►
From YouTube: Open Decentralized Voter Committee | July 6, 2022
Description
The Voter Committee Calls are designed to invite MKR stakeholders to help the community agree on an overall top-down structure of categorizing the activities and strategic initiatives of the MakerDAOs decentralized workforce to create more specialized voter committees that cover each category.
This call featured Robert from Collateral Services Engineering Core Unit to speak on opportunities and coordination for collateral services and their Core Unit.
https://pdfhost.io/v/mL6mjWz1j_Collateral_Opportunity_Alignment__End_Game_Party
A
A
A
So
we
can
have
a
nice
discussion
if
topics
are
at
your
leisure,
and
so
we
will
work
on
that
after
robert's
presentation,
just
as
a
friendly
reminder
as
if
you
want
to
chat,
please
use
our
chat,
function
or
raise
your
hand,
so
we
can
call
on
you,
so
we
can
have
a
nice,
orderly
and
friendly
discussion
for
today.
Thank
you
for
joining
us
appreciate
it,
and
without
with
that
I'll
hand
it
over
to
robert
and
I've
got
you
the
co-host.
B
B
B
If
you
missed
that
thomas
did
post
that
in
the
forum.
So
please
do
take
a
look
at
that.
I
also
have
that
presentation
up
in
case.
We
need
to
pull
up
any
of
those
slides
if
there
are
any
questions
as
we
get
into
this.
So
as
I
did
last
week,
I've
got
a
few
slides
to
set
the
context
for
this
discussion.
B
Then
I
I'd
like
to
talk
specifically
about
the
current
focus
objectives
and
the
world
map
I'll,
be
stopping
for
questions
along
the
way.
So
please
hold
them
until
I
give
you
the
prompt,
I'm
not
sure
you
know,
given
the
history
and
such
and
people
coming
into
the
into
the
project
into
the
community,
I'm
not
sure
if
everyone
is
familiar
with
the
history
of
our
core
unit.
To
give
you
some
background,
I
was
with
the
maker
foundation
for
several
years
before
moving
into
the
dow.
B
The
last
project
that
I
personally
worked
on
was
leading
the
project
team
for
dissolving
the
foundation
and
moving.
You
know
the
the
a
variety
of
functions
and
ideas
and
such
and
also
people
into
the
dow.
As
that
was
being
completed,
I
identified
a
need
for
core
unit
to
focus
solely
on
the
collateral
of
the
protocol.
B
This
was
a
little
challenging,
but
we
assembled
a
great
group
of
people
and
it's
one
of
those
situations
where
you
know
we
would
talk
a
lot
about
budget
and
budget
forecasts.
Well,
you
know,
budget
forecasts
are
are
highly
dependent
upon
the
timing
of
new
hires.
I
know
this
has
been
a
challenging
situation
for
other
facilitators
and
I
think
it's
still
present
in
some
of
the
core
units.
Today
the
ces
team
is
relatively
new
and
it's
accomplished
a
lot
in
a
very
short
period
of
time.
B
B
B
In
addition,
just
so
we're
clear,
there
are
10
different
variations
of
gen
join
adapters.
We
have
special
oracles,
we
have
numerous
flash
liquidation
contracts
with
special
yield
farming
adapters,
the
mip
21
and
specialized
mip
22
adapters,
libraries
for
constructing
spells,
and
probably
now
over
76
smart
contract
related
repositories
on
the
maker,
dow
github
org.
B
There
are
very
few
jedi
masters
of
the
protocol
and
I'm
quite
honored
to
work
with
them.
The
apprentices
of
the
protocol
spend
a
considerable
amount
of
time
up
front
just
to
become
productive
and,
as
we
know,
some
don't
make
it
it's
not
about
holding
a
badge
of
honor.
It's
about
security,
stability
and
stability
and
scalability
of
the
protocol
maker
isn't
a
place
where
engineers
come
to
move
fast
and
break
things
and
that
that
might
be
boring
for
some
at
least
it
helps
filter
out
candidates.
B
B
B
So,
in
the
short
time,
the
collateral
engineering
services
core
unit
has
been
operational.
We've
learned
a
lot
and
I'd
like
to
share
some
general
general
observations
with
you,
and
just
so
we're
clear.
This
isn't
a
comprehensive
list.
When
we
started
the
mandate
was
really
simple
scaled.
The
dye
supply,
as
it
turns
out,
that's
only
part
of
what
we
do
yes
scaling
dye
supply
is
very
important,
but
it's
also
about
leveraging
the
assets
of
the
protocol.
B
What
we
learned
is
that,
if
what
we
learned
is
if,
if
it
involves
new
collateral
or
collateral
already
onboarded,
we
touch
it.
For
example,
onboarding
a
new
piece
of
collateral
has
different
objectives
than
swapping,
let's
say,
usdc
to
bonds.
It
might
not
be
apparent
that
ces
is
involved
in
both
of
those
activities,
as
the
protocol
evolved.
B
B
You
know
not
only
this,
but
we
see
plenty
of
other
opportunities
to
add
features
to
mip
21,
which
will
list
some
of
those
in
a
moment
with
large
die
transactions
as
an
example,
the
landscape
is
very
different
when
moving
assets
around
one
example
is,
you
know,
die
liquidity
constraints,
have
an
impact
on
transaction
architecture
and
counterparty
risks.
Hence
it's
important
to
understand:
crypto,
broker
limitation
and
risks,
while
our
initial
solution
is
divide
up
the
transfers
and
rely
on
executive
votes
to
help
out,
we
need
a
more
scalable
solution
in
the
near
future.
B
When
assessing
rwa
deals,
which
are
real
world
assets,
we
need
to
realize
there
is
a
sizable
gap
between
off
chain
and
smart
smart
contracts.
We
still
need
to
rely
on
off
chain
contracts
to
enforce
risk
mitigation
that
are
not
yet
on
chain
enforced.
As
you
can
imagine,
there's
lots
of
opportunity
for
improvement
there.
B
The
maker
and
protocol
has
become
increasingly
more
complicated
due
to
intermediaries
and
counterparties.
This
is
true
of
both
crypto
native
and
real-world
assets.
If
you
examine
the
past
few
technical
assessments
from
ces,
I
think
you'll
see
these
look
a
bit
more
comprehensive
than
the
ones
in
the
past.
B
We
see
this
trend
continuing
for
the
reasons
of
outside,
of
just
technical
complexity
and
last,
while
we're
working
on
it,
we
have
yet
to
find
real
operational
efficiencies
when
onboarding
collateral
or
managing
our
assets.
Much
of
this
is
due
to
the
past,
unfiltered
flow
of
work
that
we
mentioned
last
week
and
also
lacking
specific
direction
and
focus
as
a
dow.
For
example,
a
goal
of
generating
revenue
for
the
protocol
is
is
different
than
diversifying
or
collateral.
B
B
D
D
So
I
was
wondering
what
are
some
of
the
this
goes
back
to
your
point
about
mip
39,
and
I
know
that
mip
39
was
rejected,
one
time
for
ces
which
show
how
much
resilient
you
have
personally
in
the
core
unit.
But
what
are
some
of
the
heavy
lifting
that
you
need
that
you
add
on
to
what
petco
is
doing
protocol
engineering
and
what
would
be
the
difference
if
protocol
engineering
was
just
using
a
project
manager
to
handle
some
of
the
technical
assessments
that
you
guys
are
now
handling?
B
I
I
spoke
with
derek
and
some
of
the
other
protocol
engineering
folks,
and
it
was
really
clear
that
when
we
took
a
look
at
the
separation
of
activities-
and
it
was
clear
for
them
at
least
to
say
hey,
why
don't
you
guys
take
the
work
for
the
real
world
assets
and
focus
on
that,
because
that
was
an
area
that
needed
a
lot
of
attention
and,
quite
frankly,
the
I
don't
believe
the
pe
team
just
simply
had
the
bandwidth
to
work
on
that.
So
so
it
made
it
very.
B
Can
we
fully
transition
into
the
ces
group
so,
for
example,
one
of
the
technologies
for
the
d3m
for
compound
and
ave?
You
know.
Obviously,
protocol
engineering
took
the
lead
on
that
and
had
been
working
on
that.
But
the
goal
was:
is
that
once
that
refactor
was
complete,
then
we
would
shift
that
work
into
the
ces
core
unit
to
be
able
to
to
move
that
forward
and
do
implementations
around
the
d3m.
Of
course,
as
we
get
more
proficient
with
that
technology,
there'll
be
other
enhancements
that
I'm
sure
that
will
come
forward
as
well.
B
So
that's
a
little
bit
about
the
early
stage
and
then,
as
we
get
into,
for
example,
one
of
one
of
the
the
first
pieces
of
of
work
that
we
typically
touch
other
than
managing
and
facilitating
the
process
around
the
collateral,
the
collateral
status
index
and
the
onboarding
is
that
technical
assessments
are
one
of
those
key
pieces
that
we
do.
It
requires
that
we
have
a
a
firm
understanding
of
the
deal
as
and
that
deal
a
lot
of
times
comes
from.
B
B
What's
the
best
way
to
go
about
this,
given
the
information
that's
been
presented
to
us,
it
can
go,
it
can
get
quite
deep
and
you
need
an
engineer
and
you
also
need
pretty
competent
business
people
to
be
able
to
do
that
work.
So
you
know,
then,
that's
just
the
first
piece
of
it.
Then,
as
we
do
that,
obviously
you
know
that
the
technical
assessment
is
predicated
based
upon
a
lot
of
other
factors.
B
D
Yeah
yeah,
I
appreciate
that
and
I
guess
you'll
probably
get
into
mid
21
mid
22.,
but
real
quickly.
How
do
you
determine
so?
I
saw
you
guys
design.
Well,
I
would
imagine
it
was
a
team
effort
between
peku
and
ces
for
the
rwa
jar.
How
does
that?
How
did
that
happen?
Did
you
guys
kind
of
your
your
architectural
team,
your
your
engineering
team,
the
couple
of
folks
you
have
there
did
they
come
up
with
the
idea
and
then
does
pekko
design
and
name
it
rwhr.
So
how
does
that
work?
B
Why
don't
we
hold
that
one?
Just
because
I
think
that
there's
you
know
part
of
this
presentation
is
is
to
to
give
some
context
to
this
group
in
the
background,
because
we
talk
about
the
the
current
pipeline
and
work
in
progress
and
then
we
step
out
of
that
and
look
at
all
of
the
opportunities
which
sometimes
the
opportunities
are
tied
into
the
current
pipeline
and
work
in
progress
because
we're
developing
new
technology
as
we
go
through
that
it
gets
a.
B
It
gets
a
little
there's
some
crossover
there,
but
but
the
opportunity
discussion
is
really
about
this
today
and
I
think
what
we
can
get
into
some
of
those
details
once
we
appropriately
set
the
context.
So
let
me
just
hold
that
for
just
a
little
bit
and
and-
and
I
think
we'll
we'll
get
to
that-
an
answer
to
that
question
frank
sounds
good.
Thank
you.
Okay,
so,
similar
to
last
week,
we
spent
time
on
the
focus
objectives
and-
and
we
were
that
was
related
to,
like
I
said,
the
work
in
progress
and
the
pipeline
today.
B
So
here
are
the
current
focus
objectives
that
were
put
out
last
or
a
couple
weeks
ago.
I
don't
think
they've
changed
and
the
world
map-
and
this
is
for
this
discussion,
as
I
mentioned
before,
it's
hard
to
agree
or
a
line
on
on
what
you're
focusing
on
when
it's
not
clear
what
you
what
you're
not
doing,
and
so
this
really
begs
the
question
of
what
are
the
opportunities
where
do
they
come
from,
and
how
do
we
decide
what
to
do
so
in
prior
calls?
B
I
mentioned
that
ces
is
a
community
driven
core
unit
and
we've
been
responding
to
the
needs
of
the
protocol
in
this
effort.
We've
amassed
a
lot
of
knowledge
that
can
help
advise
groups
such
as
this
team
here
to
better
understand
the
collateral
opportunities,
but
today
the
sources
of
our
collateral
opportunities
come
from
four
places:
the
community
of
the
collateral
pipeline,
the
prioritization
sentiment
polls
and
the
core
units.
B
B
B
So,
for
example,
it
was
common
to
see
signal
requests
used
to
onboard
new
collateral
now
now,
while
this
might
not
seem
to
be
an
issue,
these
requests
typically
lacked
a
large
amount
of
information
that
we
needed
in
order
to
assess
the
business
opportunity
or,
for
example,
a
self-contained
mint
that
would
insert
itself
into
the
workflow
where
we'd
have
to
interrupt
the
work
in
progress
to
be
able
to
attend
to
it.
While
there's
there's
some
self-discretion
for
the
collateral
domain
teams,
it
was
highly
frowned
upon
to
filter
opportunities.
B
B
I
mentioned
work
in
progress
in
pipeline
last
week
and
I
brought
it
into
this
discussion
since
each
one
of
these
can
be
identified
as
an
opportunity.
We're
not
going
to
spend
any
time
on
the
list
this
week.
It's
here
just
to
recognize
that
each
one
of
these
line
items-
and
I
have
one
line
item
with
multiple
opportunities
on
they
have
a
prioritization
and
a
focus
associated
with
it.
So
when
we
start
talking
about
opportunities,
each
of
these
items
on
the
list
will
most
likely
yield
newer
technology
and
it's
really
important
for
us
to
understand.
B
What's
a
priority
and
what's
in
scope
and
what's
not
in
scope,
then
we
have
the
conclusion
of
the
prioritization
sentiment
polls
posted
by
gov
alpha.
These
need
to
be
sorted
through
and
prioritized,
but
in
the
context
of
what
so,
for
example,
it's
clear
the
compound
d3m
is
at
the
top
of
the
technical
resource
deployment
list.
But
hey
would
anyone
share
with
me
why
and
outline
the
actual
opportunity.
E
B
D
Yeah
I
like
like
voice
sorry
yeah
likewise
here
I
three
of
delegate.
That
was
our
third
choice,
so
the
way
rank
choice,
voting
works,
I
mean
I'm
an
opponent
of
it,
I'm
not
a
big
fan
of
it
as
a
new
yorker.
We
actually
ended
up
with
the
wrong
mayor
because
of
it,
but
that's
nor
here
nowhere
yeah.
I
think
I
think
I
guess,
is
the
lowest
hanging
fruit,
perhaps
maybe
even
another.
One
of
the
delegates
here
who
also
pulled
for
it
can
comment.
E
E
F
All
right
I'll
put
in
my
thoughts
there
as
well,
since
I
actually
put
that
one
fairly
high
on
the
priority
list.
Basically,
all
of
these
have
a
run
in
time
right.
I
don't
think
any
of
these
actually
offers
many
immediate
positive
results,
because
we
are
in
a
pretty
rough
bear
market
right
now,
so
it's
basically
a
question
of
preparing
for
for
the
bull
market
cycle
that
is
coming
as
such.
I
still
think
that
d3ms
has
shown
promise
and
has
actually
shown
a
way
to
make
revenue
for
the
for
the
protocol.
B
So
so
really,
my
my
my
question
here
is:
is
that
it's
it's
it's
about
how
we
go
about
looking
at
these
opportunities
and
deciding
from
a
relative
perspective?
What's
the
most
important
thing
for
us
to
be
doing
next
and
one
of
the
challenges
now
this?
This
was
there's
history
behind
this
one.
By
the
way,
I
don't
have
a
horse
in
this
race
as
far
as
if
this
is
what's
prioritized-
and
this
is
this-
is
the
the
piece
of
work
that
needs
to
be
worked
on.
B
That's
awesome,
and
this
is
work
that,
even
before
the
collateral
engineering
services
group
core
unit
was
for,
was
really
formed
and
operational.
So
what
what?
What
what
happens
here
is.
Is
that
something
like
this
came
in
as
a
signal
request,
and
it
gives
us
some
written
information
on
the
opportunity,
but
pretty
much.
Everything
else
is
just
working
or
common
knowledge,
and
some
of
that's
demonstrated
by
the
answers
here
and
and
it's
it's
it's
for
us
to
do
a
I
think,
a
better
job.
B
I
say
us,
I
mean
the
dow
the
community,
and
this
is
this-
is
nothing
pointing
fingers
at
anybody,
but
we
really
need
to
answer.
The
question
is
that
is:
is
this
enough
to
commit
our
very
valuable
proto-re
protocol
resources
to
work
on
this
or
any
opportunity?
So
it's
really
important
that
we
understand
the
business
opportunities
and
the.
Why
we're
doing
that
and
I'm
really
going
to
be
looking
for.
You
know
this.
B
F
Yeah
I
do,
I
think
I
want
to
address
the
point
you're
making
here
er
as
to
having
a
little
bit
more
clarity
and
why
we're
actually
on
boarding
things
and
as
you're
saying
some
of
these
things
are
kind
of
coming
in
here,
either
through
a
single
request
or
to
a
green
light
pole
and
especially
for
the
green
light
poles.
I
think
we
can
do
a
better
job
at
sorting
and,
I
think
also
as
a
delegate.
E
F
F
We
can
pretty
much
just
kill
it
right
there
right
instead
of
having
an
endless
green
light
queue,
we
can
actually
do
a
sort
of
triage
before
we
get
to
that
station
and
it
will
make
life
easier
both
for
protocol
engineering
and
and
for
you
guys
and
for
us
as
the
delegates,
because
we
don't
have
to
look
so
much
closer
into
it
at
a
later
stage
when
we
actually
on
board
it
or
not.
So
I
just
wanted
to
give
my
two
cents
on
that.
B
Six
guidelines
are
very
clear
when
we
take
a
look
at,
for
example,
why,
from
a
business
perspective,
what
is
this
doing
for
the
maker
protocol?
Is
that
we're
we
need
to
know?
And
if,
if
someone
does
not
answer
that
or
it's
very
vague,
we
just
simply
stop
it
right
there
and
that's
something
that
was
a
big
improvement
over
over
the
prior
process.
I
talked
a
bit
about
that
in
in
the
in
last
week
in
the
first
presentation,
so
you
know,
if
any
of
you
haven't
seen
that
recording.
B
B
So
if,
when
I
take
a
look
at
core
units,
as
I
mentioned
you
know,
ces
has
also
identified
a
variety
of
opportunities
based
upon
our
learning
and
actual
work
with
the
collateral
and
the
protocol.
Now
this
is
only
a
collection
of
ideas
that
we
think
are
interesting
or
important
to
dig
into
further.
I'm
sure
there
are
a
lot
of
other
ideas
floating
around
in
the
other
court
units
as
well.
B
B
I
mean
that
not
only
is
there
autonomy
but
there's
a
lot
more
accountability,
so
given
very
clear
direction
and
an
understanding
of
the
budget
and
and
the
way
the
funding
works,
that
we
could
deliver
based
upon
a
set
of
agreements
and
then
have
accountability
to
that.
And
so
I'm
really
encouraged
that
what's
happening
in
the
dow
right
now
is
supporting
that.
B
I'm
just
not
quite
sure
how
that's
going
to
going
to
materialize
and
whether
that
means,
for
example,
ces,
would
be
a
metadow
or
would
be
a
supporting
core
unit
or
a
contributing
core
unit
and
how
all
that's
going
to
work.
But,
however,
this
does
work
out.
We're
very
agnostic,
we're
like
switzerland
and
we're
compatible
with
the
models
that
I've
seen
multiple
groups
present
to
the
community.
B
Now
don't
get
me
wrong,
we
don't
sit
still
in
the
absence
of
clear
direction.
We
make
choices
the
best
we
can
with
the
information
that's
presented
at
the
time.
This
is
why
you
saw
a
huge
time
difference
between
the
sock,
gen
and
the
hv
bank
work.
We
learned
a
lot
and
applied
what
we
knew
before
what
we
learned
before
to
the
new
opportunities
and,
for
example,
we're
able
to
do
this
with
the
mip
65
and
as
well
as
others
that
will
come
along.
B
B
What's
happened
in
that
process
from
the
time
we
started
and
I'm
sure,
if
you
talk
to
derek
in
protocol
engineering,
they
would
probably
have
a
list
of
opportunities
as
well
to
say:
hey,
there's
some
really
interesting
things
that
we
could
do
as
a
protocol
engineering
team.
So
for
ces,
as
you
get
more
experienced,
then
we
contextually
get
much
more
aware
of
the
opportunities.
B
This
presentation
wasn't
designed
to
come
and
make
recommendations,
because
that
requires
a
lot
more
interaction
with
this
team
to
figure
out.
What's
in
scope,
what's
not
in
scope,
I
wanted
to
give
an
overview
of
the
context
of
what
we
work
in
and
how
opportunities
hit
us,
and
then
we
have
to
take
a
look
at
what
our
mandate
is
and
the
ability
to
drive
die
supply
and
also,
how
do
we
better
best
leverage
collateral
that
we've
already
onboarded
like,
for
example,
we
talked
about
I'll
move
to
the
next
slide
because
I
think
it's
applicable
here.
B
So
so
it
doesn't
matter.
If,
for
us,
it
doesn't
matter
if
we're
working
on
a
new
piece
of
collateral
and
we're
developing
collateral
tech,
or
we
have
existing
assets
inside
of
our
system
and
we're
developing
more
collateral
tech
around
that
to
better
utilize
them
right
to
us.
It's
it's
immaterial
we're
working
with
collateral,
and
so
when
I
step
back,
is
that
if
you
tell
me
that
diversifying
or
collateral
is
a
very
high
priority
for
the
dow,
then
we
we
can
come
in
and
say
great
thanks
very
much
for
that
direction.
Here
are
some
opportunities.
B
We
see
that
map
directly
into
that.
If
you
tell
me
that
we
need
to
generate
revenue
and
we
need,
for
example
like
on
the
list
here-
we
need
you
know
we're
swapping
usdc
to
government
bonds.
Great.
That
sounds
wonderful.
Here's
some
opportunities
for
us
that
we
can
move
forward
to
be
able
to
automate
or
operationalize
those
areas
of
utilizing
our
collateral
better.
E
Sorry
to
to
to
kind
of
bargain,
but
I
think
we
we're
kind
of
not
talking
about
the
same
thing,
so
I
want
to
like
tie
it
back
to
my
original
question,
and
that
is
like
it
feels,
or
at
least
this
is
what
I
hear
from
from
hearing
you
talk
about
that
that
this
prioritization
isn't
happening
effectively.
So
you're
not
really
clear
about
what
the
dao
is
actually
prioritizing
most.
Is
that
correct.
E
Totally
so
I
think
so,
I
think
what
I'm
taking
away
is
it's
basically
like
two
things.
On
the
one
hand,
you
would
like
to
provide
recommendations-
and
I
think,
just
from
your
background
in
the
protocol-
that's
clearly
valuable
and
then,
on
the
other
hand,
what's
missing
is
that
delegates
and
mkr
holders
are
not
don't
have
a
mechanism
to
effectively
convey
the
intent
of
the
dao,
because
the
dao
is
really
like
a
lot
of
people.
B
Yeah,
I
mean
because,
in
my
context,
when
I
say
here's
how
we
get
hit,
we
have
all
these
sources
of
information
that
come
at
us
and
and
to
date.
What's
happened
is
that
the
domain
teams
have
have
been
the
ones
that
have
been
making
the
decisions
on
which
ones
to
move
forward,
and
it's
been
made
very
clear
at
least
to
me
and
what
I've
been
reading
is
that
that's
not
the
role
and
responsibility
of
the
core
units.
E
Yeah,
I
think,
in
the
end,
it's
it's
the
it's,
the
role
of
mkr
holders
to
kind
of
at
least
finalize
or
not
off,
on
on.
What's
actually
getting
work
done,
but
I
think
what's
happening
now
is
that
basically
anybody
who
wants
can
throw
up
and
a
single
request
and
get
the
collateral
at
least
to
this,
to
this
stage,
where
it's,
where
it's
considered,
but
then
what
doesn't
happen
is
that
that
another
group
or
entity
or
discussion
starts
of
like
okay.
We
have
like
25
different
collectors.
E
E
E
B
I
would
agree:
yeah
gotcha,
yep
yeah,
and
it's
part
of
the
you
know
when
it's
unfiltered.
What
happens
is
that
we
see
everything
and
then
what
will
happen
inside
of
that
is,
is
that
everything
becomes
a
one-off
and
it
beca
without
the
focus
it
becomes
really
challenging
for
us
to
operationalize
the
onboarding
or
the
maintenance
or
the
investment
of
our
collateral.
C
I
guess
short
the
shortcoming
of
the
current
like
collateral
status
index
process,
because
my
understanding
is
that
there's
a
prioritization
score
that
is
formed
based
on
like
a
formula.
You
know
on
several
factors,
so
what's
to
say
that
they're
yeah
basically
like.
What's
the
shortcoming
there
like
where's
the
what
needs
to
be
added
to
that.
B
It's
david,
it's
a
level
above
it,
and-
and
one
of
the
examples
I
use
is
that
if,
if
we're
looking
to
scale
the
dye
supply
and
that's
a
priority,
we
have
we
have
collateral
that
will
directly
map
into
that.
If
we're
looking
to
diversify
our
collateral
or
have
a
less
reliance
on
usdc,
that's
a
different
objective
and
different
goal,
and
we
have
we
have
other
opportunities
that
can
support
that,
and
that
is
what
filters
the
funnel
and,
with
without
that
mechanism
existing
above
the
collateral
onboarding
process.
B
Again
we
see
it
all,
and
so
what
I'm
asking
for
is
it's
really
the
clarity
above
that
process
that
allows
us
to
say
hey
this
piece
of
collateral
dropped
in
guess
what
it
it
doesn't
fit.
The
opportunity
guidelines
that
we're
focusing
on
at
the
moment,
so
we
just
simply
notify
the
collateral
applicant.
Thank
you
for
the
application.
At
this
time.
Your
application
will
not
be
considered.
D
But,
but
from
the
end
game
affiliates,
like
myself
and
the
rest
of
the
delegates
here,
think
that
our
objectives
are
right
there
right
in
front
of
us
and
the
priority
in
my
opinion,
is
obviously
usdc
to
government
bonds.
So
yeah,
that's
that's
our
end
game.
So
to
speak
right.
The
compound
d3m
yeah
sure
it
probably
won't
produce
a
lot
of
revenues,
but
it's
like
it's
been
said
before
it's
low-hanging
fruit.
D
So
I
guess
what
I'm
saying
is
from
our
perspective
from
the
end
game
affiliates,
whether
you're
a
dove
or
a
hulk.
We
pretty
much
pretty
much
agree
right
unless
anybody
here
disagrees
that
these
are
the
primary
collaterals
that
we
want
to
onboard,
getting
a
usbc
to
government
bonds
and
eventually
moving
down
the
list
with
more
was
possibly
hopefully
getting
sachin
to
come
into
fruition
and
hvb
seems
to
be
going
in
that
direction.
So,
but
you
know,
if
any
of
the
other
delegates
disagree
with
that,
you
know
speak
up.
E
Basically,
so
I
think
that's
where
a
lot
of
the
oh,
that's
where
the
complexity
of
your
day-to-day
operations
come
in,
because
you
are
dealing
with
the
tao
as
is
now
right
and
now
what
is
probably
going
to
be
in
three
months
or
not,
and-
and
so
I
think-
and
I
think
I
think
this
is
a
another
discussion
that
I
think
is
we
can
probably
not
solve
here.
Just
because
of
this
group
is
this
election
and
cannot
assume
to
speak
for
the
wider
tao,
which
has
other
actors
with
other
agendas.
You
know
what
I
mean
yeah.
B
And
I
didn't
expect
to
get
answers
today.
What
I
was
hoping
to
do
is
I
want
to
give
you
a
context
of
the
environment
that
we
work
within,
and
I'm
asking
you
like,
because
you've
asked
me
well,
what
do
you
need
and
I'm
like
wow?
I
would
love
the
meta-level
clarity,
so
I
know
that
as
we
move
collateral
through
our
system,
whether
it's
existing
or
new,
that
we're
making
the
choices
that
are
very
valuable
for
our
protocol.
B
E
This
would
also
filter
out
applicants
before
they
even
start
drafting
a
proposal
on
the
one
hand-
and
I
also
think
like
for
me
what
we
talk
about
budgets
and
this.
This
lack
of
clarity
is
really
a
waste
of
your
resources,
because
your
work
is
not
or
cannot
be
in
this
climate.
It
cannot
be
at
maximum
efficiency.
I
don't
think
that's
possible,
so
I
think
this
is
something
that
that
should
focus
it's
really
great
for
you
to
bring
it
up.
I
think
that
that's
a
really
important
point
and
and
yeah
thank
you.
G
E
G
That
is
like
I
see
the
short-term
objectives:
pando's
centrifuge
blocked
out.
I
I
guess
that
strategic
direction
comes
into
play.
I
mean
if,
if,
if
I
am
not
wrong,
pando
is
an
eight-year
deal.
The
the
they're
looking
for
you
know
eight-year
commitment
of
financing
from
what
I
see
from
you
know,
strategic
finance,
you
know:
do
we
even
have
appetites
to
do
that
we
can
do
the
work
and
assess
it
and
everything,
but
at
the
end
of
the
day
you
know,
I
think
a
few
of
these
other
deals
are
real
estate.
G
B
D
I
mean
that's
a
no-brainer,
you
see
things
like
pando,
which
are
part
of
the
the
clean
money
initiative
which
I'm
a
big
supporter
of,
and
maybe
some
of
the
other,
the
other
delegates
might
be.
You
also
look
at
the
centrifuge
plot
tower
deal
that's
coming
in
with
a
junior
tranche,
so
that
makes
a
lot
of
sense
to
me.
Sakjin
has
you
know
taken
forever
to
come
into
fruition
and
I
hope
that
it
does
hopefully
by
the
end
of
the
summer.
D
You
know
just
again
going
over
a
pando,
clean
money
initiative.
Sure
it's
an
eight
year
deal
it's
a
lot
different
than
centrifuge
block
tower,
which
are
looking
to
do
a
junit
ranch,
which
is
awesome,
is
something
that
we
should
definitely
focus
on
hvb,
it's
already
in
a
poll,
or
I
think
it's
about
to
end
tomorrow.
So
yeah
I
I
don't.
I
don't.
I
don't
see
why.
D
F
I
just
want
to
look
back
a
little
bit
because
you
you,
you
mentioned
what
this
freeze
all
further
activity
means,
and
I
think
I
think
that
at
this
point
is
a
little
bit
open
for
interpretation
which
is
kind
of
what
you're
getting
at.
But
I
think
we
need
to
part
of
this
comes
from
a
big
picture
perspective
right,
we're
noticing
that
onboarding
of
rvs
is
taking
longer
than
we
expected
it's
more
complex
than
we
expected
it's
consuming
more
resources
than
expected.
F
At
the
same
time,
I
will
be
being
hit
by
this
bear
market,
so
we're
standing
at
a
strategic
point
of
pivot
right.
We
need
to
try
to
take
the
total
amount
of
resources
down
somewhat
and
we
need
to
focus
or
or
reduce
the
scope
of
what
the
protocol
is
doing,
because
we're
seeing
that
governance
is
getting
overwhelmed
by
the
complexity
and
we
need
to
put
in
a
different
organization
which
is,
at
the
start
of
this
the
whole
end
game
right.
F
We're
realizing
that,
with
the
way
we're
going
we're
going
to
end
up
in
a
complexity
spiral
that
is
going
to
become
unmanageable.
Every
condition
is
closed.
The
way
it
has,
but
my
interpretation
of
this
freeze
would
be
that
we
see
initiating
new
projects
right
and
then
we
do
a
prioritization
and
see
what
we
have
on
the
book
that
is
actually
doable
with
the
resources
we
have
available.
B
Yeah
I
just
thank
you
would
be
very
clear
is
that
I
hear
a
lot
in
the
forums
and
the
discussion
and
discord
about
what
the
plan
is
supposed
to
be,
and
so,
when
I
read
what
I
read
I'm
like
oh,
this
is
great
we're
going
to
get
very
clear
guidance
and
direction
from
the
end
game
initiative
party
group.
However,
we
want
to
turn
this,
so
I'm
coming
to
you
based
upon
what
I'm
reading.
B
Meanwhile,
I'm
running
a
core
unit,
and
I
have
to
continue
to
do
that
because
that's
my
mandate
and
that's
what
I've
been
asked
to
do
so,
I'm
business
as
usual
and
we're
doing
a
lot
of
work
and
we're
getting
things
done
and
frank
yeah.
The
green
checks
are
all
the
things
that
we
have
work
in
progress
and
we'll
continue
to
put
more
work
in
progress,
so
we're
fully
aligned
when
it
comes
to
this,
and
we
will
continue
to
make
decisions
based
upon
the
best
information
that
we
have.
B
C
Okay
again
thank
robert
for
his
presentation,
and
I
know
that
we
can
continue
the
conversation
on
discord
and
I
think
the
next
section
we've
got
about
30
minutes
left
and
I
want
to
open
the
floor
to
see
if
there's
any
further
discussion,
we
want
to
have
on
kind
of
an
open
mic
form
here.
Today's
session
room,
of
course,
not
here,
but
just
wanted
to
see
if
anybody
had
any
questions,
comments.
E
E
D
G
Yeah,
I
I
I
don't
want
to
go
into
too
much
technical
detail,
but
just
from
the
experience
that
I've
had
today
in
the
exposure
like
mid-21
is
only
going
to
like
going
to
be
scalable
to
a
certain
extent.
So
so
I
I
I
don't
know
whether
everyone
here
recognizes
the
deficiencies,
but
a
lot
of
the
reporting
and
monitoring
is
off
chain.
There's
no,
it's
manual
liquidation.
G
So
if,
if
we
ever
wanted
to
liquidate
one
of
these
real-world
deals,
we'd
have
to
someone
would
have
to
raise
a
you
know,
a
governance
poll
to
do
that.
Essentially,
so
so
a
lot
of
the
the
improvements
relate
to
to
really
automating.
You
know
several
aspects
so,
for
example,
to
be
able
to
liquidate
on
an
automated
basis,
which
would
be
ideal.
We
need
to
get
more
data
on
chain
in
some
way
and
there's
various
ways
and
various
approaches
we
could
take
to
do
that.
G
But
that
takes
you,
know,
engineering
effort
and
time
to
to
to
dedicate
to
the
the
research
the
different
options
that
are
available
and
and
the
different
potential
solutions.
So
so
that's
one
small
example.
Other
areas
in
there
is,
you
know
what
we
encountered
on
hvb
in
terms
of
the
die
liquidity
risk.
G
That
requires
some
effort.
You
know
we've
spoken
to
protocol
engineering
about
some
of
these
things,
and
you
know
it's
not
just
a
few
days
putting
code
together.
What
we
do
when
on
on
any
of
these
things,
when
we
code
something
up,
is
we
usually
come
up
with
an
architecture
and
an
approach?
We
then
sit
down
with
protocol
engineering
and
and
review.
G
G
So
so
the
other
approach
that
we
investigated
for
the
hpv
was
having
an
output
conduit
that
allows
us
to
stream
much
like
the
dss
fest
contract
and
it
probably
would
have
solved
some
of
the
issues
we
had
with
hvb
in
a
more
automated
approach.
So
so
yeah
I
mean
those
are
just
a
few
of
them
yeah.
I
guess
one
other
point.
G
You
know
when
we're
looking
at
counterparty
risk
for
for
hvb,
it
turns
out,
genesis
only
could
convert
a
maximum
of
25
million
at
one
time.
I've
died
to
us
dollars
in
terms
of
liquidity
in
in
terms
of
the
same
day
settlement.
So
we've
had
to
adjust
the
transaction
structure
to
accommodate
that.
But
if
we,
for
example,
had
the
capability
to
swap
with
the
ps
sam
when
we
mint
the
die
and
send
them
usdc
that
counterparty
risk
wouldn't
be
an
issue
for
these
deals,
so
so
yeah.
G
C
D
Yeah
yeah,
I
mean,
I
guess
david
you're
looking
and
you
also
had
mentioned
you're
gonna,
you
guys
are
gonna,
try
to
format
token
some
kind
of
rwa
token
for
different
collateral
types.
Do
you
think
that's
going
to
be
so
I
guess
what
I'm
looking
for
is
like.
Would
it
be
possible
one
day
to
have
a
simple
solution
that
on
boards-
and
I
know
you
said-
audits-
take
four
to
six
weeks
right,
but
there
is
just
no
way
around
to
onboard
an
rwa
collateral
a
bit
faster.
G
D
G
C
B
So
there
is
a
lot
of
upfront
work.
That's
done
there
that
time
frame
that
it
takes
to
get
that
done
is
directly
dependent,
obviously
on
how
long
it
takes
to
onboard
that
piece
of
collateral,
but
once
once
once
once
it's
into
the
system,
the
tools
that
we've
been
developing
now
starting
with
softgen
and
the
mip
21
and
some
other
you
know,
david-
has
shared
only
a
fraction
of
of
the
conversations
we're
having
internally
on
what's
possible.
B
But
it's
the
opportunities
for
us
are
to
continue
to
develop
the
technology,
to
be
able
to
operationalize
more
and
more
rwas,
and
there
are
a
number
of
ways
to
do
that
and
but
when
we're
faced
with
information
that
says,
freeze
everything.
It's
like
okay!
Well,
I
hear
you,
but
I
need
to
inquire
to
figure
out.
Is
that
actually
the
case
because
opportunities,
if
you
take
a
look
at
the
segments
that
say,
for
example,
hp
bank
represents
or
suck
10
represents,
there's
probably
a
market
opportunity,
because
those
opportunities
are
very
large.
B
We've
already
done
work
in
those
segments,
so
it
would
be
very
likely
for
us
to
say:
let's
do
more
of
that
and
yes,
we
can
move
that
forward.
But
if
I
know
I
have
a
chunk
of
mkr,
that's
hanging
out
there
and-
and
I
know
they're
going
to
vote
against
it
because
they
want
it
frozen
or
that's
the
wishes
of
the
party.
E
No,
I
think
the
the
intent
here
is
to
kind
of
throw
away
as
little
as
possible
and
get
the
maximum
results
that
that
we
can
with
delete.
You
know
like
right:
where
do
we
get
the
biggest
bang
for
the
buck
with
what
we
have
at
the
moment
and
then
freeze,
I
think,
freezing.
If
we
talk
about
it
and
freeze
those
things
where
we
say,
we've
done
some
initial
outreach,
there's
some
going
back
and
forth.
E
We
have
some
initial
analysis,
but
apart
from
that,
there's
like
six
months
of
intense
work
before
it's
finished
versus
another
deal
where
we've
done
85
and
we
just
need
to
like
jump
across
these
like
two
last
hoops
to
get.
You
know
what
I
mean
to
get
the
d2
to
actually
execute.
I
think
these
are
the
kind
of
of
things
that
we
we
need
to
know
it's
like.
E
H
H
So
so
these
are
the
two
ones.
That
kind
of
I
can
clearly
tell
you
like
the
dates
in
which
things
actually
are
happening,
and
I
think
to
come
back
to
the
to
go
to
the
conversation
that
both
david
and
david
and
and
robert
touched
before.
I
think
at
the
end
of
the
day,
it's
it's
about
repetitiveness
of
the
deal
and
that
actually
it's
not
only
kind
of
from
an
engineering
perspective.
H
It's
from
a
legal
framework
perspective
from
a
credit
understanding
perspective,
the
more
you
have
a
repetitive
approach,
the
easier
it
is
to
scale
and
the
faster
is
the
road
from
the
beginning
to
the
end,
and
that's
what
we're
trying
to
to
to
achieve
here.
So
these
two,
these
two
deals:
actually
they
bring
in
their
on
their
own
right,
two
addressable
opportunities.
H
One
is
the
loan
participation,
syndication
market
or
the
this
is
the
hpv
one
with
community
banks,
pedestrians
and
the
like
those
those
ones
like
this
there's
a
an
addressable
market
of
about
four
trillion
dollars
globally.
On
the
on
the
cover
bond
transaction,
the
the
covered
bond
is
a
very
kind
of
like
european
market.
H
There
is
a
little
bit
of
that
activity
that
actually
happens
as
well
in
north
america
and
in
the
in
the
emerging
markets,
but
globally,
that
represents
about
three
billion
three
trillion
dollars
as
well
of
addressable
math,
but
again
on
the
cover
bond
markets.
You
you
were
working
with
big
institutions,
mostly
there's
european
banks,
so
you
would
still
have
to
kind
of
to
prove
the
approach
that
what
is
it
that
was
actually
implemented
for
short
chain.
It's
actually
repeatedly
also
implemented
by
the
other
institutions.
H
H
They
they
will
actually
help
to
bring
revenue,
but
there
will
be
possibly
across
the
dial
problems
of
problems
of
liquidity.
Right,
and
I
think
that's
where
I
like,
the
the
bones.
The
treasury
bond
strategy
needs
to
work
in
lockstep,
almost
with
the
way
that
actually
scale
the
book
of
rwa.
You
don't
want
to
do
other
ways
too
fast
and
having
actually
bonds
scaling
too
slowly
behind.
So
you
have
actually
to
have
like
the
bones
kind
of
like
scaling
faster.
H
They
have
like
a
product
so
so
that's
why
you
kind
of,
like
you
have
to
scale
liquidity,
give
that
actual
certainty
of
liquidity,
and
alongside
with
that
kind
of,
like
you
know,
have
to
do
a
little
bit
like
rwas
to
scale
the
book
and
bring
revenue,
because
other
beers
are
in
their
current
form.
They
are
quite
little
and
then
and
then
you
do
that,
and
then
you
do
more
bonds.
And
then
you
do
a
little
bit
like
more
revenue
with
other
bureaus,
more
bonds,
so
those
two
they
need
to
work
actually
together.
D
D
So
as
an
example,
it
sounds
to
me,
you
guys
will
probably
be
working
a
lot
with
the
reformer
dows,
which
will
focus
on
things
like
rwas
and
also
perhaps
even
legal
work
on
behalf
of
the
dow.
So
what's
your
vision
there
in
the
near
future,
obviously
that's
not
going
to
happen
more
than
likely
this
year,
but
do
you
guys
have
any
any
vision
as
far
as
how
you,
your
teams
will
work
with
metta
dallas,
specifically
reformer
metadaws.
B
Frank,
that's
a
it's
a
great
question.
For
me:
I've
been
trying
to
spend
a
lot
of
time
on
the
forums
and
discord
to
to
to
understand,
specifically
what
the
metadata
structure
is
going
to
mean
not
only
to
ces,
but
also
how
it
integrates
in
with
with
the
proposed
changes
and
it
it's
a
little
challenging
to
to
to
truly
grop
the
complexity
of
what's
been
what's
been
presented,
and
you
know
on
one
hand
I
can.
B
B
H
H
Trying
to
understand
first,
what
is
it
actually
that
we
can
do
in
the
you
know
metadata
like
what
are
the
I
think,
the
bits
of
the
dow
that
actually
makes
sense
for
us
to
interact,
there's
a
lot
of
natural
synergies
between
what
ces
is
doing
and
what
we
are
doing.
It's
a
natural
energy
like
a
synergy
because
I'm
you
know
like
I.
H
I
truly
believe
that
actually
otherwise
to
scale
we'll
have
to
have
like
that
engineering-like
approach
that
we
have
for
crypto
assets,
and
I
think
there
is
opportunity
for
for
that
to
happen.
But
we
also
have
like
a
problem
a
little
bit
more
like
a
focused
approach
on
how
we,
how
we
deal
with
those
problems
or
whereas
that
focus
is
very
much
like
you
know,
critical
assets
and.
H
H
D
C
C
Okay,
well,
listen!
I
really
appreciate
everybody
joining
us
today,
we'll
go
ahead
and
end.
Today's
call
tomorrow's
just
as
a
reminder.
Tomorrow's
thursday
dvc
call
is
canceled,
so
we
will
catch
up
with
everyone
next
week
next
wednesday.
Thank
you
all
for
joining
us
again.
If
there's
any
other
comments
or
questions,
please
feel
free
to
get
out
discord
and
we
appreciate
your
attendance
today.
Great
conversation
have
a
great
rest
of
the
day.