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Description
MakerDAO Forum Post: https://forum.makerdao.com/t/know-your-mip-16-mip92-onboard-psm-usdc-to-yearn-to-earn-yield/19139
For this series’ 16th session, we hosted the team behind MIP92 to discuss onboarding USDC from the PSM to Yearn to generate Yield. The proposal aims to onboard 100m of USDC. This MIP will enter the Frozen Period on December 28th and have a Formal Submission Window of January 1st through the 4th for submission to the January Governance Cycle.
A
B
So
some
of
the
same
stuff,
some
new
stuff,
and
if
this
is
your
first
time
seeing
this
and
you've
read
myth92
on
the
maker
forums
or
you've
commented
or
you've
asked
questions.
Thank
you
for
participating.
We
need
people
to
ask
questions
and
we
need
people
to
ask
tough
questions
and
they're
all
really
important
to
us.
So
keep
them
coming
and
we
are
going
to
leave
no
stone
unturned
here.
B
B
Urine
contributors
have
built
and
contributed
to
the
creation
and
development
of
products
and
services
in
this
industry.
Like
the
audit
firm
y
Academy,
the
tool
coordinate,
ape
Works,
Viper,
brownie
disperse,
allow
list,
ERC,
4626
and
more
and
I
I
do
want
to
mention
again
that
why
Academy
is
fellowship
program,
educated,
59,
new
Auditors
in
2022
alone
in
their
first
year,
and
that's
an
incredible
success
for
the
entire
DFI
industry.
So
I
I'm
excited
to
see
what
they
have
in
2023
urine.
B
So
our
goals
for
this
program
for
MIP
92,
we
want
everything
to
be
executed
safely
and
slowly.
We
want
to
further
validate
the
case
for
defy
in
Risk
off
Integrations,
and
we
want
to
work
alongside
the
maker
teams
in
a
long-term
partnership
and,
of
course,
what
better
time
to
do
this
than
right
now,
with
our
current
market
conditions,
when
tradfi
yields
are
historically
high
and
D5
yields
are
historically
low
and
of
course
this
is
not
going
to
last
forever.
B
I
bet
everybody
who
is
on
this
call
or
listening
is,
is
here
building
today
for
what
we
are
going
to
be
using
in
the
future
for
tomorrow,
and
if
you
think
about
it,
these
conditions
are
really
the
ultimate
litmus
test
for
defy
yields.
So
in
our
presentation,
you're
going
to
see
a
menu
of
strategies
available
for
why
the
usdc
today,
with
all
the
apis
and
I'll,
get
into
those.
But
first
I
want
to
talk
about
the
strategy
creation
process,
so
urine
strategies
are
vetted
with
a
specific
repeatable
framework.
B
There's
six
steps
to
building
a
new
strategy
from
due
diligence
to
production
and
in
in
due
diligence
we
perform
our
own
mini
audit
as
a
code
review,
and
we
also
explore
the
the
rugability
like.
Is
there
a
multi-sig
or
are
the
contracts
upgradable
and
ultimately,
how
decentralized
is
the
strategy
we
review
all
of
their
third-party
audit
reports,
and
we
also
make
a
projection
of
what
we
think
the
apy
might
be
like,
based
on
certain
tvl
levels?
B
The
last
part
of
due
diligence
is
going
into
detail
about
the
strategy
pitfalls
and
what
needs
to
be
done
to
bring
this
to
production.
After
the
due
diligence,
Doc
is
created.
We
code
the
strategy
and
I'm
happy
to
share
any
due
diligence
docs.
If
anybody
wants
to
see
them
and
I
guess
even
more
importantly,
we
can
definitely
share
them
with
maker
when
we
have
new
strats
come
out.
B
So
after
it's
coated,
it's
reviewed
by
at
least
two
peers,
and
then
it
gets
deployed
to
a
production
environment.
We
call
Ape
tax
once
a
few
harvests
are
completed
in
production,
there
are
no.
If
there
are
no
issues,
the
strategist
can
try
to
get
it
approved
by
the
safe
farming
committee.
The
safe
farming
committee
has
another
complete
Security
review
and
that
follows
the
urine
risk
framework
that
I'm
going
to
talk
about
next.
B
So,
like
I
just
said,
let's
cover
the
the
yarn
risk
framework
now
so
there's
eight
key
metrics
that
we
measure
this
model
was
adapted
from
how
Rick's
how
risk
is
managed
and
the
aviation
industry.
We
evaluate
complexity,
protocol
safety,
tvl
impact
team
knowledge,
longevity
test,
scores,
code
review
and
third-party
audits.
B
So
complexity
is
how
complex
is
it
to
fully
enter
and
exit
the
strategy
protocol
safety
is.
Does
the
protocol
follow
overall
best
practices?
Are
there
audits?
What's
the
security
procedure?
Is
there
a
time
lock
and
more
tvl
impact?
How
much
of
the
entire
portfolio
is
impacted
if
the
strategy
fails,
team
knowledge
is
a
measurement
of
how
many
urine
team
members
are
in
the
know
about
this
strategy
and
can
react
in
an
emergency
if
someone's
not
available
or
if
it's
happening
in
the
middle
of
the
night.
B
Longevity
as
how
long
is
the
strategy
been
live
without
issue
testing
scores?
How
much
testing
has
been
done
to
the
strategy
code
review?
Is
our
own
internal
code
review
like
a
mini
audit
and
then
third-party
audits
we
go
through
and
we
read
all
of
those
and
then
we
also
if,
if
there
are
certain
prerequisites
that
need
to
be
made,
we'll
get
our
actual
code
for
the
strategy
audited
too.
B
So
we
decided
from
the
start
to
make
a
bespoke,
USBC
Vault
just
for
maker
and
completely
separate
from
the
normal
why
the
usdc
Vault
that's
been
in
production
for
over
a
year
now,
in
this
section,
I
think
we
did
a
bad
job,
giving
out
the
right
information
and
we
provided,
like
the
whole
menu
of
the
current
production,
why
the
usdc
Vault,
overall,
all
the
options
based
on
the
Forum
comments.
So
far,
we
were
definitely
over
sharing.
B
That
makes
sense
for
the
maker
risk
profile,
and
these
are
the
strategies
that
are
available
today,
but
tomorrow
they
could
be
different,
we're
always
building
new
strategies
and
we're
always
being
approached
by
new
projects
that
want
to
have
us
make
vaults
for
them,
and
this
is
going
to
change
over
time.
But
we
have
to
pick
a
point
of
where
to
start
and
where
to
get
this
framework
in
place.
B
So
getting
this
relationship
in
this
process
in
place
today
means
that
that
when
the
market
changes
in
the
future
you're
able
to
to
benefit
from
that
immediately,
if
we
put
in
the
work
right
now
and
and
once
we
start
with
this-
the
the
current
ceiling
where
it
is
today
if
we
reach
it,
it
can
be
raised.
So
this
is
going
to
be
a
lot
of
work
and
a
lot
of
communication,
but
we're
in
this
partnership
for
for
the
Long
Haul.
B
B
You
didn't
want
to
have
the
Wi-Fi
go
down
at
a
hospital
with
all
the
connected
devices
they
have
these
days
and
in
my
first
year
at
urine
here
so
far,
I
have
to
say
that
the
the
folks
I'm
working
with
are
in
like
another
Stratosphere
of
talent
when
it
comes
to
what
they
do
in
planning
and
execution
safety
documentation
and
just
like
the
desire
to
provide
really
high
quality
work.
And
so
that's
why
we
have
a
fee.
B
B
The
production
why
the
usdc
Vault
today
and
all
of
the
other
year
involts,
are
are
governed
by
the
yearn
six
of
nine
multi-cig.
But
that's
not
going
to
be
the
case
for
this
bespoke
maker
vault
in
The
Proposal.
We
mentioned
that
the
vault
is
under
the
sole
control
of
maker
governance
and
in
The
Proposal.
We
also
outlined
four
methods
for
changing
the
Vault
settings
on
here
and
I.
I
haven't
seen
any
other
comments
on
the
Forum
about
this,
and
it's
pretty
straightforward.
B
B
B
So
in
conclusion,
I,
just
wanna,
I
I,
hope
I've
conveyed
how
serious
we
are
about
our
approach
to
risk
management
here
and
to
the
overall
success
of
this
partnership
and
I
know
that
this
locks
on
December
28th
and
that's
the
Frozen
period
starting
and
then
January
1st
is
the
vote.
So
if
there
are
any
questions,
meanwhile
post
them
on
the
Forum
or
feel
free
to
get
in
touch
with
us
on
telegram
or
Discord
or
Twitter
or
anywhere,
and
we're
always
happy
to
chat.
A
Oh
there
you
go
go
ahead,
you're
back
now,
I
was
just
going
to
kick
things
off
with
3F,
good
meta
or
delegate
El
progresso's
question
here.
He
asks
zooming
out
assuming
the
gearbox
protocol
is
an
included
strategy
and
the
protocol
issues
Dow
governance
tokens
gear.
Does
the
fees
allow
your
to
keep
20
of
the
yield,
including
the
gear
token,
as
an
example.
A
B
C
No
I
would
like
to
clarify
on
that
how
how
fees
work
at
yarn
is
by
dilution.
What
does
it
mean
that
the
vault
is
going
to
emit
more
yearn
shares
and
it's
it's
going
to
send
it
to
to
the
treasury,
so
so
maker
is
not
going
to
nobody's
going
to
get
any
gear
tokens
like
if
you
deposit,
usdc
into
a
yarn,
Vault
you're,
going
to
get
more
usdc
you're
never
going
to
get
another
another
token.
C
That
is
not
the
one
you
deposited
into
so,
but
also
I
think
this
is
important.
So
again,
maker
is
going
to
to
get
that
yield.
Eighty
percent
of
that
yield
and
20
is
going
to
be
like
20.
More
is
going
to
be
minted
is
going
to
be
shares
minted
from
the
usdc
vaults
and
to
treasury.
So
we
are
like
yearn.
Treasury
is
going
to
be
a
user
of
that
Vault
because
of
fees.
D
D
Do
you
have
any
other
questions?
I
I
thought
there
was
some
pushback
in
the
in
the
Forum
post
as
Connor
was
mentioning,
but
yeah
I,
think
that
was
addressed
by
by
mentioning
that
we're
trying
to
build
something
that
might
work
quite
well
in
the
future,
especially
if
the,
if
the
rates
start
moving
the
other
way
and
potentially
I
wanted
to
also
highlight
the
importance
of
of
having
something
like
this
built
already
for
resilience
matters.