►
From YouTube: Open Decentralized Voter Committee | June 29, 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.
More Information: https://forum.makerdao.com/t/endgame-decentralized-voter-committee-meetings-wednesday-june-29-9pm-cest-and-thursday-june-30-9pm-cest/16212
A
C
And
hopefully
this
you
know
this
will
take
as
much
time
as
this
group
wants
to
take.
So
let's
get
going
and
I'm
robert
jordan,
I'm
the
facilitator
of
the
collateral
engineering
services
corps
unit.
I
know
that's
a
mouthful,
so
I
have.
If
I
haven't
met
you
hello,
look
forward
to
working
with
you.
I.
I
really
appreciate
the
opportunity
to
be
here
today
to
address
several
questions
that
were
asked
to
me
a
few
weeks
ago
on
this
call.
C
This
will
be
a
two-part
discussion
today,
I'm
going
to
discuss
the
collateral
pipeline
and
work
in
progress
as
it
relates
to
the
current
focus
objectives.
The
next
week
we'll
talk
about
the
product
development
opportunity
pipeline.
In
short,
this
just
means
that
there
are
some
near-term
opportunities
to
help
scale
the
protocol
and
generate
revenue
and
we'd
like
to
share
that.
With
this
team.
C
So
I'm
going
to
give
you
a
high-level
overview
of
the
collateral
engineering
services
core
unit
we've
been
using
our
collateral
management
life
cycle
or
what
we
call
cml
to
support
our
core
unit
mandate
of
increasing
the
supply
of
dye
and
operationalizing
collateral
management,
while
ensuring
the
stability
and
security
the
protocol,
and
I
realize
that
it
can
be
difficult
to
translate
a
core
unit
mandate
into
something
that's
understandable
for
the
community.
So
I'm
hoping
this
explanation
will
help
in
this
area.
There
are
four
key
areas
for
ces
collateral,
onboarding
collateral
management,
program
management
and
product
management.
C
We
have
a
balance
of
onboarding
new
collateral,
managed
cl,
managing
collider
already
in
the
protocol,
facilitating
and
owning
collateral
process
and
project
management,
as
well
as
providing
direction
of
building
collateral
technology
that
will
help
us
operationalize
and
scale.
The
protocol
ces
has
an
intentional
design
to
anticipate
the
future
needs
of
the
dow
where
more
autonomy
and
accountability
is
present.
C
We
try
to
reduce
dependencies
on
other
core
units
by
building
out
both
business
and
implementation
functions.
There's
still
a
little
bit
of
work
to
do.
We've
made
great
progress
with
the
team
that
we've
hired
we've
always
been
community
driven
core
unit
and
position
ourselves
to
be
agnostic
to
the
changes
of
the
dow,
we're
adaptable
and
fully
compatible
with
the
metadata
concept
or
other
emerging
dao
structures.
C
In
a
future
presentation,
I'm
happy
to
dig
into
the
details
of
the
cml
and
how
the
ces
core
unit
has
the
ability
to
work
with
the
end
game
initiative.
For
today
I
wanted
to.
I
wanted
to
provide
this
background
for
the
discussion
regarding
the
current
focus
objectives,
the
collateral
pipeline
and
the
work
in
progress.
C
There's
one
other
topic
that
I
think
is
applicable
to
this
discussion,
and
it
relates
to
our
collateral
onboarding
process.
In
q1
of
this
year,
ces
the
domain
teams
and
the
collateral
stakeholders
needed
to
tackle
some
pretty
significant
issues
with
our
collateral
onboarding
process.
This
resulted
in
a
clearer,
more
transparent
process
for
the
community.
C
A
key
part
of
this
was
cleaning
up
and
revamping
the
collateral
status
index
or
the
csi
and
providing
weekly
updates
on
the
form
we
knew
more
work
was
needed,
so
we
started
working
on
the
next
iteration
of
the
onboarding
process.
One
of
the
key
challenges
was
the
bottleneck
at
the
prioritization
step.
At
first,
we
thought
we
had
a
prioritization
issue.
It
quickly
became
clear
that
the
bottleneck
was
actually
due
to
the
collateral
funnel,
not
working
correctly.
C
C
Taking
out
the
garbage
might
get
you
a
smile
plenty
in
the
garden
might
get
you
dinner
and
a
massage.
I
think
you
get
the
point.
There
has
been
a
lot
of
frustration
in
the
community
about
getting
collateral
on
boarding
on
board
it
or
the
lack
of
it.
This
begs
the
question
of
why,
in
working
with
the
data,
there
is
a
saying
garbage
in
and
garbage
out.
In
short,
we
had
a
lot
of
collateral
without
a
clear
business
case
of
profitability
or
strategic
value.
C
It
was
challenging
for
the
community
to
know
if
a
collateral
application
was
beneficial,
so
the
default
was
to
greenlight
the
collateral
and
allow
it
to
move.
Allow
the
prioritization
and
domain
teams
to
figure
it
out.
That's
why
we
saw
77
of
the
applications,
make
it
to
the
prioritization
stage,
given
the
increased
complexity
of
the
collateral
applications,
this
meant
strategic
strategic
resources
had
to
spend
time
to
evaluate
applications
instead
of
doing
actual
onboarding
work.
C
It
was
common
for
the
domain
teams
to
spend
assessment
and
implementation
time
for
opportunities
that
would
amount
to
very
little
for
the
protocol.
This
is
where
the
updates
to
the
mips
6
collateral
application,
mip
6,
recommended
guideline
metrics
for
on-chain
collateral
onboarding
and
the
mip-67,
which
is
a
mouthful
which
is
the
methodology
and
review
process
for
structured
finance
transactions.
C
I
mean
these
made
a
huge
impact
on
qualifying
the
collateral
moving
through
the
process.
All
of
this
knits
down
to
a
few
simple
concepts.
First,
it's
important
for
us
to
use
the
collateral
onboarding
collateral,
onboarding
funnel
as
intended.
This
involves
actively
managing
our
collateral
applications
when
posted
to
the
forms
and
if
an
applicant
hasn't
used
our
business
or
technical
advisory
services,
we
click.
We
quickly
point
out
what
is
needed,
so
the
application
can
be
updated.
C
Second,
it
means
we
say
no
earlier
in
the
process,
so
we
can
focus
on
the
most
impactful
collateral.
This
requires
better
applicant
information,
hence
the
updates
to
our
application
requirements.
Remember
the
applicant
is
the
expert
with
their
collateral.
Therefore,
it's
imperative
we
get
a
complete
application
with
a
clear
understanding
of
the
business
opportunity
and
benefits
to
the
protocol.
C
Third,
we
asked
the
domain
teams
to
provide
high-level
comments
regarding
a
first
look
at
the
collateral
application.
We
want
to
avoid
doing
a
deep
dive
assessment
at
this
stage,
while
giving
the
community
enough
information
to
make
a
decision
if
the
application
makes
it
to
a
green
light
poll.
So
before
addressing
diving
and
addressing
the
current
focus
objectives.
Let
me
pause
here
for
a
moment
to
see
if
there
are
any
questions.
C
We
will
spend
some
time
on
the
objectives
relating
to
the
collateral
work
in
progress
in
the
collateral
pipeline
again
next
week,
I'll
address
the
items
dealing
with
the
product
development
opportunity,
pipeline
and
collateral
technology
development
to
help
achieve
short
and
near-term
goals.
For
the
dow,
there
might
be
a
little
overlap
between
the
two
discussions,
since
some
of
the
current
focus
objectives
need
software
development
to
onboard
the
collateral,
and
it's
highly
likely.
This
development
can
be
leveraged
to
operationalize,
the
onboarding
of
short-term,
high-impact
collateral
based
upon
our
community
driven
focus.
C
C
C
C
This
is
the
collateral
status
index
or
csi,
and
this
is
what
drives
the
work.
The
current
work
from
the
collateral
domain
teams
you'll
see
some
collateral
names
on
the
csi
that
are
also
represented
on
the
current
focus
objective
list
for
this
discussion.
I'm
just
going
to
use
this
as
a
reference
slide
for
a
higher
level
discussion,
and
I
just
I'd
like
everyone
to
know
that
every
week
we
publish
the
csi
update
on
the
form.
C
So,
if
you'd
like
to
review
the
detailed
information
in
the
spreadsheet,
this
is
a
very
small
portion
of
it,
but
this
will
give
you
an
idea
of
the
types
of
collaterals
that
are
moving
through
this
system.
What
stage
they're
at
in
the
process
and
some
notes
on
next
steps
and
who
are
responsible
for
those
next
steps?
Again,
I'm
not
going
to
spend
a
lot
of
time
here,
but
we
can
flip
back
to
it.
C
We
need
to
wait
till
next
week
to
discuss
the
more
crypto-native
opportunities
since
those
are
more
technical
in
nature
and
can
can
be
prioritized
without
an
external
applicant
I'll
pause
for
a
moment
here
to
see.
If
there
are
any
questions
there
are
people
on
this
call
that
can
also
provide
more
of
a
meta-level
overview.
If
anyone
has
any
specific
questions
on
the
pipeline
opportunities.
D
Oh
yeah,
this
is
frank,
3f
delegate,
I
guess
robert.
I
was
just
wondering
if
you're
going
to
get
into
mip
21
and
what
are
some
of
the
the
obstacles
you're
facing
there.
I
know
dave
has
been
superb
for
me
personally
to
kind
of
learn
how
the
mid
21
obstacles
are.
You
know,
so
I
was
wondering
if
you're
going
to
get
into
that,
if
you
can
expand
that,
I'm
not
sure
if
it's
on
the
on
your
slides
here
but
yeah.
C
A
Yes,
this
is,
I
think
it
will
be
really
good
to
sort
of
discuss
some
different
thoughts
about
the
collateral
right,
because
I
mean
in
the
end
what
I
originally
asked
like,
I'm
sort
of
like.
Oh
here's
compound
d3m
or
whatever,
and
then
I
asked
robert.
What
do
you
think
and
then
robert
is
like?
Oh
you
know.
Let
me
you
know.
Let
me
come
back
with
a
little
bit
more
prepared
answer
right,
and
I
think
this
is
like.
I
mean
basically
this
slide
and
then
earlier
slide.
A
C
This
represents
now
that
there
could
be-
I
mean
you
know
the
pipeline
work.
You
know
that
can
change
on
on
a
daily
basis.
So
it's
it's
my
best
effort
of
collecting
what
I
believe
to
be
true
across
the
core
units,
but
the
csi
is
absolutely
updated
as
of
this
morning.
So
that
is
accurate
information
and
then
the
pipeline
does
represent
a
fair
number
of
current
opportunities
that
that
either
have
been
being
worked
on
for
a
bit
or
that
are
in
the
stage
of
putting
their
memphis
together.
A
C
So
this
this
is,
this
is
really
the
heart
of
the
matter
right,
you
know
and
giving
that
context.
In
that
background,
you
know
that
the
green
check
means
the
work
in
progress,
and
you
know
I
I'm
not
sure
if
the.
If
everyone
understands
what
each
of
these
is
so,
for
example,
the
compound
d3m
is
a
similar
implementation
to
the
ave
83m
and
that
would
target
die
borrowing
rate
at
compound
the
monotalus.
C
C
So
those
check
marks
represent
what
we're
currently
working
on.
There
are
other
items
on
the
list
and,
as
you
can
see,
there's
a
lot
missing
right.
So
you
know
today
the
core
units
we're
following
our
mandate
and
we
continue
to
do
the
business
as
usual
work
until
the
the
community
ratifies
or
changes
the
dow
or
the
government
process,
and
so
I
really
value
the
feedback
and
would
like
to
hear
from
this
group
of
people,
because
I
think
there
are
two
levels
of
this
conversation
you
know.
C
C
You
know,
I
think,
if
we
get
into
a
discussion
of
you,
know
collateral
technology
or
names
on
a
list.
It'll
really
be
ineffective
for
us
to
identify
what
I
believe
to
be
the
greatest
value
to
the
protocol,
the
next
three
to
six
months.
So
that
is
really
the
end
of
the
prepared
slides
and
I
wanted
to
open
it
up
for
a
discussion.
D
D
C
What
happens
is
that
there
are
team
of
people
that
are
across
core
units
that
are
called
the
domain
teams
and
what
we
do
is
we
take
a
look
at
the
application,
the
complexity,
the
value
to
the
protocol
and
using
those
application
guidelines
that
I
spoke
about
prior,
we
looked
to
assess.
How
does
this
you
know?
Is
this
the
next
best
piece
of
collateral
to
move
through
the
system
before
it
wasn't
transparent
what
we
were
doing
or
why
we
were
doing
what
we
were
doing
and
so
the
big
change
there
has
been.
C
D
Sorry
again,
just
a
quick
follow-up
on
that
robert.
Do
you
also
take
into
account
which
of
these
is
the
most
profitable
for
mkr
token,
you
know,
for
the
protocols
benefit,
I
shouldn't
say
amkara
tokens,
but
you
know
what
I
mean
like
I've
heard
all
kinds
of
different
criticisms
for
the
compound
d3m
versus
something
like.
Well,
I
don't
know,
maybe
hvb
might
be
a
little
bit
more
profitable.
C
Yeah
that
that's
been
a
tricky
one
because,
as
as
the
ces
core
unit
has
has
gotten
up
and
running,
we've
completed
our
team-
and
you
know
we've
been
underway
now
for
for
about
you
know
solidly
for
the
complete
team
for
about
a
quarter.
Is
that
you
know
the
the
this.
These
activities
were
split
amongst
multiple
core
units,
and
so
you
know
people
had
different
opinions
on
what
was
valuable
and
what
isn't,
and
so
one
of
the
first
pieces
of
work
that
we
put
in
place
were
the
guidelines.
C
The
metrics
right,
nikolai
was
one
of
the
ones
that
spearheaded
that
effort
to
put
out
the
community
to
say
here
are
the
business
areas
that
we
need
to
be
addressed
in
your
application
to
be
able
to
adequately
assess
this.
So
whether
or
not
it's
going
to
be
something
that
will
be
good
for
the
protocol,
there's
always
strategic
value
in
doing
something.
So
I
don't
want
to
exclude
that,
but
for
the
most
part,
when
we
see
collateral
applications
come
in
now,
what
I
do
is
I'm
very
proactive
in
managing.
C
When
I
see
a
collateral
application
come
into
the
form.
I
immediately
go
up
when
I
check
to
make
sure
that
does
it
have
the
the
is
the
application
complete
is
it
filled
out?
Have
they
done
this
self
assessment,
as
it
relates
to
the
guidelines
that
we
published
so
that
the
euro
asks?
You
know,
euro
stable
coin
popped
up
and
they
resubmitted?
You
know
this
was
very
recently
the
past
couple
days.
C
I'm
using
this
as
an
example
in
the
mip
six,
and
so
when
you
read
through
the
application,
I
immediately
had
to
follow
up
with
hey.
I
don't
think
you
meet
the
business
guidelines,
therefore,
until
the
situation
changes-
and
you
want
to
update
your
application-
we're
just
simply
to
mark
this,
as
will
not
do
because
there's
got
to
be
some
level
of
funnel
filtering,
which
has
nothing
to
do
with
gatekeeping,
it's
more
to
do
about
making
good
business
decisions.
C
So
if
we
can
start
off
on
that
foot
to
understand,
what's
the
value
to
the
protocol
we'll
be
a
far
better
position
when
we
actually
get
into
you
know
when
it
hits
that
true
prioritization
phase
that
we
can
say
yeah
this
is
this
is
valuable.
We
can
onboard
it
in
a
short
period
of
time
and
it
generates
x,
number
of
die
or
dollars
for
the
revenue
revenue
for
the
protocol.
C
D
I
appreciate
that
and-
and
you
know
just
getting
to
the
part
of
the
funneling,
can
you
give
us
a
quick
description?
I
don't
want
to
take
too
much
time
on
this,
but
how
did
you
streamline
it
from
when
it
first?
You
know
you
guys.
First
got
on
board,
you
saw
a
ton
of
problems
how
the
funneling
wasn't
working
appropriately
or
or
as
quickly
as
maybe
someone
like
myself
would
want
it
to
happen.
What
kind
of
changes
did
you
make
there
if
you
could
just
go
over
that
real
quick?
C
No
problem
at
all
so
so
essentially
was
everybody
in
the
brother
would
submit
anything
and
everything
and
the
application
itself
had
a
template,
but
it
wasn't
followed
all
that
often
a
lot
of
times.
There
were
brain
thoughts,
just
came
that
kind
of
came
up
from
external
applicants
and
they
would
just
pushed
it
into
our
system.
So
our
funnel
didn't
look
like
a
funnel.
C
To
begin
with,
and
and
you
know,
the
team
knew
it,
but
the
challenge
was
that
he
was
going
to
circle
back
around
and
do
the
communication
and
clean
up
the
process,
because
again
it
was
split
across
multiple
core
units,
so
that
was
one
of
the
key
pieces
we
had
to
get
in
here.
Clean
up
the
collateral
status
index
make
sure
there
was
a
process
in
place
the
process
that
was
followed.
C
Have
you
done
this
because
if
you
don't
do
that,
then
no
one
knows
what
this
is
and
therefore
it's
really
hard
to
make
a
decision,
and
so
in
these
finals,
you'll
see
the
scope.
Cost
goes
way
out
when
we
allow
a
lot
more
applications
in
versus
making
the
funnel
a
lot
more
narrow
and
focusing
on
the
things
that
are
the
highest
opportunity.
C
So
a
lot
of
work
was
done
for
communication
for
transparency
for
reporting
purposes,
working
with
the
applicants.
I
I
get
on
calls,
and
I
offer
this
all
the
time
to
anyone
that
has
an
application
or
wants
to
submit
one,
I'm
happy
to
sit
down
with
you
explain
the
process,
how
the
onboarding
process
works.
What's
expected
of
you
right
now,
anyone
can
do
anything
at
any
time.
C
That's
totally
fine
and
we're
doubt
and
that's
what
we
allow
in
our
governance
process,
but
a
better
chance
of
success
or
just
to
really
even
like
know
what
to
expect
is
to
just
hey.
Let
me
explain
the
process
to
you
and
then,
in
addition
to
that
sometimes
what's
happening,
a
lot
of
times
is
what's
happening.
Is
that
solutions
come
in
already
presented
or
applications
come
in
with
solutions
and
implementation
already
attached
to
them
and
there
hasn't
really
been
a
technical
pre-assessment
or
an
advisory
done
with
some
of
those
applications.
C
So
when
what
can
happen
is
that
an
application
gets
in
and
everyone
thinks
it's
a
great
thing,
but
the
problem
is:
is
that
the
implementation
is
going
to
take
months
or
the
technology
that
was
outlined
isn't
really
the
appropriate
technology
for
us
to
use.
So
we've
learned
a
lot
as
it
relates
to
what's
appropriate.
What
isn't
the
scoping?
The
timing,
you
know,
generally
speaking,
the
cost,
obviously
more
complex
collaterals
are
going
to
take
a
lot
more
time
to
implement.
C
C
Some
debate
online,
for
example,
is
the
compound
d3m,
a
money
maker
for
the
protocol,
or
does
it
serve
a
different
purpose
and
see
that's
the
type
of
feedback
that
I'm
looking
for,
because
I
can
share
with
you
what
it
might
accomplish,
but
is
it
meeting
the
needs
that
we
have
in
the
short
term?
Is
it
something
that's
scalable?
Does
it
produce
revenue
based
upon
the
cost
that
we
placed
to
do
the
technology,
development
right
and
and
that
feedback
and
guidance
for
us
is
super
helpful.
A
Yeah,
I
also
think
I
mean.
I
really
think
that
this
is
basically
I
mean
this
is
sort
of
we
arrive
at
this
core
question
right
of
like
how
do
you
determine
if
it's
profitable
right,
which
is
like
literally
like
that's
what
this
should
still
be?
I
mean
that's
really
sort
of
the
you
know
that
goes
back
to
the
meta
purpose
of
the
the
voter
committees
right,
because
the
whole
point
is
we
want
to
voters
need
to
figure
out.
A
A
A
You
just
do
stuff,
then
you
learn
what
works
and
what
doesn't
work
and
turns
out
know,
there's
not
that
much
collateral
that
really
works
for
us,
and
I
really
want
to
sort
of
like
try
to
be
actionable
in
a
sense
right.
We
need
to
sort
of
get
to
like
the
the
controversy,
almost
right
and
figure
out.
What's
like
the
what's
the
things
we
can
do
in
terms
of
like
what
are
the
what's
the
what's,
what
are
like
the
big
decisions
that
that
could
really
matter
right
and
first,
is
what
you
know.
A
A
So,
first,
let's
just
talk
about
decentralized
collateral
right
and
what
I'm
basically
getting
from
the
two
slides
you
were
showing
which
is
sort
of
my,
and
I
guess
that's
my
my
preconceived
notion
as
well,
but
it's
basically
that
we're
like
we're
sort
of
out
of
decentralized
collateral
right
and
that's
sorry,
that's
one!
There's
one
kind
of
like
point.
I
want
to
throw
out
there
and
see
what
people
say
and
then
the
other
one
is
something
like.
A
That's
actually
work
sort
of
worth
it
to
put
into
the
maker
call
that
we
don't
sort
of
see
in
advance
and
know
about
in
advance,
but
that
they
sort
of
come
to
us
and
it's
like,
oh
hey.
Oh,
we
got
a
bill
in
market
cap
and
tons
of
liquidity
and
and
we're
sort
of
like
oh
cool
application.
You
know
go
through
the
funnel
and
we'll
see
if
it
work
right
like
like
in
praxis,
we're
sitting
here
and
we're
like
where's
the
where's,
the
collateral
and
and
we're
like.
A
C
Yeah,
so
I
can
take
a
a
shot
at
that.
Is
that
there's
a
lot
of
validity
to
you
know:
we've
uncovered
the
the
crypto
collateral,
the
big
ones
right
and
in
this
market
environment?
Obviously
you
know
there
are.
There
are
no
new
big
ones
that
will
come
forward,
so
so
the
you
know,
the
the
market
has
done
some
convenient
things
for
us.
C
Obviously
it
slowed
the
pace
through,
but
that's
okay,
because
one
of
the
things
that
you
know
in
in
the
absence
of
having
new
crypto
collateral,
you
turn
to
the
management
of
your
current
assets
and
that
gets
into
how
do
we
better
utilize,
the
assets
that
are
currently
in
the
system
and
so
from
a
collateral.
So
I
I
mentioned
four
specific
focus
areas.
So
if
you
take
a
look
at
the
collateral
management,
how
do
we
make
better
use
of
our
collateral?
C
C
A
Yeah
yeah
so,
and
do
you
think
that
we
could
sort
of,
like
I
mean,
there's
some
kind
of
of
of
pros
and
cons
of
the
best?
I
mean
basically
camera
d3m
and
the
uniform
thing
versus
bonds.
Essentially
right,
that's
like
the
that's
one
of
the
I
mean.
That's,
that's
that's
how
you
would
determine
whether
it's
even
I
mean
that's
what
I'm
hearing
about
compound
right.
It's
like
why
we're
doing
that.
A
Why
not
just
put
it
in
bonds
like
everything
else
right,
and
I
actually
think
this
is
sort
of
a
broader
question
I
mean
this
is
also
this
also
relates
to
to
rwa.
But
I
just
think
that
that's
like
I
mean
I
think
we
should
try
to
make
a
decision
on
this
and
then,
of
course,
until
then
it
does.
You
know,
like
I
mean
we
right
now,
we're
still
just
like
going
through
the
process
and
figuring
out
voter
committees
and
so
on,
but
eventually
we
may
want
to
take
action
on
saying
something.
A
Like
look,
we've
looked
at
this
at
the
situation
and
we
actually
don't
want
to
like
on
board
the
compound
d3m
at
all
or
the
unit
swap
thing
at
all,
because
we're
gonna
put
all
that
into
the
bonds
anyway.
So
like
we
don't,
you
know,
we
wouldn't
be
using
the
risk
for
emeralds,
even
if
they
got
there
and
as
a
result,
it's
like
it's
not
a
focus
objective
right.
It's
like
like,
if
there's
nothing
else
to
do,
then
we
do
that
sort
of
like
future.
A
Looking
product
development,
that's
sort
of
sitting
there
ready
to
go,
but
there's
nothing.
That's
like
there's
a
low-hanging
fruit
that
we
can
use
right
now
they
want
to.
We
want
to
use
or
something
I
mean,
and
my
point
is
that's
that's
like
I
think,
that's
like
that's
another
debate
to
have
at
some
point
right
of
like
like
actually,
you
know
like
actually
amending
and
then
enforcing
the
focus
objectives.
Basically,.
C
Yeah,
well
that
that's
you
know
when
we
take
a
look
at
I
I
in
in
product
development
that
I've
done
for
decades
now
is
that
you
have
your
your
main
line
activities
which
are
focused
on
you
know,
kind
of
the
business
as
usual,
and
then
you
find
a
portion
of
your
time
for
engineering
team
to
focus
on
those
activities
or
investment
or
innovation
or
runway
type
of
activities,
and
so
what
we
need
assistance
with
is
that
you
know
we
have
a
laundry
list
of
those
activities.
There's
no
shortage
of
that
work.
C
C
The
d3m
is
a
technology
like
collateral
technology,
and
it's
talked
about
in
a
variety
of
ways,
with
all
these
kind
of
magical
powers
behind
it,
and
the
truth
is,
is
that
it's
it's
actually
something
very
specific
and,
I
think,
there's
a
concept
behind
the
d3m
which,
which
probably
is
valid,
and
I
would
love
to
have.
Okay,
let's
have
that
discussion.
C
What,
specifically,
are
we
looking
to
attempt
to
do
here?
What
is
the
the
high
level
of?
Why
are
we
doing
this?
What
are
the
benefits
for
the
protocol,
and
then,
hopefully
we
can
quantify.
You
know
what
type
of
revenue
or
strategic
value
does
it
have
for
us,
so
those
discussions
are
really
helpful
for
us
because,
well
you
know,
I
I
think
everyone
has
seen
this
in
the
community
at
least
I
think
so.
A
B
B
Add
a
ton
of
value
to
how
to
think
about
what
we
should
be
spending
time
on
from
a
collateral
perspective.
I
think
there's
value
discussions
that
people
want
to
have
as
well
about,
like
you
know
to
your
point:
what's
decentralized
and
whatnot,
what's
not,
but
there's
also
this
fundamental
question
about
what
is
worth
make
your
dow.
You
know
what
is
worth
spending
the.
C
B
Sheet
on
right,
what
is
worth
putting
as
collateral
behind
die
in
the
first
place,
because
it
all
does
collectively
kind
of
matter.
In
my
opinion-
and
you
know,
I'd
love
to
see
like
strategic
finance-
incorporate
that
more
from
you
know
obviously
doing
it
today,
but
whenever
we're
talking
about
the
end
game
or
whatever
we're
talking
about
these
calls,
I
would
love
to
see
that
perspective
and
that
kind
of
scientific
approach
we
brought
up
a
lot
more.
I
think
it's
really
important
to
be
able
to
provide
that
perspective
on.
B
B
Yeah,
that's
a
good
one
and
like
this
composition
of
it
all
together
right,
you
can't
look
at
any
single
one.
You
have
to
take
it
all
together
and
then
I
like
strategic
finances
approach
lately,
which
has
been
taking
kind
of
a
very
deep
structured
look
at
you
know
what
does
dye
maturity?
Look
like
what
does
the
balance
sheet?
Look
like
long-term
budget
being
you
know
from
an
operational
perspective,
combined
other
aspects,
and
that
approach
seems
to
really
fit
very
well
with
what
the
questions
we're
trying
to
answer.
That's
how
I'd
say.
A
Yeah,
so
actually
I'll,
I
guess
we'll
see,
maybe
I'll
be
able
to
have
some
time
to
get
to
how,
like
I
mean,
because
the
question
is
like
how
does
that?
How
does
that
work
together?
Basically,
that's
like
a
really
really
fundamental
question
right,
like
sort
of
how
does
the
and
what's
the
sort
of
almost
like
the
process
of
like?
What's
the
what's
the
part
where
you
define
the
sort
of
the
overall
strategy
or
the
oral
approach,
and
then
how
does
that
result
in?
A
Do
you
on
board
the
d3m
first
or
monitors
first,
or
something
like
that,
and
then
there's
I
mean
there's
also
like
one
point
I
just
want
to
make
is
like
that's
really
it's
like
in
general,
this
concept
of
the
focus
objectives
and
really
relevant
for
something
like
this
right
is
that
the
longer
time
goes
by
the
less
relevant.
This
becomes
in
a
sense
like
over
time,
a
sort
of
at
some
equilibrium.
In
a
sense,
the
alm
question
will
just
never
be
about
like.
Oh,
we
don't
have
the
technology
like
it'll
always
be
well.
A
It's
all
there
like
there's
a
2000
d3ms.
There
is
like
into
two
compound
clones
everywhere
right
and
there's
like
tons
of
like
monetized
clones
and
there's,
and
so
all
those
tools
sort
of
already
exist
and
it
becomes
more
like
they
want
to
do
something
and
they
do
it
right
like
or
rather
they
want
to
propose
to
do
something
and
they
propose
it.
And
then,
if
the
community
wants
to
do
it,
then
it
gets
done,
but
in
the
short
run
we
are
in
this
phase
of
like
at
equilibrium.
A
We
would
like
to
do
this,
but
we
can't
because
we're
missing
all
this
technology
and
that's
that's
when
you
really
get
into
like
that's
a
focused
objective
of
like
okay,
here's
a
you
know:
not
only
can
we
earn
a
yield
or
something
we
can
diversify
some
risk
away
from
the
the
monotolies
or
whatever,
once
we
have
that
up
and
running
right,
but
also
there's
like
a
need
from
there's
some
blacklist
to
stuff
risk.
We
want
to
deal
with
or
whatever,
I'm
not
sure.
A
If
that
even
makes
sense,
because
you
know,
if
it's
already
in
bonds,
then
there's
no
blameless
risk.
But
like
there's
some,
you
know
there's
like
these
different
factors
that
come
together
and
that's
what
turns
it
into
a
focus
objective
and
ultimately
like
we
can
have
I
mean
we
want
to
create
these,
these
autonomous
frameworks
that
just
figures
this
out
for
us,
but
I
think
the
earlier
in
the
process.
We
are
the
more
it's
about
well,
there's
like
200
different
factors
and
it's
like
very
sort
of
wishy-washy.
C
D
That
would
be
really
helpful
just
for
having
an
idea
of
of
like
prioritizing
compound
ethereum
makes
a
lot
of
sense
from
a
business
perspective,
because
obviously
there's
some
technical
challenges
and
and
risk
involved
in
that,
and
so
I
I
was
just
wondering
if
like
if
we
see
that
rvd3m
isn't
like
this
big
drive
of
profit-
and
we
might
want
to
you-
know,
shift
priorities
to
something.
That's
more
valuable.
C
C
So
there
was
a
goal
on
why
we
did
it
right
and
then
the
question
becomes.
Is
it
still
useful
as
a
tool,
and
I
think
some
people
would
agree
and
other
people
would
disagree,
but
sometimes
their
strategic
value?
Obviously,
revenue
is
always
important,
but
the
strategic
value,
sometimes
even
though
the
revenue
might
be
less
than
we'd
like
it
serves
a
purpose.
A
So
I
think
what
I
just
want
to
because,
like
this
whole
question
of
like
compound
d3m
and
this
question
of
like,
should
we
should
we
maybe
say
like.
Actually
we,
like
I
mean
this
basic,
I
mean,
I
think,
what
we
discussed
in
the
chat
right
and
like
the
in-game
discord
chat
on
the
focus
objectives.
There
was
this
commonest.
Basically,
the
compound
d3m
has
a
lower
yield
than
the
bonds
we're
going
to
get
from
monetaris
right.
A
So
how
can
that
be
a
focus
objective?
If
we're
not
going
to
use
it,
because
we
wouldn't
put
money
into
a
you
know
a
what
is
it
a
junk
bond
or
something
like
a
junk
rated
thing?
What
we
could
put
into
a
government
one
right-
and
I
think
that
I
mean
I
would
like
that-
we,
like,
I
think
it's
very
useful,
like
that
kind
of
discussion.
A
Actually,
I
think,
is
useful
to
keep
in
the
in
like
the
discord
right
and
and
dive
in
on
that,
because
then
the
way
we
could
kind
of,
we
could
basically
prepare
at
some
future
point
when
we're
ready
to
say
like
okay,
we
want
to
try
to
see.
How
can
we
actually
apply
the
focus,
objectives
right
and
then
kind
of
like
prepare
some
kind
of
like
this
is
what
the
like.
This
is,
what
we
discussed
and
then
we'll
prep.
A
Is
that
that's
like
a
place
for
someone
who
is
maybe
not
so
involved
that
they're
in
a
discord,
but
they
can
come
in
and
they
can
sort
of
like
see.
Okay,
this
is
how
the
process
is
going.
This
is
how
the
the
vote,
like
the
decisions
are
made.
This
is
why
the
voters
are
voting
in
these
certain
ways
right
right,
so
I
just
want.
I
just
want
to
to
avoid.
Basically
talking
more
about
it.
Now,
because
we
have
other
stuff
we
need
to
to
get
to
also
we
can
talk
about
like
the
combat
d3m.
A
Specifically.
Actually
I
want.
Let
me
just
bring
it
up.
Unless
let
me
see
it
looks
like
there's
no
hand
right
yeah.
It
looks
like
there's
no
of
my
hand
up.
So
let's
talk
quickly
about
real
assets,
just
very
quickly,
right
and
I'll.
Just
reiterate
what
I
said
originally
when
I,
when
I
showed
the
focus
objectives
the
first
time
right.
A
So
it
is
basically
that
that,
like
what
we,
what
we
have
now
learned
is
that
the
I
mean
well,
first
of
all,
there's
like
two
types
of
real
assets:
right,
there's
like
complex
real
assets,
which
is
like
suck
chain
and
hvb
and
pando
and
block
time
or
whatever
right
these
like
very
bespoke,
very
sort
of
specific
and
it's
kind
of
credit
or
whatever
right.
I
guess
it's
like
nowadays.
A
I
mean
I've
said
this
again
and
again
right
that
we
sort
of
the
whole,
like
the
real
asset
strategy
that
we
pursued
so
far,
has
sort
of
failed
in
a
sense
in
that,
like
it,
we
were
too.
You
know
we
were
too
optimistic
about
how
easy
it
would
be.
It
was
simply
not
it's.
It's
just
simply
incredibly
incredibly
difficult
to
do
these
things
right
and
then,
what's
so
attractive
about
the
bonds.
A
Is
that
they're
also
super
difficult,
but
they're?
I
mean
they're
still
way
easier
because
there's
no
risk
component
not
even
close
to
the
same
extent.
You
have
to
do
for
complex,
real
assets
right
because
it's
just
government
bonds,
but
they're
still
difficult
to
do,
but
once
you
do
them,
they're
crazy,
crazy,
scalable
right.
So
that
means
now.
You
only
have
to
worry
about
the
lm
part.
A
Maybe
some
slightly
higher
yields
or
something,
but
that's
not
really
so
important
for
us
right.
They
have
additional
downsides,
like
long
duration
and,
most
importantly,
right
like
opaque
risk
and
complexity
and
so
on
so
anyway,
so
the
like.
So
that's
that
was
sort
of
this
like
bomb
shell
kind
of
originally.
I
was
really
you
know
pushing
of
like
look
it's
like
we,
we
it's
like
a
song
costing
like
we've,
been
going
down
this
path
and
as
a
result,
we
just
not.
A
We
haven't
sort
of
stepped
back
and
analyzed
what's
going
on
right
like.
Why
are
we
spending
resources
on
the
compound
d3m
when
it
has
lower
yields
than
the
government
bonds
right?
Why
are
we
doing
all
these
real
assets,
when,
like
I
mean
it's
just
they're,
so
complicated
and
the
bet
and
like
there's
so
there's
additional
downsides
and
there's
basically
no
additional
upside
compared
to
just
doing
bonds?
Right
and-
and
I
mean-
and
I
think
the
answer
I
mean
from
my
perspective
and
now-
but
this
is
the
the
endgame
rotor
committee
right.
A
My
perspective
is
basically
that,
like
the
answer
is
that
this
is
it's
like
an
old.
It's
like
an
early
and
old
sort
of
strategic
miscalculation.
Basically
that
I
would
actually
like,
like
a
lot
of
the
mistakes
that
happened
in
maker,
were
all
related
to
overestimating
our
own
abilities
right.
So
we
didn't
want
to
focus
on
bonds
because
we're
so
much
smarter,
we're
gonna,
reinvent
finance
from
the
ground
up
right.
A
We're
gonna
do
complex
deals
right,
but
I
think
what
the
anyway
so
like
in
this
very
like
high
level,
if
you
just
look
like
if
you're
sort
of
looking
at
nothing
else,
you're
just
looking
at
maker
in
isolation
right
now,
then
I
think
the
right
move
is
basically
to
not
do
complex
verbal
assets
at
all.
Right
like
I
simply.
A
I
don't
see
how
that's
actually
like
it's
sort
of
defensible
to
do
that
when
you
have
the
bond
option
instead
right,
but
the
whole
point
of
the
endgame
plan
right
is
that
we
don't
have
necessarily
go
that
way
of.
Just
like
you
know,
just
sort
of
like
accepting
our
limits
and
be
like.
Okay.
Well
turns
out
that
a
lot
of
the
stuff
we've
been
doing
like
we've,
a
lot
of
things
we've
been
trying
to
do,
they
haven't
been
giving
us
the
results
we
wanted
and
then
well.
A
A
The
bulk
of
the
complexity
comes
from.
Actually
all
these
like
personal
interactions
that
are
happening
as
as
these
things
try
to
get
onboard
it
right,
and
then
you
ring
fence
them
in
these
meta
dials,
and
then
they
can
all
work
and
so
on,
and
then
anyway.
So
that
brings
me
back:
let's
bring
it
back
to
okay,
so
I
was
just
saying
we
shouldn't
even
be
doing
real
assets
right
and
but
and
that's
sort
of
the
that's.
A
The
reason
why
it
says:
freeze
all
further
activity
on
on
the
focus
objectives
right,
because
that
was
sort
of
the
takeaways
like
look.
This
is
not
even
it's
not
plus
ev
stuff
we've
been
doing
here.
We
should
just
be
doing
the
bonds
and
then
just
like
focusing
on
that
right,
but
there's
an
opportunity
in
the
future.
A
In
fact,
we
may
even
be
sort
of
worse
off,
taking
them
out
of
bonds
and
putting
them
into
these
deals.
But
the
reason
why
it
still
makes
sense
is
because
we
want
to
maintain
relationships
with
these
arrangers,
as
I
call
them
right,
and
so
that's
in
the
end
I
mean
that's
what
I'm,
what
I
was
basically
trying
to
explain
is
like
what's
the
reasoning
why
the
list
looks
like
this
right,
so
these
so
basically
hvb
pando,
centrifuge
block
tower
and
possibly
more
right.
A
They
represent
like
they
represent
these
interesting
deals
have
been
coming
in
and
that
have
been
coming
from
parties
that
actually
directly
interact
with
governance
themselves
right
so
rangers,
meaning
they're,
sort
of
they're,
actually
independent
from
the
core
units,
and
in
theory
these
could
do
deals
directly
with
governance
like
they
could
like.
In
theory,
they
could
write
the
smart
contracts
themselves
and
they
could
make
the
proposal
themselves,
and
I
mean
they
don't
have
the
smart
under
capacity.
A
Even
if
it's
not
worth
it
in
the
short
run,
we
could
make
it
worth
it
if
we
can
transition
those
up
to
metadows
and
yeah.
I
mean,
I
think,
that's
like
that's
what
I
that's
a
really
fundamental
point
for
me
right
that
I
think
that,
basically,
if
we're
not
doing
something
like
metadouse,
then
at
this
point
I
think
we
can
start
concluding
it's
simply.
C
So
so
rooney,
the
the
one
of
the
pieces
of
points
of
clarification,
is
that
this
you
have
the
word
specifically
freeze
all
further
activity.
I
know
there's
an
intention
behind
that,
but
as
as
I've
shown
that
there
are,
there
are
deals
that
are
deals
that
are
in
the
works
then,
and
there
are
plans
to
submit
mip
sixes
are.
A
A
I
think
right,
so
that's
taking
a
year
to
get
to
that
point,
and
and
then
we
have
this,
you
know
we
have
like
yeah.
I
think,
like
I
mean
block
tower,
they
they
just
posted
their
application.
I
think
early
I
mean
I've,
so
there's
someone
there.
I
know
that
they've
been
in
close
touch
with
the
rebel
finance
team
and
they're,
like
you
know,
they're
close
with,
like
a
centrifuge
and
so
and
they're
mkr
holders.
So
that's
why
I
consider
it.
C
When
I
take
a
look
at
the
difference
between
say,
for
example,
sock
gen,
which
started
back
in
october
in
the
in
your
last
in
the
last
year,
time
frame
an
hp
bank
which
was
published
in
march
right,
so
there's
a
significant
difference
on
the
process
of
improvements.
That's
happened
between
those
two
and
what
we've
learned
in
expression.
The
past
quarter,
so
additional
deals
that
come
through
we're
very
we're
able
to
identify
once
they
hit
an
application
state.
C
A
Yeah
but
but
anyway
so
and
then
my
point
is
like
in
practice,
I
think
unless
there's
like
a
really
like,
unless
it's
like
it's
not
like
the
d
like
from
my
perspective,
I
don't
care
about
the
deal
of
these
rebel
asset
deals
because
I
think
they're,
all
none
of
them
are
worth
it
like.
I
don't
think
any
sock,
jan
hpb
pandora's
interviews
blog.
A
So
that's
again
back
to
this
thing
about
like
putting
people
like
preparing
people
for
the
metadata
basically
and
then
the
only,
and
so
that's
why
the
deal's
not
important
the
almost
like
the
politics
are
important
right
or
like
the
the
counterparty,
the
the
the
the
dao.
You
know
the
crypto
knowledge
right,
the
community
experience.
I
remember
this
is
one
of
the
you
know
these,
like
unique
words.
We've
been
right,
called
community
experience
like
the
ability
for
someone
to
like
go
into
the
forum
interact
with
people.
A
A
That
maker
has
basically
failed
at
right
that
basically
we
tried
it
for
years
and
the
conclusion
is
you:
it
doesn't
make
sense
for
us
to
do
it
when
we
can
just
put
it
in
bonds
and
like
we're
just
better
off
with
that
right
so
anyway,
so
right
so,
and
so
from
that
perspective,
I
think
everything
should
be
paused
right.
Everything
frozen,
and
it's
a
matter
of
like
those
that
we
don't
those
that
we
do
want
to
to
to
put
here.
C
Yeah,
and
for
for
me,
as
like,
like
so
like,
I
said,
is
that
there's
a
business
as
usual
function.
That's
happening
right
now
in
the
process
of
moving
to
whatever
we're
moving
to.
However,
that
happens,
meanwhile,
is
that
you
know
people
are
out
there
doing
work
against
these.
These
pipeline
activities
applications
are
coming
in
we're
based
upon
the
process
and
what
the
community
asked
us
to
do,
which
is.
If
something
happens,
then
we
need
to
respond
to
it.
So
we
continue
to
do
that.
C
Meanwhile,
it's
a
little
vague
right
now,
knowing
that
okay,
so
I
had
three
opportunities
that
I
put
up
from
centrifuge
that
that's
kind
of
being
led
by
those
guys
and
gals,
and
and
like
should,
when
that
stuff
pops
up,
should
we
look
at
the
applications?
Should
we
say,
hey
guys,
you
know
sorry,
you
know
we
don't
know
right
now,
whether
or
not
this
work
can
move
forward,
I'm
just
looking
for
some
direction
or
feedback.
A
A
If
they're
very,
very
you
know
able,
if
they're
able
to
very
deeply
penetrate
into
maker
governance,
right
to
the
point
where
they're
so
governance
savvy
that
we
could
actually
have
them
be
a
part
of
like
you
know,
we
would
trust
them
and
we
would.
We
would
use
them
to
actually
bootstrap
the
culture
and
the
governance
and
the
politics
of
an
entire
metadata.
A
That
would
then
so
we
could
sort
of
build
it
from
both
ends
right,
so
we
built
maker
and
the
core
units
build
it
from
from
one
side
and
then
the
rangers,
the
these
governance
savvy
ranges
buildings
from
the
other
side
and
then
in
the
middle,
that's
sort
of
the
where
the
metadata
structure
emerges
and,
and
hopefully
healthy
process
that
actually
works
right.
That
comes
out
of
it
right.
A
But
beyond
that
I
mean
I
mean
we
like
in
practice
you
shouldn't
freeze
all
activity
and
so
on
right
because
we
don't
know
if
there's
actually
majority
approval
for
this,
but
definitely
from
my
perspective,
then
I
like
that's
what
I'm
I'm
in
favor
of
like.
Like
I
start.
I
just
saw
this
wait.
Maybe
it
was
a
little
bit
higher.
I
think
nadia
posted
yeah
right,
like
mabel,
true
fight
goldfinch.
A
So
basically
I
think
whether
we
should
include
like
the
only
reason
why
I
think
would
be
worth
it
to
include
well
actually,
okay,
so
mabel
and
trufy
actually
they're.
Well,
so
then
they're,
like
I
mean
they're,
actually,
the
kind
of
so
my
understanding
of
them
is
that
they're
actually
the
exactly
the
kind
of
structure
that
could
fit
directly
into
the
maker
core
right.
So
they're
not
complex,
wearable
assets,
they're,
they're,
sort
of
simple
thing
right,
because
the
d3m
thing
and
then
as
I
unders
just
this-
is
just
what
I've
heard.
A
My
point
is
that
any
mostly
other
deals,
the
question
is
basically
it's
not
so
much
what's
the
deal,
the
question
is:
are
they
like?
Do
they
have
to
go
through
the
core
units
to
interact
with
governance,
or
can
they
directly
on
their
own
sort
of
interact
with
governors
right?
Can
we
invite
them
on
a
voter
committee
and
talk
to
them
directly
right?
Because
that's
really
how
I
that's
where
I
would
like
the
to
to
once
we
really
sort
of
gate.
You
know
like
get
control
in
a
sense
of
the
the
real
asset.
A
I
mean
the
whole
collateral
onboarding
situation
right
then
we
really
sort
of
like
discuss.
What
are
we
gonna?
Do
we
discuss
that
on
these
calls
right
and
we
we
we
have
this
sort
of
you
know
what
do
you
call
it
like
aware,
awareness
of
of
what
we're
doing,
right
and
and
and
specifically
with
real
assets?
I
mean
we
recognize
that
we
seem
it's
like.
A
It
doesn't
work
currently
and
we
have
to
rebuild
the
whole
thing
with
metadatas
right
potentially
and
that's
something
we
really
need
to
sort
of
discuss
and
practice
like
that's
just
like
getting
the
deal
done
and
getting
the
yield
and
so
on.
That's
just
the
piece
of
it.
That's
actually
not
even
an
important
thing.
That's
just
a
part
of
the
experiment,
and
just
as
much
of
it
is
sort
of
the
interaction
with
these
counterparties.
B
Can
I
pop
in
and
speak
of
it
here?
I
meant
to
raise
my
hand
earlier
just
on
the
subject:
yeah
so
I'll
caveat.
First
by
saying
that
I
I
do
work
for
centrifuge,
and
so
I
you
know
there's
a
bit
of
a
like.
You
know
my
skin
is
in
the
game
there
for
those
guys,
but
I've
been
in
the
maker
community
and
participating
for
about
much
longer
than
I've
been
working
there,
and
I
think
I
represent
probably
a
lot
more
internal
views
on,
like
the
hope
for
rwa,
let's
say
outside
of
bonds.
B
B
Why
is
it
almost
not
worth
looking
at
them
versus,
let's
say
just
bonds
right?
You
know,
I
think,
there's
a
few
caveats
there
that
you
know
there's
limitations
to
taking
just
a
bond,
only
approach-
and
this
goes
back
to
my
earlier
comment-
that
there's
a
strategic
perspective
that
maker
needs
to
take
here.
As
like
a
protocol
and
kind
of
an
organization
about
what
is
the
overall
kind
of
what
are
we
trying
to
achieve
right?
What
are
the
constraints
we're
trying
to
accept?
B
What
are
the
I
don't
know
like
ambitions,
we're
trying
to
accept
as
well,
and
I
think
that's
relevant
to
whether
you
decide
to
go
bond
only
or
you
know
complex
article
is,
I
think,
that's
probably
well
understood
too.
You
know
and
then
there's
just
maybe
to
that
point
as
well.
There
are
benefits
that
you
know
complex
rwas
can
bring
over
bonds
right,
like
people
more
ingrained
in
finance
can
speak
to
this
better
than
I
can.
But
you
know
talking
about
interest
rate
restoration
risk.
B
You
know
you
can't
have
revolving
rbas
or
short-term
duration
that
do
kind
of
resolve
some
of
those
liquidity
issues
that
you
might
even
face
in
bond
markets
during
times
of
distress
right
depending
on
what
the
market
is
like,
but
I
think
maybe
beyond
that
you
know
having
the
conversation
about
metadatas.
I
think
one
thing
I'd
like
to
hear
from
you,
because
it's
directly
related
to
the
end
game
plan
is
how
would
meta
dials
actually
tangibly
help
solve
the
problem
right
because
to
me
I
think
the
problem
is
really
about
appetite.
You
know.
B
B
You
said
about
reformer,
dows
structure
and
things
like
that,
but
I
really
like
to
ask
a
pointed
question:
how
do
you
imagine
metadatas
would
be
able
to
solve
the
problem
with
complex
rwas,
also
understanding
that
they
may
not
right?
But
how
would
you
speak
to
like
what
is
it
about
metadata
structures
that
are
actually
solving
the
problem
that
allow
complex
rwas
to
be
brought
on
if
there's
appetite
for
it.
A
I
really
believe
that
like
so,
I
think
that
for
a
normal
institution
like
this
distinction
between
bonds
and
complex
real,
it
is
like
so
much
more
intense
for
dow
than
for
like
a
anything
else,
and
that's
because
the
like,
by
far
the
biggest
problem
I
have,
I
I
see
with
the
complex
rwa
I
mean
that
we've
observed
in
practice
is
that
there
is
this
like
intense
political
struggle
related
to
how
they
they
play
out.
Basically,
so
it's
because
I
mean-
and
it's
because
it's
a
it's
a
freaking
down
right.
A
So
it's
like
a
flat
structure
and
there's
all
these
like
relationships,
crisscrossing
all
over
the
place.
There's
not
sort
of
this
like
investment
committee.
That
just
like
decides
this
is
how
it
works.
It's
this
like
crazy,
complex
sort
of,
like
you
know,
like
informal
structure
of
all
this
stuff.
You
have
to
sort
of
massage
through
and
then
you
have
these
like
factions
and
it's
a
it's
like
it's
completely
insane
like
so
so.
A
So
you
get
lucky
and
you
get
an
equilibrium
that
actually
works.
Where
you
don't
you
don't
have
these
sort
of
enemies
that
have
friction
with
each
other.
You
know
trying
to
work
together,
but
then,
basically
sabotaging
each
other
right
and
instead
you
can
have
these
aligned
groups
clustering,
as
I
call
it
right.
So
you
have
these
small,
and
this
is
the
secret
about
down,
as
everyone
keeps
saying
right
nowadays,
it's
like
does
have
to
be
small.
A
You
can't
do
a
big
doubt
right
and
that's
what
the
meta
does
offer
like,
instead
of
having
this
giant
team
that
just
cannot
work
because
it
doesn't.
You
can't
scale
up
in
a
dialogue
like
that,
you
have
smaller
isolated
teams
and
you
let
them
have
their
own
culture
or
their
own
politics,
and
then
some
of
them
will
just
fail
because
just
like
it
failed
in
in
in
maker
right,
but
some
of
them
will
succeed
and
will
also
coalesce
into
this
functioning
governance
and
political
and
operational
pipeline
of
of
getting
getting
it
all
running
right.
A
In
addition
to
all
the
other
benefits
right,
in
addition
to
the
complexity,
reduction
of
maker
and
so
on,
right
and
there's
I
mean
there's
a
whole
credit
enhancement
perspective
as
well
right
and
then
the
final
thing
I
want
to
say
is
like
I
don't
I
just
like,
because
die
is
a
currency
like
maker
is
a
it's
a
stable
coin.
Protocol
right,
like
we've,
never
been
interested
in
like
high
yields
or
anything
like
that
right.
We
are
interested
in
like
huge
amount
of
uses
and
low
yields
and
low
margins
and
massive
massive
scale
right.
A
So
what
what
I
think
complex
real
assets
offer
us
isn't
that,
oh
we
can.
We
can
like
squeeze
up
the
yield
a
little
bit
and
optimize
here
and
there
but
sort
of
spend
a
lot
of
kind
of
like
focused
effort
on
doing
those
things,
because
that's
gets
really
hard
to
do
at
scale
right
and
that's
why,
like
then
you're
outside
as
the
metadatas
and
then
basically
the
meta
house
gets
the
upside
of
like
dealing
with
x,
complexity
and
maker
gets
to
sort
of
like
abstract
it
into
something.
A
That
starts
looking
more
like
a
bond
anyway,
but
the
one
completely
unique
upside
we
get
from
complex
wearable
assets
is
that
we
can
do
you
know
we
can
we
can
so
we
can
revolutionize
finance
right.
It's
especially,
we
can
do
clean
money.
We
can
do
like
sustainable
investments
and
project
finance
and
this
kind
of
stuff,
and
we
can
do
it
in
a
way.
A
That's
actually
gonna,
like
it's
gonna,
be
highly
scalable
right,
because
we
can
let
the
metadata
do
all
the
work
of
like
something
like
a
dow
doing,
project
finance
and
doing
200
different
projects
and
so
on
right,
which
would
be
impossible
for
maker
to
micromanage,
but
we're
not
interested.
In
I
mean
the
extra
yields
related
to
doing
200
project
finance
works
right,
we're
interested
in
the
branding
of
clean
money.
A
And
then
I
think
another
question
was
something
along
like
something
like
launch
schedule
for
metadata,
and
I
basically
talked
about
that
briefly
two
weeks
ago,
but
and
it's
on
the
forums
part
four.
Then
game
plan
right
that,
but
right
now,
the
way
it's
the
plan
is
structured.
Is
that
launching
the
two
reformer
dials
that
focuses
on
the
real
world
assets
is
a
part
of
the
proof
of
concept
phase.
So
that
would
be
like
prioritized
at
the
very
beginning
and
would
be
done
so
early
that
they
would
be
still
be
reversible.
A
So
we
would
basically,
like
conclude:
our
like
complex
rwa,
doesn't
work
in
the
maker
level.
It's
not
a
fit
for
maker
call.
Basically,
we
have
to
go,
but
then
we're
gonna
do
one
last
hail
mary
experiment
and
be
like.
Can
we
make
it
work
in
a
meta
now
and
and
see
if
that's
a
way
to
prove
that
the
meta
does
work
and
then,
if
it
just
fails
and
the
metadata's
just
flopped,
then
that's
kind
of
how
we
we
then
unwind
the
whole
thing
and
we
basically
unwind
complex
ruble
assets.
A
We
unwind
the
metadials
like
that's
a
the
whole
in-game
plan
is
built
around
that
you
can
sort
of
like
do
this
test
and
if
it
doesn't
work,
you
can
fall
back
to
the
right
plus
super
simplified
approach,
which
ultimately
I
mean
would
be
a
big
loss
right
because
cutting
down
all
this
complexity
means
that
we've
built
too
much
to
watch
so
much
stuff
over
the
years
and
like
with
you
know,
it's
just
starting
to
look
like
a
lot
of
it.
It's
not
it's
not
working
right
and,
and
the
metadata
is
maybe
the
this
final.
A
Okay,
now
we
just
I'm.
We
have
to
speed
up
now
because
we
only
got
10
minutes.
So
I
want
to
get
into
the
very
concrete
delegate
business
now,
but
thank
thanks
so
much
robert
yeah
yeah
I'll
have
to
go
move
on
now,
because
I
have
to
run
exactly
in
10
minutes.
So
there's
a
bad.
But
what
do
you
call
it.
A
Yeah,
I'm
not
going
to
be
on
call
next
week,
so
I
think
that's
really
exciting.
So,
but
that's
another
one.
I
want
to
talk
a
little
bit
about
now
with
the
delegates,
but
yeah.
That's
that's
going
to
be
really
exciting
to
have
like
a
voter
committee
without
me
or
whatever
right.
Then
we
can
see
if,
if
it's
possible,
to
kind
of
like
achieve
this
goal
of
the
endgame
voter
committee
is
still
actually
representing
of
of
you
know
like
I
can
sort
of
like
watch
it
and
be
like
yeah.
A
A
You
know
my
voting
behavior
right,
okay,
but
so,
let's
just
like
fast
forward
to
yeah,
there's
a
whole
bunch
of
different
things.
I
wanted
to
talk
about,
but
that'll
be
another
time,
because
we
we
had
this
very
good
discussion
about
collateral
the
main
thing
I
basically
want
to
focus
on
yeah.
In
fact,
I'm
not,
I
guess
I
won't
even
won't
even
share
my
slides,
there's,
not
really
anything.
A
A
I
just
I
mean
in
hindsight,
like
that's
one,
that's
a
huge
mistake
calling
it
up
like
I
decided
to
call
it
party,
because
that's
like
the
closest
analogy,
but
of
course
what
happened
is
that
there's
all
this,
like
baggage
of
the
word
party,
that
just
totally
backfired
right
just
like
made
people
get
the
completely
wrong
impression
that
this
is
about
creating
some
kind
of
political
show
right
when
reality.
The
point
is
to
try
to
reduce
the
the
sort
of
uncertainty,
the
political
uncertainty
by
having
the
some
kind
of
clarity
and
and
yeah.
C
A
From
the
voters
right
and
then
but
then
and
then
this
basic
idea
of
the
voter
committee
system
right
is
that
it's
a
way
to
kind
of
keep
delegates
in
check
right.
It's
like
a
way
to
in
this
future,
where
we
do
voter
incentives.
So
the
delegates
will
get
a
huge
amount
of
voting
power
from
people
that
don't
really
care
so
much
about
how
they
vote
in
many
cases
and
then
by
tying
delegates
to
voter
committees,
you
have
a
way
to
ensuring
this
kind
of
feedback
loop.
A
A
Have
this
thing
when
they
come
into
their
discord
and
say:
let's
start
burning
and
then
they're
like
there's
a
ton
of
people
sort
of
like
all
the
insiders
like
no
we're,
not
burning
it's
bad
right
and
then
they
say,
let's
cut
budgets,
and
then
you
have
a
ton
of
core
units
being
like.
Oh
okay,
for
cut
budget.
This
is
bad
for
growth
and
so
on.
A
Right
I
mean
now
it's
that's
sort
of
started
to
change
right,
but
then
I
think
it's
actually
a
result
of,
of
course,
having
this
kind
of
open
format
where
the
voters
can
like
there.
We
can
sort
of
create
this
like
this
is
what
there's
a
real
momentum
behind
right.
We
have
to
get
serious
about.
We
need
to
look
at
the
budgets
right.
A
You
know
like
environment,
where
it's
about
doing
the
stuff
that
voters
actually
want
them
to
do
right,
and
so
one
of
the
things
that
we
can
really
like
and-
and
then
I
mean
I
have-
I
have
all
these
ideas
for
how
we
can
sort
of
concretely
work.
That
out
I
mean
in
the
end
it's
going
to
be
some
kind
of
natural
equilibrium
of
like
delegates
will
just
do
whatever
it
takes
to
get
the
votes
right.
A
You
know
it's
it's
it's
like
a
marketplace.
Essentially
right
and
you're.
Gonna
you're
gonna
have
fierce
competition
right,
but
but
of
course,
following
many
different
styles
and
there's
also
going
to
be
it's
going
to
be
some
complete
sellouts
that
will
basically
they'll
vote.
However,
you
want
them
to
vote.
A
Basically,
yeah
like
I
said,
the
really
concrete
step
of
what,
because
I'll
be
done
next
is
to
have
the
delegates
help
run.
The
voter
committee
calls
right
so
I
think
that's
like
a
really
that's
a
really
sort
of
tangible
kind
of
foray
down
this
sort
of
path
of
figuring
out.
What
is
it
delegates
can
do
so
they
give
voters
the
sort
of
the
information
and
the
confidence
and
the
the
inspiration
to
then
delegate
to
them
right.
A
So
now,
like
I'm
over
the
next
two
days,
I'm
going
to
delegate
all
of
my
33
000
mkr
that
I
have
in
my
shadow
delegate
currently
and
basically,
what
I'm
I
want
is
to
whoever
is
on
this
call,
whoever
of
the
of
the
people
that
already
have
sort
of
been
on
on
the
calls,
and
then
when
went
into
the
endgame
delegate
forum
post,
basically
what
I
want
to
sort
of
do
next,
is
you
you
you
basically
post
in
this?
It's
called
endgame
delegates.
A
I
think,
on
the
end,
game,
discord
right
and
then
from
there
I
think,
like
what
we
will
discuss
is
something
like.
How
can
we?
How
can
you
help
run
the
calls
or
something
like
that
right
and
then
based
on
that,
then
I
will
allocate
the
votes,
maybe
just
split
it
equally,
amongst
everyone
involved,
right
or
or
depending
on
kind
of,
like
different
people
may
be
willing
to
to
take
on
a
different
level
of
a
level
of
activity
in
the
endgame
voter
committee.
A
Specifically,
and
then
I
guess
that
if
we,
if
we
make
that
work
properly,
then
that
should
actually
kind
of
like
get
a
ball
rolling,
so
that,
in
the
theory,
like
I
mean
probably
in
practice,
is
not
going
to
work
right.
But
in
theory
I
could
already
step
back
at
that
point,
and
you
would
just
have
delegates
running
voter
committees
and
you
would
have
in-game
align.
A
So
yeah
that
was
it
please.
Those
of
you
who
are
here
and
and
have
been
sort
of
the
whole
journey
of
originally
joined
the
calls,
and
they
went
on
the
forum
and
now
you're
on
this
call
and
you're
in
the
and
you're
in
in-game
discord.
And
then
you
can
write
your
name
there
and
then.
Finally,
I
will
actually
do
the
delegation
now
because
I
have
to
because
I'm
going
on
holiday,
so
it's
pretty
urgent.
Otherwise
we
might
block
all
of
governance.
A
A
What
do
you
even
call
it
like?
What's
that
word
like
pivotal
situation,
right,
that's
the
kind
of
situation
where
then
I
would
always
undelegate,
because
it
like
it
didn't
even
matter.
The
vote
was
already
no
right,
but
the
point
was
to
try
to
make
it
it's
like
a
roll
call
of
mkr
holders
right
that
that
kind
of
stuff.
That's
that's
what
I
think
is
very,
very
important
that
you
you
act.
You
know
you!
A
Don't
you
don't
kind
of
like
hide
the
the
reality
of
the
underlying
incentive
right
of
of
of
the
underlying
kind
of
like
yeah,
I
think
incentive
is
the
best
way
to
describe
it
right.
That
sort
of
mindset
of
is
to
vote
in
a
certain
way,
because
that's
what
I,
from
my
perspective,
is
what's
most
valuable
for
the
dow
and
who
yeah
who's
elijah
eligible
for
to
be
to
get
delegated
to
now.
A
So
this
is
kind
of
lazy
check,
but
then
that
means
you've
at
least
been
to
a
bunch
of
different
ones,
and
then
now
I
just
have
to
do
it.
So
then
those
will
be
the
ones
I
like
we'll
discuss
a
little
bit
more
there,
but
then
that'll
be
how
I
that'll
be
the
short
list
of
who
I
I
try
to
to
figure
out
how
to
delegate
to.