most
of
the
input
parameters
you
see
on
the
right
that
are
taken
from
teenage,
some
are
taking
from
other
sources
and
we
also
have
a
one
sheet.
That
is
what
we
call
the
loan
tape,
which
is
where
you
have
on
every
line.
You
have
a
loan
from
a
new
silver
from
any
spool.
B
We,
you
have
the
information
about
the
state
when
it
was
done,
how
much?
What
is
the
price
of
the
property?
What
what
is
the
amount
for
the
renovation?
What
is
the
appraisal
value
stuff
like
that?
We
do
a
little
bit
of
math
and
find
what
we
call
the
loan
value.
So
you
can
see
that
there
is
a
loan
value
from
for
centrifuge
as
and
there
is
a
load
value
for
maker.
They
are
almost
the
same.
B
B
It's
unlikely
and
we
will
end.
We
are
seeing
that,
for
instance,
solarix
another
collateral
that
we
are
discussing
will
invest
only
in
new
york,
so
why
forcing
oculature
that
is
10
times
smaller
to
diversify
its
exposure
around
the
country?
When
you
have
one
bigger
collateral
that
is
investing
only
in
new
york,
it
doesn't
make
much
sense.
B
So
what
are
the
worst
cases
worst
case?
That
is
likely
to
happen?
It
never
happened
for
new
silver,
but
it
will
happen
at
some
time
is
when,
when
you
have
a
borrower
that
is
defaulting,
so
someone
came,
take
a
loan
to
innovate
in
house
and
don't
repay
because
for
any
reason
they
start
preparing
the
loan.
B
So
far,
in
the
first
step,
new
silver,
we
try
to
resolve
the
issue
in
a
non-negative
way.
You
have
all
the
details
in
the
risk
assessment
of
the
collateral,
but
in
the
worst
case
the
spd
will
end
up
with
a
property,
and
you
will
try
to
sell
it.
It
will
take
sometimes
around
a
year.
I
guess,
but
at
the
end
you
get
the
property
and
you
need
to
sell
it.
B
B
B
B
So
that's
the
power
of
over
collateralization
is
that,
even
if
someone
is
not
dropping-
or
at
least
one
third
of
the
portfolio
is
not
repeating,
it's
not
a
big
deal,
at
least
for
us.
It's
a
bigger
deal
for
the
tin
holders
and
that's
excluding
the
105
percent
drop
qualitizations
ratios
that
we
have
in.
B
B
What
can
happen
if
the
asset
originator
is
fraudulent?
In
this
case,
we
might
lose
everything
it's
kind
of
the
matter
of
case.
I
didn't
invest
in
madoff,
but
maybe
some
people
did-
and
maybe
it's
too
too
old
for
people
to
remember,
but
it
was
a
big
food
of
many
billions
and
madaf
died
last
week
in
prison
where
it
was,
he
was
sentenced
to
150
years
of
prison.
B
So
that's
that's
the
case.
That's
why
it's
unlikely
the
case,
because,
obviously
you
end
up
in
jail
and
I'm
quite
sure
the
people
from
new
silver
don't
want
to
end
up
g,
but
still
we
are
mitigating
this
scenario
by
making
a
due
diligence
from
the
by
the
real
world
finance
clinic.
So
we
have
inspected
that
all
the
legal
pieces
are
there.
B
C
Seb
also,
the
the
I
think
the
independent
director
will
help
there
as
well
right
because
they'll
be
if,
if
new
silver
originates
a
home
in
canada,
for
instance,
the
independent
director
will
say,
wait
a
minute
that
doesn't
fit
the
agreement
right.
That's
they'll
flag
them
right,
so
they're
kind
of
always
looking
looking
out
for
the
pool.
A
A
B
B
I
mean,
let's
be
honest:
5
million
is
not
a
big
amount
in
structured
finance
and
the
reason
we
are
doing
it
is
because
no
one
else
will
spend
so
much
time
to
make
a
5
million
investment.
Goldman
sachs
is
will
not
be
interested
and
yeah
as
we
scale
to
our
bigger
deal.
We
will
add
more
protection
and
we
will
be
able
to
spend
more
on
protections.
B
B
B
We
are
investing
only
in
the
senior
tranche
of
the
secretization
and
I
took
I
did
analyze
the
difference
between
the
subprime,
the
the
subprime
crisis
and
because,
obviously,
as
you
know,
the
real
estate
mortgage-backed
securities
was
a
big
driver
of
the
supreme
crisis.
So
I
just
looked
what
was
the
losses
on
those
products
that
created
such
a
mess
and
as
in
the
case
of
teenage,
those
are
structured
with
a
senior
tranche
which
is
called
triple
a
and
some
junior
trenches?
B
In
your
case,
let's
say
everything
is
a
team,
because
there
are
only
two
trenches
in
it
and,
as
you
can
see,
for
the
supreme
structure,
the
supreme
t,
lake
and
the
tin
trench
was
80
percent
80
percent,
and
currently
we
are
at
85
in
this
case.
So
we
are
more
protected.
That's
a
triple
a
tranche
in
the
surprise
crisis
and
the
loss.
B
Interestingly,
didn't
put
the
last:
the
loss
on
the
triple
a
range
of
the
subprime
product
was
less
than
one
percent
on
average,
so
those
people
have
not
lost
much.
It
was
a
big
loss
because
it
was
triple
a
and
when
you
invest
in
triple
you
shouldn't
be
losing
anything,
but
it
was
not
a
big
super
big
loss
and
on
the
alt,
a
more
secure
loans
where
the
drop
trench
was
92
percent.
B
The
loss
was
where
was
two
percent,
so
it
was
not
the
end
of
the
day
for
them.
Obviously,
because
there
was
a
recovery
after
the
crash.
Obviously
for
many
reasons,
but
in
the
end
it
wasn't
so
bad,
they
didn't
lose
everything,
but
obviously
the
people
that
that
were
invested
in
the
bb
or
bbb
tranche
those
lost
a
lot
and
almost
everything
in
most
cases
and
that's
the
end
of
the
presentation.
B
C
As
you
can
see
my
experience,
having
been
a
real
estate
investor
running
a
a
real
estate
lending
fund.
At
this
time
we
saw
kind
of
anecdotally.
We
saw
residential
real
estate
prices
fall
about
20
percent
and
in
the
worst
markets,
40
percent
they
rebounded
pretty
quickly.
But
like
the
worst
case
scenario,
we
were
seeing
was
40,
and
that
was
that
was
really
bad.
But
even
in
the
case
of
this
structure
with
with
maker
right
now,
I
think
the
loan
to
value
ratio
is
only
is
55,
so
the
the
coverage
is
45.
C
C
B
A
A
A
B
B
So
we
will
be
quite
happy
and
after
that
we
have
a
great
pipeline
of
other
collaterals
that
we
might
want
to
onboard
very
soon
on
the
platform,
and
we
need
to
have
a
discussion
if
you
want
to
what
should
be
involved
and
what
rates
should
we
go
fast
and
that
or
not
should
we
focus
to
onboard
300
million
for
the
end
of
the
year
or
should
it
be
only
30?
I
don't
know
as
that's
something
we
need
to
discuss.
A
B
A
We're
also
hosting
an
ama
session
next
week,
thursday,
we're
actually
sap
and
will
and
phil
will
also
join.
It
might
be
a
little
bit
more
like
it
will
maybe
touch
a
little
bit
more
also
on
a
few
centrifuge
like
more
technical
stuff,
potentially
so
in
case
you're,
also
interested
in
like
how
it
all
works.