►
From YouTube: Governance and Risk Meeting: Ep. 79
Description
Please join us and help shape the future of the MakerDAO.
Agenda
- Intro with Rich Brown
- Debt Auction Parameters with Cyrus
- Demo of Auction tools in the works with Adrian Le Bas
- Circuit Breakers and USDC Discussion
- SCD Shutdown Discussion
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
Misha's,
hello,
everyone
welcome
to
the
third
edition
of
our
daily
scientific
governance
and
risk
meeting
having
these
calls
until
the
community
decides
that
we
don't
need
them
anymore.
Tell
the
market
improves
one
of
the
other
or
some
combination
of
those
two
things
occur.
My
name
is
Richard
Brown
I.
Am
this
head
of
community
element
maker
down
and
also
the
government's
facilitator?
A
We
have.
We
had
a
lot
of
deeply
technical
and
important
discussions.
Yesterday
was
there's
a
lot
to
go
over
and
we're
going
to
hopefully
zoom
in
on
two
or
three
major
issues
today,
with
one
I
think
cool
presentation,
putting
the
mix
for
variety
and
then
we'll,
hopefully
have
more
time
for
a
general
Q&A
at
the
end
of
the
call,
because,
yes,
it
was
a
two-hour
column,
there
was
there's
still
lots
of
talk
about
the
general
ideas
that
I
want
people
to
internalize
from
yesterday's
call
on
a
day
before
and
well.
A
So
we
can
continue
the
momentum
and
we
have
some
really
good
examples
of
that
activity
from
yesterday,
which
is
going
to
inform
some
of
the
content
for
today.
So
we
have
a
forum
post,
actually
Aaron
I'm,
like
lean
on
you
a
bit
today,
I
kind
of
threatened,
slash
volunteered,
slash,
asked
you
whether
you'd
be
willing
to
have
a
chat
with
us
today,
I'm
not
sure
a
review,
a
response,
but
not
either
way.
We
can
do
it
or
you
can
do
it.
A
A
We
have
to
be
expedient
in
agile
and
those
are
two
nicest
ways
I'm
going
to
describe
the
events
of
the
last
week,
and
that
means
that
actions
need
to
be
taken
to
stabilize
and
shore
up
the
system
and
to
protect
users
and
ultimately
to
help
protect,
define
so
decisions
have
to
be
made,
but
those
decisions
aren't
written
in
stone,
they're
immutable
that
they're.
If
it
can
be
altered
in
the
future
and
so
over
the
course.
The
next
week's
we
need
to
make
corrective
action.
A
But
we
also
need
to
take
the
opportunity
to
look
back
and
fix
and
tweak
and
improve
the
things
that
we
did
and
that's
what
we're
doing
right
now.
So
we're
gonna
talk
about
debt,
auction
parameters
and
whether
those
meet
some
care
and
attention.
We
are
going
to
raise
a
specter
from
the
past
and
we're
going
to
talk
about
the
shutdown
of
single
collateral
tie
and
what
that
implies,
whether
there's
an
appetite
for
that
kind
of
thing.
A
Some
of
the
larger
issues
that
are
surrounding
that,
like
what
a
PTO
thought
of
standing
peace
in
that
world
and
we're
also
going
to
talk
about
circuit
breakers
I,
mentioned
that
yesterday,
that
this
is
going
to
be
the
community
is
the
ecosystem,
is
waking
up
to
some
realities
and
there's
been
a
lot
of
armchair
economic
happening
in
the
ecosystem.
And
it's
it's
it's
just.
What
happens
when
time
so
frothy
the
hot
takes,
come
fast
and
furious,
and
it's
easy
to
criticize
from
10,000
feet
from
the
cheap
seats.
A
It's
it's
far
harder
to
criticize
when
you're
actually
doing
the
work
like
we
are
in
this
group,
and
so
we
need
to
make
sure
that
we
stay.
We
stay
ahead
of
a
bunch
of
emerging
trends,
but
one
of
those
emerging
trends
is
going
to
be
the
circuit
breakers
and
how
those
fit
into
the
ecosystem
that
we
all
have
built
our
businesses
and
our
oceans.
B
Sure,
maybe
we
can
start
going
through
some
of
the
interesting
form,
threats
that
are
that
popped
up
last
night.
So
there
was
one
on
on
the
on
the
flop
option,
parameters,
long
for
wisdom
or
the
other
rich
who
wrote
the
post
do
either
of
you
guys
want
to
walk,
walk
through
that
thread
a
little
bit,
maybe
sorry
to
put
either
of
you
on
the
spot.
B
C
I
can
walk
through
it
yeah
right,
so
this
is
an
kind
of
a
response
to
the
conversation
we
had
yesterday
that
Cyrus
laid
out
and
kind
of
ordered
us
to
the
fact
that,
like
we
have
these
scheduled
debt
auctions
that
are
coming
up,
fought
that
auctions
and
they
may
fail,
given
the
price
that
the
kind
of
parameters
have
all
these
auctions
starred
in
that.
So
this
has
all
the
background
information
on
like
the
specific
parameters
that
affect
how
these
auctions
would
run,
and
it's
important
to
think
about
like
what
this
post
addressed
it
address.
C
Is
you
know
if
we
have
the
action
at
the
scheduled
time?
You
know
what
happened
if
we
for
some
reason,
have
the
quote-unquote
market
price
for
mkr
to
die,
be
less
than
the
starting
bid
and
kind
of
like
what
are
the
fallback
measures
or
what
would
happen
and
like
what
we
could
do
to
address
them
by
adjusting
these
parameters
ahead
of
time?
With
this
dozen
address,
is
you
know?
Why
are
we
having
these
auctions
to
people?
Have
their
collateral
save?
You
know
all
those
things,
and
you
know
some
people
may
want
to
discuss
that.
C
But
this
is
strictly
you
know.
Assuming
the
auction
happens,
what
can
we
do
to
mitigate
any
risk
of
any
failed
auctions?
So,
as
you
as
we
think
about
the
cold,
it's
kind
of
like
five
options,
it
ended
up
being
a
little
bit
more
than
the
HP
but
like.
If
you
think
about
the
first
option
of
like
we
do
nothing,
we
let
them
run.
C
So
how
do
we
change
the
dump
parameter?
Second,
is
how
do
we
change
the
length
of
the
auction
which
would
be
the
towel
and
three
is:
what
are
we
change?
How
do
we
change
the
like
discount
factor
from
one
failed
action
to
another
one
being
reinitialized,
which
is
the
padding?
I,
won't
go
into
the
technical
details
too
much,
but
just
like
at
a
very
high
level.
If
we
increase
the
lot
size,
that
means
the
starting
price
will
just
go
down
as
a
matter
of
math.
C
So,
instead
of
it
being
two
hundred,
you
know
we
can
bring
it
down
to
a
certain
number
based
on
how
much
the
wad
size
increases.
So
we
can
set.
We
can
aim
and
target
175
on
fifty
whatever.
If
we
decrease
the
flip
with
century,
says
and
says,
we
can
have
more
participants
in
auctions
because
once
they
close
out
one,
they
would
then
be
able
to.
You
know
quickly
join
another
and
again
I.
C
D
E
D
B
E
That
way,
they
can
continue
to
participate
in
the
option
and
I
looked
at
the
liquidity
across
the
books,
and
it
looks
like
there's
maybe
on
average,
like
200k
US
dollar,
equivalent
worth
of
MK
are
sitting
on
books
across
exchanges
listed
on
coin
market
cap.
So
I
think
the
problem
is
that
the
the
secondary
markets
don't
have
the
liquidity
to
support
or
the
demand
to
support
people
participating
the
auctions
effectively
like
cycling
their
maker,
and
that
means
that
the
price
could
collapse
in
the
secondary
markets
and
then
people
will
stop
participating
in
the
in
the
options.
E
B
E
So
I
guess
in
that
case,
so
I
think
that's
a
really
good
point.
I
hadn't
considered
that
that
people
might
just
be
buying
and
not
looking
to
arbitrage
the
auctions
in
the
case
that
people
are
trying
to
arbitrage.
The
auctions
is
that
to
say
sort
of
like
the
the
majority
of
people
are
ever
charging
auctions.
Is
that
to
say
that
sort
of
the
worst
case
is
maybe
there's
going
to
be
a
bunch
of
make
MKR
cocaine,
that's
bought,
bought
up
up
front
and
then,
as
the
liquidity
on
secondary
markets
dries
up.
E
Everybody
participating
in
the
auctions
either.
You
know,
is
out
of
out
of
funds
because
they
bought
it
for
the
long
term
and
they're,
not
arbitrage
or
the
arbitrage
is
just
aren't
buying,
because
they're
waiting
for
the
price
to
drop
will
see
some
delay
and
then
the
the
price
will
drop
significantly
and
they'll
just
arbitrage
and
get
on
the
secondary
markets
at
a
lower
price
and.
E
C
I'll
speak
to
kind
of
was
state
ago
as
someone
who's
not
like
trying
to
predict
where
the
markets
going
to
be
and
looking
for
arbitrage
opportunities.
It
just
seems
to
me
like
if
you
could
avoid
kind
of
failed
auctions
and,
like
you
know,
having
bad
debt
sitting
a
queue
for
awhile,
then
this
doesn't
necessarily
like
make
a
value
judgment
all
the
way
the
price
will
be
it
just
kind
of
varrock
about
a
term
would
give
some
wiggle
room
so
like
these
auctions
can
happen
and
have
more
participants.
C
E
G
Despite
the
like,
the
big
push
to
get
lots
of
people
involved
in
the
keeper
options,
there's
a
good
chance,
there's
a
subset
of
people
that
either
can't
participate
because
of
technical
ability
or
because
of
capital
requirements
and
might
be
waiting
to
buy
maker
on
secondary
markets
at
a
depressed
price.
Due
to
the
options,
it's
possible
we'll
see
more
liquidity
come
into
like
the
secondaries
as
the
options
go
on
not
guaranteed.
Oh
is
the
possible.
G
C
You
I
would
also
just
add
that
in
the
originals
we
mentioned
the
backstop,
the
maker
backstop
syndicate,
which
you
know
there's
another
measure
of
kind
of
safety
in
there
I
don't
know
I
sure
if
they
got
into
the
post,
but
like
there
are
kind
of
like
redundant
ways
to
make
sure
that
you
know
this
all
gets
accounted
for.
But
it's
just
a
matter
of
you
know
how
do
we
kind
of
nip
it
in
the
butt
right
away?
C
C
A
A
I
I
Yeah
I
can
hear
you
yeah,
but
it's
ready
deploy
should
be
deployed
today,
kind
of
just
wrapping
up
some
ends.
I,
don't
know
where
the
front
end
is
I
just
know
where
the
contracts
are,
those
are
in
good
shape,
I
mean
I.
Think
probably
one
of
the
largest
hurdles
is
going
to
be.
You
know,
marketing
it
and
acquiring
enough
liquidity,
because,
like
I
said
the
you
can't
pile
in
after
the
first
auction
has
started
just
to
be
fair
about
the
way
that
the
rewards
are
distributed.
A
I
G
G
A
H
A
A
A
B
B
I,
don't
personally
have
strong
opinions,
one
way
or
another,
but
I
mean
there
seems
to
be
a
lot
of
I'm
that
this
isn't
such
a
clear-cut
issue.
So
if
the
community
wants
certain
actions
to
be
taken,
I
think
that
I
think
the
time
window
on
I'm
speaking
up
or
getting
voices
heard,
is
quickly
running
out,
because
there
are
some
technical
constraints
towards
there
are
some
technical
risks
to
changing
anything
solely
in
in
the
cycle,
but
might
my
primary
actually
I
think
may
be?
B
My
only
concern
in
all
of
this
is
anything
to
do
with
keeper
software
being
needed
to
be
changed
last
minute
due
to
changing
the
auction
dynamics,
yeah.
A
J
H
J
J
J
J
J
The
team
is
working
right
now
on
doing
a
field,
sorting
mechanisms
and
ways
to
filter
by
opportunity.
So
can
you
just
define
the
night
action
looking
for?
We
are
working
hard
on
getting
the
most
relevant
bits
of
data
from
the
hour
Vence
displayed
on
the
screen.
Maybe
I
can
find
a
action.
The
house
some
data
yeah
there
we
go
so,
as
you
can
see
you
can
inspect
when
the
auction
started.
The
bits
that
the
auction
was
received-
and
this
auction
in
particular
has
already
ended
and
Thiel
has
already
bit
cold.
J
J
J
For
most
users,
the
default
flow
would
be
to
like
us,
I'll
deposit,
some
dye
into
the
VAT.
That
would
probably
be
in
50000
increments,
because
that's
the
bit
size
user
will
enable
the
duck
auctions
and
then
user
will
find
the
auction
that
they
are
where
they
want
to
be.
Then
they
were
either
press.
This
bid
now
button
on
the
instant
bid,
which
will
take
the
lot
size.
It
would
take
the
bag
value,
which
I
believe
is
3%
or
5%.
J
J
J
Basically,
this
you
I
will
be
working
tomorrow
that
a
site
that
isn't
much
more
to
be
shown
here
whenever
the
auction
ends
being
care
should
go
directly
to
your
account.
There
will
be
a
UI
to
call
Bill,
but
do
you
might
already
be
called?
We
are
figuring
out
those
details
right
now,
tomorrow,
I
plan
on
giving
like
a
better
demo
of
the
finished
UI
and
show
you
the
URL
that
will
have
available
for
that
yeah
for
now
the
bit
of
a
sneak
preview
of
what
we
will
have
available
coming
tomorrow.
A
J
A
J
We
expected
to
be
able
to
handle
all
the
flop
auction
fine
for
this
week.
That
means
100,
plus
simultaneous
auctions.
We
are
working
hard
to
optimize
those
queries.
We
might
improve
the
works
in
the
process,
but,
yes,
we
are
confident
about
at
least
a
flaw
functions.
I'm,
sorry,
rich,
go
ahead,
I,
don't.
A
A
G
G
H
B
A
F
A
B
Okay
cool,
so
next
I
wanted
to
talk
a
little
bit
about
so
yesterday
we
started
talking
about
these
new
tools
that
governance
is
added
over
the
past
several
days,
namely
the
liquidation,
freeze
or
circuit
breaker,
and
additionally,
u.s.
DC
is
collateral.
B
H
H
B
B
B
B
But
we'll
do
our
best,
okay,
so
three
major
changes
to
maker
over
the
past
week.
The
first
was
the
increased
to
the
minimum
bid
duration
from
10
minutes
to
6
hours.
The
second
was
this
circuit
breaker,
and
the
third
was
the
addition
of
u.s.
DC
is
collateral
fide
and
their
their
two
main
issues
from
Black
Thursday
that
I
want
to
highlight
over
and
over
again,
these
are
network
congestion
and
keeper
liquidity
and
both
are
incredibly
significant,
but
there
are
also
somewhat
distinct
from
each
other.
B
The
change
to
the
bid
duration
was
primarily
to
alleviate
congestion
issues,
people
having
difficulty
syncing
nodes,
having
issues
with
the
man
pool
or
sending
transactions
out
high
gas
prices,
not
having
your
keepers
properly
configured.
All
of
those
issues
were
obviously
difficult
to
fix
on
a
spot
and
having
more
than
10
minutes.
It's
obviously
a
huge
benefit
to
try
and
actually
submit
bids
for
the
auctions.
B
B
This
is
made
worse
by
the
fact
that
the
options
they
they
come
at
you
fast.
They
run
concurrently
when
a
certain
price
point
is
liquidated,
there's
a
huge
surge
of
auctions
that
all
get
triggered
at
once
and
there's
a
huge
issue
in
that
there
is
no
or
previously
there
was
no
good
way
to
space
them
out
or
rate
limit
them.
I
think
the
reality
is
that
well,
liquidations
I
think
are
toughen
and
any
setting
even
a
centralized
setting.
We
saw
some
examples
of
that.
B
B
B
Keepers
come
in,
they
have
exactly
ten
million
they've
been
on
all
the
auctions
and
then
six
hours
later
the
keepers
receive
EFA's
proceeds
from
the
auction
and
then
several
hours
later
they
can
convert
that
back
into
dye.
That
last
step
is
typically
taking
that
eath
and
maybe
sending
it
to
a
centralized
exchange
such
as
coinbase
selling
it
for
for
die
and
then
withdrawing
the
dye.
B
It
sometimes
I
mean
it
might.
It
might
be
easy
to
assume
that
you
can
just
cycle
it
through.
You
know
swap,
but
that
is
not
always
feasible
given
network
congestion
and
other
issues,
for
whatever
reason,
I
think
it's
safe
to
assume
that
it
would
take
a
couple
hours
for
keepers
to
convert
back
in
to
die
so
we're
looking
at
maybe
a
six
to
eight
hour.
B
So
now,
let's
assume
that
after
after
Etha
said
80
and
that
six
to
eight
hour
cycle
has
finished,
keepers
have
have
received
all
of
their
die
back
and
then,
if
price
hits
seventy-five
and
we
have
another,
fifteen
million
dollars
of
collateral
is
liquidated.
I
everything
is
fine
again
right.
Keepers
have
sufficient
liquidity
and
the
auction
will
be
another
success.
B
Keepers
currently
have
all
of
their
die
tied
up
in
the
first
auction
that
they
were
bidding
on
for
the
$80
lakhs,
and
they
they
don't
have
any.
They
don't
have
any
more
died
in
their
hands
right,
and
this
is
unfortunate
because,
as
we
just
saw
in
the
previous
example,
if
they
had
time
to
get
their
die
back,
then
they
would
right.
It's
not
really
an
exchange
as
you
they
just
there.
B
So
we
call
this
problem.
Recycling
die,
which
is
this
this
lag
in
between
or
which
is
this
idea.
We're
keepers
try
to
take
their
auction,
proceeds,
sell
it
for
die
and
start
over
and
with
Auctions
keepers.
Just
simply
don't
have
they
just
don't
it's
not
possible
for
them
to
recycle
their
die
fast
enough,
because
it's
locked
up
this
says
right.
B
Even
if
keepers
could
otherwise
handle
the
auction
size,
it
doesn't
matter
even
if
the
exchanges
can
handle
liquidity.
That's
kind
of
irrelevant
doesn't
the
doesn't
matter
if
coinbase
can
handle
50
or
100
million
of
of
liquidations
and
also
critically
that
the
bid
duration
here
is
also
completely
irrelevant.
If
the
bid
duration
was
twenty
four
hours
or
three
days
as
long
as
keeper
liquidity
is
tied
up
in
a
previous
auction,
they
cannot
use
it
for
any
subsequent
auctions.
B
This
is
really
kind
of
a
long-term
problem.
It's
gonna
require
but
I'm
just
kind
of
hypothesizing,
a
kind
of
a
restructuring
of
the
auction
format
entirely
in
the
long
run.
So,
for
now
the
best
we
can
do
is
short
term
solutions,
short
term
band-aids
and
that's
essentially,
what
the
liquidation
freeze
or
the
circuit
breaker
is
designed
to
do
so
when
that
second
set
of
auctions
at
$75
is
going
to
trigger
keepers,
can
inch
should
send
some
sort
of
signal
to
the
community
to
pass
an
executive
vote
to
trigger
that
circuit
breaker.
B
B
Additionally,
there
is,
of
course,
price
volatility
in
freezing
liquidations
to
the
protocol,
but
the
alternative
is:
is
the
severe
liquidity
shortage,
which
would
almost
almost
certainly
result
in
poorer
prices
received
for
the
auctions,
so
I'm
going
to
pause
here
for
a
second?
Does
everyone
understand
how
the
circuit
breaker
pauses
liquidations
to
allow
keepers
a
chance
and
the
necessary
time
to
recycle
their
die
so
that
they
can
bid
on
the
subsequent
set
of
options.
B
B
With
this
increased
base
pool
of
dye,
they
can
now
handle
significantly
larger
liquidation
amounts
and
therefore,
in
some
situations
it
may
make
the
circuit
breaker
unnecessary.
So
in
the
previous
example,
because
in
the
previous
example,
the
circuit
breaker
would
no
longer
be
necessary
because
just
from
the
gecko,
the
keepers
have
more
dye
at
their
disposal.
So
this
was
kind
of
one
of
the
one
of
the
benefits
of
adding
us
DC
as
a
collateral
type.
B
Now
there
are
cases
where
we
might
need
both
so
if
there-
and
this
is
just
kind
of
a
slight
alteration-
slight
variation
of
the
previous
examples,
but
if
you
have
just
an
enormous
amount
of
collateral
to
be
liquidated,
the
increased
liquidity
from
us,
DC
may
not
be
enough,
so
you
may
have
to.
You
only
have
to
rely
on
the
circuit
breakers
again.
So
by
now
we
can
already
see
it's
gonna
things
are
going
to
kind
of
operate
on
a
case-by-case
basis.
B
B
And
then
just
to
be
clear,
this
also
isn't
a
foolproof
solution.
There
are,
there
is
a
certain
amount
of
collateral
to
be
liquidated.
That
keepers
simply
cannot
handle
even
with
the
available
u.s.
DC
debt
ceiling,
even
with
the
circuit
breaker.
If
it's
just,
if
it's
just
too
much,
then
then
that's
just
the
unfortunate
reality.
The
situation
all
right,
if
we
hit,
if
we
hit
a
price
point
where
the
amount
to
be
liquidated,
would
completely
overwhelm
the
keepers
even
with
the
circuit
breaker
then
there's.
Basically
only
extreme
measures
are
available.
B
Solution
is
to
just
take
the
loss
kind
of
like
the
and
and
trigger
another
flop
auction
like
we're
having
tomorrow.
This
is
also
an
idea,
but
the
kind
of
the
numbers
that
I'm
thinking
of
are
are
astronomical.
I
mean
certain
price
points
if
eath
were
to
hit
even
the
40s
or
maybe
even
the
50s,
the
losses
for
maker
could
be
projected
to
be
higher
than
2030
million.
Who
knows
really
how
crazy
things
can
get
it
wouldn't
just
be
it
wouldn't
be
single
digits,
almost
certainly
and
then.
Lastly,
emergency
shutdown
is
is
an
option.
B
Emergency
shutdown
has
not
been
historically
very
well
understood.
When
should
the
community
trigger
it?
When
should
they
not?
What
does
redeployment?
Look
like
kind
of
like
a
cost-benefit
analysis
to
doing
emergency
shutdown
is,
is
not
we're
not
really
at
that
stage
yet
in
the
commute,
but
in
the
community,
but
I
think
we
need
to
get
there
rapidly,
because
this
needs
to
be.
In
my
mind,
this
needs
to
be
a
very
credible
option.
B
One
minor
point
is:
could
could
it
emergency
increase
to
the
u.s.
DC
debt-ceiling
help?
So
let's
say
we're
about
to.
We
know
a
huge.
A
huge
liquidation
amount
is
going
to
come
in
I
think
due
to
the
GSM
delay.
This
would
not
necessarily
be
an
option
because
it
takes
four
hours,
for
we
take
four
hours
to
pass
the
change
and
the
auction
lasts
six
hours,
so
you
would
really
have
to
act.
B
Community
would
have
to
act
extremely
fast
to
increase
the
debt
ceiling
and
keepers
would
have
to
be
on
standby
to
generate
die
and
then
bid
on
auctions
again
technically
it's
possible,
but
I,
think
it's
it's
fairly
high
coordination
costs,
or
something
like
that.
So
to
the
extent
that
we're
sorry'
one
last
one
so
to
the
extent
that
we're
relying
on
US
DC
liquidity,
it
would
probably
be
probably
be
wiser
to
try
to
predict
what
kind
of
debt
ceiling
we
would
like
in
some
of
the
more
emergency
scenarios
and
kind
of
have
that
increase
in
place.
B
B
B
B
None
of
it
was
really
anything
to
do
with
the
dye
peg,
even
though
we
are
in
the
midst
of
a
dial,
aquitted
e
crunch,
and
we
do
have
data
that
the
two
million
or
so
dye
that's
been
generated
from
us.
Dc
has
gone
towards
day
to
day
Peck
management
know,
selling
on
Dex
is
supplying
to
secondary
markets,
and
so
on.
B
Certain
people
are,
of
course,
maybe
a
little
bit
dismayed
at
that
prospect.
So
I
think
we
need
to
be
perfectly
clear
that
there
is
an
option
to
allow
us
DC
in
the
collateral
pool
specifically
for
auctions
and
not
for
dye
peg
arbitrage
and
this
simple
solution
there
would
be
to
just
increase
the
stability
fee
to
something
astronomical,
like
a
thousand
percent.
B
B
My
opinion
is
that
we
should
which
we
should
align
on
the
target
use
case
and
figure
this
out,
and
one
option
is
to
add
to
separate
us
DC
packages
packages,
one
with
the
low
stability
fee
and
one
with
the
high
one,
and
they
can
have
according
debt
ceilings,
because
I
think,
even
though
the
primary
reason
for
adding
us
DC
was
for
auctions,
I
think
we've
all
enjoyed
the
short-term
benefits
of
having
it
be
used
for
peg
management
right.
The
dye
prices
has
dropped
considerably.
B
People
are
starting
to
feel
hopeful
again
with
the
dye
price.
I
think
it's
trading
almost
a
dollar
and
dollar
Row
two,
so
there
certainly
are
advantages
to
having
it
for
day-to-day
use.
Of
course,
there's
that
centralization
risk
that
people
are
so
worried
about
yeah.
The
idea
is
that
we
should
discuss.
G
G
B
B
We
have
one
hour
to
receive
a
signal
from
the
keepers
and
rally
an
executive
vote,
and
that's
definitely
the
conversation
I'd
like
to
explore
more
is
how
does
that
actually
work
in
practice,
trying
to
get
a
line
on
who
the
keepers
are
creating
some
sort
of
form
or
some
sort
of
ability
for
them
to
signal,
and
then,
lastly,
very
important
that
these
these
solutions?
They
don't
they
don't
protect
us
from
all
market
risks,
and
there
are
still
some
scenarios
where
we
might.
There
might
have
to
be
some
more
extreme
measures.
C
Hey
Cyrus
have
a
question
regarding
the
circuit
breakers
with
the
most
recent
liquidity
crunch.
It
was
the
case
that
keepers
were
just
being
ground
to
a
halt
by
gas
fees
and
we're
couldn't
participate
in
auctions,
not
that
they
were
just
necessarily
kicked
off.
So
in
that
scenario,
would
they
have
students
still
been
able
to
signal
that
we'll
quiddity
or
the
new
set
of
like
liquidations
and
be
able
to
get
that
circuit,
breaker,
initiated
and
second?
Are
there
any
situations
where
they're,
just
like
no
circuits,
to
alert
that
executive
vote
for
the
circuit,
breaker.
B
Yeah
so
I
I
guess,
if
the
six-hour
bid
duration
is
still
insufficient
and
yeah,
you
could
still
you
could
still
circle
or
no.
You
couldn't
right,
because
those
auctions
have
already
triggered
and
keepers
wouldn't
really
know.
Until
after
the
liquidations
have
occurred,
potentially
as
a
pre-emptive
preemptively,
they
could,
they
could
freeze
any
additional
liquidations
until
the
network
issues
are
are
sorted
out,
yeah
I
mean
it
can
be
used
in
that
sense,
as
well.
C
Okay,
so
I
think
the
circuit
breaker
is
like
a
pretty
strong
protective
measure,
but
I'm
just
wondering
if,
like
what
are
the
options
for
something
for
that
executive
vote
to
such
essentially
be
signaled,
because
I
could
see
there
just
being
something
where,
like
there,
that
signal
from
the
keepers
is
kind
of
cut
off
and
like
the
executive
vote
would
go
to
break
the
circuit.
But
there's
kind
of
like
there's,
not
the
heads
up,
so
I
just
be
curious
and
you
know.
C
F
Gonna
say
I
know
Chris
Murray
mentioned
to
you
and
yesterday's
call,
but
one
of
the
signals
would
be
seeing
auctions
that
start
clearing
at
a
higher
and
higher
of
a
discount
to
the
market
price.
So
like
the
closer,
it
is
to
the
market
price
that
signal
of
good
liquidity,
but
as
auctions
keep
going,
and
you
see
that
drop-
that's
that's
the
that's
the
kind
of
sign
that
we
have.
Although.
B
C
And
just
tides
kind
of
David's
idea
about
projective
liquidity.
We
could
see
that
coming
with
some
type
of
velocity
hours
in
advance,
so
it
wouldn't
have
to
be
a
trigger
and
then
be
act.
We
could
kind
of
see
like
what
quiddity
shrinking
and
you
know
we'll
know
because
of
the
you
know
the
price
of
the
collateral
will
going
down
as
well.
So
we
can
kind
of
prepare
in
advance
of
the
signal
created
from
other
measures.
A
L
Alright,
I'm
gonna
give
it
a
shot
here,
pull
away
from
the
family
for
a
bit.
My
problem
here
is
stay
doubts
in
my
scenarios
and
none
of
them
have
three
of
them.
Don't
have
resolution
marks.
You
know
your
get
to
that
point.
What
do
you
do
great,
and
so
all
those
scenarios
you
write
out
need
exit
strategies.
You
know
what
do
we
actually
do
you
know,
so
we
want
to
get
there
I'm
going.
What
do
we
do?
L
No
I'm
just
talking
about
the
concept
that
we've
already
thought
this
through,
and
we
have
an
idea
what
we're
gonna
do
the
consensus
on
it,
love
to
have
that
you
know
the
governance
votes,
everything
in
place,
sure
all
these
things
should
kind
of
become
coming
to
the
floor.
It's
all
I'm,
just
looking
at
what
Cyrus
did
you
know?
That's
matching
my
own
analysis.
To
some
extent,
I
see
other
issues,
but
it's
like
what
is
the
real
plan?
You've
got
three
scenarios
there
for
scenario.
Isn't
three
of
them?
You
know.
L
Certainly
one
of
them
looks
really
horrible.
The
other
two
really
don't
look
great
and
it's
kind
of
like.
When
do
you
do?
What
is
I
just
keep
coming
back
to
that,
because
I'm
kind
of
seeing
two
options
here,
you
know
there's
a
we
don't
really
want
to
es
like
there's
real.
We
don't
want
to
es
this
thing
when
everything's
disjoint
it
so
you're
left
with
kind
of
stopping
the
auctions
and
the
maker.
L
You
know
maker
holders
effectively
writing
collateral
through
what
could
be
a
really
ugly
event
that
could
be
really
bad
and
es
basically
throws
it
on
all
the
dye
holders
virtually
instantly.
If
the
markets
are
disjoint,
it
it's
going
to
be
a
horrific
mess.
I
mean
it's
just
going
to
lay
out
everybody
flat
fault,
owner's
kind
of
be
protected
because
they're
at
a
hundred
percent
liquidation
ratio,
if
anybody's
under
that,
then
makers
underwater
for
that
and
so
I
just
keep
coming
back
to
you
know
in
these
scenarios
who's
getting
hammered.
L
You
know,
because
I'm
looking
at
Cyrus
kind
of
has
the
first
step
on
that,
but
we
really
need
to
go.
Who
gets
hammered
if
an
es
is
done
in
each
of
those
scenarios
to
the
tune
of
how
much
and
then
like.
If
that,
isn't
the
option
and
makers
gonna
ride
collateral
down
on
us,
you
know
to
ride
with
your
vault
owners.
Go
look
we're
with
you
here,
we'll
eat
it.
If
we
have
to
this
all
goes
to
zero,
we're
all
dead
anyway.
L
Whatever
honestly
I
mean
you're
kind
of
looking
at
bad
scenarios
going,
what
do
we
really
do?
But
you
want
to
look
at
them
from
the
case
of
like
you
know.
If
we
do
this,
here's
the
implications
for
our
entire
ecosystem
fault
owners
die
holders
maker
holders
kind
of
a
simple
answer:
do
that
in
each
of
those
scenarios
that
Syrus
kind
of
threw
out
so
that
we
can
kind
of
at
least
get
a
look
at
like
well.
L
L
You
know
we
need
to
kind
of
if
we're
calling
back,
let's
pull
back
in
ways
that
are
consistent
and
sane
and
do
while
the
markets
are
still
kind
of
good
versus
getting
in
the
thick
of
this
and
they're,
not
having
good
ideas
of
what
we
do
when
we're
in
the
thick
of
it.
That's
just
kind
of
where
I'm
coming
out
on
all
of
us
and
I'm
going
to
defer
to
the
to
the
domains
like
Cyrus,
in
particular
risk
and
governance
management.
You
know
what
do
they
say?
You
know
what
are
the
implications
for
the
losses?
L
I
can
help,
do
the
analysis
on
it
or
at
least
come
up
with
an
idea
or
comment,
but
I
think
we
all
need
to
have
being
on
the
same
page
here
so
that
we're
kind
of
not
pissing
in
the
wind.
While
it's
happening
like
I,
saw
happen
when
we
were
down
five
million
dollars
and
I'm
like
we're
right
here
guys.
You
know,
if
there's
a
decision
to
be
made
decision,
was
we
ride
through
it
kinda
and
then
he
we
ate
some
losses
and
weird
stuff
happened.
L
A
B
Some
I
have
some
ideas
to
try
to
make
this
as
simple
as
possible,
because
I
do
agree
that
there's
a
lot
of
coordination
costs
here.
But
if
you
click
on
this
link
in
the
sidebar
which
links
to
the
shesh
is
data
page
and
you
can
see,
you
can
see
in
the
purple-
chart
the
amount
of
collateral
to
be
liquidated
at
every
price
point
and
then
just
if
all
you,
if
all
you
can
get,
if
all
the
community
can
get
or
just
even
estimate,
is
the
keeper
die
liquidity.
B
B
So,
for
example,
hovering
over
like
a
price
of
60,
for
example
at
60
you
would.
The
keepers
would
need
20
million
die.
Well,
you
know,
maybe
maybe
we
don't
think
they
have
quite
20,
but
maybe
they
have
more
than
10
and
there's
obviously
like
the
US
DC
Edition.
So
that
seems
like
a
like.
Just
logically
speaking
could
be
a
good
example.
Do
you
use
a
circuit
breaker
because
it
feels
like
if
they
had
one
extra
cycle
to
get
their
die
back?
That
would
be
good.
K
This
one
one
point
there:
mathematically:
if
you
need
it's
a
thirty
million
guy
to
cover
you
know
a
large
quantity
of
liquidations.
If
you
do
have
that,
USD
see
collateral
type
available
to
use.
Theoretically,
you
know,
then,
if
there's
a
problem
with
auction
efficiency
in
terms
of
diet
price
right.
So
if
that
price
is
running
up,
making
it
hard
for
keepers
to
source
died
at
an
attractive
price,
you
can
use
basically
a
one
point.
K
Two,
five
division
on
or
one
point
two
five
multiplier
on
the
amount
of
capital
that
you
need
for
the
liquidations
to
determine
the
amount
of
USD
C.
You
would
need
and
then
maybe
like
make
it.
You
know
one
point,
two
six
or
one
point,
two:
seven
so
that
you
have
some.
You
know
collateral
buffer
in
there,
I
mean
if
you
actually
use
the
same
site
and
you
click
over
to
us
T
C.
K
You
can
see
about
how
much
leverage
people
are
currently
taking
using
the
USD
C
option,
that's
available
and
as
of
yesterday,
a
huge
chunk
of
it
was.
You
know,
between
120
and
130
percent
collateralized
and
now
there's
a
bigger
chunk.
That's
like
130
to
140,
but
theoretically,
when
this
thing
is
being
heavily
utilized,
people
are
probably
gonna
ride.
The
line
of
the
the
collateral
cutoff
for
us
C
C.
So
you
can
effectively
call
it
like
a
126
127
percent
multiplier
in
the
amount
of
capital
you
need,
and
then
you
don't
even
need
die.
A
B
Yeah,
well,
we
can
bump
this
in
I'm,
just
joking
we
can
yeah.
This
is
gonna,
be
an
ongoing
conversation
for
sure
this
is
not
a
one-and-done
by
any
stretch.
So,
let's,
let's,
let's
kick
off
the
sed
discussion
and
then
jump
into
this
syndicate.
Do
you
think
Aaron.
A
D
D
Cool,
as
we
all
know,
MCD
began
on
November
18th
on
December
19th
a
month
after
MCD
was
opened
and
ample
migration
had
already
occurred.
I
began
a
series
of
single
threads
on
SD
shut
down,
I
started
by
trying
to
determine
what
the
consensus
was
on
specific
shutdown
parameters.
These
included
what
the
PEG
threshold
should
be,
what
time
frame
we
would
wait
and
what
size
supply
threshold
we
would
need
to
hit
in
order
to
trigger
shutdown.
D
We
determined
through
rough
consensus
during
this
time
period
that
five
cents
off
pegs
six
months
and
when
supply
SCI
supply
reached
ten
million,
would
view
the
parameters
required
to
trigger
a
sed
shutdown
by
January
16th.
We
had
finalized
this
consensus
thread
around
this
time.
Derek
from
the
foundation
began
aggregating
discussion
on
raka
chat
and
the
forums
with
some
higher-level
details,
such
as
a
tax
function,
implementation.
D
Some
discussion
began
on
the
merits
and
logistics
of
such
an
implementation.
A
week
later,
I
created
a
new
thread
with
the
intention
of
polling
on
the
implementation
of
the
tax
parameter.
During
this
period
we
had
a
lot
of
good
debate
about
the
pros
and
cons
of
such
a
strategy.
As
well
as
the
presentation
of
a
few
other
shutdown
proposals
during
that
time,
I
tried
to
summarize
the
varying
options
that
were
discussed
and
depending
on
where
it's
call
goes.
We
can
also
discuss
those
different
options.
D
Soon,
after
discussions
began,
it
soon
became
clear
that
signalling
a
certain
direction
could
have
serious
economic
and
systemic
consequences.
It
was
determined
that
if
we
were
signalling
that
we
would
not
be
going
with
attacks
and
instead,
we
planed
to
forgive
outstanding
SED
stability
fees,
knowing
parties
could
use
that
to
their
advantage
and
min
sie
up
to
the
debt
ceiling
interest
free
at
the
time
the
debt
ceiling
was
considerably
higher
than
the
current
supply,
so
it
could
have
had
adverse
effects
on
the
peg
stability,
not
to
mention
this
interest.
D
D
Unfortunately,
we
were
never
able
to
pass
reductions
to
these
parameters,
presumably
due
to
events
like
death,
Denver
and
other
instances
of
voter
apathy
during
this
time
period.
Not
until
recently,
with
the
current
market
conditions,
could
we
get
maker
voters
to
start
participating
again.
That
leads
us
to
our
current
circumstances.
Obviously
we
know
what
has
been
going
on
with
MCD
the
past
week
and
the
extreme
liquidity
crunch
we're
facing
overlooked
in
this
chaos.
D
If
current
market
conditions
continue
to
worsen,
it
can
be
surmised
that
STD
liquidations
will
continue
to
fail
at
an
even
greater
rate,
putting
past
holders
at
risk
of
eating
these
costs
and
ultimately
forcing
us
to
initiate
global
settlement
at
an
inopportune
time.
Therefore,
it
is
imperative
that
we
begin
discussion
on
sed
shut
down
once
again.
So
where
do
we
go
from
here?.
D
A
That's
interesting,
I
wasn't
aware
of
them.
You
know
I
I,
think
yeah.
This
is
a
tough
one
right.
So
this
is
like
the
big
discussion
that
nobody
really
wants
to
have
so
I
think
that
it's
important
to
clarify
precisely
what
the
risks
that
SCD
presents
to
the
MCD
ecosystem.
At
this
point
and
I,
don't
think
I
have
a
clear
perspective
and
Aaron
have
you
had
a
chance
to
sort
of
wrap
your
head
around
the
specific
sort
of
a
Boyd
point
item
so
like
this
is
why
SCD
is
bad
for
MTD
right
now,.
D
L
B
It's
just
I,
just
think
it's
something
that
needs
to
be
verbalized
and
discussed,
and
the
community
just
should
march
towards
a
course
of
action
rather
than
ignoring
it.
But
in
terms
of
say,
like
the
tax
situation,
I,
don't
have
a
strong
opinion
there
in
terms
of
a
date
or
I,
don't
have
a
strong
opinion.
My
my
concern
is
that
if,
if
the
community
does
nothing,
then
the
next,
that
could
be
a
bout
of
market
volatility
that
would
almost
necessitate
an
emergency.
G
H
G
F
D
D
D
H
I
I
want
to
make
one
thing
up:
look
at
the
look.
If
you
look
at
the
liquidations
on
single
collateral
die.
Everything
basically
happens
right
at
that
$70
price
point
like
that's,
basically,
where
SCB
would
probably
have
a
major
issues
at
the
$70
eath
price
point.
I
can
post
a
link
here,
but
it
really
just
means
if
we're
worried
about
auction
failure,
it
needs
to
happen
before
that.
Huge
drop
I
mean
it's
basically
more
than
half
happens
at
between
69
and
70
I
mean
actually
after
after
it
falls
below
sip,
it
falls
below
69
dollars.
L
Yeah
I
think
I
think
kinda
we're
all
sitting
and
looking
at
this
going
yeah
my
take
on
this
is
that
the
fees
in
the
system,
let's
wave
them
good
PR,
move,
be
done
with
it
path,
holders
and
dope.
Whatever
they
end
up
given
the
state
of
the
market,
it's
really
almost
an
irrelevance
e
of
like
who
pays
what
here
we
got
ourselves
under
15
million
I'm,
actually
really
happy
with
that.
L
Everybody
has
been
warned
about
how
this
baby
is
going
to
go
and
what's
going
to
happen,
anybody
caught
in
the
trap
of
this
won't
be
unto
you
I
mean
literally
and
for
maker.
It's
time
to
get
this
one
off
the
plate,
I
mean
in
another
situation
where
markets
were
good,
I'd,
say:
yeah
I
give
them
time,
given
the
market
situation,
the
fact
that
we
could
do
all
these
people
could
be
caught
in
a
really
bad
trap
should
the
prices
drop.
L
I,
don't
really
understand
the
the
bridge
contract
in
terms
of
how
this
shuts
down,
but
everything
that
I
look
at
says:
big,
yes,
to
kind
of
shutting
it
down.
Waive
fees
be
done
with
a
idea
that
we're
gonna
get
any
more
maker
burn
or
any
more
money
out
of
this
to
satisfy
a
deficit.
I
think
is
unlikely
because
it's
going
to
go
to
path
holders
anyway.
So
when
it
comes
to
maker,
burn
or
increasing,
the
surplus
are
shutting
down
the
SCB
for
maker
holders.
L
It's
a
wash
and
the
PR
optics
would
be
good
if
they
just
said
we're.
Gonna,
relieve
fees.
I
know
it
burns
all
the
people
who
did
early,
which
is
something
I
didn't
like,
but
based
on
how
the
system
works.
I,
just
don't
see
how
you
can
make
this
become
anything
good
and
put
pocket
money
in
the
pockets
of
the
surplus,
I'm
missing
it
here
and
I'm
completely
in
agreement
with
Syrus
on
this
and
other
people
who
voiced
the
concern.
L
If
we
go
to
70
the
system
jams
and
it
literally
lands
on
all
sigh
holders,
but
in
the
loosest
sense
we
yes,
but
now
it
lands
on
the
thigh
holders
anyway,
and
so
you
know
really
I'm
kind
of
like,
let's
give
them
a
shot
to
get
their
stuff
out
of
there
before
and
all
the
vault
owners
that
have
F
their
LR
is
gonna
go
to
a
hundred
percent,
so
it
might
free
up
some
asked
to
come
into
the
MC
D
system.
I.
Consider
it
unlikely,
given
the
PR
on
the
zero
bid
auction
stuff.
L
But
who
knows
it
might
generate
some
Diane
that
we
can
use
for
liquidity,
so
I'm
kind
of
I
don't
see
too
much
of
a
downside.
Here.
We
just
need
to
give
enough
PR
notice
on
this,
that
the
seven-day
clock
is
ticking
from
either
the
time
of
the
governance,
action
or
literally
today.
I
want
to
see
this
thing
closed
out
by
Friday
next
week
and
the
story
and
be
done
with
it
for
15
different
reasons.
L
My
other
issue,
which
I
noted
in
the
thread
I,
don't
want
to
shut
this
thing
down,
and
people
have
user
interface
issues
to
either
access
their
vaults
or
to
redeem
Sai
for
the
collateral,
but
that
stuff
needs
to
be
tested
and
clean
and
working
before
this
flies
and
so
I'm
a
big
advocate.
Let's
get
it
done
now
before
the
market
collapses
on
us
again
and
make
sure
all
our
ducks
are
in
an
order.
L
F
Yeah
yeah
I'm
as
ready
as
I,
can
be
I'm,
not
an
expert
on
single
collateral
by
by
any
means
so
I
say
anything
wrong
and
if
any
other
guts
are
listening
like,
let
me
know
so
that
function
that
I
just
linked
is
what
happens
when
we
cage
single
collateral
die.
So
there's
a
nice
little
cache
function
right
above
it.
That's
how
people
can
kind
of
get
there
and
you
decipher
forest,
wouldn't
really
catch
it
so
yeah.
So
we
emergency
shut
down
the
system.
F
Basically,
that's
what,
in
the
code
we
call
caging,
and
so
the
ability
to
redeem
once
I
for
collateral
is
sitting
in
that
cache
function
and
there's
also
another
really
bothersome
function
in
the
code
that
only
works
after
emergency
shutdown.
That
also
allows
one
to
mint
some
amount
of
sigh
for
collateral
and
I
believe
this
is
at
the
price,
said,
shut
down,
so
maybe
yeah,
one
of
the
other
does
yeah
your
group
I.
F
H
Well,
what
we
could
also
say
it's
yeah
for
sure
we
want
to
shut
down
the
bridge,
but
we
would
also
want
to
remove
the
the
funds
that
I
mean
the
side
we
have
now
in
MCD
as
well,
because
that
collateral
will
need
to
be
auction
if,
if
we
do
not
get
basically
empty
before
otherwise,
it
will
starve
in
a
fixed
claim
on
ether
and
yeah.
It
might
stop
very
to
click
back
in
the
hole
that
I
created,
so
yeah
I.
Think.
J
H
Should
immediately
basically
stop
the
bridge
from
site
should
I
keep
the
other
bridge
from
die
from
die
Josiah?
So
we
can.
We
can
keep
training
the
defense
that
now
the
migration
contrast
yeah
and
then
we
can
shut
down.
But
if
we
we
still
have
found
side
funds
in
the
migration
contract,
we
will
need
to
liquidate
them.
F
This
is
off
the
top
my
head,
but
with
that
process,
would
that
end
up?
Looking
like
I,
don't
know
we
go
into
the
u.s.
DC
adapter
create
a
bunch
of
die,
push
the
die
across
the
bridge
once
we've
shut
down
one
direction
of
it,
so
that
we
get
a
bunch
of
psycho,
lateral
and
then
hold
the
collateral.
So
the
bridge
is
basically
drained
and
shut
down
the
other
side
of
the
bridge
and
then
emergency
shut
down.
F
The
system
used
the
cash
function
to
claim
our
our
underlying
collateral
for
the
side
that
we've
pushed
through
trade
that
on
the
market
and
then
release
the
funds
out
of
the
out
of
the
US
DC
adapter.
By
paying
back
that
position,
do
you
think
that's
probably
like
the
sort
of
right
circuit
to
get
all
that
done.
H
F
G
F
G
So
I
mean
again:
I
know
you
guys
are
all
super
busy,
but
it'll
be
nice.
I
guess
it'd
be
good
if
we
get
some
like
an
overview
of
what
has
to
happen
for
us
to
shut
it
down
safely
without
affecting
MCD
like
Canyon
come
one
of
you
guys
write
up
like
the
stages
of
things
that
have
to
happen
and
like
what
potential
problems
they
might
cause
or
anything
like
that.
F
A
L
H
A
We're
running
out
of
time
again
so
that
we're
past
the
hour
and
a
half
mark
here
so
I'm
going
to
repeat
myself
we
this
so
things
need
to
happen
and
for
that
for
the
for
the
decision
to
become
sticky,
they
need
to
move
out
of
the
audio
medium
and
into
the
written
one
and
so
I
think
we
have
some
more
steps
here.
I
think
that
the
actionable
step
is
that,
as
long
for
wisdom
pointed
out,
we
all
need
to
have
the
same
mental
model
of
what
actually
mechanically
needs
to
happen
in
this
process.
A
Then
we
need
to
look
at
that
from
a
business
and
risk
perspective
to
figure
out
what
the
implications
are.
And
then
we
need
to
look
at
rap
governance
around
that
or
alter
the
process
to
adhere
to
the
governance
process,
and
then
we
need
to
start
thinking
about
timing
and
all
of
those
things
need
to
happen
in
in
the
forum.
So,
let's
look
for
a
forum
thread,
I,
think
possibly
jumping
on
to
Aaron's
thread
may
be
a
new
one,
but
let's,
let's
get
that
kicked
off
in
earnest
again
washing
again.
F
A
I
Yeah,
so
this
is
gonna
be
very
short:
there
isn't
a
working
demo
to
walk
through,
yet
the
the
UI
and
the
the
backing
contracts
aren't
quite
linked
up.
Yet
the
estimate
that
those
get
synchronized
is
by
the
end
of
the
day,
but
the
UI
is
gonna.
Look
something
a
bit
like
this:
giving
people
the
ability
to
you
know
to
deposit
my
exchange,
diet.
I
Here's
the
github
repository
that
talks
a
little
bit
about
about.
What's
going
on
what
the
purpose
of
it
is,
and
the
next
up
syndicate
has
a
encoded
price
in
it.
Currently,
it's
$100,
but
new
syndicates
can
easily
be
deployed
by
anybody
who
wants
to
if
they
want
to
enter
it.
A
different
price
points.
That's
gonna,
be
the
official
one.
I
The
just
give
you
it's
just
a
quick
look
at
the
solidity
code,
but
it's
it's
not
a
terribly
complex
system.
It's
just
one
that
you
know
mints
tokens
for
those
that
give
their
dye
and
the
dye
can
only
be
used
for
a
single
thing,
and
that
is
to
participate
in
auctions,
and
once
everything
is
completed,
they
can
get
a
proportional
amount
of
their
total
supply
back
in
both
dye
and
MKR.
If
they
won
any
of
these
auctions,
we
were
playing
around
with
it's
got
a
couple
deployments.
These
are
not
going
to
be
the
final
deployments.
I
There
are
some
changes,
but
we're
just
you
know,
working
through
the
deployment
process,
making
sure
that
these
things
are
going
to.
You
know
actually
function
in
the
real
world
that
was
linked
from
before
yeah,
and
that's
really
it.
So.
The
fact
that
it's
at
100,
you
know
100
diapered
maker
is
is
important
because
that
gives
us
quite
a
bit
of
time
based
on
the
current
parameter.
Since,
since
the
auctions
start
it's
200
and
I
could
go
down,
I
think
is
20%.
That
should
give
us
4
ticks
worth
of
time,
and
each
tick
is
I.
I
Believe
3
days,
so
it's
possible
to
this
die
back.
Top
syndicate
will
be
useless.
You
know
by
tomorrow
morning,
if
you
know,
if
all
of
those
auction
Lots
are
already
taken
at
that
price
point
the
only
time
at
this
thing
the
comes
important
is
in.
You
know
it's
probably
to
be
about
a
week
when
the
auctions
that
are
at
the
price
point
that
this
is
hard-coded
with
get
go,
live.
A
K
I
This
so
each
price
point
is
going
to
be
a
different
I
mean
hundreds.
Just
the
one
we
picked
here
is
is
going
to
be
a
parameter,
see
it's
encoded
into
like
the
token
name,
yeah
it's
it's
very,
very
easy
to
change.
I
think
the
idea
was
there's
going
to
be
many
of
these
contracts,
but
that's
that's
really
the
governance.
The
governance
is,
there's
a
new
contract.
You
can
choose
to
participate
in
it.
We
didn't
want
to
get
into
governance
of
like
an
existing
contract
and
people
picking
different
prices.
I
You
pool
resources
at
various
price
points
by
interacting
with
a
variety
of
these,
and
we
just
picked
a
hundred
number
because
you
know
it
was.
It
was
easy
and
it
is
really
designed
to
be
a
backstop
right.
It's
not
it's
not
trying
to
say,
like
I'm
gonna
try
to
bid.
You
know
195,
because
it's
super
close,
it's
just
like
we.
We
don't
want
to
see
it
go
any
lower
than
this,
but
yeah
we
planning
probably
having
a
100
and
150
okay.
A
Third,
one
is
that
I
well
I
express
my
personal
appreciation
for
all
the
work
and
effort
you
guys
put
into
this,
and
so
this
is
incredible.
It's
absolutely
heartwarming
to
see
the
community
come
together
like
this
and
I
want
to
extend
an
offer.
So,
let's,
let's
talk
privately,
that
I
have
resources
available
and
we
could
potentially
get
this
thing
on,
if
not
probably
not
today,
but
soon
so
yeah.
I
That
would
be
wonderful,
yeah
yeah,
this
is
it's
been
very
rapid
development
and
Dharma
is
already
talking
about
they've
already
confirmed
they've
mentioned
that
they
plan
on
putting
a
million
die
into
it's
like
at
launch.
So
I
think
that
you
know
it
definitely
warrants
a
pretty
significant
level
of
scrutiny.
Cool.
H
A
I
It
is
already
there,
but
that's
that's
just
like
a
test
of
the
deployment
process.
It's
not
a
this,
isn't
where
it's
good
plan
of
living,
so
I
mean
it's
on
main
net,
but
this
isn't
the
right
one
I
would
say
in
the
next
totally
several
I
hope
I
would
hope
by
the
end
of
the
week,
because
it
really
is
gonna,
be
an
issue
of
marketing
and
soliciting
die
in
order
to
participate.
I
I
mean
a
millions
and
I
start,
but
I
would
it
would
be
nice
if
it
was
quite
a
bit
higher
than
that,
but
again
this
also
might
be
as
of
tomorrow
at
noon.
We
just
stop
working
on
this
right,
I
mean
if
all
if
all
those
lots
are
bid
on
this
is
a
worthless
project.
This
is
only
worthwhile
if
it
ever
hits.
You
know
whatever
marker
that
that
we
feel
it
needs
to
not
slide
behind
this.
A
L
I
So
really
the
way
that
it
works
is
you
can
deposit
as
much
dye
as
you
want
before
everything
starts,
and
then
everything
goes
through
the
auctions
happen.
Bids
can
only
take
place
at
a
certain
price
and
then
at
the
end
you
can
always
climb
out
a
proportional
amount
of
whatever
is
on
the
contract.
So.
L
F
L
I
L
I
In
fact,
that's
exactly
that's
a
hundred
percent
of
it
is
on
the
only
thing
that's
a
little
bit
unusual
about
it
is
that
we
actually
need
to
look
up
how
much
of
the
dye
is
in
auctions,
because
we'll
actually
let
you
withdraw
a
dime
if
there's
liquidity,
while
they're
stored
inside
of
auctions,
but
you
just
still
just
get
something
proportional
and
you're
gonna
miss
out
on
whatever
NPR
comes
later
up
in
that
auction
wow.
That
was.
L
I
Yep
and
so,
if
there's
enough
liquidity,
we'll
give
it
back
to
you,
you're
gonna
miss
out
on
your
mkr
and
if
there
isn't
well,
no,
you
gotta
wait,
but
we
do
spit
into
the
calculation
for
people
who
want
to
exit
because
you're
the
exit.
Whenever
you
can,
if
it's
possible-
and
we
will
try
to
give
you
the
proper
amount.
B
Well,
I
think
he
I
think
he
means,
after
this
wave
of
flop
auctions,
but
I
was
gonna
counter.
That
say,
there's
certainly
going
to
be
flop
auctions
for
maker
in
the
future,
because
there
are
many
many
years
to
come.
Yeah
and
I
think
it
would
be
cool
to
have
something
like
this
on
standby
for
any
potential
future
flop
auctions
and
in.
B
Can
hopefully
reach
a
point
where
the
turnaround
between
the
debt
and
the
option
is
even
tighter
and
tighter,
because
I
know
there
was
some
pheromone
and
push
back
on
this
seven-day
flag.
So
you
know
with
tools
and
infrastructure
like
this
I
think
it
can
only
help
make
this
system
more
efficient,
yeah.
I
G
B
Yeah
I'm
feeling,
okay,
I,
mean
I,
think
we
achieved
a
tremendous
amount
of
discussion
today.
Actually
I'm
not
sure
what
we're
gonna
talk
about
tomorrow.
To
be
honest,
but
yeah
I
think
we,
the
last
three
days,
have
been
definitely
very
full
good
discussion.
G
So,
there's
polls
currently
in
the
flop
did
option
just
one
thread:
what
are
we?
What
are
we
thinking
about
Thailand
on
closing
those
like
at
what
point
do
we
need
to
make
a
decision
about
changing
those
at
the
moment?
Doesn't
that
like
people
want
to
make
changes
and
do
we
want
to
leave
it
up
for
like
another
hour
or
something
or
do
we
want
to
just
close
them
now
and
think
of
like
on
the
grounds
that
everyone's
made
a
decision.
A
Heisenberg
thing
not
know
that
you
said
it,
we
probably
should
do
it
right.
So
no
I
don't
want
anybody
tacked
on
the
new
information
shut
it
down.
Okay,
so
it's
going
to
take
three
or
four
hours
for
this
to
get
processed
and
then
uploaded
and
all
the
rest
of
it.
So
waiting
for
the
call
to
be
available
is
gonna,
be
tough,
yeah,
I,
think
but
let's,
but
we
do
need
to
think
about
timing
on
these
things.
Look
there.
We
need
to
have
a
stuff
I
started
in
a
stop
on
these
polls.
A
G
A
A
G
F
G
A
A
And
so
those
all
have
forum
threads
associated
with
them.
They
need
to
have
some
additional
clarity
presented.
There
needs
to
be
discussion.
We've
had
some
very
compelling
ideas
raised
in
this
call.
So
if
you
asked
a
question,
made
a
comments
or
didn't
get
a
chance
to
ask
your
question,
please
please
please
join
the
forums
hit.
Those
threads
make
your
voice
heard
this.
A
We
have
skin
in
the
game
ecosystem,
but
the
ecosystem
and
those
holders
follow
our
lead.
The
lead
of
the
people
in
this
in
this
community
and
in
these
calls
in
that
forum.
So
please
make
sure
that
you
bring
your
domain
expertise
to
bear
and
help
us
ensure
the
safety
of
the
system.
All
right
super
happy
with
the
turnout
here.
So
thanks
everybody
again
for
for
joining
it's
a
big
ask
and
it
doesn't
go
unnoticed.