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Description
MakerDAO Forum Post: https://forum.makerdao.com/t/know-your-mip-14-coinshares-treasury-investment-program/18335
For this series’ 14th session, we hosted the team from CoinShares @CoinSharesCo to take a deep-dive into MIP86 – CoinShares’ Treasury Investment Program.
@Recognized-Delegates & the Maker Community were invited to join this discussion to explore how the CoinShares MIP compares and contrasts the other opportunities to leverage the PSM for revenue.
We hosted...
CoinShares CEO Jean-Marie Mognetti
CoinShares CFO Richard Nash
A
Hello
makerdale
community
and
welcome
to
know
your
myth,
number
14.,
I'm
retro
from
the
sustainable
ecosystem,
scaling
core
unit
and
today,
I'm
joined
by
the
CEO
and
CFO
from
coin
shares,
John,
Murray
and
Richard
to
take
a
deep
dive
into
myth.
86,
which
is
a
proposal
for
coin
shares
to
introduce
a
treasury
investment
program.
They
prepared
a
short
presentation
as
normal,
but
are
open
to
taking
questions
throughout
the
talk.
A
So
as
they
come
up,
please
use
the
question
feature
or
the
chat
feature
on
the
right
hand,
side
of
the
screen
to
submit
any
questions
and
we'll
address
them
as
they
come
up
and,
as
always,
the
race
hand
features
at
the
the
bottom
of
the
screen.
If
you'd
like
to
have
on
the
mic
and
have
a
little
bit
more
of
a
deeper
engagement
with
the
team.
With
that
happy
to
pass
the
mic
over
to
I
believe
Richard
is
going
to
kick
things
off
for
us.
C
B
You
go
all
right,
so
hi
everyone
thanks
for
having
us
finding
us
restaurant
thanks
a
lot
for
organizing
this
event.
Your
hard
work
is
very
noted,
and
thanks
for
that,
my
name
is
Jean-Marie
moniti
I'm,
the
CEO
and
co-founder
of
cone
shares.
My
background
is
crypto
since
2017
and
before
that
I
was
doing
community
trading
in
a
value,
shape
and
form
with
my
legacy:
business
partners,
Danny
Masters
and
Russell
Newton.
So
that's
it
for
me
and
I
hand
over
to
Richard
our
CFO
hi.
A
C
B
A
B
Part
of
the
business.
All
these
three
parts
of
our
business
or
client
focused
part
of
our
business
are
all
underpinned
by
two
things:
a
common
technology
or
operating
system,
which
is
called
Galata.
Why
did
we
call
it
Galata?
Because
when
we
start
our
asset
management
business?
The
first
piece
of
software
we
write
was
a
piece
of
code
allowing
us
to
connect
NASDAQ
audiobook
to
between
X
audiobook.
So
what
we
can
make
Market
on
our
product
and
the
same
way
we're
connecting
the
old
and
the
new
world.
B
We
were
also
we
were
referencing
together,
which
is
bridging
Europe
and
Asia
and
Istanbul,
and
this
operating
system
has
been
growing
since
2014
and
allowing
us
to
do
not
only
asset
management
business
but
all
our
Capital
Market
business
into
their
consumer
Solutions.
So
it's
a
growing
ecosystem,
a
growing
operating
system
which
has
been
taking
a
lot
of
space
inside
cone
chair,
and
this
is
driving
all
our
decision
making
process
from
a
risk
allocation
to
pretty
much
a
return
decision.
We're
doing
so.
C
C
C
C
We
have
a
material
stake
in
a
a
large
mix
of
of
entities
that
are
operating
within
the
digital
asset,
ecosystem,
inclusive
of
a
Swiss,
digital
bank
or
flowbank,
and,
as
I
think
geometry
alluded
to
at
the
start
of
the
call.
We
have
a
presence
in
a
number
of
jurisdictions
and
just
moving
a
little
bit
onto
our
kind
of
our
financial
results.
Since
2017
and.
C
C
Know
one
of
the
things
that
we've
managed
me
managed
to
maintain
when
we
look
at
our
our
annual
results.
Going
back
to
2017
is
regardless
of
the
situation
in
the
market.
We
are
we
pride
ourselves
in
being
built
in
such
a
way
that
we
always
manage
to
achieve
profitability,
and
that
speaks
volumes
to
our
control
environment
and
the
tech
stack
that
we
have.
That
is,
of
course,
relevant
to
the
conversation
that
we're
having
today,
yeah
and
I.
Think
you
want
to
add
on
that.
B
Before
in
terms
of
Market
cycle,
what
we
can
observe
on
our
financial
is
like:
yes,
we
have
keep
delivering
increasing,
Top,
Line
and
bottom
line
since
2016.
we're
one
of
the
rare
company
in
the
ecosystem
from
managed
to
do
that.
But
at
the
same
time
we
can
see
our
2017
and
2021
as
adults
cycle
are
acting
as
I
would
say,
a
high
end
point
or
accelerator
in
our
growth
phase
and
the
years
after
that
are
always
lower
but
lower
for
click
effect.
B
B
So,
jumping
a
bit
more
into
country
capital,
Market
activity.
This
is
where
we
need
to
dive
a
little
bit
in
terms
of
this
activity,
because
that's
the
one
which
is
linked
to
D5,
which
is
the
one
which
is
linked
to
Foundation
protocol
and
all
this
kind
of
things
related
to
our
Capital
Market
activities.
So
Galata
today
allows
us
to
trade,
24
7
365
days
a
year
and
I've
pretty
much
at
any
point
in
time.
B
Around
400
orders
in
the
market,
both
traditional
and
crypto
Market,
both
on
the
D5
and
C5
side
of
the
crypto
Market.
So
we
have
built
something
which
is
quite
unique,
which
you
probably
find
in
another
version,
probably
I
would
say,
maybe
not
as
advanced
as
wintermute
in
a
different
version
of
the
amida.
B
This
is
something
we
have
breathe
in-house.
We
didn't
buy
any
solution
outside
like
Talos
or
Elwood,
or
anything
like
this.
It's
all
built
in-house
and
we
control
as
a
result,
the
full
industrial
pipe
that
we
are
building.
This
infrastructure
is
underpinning
the
offer
we
are
able
to
to
bring
towards
the
maker
down.
A
B
We
remember,
like
you,
know,
remember
when
maker
Dam
migrated
with
between
ether
and
usdc.
There
was
plenty
of
events
of
difficult
time
which
were
managed
very
professionally
by
the
team
maker
is
one
of
the
leading
D5
protocol
as
well
that
promote
collaboration
of
institution
and
try
to
bridge
defy
and
trotfly,
which
is
always
something
we
we
quite
like
to
look
at
and
finally,
having
spoken
with
a
few
people
in
the
governance
of
make
Adele
to
achieve
a
protocol
is
something
we
are
very
interesting
and
Cone
share.
B
There
is
a
real
open
mind
and
idea
of
transparency,
which
is
permeating
for
the
different
discussion
we're
having
and
that
takes
us
to
Cone
chair
and,
and
we
like
to
think
about
country
as
one
of
maybe
not
the
most,
but
at
least
one
of
the
most
D5
friendly
investment
firm,
bridging
you
know,
transfy
and
defy
and
C5.
So.
B
Team,
we
are
sorry
developers
in-house.
We
have
our
own
decentralized,
Asset
Management
platform
in
Alpha,
which
is
being
built
on
different
protocol
itself
through
our
asset
management
business.
We
set
up
strong
relationship
with
Avalanche,
Cosmos
and
many
of
the
foundation,
and
finally,
we
have
been
very
active
on
lending
platforms.
Both
have
you
know.
B
Both
side
of
the
trade
actually
was
a
true
fog
with
Maple
with
clear
pool,
and
you
know
RV,
so
we
have
been
very,
very
focused
on
how
to
keep
pushing
the
envelope
of
what
we're
doing,
usually
in
D5
or
25,
to
bring
it
today
to
D5
and
today
effectively.
Our
proposal
is
a
bit
the
reverse
of
that
is
like
how
do
we
bring
real
world
asset
or,
like
you
know
what
we
do
in
the
fixed
income
Market
into
D5
and
and
projects
in
the
other
way
around
Bridge,
all
right?
A
B
B
Sorry,
it
will
be
shared
in
a
different
way
between
the
foundation
and
coin
shares,
and
this
sharing
would
take
different
aspects
now
when
in
terms
of
what
we're
going
to
do,
we're
not
going
to
be
just
buying
I,
would
say
some
Treasury
and
just
sit
on
it.
It's
a
much
more
actively
manage
strategy
which
allow
us
to
buy
fixed
income
product
to
deliver
the
performance.
We
need
to
justify
this
kind
of
investment.
Thematic,
the
portfolio
will
seek
highly
equipped
worthy
bone.
There
is
a
lot
of
dislocation
right
now.
B
The
physical
Market
which
allow
us
to
buy
a
lot
of
on
the
value
or
on
the
par
bonds,
with
very,
very
high
credit
rating,
so
we're
very
confident
in
that
strategy,
and
then
we
will
have
a
very
strong
mix
of
investment
grade
rating,
but
also
making
sure
we
have
enough
floater
and
fixed
to
floater
rates
in
our
book.
So
as
we
are
able
to
deliver,
the
I
would
say
variability
of
the
of
the
rights
policy
in
the
US
and
don't
get
hijacked
by
a
student
move
of
the
f1c.
B
Did
you
come
back
on
the
on
the
previous
question
on
the
previous
page?
There's
a
question
from
paper
impairment:
is
there
a
maximum
solution
for
a
given
counterparty
or
issuance
there?
There
is
oh
now
we
need
two
questions.
Sorry,
so
there
is,
there
is
a
concentration
risk
and
we
will
update
that.
Definitely
in
our
in
our
meet
proposal.
So
as
it's
all
there,
so
I
don't
have
a
number
in
front
of
me,
but
there
was
definitely
a
counterparty
maximum
exposure
and
an
issuance
maximum
exporter.
B
So
so
we
will
take
note
of
that
and
update
it
in
a
proposal
and
then
second
question
your
proposal
state
that
the
minimum
of
70
will
be
investment
grade.
We
took
the
credit
risk
of
the
non-investment
grade
investment
yeah.
It
would
be
like
that.
Everything
which
is
not
an
investment
grade
will
be
like
of
better
quality
than
investment
grade.
So
it
would
be
like
you
know,
government
and
all
this
kind
of
stuff,
so
it
would
be
not
so
investment
rate
is
pretty
much.
B
B
B
Key
here
in
this
proposal
is,
like
you
know,
it's
three
you
know
few
stuff
to
think.
First
is
discretionary.
So,
unlike
the
other
proposal
we
saw
before-
and
we
are
not
Outsourcing
the
management
to
that
to
anybody
else-
and
we
are
not
just
like
sitting
and
passing
through,
we
are
actively
managing
that
in
a
discretionary
manner.
B
So
it's
it's
a
very,
very
different
proposal
from
what
we
saw
before
it's
independent,
in
the
sense
that
we
are
not
passing
that
as
well
to
a
black
rock
or
Blackstone
or
anybody
of
this
world.
We
are
managing
this
book
ourselves
within
conscious
or
conch.
Here
will
manage
this
vehicle
as
one
of
its
client
and
be
accountable
for
that
and
manage
it
with
the
same
transparency.
B
So
it's
a
very,
very
different
approach
to
it
and
then
finally,
there's
a
professional
team
of
that
you
know,
and
by
professional
it
means
several
things.
First
of
all,
there
is
a
number
of
Regulation
a
regulatory
footprint
across
the
group
which
guarantee
the
way
we
are
handling
ourselves.
You
know
whether
it
is
in
Jersey,
which
is
in
London,
whether
it's
in
Sweden,
it's
also
a
list
of
company,
so
you
get
the
transparency
of
the
latest
company,
so
every
single
Shadows
is
very,
very
transparent.
B
You
know
in
less
than
two
weeks
time
we're
reporting
our
Q3
earnings.
So
that's
something
you
know
which
we're
doing
on
a
quarterly
basis
to
give
more
transparency,
so
we're
not
going
to
disappear
overnight
and
make
their
money
will
be
gone.
You
know
everything
we
do
is
regulated
with
in
an
environment
which
is
very,
very
different,
and
then
we
are,
you
know,
a
lot
of
other.
You
know
counterparty
place,
trust
with
us
whether
it
is
or
the
marketplace
like
60
year
on
x,
but
also
market
makers
and
counter
bodies.
B
So
so
we
used
to
under
this
kind
of
problem,
and
we
used
to
do
that
in
a
professional
manner.
And-
and
finally,
you
know
like
are
things
there
is
a
there-
is
something
to
say
about
limited
mediation
or
services
and
structuring
where,
in
this
kind
of
case,
you
know
bringing
a
real
world
asset
to
to
to
defy
something.
B
We
are
looking
at
very
seriously,
and
so,
as
a
result,
part
of
this
proposal
also
have
a
component
where
we're
trying
to
figure
out
and
it's
going
to
be
work
in
progress
and
we're
not
going
to
be
able
to
to
do
that
in
a
heartbeat.
But
how
do
we
learn
from
all
our
experience
from
our
intervention
of
neapola
interaction
with
clear,
polar
interaction
with
all
of
these
other
or
true
fi,
but
also
RV?
And
how
do
we
learn
from
this
to
say?
Okay?
B
Well,
so
how
do
we
use
the
lesson
of
what
we
learn
in
this
protocol?
Interaction
to
bring
some
form
of
smart
contract
to
make
a
dial
foundation?
So
what
we
can
start
interacting
and
branching
to
some
degree
it
would
be
still
free.
There
will
still
be
some
friction.
It
will
not
be
perfect,
but
start
branching
at
least,
and
show
the
direction
of
travel
real
world
asset
with
mecodile
community.
So
there
is
a
reflection,
we're
having
internally
about
that
and
how
to
make
it
happen.
A
B
C
They
effectively
do
is
they
produce
a
daily
Assurance
report
on
our
digital
asset
Holdings
and
which
is
a
very
powerful
powerful
tool.
I
mean
if
you
look
at
the
balance
sheet
of
of
coin
chairs,
the
vast
majority
of
the
digital
assets
we
hold,
we
hold
in
order
to
collateralize
or
hedge,
the
liabilities
arising
from
the
wide
range
of
exchange
traded
products
that
we
that
we
issue
and
one
of
the
the
things
that
regulate
those
exchanges
and.
A
C
A
A
B
Well,
it
could
be
in
real
time.
I
think
it
was
subject
to
Rich
interaction
with
the
with
the
Auditors
but
I
understand,
but
at
least
at
the
very
least,
it
could
be
every
end
of
day
and
then
the
next
step
for
us
is
okay.
Well,
we
take
this
piece
of
Kit.
We
are
from
the
I
would
say
trans
file
world,
and
how
do
we
convert
that
into
smart
contract
so
as
we
can
start
paying,
for
instance,
dividend
through
this
of
a
dividend?
Coupon
sorry
coupons
through
this
mechanism
or
anything
like
that.
B
So
how
do
we
recreate
some
stream
of
payment
and
the
repayment
of
principle
and
interest
through
this
smart
contract
mechanism,
which
would
be
a
first
step
towards
bridging
real
world
asset
with
with
defy
and
we've
make
a
dial?
So
it's
a
it's
a
work
in
progress
again,
but
I
think
it's
very
important
and
it's
part
of
the
kind
of
the
journey
the
the
makerdale
community
is
on.
So
we
want
to
contribute
to
it
ourselves.
B
B
Laughing,
so
that's
him
telling
me
I'm
going
to
kill
you
after
this
goal.
So
no
so
it's
not
going
to
be
easy.
It's
going
to
be
super
easy
and,
and
we're
gonna
be
and
we're
gonna
be
able
to
make
it
happen
for
making
our
community
subject.
You
know
again,
subject
to
the
community
willing
to
see
this
transparency.
We
can
make
it
happen.
B
So
so,
just
to
come
back,
you
know
like
when
we
read
all
the
comments
in
the
at
the
end
of
the
MIP.
There
was
a
lot
of
comments
which
were
like
well,
you
know
there
has
been
so
many
requests
and
so
many
proposals
that
we
get
a
bit
lost
about.
What
is
what
and
to
be
fair
all
this
proposals
are
all
a
bit
long,
so
trying
to
keep
a
track
on
everything
is
not
always
easy.
I
think
the
key.
B
B
One
third
is
paid
to
Cone
share
for
his
fees
and
the
last
search
third
part
of
it
is
paid
to
con
share,
not
in
Fiat,
but
it's
better
to
conjure
in
Mecca
Dao,
so
konchia
will
use
that
to
buy,
make
a
Dao
and
effectively
lock
it
for
two
years.
So
we
take
a
commitment
to
the
towards
the
community
to
look
it
for
two
years.
It
will
be
free,
transparent
and
again
fully
verifiable.
B
We
were
looking
for
two
years
and
use
that
to
also
participate
in
the
stewardship
of
the
protocol
and
the
involvement
in
confidence,
because
we
do
believe
in
this
protocol
governance.
We
do
believe
in
the
way
that
that
that's
a
sense
of
the
history
I'm
going
to
be
able
to
contribute
this
to
our
chief
with
protocol,
so
another
way
we're
kind
of
voting
with
our
feet.
If
we
look
at
the
numbers
net
of
everything
con
share,
you
know,
takeaway
is
probably
two
point.
B
You
know
if
you
were
to
do
the
math
today
versus
a
portfolio.
We
put
a
little
update,
I
think
this
afternoon
in
the
in
the
MIP,
on
top
of
my
head.
I
think
conch
here
will
took
away
on
this
performance,
2.4
percent
or
2.2.47
out
of
that
50
will
be
a
cash
and
50
will
be
make
it
down,
which
will
be
locked
for
two
years.
So
so
you
know
it's
a
very
different
proposal
than
taking
a
management
fees.
It's
a
very
proposal,
then
you
know
the
purpose
that
we're
doing
is
very
simple.
B
It's
like,
if
we
don't
outperform,
we
don't
get
paid
so
we're
kind
of
voting
with
our
feet,
and
we
also
you
know
eating
what
we
kill
to
some
degree
between
professional
investment
manager.
We
know
what
we're
doing
so.
We
have
no
problem
being
able
to
commit
to
these
numbers
and
commit
to
this
rational,
but
we
don't
expect
to
be
paid
for
non-delivering.
B
Also,
that's
why
it
has
been
built
this
way
it
is
built
in
an
active
management
way,
and
it
also
everything
is
like
I
would
say
in
Source
there
is
no
Outsourcing
of
the
process.
You
know
we
control
the
whole
process.
Con
share,
as
Richard
mentioned
on
35
of
a
bank
in
Switzerland.
Our
banking
partner
can
handle
that
part
of
the
trading
activities,
the
trading
bank.
So
we
can
do
all
the
trading
there
to
be
able
to
to
advance
we.
B
We
have
all
the
custody
facility
as
well,
so
whatever
we
need,
we
have
everything
in-house
to
support
this
all
MIP,
so
we
don't
need
to
require
external
Partners
approval
or
you
know,
validation
from
all
the
committee
which
are
not
part
of
country.
So
we
are
highly
comfortable
that
we
are
able
to
deliver
on
this
MIP
from
start
to
finish,
subject
to
the
votes
of
the
community.
Obviously,.
B
B
I
would
say:
structuring
Aficionado
on
the
call
I'm
not
planning
to
go
through
it
step
by
step,
but
the
ID.
That
would
that
that
would
be
the
idea
we
make
the
framework
interact
with
a
smart
contract
as
well.
So
it's
more
for
finished
product
and
a
starting
product,
but
the
idea
that
all
the
Redemption
and
creation
happens
through
the
smart
contract,
which
is
control.
B
You
know
where
maker
Dao
can
create
and
redeem
through
it
and
deliver
usdc
to
the
SPV
through
with
smart
contract
and
then
go
and
share
takeover,
and
you
know
Branch
to
the
real
world
asset,
so
the
very
I
would
say
well-documented
process.
The
only
difference
between
our
process
and
the
traditional
process
is
the
interaction
of
the
smart
contract,
but
that
doesn't
make
it
much
more
complicated.
B
It
just
requires
the
right
level
of
solidity
development
to
make
it
happen
and
then
probably
a
little
bit
of
I
would
say
security
audit
on
the
smart
contract.
So
we
avoid
to
be
in
a
picky
situation
and
that
costs
cone
share.
Subject
to
the
vote
of
make
a
dow
a
community
will
take
on
its
own
account.
B
Well,
that's
that's
kind
of
a
a
repeat
of
what
I
explained
a
bit
earlier
where
we
start
from
so
far
so
far
is
whatever
is
so
far
it
can
be
higher.
It
can
be
lower.
It
doesn't
really
matter
so
far
is
a
viable
yield
that
is
going
to
the
mcadel
foundation
or
make
it
our
community,
no
matter
what,
then,
the
performance,
part
or
so
forth,
so
anything
above
so
far
is
split
oneself.
Omega,
Del
one
set
for
coin
share
as
revenue,
and
then
one
search
for
code
share
as
maker
token,
with
a
two-year
listing.
B
So
it's
locked
for
two
years
and
without
touching
it
for
two
years
as
a
way
to
align
ourselves
the
community.
The
idea
is
not
to
keep
it
just
for
two
years.
The
idea
is
to
be
able
to
start
the
recycling,
diversifying
a
treasury
on
the
long
term.
With
you
know,
tokens
which
have
a
real
value
in
the
in
in
this
ecosystem.
So
we
do
believe
that
makerdale
will
be
one
of
them.
B
B
B
B
So
having
the
right
setup
is
critical,
so
as
nothing
gets
Frozen
anywhere
in
the
world,
it's
transparent
and
light
internal
structures
and
the
fees
are
also
very
transparent.
We
want
to
build
it
as
a
smart
contract
enable
proposal
again
it's
not
something
which
is
going
to
be
done
overnight.
We
need
to
do
the
legal
first
to
be
able
to
drive
the
right,
smart
contract
or
otherwise
we're
going
to
be
a
bit
upside
down,
and
then
there
is
a
capacity
for
make
their
Community
to
benefit
from
the
active
interest
rate
of
environment.
B
We
are
within
by
adding
a
viable
yield
and
not
just
a
fixed
yield,
which
is
basically
making
a
very
quick
view
on
the
direction
of
travel
of
the
monetary
and
rate
policy
in
the
world.
So
we
want
to
keep
it
open
for
the
community
to
benefit
from
the
website.
So
that's
about
it
in
terms
of
this
MIP,
so
I
guess
it's
now
time
for
more
question
or
whatever
ritual
wants
to
do.
B
A
A
That
Tim,
if
you
have
any
more
direct
questions,
the
quantiers
team
has
been
very
accessible,
so
maybe
we
can
convince
one
of
them
to
hop
on
if
we
have
a
burning
question
as
we're
waiting
for
a
couple
more
questions
to
come
in
before
wrapping
up,
I
did
want
to
jump
back
to
sub-components
six
and
seven,
which
talked
about
the
legal
structure
and
the
custodian
relationship.
It
sounds
like
you're
bringing
a
custodian
that
has
some
other
deeper
ties.
I
know
that
Ledger
was
also
mentioned.
B
So
one
of
our
custody
solution
we,
which
is
our
institutional
capacity
solution.
It's
a
joint
venture
between
the
mirrors,
the
Japanese
Investment
Bank,
Ledger,
the
French
security
company
and
consia,
and
the
reason
why
we
built
that
and
it's
regulated
as
a
custodian,
but
because
not
only
for
digital
asset,
but
also
for
physical
asset
and
the
reason
why
we
build
that
is
not
because
we're
crazy
about
John,
Venture
and
and
love
to
make
it
complicated
for
ourselves.
B
Now
what
we
knew
very
well,
there
is
like
we're
not
going
to
be
able
to
manage
this
money
like
you
manage
it
yourself
on
The,
Ledger,
Nano
or
on
on
the
metamask
under
your
bed.
You
know
like
there's:
gonna
need
to
be
some
process
and
policy
wishing
to
be
defined
extremely
well,
so,
as
our
investors
feel
comfortable.
So,
as
our
Regulators
feel
happy,
what
we're
doing
so
other
Auditors,
which
reach
speak
with
on
a
daily
basis,
feel.
B
What
we're
doing,
and
so
as
more
importantly,
we
don't
get
inundated
by
Twitter
and
journalistic
questions,
because
you
know
the
the
biggest
problem
in
this
industry.
I,
don't
know
if
it's
the
biggest
problem
or
the
best
problem
is
like
everything
is
very
fast
moving
and
Twitter
is
a
medium
of
communication,
which
you
can't
control.
So
if
you,
if
something
start
going
wrong,
the
amplification
methodology
through
social
media
is
extremely
fast.
B
Well,
we
want
a
an
Institutional
grade,
ready
solution,
and
you
know
as
an
example
to
give
you
an
idea
of
institution
already
and
it's
public
knowledge,
so
I'm
not
sure
I'm
not
betraying
this
secret
but
command
you,
which
is
the
name
of
the
custodian
which
is
symbolizing
the
the
lion
dog
keeping
the
temple
in
Japan.
So
you
can
see
the
influence
of
namura.
There
wins
public
tender
of
that.
B
That
was
the
last
predict
Thunder
from
Imagine
city
government
before
brexit,
so
it
was
a
European
tender
to
secure
digital
assets
for
the
UK
Gulf
and
more
precisely
for
the
home
office
and
command.
You
win
that
because
you
know
against
coinbase
against.
There
was
many
other
companies
in
this
tender,
but
because
commanding
was
the
one
of
all
the
kind
of
bears
and
whistle
that
I
would
say
an
Institutional
grade.
Client
want
to
see
in
this
contender.
B
C
Yeah
yeah,
the
first
part,
is
definitely
for
me
in
relation
to
the
the
Armenia
solution,
so
the
the
reports
that
they
issue,
the
Assurance
reports
of
the
issue
are
once
a
day,
but
the
the
the
dashboard
that
you
will
see
it
updates
for
live
prices
both
for
the
liability
and
the
asset
side.
But
the
actual.
B
C
C
A
C
C
B
B
What
do
you
means?
No
I,
think
I
think
the
slower
location
of
phone
was
not
about
okay,
no,
we're
not
worried
about
the
conversation
about
anything
we
are.
We
can
allocate
faster,
I.
Think
the
idea
to
deploy
the
phone
in
a
I
would
say
slow
with
the
triple
o
of
the
quadruple.
Oh
manner
was
a
way
to
demonstrate
to
the
community
our
capacity
to
do
it
and
not
to
have
you
feel
on
stage
of
a
company
who
can
perform,
so
it
was
more
yeah.
B
B
A
B
Look
intimately,
we
can
go
out
extremely
quickly.
You
know
we're
trying
to
invest
in
low
duration,
liquid
asset
make
sure
we
can
get
a
and
benefit
from
Market
dislocation.
However,
you
know
every
you
know
the
price
of
speed
as
a
price
and
the
the
price
of
speed
is
like
people
are
waiting
for
you
on
the
other
side.
So
what
we're
trying
to
do
is
okay.
We
want
to
keep
it
as
liquid
as
possible.
You
know
we
can
definitely
get
out
in
seven
days.
We
have
no
issue
with
that.
B
You
know,
but,
like
you
never
know
what
the
market
condition
can
be.
If
you
look
at
last
week-
and
you
just
look
at
the
clo
market
last
week
in
the
UK,
when
you
get
this
DLI
happening,
it's
kind
of
a
complete
or
ldi
sorry
happening
it's
kind
of
a
it's
a
complete
mess
in
term
of,
like
you
know,
the
fixed
income,
Market
behav
in
ways
where
people
was
doing
this
market
for
20
30
years,
like
what
is
happening.
B
So
it's
not
something
you
want
to
be
on
stage
off
and
you
want
to
be
able
to
be
patient
in
that
case
and
not
to
be
forced
out,
because
that
would
be
damaging
for
the
community.
So
we
just
want
to
make
sure
we.
We
have
the
Liberty
to
exercise
best
discretion.
So,
as
we
can
give
in
case
of
a
urgent
need,
we
can
still
make
sure
we
deliver
our
fiduciary
duty
and
and
protect
your
asset
as
best
as
possible.
A
Got
it
yeah?
It
definitely
makes
sense.
Well,
while
we're
waiting
for
any
regular
questions
to
come
in
going
to
attempt
to
do
a
screen
share
here,
it
doesn't
look
like
I
can,
since
the
other
powerpoint's
still
being
shared,
but
just
want
to
bring
up
that
the
RFC
freeze
is
November
2nd,
so
that
is
about
two
weeks
before
the
proposal
becomes
locked
in
order
to
make
any
other
changes
to
the
myth.
A
So
the
timing
of
the
call
is
very
good,
as
the
community
you
know,
has
more
questions
that
we
want
to
make
sure
is
addressed.
The
the
timeline
for
both
The
Proposal
submitters,
as
well
as
the
community,
is
about
two
weeks
until
Wednesday
November
2nd
to
get
those
comments
in
just
look
like
we
have
a
follow-up
from
El
Progresso
that
says
assuming
so
far
is
four
percent
in
2023..
Can
you
go
for
these
terms
forward?
Looking
statements
with
several
members
listed
there
well.
A
B
Bit
I
think
I
understand
what
what
what
EI
Pro
is
saying
so
I
can't
work.
First
of
all,
we're
not
doing
any
forward-looking
statement.
This
is
what
we're
doing.
We
have
a
portfolio
which
is
right
now
yielding
on
the
yield
to
maturity.
Six
points,
six
point:
you
know:
I,
don't
have
it
in
front
of
me,
but
six
point
something
percent.
We
just
we
just
updated
the
number
of
this
afternoon
before
we
score.
B
B
A
B
So
so,
assuming
that
we
would
let's
forget
about
how
much
money
is
deployed,
because
it
is
it's
all
in
points
so
so
assuming
assuming
3.4
3.04
percent
of
so
far
right
now,
our
portfolio
is
able
to
generate
a
yield
to
maturity
of
6.75,
okay,
so
3.04
is
for
so
what's
the
maker
Foundation?
Oh
sorry,
that's
my
tongue
tweaking
again.
So
what
the
what
the
maker
Community
is
making
out
of
that
is
3.4
3.04
percent
plus
one
third
of
6.75
minus
3.04.
B
This
2.47
will
be
split
in
two
pool
for
cone,
share,
one
pool
being
a
pool
of
maker
Dow
that
we
will
buy
some
maker
effectively
in
the
market
and
log.
This
maker
for
two
years
in
a
very
transparent
Manner
and
the
other
health
will
be
effective,
which
is
basically
1.235
would
be
used
to
compensate
cone
share
for
its
portfolio
management
effort.
A
All
right,
I
think
going
over
the
on.
The
call
definitely
helps
as
a
reminder.
The
recording
of
This
call
will
also
be
made
available
on
the
call
announcement
post
and
we'll
we'll
share
it
with
your
team
as
well
coin
shares
to
distribute.
However,
you
need
Tim
did
ask
for
some
spreadsheets
to
be
included
in
a
follow-up
the
best
place
for
that
will
probably
be
in
the
the
mips
comment
section
from
if
86..
A
B
Post
is
fine,
we
are
monitoring
it.
We
have
a
policy
where
well
in
the
past,
we
try
to
gather
all
the
comments
and
also
once
a
week
to
avoid
losing
all
the
answer
and,
like
I,
think
trying
to
keep
it
consistent.
Since
we
are
closer
to
the
logo
date,
we're
probably
going
to
start
answering
also
faster
another,
like
probably
like
a
48
Hours
turnover
grouping
on
another
proposals.
So
as
we
can
all
the
answers,
so
we
can
update
the
proposals
in
real
time
and
otherwise
Twitter.
B
C
A
A
A
B
Well,
look
we're
very
excited
about
that,
we're
very
happy
to
work
with
the
maker
community
and
we're
very
happy
I'm,
very
happy
to
have
been
able
to
work
with
you
retro.
Thank
you
very
much
for
organizing
all
that.
You
know
your
effort
as
part
of
the
community
are
well
noted
and
very
useful.
So
thanks
a
lot
for
that,
and
also
thanks
to
all
the
people
who
have
been
very
supportive
of
this
process
and
and
give
us
a
lot
of
feedback
through
the
different
step.
B
A
Awesome
well,
thank
you
guys
for
coming
on
I.
Think,
as
you
demonstrated
on
the
call.
Governance
is
a
learning
process
and
you
guys
are
quick
learners
for
catching
the
foundation
slip
of
the
tongue,
but,
as
always,
keep
up
to
date
with
everything
at
forum.makerdab.com
and
we'll
see
you
around
another
verse.
Take
care.
Take
care.