►
From YouTube: Governance and Risk Meeting: Ep. 75
Description
Please join us and help shape the future of the MakerDAO.
Agenda
- 00:00: Intro with Rich Brown
- 03:18: Recap of Forum Topics with LongForWisdom
- 04:30: Discussion about the Maker Protocol's role and response for ETH Forks
- 32:54: Oracles and Governance with Nik Kunkel
- 01:12:09: State of the Pegs with Vishesh
- 01:19:12: Migration Analysis with Primoz
Links
- [Video/Voice](https://zoom.us/j/697074715)
- [Dial-in](https://zoom.us/u/acRbIMDvK)
- [Calendar](https://calendar.google.com/calendar/embed?src=makerdao.com_3efhm2ghipksegl009ktniomdk@group.calendar.google.com&ctz=America/Los_Angeles)
A
Hello,
everyone
welcome
to
the
February
27th
edition
of
the
scientific
governance
and
risk
meeting.
My
name
is
Richard
Brown
I
am
the
head
of
Community,
Development
and
maker
down
and
I'm,
also
the
interim
government's
facilitator,
which
is
why
I
am
facilitating
governments.
Today
we
have,
we
were
just
talking
before
Budapest
record,
we're
talking
about
all
threads
and
picking
up
those
little
threads
and
one
of
those
whole
threads.
Sorry,
Nick
I,
don't
know,
there's
a
fluttering
analogy,
but
Nick
is
one
of
our
old
threads.
A
So
that's
going
to
be
a
long
path
to
lock
down,
but
Nick
is
going
to
give
us
a
bit
of
a
level
set
today.
We
cap
some
of
the
previous
conversations.
We've
had
and
then
talk
a
bit
about
what
the
future
might
hold
and
I've
heard
that
he's
going
to
do
some
close-up
magic
as
well,
and
maybe
ask
it
I,
don't
know
so.
There's
been
a
lot
of
rumors
that
this
is
going
to
be
one
of
the
most
amazing
predictions
a
little
time
so
I'm.
A
Looking
for
that,
thanks
Nick
we're
also
going
to
talk
to
risk
today
state
of
migration,
which
is
an
interesting
thing
that
we
need
to
keep
our
eyes
on
as
well.
This
is
there's
a
risk
here
that
we
begin
to
accept
the
new
normal
and
that's
another
meme
that
we've
been
talking
about
in
these
calls
in
the
past.
A
Where
we've
we
do
something
and
because
we've
been
doing
something
we
just
keep
on
doing
it
and
it's
important
that
we
reevaluate,
where
we're
at
and
what
what
the
strategic
goals
are
in
in
protocol
and
in
our
government
ecosystem
in
the
risk
world
as
well.
Migration
is
an
example,
one
of
those
things.
Migration,
presumably
has
a
beginning
a
middle
and
an
end,
and
we
need
to
keep
our
eyes
on
what,
where.
A
A
Walker
Wilson
will
give
us
a
brief
tour
of
governance
appliance
to
because
we
cannot
under
state
oprah's.
We
cannot
overstate
the
importance
of
the
forums
when
it
comes
to
governments.
That's
where
governess
happens.
That's
where
the
debates
live.
That's
where
consensus
is
reached.
That's
where
signals
get
generated
so
for
wisdom
will
give
us
a
tour
of
what's
been
happening
there
and
actually,
maybe
maybe
we
should
start
off
with
that,
because
I
have
a
feeling
that
Oracle's
will
raise
some
questions,
and
so
maybe
we
should
dig
into
that
closer
to
the
Q&A
session.
C
Cool
all
right,
so
I
think
it's
been
like
this
weeks,
but
a
little
bit
quieter
than
the
last
week,
considering
everything
that
went
on
so
that's
kinda.
Nice
still,
a
few
actual
discussions,
though
so
the
first
of
which
highlights
is
the
source
created,
which
kind
of
asked
whether
make
a
government
should
get
involved
in
in
aetherium
hard
forks
and
if
so,
to
what
extent.
D
As
mariano
mentioned
in
the
chat,
I
think
there's
there's
too
separate
discussions
we
had
here.
One
is
one
is
just
does
make
her
want
to
throw
support
to
one
train
or
another,
but
then
probably
more
critically.
Is
that
just
having
a
contingency
plan
for
whatever
chain
does
wing
if
the
community
is,
is
aligned
on
kind
of
what
happens
next?.
C
D
I
think
people
just
automatically
assume
that
maker
has
to
choose
one
fork
or
another,
but
conceivably
maker
would
want
to
operate
on
both
worlds.
For
at
least
a
little
bit
at
which
point
is
that
rich,
you
would
have
to
manage
or
you'd
have,
to
manage
two
dies
in
to
size
and
but
yeah
I
mean
I
mean
this
is
kind
of
the
question
that
I
guess
I'm,
not
100%,
sure
myself,
but
I
mean,
depending
on
Oracle's
and
modes
and
shut
down.
Everything
like
is
there
some
reason
why
make
her
could
not
complain.
A
Looks
we
have
collateral
in
the
system
right
and
if
that
collateral,
suddenly
overnight,
it
gets
split
into
good
collateral
and
bad
collateral,
or
that
level
of
uncertainty
like
even
with
crypto
collateral,
if
it's
messy,
but
what
happens
with
there's
real-world
collateral
in
the
system
like
he
real-world
collateral
doesn't
get
to
X
because
there's
a
fork
I,
don't
even
I
can't
even
imagine
what
the
managing
monetary
policy
on
a
portfolio
that
may
or
may
not
have.
Any
value
at
all
would
look
like
waiting
from
a
risk
perspective.
F
Obviously,
technically
what
will
happen
once
there's
a
fork
like
right,
like?
Will
the
oracles
work
right
away?
Will
there
be
like
massive
liquidations,
like
there's
all
kind
of
like
these
technical
considerations,
for
if
a
hard
work
were
to
happen?
What
exactly
would
happen?
You
know
cuz,
everybody
would
have
one
double
die,
die
die
balances,
then
the
new
for,
but
you
know
die,
might
not
get
all
or
Etha
won't
have
a
clear
price,
at
least
for
the
first
very
beginning
of
it
right.
So
it's
like
that's
another
consideration.
That's.
A
A
great
point:
that's
something
that
we
touched
on
the
camera,
what
it
was
whatever
the
last
stupid
for
discussions
all
been,
but
you
can't
just
double
the
infrastructure.
So
what
happens?
Everybody
who
has
a
front
end
just
doubles.
Their
front
ends
some
XR
fingers
and
that's
it.
They
have
double
the
tooling.
It's
not
gonna
happen
like
double.
It
takes
people
hours
to
make
all
this
stuff
work,
can't
2x
people,
you
can
2
X
infrastructure.
You
can
2
X
collateral
because
somebody
decided
they
wanted
to
do
it.
E
Hey
I
think
there
is
a
framework
for
like
the
most
important
parts
of
the
ecosystem.
Right
like
as
a
fork
comes
along
like
assuming
it's
fork.
You
want
to
know
that
the
hash
powers
there's
the
chain
has
it's
somewhat
security
and
then,
if
there
like
stakeholders,
you
kind
of
want
to
hear
from
them
too.
So
if
there's
like
a
lot
more
clear
signal,
moving
in
one
direction,
that
might
be
a
little
bit
more
of
a
sure
thing
that
makes
sense,
but
yeah.
A
Yeah,
it's
it's
probably
the
biggest
can
of
worms
conceivable.
They
I
think
one
of
the
things
that
the
ecosystem
has
to
accept
is
that,
like
I
touched
on
before
it's,
it's
not
like
the
olden
days
where
you
just
had
a
chain
and
some
tokens
that
had
some
kind
of
theoretical
future
value
and
who
cares
you
fork
and
then
magically
people
have
twice
the
tokens
for
a
that's
another
worst
thing
that
could
ever
happen,
but
we
don't
live
in
that
world.
A
Anyone
we
live
in
the
world
where
people
were
there's
businesses
and
ecosystems,
and
dependency
chains
and
money
jenga's
and
are
attached
to
this
stuff
and
ripping
out
the
tablecloth
and
hoping
that
all
the
plates
stay
in
the
same
spot.
It's
a
seems
nice,
but
anyways,
yeah,
I,
don't
know.
There's
it's
an
interesting
discussion
in
the
forms
that
it
takes.
It's
gonna
take
an
ecosystem
to
align
for
any
of
this
stuff
to
make
sense
of
it.
It's
no.
B
A
C
C
E
One
thing
I'm
on
topic
that
came
up
in
the
chat
which
I
hadn't
considered
before
but
Chris
had
brought
up
and
it's
a
bit
of
a
nightmare
there's
a
kind
of
griefing
attack.
If
we
do
experience
of
work
because
we
have
the
emergency
shutdown
trigger.
So
if
someone
gonna
take
50km
care
for
anyone
on
either
fork
to
shut
the
system
down,
so
even
if
we
think
there's
about
to
be
a
fork,
maybe
we
can
raise
that
limit.
E
C
E
This
is
ritual
person,
I'm
kind
of
trying
to
step
aside
from
the
prog
pal
discussion.
If
there
were
a
fork,
I
think
Richard
just
points.
In
fact,
I
like
we
can't
look
through
the
finances
and
the
coin
basis
to
like
be
an
authority
on
this,
but
I'm
trying
to
get
a
good
feel
for
whether
other
protocols
are
looking
to
make
her
and
like.
Is
that
one
like
legitimate
into
like?
A
Well,
I
think
that
you've
kind
of
hit
the
nail
on
the
head
right
like
this.
Is
we
live
in
a
different
world
than
in
the
olden
days
of
last
year
or
whatever
it
takes
a
village
to
make
this
defy
ecosystem
work?
And
that's
precisely
what
it's
all
about?
It's
we
have.
We
have
such
a
populous
and
vibrant
village
that
it's
almost
impossible
to
figure
out
what
who's
doing
what
and
where
the
linchpins
are,
what
the
primary
prime
movers
are
in
this
ecosystem.
So
I
don't
know
I'm,
not
a
deep
thinker.
Surprisingly.
A
Well,
maybe
not
surprising,
that's
right,
another
deep
thinker
when
it
comes
to
that
what
it
means
to
do
crypto
and
aetherium
and
define
all
of
us.
But
from
my
uneducated
perspective
this
they
would
take
a
coordinated
effort
across
every
major
stakeholder
and
I.
Don't
even
know
what
the
stakeholders
are.
Anyone
there'd
have
to
be
some
significant
alignment
also
just
be
chaos
and
you're
just
forking
and
then
waiting
to
see
which
one
wins.
I
can't
imagine
that
kind
of
murkiness
there
would
have
to
be
some
kind
of
decision
up
front.
Some
alignment.
A
B
A
Voice
and
sovereignty
and
everything-
or
these
are
all
the
core
principles,
but
when
things
get
crazy,
we're
like
oh,
my
god,
who's
gonna,
say
this,
which
one
of
the
big
projects
they're
going
to
tell
us
what
to
do
and
I
don't
know.
If
that's
going
to
be
a
world,
that's
not
the
world
that
we
live
in
anymore,
that
the
number
of
people
that
need
to
align
in
the
number
of
stakeholders
and
number
of
projects
and
the
Rakata
partners
and
number
of
funds
and
number
of
miners
and
devs
all
arrested
yeah.
A
It's
a
it's
a
impossible
to
predict
and
be
dangerous
to
speculate
on.
So
that
kind
of
puts
us
in
a
really
uncomfortable
position.
So
it
has
to
be
led,
I,
think
from
a
grassroots
level
or
at
least
a
preferably
India
grassroots
initiative.
Some
group
of
agnostic
individuals
across
all
kinds
of
projects
and
orgs,
representing
all
the
different
stakeholders,
have
gotten
together
and
debated
a
bunch
of
things,
but
it's
like
the
no
1
chord
or
protocol
or
project
is
capable
of
setting
this
kind
of
direction
for
the
recipe
consistent
and
I.
Think
we've
sound.
A
We
one
of
the
lessons
we
can
derive
from
this
is
that
not
only
can
is
there
no
one
or
the
developed
the
devs
can't
even
do
it
anymore,
because
we've
seen
the
level
of
contention
there
coming
out
of
this
one.
These
decisions
don't
get
to
be
made
by
secret
communities.
Anyone
so
I
can't
I
can't
add
any
clarity.
It's
this
situation
is.
C
C
C
Cool
all
right,
so
a
nicer
discussion
this
week
was
so
Joshua
predict
in
the
last
week
posted
a
question
about
how
to
audit
executive
contract
codes.
Chris
Meany
very
helpfully
provided
a
guide
on
how
to
order
to
executive
contract
code,
and
so
it
suggests
for
people.
That's
own
maker
and
I
mean
ideal.
If
you
were
making
should
be
doing
that.
So,
if
you
ain't
make
I
would
suggest
you
read
that
group,
but
and
the
idea
of
what
what
spell
contracts
look
like
and
yeah.
C
C
Cool,
so
the
other
session
I
mean
as
highlights
is
that
ascent
of
huge
people
and
a
few
people
had
run
a
call
this
week
regarding
their
collateral,
token
or
potential
collateral
token
drop,
which
a
few
people
want.
It's
there's
a
video
up
on
YouTube,
it's
linked
in
in
the
thread,
and
so
anyone
who's
interested
in
collateral
loads
suggests
goes.
C
C
G
G
So
we
were
kind
of
debating
whether
to
launch
the
poll
with
three
options
and
like
some
considerations
involved
with
that,
so
ultimately
we
ended
up
just
doing
the
option
that
one
out
slightly
and
so
now
we're
left
for
the
question
you
know:
do
people
just
not
want
to
reduce
it
all
together
or
do
they
like
want
to
reduce
to
two
weeks,
and
it
just
wasn't
available
it's
hard
to
say
so,
a
new
thread
and
maybe
well.
This
is
there's
another
signal
thread.
G
That's
going
on
that
kind
of
spawned
out
of
this
is
I
kind
of
wanted
to
rank
choice.
Voting
for
this
particular
poll
such
that,
if
we
were
to
launch
it
with
three
choices-
and
it
was
first
past
the
post
like
like
it-
is
right
now-
then
it's
possible
that,
like
an
OU,
could
win
out,
even
though
the
majority
of
people
want
it
reduced
to
either
two
weeks
or
one
month.
So
this
is.
G
This
is
the
reason
we
launched
it
with
two
options,
but
the
ideal
situation
that
I
wanted
was
to
launch
it
with
three
options
and
to
have
a
ranked
choice.
You
could
pick
your
first
in
your
second
choice.
That
way
if
the
majority
wants
it
reduced,
but
you
know
there's
a
split
on
two
weeks
or
a
month,
then
you
would
still
get
a
winner
out
of
those
two,
so
that
pole
just
ended
actually,
and
most
people
seem
to
want
rank-choice
voting
as
an
option,
not.
F
A
A
G
So
I'm
hoping
some
somebody
who
works
on
the
governance
portal
could
maybe
weigh
in
on
this,
because
we
haven't
had
any
technical
person.
I
wrote
out
a
implementation
that
I
think
would
work
without
much
code
change
and
so
yeah.
The
poll
ended.
People
seem
to
want
rank-choice
voting
as
an
option
if
it's
available,
so
yeah
it'd
be
nice
to
get
some
feedback
on
that
from
tech
person.
A
Yeah,
that's
another
interesting
I
think
he
touched
on
it
in
the
thread,
or
somebody
else
did
is
that
we
talked
about.
Historically,
we
talked
about
Cadence's
and
rates
and
thresholds
and
principles,
and
then
stuff.
This
is
gonna,
be
one
of
the
first
signals
that
would
require
development
and
thanks
Sam
for
your
digging
into
the
feasibility
of
that
ahead
of
time.
Think
it's
going
to
be
a
situation.
We're
gonna
run
into
eventually
like
this.
One
happily
seems
to
be.
A
G
Yeah,
so
another
piece
of
the
the
voting
is
so
the
I
think
this
is
actually
the
first
yes/no
question.
That's
actually
failed,
so
there's
a
milestone
for
that
yeah,
so
I'm
left
I'm
left
being
curious.
Why
did
these
people
not
want
it
to
pass?
So
we
don't
really
have
an
easy
way
to
determine
that
right
now,
most
they
opt
into
hopping
on
the
forums.
A
That's
that's
something.
We've
been
talking
about
a
lot
as
well.
We
know
if
crypto
kind
of
turns
things
on
its
head,
we
in
the
real
world.
We
know
why
people
do
things,
because
people
would
just
endlessly
talk
about
it.
We
don't
know
what
they
did,
because
those
things
are
generally
sandbox
are
hidden
behind
firewalls
in
crypto.
We
know
what
people
did
exactly
what
they
did.
We
just
have
no
idea
why
they
did
it
frequently
because
it's
you
know
so
it's
it's
a
discussion
thread
this
worth
not
letting
go
of
is
how
do
we?
A
How
do
we
circle
back
afterwards,
because
this
also
touches
on
if
it
if
a
poll
doesn't
pass
or
an
executive
doesn't
pass?
Isn't
because
there
was
a
weak
executive,
because
there
was
poor
timing
because
there
was
a
holiday
or
is
it
because
the
community
chose
rationally
not
to
move
in
a
certain
direction?
A
Now,
if
we
hadn't
know
the
answer
that
question,
then
we
know
how
often
or
aggressively
signals
need
to
be
resurfaced
like
with
the
GSM
like
they
did
not
past
the
first
time,
because
it's
a
bad
idea
or
did
it
or
were
there
containing
variables
right.
So
we
saw
a
second
climate
passed
and
so
predicted.
Presumably
it
was
a
great
idea
and
it
needed
a
second
kick
at
the
can
and
but
figuring
that
out.
It
requires
a
gut
check
right
now.
A
G
E
Ya,
see
I,
don't
know
I.
My
my
caveat
to
that
is
I
think
that
rich
has
already
brought
up
the
context
of
user
friction.
Even
though
it's
only
three
clicks
clicks
people
still
complained,
I
was
going
to
sort
of
preach
the
topic
of
maybe
taking
a
step
back
and
thinking
about
how
to
incentivize
that
signaling
right,
because
on
the
surface
layer,
it's
like
oh
yeah,
just
tell
us
why,
but
deeper
than
that
is
like
you
doxing
yourself
for
explaining
that
you're,
actually
wale,
etc
I
mean
we
could
see
it,
but
we
want
to.
A
C
A
Yeah,
just
like
good,
yes,
actually,
if
there
might
be
some
utility
that
really
cuz
it's
gonna,
be
it
would
be
purely
opt-in
nobody's
required
to
do
it,
but
it
would
give
people
a
voice
like,
presumably,
if
they're
dissenting
over
there
they'd
want
to
have
that
opportunity
to
refine
the
process.
So
maybe
maybe
those
those
people
who
said
no
to
the
one
month
or
you
know
huge
two-week
supporters,
but
we
know
we're
never
going
to
know
that
right.
A
F
A
F
A
E
It's
a
little
just
one
add
on
I'm
trying
to
think
about
there.
You
do
have
a
no
message
did
talk
about
the
fact
that
we
should
also
have
a
message
with
yes,
but
then,
what's
the
idea
of
like
using
that
feedback?
Is
it
just
to
pose
another
vote
that
would
be
more
amenable
to
the
people?
Who
said
no,
or
would
it
just
to
be
like?
Okay?
Now
we
know,
as
like
general
community
knowledge
going
forward,
I'm
not
sure,
like
what
actually
take
away
from
those
messages
would
be,
but
it's
kind
of
like
a
yes.
G
A
A
A
C
C
C
Yes,
so
I
was
gonna
just
make
sure
that
that's
so
some
of
you
may
know,
like
I'm
heading
up
several,
like
governor's
initiatives,
an
outpost
about
in
on
the
forum.
So
there
is
hopefully
a
vague
idea
of
what
I'm
actually
doing,
because
I
know
it
hasn't
been
super
previously
times.
Just
me
trying
to
be
more
transparent
about
what
is
going
on.
A
A
How
to
talk
about
that
and
promote
that
and
throw
some
light
on.
That
is
a
still
a
common
open
question.
So
thanks
for
taking
the
lead,
that's
see
how
it
develops
halfway
past
the
top
of
the
hour
and
I
really
want
to
see
the
magic
show
from
Nick,
so
maybe
we'll
Hannah,
dr.
Oracles
and
circle
back
with
risk.
After
next
presentation
is
going.
D
E
I
I
E
E
I
But,
okay:
okay,
let's
let's
not
waste
any
more
time
so,
like
I,
said
some
of
this
information
will
be
a
little
bit
of
a
repeat,
but
I
think
it
bears
repeating,
because
most
people
on
the
call
are
probably
not
aware
of
all
the
intricacies
about
Oracle's
and
you
know
where
we're
building
up
to
to
something
new.
So
it's
important
that
that
everyone
has
context
right.
I
I
So
Oracle's
are
just
data
suppliers
that
you
know
currently
in
blockchain,
land
they're,
frequently
used
to
obtain
the
prices
of
an
asset.
In
most
like
lateraled
I
write.
We
use
them
to
get
the
price
of
each
collateral
asset
and
you
know
to
determine
you
know:
how
much
is
the
user
allowed
to
borrow
right,
which
position
open
positions
are
under
collateralized
and
need
to
be
liquidated.
I
So
currently,
makers,
Oracle's,
are
kind
of
the
backbone
of
defy
I
would
say.
I
know
there
was
a
recent
news,
article
saying
you
know,
there's
over
a
billion
dollars,
you
know
locked
in
defy
and
I
kind
of
did
a
little
snooping
and
so
of
that,
like
billion
or
so
about,
750
million
of
that
is
secured
by
our
Oracle's.
I
I
F
E
E
Yeah,
it
was
just
on
a
topic
of
cadence.
I
was
skeptical
about
the
book
at
first
I.
Don't
think
it
opens
pretty
very
strong,
but
then
it
ends
up
like
having
a
lot
of
really
relevant
topics
to
systems
design
and
the
ability
to
influence
the
system,
and
it
discusses
this
problem
of
of
sort
of
cadence
or
or
trying
to
influence
a
system
and
not
waiting
long
enough
for
that
to
take
effect
and
then
trying
to
influence
it
again
and
and
how
that
can
just
be
this
giant
cascading
unraveling
of
the
system.
C
C
F
E
I
So
anyways,
okay,
Sophie's
feeds
are
kind
of
a
this
key
kind
of
component
of
oracles
and
what
they're
essentially
are?
Is
there
a
trusted
set
of
individuals
or
organizations
and
they
submit
data
to
an
Oracle?
So
in
our
case
right
they
submit
the
prices
and
we
currently
have
seats
and
appointed
by
MK
our
governance
and
so
there's
kind
of
two
types
of
feeds.
So
we
use
the
nomenclature
dark
feet
and
light
feeds,
so
dark
feeds
are
feeds
who
are
kind
of
anonymous.
I
I
Insightful
observation,
so
dark
feeds
essentially
increase
the
entropy
of
what
I
kind
of
called
the
coordination
problem,
and
the
coordination
problem
is
really
the
difficulty
of
coordinating
enough
feeds
to
launch
an
Oracle
attack
all
right.
So
if
you
can't
really,
if
you
don't
know
who
these
people
are
right,
if
you
don't
know
where
they're
located,
if
you
don't
know
any
of
this,
these
things
about
them
right,
it's
really
hard
to
kind
of
coordinate,
an
attack
that
involves
them.
I
I
You
know.
Ideally,
these
organizations
should
be
well
known
and
kind
of
trusts
identities
in
the
ecosystem.
They
should
kind
of
have
strong,
like
you
know,
communities
and
brands,
and
because
of
this
right
they
have
a
reputation
and
so
light
feeds
are
essentially
staking
the
reputation
to
an
extent
right,
because
if
you
participate
in
an
attack
right,
it's
going
to
look
very,
very
negative
on
organization-
and
you
know
our
community
is
quite
small.
You
know
you
would
not
really
be
able
to
operate
in
this
community
anymore.
I
I
Okay,
so
Oracle's
be
one
so
right
now
there
are
two
Oracle
systems
that
are
sparkles
b1,
which
is
used
in
single
collateral
die
and
Oracle's
v2,
which
is
used
in
multi
collateral,
die
now
I,
don't
want
to
spend
too
much
time
covering
Oracle's
me
when
I
just
want
to
cover
it
like
very
briefly,
so
this
is
kind
of
the
architecture
for
Oracle's
v1.
You
see
that
you
have
these
feeds
they're
collecting
these
prices.
From
all
of
these
different
exchanges.
I
They
send
that
data
to
their
own
little
smart
contract,
that's
on
chain
and
they
trigger
the
media,
Nizer
smart
contract
and
what
the
median
eyes
are
smart
contract
does.
Is
it
takes
all
of
the
values
from
all
of
the
feeds
it
sorts
them
and
it
just
takes
the
media
and
then
that
value
is
immediately
used
in
the
maker
protocol
or
by
third
parties.
I
So
Oracle
c2
was
released
kind
of
alongside
multi
collateral
dye
and
it
addresses
kind
of
the
problems
of
like
scalability,
reliability
and
cost
that
were
present
in
Oracle's
b1
right.
So
you
may
have
noticed
in
the
previous
slide
right
that
every
feed
needs
to
make
a
transaction
right
and
every
time
a
feed
updates,
the
the
media
Nizer
has
to
calculate
a
new
medium.
I
We've
moved
off
chain
right,
so
now
beats
kind
of
fulfill
a
similar
role,
but
their
behavior
has
changed
considerably,
so
they
don't
push
asset
prices
directly
to
the
blockchain
anymore.
Instead,
they
used
their
etherion
keys
to
sign
price
data
and
they
publish
that
to
this
kind
of
peer-to-peer
gossip
network
that
we
call
scuttlebutt.
I
So
the
way
that
you
can
think
of
a
peer-to-peer
gossip
network
is
I
think
my
favorite
analogy
is
kind
of
like
Twitter,
so
on
Twitter
right,
you
post
something
or
you
tweet
something
right
and
someone
who's
following
you
right.
So
someone
who's
connected
to
you
in
this
gossip
network
right
they
retweet
you
right
and
now
anyone
who's
following
them
right
can
see
that
root
wheat
and
can
retweet
it
as
well
right.
So
you
get
this
kind
of
viral
like
propagation.
Through
the
network,
gossip
networks
operate
in
a
very,
very
similar.
A
I
I
I
So
we've
gone
from
having
n
feeds,
you
know
in
Oracle,
v1
having
n
feeds
to
n
transactions
to
in
Oracle's,
be
to
we
have
n
feeds
and
we
still
just
have
to
do
one
transaction,
and
so
so
that's
really
the
the
biggest
advantage
here
right.
This
increases
scalability
dramatically
and
reduces
costs
dramatically,
but
it
also
makes
the
or
much
more
resilient.
I
I
So
kind
of
going
back
to
this,
so
the
relayer
submits
a
transaction.
The
Midianites
are
just
a
bunch
of
checks
right
and
updates
its
price,
and
essentially
before
this
price
is
used
in
the
dice
ability
system,
it
has
to
go
through
the
Oracle
security
module
and
what
the
Oracle
security
module
is
is
just
a
kind
of
delay.
I
Currently
that's
set
to
one
hour
so
before
a
new
price
is
used
in
the
system
right,
there's
a
one
hour
delay,
so
every
vault
owner
right
can
see
for
an
hour
beforehand.
You
know
that
they're
about
to
get
liquidated
and
that
they
either
need
to
pay
back
their
debt
or
that
they
need
to
you
know
deposit
some
more
collateral
to
kind
of
secure
their
position
more
right.
I
So
the
only
thing
that's
I
think
wrong
on
this
diagram.
Is
that
the
customers
and
partners
right
they
don't
just
right:
they
can
they.
It
can
either
choose
whether
they
want
to
get
the
price
from
the
median
Iser
or
from
the
Oracle
security
module,
and
usually
this
conversation
kind
of
revolves
around
well,
you
know
how
risky
do
you
want
to
be
and
how
much
you
know.
I
Latency
can
can
your
system
withstand
all
right,
so
the
the
Oracle
security
module
right
is
much
safer
because
because
there's
this
one-hour
buffer
it
allows
us
to
kind
of
respond
to
governance
attacks
right.
So,
if
there's
a
governance
attack,
we
can
essentially
just
shut
down
the
Oracle
before
that
price
is
reported
right
and
then
you
know
nobody.
Nobody
gets
screwed,
you
know
and
all
of
defy,
but
you
know
some
people
actually
need
that
type
of
latency
in
their
system
right.
I
All
right,
so,
okay,
enough
of
the
kind
of
recap
and
context
you
know
how
does
governance
kind
of
play
into
all
of
this,
so
governance
kind
of
has
complete
control
over
the
Oracle
smart
contracts.
There's
no
special
permissions
given
to
the
foundation
to
control
anything
you
know.
So
what
are
these
kind
of
administrative
powers
that
are
afforded
to
governance?
Well,
there's
quite
a
few
of
them.
This
list
is
not
exhaustive.
It's
just
some
of
the
more
obvious
ones
right!
I
You
know,
governance
can
choose
to
vote
in
new
feet
or
they
could
choose
to
remove
existing
feet
right.
They
can
choose
to
create
Oracle's
for
new
assets.
Whether
those
are
you
know
collateral
in
MCV
or
not,
they
can
choose
to
update
the
feed
stipend,
which
is
the
amount
that
feeds
get
paid
every
month.
We'll
talk
about
more
of
that
in
a
little
bit,
they
can
change
the
delay
period
in
the
Oracle
security
module
right.
So,
instead
of
an
hour
right,
maybe
you
know
you
increase
it
or
maybe
you
decrease
it
right,
depending
on.
I
Some
circumstances
that
arise
you
know,
governance
can
regulate,
who
has
read
access
from
the
Oracle's,
so
one
of
the
biggest
differences
between
Oracle's,
B,
1
and
B
2
is
that
v.
1
was
completely
open
access,
so
anyone
could
just
plug
into
them
and
use
them
without
having
to
ask
for
permission
and
I.
I
I
I
So
the
defy
like
feed
proposal,
kind
of
voted
in
the
first
wave
of
light
feeds
right.
We
talked
earlier
right
that
light
feeds
are
kind
of
public
organizations
that
run
a
feed,
and
so
the
entities
that
governance
floated
in
was
dy/dx
Z,
relax,
set
protocol,
gnosis
and
the
major
foundation.
So
all
of
those
are
currently
running
a
light
feed
in
Oracle's
v2.
I
So
the
next
one,
this
one's
a
little
bit
more
difficult
to
explain,
but
the
Oracle
incentives
restructuring
proposal.
So
this
essentially
started
with
the
observation
that
to
create
kind
of
truly
decentralized
systems
means
they
didn't
just
have
to
be
self
sovereign.
You
know
there's
govern
through
the
Dow,
but
they
also
have
to
be
self
sustainable,
and
so
this
proposal
kind
of
tried
to
create
an
alignment
of
incentives
between
all
of
the
different
parties
right
between
them,
Carol
holders
between
data
producers,
right
the
feeds
and
between
data
consumers,
and
so
the
first
thing
it
does.
I
I
But
this
the
speed
siphon
essentially
creates
an
incentive
to
to
run
a
feed
right.
It
pays
for
their
server
costs
that
paid.
You
know
it
pays
for
their.
You
know
attention
to
to
detail
right.
It
pays
for
you
know
to
make
sure
that
they
have
good
uptime
and
a
quick
response
time
when
you
know,
there's
upgrades
or
bug
fixes
that
are
released,
but
it
essentially
gives
them
an
incentive
right
to
run.
One
of
these
feats
are
SLA.
E
I
I
mean:
okay,
that's
a
very
multi-faceted
question,
but
we
do
monitor
their
performance
by
closely,
and
you
know,
I
think,
that's
probably
something
that
we
should
make
a
little
bit
more
transparent
as
well.
You
know
when
we
have
some
more
bandwidth
in
terms
of
resources.
I
think
we
can
kind
of
release
all
of
that
data
and
like
a
public,
dashboard
or
something,
and
that
way
everyone
would
be
able
to
like
monitor
the
performance
of
the
feeds
kind
of
in
real-time.
I
A
I
A
A
I
So
so
what
is
this
kind
of
you
know
if
we're
paying
fees
now,
you
know
and
we're
adding
this
whitelist
right
to
the
oracles
to
prevent
just
anyone
from
reading
it.
You
know
what
is
that?
Allow
us
to
do?
Well,
really,
you
know
going
back
to
this
kind
of
self
sustainable
Oracle
system,
which
is
kind
of
the
goal
here.
I
So
so
what
is
kind
of
unique
about
this
mechanism
is
that
it
kind
of
provides
the
necessary
incentive
for
peds
to
support
prices
for
all
kinds
of
assets,
rather
than
just
the
collateral
types
in
the
maker
protocol
and
care
holders
are
incentivized
to
do
that
right,
because
they
would
make
more
return
off
of
the
fees
they
collect
from
whitelisting.
Other
entities
and
I
can't
tell
you
kind
of
how
important
this
is
both
from
like
a
dhow
perspective,
but
also
just
from
a
defy
perspective
in
general,
because
you
know
like
I
said
earlier.
I
Seventy-Five
percent
of
the
value
in
defy
is
secured
by
our
Oracle's
and
honestly.
It
could
even
be
more,
except
for
the
fact
that
we
don't
support
all
the
different
asset
types
that
are
partners
in
defy
need
right.
So
right
now
we
have
right
and
etherium
Oracle
right.
We
have
an
MP,
our
Oracle,
we're
actually
running
like
a
Bitcoin
Oracle,
but
I
can't
tell
you
what
a
backlog
of
like
emails
I
have
from
dozens
of
projects.
That
say
you
know
I
want
mechs
RP
Oracle,
you
know
denoted
in
seven
different
fiat
currencies.
You
know
I
want!
I
You
know,
you
know,
you
know,
I
want
a
chain
link
Oracle,
ironically
enough.
I
I
want
like
a
Bitcoin
cache
Oracle
right,
there's
a
huge
demand
for
portables
for
all
of
these
different
assets
that
are
not
collateral
types
in
the
maker
protocol
and
this
kind
of
set
of
incentives
really
fills
that
need,
while
at
the
same
time
really
helping
the
system
as
well
into
making
sure
that
worple's
can
kind
of
sustain
themselves
in
the
long
term
so
yeah
this
was
this
was
past.
I
Next
one
is
the
responsible,
Oracle
migration
proposal.
So
the
context
here
is
that
right,
Oracle
b1
saw
enormous
kind
of
proliferation
throughout
the
defy
ecosystem.
But
how
do
we
know
who
is
using
them
right?
So
some
organizations
right,
like
the
ones
I
mentioned
earlier,
are
very
public
about
using
your
Oracle's
while
others
we
kind
of
find
out
through
you
know,
ad-hoc
conversations
we
have
at
conferences,
but
every
conference
I
go
to
I,
find
out
someone
new
who's
using
them
that
I
didn't
know
about
before.
I
So
there's,
no
doubt
dozens
more
that
were
not
even
aware
of,
and
this
makes
it
really
challenging
to
kind
of
plan
a
migration
from
Oracle's
v1
to
v2.
So
you
know
governance
kind
of
has
this
responsibility
to
these
users
right
we
created
this.
You
know
open
system
and
people
plugged
into
it,
and
you
know,
unlike
Amazon
or
not
just
gonna,
pull
the
rug
out
from
everyone.
You
know
by
you
know,
say:
Oracle's
v1
is
turned
off,
you
know
do
be
to
whitelist.
You
know
pay
us,
that's
that's
more,
like
extortion.
I
So
first
it
kind
of
guarantees
that
Oracle's
v1
will
remain
online.
Lee
he's
glad
I
shut
down.
So
this
gives
people
kind
of
this
time
buffer
right.
They
don't
have
to
write
every
organization
as
competing
priorities.
They
have
a
lot
of
fires
to
put
out.
You
know
we're
really
not
trying
to
put
on
another
fire
under
their
ass
that
they
have
to
deal
with
now.
I
So
second,
it
allows
any
organization
to
get
white
listed
on
any
Oracle
for
free
for
one
year.
So
this
gives
everyone
a
very
healthy
buffer
to
kind
of
plan
their
migration.
You
know
to
Oracle's,
be
to
you
know:
maybe
they
ultimately
switch
to
another
Oracle
solution
right
and
and
that's
fine,
but
you
know
we
at
least
made
it
easy
on
them
right
to
to
explore
into
that
in
in
their
own
time
right
and,
in
the
meantime,
right
we're
giving
them
free
access
to
to
be
to
no
harm
no
foul.
I
Additionally,
you
know
this
one-year
freemium
type
of
model
is
actually
pretty
good
from
just
a
product.
You
know
kind
of
bootstrapping
in
general
right
because
it'll
help
us
kind
of
increase
new
customer
onboarding
and
what's
also
kind
of
cool
about
this
whitelist
is
unlike
an
Oracle
Street
one,
where
we
really
have
no
idea
the
extent
to
how
many
people
are
using
it
and
not
just
that
how
they're
being
used
right,
I,
don't
think
I
really
talked
about
that
earlier,
but
it's
kind
of
hard
to
even
imagine
what
the
consequences
are
of
shutting
down.
I
Oracle's
be
one.
If
you
don't
actually
know
how
people
are
using
it
right,
you
could
accidentally
trigger.
You
know
huge
cascading
domino
effect
right
completely
unintentionally,
but
with
Oracle's
be
right.
If
everyone
is
whitelisted,
you'll
know
exactly
who
is
using
it
and
exactly
how
they
are
using
it
all
right.
So
it
gives
us
a
little
bit
more
insight
into
into
that
as
well.
I
Okay
and
the
last
proposal
was
this
Oracle
team
mandate
proposal.
So
essentially
this
created
the
role
of
an
Oracle
team,
so
in
orbital
what
we
call
an
Oracle
domain
team.
You
know
this
was
a
position
similar
to
the
risk
team
construct
and
they
would
come
serve
as
a
subject
matter
expert
on
Oracle's
and
advise
governance
on
all
matters
kind
of
related
to
Oracle's.
I
I
I
So
so,
let's
just
go
into
some
examples.
Right
like
what
is
the
process
you
know
to
apply
to
get
whitelist
access,
you
know
for
the
eath
USD
oracle.
You
know
what
is
the
process
for
creating
an
oracle
for
a
new
asset?
You
know,
how
does
an
organization
apply
to
become
a
light
feed?
How
does
an
individual
apply
to
become
a
dark
feed?
You
know
and
what
are
the
steps
we
kind
of
need
to
objectively
follow
to
kind
of
vet
these
applications
all
right,
so
you
can
see.
I
There's
a
lot
to
unwrapped
here
and
kind
of
going
back
to
this
right.
I
can't
even
begin
to
describe
how
many
emails
I
get
in
my
inbox
every
week
saying
how
do
I
get
white
listed
on
this
Oracle?
You
know
how
do
I,
you
know,
create
an
Oracle
for
acid
X.
You
know
how
do
we
become
a
light
feet?
You
know,
but
these
things
are
decided
by
the
foundation
right,
they're,
not
they're,
decided
by
governance,
so
they
shouldn't
really
be
dealt
with
in
email
thread
with
me,
but
rather
kind
of
in
this
open,
transparent
manner.
I
That's
visible
the
governance.
So
what
I've
been
doing
since
most,
like
lateral
violence,
is
essentially
holding
these
people
at
arm's
length?
You
can
meanwhile
I
yeah
yeah,
oh,
like
we're
we're
still,
you
know,
building
out
kind
of
the
the
governance
processes
around
these
you
know
kind
of
just
you
know,
hold
off
for
like
a
little
bit
until
we
get
this
stuff
in
place
right
and
then
you
can
approach
the
community
right
with
with
your
you
know,
with
all
your
desires,
to
do
all
this
stuff
right.
I
But
you
know
it's
now
several
months
after
MCD
launch-
and
you
know
it's
really
time
that
we
got
a
move
on
on
this,
because
we
are
getting
a
lot
of
pressure
from
people
now.
You
know
seem
like
okay.
When
can
you
at
least
give
me
a
timeline
like
one's
one?
Stuff
gonna
happen
right
so
next
week,
I'm
going
to
be
publishing
first
draft
of
the
Oracle
governance
framework
on
the
maker
forum
that
attempts
to
kind
of
document
all
the
processes
around
all
of
these
different
things.
I
A
All
right,
thanks
Nick,
that
was
a
ton
to
digest
and
thanks
for
giving
us
context
again,
there's
been
a
furious
level
of
activity
in
the
group
chats
with
50
percent
between
random
trolling
and
some
insightful
questions,
we're
also
at
15
minutes
into
the
end
of
the
QA
session.
Presumably-
and
also
this
has
been
touched
on
risk,
yet
so
I
guess
there's
a
decision
to
be
made
here.
Should
we
continue
with
questioning
Nick
about
anything
that
was
in
the
thread
or
should
we
move
into
state
of
the
peg
and
migration
status?
F
D
H
Ok,
so
yes,
a
lot
going
on
in
terms
of
migration,
also
large
quantities
of
dye
trading
recently.
So
that's
something
to
note.
So
this
is
just
24
hours
about
36
million.
Previous
24
hours
was
about
38.
Obviously,
Lisbon
dose
overlap
dye
trading
slightly
above
peg,
although,
as
the
Looney
Tunes
chats,
maybe
we
have
to
start
to
redefine
slightly
as
dye
holds
tighter
and
tighter
to
its
peg.
Nowadays,
a
lot
of
this
volume
is
Oasis
and
dydx.
It's
some
more
recently
on
coinbase
as
well
trending
towards
the
upward
ranges.
H
H
Pretty
heavy
volumes
just
with
what's
been
going
on
in
terms
of
craziness,
and
this
is
another
one
of
those
memes
that
we
tend
to
notice,
which
is
the
crazier
eath,
is
the
more
active
diet
tends
to
be,
and
that
makes
a
hell
of
a
lot
of
sense
when
you
consider
that
a
lot
of
that,
the
use
case
for
dice
is
leverage
on
youth.
So,
let's
see
just
a
slightly
longer
time
scale.
H
So
seven
days,
people
like
to
look
at
this
one
so,
like
I,
said
dy/dx
in
Oasis,
accounting
for
a
large
quantity
of
that
that
volume-
a
hundred
million
in
the
last
seven
days,
that's
huge
compared
to
what
we
normally
see.
But
with
a
lot
of
that,
treating
like
sort
of
on
peg
or
slightly
below
it,
it
seems
to
indicate
either
a
balance
or
a
trend,
slight
trend
towards
a
lot
of
purchasing
of
dye.
A
H
Just
do
a
dy/dx
tends
to
be
the
platform
of
choice
for
a
lot
of
higher
risk,
higher
yield,
shorter
term
kinds
of
trades
and
I
think
we
have
sort
of
learned
over
the
past
year
or
so
that
maker
is
sort
of
nestled
into
this
longer-term
position,
whereas
compound
is
kind
of
where
people
will
often
refinance
to
just
when
the
rates
are
better
and
then
dy
DX's
were
a
lot
of
people
gravitate
to
for
for
short
term
positions.
So
that's
the
prevalent
explanation
that
I've
heard,
but
obviously
guessing
why
people
do
things.
H
You
know
like
position
on
that
so
yeah
overall,
just
the
the
dye
amount,
total
supply
has
stayed
more
or
less
steady
or
come
down
slightly
and
the,
but
the
the
bat
amount
came
up
was
a
slight
tick
which
it
like
almost
never
moves.
So
that's
interesting
and
then
sigh
I
mean
pretty
much
we'll
talk
about
so
I
don't
want
to
double
up,
but
collaterals
ations,
so
I'm.
Actually,
for
the
sake
of
time.
You
know
this
skip.
H
So
what's
really
interesting
is
some
of
these
few
largest
positions
are
actually
somewhat
low
in
terms
of
the
amount
of
collateral.
So
that's
just
risks
to
be
aware
of,
because
you
know,
as
you
know,
if
some
of
the
largest
positions
get
liquidated,
that
would
be
a
large
quantity
of
dies
being
sold,
and
then
you
got
to
think
about
price
impacts
of
just
inherently
selling
large
quantities.
H
Yeah.
So
again,
pretty
much
it'll
probably
touch
on
this,
but
just
then
watch
things.
Sort
of
this
dye
supply
growth
take
down
a
little
bit
and
it's
sort
of
leveled
off
a
little
and
same
with
size.
Supply
decline
is
sort
of
asymptotically
leveled
off
a
bit
the
liquidity.
So
what's
what's
really
interesting
is
if
you
look
at
the
the
total
amount
of
die
liquidity
with
all
this
trading
activity.
It's
actually
come
up
a
little
bit
and
the
volume
on
unit
swap
has
come
up
a
bit,
but
it's
not
really
come
up
proportionately.
H
So
you
know
swap
has
not
really
been
a
huge
participant
in
the
craziness,
but
it
has
obviously
been
a
bit
but
nothing,
nothing
too
crazy
and
then
just
to
circle
back
to
something
that
I
mentioned
last
time
was
this
MKR
liquidity
so
that
hasn't
really
moved
since
then,
so
the
dip
has
sort
of
been
sustained
and
people
have
not
dumped
MKR
back
onto
onto
unit
well
in
tracking
these
auctions.
So
there's
a
great
site,
but
yeah
there's
been
a
amountof
of
auctions
in
the
last
you
know
24
48
hours,
so
that's
just
something.
H
H
E
B
B
In
last
week,
I
meant
I
actually
wanted
to
focus
focus
more
on
one
month,
data
about
migration,
because
this
gives
you
a
better
picture
of
how
well
migration
was
doing
I'm
going
to
talk
about
last
week
as
well,
but
I
think
to
give
some
context.
I
wanted
to
build
some
stats
about
last
month.
You
can
see
the
red
bars
here.
They
represent
sigh
in
migration
contract
and
clearly
a
lot
of
debts.
B
I
inventory
started
to
pile
up
actually
two
weeks
ago,
we
could
already
see
inventory
being
at
2
million,
and
then
it
just
increased,
and
just
two
days
ago
at
which
5.4
million
now
is
5.6,
it's
actually
not
all-time
high.
We
had
larger
inventory
in
the
middle
of
January,
but
it's
quickly
drained
up
during
down.
Currently,
we
don't
see,
we
don't
see
any
drainage,
which
means
that
CDP
CDP's
are
not
really
using.
B
That
inventory
are
or
are
not
in
such
a
rush
to
to
repay
their
debt,
as
they
did
a
month
ago,
for
instance,
I
also
checked
how
much
size
being
migrated,
perhaps
there's
just
a
high
influx
of
of
sigh
to
my
to
migration
contract.
But
if
you
can
see
here,
actually
there
was
not
any
larger
increase,
except
for
this
last
day
there
was
a
larger,
larger
inflow
of
sign
migration
contract,
but
otherwise
it's
pretty
same
place,
as
in
the
last
month
about
300,000
psy
gets
migrated
daily
to
clamp
CD
convert
to
die
about
monthly
stats.
B
B
So
this
number
is
important
how
much
how
much
depth
payment
we
saw
in
one
month.
The
number
is
not
that
low.
Actually
so
6.3
million
it's
more
than
the
size
supply
drops,
and
that's
because
we
also
had
additional
style
meeting
in
this
month
about
1
million,
so
300,000
came
from
from
new
CD
piece
that
was
85
new
CD
piece
in
that
period
created
and
around
700,000
5
was
minted
from
from
old
CD
piece,
the
ones
that
did
repayment
there's
300
of
them
about
two-thirds,
actually
migrated,
probably
even
more
because
this
number
only
counts
direct
migration.
B
We
know
that
you
also
have
partial
migration.
That's
that's
also
possible
with
with
reverse
migration
of
the
other
side
and
so
on.
In
terms
of
this
path.
This
this
number
also
doesn't
seem
as
low
as
some
would
think
at
something
as
some
think
it
is
because
people
are
looking
at
outstanding
phase
and
if
you
just
do
the
the
difference
between
our
standing
trees
that
you
saw
one
month
ago
and
now
it
may
seem
that
they
only
decrease
for
about
300,000.
But
actually
people
forget
that
fees
are
accruing
on
ongoing
basis.
B
It
should
be
actually
adjusted
for
600,000,
so
about
1.3
million
fees
actually
are
left
from
the
period
before
migration
started,
and
this
is
the
breakdown.
Oh
yeah
and
actually
20%
of
all
fees
were
paid
just
in
one
month,
20
percent
of
of
outstanding
before
one
month
ago,
which
is
again
not
not
a
low
figure
at
all.
What
perhaps
something
that
that
looks
a
bit
less
attractive
is
that
most
of
the
repayment
is
made
by
larger
cities
right.
B
You
can
see
here
eight
larger
CDP's
that
repeat
that,
one
month
ago,
sorry
in
this
month
the
total
that
is
4.4
million
they
repaid
350,000
face,
and
then
we
have
rest
of
other
cities
about
300
of
them
or
so
think
about
2
million
100,000
to
face.
But
if
you
look
when
they
did,
repayment
most
of
the
repayments
were
done
in
the
beginning
of
the
month.
B
Actually,
in
last
eight
days,
we
haven't
seen
any
larger
a
payment,
usually
besides
every
second
or
third
day,
but
now
it
really
looks
like
the
the
CD
that
repayment
kind
of
stopped
a
bit.
Also
when
you,
when
you
look
at
smaller
city
piece,
how
many
use
the
migration
tool
in
the
recent
days,
the
number
is
really
low,
like
one
to
two
three
CDP's
migrating
per
day.
Usually
we
had
between
10
and
15
somewhere
migrating
per
day,
just
another
breakdown,
the
one
I
showed
I
think
a
month
ago
also
I
did
update
there.
B
So
this
is
the
the
depth.
These
CDP's
represent
55%
of
the
total
back,
and
this
is
the
amount
of
fees
they
represent.
So
one
point
almost
1.3
million
or
fish.
On
the
other
hand,
you
have
active
CDP's,
the
ones
who
have
been
mostly
the
leveraging.
The
the
depth
fall,
fell
by
6
million,
as
I
showed
before.
So
now
it's
at
9
million
and
they
still
over
600,000
face
and
here's
the
breakdown
by
by
CDP's
who
were
active
during
migration,
was
there
was
their
depth
represented
by
the
type
of
the
last
activity.
B
They
did
something
that
they
showed
one
month
ago
as
well,
and
the
proportions
actually
haven't
changed
at
all.
So
this
argument
that
if
someone
was
meetings,
I
wouldn't
necessarily
want
to
repeat
that
is
clearly
wrong
because
we've
seen
repayments
for
all
groups,
the
one
exception
is,
oh,
is
swipe
activity.
So
this
the
CDP's
are
a
bit
more
aggressive
and
they
clearly
wants
to
to
repeat
their
depth
because
I've
so
a
larger
decreasing
in
this
kind
of
CD
piece.
B
Okay,
here's
here's
the
top
CD
piece.
You
can
see
that
the
largest
CDP's
are
called
most
of
the
debt
reports
and
actually
the
biggest
city
in
out
holds
half
of
the
hopes,
half
of
the
piece,
total
fees
and
still
no
signs
of
activity,
most
of
them
weren't
active
for
more
than
three
months
with
some
exceptions.
So
it's
actually
hard
to
count
on
them
at
this
point
just
just
to
look
at
the
size
orders.
So
the
other
side
there's
been
changing.
B
Structure
there
as
well,
the
sigh
that's
held
in
migration
contract
now
represents
quarter
of
the
whole
supply.
You
don't
have
as
many
large
sigh
holders
anymore.
The
second
one
largest
compound,
which
I
think
of,
is
about
1.1
million
sigh
and
then
I
think
unit
opened
Khyber
together,
hold
half
a
million
side,
and
then
you
have
mostly
smaller
ones.
B
B
H
B
It's
more
actually
leveling
off
I
mean
it's
hard
to
say
actually,
because
the
silent
now
the
fertilization
levels
are
much
higher
as
I
showed
CDP's
are
in
general
inactive.
So
it's
hard
to
say
if
they
make
any
decisions
based
on
enterprise
to
me
it
seems
they
are
just
either
waiting
for
this
thing
to
be
finished
and
for
some
better
outcome
or
they
just
sound
them,
probably
forgot
about
it
or
just
general
are
inactive.
So
it's
hard
to
make
any
any
argumentations
are
based
on
on
either
price,
because
there's
so
little
activity
in
all
in
general,.
H
Agree
it's
hard
to
say
so.
That's
sort
of
where
I
was
like
benchmarking
died
versus
sigh
because
we
saw
I
was
growing
and
growing
and
growing,
and
so
I
was
shrinking
and
shrinking.
But
then
the
growth
of
die
slowed
in
the
last
week
or
so,
and
the
growth
of
sigh
is
a
the
decline
of
slots.
I
also
slowed
in
the
last
week
or
so
so
since
that
happened
to
both.
B
It
could
be,
although
I
think
the
dye
supplied
is
growing.
The
last
month
was
mostly
related,
because
people
just
wanted
more
leverage
and
then
we
need
to
draw
the
date
the
leverage
store
they
just
wanted
to
protect
their
CD
piece.
Where's
it
s.
Cd
people
don't
really
make
any
leverage
anymore
and
they
are
well
protected.
So
they
don't
need
to
make
any
repayments
so
hard
to
say
yes
well.
H
I'm
actually
looking
like
a
little
bit
further
than
a
month
like
actually
back
to
like
since
pretty
much
when
migration
kicked
off,
there's
been
a
like
pretty
linear
trend
to
the
growth
of
dye,
and
there
was
a
pretty
linear
trend
to
the
shrinking
of
sigh
and
then
sort
of
the
shrinking
of
sigh
went
from
linear
to
like
logarithmic
all
of
a
sudden
and
then
for
for
dye.
It
just
kind
of
flipped
like
leveled
off
pretty
much
flat.
So
it's
interesting
yeah.
A
We're
significantly
over
time,
but
there's
lots
of
questions
in
the
sidebar
and
I
have
previous
engagements.
So
we
can
either
keep
on
with
Q&A
session
and
I
can
hand
off
the
control
someone
else
or
we
can
stick
a
fork
in
it.
There
any
strong
opinions
that
there
was
a
tremendous
amount
of
questions
in
the
chat
here
so
I'm
reading
them
all
one
by
one
might
be
tricky,
so
people
had
questions
that
they
still
wanted
to
ask
and
they
have
access
to
a
microphone
feel
free
to
jump
in
there.
A
A
Yeah
I
think
that's
in
the
absence
of
anybody
speaking
up
and
desperately
clamoring
for
an
even
longer
meeting.
Maybe
we're
gonna
leave
it
there.
So
as
long
a
wisdom
said,
we
have
forums
for
long
tail
discussions
and
debate,
and
so,
if
you
asked
a
question
and
didn't
get
answered,
please
ask
it
there
or
stick
it
in
your
back
pocket
and
revisit
next
week.
All
right
thanks.
Everybody
really
good
call
lots
lots
to
think
about
see
you
next
week.