►
From YouTube: Governance and Risk Call #222 - January 19, 2023
Description
Weekly community call for MakerDAO! The agenda and discussion links for this recording can be found here:
https://forum.makerdao.com/t/governance-and-risk-call-222-thursday-january-19-2023-17-00-utc/19412
A
All
right,
hello,
everyone
and
welcome
this
is
the
222nd
governance
and
rest
meeting
here
at
makerdale.
My
name
is
Peyton
I
go
by
Pros
11
online
and
I
am
one
of
the
governance
faciliters
here
I'm
joined
by
live
by
a
bunch
of
awesome
people
that
are
interested
or
already
contributing
to
the
maker
protocol.
There's
also
some
of
you
that
are
catching
through
this
on
the
recording.
Do
you
those
who
you
say
hello
before
we
get
started?
We
are
going
to
go
over
a
few
ground
rules.
A
This
will
just
help
us
have
a
nice
productive
call
and
make
it
so
we
can
engage
with
with
one
another
and
some
of
the
best
ways.
So
first
things
first,
is
if
you
do
have
a
camera
and
you're
comfortable,
turning
it
on
go
ahead
and
do
so.
It's
always
nice
to
see
who's
joining
us.
For
these
calls,
we
love
the
virtual
filters
and
all
the
other
fun
stuff
too,
if
you're
not
comfortable,
showing
your
face,
but
still
want
to
engage
in
a
bit
more
lively
way,
kind
of
standard
respect
rules.
A
Let's
try
not
to
talk
over
one
another.
You
can
use
a
fuel
tools
if
you
want
to
still
engage
in
the
conversation,
but
not
ruin
the
audio
or
the
live
experience
of
having
multiple
people
shouting
at
once.
You
can
use
the
race
hand
feature
in
Zoom.
That
kind
of
lets
me
know:
hey
you'd
like
to
go
on
talking
after
the
person
who's.
Currently
talking
finishes
up
their
point.
You
can
also
always
drop
a
question
or
comment
in
chat
and
we'll
try
to
work
it
in
when
conversationally
appropriate.
A
That's
it
in
terms
of
rules.
One
helpful
thing,
though,
is
when
you
do
come
on
the
like.
If
you
don't
mind
introducing
yourself
letting
people
know
who
you
are
and
if
you
aren't
there
representing
anyone,
that's
always
nice,
so
awesome
I
think
that
more
or
less
does
it
for
the
rules.
The
only
other
thing
worth
mentioning
is
this
is
meant
to
be
an
open
Gall.
We
really
do
I
appreciate
your
thoughts,
questions
comments,
all
that
stuff,
so
get
it
rolling.
A
Let's
it's
more
fun
when
more
people
participate.
So,
looking
forward
to
seeing
what
people
have
to
say
today,
as
usual,
we
have
a
bit
of
an
agenda
we'll
be
going
over
the
votes
and
what's
happening
in
the
land
of
maker
Improvement
proposals.
Then
we'll
get
into
initiative.
Discussion
we'll
be
hearing
from
the
Viridian
cluster.
They
currently
have
a
funding
proposal
up
for
vote,
but
there's
also
a
cluster
announcement
and
a
bunch
of
other
fun
stuff
to
talk
about
today
and
then
for
our
big
discussion.
A
Talk
about
topic,
we're
going
to
be
hearing
from
retro
who's
going
to
be
talking
about
Dow
level
objectives
dlos,
which
is
a
myth
from
a
mipset
that
he
recently
boasted
RFC.
That's
kind
of
attempting
to
tackle
this
question
of
how
do
we
prioritize
and
fund
things
during
this
transition
period
to
the
in-game
Constitution?
A
So
hopefully
that
sounds
exciting,
for
you
we'll
have
time
to
talk
about
a
lot
of
good
stuff
today,
as
always
just
be
mindful
that
you
know
there's
our
people
everyone's
here
live
so
treat
each
other
with
a
little
bit
of
Grace.
Ask
your
questions
and
we'll
get
along
fine,
so
I
wanted
to
give
a
quick
rundown
on
what
happened
on
the
voting
portal.
We
did
have
a
rather
contentious
pair
of
poles
there
on
what
to
do
with
the
gusd
PSM.
A
So
what
ended
up
happening?
There
was
no
change
one
on
the
debt
swimming
pool,
but
the
poll
to
change
The
Tout
to
zero.
That's
the
fee
out
that
we
charge
when
gusd
is
leaving
the
PSM.
Turning
that
to
zero
did
pass
we'll
also
hear
about
15
ratification
goals,
with
voting
ending
on
those
on
Monday
from
our
mits
editor
and
in
the
next
segment.
A
So
if
you
haven't
voted
yet
there's
a
lot
of
stuff
to
consider,
if
you
recall
on
the
executive
front
last
week,
we
did
not
have
an
executive
and
next
week
you
can
look
forward
to
a
handful
of
items,
including
the
maker
Open
Market
Committee
proposal.
We've
got
a
csmgr
transfer,
some
housekeeping
on
the
Ave
d3m
and
the
Flash
mitt
module,
and
then,
of
course,
that
poll
that
was
successful
to
lower
the
fee
out
on
gusd
PSM
cool.
B
B
B
Cool,
so
this
is
a
proposal
to
remove
the
cumulative
250
000
guy
limits
from
the
protocol.
Diet
transfer
bit
retains
yes,
as
the
link
option.
The
two
changes
to
the
recognized
delegate,
participation
Matrix
are
both
being
approved.
There's
a
proposal
that
introduces
introduces
changes
to
maybe
63
is
also
being
approved,
and
next
we
have
the
subroposal
to
reveal
map
14,
which
has
shifted
from
yes
to
no
since
last
week.
B
B
B
B
B
That's
for
the
stuff
that's
been
currently
posted
on
and
we
have
a
lot
of
sub-proposals
in
RFC,
most
of
which
are
eligible
to
enter
the
upcoming
February
government's
cycle.
As
summarized
on
the
previous
GNR
call,
we
have
proposals
to
onboard
real
world
as
it
falls
to
introduce
a
dependent
contract
against
governance,
attacks
to
start
utilizing.
B
The
hats
protocol,
the
introduction
of
new
Frameworks
to
broadcast
prioritize
and
manage
requests
for
projects
and
Associated
funding,
and
very
recently
mip99
to
overnight,
to
C5
to
enable
real
world
use
cases
and
just
a
heads
up
that
meet
94
who
changed
to
implement
the
feature
to
refund
people.
Who's
lost
their
dive
and
sending
it
to
the
contract.
Address
is
going
to
be
marked
as
with
wrong
and
replaced
with
the
Declaration
of
intent
that
we
inherited
accumulated
feedback
period.
B
As
the
content
will
remain
the
same,
then
we
have
on
the
next
slide
amendments
and
removals.
We
have
an
amendment
proposal
that
modifies
group
41-
that
is,
the
facilitator
framework
map
to
expedite
some
of
its
processes
and
increase
its
flexibility,
an
amendment
to
mip62,
which
is
the
collateral
operating
process
map
that
allows
changing
their
communication
responsibilities.
B
A
So
we
appreciate
Pablo
I,
know,
there's
a
lot
of
stuff
to
get
through
that
went
over
your
head
or
you
missed.
What,
where
your
favorite
proposal
was
keep
in
mind,
every
Monday
are
my
penetrates
to
publish
a
written
version
of
a
mitts
update,
so
you
can
link
out
to
the
actual
proposals
and
take
a
look
what's
coming
down
the
pipeline
there.
A
So
thanks
Pablo
for
that
update,
that's
going
to
bring
us
into
our
initiative
updates
and,
as
I
mentioned
earlier,
we
aren't
going
to
be
hearing
from
the
peridian
cluster
today,
who
are
kind
enough
to
provide
some
slides
in
advance
so
happy
to
click
through
those
for
you
and
I
believe
it's
going
to
be
Rajiv
who's
presenting.
Is
that
correct,
correct
awesome,
well,
I'll
meet
myself
and
take
it
away.
Red
Chief.
D
I
know
that
the
delegates
have
all
the
information
they
need
that,
but
rather
to
just
I,
guess
quite
transparently
share
the
Journey
of
a
group
who's
trying
to
implement
perhaps
what's
the
first
step
of
end
game,
I
guess,
as
we
all
have
in-game
Over
the
Horizon,
and
you
know
wonder
what
that
means.
I
think
we're
sort
of
perhaps
having
a
real
experience
of
actually
trying
to
move
forward
with
that
implementation.
So
so
the
idea
is
to
talk
a
little
bit
about
our
journey.
D
E
D
So
let
me
start
with
just
some
I
guess
background
and
context,
because
I
think
through
last
year
we
were
all
introduced
to
this
concept
of
clustering
and
I
must
admit.
When
it
first
came
out,
I
completely
ignored
it.
I
believe
that
was
in
May
and
through
I
know.
It
went
through
several
iterations
of
design,
refinement
and
and.
D
Years,
I
think,
as
we
were
going
into
August,
you
started
to
see
that
this
was
gaining
momentum
and
becoming
very
real
and
actually
quite
well
defined
at
quite
a
granular
level
and
and
actually
quite
a
complex
level.
It's
a
small
part
of
the
entire
I
guess
end
game
strategy,
but
the
you
know
the
end
game.
D
Approval
mipset
in
August
actually
did
introduce
the
concept
of
the
recognized
launch
metado
clusters,
seven
I
believe
at
that
stage
I
think
we're
still
at
the
same
and
of
the
seven
there
would
be
two
protector
metadatao
clusters
and
it
started
to
look
quite
quite
real.
In
October
we
introduced
the
Viridian
cluster
and
that
came
from
Allen
of
monetary
list
and
and
I'll
talk
a
little
bit
about
the
arranger
role
in
the
cluster.
But
and
in
the
same
month
we
we
saw
that
in-game
pre-launch
mipset
being
ratified.
D
Yes,
there
have
been
issues,
but
we
are
the
market
leader
when
it
comes
to
rwa
anyone
who's
speaking
a
certainly
in
the
market
will
tell
you
all
that
is
around
us
every
time
we
do
something.
It's
it's
big
news.
The
motivation
is
really
well.
How
do
we?
We
just
want
to
keep
the
momentum
going
so
there
is
this
huge
organizational
redesign.
D
E
D
Let's
go
for
it,
it
looks
like
the
design,
the
design
is
there,
so
we
want
to
carry
on
with
the
growth
and
we
want
to
prove
out
this.
This
cluster
concept.
The
understanding
is
still
at
this
stage.
Very
I
guess
you
know
for
everyone,
still,
it's
still
very
theoretical.
So
so
the
best
way
to
learn
is
like:
let's
do
it,
let's
play
it
out.
E
D
Objectives
of
you
know,
the
next
steps
were
very
simple:
Implement,
an
endgame
protector
cluster
structure
as
detailed
out
in
the
in-game
approval,
nipset,
and
so
the
further
planned
out
in
in
the
planning
workshop
and
yeah.
Let's
see
if
it
works
as
as
expected,
and
also
with
with
a
very
clear
eye
on
what.
D
Maintain
the
rwa
growth
but-
and
you
know,
sort
of
due
to
various
events.
Last
year
we
we
ended
up
using
a
lot
of
talent,
so
so
part
of
the
objective
here
was
also
too
attract
an
on-board
new,
especially
legal
and
credit
Talent.
So
we
can
carry
on
with
the
growth
story
test
out
the
new
organizational
structure
and.
D
So
what
exactly
are
we
talking
about
in
terms
of
the
cluster
and
if
you
bear
with
me,
I
I
sort
of
need
to
just
level
set
the
context
here,
a
little
in
terms
of
how
we
were
today
and
and
introduce
the
role
of
an
arranger.
It's
I,
guess
it's
something.
That's
quite
I,
think
unique
to
to
make
it
out,
but
I
use
an
example
to
illustrate
it,
and
it's
mips
65
that
that
many
of
you
are
familiar
with,
but
clearly
on
the
maker
side.
D
As
you
all
know,
we're
structured
through
these
I
guess
I
call
them
sort
of
horizontal
functional
core
units
that
have
very
clear,
clear
mandates
and
we
tend
to
think
of.
We
interact
directly
with
borrowers,
but
but
in
the
case
of
what's
happened
within
the
Ranger
I
sort
of
like
to
think
of
it
as
almost
it's,
it's
someone
who's
helped
us
build
a
bridge
that
allows
us
to
invest
into
the
transfy
world,
and
actually
that
bridge
is
bi-directional.
The
Investments
can
go
in
and
also
come
back
and
the
way
they
have
done.
D
This
is
not
by
taking
any
money
or
borrowing.
Money
from
us
is
they've
created
a
structure,
a
legal
structure
that
allows
us
to
do
this
and
and
I'm
not
going
to
go
into
the
details
of
it
all.
But
it's
it's
hugely
legally
resource
intensive
and
operationally
intensive
that
there's
sort
of
various
constructs
in
it.
We
make.
E
D
As
an
entity
doesn't
exist
in
the
real
world,
so
a
representative
has
to
represent
us
in
in
the
form
of
a
trust
that
trust
can
then
go
and
open
accounts
and
beat
kyc'd
with
the
various
entities
that
you
need
to
enable
this.
This
investing.
So
you
know
the
concept
of
an
exchange
agent,
a
custodian
and
finally,
an
asset
manager,
and
that's
what's
been
done
with
MIP
65.
D
E
D
D
So
the
purpose
of
this
was
just
to
explain
a
little
bit
about
the
arranger
and
really
clarify
that
that
should
not
be
confused
for
a
for
a
borrower
if
you
could
go
to
the
to
the
next
site,
please
so
that's
how
we're
working
today
and
actually
it's
sort
of
you
know,
there's
some
really
nice
momentum.
If
anyone
looks
at
the
report's
Strategic,
Finance
are
producing
it's
it's.
D
F
D
We
have
various
new
constructs
being
introduced
and
I.
You
know
I'm
not
here,
to
sell
end
game
at
all.
What
I've
had
what
I
have
done
is
thinking
from
the
perspective
of
reading
cluster,
which
are
the
pieces
that
we
need
to
integrate
with
and
if
we
go
forward
with
the
cluster.
What's
that
going
to
look
like
what
is
the
end
goal
of
where
we
want
to
go
to
and
I
think
many
people
have
sort
of
seen
this
I
know
this
team
is
going
to
do
a
whole
load
of
work
in
further
expense.
D
D
I,
don't
pretend
to
even
and
there's
there's
much
more
to
it:
I
I!
Guess
the
reason
I've
put
this
up
and
it's
not
to
really
explain
the
structure,
but
it's
it's
to
highlight
the
fact
that
to
make
this
transition,
it's
not
just
organizational
it's
you
know
it's
a
complete
redefinition
of
existing
processes
and
that's
actually
without
even
getting
to
any
of
the
tokenomics
which
honestly
yeah
Way
Beyond
my
capacity
of
understanding
at
the
moment.
D
E
D
D
That
is
the
starting
point,
and
by
no
means
do
we
have
all
the
answers
of
how
the
Clusters
work.
You
know
with
sort
of
a
few
resources
trying
to
figure
this
out,
but
the
cluster
in
the
case
of
the
protectors
is
Con
does
compose,
is
composed
of
this
arranger
working
with
I'm
going
to
call
them.
At
this
moment,
cluster
contributors.
D
And
holistically
the
idea
of
a
cluster,
it
really
is
for
a
small
group
of
people
who
are
passionate
about
a
particular
area
to
partner
and
arrange
themselves.
In
this
case,
you
know
I
sort
of
see
the
mission
is
to
arrange
themselves
to
protect
the
diamond,
invest
effectively
and
productively,
and
for
us
we
sort
of
looked
at
well.
What's
the
first
missing
component
of
that
I
mean
obviously
there's
a
lot
to
work
out,
process
wise,
but
but
actually
I
mean
desperately.
D
We
need
to
onboard
new
legal
and
credit
talent
and-
and
that
was
the
first-
you
know
with
three
or
at
least
from
my
perspective,
I'm
sort
of
three
months
in
to
this
journey,
where
I've
actually
started
to
take
it.
I
guess
spend
time
on
it
and
actually
start
to
think
through
what?
What
does
it
all
all
mean?
D
C
D
Where
you
know,
roles
are
going
to
change,
processes
are
going
to
change
and
make
sure
we're
doing
it
in
a
I
guess
in
the
best
way
possible,
because
over
time
this
gets
even
bigger,
actually
very
like
a
small
subsection.
But
you
know
in
the
interest
in
the
ethos
of
decentralization
this
model
scales
so
that
you
have
new,
arrangers
and
sort
of
n
number
of
of
protective
sub-dials
I
I
have
no
idea
how
long
this
is
all
going
to
take.
I
have
no
idea
how
we
actually
get
there.
D
D
Learn
the
first
lessons
make
the
first
mistakes,
because
I'm
sure
they're
going
to
be
loads
of
mistakes,
and
in
order
to
do
that,
you
know
we're
going
to
follow
the
design
as
we
understand
it
and
put
together
a
cluster.
So
so
that's
that's
what
we
did.
It's
been
done
together
with
a
hundred
other
things.
So
obviously
you
know
I've
not
thought
through
everything.
I'm.
Certainly
not.
You
know
we're
just
not
there.
Yet
there's
going
to
be
so
much
work,
but
to
do
the
work
we
sort
of
need
the
support.
D
D
Is
you
know
they're
too
too
sort
of
viewpoints,
I
guess
I
would
say
just
to
sort
of
to
share
that
the
experience
of
actually
trying
to
take
or
there's
a
very
theoretical,
I
guess
structure
with
some
very
theoretical
constructs
such
as
the
the
cluster
and
try
to
take
that
to
make
it
something
real
and
the
the
pushback
and
perhaps
I'll
start
with
the
with
the
easiest
one
which
is
the
last
one.
Is
it's
too
early?
You
know
we're
not
ready
to
move
with
the
end
game
structure.
D
D
E
D
Know
this
is
not
something
you
do
in
a
short
amount
of
time
frame,
and
it's
it's
you
know
so
so
we
wait
to
see
what
sort
of
the
new
plan
looks
like,
but
it
looks
like
it's
going
to
get
split
into
two
parts:
one's
a
short
term,
pregame
Constitution,
which
should
I
I
understand,
is
coming
quickly
and
the
other
is,
you
know,
sort
of
the
fine.
The
final
end
game.
D
What's
the
overlap
in
the
competition
with
strategic
Finance
core
unit
who
do
have
the
mandate
to
onboard
rwa
projects
and
and
again,
there's
there's
an
element
of
design
here
that
I
think
doesn't
help
us
and
it's
you
know
we
from
the
cluster
have
not
designed
this.
We
are
simply
trying
to
implement
a
design,
that's
I,
think
sort
of
out
there,
but
but
I'll
read
it
out,
because
it's
a
quote
from
the
in-game
approval.
Mipset
that
says
where
it
announces.
The
two
recognized
launch
clusters
will
will
form
part
of
this
initial
step.
D
A
recognize
protector
cluster
will
be
attached
to
the
Strategic
Finance
call
unit.
This
means
the
Strategic
Finance
core
unit.
Can
use
its
governance
powers
to
onboard
rwa
collateral
that
will
be
adopted
by
The
Protector
cluster,
so
that's
one
cluster
one
cluster
gets
attached
to
strategic
finance
and
and
I
think
that's
a
very
synergetic,
easy
to
understand
phased
implementation.
D
Additionally,
strategic
finance
will
use
its
governance
powers
to
onboard
rwa
collateral
on
behalf
of
the
other
recognized
metadata
launch
cluster.
So
that's
us
where
the
other
cluster
that
we
fully
collaborate
with
strategic
Finance,
but
we're
not
attached
to
it
and
I
think
actually
part
of
that's
creating
a
lot
of
confusion
again.
This
is
by
Design.
I
am
going
to
take
this
all
back
to
the
design
team,
because
to
me
it's
very
clear:
that's
that's!
D
Creating
a
lot
of
confusion
and
to
the
to
the
I
think
you
know
the
the
misconception
that
in
some
way
this
is
com
overlapping
and
competing.
If
you
look
at
where
we're
trying
or
where,
where
the
plan
tries
to
get
us
to
it's
their
various
different
protector,
sub-dials
I,
guess
they're
each
getting
there
through
a
different
journey
and
the
fact
that
they're
getting
there
through
a
different
journey
and
from
a
different
starting
point,
I
think
is
an
operational
Challenge
and
it's
an
operation
challenge
so
to
be
fair.
I.
D
D
We
start
to
lay
lay
a
a
framework
for
the
future
onboarding
model,
but
let's
see
how
we,
how
we
get
there
and
and
and
and
the
last
piece
is
the
the
cost,
impact
and
I
think
it's
been
less
the
cost
impact
and
more
the
fact
that
we
have
an
external
component,
that's
part
of
our
cluster,
which
is
the
external
arranger
that
that's
monetaryless
again
this.
This
comes
from
the
design,
so
I
I
cannot
speak
to
the
the
wise,
but,
as
per
the
in-game
cluster
design,
both
protector
clusters
have
been
sort
of.
D
The
initial
announcements
have
come
from
external
arrangers,
there's
been
one
of
tylus
and
block
tower
Centric,
together
with
centrifuge
and
and
the
way
I
the
way
I'm
interpreting.
This
is
well
I
I,
you
know,
I
I
know,
there's
a
lot
of
discussion,
which
I
think
should
happen
at
the
appropriate
levels.
To
really
see
is
this
design
correct,
but
from
the
people
who
are
actually
trying
to
take
it
forward
and
now
go
to
implementation.
I
guess
the
learning
has
been
as
we
try
to
implement
we're
discovering.
D
A
We
definitely
appreciate
you
coming
on
to
talk
a
little
bit
about
it
Rajiv.
Obviously,
our
discussion
topic
is
going
to
be
kind
of
on
this
question
of
budgets,
and
and
how
do
we
handle
this?
This
notion
of
transitional
work,
but
before
we
move
into
that,
did
want
to
give
a
chance
for
people
ask
questions
particularly
about
the
verdigan
cluster.
Some
of
the
journey
they've
went
on
or
their
SPF
in
particular,
like
I
said.
A
E
A
Sorry,
if
that
was
you
and
your
mic
set
up
I
guess
we
do
have
you
here.
Maybe
you
did
want
to
kind
of
address
this
question
of
like
how
exactly
an
arranger
if
it's
in
of
not
being
a
borrower
and
the
chat
is
going
to
talk
about
maybe
like
servicers,
like
a
better
name,
firm
but
kind
of
curious.
If
you
could
explain
how
you
see
your
team's
current
role
right
with
the
Dow
and
and
how
that's
going
to
transition
over
the
course
of
of
in-game
launching.
D
There's
a
lot
to
figure
out
here:
I,
don't
have
the
answers,
but
part
of
I
guess
you
know
why
we're
looking
to
take
these
first
steps
is
so
that
someone
can
start
actually
figuring
this
out
with
an
informed
View.
So
it's
not
something.
That's
just
theoretical!
That's
actually
based
on
trying
to
implement
and
and
learn
from
that.
Well
for
the
arranger
I,
don't
know,
I've
actually
invite
the
expert
to
actually
talk
about
that
role.
If
Alan
is
willing,
because
you
know
that's
the
arranging
question
that
we're
working
with.
G
So
because,
obviously
then
I
start
and
we
started
biasing
maker
to
make
an
investment
in
something
that
we
already
you
know
would
be
doing
discretionary
Investment
Management
in
so
so
that's
not
it.
What
we
are
trying
to
be
are
the
hands
of
of
maker
Dao
in
the
real
world
to
represent
them
as
much
as
possible
to
to
a
large
degree,
you
can
probably
see
a
Rangers
more
like
a
investment
advisor
or
advice
or
in
in
some
sense.
The
scope
of
work
is,
as
you
know,
the
way
I
understand
it.
G
Anyways
that
the
protective
metados
are
being
set
up
is
to
have
a
small
team,
that's
good
at
working
together,
but
have
a
good
split
between
them,
where
we
have
certain
people
who
are
compensated
and
working
with
maker.
Now,
which
is
you
know,
the
team
that
we're
trying
to
to
set
up
here
and
then,
of
course,
an
outside
party
to
be
the
hands
as
the
hands
that
can
in
the
in
the
legal
world
in
the
real
world
set
up.
G
So
we
should
have
the
protected
by
the
Dao
team
and
the
arrangea
to
be
as
aligned
as
as
possible,
but
there
is
a
split
between
the
two,
as
in
one
part
is,
is
you
know
strictly
strictly
speaking
metadar,
you
know
soft
down
employees
and
the
other
ones
are
are
external.
So,
as
I
understand
the
role
now
remember,
there
is
really
no
there's
no
equivalent
in
the
in
the
usual
Financial
space,
I
guess,
but
it
it
is
very
much
the
way
we've
adopted
the
role
and
I'm
not
saying
anybody
else
couldn't
adopt.
G
It
differently
has
been
to
a
we
try
to
find
the
best
structures
B.
We
try
to
negotiate
the
hardest
deal
with
banks
and
investment
managers
and
and
whatever
we
try
to
Monitor
and
help
the
group
to
to
do
that,
to
the
best
of
our
abilities
and
yeah
generally
try
to
be
a
genuine
long-term
advisor
and
real
world
hands
for
it,
and
and
just
to
add
to
that
I.
Guess
that
the
the
idea
with
this
cluster
again
and
it
this
is
somewhat
open
for
interpretation.
G
G
Oh
sorry,
the
the
small
team
that
we
have
here
and
the
arranger
team,
because
if,
if
they
can
start
working
together
and
it
works
over
about
a
year
or
half
a
year,
you
start
having
a
very
effective
machine
that,
when
the
end
game
can
truly
start
it.
You
know
it
has
a.
It
has
a
really
great
productive,
starting
point
for
it.
So
yeah
I
think
those
were
would
be.
My
thoughts
on
that.
H
Yeah,
if
you
can
drop
just
a
jumper
a
bit,
not
too
different,
but
sorry
because
I've
not
seen
this
proposal
but
I'm
still
in
the
cluster
I
mean
I'm
such
a
finance
as
well
and
I'm
kind
of
trying
to
monitor
the
real.
What
I
said
as
well,
just
from
a
very
pragmatic
perspective,
I
mean
Mikado
is
doing
a
lot
of
her.
H
What
I
said
and
currently
there
are
two
people
soon
three
to
manage
them,
and
it's
not
enough
and
I
would
advise
really
to
not
the
community
not
to
end
up
in
the
same
situation
as
last
July,
where
the
community
fired
all
the
real
arrested
people
and
there
was
no
one
left
to
deal
with
it.
So
there
wasn't
any
problem
that
I
know
of
yet,
but
it's
always
better
to
have
chronology
and
more
people
to
there
are
more
kind
of
car
units.
H
I
I
think
I'd
push
back
a
little
just
because
I
mean
the
the
arranger.
You
know
their
their
business
partner,
but
their
incentives
are
are
not
like
perfectly
aligned
with
with
makers
and
because
both
the
protector
clusters,
the
Clusters
that
want
to
perform
protected
sub-dials
both
of
them,
have
chosen
to
like
form
around
on
a
ranger.
It
kind
of
puts
us
in
the
position
where
the
you
know,
the
the
Clusters
basically
are
are
the
arrangers.
I
So
you
know
we
can't
it's
not
prudent,
to
have
the
arrangers
doing
things
like
legal
and
credit
analysis,
because
their
incentive
is
to
originate
as
many
deals
as
possible
right
so
that
they
can
service
them
or
borrow
against
them.
Whatever
the
arrangement
is
so
you
know,
I
I
agree
with
you
that
that
we
need
people
to
do
the
work,
but
it
just
it
can't
be
done
by
I
mean
the
arrangers
should
be
doing
it
too
for
themselves.
But
you
know
maker
still
has
to
have
someone
else.
Do
the
work
from
makers
perspective.
H
H
Perfect
people
I'm
just
saying
that
what
I
suggest
to
the
community
is
to
find
people
to
work
with
and
if
you
want
to
don't
have
monetaries
or
what
not
for
plenty
of
reasons.
I
know
that
and
I
understand
that
you
don't
have
to
use
it.
Those
people
seems
very
legit
and
I
mean
even
I
saw
my
at
least
do
some
kind
of
work
that
I'm
quite
sure
wasn't
in
the
interest
of
monetaries.
I
I
Appropriate
in
some
circumstances-
but
you
know
the
the
problem-
is
that
the
credit
and
legal
analysis,
if
done
like
through
this
SPF,
it's
basically
paying
for
it
to
be
done
from
the
perspective
of
someone
who's
incentive
is
to
get
deals
done,
which
is
fine,
that's
their
prerogative,
but
it
doesn't.
It
doesn't
fill
the
need
that
maker
has
to
get
the
credit
and
legal
analysis
done.
G
So
can
I
ask
I
so
I'm
not
sure
about,
so
we
don't
receive
any
of
this
money
just
to
be
clear.
The
monetary
has
received
none
of
this
money
that
is
supposed
to
sponsor
people
who
should
be
some
of
the
new
legal
and
credit
Talent
inside
maker
Dao
compensated
by
make
a
Dao
to
make
sure
that
they
are
entirely
aligned
with
maker
Dao
it
it
I,
I,
don't
say
I,
don't
see
any
any.
We
really
don't
see
any
benefit
from
this.
Well.
I
You
know
that
unknown
to
to
everyone
else,
like
comes
in,
it
looks
again
like
it
probably
came
from
you,
so
you
know
it
just
that's
fine,
but
it
it
means
that
Viridian
cluster
has
become
synonymous
with
monotalists,
which
again
is
fine,
but
it
means
it's
just
not
the
place
to
go
for
for
maker
to
get
legal
and
credit
analysis.
That's
going
to
look
out
for
makers,
interests
first,.
G
So
I
I
presented
the
the
cluster
because
I
think
that's
what
was
supposed
to
be
done.
The
SPs
is
is,
of
course,
for
the
people
who
are
supposed
to
sit
in
in
the
protocol
and
I
believe
all
the
legal
opinions
and
so
on.
I'm,
pretty
confident
that
that
the
the
lawyer
that
we
that
has
been
potentially
acquired
by
this
SPF
would
also
do
this
in
in
respect
of
of.
C
G
I
D
Yeah
guys
can
I
can
I
make
a
suggestion,
because,
because
clearly,
they're
always
different
viewpoints,
and
you
know
every
everyone
has
them
and
paper
you.
You
know,
I
I
really
have
captured
yours
it.
It's
like
it's.
Why
I've
included
it
here,
something
to
take
back
in
you
know
it's
you
have
an
opinion
and
I
think
it
needs
to
be
discussed.
Analyzing.
D
I
Yeah
and
and
yeah
and
yeah
you
and
I.
We
we
discussed
a
little
of
this
earlier.
You
know,
and
you
know
we
can
have
a
broader
discussion
about
the
cluster.
If
you
want
I
really
just
wanted
to
try
to
keep
it
narrow
to
this
SPF,
because
I
think
that's
what
we
were
supposed
to
talk
about
today
and
you
know,
the
point
is
just
maker-
needs
someone
that
is
not
incentivized.
Necessarily
that
doesn't
stand
to
lose
money.
If
an
analysis
comes
back
and
says
this
is
good,
you
know
this
is
garbage.
I
A
D
A
C
Sure,
speaking
on
behalf
of
acre,
invest
recognized
delegate,
we
are
notorious
for
not
doing
private
meetings
and
insisting
that
really
these
kinds
of
conversations
happen
in
a
public
forum
because
got
the
whole
Integrity
of
the
model
that
we're
trying
to
advance
here
for
the
world
depends
on.
You
know
how
we
are
going
to
be
different
from
the
traditional
Financial
system,
so
I
mean
I'm
fine.
If
everyone
wants
to
defer,
I
mean
no
one's
forced
to
come
on
a
recorded
call
or
anything
like
that.
C
I
would
just
say
that
I
think
something
that
was
put
for
a
vote
or,
with
you
know,
almost
put
for
a
vote
based
on
a
legal
opinion
or
a
legal
review
that
was
posted
I.
Think
it's
fair.
However,
many
days
later
it
is
today
and
if
the
person's
on
the
call
they've
done
I
mean
I,
asked
these
questions
on
the
Forum.
You
know:
what's
the
who's,
the
client,
obviously
just
for
those
who
don't
know
I'm
in
a
an
attorney
licensed
in
the
state
of
New
York
in
the
U.S.
C
So
that's
the
framework
in
which
I'm
curious
and
understand
you
know
ethical
issues
around
legal
representation
and
who
the
client
is,
and
conflicts
of,
interest
and
sort
of
who's
paying
the
bill
here
if
the
SPF
hasn't
been
approved,
so
I
think
those
are
all.
You
know
really
fair
questions
to
have
aired
in
this
call,
and
certainly
someone
who's
doing
such
crucial
I
mean
goodness,
the
the
the
the
difficulties
were
all
in
in
this
space.
Right
now
have
really
I
think
painfully
highlighted.
C
Why
some
issues
that
you
know
I've
been
often
probably
seen
as
a
wet
blanket
and
a
broken
record
I
mean
you
know
we
are
all
having
like
painful
real-time
examples
of
why
some
of
these
questions
are
are
really
important
to
have
understood
and
have
the
votes
that
take
place
being
done
in
an
informed
way,
and
just
that,
there's
that
you
know
comfort
that
people
in
the
community
have
have
have
all
the
clarity
and-
and
just
you
know,
can
follow
the
ball.
So
I
think
it's
fair.
D
Okay,
I'll
add
maybe
or
present
another
site
to
that
I
think
to
have
someone
who
has
been
on
boarded
yes
completely
agree,
but
to
have
someone
who
may
or
may
not
be
approved
and
is
I
guess
also
in
the
phase
of
evaluating
the
doubt
and
what
it
means.
I'm.
Sorry
I,
just
don't
think
this
is
the
Forum
to
to
your
questions,
I'm
happy
to
actually
reach
out
and
tell
you
to
be
fair
I'm.
D
You
know
did
this
in
a
manner
based
on,
after
speaking
to
Christian
Peterson,
our
last
and
only
other
sort
of
legal
reference
and
I
can
talk
you
through
that,
and
perhaps
it's
the
right
way.
Perhaps
it's
the
wrong
way
I.
You
know
if
you
have
the
expertise,
we're
all
on
a
Learning
Journey
to
just
make
this
the
whole
process
more,
more
professional,
I,
I
I'm,
just
very
conscious
of
you
know,
there's
some
things
about
that:
they're
actually
trying
to
attract
new
Talent.
We
that
that's
just
forums
and
ways
of
respecting
those
people.
A
We
are
generating
a
lot
of
good
discussion
here,
so
I
think
I
am
gonna,
make
the
audible
and
say
we're
gonna
postpone
dlos
for
a
future
call
one
interesting
thing:
I'd
like
to
pull
out
of
the
chat
here
and
and
maybe
get
us
to
discuss
on,
and
maybe
you
have
some
thoughts
on
it.
Rajiv
is
this
idea
of
still
being
a
CU
and
and
trying
to
start
coordinate
with
with
with
the
cluster
right
with
with
a
group,
that's
maybe
not
been
formally
recognized
by
maker
governance.
A
D
You
you
don't
is
the
the
simple
answer.
Trust
me
this
is
this
is
not
fun
and
and
actually
I
I
would
like
to
acknowledge
and
thank
Nadia
who's
been
extremely
supportive
and
and
understanding
from
a
growth
CU
perspective.
To
allow
me
the
bandwidth
to
dedicate
time
time
to
try
to
take
this
well.
I
guess,
as
a
first
step
trial,
step
with
and
getting
fluid.
D
Yeah
I
hope
that
answers
it
without
going
into
too
much
detail,
I
I'm,
always
conscious
foreign.
You
know
if
you,
if
you
try
to
do
too
much,
you
know
you.
You
need
Focus
just
to
succeed
at
things
and
I
I
guess.
The
outcome
of
this
particular
funding
request
will
will
determine
for
me
where
that
Focus
lies.
A
I
appreciate
you
sharing
that
kind
of
the
struggle
with
that
situation.
Right
like
I,
think
this
is
something
the
entire
organization
is
finding
itself
in
with
just
less
Crossroads.
With
this
idea
that
hey,
we
are
heading
towards
a
new
organizational
structure,
but
it
hasn't
been
fully
taken
care
of
yet
so
there's
there's
gonna
be
some
real
Growing
Pains
that
that
naturally
kind
of
have
to
come
to
a
Governor's
vote.
So
I
appreciate
you
taking
the
time
to
to
come
here
and
and
discuss
it
with
everyone
and
and
keep
everyone
aware.
A
This
is
a
good
question
just
in
terms
of
organizational
structure
like
how
is
the
Dow
supposed
to
receive
a
legal
assessment
on
on
these
issues,
when
we
we
no
longer
have
the
the
core
units
and
the
Personnel
that
that
were
previously
performing
those
like
what's
an
acceptable
standard
and
yeah?
How
did
we
end
up
with
the
the
current
group
supporting
This
legal
assessment
seems
like
a
a
fair
thing
to
explore.
A
Because
then,
maybe
this
one
goes
for
the
delegates.
We
can
get
a
few
more
votes
in
there
like
you
know
how.
How
would
you
respond
to
to
essentially
someone
from
a
cluster?
So
someone
who
hasn't
been
voted
in
by
governance
posting
the
the
legal
assessment
for
maker,
like
what
are
the
things
that
come
to
your
mind?
Is
there
a
better
way
we
can
be
trying
to
present
this
information
to
to
you.
A
F
J
J
Think
where
we
want
to
go
to
is
very
specific
funding
with
a
very
tight
scope,
in
ideally
a
competitive
scenario
right,
so
right,
there's
an
Ask
by
the
dial
and
then
you
have
multiple
team
speeding,
but
in
the
meantime
even
I
think
we
come
forward
and
say,
like
hey,
there's
a
real
pain
Point.
Here
we
need
a
legal
opinion
on
MIP,
81
implementation.
We
actually
have
a
lawyer.
This
is
her
price.
J
D
I
I'm
certainly
not
involved,
I
sort
of
think
this
is
way
above
my
pay
grade
the
whole
design
of
how
this
has
been
been
set
up,
but
I
am
trying
to
capture
out
of
this
experience
the
feedback
and
channel
that
into
the
right
groups.
So,
actually
you
know
we
can
find
consensus
and
just
move
on
to
get
the
right
Talent
on
boarded.
D
K
Hey
guys,
it's
Frank
from
flip
flop,
flop,
delegate,
we're
supporting
this.
This
poll
here,
Meridian
cluster
I,
think
one
thing
that
we
must
remind
ourselves
is
that
the
landscape
of
digital
assets,
custody
of
digital
Assets
in
the
real
world
is
going
to
change
dramatically
in
the
next
24
months.
I
mean
you
don't
have
to
take
my
word
for
it
right.
You
can
take
a
look
at
some
of
the
centralized
parties,
their
leaderships.
K
What
they're
saying-
and
you
know
if
you
watch
a
lot
of
this
stuff
in
Davao
Switzerland
right
now,
a
lot
of
their
talk
is
based
around
you
know.
Unfortunately,
we
might
not
agree
with
it
here
in
D5,
but
regulation
right,
that's
coming
pending
regulation.
So
if
mkr
token
owners
are
supporting
the
ability
for
this
Dow
to
have
rwas
as
collateral
types,
we're
going
to
need
to
fund
some
of
this,
some
of
this
work
right
and
I
don't
have
the
right
answers,
how
it
should
be
done.
K
You
might
have
to
have
an
entire
team
to
kind
of
give
the
Dow
an
opinion
or
the
sub-dialed
opinion.
So
this
there's
just
a
huge
ecosystem.
That's
going
to
be
developed
here
a
little
by
little
and
it's
going
to
take
a
lot
more
than
500
000
die
to
to
fund
a
lot
of
this
stuff.
So
you
know
we're
we're
hopeful,
we're
positive
and
and
yeah
I
I
support
this
Viridian
cluster
and
what
it's
attempting
to
do.
K
I
have
a
lot
of
confidence
that
the
folks
who
are
behind
this
cluster
have
nothing
but
good
intentions
for
the
dial
maker
dial
Community.
If
I
didn't
think
that
trust
me
flip
flop,
flap
delegate
would
have
opposed
this,
but
I
urge
every
delegate
before
the
votes
to
go
out
there
and
demand
a
public
call.
You
know
if
you,
if
you
want
to
you,
know,
ask
for
a
Jeep
to
meet
you
on
a
Saturday
morning
record
it.
K
What
what
have
you
posted
on
the
on
the
Discord
and
say:
hey,
Rajiv
I'm,
joining
the
call
whatever
make
it
public
and
ask
them
what
you
want
if
for
div's?
Okay
with
that,
but
I
think
that
you
need
to
put
in
the
work
to
really
dissect
what
is
being
asked
here
and
and
what
the
the
reason
is
for
that
five
hundred
thousand
I
ask
but
yeah
yeah,
it's
just
a
commentary.
No,
no
questions.
A
A
People
still
think
are
falling
short
for
us
right,
because
we're
still
designing
this
in
motion,
particularly
the
transition
to
end
game.
So
if
you
feel
like
there
are
any
holes,
if
you're
a
person
who
might
get
left
behind
by
by
what
the
DLo
is
is
pitching
next
week
will
be
a
really
great
place
to
engage
and
talk
about
that
a
little
bit
so
huge
thanks
to
everyone
who
came
here
today.
We
appreciate,
obviously
all
your
time.
A
You
can
get
a
little
cheap
preview
for
next
week,
but
yeah
we'll
be
back
here
same
time
same
place.
Let's
keep
the
conversation
going
in
the
Forum
and
on
Discord
and
huge
thanks
to
the
Viridian
cluster
for
coming
out
and
spending.
So
much
of
their
time
with
us
here
today
say
thanks
folks
and
we'll
see
you
next
week.