►
From YouTube: Governance and Risk | Ep. 165
Description
Agenda:
Introduction
@GovAlpha-Core-Unit : Hosting, Introduction, Agenda.
@Gov-comms-core-unit : Slides
Governance Round-Up
Poll + Executive Status - @prose11
MIPs Update - @blimpa
Forum at a Glance - @gov-comms-core-unit
Selected Updates / Discussions
Lisbon | Lessons, Experiences, Take Aways
WBTC-B Vault
A
Do
it
hello
everyone
and
welcome
to
the
165th
scientific
governance
and
risk
meeting
here
at
maker
dao?
My
name
is
peyton.
I
go
by
pros11
online
and
I
am
one
of
the
governance
facilitators
so
really
happy
both
with
everyone
joining
us
live
and
later
on
the
youtubes.
So
thank
you.
We
got
a
bunch
of
awesome
maker
people
here,
both
those
who
work
in
the
protocol
and
who
are
just
interested
in
the
operations
more
generally.
A
A
Today,
we've
got
a
couple
good
discussion
topics.
We
might
still
have
some
time
at
the
end.
For
for
more
open
discussion,
so
I
would
ask
like,
if
you
have
questions
that
that
aren't
relevant
to
kind
of
what's
being
discussed
generally,
you
save
them
for
the
end,
maybe
throw
them
up
in
chat,
so
we
can
try
to
circle
back
to
them.
That
would
be
greatly
appreciated.
A
A
So
that
is
a
really
great
tool
to
to
utilize
as
well
all
right.
I
think
that
more
or
less
covers
the
housekeeping
things
again.
Just
try
not
to
talk
over
one
another,
we'll
be
trying
to
bring
in
a
lot
of
different
voices
to
this
call
so
also
maybe
be
mindful
of
how
much
space
you're
taking
up.
If
you
are
participating
in
the
discussion.
A
Wonderful,
all
right,
so
we
will
start
with
our
votes.
Update
that'll,
be
me,
given
that
every
week
we
kind
of
like
to
let
you
know,
what's
been
happening
in
the
world
of
official,
make
it
out
governance.
So,
in
terms
of
polls
we
do
have
quite
a
bit
up.
One
poll
was
passed
this
week
and
one
was
rejected.
A
The
poll
that
was
rejected
was
was
stand
for
a
signal
to
raise
the
emergency
shutdown
threshold
and
increase
our
governance
delay.
That
was
rejected,
so
no
further
action
will
be
taken
at
this
time.
However,
people
are
free
to
put
up
another
signal,
try
and
set
either
different
parameters
or
split
these
even
into
two
again.
This
is
just
the
end
of
this
particular
proposal,
but
it
can
be
iterated
on
or
retried
up
to
the
community.
A
We
have
four
polls
that
can
still
be
voted
on
right
now.
The
first
one
I
wanted
to
highlight
was
our
clean
money
sentiment
poll
this
one
we
gave
a
little
bit
more
time
to
so
it
is
running
till
monday
and
yeah
that
is
kind
of
more
general
pull
on
how
we
feel
about
the
direction
presented
in
the
clean
money
post
by
my
room.
That
was
talked
about
on
this
call
a
couple
weeks
back
so
do
try
to
give
your
opinion
on
that.
A
If,
if
you're
so
inclined-
and
there
are
three
green
light
poles
as
well
for
collateral
ongoing,
then
you
can
check
out
why
you're
there
as
well-
it's
probably
a
bit
too
many
words,
but
we'll
call
that
good
for
the
the
false
section
and
then
move
on
to
an
exact
update
last
week's
executive
passed
and
it
should
be
executed
sometime
during
this
meeting.
I
believe
so
look
out
for
that
that
onboarded
state
eth,
as
well
as
some
dcim
parameter
changes.
A
So
as
a
reminder
also,
we
made
the
new
spells
channel
where
we
do
coordination
for
execs
readable
to
anyone
with
the
maker
down
community
role
in
our
discord.
So
if
you're
curious
kind
of
how
that
gets
put
together-
and
you
know
what
coordination
efforts
really
go
in-
that's
a
fun
place
to
stop
by
and
check
it
out
cool.
So
that
should
do
us
for
the
official
governance
updates.
We
will
now
be
moving
on
to
mips
with
our
mitt
batter
pablo.
C
Please,
the
team
behind
maker
labs
has
communicated
that
they
will
not
be
pursuing
the
approval
of
these
score
units
any
further,
so
in
other
words
they
are
dating
it
and,
on
the
other
hand,
decoy
and
content
production
have
made
some
community
prompted
revisions
to
their
proposals
and
are
formally
submitting
them
again
for
november's
governor
cycle.
So
please
go
check
them
out
now,
as
for
staff
in
rfc.
C
C
Both
of
these
received
a
number
of
modifications
over
the
last
couple
of
days,
so
you
may
want
to
go
check
them
out
too,
and
in
addition
to
content
productions
budget,
we
have
objects
for
governance,
communications
and
for
real
world
finance,
including
an
mkr
compensation
plan.
For
the
latter
we
also
have
map
60
and
tangible
asset
assignment
is
so
proposal
for
a
special
purpose
fund
and
the
map6
application
template
amendment.
C
So
wrapping
up
when
the
formal
submission
window
for
november
opens
in
four
days
and
the
mips
portal
is
finally
getting
a
dark
mode,
and
some
other
niceties
next
slide
would
be
nice
next
week
and
yep-
that's
pretty
much
it
for
me.
I
decided
to
teach
the
animations
because
they
don't
really
work
well
with
the
streaming.
A
Awesome
appreciate
the
updates
there
problem,
as
you
can
see,
definitely
a
lot
going
on
with
mips
and
proposals
currently
in
rfc
and
about
to
be
submitted.
So
do
you
check
out
those
discussions
on
the
forum
when
you
get
the
chance
and
how's
that
first
segway
we
now
have
arden
coming
to
us
to
tell
us
what's
been
going
on
on
the
forums.
D
I'm
posting
the
link
right
now,
all
right,
so
welcome
to
the
four
of
my
glance.
A
weekly
review
of
what's
happened
on
the
forums
this
time
for
the
week
of
october
21st
to
october
28th.
So,
let's
begin
with
the
top
announcements,
it's
great
to
see
that
should
be
announces
his
delegate
platform.
He
uniquely
replaces
the
core
values
by
instead
presenting
his
voting
methods,
which
is
very
cool.
He
also
provides
a
brief
background
and
some
conflict
of
interest.
D
In
his
delegate
platform,
tim
will
present
his
delegate
platform
in
the
upcoming
meet
your
delegate
call
number
five
on
november
3rd,
so
be
there
and
join
next
up
in
recent
forum
discussions
that
imply
bullish,
market
outlook
and
increased
demand
for
diaminting.
The
suggest
that
several
parameter
changes
and
vault
upgrades
may
be
necessary.
So
the
risk
core
unit
believes
that
the
time
is
right
to
introduce
a
wbtc
b
vault
with
a
lower
liquidation
ratio
which
could
help
absorb
the
increased
demand
for
wbtc
capital
and
generate
more
dye.
D
D
Next
ace
published
a
discounted
cash
flow
model
about
six
months
ago,
and
he
follows
up
on
that
post
of
a
new
thread
containing
updates
revisions
and
a
link
to
an
mkr
valuation
model.
As
of
october
27
2021
and
moving
on
to
the
top
three
discussions
with
lots
of
juicy
discussion
around
governance
and
the
role
of
recognized
delegates.
D
Next,
up
and
in
response
to
the
monthly
strategy
review
call
that
happened
on
october
26th
dallin
presents
a
comprehensive
thread
containing
his
thoughts
and
ideas
to
help
improve
maker
dial.
Kpis
dallin
is
seeking
feedback
and
discussion
from
members
and
the
community
on
that
post
and
finally,
tyler
winklevoss
from
gemini
proposes
creating
a
gusd
psm
that
may
help
reduce
single
third
party
risk
for
maker,
diversify
diet
collateral
and
help
strengthen
dye's
mission
as
the
largest
decentralized
stablecoin
he's
looking
for
feedback
and
discussion
from
members
and
the
community
on
the
post,
which
currently
has
zero
comments.
D
All
right.
Moving
on
to
all
of
our
active
signal,
requests
and
there's
a
lot
right
now,
subventures
from
real
world
finance,
presents
an
update
for
p1
drop
and
request
to
increase
their
acquisition
price
to
8.85
mil
2.85
million,
which
would
provide
maker
dow
exposure
of
2
million
per
farm.
The
expected
debt
ceiling
is
20
million,
and
the
10
plus
equity
trench
would
be
8.5
million.
In
addition,
the
signal
request
also
asks
to
add
arkansas
as
a
possible
state.
D
Next,
we
also
have
james
k,
mccall
from
real
world
finance,
who
presents
a
detailed
mip
55
signal
request
to
the
community
for
support
in
their
real
dao
special
purpose
fund.
The
realdow
spf
is
a
unique
approach
to
express
a
willingness
to
experiment
with
new
ways
to
handle
real
world
assets.
The
real
world
finance
core
unit
asks
whether
maker
dao
would
signal
a
50
000
die
spf
with
conditions
applied
to
building
decentralized
spv
infrastructure.
D
Lots
of
detail
in
there
so
definitely
check
out
the
post.
If
you're
planning
to
vote
all
right
next
up,
matic
comp,
bao
and
avi
vaults
have
shown
poor
performance,
so
all
of
them
have
shown
poor
performance
and
difficulty
covering
oracle
gas
costs.
With
addition
to
other
issues
regarding
matic
nick
from
oracle's
core
unit
signal
signals
to
off-board
these
vaults.
D
A
A
Some
good
conversation
is
just
to
talk
to
the
various
teams,
get
some
stories
recaps
issues
they
ran
into
while
at
lisbon.
So
I
don't
know
if
we
want
to
have
a
particular
order
to
this
or
there's
someone
who
feels
particularly
compelled
to
to
start
sharing.
First,
I
know
the
pe
team
met
with
a
number
a
number
of
other
teams,
while
they're
over
there
and
probably
have
the.
E
E
E
E
I
think
a
number
of
the
people
on
the
team
had
never
met
each
other
before
so
that
was
awesome
and
I
think
the
ones
that
had
met
each
other
before
was
probably
like
two
years
ago
or
something
in
osaka
so
awesome
to
get
out,
see
the
sights
have
some
discussions
and
I
it,
however,
wasn't
all
fun
and
games.
We
did
do
some
serious,
technical,
deep
dives.
So
one
of
those
that
I
thought
I
sort
of
raised
at
the
surface
here
was
the
l2
war
room
that
we
had
for.
E
We
had
booked
a
meeting
room
for
the
week
and
basically
this
was
kind
of
a
deep
dive
into
layer,
two
strategies,
so
we
covered
off.
You
know
optimism
arbitrary
start
where
we
had
the
start
net
guys
from
the
stucc
net
core
unit
join
us
as
well,
and
we
also
talked
about
vk
sync:
the
topics,
everything
from
bus
withdrawals
to
supporting
cross
chain.
Direct
transfers
and
there'll
be
memes
on
this
to
come
soon.
E
So
it
wasn't
only
limited
to
us.
We,
we
also
had
a
whole
bunch
of
other
meetings
and
discussions
with
others,
lots
of
familiar
faces
here
and
yeah
top
right.
We
have
zk
sync,
so
really
kicking
off
the
discussions
there.
We
have
ollie
on
our
team
working
through
code
with
them
as
we
speak,
caught
up
with
the
scs
team.
The
the
duck
team
who
work
on
the
front
end
so
again
working
through
backlogs
and
it
was
for
me.
E
It
was
really
helpful
to
see
what
other
teams
were
working
on
and
align
on
strategies,
whether
it
was
the
oracle's
team,
the
risk
team
and
so
on
and
yeah.
So
all
in
all
lots
and
lots
of
discussions
with
many
different
groups,
which
was
great,
and
I
guess
the
point
of
it
all
is
okay.
What
are
some
of
the
key
takeaways
for
me
again,
just
highlighting
that
l2
war
room
meeting
it
was
very
useful
to
help
us
align
on
road
maps,
so
breaking
works
down.
E
What
does
that
mean
from
a
design
perspective,
the
dependencies
roadmapping
and,
as
I
said,
before,
bringing
risk
team
in
for
awareness
also,
one
interesting
thing
that
came
up,
which
I
guess
we
knew,
but
it
was
great
to
see
it
come
to
the
forefront,
was
that
this
need
for
better
documentation,
which
is
something
I
want
to
focus
on
a
bit
more
in
terms
of
like
documenting
failure
scenarios.
You
know
there
were
many
instances
where
we
had
this
discussion.
We
were
talking
through
well
what
happens
in
an
l1
world
what
happens
in
l2?
E
What
happens
if
another
l2
fails?
What
are
the
slow-on
effects
and
all
these
different
permutations
and
scenarios?
So
for
that
yeah?
We
do
need
better
documentation
on
some
of
these
scenarios
and
I'm
hoping
that
we'll
be
able
to
roll
that
into
the
design
document.
So
that
was
to
me
it's
kind
of
a
well
it's
an
important
one
and
it
it
spans
multiple
teams.
E
So
in
terms
of
building
up
like
a
risk
matrix
or
what
does
it
mean
for
oracles
and
and
risk
and
us
as
in
terms
of
designing
the
system
so
yeah,
I
think
that
was
very
helpful
and
having
the
team
align
on
some
of
these
together,
and
it
was
also
useful.
This
final
point
here
around
team
alignment
for
q4.
I
think
we
all
recognize
the
the
need
to
focus
and
get
moving
on
l2
space,
both
looking
at
fast
pass
withdrawals
and
minting
his
eye
on
l2
mcd
on
l2,
but
possibly
in
parallel.
E
So
I
will
hand
it
back
to
whoever
wants
to
go
next-
and
I
know
sam
and
nick
and
chris
all
you
guys
had
loads
and
loads
of
meetings,
so
feel
free
to
like
jump
in
and
and
shed
some
light
on.
Other
things
nadia,
I
know
you
guys
were
like
massively.
You
know,
working
the
meetings
working,
the
parties
so
yeah
over
to
you
guys.
A
G
Yeah,
I
guess
we
had
a
few
meetings
with
various
teams.
We
met
with
the
ave
team
in
preparation
for
the
d3m
launch
tomorrow,
so
that
was
good
to
coordinate
on.
We
met
danielle
from
mim
she's,
the
king
of
the
degen,
so
you
know
fun
to
meet
and
see
see
what
the
dj
side
of
things
are
like
the
suits
and
the
degens
the
big
meeting
yeah,
who
will
still
be
me.
G
H
They
are
so
into
that
and
there's
like
a
a
lot
of
people
on
the
fight
thinking
on
what
they
call
refi
like
bridge,
regenerate
finance.
So
it's
it's.
It's
super
interesting
and
it's
also
good
to
know
that
we,
if
we
start
doing
the
clean
money
initiative,
we
are
not
just
like
alone
there
that,
like
there
are
other
teams.
Thinking
about
that
which
is
great.
G
Yeah
definitely
a
lot
going
on
with
that,
and
I
mean
there's
so
much
going
on
in
the
space.
I
have
like
a
reading
list
of
deep
dives.
I
need
to
do
in
other
protocols
to
figure
out,
what's
what's
good
and
like
so
I'll,
be
probably
launching
into
some
of
those
after
the
meetings
just
lots
of
interesting
projects,
and
so
yeah
we'll
see
what's
good
for
maker
and
maybe
there's
some
partnerships
there
yeah.
H
Well,
what
winter
mute?
Also
that
derek?
Yes,
yes,
exactly
andrew
it
was
like.
It
was
thanks
to
nick
and
sam
that
we
had
a
conversation
with
winter
mirror
and
explain
to
them
why
the
community
in
general,
wasn't
like
very
comfortable
with
the
terms
of
their
proposals,
so
they
improved
their
proposal
and
they
updated
it
in
the
forum,
and
I
I
I
have
to
comment
post
my
comments
on
that,
because
I
really
think
having
winter
mute
will
be
super
helpful
for
us
right
now.
H
We
need
a
lot
of
dye
liquidity,
not
just
on
main
net,
but
on
all
these
other
layer,
twos
and
different
chains
that
we
are
seeing
and
actually,
if
we
want
to
be
in
an
arbitrary
room
on
a
on
all
these
other
chains,
we
have
to
have
someone
helping
us
to
provide
liquidity
there.
So
for
me,
it's
it's
important
to
have
them
there,
not
just
with
dye,
but
also
with
mkr,
because
mkrs
like
if
you,
if
you
check
out
at
the
markets
of
mkr,
the
mkr
diaper,
doesn't
exist,
which
is
I
don't
know.
H
H
H
Their
proposal
includes
not
just
decentralized
markets,
but
also
centralized
exchanges,
which
is
very
difficult
for
us
to
deploy
liquidity
there,
because
usually
those
exchanges
have
the
die
or
the
maker
pair
with
fiat
currencies
with
the
dollars
and
euros,
and
we
can
do
that
unless
we
have
like
an
entity
and
we
create
a
bank
account
and
we
can
provide,
like
the
other
part
of
the
of
the
market,
because
it's
not
just
providing
mkr
or
die.
You
have
also
to
provide
the
other
side
of
of
of
the
of
that.
H
G
Yeah
and
in
general,
I'd
say,
like
these
sort
of
trips
are
invaluable
meeting
everybody
for
the
first
time.
It's
really
good
to
meet
a
lot
of
you
in
person.
Finally,
right
after
so
long,
there's
just
so
much
sort
of
unique
benefit
of
sort
of
meeting
in
person
that
I
think
it's
just
really
nice.
The
weather
here
is
very
nice.
B
But
from
what
you
said
on
the
centralized
exchange
side,
where
you
do
need,
like
an
actual,
you
know,
third
party
service
provider
to
do
the
market
making
like
I'm
curious.
If
there's
like
a
standardized
deal
that
we
can
create
for
anybody
who's
like
a
reputable.
You
know,
market
maker.
That
wants
to
do
this
kind
of
deal
like
I'm
kind
of
thinking.
Yeah
like
is
there
a
way
to
standardize
the
deal
so
that
it's
less
sort
of,
I
guess
individualistic,
but
yeah
yeah.
H
B
Yeah,
thank
you
for
that
answer,
and,
and
I
I
totally
get
that-
and
I
guess,
like
another
part
of
my
my
reasoning
for
standardizing
the
deal
and
actually
in
the
chat
they
made.
Another
good
point
is,
like
you
know,
should
we
should
be
separating
out
die
market
making
from
mkr
market
making
as
well
like
in
theory,
but
I'm
curious
also
about
the
question
of
recourse
right
so
like
if
we
are,
if
we
are
as
a
protocol,
giving
mkr
to
centralized
market
makers
in
an
unsecured
fashion
like
this
is
not
a
secured
loan
right.
B
I
don't.
I
didn't
see
anything
in
the
deal
about
them,
putting
up
any
sort
of
collateral,
for
example.
I
guess
the
question
is:
are
maker
holders
protected
in
this
deal,
even
if
it
is
like
acceptable
terms
and
all
of
that
with
regards
to
recourse?
If
anybody
could
speak
to
that,
that
would
be
interesting.
H
I
mean
I'm
just
like
thinking
out
loud,
because
we
have
to
like
create
this
new
proposal
and
go
to
the
firm
and
have
all
communities
feedback
and
all
of
that,
but
we
could
use
the
mkr
that
is
on
our
treasury,
that's
one,
so
we
don't
have
to
print
new
mkr
for
this
and
two
we're
talking
about
winter
mute.
So
it's
like
I
I
am.
H
I
am
supporting
them
because
of
what
winter
mute
is
for
defy
and
because
they
work
with
a
like
the
biggest
crypto
companies
in
the
world
so
like
they
have
like
it.
It's
different.
I
don't
know
if,
if,
if
I
will
will
be
supporting
a
market
maker,
that
maybe
is
is,
is
a
new
one
or
is
just
working
with
one
or
two
project
protocols,
or
it's
just
like
working
with
texas.
For
me,
winter
beauty
and
you
all
can
see
is,
I
think,
is
the
biggest
market
maker
currently
so.
B
Yeah
I
I
hear
that
like
there
is
definitely
like
reputational
legitimacy
with
who
is
offering
the
deal,
but
I
think
in
an
environment
where,
like
maker,
doesn't
have
like
a
legal
team,
an
entity
like
like
they
could
really
just
turn
around
and
like
screw
us
and
and
they
they
would.
I
don't
see
really
like
a
method
for
us
to
be
protected.
It
really
is
a
handshake,
so
to
speak.
G
Why
not
using
like
the
real
world
asset
foundation,
or
at
least
some
legal
structure?
I
mean
we're
like
discussing
how
to
do
this
with
real
world
assets
on
end
and
then
like
giving
a
market
maker.
Basically,
a
handshake
seems
to
be
a
bit
counterintuitive.
I
mean
I
know
I'm
into
intermute.
I
have
a
counterparty
of
theirs.
I've
traded
with
them,
they're
good.
I
don't
want
to
discount
them,
but
this
is
like
a
very
different
scenario
than
we're
talking
about
anything
else.
We've
done
in,
like
like
loan
space.
B
A
H
No,
but
you
can
check
on
the
forum
on
the
weekly
I've,
the
updates
of
growth.
I
posted
some
of
the
pictures
that
urban
took
from
last
week,
so
it
was.
It
was
great
to
like
to
meet
you
all
in
person
and
like
there
was,
like,
I
don't
know,
almost
64
people
in
the
in
the
telegram
group.
So
it
was.
It
was
a
small
conference
compared
to
hcc
in
paris,
but
seeing
all
these
maker
people
around
it
was,
it
was
awesome.
It
was
great.
B
B
So
look
out
for
that,
and
also
in
general,
the
other
thirty
percent
or
twenty
percent
of
people
that
I
spoke
to
were
sort
of
more
external
maker,
dow
stakeholders,
former
investors
die
users,
vault
users,
people,
you
know
who
write
like
really
great
academic
papers,
guys
like
dimitri
berenson,
etc,
etc,
and
the
thing
that
with
this
group
of
people
that
I
found
most
interesting
was
that
they
didn't
know
anything
that
was
happening
at
maker.
They
literally
didn't
know
that
the
foundation
dissolved.
B
They
didn't
know
that
we
have
like
16
different,
ratified
teams
with
like
another
four
or
five
in
the
pipeline.
They
didn't.
They
didn't
know
about
stuff
like
the
diversification
of
the
psms.
All
of
them
are
stuck
in.
The
oh
dye
is
a
usdc
rapper
in
their
head,
and
so
it
just
goes
to
show
that
you
know
really
like
the
public
sentiment
is
somewhat
what
people
have
in
their
minds
when
they
think
of
maker.
B
So
events
like
this
are
extremely
important
for
teams
not
just
telling
their
own
story
at
maker,
but
telling
the
story
of
maker,
because
I
think
what
we
have
done
over
the
last
six
months
is
extremely
impressive
and
wonderful.
Like
the
foundation
wound
down
ahead
of
time,
we
have
literally
16
teams
like
we.
We
should
give
ourselves
a
huge
round
of
freaking
applause
for
for
how
far
we've
come
so
far
and
and
how
we're
continuing
to
grow,
and
so
a
lot
of
people
that
I
spoke
to
that
were
not
maker.
B
We
don't
get
in
our
online
interactions
because
you
know
we're
typically
focused
on
whatever
the
agenda
for
the
call
is
or
whatever
you're
specifically
dming
someone
for,
but
when
you
have
off
sites
like
these,
where
we're
all
interacting
with
each
other.
We
get
such
higher
fidelity
of
information
such
higher
like
resolution
of
information,
and
I
highly
encourage
other
core
units
to
prioritize
showing
up
at
some
of
these
off
sites.
B
Also
also
kind
of
I
did
have
one
other
thought
on
the
winter
mute
thing
and
it
wasn't
about
the
deal
or
anything.
Don't
worry.
It
was
more
about
the
idea
that
they
had.
No,
they
didn't
know
what
was
wrong
with
their
proposal
until
nick
and
sam
actually,
like
really
talked
to
them
like
they
were
reading
the
comments
they
understood.
B
A
G
A
I
Sorry,
yeah
yeah,
it's
nothing
really
that's
important.
I
just
wanted
to
add.
There
was
six
of
us.
There
is
for
unity
in
lisbon
as
well
meeting
a
lot
of
people
for
the
first
time
after
two
years,
definitely
worth
it.
I
was
productive.
At
the
same
time,
what
I
wanted
to
mention
is
regarding
external
meetings,
so
we
had
a
talk
with
abe
on
d3m,
which
was
really
useful.
I
So
I
mentioned
this
and
one
interesting
thing
so,
like
the
biggest
impression
I
got-
and
this
was
the
same
thing
in
denver
two
years
ago-
everybody
was
talking
about
flash
loans
because
they
were,
you
know
the
thing
now:
everybody's
talking
about
protocol
and
liquidity,
or
at
least
people
I
talked
to.
So
this
is
the
concept
that
olympus
dao
introduced.
I
I
I
Yeah
you
basically
incentivize
users
with
their
own
tokens
to
block
liquidity,
so
the
lp,
which
would
be
in
our
case,
would
be
maker
the
liquidity,
so
they
lock
it
into
the
protocol,
and
you
know
they
get
some
benefits
now
it
could
be
like
olympus
dow,
which,
like
fundamentally,
it's
probably
not
like
the
soundest
thing,
but
you
could
do
other
stuff
as
well
right.
You
basically
start
rewarding
users
for
liquidity
on
its
own
and
their
words
are
then
not
really
dumped.
F
A
video
what
everyone
was
saying
I
don't
want
to
repeat,
but
it
was
great
seeing
everyone.
I
don't
know
how
many
people
I
met
it
was.
It
was
quite
nice
also.
We
had
the
opportunity
to
put
maker
into
some
into
the
dialogue.
So
that's
always
good
and
the
last
thing
that
I
wanted
to
to
mention.
That
was
not.
I
wanted
to
thank
nadia,
corey
and
david.
F
I
think
they
were
the
main
organizers
of
the
maker
event
in
a
super
nice
terrace,
where
we
were
able
to
to
meet
everyone
and
and
yeah
mingle
a
bit
it
was.
It
was
very,
very
nice,
I'm
not
sure
which
core
units
contributed
financially,
but
them
three
were
doing
the
heavy
lifting.
So
thank
you
very
much
guys.
He
was
very,
very
nice,
so
in
the
name
of
all
maker
thanks.
B
You
know
the
teams
can
actually
jointly
propose
spfs
to
sponsor
right,
like
there's,
there's
different
ways
to
do
it,
and
also
not
every
team
goes
to
every
event.
So
I'm
curious,
so
here's
my
actual
question
here.
My
curious,
my
curiosity
is
one:
will
there
be
in
2022
an
actual
full
make
or
doubt
offsite
with
all
of
the
teams?
That's
question
number
one
and
then
number
two
is
actually
no
forget
number
two.
I
just
want
people
to
think
about
how
we
organize
moving
forward
but
yeah.
F
It's
decentralized
david,
no,
I
mean
we
could
potentially
coordinate
something,
but
it's
it's
not
that
you
can
force
people
to
go.
I
think
it
would
be
a
nice
thing.
We
probably
need
some
time
and
someone
to
take
the
initiative.
But
if
someone
says
in
october
we're
all
going
to
xyz,
I
can
see
people
organizing
around
that
and
then
network
effects.
B
G
B
Yeah,
which,
which
is
like
also
part
of
the
conversation
like
right,
is
it
part
of
anybody's
scope,
like
the
the
events
side
of
the
dow?
Like
I
know,
ses
has,
like
you
know,
a
budget
for
events.
Our
team
also
has
some
sort
of
budget
for
events,
I'm
sure
others
do
too,
but
I'm
curious
like
who
does
the
onus
fall
on.
A
Good
reflections
appreciate
them
david,
it's
probably
a
good
time
to
transition
to
our
separate
second
discussion
topic.
This
was
something
that
I
know,
bourbon
brought
up
and
a
bunch
of
other
people
have
been
questioning
for
a
while
should
be
back
in
the
day
be
protocol.
Obviously
this
idea
of
a
wbtc
b
vault,
and
we
also
had
a
a
post
from
I
believe
from
from
the
risk
score
unit
on
how
we
could
be
utilizing
wbtcv
versus
like
a
b
protocol
wbtc
fault.
A
So
we
wanted
to
give
some
time
today
to
discuss
like
hey.
What
are
the
risk
concerns
about
this,
as
well
as
like
yeah,
again
we're
presented
with
another
situation
where
we've
made
our
declaration
of
intent
that
we
want
to
like
try
to
do
a
be
protocol
back
fault,
yet
we
also
kind
of
have
have
our
needs
for
acting
quickly
and
and
not
missing
out
on
the
opportunity
for
wbtcb.
I
I
But
we
believe
some
time
will
be
needed
to
onboard
it
because
it
requires
a
new
clipper
contract
p
needs
to
get
involved.
It
could
take
some
time-
and
you
know
before
that.
You
know
all
this.
Massive
growth
could
be
over
already
and
the
other
question
that
you
know
I'm
personally
having
with
b
protocol
and
others
as
well.
Is
you
know
how
how
much
it
can
scale
really
in
short
time,
because
it's
more
like
a
experimental
implementation
with
low
debt
ceiling?
I
Another
limiting
factor
is
the
amount
of
committed
liquidators.
So
they
need.
You
know
they
need
capital,
massive
capital
actually
of
committed
liquidators
so
that
we
can
basically
scale
the
depth
ceiling
of
such
world.
So
that's
why
we,
you
know
just
proposed
to
just
as
soon
as
possible,
release
for
a
bitcoin
b,
the
regular
world
and
then,
in
the
meantime,
work
on
the
b
protocols
proposal,
which
means
we'll
basically
have
two
similar
vaults.
Similarly,
low
liquidation
ratio
should
be
around
130.
I
I
expect
why
we
can't
offer
lower
than
that,
and
this
was
actually
something
that
v
protocol
brought
up.
So
the
whole
idea
with
them
was
to
really
offer
a
really
low
liquidation
ratio,
so
something
like
120
or
or
even
lower.
But
the
issue
is
that
we
are.
We
are
using
osm
right
and
there's
one
hour
delay
and
there's
bunch
of
risks.
There's
risk
of
uncollateralized
diet,
meaning
if
dry,
if
price
drops
so
severely.
I
I
So
if
you
need
to
liquidate,
I
don't
know
a
few
hundred
millions
of
each
depth
each
30
minutes
there
would
be
like
a
40
million
liquidation
or
something
so
it
would
take
some
time
if
you
have
committed
liquidators
again.
If
they
have
this
amount
of
capital
committed,
you
can
increase
the
throughput.
So
this
is
possibly
the
biggest
upside
I
see,
and
the
downside
is
probably
the
only
downside
they
see
is
just
we
lose
some
penalty
fees
right,
which
is
something
that
some
people
don't
really
like.
B
J
Yeah,
it's
like
we're
we're
providing
the
immediate
liquidity
there
to
sort
of
purchase
out
of
basically
we're
purchasing
out
of
the
the
auction
and
then
the
way
be
protocols
new
bam
as
they
call
it
works
is.
You
know,
there's
basically
what's
effectively
a
stable,
swap
pool
except
it's
scaled,
where
there's
some
fixed
discount
offered
on
the
collateral,
and
then
it
sits
there
and
it's
just
this
open
arm
for
the
market
to
take.
So
it's
like
maker
does
that
sort
of
initial
purchase
with
dye
for
the
collateral
and
then
over
time.
A
That's
pretty
cool.
I
didn't
consider
that
kurt.
I
kind
of
wanted
to
ask.
I
guess
just
in
terms
of
wbtcb,
like
obviously
back
in
the
day
before
liquidations
2.0,
it
was
too
risky
to
have
a
lower
cr
for
rap,
but
we
are
much
more
confident
in
our
auction
system.
Now
I
was
curious.
If
we
had
any
sort
of
like
indication,
I
mean
we
obviously
have
the
the
one
hour
delay
to
deal
with.
A
That's
probably
going
to
be
the
most
limiting
factor,
as
you
mentioned,
but
I
was
curious
like
if
we
had
any
like
auctions
data
like
is
there?
Is
there
an
ideal
number
we
could
get
to
in
terms
of
with
the
current
setup?
Is
it
just
130
is
the
lowest
we
can
go
before.
We
start
messing
with
the
articles.
I
Yeah,
so
actually
on
our
dashboards,
you
can
see
how
auctions
are
performing,
but
on
the
risk
model
type
you
can
actually
also
see.
What's
the
risk
premium,
we
could
probably
go
below
130
for
red
bitcoin.
Just
from
the
you
know,
volatility
matrix
is
definitely
the
severity
of
the
the
most
severe
crashes
are
are
smaller
for
red
bitcoin
than
it.
I
Of
course,
you
could
argue
that
trade
bitcoin
is
centralized
and
it
carries
its
own
risk,
and
that's
why
you
know
you
should
account
for
that
as
well,
so
we
kind
of
usually
treat
it.
Similarly
as
it
you
know,
even
though
it's
less
volatile,
it
has
its
own
risk,
it's
also
less
liquid,
and
it
has
this.
You
have
this
counterparty
disk,
but
essentially
yeah
like
I
could
see
like
going
to
125,
for
instance,
but
the
issue
then
becomes
this
osm
delay
risk
right.
A
K
Sure
right
so
I
hope
I'm
not
repeating
anything
here
pro.
I
probably
am
because
I'm
I'm
joining
late
right,
but
I
I
see
a
big
slide
of
rap
btcb
here,
so
that
kind
of
sets
the
stage.
Okay,
so
yeah.
We
we
need
to
offer
a
higher
leverage
options.
I
think
right
so
in
terms
of
eth
and
in
terms
of
rap
btc
right.
K
So
that
means
much
lower
collateralization
ratios
and
in
the
past
the
limiting
factor
there
has
been
the
oracle
security
module
delayed
right,
because
if
you
can't
liquidate
for
at
least
an
hour
right,
that
means
that
you're
taking
on
price
risk
during
that
hour
right.
So
it
limits
the
right
amount
of
you
know
risk
that
that
we
can
take,
because
we
we
basically
have
to
account
for
an
extra
hour
of
movement
right
and
then
you
know,
there's
been
definitely
been
20
blips
right
in
the
span
of
an
hour
before.
K
K
So
I
I
think
I
was
talking
with
the
mandated
actors
about
this
now
I
wanted
to
kind
of
present
this
idea
that
the
community
is
what,
if
we
kind
of
offered
and
I'm
maybe
this
isn't
the
right
terminology,
but
like
d
gen
faults,
not
djn
in
terms
of
like
the
coins
that
you
can
use,
to
borrow
sorry,
not
borrow
generate
die,
but
but
rather
in
terms
of
the
amount
of
kind
of
protections
you
have
so
basically
the
the
delay
is
there
right
like.
Why
is
the
delay
there?
K
The
delay
is
there
to
protect
against
an
oracle
attack
right.
So
that's,
basically,
if
all
of
the
feeds
were
to
you
know
or
not
all
of
them,
but
like
a
quorum
amount
of
feeds
were
to
launch
an
oracle
attack.
Saying
you
know,
ethos
10
right,
then
then
eath
would
just
every
vault
would
ethanol
would
get
liquidated
right
and
and
so
instead,
what
I
would
thing
to
do
here
is
well,
so
you
can
use
the
medianizer
price.
You
don't
have
to
use
the
oracle
security
module
price
right.
K
If
the
market
moves
so
from
a
protocol
safety
point
of
view,
it's
fine,
but
from
a
user
point
of
view
right,
you
lose
the
oracle
attack
kind
of
prevention,
and
you
also
lose
the
ability
right
to
cover
your
position
right
in
that
you
know.
Normally
you
have
an
hour
where
you
know
you're
going
to
get
liquidated
right
to
pay
back
or
to
add
more
collateral
right,
and
so
I
think
is
like,
like
I
think
it's
safe,
and
I
mean
I
don't
want
to.
K
I
think
pretty
much
is
the
ultimate
authority
here,
but
I
think
from
a
protocol
perspective,
it's
actually
safe
to
do
this.
It's
just
that
the
user
loses
a
lot
of
the
guarantees,
and
so,
if
we
make
it
very
clear
to
the
user
that
you
know
these
are
very
high
risk
vaults
and
that
they're
choosing
to
do
this.
You
know
of
their
own
kind
of
volition,
then
yeah,
then
this
is
something
we
can
do,
but
it
it
also
kind
of
goes
against
our.
I
Yeah,
I
personally
think
it
would
be
interesting
to
offer.
Such
words
still
depends
how
you
communicate
with
users.
So
they
know
it's
not
an
osm
world
this
time,
but
I'm
just
thinking
in
terms
of
auctions,
if
the
dutch
auction
system
should
be
is
the
appropriate
one.
For,
for
this
kind
of
c,
you
know
oracle
setup.
I
Should
we
instead
use
similar
setup
that
you
know
other
landing
platforms
have
so
basically
just
have
a
fixed
discount
when
it's
liquidated
and
that's
it,
and
maybe
we
could
even
do
it
with
current
touch
auction
parameters,
I'm
I'm
not
really
sure
but
yeah.
That's
that's!
The
first
part
I
have
actually.
K
Yeah,
I
I
I
think,
that's
that's
a
valid
concern
right.
We
can.
We
can
liquidate
right
that
that's
that's
also,
in
a
sense,
a
delay
right.
You
have
the
osm
delay
and
then
you
have
the
the
latency
of
the
auction
completing
right
during
all
of
which
we're
taking
on
price
risk.
So
if
we
want
to
have,
if
we
want
to
offer
super
high
leverage,
then
yeah,
I
think,
looking
at
a
discount
to
the
oracle
price,
you
know
I
I'm
not
sure
what
what
ave
offer.
I
think
it's
like.
A
K
So,
presumably
right,
if
you
go
out
on
that
curve
and
you
offer
even
more
leverage
there,
there
should
be
some
demand
for
that
as
well
right.
So
so
I
I
want
to
be
clear
here.
You
know
we're
not
just
talking
about
rap
bitcoin
b
here,
we're
talking
about
you
know
for
for
eth
as
well.
Right,
there's,
definitely
demand
for
for
leverage
or
high
leverage,
eth.
I
I
Whereas
if
you
let's
say
you
offer,
you
know
medianizer
based,
let's
say
120
percent
liquidation
ratio.
You
wouldn't
have
time
to
react,
so
you
would
always
make
sure
there's
enough
buffer
right
and
this
buffer
could
be.
Actually,
you
know
pretty
high
over
130.
So
at
the
end,
I'm
thinking
this
you
know
120,
you
know.
Is
it
really
much
different
120
with
midianizer
than,
for
instance,
130
without
it
with
osm?
No,
maybe
from
user
experience
they
would.
K
Sure
well,
well,
I
think,
there's
and
I
and
I
think
chris
b
brought
this
up
in
the
chat
just
now.
You
know
it's
it's
it's
not
one
hour
or
nothing
on
the
delay
right.
So
we
can
have
a
shorter
delay
say
like
10
15
minutes,
and
in
that
case
something
like
defy
saver
automation
right
would
be
able
to
save
you
in
that
time,
right
from
liquidation,
and
so
you
do
get
that
protection
back.
K
But
you
don't
you
don't
get
any
oracle
attack
protection
because
you're
basically
like
the
reason,
the
one
hour
delay
is
one
hour
is
because
that's
kind
of
the
kind
of
what
we
think
is
the
chinese
fire
drill.
Time
to
you
know,
rally
the
troops
and
get
in
the
war
room
and
you
know
get
a
spell.
You
know
pass
to
shut
this
thing
to
shut
the
oracle
down
before
the
the
price
takes
effect
right.
So
in
a
10
15
minute
time
frame,
you're
not
gonna,
be
able
to
do
that
right.
K
So
you
don't
get
the
oracle
protection
back.
But
if
the
concern
pretty
much
is
that
about
people
being
able
to
manage
the
risk
through,
you
know
vault
saving
infrastructure
such
as
defy
saver
or
such
as
you
know,
their
own
flavor
right.
I
know
urine,
for
example,
right
had
their
own
vault
management
kind
of
infrastructure
solution.
K
Yeah,
then,
then
we
can.
We
can
get
those
protections.
I
think,
with
with
very
small
delays
right,
like
a
like,
I
think,
on
the
pricing
risk
10
minute,
an
extra
10
minutes
shouldn't
shouldn't
matter
that
much
right,
like
the
the
auction's
gonna
last
longer
than
10
minutes
at
the
moment.
So
I
would
say
in
that
scenario
the
auction
is
the
the
limiting
factor
right
for
the
amount
of
leverage
that
we
can
offer,
not
the
not
the
not
the
delay
of
10
minutes
or
whatever.
It
is.
A
A
Cool
not
seeing
any.
I
think
this
might
be
a
reasonable
time
to
wind
down
the
meeting
then
seeing
as
I
didn't
see,
any
other
topics
for
discussion
pop-up
in
the
sidebar
do
really
appreciate
everyone
coming
in
and
participating
today.
I
would
like
to
see
these
two
sessions
continue
on
the
forum,
as
well
as
in
our
discord,
chat
so
yeah.
Thank
you.
Everyone
for
attending
we'll
go
ahead
and
shut
this
meeting
down
and
see
you
online
thanks.