►
From YouTube: Governance and Risk Meeting #122
Description
## Introduction
* @LongForWisdom: Hosting, Introduction, Agenda.
* @LongForWisdom: Adjusting Governance Call time
* @LongForWisdom: Governance over the winter holidays.
* @lucasmanuel: Announcement
## Weekly Updates
* Governance - @Gov-Facilitators
* Smart Contracts - @Smart-Contracts
* Oracles - @Oracles
* Risk - @Risk
* Community Development + Operational Support - @amyjung
* Collateral Calls - @juanjuan
* MIPs - @MIP-Editors
## Procedural
None.
## Segments
* @hexonaut: PSM Implementation Update
* @charlesstlouis: Collateral Onboarding Review
* @Guy: MakerDAO: Year in Review
## Discussion Topics
* Stablecoins and managing demand.
## Other Business
* General Q&A
* Final Reminders - Governance over the winter holidays.
## Links
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Forum: https://forum.makerdao.com/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
Governance and Community Events Calendar:
https://calendar.google.com/calendar?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20
A
A
I've
got
the
usual
sort
of
agenda
for
the
call
we'll
have
updates
from
the
major
groups,
and
we've
got
a
couple
of
segments
from
various
people
on
sort
of
a
year
in
review,
wrap
up
things,
so
it
should
be
good
to
get
to
a
little
bit.
Preamble
first
feel
free
to
interrupt
or
any
comments
or
questions
you're.
More
than
welcome
to
do
so
yeah
we'd
love
to
hear
from
you
so
feel
free
to
chat
all
right
cool.
A
So
a
couple
of
reminders,
I
guess
around
this
call
and
the
holidays.
So
first
of
all
in
januar
in
january,
we'll
be
adjusting
the
time
of
this
call
back
one
hour.
So
we'll
move
to
17
1700
utc.
I
think
that's
slightly
easier
to
make
for
people
in
the
u.s
east
coast
west
coast,
one
of
them,
because
I
think
this
goes
so
keep
an
eye
out
for
that
obviously
I'll
be
in
the
agenda.
A
Comes
into
the
second
point
in
that
this
will
be
the
last
call
of
the
year
for
the
next
two
weeks,
we're
gonna
sort
of
suspend
the
usual
governance
cycle,
given
the
holiday
periods-
and
I
think
a
lot
of
people
are
gonna
be
out
of
action,
so
it
makes
kind
of
makes
sense
to
call
it
for
those
two
weeks.
It
also
gives
them
a
break
which
is
kind
of
nice,
because.
A
C
As
confused
you're
referring
to
hi
everyone,
my
name
is
lucas.
I'm
on
the
smart
contract
steven
maker,
my
mandated
actor
as
well.
I
just
wanted
to
tell
everyone
that
tomorrow
will
be
my
last
day
at
the
maker
foundation
and
as
a
mandated
actor
had
a
great
time
working
here.
I
loved
working
here
and
and
learning
a
lot
from
all
of
you
guys
and
I
I
am
stepping
down
as
a
mandated
actor,
hopefully
in
the
future.
C
A
D
Yeah
I'll
say
something
well,
I
was
gonna
say
it
later,
but
yeah.
I
just
wanted
to
say
thank
you
lucas
for
everything
you've
done
for
the
project.
I
I'll
say
when
we
first
interviewed
lucas
I've.
I've
interviewed
a
lot
of
people
in
my
life
and
lucas.
I
walked
in
with
like
a
sort
of
playbook,
of
how
I
was
going
to
go
through
the
interview
with
lucas
and
he
had
already
had
like
all
the
multicollateral
die
code.
Up
like
he
was
like
running
simulations
through
it
and
stuff.
D
I
mean
he
just
like
he
blew
the
interview
out
of
the
water
and
didn't
didn't
fail
to
disappoint
after
we
hired
him
either.
So
you've
been
super
useful,
probably
a
bit
of
a
unicorn
when
it
comes
to
like
finding
somebody
that
like
joins
a
team
and
comes
up
to
speed
and
starts
working
on
stuff.
So
it's
a
it's
a
big
loss,
but
we
wish
you
the
best
in
your
future
endeavors,
and
I
hope
that
you
find
the
time
to
eventually
come
back
and
and
help
us
see.
C
C
A
Cool
all
right
thanks
guys.
Yes,
with
that,
let's
move
into
our
weekly
updates,
I'm
going
to
start
off
with
governance
and
go
on
to
the
glance
this
week.
Pros
11
has
given
me
a
hand
in
putting
this
together
and
we're
going
to
see
about
maybe
having
him
take
over
the
segment
in
the
future
and
for
the
time
being
I'll
just
go
through
the
actual
discussion
discussions
and
the
signal
requests
we've
had
in
the
last
week.
A
A
A
Let's
see,
we
had
a
threat
from
shane
pointing
to
a
shift
that
we've
recently
just
seen
or
just
informed
of
in
tusd
the
ownership
of
the.
I
think
I
mean
either
token
at
least
possibly
the
trust
token
company,
not
entirely
sure
so,
there's
some
discussion
going
on
there
and
we
can
maybe
discuss
this
a
little
bit
later.
If
we
have
time
because
I
know
a
couple
of
people
feel
strongly
about
it,
and
then
we
had
some
other
sort
of
discussions,
continuing
hex
notes.
A
All
right
otherwise
in
governance,
I
think
so.
I
talked
about
the
documenting
some
of
the
government's
parameters
on
and
off
over
the
last
few
weeks.
Those
documents
are
now
live.
They're
on
the
community
development
portal,
they'll
also
be
linked
to
from
relevant
polls,
meaning
that
hopefully,
for
users
that
are
voting
for
the
first
time
or
aren't
super
familiar
with
the
system.
They
can
understand
what,
for
example,
the
simulation
fee
as
the
debt
ceiling
is
like
the
the
dust
parameter
or
the
debt
flow
parameter
or
the
surplus
buffer.
A
Well,
maybe
not-
maybe
not
in
the
next
few
weeks,
but
in
the
new
year
regarding
some
of
the
new
things
we're
bringing
in,
for
example,
the
psm
and
the
dc.
I
am
had
a
couple
of
people
asking
how
the
debt
ceiling
is
internet
access,
module
works
under
the
hood
and
what
the
what
the
gap
parameter
means
specifically,
so
I
think
documenting
that
will
be
useful
all
right.
D
The
yeti
for
something
a
little
more
appropriate,
so
smart
contract
steam
update
for
last
week.
We
finally
saw
the
ds
chief
1.2
activated,
which
was
great
so
it
launched
my
my
palms
have
officially
stopped
sweating,
simply
not
just
because
we
launched
it,
but
also
because
we
put
the
first
executive
through
it.
So
we
know
that
it's
totally
working,
so
that
was
you
know
something
that
was
a
little
bit
unnerving,
but
I
can
talk
about
it
now,
since
we're
past
it.
So
so.
D
Last
week
the
executive
included
the
dc
auto
line
for
fb
and
it
included
uni
and
ren
btc
as
collateral
types
as
well
as
some
number
of
changes.
I
think
we
set
stable
coins
to
zero
and
we
added
a
like
an
oracle
approval,
for
I
think
wi-fi
is
proxy,
so
there
were
a
bunch
of
stuff
in
there
and
and
all
of
that
went
through
and
passed,
which
is
great
and
and
then
so.
D
For
this
week
we've
been
working
on
ave,
uni
v2
die
flp
tokens
and
mip
21,
which
is
real
world
assets.
So
to
so
on
that
news
I
mean
this
is
this-
has
been
a
pretty
a
pretty
difficult
executive
to
try
and
get
through
there's
one.
I
think
it's
partly
because
it
came
on
the
heels
of
a
major
executive
from
last
week.
So
we
had
to
start
late
on
this
one
and
two
just
because
you
know
even
like
with
the
ave
edition.
D
I'm
sure
everyone
saw
the
the
smart
contract
bug
that
they
had
in
their
token,
so
that
that's
a
little
interviewing.
The
lp
tokens
require
a
huge
oracle
code
update
in
order
to
work
and
that's
been
a
little
bit
non-standard
for
us,
and
so
that
process
is
taking
a
bit
longer
and
well
will,
and
I
have
been
working
on
mip
21
and
I
I
regret
to
to
say
that
I
think
we're
gonna
have
to
push
mip
21
off
to
the
next
cycle.
D
We're
just
not
finished
on
rip21,
so
I'm
still
sort
of
got
some
of
the
deploy
stuff
working
and
we're
still
working
on
the
test,
but
it
needs.
It
still
needs
a
sort
of
big
kind
of
final
review
and
there's
a
number
of
tests
that
we
still
need
to
complete.
So
it's
just
not
quite
ready
this
week,
but
I'm
pretty
confident
that
it'll
be
ready
for
the
first
round
of
executives
next
year.
D
Sorry
to
everyone,
who's
been
pushing
on
that
really
hard,
but
this
one
slipped.
So
we
still
have
the
dss
executive
pin
review.
Not
none
of
us
have
looked
at
it
yet,
although
I
think
we're
gonna
switch
to
using
that
next
year,
so
that'll
probably
happen
first
thing
before
we
do
any
like
additional
collateral
deployments.
D
D
A
F
If
if
the
fee
is
turned
on
it,
siphons
off
like
0.05
percent,
which
we
we
kind
of,
had
it
back
and
forth
for
a
little
while,
if
it's
even
worth
kind
of
implementing
this,
this
this
point
five
percent
thing,
because
it
really
doesn't
even
when
the
fee
is
turned
on
it.
It
has
such
a
minimal
effect.
On
the
lp
token
price,
that
the
much
more
relevant
thing
right
is
the
fact
that
you
know
you
in
an
osm
like
environment
right
where
you
have
the
one
hour
kind
of
oracle
security
module
delay.
F
Ultimately,
we
kind
of
did
settle
in
the
direction
of
like
correctness,
so
we
we
did
end
up
implementing
it
but
which,
to
to
an
extent
is,
is
not
ideal
because
we,
usually
we
want
to
code,
freeze
things
kind
of
a
while
before
we
we
put
them
into
production,
but
the
change
is
is
fairly
minor.
It's
basically
just
like
an
if
kind
of
branch
off
of
the
regular
kind
of
happy
path,
so
it
it
should
probably
be
fine.
F
F
So
not
only
do
we
have
right
the
regular
collateral
risk,
but
now
we
have
kind
of
significant
smart
contract
risk
and
and
that
smart
contract
risk
right
is
not
you
know
we,
it's
not
like
it's
a
surprise
to
us
right.
We
we
knew
going
in
that
that
this
would
be
the
case
and
hence
why
the
the
debt
ceiling
why
we
recommended
that
the
debt
ceiling
should
be
fairly
low
to
start
right.
F
F
So
if
there's
some
high
liquidity
pairs
there
as
well,
this
this
all
translates
over,
but
at
least
to
start
with
we'll
have
kind
of
the
debt
ceiling
really
crippled
for
the
first
one,
and
in
effect
this
will
just
act
kind
of
like
a
a
bounty
almost
right.
So
if,
if
there
is
some
kind
of
exploit
in
the
oracle
contract
right,
someone
should
go
and
exploit
it
right
and
we
we
can
only
kind
of
lose
up
to
up
to
the
the
debt
ceiling
yeah.
F
G
So,
in
regards
to
collateral
evaluations,
so
far
we
managed
to
perform
all
of
the
evaluations
that
were
planned.
Tbtc
is
still
missing,
but
it's
actually
currently
in
final
review,
so
it
should
be
actually
released
soon.
We're
also
looking
into
collateral
priority
spreadsheet,
to
decide
on
which
assets
to
evaluate
next.
G
It
seems
that
the
highest
ranked
collaterals
are
liquidity
mining
based
tokens,
but
this
probably
means
we
should
first
have
yield
farming
feature
implemented
if
you
truly
want
to
attract
some
demand
this
for
this
kind
of
collateral-
and
this
is
why
we
started
working
more
intensively
on
c
usdc
crop
join
risk
assessment,
we're
actually
currently
making
simulations
on
on
the
parameters
that
were
already
proposed
for
csdc,
particularly,
how
would
you
know
10
stability,
fee
or
110
liquidation
ratio?
How
would
this
play
out
once
we
start
supplying?
G
G
So
this
should
be
somehow
mitigated,
but
I
personally
also
think
that
there's
no
no
real
reason
to
rush
at
this
point,
because
we
still
might
see
some
of
those
worlds
unwind
on
their
own,
although
I
still
think
we
need
it's
worth
having
a
discussion
about
how
we
could
potentially
reduce
exposure
to
to
the
usd
and
prepare
some
kind
of
plan.
You
know
whether
having
some
kind
of
control,
liquidations
or
selling
correct
or
selling
collateral
directly
by
the
protocol
remains
to
be
seen
and
yeah.
G
Finally,
in
regards
to
our
other
work,
we
are
lately
working
also
on
improving
our
valued
risk
models
which
are
actually
being
improved
to
start
start
accounting
for
correlations
between
collateral
assets.
That's
something
that
we
actually
missed
in
the
past,
and
this
should
provide
governance,
a
good
input
to
start
assessing
how
well
the
current
surplus
buffer
actually
protects
us
against
certain
televisions,
and
we
got
really
huge
help
from
andy
who
is
another
known
member
from
forums.
G
Additionally,
there
was
also
one
one
other
nice
tool
released
this
week
by
another
community
member
buff,
I
think,
is
his
name
and
the
tool
he
developed
is
really
cool.
It
provides
monitoring
of
the
liquidity
and
I
flows
between
larger
addresses
that
he
was
able
to
whitelist
and
yeah.
It
basically
helps
us
as
the
state-of-the-markets
and
I
buy
holdings.
G
G
A
G
We
do
I
mean
we
do
measure
liquidity
and
assess
the
risk
premiums
on
debt
ceilings.
If
this
was
the
question.
So
when
we
did
the
the
late
setting,
we
actually
published
the
dashboard,
the
the
spreadsheet,
where
risk
agreements
were
updated
on
dev
ceilings
and
we
plan
to
do
this.
I
think,
on
a
monthly
basis
and
yeah
provide
some
propose
some
changes
to
specifically
debt
ceilings
and
interest
rates,
but
other
than
that
yeah.
It's
just
a
regular
uncollateral
onboarding
process
or,
if
there's
something
urgent
of
the
sensors.
G
G
So
the
plan
is
to
reduce
the
depth
ceilings
on
current
stablecoin
volts
to
zero
right
and
then
the
psm
depth
c
link,
which
will
include
initially
only
usdc
has
a
debt
ceiling
of
500
million,
which
was
voted
and
then
I
mean
sam
should
should
comment
on
it.
But
the
idea
was
to
just
start
with
usdc,
but
then
next
year
we
start
to
implement.
G
B
H
So
I'm
going
to
be
putting
together,
the
community
run
executive
and
the
idea
is
to
deploy
them
both
at
the
same
time,
but
have
the
portal
lists
the
regular
executive
done
by
the
maker
foundation
on
friday
as
normal?
Wait
till
that
one
passes
and
then
add
the
psm
executive
so
included
in
that
psm
executive
is
also
the
changes
to
the
debt
ceiling.
So
most
all
the
stable
coins,
except
for
usdt
and
the
usdc
b
vault
will
be
going
to
zero
and
the
psm
will
be
added
with
the
500
million
debt
ceiling.
H
H
C
H
C
I
A
A
A
J
J
So
one
of
the
great
things
is,
we
had
some
really
great
calls.
This
year,
community
collateral
calls
that
juan
has
been
running.
We
have
community
calls
that
david
and
actually
like
extended
hosts,
have
been
running
and
then
obviously
these
governance
and
risk
calls,
and
then
we
have
the
community-
that's
been
creating
maker
relays
which
are
summaries
of
all
the
different
activities
and
governance
for
governance
to
see
we
had.
J
J
That
goes
happening
happens
in
governance,
but
it's
very
rare
that
we
actually
see
what
kind
of
activities
I
did
a
little
digging
through
and
starting
with
how
many
likes
we
had
25
900
total
likes,
so
everyone's
participating
in
in
posts
that
they
they're
liking
and
one
of
the
things
is.
This
is
a
total.
The
total
user
daily
visit.
J
It's
a
long-winded
word
of
saying
every
day,
the
number
of
users
that
are
visiting,
so
it's
at
a
whopping
37k
and
that's
up
800
and
582
from
last
year,
which
is
awesome
and
the
exciting
thing
is
the
new
user
sign
ups.
So
people
who
created
new
accounts,
we
only
had
484
last
year,
and
this
year
we
had
a
thousand
seven
hundred,
which
is
up
three
hundred
and
fifty
percent.
J
J
So
these
are
just
like
some
brief
overviews.
I
want
to
leave
just
with
some
fun
statistics
I'll
be
doing
kind
of
a
wrap
up
that
I'll
share
in
the
forum,
but
thank
you
to
everyone.
Who's
been
contributing
to
the
community
members
to
to
to
long
for
wisdom,
the
government's
facilitator
for
managing
the
craziness
of
the
forum
as
well
and
onward
for
next
year.
It's
going
to
be
great,
that's
it.
A
Yeah
thanks
amy
yeah,
I
will
just
say,
there's
a
slightly
terrifying
numbers
from
my
perspective,
it's
the
person
who
has
to
moderate
the
forum
so
if
anybody's
interesting
or
interested
in
foreign
moderation
as
a
role
going
forward,
let
me
know
but
yeah.
I
think
we've
definitely
seen
seen
some
growth
over
the
last
year.
A
K
Yeah
absolutely
so.
Yesterday
we
had
the
last
collateral
call
of
the
of
the
year.
We
did
the
wrap-up
for
for
real-world
assets,
I'm
going
to
to
post
the
link
in
the
in
the
chat
in
a
second,
but
we
basically
had
three
asset
originators,
so
it
was
harvard
trade
credit,
people's
company
and
for
tuna
five,
the
three
of
them
are
working
with
centrifuge
to
to
bring
real
world
assets
into
the
into
the
blockchain.
So
it
was
quite
quite
interesting.
K
Unfortunately,
we
did
not
have
enough
time
to
explore
each
project
in
depth,
so
I
don't
know-
maybe
we'll
have
to
invite
them
next
year
to
do
a
more
specific
for
each
one
of
them
session,
but
yeah
the
the
youtube
video
is
already
online
and
me
posted
it.
Thanks
for
that
yeah.
The
other
thing
that
I
wanted
to
to
comment
on
was
a
little
bit.
What
amy
already
said.
I
think
we
had
around
30
projects
presenting
so
it
was
looking
back
it
was.
It
was
a
little
bit.
K
It
was
quite
rewarding.
To
be
honest,
I
wasn't
expecting
that
too
much
when,
when
I
started
getting
a
little
bit
more
involved
into
maker
and
yeah,
I
think
that
people
here
are
too
smart
and
and
hence
too
humble
to
to
say
it.
So
I
guess
that
I'll
have
to
say,
but
it's
it's
been
a
pleasure
getting
to
know
a
lot
of
you
more
and
seeing
your
work.
It's
been.
K
It's
been
really
really
good,
I'm
not
going
to
start
giving
out
names
because
I
don't
know,
there's
a
good
at
least
15
to
25
people
that
I've
been
enjoying
working
with
and
and
seeing
your
point
of
views
in
different
meetings.
So
it's
been
great,
so
yeah.
Thank
you
for
for
that,
how's
that
for
a
speech,
long.
A
A
A
B
B
B
So
the
smart,
the
governance
contract
redesign,
the
psm
of
course,
and
30
the
farmable
cosd
adapter
crop
join,
and
we
have
the
governance,
communications,
declarations
of
intent
and
if
it
were
to
pass,
it
would
display
the
intention
of
make
your
dow
2
on
board
or
welcome
a
proposal
from
a
governed
governance,
communications,
domain
team.
And
lastly,
we
have
the
maker
protocol
cover
with
nexus
mutual,
which
is
also
the
declarations
of
intent.
So,
if
that
passes
maker
would
welcome
my
proposal
for
nexus
mutual
to
cover
the
maker
protocol.
B
The
executive
vote
to
onboard
uni
and
wren
btc
went
live
on
december,
11th
last
friday
and
executed
on
the
14th,
adding
them
both
to
the
maker
protocol.
We
have
five
collateral
types
awaiting
an
executive
vote.
That's
the
rwa
one
aka
success
of
a
the
unit
swap
lps
for
usdc
and
eth
and
div,
and
then
packs
g
and,
as
the
other
domain
teams
mentioned,
we'll
be
seeing
the
executive
to
onboard
ave
and
uni
v2,
the
daif
lp
token
tomorrow
and
lastly,
we
have
the
community.
B
B
As
you
can
see,
we
had
e2b
wi-fi
balancer,
gsd
uni
run
bdc.
Oh,
I
repeated
uni
there
so
19
and
I'm
not
gonna
list
all
of
them.
But
it's
been
incredible
to
see
the
cloud
onboarding
process
just
evolved,
the
way
it
has
through
community
feedback
and
iteration
with
the
domain
teams,
and
it's
really
pleasing
to
see.
B
B
B
E
E
E
So
I've
just
dropped
a
link
in
to
our
annual
review
there,
which
is
much
more
detailed.
But
what
I'm
going
to
do
is
just
give.
Some
very
edited
highlights
bit
of
a
whistle
stop
tour
of
sort
of
developments
and
just
just
a
few
things
that
are
of
interest
as
a
whole
to
the
maker
ecosystem
and
a
few
that
are
of
particular
interest
to
governance.
E
E
E
But
one
of
these
sort
of
key
use
cases
we've
identified
is
that
die
is
a
really
attractive
currency
for
gamers
for
various
reasons
and
another
one
is
that
we
have
seen
die
gaining
traction
in
the
nft
space,
which
is
obviously
growing
extremely
fast
at
the
moment,
a
lot
of
digital
art
and
other
collectibles.
But
it's
it's
sort
of
carving
out
a
role
as
the
currency
for
the
digital
art
and
culture
market,
which
is
pretty
cool
coronavirus
pandemic.
E
Obviously,
that
brought
some
very
heavy
volatility
across
the
global
markets
in
march,
including
crypto,
and
that
market
downturn
served
to
prompt
a
number
of
community
discussions
around
various
improvements
to
the
maker
protocol,
which
have
come
about
in
the
following
months
and
will
continue.
But
there
have
been
a
few
sort
of
immediate
and
medium
term
changes,
so
the
liquidation
system
is
one
of
the
big
ones.
We
obviously
saw
liquidations
1.2
launched
in
september.
That
was
an
important
upgrade.
E
No,
I
I
haven't
had
time
to
time
to
prepare
any
visuals.
So
I'm
sorry
you
just
get
my
face
in
the
context
of
major
upgrades.
I
think
we
can
also
include
the
ds
chief
upgrade
that
we
saw
very
recently
to
mitigate
the
risks
of
flash
voting,
and
it's
also
worth
mentioning
the
voting
portal
upgrade,
which
obviously
made
it
so
a
lot
easier
for
for
people
to
vote
and
then
through
the
year.
This
process
of
decentralization
that
was
already
well
underway,
has
continued
and
accelerated.
E
Since
june
was
when
d5
option
really
started
to
accelerate
and
then
july
saw
that
spill
over
to
the
maker
protocol,
and
that's
when
we
saw
total
value,
locked
tvl
and
die
generation.
Really
take
off,
and
so
tvl
and
d5
has
increased
two
thousand
percent
this
year
and
the
big
milestone
for
dye
was
reached
five
weeks
ago,
when
the
amount
of
dye
reached
in
existence
reached
a
billion,
which
is
a
pretty
cool,
milestone
and
check
out
that
infographic
on
the
blog.
E
E
We
have
nine
times
more
collateral
types.
There
is
a
mistake
on
the
blog
which
I'm
going
to
get
them
to
update
because
we
finalized
that
text
before
that
last
vote
was
approved.
Tbl
is
up
almost
eight
times.
We
have
six
times
the
number
of
volts
and
last
one
is
that
the
number
of
integrations
has
almost
tripled.
A
A
A
A
Yeah,
so
a
couple
of
days
ago,
yeah,
two
days
ago,
shane
posted
a
thread
looking
to
an
announcement
from
the
tusd
team
talking
about
how
the
ownership
of
tsd
would
be
had
been
acquired
by
a
by
another
group
and
that
they
would
be
sort
of
taking
over
well,
I
said
taking
over
running
it.
Apparently
the
existing
team
is
gonna.
It's
gonna
stick
around
to
run
to
usd,
but
they'll
have
different
owners.
A
The
ceo
from
trust,
token
raphael
left
a
comment
in
the
forum
as
well
on
the
same
thread
and
sort
of
kind
of
reassuring
users
that
there
wouldn't
be
any
serious
changes
see
I
there
are
definitely
a
couple
of
comments
on
that
thread.
So
if
anyone
has
thoughts
or
wants
to
kick
off
a
discussion,
please
do.
H
Yeah,
just
if
we
do
want
to
take
the
route
of
unwinding
exposure,
there's
kind
of
two
ways
we
could
do
that
one.
We
could
wait
for
liquidations
2.0
and
just
turn
them
on
that
would
work.
Another
alternative
is
that
we
could
liquidate
the
current
tusd
vault
into
the
tusd
psm
when
we
add
that
in
and
and
then
maybe
set
the
t
out
fee
to
zero
percent
to
clear
it
out
as
fast
as
possible.
D
Yeah,
although
I
think
it
would
still
stay
on
the
books,
I
mean
there's,
probably
an
alternative
liquidation
where
we
create
a
custom
liquidator
that
can
be
called.
It
gets
it's
the
the
collateral
that
liquidator
then
cycles
it
on
the
market
for
something
like
usdc
or
gosd
or
pax
usd,
and
then
puts
that
into
the
psm,
getting
the
die
back
and
and
paying
the
position,
except.
D
A
Options
it's
worth,
I
think,
mentioning
that
that
any
option
that
involves
liquidating
all
the
vaults
in
the
tsd
thing
potentially
upsets
a
subset
of
users
right
like
like,
although
we
kind
of
assume
that
those
faults
have
been
abandoned,
and
presumably
some
of
them
probably
have
there's
a
good
chance
that
some
of
them
haven't
right
and
some
like,
especially
now
the
stability
pieces.
They
represent,
like
there's
a
good
chance
that
some
of
the
creatures
of
those
vaults
are
just
holding
them
and
waiting
for
it
die
to
decrease
below
one.
A
A
H
A
A
D
Yeah
I
mean
in
general,
I
think
what
we
should
probably
do
is
give
a
fair
amount
of
warning
and
create
just
a
custom
liquidator
in
the
next
year
that
you
know
lets
people
know.
Okay,
this
is
going
to
start
liquidating
people
and
as
it
liquidates
them,
it
just
moves
those
positions
over
into
the
psm.
They
can
top
up
or
pay
their
positions
down.
If
they
need
to.
I
think
that's
the
right
approach
and
it
lets
them
keep
their
short
position
if
they
want.
Otherwise,
they
have
to
you
know
payback,
but.
A
Yeah,
that's
a
good
point.
One
thing
like
I
mean
that
maybe
hasn't
been
discussed
is
like
I
mean
so
I
know
pretty
much
that
was
sort
of
you're
posting
that
threat
to
pretty
much
you
think
can
actually
impress
another
but
yeah
like
do
you
have
any
thoughts?
I
guess
on
this
issue
or
if
it
is
an
issue.
G
No,
I
just
I
just
thought
that
there's
no
need
to
rush
like
today,
but
you
know
we
need
a
plan.
I
could
personally
think
that
there
still
might
be
someone
whining.
You
know
I'm
just
looking
at
the
world's
date,
and
you
know:
10
million
out
of
50
million
10
million
volts
are
kind
of
in
positive
if
they
unwind
that
when
psome
psm
is
enabled
they
should
have
a
small
profit.
So
maybe
we
see
some
unwinding
and
the
second
point
is
it's.
G
You
know
it's
really
hard
to
judge
because
we
don't
know
who's
acquiring
this.
What's
going
to
happen,
but,
like
I
had
this
thought
that
if
somebody
starts
blacklisting
usd
at
maker
tomorrow,
you
know
the
whole
acquisition
becomes
worthless.
Like
you
know,
the
whole
usd
project
is
worthless,
so
maybe
not
not
as
worried,
but
of
course,
if
you
know
something
bad
happens,
we
need
a
plan
and
we
need
a
plan
before
it
happens,
say
I
agree
with
all
the
proposed
scenarios
like
we
could
do
it
differently.
G
G
We
can
actually
measure,
what's
going
to
be
the
cost
for
maker
and
what's
going
to
be
the
benefit
for
for
keepers
and
the
benefit's
going
to
be
higher
because
those
vaults
are,
you
know
they
still
have
some
additional
value
over
100
percent,
and
we
can
pretty
much
know.
You
know
if
we're
going
to
attract
people
to
to
beat
and
we
we're
going
to
know.
What's
our
what's
your
cost.
G
A
A
K
C
A
L
K
No,
I'm
I'm
half
joking,
but
but
for
sure
we
need
to
consider
these
things
and
have
a
plan
meep
or
not,
but
we
need
to
have
a
at
least
like
some
kind
of
guidelines
that
we
need
well.
We
know
that
it's
there
and
that
we
can
follow
whenever
this
happens,
but
yeah
brian
has
a
great
point
that
this
stable
coins
are
not
only
not
awesome
because
of
the
pr
non-benefits,
but
also
because
of
the
regulations
right
so
well.
This
might
be
a
good
time
to
start
thinking
about
it.
L
L
Look
at
cnbc
yesterday
and
look
at
the
person
who
was
head
of
the
new
york
federal
reserve,
glenn
hutchins
came
out
and
said:
stable
coins
are
exploding
and
will
continue
to
explode,
they're
great
mechanisms
for
transferring
of
money,
and
this
guy
used
to
run
the
federal
reserve
in
new
york.
He
was
on
cnbc
yesterday
in
the
morning
anyway.
I
just
wanted
to
let
everybody
know
that.
A
B
C
I
Yeah
I
mean
the
issue
with
stable
coins.
Is
it's
not
so
much
the
federal
government
or
any
government
authority
causing
it?
It's
that
circle
has
the
soul
and
absolute
authority
to
do
it
by
themselves
at
their
sole
discretion.
Now
they
do
have
recourse
and
people
have
recourse
if
they
do
that,
but
it
is
up
to
them
to
decide
to
do
that.
The
main
issue
greg
the
main.
If
you
something
like
that,
could
work.
The
challenge,
however,
would
be
you
have
you
know.
I
There's
the
deposits
are
only
insured
up
to
x
amount
with
whatever
fdic
now
there's
another
aspect
to
that.
The
next
follow-on,
which
is,
if
that
in
that
account,
had
an
investment
advisor
and
then
you
were
allowed
to
buy,
for
example,
u.s
treasuries
with
it
then
you've
you've
taken
it
one
step
further,
where
it's
backed
by
basically
u.s
treasuries.
At
that
point,
the
full
faith
and
credit
of
the
us
government.
C
Uniswap
lp
tokens
are
going
to
help
a
lot
too.
We
can
put
tokens
in
that
are
like
ustc
usdt
pairs
and
they're,
both
blacklistable
on
their
own,
it's
possible
that
the
uniswap
exchange
could
get
blacklisted,
but
we
can
still
extricate
the
tokens
from
our
system
and
they'll
be
dealt
with
the
greater
fifa
ecosystem.
H
Yeah,
I
see
sort
of
a
trend
too,
as
sort
of
protocols
keep
building
on
top
of
each
other.
This
blacklist
wrist
it's
gonna,
either
turn
into
you
blacklist
all
of
d5
or
and
less
about
like
blacklisting
individual
addresses
so
like
circle
will
probably
not
want
to
like
just
ax,
all
their
all
defy
usdc,
and
so
I
think
we
have
some.
We
either
all
go
down
together
or
we
all
don't
it's
pretty
bad
like
that
would
be
like
a
death
sentence
for
their
currency.
H
I
Oh
they've
already
done
it
once
or
twice.
You
know
under
probably
totally
justified
circumstances,
and
there
are
mechanisms
I
mean
the
whole
avenue
for
putting
forth
real
world
assets
is
explicitly
to
help
offset
stable
coins.
I
mean
one
of
the
benefits
of
doing
this
kind
of
psm
model
in
general.
Is
we're
going
to
know?
This
is
how
much
we
need
to
displace
constantly
we'll
know
with
precision.
D
K
Yeah
sorry
chris,
I
was
gonna
say
I
think
greg
brought
up
really
good
points
on
the
on
the
forum
about
the
the
custody
of
the
usd
changing
and
the
trustees
for
the
banking
relationships
and
then
the
if
the
black
listing
function
is
going
to
go
towards
the
so-called
consortium
and
yeah
the
date.
The
date
is
probably
what
should
give
us
a
sense
of
urgency
or
not.
C
I
mean
makeup
maker
is
a
risk
protocol
right
like
we.
Every
token
that
we
take
on
gives
us
some
amount
of
risk,
and
the
idea
is
that
we
offset
that
with
the
stability
fees.
That's
the
insurance
premium
right
I
mean
we
might
decide
that
tusd,
the
the
risk
premium
is
too
high
for
anyone
to
actually
use
it,
and
then
maybe
at
that
point
then
we
do
have
to
do
list
it,
but
I
don't
think
I
don't
think
like.
We
should
completely
throw
this
thing
out.
I
I
mean
I
would
go
one
step
further.
I
mean
like
if
we
just
take
the
corollary
of
the
central
bank
to
a
banking
model,
banks
aren't
allowed
to
change
hands
without
previously
giving
consent
or
even
receiving
consent
from
a
central
bank.
In
this
context,
it
happened
without
the
consent.
It's
not
because
we
we
have
no
way
to
demand
that
consent
right
now.
I
But
in
parallel
to
that
I
mean
I
I
would.
My
personal
vote
would
be
to
lower
the
debt
ceiling
immediately
to
inhibit
taking
on
additional
risk
until
we
quantify
that
in
parallel
to
potentially
having
to
raise
the
stability
fee.
But,
like
you
mentioned
earlier,
if
the
stability,
if
the,
if
the
tusd
that's
outstanding,
is
or
potentially
already
under
water,
it's
more
of
just
potentially
limiting
the
damage
as
much
as
possible.
A
I
C
A
C
Think
about
that,
if
they
stay
on
the
consortium,
I
know
they
invested
in
tusd
a
few
others.
If
that
would
be
a
plus
sign
and
what
is
their
thinking
behind
going
to
tron,
I
mean
it
would
be
nice
to
know.
Are
they
doing
it
because
they
just
don't
see
the
scalability
in
ethereum
and
they
want
to
go
to
tron
and
maybe
they're
going.
A
C
E
C
I
don't
think
I
wouldn't
I
wouldn't
really.
I
wouldn't
really
weigh
that
much
to
be
honest
because,
like
most
of
these
vc
funds
like
don't
actively
manage
your
portfolio
and
certainly
like,
if
they
write
off
a
project,
they
wouldn't
care
about
even
necessarily
trying
to
sell
it.
Of
course,
maybe
they
would,
but
I
mean
I
don't
know
I've
just
because
of
a
certain
receive
fund
sells
or
doesn't
sell.
I
mean
they've
done
a
bunch
of
other
bad
investments,
I'm
like
generally
like
vcs
and
then
and
then
still
own
these
tokens
right.
A
A
Okay,
well,
no
one's
no
one's
shouting
over
me,
so
I'll
just
go
through
your
last
couple.
Few
reminders
again:
maybe
this
meeting
won't
happen
next
week.
There
won't
be
any
governance.
There
aren't
any
weekly
governance
actions
either.
So
no
polls
no
executives
and
with
the
exception
of
the
the
psm
executive
being
managed
by
sam
and
then
again
when
this
call
comes
back
in
the
new
year,
it
will
be
at
the
slightly
later
time
of
1700
us
utc,
not
usd
we're
talking
too
much
about
everyone.