►
Description
Rune presents a new concept called the Target Collateral Portfolio, a central feedback loop of the Endgame Plan.
We also discuss a simplification of the tokenomics that removes most features of the Midgame and Endgame
With this additional context and clarification, we continue the discussion of how to actually cluster the MetaDAOs and holistically reorganize the workforce and deal with things like budgets with the Endgame Plan in mind.
https://forum.makerdao.com/t/endgame-dvc-meetings-for-today-and-tomorrow-9pm-cest/16981
A
Okay,
welcome
everyone
to
wednesday's
dvc
call
I'm
thomas
flutter
with
govcoms.
I
want
to
thank
everyone
for
joining
us.
We
do
want
to
encourage
the
use
of
chat,
function
and
hand
raids
during
the
call.
If
you
have
any
questions
or
want
to
have
any
comments,
and
at
this
time
I
will
hand
it
off
to
roon.
A
Thanks,
yes,
I'm
pretty
excited
about
today,
because
I've
done
a
number.
As
I
wrote
on
the
forum
post,
I've
made
a
number
of
trying
a
bunch
of
new
things,
and
so
far
it's
been
very
it's
a
very
good
results,
including
like
renaming
of
stuff
and
also
I'm
now,
instead
of
doing
all
the
slides,
as
I
normally
do,
I'm
using
excellent
draw
instead,
which
yeah
it
doesn't
look
so
good
yet,
but
but
then
finally,
it's
sort
of
it's
with
these
new
concepts.
A
A
I
mean
this
concept
I've
continuously
kind
of
iterated
on
and
how
to
communicate
it
over
the
the
many
months
now
right-
and
I
the
very
the
first
word
I
used
to
to
use
for
this-
was
power
basically
like
d5
power
and
then
it'll
use
call
other
things
like
intangible
value,
spark
drive,
corruption
and
and
what
I've
found
is
like.
I
think.
Finally,
I
found
a
word
that
I
think
is
incredibly
useful
to
to
sort
of
try
to
to
describe
this
stuff.
A
A
There's
also
this
sense
of
like
the
trading
meta
right,
like
the
narrative
meta
and
basically
you
can
use
the
same
thing
to
describe
communities
and
sort
of
governance,
dynamics
and
political
dynamics
and
then
so,
usually,
sort
of
example,
words
here
right,
so
this
is
something
you
can
use
these
descriptions.
You
could
talk
about
this
in
a
game
or
in
trading
or
some
other
stuff,
but
you
can
also
use
the
same
thing
to
describe
a
sort
of
a
maker
or
governance
situation.
A
A
What's
you
know
what
how
they
can,
they
can
basically
exploit
it,
and-
and
yes
so
that's
I
mean
so-
that's
also-
that's
also
what
I
call
spark
right
and
then
bad
meta.
That
could
be
something
like
corruption
and
this
process
of
how
corruption
spreads
right.
That,
if
you
see
everyone
else,
it's
just
screwing
over
the
company
in
order
to
steal
and
steal
out
of
the
cash
register
or
something
right,
then
you
also
want
to
steal
the
cash
register
right
so
like,
and
so
it's
like
it's,
this
sort
of
right.
A
It's
like
the
yeah
again,
it's
like
the
context
for
what's
happening
in
an
organization
or
in
some
kind
of
system,
and
then
you
can
also
have
something
like
a
stale
matter.
That
could
be
an
example
of
something
like
a
you
know,
a
community,
that's
basically
out
of
touch
with
what's
actually
happening
right,
which
I
think
is
that's
one
of
the
things.
A
With
you
know,
angry
twitter
threats
and
whatever
how
they're
never
gonna
switch
they're,
never
gonna
have
fork
they're,
never
gonna,
right
and
like,
and
that's
all
the
matter
of,
like
it's
not
just
sort
of
what
an
individual
does
or
what
the
the
sort
of
how
an
individual
sort
of
exchange
or
person
or
something
tries
to
impact
this.
But
it's
also
how
they
sort
of
know.
A
A
I
can't
think
of
an
example
but
like
basically
any
random
thing
would
apply
right,
something
that
doesn't
have
kind
of
like
a
human
group
or
community
attached
to
it
can't
have
a
meta
because
nobody
cares
about
whatever
right.
There's
no,
like
I
don't
know
pencil
meta
right,
you
just
use
a
pencil.
You
don't
think
about
how
other
people
use
it.
I
mean
at
least
for
most
people.
That's
the
case
right
and
then
so.
A
Some
definitions
are
like
the
concept
of
metaverse,
it's
kind
of,
like
you
know,
that's
like
a
digital
space,
that
sort
of
optimizes
for
the
the
emergence
of
meta
right
like
humans
to
create
these
sort
of
social
bonds
or
social
structures
or
and
yeah
I
mean.
I
think
this
is
all
something
it's
like
something
that
can
really
be
dug
into
basically
and
and
but
ultimately
the
the
point
is.
This
is
really
this
is
what
defines
everything
right
like
this
is
what
defines
like
what
I
mean.
This
is
what
determines
the
value
of
all
crypto.
A
Basically,
almost
everything
is
it's
all
about
what
meta
they
have
right.
What
the
narrative
is,
what
the
community
is,
and
also
it
increasingly
dominates
the
whole
world
right.
An
effect,
in
fact,
probably
all
always
has
right,
but
especially
in
crypto,
is
just
so
apparent
that
that
it's
all
about
controlling
this
thing,
like
that's
what
that's,
what
the
the
difference
between
you
know,
there's
a
difference
between
failure,
success
and
then
well,
okay,
so
actually
so,
first,
let's
see
if
there's
any
questions,
because
this
is
already
sorry
a
lot.
A
A
They
thought
meta
was
cool
and
then
they
didn't
realize
they
were
gonna,
make
it
super
lame,
and
now
it's
become
so
lame
that
we
can
use
it
as
some
kind
of
weird,
almost
like
scientific
term
or
something
yeah,
but
any
anyone
any
questions
or
something
about
this
like
if
this
like
does
it?
Does
it
make
sense?
What
I'm
talking
about
or
is
something
missing?
Just
don't
make
this
click,
because
what
I
found
is,
as
I've
talked
about
this
stuff
with
others,
this
has
finally
made
the
endgame
plan.
A
Click
for
a
lot
of
people
by
going
through
the
pieces
in
this
sequence
of
mass.
So
hopefully
what
this
like?
It's
just
a
quick,
I
mean
the
point:
is
I'm
just
going
to
be
using
this
term
all
the
time
right,
somebody's
saying?
Oh,
this
thing
is
to
generate
good
matter,
and
this
is
about
protecting
against
bad
matter,
and
this
is
something
a
more
stable
manner
and
blah
blah,
and
you
know,
like
you
know.
Why
does?
A
Why
does
I
mean?
Well,
it's
a
yeah
right,
but
why
does
why
do
you
want
sort
of
flashy
to
economics?
Well,
that's
because
that
creates
that
creates
a
kind
of
a
gamification
which
means
more
interaction
which
actually
it's
a
meta
like.
So
I
don't
know
how
to
describe
it.
It's
a
metaverse
thing
right
by
having
gamification
you
get
better
conditions
for
meta
to
emerge,
basically,
which
is
actually.
I
actually
have
no
idea.
Why
the
that's
the
case,
but
it's
just
clearly
that's
the
case
right
that
this
is
like
humans.
A
They
they
respond
to
receiving
intangible
value
by
kind
of
like
giving
back,
basically
sort
of
intuitively,
and
it's
not
really
about
whether
they're,
good
or
bad
people.
Anything
like
so
much
as
it's
more
about
fitting
the
right
person
in
the
right
place
and
then
getting
getting
that
sort
of
value
generation.
A
A
You
know
like
scooching
or
you
know,
supply
chain
coin
or
something
right
that
would
have.
You
know
something.
That's
called
supply
chain
coin
right
that
has
like
terrible
meta
right.
It's
the
most
boring
thing
ever
nobody's
gonna
want
to
like
no
one's
gonna
sort
of
relate
to
other
people
in
the
in
the
context
or
perspective
of
supply
chain
coin
right,
but
doctrine
is
totally
different
right,
like
celebrities
will
go
out
and
like
endorse
it
and
they're.
A
A
Everyone
else,
of
course,
was
just
like
that's
the
most
boring
thing
ever,
I'm
checked
out,
so
they
never
were
able
to
no
kind
of
I
mean
I
don't
have
no
idea
what's
happening
with
that
project
nowadays,
but
I
can
well
it's.
I
can
pretty
much
guarantee
it's
dead
right,
or
at
least
it's
become
some
kind
of
company.
A
A
It's
simply
a
it's
like
a
it's
a
subject
of
judgment
in
the
perspective
of
some
particular
thing
we
want
to
achieve-
and
in
this
case
it's
very
I
mean
with
maker
there's
no
better
example
than
voter
apathy
right
that
you
want
on
a
matter
where
people
are
actively
voting
and
I'm
also
going
to
vote
because
everyone
else
is
voting
versus
a
bad
manner
where
I
don't
want
to
vote,
because
nobody
else
is
voting.
So
I
don't
want
to
be
the
guy
the
soccer.
That's
that's
letting
everyone
else
free
right
right.
A
Okay!
So
that's!
Basically
that's
really
the
basics,
the
basics
of
the,
like
this
core
concept,
to
understand
to
really
understand
what
the
endgame
plan
is
tapping
into
right,
because
I
mean
this
whole
concept
is
something
maker
basically
rejected
this
as
an
as
something
that
mattered
in
the
past
right,
so
that
was
that
actually
used
to
be.
I
don't
know
like
a
cornerstone
of
the
maker.
Meta
in
a
sense
was
that
we
rejected
the
existence
of
meta
right.
A
It
was
basically
a
wrong
wrong
idea,
but
I
think
it's
also
allowed
us
because
we
haven't
been
so
deep
in
this
thing.
We've
been
sort
of
away
from
it
from
the
outside.
I
think
it
allows
us
to
look
at
it
more
analytically
in
a
sense
right,
because
we
can
see
what
is
it
that
we're
sort
of
missing
and
and
how
do
what?
How
can
we
see
others
have
it
basically
and
then
from
there?
A
Okay,
but
before
I
talk
about
the
you
know
the
metadata
paradigm,
which
is
really
like
unleashing
the
unleashing
something
I
call
metamagic.
So
that's!
Basically,
when
you
really
supercharge
stuff
with
meta,
then
you
do
what
I
call
metamagic
and
that's
the
good
stuff
right
I'll
get
to
that
in
a
second.
But
before
I
get
to
that
I'll
talk
about
symbol
live
for
a
second
right,
because
symbol
die
is
also
a
way
to
achieve
a
stable
matter
and
yeah
we
talked
about.
A
A
So
that's
being
worked
on
and
then
synthetic
assets
like
the
theoretical
possibility
of
doing
more
than
just
die
and
and
then
but
then
basically
not
having
any
kind
of
internal
operations
right
in
the
long
run.
You
just
run
all
of
this
stuff.
It's
it's
code,
you
deploy
it.
It
runs
and
mpl
holders,
and
and
basically
mkr
whales
have
an
incentive
to
make
it
keep
running
so
buy
and
burn
can
keep
burning
right,
and
there
is
this
sort
of
underlying
of
gravity
almost
like
called
the
trinity
that
this.
That
explains
why
the
symbol
die.
A
Had
this
particular
design
and
the
trinity
is
actually
something
invented
by
frax.
So
it's
like
yeah,
but
I
mean
it's
also,
there's
a
lot
of
other
people
that
have
sort
of
independently
arrived
at
the
same
yeah
sort
of
a
conclusion,
which
is
just
these
three:
basically
that
there's
these
three
type
of
products
and
they
just
massively
synergize
and
every
single
project
that
has
sufficient
governance
to
basically
sufficient
complexity
and
sufficient
governance
to
do
one
of
these
things
will
eventually
do
all
of
these
things
and
and
we're
seeing
that
we're
like.
A
Are
they
launching
a
stable
coin
and
sooner
or
later
doing
doing
decks?
Texas
and
fracks
is
doing
it,
and
I
mean
it's
sort
of
it's
always
the
trend
and
the
direction
that
these
things
are
going
in,
because
once
you're
already
doing
one
you
may
as
well
do
all
this
sort
of
the
basic
logic
and,
and
so
should
maker
hd
right,
and
that
and
that's
basically
that's
that's
really
like
what
symbol
die
is
basically
it's
like.
A
Okay,
let's
finish
this
idea
of
like
let's
finish,
all
the
logical
super
basic
things
of
like
getting
all
the
rational
stuff
in
place
right
and
what's
really
what's
really
powerful
about
this.
Is
that
you
can
we
can
we
can
finish
this
with
just
the
mpi
reserves
right,
so
we
could
actually
massively
like.
We
basically
cut
expenses
to
zero
in
theory
immediately
by
going
down
a
single
ipad,
even
though
we
don't
want
to
right.
A
So
this
is
a
backup
plan,
it's
not
a
primary
plan
and
then
long-term
development
like
you,
don't
have
to
really
move
so
fast
along
the
development,
because
we
could
do
a
lot
of
cool
l2
deployments
and
then,
beyond
that
we
would.
You
know,
like
the
whole
point
of
symbol
die
is
you
would
have
this
very,
very
solid,
very
reliable
and
easily
understandable
systems.
A
A
When
you
have
really
good
reason
to
expand
in
some
specific
place,
you
would
sort
of
be
like
okay,
let's
expand
there
and
let's
do
some
sort
of
special
governance
action
to
make
that
happen,
and
then
once
it's
done
and
over
it's
done,
you
don't
then
set
up
a
team
and
then
that
team
suddenly
starts
going
off
and
you
then
you
get
some
of
this.
This
ability
for
complexity
to
create
more
complexity,
right,
and
so
the
thing
is
like
this
creates.
A
A
Basically,
and
then
that's
the
thing
where,
like
you,
you
know
once
you're
once
you're
dealing
with
that
basically
and
you
you're,
like
a
meta
project
in
a
sense
right,
that
this
becomes
a
core
focus
for
you
that
you
have
to
you
have
to
manage
political
dynamics.
You
have
to
manage
social
dynamics,
you
have
to
manage
workplace
drama,
you
have
to
manage
workplace
politics.
A
You
have
to
blob,
like
all
that
crap
is
all
stuff
you
have
to
manage
and
all
those
things
are
managed
through
controlling
the
meta
and
so
then
like
so
either
you
take
it
seriously
and
you
actually
do
it
or
you.
Basically,
you
know
realize
that
you're
just
stepping
into
some
pretty
crazy
territory
right.
This
is
not
some.
A
Like
feature
or
obsession
or
whatever
you
want
to
call
it
like
of
the
metadata
paradigm,
is
that
it
uses
meta
magic
to
create
a
stable
like
a
good
matter
and
a
stable
matter
right
and
what
metamagic
is
is
basically
sort
of
technology,
enabled
crazy,
powerful
ways
to
control
meta
right
and
the
most.
The
best
example
of
all
is
you
know:
bitcoin
mining
right,
like
the
original.
A
A
A
It's
extremely
powerful
force
right
and
that's
you
know
you
can
use
for
a
lot
of
evil,
but
you
can
also
use
it
for
a
lot
of
good.
And
so
that's
really
that's
what
what
the
metadata
paradigm
the
game
plan
does
right,
tries
to
do
and
then
I've
really
I
mean
this
is
blah
blah.
I
renamed
a
bunch
of
stuff.
A
It
farms
out
metadata
tokens
and
then
it
creates,
like
it,
farms
out
existing
metadata
tokens
and
then
creates
completely
new
metadatas
and
their
new
metadata
tokens
and
then
starts
farming
them
up
and
yeah.
So
first
there's
this.
Well,
let
me
okay,
let
me
just
wait
a
second.
Actually,
all
right
so
asad
asks
is
magic
engine,
a
new
set
of
smart
contracts
on
the
maker
protocol,
or
those
include
things
like
balancer
and
unipools
too.
A
A
You
should
think
of
it
as
a
single
thing,
but
it's
actually
a
whole
bunch
of
pieces
that
all
go
together
and
fit
together,
but
basically
basically
the
magic
engine
is
like
you
know,
so
you
could
think
I
mean
okay.
Maybe
I
should
have
talked
about
it
earlier
right,
but
you
can
think
about
the
truth,
like
the
best
way
to
do.
A
The
trinity
is
in
something
like
a
hypothetical
trinity
engine,
where
it's
all
integrated
into
one
piece,
because
you
get
very
high
gas
efficiency
from
doing
that
and
the
magic
engine
is
then
basically
the
trinity
engine
with
a
bunch
of
metamagic
attached
on
top
of
it.
So
basically
you
add
so
you
take
the
trinity
and
then
you
add,
yield
farming,
and
then
you
also
add
advanced
tokenomics
on
top
of
that.
A
A
Where
governance
basically
interacts
with
that
in
order
to
define
the
the
parameters
of
the
new
new
metadatas,
but
then
you
also
deploy
these
pieces
all
over
the
entire
sort
of
a
multi-chain
world,
all
the
l2s
right,
so
they
all
have
a
magic
engine
each
and
it's
basically
a
trinity
engine
like
it's
trinity
of
like
you,
can
you
can
borrow
you?
Can
you
can
you
can
exchange
you
can
lever
up?
A
A
If
you're
sort
of
explaining
what
the
the
makeup
protocol
consists
of,
it
will
basically
have
the
sort
of
the
maker
call
like
the
the
primary
like
the
mcd
deployment
and
other
synthetic
asset
deployments
and
then
like
a
huge
amount
of
magic
engines
all
over
the
place
that
basically
do
all
the
token
farming
and
all
the
actual
sort
of
user
interaction
of
using
maker.
In
some
way.
A
A
So
I
think
you
I
think
you
may
not
be
able
to
do
make
a
teleport,
but
I'm
not
totally
sure.
So.
The
question
is:
if,
if
yeah,
the
question
is
basically
the
whether
you
sort
of
have
to
go
to
another
level
of
complexity
or
not
in
order
to
do
it,
and
if
you
don't
have
to,
then
it
sort
of
fits
into
the
symbol
die
matter
right
like
then
it's
a
you
only
really
get
a
stable
matter.
A
A
So
the
launch
of
the
end
game
plan
is
basically
the
creation
of
the
first,
the
magic
engine,
basically
right
so
on
which
in
the
past
I
mean
in
last
week
or
a
couple
weeks
ago,
described
that
as
like
deploying
the
rainbow
farms
and
now
I'm
calling
it
along
the
magic
engine
or
whatever.
But
really
all
it
means
is
deploying
a
bunch
of
farms,
basically
with
a
few
mechanical
sort
of
levers,
building
I'll
get
to
that
in
a
second.
A
Okay,
so
then
you
have
the
new
metadata
farming
schedule,
so
this
is
really
fundamental
to
the
whole
thing
right
like
this
is
we
just
talked
about
meta
magic
and
how
creating
new
tokens
is
the
the
ultimate
expression
of
of
meta
magic.
So
the
way
you
then
distribute
those
tokens
is
like
one
of
the
most
important
things
to
to
consider
right
yeah.
So
it's
me
yeah.
So
it's
magic!
Sorry,
let
me
so
let
me
talk
about
timeline
for
a
second
right,
so
I'll
actually
draw
it
right.
A
A
So
once
you
deploy
the
magic
engine,
that's
when
m0
can
launch,
because
it
requires
a
magic
like
like
the
magi
engine
requires
either
die
and
everything
else
requires
the
magic
engine,
so
either
die
can
be
done
earlier,
but
then
everything
else
happens
at
the
same
time
once
you
deploy
the
magic
engine
and
then
there's
like
some
future
upgrades
you
do
but
they're
not
so
I'll,
maybe
get
to
them
later,
but
they're
not
really
that
important
like.
Basically,
this
is
really
like.
A
It's
been
simplified
down
to
that,
there's
not
really
much
beyond
just
the
magic
engine
and
then
kind
of
all
the
recurring
stuff
that
that
you
know
it's
not
a
ramp
up
thing.
It's
like
you
very
quickly
with
this.
With
this
new
sort
of
refactor
of
the
indian
plan,
you
actually
very
quickly
hit
the
end
game
and
don't
really
sort
of
change
the
basics
any
further.
You
just
keep
going
in
this
with
this
with
the
stuff
you
got
available.
A
A
Nobody
can
cancel
bias,
then
that
just
created
following
this,
like
very
specific
set
of
rules
and
the
magic
engine
algorithmically
creates
them
right.
So
initially
we
create
them
manually,
but
once
we
kind
of
like
commit
basically
and
once
we
decide
we're
not
going
with
symbolize,
then
the
way
we
deploy
future
like
future
metadata
beyond
the
the
proof
of
concept
metadata
is
entirely
through
automatic
deployment
through
the
magic
engine.
A
The
metadata
tokens
are
emitted,
super
super
fast
and
then
after
10
years
they
stopped
emitting
super
fast
and
then
instead
they
start
having
these
permanent
emissions,
and
this
permanent
emissions
is
like
the
new
thing
that
this
is
what
replaces
all
the
advanced
tokenomics,
basically
so
like
the
rainbow
togenomics
and
rainbow
elixir
and
all
of
that
stuff.
That's
just
replaced
by
the
fact
that
the
metadatas
now
have
permanent
dilution,
which
is,
of
course,
I
mean
it's
not
as
great
as
if
they
didn't
have
to
have
that.
A
But
but
on
the
other
hand,
they
get
way
stronger,
tokenomics
boost
from
maker
in
return.
So
so
it's
still,
I
think
it's
still
it's
our
way.
It
works
out,
and-
and
it's
just
a
lot
simpler
to
understand
and
then
the
metadata
tokens
are
sort
of
you
know.
The
split
between
some
goes
to
mkr.
Some
goes
to
die
and
eath
like
die
and
ether
die
specifically
right,
so
mkr
die
and
ether
die,
they're
all
maker
control
products.
A
So,
in
all
cases,
we
have
something
what
I
call
value:
preservation
right,
that
we're
never
farming
from
basically
sort
of
leaking
value
out
to
sort
of
outside
our
own
market
and
our
own
uses,
and
this
used
to
be
66
and
33
split
and
the
reason
why
it's
42
58
is
because
of
this
staying
around
all
the
other
turbonomics
have
been
removed.
So
this
relates
to
like
changing
the
the
tokenomics
of
npr
itself
and
removing
a
lot
of
the
other
stuff
that
would
otherwise
benefit
them
care.
A
Then,
basically,
the
difference
is
now
they
get
a
slightly
better
benefit
from
from
the
metadata
or
token
split,
okay,
so
we're
finally
there
and
like
this
is
a
part
that
whip
it's
been
clicking
for
a
lot
of
people,
so
basically
there's
for
every
new
metadata,
the
first
two
years
or
what
I
mean
or
whatever
forever
right.
There's
a
bunch
of
tokens.
A
The
first
two
years,
there's
580
million
tokens
that
needs
to
be
distributed
and
needs
to
be
distributed
to
die
and
either
divulge
and
and
the
the
way
split
between
the
two
is
based
on
this
ratio
called
called
the
fbl
the
farm
balancing
lever
right.
So
it's
like
a
scale
between
how
much
goes
to
one
file,
how
much
go
to
another
one.
I
think.
Okay,
I
guess
a
super
obvious
right
and
then
the
sort
of
the
notation
is
like
this
right.
A
So
if
the
base
rate
is
at
0.05,
that
means
only
5
of
the
metadata
tokens
goes
to
die
and
95
goes
to
sorry.
If
the
ratio
is
0.05,
then
five
percent
die
95
percent
ethernet
and
that's
also
the
base
rate.
So
basically,
this
is
what
this
is.
What
the
the
split
looks
like
in
the
sort
of
this
the
most
likely
scenario.
Basically-
and
that's
what
we're
talking
about
here.
A
So
basically
this
all
comes
down
to
what
I
call
the
target
collateral
portfolio,
and
so
the
target
collateral
portfolio
is
like
one
of
the
two
core
like
one
of
the
two
core
kind
of
things.
That
maker
is
even
doing
so.
Basically,
it's
doing
what
one
thing
is
doing
is
sort
of
maintain
and
survive
and
that's
the
target
collateral
portfolio
and
then
the
other
one
is
like
grow
and
and
evolve,
and
that's
the
creation
of
a
new
metadata.
So
basically,
that's
all
the
maker
does
like
it.
A
It
sort
of
protects
dye
and
tries
to
manage
diet,
and
then
it
incubates
new
metadatas
and
that's
it
and
that's
how
you
get
this
sort
of
stable
meta
by
having
these
two
things
be
so
involved
that
they
take
up
all
your
they
take
all
your
bandwidth
and
you're
never
worried
about
it.
You
never
have
time
to
worry
about
anything
else,
because
all
this
of
the
conflict,
all
the
decision,
all
the
pressure,
all
the
incentives.
All
the
leverage
is
all
pushed
into
these
two
central
questions.
A
And
then,
of
course,
what
you
want
them
to
do
be,
is
you
want
them
to
be
as
autonomous
as
possible
right?
So
you
actually
really
want
them
to.
Even
though
they're
the
central
thing
you
want
them
to
still
be
as
close
as
possible,
just
run
automatically,
and
so
so
so
the
the
collateral
portfolio,
the
target
collateral
portfolio
dynamics,
is.
A
Based
on
these
sort
of
set
of
of
conditions
right
that,
of
course,
I
mean
once
we
get
far
enough
I'll
finally
be
able
to
get
input
on
this
stuff,
which
will
be
really
interesting
right.
But
basically
the
starting
point
is
that
you
know
like
if
there's
less
than
50
percent,
if
less
than
50
of
all
die
collateral
is
eth,
then
we
are
in
this
base
rate
situation,
which
is
what
we
expect
to
be
in
most
of
the
time.
A
But
basically
a
big
part
of
the
in-game
plan
I
mean,
as
I've
explained
before
right
is
to
launch
either
die.
So
we
have
our
own
eath
token
and
then
just
do
everything
we
possibly
can
to
get
as
much
dye
as
possible
generated
from
eath
right
and
then
there's
this
kind
of
tapering
kind
of
thing
where
if
we
start
to
get
really
a
lot
of
eth
in
the
system,
then
we
reach
a
point
where
we
actually
want
to
incentivize
die,
demand,
growth
right
and
then
finally,
we
get
to
75,
that's
actually
the
highest.
A
A
And
then
there's-
and
so
I
don't
know
if
this
part
makes
sense
right,
but
basically
what
this
means
is
in
the
sweet
spot
between
50
to
75.
It's
like
the
question
is:
how
far
are
you
on
this
journey
from
50
to
75
right?
So,
if
you're
exactly
halfway
at
62.5
percent,
then
the
fbl
is
exactly
50,
50
right
because
now
you're
at
a
point
where
this
is
the
perfect
sweet
spot,
you're
sort
of
in
the
middle
of
the
sweet
spot.
A
A
A
A
So
that's
it
there's
more
dire
demand.
The
price
goes
up,
then
people
arbitrage
with
the
psn
and
then
you
have
suddenly
more
cash
like
in
the
system.
And
then,
if
you
go
above
15
you're,
naturally
you
automatically
convert
it
to
backbone,
collateral
and
okay.
So
now
I'll
switch
a
little
bit
away
from
the
section
I'll
go
here
to
talk
about
these
different
collateral
things.
So
we
can.
A
So
all
the
other
types
of
collateral
are
kind
of
like
weak
source
and
that's
why
the
whole
system
is
so
focused
on
general,
like
just
accumulating
as
much
eath
as
as
is
feasible
for
it,
and
then
we
have
a
cache
like
collateral
and
it
also
sits
in
the
core
right.
Just
like
the
east
sits
straight
directly
in
the
in
the
co
engine.
A
I
think
it's
lame,
but
also
because
there's
like
a
new
there's,
a
bit
of
a
new
kind
of
purpose
for
the
protector
now,
in
the
whole
role
of
like
the
different
pieces
that
go
together
to
to
form
real
assets
and
in-game
plan,
but
they
basically
have
protector
dials.
They
basically
have
like
two
types
of
sort
of
d3m
targets,
basically
or
collateral
targets
that
they
make
available
for
for
maker
core
to
fund
right,
and
so
one
is
background
collateral
and
the
other
is
flagship
and
so
backbone
collateral.
A
A
In
some
cases
right-
and
it
could
be
this
huge
pile
like
you
know,
in
some
cases
you
could
have
almost
all
the
collateral,
you
would
just
be
backbone
collateral
and
if
you
had
like
an
infinite
explosion
in
demand,
where
suddenly
the
next
day
there's
like
100
times
more
people
want
to
hold
die
and
you
just
you
just
dump
it
into
backbone,
collateral,
yeah
and
the
question
is:
why
is
wbtc
not
core?
I
mean
wbz
is
absolute
trash
right.
It's
like
a
real
asset.
A
A
Yeah,
but
I
don't
I
mean
I
don't
like
we
might
want
to
have-
we
might
need
some
weird
exception
for
it,
but
the
reality
is
like.
If
you
really
want
to
do
bitcoin,
you
have
to
do
something
like
btc
die
and
actually
try
to
diversify
across
many
different
multisigs
that
hold
the
bitcoin.
So
you
don't
just
like
chain
yourself
to
one
single
kind
of
yeah.
I
mean
decent,
but
but
ultimately
a
kind
of
random
rebel
asset
right.
That
has
you
know
where
the
underlying
can
just
be
stolen
in
one
go.
A
Potentially
it's
definitely
not.
I
mean
so
I'll
get
to
this
whole
thing.
But
the
theme
of
this
is,
you
know
like
extreme
resilience.
Basically
and
wbtc
is
not
a
very
resilient
reason,
as
well
as
a
percentage
ratio
we'll
get
back
to
the
ratios
in
a
second.
But
but
the
answer
is
it's
pretty
much
arbitrary.
I
mean
the
15,
so
we
were
talking
about
this
cash
like
right
and
then
going
from
cash
like
to
backbone
collateral
and
the
15
ratio.
A
Where,
if
you
go
above
50
in
cash,
you
want
to
put
it
into
backbone
collateral
that
that's
basically
from
from
sep
right
from
strategic
finance,
who,
once
upon
a
time,
told
me
that
as
a
kind
of
heuristic,
but
ultimately
that
they'll
have
to
be
significantly
sort
of
altered
and
improved
right
and-
and
it
is
sort
of
one
of
the
like
the
eath
ratios,
they're
a
lot
more,
almost
like
ideological.
In
a
sense,
the
cache
like
versus
backbone
collateral
specifically,
is
very
much
alm.
A
A
So,
basically,
by
changing
the
terms
or
how
fast
you
have
to
move
the
you
have
to
be
able
to
move
the
the
backbone
collateral
into
the
cash
like
collateral
and,
ultimately,
I
think
we
need
to
commit
to
some
percentage
of
cash
like
collateral
and
just
have
that
be
like
it's
a
hard
commitment.
It
will
never
be
broken
right,
not
even
if
we
have
stability
for
the
next
hundred
years
and
everything's
great
and
everything's
fantastic
and
we
feel
very
tempted
to
you
know
have
less
cash.
A
The
point
is
you
want
to
make
some
kind
of
you
know
something
that's
sort
of
enforced
by
the
meta
itself
right,
so
as
a
as
a
result,
end
users
can
trust
it
way
more
yeah.
I
think
so
anyway,
but
that's
definitely
something
like
this
is
all
something
that
needs
to
be
discussed
in
detail
like
up
to
the
launch
of
the
plane
and
even
following
the
plane.
A
Something
like
this
details
like
this
that
are
very
critical,
but
also
have
a
very
you
know
very
specific
and
require
a
lot
of
expertise
will
need
to
be
iterated
a
lot
until
they,
and
only
then
can
they
hit
a
stable
meta,
essentially
right,
because
if
they
don't,
you
know,
if
you
have
some
dumb
decisions,
that
you
can't
possibly
explain
and
there's
a
whole
bunch
of
counter
arguments
to
them.
That's
gonna!
A
That's
gonna
screw
up
the
meta,
basically
right,
because
that's
gonna
make
people
question
whether
it
makes
sense
to
sort
of
you
know
that
won't
just
make
people
question
that
particular
part
that'll
make
which
people
question
everything
right.
So
it's
very
important
that
you
allow
those
things
to
sort
of
naturally
hit
their
their
sort
of
center
of
gravity
and
and
the
natural
point
where
they
should
they.
A
And
yeah,
and
then
we
got
flagship
collateral,
which
is
that
means
this
is
like
things
like
clean
money.
Basically,
so
this
is
like
totally
illiquid
sort
of
pr
impact
projects
right,
so
building
huge
solar
farms
or
huge
solar
ships,
or
something
like
that
or
or
you
know,
sustainable
agriculture
and
resilient
island
nations
or
other
stuff
right,
anything,
that's
sort
of,
as
basically
they're,
directly
related
to
the
meta
right
like
this
is
like.
A
Basically,
it's
like
it's
a
it's
a
system
like
it's
a
it's
an
it's
a
way
to
sort
of
like
this
is
one
of
the
clearest
places
where
the
end
game
plans
on
the
mechanics
of
the
in-game
plan.
Like
yeah,
I
mean
you
could
actually
say
it's
a
it's
an
it's
a
form
of
meta
magic
right,
because
this
is
a
way
to
using
technology
to
basically
create
something.
A
That's
going
to
change
the
matter
of
the
system,
because
it
you
build
into
the
system
that
a
part
of
its
core
function
is
to
you
know,
create
some
kind
of
public
good.
That's
gonna,
get
you
know,
that's
gonna
alter
the
matter
right.
It's
gonna
get
different
types
of
people
involved,
and
then
you
have
some
other
stuff
and
I'll
get
back
to
this
right,
but
basically
because
all
the
other
random
decentralized
collateral
and
then
there's
metadata
token
collateral
and
then
character
model.
A
Okay,
so
there's
a
question:
how
will
a
protector
metadata
backbone
collateral
provider
make
money
like
so
yeah?
That's
an
arranger
right,
so
myth
65
has
0.15
a
ranger
feed.
Basically,
so
it's
like
this
just
I
guess
you
just
call
it
the
arranger
fee.
Basically,
so
like
the
meta,
dials
and
maker
just
has
to
pay
a
tiny
fee
to
the
ranges
and
then,
of
course
the
ranges
will
ultimately
compete
in
price,
but
also
will
benefit
significantly
from
economies
of
scale.
A
Yeah-
but
I
mean
I
don't-
we
won't
have
time
to
get
into
that
today,
but
we
could
get
into
real
assets
in
more
detail
tomorrow.
Maybe
but
there's
a
whole.
I
mean
there's
a
whole
like
a
whole
bunch
of
logic
that
I've
been
working
on
with
like
a
bunch
of
the
different
ranges.
Basically
on
like
how
does
it?
A
A
I
mean
to
to
make
sure
that
all
the
things
the
maker
wants
are
in
place
right,
especially
when
doing
flagship
collateral,
because
this
is
highly
risky
stuff.
That's
basically
totally
liquid.
Well,
so
it's
not
100
totally
liquid
right,
so
it's
possible
to
sell
it's
just
that
you
may
take
a
huge
loss
but
all
assets.
All
all
collateral
maker
has
ultimately
must
be
possible
to
liquidate,
and
even
things
like
you
know,
like
the
pando
giant
mosaic
bond
right,
which
is
a
really
like.
A
That's
a
good
example
of
like
a
flagship
collateral
right,
which
is
something
it's
super
liquid
and
financially.
It
doesn't
make
sense
on
its
own
because
you
wouldn't
back
a
currency
with
something:
that's
that's
huge
and
liquid,
but
the
you
know
the
meta
benefit
it
creates,
makes
it
worth
it
right,
because
it
it
suddenly.
I
mean
especially
the
literal
first
piece
of
clean
money.
A
It's
just
like
this
target
of
10
percent
and
if
it's
less
than
ten
percent,
then
you
basically
check
to
see
if
there's
available
junior
capital
in
the
protectors
and
if
there's
available
junior
capital
in
the
protectors,
then
you
can
grow
this
flagship
collateral
and
you
grow
it
also
by
moving
backbone
collateral
into
flagship
collateral
yeah.
Maybe
I
should
even
maybe
that
should
also
be
like
a
condition
enough
junior
capital
and
there's.
A
Okay,
so
maker
manager
says
there's
a
lot
of
targets.
Are
there
any
automated
feedback
mechanisms
to
achieve
and
maintain
those
targets?
Yes,
I
mean
so.
Basically
the
primary
I
mean.
There's,
there's
really,
there's
really
three
mechanisms
that
achieve
this
stuff
right
so
of
the
well
okay,
there's
a
but
the
three
really
important
ones
right
that
base,
and
so
the
first
one.
The
most
important
is
the
farm
balance
in
lever
right.
So
this
is
like
this.
A
But
then,
in
addition
to
using
the
fan
balancing
lever
to
control
the
cache
like,
we
also
have
the
the
arrangers
right
because,
in
addition
to
the
fan
balancing
lever
impacting
like
mod
changing
based
on
the
cash-like
ratio
right,
so
if
you
get
to
10
cash-like,
then
even
if
you
have
you
only
barely
have
50
eath.
So
you
really
from
that
perspective,
you
want
to
be
in
the
base
rate.
You
want
to
be
full
supporting
each
still,
but
the
cash
like
all
it
has
to
do
is
go
to
10
and
then
you
have.
A
A
Basically
and
then,
once
you
get
below
five
percent,
so
you
get
to
really
critical
point
where
you're
starting
to
reach
the
possibility
of
a
d-pick
right,
and
that's
it's
only
at
that
point.
You
start
to
kick
the
the
dice
savings
rate
and
base
rate,
like
a
stability
fee
base
rate
into
into
gear
right,
and
then
you
start
to
modify
that
at
this
point
and
then
because
the
system
is
so
obsessed
about
attracting
so
much
heat
into
the
system.
A
Messing
around
with
the
base
rate
has
a
huge
impact
right
because
the
base
rate
is
then
applying
to
like
vast
amounts
of
the
collateral
in
the
system.
So
you
could
very
quickly
once
you
start
messing
around
with
the
savings
rate
and
base
rate.
You
could
very
quickly
push
a
lot
of
heat
out
of
the
system
and
and
by
pushing
a
lot
of
heat
out
of
the
system
it
will
it
will.
Then
you
know
it
will
be
replaced
with
the
cash-like
instead
and
and
and
yeah.
Have
this
massive
impact
right.
A
We
have
these
three
things
all
at
once.
You
have
all
the
farming
incentives
are
going
towards
die
demand
the
rangers
all
basically
converting
stuff
into
diet
and
the
die
savings
rate
and
the
stability
base
rate
is
also
pushing
towards
you
know:
tightening
the
screws,
basically
on
the
on
spurring
dye
demand
and
reducing
die
supply
from
yeah
from
non-cash-like
stuff.
A
Yeah,
it's
a
major
man
asking
right
the
problem.
The
question
is:
will
these
mechanics
be
automated
and
yeah,
like?
The
point,
is
all
of
this
stuff
I
mean,
like
I
said
earlier
right,
so
this
is
still
like.
This
is
the
central
piece
of
like
the
entire
meta
of
of
the
in-game
governance
right,
but
it's,
but
it's
still.
All
of
this
is
is
automated
right.
A
A
That's
this
whole
its
own
thing,
but
the
the
main
like
yeah
the
main
place,
and
and
ideally
actually
the
only
place
where
there's
real
governance
involvement
in
any
of
this
stuff
here,
because
all
this
other
stuff,
like
all
of
this
stuff
is
automatic,
all
of
this
stuff
is
automatic,
and
also
all
of
this
stuff
is
automatic.
The
only
thing
that's
not
automatic
is
the
deployment
of
flagship
collateral
right.
So
this
is
basically
something
where
this
is
increasing.
A
A
A
Right
then
what's
happening,
is
it's
basically
sitting
at
you
know
75
percent
eath,
right
and
15,
cash-like
and
10
flagship
collateral
and
then
what's
just
happening
is
it's
just
directing
all
of
its
sort
of
metamagic
power
right,
the
entire
the
magic
engine
and
all
of
its
power
is
just
entirely
being
laser
focused
on
you
know
like
pushing
for
more
dynamain
right,
massively
incentivize
more
dynamic.
So
then
you
basically
have
a
system
that
is
ridiculously
decentralized
right.
A
So
you
can
set
the
dice
savings
rate
at
your
sort
of
your
marginal
stability
fee
income,
and
so
you
just
get
more
and
more
demand
of
a
die
and
then,
as
you
get
more
demand
for
die
the
total
diesel
by
growth,
and
then
you
just
get
more,
then
you
you,
you
get
more
room
to
deploy
more
flagship
collateral
and
then
the
flexion
collateral
has
the
same
effect
of
like
creating
positive
matter
right.
So
one
thing
is:
it
creates
a
it
benefits
the
brand
of
dye
and
so
on.
A
Right
it
creates
it
gets
us
even
more
users,
so
we
get
even
more
demand,
but
it
also
just
it
also.
More
importantly,
helps
with
sort
of
the
the
foundation
of
the
matter
of
the
whole
thing
right:
the
whole
ecosystem,
so
it
also
like
so
having
more
clean
money,
collateral
and
maker.
This,
maybe
not
sounding
this,
maybe
not
sounds
super
intuitive
right
now,
but
eventually,
I
think
most
people
will
will
get
that
this
completely
makes
sense
right
but
like
having
more
clean
money.
A
It
takes
over
the
whole
world
and
becomes
the
the
only
piece
of
functional
global
infrastructure
or
something,
and
it's
just
it's
the
only
game
in
town
and
and
ends
up
becoming.
You
know
like
it
becomes
easy
to
find
people
that
are
willing
to
to
lever
up
on
it
and
then
there's
this
last
piece
here
of
sort
of
like
self-collateralized
die.
A
So
so
this
is
actually
sort
of
the
classical
like
the
bitshares
model
of
generating
stable
points.
Was
you
use
your
own
token,
but
you
let
users
over
collateralize
it
right.
So
this
is
actually
not
the
same
as
it's
not
the
same
as
luna
and
terra,
it's
the
same
as
synthetics.
Basically,
right
so
because
tara
and
luna
did
something
that's
far
worse
than
self-collateralized
vaults,
which
is
algorithmic
debt
right,
where
you
have
debt
tied
into
the
system
itself
and
that
gonna
can
make
the
whole
system
explode
and
and
self-collateralized
vaults
can
also
do
that.
A
And
then
once
you,
then
you
reach
the
sweet
spot
of
five
percent
to
ten
percent.
And
that's
where,
like
you
know,
then
you
want
to
charge
money
for
it
and
and
figure
out
where
the
pain
point
is
basically,
where
people
stop
borrowing
more
and
then,
if
somehow
you
still
reach
10,
then
you
just
stop
it
completely
right.
You,
then
let
the
stability
fees
go
to
infinity,
go
to
you
know,
yeah,
you
basically
basically
stop
it.
There
right.
A
And
this
there's
two
reasons
for
this,
so
one
is
that
one
is
basically
that
this
is
something
this
feature
of
being
able
to
generate.
Self-Collateralized
dye
is,
first
of
all,
an
important
feature
of
the
tokenomics,
so
if
the
tokenomic
system
that
remains
that's
sort
of
one
of
them
right,
is
that
the
it's
the?
What
you
call
the
holdover
from
the
old
sagittarius
engine
right
and
the
other
piece
is
that
it
actually
is
really
important
for
resilience
in
certain
scenarios
and
I'll
I'll
get
to
that
in
just
a
second.
A
A
A
You
know,
based
on
the
proportional
holdings
of
these
two
types
of
assets,
elixir
and
phoenix
ether.
So
that's
not
something
new
right,
so
it
used
to
be
just
alexia
you're,
not
suddenly,
there's
an
extra
thing,
oh
god
right.
But
but
this
is
this
is
a
very
yeah.
It's
a
very,
very
critical
and
useful
addition
to
this
sort
of
cornerstone.
A
Tokenomics
features
right
because,
and
so
phoenix
either
is
basically
just
the
metadata
is
all
being
instructed
to
accumulate
huge
amounts
of
ether
die,
a
huge
amount
of
ether
that's
actually
staking
and
then,
as
it
says,
it
pays
out
to
maker
in
phoenix
stands
I'll
get
to
that
in
a
second
right.
So
it's
basically
it's
kind
of
an
insurance
buffer,
a
fully
decentralized
collateral
right-
and
this
also
with
the
protector
dial.
Then,
in
addition
to
just
accumulating
phoenix
ether
with
its
basic
term
economics.
Protector
dials
also
have
this
additional
20
of
their
surplus.
A
That
they're
forced
to
basically
pay
out
a
kind
of
junior
capital.
Rent
mechanism
like
deposit
mechanism,
which
is
a
existing.
Something
has
been
proposed
in
the
past
right,
like
people
deposit
die,
and
then
they
get
a
high
interest
rate.
But
then,
if
there's
a
loss,
they
take
first
loss
right,
and
so
this
is
the
same
feature
but
applied
not
at
the
major
core
level,
but
at
the
protector
dial
level
and
with
one
additional
modification
which
is,
it's
no
longer
die.
It's
pure
decentralized,
eth
right.
A
So
this
is
a
way
to
to
accumulate
huge
amounts
of
highly
like
fully
decentralized
assets
right
and
then
and
it's
like,
and
then
I
think,
that's
actually
a
really
cool
product
right
high
yield
underneath
that's
kind
of
a
that's
a
holy
grail
right.
That's
that's
really
cool
and
that
there's
going
to
be
a
lot
of
demand
for
that.
Also,
it
has
very
clear
risks.
I
mean,
has
high
risks,
but
also
very
clear
risks
and
the
high
and
the
risk
is
basically
one
it.
A
So
you
have
something:
that's
like
the
most
centralized,
most
cumbersome
stuff,
which
is
flexible
collateral
with,
but
it's
it's
over
collateralized
with
fully
100
percent
decentralized
collateral,
but
then
the
other
risk
it
takes
with
this
phoenix
ether
in
phoenix
taking
is
it
yeah?
It
pays
out
in
the
so-called
phoenix
stance
and-
and
that's
one
of
the
I
mean
so
this
is
always
kind
of
a
central
like
well,
I'm
sure
you
know
it's
more
like
a
peripheral
feature
of
the
nba
plane,
but
I
realized
that
this
is
really
like.
A
A
One
of
the
big
reasons
is
that
we
can
do
this
right,
and
this
is
basically
you
know
the
I
mean
this
is
yeah
and
it's
more
relevant
than
ever
this
stuff
for
now
right,
because
first
of
all,
we
have
potentially
stable
going
to
be
banned
right
potentially
we'll
have
crazy
enforcement
actions
or
whatever
right
we'll
have
you
know,
all
of
crypto
will
be
banned
or
d5
will
be
banned
in
a
whole
bunch
of
countries
and
maybe
everywhere
all
at
once.
Right,
maybe
there'll
be
a
global
regulator.
A
That'll,
try
to
confiscate
all
crypto
or
something
or
confiscate
all
stable
coins,
or
try
to
back
to
all
statements
or
whatever
it
is,
but
it's
very,
very
useful
to
have
the
ability
to
actually
handle
that
and
and
yeah
right
and
and
and
and
in
some
ways
like
this
was
like.
This
is
really
a
central
theme
of
like
designing
like
dabbling
in
metadows,
right
and
metadata
tokens
and
yield
farming,
and
so
we
could
get
to
this
point,
and
it's
really
like
it
sort
of
a
response
to
this
right.
A
The
original
frustration
with
real
assets
right
that,
like
sucks,
that
used
to
be
fully
decentralized
and
sensory,
persistent
and
suddenly
it
can
be
shut
down
by
the
government.
Right
and,
like
you
know,
do
something.
People
then
say
right.
But
it's
like
it's
not
that
simple
right.
They
only
have
rye,
which
does
something
which
fixes
it.
But
the
problem
is:
nobody
wants
to
use
right
because
they
want
two
things:
they
can't
have
at
the
same
time,
which
is
a
stable,
scalable,
dollar
peg,
but
collateral.
That
has
nothing
to
do
with
the
dollar
whatsoever
right.
A
But
basically,
I
think,
with
the
indian
plan.
We
we
achieve
something,
that's
pretty
close
to
actually
like,
as
close
as
you
can
get
to
sort
of
satisfying
people
and
this
stuff
right,
because
I
mean
so.
First
of
all,
it
recognizes
that
you
can't
you
don't
want
to
exist
in
this
state
at
all
times
right.
You
only
want
to
do
this
stuff,
if
you
have
to.
If
you
don't
have
to
you,
can't
compete
right,
so
you
don't
have
to
you
need
to
be
able
to
work
to
play
in
the
real
world
right.
A
But
then,
if
you
get
shut
down
the
real
world,
which
probably
at
this
point,
will
happen
sooner
or
later
right,
so
you
want
to
grow
as
massive
as
you
possibly
can,
and
then
you
get
shut
down.
Then
the
regulator
has
come,
or
maybe
it's
not
even
regulation.
Maybe
it's
like
literally
economic
collapse
or
something
right
and
then
like
the
the
the
erosion
of
rule
of
law
or
something
like
that
and
then
basically
maker.
A
You
have
some
kind
of
almost
like
emergency
shutdown
like
process
that,
instead
of
doing
emergency
shutdown,
what
it
does
is
it
it
puts
maker
into
this
thing,
called
phoenix
stance
and
what
phoenix
stands
and
does
is
like
every
sort
of
lever
and
every
mechanism
in
the
system
that
can
be
pulled
towards
backing
dye.
Only
by
decentralized
collateral
is
then
engaged
right
and
the
biggest
part
of
all
is
this
first
line
of
like
fire
selling
all
the
rival
assets
and
converting
it
into
eth
for
maker
to
hold
right,
which
is
a
which
is
pretty
crazy.
A
Right,
because
I
mean
what
this
also
implies
is
that
maker
will
actually
be
like
die
will
become
fully
algorithmic.
If
this
happens,
because
what
this
means
is
mega
would
hold
a
bunch
of
eth
collateral,
but
would
also
you
know,
but
basically
would
have
to
offset
like
use
those
to
offset
a
bunch
of
dollar
denominated.
A
Algorithmic
debt
right
debt,
that
is
to
the
system
itself
and
with
nobody,
sort
of
taking
the
first
loss
right
and
so
maker,
would
immediately
have
this
massive
leveraged
exposure
to
each,
which
is
you
know,
tough,
especially
because
we
just
bought
a
underneath,
probably
a
huge
slippage,
and
probably
even
pumped
the
price
right.
So
it's
going
to
come
back
down
so
you're
we're
always
going
to
be
taking
a
bunch
of
losses
in
this
situation,
but
anyway
we're
doing
it
because
they
were
about
to
seize
all
the
collateral
and
all
the
collaterals
about
to
become
worthless.
A
So
it
doesn't
matter
that
you
take
some
losses.
The
question
is:
is
it
real?
Is
it
possible
right?
Can
the
can?
Will
the
user's
money
still
work
right
in
some
form
or
another,
and
then
you
get
this
extra
boost
to
sort
of
deal
with
all
these
losses.
That
happens
up
here
from
all
this
phoenix
either
stuff
right.
A
You
know
both
having
alexia
or
in
phoenix
either
so
would
maker
itself
also
do,
and
then
the
protectors
had
this
extra
phoenix
staking
thing
with
a
whole
bunch
of
sort
of
rendered
each
as
well,
and
all
of
that
stuff
would
just
pay
out
as
a
kind
of
insurance
in
this
event,
and-
and
that
would
help
that's
quite
helpful
right,
because
then
that
would
help
us
sort
of
over
collateralize
this
thing
right,
so
that
that
you
at
least
don't
immediately
go
into
insolvency.
You
sort
of
algorithmic
insolvency
if
the
die.
A
If
the
eth
price
goes
down
by,
like
you
know,
0.1
once
you've
entered
the
phoenix
stance
and
then
finally,
the
the
farm
balance
in
lever
goes
to
zero
right.
So
you
just
put
all
firepower
towards
getting
more
die
generated
from
eath,
and
hopefully,
by
doing
this,
what
happens
is
that
you
get
so
much
dye
demand
that
the
dye
pack
starts
to
go
below
one,
and
then
you
can
actually
start
selling
some
of
the
eats
up
here
right.
A
So
you
can
start
to
sort
of
transfer
some
eath
from
the
internal
sort
of
algorithmic
position
into
the
external
use
of
volts.
And
finally,
the
system
also
allows
the
self-collateralized
volts
to
just
scale
infinitely.
So,
even
though
this
is
like
it's
not
the
best
thing
in
the
world,
but
it's
still
way
better
than
you
know.
A
So
you
want
to
try
to
keep
the
the
dollar
pack
going
during
this
time
and
then
re-establish
yourself
in
the
real
world
and
then
make
it
sustainable
to
keep
the
dollar
paid
going.
But
ultimately,
if
you
can't
like,
if
you
can't
raise
you
know,
I
mean-
and
I
call
this
process
of
sort
of
pulling
out
and
pulling
back
and
sort
of
uprooting
and
re-rooting
right,
because
it's
not
a
it's,
not
an
easy
process.
A
But
it's
also
the
possibility
that
you
simply
cannot
reroute
and
you
simply
will
never
have
a
place
to
to
to
put
rival
assets
again
or
maybe
for
the
long
term.
And
then
the
final
option
is
to
activate
the
trvn
right,
just
the
d-pick
from
the
dollar
and
then
once
you
depict
from
the
dollar,
then
you
can
totally
shed
all
the
algorithmic
debt
and
all
the
eth
becomes
a
lot
easier
right,
because
then
you
can
start
to
have
a
negative
rate
and
then,
with
a
negative
rate.
A
Yeah
like
you
will
you
know,
demand
will
drop
and
you
can.
You
can
sell
all
the
collateral
and
so
on
and
yeah
and-
and
I
think
the
final
piece
is
that
it's
very
important-
that
in
phoenix
stands,
you
want
the
point
where
the
trvm
kicks
in
also
needs
to
be
algorithmic
in
some
shape
or
form
right.
So
you
set
some
kind
of
max
of
like
the
pick.
A
So
this
niche
specific
communities
to
each
metadata
that
can
sort
of
serve
different
communities
and
they're
the
different
sort
of
meta
that
they
they
thrive
in
and
then
the
two
I
mean
and
create
this
sort
of
positive
feedback
loop
right,
where
the
stronger
meta
from
the
metadata
creates
the
most
you
know
more
clean
money,
for
instance,
and
then
more
clean
money.
Free
is
a
stronger
meta
and
then
everything
just
sort
of
grows
and
and
the
the
sort
of
the
movement
in
a
sense
right.
A
Ultimately,
and
then
at
some
point
you
get
regulatory
crackdown
or
you
get
global
collapse
or
something,
and
then
the
system
will
have
grown
and
build
up
so
much
sort
of
potential
energy,
basically
like
so
much
sort
of
fun
like
it's
basically
been
able
to
to
to
turn
a
lot
of
the
intangible
value
from
all
this
growth
in
the
meta
and
a
line
and
sort
of
a
positive
manner.
That's
been
created
to
build
all
these
like
buffers
of
of
of
eth,
essentially
right.
A
So
that's
like
the
most
powerful
and
sort
of
the
strongest
sort
of
thing
you
could
possibly
do
right,
which
is
to
sort
of
prove
your
immortality
and
improve
your
ability
to
survive
even
the
the
worst
possible
thing
that
could
happen
to
you,
and
then
I
mean
so
what
I
mean
depending
on
what
happens
right.
Maybe
it's
global
collapse
right,
so
maybe
what's
happening
is
all
everything's
falling
apart
and
then
die
is
the
only
currency
that
survives
right.
A
I
mean
or
just
sort
of
the
reinforcement
of
the
few
surviving
countries,
or
maybe
the
creation
of
completely
new
countries
after
sort
of
the
whole
collapse
has
happened
or
the
other
situation
could
be
that
you
have
some
kind
of
regulatory
correct
down.
You
have
this
big
sweeping
regulator
crackdown
and
then
you
have
a
bunch
of
countries
banning
crypto
and
then
maker
pulls
out
basically
uproots,
but
it
doesn't
stop
right.
So
you
still
have
the
this.
What
they
don't
the
thing
they
don't
like,
which
is
a
currency.
A
A
A
Obviously,
it's
just
extremely
dense
and
there's
a
few
very
few
things
missing,
but
almost
everything
is
there
and
I'm
just
gonna,
I'm
planning
to
kind
of
expand
this
out
right
and
make
it
make
it
so
yeah
make
it
more
accessible,
but
ultimately,
I
think
it's
a
really
cool
idea
to
have
just
a
single
like
map
right.
That
shows
this
is
everything
there's
nothing
wrong
with
this
right,
so
that
released
it
makes
it
possible
for
people
to
get
a
sense
of
what's
like.
Where
does
it
end
right?
What's
going
on
right?
A
Yeah
I
mean
this.
Is
I
mean
this
is
the
this?
Is
the
world
map
right,
maybe
not
entirely,
because
the
world
map
could
also
be
more
like
the
like
this
list?
Just
this
list
here
could
be
thought
of
as
the
world
map,
so
there's
something
kind
of
beyond
the
world
map
which
is
the
whatever
the
meta
map?
Okay,
that's
just
that's
too
stupid,
so
we
won't
call
it
that,
but
yeah
all
right
yeah.
A
It
looks
like
there's
not
so
many
questions
in
the
chat
today
as
normal,
so
I
hope
that's
all,
because
it
just
all
made
perfect
sense.
Yeah
you
mean
to
this
excalibur
draw
page.
You
can
take
a
screenshot
of
this.
I'm
not
gonna
share
it
because
it
has
a
bunch
of
unfinished
stuff,
but
I
will
I
will
like
tomorrow
I'll
I'll
iterate
on
it,
some
more
right.
A
A
So
I
don't.
I
don't
fully
understand
that
question
I
mean,
I
guess
maybe
you're
just
talking
about
how
does
the
staking
work
or
maybe
you're
talking
about
yeah?
What
I'm
trying
to
to
understand
is
like
every
methodol
and
make
are
contributing
to
this
kind
of
phoenix
reserve
like
emergency
reserve
right.
A
But
but
yeah
I
mean
that's
sort
of
over
complicating
it.
You
can
just
think
of
it
as
they
all
accumulate
eth
and
they
all
just
sit
and
gather
more
and
more
eath
and
and
then
once
they
get
that
eath
in
there
they
don't
really
and
they
don't
easily
lose
it
again,
basically
like
so
they
build
so
over
time,
as
the
system
keeps
running,
and
you
get
this-
I
mean
really.
It
all
comes
down
to
this,
like
50,
000
mkr.
A
A
Okay
and
then
the
phoenix
is
just
this
kind
of
emergency
stage.
When
something
really
bad
happens,
then
that
gets
triggered
uses
the
ease
that
has
been
accumulated.
Liquidates
the
rwas
and
kind
of
tries
to
make
the
system
so
large
in
a
way
yeah
right.
It
number
one
converts
the
ripple
assets
to
eve
number
two:
it
has
all
this
yeah,
like
this
insurance
stuff
that
pays
out
like
maker,
also
has
a
bunch
of
phoenix
either
itself,
but
that's
really
just
like
maker
holding
a
bunch
of
ether,
nothing
else
right.
A
The
other
things
are
more
like
when
they're.
When
you're,
not
in
this
phoenix
stance,
the
metadatas
benefit
from
having
some
phoenix
like
they
have
some
benefit
from
it,
but
they
only
get
that
benefit.
As
long
as
we
don't,
you
know,
we
don't
have
a
huge
regulatory
crackdown
that
makes
a
real
lesson
impossible
and
then,
as
soon
as
that
happens,
it's
all
for
feed
right.
It
all
just
goes
to
make
a
call,
and
so
it's
sort
of
the
big.
So
you
get
up
you.
Yes,
you
convert
all
the
rival
assets
to
eth.
A
You
get
a
big
insurance
payout
in
each
you
set
all
you
know,
metamagic
towards
you
know
you,
you
put
all
that
power
just
towards
incentivizing
that
generation
for
me
and
then
finally,
you
sort
of
open
the
floodgates.
Potentially
I
mean
not
sure
whether
this
would
actually
happen,
but
you
make
it
up.
You
open
for
the
possibility
of
large-scale
self-collateralized
die
generation
by
cutting
off
the
you
know
you
remove
this
thing
of
at
five
percent:
the
stability,
if
you
start
to
go
and
you
just
let
it
grow
beyond
five
percent.
A
Okay,
thanks!
That's
such
much
clearer,
now,
yeah,
and
so
as
as
dawson
comments.
This
is
a
kind
of
emergency
shutdown
stasis
rather
than
shutdown.
I
mean
it's
actually
not.
I
mean
it's
not
even
stasis
at
all
right.
It
doesn't
pause
the
system
at
all
it
really
just
like,
like
it
actually
only
affects
very
small
pieces
of
the
system.
It's
just,
of
course,
like
very
significant
pieces
like
basically
mainly
the
the
real
assets
and
the
like
the
real
assets
and
the
farms
and
the
stability
fees,
but
everything
else
keeps
running
right.
A
A
Now,
basically,
in
this
situation,
and
then
they
just
sit
around
and
they
just
wait
and
wait
and
wait
and
wait
and
then
someday
they're
gonna,
you
know
hopefully
maker
can
re-route
and
they
basically
go
back
to
doing
real
assets
again
one
day
and
until
then
they
just
run
a
front
end
like
any
other
created
out,
but
yeah,
but
all
the
other
stuff
keeps
running
right.
All
the
random
decentralized
collateral
keeps
working
and
so
on.
Right,
like
link
and
uni
and
whatever,
of
course
in
the
in-game
plan,
we
don't
consider
that
stuff
real.
A
Basically,
we
consider
that
misc,
because
it's
just
not
yeah
it
doesn't
it's
decentralized,
but
it's
not
really.
You
know
you
can't
really
use
it
as
a
real
backbone
of
a
currency
and
there's
no
demand
for
leverage
with
it
anyway
and
yeah,
and
also
we
can
do
value
preservation
right,
like
we
can
with
eath.
So
so
heath
is
really
the
yeah
like
it's
the
main
thing.
A
A
A
It's
probably
the
most
resilient
system
that
exists
right
now,
like
it's,
it's
probably
the
last
piece
of
human
infrastructure
like
global
infrastructure.
That
would
fail.
I
think
I
mean,
alongside
sort
of
it's
it's
physical
yeah
infrastructure
right,
but
like
the
reason
why
the
reason
why
the
physical
infrastructure
would
be
maintained
would
be
to
keep
ethereum
running.
A
That's
really
my
my
big
bet
on
this
that,
like
at
least
if
ethereum
keeps
its
current
position
in
the
in
the
sort
of
the
global
financial
system.
Right
then,
by
the
time
things
really
start
falling
apart.
Everyone's
just
counting
on
ethereum
is
like
their
fallback
and
their
their
their
point
of
communication
with
the
wider
world
and
there's
the
rock.
Basically,
that's
gonna
help
them
survive
right.
So
in
that
kind
of
environment,
it's
very
likely
that
I
mean
it's
not
that
surprising.
A
A
A
Yeah
yeah
and
there's
a
I
mean
and
there's
also
stuff.
There
is
like
decentralized
rural
assets
and
there's
also
like
there's
ways
that
you
know
there's
also
the
things
like
yeah.
Okay.
I
don't
want
to
get
any
more
into
that.
But,
of
course
it's
not
it's
not
only
eath
either,
but
it's
like
it
might
be
on
the
east
and
it
could
also
be
other
stuff.
But
basically
the
plan
sort
of
doesn't
make
assumptions
around
anything
else
than
these.