►
A
All
right
welcome
everyone
to
the
end
game
call
Q4,
2022,.
A
B
A
It's
going
to
be
we'll,
probably
spend
the
entire
one
and
a
half
hour
call
just
talking
about.
You
know:
scope,
Frameworks
and
this.
This
really
early
draft
of
the
document
I
made
that
I
can
share
here.
A
That
I'll
then
use
to
to
really
try
to.
You
know
as
an
example
of
like
how
how
is
how
is
governance
supposed
to
work
going
forward
right.
A
So
I'll
just
I'll
just
jump
right
into
it.
A
Okay,
so,
basically,
here
right-
this
is
a
this-
is
some
well
right
now
short
document
soon
to
be
probably
much
much
much
longer,
we
immediately
as
I
like
I
mean
this
is
so
so
it's
a
it's
a
scope
framework
right,
and
this
is
an
example
describing
the
real
asset
Kaleidoscope,
which
is
probably
going
to
be
the
most
complicated
of
all.
That
also
has
this
most
kind
of
I.
A
Think,
unlike
many
of
the
other
Scopes
we're
dealing
with
the
real
asset
collateral
scope,
is
very
dependent
on
on
sort
of
fitting,
in
with
some
other,
like
sort
of
you
know
like
being
congruent
with
a
lot
of
established
stuff
right,
so
that
also
makes
it
a
good
example,
because
we
immediately
run
into
this
tension
of
the
the
scope.
A
Frameworks
is
how
emperal
was
as
opposed
to
interact
and
sort
of
make
their
decisions,
but
then
it's
also
supposed
to
set,
like
the
actual
practical
conditions
necessary
for
the
the
metadals
to
operate,
for
instance,
right
and
all
their
whole
supply
chain
of
arrangers
and
people
who
bring
deals
and
all
that
stuff.
A
And
so
one
thing
about
the
I
mean
so
so
one's
a
really
important
thing
about
the
scope.
Frameworks
is
that
they're
supposed
to
be
like
very
functional
and
kind
of
practical
in
how
they
work
right?
So
so
that's
it's!
It's
and
really
I
mean
it's
really
clear
that
the
right
analogy
is
laws
essentially,
and
so
how
you
make
laws
in
in
the
real
world
right
where
you
have,
you
have
articles
and
you
have
a
hyory
throughout
the
term.
A
Really
Clauses
sections
sections
yeah,
that's
it
right
got
articles
you
got
sections,
maybe
you've
got
Clauses
is
another
thing
below
that.
But
basically
the
point
is
that
each
article
is
sort
of
the
highest
level
of
like
now
we're
covering
some
particular
concept.
Then
it
could
be
the
more
complicated
it
is.
It'll
have
the
more
Concepts
the
more
sections.
It'll
have
I,
don't
know.
In
some
cases,
I
mean
as
it's
written
now,
which
is
of
course
just
a
you
know,
super
early
draft.
A
B
A
It's
but
the
point
is
so:
it's
kind
of
I
think
in
what
people
have
gotten
used
to
with
mips,
or
maybe
people
I
guess,
maybe
I'm
overestimating
how
many
people
have
even
looked
at
the
mips
ever
right,
but
but
in
mips
things
are
very
kind
of
like
structured
like
oh,
that
has
to
be
like
this
here.
It
has
to
be
that
there
and
it
has
to
be
like
and
the
scope
Frameworks
are
meant
to
be
more
like
they.
They
have
a
certain
way
that
they
look
based
on
what's
useful.
For
that
particular
scope.
A
Right
and
you
can,
you
know,
you're
sort
of
free
to
I
mean
there's
no
rules
around
what
goes
where
necessarily
it
more
has
to
be
sort
of
a
common
sense
around
you
want
to
group
The
relevant
things
together
and
then
also
maybe
some
really
basic
conventions,
such
as
like
the
first
article,
will
mirror
something
that
that
will
sit
in
the
Constitution
right
that
describes
this
is
what's.
This
is
what
this
document
covers
right.
This
is
what
the
weather
code
and
then
there's
also
this
like
very
high.
A
Like
this
example,
right,
like
immediately,
we
start
to
like
I
mean
eventually
it's
supposed
to
be.
This,
of
course,
also
considers
the
fact
that
there
will
be
a
transition
phase
where
you
only
have
a
rwa
account
right,
but
then,
eventually
you
would
have
this
kind
of
the
real
asset
Council
first
is
is,
is
a
test
with
proposing
updates,
let's
go
framework,
it's
also
tasked
with
taking
initiative
based
on
basically
language
in
the
school
framework,
and
then
here's
there's
already
some
like
a
kind
of
weird
I,
actually
wanted
to
delete
this
element.
A
That
should
be
equal
to
right.
So
here
there's
a
Kind
of
a
Funny
transition
type
of
article
that
would
later
be
deleted
and
doesn't
is
not
kind
of
something
that
will
stick
around
for
the
long
run,
but
in
the
short
run,
it's
sort
of
useful
to
have
it
right
there
to
just
like
explain.
A
You
know
so
that
immediately
you
can
read
this
and
you
can.
You
can
get
some
sense
of
like
okay,
it's
temporary
the
way
this
exact
way
is
described
here,
and
you
and
and
there's
already
sort
of
practically.
How
do
you
like?
Where
is
it?
Where
is
it
going
to
go
and
what's
the
like?
What's
the
final
form
right.
A
And
really
really
crucial
fundamental
principle
of
how
the
scope
Frameworks
are
supposed
to
be
used
right
is
that
first
of
all,
I
mean
these
are
the
things
that
we
update.
Every
quarter
right
and
the
last
call
I
talked
about
how
you
know
Q
like
Q4,
now
we're
kind
of
preparing
for
like
the
actual
work
in
the
next
next
year,
right
and
then
the
next
year.
A
A
And
then
the
point
is
then
the
whole
governance
process
of
maker
switches
to
then
it
becomes
this
kind
of
quarterly
process
where
every
quarter,
what
you
kind
of
what
you
basically
do.
Is
you
review
each
of
these?
A
For
each
of
the
Scopes
right,
so
there's
12
scopes,
there's
about
12
weeks
and
a
quarter
and
then
every
week
you
focus
on
a
new
scope
and
then
every
quarter
you
cover
every
scope,
and
then
you
you,
the
sort
of
the
outcome
of
focusing
on
a
particular
scope
is
to
basically
look
back
at
the
last
quarter
and
then
figure
out.
What
could
we
improve?
What,
in
what
cases
did
it
work?
Well,
in
which
cases
did
it
completely
fails
it'll
predict
what
it
should
be
dealing
with,
and
then
you
can
continue
to
update
it.
A
Based
on
that,
and
then
you
know
like
a
really
fundamental
principle,
is
that
you
always
try
to
update
it
towards
being
more
future-proofed
and
being
less.
You
know
making
it
so
that
the
next
update
you
have
to
do
should
be
less
right.
You
should
try
to
predict,
what's
going
to
be
necessary
in
the
long
run
and
try
to
make
it
essentially
as
autonomous
as
possible
right,
so
you
don't
so
it
doesn't
rely
on
micromanagement
and
sort
of.
A
You
know
some
parameter,
rather
than
the
parameter
just
being
sort
of
hard-coded
or
being
a
a
constant
in
the
scope
framework,
and
you
want
to
focus
on,
like
you
know,
mechanisms
based
on
oracles
or
data
or
whatever
right,
Unchained
data
even
right
and
then
as
much
as
possible
over
time.
The
discuss
you
know,
sort
of
the
the
things
that
you
decide
with
the
scope
Frameworks
increasingly
become
like
how
to
collect
the
data.
A
A
And
then
I
made
sort
of
the
Holy
Grail
right.
The
the
Amana
outcome
would
be
one
day.
You
then
arrive
at
a
scope
framework,
that's
perfect
and
never
has
to
be
changed
ever
again,
which
of
course
not
100
possible.
But
but
the
goal
is
just
always
try
to
move
in
that
direction
and
then,
at
the
same
time
of
course,
yeah
recognizing
that
you
simply
can't.
A
Yeah
then
there's,
like
maybe
I,
mean
a
good
example
to
draw
with
this
examples.
Go
framework
here
is
how,
like
first
there's,
this
stuff
related
to
you
know,
sort
of
the
roles
of
the
real
asset,
Council
and
so
on,
and
probably
this
is
this
is
look.
This
will
be
something
that
you'll
probably
have
something
relatively
identical
to
that
in
all
the
scope,
Frameworks
something
similar
to
that,
and
then
immediately
we
get
into
article
6,
which
is
this
single
line
of
credit,
Type,
A
and
then
article
seven,
which.
A
Which
are
and
then
how
to
how
to
manage
the
native
psms,
and
then
it's
actually
done
like
now,
I
mean
so,
of
course,
this
is
not
at
all
functional
yet
and
then
we'll
need
a
lot
of
change.
There
will
be
a
lot
more
definitions
and
words
in
it,
but
ultimately
it's
sort
of
it's.
The
goal
is
to
be
a
symbol
and
sort
of
to
the
point
as
possible
right
that
we
just
covered.
A
We
cover
the
things
that
are
really
fundamentally
important
and
for
real
assets
during
sort
of
the
pregame
preparing
for
launch
it's.
Basically,
we
have
to
have
something
for
like
map
65
like
products
ready,
which
is
what's
the
idea
of
this
thing.
So
this
is
how
maker
can
this
is?
How
maker
can
you
know,
allocate
collateral
to
the
protector
dialysis
and
that
they
can
then
use
to
put
in
some
map
65
like
setup,
and
then
this
one
is
how
to
manage
the
psms.
A
A
A
Sections
and
classes
and
whatever
we'll
have
within
it
and
then
basically
putting
them
in
place
and
then
seeing
how
it
works
essentially
and
then
updating
them
over
time
and
yeah
so
I
mean
so
so
what
I'm
actually
most
interested
in
talking
about
on
this
call,
let's
see
if
there's
any,
of
course
it's
very
it's
very
likely
that
there's
just
not
gonna,
it's
gonna
be
a
complete
blink,
but
it
would
be
sort
of
how
to
make
this
as
readable
as
possible.
A
Alex
how
how
to
how
to
right
like
how
to
sort
of
I
mean
in
a
general
sense
right,
because
this
is
not
just
how
it's
not
just
how
we
would
deal
with
real
assets
right
for
a
decentralized
collateral.
It
would
be
something
like
you
have
these
things
here
and
then
here
you
would
maybe
have
instead
of
first
having
the
line
of
credit
thing
to
to
a
Creator
dial.
You
would
have
you
know,
risk
parameters
for
the
call,
the
mega
core
vaults
and
then
maybe
like
the
next
section,
would
be.
A
The
next
article
would
be
a
revenue
share
for
meta
dials,
and
then
there
will
be
a
line
of
credit
for
decentralized
assets
and
and
stuff
like
that.
Right
and
then
that's
kind
of
I
mean
the.
The
purpose
is
that
you,
then
you
define
all
these
like
crucial
things
and
you
have
it
all
in
one
spot
and
you
can
kind
of
like
as
a
metadata,
there's
a
particular
scope.
Frameworks
that
are
you
know
the
ones
that
are
relevant
to
you,
especially
protectors,
obviously
realize
it's
a
very
relevant
to
them,
and
creators.
A
A
Yeah,
so
let
me
see
if
there's
any
questions
or
input
or
anything,
it
seems
like
it's
not
really.
The
case
which
yeah
like
I
mean,
of
course
this
is.
This
is
so
esoteric
in
some
sense
right,
because
this
is
okay,
so
I
mean
right.
This
is
entirely
like
this
is
entirely
an
example.
A
I've
made
just
based
on
on,
like
my
basic
kind
of
understanding
of
like
how
I
would
try
to
like
how
to
try
to
sort
of
structure
somewhere
this
way,
and
so
then
one
thing
that's
I
mean
I,
think
adcv
is
reacting
to
the
actual
sort
of
terms
and
parameters
and
so
on
in
here.
Right,
so
that's
I
mean
that's
not
really
what's
important
at
all
right,
of
course,
that
needs
to
be
changed
and
based
on
the
reality,
but
I
think
the
like
one.
A
One
kind
of
I
mean
so
now
we're
talking
about
specifically
real
assets
right.
So
one
thing
that
is,
you
know,
that's
like
a
unique
challenge.
We
have.
The
real
assets
is
that
we
currently
don't
have
a
the
real
asset
Council
right.
So
as
a
result,
we
don't
really.
We
have
very
little
flexibility
there.
What
we
do
have
is,
basically,
you
know
the
sort
of
the
basic
vaults
that
we
know
are
adoptable
by
protectors.
A
Essentially,
and
so
that's
the
starting
point
needs
to
be
sort
of
reverse
engineering,
the
the
the
ability
to
launch
the
protective
house
and
have
them
run
functional
businesses
and
then
from
there
being
able
to
add
on
one
more
complexity
over
time
and
then
there's
actually.
On
that
note,
I
mean
this
would
Pro.
This
will
probably
also
be
the
case
for
all
the
other.
A
Real
asset
scope,
like
I,
mean
sorry
about
the
other
scope
Frameworks,
but
if
it's
particularly
useful
likely
for
for
the
and
for
real
assets,
specifically
because
of
the
insane
complexity
of
real
assets,
and
that
is
to
sort
of
basically
plan
ahead
on
on
new
elements
that
are
meant
to
be
added
over
time
and
basically
had
this
kind
of
a
process
where
you
can
have
multiple
rounds
of
basically
voting
on
on
something
that
you
want
to
implement
in
order
to
basically
I
mean
ensure
that
there's
not
there's
some
there's
greater
certainty
and
predictability
in
how
you
kind
of
roll
things
out
so
from
the
predict
protector,
dial
perspective,
for
instance
right.
A
It's
all
about
getting
these
lines
of
credit.
That
over
time
will
like
should,
if
it's
possible
aim
to
be
more
flexible
and
more
complex
until
I
have
more
complexity
over
time
and
then,
as
you
kind
of
prepare
for
that,
you
want
to.
A
A
But
no
I
mean
so
look,
so
these
should
definitely
not
be.
There's
absolutely
no
reason
to
make
these
in,
like
you
know,
like
close
groups,
on
the
contrary,
there's
this
should
just
be
like
straight
up.
You
know,
go
in
the
Forum
and
the
thing
I
mean
the
thing
that's
necessary
at
this
stage.
The
only
thing
that's
sort
of
holding
me
back
from
just
posting
a
bunch
of
stuff
to
The
Forum.
That
kind
of
looks
like
this,
where
everything
has
to
be
replaced
right.
A
That
is
just
getting
more
clarity
on
the
really
basic
structure
right
of
like
here.
We
got
something
related
to
this
is
the
work
duties
right.
Then
we
have
a
sort
of
crucial
business
kind
of
external
article
and
the
same
thing
here
right
and
then
we
can.
You
know,
like
the
question,
is:
what's
sort
of
the
what
are
the
most?
A
What
are
sort
of
crucial
generalizable
elements
like
that
that
we
need
to
consider
right
because,
what's
going
to
happen,
is
once
these
go
out
on
the
Forum,
then
what
what
the
way
people
react
is
they
will
be
like
okay,
I
wanna.
This
is
what
the
hell.
This
is
way
switch
a
little
detail.
We
need
to
be
more
clear
about
this,
and
maybe
it's
not
even
that
necessarily
that
there
are
any
suggestions
for
that,
but
even
just
people
pointing
out
like
this
is
the
part
that's
most
confusing.
A
A
You
know
like
fill
it
out
with
something.
That's
that's
sensible.
A
Like
and
then
so
Mark's
asking
each
particular
have
a
native
PSM.
No,
it
will
not
so
native
psms
means
make
a
call
native
for
that.
That's
a
good
as
useful
input
that
I
need
to
very
clearly
spell
that
out
right,
yeah,
so
one
so
so
one
of
these
concerns-
and
this
I
mean
I-
think
it's
also
an
interesting
point
right
that
some
of
this
jumps
between
is
irrelevant
to
metadowns.
Is
it
relevant
to
make
a
call?
A
Yeah-
and
this
is
also
definitely
comparable
to
bylaws-
that's
also
another
really
good
comparison
to
make
foreign.
A
And
then
there's
a
question
by
do
of
like
how
do
we
deal
with
conflict
of
interest?
And
that's
I
mean
that's?
Why
it's
so
crucial?
We
get
the
real
lesson
Council
right,
because
right
now,
all
the
kind
of
information
we
have
and
all
the
thinking
that's
been
doing
about
little
assets
right
now
come
from
the
people
associated
with
the
protectors,
for
the
most
part
right
I
mean
then
there's
of
course
few
other
people.
But
generally
that's
that's.
A
You
know,
that's
just
how
we've
in
practice
the
people
who
really
have
the
knowledge
about
this
stuff,
they
typically
want
to
be
actually
doing
it.
It's
going
to
be
I
mean,
and
this
this
is
one
of
the
things
I've
outlined
in
the
past,
right
that
one
of
the
absolute
top
priorities
for
the
entire
sort
of
pre-game
phases
we
need
to.
A
We
need
to
get
the
real
asset
Council,
because
we
need
to
have
people
that
are
like
the
people
that
ultimately
are
some
of
the
official
source
of
of
kind
of
advice
on
this
right,
I
mean
who
has
no
other
right
like
they
should
really
be
there.
Should
there
need
to
be
people
whose
only
job
is
to
sort
of
curate
and
Safeguard
and
and
edit-
and
you
know,
educate
stuff
related
to
this
document
as
well
as
then
also
enforcing
it
and
sort
of
right,
like
monitoring
compliance.
A
But
at
the
same
time
I
mean
everybody
should
give
input
on
this
right
like
having
the
council
over
time.
I
mean
that's
going
to
be
the
real
I
mean
actually
there's
a
whole
list
of
escalation.
Letter
of
like
there's,
obviously
like.
Obviously,
governance
is
always
going
to
be,
if
it,
if
it,
if
we
allow
it,
then
governance
will
always
be
like
a
struggle
of
special
interests
right.
So,
of
course
anytime.
Somebody
like
like,
let's
say,
let's
say,
like
a
protector,
comes
with
a
suggestion
for
hey.
A
Let's
change
this
thing
in
a
in
the
skill
framework,
then
obviously
they're
doing
that,
because
they
want
to
open
up
some
new
business
opportunity
for
them.
By
being
like,
let's
define
a
new,
you
know
we
want
to
do
long-term,
fixed
rates,
let's
define
a
kind
of
you
know
an
article
for
that
right
and
that
could
be
a
new
line
of
credit
type
or
something
like
that
right
and
then.
A
What's
then,
just
so
important
is
that
it's
like
it
you
you
want
to
make
sure
that
there's
simply
no
like
it's
all
it's
sort
of
it's
it's!
It's
unbiased
in
the
sense
that,
whatever
when
it
comes
to
how
the
the
like
the
scope
framework
deals
with
like
a
kind
of
like
all
the
like
ecosystem
actors
or
metadatas,
basically
right,
like
I,
mean
you,
but
you
both
have
the
example
of
the
the
line
of
credits.
These
are
the
meta
like
this
is
sort
of
a.
A
This
is
a
kind
of
a
playing
field
right
and
then
the
metadats
compete
in
that
Plainfield
and
it's
sort
of
the
same
thing
here
I
mean
actually
there's
some
stuff
missing
here
to
be
a
little
bit
more
like.
There
would
be
something
like
how
do
you
end
up
being
defined
as
a
base
PSM?
And
how
do
you
not
need
to
finance
in
companies?
I
don't
know,
but
I
mean,
and
these
terms
are
like
I
mean.
A
That
needs
to
be
improved
quite
a
lot,
but
you
know
the
basic
idea
is,
of
course,
uscc
pays
a
yield.
It
doesn't
pay
yield,
GSD
and
UTP
that's
pretty
yield,
but
you
can't
really
like
it's
USC.
We
need,
or
we
lose
the
pick
right,
because
the
pay
is
sort
of
measured
in
uscc,
but
as
much
as
possible.
That
should
not
be
like
it
shouldn't,
be
we
prescribe
usdc
is
I
mean
we
could
do
that
in
the
first
version.
That's
not
actually
a
problem
right,
but
it's
rather
than
over
time.
A
We
should,
let's,
let's
be
a
little
bit
more
future
proof
than
prescribing
that
usdc
is
the
base
currency
and
gausd
and
ustp
are
income
psms
or
whatever
right,
but
rather
increasingly
trying
to
Define
like
when
do
you,
you
know
what
what
are
the
data
we
need
to
observe
to
for
this
stuff
to
happen
right,
but
then
so
in
the
end
you
get
this
again
to
sort
of
Level
Playing.
A
Coins
competing
for
the
PSM
sort
of
the
opportunities
related
to
the
PSM
and
the
protector
is
competing
for
the
opportunities
related
to
the
different
lines
of
credit,
and
then,
if
you
have
a
prop
like
you've,
got
sort
of
the
proper
process,
you've
got
enough.
People
involved,
you've
got
the
dvcs
with
you
know,
actual
and
shareholders
that
have
real
skin
in
the
game
you
have
to
go
in.
This
you've
got
the
councils,
who
are
the
professional
experts.
A
You
have
the
delegates
to
sort
of
bridge
the
gap
between
MP
elders
and
the
professionals,
and
then
you
can
start
to
sort
of.
Actually
you
know
process
kind
of
the
best
of
the
ideas
coming
from
pretty
much
anywhere.
As
long
as
there's
I
mean,
there's
a
there's,
an
opportunity
for
that
right
and
then,
over
time.
Increasingly,
the
governance
process
becomes
all
about
making
tiny
tiny
little
edits
to
the
scope
framework
to
make
it
sort
of
a
slightly
more
future
proof
right,
that's
really
the
ideal
State.
A
We
want
to
be
in
right
that
we
we're
not
like
fundamentally
thinking
about
like
how
do
we
fundamentally
calculate
the
the
carry
for
a
line
of
credit
to
a
meta
to
protect
it
out
right,
but
rather
something
like
oh
should
it
be,
you
know,
should
The
Benchmark
be
three
month
treasuries,
or
should
it
be
the
secured
overnight
rate
and
so
on
right?
Those
are
the
more
you
can
get
into
those
detailed
discussions,
the
better
right,
because
that
that
just
increases
stability
of
how
do
you
build
a
business
with
a
protector?
A
Yeah
so
David
asks:
can
you
share
a
link
to
the
document?
I
think
I
mean
I'm,
basically
planning
to
make
a
few
more
edits,
so
I
just
can
fix
some
like
I
mean
I
mean,
especially
when
it
comes
to
sort
of
the
the
formatting
as
well.
I'm.
A
Really,
you
know
interested
in
in
figuring
out
initially,
but
then
I'll
I'll
post
in
the
Forum
and
the
whole
point
is
we
know
the
goal
is
to
have
12
of
these
on
the
Forum
I
mean
basically
in
time
for
q1
right,
so
12
kind
of
again
this
is
I
mean.
Obviously
this
is
a
like.
This
is
a
document
where
every
single
like
word
in
this
is
meant
to
be
replaced
right
and
positive.
Probably
the
fundamental
structure
is
also
meant
to
change.
A
A
A
Is
you
know,
sort
of
central
to
the
end
game
plan
right
is
that
these
things
have
to
be
legible,
to
have
shareholders
ultimately
like,
because
this
is
how
they
make
the
decisions
and
and
if
they
don't
like,
if
they
don't
understand
what
this
the
scope
framework
says,
then
it
will
not
be
followed
like
that
sort
of
in
the
incentive
over
time
is
then
that
the
rules
are
maybe
not
literally
broken,
but
they're
like
bent
right
and
abused.
A
So
that
means
that
that,
like
the
fundamental
constraint,
is
always
going
to
be
that
Imperials
have
to
be
able
to
understand
what
the
hell's
going
on
and
how
do
we
check
that
people
are
actually
like
the
the
sort
of
the
the
you
know,
the
support
infrastructure,
that's
supposed
to
verify
that
what
this
document
says
is
how
things
are
supposed
to
go,
that
that
support
infrastructure
is
actually
functioning
and
probably
verifying
that
things
are
in
compliance
with
these
rules.
A
Yeah,
so
who's
checking
the
Integrity
of
the
of
the
Frameworks
right,
so
so
I
mean
just
like
I
just
said
right
in
the
end,
it's
all
in
careless,
like
mkl,
is
they're
responsible
for
everything
they
have
to
do
everything
the
second.
They
don't
have
the
ability
to
verify
whether
something
is
done
correctly
anywhere
in
the
Dow.
That
thing
will
corrupt,
maybe
not
literally
the
second
sort
of
in
a
literal
sense,
but
in
a
kind
of
end
game
perspective
right
on
a
long
enough
timeline.
A
If
you,
if
you
open
up
and
say
oh
here,
we're
not
going
to
check
anything
and
you
can
just
go
corrupt
and
and
embezzle
funds
and
we'll
never
check,
and
we
will
never
know,
and
even
if
we
eventually
check
and
find
you,
you
will
there'll
be
no
consequences
right
like
if
you
do
that,
then
it's
kind
of
like
a
moth
to
a
flame
right.
It's
going
to
happen.
A
So
in
practice,
these
like
the
dvcs
right,
which
is
sort
of
this
call,
was
initially
supposed
to
be
a
DVC,
and
the
whole
point
is
mkl
was
supposed
to
say
it
on
these
calls,
and
you
know
like
discuss
the
different
aspects
of
the
protocol
and
then
make
changes
to
it
right,
another
of
course,
in
practice
just
that
it's
just
really
really
hard
right,
but
so
so,
but
the
point,
the
idea
is
right
that
that
initially-
and
we
get
these
kind
of
like
scaffolding-
I
mean
these
drafts
basically
I
mean
not
even
necessarily
drafts
right.
A
A
C
A
Of
the
Scopes
right,
there's
already
someone
who's
working
with
them
in
different
capacities,
with
different
kind
of
alignment
of
interest
and
conflict
of
interest,
based
on
whether
they're,
like
I,
mean
debate
based
on
where
they're
going
to
to
transition
to
and
and
that's
kind
of,
the
first
step
right
that
that
we
have.
A
This
kind
of
ad
hoc
process
turned
into
one
where
we
try
to
get
all
of
these
two
as
workable
as
a
point
as
we
can't
write
and
then
get
some
of
them
to
vote
by
geologists
because
there's
a
reaching
point
where
mkl
doesn't
understand
it
and
they
know
it's
done
based
on
some
actual
Pros,
have
really
sort
of
thought
about
this,
and
we
can
understand
it
looks
good
right,
then
it
can
be
actually
loaded
in
and
it
can
start
affecting
operations
and
then
from
there.
A
It's
like
I,
said
earlier
right:
it's
every
quarter,
you
review
them
and
the
review
process,
that's
what
the
DVC
is
sort
of
for,
like
so
fundamentally
the
framework
for
that
are
the
DBC
friends
you
have.
The
DVC
has
subcommittee
meetings
basically
like
like
a
DVC,
considers
each
actually
no
recognize
cbcs,
not
all
DB
I
mean
anyone
can
make
a
DVC
and
they
can
make
it
about
whatever.
Maybe
it
can
just
be
about
some
little
thing?
A
A
A
How
should
we
win
that
in
real
assets
and
make
sure
that,
like
the
interests
of
those
who
want
to
see
as
much
growth
as
possible
are
protected
and
same
with
those
who
want
to
focus
on
Surplus
and
sabriel
doesn't
want
to
support,
focus
on
resilience
and
alongside
the
mkholders
themselves
that
join
the
dvcs,
which
initially
could
just
be
me
right
and
actually
nobody
else
potentially,
but
hopefully
over
time,
I
mean
there
has
to
be
at
least
three
other
people
eventually
doing
it
right.
A
Otherwise,
it'll
literally
it's
just
experiment
failed
yeah
right
because
it's
not
going
to
work
unless
there
really
are
sort
of
semi-alterest
volunteers
that
are
motivated
by
the
MPL
Holdings
and
not
some
kind
of
you
know
special
interest
in
the
form
of
like
a
payment
or
something
like
that.
Right.
A
But
then
the
delegates
and
the
councils,
as
we
start
getting
councils
over
time,
and
we
start
to
get
trivials
over
time
and
and
initially
simply
just
the
coordinates
and
the
various
like
professionals
and
mandated
actors
that
are
relevant
today.
They
will
basically
support
them
shareholders
at
these
meetings
and
ultimately
try.
Everybody,
then
works
together
to
try
to
explore
what
is
the
sort
of
the
growth
or
the
Surplus
or
the
resilience
perspective
on
this
particular
scope,
framework
right
and.
A
And
then,
hopefully
the
call
is
then
it
doesn't
descend
into
almost
like.
You
know
politics
right,
because
you
have
people
that
actually
have
the
starting
point.
Is
people
have
similar
views
and
it's
a
focused
discussion
where
you
have
experts
in
place
and
you
already
have
based
on
some
of
the
work
done
in
q1.
A
A
So
to
practically
answer
all
these
questions
right,
so
how
do
I
get
all
those
penalized
bridges
of
the
scope
room
which
right
so,
if
it's
a
like
I,
mean
that's
actually
defined
in
the
scope
framework
itself
right,
so
it
could
be
something
like.
Let's
take
the
you
know,
let's
take
the
example
of
of
you
know
here
right,
so
here's
an
example
of
a
actually.
There
is
literally
a
penalty
written
in
here
right.
This
is
an
example
of
like
this
is
how
stuff
needs
to
work
in
in
game
right.
A
A
This
example
here
sort
of
tries
to
see
like
it
attempts
to
practically
implement
a
situation
where
we
use
that
for
kind
of
hybrid,
short-term
yield
asset
right
where
we
sort
of
we
were
basically
incentive,
I
mean
either
we
would
have
the
rwa
council
itself
initially
later
coordinates
with
ecosystem
interests
and
be
funded
to
then
hire
market
makers.
A
To
do
this
work,
or
we
could
directly
have
a
deal
or
basically
have
a
commitment
from
these
centralized
stable
coins
to
to
do
this
work
for
us,
which
would
be
to
basically
constantly
sort
of
rebalance
like
on
the
back
end
right
through
through
in
the
in
the
banking
system.
Basically,
by
saying,
if
we
got
too
much
used
to
see,
that's
paying
us
no
yield
then
go
ahead
and
take
a
portion
of
that
and
put
it
into
your
own
Central
stable
coin
and
gave
us
a
portion
of
the
yield
you
earned
from
that.
A
A
You
know
like
income
stable
coins,
rather
than
base
stable
coins,
then
you
have
to
also
move
it
back
and
the
problem
is,
of
course
they
don't
want
to
do
that.
They
want
to
keep
it
all
with
them.
So
we
have
to
put
some
kind
of
penalty
there
right
and
then
here
it
actually
right
says:
if
an
income
PSN
exceeds
it's
split,
an
implied
based
piece
which
is
a
bottle.
That's
just
like
you
know,
Thrive
language.
That's
trying
to
to
believe
in
this.
A
The
point
is
that,
basically,
if
they,
if
they
don't
follow
the
rules
described
up
here
right-
and
they
don't
follow
that
for
more
than
a
week
then-
and
this
is
also
important
right-
the
rwa
council
must
propose
and
wind
down
of
the
patient
right.
So
this
is
very
clear.
Kind
of
who's
then
respond
like
who
then
needs
to
take
some
action
to
get
it
to
have.
A
This
consequence
play
out
right
and
then,
of
course,
then
the
next
step
is
like
what
happens
if
the
rwa
council
doesn't
do
that
and
then
actually
initially,
we
don't
actually
have
an
answer
for
that,
like
we
can't
really,
we
can
offload
the
rwa
council
if
they
don't
do
what
they're
supposed
to
do
right,
but
in
the
long
term,
this
is
where
the
governor
meta
dialysis
is
supposed
to
play
that
role
right,
because
then
you
actually
penalize
the
governor
metadatas,
since
they
are
the
ones
who
ultimately
are
responsible
for
the
you
know
for
producing
the
like
taking
some
of
the
actions
that
are
supposed
to
happen
in
defined
in
the
scope
framework,
and
that's
really
interesting,
because
the
government
of
those
have
collateral
right.
A
A
They
will
take
a
hit
if
they
get
a
penalty,
so
there's
a
greater
chance
that,
like
either
one
of
them
will
be
like
okay,
I'll
just
get
it
done,
make
sure
this
happens,
because
anyone
could
actually
do
this
right
or
they
will
proactively
be
like
we're
not
going
to
hire
people
to
then
you
know
like
do
the
rwa
council
work
if
we
don't
trust
them
to
get
this
right.
B
A
The
answer
is:
who
who
polices
the
councils?
That's
the
the
governors
and
then
I
mean
who
believes
is
the
governance?
That's
the
shareholders
and
then
also
this
sort
of
escalation.
Letter
of
vendors,
like
there's
the
finance
scope,
the
ecosystem,
scope,
the
arbitration
scope
and
the
government
security
scope,
which
I
like
the
sort
of
the
policer,
the
police
of
the
police
of
the
police
of
the
police
in
some
way
where
you
try
to
have
even
more
of
this
like
if.
C
A
Mechanism
fails,
then,
there's
other
mechanism
steps
in.
If
that
fails,
then
there's
other
things
and
that
fails
in
this
other
thing
steps,
but
ultimately,
in
the
end,
it
always
comes
back
to
a
government
right,
but
the
second
and
Care
holders
aren't
willing
to
or
unable
to
and
actually
enforce
at
what's
supposed
to
be
enforced.
A
The
whole
thing
breaks
right
because
that's
the
that's
the
only
fundamental
incentive
that
exists
in
this
system
that
aprilus
will
actually
vote
the
way
they
have
sort
of
committed
to
voting
of
this
or
in
a
sense
described
or
even
you
can
even
say,
threatened
that
they
will
vote,
which
is
also
why
I
mean
this
is
why
I
always
come
back
to
things
like
charity
and
Spark
and
semi
altruism,
but
you
have
to
have
people
that
are
willing
to
be
in
their
owners
and
engage
in
the
Dao
for
the
sort
of
the
best
of
the
Dao
as
a
whole
and
not
just
for
their
personal
interests.
A
All
right
prepaid
masks.
So
could
we
go
over
how
the
scope
gets
changed
like
let's
say
a
bunch
of
dvcs
are
applications
will
lose
the
rules
on
protectious
funding?
When
will
the
process
look
for
approving
or
rejecting
a
change?
Look
like
yeah,
so
first
of
all,
I
mean
and
the
process
shouldn't
be
a
bunch
of
dvcs
get
some
crazy
idea
and
try
to
push
for
some
fundamental
change
based
on
some
like
idea
they
had
right,
it
should
really
be
the
council.
A
I
mean
let's
talk
about
like
this.
This
you
know
just
to
root
it
to
this.
You
know
this
rwa
scope
framework
right.
So
hopefully
we
quickly
get
an
rwa
Council
in
place,
because,
without
that
it
gets
very,
it
quickly
gets
very
hard
right
because
you
get
so
much
like
Donny
Krueger
stuff
right,
then
you
just
want
to
avoid
that
kind
of
right
you
want
to
have
like
you
know
you
want
to.
A
You
want
to
have
accounts
in
place
before
you
start
making
any
kind
of
big
decisions
in
this
stuff
right,
but
so
then
the
council,
what
they
would
do
is
they
would
I
mean
and
first
of
all
as
much
as
possible,
you
would
actually
have
this
sort
of
future
implementation
already
figured
out
right.
So
you
don't
just
you
you,
as
you
want
to
avoid
having
sort
of
a
clean
slate
where
anything
can
happen,
and
you
want
to
have
more
like
this
is
kind
of
these
are
the
things
we've
got
to
put
in
here.
A
This
is
when
we
will
aim
to
do
it
and
then
this
is
how
we'll
expand
them
further
once
already
in
and
then
what
the
council
could
do
is
that
it
could
determine
that.
There's
a
major
I
mean.
Maybe
it's
put
it's
already
put
down
here,
or
maybe
it's
just
sort
of
an
emergent
thing
that
now
there's
a
very
there's,
a
very
clear
interest
in
yeah
I,
don't
know,
I
mean
I,
wouldn't
it
makes
I,
don't
think
it
makes
any
sense.
A
Like
you,
I,
don't
like
it's
totally
irrational
for
NPR
holders
to
say
we
should
have
some
loser
rules
right.
A
That's
not
a
that's
like
it
would
be
something
that
we
want
higher
yield
right
or
something
like
there's
some
kind
of
reason
why
we
want
some
change
like
we
want
to
achieve
something.
So
let's
say
like
it's
something
like
there's
like:
let's,
let's
have
an
option,
so
we
can
get
some
more
yield
right.
So
we
can.
We
can
improve
the
some
of
the
efficiency
on
the
on
the
the
kind
of
the
the
long-term
end
of
the
spectrum.
A
So
we
know
that
in
the
Alm
model
or
something
like
that
right
then
the
council
would
basically
then
like
do
a
bunch
of
research
and
sort
of
professionally
build,
like
you
know,
come
up
with
some
kind
of
proposal
to
achieve
this,
which
is
then
that
I
mean
so
that
then
initially
place
a
role
of
I
call
it.
Maybe
it's
like
I
mean
I,
think
it
was
like
the
consensus
proposal
right
or
something
like.
Maybe
it
needs
some
other
term
like
the
first
initial
I.
A
Don't
know
like
the
first
proposal
right,
so
that's
the
they
take
this
first
proposal
that
comes
out
of
the
council
and
they
make
that
as
a
kind
of
a
sort
of
a
neutral
like
this
is
based
on
what
we've
gathered.
This
is
what
we
think
is
like.
If
you
have
where
to
make
a
single
proposal
that
everybody
would
support,
then
this
is
what
we
think
is
the
best
guess
right
and
then
the
next
stage
is
that
space
I
mean
so
that
proposal
right.
A
That's
basically,
is
that
is
made
in
preparation
for
the
whatever
week
of
the
quarter.
That
focuses
on
real
lessons
and
then
in
that
week,
where
the
focuses
on
the
remote
assets
I
mean
leading
up
to
that
the
sub.
The
real
asset
subcommittee
of
each
DVC
will
then
be
looking
at
this
consensus
proposal
and
be
sort
of
you
know
discussing
how
to
edit
it
and
change
it
and
whatever
right
and
actually
the
consensus
purpose
itself
should
then
also
I
mean
as
much
as
possible.
A
A
Probably
right
and
other
things
like
that,
so
basically
trying
to
make
it
as
like.
The
goal
is
kind
of
to
I.
A
Don't
know
what
I
guess
it's
called
enfranchise
or
it
goes
in
Empower
voters
as
much
as
possible,
Right
to
like
direct
them
to
the
right
things
where
they
want
to
be
making
the
decisions
so
that
they
can
have
the
impacts
that
they
want
to
have
without
having
side
effects
that
they
don't
want
to
see
right
and
not
making
too
big
changes,
and
generally
right
without
I
mean
without
treading
very
carefully
right
and
then
you'd
have
the
actual
meetings,
and
then
the
meetings
would
sort
of
be
the
conclusion
of
like
this
is
what
the
position
of
each
DVC
subcommittee
is
on
what
they
finally
want
to
sort
of
advocate
for
what
they
want
to
vote
for
and
try
to
try
to
push
through
and
then
I
think
there's
going
to
be
this
whole,
you
know
Advanced
game
or
interaction
where
you
may
have
dbcs
agreeing
and
stuff
and
being
like
I
mean.
A
Maybe
they
don't
fully
agree
on
something,
but
they
don't
the
third
one.
They
very
much
disagree
with
everyone,
so
they
sort
of
go
together
and
they're
like
okay.
We
will.
We
obviously
want
to
vote
on
on
our
individual
thing
and
try
to
force
the
force.
You
know
through
the
exact
thing
we
went
through,
but
if
we
can't
do
that,
then
we'd
rather
agree
on
this
thing
here,
rather
than
have
this
other
guy
win
or
have
some
consensus
thing
that
also
includes
what
they
want
or
something
like
that
right
and
I
like
we
need.
A
You
know,
that's
going
to
be
an
interesting
place
to
really
you
know,
think
about
how
can
all
that
play
out,
and
how
do
we
reflect
that
with
voting
and
I
I
think
it's
very
likely
that
a
lot
of
the
experience
we
already
got
was
signal
requests
and
all
that
stuff
is
going
to
be
relevant
for
that,
and
also
it's
just
something
we
can
evolve
organically
and
we
can
have
some
kind
of
I
mean.
A
Basically
it's
not
in
this
document
right
now
right,
but
this
is
actually
a
myth
right
and
then
the
bottom
of
the
MIP
has
some
kind
of
subroposal
process
right
and
the
self
proposal
process
for
it
like
process
to
edit
the
scope
framework.
A
That's
then,
where
we're
like
this
is
how
you
this
is,
how
the
world
functions
and
then
all
you
know,
all
these
different
kind
of
coordination
and
and
negotiation
even
right
should
then
go
into
that,
so
that
the
DBC
is
ultimately
you
get
you
basically
end
up
with,
like
you
know,
a
majority
of
mkl
holders
wanting
to
make
some
careful
changes
in
a
particular
direction.
That
brings
the
system
more
towards
long-term
sustainability
and
then
also
brings
it
more
towards
the
general.
A
Yes,
I
see
them
like
I.
Don't
really
understand
these.
A
It's
like
what
happens
if,
like
the
council
is
corrupt
or
clueless,
or
maybe
they
don't
even
exist,
I
mean
there's
going
to
be
a
number
of
tribunals
and
councils
that
won't
even
like
some
Scopes
that
won't
even
have
any
directly
sort
of
assigned
professionals
initially
right,
and
so
in
that
case
it
really
is
just
like
the
DVC
subcommittee
and
the
delegates
and
and
then
basically
the
the
the
special
interests
in
the
ecosystem.
Right
that
relate
to
that
scope.
A
That
will
then
like
then,
basically,
the
dvcs
will
sort
of
skipped
the
consensus
proposal
starting
point
and
try
to
formulate
their
own
updates,
Cisco
framework
and
yeah.
The
main
thing
is
just
there
just
need
to
be
the
spare
clear
sort
of
understanding
that
you
can
and
that
when,
when
you
don't
even
have
a
tribunal
or
a
you
know,
Council,
you
just
got
to
be
super
careful
with
what
you
put
in
there,
because
it
could
be
complete
nonsense
right
and
then
it
could
be
so
bad
that
you
end
up.
A
Having
trouble
you
know
finding
people
to
then
fix
it
later,
because
you
know
it
could
go
completely
full
done
in
Kruger
right.
So
we
that's
a
that's
something,
that's
important
to
avoid,
of
course,
although
in
the
end
I
mean,
of
course,
it
could
always
be
fixed
right,
and
there
are
basically
I
mean.
The
great
thing
about
the
current
state
of
of
maker
is
that
people
still
very
right
is
to
like
the
the
coordinates
and
sort
of
the
team
and
the
core
Community
around
maker
is
still
very
trustworthy.
A
Essentially
right,
so
you
will
you'll,
have
people
with
lots
of
special
interests,
one
way
or
another,
going
to
Metals
ecosystem
mattress,
but
they'll
still
just
because
in
the
end
I
mean
they're,
not
in
maker,
because
they're
trying
to
get
rich
or
something
right.
A
So
you
still
have
you're
still
going
to
have
a
lot
of
quality,
voluntary
or
sort
of
kind
of
contributions
from
people
that
wouldn't
be
the
ones
you
you'd
expect.
This
contribution
from
in
the
long
run,
helping
to
shave,
shape
the
starting
points
for
the
the
Scopes
right
to
get
us
to
the
point
where
we
can
just
have
them
in
place
for
launch
and
and
be
sort
of
stable.
A
You
know
stabilize
and
then,
as
we
scale
and
grow
enough
to
afford
all
the
you
know,
all
these
like
layers
of
of
people
and
and
sort
of
control
mechanisms,
then
we
can.
We
can
populate
all
of
the
all
of
these
like
roles.
A
Yeah
and
well
I,
guess
back
to
this
patents
coming
here
right
then
dvcs
are
not
super,
not
advocacy
roles
they're
not
supposed
to
steer
scope,
changes,
just
vote
on
them
and
that's
very
like
I
mean
and
that's
true
when
if
there
is
accounts
in
place
and
that
council
is
competent
and
honest,
basically,
then
right,
because
then
that
is
just
more
like
that,
like
it
shouldn't,
you
know,
it
would
be.
A
It
shouldn't
be
the
case
that
there
will
be
so
much
stuff
to
argue
about
and
change
and
so
on,
and
if
we
see
things
like
that
happening
and
that's
likely
going
to
be
a
sign
of
corruption
right
so
so
major
changes,
attempts
to
to
make
sort
of
radical
change
and
like
is
in
general,
that's
going
to
I
mean
that's
coming
from
some
kind
of
special
interest
right.
That's
not
it's!
Never
really
an
interest
of
mkholders,
because
the
number
one
thing
for
him
piano
is
they're,
not
really
paying
attention
at
all
right.
A
If
it's
the
same
thing-
and
it
keeps
going
the
same
way-
and
it's
done
that
for
a
very
long
time
and
there's
a
lot
of
very
easy
to
access
explanatory
material
right
as
soon
as
something
changes-
it's
just
like
they
don't
it's
extremely
expensive
and
hard,
and
so
on
right
to
change
things
so
and
that's
exactly
the
problem
is
that
so
the
incentive
is
completely
opposite
for
everyone
else,
which
is
more
changes,
are
better
and
more
complexity
is
better
because
that
exactly
means
that
the
checks
disappear.
A
If
MK
analysts
aren't
able
to
follow
along.
C
A
Maybe
I'll
just
dive
a
little
bit
into
this
scope
framework.
Just
so
maybe
people
have
some
opinions
about
what
they
I
mean:
I'm,
really
I'm,
especially
interested
in
getting
feedback
from
people
that
are
not
really
in
rwa
at
all
and
figuring
out.
What
parts
of
this
are
incomprehensible
to
them
right
or
maybe
even
better
what
pots
make
sense
so
because
the
right,
the
ideal
outcome
with
a
document
like
this
would
be
that
you
I
mean,
of
course,
you'll.
Never
you'll
never
be
like
an
El.
A
You
know
explain
like
a
five
or
anything
like
that
right,
but,
like
the
idea
is
that
it
should
be.
It
should
be
possible
to
understand
how
we
you
know
what
can
happen
to
us.
What
can
happen
to
the
metadata
right,
how
we
kept
safe
and
and
what
sort
of
the
general
like
right
like?
What's
the
like,
you
know
they're
in
this
very
clear
thing
of
like
well:
what's
the
basic
trade-off,
something
like
yeah,
you
can
put
stuff
you
can
you
can
take
more,
you
know,
connects,
have
lower
rates
and
get
more
liquidity.
A
A
You
know
how
do
you,
how
do
you
balance
that
appropriately
and
how
do
you
then
sort
of
confirm
that
the
things
that
are
sort
of
saying
that
this
is
more,
this
is
better
yield
and
you
know
higher
risk
or
or
different
duration,
and
that
that
that's
actually
the
case
right
and
and
the
way
that's
all
of
that
was.
A
Is
that
major
doesn't
even
interact
with
some
of
the
actual
requests
directly?
It
gets
these
like
synthetic
assets,
essentially
the
synthetic
exposure
through
the
meta
dance
to
to
vastly
help,
simplify
it
yeah
so
where
and
how
right
so
where
and
how
can
we
get
volume
framework
writing
and
giving
feedback
like
I
said,
they'll
go
on
the
Forum
right,
so
I'll
write
formatting
drafts
like
this
right,
where
that
are
basically
like
a
scaffolding
that
needs
to
then,
like
everything,
is
sort
of
dummy
language
in
this
right.
A
It
needs
to
be
needs
to
be
populated
with
Concepts
and
language
and
terms
from
people
that
that
you
know
have
the
specialized
knowledge
in
each
of
these
areas
right
and
in
some
cases
I
will
I
will
like
work
with
a
few
people
that
have
some
specialized
knowledge
and
like
in
cases
where
it
really
makes
sense
too.
A
So
I
don't
come
out
with
something
that's
completely
nonsensical
right
and
but
then,
as
previous
password
goes
in
the
Forum,
and
then
people
discuss
it
and
discuss
it
on
the
Forum
basically
and
then
q1
we
will
I
guess
I
mean
the
thing
we
will
be
doing
in
q1
is
we
will
first
we'll
decide
which
one
of
these
is
the
most
is.
The
lowering
fruit
is
like
the
thing
that's
on
fire.
That
needs
to
be
fixed
right.
A
That
and
then
we
just
go
through
them
kind
of
based
on
prioritizing
where
where's
the.
Where
can
we
get
some
value
in
trying
to
get
some
of
these
scope?
Frameworks
in
place
and
I
mean
an
example.
I
came
with
I
I
think
I
gave
earlier
right
is
like
the
stability
and
liquidity
scope
is
often
one.
A
That's
that's
brought
up
is
like
this
is
a
good
starting
point
because
we
could
implement
the
rules
around
like
the
rules
related
to
the
die
savings
rate
there,
and
we
could
actually
have
that
go
into
effect
and
have
that
be
the
thing
that
takes
over
running
the
die
savings
rate
rather
than
I?
Think
I
think
it's
it's
core
unit,
a
privilege
right
now
that
that's
been
used
to
control
that
foreign
and
and
that's
kind
of
the
idea
right
that
then,
as
we're
ready
for
it
we'll
bring.
A
Each
of
these
like
each
of
these
areas,
will
be
sort
of
brought
under
the
control
of
the
skill
Frameworks
in
this
sort
of
unified
place
right
and
then
eventually,
when
all
of
the
12
school
Frameworks
in
place,
yeah
we'll,
we
should
know
how
every
process
in
the
dial
works
at
the
highest
level
already
wow.
A
Will
the
real
asset
scope
need
some
sections
on
a
holistic
view
of
Investments
on
an
Alm
basis?
I.E
each
quarter
of
the
rwa
scope
will
publish
a
Target
LM
allocation
for
each
category
of
a
liquidity.
Then
you
could
implement
the
minimum
return
to
example,
based
on
liquidity,
bucket
space
yeah,
so
so
I
think
there's
some
I
mean
right
now.
This
sort
of
the
the
interest
well.
A
So
the
first
thing
to
to
mention
is
that
there's
some
kind
of
like
inheritance
like
a
a
yeah
like
logic
of
like
inheritance
in
the
scope
Frameworks,
where
certain
scope
Frameworks
depends
on
other
scope,
Frameworks
and,
and
one
example
of
that
is
that
the
real
asset,
collateral
scope
framework
depends
on
the
stability
and
liquidity
scope
framework,
because
that's
the
scope
framework
that
defines
Alm.
A
But
stability
liquidity
defines
you
know,
holistic,
alien
right
for
all
of
the
entire
type
of
line,
so
the
holistic
Alum,
that's
defined
in
the
stability
and
liquidity
scope
is
then
you
know
practically
implemented
in
the
decentralized
collateral
scope
for
the
stuff
related
to
centralize
assets
and
in
the
real
ethical,
aeroscope
and
stuff.
Really
it's
a
real
assets
right.
So
then,
here
this
article,
7
right,
that's
actually
the
I
mean
this
could
maybe
also
be
renamed
something
like
rwa
collateral.
A
Alm
implementation
with
psms,
or
something
like
that
right,
but
this
is
then,
where
the
actual,
like
the
Practical
mechanisms,
of
how
this
the,
how
do?
How
do
the
the
the
the
sort
of
the
assets
actually
move
around
in
terms
of
what
happens
when
the
dye
Supply
expands
and
what
happens
when
it
contracts
right
and
then
a
lot
of
this
well
I
mean
yeah.
A
Like
I
mean
every
everything
that
is
defined
in
the
civilian
liquidity,
scope
would
have
to
be
fully
followed
here,
sort
of
one
to
one
right
and
then
it
would
also
add
practically.
How
do
you
then
practically
do
it
right
like?
How
do
you
set
incentives
in
place
and
put
rules
in
place
that
then
make
it
happen
right
and
actually
so
there's
I
mean
so
so
right
this
one
that
defines
like
you
know:
you've
got
UCC,
it's
like
the
base.
Psm,
that's
like
the
cache
we
want
to
have.
A
We
always
want
to
have
some
use
to
see
it
right,
and
then
we
wanna
we
have
these
gusd
and
ustp
that
we
use
for
getting
some
extra
Returns
on
our
on
our
liquid
assets.
A
And
then
we
have
this
thing
here,
and
this
is
some
kind
of
you
know,
super
naive
and
basic
algorithm
that
you
know
allocates
excess
cash
into
more
illiquid
yield,
generating
opportunities.
A
Like
right
now,
this
line
here
right,
this
sentence
here,
says
increased
by
an
amount
of
die
equivalent
to
the
excess,
stable
coins
above
30
of
the
total
Dice,
and
so
it
doesn't
it
just
increase.
It
doesn't
Define
how
it
happens
right
and
then
maybe
that
should
be
changed
to
something
like
you
know
the
RW.
You
know.
B
A
If
more
than
35
of
the
total
isoplies
in
the
psms,
the
other
way,
Council
must
propose
that
the
lines
of
credit,
Type
A,
is
increased
by
the
amount
of
guy
equivalent
to
the
excess
of
the
stable
kind
of
a
bottle
right.
A
So
this
is
an
example
like
that's
how
you
sort
of
practically
focus
on,
and
how
does
this
actually
happen
right
and
then,
eventually,
you
get
into
the
whole
thing
of
like
what
happens
if
they
don't
do
it
well,
then
they're
should
be
some
kind
of
penalty.
Eventually,
when
you
got
the
government
house
in
place
and
even
better
would
be
something
like
there's
an
automatic
system
that
does
this
right,
it's
a
d3n
to
the
to
air.
A
A
Just
be
an
IM
a
little
bit
a
DCIM
that
just
sits
and
changes
the
DC's
of
the
the
d3ms
completely
automatic
right,
that's
even
better,
of
course,
but
we
don't
have
to
rush
there
either
right.
We
can
take
all
this
stuff
step
by
step,
and
always
the
goal
is
to
be
having
a
functional
MVP.
We
can
kind
of
like
understand.
How
is
this
going
to
work?
How
is
it
going
to
be
built?
How's
it
going
to
be
ready
for
for
launch,
which
should
be
ideally
early,
Q4
right.
A
So
I,
don't
I,
don't
know
David.
If
this
actually
answered
your
question,
but
I
don't
know
I'm
interested
to
hear
if
you're
reviews
like
if
you
can
sort
of
rephrase
your
question,
or
do
you
like
this
answer,
what
your
information
you
were
interested
in
I
mean
I.
Also
I
mean
I,
also
get
a
sense
of
what
you're
actually
saying
is
I
mean
I.
A
Think
you
have
a
you,
have
an
opinion
about
a
way
to
to
to
like
do
something:
I,
don't
really
understand
what
it
is
you
want
to
do,
I
mean-
and
this
is
the
channel
I-
guess
that's
good,
actually
right,
because
if
I,
if
I
understood
all
these
like
the
Intrigue,
the
details
and
the
intricacies
and
all
this
stuff,
then
you
know
it'll
be
even
harder
for
regular
employers
have
any
clue
what
the
hell
is
going
to
end
up
happening.
A
So
it's
sort
of
a
good
thing
that
I
have
I,
don't
really
know
any
of
this
stuff
Beyond
any
other
random
person
and
as
a
result,
that
really
exposes
the
most
fundamental
challenge
in
all.
This
is
that
it
has
to
be.
It's
got
to
be
extremely
extremely
simple
right,
because
the
imperialists
cannot
trust
the
professionals
to
actually,
you
know
be
honest,
essentially
right,
because
there's
no
consequences
for
not
doing
so
and
I
don't.
A
Okay,
3F
good
meta,
says:
okay,
so
zooming
out
what
role
does
a
protector
metadata
play
in
providing
bottom-up
information
and
insights.
A
So
I
mean
so
I
mean
really
broad
answer
to
this
is
this:
is
the
kind
of
I
mean
that's?
What
has
to
go
into
the
scope
framework
right?
A
So
so
the
I
mean
the
answers
like
all
of
the
answers
to
all
of
this,
and
really
just
all
answers
to
sort
of
everything
right.
That's
anything
related
to
details
and
implementation
goes
into
the
scope,
Frameworks
either
so
directly,
or
maybe
it's
covered
under
some
kind
of
like
so
one
of
the
things
that
the
scope
Frameworks
can
do
is
it
can
give
flexibility
to
the
the
councils
or
the
coordinates
or
the
tribunals.
A
So
it's
either
directly
addressed
in
the
scope
framework
itself
or
is
directly
addressed
in
some
kind
of
sub
document.
That
is
then,
like
more
like
more,
you
know
more
mutable,
basically,
and
and
has
less
you
know
red
governance,
red
tape
on
it,
I
think
the
I
mean
the
most
well.
The
one
answer,
I
think
that
I
think
is
is
at
this
point
is
like
the
right.
The
like,
like
is
going
to
be
the
most
useful
and
will
be
able
to
sort
of
implement
any
other.
A
You
know
all
the
other
things
right
so
basically,
ultimately,
like
these
things
right,
the
line
of
credit
types
are
more
like
a
sort
of
d3m
Target
criteria
right
like
ideally,
they
are
flexible
to
the
point
where
they
don't
just
fit
together
with
just
a
single
specific
type
of
d3m,
but
rather
they
provide
sort
of
a
decision.
A
You
know
process
to
figure
out
which
d3ms
that
are
sort
of
of
a
particular
type.
How
do
we
want
to
allocate
between
them
right
so
that
you
really
you
know
so
the
way
you
want
to
I
mean
sort
of
surface
this
bottom-up
information
from
the
metadashes
you
want
to
be
able
to
have
you
want
to
have
them,
compete
on
returns
and
risk,
and
all
that
stuff
right
and
then
based
on
on
you
know
the
best
innovations
that
had
happened
and
the
best
terms
that
are
given.
A
Then
you
then
makers
and
looks
at
what's
available
and
picks
the
best
stuff,
but
then
also
I
mean
the
best
doesn't
just
mean
dumb
everything
where,
wherever
the
yield
is
0.1
higher
right,
because
there's
also
other
factors
like
diversification
and
all
these
like
much
more
much
less
tangible
risks
and
factors
like
regulatory
risk
and
geographical
distribution
and
so
on
right,
but
even
that
the
decision
really.
So
that
is
something
you
want
to
capture
as
much
as
possible
right.
A
So
you
just
want
to
have
as
much
clarity
as
you
possibly
can
on
on
how
to
then
pick
these
things
and
in
return
having
the
clarity
on
that
end
then
helps
to
protect
us
real
understand
what
you're
reinvest
in
what
should
we?
What
should
we
try
to
do
to
sort
of,
and
you
know,
get
get
better
deals,
get
more
business
with
maker.
A
Yeah
and
like
the
other
I
mean
so
practically
these
other
things
like
what
happens
if
I
mean
I
think
this
is
sort
of
like,
like
I,
said,
I,
think
the
symbol
I
mean
this
is
like
the
next.
You
know.
The
next
part
of
the
question
is
related
to
kind
of
failure,
mode
to
something
like
that
right
how
to
deal
with.
A
So
if
things
go
wrong
right
and
so
I
mean
again,
it
needs
to
be
described
in
most
importantly,
the
processes
for
that
should
be
described
in
the
scope
framework
right
as
much
as
possible
and
then
like
the
way
that
this
thing
this
you
know
article
6
here
with
like
a
line
of
credit
type
A,
which
has
this
like
super
strict
and
like
like
very
rigorously
sort
of
defined
allocation,
which
actually
turned
out
to
be
total.
Probably
totally
nonsense
so
like
this
doesn't
even
like.
A
Basically,
I
was
being
too
optimistic
with
how
much
you
can
you
know
you
simplify
in
in
certain
ways,
while
not
sleep
simplifying
in
other
places
right,
but
so
so
this
would
probably
like
either
this
would
have
either
other
parts
of
this
would
have
to
be
more
loose
essentially
or
this
allocation
part
would
have
to
be
even
more
strict
and
even
more
precise,
but
basically,
if
we
just
assume
that
this
this
made
sense
right,
then
one
of
the
most
basic
things
would
be
something
like
this:
a
protector
that
just
isn't
following
this
thing:
they
don't
fall
like
they.
A
They
you
know
like
the
the
they're
not
allowed
to
have
more
than
like.
They
need
to
have
minimum
50
three-month
U.S
government
bonds,
and
they
only
have
40
right
and
then
I
guess
you
would
actually.
You
would
write
something
like
like.
Ideally
you'd
put
right
in
here,
something
like.
A
A
So
that
could
be
somehow
like
standardized,
maybe
even
in
the
Constitution,
but
that's
the
place
where
it's
standardized
all
right,
but
I
mean
of
course,
but
basically
right.
This
is
the
same
thing
like
the
more
direct
and
practical
and
and
you
sort
of
you
implement
something
on
this
the
better.
A
However,
this
is
a
very
black
and
white
situation
where
there's
like
a
very
clear
requirement,
and
you
have
to
follow
that
requirement,
and
it's
not
really
that
complicated,
but
it
could
also
be
something
like
yeah
like
technically
or
maybe
it's
more
like
it's
not
it's.
It's
like
you
just
have
a
situation
where
returns
are
getting
worse
or
somehow
like
there's
just
things
aren't
looking
so
great,
but
it's
not
totally
black
and
white.
A
Then
instead
and
you
deal
with
that
through
the
this
sort
of
quarter,
I
mean
the
quarterly
balancing
process
right
and
then
you
just
say
you
look
back
at
the
quarter
and
see
what
happens
and
you're
like
okay.
Obviously,
if
you
compare
these
two,
then
one
did
better
and
the
other
did
worse.
So,
let's
move
from
the
one
that
the
worst
and
the
one
that
did
better
and
it's
rebalanced
in
that
way
right
and
then
that
way,
incentivize
constant
Improvement
in
innovation.
A
A
A
We,
the
more
we
can
be
clear
about
that
down
here.
Right
with,
like
the
future
implementations,
then
we're
going
to
do
this
and
we're
going
to
have
that
thing.
Then
we're
gonna.
Have
that
thing
like
that's
even
better,
because
then
we
can
really
create
I
mean
create
some
some
some.
You
know
solid
and
useful
expectations
for
the
protectors,
for
instance,
but
also
for
the
all
the
other
metadatas
and
for
the
ecosystem
interests
and
so
on
about
like
when's,
an
opportunity
going
to
come
up
in
the
future.
A
When
are
we
considering
this,
so
you
can
sort
of,
like
so
Canal,
to
help
just
help
coordinate
over
time
and
also
help
basically
also
slow
things
down
and
sort
of
take
things.
You
know
step
by
step
with
no
Panic
to
rush
towards
something
because
it
can
be
like
okay,
it's
already
voted
in
as
a
future
implementation,
so
we
don't
have
to
like
push
and
and
panic
to
try
to
get
it
done.
A
We
know
it's
going
to
come,
so
we
can
be
a
little
bit
more
and
we
can
sort
of
calm
down
right
and
wait
for
the
time
when
when
the
Dow
is
ready
for
it.
A
And
yeah
Dairy,
as
there
is
basically
codifying
every
possible
business
operation,
interaction,
yeah
I
mean
that's,
that's
basically
it
right
for
for
for
Magical
and
then
right.
That's
sort
of
the
fundamental
goal
is
that
in
the
end
I
mean
ideally
in
the
end,
it's
fully
autonomous
right.
A
It's
like
everything
is
smart
contracts,
the
stuff
that
isn't
is
like
run
by
AIS
or
language
models
or
whatever
any
Community
member
can
like
sit
down,
and
you
know,
look
at
you
know
like
this
go
framework,
is
so
precise
and
unambiguous
that
anybody
can
just
like
follow
the
instructions
get
take.
The
data
put
it
in
an
Excel
sheet,
get
the
output
and
then
make
it
like
make
that
as
a
proposal,
and
then
you
know
use.
C
A
To
sort
of
up
like
you
can
operate
the
whole
system
like
that,
and
then
it's
kind
of
like
the
Cur.
You
know
it's
like
the
whole
point
is
to
have
that.
That's
kind
of
the
that's
the
infrastructure
right.
That's
that
meta
tiles,
then
operating
right.
So
all
the
flexibility,
all
the
the
arbitrary
decisions
and
all
this
sort
of
ambiguity
goes
into
the
metaphase
right,
laughs.
A
You
know
direct
and
coordinate
and
most
importantly,
provide
that
kind
of
stable
infrastructure
right
about
all
the
that
everything
else
can
build.
On
top
of
foreign.
A
I,
don't
know
if
there's
anything
else,
we
need
to
go
into
with
this
other
than
I'll
I.
Guess
I'll
post
it
in
the
Forum
like
this.
If
there's
like
I
mean
after
I'll,
make
some
more
changes
to
it
and
make
some
more
additions,
I
didn't
get.
If
there
were
any,
does
it
you
know
so
so
just
to
go
over
again
right.
We
got
these
like
this
is
some
basic
stuff
around
the
rebook
I'm
going
to
be
a
counsel.
A
This
is
right.
This
is
like
the
the
thing
that's
related
to
the
the
protectors
which
is
the
line
of
credit
and
then
initially
it's
just
this
kind
of
I
would
somehow
I
guess.
I
will
simplifies
even
more
to
basically
reverse
engineer
a
wrapper
around
mip65,
basically
and
then
right,
that's
sort
of
the
blueprint
like.
Then
you
get
a
whole
bunch
of
those
you
can
do
web
65.
A
You
can
do
some
of
these
other
proposals
that
are
basically
simple
enough
to
actually,
you
know
to
actually
cover
in
the
scope
framework
and
have
been
here
all
this
reason
about
it,
and
then
there's
this
whole
like
alien
implementation
and
and
how
to
manage
the
psms.
A
So
I
guess
that'll
be
that'll,
be
the
next
step
and
then
basically
from
there
over
the
like,
before
the
end
of
the
year,
the
hobbyist
have
all
of
them
out
as
well
as
the
Constitution.
But
then
also
then
I
mean
the
sort
of
constitution.
Then
Works
kind
of
like
this.
A
But
just
let
you
know
like
focus
on
the
meta
level
and
then
focusing
on
on
governing
the
the
recognized
ABCs
that
recognize
delegates
and
the
mandated
actors
and
all
and
and
that
right
and
then
defining
things
like
penalties
and
there's
also
something
related
to
like
defining
how
much
like
sort
of
defining
kind
of
Quorum
and
and
degree
of
change.
That's
possible
both
in
the
skill
Frameworks
and
in
the
Constitution
itself.
D
Vern
I
guess
the
big
piece
here
is
that
you're
going
to
want
to
have
a
lot
of
negotiation
with
whoever
is
going
to
become
a
protected
owl
protect
the
metadal,
because
the
variables
that
you
have
here
will
determine
how
successful
each
of
those
can
be
as
individual
business
entities.
So
I
guess
there'll
be
a
lot
of
negotiation
between
make
core
and
the
either
ecosystem
actors
or
protector
dials.
That
will
be
doing
these
deals
and
these
initiatives
so
that
it
makes
sense
for
them
to
basically
get
involved
that
there's.
A
A
So
I
don't
think
it's
I
mean
basically
it's
it's
I
think
it's
actually
less
a
negotiation
between
like
make
a
call
in
the
middle
of
our
communities,
but
rather
this
is
a
question
of
the
conversation
of
the
clusters
right
because
really.
A
Should
just
be
like,
as
long
as
there's
enough
money
in
The
Protector
to
like
to
to
to
pay
for
like
this,
the
Bare
Bones
team
necessary
to
grow
then,
like
then
you're
you're,
stabilized
right
and
then
it's
just.
It's
gonna
be
this
iterative
process.
A
That
kind
of
like
growing
until
then
doing
more
complex
stuff
or
just
like
growing
the
protocol
just
grows
and
and
all
the
meta
has
benefited,
because
they
all
sort
of
benefit
from
that
growth.
Right,
yeah
but
I
mean
of
course
like
you're
right.
But
what
I
mean
it's
it's
the
crucial
thing
to
keep
in
mind
is
that
all
of
this
all
of
this
is
going
to
happen
publicly
right.
It's
sort
of
a
public
interaction.
A
Yeah
and
I
think
I
mean
to
do
this
point
like
we
need
sort
of
online
I
mean
and
that's
kind
of
the
thinking
is
kind
of
we
start.
We
we
like
I,
said
in
sort
of
December
the
end
of
this
year.
We
simply
align
on
like
they're,
really
getting
getting
a
sense
of
okay.
What
the
hell
is
going
to
happen.
Okay,
there's
these
go
Frameworks.
A
They
look
sort
of
like
this
and
what
it
I
mean.
You
know
the
real
asset.
That's
got
to
cover
how
the
protected
that
is
going
to
get
cash
and
how
the
PSM
is
going
to
work.
And
you
know
growth
needs
to
cover.
We
got
to
do
some
marketing
we're
going
to
take
a
good
website
and
like
really
the
basic
big
picture
right
and
then
in
and
then
in
q1.
We
still
get.
We
do.
A
These
I
mean
I,
guess
these
sort
of
more
workshops
like
approach
right
and
then
we
start
to
have
lots
of
meetings
in
G1
right.
So
then
it
will
be
much
smaller
groups
that
go
to
those
meetings
right,
it'll.
A
Few
people
I
mean
people.
There
will
be
known
events.
What
scope
framework
will
we
cover
on
on
these
meetings
right
but
they'll
be
set
based
on?
Where
does
the
word
needed
because
I
think
almost
certainly,
this
is
going
to
be
a
big
variability
in
how
much
work
a
particular
scope
framework
needs
right
and
then
it'll
just
be
just
the
people
that
are
really
like.
Okay,
let's
do
the
work,
let's
get
it
out
there.
A
Let's,
you
know
Let's,
let's
sort
of
forget
it
operationalized
and
practical
and
then,
like
I,
said,
hopefully
get
some
or
all
of
them
to
the
point
where
we
could
actually
have
them
go
into
effect
and
and
sort
of
replace
many
of
the
existing
myths
or
and
even
implicit
processes
that
exist
today.
A
Laughs
yeah,
so
at
least
it's
really
it's
gonna
be
interesting
to
see
what
happens
when
we
put
this
on
the
on
the
Forum.
Hopefully
we
don't
have
the
like
media
going
out
and
saying:
oh
maker
is
offering
anybody
can
come,
and
some
crazy
stuff
right,
I'll
make
sure
to
mock
them,
that
it's
yeah,
I,
guess
formatting
draft,
or
something
like
that.
So
right,
a
very
clear
indication
that
this
is
all
supposed
to
to
change.
C
A
Will
be
like
you
know,
I
mean
another.
Really
good
approach
will
be
that
small
groups
set
up
their
own
meetings
and
discuss
amongst
themselves
and
then
make
it
make
foreign
posts
about
the
outputs
of
those
meetings
right
and
you
really
have
sort
of
people
collaborating
to
to
to
just
like
make
it
make
it
work.
The
thing
is
so
great
is
everyone
would
get
treated
the
same
with
these
right?
So
you
have
people
that
will
be
competing.
A
Within,
These,
Frameworks,
they're
I
mean
their
incentive
would
be
to
make
sure
they
make
the
clearest
and
fairest
puzzle
rules
so
that
they
can
compete
are
in
the
cleanest
fashion
right.