►
From YouTube: Governance and Risk Meeting: Ep. 96
Description
# Agenda
## Governance
- Richard Brown: General Q&A
- LongForWisdom: Governance at a Glance
- Derek: DS-Chief Upgrades - Postponed
## Oracles
- Nik Kunkel: Weekly Cycle
## MIPs
- Charles St. Louis : Weekly MIPs Update
- Gov-Facilitators: Inclusion Review
## Smart Contracts
- Mariano: TUSD Token Upgrades - Details 2
## Risk
- Vishesh Choudry: State of the Peg
## Links
Governance and Risk Framework - Part 1: https://community-development.makerdao.com/governance/governance-risk-framework/part-one
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Forum: https://forum.makerdao.com/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
A
A
Everyone
welcome
to
the
June
11th
edition
of
the
scientific
governments
and
risk
meeting.
My
name
is
Richard
Brown
I
am
the
interim
government's
facilitator,
I'm
joined
by
mr.
long
for
wisdom,
who
is
the
real
governance
facilitator,
as
mandated
by
the
community
very
exciting
stuff?
Hopefully,
I'll
be
forcing
a
significant
amount
of
responsibilities.
I
mean
sharing
a
significant
amount
of
responsibilities
in
weeks.
A
Today's
call
is
a
classic.
We
are
going
to
hear
from
a
series
of
mandated
actors
in
the
ecosystem,
which
is
another
really
interesting
and
cool
evolution
of
how
we
do
things
here.
As
specific
groups
of
activities
become
identified,
they
need
to
be
managed
and
people
need
to
do
work
on
them
and
they
need
to
coordinate
the
way
that
that
happens
is
a
domain
or
group
of
actors
are
assembled,
come
up
with
a
really
cool
title
for
themselves.
A
The
governs
facilitator
today,
we'll
be
hearing
from
the
Oracle
team,
we'll
be
hearing
from
the
MIPS
editor
we'll
be
getting
from
the
smart
contracts
team
and
we'll
be
hearing
from
risk,
so
lots
and
lots
to
go
over.
I
am
going
to
probably
minimize
my
metaphysical
ponderings
for
later
and
we're
going
to
jump
right
into
things.
Let's
kick
off
with
a
government
session
I'm
going
to
hand
it
off
to
long
for
wisdom
to
give
us
governments
at
glance
and
then.
B
Cool
all
right,
so
we've
heard
a
couple
of
discussion,
other
things
to
bring
up
that
I'm
going
to
mention
what
are
the
actual
discussions.
So
we
had.
We
had
a
older
threads
kind
of
resurfaced,
which
was
the
one
abouts.
Why
make
holders
are
voting,
and
we
had
a
couple
of
new
responses
to
that
which
were
quite
useful
in
terms
of
people
sharing
like
their
thoughts,
you
know
make
older
sharing
their
thoughts
around
voting,
sharing
the
reasons
why
they
tend
not
to
vote
or
to
votes
and
like
the
things
that
we
defeat
them
either
way.
B
A
B
B
It's
being
difficult
to
understand,
if
you're,
not
sort
of
like
looped
in
and
being
worried
that
voting
without
having
an
understanding
with
issues
will
help
the
like
direct
benefits
of
voting
are
fairly
small
outweighed
by
fees
and
the
time
it
takes
to
research.
Therefore,
it's
easy
to
forget
and
fire.
It's
kind
of
difficult
to
consider
long
term
and
make
kind
of
rational
judgments
as
to
like
long
term,
indirect
benefits
which
again
I
thought
were
interesting.
A
A
If
I
had
to
make
a
list,
it'd
be
boring
pain
in
the
ass
and
also
just
fundamental
tragedy
of
the
Commons
right
like
nobody's.
What's
the
point
of
picking
up
litter,
if
nobody
else
is
picking
up
litter
and
then
nobody
picks
up
with
her
so
like
what's
the
point
of
voting,
if
I'm
nobody
else's
voting,
we
just
sit
around
wait
for
the
rich
people
to
do
it.
No
yeah,
it's
a
tough
one.
A
A
Feisty
delegation
feels
there's
a
complaint
that
the
well,
let's
just
wait
for
the
whales
to
do
it,
because,
what's
the
point
of
me
voting
I'm
only
a
krill,
but
if
all
our
girls
got
together,
we
would
absolutely
destroy
the
whale.
So
that's
not
really
about
an
argument,
but
then,
let's
just
do
delegation,
so
I
can
just
simply
give
my
vote
directly
to
the
whales.
I'm,
not
sure
that's
the
solution,
but
there
you
go.
The
other
one
is
pay
people
to
vote
and
as
far
as
I'm
aware
there's
it's
never
been
pulled
off
successfully
interesting
problems.
B
B
Then
we
had
a
thread
on
increasing
the
WTC
ceiling
created
by
Hong.
Vr
will
be
sort
of
suggesting
that
we
should
increase
it
and
kind
of
answer.
There's
some
discussion
in
that
threads
kind
of
for
and
against
anecdotally
there's
been
a
least
one
person
they've
seen
and
make
a
chat
who
was
trying
to
mint
I,
wasn't
able
to
so
I
think.
It's
definitely
more
demands.
They're.
B
Another
thing
that's
premium
and
just
discuss
more
detail
later,
but
Nick
created
a
signal
requests
asking
about
whether
to
whether
we
could
temporarily
process
the
Oracle
proposals
through
the
weekly
government
cycle
and
I
might
go
into
that's
too
much
yet
so
Nick
talk
about
later,
then
the
other
couple
of
things
that
one
has
mentioned
on
some
ongoing
initiatives
specifically
sauce
quit
it's
now
like
kind
of
in
progress
there
are
there
gonna,
be
weekly
posts.
That
kind
of
just
kind
of
discuss.
B
Okay,
gives
the
list
of
lists
of
credit
scores
and
the
die
and
further
those
people.
So
I
encourage
you
to
take
a
look
at
that.
One
thing
to
note
is
that
if
you
do
want
to
receive
die
for
foreign
contributions,
you
do
need
to
opt
in
and
their
instructions
of
how
to
do
that
in
the
source
code
posts,
but
it
isn't
ematic.
So
you
need
to
go
to
someone
and
tell
them
an
address
to
send
you
stuff.
Yes,.
A
So
for
the
people
that
are
just
or
maybe
have
been
paying
that
close
attention
or
joining
for
the
first
time,
let
me
tell
they
are
that
their
source
credits
running
an
experiment
in
the
forums.
If
you
engage
with
the
forums
and
you
do
things
that
are
useful
according
to
the
algorithm
and
the
community,
you
get
money
or
in
the
form
of
dye.
So
if
you're
interested
look
for
that
forum
post
and
read
through
and
sign
up
and
contribute
back
to
you
cool.
B
One
of
the
things
that
may
come
and
things
to
be
useful
is
if
they
can
get
someone
to
essentially
put
all
the
work
that
making
one
specifically
is
done
regarding
analysis
of
the
compensation
and
the
regulations
etc,
and
it's
kind
of
look
through
what
he's
done
to
make
sure
that
he
hasn't
made
any
obvious
mistakes,
just
sort
of
check
his
work.
If
anyone
feels
like
they
would
be
up
for
doing
that,.
A
Yeah
I
might
want
to
yeah.
I
am
here's
the
course
again,
so
the
there
is
obviously
a
long
history,
complex
situation
around
the
ball
compensation
strategies,
there's
also
a
class
action
lawsuit
outstanding.
So
what
I
can
say
about
the
situation
is
fantastically
limited,
but
what
I
will
say
is
this
is
that
this
is
a
community
led
effort.
A
From
my
outside,
looking
in
perspective,
the
compensation
group
has
been
having
some
challenges
around
the
establishment
of
that
project.
Aspect
and
I
think
that
they're
having
some
resourcing
issues,
and
so
this
is
obviously
an
issue
that
touches
a
lot
of
people
in
the
ecosystem
or
in
this
it's
called
potentially
in
new
in
general.
So
if
you
have
skills
when
it
comes
to
project
management
or
scoping
or
just
doing
business,
each
type
work,
and
you
have.
C
A
A
D
Cool
thanks
rich,
so
so
this
will
be
pretty
quick.
So
what's
happened
is
that
we've
built
up
quite
a
backlog
of
Oracle
proposals,
so
that
would
be
mid
tenth
and,
as
we've
been
looking
through,
what
the
contents
of
mid
ten
are-
and
this
is
slightly
my
fault,
because
I
designed
mid
10
kind
of
independently
from
the
rest
of
the
mix.
D
So
while
we
are
going
to
refactor
mid
10
to
be
a
more
standard,
MIT
and
you
know,
behave
like
other
MIPS
behave,
we
do
have
to
do
something
in
the
in
the
interim
for
all
the
proposals
that
we've
we've
built
up
in
our
backlog
right.
So
we
have
a
bunch
of
white
listing
proposals
from
defy
savor,
and
these
are
really
important
because
excuse
me
they're
automation,
service,
which
basically
will
save
CD
piece
before
they
get
liquidated
right.
It's
dependent
on
having
access
to
our
Oracle's
to
do
this
in
a
trustus
manner
right.
D
We
have
dy/dx,
we
have
zero
x,
we
have
set
protocol,
we
have
gnosis
and
we
have
the
maker
foundation
running
a
light
feed,
but
I
think
we
should
be
kind
of
prioritizing
adding
new
projects
like
really
kind
of
credible
partners
in
the
space
one,
because
it'll
generate
more
of
kind
of
a
a
community
around
the
maker
protocol
and
and
the
other,
because
it's
kind
of
a
protocol
for
the
community
by
the
community
right.
So
instead
of
referencing
some,
you
know
hedge
funds
or
professional
price
services
or
whatever
I'm
you
know.
D
If
you
see
an
ether
scan,
if
you
see
a
good
coin,
if
you
see
a
pure
archiver
right,
users
are
gonna
trust,
your
protocol
more.
So
the
sooner
that
we
can
get
these
these
types
of
proposals
into
the
system.
You
know
whether
they
pass
or
not
it's
fine,
but
the
sooner
that
we
can
process
these
the
better.
So
in
the
past,
we've
usually
done
this
through
the
the
weekly
governance
cycle.
And
I,
if
you
look
in
the
forum
thread,
I
I
posted
I.
A
Right
cool,
that's
gonna!
Be
yes,
so
we
are
transitioning
from
what
we're
evolving
over
time
from
like
the
processes
that
sort
of
arose
organically
to
how
to
do
governance
and
moving
into
the
MIPS
process,
and
it's
going
to
be
phased
approach,
I
think
so
over
the
course
the
next
month
or
two
I'm
sure
will
be
firmly
embedded
in
the
new
MIPS
world,
but
we
also
have
to
balance
process
with
the
experience
ease
of
running
a
business
in
supporting
of
protocols.
A
E
You
don't
mind
just
like
one
very
brief
comment
on
that
to
further.
You
know.
I
think
that's
like
this
Oracle
proposed
already
like
highlights
the
tension
between
precedents
and
flexibility,
like
makers,
absolutely
a
hundred
percent
right
that
a
lot
of
these
article
applications
are
like
really
good
ones.
It
would
be
amazing
to
see
them,
including
the
protocol
personally
I'm,
very
much
in
favor
of
doing
it
in
the
governance
weekly
cycles
as
ease
forward,
but
it's
just
a
question
for
lactose
governance
call
as
to
which
we
prefer
precedence
or
flexibility.
E
You
know
a
large
part
of
what
Charles
put
together
in
that
MFE
process
is
about
providing
flexibility,
so
I
think
it's
great
that
we
lean
toward
that.
But
I
think
that
that's
you
know
it
needs
to
be
clear
that
this
is
the
trade-off
being
made
here
and
also
another
personal.
No,
it's
just
like
Nick,
it's
so
great
to
see
wearing
that
hat
again.
Man.
Thank
you.
A
A
It's
strict
adherence
to
process,
there's
business
evaluating
business
needs
as
opposed
to
social
and
protocol
needs,
so
it's
enormously
complicated,
I'm
not
going
to
be
able
to
attack
it
completely,
but
I
am
sure
everyone
that
I'm
really
enjoying
watching
it.
Now
it's
a
it's.
A
team
effort
so
well.
I'll
have
to
work
together
to
figure
out
what
the
solutions
are
good,
Charles
off
to
you.
Speaking
of
myths,
here's
Charles.
F
Sweet
yeah,
so
this
week's
activity
the
inclusion
polls
did
go
out
on
Monday.
There
were
seven
of
them
and
they
ended
just
25
minutes
ago.
So
today,
long
and
rich
are
going
to
perform
the
inclusion
poll
review
for
those
seven
polls
and
confirm
the
results
of
which
proposals
can
then
move
on
to
the
governance
polls.
Next
Monday.
So
after
this
long
and
rich
will
do
that
inclusion,
Rumble
review
of
the
of
those
polls.
F
Next
week's
activity,
those
governance
polls
we'll
be
submitted
for
the
proposals
that
have
indeed
passed
the
inclusion
poll
stage.
These
polls
will
run
for
three
days
ending
on
Thursday
and
just
to
recap.
The
purpose
of
these
polls
is
to
determine
if
proposals
I
hand
should
proceed
to
the
final
executive
boat
in
week
four
and
on
that
next
Thursday.
During
this
call,
the
governance
facilitators
will
confirm
the
government's
poll
results
and
dictate
which
of
the
proposals
will
move
on
to
that
final
executive
boat.
F
In
other
news
in
terms
of
Clara
onboarding
Mariano
is
gonna,
speak
toward
ttusd
token
upgrades
I.
Think
after
me,
next
Monday
there's
also
going
to
be
to
governance
polls
for
cancion
ZRX.
That
will
go
on
Monday
as
part
of
the
weekly
cycle
to
determine
which,
if
they
will
proceed
to
that
executive
vote
on
the
Friday,
the
community
greenlight
polls
have
concluded
and
the
collateral
status
index
has
been
updated
by
lanka
wisdom.
F
F
F
Polls
execs
all
related
to
maps,
so
that
also
kind
of
addresses,
Andy's
comment
in
the
chat
further
about
having
a
notification
type
system,
or
at
least
more
places
to
see
what
the
active
votes
are,
instead
of
a
couple
days
before
the
end
of
the
votes
and
that
kind
of
thing.
So
this
category
was
just
created
and
it
is
bare
at
the
moment,
but
I
will
be
updating
it,
for
the
governance
calls
next
Monday.
F
B
B
B
Six
of
the
seven
MIPS
passed
their
inclusion
poll
and
proposed
things
person,
people
so
then
close
all
of
the
old
Charles.
As
amendments
to
the
quatrain
voting
lips,
it
includes
Cyrus's
serosal,
two
on
board
as
the
race,
the
main
team,
and
it
includes
the
declarations
of
intent,
MIT
MIT
13,
the
one
MIT
that
did
not
succeed.
The
equation
poll
is
14,
which
was
the
protocol
dye
transfer
nip
that
would
have
allowed
governance
to
for
to
receive
dye,
which
was
drawn
from
the
protocol.
A
Know
I
do
want
to
make
a
comment,
well
a
comment
in
a
question,
because
this
ties
back
to
many
many
many
different
themes
and
themes.
We
talked
to
at
the
top
of
the
call
and
some
very,
very
tasty,
meta
philosophical
questions.
So
this
broad
initiated,
let's
not
use
the
club
compensation
team
as
an
example.
Let's
just
use
any
team
in
the
community
that
wants
to
do
something
depending
on
your
philosophical,
and/or
political
leanings.
Autonomy
in
my
opinion
and
true
agency
is
pretty
hard
to
achieve.
A
If
you
can't
fund
your
own
activities,
how
are
you
expected
to
fund
them
out
of
pocket?
So
we
have
this
situation
where
we're
expecting
or
expecting
we're
counting
on
the
community
to
self
organize
and
establish
identities
and
organizations
and
to
do
work
for
the
protocol,
so
the
protocol
can
be
rapidly
and
aggressively
decentralized
and
we
can
hand
the
foundation
can
have
a
protocol
off
to
the
ecosystem
and
we
can
see
what
the
world
looks
like
at
that
point.
A
A
It's
a
tremendously
scary,
nip
in
some
ways
yeah,
but
it's
a
myth.
That's
required!
That's
not
this
detach
it
from
the
minister's.
Typically,
there
needs
to
be
a
mechanism
with
which
value
can
be
taken
out
of
the
protocol
and
given
to
actors
in
the
ecosystem
that
are
going
to
support
and
improve
the
protocol,
because
until
that
happens,
it's
going
to
be
pretty
hard
to
attract
actors
in
the
in
the
ecosystem
that
want
to
improve
the
protocol
is,
let's
face
it.
We
all
get
to
eat.
A
So
it's
worth
considering
how
we're
gonna
bite
off
this
problem.
We
need
to
do
this
sooner
or
later,
as
a
as
a
group
I
keep
on
saying,
ween
it's
hard
for
people
to
tell
but
I'm
finally,
foundation
or
really
community.
So,
if
I'm
sorry
to
tell
sometimes
the
we,
the
community
need
to
be
able
to
have
agency
and
part
of
that
one
of
the
major
components
there
is
being
able
to
pay
people
to
do
things
for
themselves.
A
So
what
I
would
like
to
do
is
encourage
the
community
in
the
ecosystem
and
this
group
to
have
another
look
at
that:
MIT
try
to
figure
out
what
it
was
that
was
alarming
or
unpalatable,
or
what
could
be
changed
above
it
and
then
consider
what
it
would
look
like
in
its
newest
form
and
I.
Guess
that
that's
where
my
question
comes
in
and
for
long
and
for
Charles
I
supposed
you
guys
are
almost
deeply
familiar
with
in
this
process.
What
happens
now
like?
A
F
In
terms
of
what's
written
in
the
maps,
this
proposal
was
done
through
a
map
which
is
a
faster
process
and
lasts
for
three
months
after
the
official
ratification,
the
initial
maps.
So,
in
order
for
this
proposal,
it
can
indeed
be
reintroduced
for
another
vote.
However,
it
does
say
that,
in
order
for
it
to
proceed
for
another
vote,
it
has
to
address
the
issues
that
result
in
it's
in
the
shore
rejection.
So
just
to
further
your
point
earlier,
if
people
have
reasoning
behind
why
they
didn't
want
to
vote
on
it
or
why
they
voted.
A
That
raises
another
interesting
situation
that
we've
run
up
against
a
few
different
times
in
the
in
the
distant
and
more
recent
past.
I
suppose
that
if
the
general
consensus,
maybe
that's
a
bold
statement,
I
have
deep
reservations
about
using
the
word
consensus,
but
if
a
full
goes
up
and
that
poll
doesn't
pass
occasionally
it's
because
obviously
the
ecosystem
didn't
want
it.
But
every
once
in
a
while
there's
an
interesting
situation
where
one
or
more
people
begin
to
wonder.
A
Is
it
because
the
ecosystem
didn't
get
it
or
because
it
wasn't
phrase
correctly
or
it
just
wasn't
a
bad
time
or
wasn't
a
good
time,
then?
What's
the
solution?
Is
it
because
there's
this
assumption
that
the
ecosystem
got
it
wrong
and
we
just
need
to
you
know,
ask
them
again
and
that
that's
just
a
huge
question
mark.
So
unless
people
do,
as
Charles
pointed
out,
come
into
that
threat
and
point
out
exactly
why
that
was
contentious.
G
H
A
Yeah
I
think
that
there's
a
series
of
conversations
and
ideas
around
this
stuff-
and
maybe
Charles-
can
talk
specifically
if
there's
something
in
the
myths
that
address
it.
But
we've
talked
about
me.
Pcs.
We've
talked
about
domain
teams,
we've
talked
about
protocol
funding,
we've
talked
about
the
function
and
the
buffer.
This
is
one
of
the
biggest
rocks.
We
have
left
to
turn
over
and
you're
right.
So
actually
it's
pretty
hard
to
move
forward
with
any
of
the
existing
domain
teams
that
we've
identified
and
then
decentralized
those
it's
hard
to
come
up
with
new
ones.
H
A
B
Are
number
things
that
it
would?
It
would
have
been
used
to
have
this
or
something
like
this
to
do
in
terms
of
the
ball
compensation
stuff
right
so,
as
you
said,
low-paying
some
towards
it,
but
also
actually
paying
like
the
working
group
members
themselves,
because
there's
a
number
of
people
essentially
working
in
this
working
group
on
this
thing
for
like
and
isn't
really
benefit
them
directly
and
other
than
just
the
moaning
maker
and,
like
all
of
them,
have
like
other
stuff
going
on
right.
B
Like
thing
the
weather
in
lights
and
things,
so
it's
very
difficult
to
convince
people
to
kind
of
work
under
those
conditions
without
remem'er
ation.
Basically,
especially
when
it's
something
that
we
want
to
happen
like
quickly
cuz,
it's
like
it's
like
sure.
If
we
were
happy
with
it
happening
like
you
know,
in
like
six
months
to
a
year,
then
I'd
say
yeah.
It's
like.
B
A
There's
nothing
better
to
solve
the
problem
at
commitment
drop
off,
yeah
money,
paying
people
for
their
time
right
now
and
there's
a
lot
of
smaller
initiatives.
This
type
of
mechanism
could
be
beta
tested
on
so
I
think
that
this
the
key
here
is
that
people
boost
into
that
and
make
their
concerns
known
or
ask
some
piercing
questions,
and
my
suggestion
would
be-
or
my
suggestion,
my
guess.
If
this,
basically,
what
you're
doing
is
you
you?
We
have
like
basically
a
bucket
of
money
with
a
protocol
attached
to
it
and
there's
no
valve
on
that
bucket.
A
So
it
can
be
alarming.
Well,
let's
just
take
a
hammer
and
smash
and
valve
into
the
side
of
it
see
what
happens
that
could
make
it
difficult
for
some
people
to
sleep
at
night,
considering
how
poorly
that
could
turn
out.
So
it
needs
to
be
checks
and
balances
and
thresholds
and
circuit
breakers
and
kill
switches
and
whatever
other
euphemism.
You
want
I
think
that
it's
just
a
matter
of
figuring
out
what
it
was,
the
sandbox
that
this
kind
of
valve
could
live
in
before
we
need
some
cream.
E
So
just
yeah
I
mean
like
I'm
completely
worth
sites
and
long,
but
there
are
many
many
different
use
cases
for
the
stuff.
I
wonder
you
know
just
from
the
history
and
from
that
forum
post
as
it
stands
at
the
moment
in
terms
of
possible
issues
that
people
had
with
it
I,
you
know,
I
know
live
brought
up.
This
fact
that's
we
might
have
wanted
to
limited
to
make
sure
that
you
couldn't
withdraw
more
from
the
surplus.
That
would,
you
know,
initiate
flop
auctions.
I
know
that
long
was
somewhat
against
that.
E
Perhaps,
but
perhaps
it's
worth
reconsidering
that,
given
the
results
of
this
inclusion
poll
and
the
other
thing
is,
perhaps
we
need
to
think
about
more
carefully
delineating
the
conditions
around
what
kind
of
accounts
or
how
the
account
that
receives
the
die
can
spend
its?
That
would
perhaps
give
people
a
little
bit
more
security.
Does
the
remember
the.
A
One
thing
that
sort
of
gave
me
pause
was
the
picking
an
account
where
the
money
shows
up
part
that
made
me
slightly
nervous.
I
think
that
in
the
future,
if
I
had
to
guess
what
these
kinds
of
things
are
going
to
look
like
is
that
one
of
these
ratified
domain
teams
that
we're
going
to
have
in
the
future
that
we
haven't
quite
defined
yet
is
going
to
be
accounting,
the
distributed
accounting
team
of
the
crypto
maker
ecosystem
or
whatever.
A
So
like
a
group
of
people
that
can
get
together
and
can
say:
okay,
well
we're
in
charge
of
the
budget
that
comes
out
of
the
second,
that
we
can
handle
allocations
and
disbursements
and
reviews
and
audits
and
like
we
need
decentralized,
accountants
and
like
this,
is
one
of
the
less
sexy
things
that
we're
going
to.
We
need
to
accept
I
think
as
we
decentralizes,
that
not
everything
is
the
Rock
and
Roll
world
of
risk
and
smart
contract
development,
there's
things
that
are
less
exciting.
That
need
to
be
bit
enough.
A
A
B
B
So
in
this
sense,
there's
like
one
poll
in
which
they're
all
bundled,
which
is
kind
of
intended,
as
kind
of
like
a
trial
run
with
the
executive,
so
that
the
idea
being
that,
if
this
bundle
at
this
stage
passes
you
know
with
a
large
majority,
then
it's
safe.
It's
it's
easy
to
accept.
To
expect
the
executive
to
pass
with
a
large
majority
as
well
and
having
weak
executives
lying
around
is
potentially
dangerous,
see
finance.
We
all.
A
G
G
So,
as
you
know,
and
I'm
gonna
make
this
quick.
As
you
know,
multi
collateral
dive
works
with
what
we
call
adaptors,
so
any
new
token
or
collateral
that
we
use
has
to
have
its
own
adaptor.
So
it
can
then
interact
with
the
system.
Now,
in
the
case
of
standard
or
compliant
E
or
C
20s,
as
we
call
them,
we
can
reuse
adaptors,
but
for
certain
collaterals
we
need
to
tweak
them
a
little
bit.
And
you
know
this
is
the
case
for
tokens
with
different
decimals.
G
Then
you
know
that
somewhat
standard
18
or
with
the
other
consideration
the
case
of
true
USD.
The
token
uses
what
we
call
an
upgradeable
proxy
pattern.
So
the
actual
address
the
base
address
doesn't
change,
but
it
gives
teams-
or
you
know,
authorized
actors
the
ability
to
upgrade
these
tokens,
and
while
this
is
great
in
some
cases
you
know
to
fix,
bugs
or
to
add
functionality
in
the
case
of
multi
collateral,
you
know,
adapters
are
probably
one
of
the
most
powerful
contracts
in
the
whole
system.
These
are
contracts.
G
G
You
know
that
MCD
voted
in
and
that's
the
code
that
the
smart
contracts
team
looked
at
and
vetted
and
decided
that
everything
was
proper
but
yeah
and
brown
host,
and
you
know
the
link
to
the
code,
but
then
just
as
as
the
spell
was
being
executed,
there
were
a
couple
of
upgrades
to
the
true
USD
token,
and
this
meant
that
you
know
there
was
a
new
implementation
and
the
system
instantly.
You
know
when
you
try
to
join
or
exit
that
system
with
true
USD.
G
It
would
think
that
the
implementation
was
different
and
would
not
let
you
you
know,
join
or
exit
the
system.
Once
this
happens,
you
can
still
draw
dye
with
any
token
that
was
already
there
and
you
can
pay
up
your
debt,
but,
for
example,
you
cannot
add
more
to
it
than
what's
already
in
there
and
I
think
it's
a
good
thing
that
this
happened
now.
You
know
with
a
token
that
there
was
only
one
vault
open,
and
that
was
from
somebody
from
the
foundation.
G
G
You
know
with
the
with
the
teams,
and-
and
this
is
something
that
you
know
we
started
doing
after
the
fact,
but
I
mean
you
know.
These
are
all
growing
pains
that
we're
gonna
face
more
and
more
and
we
have
the
opportunity
to
either
create
new
MIPS
or
come
up
with.
You
know,
processes
from
the
smart
contracts.
Don't
maintain
the
community,
everybody.
G
So
I'll
just
be
quick
right
now
trick.
Tusd
is
not
currently
usable
in
EM
City.
In
order
for
it
to
become
usable,
we
the
community,
would
need
to
vote
in
the
new
implementation,
the
current
one,
and
we
would
also
like
to
smart
contracting
with.
We
would
probably
have
to
look
at
what
the
current
implementation
looks
like
and
just
like
can
be.
Okay,
but
I.
G
B
I
C
I
Personally,
a
big
fan
of
maker
I've
been
using
maker
for
about
a
year
and
a
half
so
I'm
happy
to
sort
of
be
a
part
of
the
community
and
and
help
with
these
sorts
of
things
yeah.
My
proposal
specifically
for
true
USD,
and
maybe
this
can
sort
of
become
a
model
for
future
token
upgrades
for
collateral
is
basically
before
any
upgrade
is,
is
made.
We
publicly
announced
the
upgrade
and
deployed
the
new
implementation
like
as
far
ahead
of
time
before
the
upgrade
as
possible.
A
I
think
there's
there's
other
things
that
could
be
unpacked
too.
So
there's
the
voting
of
new
implementations
and
adapters
in
the
auditing
that
goes
along
with
it
in
the
technical
considerations,
our
model,
the
owners,
I.
Imagine
but
there's
a
larger
question
about
what
this
implies
for
the
ecosystem,
because
you
talk
about
this
a
lot
in
these
calls,
but
we're
kind
of
cresting
the
wave
on
what
it
is
we're
all
doing
in
this
space.
A
This
is
a
fun
analogy,
but
it's
kind
of
like
money
lips
at
this
point
and
if
somebody
updates
a
library
and
doesn't
notify
upstream
about
that
library
is
the
freaking
change,
then
our
money
Legos
turn
into
money,
chango's
and
so
I
wonder
what
what
that
implies
for
their
additional
collateral
types
for
the
wider
ecosystem
is
there
need
to
be
some
kind
of
a
social
layer
imposed
on
top
of
the
stuff
like?
If
you
know,
maker
wants
to.
C
A
A
library
do
we
need
to
get
into
a
call
with
five
other
deity
fight
organizations
to
clear
that
and
make
sure
every
understands,
and
vice-versa
and
gray
as
we
become
more
tightly
coupled
in
this
ecosystem,
having
people
just
change,
things
could
be
fairly
disastrous,
considering
there's
money
or
value
in
motion,
you
know.
What's
the
solution.
G
G
This
is
just
like
one
of
the
measures,
and
maybe
even
the
community
decides
that
you
know
we're
going
against
what
an
upgradable
proxy
pattern
means,
which
is
you
know,
make
it
transparent
to
the
users
that
there
are
upgrades,
and
we
just
expect
them
to
happen,
and
then
maybe
the
risk
is,
you
know
passed
only
to
that
that
ceiling.
Maybe
you
know,
there's
stability
fee
things
like
that.
I
think
all
of
those
are
are
issues
to
be
discussed.
A
That
we
yeah
sorry
I
need
to
clarify.
So
we
live
in
an
ecosystem,
that's
vaguely
antagonistic
and
but
and
that's
one
of
the
strengths
right
like
the
strongest
and
most
adaptable
protocol
and
survive,
there's
no
rules
or
councils
that
are
determining
who
can
release
what?
When
and
so
that's
interesting
but
I'd
pitch
the
sort
of
a
social
layer
where
we
agree
about
whether
if,
if.
A
Have
to
notify
CD,
you
need
to
see
whether
they're
impacted,
but
that's
probably
not
realistic.
So
you
can
predict
what
the
dependency
chains
are.
Gonna
look
like
in
this
space,
and
so
it
feels
like.
Maybe
the
solutions
need
to
be
more
defensive
on
the
individual
protocol
level.
Like
you
pick
what
it
is
you're
going
to
support,
and
then
you
have
circuit
breakers,
so
you
have
like
all
right.
That's
a
that
goes
to
zero
because
something
weird
happened.
We
don't
understand
what
it
means.
G
Up
yeah,
so,
for
example,
in
our
case
and
talking
I'm
gonna
be
specific
about
this
situation.
In
fact,
I'm
gonna
live
it
to
another
community
to
to
decide
further.
So
so,
in
this
case,
for
example,
the
smart
contracts
domain
team
is
already
now.
You
know
we
have
a
avenue
of
communication
with
the
trust
token
team
and
they've
already
opened
up
a
channel
with
the
community
in
general.
I
would
say
that,
depending
on
how
this
this
goes,
this
may
you
know
influence
writing
of
nibs
or
or
standards
for
the
future.
I
would
say
right
now.
G
We
have
a
token,
a
collateral
that
we
cannot
use.
So
maybe
we
can
take
this
opportunity
to.
You
know
see
how
we
fix
this
and
and
then
come
up
with
a
you
know,
a
more
formalized
solution.
I
I
mean
I,
see
a
few
avenues
out
of
this
one
is
you
know,
having
a
poll
and
Monday,
maybe
requesting
the
the
smart
contracts
team
to
review
the
mutiny
code
and
get
out
a
governance
vote
on
either
Friday
or
or
the
following
Friday.
I
For
that
discussion,
we're
open
if
you
have
any
questions
about
the
smart
contracts
or
any
specific
questions
I'm
available
at
the
Weber
in
telegram
already,
which
is
good
I,
also
put
linked
to
our
our
general
telegram
in
these
in
chat.
Anyone
in
the
calls
interested
in
learning
about
true
UST
and
sort
of
the
nature
of
the
changes
that
we're
making
you
can
ask
any
questions
there
and
yeah
thanks
for
looping
us
into
the
discussion.
I
C
True
USD,
is
getting
clarity
from
the
true
USD
folks
about
how
and
when
blacklist
is
used.
Recently,
we've
had
a
proposal
by
PACs
paxos,
pretty
stable
coin.
They
provided
clarity
on
like
exactly
how
that
mechanism
will
be
used.
That's
also
kind
of
just
a
huge
part
of
auctions
and
being
able
to
kind
of
you
know,
process
the
collateral
through
governance
like
just
having
visibility
and
understanding
of
you
know
how
things
work
legally
right.
C
So
that
would
be
I
guess
another
thing
to
really
consider
and
I.
Think
just
governance
generally
should
go
mariana.
You
mentioned
you
know
things
to
like
consider
as
me
on
board,
like
other
types
of
centralized
collateral.
I.
Think
like
this
is
like
a
really
kind
of
important
consideration
to
to
keep
in
mind
when
I'm
doing
that.
I
Yeah
I
can
answer
the
black
most
question
is
pretty
straightforward,
so
true,
USD
is
a
compliant
stable
coin,
which
means
that
we
basically
take
care
of
all
of
the
fiat
on
an
offer
anything.
So
the
purpose
of
the
blacklist
is
to
prevent
malicious
parties
who
are
engaging
in
money
laundering
or
going
breaking
some
banking
security.
Sorry.
E
F
Did
not
fight
it.
Access
shared
but
I
I'd
be
curious
if
it's
different
than
the
Terms
of
Service
that
we've
shared
in
the
past
I
think
we've
posted
that
in
our
original
post.
For
addition
to
make
it
oh
and
and
I
think
I
follow
up
with
it
on
a
question
on
our
second
post.
I
guess
would
just
be
helpful
to
kind
of
understand
what
level
of
authority
you
guys
are
looking
for.
I.
C
F
C
Guess,
I'll,
that's
all
very
helpful
and
thanks
for
providing
that
color
on
the
call
and
I
can
link
to
you.
I'll
put
it
in
the
chat
as
soon
as
I
find
it.
The
the
fact
that,
like
the
FAQ
that
packs
put
together,
which
I
think
is
like
really
helpful
and
provided
just
a
lot
of
right,
a
better
understanding
of
how
they're
thinking
about
it-
and
it's
really
reassuring
to
hear
you
guys
say
that
you
would
never
blacklist
the
adapter.
C
But
you
know
this
is
just
things
that,
like
we're
super
concerned
about,
because
you
know
like
someone
just
mentioned
like
if
that
gets,
you
know.
That's
that's
a
doughnut
right
like
we'd,
have
to
Rica
lateral
eyes
the
the
protocol
for
for,
however
much
you
know,
was
stuck
in
the
in
the
collateral
type.
Like
you
understand
our
concern
right.
F
F
A
Alright
sounds
like
there's:
there's
some
there
beast,
we'll
have
an
audit
trail
as
well,
so
maybe
a
weekend,
it
sounds
like
I
sound,
like
a
broken
record
before
you
bring
this
to
the
forum,
maybe
and
have
a
threat
to
Decatur.
To
this,
where
we
can
get
the
lawyers
to
fire
it
up
and
it's
complete
consensus
and
get
some
documentation
in
place.
That'd
be
super
useful
help.
Some
smart
contract
developer,
stupid,
name,
I
believe.
A
I
love
that
Mariana
I'm,
like
a
disaster
recovery
scenarios,
what's
the
worst
thing
that
could
happen
or
what
we
do
in
situation,
maybe
MC.
It's
really
cool
we're
at
the
top
of
the
hour,
though
so
I'm
going
to
aggressively
moderate.
Was
there
anything
else
that
you
want
to
leave
us
with
Mariana,
where
we
good.
A
J
All
right
so
just
to
touch
on
total
dye
supply.
It's
at
123
million
died
from
eath,
is
down
211
and
drive
from
bad
about
half
a
million
W
BTC.
Still
at
around
nine
point,
nine
and
USD
see
down
to
one
point
one.
So
what's
going
to
those
just
to
start
off
with
the
state
of
the
pegs,
so
overall
dye
has
been
treating
more
or
less
at
a
dollar.
J
It
was
very,
very
slightly
above
for
a
moment
dipped
below.
Now,
it's
back
above
and
then
basically,
what
had
happened
with
eath
was
eath
was
fluctuating
quite
a
bit
when
it
fluctuated
downward
dye
sort
of
rose
up
a
bit
and
then
each
started
fluctuating
upward
again
and
then
basically,
there
was
an
increased
amount
of
volume
of
each
titrating.
J
But
since
then,
basically
eath
prices
come
down
a
bit
again.
So
what
to
see
what
happens
with
the
next
next
few
trades
on
dye
to
determine
whether
it's
going
to
keep
this
trend
of
sort
of
sitting
a
bit
about
peg?
My
guess
is
going
to
be
yes,
given
the
if
eath
jumps
and
then
dip.
Suddenly
that
has
a
tendency
to
to
elevate
and
die
price,
but
again,
there's
been
quite
a
bit
of
small
fluctuations
again.
J
These
are
these
are
small
differences
in
terms
of
the
grand
scheme
of
things
but
they're
still
fluctuating
quite
a
bit,
so
we'll
have
to
sort
of
watch
and
see,
but
I
would
expect
to
die
to
sort
of
stay
with
a
slight
buffer
above
$1
for
a
bit
as
far
as
the
cloud,
the
different
collateral
types,
so
that
dice
fight
against
still
sort
of
stagnant,
around
half
a
million
USD
see.
So,
basically,
what
we
saw
was
since
May,
the
USD
see
utilization
had
come
down
significantly.
It's
just
been
sort
of
sitting
at
around
1.2
1.1
million.
J
So
the
WBT
see
dye
supply.
We
saw
basically
southern
utilization
within
a
couple
days
of
adding
it
and
then
that
and
sort
of
capped
out
close
to
the
debt
ceiling
for
WTC
will
it'll
be
interesting
to
know
like
whether
this
utilization
continues
to
grow.
If
the
cap
is
increased,
my
guess
would
be
probably
yes,
so
the
the
limit
on
utilization
right
now
likely
it's
just
a
function
of
new
entrants
that
would
want
to
mint
more
just
not
being
able
to
because
of
the
account.
J
This
is
the
collateral
asset
that
it's
been
exhibiting
a
trend
so
over
time
it's
always
had
the
largest
debt
ceiling,
so
does
the
most
room
to
grow.
So
what
we
effectively
noticed
was
you
know,
after
the
decapitation
of
that
growth
curve
in
March
it
sort
of
resumed
its
growth.
We
saw
a
few
spikes
here
and
there
of
individual
users
performing
large
mints
for
short
time
periods,
but
the
sort
of
lower
bound
of
that
line
has
just
been
continuing
to
grow.
J
But
the
base
trend
is
sort
of
still
continued,
where
you
know
a
few
days
prior
to
that
it
died.
So
I
was
it
around
105
million
it's
now
110,
so
the
the
smaller
individual
users
have
continued
to
grow,
that
each
dye
supply,
and
then
there
were
a
few
large
whales
that
basically
performed
short
term
mints,
which
you
know
is
something
to
be
aware
of
that.
J
J
I'm
just
going
to
put
the
order
books.
Welcome
back
that.
So
as
far
as
collateralization
goes
so
for
eath,
what
we
saw
is
basically
an
uptick
in
the
500
plus
collateralization
category,
so
there's
users
that
are
apparently
putting
collateral
into
the
system,
but
have
not
yet
minted
as
much
dye
as
they
reasonably
could.
So
there's
a
lot
of
latent
potential
in
the
system,
which
I
think
is
a
positive
indicator
for
more
minting
x'
in
the
events
that
people
are
more
confident
in.
What's
going
on
at
the
eath
price.
J
Conversely,
you
know
volatility
tends
to
lead
to
liquidations
which
can
improve
the
collateral
zation
of
the
system.
Also
volatilities.
You
know
sometimes
a
potential
indicator
that
eath
it's
making
the
price
movement.
So
again
it
can
cut
both
ways
and
it's
situationally
dependent
on
a
lot
of
other
variables.
But
right
now
it
seems
like
there's
a
lot
of
potential
for
menteng
in
the
system.
J
J
So
that's
something
to
watch
this
200
250
categories
come
up
as
well,
so
you
it
still
got
this
sort
of
trimodal
shape
where
you
have
kind
of
three
tranches
of
users,
the
sort
of
middle
ground
at
what
has
always
been
kind
of
the
system
average
around
300
or
350
percent
collateralization.
You
have
these
users
with
large
quantities
of
collateral,
but
very
little
minting,
and
then
you
have
I
would
say
in
the
last
few
months.
J
Kind
of
the
rise
of
this
lower
and
collateralization
category
are
centered
around
200
percent,
so
you
can
sort
of
see
reflected
in
these
liquidation
walls.
Basically
at
eath
prices
of
160,
150
and
102
is
around
where
you
expect
large
groupings
of
users
and
large
parties
of
liquidation
of
these
were
to
hit
those
prices.
J
The
so
just
touch
on
the
dye.
Usd
see
direct
trading
price,
not
the
eath
die
implied
price.
Is
you
know
pretty
much
in
line
at
around
one
point:
zero,
zero,
two,
and
what
we
effectively
see
is
that
that's
that
had
been
higher
in
the
past
and
kind
of
come
down
very
slightly,
but
still
kind
of
maintaining
that
small
buffer
above
the
one
dollar
peg.
J
It's
just
since
its
new,
it's
probably
good
to
touch
on
filly
btcd
collateralization
as
well,
but
wvt
sees
pretty
much
entirely
because
you
know
we
know
that.
There's
a
few
singular
users
system
level,
users
that
make
use
of
the
WTC
collateral
supply
that
there's
a
very
tight
grouping
of
that
collateralization
ratio
at
around
250
or
300
percent,
which
is
sort
of
mid
to
fair.
You
know
it's
slightly
less
collateralized
than
the
middle
of
the
road
for
eath,
but
you
know
it's
nothing
to
particularly
risk
on
a
pure
asset
pricing
basis.
J
J
A
E
I
wonder
if
you
could
talk
a
little
bit
more
about
you
know
the
stylistic
space
of
not
really
going
in
for
shorts
use
of
the
protocol.
You
know
deed,
like
you
know,
in
a
personal
capacity,
do
you
think
that
it's
negative
behavior?
Do
you
think
that
it's
kind
of
neutral,
when
you
find
yourself
coming
down
on
this
kind
of
shot
and
get
in
get
outs,
behavior.
J
My
response
would
have
to
be
nice.
Try
it's
it's
a
technical
capability
right,
there's
a
there's,
a
system
that
does
not
exact
transaction
fees
that
are
meaningful.
It
exact
stability
fees
which
are,
by
definition,
a
function
over
time.
So
it's
how
the
system
works,
I
can't
sit
here
and
tell
you
whether
it's
good
or
bad,
the
community
would
decide
you
know
once
they
have
a
tool
in
their
hands.
How
do
they
want
to
wield
it?
A
A
Everyone
who
presented
today,
thanks
to
you,
aski,
for
coming
on
the
call
making
yourself
available
for
Q&A
about
two
really
complicated
things
that
need
to
be
addressed
with
adapters
and
how
protocol
or
how
collateral
gets
on
board
on
the
system
and
what
happens
when
that
collateral
is
and
behaves
in
ways
that
we
didn't
anticipate.
So
please,
as
mariano
mentioned,
join
us
from
the
forums
to
discuss
that
issue.
Also,
let's
not
lose
the
thread.
We
need
to
be
centralized
quickly
and
effectively.
For
that
to
happen,
we
need
empowered
actors
for
empowered
actors
to
arise.
A
They
need
to
be
compensated
and
we
don't
know
how
to
do
that.
Yet.
So,
if
you
have
ideas
about
how
compensation
should
happen,
take
a
look
at
MIT
14
and
make
your
concerns
known
or
ask
questions,
so
the
ecosystem
has
stepped
to
to
bring
that
back
to
the
community.
Thanks
Charles,
for
your
recap,
thank
you
on
for
wisdom
and
thank
you
fish.
That's
going
to
be
it
for
today.
Thank
you
very
next
week.