►
From YouTube: Q1 2022 Quarterly Strategy Review (QSR)
Description
⬇ About ⬇
The Q1 2022 Quarterly Strategy Review (QSR) meeting, hosted by Strategic Finance in partnership with Growth, Risk, PE, and RWF. As a reminder, the purpose of the call is to review prior quarter results and discuss MakerDAO’s Strategic Focus Areas and Key Performance Indicators, align on priorities and collaborate on how to overcome any challenges the DAO is facing.
This call intends to be a dialogue between the Core Unit hosts, Delegates, and MKR holders, and we highly encourage participation.
⬇ Forum Link ⬇
https://forum.makerdao.com/t/quarterly-strategy-review-q1-2022-public-call-on-tuesday-6-7-22-3-00pm-utc/15563
⬇ Disclaimer ⬇
This presentation is only informational and does not constitute financial, investment, legal, regulatory, or tax advice. The author(s) and MakerDAO Core Units presenting today cannot guarantee the accuracy of data and information contained therein, which is provided strictly on a best efforts basis. References to assets are made for informational purposes and are not a recommendation, offer to sell, or solicitation of an offer to buy any asset. This presentation's content, data, or assessments are subject to change without notice. This report may include certain forward-looking statements; such statements face a high degree of uncertainty and are not a guarantee or promise of future performance or events. The author (s) and the MakerDAO Core Units are materially relying on a waiver of liability as a condition of providing this presentation. Readers agree to indemnify and hold the harmless author(s) and the MakerDAO Core Units against any claims by accessing the content herein.
A
A
B
C
B
Meeting
speaking
today
will
be
nadia
from
growth,
jan
from
risk,
sam
from
protocol
engineering,
dj
from
google
finance
and
sub
adrian
dan
and
myself
from
strategic
finance.
We
highly
encourage
participation
throughout
today's
call
and
if
you
have
a
question,
please
raise
your
hand
and
payton
will
help
facilitate
next
slide.
Please.
B
And
as
we
usually
do
with
our
financial
and
data
presentations,
we
have
a
brief
little
disclaimer.
Please
read
at
your
leisure
but
high
level.
This
presentation
is
provided
for
informational
purposes
only
does
not
constitute
financial
investment,
legal
regulatory
or
tax
advice.
All
right,
I
will
kick
things
over
to
sev
on
the
next
slide.
D
D
D
Which
this
one
is
still
up
from
last
year,
which
was
22
percent,
but
down
secretary
for
the
last
few
months.
Credible
assets
are
quite
up
still
a
small
amount,
30
million
but
plus
50
55,
and
that's
due
to
many
to
success
at
growth.
Crepe
climb
their
net
requiring
income
is
down
due
to
volume
effect
less
loans,
but
as
well
as
lower
stability
fees,
so
both
are
negative
for
the
business.
So
that's
why
this
number
is
quite
down.
D
D
We
can
see
that
we
are
kind
of
flat
growing
slowly
since
the
last
year,
both
in
market
share,
so
the
amount
of
diet
outstanding
and
the
transaction
market
share,
so
the
circulation
on
chain
of
die
which
are
respectively
at
four
five
point:
three
percent
and
nine
percent.
It
was
always
roughly
five
and
ten
percent
ric
so
generating
profits.
But
what
is
the
risk
of
this
generation
of
profits?
Here?
Everything
is
kind
of
perfect.
D
D
D
The
reason
is
netize
net
interest.
Income
is
done
because
the
amount
of
loan
is
kind
of
shrinking
since
q4,
but
still
increasing
since
q1
2021
and
the
stability
fee
are
down
since
q1
2021.
That
was,
there
were
5.5
percent,
but
we
have
a
higher
volume.
So
that's
why
the
net
net
interest
income
is
still
bigger
than
last
year,
sadly
compared
to
last
year.
D
The
main
issue
is
that
the
main
reason
of
the
diminishing
on
the
of
the
net
protocol
income
and
the
requiring
income
is
the
fact
that
we
we
we
have
car
units
that
are
taking
most
of
the
cost,
so
most
of
the
revenue
are
now
added
to
other
car
units.
So
that's
why
the
working
income
is
a
bit
down,
but
if
we
co
remove
this
effect,
it
will
still
be
better
off
than
last
year,
especially
if
you
suggest
that
coordinates
were
still
already
there,
but
paid
by
the
foundation.
Q1
2021.
D
We
can
also
highlight
that
the
first
qrlp
was
published
or
in
production,
so
status
is
and
the
finished
stage
of
deploying
fast,
the
robot
on
optimistic
narrative
and
we
up
soon
coupon,
d3
and
last
point,
but
not
the
least.
The
maker
price
is
up
over
one
year
period,
which
is
still
good.
It
was
obviously
at
the
end
of
q1.
Now
we
are
way
below
that
and
it
was
still
decreasing
since
the
end
of
the
last
year,
and
that's
for
me
on
this
slide.
C
Cool
thanks
mark,
so
we
talked
about
these.
We
took
these
slides
through
at
the
last
decentralized
voter
committee,
so
one
thing
that
we're
trying
to
do
as
we
get
to
the
as
we
look
forward
through
to
the
end
of
the
year
is
we're
trying
to
get
a
little
bit
more
reactive
in
terms
of
where
we
think
the
market
will
go
and
what
that,
how
that
will
impact
on
the
profitability
of
the
protocol.
C
So
the
way
that
we
are
looking
at
this
and
thinking
about
this
is
we've
thought
about
it
in
terms
of
a
base
forecast,
a
bear
forecast
and
a
bull
forecast.
All
of
them
have
the
first
sort
of
quarter
of
the
year
in
the
actuals
and
then
we're
driving
the
scenarios
based
on
different
assumptions
for
the
amount
of
eth
and
wbtc
tokens
that
we
have
collateralized
on
the
platform
and
their
corresponding
by
price.
C
The
hopeful
one
is
a
v-shaped
recovery
in
crypto
markets
more,
you
know
maybe
or
more
or
less
likely,
but
here
the
the
underlying
business
would
you
would
expect
it
to
bounce
back,
both
in
tokens
collateralized
and
in
the
underlying
asset
price
in
the
base
picture,
what
you
see
is
we're
we
so
on
the
top
line.
You
have
the
total
balance.
You
can
assimilate
this
to
a
sort
of
a
die
outstanding
on
average
throughout
the
year.
C
You
have
crypto
lending
revenues,
largely
ethan
wbtc,
real
world
asset
revenues,
d3m
shorthand,
for
you
know,
direct
integrations
with
other
protocols,
all
other
revenues
and
then
a
new
product
line
for
institutional
vaults,
new
integrations
with
other
protocols
and
maker
on
multi-chain
and
layer
twos.
Essentially,
so
this
adds
up
to
give
our
total
interest
revenues
picture.
C
C
And
so
here
we're
essentially
doing
a
double
click
on
one
of
the
scenarios,
the
base,
one
where
you
see
the
difference
in
from
january
to
april
and
may
to
december
january,
to
april
being
the
actuals
in
may
to
december
being
the
the
rest
of
the
year,
the
balance
for
the
rest
of
the
year.
So
here
the
main
difference
is
obviously
the
change
in
balance.
C
So
what
we
saw,
particularly
so
it's
been
quite
a
bearish
year
from
the
beginning
of
january,
but
it
the
the
trend
accelerated
from
the
end
of
april
and
throughout
the
month
of
may.
So.
This
explains
the
difference
in
in
total
balance
that
that
we
see
the
overall
average
for
the
year
should
be
around
seven
billion
died.
C
What
we're
seeing
in
our
base
cases,
we
have
a
rapidly
compressing
macro
environment,
so
rates
are
rising
off
chain
and
there's
a
general
sense
of
risk
off,
as
in
stagflation
starts
to
take
hold
and
numerous
geopolitical
risks
are
shocking.
Different
financial
markets,
as
well
as
draining
price
levels
in
crypto,
we're
also
very
subject
to
the
values
of
the
lending
market
within
crypto.
C
So
to
this
point,
I
think
real
world
assets
in
the
long
term
will
have
a
role
to
play,
to
stabilize
and
and
de-risk
some
of
the
some
of
this
exposure.
These
revenues
are
highly
correlated
to
the
price
of
e
and
they
are
further
subject
to
demand
for
for
lending
yeah.
So,
overall,
the
picture
is
a
landing
estimate
of
about
50
million
died
accumulated
in
the
surface
buffer
all-in,
largely
behind
the
quite
a
challenging
back
half
of
the
year,
but
all
in
still
fairly
decent
result.
C
C
Here,
I'd
like
to
call
out
just
before
we
move
the
page,
the
asset
productivity
revenues
you'll
see
they're
zero
at
the
beginning
of
the
year
and
they
go
up
to
12.1
percent
sorry
12.1
million.
So
this
is
purely
an
estimate
on
our
site,
based
on
the
yield
that
we
could
conceivably
generate
through
mid-65
and
through
investing
in
short-term
bonds.
So
this
will
depend
on
the
yield
environment.
C
We're
assuming
it'll,
be
relatively
stable
for
the
rest
of
the
year
and
it'll
also
depend
on
the
amount
of
in
the
amount
of
capital
that
we
are
able
to
get
work.
So
I
think
this
speaks
to
this
line.
Almost
on
its
own
speaks
to
the
importance
of
managing
our
balance
sheet,
prudently
and
and
in
a
in
a
systematic
fashion.
B
Awesome
thanks
adrian
turning
over
to
the
expense
side
of
the
engine
statement.
I'll
briefly
cover
the
p
one,
three
plus
nine
forecast
for
turning
over
to
the
four
plus
k,
since
that
does
look
more
relevant
now,
so
in
our
three
plus
nine
forecast,
we
forecasted
about
65
million
total
expenses,
44.1
million
from
that
workforce
expenses,
3.2
million
from
articles
and
17.3
million
in
major
compensation
expenses,
which
was
based
on
a
maker
price
of
1650.
B
We're
currently
forecasting
about
60.5
million
in
expenses
for
the
full
year
of
2022..
This
is
driven
by
workforce
expenses
of
43.2
million
about
a
900k
decrease
from
last
month's
forecast,
3.1
million
in
oracles
and
4.2
million
in
maker
compensation
based
on
a
maker
price
of
13.25,
the
46.3
million
and
die
expenses
are
forecasted
forecasts
for
the
year.
12.9
million
dollar
increase
in
the
q1
run
rate.
B
36
percent
of
that
increase
is
driven
by
rural
finance
and
their
expenses
are
likely
to
be
correlated
with
the
borrower
pipeline
and
therefore
you
know
future
revenue
assuming
several
deal
terms
are
reached
the
counterparties.
So
you
know,
if
we're
reviewing
more
rda
deals,
you
know
if
we
were
onboarding
more
and
therefore
you
know
driving
revenue.
You
know
shortly
after
those
expenses
are
are
made.
B
You
know
one
of
the
small
benefits
of
being
in
the
bear
market
is
that
we
are
seeing
oracle
gas
expenses
come
down
and
I
know
nick
and
the
orphan
team
is
working
hard
on
reducing
those
on
a
basis.
So
you
know,
as
we
move
on
to
l2s
and
such
we'll
probably
see
an
increase
in
overall
gas
expenses,
but
hopefully,
as
those
technologies
are
improved
over
time,
we'll
continue
to
see
that
expense
decrease
next
slide.
Please
one
area
we
wanted
to
provide
some
more
visibility
to
that.
B
So,
even
though
we
report
these
on
our
advanced
reports,
they
don't
really
show
up
on
on
maker
burn
unless
you're
digging
into
you
know
each
of
the
koreans
respective
wallets
and
most
people
are
mischaracterizing
the
runway
and
only
looking
at
like.
What's
in
the
surplus
buffer,
the
reality
is
each
core
unit
and
our
gas
expenses
have
quite
a
bit
of
funds
tied
up
in
them
and
those
will
provide.
You
know
sufficient
runway
decent
runway
relative
to
only
looking
at
the
you
know,
the
funds
held
in
the
surplus
buffer.
B
E
B
Is
this
is
quite
a
healthy
amount
of
cash,
and
you
know
from
my
perspective,
the
financial
operations
according
today
are
quite
inefficient.
You
know
koreans
have
a
lot
of
flexibility
with
their
budgets
right
now,
but
we
believe,
there's
you
know
excess
capital
tied
up
in
these
wallets
today.
Gov
alpha
is
the
only
coordinates,
that's
returned
excess
data
protocol-
and
you
know
one
of
our
motivations
for
the
mid-40
revision
is
to
you
know,
increase
that
to
the
broader
you
know,
core
unit
teams
and
ensure
we,
you
know,
are
only
tying
up
capital.
B
It's
really
needed
for
at
most
the
next
three
months
of
expenses
for
coordinates.
So
we
can,
you
know
more
accurately,
reflect
you,
know
the
situation
and
surplus
buffer
and
start
to
make
the
capital
allocation
decisions
a
little
more
efficient,
because
there's
a
big
difference
from
looking
at
the
surplus
buffer.
You
know
76
million
versus
91
million
plus,
so
you
know
consideration
of
that.
B
C
C
F
A
F
That
that's
a
capital
risk
volatility
is
its
feature,
not
a
bug,
because
the
market
has
been
changing
rapidly
and
in
a
lot
of
ways.
And
let's
say
that
exposure
is
just
one
of
the
things
that
did
that
decreased
recently,
but
there's
other
things
that
have
really
I'd
say
positively
impacted
the
the
the
decrease
in
in
the
amount.
F
F
And
if
we
let's
say
you
want
to
answer
questions
such
as
what
kind
of
a
financial
buffer
we
should
have.
It's
always
assumed
a
couple
of
things
that
we're
also
modeling
in
our
models
and
that's
why
one
of
the
one
of
the
recommendations
that
we've
had
before
was
was
to
take
your
q4
average
capital
electricity,
because
that's
that's
the
kind
of
state
that
we've
made
before
but
yeah.
F
As
I
mentioned,
this
is
kind
of
tricky
because
forward-looking
as
we've
seen
before
with
the
scenario
modeling,
it's
a
lot
of
things,
can
change
and,
let's
say,
the
the
bull
market,
the
bear
market
and
so
on,
and
that
that
obviously
also
changes
the
capital
risk
and
metric.
Apart
from
that
also
we
we
published
like
a
feature
analysis.
What
kind
of
signals
impact
the
capital
risk
metric
and,
let's
say
the
the
first
most
significant
one-
is
liquidity.
F
Protected,
which
is
another
model
that
that
we're
using
under
the
hood
in
the
to
basically
calculate
the
risk
premiums
via
the
the
clutter
risk
model
and
then
the
that
weighted
quantization
ratio
and
in
the
end,
that
exposure-
and
this
indicates
how
difficult
it
is
to
basically
just
model
the
the
increase
or
decrease
in
that
that
exposure
and
then
to
determine
what
kind
of
what
amount
of
capital
what
what
amount
of
financial
buffer
we
need
from
from
there
right
yeah.
So
this
is
offered
from
this
slide.
F
Next,
like
this,
when
it
comes
to
the
the
decrease
again,
we've
seen
a
huge
decrease
in
the
capital
risk
in
the
in
the
beginning,
we've
seen
some
increases,
but
just
to
run
through
the
the
main
reasons
for
it.
The
first
reason
is
that,
obviously,
the
portfolio
that
exposure
has
decreased
by
one
third,
which
decreased
the
capital
risk,
then
the
liquidity
score
increased
for
if
and
wbtc.
So
that's,
basically
just
looking
at
all
the
exposure
that
we
have.
F
F
So
that's
one
thing,
and
recently,
we've
seen
let's
say
the
a
huge
decrease
in
that
in
in
exposure
in
naxa,
which
which
was
a
huge
chunk
of
debt
assigned
as
as
low
risk,
and
that
basically
also
increased
recently
the
the
capital
treaty.
So
the
volatility
is
basically
just
many
different
dynamics
that
that
are
monitored
and
and
yeah.
A
F
E
E
E
They
want
to
work
on
a
more
closed
partnership
with
maker,
to
improve
the
gnosis
chain
usability
and
to
increase
die
demand
through
the
noses
chain
through
the
noses
chain.
You
can
see
on
the
forum
a
proposal
that
you
know
the
noises
team
posted
in
their
forum,
but
they
also
reposted
in
hours
that
talks
about
a
close
partnership
between
both
to
promote
die
if
they
are
even
proposing
to
rename
x
die
to
die.
E
E
The
institutional
vault
for
nexo
still
exists,
but
we
have
to
repropose
new
terms
because
the
terms
that
governments
passed
were
approved
almost
like
10
months
ago.
So
we
have
to
renew
those
terms,
and
we
also,
as
you
all
know,
are
talking
with
other
institutions
but
same
because
of
the
current
market
situation.
E
These
conversations
about
opening
an
institutional
bulk
are
more
like
are
are
having
like
a
more
slow
response
because
they
want
to
like
understand
what
will
happen
with
the
market.
Also,
like
the
lending
market
in
general,
has
a
kind
of
slow
down
compared
to
to
last
year,
so
we
also
saw
that
wptc
market
share
was
reduced
during
q1.
E
That
was
mainly
because
of
celsius
winding
down
their
position,
but
after
the
terror
collapsed
because
celsius
was
very
close
to
terra
after
terror
collapse,
we
have
been
talking
with
them
and
the
idea
is
to
do
something
and
think
about
a
more
close
relationship
with
them.
So
you
can
see
that
as
well
on
how
they
are
using
makerbots
again.
E
One
interesting
thing-
and
I
think
is-
is
like
a
good
thing
about
maker
being
so
coaches
and
the
most
secure
protocol,
and
that
we
are
constantly
like
evaluating
everything
is
that
right
now,
at
least
when
I
was
preparing
this
slice
maker
was
the
number
one,
the
d5
protocol
by
tdl,
and
it's
the
only
one
as
well.
That
is
just
deployed
on
ethereum.
So,
as
I
said
on,
the
review
of
the
last
quarter
for
us
player,
twos
and
sidechain
expansion
is
is,
is
crucial
because
the
opportunity
is
huge
next
slide.
Please.
E
On
the
demand
side,
we
saw
how
the
demand
was
reduced
during
q1,
again,
mainly
because
of
terra
terra
plus
anchor
were
eating
the
stable
coin
market
after
terra
collapsed.
We
we
saw
a
new
challenge
coming
and
it
was
that
the
stable
coins
market
and
everything
in
general
because
of
the
bear
market
was
kind
of
a
frisk
and
regarding
stable
coins
projects.
Institutions,
companies
in
general
are
being
more
cautious
because
they
don't
want
to
face
another
terror
collapse.
E
I
think
it's
a
an
interesting
opportunity
for
us
because
of
all
the
security
that
maker
has,
but
at
the
same
time
we
need
to
have
more
researchers
and
more
probably,
universities,
writing
about
maker
and
explaining
how
maker
works
and
right
now
we
are
working
on
it
and
we
we
want
to
have
articles
by
different
companies,
institutions
that
explain
why
that
is
different
and
why
over
collateralize,
the
stable
coin
is
different
than
an
algorithmic
one.
We
have
seen
that
as
an
important
and
something
that
people
are
requesting
right
now.
E
E
We
have
been
also
seeing
a
slow
development
on
the
layer,
2
ecosystem
and,
I
will
say
in
all
the
crypto
ecosystem,
but
it
is
because
the
bear
market
we
have
seen
this
before.
We
know
that
everyone
now
is
just
like
focusing
on
building,
and
that
is
interesting,
but
also
we
will
see
a
slow
development
on
on
these
other
networks.
E
So
we
will
have
to
follow
that
up
to
see
how
these
evolves
in
the
japanese
market
money
actually
in
in
all
the
markets.
We
have
seen
how
regulators
are
like
asking
more
questions
about
stable
coins
in
general,
as
I
explained
before,
we
also
have
been
continuing
with
the
expansion
of
listing
die
with
other
important
players
as
ethan
btc.
We
have
been
doing
that
in
imbibe,
which
is
another
important
exchange
from
asia.
E
That
has
a
huge
presence
in
latin
america
and
we
have
seen
how
they
repeat
the
same
recipe,
which
is
offering
high
yields
to
attract
new
people
to
use
certain
currency
in
this
case
die
so
again
like
this.
Just
like
proves
how
a
dsr
or
any
yield
solution
it's
what
moves
the
market
and
attracts
new
users
to
certain
cryptocurrency.
E
We
also
have
been
working
a
lot
with
the
maker
brand.
Well,
during
q1,
we
started
to
reactivate
the
maker
dial
twitter
account.
We
also
have
been
sponsoring
different
events,
because
we
have
seen
a
lot
of
new
people
newcomers
to
crypto
that
are
not
aware
that
dai
is
part
of
maker,
so
we
are
working
a
lot
with
peer
agencies
within
these
events
to
re-explain
to
these
newcomers,
about
what
maker
is
what
what
what
that
is
and
like
link
the
idea
about
maker
is
that
is
part
of
maker.
E
We
also
started
a
sponsorship,
the
bankless
podcast,
if
you,
if
you
see
it
in
youtube
or
listen
to
the
podcast
somewhere,
you
may
see
that
I
think
once
once,
every
week
they
mention
maker
and
they
explain
what
maker
is
and
then
they
talk
about
die.
We
are,
we
decided
with
the
this,
this
branch
strategy
to
start
talking
about
maker
and
I
not
just
about
die.
We
think
it
is
important
to
generate
that
connection
of
ideas
whenever
we
talk
about
maker
or
die
next
slide.
Please.
A
E
We
haven't
talked
about
the
fees,
because
that
is
not
a
decision
of
the
protocol
that
integrates
it,
but
it's
more
a
decision
of
the
user,
usually
bridges,
the
bridges
or
the
protocols
that
work
as
a
bridge.
They
integrate
different
solutions.
We
are
positioning
a
maker
teleport,
as
as
the
preach
for
die
for
for
canonical
die.
So
in
the
end
it
will
be
the
user
who
decide
what
what
they
will
use,
what
they
prefer
to
use.
E
So
I
imagine
that
in
the
future
we
will
see
some
sort
of
a
one
inch
or
like
integrate
like
bridge
integrators,
offering
different
possible
bridge
solutions
at
a
different
price
and
and
the
user
will
decide
what
is
the
bridge
that
they
want
to
use.
I
think
the
big
difference
and
the
like
something
that
no
one
else
can
offer
is
that
we
are
teleporting.
E
E
Okay,
so,
as
I
mentioned
before,
we
started
working
with
peer
agencies
and
we
are
super
interested
about
understanding
what
the
media
is
talking
about
maker,
and
I-
and
this
is
important,
because,
unfortunately,
in
the
end,
what
people
knows
about
something
is
what
they
read
on
crypto
twitter
or
they
like
read
on
any
media
outlet.
So
I
think
it's
important
to
analyze
what
the
media
is
is
talking
about
maker
and
change
that,
based
on
what
we
want
them
to
talk
about
that.
E
E
I
think
that
is
something
that
we
have
to
start
talking
even
more
two
percent
of
the
things
that
media
talks
about
that
is
about
maker
as
the
decentralized
protocol
and
all
the
decentralization
process
and
the
the
other
thing
that
we
notice,
thanks
to
this
brand
analysis,
is
that
whenever
the
media
talks
about
die,
they
don't
talk
about
maker.
So
that
is
why
that
is
one
of
the
reasons
why
these
newcomers
are
not
linking
that
with
maker,
and
we
want
to
change
that.
E
E
This
is
important
because
these
give
us
a
perspective
of
where
we
are,
and
with
this
in
mind,
we
can
develop
a
plan
of
what
we
want
in
three
months
in
six
months,
and
we
will
be
following
this
plan
with
the
agency
to
improve
the
way
how
media
talks
about
maker.
So
we
want
to
have
more
more
articles
talking
about
real
world
assets
and
the
decentralization
of
maker
and
linking
by
plus
makerbots
next
slide.
Please.
E
E
We
have
whenever
we
talk
with
polygon
avalanche
gnosis,
you
name
it.
They
are
super
interested
in
working
with
us.
They
are
that
interested
that,
just
to
give
you
an
example,
polygon
is
willing
to
help
us
to
cover
the
surplus
buffer
that
is
needed
to
increase
the
debt
ceiling
on
polygon
once
maker
bolts
are
there,
which
I
find
super
interesting,
because
it's
like
a
a
real
partnership
between
maker
and
the
side
chain
where
we
decide
to
deploy
maker
bulbs.
The
challenge,
of
course
here,
is
that
market
market
conditions
are
slowing
down
everything.
E
So
this
also
will
slow
down
this
process
also
well,
as
you
have
seen
recently,
the
market
company
decided
to
freeze
stability
fees
for
three
months,
so
we
will
use
that
as
a
marketing
campaign
as
a
marketing
initiative
to
attract
new
vault
users
to
maker
and
convince
them
to
use
maker
balls
to
like
be
more
familiar
with
it
and
the
next
step
to
open
an
institutional
bolton.
In
that
way,
we
will
be
able
to
reduce
the
risk
associated
to
these
large
positions.
E
So
that
means
that
maker
teleport
is
like
a
the
perfect
solution
for
for
this
opportunity,
but
we
will
need
to
work
on
adding
more
domains
to
the
to
the
teleport
and
from
a
brand
perspective.
Well,
you
have
seen
the
impact
of
having
a
live.
The
maker
dial
twitter
account.
We
think
that
is
that
was
crucial
to
communicate
announcement
with
different
state
holders.
E
We
would
like
to
do
the
same
with
the
makerbot
website.
We
think
we
have
to
have
a
website
active,
and
that
is
part
of
the
of
the
plan
of
the
brand
team
inside
inside
the
growth
career
unit.
We
want
to
link
a
maker
concept
with
the
diet
concept.
We
want
to
position
the
dao.
We
want
to
position
maker
as
one
of
the
main
dials
in
the
system
and
the
position
die
as
an
over
collateralized,
stable
kind
and
not
an
algorithmic
one.
E
That,
of
course,
has
some
challenges.
We
have
to
define
maker's
main
message
and
narrative.
We
think
we
kind
of
forgot
about
that
and
there
are
different
initiatives
inside
the
dao
to
help
us
to
decide
to
define
it
from
the
inside,
and
we
will
use
that
as
an
input
to
convert
it
into
a
message
and
narrative
that
we
will
push
to
the
outside.
E
E
So
there
are
a
lot
of
education
opportunities
down
there
to
explain
to
them
about
oasis
by
savior
how
to
protect
their
positions.
How
the
maker
protocol
works
liquidations
also
educate
their
compliance
teams
to
explain
to
them
why
they
don't
have
to
kyc
maker.
Why
we
work
as
a
dao,
why
it's
not
needed
because
they
are
using
their
collateral
to
meet
newly
died.
E
So
there
are
a
lot
of
educational
efforts
that
we're
doing
right
now
with
within
the
ecosystem,
and
it
is
super
important
that
we
update
the
makers
website
to
show
to
everyone
everything
that
we're
doing
maker's
website
is
completely
outdated
and
they,
if
you
see
it,
they
don't
talk
there
like.
When
you
go
to
the
maker
website,
you
may
see
a
lot
about
die,
but
you
don't
see
anything
about
maker
boats
and
we
think
we
are
losing
a
lot
of
opportunities
because
of
that
that
was
it
for
me.
B
Thanks
nadia,
but
briefly
cover
the
ethon
chain
lending
market,
so
we
saw
a
continued
deterioration
in
q1
took
into
his
dive
on
the
last
day
of
the
quarter.
Actually,
when
nexo
drew
about
340
000
eth
tokens
from
the
protocol
compared
to
last
month,
quarter
and
year,
the
e
funding
market
is
down
14,
24
and
19
respectively.
B
On
a
year
over
year
basis
makers,
market
share
decreased
by
nine
point:
four
percent,
along
with
compounds
at
nine
point,
two
percent,
with
ave
being
the
primary
beneficiary
increasing
their
market
share.
By
ten
point,
three
percent
ave
recently
ended
their
liquidity
mining
program.
So
it'll
be
quite
interesting
to
see
how
the
borrowers
and
broader
lending
market
react.
B
You
know
ave
and
compound
have
collectively
spent
over
half
a
billion
dollars
on
liquidity
mining
incentives,
whereas
most
people
here
know
that
makers
spend
nothing
maker
protocols
rates
should
be
much
more
competitive
and
attractive
now
compared
to
ave
and
will
continue
to
be
more
competitive
as
the
liquid
state
market
matures
and
supply
liquidity
moves
from
heath
to
safety
is
for.
If
you
look
on
avio
right
now,
you
are
getting
yield
from
depositing
ethan.
There's.
G
B
The
7th
of
june,
the
auction
maker
has
increased
by
14
relative
to
q1,
so
much
of
this
increase
is
likely
driven
by
the
value
of
each
falling
and
more
collateral
being
needed
to.
You
know
back
dialogues,
but
nonetheless
it's
good
to
see
that
trend
start
to.
You
know
bottom
out
and
reverse
a
little
bit,
and
hopefully,
if
markets
turn
around
more
dye
will
be
minted
and
the
revenue
and
associated
financials
will
rebound
I'll
now
pass
faster
to
adrian
to
cover
the
wrapped
bitcoin
landing
market.
C
So
rap
bitcoin,
in
contrast
to
eth
as
a
lending
as
a
source
of
lending
business,
has
taken
on
a
slightly
different
trend
relative
to
last
year.
So
we
see
much
stronger
growth
in
the
overall
wbtc
lending
market
and
in
fact
we
see
quite
a
strong
growth
in
wbtc
supply,
which
sort
of
drives
the
total
addressable
market
for
maker.
C
The
the
other
trend
that
we're
seeing
in
the
overall
btc
lending
market
is
actually
off
ethereum,
still
crypto
native,
but
more
in
the
sort
of
tradify
space
with
players
such
as
genesis
taking
on
crypto
collateral
and
issuing
loans
in
this
space.
So
this
will
be
one
trend
to
watch
out
for
as
a
source
of
increased
competition.
But
even
in
this
regard,
what
we're
seeing
is
that
maker
rates
are
considerably
more
competitive
than
the
central
than
our
centralized
alternatives.
H
Here
we
see
the
total
net
stable
coin,
borrow
in
the
top
four
landing
protocols
on
ethereum
in
two
of
the
largest
segments
on
the
left,
10
million
plus
borrowers
and
on
the
right
borrowers
between
1
million
and
10
million,
and,
as
you
can
see
in
both
of
these
segments
maker
has
been
dominant.
But
this
dominance
has
been
decreasing
since
about
november
at
the
bottom.
H
D
Now,
let's
look
at
the
l1
sibling
market
share,
so
this
is
the
kpi
we
saw
earlier
on
the
transaction
volume
of
dye
as
discussed
it's
quite
flat,
always
around
the
10.
There
was
140,
but
it's
just
a
glitch.
So
not
a
lot
of
changes.
The
metric
is
quite
volatile
of
multiple
months.
What
is
interesting
is
that
we
can
see
that
usdc
over
the
last
year
grew
its
market
share
against
usd
the
usc
against
usdt,
which
is
kind
of
obvious
for
us.
D
D
We
were
quite
of
good
on
optimism
and
then
there
was
target
which
didn't
give
reward
for
for
for
days,
so
that
was
kind
of
lost
for
us,
but
yeah
that's
about
it,
but
some
people
think
that
the
velodrome
bilderon
paltrocol
launching
soon
was
launching
and
may
attract
significant
quality.
So
we
will
see
I
didn't
check
lately
next
slide.
Please.
D
Usdt
is
someone
the
second,
but
most
of
the
time,
the
third
and
then
it
is
a
diet
that
is
second
on
or
so
depending
on
the
platform.
There
is
still
a
lot
of
time
in
avalanche.
I
think
it
decreased
a
little
bit
due
to
the
end
of
liquidity
mining
navi,
but
that
came
back.
So
there
is
always
always
some
kind
of
fluctuation,
and
that's
it
next
slide.
I
I
I
believe
they're
literally
financing
a
meat
shipment
which
is
great
for
this
bridge
between
defy
and
meat
space
in
regard
to
existing
vaults,
we're
expecting
a
new
silver
increase
on
debt
ceiling,
we're
talking
to
them
now,
but
what
that
looks
like
it
does
appear.
They
have
secured
a
large
mess
slice
from
an
established
institution
that
we're
familiar
with
from
our
old
world
and
in
triad5,
which
is
great
moving
forward.
As
we
look
at
the
pipeline,
we
really
have
a
kind
of
unblemished
or
a
kindly
kind
of
a
ruthless
focus
on
scalability
right.
I
We
want
to
become
this
wholesale
lender,
build
out
various
implementations
and
be
able
to
run
volume
through
them
as
opposed
to
doing
one
offs
right.
We
think
about
what
can
scale
as
the
central
bank
laying
these
pipes
between
the
real
world
and
d5.
It's
very
obvious
that
underwriting
on
an
asset
by
asset
basis
is
untenable.
I
So
we
look
out
ahead.
Huntington
valley,
bank
is
kind
of
deep
in
negotiations
term
treats
have
been
agreed
upon.
Agreements
have
been
drafted,
we're
sending
a
draft
over
to
hvb
any
minute
now
hoping
for
a
soon
publish
sock.
Gen
risk
assessment
was
posted
recently
by
eric
and
christian
peterson,
which
we're
really
excited
about,
and
the
rest
of
the
opportunities
in
the
pipeline
are
really
geared
on
this
scalable
wholesale
model.
I
For
the
most
part,
if
things
go
as
we
expect
them
to
sock,
jen
and
hvb
should
both
be
online
in
q3
that
will
represent
a
5x
increase
and
total
maker
assets
and
about
a
3x
or
4x
increase
in
total
revenues.
By
the
end
of
q3.
We're
not
going
to
act
like
we
can
see
the
future.
There
are
always
unknown
unknowns,
but
things
look
like
they're
moving
along
pretty
nicely
and
we're
looking
forward
to
the
next
quarter.
Next
slide.
Please.
E
G
So
here's
the
protocol
engineering
update
for
quarter
one
paku
accomplishments
quarter
one.
So
we
completed
the
institutional
vault
contract
development.
We
completed
the
d3m
development,
which
is
now
an
audit
completed
dss
crop
join
to
support
distribution
of
token
rewards.
This
is
for
the
curve
sde
vault
created
formal
verification
specs
for
the
maker
bridge
gss
wormhole,
which
is
now
teleport.
G
G
The
maker
teleport
is
the
other
big
piece
here.
This
will
enable
sort
of
high
throughput
low-cost
dye
transfers
between
this
chain
between
these
genes.
We
believe
that
sorry,
I'm
speaking
somewhat
on
behalf
of
myself,
not
the
peco
team
with
this
stuff
yeah.
It
is
the
belief
that
there
will
be
stable.
Coins
will
be
sort
of
the
main
coin
that
is
transferred
between
these
chains
and
we
want
to
position
ourselves
as
the
go-to
super
highway
for
doing
this.
C
So
in
this
slide,
what
we
tried
to
do
was
summarize
some
of
the
key
initiatives
that
are
taking
place
in
dao
in
terms
of
business
opportunities
and
find
a
way
to
summarize
the
the
total
opportunity
for
the
project
and
the
expected
compared
to
the
expected
effort
that
it
might
take
to
get
there
so
to
walk
you
through
this
table.
What
we
have,
on
the
left
hand,
side
are
each
of
the
initiatives.
E
C
In
ranked
by
rows,
then,
what
we're
doing
is
we're
we're
taking
essentially
a
sort
of
max
debt
ceiling.
As
a
total
estimated
reach,
we
have
an
expected
yield,
a
return
on
these
assets,
an
estimated
or
approximate
capital
at
risk
metric
with
the
asso,
with
the
corresponding
sort
of
equity
required
to
buffer
for
that
risk,
and
the
associated
return
on
equity
that
the
expected
yield
will
generate
what
that
gives
us
is
an
estimated
year,
one
revenue
and
so
maker
man.
C
C
C
So
we
have
an
estimated
effort
heuristic
and
the
way
that
we're
thinking
about
this,
in
the
absence
of
a
sort
of
clear
way
to
get
a
sort
of
npv
equivalent
result,
is
to
basically
take
the
expected
year,
one
revenue
divided
by
the
effort,
heuristic
and
then
divide
that
by
the
equity.
So
in
essence,
what
we're
doing
is
ranking
the
relative
importance
of
projects
on
the
basis
of
maximizing
the
revenue
per
effort
required
and
minimizing
the
equity
that
needs
to
be
locked
up
to
buffer
for
that
risk.
C
C
You
know
investing
in
short-term
bonds
and
depending
on
the
outcome
of
mid-55
c3,
investing
part
of
the
surplus
buffer
to
further
the
objectives
of
the
dump,
and
then
the
second
is
the
second
order
of
priority
for
investment
opportunities.
Are
our
bread
and
butter,
so
institutional
vaults,
you
know
layer
to
expansion
and
define
money
markets,
so
direct
integrations
with
kryptonite
protocols
and
then
in
last,
but
not
least
place.
C
I
think
the
ranking
on
rwas
is
largely
skewed
by
the
large
amount
of
equity
that
needs
to
be
tied
up
to
buffer
for
that
risk,
and
I
think
this
speaks
to
tj's
earlier
point
about
the
need
to
pivot
towards
a
more
wholesale
lending
approach
both
to
protocol
integrations
and
to
rwas,
in
order
to
keep
make
sure
that
we're
earning
an
attractive
enough
return
on
equity.
For
for
our
efforts,
yeah,
I
see
some
chatter
in
the.
J
I
J
Yeah,
it's
just
tease
it's
just
with
a.
I
personally
see
it
as
a
departure
from
from
the
over
collateralized
philosophy
that
maker
dao
has
held
for
a
long
time.
I'm
not
saying
we
don't
do
it,
I'm
just
trying
to
figure
out
how
do
we
know
we've
made
that
decision
to
do
this
or
what's
the
plan
to
make
that
decision.
I
Yes,
so
that's
a
great
question,
I
think.
Ultimately,
this
particular
question
has
not
been
addressed
with
the
intensity
it
needs
to
be
addressed
with,
but
I
do
think
a
level
of
nuance
needs
to
be
brought
to
the
discussion.
So
if
we
look
at
something
like
like
a
maple
right,
a
maple
is
primarily
focused
on
market
makers,
arbitrage
and
it
is
under
collateralized
in
that
there
is
no
security
being
pledged
right,
but
ultimately
we
will
have
agreements
in
place
whereby
those
parties
has
have
obligations
to
us.
I
If
you
think
about
something
like
trade
finance
right,
a
lot
of
trade
finance
is
done,
unsecured
technically,
but
you're
also,
ultimately
secured
by
cash
flow
cash
flow
or
a
commitment
to
repay
a
receivable
right
and
to
me,
it's
actually
very
similar
to
that.
On
top
of
that,
I
think
going
straight
to
an
under
collateralized
or
uncollateralized
model
is
probably
unpalatable
for
the
community,
which
is
why,
at
least
for
now
in
in
my
role,
I
am
focusing
on
a
initial
integration
that
has
some
crypto
collateral
involved.
I
I
G
Yeah
to
bring
up
the
points
on
the
side
chat
too.
This
is
not
the
same
as
like
an
algorithmic
style
under
collateralization
of
the
token
it's
very
different,
and
I
think
we
should
use
the
like
who
was
that
said,
brought
up
the
word
unsecured,
which
I
think
is
probably
a
better
term
for
this
because,
like
we
can
still
liquidate
this
as
long
as
it's
operating
correctly,
we
can
still
liquidate
this
and
eventually
get
back
the
die.
It's
not
like
it's
not
there
so
like
there
is
a
difference.
A
K
A
lot
yeah,
sorry
playing
playing
at
devil's
here,
wouldn't
it
make
die
more
hard
for
lack
of
a
better
word
if
we
stay
away
from
under
collaterized
loans,
and
I'm
just
saying
that,
because
I
think
the
new
american
bill
that
came
out
for
cryptocurrencies
wants
hard
assets
to
back
stable
coins,
it
hasn't
been
defined
yet.
But
I
kind
of
see
where
robert
was
was
going
with
his
question.
G
B
Yeah,
I
just
got
the
sam's
comment
by
saying
that,
for
me,
like
the
goal,
is
ultimate
proliferation
of
die
and
to
do
that,
we're
going
to
have
to
probably
maximize
a
little
more
for
capital
efficiency.
So
I
think
this
is
a
market
that
ultimately,
we
should
want
to
plan.
Otherwise,
it's
gonna
be
hard
to
scale
die
as
quickly
relative
to
other
stable
points,
and
if
we
also
want
you
know
dye
to
be
accessible
for
masses,
we're
gonna
need.
B
I
Just
to
just
add
on
to
mark's
comment
here
again,
not
something
like
all
of
these
ideas
have
as
far
as
I'm
concerned
not
been
officially
explored
or
agreed
upon
by
the
doubt,
but
but
ultimately
to
me.
Dai
needs
to
be
a
network
right
and
for
money
to
be
a
network.
It
kind
of
needs
to
live
everywhere,
and
so
whether
you're
determining
collateral
as
a
hard
asset-
or
you
know
some
sort
of
intent
to
pay
cash
flows.
I
think,
ultimately,
we
need
to
think
from.
I
B
K
K
D
Manager,
yeah
yeah,
so
on
the
2.6
it's
coming
from
one
of
the
etf
we
are
looking
for,
so
it's
not
coming
from
a
by
default,
which
is
more
on
the
credit
side
and
wasn't
approved
yet
so
we
just
took
a
treasury
bonds.
Two
year
average
maturity
and
it
was
too
bad.
Currently,
it's
2.6
percent.
It's
increasing
slowly
over
time,
but
yeah
and
if
you
go
shorter
term,
let's
say
three
months
or
a
bit
below
it's
1.2
increasing,
faster.
C
And
regarding,
I
think,
the
question
on
the
how
we
sized
the
debt
ceiling-
I
think
the
this
was
just
a
rule
of
thumb
heuristic
to
make
sure
that
we
so
here
it
will
be
a
balance
between
optimizing
for
yield
and
optimizing
for
liquidity
of
the
psn.
Ultimately,
the
stability
of
the
eye
has
to
win.
So
in
this
instance,
we
we
sort
of
reserved
anywhere
between
half
to
two-thirds
of
the
psm
to
be
available
for
generating
a
yield,
but
I
think
this
this
function
could
be
optimized
depending
on
market
conditions,
by
maker
governance.
D
B
Yeah
yeah
and
also
liquidity
right,
I
mean
the
end
game
here
along
the
steel
phrase
from
roon
is
to
have
all
these
bonds
on
chain,
and
we
are
you
know
discussing
with
various
startups
and
I
think
other
institutional
asset
managers
that
are
interested
in
making
this
a
reality,
but
yeah
we're
a
long
ways
from
that.
In
my
belief.
But,
ultimately
you
know
we
do
see
the
future
where
there
is
tremendous
liquidity
on
chain
until
we
get
there.
C
Yeah
so
to
kianga's
question,
which
is
a
very
good
question,
obviously
the
minute
that
we,
the
minute
that
we
so
from
our
point
of
view,
the
minute
that
we
on-ramp
to
fiat.
We
are
exposing
ourselves
to
credit,
not
just
credit
risk
and
centralized
counterparties,
but
also
a
myriad
of
potential
risks
associated
to
having
the
funds
fall
outside
of
maker's
control.
C
J
C
So
it's
important
to
start
and
in
starting
we
should
have
more
than
one
partner.
In
this
way
we
can
distribute
some
of
that.
Some
of
that
credit
risk,
some
of
that
centralization
risk,
but
ultimately
the
holy
grail
really
should
be
fully
on
chain.
Permissionless
permissions
trading
of
sort
of
tokenized
assets.
D
And
to
add
to
that
I
mean
even
on
chain
if
it's
a
reward
asset,
as
there
is
always
a
crystalline
risk
and
at
some
point
well,
there
is
no,
no,
it's
not
possible
to
take
no
risk
events.
Real
world
is
taking
huge
risks
currently
with
a
clearinghouse
of
the
three
party
repo
and
it's
a
systemic
risk.
Everyone
agree
on
it
and
I
know
a
solution
for
that.
So,
for
instance,
currently
two
main
counterparty
risks
are
circle
with
usdc
and
bitgo
with
bitcoin.
D
C
I
Yes,
so
on
that,
on
that
point
to
something,
that's
pretty
neat
that
we
are
building
into
the
hvb
deal.
Should
the
community
approve,
it
is
all
idle
cash
in
that
structure
held
by
the
trustee
will
be
invested
in
a
in
sort
of
their
standard
money,
market
short-term
vehicle
for
for
their
clients
cash.
I
So
you
kind
of
got
a
nice
versatile
beast
there,
it'll
be
either
earning
on
real
world
assets
for
the
sake
or
to
the
benefit
of
the
protocol,
and
if
it's
not
earning
it'll
still
be
mobile,
so
be
clipping
a
nice
coupon
which
will
be
ultimately
returned
to
the
surplus
buffer.
So
I
think
the
key
here
is,
you
know:
let's
explore
a
variety
of
strategies:
they're,
not
all
going
to
be
tokenized
right
out
of
the
gate,
but
eventually
you
know.