►
From YouTube: Governance and Risk | Ep. 152
Description
Agenda:
Introduction
@prose11 : Hosting, Introduction, Agenda.
Weekly Updates
Poll + Executive Status - @prose11
Governance - @GovAlpha-Core-Unit
Protocol Engineering - @Protocol-Engineering
Risk - @Risk-Core-Unit
Oracles - @Oracles-Core-Unit
Real World Finance - @Real-World-Finance
Growth - @Growth-Core-Unit
Sustainable Ecosystem Scaling - @SES-Core-Unit
MIPs - @MIP-Editors
Discussion/Q&A
Process of liquidations for different types of Real-World Asset Vault types
A
Hello,
everyone
and
welcome
to
the
scientific
governance
and
risk
meeting
for
maker
dao.
This
is
meeting
number
152
on
thursday
july
29th.
My
name
is
peyton
rose.
I
go
by
pros
11
on
maker
associated
things
online
and
I'm
joined
here
by
a
bunch
of
awesome
people
interested
in
maker
dow
and
how
it's
running
so
we've
got
a
bit
of
a
agenda
today.
Perhaps
I
can
post
that
in
our
meeting
chat
I
can
find
it
there.
A
It
is
we'll
be
hearing
from
the
various
core
units
a
bit
of
an
update
on
what
they're
up
to
and
different
challenges
and
successes
that
they've
been
facing.
Lately
we
do
encourage
questions
for
everyone.
There
are
no
planned
presentations
today.
So
if
you
do
have
a
question,
that's
not
related
to
what's
being
presented,
I'd
ask
you
just
to
hold
it
till
the
end
of
the
updates.
A
A
A
A
There
are
also
two
ongoing
polls.
Currently
they
are
both
green
light
bulbs,
one's
for
the
gelato
uniswap
version,
three
usdc
lp
pair
and
the
other
one
is
the
untangled
finance
drop
token
both
of
those
close
on
monday.
So
you
got
about
three
more
days
to
give
your
opinion
on
the
green
lights
and
those
will
help
us
kind
of
prioritize
the
domain
work
that
needs
to
get
done
for
them.
A
The
other
polls
that
concluded
on
monday
were
the
monthly
mips
ratification
polls,
so
we
will
be
going
over
those
towards
the
end
of
our
updates
during
our
mips
update
a
little
teaser
to
stick
around
and
find
out
what
got
passed
and
what
didn't
awesome
and
the
only
other
governance
thing
I
have.
Is
that
update
that
this
week
we
will
not
be
putting
up
an
executive?
A
We
did
have
a
post
in
the
forum
last
week
talking
about
us
considering
maybe
going
to
bi-weekly
executive
schedules.
We
have
not
decided
on
that.
However,
talking
to
the
other
mandated
actors,
we
did
decide
that
when
we
don't
need
to
put
up
an
executive,
it
would
probably
be
best
not
to
force
one
every
week.
This
week's
would
have
just
included
some
minor
housekeeping
changes
from
protocol
engineering,
so
we're
gonna
go
ahead
and
batch
that,
in
with
the
following
weeks,
awesome.
B
So
this
means
the
ui
will
work,
you'll,
be
able
to
delegate,
but
we're
not
going
to
make
a
huge
deal
about
it
just
yet,
because
we
still
need
to
fix
up
some
other
things
and
hopefully
make
some
improvements
to
the
ui
in
like
a
the
next
version,
so
yeah
looking
forward
to
that
ducks
the
well
again,
the
development
and
ux
team
have
been
doing
a
great
job.
Getting
that
set
up
and
helping
the
first
few
delegates
getting
themselves
sorted.
B
So
yeah,
that's
been
awesome,
a
huge
thanks
to
them.
We
also
had
the
first
delegate
meeting
this
week.
It
was
on
wednesday
at
1800
utc,
I
believe
and
yeah.
That
was
great.
That
went
super
well.
We
had
a
good
turnout.
We
had
paper
imperium
and
el
progresso
on
there
talking
about
the
delegate
platforms
and
answering
questions
I
felt
like
it
went
well,
so
I
was
happy
about
that.
We're
gonna
have
the
next
one
next
week.
B
Now,
like
we
use
tags
fairly
well
like
in
some
cases
it's
they're
kind
of
good,
but
in
other
cases
it's
a
little
bit
messy
and
there's
quite
a
lot
of
them
and
without
sort
of
housekeeping
they
tend
to
to
get
a
bit
unruly.
So
we're
gonna,
try
and
sort
organize
them
a
little
bit
and
figure
out
like
what
goals
are
trying
to
solve,
with
tax
and
kind
of
make
them
better
serve
the
community
and
sort
of
have
them
finding.
What
and
helping
people
find
what
they
want
in
the
in
the
forum.
B
A
C
Worries
so
hey
guys
I'll
be
doing
formulas
and
the
link
is
in
chat
so
feel
free
to
follow
along
and
click
on
some
links.
If
you
feel
like
it
first
up
a
three
point
summary:
the
total
die
supply
keeps
hitting
new
highs
now
at
5.4
billion.
At
the
same
time,
usdc
is
backing
almost
61
of
the
circulating
die
and
the
system
surplus
is
now
at
49.2
million,
die
and
also
steadily
rising
onto
announcements.
As
long
already
mentioned.
C
The
second
meteor
delicate
call
is
scheduled
for
august
4th
and
make
sure
to
join
and
find
out
more
about
future
delegates
platforms,
and
this
week
it's
tim
black's
and
planet
x's
turn
also.
The
risc
core
unit
have
published
an
extensive
analysis
on
maker
vault
activity,
metrics
with
useful
insights
for
risk
analysis,
business
development
and
growth
onto
active
discussions,
delegate
platform
forum
threads
have
now
been
submitted
by
monet
supply
tim
black
chris
cameron,
el
progreso
and
planet
x.
C
Another
thread
subventures
is
looking
for
feedback
on
an
upcoming
mip
regarding
real
world
assets,
foundation,
structure
and,
last
but
not
least,
kathleen
continues
with
the
discussion
on
maker,
dao's
marketing
goals
and
when
it
comes
to
a
single
request,
we
only
have
one
this
week
and
that's
ultra
should
be.
Who
is
looking
for
consensus
around
raising
the
maximum
debt
ceiling,
a
parameter
for
the
univ
two
ti
usdca
vault,
and
that's
it
for
me.
Thank
you
very
much.
D
Yeah
thanks,
I
won't
get
startling
today
because
I'm
on
a
different
connection,
but
I
might
come
to
you
in
a
bit
we'll
see
so,
for
this
is
actually
a
reasonably
sizable
update
here.
So
hang
with
me
for
contract
work.
This
week
we
for
dss
vest
the
abdk
audit
was
returned,
so
we
had
some
stylistic
changes
and
discussed
and
implemented
those,
and
then
formal
verification
is
continuing
to
happen
on
that
contract.
D
I
think
maybe
should
be
completed
by
next
week
and
just
just
a
reminder
that
dss
fest
is
not
only
how
we
may
end
up
like
investing
in
mkr
allocations
to
people,
but
is
is
actually
the
primary
mechanism
by
which
we're
hoping
to
compensate
teams
so,
rather
than
us
having
to
pass
an
executive
every
month.
We
do
it
once
and
sort
of
modify
it
in
in
this
on
this
contract
and
then
so
for
a
bit
of
disappointing
news.
D
The
sushi
lp
tokens,
I'm
sure
some
people
paid
attention
to
fcc's
announcements
around
sushi,
but
they're
deploying
a
new
amm
in
like
one
to
two
months,
and
this
introduces
like
a
bunch
of
custom
changes
for
their
lp
tokens
and
it's
no
longer
the
sort
of
standard,
uniswap,
v2
style
token
and,
as
a
result,
there's
a
lot
of
unknowns
there.
So
we
it's
not
a
complete
loss.
We
we
got
to
audit
the
crop
join,
which
is
like
the
sort
of
base
of
adding
these
types
of
tokens.
D
So
this
allows
us
to
maybe
move
into
onboarding
like
compound
without
having
to
like
audit
the
entire
thing
and
also
we
had
started
working
on
the
integrations
for
keepers
to
be
able
to
service
these
lp
tokens
and
and
part
of
that,
like
sort
of
by
transitivity.
That
adds
like
sushi
collateral
into
the
sort
of
keeper
code,
so
we're
gonna
keep
that
development
path
open
so
that
at
least
the
keepers
that
service
our
options,
at
least
the
demo
keeper
will
have
the
ability
to
also
do
sushi
auctions.
D
But
aside
from
that,
I
think
that
I
think
we're
going
to
need
to
wait
until
after
their
upgrade
and
reassess
this
a
bunch
of
our
team's
a
little
bit
maybe
disappointed
and
is
probably
the
the
right
word
and
is
thinking
about
like
the
correct
path
for
integrations.
I
think,
just
just
in
general,
it's
much
better
if
we
can
get
integration
partners
to
sort
of
come
to
us,
read
our
documentations
and
write
their
integrations.
D
D
D
So
it
won't
be
this
week,
but
next
week
we've
got
a
bunch
of
house
cleaning
tasks
like
we
need
to
update
some
of
the
rwa
descriptors
in
the
oak
registry,
because
they're
not
conformant
with
our
other
tokens,
and
we
also
want
to
do
this
is
actually
going
to
be
kind
of
fun.
We
want
to
do
a
test
of
a
relay
message
that
sends
sort
of
authorization
and
denial.
D
I
think,
is
going
to
be
the
plan
over
to
optimism,
so
the
kind
of
command
and
control
structure
for
governance,
to
be
able
to
send
a
message
over
to
optimism
and
like
make
changes
there
so
that
that'll
actually
be
kind
of
cool
to
do
and
yeah.
So
so
then
yeah,
maybe
we'll
also
like
little
things
like
this.
We
may
want
to
add
this
vote
delegate
factory
for
delegation
into
the
change,
log
and
whatnot.
So
we'll
have
to
do
that
in
that
spell
so
for
infrastructure.
D
If
we're
gonna
like
move
over
to
corley,
we
also
started
deploying
to
gourley,
and
so
there
have
been
a
couple
hiccups
there,
but
it
looks
like
we
have
at
least
one
test
deployment
that
made
it
all
the
way
through.
So
so
that
is
happening,
let's
see
and
then
yeah
just
some
some
general
changelog
updates
are
waiting
currently
so
and
then
for
let's
say
documentation.
D
D
So
this
is
like
actually
like
writing
an
erc20
implementation
in
the
bytecode
directly
which
which
you
know
could
could
really
help
us
in
some
ways
like
if
we
need
a
a
particular
like
extremely
fast
path
set
a
code.
That's
gonna
be
cheap
on
gas
to
like
save
us.
Money
like
this
is
gonna,
be
like
a
pretty
cool
skill
set
to
be
able
to
have,
and
we
have
a
pending
forum
post
for
the
spellpost
mortem.
D
We
we
had
a
session
before
this
to
discuss
it
so
that'll
be
posted
soon
and
also
there's
a
forum
post
for
the
layer.
Two
risk
framework
that
I'm
sure
some
of
you
guys
have
seen
with
regards
to
layer
two.
So
we're
accelerating
the
optimism
that
withdrawal,
fast
withdrawal,
bridge
design
and
discussion.
D
That's
happening
and
there's
there's
work
happening
with
starkware
as
well
to
see
if
we
can
get
them
to
create
a
new,
independent
core
unit
to
try
and
bootstrap
a
core
unit
that
will
be
able
to
do
all
of
this,
but
on
on
starkwear
so
and
then
meetings
and
discussions
this
week,
nexo
and
institutional
vaults,
just
finalizing
parameters,
and
hopefully
there'll-
be
a
post
this
week,
lido
and
state
death.
So
we
sat
down
with
their
team,
discussed,
sort
of
oracle
design
and
other
integration
problems.
D
I'll
give
this
sort
of
high
level
details
of
onboarding
stick
def
I
mean
there
were
a
bunch
of
between
oracles
and
protocol
engineering.
There
were
a
number
of
like
sticking
points
for
us
where
the
design
looked
pretty
risky
and
and
wasn't
wasn't
great.
It
turns
out
they're
they're,
actually
actively
addressing
some
of
the
issues
that
we
had
and
and
their
their
team
also
allayed.
D
When
this
particular
problem
is
resolved
or
with
this
particular
risk
is
resolved,
so
so
I
think
that's
at
a
high
level
where
we
ended
up
with
them
and
then,
let's
see
so,
for
let's
see-
I
already
mentioned
that
the
spell
postmortem
that'll
be
posted
here
today
and,
let's
see,
I
think,
that's
about
it.
So
does
anybody
else
have
anything
else
that
they
want
to
mention
from
the
protocol
engineering
team
that
I
missed.
E
Chris
I'll
just
jump
in
with
regards
to
the
stockwear
idea
here,
so
so
that's
kind
of
been
around
for
the
last
couple
of
weeks
and
we
really
solidified
it
last
week
when
we
met
the
team,
we
we
met
most
of
the
team
actually
in
paris
and
had
a
really
good
sit
down
and
a
discussion.
We
walked
through
our
layer,
2
framework.
E
We
referenced
the
the
risk
framework
that
we
published
late
last
week.
We
spoke
about
the
multi-chain
strategy
and
really
this
idea
of
how
can
we
have
parallel
teams?
How
can
we
build
quicker
and
not
only
work
on
optimism
and
arbitrarily
with
the
optimistic
roll-ups,
but
also
the
zk
roll-ups
that
starkwearst.net
and
cairo
are
operating
on
so
so
we
had
a
really
good
meeting
with
them.
E
E
This
is
something
they
also
mentioned
at
ecc,
so
they're
really
really
keen
to
start
doing
this
and
kind
of
taking
ownership
and
and
building
with
makers
so
yeah,
I'm
looking
forward
to
seeing
that
evolve
and
yeah.
Hopefully
more
news
will
come
on
that
soon,
but
I
will
probably
be
leaving
it
to
those
guys
as
the
face
of
that
work,
but
in
the
background
I'll
help
them
get
rolling
yeah.
That's
it
from
me.
Thank
you.
A
B
Actually
sorry
so
sort
of
specifically
around
optimism
and
like
arbitrary,
I
guess
so.
I
know
they
use
the
same
technology.
I'm
kind
of
curious,
like
how
sort
of
plug
and
play
is,
for
example,
like
the
the
die
first
withdrawal
bridge
in
terms
of
like
between
autism
and
arbitrary,
like
is
it
like
once
it's
ready
to
go
on
one,
it's
ready
to
go
on
the
other,
or
is
it
more
complicated
than
that.
G
F
Can
take
this
one,
so
you
know
there
are
lots
of
elements
that
will
be
the
same
right
like
our.
I
don't
know
special
kind
of
vault
that
would
produce
this
die
for
for
faster
draws,
but
yeah
there
will
be
some.
You
know
layer,
two
or
domain
specific
bits.
Obviously
we
want
to
you
know:
structure
is
the
code
that
we
can
reuse
as
much
things
as
possible,
but
the
apis
for
different
draw
apps
are
are
different.
F
D
A
H
But
the
next
step
may
be
more
relevant
for
us
and
interesting
is
to
produce
a
bit
more
risk
focus
analysis,
which
means
we'll
we'll
try
to
combine
these
statistics
with
the
type
of
operations
of
vault
users.
So
we'll
basically
look
at
look
at
each
user
and
analyze.
How
well
he's
protecting
his
world
and
if
it
uses
any
protection
services
such
as
default,
server,
saver
and
so
on,
and
this
should
help
us
better
understand
the
the
risk
of
makers
that
exposure
for
each
collateral
asset.
H
But
I
think
it
should
also
give
us
better
insight
into
how
users
react
to
to
certain
rate
changes.
This
might
be
more.
This
might
require
a
bit
more
advanced
statistical
analysis,
but
we
try
to
address
that
as
well.
We
have
also
finalized
some
simulations
for
low
and
lower
liquidation
ratios
for
makers
worlds.
H
The
results
currently
suggest
that
we
might
be
able
to
lower
liquidation
ratios
specifically
on.
We
could
call
it
lower
tier,
lower
tier
collaterals
that
currently
have
175
liquidation
ratio,
but
a
bit
of
caution
is
advised
here
because
at
least
compensation
currently
because
the
flow
rate
is
already
quite
low,
and
this
spread
between
risk
premium
and
various
compensation
from
fees
will
will
only
increase
if
we
lower
liquidation
ratio.
So
luckily
we
do
have
now
a
much
higher
ratio
of
surplus
buffer
to
volatile
assets,
and
this
should
partially
actually
help
to
offset
these
risks.
H
But
yeah,
we'll
we'll
publish
this
analysis
and
write
about
these
concerns
more
in
detail
other
than
that.
There's
a
lot
of
ongoing
work
to
to
automize
all
of
this
world
user
insights
that
we
found
out
and
that
we
plan
to
address,
put
it
on
our
risk.
Dashboard
we're
also
preparing
a
special
kind
of
dashboard
that
will
monitor
dynamics
and
risks
related
to
ave
actually
to
avedi
market,
because
we'll
need
that
once
we
integrate
d3m
and
then
finally,
on
the
collateral
evaluation
side,
money
supply
should
soon
publish
gelato.
A
A
A
A
A
Great
question
one
awesome:
we
can
follow
up
there
and
in
the
forum,
I'm
sure
he's
got
some
people
on
his
team
watching.
Likewise,
the
next
person
on
the
agenda
would
be
the
real
world.
Finance
team
and
seb
was
also
unable
to
make
the
call.
Today
he
did
have
a
couple
things.
He
asked
me
to
highlight
number
one
being.
As
previously
mentioned,
the
centrifuge
vaults
are
up
on
the
current
exec.
A
So
take
a
look
at
those.
I
think
I
have
the
listing
up
here.
It
is
console
freight
drop
token,
harbor
trade,
credit
for
tunify
and
people's
drop
tokens
as
well,
and
the
only
other
thing
he
asked
me
to
mention
was
they
did
put
up
a
premium
discussion
on
the
real
world
assets,
foundations,
kind
of
the
cayman
island
structure
that
they're
talking
about
using
for
for
future
onboarding,
so
go
ahead
and
check
that
out
in
the
forum
and
I'm
sure
he's
looking
for
some
feedback
and
engagement
there
as
well.
G
G
G
G
This
is
great,
because
finance
pay
will
be
merging
with
finance
peer-to-peer
and
biosphere
to
peer
is
like
the
most
used
on
off
ramp
in
different
emerging
markets
in
latin
america
and
in
southeast
asia.
So
it
will
be
awesome
to
have
as
well
a
solution
not
just
to
go
on
a
ramp,
but
also
to
pay
for
services
and
merchants
and
send
money
to
a
people
all
over
the
world.
G
G
This
project
called
super
fluid
that
I
I
I
would
like
to
invite
all
the
other
core
units
to
check
up
this
project,
because
it's
a
way
that
you
can
stream
real-time
payments
using
dye.
So
I
think
it
could
be
a
really
good
tool
for
for
us
in
the
core
units
to
start
like
streaming
payments
to
our
contributors.
G
A
I
G
J
So
so
this
collection
was
launched
through
a
platform
called
palm
dot,
io
and
they're
a
newer
side
chain
and
their
whole.
They
have
a
nft
studio
as
well,
so
they
have
this
sidechain
technology
which
supports
dye,
and
then
they
also
have
this
team
that
is
essentially
working
with
like
big
brands
and
well-known
artists,
like
damien
hirst,
to
launch
nft
collection.
So
this
was
one
of
the
partnerships
they
did
with
the
artist
damian
hurst.
J
So
the
great
thing
is
dye
is
one
of
the
three
tokens
that
are
currently
supported,
eighth
bitcoin
and
I
think
one
other
one,
but
the
only
stable
coin
right
now.
So
that
will
you
know
as
long
as
the
artists-
and
you
know,
campaigns
that
choose
to
launch
with
palm
want
to
include
dye
will
have
a
lot
of
exposure
to
these
kind
of
high
high-profile
upcoming
campaigns,
which
is
pretty
cool.
G
And
I
forgot
about
one
one
more
thing
that
happened
just
like
a
couple
of
minutes
ago:
derek
posted,
the
institutional
and
long-term
polls
in
the
forum.
So
well,
yes,
we
we.
We
want
to
see
all
your
comments,
because
we
want
your
feedback.
We
have
been
working
with
the
product
engineering
team,
with
the
risk
team
and
with
nexo,
and
I
think
this.
A
K
K
The
team
is
currently
still
working
for
the
maker
foundation,
but
we
will
be
leaving
tomorrow,
so
starting
next
week
will
be
under
will
be
officially
under
the
ocu
umbrella,
really
looking
forward
to
that
other
than
that.
A
big
big
step
for
the
maker
oracles
that
was
achieved
this
week
we
finished
a
deployment
of
our
second
transport
layer
is
called
spire
is
based
on
lip
b2p
and
that
works
in
redundancy
to
the
existing
scuttlebutt
transport
layer.
K
So
it
means
that
the
feeds
are
able
to
provide
signed
price
messages
to
relayers
using
two
different
independent
transport
layers,
so
that
gives
us
much
more
security.
If
one
of
them
fails
being
is
attacked
or
if
there's
a
bug,
we
still
have
another
transport
layer
that
will
keep
relaying
prices
to
the
oracle.
So
that's
a
big
achievement.
It
was
the
month
several
months
of
the
making
now
most
relators
and
almost
all
relayers
and
a
big
majority
of
the
fees
on
our
running
on
that.
So
that's
that's
a
great
security
point
of
view.
K
L
Yeah,
hey
mark,
I
got
a
question
let's,
hopefully
you
can
answer
a
little
bit.
Are
you
guys
thinking
in
the
future
of
selling
oracle
services,
for
decentralized
apps
that
are
coming
into
the
market
that
are
going
to
do
things
like
insurance,
safer,
traveling,
right,
say,
hypothetically,
I
get
stuck
somewhere
in
asia
and
I
got
insurance
on
that,
like
there's
price
oracles
needed
for
that,
and
also
for
sports
betting
apps
to
verify
that
the
odds
are
there
right
right
before
the
game
starts.
L
K
K
We
could
we're
open
to
to
to
other
stuff
we're
looking
into
generalizing
a
bit
our
architecture
for
the
future,
but
there's
no
concrete
plan
to
get
into
other
areas.
I
know
insurance
travel
insurance.
That
sounds
like
another
project
that
an
old
ethereum
project.
I
don't
really.
I
don't
remember
the
name,
but
I
mean
we're.
I
guess
we're
ready
to
listen,
but
our
focus
and
priority
in
the
short
term
is
remains
token
prices.
L
F
A
F
Yeah,
I
just
want
to
say
we
have
a
different
format.
This
this
week
I
asked
for
feedback
a
bit
from
the
from
the
other
core
units.
People
said
that
they
found
the
updates
relatively
boring.
I
was
a
bit
boring
myself,
so
we
decided
to
try
this
new
format.
So
today,
link
is
going
to
be
showcasing
a
bit
of
what
happened
in
efcc,
so
yeah
lenka
give
it
away.
M
Okay,
apologies
for
the
aesthetics.
We
agreed
with
juan
that
this
is
something
we
need
to
work
on,
but
I
just
put
like
quick
slides
for
you
just
to
zoom
in
on
why
we're
talking
about
paris?
Why
was
it
important
for
those
that
missed
it
and
kind
of
trying
to
show
like
the
achievements
and
significance
of
that?
So
the
only
cool
things
on
these
slides
you'll
see
is
the
graphic
for
maker
mafia.
M
M
M
Secondly,
we
pull
together,
we
don't
have
any
official
event
department
and
we
pull
together
resources
as
different
core
units
and
different
spin-off
entities
to
actually
organize
a
side
event,
so
we
had
the
first
trial
of
organizing
event
as
a
dao.
It's
been
hectic,
but
it's
also
been
really
lovely
and
fun.
M
Equally,
it
was
very
important
to
raise
awareness
of
core
units
as
a
concept
in
the
community
and
among
everyone
who
attended
these
events
and
in
particular
for
us,
it
was
important
to
share
what
scs
is
about.
We
also
felt
like
sharing
about
ses,
will
also
help
share
about
other
core
units
and
how
we're
helping
more
com
core
units
to
to
join
the
ecosystem.
M
Equally,
we
had
many
opportunities
to
spare
with
other
projects
trying
to
form
adele.
For
instance,
after
nadia's
talk
at
ecc,
she
gave
us
a
shout
out,
and
then
I
had
a
operations
person
from
shape,
shift
reaching
out
and
we're
discussing
different
challenges
because
they're
exactly
in
that
situation,
so
I
think
it's
really
good
goodwill
when
it
comes
to
the
broader
community.
M
And
lastly,
I'm
also
trying
to
hire
someone
for
our
permanent
team,
we're
looking
for
data
analysts
and
I
actually
got
a
couple
of
leads
with
really
good
context,
because
they
were
at
the
right
place
at
the
right
time
with
the
right
interest
and
already
had
couple
of
interviews.
So
this
is
just
to
summarize
like
why
there
was
an
importance
of
us
being
present
there
and
what
did
we
get
out
of
it?
M
So
let
me
go
to
the
next
slide.
This
is
just
the
intro
slide
from
the
mafia
event.
It
was
lovely.
Just
to
summarize,
we
had
core
units
represented
growth,
product
engineering,
ses
gov,
alpha,
sorry,
payton.
You
couldn't
make
it
so
go
ahead
and
present
it
for
you,
content
open
market
committee
represented
by
shuki
and
also
oasis,
app
and
token
flower
present.
Everyone
got
three
minutes
just
to
do
a
brief
introduction
and
then
catch
up
with
people
through
the
networking
eco.
M
M
We
have
pushed
ses
and
core
unit
narrative
into
the
into
the
conversations,
and
we
took
some
stages
and
yeah
it's
been
really
good,
so
I
wanted
to
share
this
with
you.
I
hope
you
found
it
useful
sorry
if
it's
repetitive
and
you
follow
on
twitter
and
everything
so
yeah
thanks
for
your
time
and
now
I
want
to
just
hand
it
over
to
juan.
F
F
Protecting
the
intellectual
property
is
one
of
or
should
be
one
of
the
key
priorities
we
we
might
not
realize
right
now,
because
everything
is
going
well,
but
this
is
like
an
insurance
that
you
want
to
have
when
things
are
not
going
right.
So
I
believe
it's
a
key
piece
in
making
sure
everything
fits
together
and
then
again
I
mentioned
it
a
couple
of
times
but
there's
the
know.
F
Your
mip
from
b
protocol
so
we'll
be
announcing
that
soon
and
long
for
wisdom
wants
me
to
say
that
there's
meet
your
delegates
on
that
same
wednesday,
because
we
love
overwhelming
people
with
meetings.
So
come
join
us
for
a
long
wednesday
afternoon
and
that's
it
from
from
us.
If
you
have
any
questions,
feel
free
to
ask
now
or
later
in
our
discord,
happy
to
answer.
A
N
Hello,
everybody
welcome
to
the
weekly
mips
update.
Today
we
are
gonna,
do
what
we
did
actually
a
couple
weeks
ago.
We're
gonna
do
like
a
bit
of
a
tag
team
between
myself
and
peyton.
So
we
are
pretty
much
sorry.
I
didn't
realize
the
slide
is
not
going
yeah.
So
we're
pretty
much
here
at
the
very
end
of
the
july
governance
cycle.
N
It
is
july
29th
thursday,
so
I'm
gonna
pass
it
over
pretty
much
immediately
to
peyton
to
do
the
governance
cycle
review
and
then,
after
I'm
gonna
cover
like
the
new
stuff
in
rfc
other
things
in
rfc
and
some
important
dates
so
peyton,
it's
all
you.
I
will
be
looking
at
your
eyes
for
the
signal
to
change
the
slide.
A
Awesome
so
yeah
as
ended
at
the
start
of
the
meeting.
We
had
a
number
of
monthly
ratification
polls
that
ended
on
monday,
so
we'll
be
going
through
those
first
step.
We
had
a
couple
core
unit
proposals,
one
for
the
collateral
engineering
services
and
the
other
for
the
msx
marketing
core
unit.
The
votes
were
in
on
both
of
those
and
they
unfortunately
did
not
pass
so
they
will.
We
will
not
be
getting
those
core
units
from
this
proposal.
A
A
Other
core
units
we
had
first
would
be
the
strategic
marcoms
who
were
up
for
the
second
time
applying
for
the
core
unit
that
one
also
did
not
pass
again.
They
are
welcome
to
resubmit.
Should
they
choose
to
do
so,
but
for
now
we
will
not
be
adding
the
strategic
marcon
core
unit
brings
us
to
governance
communications
that
is
david's
core
unit.
The
votes
were
in
on
that
one,
and
we
did
have
a
pass
there.
So
governance
communications
will
officially
be
a
core
unit
rolling
out
next
month.
A
So
look
forward
to
more
formal
update,
I
guess
other
than
just
mips
from
david
cool.
So
it
brings
us
to
a
couple
of
the
mips
that
that
were
in
the
cycle,
first
being
the
special
purpose
fund
that
was
submitted
by
amy.
I
do
believe
that
that
one
passed
as
well
yep
as
well
as
the
dispute
resolution
from
greg
or
g-dip
on
the
form
also
did
get
a
pass.
A
Yeah
look
closer:
what's
that
3
500
votes,
I
guess
an
important
reminder
that
we
did
have
the
10
000
vote.
Thresh
inclusion
threshold
for
the
positive
didn't
seem
to
be
a
problem
on
on
any
of
these,
but
even
if
the
yeses
were
more
than
the
nose,
if
there
weren't
ten
thousand
votes,
they
wouldn't
be
passing
through
leads
us
to
two
budget
modifications
that
were
submitted
for
career
units.
That
would
be
the
growth
and
the
content
production
core
units
both
of
those
pass
preview
overwhelmingly.
A
N
No
problem
happy
to
help
yeah
cool,
so
that
was
july,
and
so
let
me
get
into
what's
new
in
rfc
and
then
towards
the
end
of
this
update.
I'll
show
you
guys,
like
a
visual
of
next
month
and
and
some
important
dates,
so
yeah
new
and
rfc.
We
saw
the
die
foundation
core
unit
get
proposed
by
sorter
soren
peter
nielsen.
So
you
know:
that's
gonna
be
around
500k
per
year
in
annual
expenses
and
they're,
also
requesting
a
three
million
reserve
that
wouldn't
be
deposited
right
away.
N
N
N
It's
all
part
of
this
bigger
conversation
of
how
core
units
deal
with
mkr
compensation,
and
all
of
this
you
know,
is
happening
in
the
midst
of
the
first
three
core
units
actually
already
proposing
their
vesting
packages.
So
yeah
a
lot
of
interesting
stuff
happening.
There
definitely
contribute.
Let's,
let's
get
this
through
or
not.
N
If
I'm
not
mistaken,
I
believe
greg
is
actually
going
to
pursue
a
slightly
different
setup
with
like
like
an
advisory
group
framework,
and
then
the
real
world
asset
committee
would
be
underneath
that
similar
to
how
we
have
the
parameter
proposal
groups
framework.
So
we
have
the
ppg
framework
and
we
have
groups
that
can
add
themselves
under
that.
So
yeah
long
for
wisdom
suggested
a
similar
thing
for
advisory
groups
and
greg
is
taking
that
into
consideration
all
right.
N
N
This
is
purely
vesting,
so
they
separated
it
out,
and
this
package
is
for
approximately
10
full-time
equivalents
like
positions
they're
set
up
as
three-year
vesting
with
a
one-year
cliff,
and
what
I
found
really
interesting
about
their
proposal
is
that
they're
actually
splitting
the
bonus
payout
between
a
base
reward
like
a
60
of
the
maximum
mkr?
You
could
receive
and
also
like
a
die
supply
performance.
N
So
personally,
so
yeah
pretty
cool
nothing
else
for
budgets
outside
of
the
budgets
that
are
part
of
the
core
units
that
are
being
proposed.
Currently
so
here's
some
other
stuff
in
rfc.
I
just
want
to
make
sure
I
cover
this
for
completion,
because
there
are
a
lot
of
older,
older
proposals
in
rfc
still
that
people
may
have
forgotten
about,
but
I'll
give
just
a
quick
update
about
them.
So
we
have
strategic
happiness,
which
is
a
core
unit
that
was
proposed
by
andrew
bourbon.
N
So
it's
to
onboard
a
new
collateral
type,
that's
backed
by
their
v2
system,
and
so
it
would
give
them
priority
and
liquidations
and
in
exchange
like
we'd,
have
one
million
die
locked
in
funds
for
the
duration
of
the
experiment
towards
those
successful
liquidations,
so
yeah,
and
actually
there's
a
call
about
that.
That's
happening
wednesday
that
I
believe
juan
mentioned.
N
If
I'm
not
mistaken,
know
your
mip
yeah
all
right
and
then
we
also
have
mip
26,
which
is
the
dss
gov
governance
contract
redesign
I
this
so
I
know
this
has
been
somewhat
in
limbo
and
so
just
to
give
everybody
a
quick
update
that
I
managed
to
steal
from
c
mooney
before
the
call
but
yeah
the
governance.
Contract
redesign
is
likely
going
to
happen
next
year
sometime.
N
N
So
for
august
this
is
the
month
we
are
currently
entering
into
the
latest
start
of
rfc,
for
your
proposal
should
have
been
july
7th
if
you
were
hoping
to
get
it
in
for
august
last
day
for
changes
actually
just
passed.
You
know
july
26
28th
for
the
final
changes
you
could
have
made
if
you're
hoping
to
formally
submit
for
august
and
finally
formal
submission
is
happening
august,
2nd
to
4th
so
this
monday
through
wednesday,
so
definitely
looking
forward
to
people's
proposals
and
then
for
september.
N
Similarly,
the
latest
start
of
any
proposal-
you're
hoping
to
formally
submit
in
september,
should
be
august.
11Th
so
put
it
into
rfc
for
august
11th
latest
and
then
last
day
for
changes
is
august
30th
to
the
first
and
then
likewise.
The
formal
submission
period
is
that
first
monday,
through
wednesday
of
september,
the
6th
through
the
8th,
all
right
that
is,
it
finished,
go
visit
the
mips.maker.com
portal.
N
A
So
typically,
we
would
either
have
presentations
or
like
an
open
discussion
during
this
time
there
are
no
presentations,
so
I
did
want
to
circle
back
of
course,
now
I'm
having
to
scroll
a
ton
to
get
to
it,
we
did
have
a
good
topic.
Discussion
get
brought
up
in
the
sidebar
earlier
from
from
justin.
I
I
don't
know
if
you
might
want
to
hop
on
the
mic
to
ask
justin,
if
not
I'm
totally
happy
to
do
so.
Myself.
O
A
D
So
there's
there's
a
little
bit
of
hand
waving
there
on
my
part,
because
I
I'm
not
entirely
sure,
since
that's
not
really
in
smart
contracts
domain,
exactly
how
that
price
update
happens,
and
I
think
seb
is
out
today,
so
he
he
or
or
let's
say
how
that
like
audit
of
the
external
assets
happens.
So
if
anybody
has
something
to
fill
in
there,
I'm
happy
to
let
you
speak
up
right
now.
You
should
do
that.
D
I
I,
though
I
don't
know
for
sure,
if
it's
different
for
different
issuers
and
they
are
presumably
looking
through
their
financials
and
checking
up
on
certain
metrics.
I
think
they're
generally
provided
to
us
by
the
issuer.
I
don't
know
how
often
we
go
through
the
somewhat
onerous
task
of
auditing
them
ourselves.
Presumably
some
I'm
again
if
ace
is
on
the
call
or
anybody
else
from
real
world
finance
on
here,
no
yeah
anyway.
D
If
we
didn't
just
adjust
the
debt
ceiling
down
to
prevent
them
from
taking
more
debt,
we
decided
that
we
actually
needed
to
liquidate.
We
would
we
would
call
this
tel
function,
which,
which
then
puts
them
into
this
sort
of
liquidation
period
in
in
during
that
time,
they're
they're
still
technically
what
what
the
contract
calls
is
good
and
there's
a
trust
company
in
the
real
world.
D
That's
checking
the
on-chain
status
of
whether
or
not
they're
in
good
standing
and
the
trust
company
in
a
way
behaves
like
a
smart
contract
in
the
real
world.
Right
like
it,
has
a
a
certain
set
of
guidelines
supposed
to
follow
to
the
letter
of
the
law
or
like
rigidly
follow.
If
they
see
this,
the
sort
of
state
of
this
go
into
like
a
bad
state,
so
success
would
have
some
amount
of
time
to
you
know
to
remediate
this
like
to
get.
D
So
so
that's
the
mip
21
case.
So
in
the
centrifuge
case
they
have
their
own
sort
of
on-chain
liquidation.
They
don't
have
that
trust
company,
that's
doing
the
liquidation,
it's
all
the
same,
mip-21
adapter.
So
we
do
this
sort
of
the
same
exact
thing.
We
figure
out
that
they're
insolvent
and
we
call
this
tel
function
and
the
tel
function
then
activates
the
ability
for
the
sort
of
centrifuge
manager
to
to
sort
of
take
over
and
begin
to
call
in
the
loan
from
drop
token
holders.
D
And
I,
if
there's
anyone
from
centrifuge
on
the
call
feel
free
to
elaborate
on
that.
Because
beyond
that
scope,
the
the
sort
of
protocol
engineering
team
is
is
treating
it
the
same
as
mip
21.
So
our
you
know,
we
basically
cross
our
fingers
and
hope
that
that
they're
going
to
liquidate
appropriately
they've
yep.
O
D
O
Yeah,
I
think
I
hear
you
I'll
start
so
the
what
will
happen
is
that
our
contracts
and
basically
see
that
there's
a
a
bunch
of
we
call
them
redemptions
in
our
system,
so
like
basically,
an
external
investor.
In
this
case
its
maker
wants
to
get
their
money
out
of
the
pool,
and
so
we
triggered
this
redemption
on
this
on
the
smart
contract,
which
then
basically
reserves
a
all
of
the
cash
flows
coming
in
both
from
like
loan
repayments
so
like
in
new
silver's
instance.
O
O
And
so
what
happens
in
the
legal
side
is
the
smart
contracts
are
basically
protected
by
a
legal
spv
that
has
a
claim
over
the
individual
loans
right
so
like,
basically,
how
centrifuges
assets
work?
Is
there
pools
of
different
assets,
pools
of
different
loans?
So
in
this
case,
in
new
silver's
case,
it
would
be
right
now.
I
think
it's
around
40
different
properties
in
the
u.s
right
and
so
as
those
are
being
repaid
maker
would
see
die
coming
in
from
that,
that's
a
high
level
discussion.
D
Yep,
so
so
for
that
mip
22
discussion,
we
decided
to
sort
of
like
when
we
started
auditing
it.
It
was
like
quite
a
bit
of
code,
and
so
they
had
already,
I
think,
had
120
percent
hour
audit
on
it,
and-
and
so
I
and
I
think
now
the
daphub
guys
who
are
the
team
that
originally
wrote
the
maker
protocol,
these
the
early
versions
of
it,
they
are
doing
the
second
or
almost
complete
the
second
audit,
and
so
so
there's
a
there
is.
D
You
know
there
are
people
like
looking
at
that
code
base
beyond
our
protocol
engineering
team
to
ensure
that
it's
you
know
up
to
up
the
par
and
free
of
of
bugs
and
exploits,
but
that
that
liquidation
mechanism?
We
didn't
plug
directly
into
the
protocol
right
away,
because
we
couldn't
do
that
ourselves.
So
so,
in
this
case,
let's
say
you
know,
we
were
able
to
sort
of
recapitalize
enough
of
of
one
of
the
centrifuge
assets
or
loans.
Then
we
would.
D
We
would
simply
call
the
I
think
the
cure
function,
which
is,
is
a
way
to
say
this
has
been
remediated
and
if
we
can't,
then
obviously
you
know
we
do
the
it's
the
exact
same
thing
in
the
adapter.
So
we
end
up
calling
call,
and
this
accrues
to
bad
debt.
Bad
debt
goes
to
the
surplus
buffer.
The
surplus
buffer
goes
down
below
zero.
Then
we
have
to
hold
dead
auctions
in
order
to
recapitalize
the
system.
So
it's
the
it's
sort
of
the
same
flow
from
from
that
point
forward.
D
D
We
then
have
to
recapitalize
the
protocol
yeah,
so
it's
maker
holders
that
recapitalize
a
protocol
which
means
maker
holders
get
diluted
in
that
case.
So
this
is
a.
This
is
the
sort
of
natural
incentive
that
mdr
holders
have,
because
they
don't
want
to
get
diluted,
so
they
want
to
make
sure
they
do
their
due
diligence
whenever
setting
up
these
real
world
assets
and
ensuring
that
the
that
they're,
you
know
less
likely
to
experience
that.
B
D
That's
right,
yeah,
yeah,
and
it
because
we
resolve
whether
or
not
the
individual
vaults
are
insolvent
first
right,
and
so
that's
what
that's
what
either
the
in
the
mip
21
case
was
success.
That's
what
the
trust
company
is
doing
for
us
in
the
in
the
mid
22
case
with
centrifuge.
That's
what
their
code
base
does
is
trying
to
resolve
the
specific
vaults
liquidity
first
and
if
that
fails,
then
mkr
holders
are
the
the
backstop
of
of
the
entire
protocol,
so
super
helpful.
Thank
you.
A
D
Right,
which
is
why
governance
has
to
call
them
there.
There
is
a
a
sticking
design
flaw
in
my
head
and
keep
in
mind
this
entire
adapter
is
is
sort
of
the
first
version
so
that
we
can
learn
how
to
do
this
better,
but
I'm
I'm
afraid
that
we
did
end
up
getting
there
to
the
point
where
we
needed
to
write
the
debt
off.
That
mkr
holders
are
the
last
party
that
would
be
inclined
to
actually
like
call
the
write-off
function,
because
it's
going
to
dilute
them.
D
So
I
I
think
there
there
may
be
a
way
to
make
that
call
permissionless.
So
basically
a
you
know
way
to
to
sort
of
determine
if
it's
permissionless,
but
I
haven't
found
anything
like
completely
satisfactory.
Yet
that
calls
that
permissionlessly
that
that
governance
couldn't
then
just
like
at
least
they
would
have
to
take
a
positive
action
to
stop
it
from
being
called.
But
governance
has
a
lot
of
power,
so
they
can.
They
could
probably
like
stop
themselves
from
getting
diluted,
but
at
least
it'd
be
nice.
D
If,
if
that
train
had
left
the
station
and
governance
actually
had
to
intervene
in
order
to
stop
the
write-off,
whereas
the
way
it's
designed
today,
governance
actually
has
to
vote
to
do
the
write-off,
which
I
think
is
not
it's
not
the
right
incentive
structure.
So
it's
just
one
of
the
one
of
the
like
when
we
redesign
this.
We
should
fix
this
problem.
D
Right
actually,
kurt
brings
up
a
good
point.
So
so,
if
governance
doesn't
call
that
function
to
get
diluted,
they're
basically
they're,
basically
putting
the
losses
on
die
holders
and
that
will
cause
a
lack
of
confidence
in
dialers,
and
so
so,
maybe
in
in.
In
a
long-term
view,
maker
holders
are
still
incentivized
to
to
call
that
function
correctly.
It
would
just
be
better
if,
in
my
opinion,
if
they
didn't
actually
have
to
vote
for
it,
so
yeah.
P
I
mean
so
you
think,
if
confidence
and
die
collapses,
probably
confidence
in
the
mkr
token
collapses
shortly
thereafter.
So
it's
like
still
clearly
like
long-term
value
destructive
for
mkower
holders
to
not
call
that
function.
You
know,
I
agree,
it
would
be
better
if
it
didn't
rely
on
them
taking
an
action.
I
I
don't
think
it's
accurate
to
say
that
they
don't
have
an
incentive
to.
You
know,
keep
the
protocol
solvent.
I
I
also
just
want
to,
while
I
share
chris's
reservations
about
leaving
it
to
maker
holders
to
to
actively
trigger
this.
I
do
want
a
caution
that
perhaps
automatic
might
be
overkill
just
because,
ultimately,
what
matters
is
the
solvency
and
not
the
liquidity
of
what's
of
of
of
make
or
two
both
meet
its
ongoing
obligations
and
to
ensure
that
dye
is
adequately
backed.
You
know
system-wide,
so
I
mean
I
can.
D
D
P
Also,
even
more
generally
is
that
so
long
as
the
you
know,
delay
on
enacting
a
governance
action
is
shorter
than
whatever
the
you
know
time.
It
would
take
for
that
debt
to
go
from
being
marked
as
bad
debt
to
actually
debt
auctions.
Starting,
you
know,
mkr
has
you
know.
Various
holders
have
various
root
powers
over
the
system.
I
won't
get
into
the
exact
technical
details,
but
they
could
revoke
authorizations
or
replace
contracts
and
just
completely
you
know,
change
the
rules
of
the
system
to
you
know
ensure
that
you
know
whatever
debt
auctions.
P
You
know
don't
happen
at
all,
even
if
they
came
from
you
know
normal
collateral
auctions
that
were
permissionlessly
liquidated
and
then
not
properly
recapitalized.
So
it's
yeah,
it's
not
like
it's.
In
other
words,
they
always
have
the
power
to
stop
these
right.
Now,
anyway,
you
know
in
the
future.
You
can
build
out
layers
of
you
know
kind
of
authorization,
protection
on
the
system
to
completely
prevent
that.
But
you
know
the
the
flip
side
of
that
ossification
is,
then
you
can't
change
it.
P
If
there's
a
bug
so
that'll
be
I'm
sure,
an
evolving
discussion
throughout
the
protocol's
lifetime
of
you
know
at
what
point
do
you
switch
certain
things
to
be?
You
know
unmodifiable
versus
leaving
them
modifiable,
so
you
have
maybe
slightly
less
security
guarantees
against.
You
know
npr
holders
misbehaving,
but
you
have
the
ability
to
fix
bugs.
B
Yeah,
I
agree
in
general.
It's
it's
what
you
say
occurs
it's
silly,
for
they
call
us
to
not
do
that.
I
think
maybe
it
depends
a
little
bit
on
magnitudes
right,
like
I
can
imagine
a
situation
where
it's
like
the
under
capitalization
was
like
super
small
and
we
just
thought
yeah,
probably
not
worth
it
it'll
recapitalize
in
like
a
few
weeks,
and
then
we
just
don't
do
it
likewise.
A
A
D
Yeah,
maybe
maybe
starting
in
the
mip
22
forum
post,
is
like
a
good
kind
of
place,
but
then
realized
that
the
design
deviated
a
little
bit
from
that.
But
that
sort
of
auction
recapitalization
model
is
what
centrifuge
is
doing.
Then
there's
a
couple
code
repos
that
that
sort
of
really
describe,
obviously
what
what
the
reality
is
and
yeah.
Aside
from
that,
I'm
not
sure.
There's
like
another
great
place
where
there's
you
know
a
really
good,
succinct
description
of
centrifuge
and
its
integration
with
maker.
Q
Q
It's
really
nice
that
there
there
has
been
this
push
to
bridge
crypto
and
real
world
assets,
and
the
fact
that
you
guys
have
a
core
unit
that
is
really
focusing
on
how
to
integrate
more
is
is
yeah,
it's
fantastic,
but
I
I
just
wanted
to
just
say
hi
to
the
make
it
dark
community
just
say
a
huge
fan.
I
I
do
be
a
positive
elemental
index
group
and
I
volunteered
to
be
like
a
protocol
ambassador
for
maker.
Q
This
is
a
new
program
within
index,
cope
coupe
and
yeah
index,
google
and
on-chain
asset
manager,
but
yeah
it's
a
new
program
where
we
we're
trying
to
like
get
more
involved
in
the
governance
of
the
protocols
that
are
held
in
our
products
so
that
we
can
better
integrate
and
see.
You
know
where
our
communities
can
essentially
work
together,
but
yeah
personally
also
great
learning
experience.
I've
already
spoken
to
long
for
wisdom.
He
has
done
an
amazing
job
of
welcoming
welcoming
me
into
the
community
and
yeah.