►
From YouTube: Governance and Risk | Ep. 181
Description
Agenda
https://forum.makerdao.com/t/governance-and-risk-181-thursday-march-10-17-00-utc/13764
Governance Round-Up
Votes
MIPs
Forum
Initiative Updates
Real-World Assets - Collateral Management
Why is RWA progressing so slowly?
What should MKR holders understand about this topic?
What goes into making a deal?
Borrower vs Lender perspective for designing a deal.
What is Maker doing to professionalize our approach?
Can we design a feasible fast-track?
Discussion Topics
Is the DAO equipped to work with service-provider CUs?
eg: Immunifi Security, Maker Talent, Maker Academy, Legal, Accounting, Oversight, etc.
Lacking a formal power structure no CU is able to directly impose their standards on others.
Are we ready to deal with these kinds of CUs, use them, and listen to their advice? How should they interact to gain trust and provide value? Can these CUs serve other protocols?
Disclaimer
This communication is provided for information purposes only. The views and opinions expressed in this meeting are those of people involved, and do not reflect the official policy or position of MakerDAO or any of its contributors, Core Units, or affiliates. This communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, financial or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only, and do not constitute any recommendation for any action or an offer to provide investment, financial or other advisory services.
A
All
right,
hello,
everyone
and
welcome
this
is
the
181st
scientific
governance
risk
meeting
here
at
maker
dao.
My
name
is
peyton.
I
go
by
pro's
11
online
and
I'm
one
of
the
governance
facilitators.
Here,
I'm
joined
by
a
bunch
of
awesome
maker
people
who
both
work
with
the
protocol
and
are
just
generally
interested
in
it,
and
these
are
kind
of
weekly
talks.
Where
we
talk
about.
A
What's
going
on
what
risks
the
protocol
face
and
what
future
discussions
we
we
need
to
be
having
as
usual,
we
do
have
a
bit
of
an
agenda
to
get
through,
but
I
will
go
over
some
housekeeping
matters
first,
this
call
is
being
recorded,
so
please
try
not
to
talk
over
one
another.
If
you
would
like
to
speak,
you
can
utilize
the
raised
hand
functions.
It
makes
it
pretty
easy
to
be
called
on
or
drop
a
line
in
our
chat.
A
I'm
also
happy
to
read
out
questions
or
comments
if
you're,
unable
or
otherwise
unwilling
to
hop
on
the
mic.
Okay,
awesome,
so
that
about
does
it
for
ground
rules.
This
is
an
open
meeting.
So
if
you
have
questions,
if
there
is
anything
you
want
to
contribute
like,
please
do
so
we
we
love
to
get
as
many
perspectives
as
we
can
during
these
calls.
A
I
guess
accounts
and
how
they're
performing
and
then
only
one
discussion
topic
today,
but
it
is
a
beefy
one
and
that's
reward
assets
collateral,
as
I
believe
several
members
from
a
working
group
on
onboarding
rewards
real
world
assets.
Collateral
will
be
speaking
today
and
giving
us
some
things
to
discuss
and
after
all
that,
if
there's
still
any
time
we'll
have
an
open
discussion
portion.
A
No
worries
perfect
all
right,
we'll
go
ahead
and
continue
on
to
the
votes
update,
then
so
a
pretty
light
week
for
polling
for
us.
We
had
just
two
weekly
polls.
The
first
were
the
off-boarding
parameters
for
t
usda,
basically
determining
how
we
would
handle
liquidations
for
that
asset
type.
There
are
some,
I
believe,
it's
mip
62
the
off-court
and
collateral
map
considerations
that
have
to
be
put
in
place,
so
that
will
not
make
it
to
an
executive
until
all
those
prerequisites
are
are
fulfilled.
A
A
A
C
Thank
you.
The
former
submission
window
very
much
closed
yesterday
and
we've
had
nine
formal
submissions.
Let's
take
a
look
at
them.
Thank
you.
So
we
have
a
map61.
We
recognize
delegate
compensation
which
has
been
been
trialed
since
october
28
2021,
I
believe,
and
it
has
finally
been
formally
submitted.
C
C
Hopefully,
a
new
process
is
forthcoming
and
we
will
no
longer
have
to
use
this
kind
of
ad
hoc
solutions
next
slide.
Please.
We
also
have
a
meep
for
c2
usb
17
amendment,
which
means
map64.
That
is
the
bug
bounty
program
run
by
midfield
security,
with
an
expedited
process
for
small,
but
bounty
payouts.
This
also
entails
an
addition
to
their
budget
next
slide
is.
We
also
have
two
new
keeper
network
onboardings
for
keeper
and
gelato
next
slide
and
finally,
for
formal
submissions,
we
have
a
declaration
of
intent
to
invest
in
short-term
bonds.
C
C
We
also
have
a
map
67,
which
intends
to
formalize
the
metal
methodology
and
high
level
process
to
evaluate
the
structured
financial
transactions
made
under
the
mip-6
application
process
and
finally,
map
68
monetary
fault,
which
is
a
self-contained
collateral.
Onboarding
nip
the
toilet
board
and
activate
the
real
world
asset
default,
backed
by
the
assets
of
a
trust
arranged
by
monetarist
next
slide.
Please
we
have
a
coordinate
budget
for
governance,
communications
for
data
insights,
for
strategic
happiness
and
for
protocol
engineering.
These
have
been
posted
very
recently
next
slide.
C
Thank
you.
We
have
a
meet
for
situ
a
mailing
proposal.
This
is
the
one
that
amends
the
coordinator
following
process.
In
case
any
of
you
want
to
author
slash
tech,
lead
of
this
proposal.
You
can
start
collaborating
on
the
request.
I
know
that
team
black
has
already
made
some.
Yes
just
made
some
comments.
There
team
feel
free
to
reach
out
to
me.
If
we
can
further
arrange
this,
we
have
a
mips
seven
amendment
map,
seven,
that's
the
collector
on
board
in
the
main
teams
that
adds
a
description
for
collateral
engineering
services.
C
C
We
also
have
a
mip
4
c3
that
amends
the
mip
64
back
bounty
program
to
clarify
the
amount
to
be
paid
out
for
critical
web
boundaries.
This
one
enters
the
weekly
cycle
and
currently
has
a
run
signal
request
ending
today
upon
the
passing
of
this.
This
proposal
will
grow
up
as
a
non-chain
poll
and
finally,
another
meep
for
c3.
That
means
slip
62
the
equilateral
boarding
process
map
that
describes
how
volt
users
will
be
notified
of
affordance,
in
this
case,
to
remove
the
references
to
the
upgraded
afforded
content
production
core
unit
next
slide.
C
C
This
one
comes
from
the
prospective
facilitator
for
the
events
core
unit
john
perry
at
the
unborn,
also
of
a
collaborative
collateral
engineering
services
as
one
of
the
collateral
domain
teams,
modification
of
equilateral
application
form
that
amends
it
to
contain
more
relevant
questions
that
allow
core
units
handmaker
community,
to
be
very
informed
by
the
applications
that
use
it.
Sorry,
it's
even
so
long
next
slide,
please
so
that
I
can
say
bye,
bye,
bye,
bye.
Thank
you.
A
Thanks
pablo
quite
a
lot
of
mips
this
month
for
sure.
So
if
you
are
the
type
of
person
that
likes
to
wait
till
the
end
of
the
month
before
reading
them
would
advise
against
that
this
month
for
sure
as
there's
a
lot
of
stuff
to
get
through
cool.
I
appreciate
the
mips
update
and
that
will
take
us
to
our
forum
updates
and
looks
like
arden
is
ready.
D
D
Beginning
with
the
pe
team
announcing
a
new
set
of
work
streams
for
their
core
unit,
which
also
falls
in
line
with
their
recently
proposed
budget
request,
the
new
formalized
team
structure
assigns
clear
individual
ownership
to
improve
transparency
and
promote
an
architectural
vision
and
strategic
oversight
in
part
of
setting
up
the
team
and
their
new
structure.
Pe
is
also
proposing
to
include
three
new
people
to
their
team,
which
include
one
product
manager,
slash
coordination,
engineer
and
two
smart
contract
engineers
also
make
sure
to
check
out
their
post.
D
Next
up
in
response
to
a
vulnerability
identified
in
the
protocol
on
march
3rd,
that
involved
the
dss
flash
and
emergency
shutdown
process.
Pe
team
states
that
there
is
currently
a
mitigation
plan
involving
a
module
that
can
be
deployed
which
can
permission
and
permissionlessly
disable
dss's
flash
after
an
emergency
shutdown
is
triggered.
This
led
to
an
out
of
schedule
executive
proposal
on
yesterday
march
9,
which
passed
and
introduced
the
new
module
flash
killer
into
the
protocol
as
a
temporary
mitigation.
In
the
case
of
a
post
shutdown,
flash
load,
vulnerability.
D
This
meeting
is
hosted
by
strategic
finance
in
partnership
with
growth,
pe
risk
and
real
world
finance,
with
the
intent
to
review
quarter
one
of
this
year
to
discuss
strategic
focus
areas
as
well
as
key
performance
indicators
and
gather
all
together
to
align
on
priorities
and
discuss
any
current
challenges
we
are
facing.
This
call
will
flow
as
a
dialogue
between
core
units
and
mkr
holders.
Participation
is
highly
encouraged
and
the
call
link
to
join
is
available
on
forum.
D
All
right
moving
on
to
our
top
discussions
in
response
to
the
recently
delayed
fire
drill
as
part
of
the
unified
security
mandate
psychonaut
shares
his
concerns
on
whether
current
executive
spells
can
be
passed
quickly
enough
during
an
emergency
response.
In
order
to
test
this
concern,
he
suggests
that
we
declare
a
random
fire
drill
every
month,
where
delegates
will
be
asked
to
sign
a
message
and
the
reaction
time
will
be
measured
and
recorded.
In
addition
to
this,
psychonaut
also
asks
the
community
a
set
of
questions
by
an
informal
poll.
D
D
D
Furthermore,
it
includes
several
issues
that
were
discovered
through
the
first
time
event
in
the
dao,
which
includes
off-boarding
expectations,
returning
core
unit
funds,
unfulfilled
commitments
to
contributors
or
third
parties
and
entanglements
of
key
infrastructure.
Gov
alpha
also
proposes
a
set
of
recommendations
for
the
future
and
during
the
last
couple
days
the
thread
got
a
little
hot,
with
a
lot
of
comments
and
discussions
happening
by
various
members
and
core
units,
including
ex
facilitator,
seth.
D
And
next
up,
finally,
thomas
provides
a
list
of
suggested
topics
for
governance.
Communications
upcoming
issue
discussion
call
happening
on
march
23rd.
He
lists
these
topics
in
the
form
of
a
poll
and
asks
the
community
which
of
them
is
most
pertinent
and
pose
the
greatest
interest,
and
the
topics
mentioned
are
how
to
meet
our
growing
external
communication
needs
through
social
media
website
and
branding
what
steps
would
help
improve
the
core
unit
budget
modification
process
is
real
world
asset
fast
tracking,
a
viable
solution?
D
Next
up
we
have
strategic
finance
signaling
to
onboard
pax
g
as
a
collateral
type,
which
already
has
has
risk
assessments
and
was
previously
approved
for
onboarding
during
october
of
2020..
Sebastian
also
states
that
pax
g
market
cap
and
liquidity
has
significantly
improved
recently
due
to
current
events
and
politics,
and
finally,.
D
D
A
E
E
So
next
slide,
I'm
going
to
try
and
keep
it
quick
today,
but
there's
a
lot
to
cover,
as
it's
been
an
active
last
couple
of
months,
so
cutting
this
down
into
yeah,
delivered
in
progress
and
then
future
work
to
do
so.
The
delivered
work,
as
as
I
think
we
discussed
earlier,
you
know,
there's
been
a
lot
of
architectural
discussion
review
between
pe
between
the
starkware
facnet
team.
So
that's
been
completed.
E
That
then
led
to
a
changed
security
audit
on
the
dybridge
implementation,
and
that
was
subsequently
followed
up
with
a
proof
of
concept
that
we
and
well
the
the
stock
where
group
shared
with
oracle's
team
earlier
in
denver,
leading
on
to
the
in
progress
work.
There's
a
technical
assessment,
that's
currently
underway
between
pe
and
the
stark
net
team,
and
what
we're
really
trying
to
do
here
is
akin
to
the
collateral
onboarding
process.
Where
you
have
collateral.
E
It
gets
reviewed
by
risk
by
the
technical
teams
and
you
have
a
disclosure
discussion
of
these
risks
on
the
forum.
We're
trying
to
do
the
same
thing
with
l2.
So
that's
what's
happening
here
and
we're
hoping
to
release
that
in
the
next
week,
or
so
I
think
in
parallel
with
that,
there's
also
an
audit
on
going
for
events
and
message
cancellation
on
on
starkware.
E
So
the
outstanding
tasks
are
just
wrapping
up
the
oracle's
integration
deploying
the
ui
sdk
and
integration
on
the
front
ends
which
the
front
end.
In
this
case,
the
starkware
team
is
working
on
that.
So
it's
a
matter
of
providing
them
with
the
software
development
kit
to
integrate
that
and
then
there's
also
cross-team
integration.
So
making
sure
we
have
the
forum
posts
and
the
community
awareness
already
set
up
as
well,
and
I
see
that
yeah
louise
always
already
working
on
the
circuit,
breaker
piece
but
haven't
merged
it.
E
So
much
in
the
same
fashion.
Here
again
what's
been
delivered,
the
optimism
wormhole
contract's
been
developed,
audited
and
deployed
on
kovan.
Last
time
we
gave
the
update.
We
were
actually
waiting
on
doing
that.
Deployment
to
covan,
which
has
been
successful,
oracles,
have
also
done
a
whole
bunch
of
work
this
last
month
or
so
around
their
design
document.
Proof
of
concept
also
the
integration
and
addresses
on
the
testnet
deployment,
which
has
been
great
we're
also
similar
to
the
starkware
guys
working
on
an
sdk
for
delivering
to
optimism
and
arbitrary
ui
teams.
E
We
actually
delivered
that
this
week
to
them,
so
the
next
step
here
in
progress
is
making
sure
that
they
integrate
with
their
capability
their
capabilities
into
or
sorry
our
wormhole
capability
into
their
front
ends,
and
we
also
had
a
call
yesterday
with
chain
security
around
doing
an
audit
of
the
arbitrary
wormhole
contract.
So
that's
progressing
nicely,
and
the
next
item
in
progress
is
testing
the
covan
deployment
and
oracle's
integration,
so
just
making
sure
that
these
deployments
all
work
and
function
as
they
should
in
a
test
net
environment.
E
The
upcoming
work
is
completing
all
the
you
know:
kovan
optimism
and
rinkerby
for
arbitrary
tests
once
what
it's
done
on
network
and
then
setting
up
comprehensive
monitoring
and
the
loading
for
bridge
invariant.
So
this
is
again
one
of
those
cross-team
coordination
tasks,
so
making
sure
that
we
have
integration
with
different
teams.
Everyone
brought
into
our
stakeholder
alignment
meetings,
making
sure
there's
understanding
of
all
the
dependencies
that
are
happening
and
then
yeah
finally
integrate
those
uis
and
test
them
out.
So
once
again,
the
target
here
fast
withdrawals
for
optimism
end
of
well.
E
E
All
right,
so
there
was
a
lot
of
discussion.
I
think,
as
we
mentioned
last
time
on
this
one
in
denver,
which
was
great
to
have
the
team
all
in
one
place.
So
we
were
talking
about
you
know
how
do
we
take
mcd
from
layer
1
into
layer,
2
map
out
all
the
different
modules
that
exist
and
understand
which
areas
need
to
be
researched
in
more
detail,
so
in
progress
we
have
defining
the
mcd
module
behavior
for
l2.
E
We
need
to
do
some
upgrades
to
the
solidity
version
to
make
sure
it's
compatible
for
l2
environments
and
there's
also
some
complexity.
That
needs
to
be
documented
and
discussed.
You
know,
especially
I've
called
out
here:
emergency
emergency
shutdown,
it's
a
complex
module,
how
the
way
the
end
works
and
how
that's
going
to
function
when
there's
multiple
environments
or
domains
of
mcd
operating
needs
a
little
bit
more
mapping
out.
So
that's
in
progress.
E
E
E
I've
still
got
the
target
of
tbd,
and
we've
discussed
this
internally
that
there's
some
pending
solidity
upgrades
again
and
further
understanding
of
the
cairo
code
that
we
we
really
want
to
see
how
the
the
slow
withdrawals,
progress
and
then
progressively
you
know,
move
to
the
fast
withdrawals
and
the
wormhole
and
then
see
how
the
mcd
can
operate
in
the
cairo
code
environment.
So
a
lot
of
work
going
on
a
lot
of
cross-dependencies,
but
it's
all
being
tracked.
Everyone's
been
joining
the
the
weekly
calls.
E
I
think
they've
been
a
great
success,
yeah,
looking
forward
to
keeping
keeping
the
train
moving
along
and
looking
forward
to
the
end
of
the
month,
where
we
get
a
bit
closer
to
doing
the
the
launch
of
of
the
fast
withdrawals.
So
thank
you.
Everyone
who's
participated,
and
I
think
that
wraps
it
up
for
me
as
a
summary.
E
Actually,
I
have
one
more
slide
yeah.
How
can
I
forget
the
milestones?
That's
like
the
main
thing
right.
I
think
I've
covered
them
off,
but
to
summarize
yeah,
we
so
start
net
diverge.
Yes,
end
of
march
fast
withdrawal
rules,
end
of
march
stark
net
target,
mid
q2
tbd,
depending
on
the
dependencies
I
mentioned,
and
then
l2
mcd
implementations
with
again
those
dependencies
but
end
of
target
end
of
q2.
A
F
Hi
mariano
here
from
growth
core
unit,
I
will
try
to
be
short
and
sweet
with
this
and
we
posted
on
the
forum.
The
whole
process
to
request
tweet
under
the
maker
official
twitter
account
just
as
important
points
and
and
doing
a
wave
of
the
post
is
we
create
a
discord
channel
to
coordinate
with
core
units,
so
everyone
er,
of
course,
units
that
wants
to
post
content
on
twitter.
Please
contact
me
or
or
christopher
in
our
growth
public
channel
at
maker.discord.
F
We
will
share
with
you
a
calendar
in
which
you
can
post
the
information
that
we
want,
that
you
want
to
to
publish
and
don't
worry,
if
you
don't
have
the
actual
tweet,
we
can
help
you
with
that,
and
also
we
can
help
you
with
the
graphical
pieces
and
that's
part
of
the
preparation,
and
then
we
will
coordinate
with
you,
the
the
publishing
date
right
as
a
little
resume.
We
have
on
the
right
some
of
the
things
that
we
consider
to
publish.
F
We
have
discussions
around
the
future
of
maker
and
I
we
have
maker
community
updates
and
we
have
the
core
unit
updates,
which
I
think
are
very
very
important.
We
will
have
monthly
updates,
showcasing
the
work
that
is
being
done
in
the
dao
and
obviously
we
will
have
the
maker
dow
announcements
rights
that
we
will
be
doing
with
partnerships
or
special
initiatives
throughout
the
year.
So
thanks
any
doubt
again,
you
can
contact
me
or
christopher
in
the
maker
discord
growth
public.
Thank
you.
A
A
A
B
A
B
B
So
I
had.
I
had
that
and
have
a
session
as
well
to
to
explain
to
explain
that
to
to
delegates
we've
we're
happy
we're
happy
by
the
way,
actually
to
replicate
the
same
session
with
the
rest
of
the
community.
If
you
know
if
they
use,
if
they
use
an
appetite,
it's
mostly
it's
a
mostly
summary
of
the
same
of
the
same
content,
but
maybe
with
a
little
bit
more
like
background
and
flavor
to
it.
B
B
So
we
started
a
review
of
that
one
with
a
legal
legal
engagement
with
sherman
sherman
in
sterling
and
in
in
in
haddad,
we
had
a
discussion
on
the
risks
that
meet
against
the
report
pointed
out
as
an
output
of
that
discussion.
So
that's
that's
currently
with
with
matt's
matt's
team
and
ncs
and
success
to
to
reviewing,
and
there
is
a
attention
I
think,
of
implementing
a
number
of
the
the
michigans
that
were
pointed
out
by
the
by
the
law,
firm
and
I'll.
B
Let
let's
christian
that
I
think,
using
the
call
as
well
coming
further
if
the
community
has
gotten
more
updates.
So
on
the
c
on
this
on
the
success
we
do
not
have.
We
did
not
have
a
review
of
the
credits
at
this
point
simply
because
that
success
essentially
has
taken
to
like
to
not
move
further
with
data
with
that
upgrade
at
this
point
in
time,
and
they
will
come
back
to,
they
will
come
back
to
us
once
they
are
ready.
B
Ready
yeah,
true
yeah
and-
and
I
think
I
think
that's
that
that
is
that
are
the
two
key
arts.
We've
got
a
a
number
of
it's.
However,
you
a
co
other
counterparts
that
are
in
premier
process
that
are
essentially
trying
to
draft
their
mip
and
have
and
have
on,
engage
the
the
team,
and
that's,
I
think
what
community
here
is
confusing
is
our
pipeline
is
not
our
pipeline.
B
I
Well,
it's
christian
before
before
max
jumps
in
there
are
just
a
couple
other
things
that
I
think
the
community
should
be
aware
of
that
we're
working
on
one
is
we're
continuing
to
work
on
the
stockton
transaction.
There
are
probably
some
technical
issues
on
social
that
are
being
worked
out
jointly
with
collateral
engineering
services.
I
I
The
other
things
that
we
have
been
working
on.
You
will
have
seen
that
centrifuge
has,
you
know,
has
indicated
a
new
structure.
So
at
the
beginning,
part
of
the
year
we
put
together
the
methodology
for
structured
finance
transactions
to
give
borrowers
a
a
sense
of
the
type
of
deal
structures
that
we
were
looking
for.
The
the
type
of
protection
excuse
me
protections
and
structures
that
a
senior
secured
lender
would
expect,
and
a
senior
secured
lender
in
the
real
world
would
expect.
I
don't
think
anything
that
we
have
published
in
the
form.
I
Regarding
our
methodology
is
any
different
than
what
you
would
see
a
senior
secured
lender
in
the
real
world,
I'm
actually
looking
for.
We
weren't
very
creative.
We
just
borrowed
heavily
from
everything
else.
People
are
doing
so
centrifuge
took
that
actually
then,
working
with
me,
we
went
through
a
couple
of
different
iterations
of
different
potential
structures.
I
That
would
be
flexible
enough
for
them
to
use
going
forward
yet
at
the
same
time
be
responsive
to
some
of
the
protections
that
we
wanted
to
see
in
the
documents
and
those,
let's
be
very
clear,
they're
protections
for
maker
and
they're,
not
for
anybody
else,
and
you
know
so
centrifuge
took
that
came
back
to
us.
We
looked
at
it.
We
said
yep.
This
looks
like
it's
going
in
the
right
direction.
I
We
we've
also
had
a
number
of
kind
of
discussions
with
one
of
the
mipsix
applicants
and
trying
to
reshape
their
proposal
that
involved
looking
at
local
law
and
creation
of
security
interests.
Under
local
law
and
how
that
would
impact
their
operational,
their
operations
give
us
at
the
same
time,
kind
of
the
security
that
we
were
looking
for.
So
you
know
we
we
had
discussions
with
external
local
council
in
europe,
to
you,
know,
understand
nuances
of
local
law
and
perfection
of
security
interests
and
local
law,
which
are
all
very
different.
I
B
B
I
guess
expectations
here
with
the
with
the
community
that,
due
to
a
few
delays,
particularly
more
like
contract
or
contractor
delays
on
the
on
the
structure
inside
and
there's
also
a
smart
contract,
a
smart
contract
actually
review.
There
might
be.
There
might
be
a
few
weeks
off
delay
between
in
between.
Actually
they
expect
delivery
date,
which
is
actually
under
the
first
quarter
end
of
march,
and
when
it's
going
to
be
so,
it
might
be
more
towards
some
towards
april.
H
Yeah,
I'm
here,
can
you
can
you
hear
me
perfect
yeah,
so
so
this
is
like
this
is
like
building
a
road
across
mountains
and
it
takes
a
while
to
build
that
road,
but
the
second
it
gets
built.
We're
gonna
have
flow
through
it,
and
I
showed
up
in
august,
joined
up
with
greg
on
this
rwa
company
to
start
a
help,
get
some
of
our
clients
on
boarded
and
my
first
experience
was
bringing
this
client
that
was
doing
the
film
finance
and
and
and
then
them
getting
rejected
by
this
core
unit.
H
H
They
have
been
the
sort
of
counterparty
that
we've
sort
of
put
it
up
to
and
and
gotten
feedback
and
iterated,
and
yes,
it's
slow,
but
it's
slow,
because
this
is
a
complex
transaction.
We're
doing
something.
That's
never
really
been
done
before,
and
I
think
maybe
what
mkr
holders
should
understand
about
this
topic
is
that
we
have
an
opportunity
to
to
raise
the
bar
and
to
set
the
standard
and
to
do
this
right.
H
And
if
we
do
it
right,
then
it
will
accrue
enormous
benefits
to
both
maker
and
to
d5
as
a
whole.
And
what
goes
into
making
a
deal.
There
has
to
be
a
legal
entity
set
up
in
the
real
world
and
that
and
there
have
to
be
transaction
documents,
and
you
also
have
to
have
a
counterparty
that
is
understands
what's
going
on
and
you
have
to,
of
course,
get
them
through
governance.
So
these
are
all
things
that
are
having
yet
to
be
done
before
fully.
H
Although
success
capital
is
is
live
as
as
sort
of
a
model,
that's
taught
us
a
little
bit
something
borrower,
verse
lender
perspective
for
designing
a
deal.
I
don't
know
what
is
maker
doing
to
professionalize
our
approach,
I
I
think,
like
you
know
luca,
has
has
tried
to
and
and
these
guys
at
rwf
per
unit
have
have
really,
I
think,
been
on
board
with
trying
to
find
the
highest
quality
counterparties
and
and
in
order
to
interact
with
those
regulated
institutions
we
maker
has
to
come
from.
H
We
have
to
be
professionals
and
everybody
involved
has
to
seem
very
professional
and
buttoned
up,
and
I
I
see
that
as
as
the
culture
right
now
and
I'm
optimistic
that
this
is
a
very
professional
thing
and
there
will
be
a
a
well
fleshed
out
pipeline
and
process
that
everybody
or
anybody
can
come
to
make
her
dow
as
a
as
a
counterparty
and
and
and
go
through
and-
and
I
think
that
there's
no
need
to
fast
track.
What's
going
to
happen
is
that
this
will
perpetually
get
faster
and
faster
in
the
beginning.
H
This
is
the
slowest
it
will
ever
be.
Let's
just
put
it
that
way,
and
then
it's
going
to
get
faster
and
faster,
as
we
essentially
automate
this
thing
and
we
have
template
documents,
we
can
just
reuse
and
plug
and
play
so
I
understand
the
urgency.
It's
an
enormous
opportunity,
it's
maker
needs,
it
define
needs
it,
and
I
think
that
I
feel
confident.
I
mean
I'm
working
every
day
to
make
it
happen
and
I
feel
very
confident
we
are
going
to
have
some
killer
counterparties,
just
phenomenal
high
quality
counterparties.
H
Numerous
coming
to
the
table
with
getting
their
deals
done.
You
know
getting
them,
I
think,
approved
through
governance,
having
a
model
template
legal
structures
that
are
open
sourced
and
and
then
this
thing
is
gonna
flow
like
building
a
road
across
mountains,
we're
just
building
the
road
right
now,
but
once
the
roads
built,
it's
gonna
be
a
lot
of
traffic
through
it.
I
And
this
is
christian.
Thank
you
for
that
max.
I
think
the
other
thing
that's
helpful
for
people
to
know
and
max
touches
on
it
and
it
may
seem
easy,
but
it's
it's
actually
quite
complicated,
which
is
the
legal
and
jurisdictional
issues
you
know
we
are.
We
are
looking
at
transactions
from
all
around
the
world
right.
So
the
first
thing
that
I
think
of
is
tax,
because,
ultimately
you
know
somebody
usually
the
borrower.
Almost
always
the
borrower
has
to
pay
withholding
tax.
I
So
when
we
need
to
think
about
and
the
borrower
needs
to
think
about
how
we
structure
for
that,
you
know
if,
if
we're
doing
a
deal
in,
you
know
brazil,
for
instance,
you
know,
there's
a
lot
of
different
considerations
to
be
considered.
As
do
you
know
do
we
is
the
legal
entity
that
gets
paid
in
brazil?
How
did
how
does
that
legal
entity
actually
pay
maker?
I
So
you
know
I
think,
for
us
deals.
Success
has
provided
a
model.
I
don't
think
it's
the
only
model,
but
as
we
are
seeing
deals
as
we
have
to
date
coming
from
different
jurisdictions,
we
need
to
look
at
those
jurisdictions
understand
what
the
local
law
allows
us
to
do,
because
the
delaware,
statutory
trust
is
a
creature
of
death,
the
state
of
delaware
that
doesn't
exist
in
a
lot
of
other
jurisdictions.
I
So
it's
it's
it's
very
much
a
process
and,
as
max
said
I
mean
it
is
building,
I
would
even
say
a
railroad
across
mountains.
You
know,
roads
might
be
easier.
Rare
and
railroads
are
more
difficult
and
you
know
I
think
over
time
we
will
begin
to
develop
a
collection
of
documents
that
we
can
use
and
reuse
for
borrowers.
I
B
So
one
of
the
things
one
of
the
very
first
discussions
that
I
had
as
soon
as
the
as
soon
as
we
started,
I
guess
pressing
a
bit
of
like
a
reset
button
into
what
we
were
doing.
It
was
actually
conversation
time
with
christian
around
saying:
okay,
we
forgot.
If
we,
if
we
are
to
do
things
things
properly,
then
we've
we've
gotta,
we've
gotta.
B
Probably
things
could
be
much
faster,
so
actually
nailing
on
the
on
the
on.
The
legal
part
is
really
important,
so
essentially
kind
of
one
of
the
very
first
actions
that
actually
took
I
took
was
actually
having
having
a
conversation
with
from
with,
with
christian
saying,
can
we
can
we
essentially
kind
of
create
something
that
is
a
supporting
function,
and
that
is
it's
actually
kind
of
like
almost
separate
and
separated
functionally
from
from
conversion
and
risk
from
commercial
and
risk,
but
but
actually,
then,
that
can
also
bring
different,
different
intermediary.
B
Solicitors
that
can
actually
help
us
can
help.
Can
I
can
help
make
it
to
have?
You
know
two
three,
four
christians
that
understand
that
understand
the
law
in
in
key
jurisdictions
around
the
globe
and
that
can
help
create,
like
a
panel,
a
panel
of
those
law
firms
across
the
globe
to
be
able
to
to
to
scale
to
scale
that
function
right
so
and
that's
currently
another
aspect
that
is
actually
going
through
through
implementation.
Actually
through
incubation
of
of
a
legal
action.
H
H
This
stuff
is
legal
engineering
and
we
don't
want
to
fast
track,
pushing
anything
to
production,
because
you
know,
there's
essentially
attack
surface
area,
and
we
want
to
minimize
that
we
want
to
have
everything
you
know
tightened
button
up.
We
don't
want
to
essentially
put
a
boat
in
the
water
with
holes
in
it.
H
J
If
I
might
speak
to
that
for
a
second,
so
yeah,
certainly
when
we're
engineering,
I
think
safety
is
paramount,
but
we
we
do
make
a
number
of
sort
of
risk
tradeoffs
right.
So
we
do
a
little
bit
of
a
calculus
on
on
stuff
that
maybe
doesn't
have
the
perfect
construction
and-
and
we
put
that
out
sometimes
because
we
believe
the
sort
of
the
probability
of
let's
say
the
the
probability
is
low
that
it
would
occur.
J
J
I
would
just
say,
like
let's
try
and
really
assess
like
how
much
risk
exposure
we
think
there
is.
You
know:
we've
got
a
surplus
buffer
m
care
holders
can
maybe
decide
of
if
they
want
to
lose
some
of
that
surplus
buffer.
We
certainly
do
this
with
normal,
like
collateral
onboarding,
there's
there's
risks.
J
When
we
talk
about
l2s
and
we
you
know,
we
try
and
and
sort
of
scope
that
to
like
exactly
how
how
much
possible
losses
could
occur
in
the
surplus
buffer
before
we
had
to
like
dilute
them
care
holders,
and
I
think
we
should
make
probably
similar
assessments
here
and,
like
you
know,
if
we've
been
working
with
people
for
a
good
chunk
of
time,
you
know
success
would
be
a
good
example.
I
can
think
of.
We've
worked
with
them
for
years.
You
know
they
were.
J
Like
we've
done,
software
engineering,
that's
put
an
enormous
amount
of
time
and
money
into
the
sort
of
legal
constructions.
I
would
definitely
say
you
know
we
have
more
trust
that
that's
built
up
over
the
years
that
we
could
lean
on
in
that
case.
Even
if
maybe
legal
constructions
aren't
gonna
be
perfect,
we
should
we
should
definitely
take
into
account
how
big
our
risk
of
usdc
is
and
and
really
do,
our
job,
which
is
to
try
and
risk
manage
the
collateral
basket
that
backs
die.
I
This
is
christian,
you
know
in
in
terms
of
legal
being,
a
being
perhaps
the
the
delay.
I
I
can
assure
you
that
that's
not
the
case.
I've
been
doing
this
for
25
years.
I've
worked
on
transactions
in
over
40
different
countries.
I've
told
anybody
that
wants
to
talk
to
me.
I'm
a
deal
junkie
and
that's
what
I
like
to
do
is
the
deals.
I
The
other
thing
that
I
would
say
is
you
know
when
I
was
in
japan,
working
at
a
law
firm
in
japan
and
I
had
first
year
law
students
come
to
me
and
say
hey.
I
want
to
come
work
in
japan
and
get
my
experience
in
japan.
The
first
thing
I
would
say
to
them
is:
don't
go
to
japan.
First
start
in
new
york
start
in
london.
Learn
the
basic
abcs
learn.
How
deals
should
be
done
and
then
come
to
japan
come
to
asia.
I
Go
to
the
middle
east,
go
wherever
you
want
and
learn
how
and
then
see
how
deals
are
done
because
there's
flexibility
outside
of
you
know
the
basic
abcs
that
you
learn
in
new
york
and
and
in
london.
So
I
I
think
there
is
a
a
balance.
I
have
no
doubt
there's
a
balance,
but
I
I
can
assure
you
that
my
personal
level,
you
know,
like
I
said,
I'm
a
deal
junkie.
I
I
like
to
find
ways
of
collaborating
and
getting
deals
done,
but
sometimes
deals
don't
get
done
because
they
shouldn't
get
done
because
there
are
gaps
because
there
are
holes
because
there
are,
you
know,
problems.
So
you
know
just
I
think
we
just
need
to
be.
I
think,
mindful
of
that,
and
you
know
the
intention
that
I
have
in
setting
up
a
legal
core
unit
is
along
the
collaborative
getting
deals
done.
H
H
And
it's
like
it's
like
you
know,
I
do
sales
right
and
it's
like
you
know
if
you
want
to,
if
you
want
to
have
100
million
dollars
of
revenue
as
a
salesperson,
you
can't
do
that.
You
know
100
000
at
a
time
you
want
to
be
looking
for
the
10
million
deals
and
it's
like
if
we
want
to
be
capable
of
deploying
it
maker
wants
to
be
capable
of
deploying
essentially
billions
of
dollars.
H
Potentially
I
mean
this
is
a
philosophical
question
for
maker,
but
at
least
from
a
management
standpoint,
fewer
higher
quality
counterparties
that
we
can
do
larger
business
with
is
much
easier
to
manage
than
many
smaller
and
lower
quality,
and
we
have
limited
bandwidth
as
a
community.
As
a
you
know,
in
terms
of
engineering,
we
want
to
just
focus
on
the
biggest
opportunities.
A
A
So
obviously
anyone
can
propose
a
mip
and-
and
well,
in
fact,
was
one
of
the
new
mips
put
up
last
night,
basically
put
forward
to
kind
of
guide
the
process
slightly
differently
for
reward
assets
collaterals.
I
don't
know
if
I'm
not
a
little
well
aware
or
not,
but
just
wanted
to
give
the
governance.
Take
there.
B
Yeah
sure
yeah,
let
me
know,
I
saw
that
there
was
a
couple
of
comments
in
terms
of
oh
just.
If
my
apology
is
not
it's
not
getting
true.
Let
me
know
okay,
so
yeah,
though
the
mips
six,
the
mep6
application
process
is,
as
as
the
existing
map6
as
the
existing
f6
application,
so
that
doesn't
so
that
that
doesn't
that
doesn't
change
wants.
So
what
the?
What
that
that
entails
is.
B
Actually
there
is
a
mip
application
that
any
contract
body
can
can
submit
and
and
and
then
be
treated,
be
treated
by
the
by
by
the
by
the
existing.
I
guess
team
that
that
is
in
there
doesn't
mean
that
this
is
the
only
team
that
is
going
to
be
there
forever,
in
fact
working
diligently,
and
hopefully
they
can
take
a
little
bit
more
time,
which
also
is
scaling
up.
B
The
question
is
still
the
same
relevant,
but
it's
just
actually
the
depth
of
how
their
answer
that
was
probably
not
there
and
the
what
we
realized
then
through
that
long
and
painful
I
guess
experience
is,
is
that
then
the
the
fact
that
those
mip
six
were
putting
were
put
together,
and
then
I
guess
put
to
to
vote
for
prioritization,
which
the
existing
process
is.
Is
the
green
green
light
boat
right?
That's
when
you
kind
of
you
sign
to
the
teams.
This
is
priority.
B
B
So
that
might
b6
application
process
essentially
yeah,
so
it
essentially
means
that
the
process
is
still
as
is,
but
we
have
we
just
realized.
We
just
realized
that
there
were,
I
guess,
shortfalls
in
in
how
it
works
operationally
speaking
right.
So
so
we
even
like
for
for
applicants
that,
were
you
know
getting
through
the
process
of
actually
submitting
their
applications
and,
like
you
know
when
they
being,
I
guess,
supposedly
like
proactive,
engage
through
the
to
the
team,
and
we
kind
of
like
gave
a
little
bit
more.
B
I
guess
guidance
in
how
to
structure
it,
and
I
think
the
very
first
guidance
that
came
in
this
process
of
resetting
and
professionalization
over
the
last
couple
months
is
the
was
the
mrp6
methodology
for
structured
finance
transactions
that
that
is,
that
is
in
the
form,
and
that
wasn't
like
to
say:
okay,
the
mip
six
is
the
mip
six
process.
Ask
you
to
I
don't
answer
a
set
of
say,
15
questions
or
so,
but
what
we
mean
by
that
it's
x
right,
it's
the
methodology
of
performance.
B
If
you
can
actually
put
things
that
actually
mimic
that
you,
I
guess,
make
your
application
much
more.
I
guess
complete,
and
not
only
for
our
team
in
particular,
actually
give
the
flavor
for
empty
attack,
and
all
this
to
make,
I
guess
a
more,
I
suppose,
like
a
more
informed
decision
on
what
is
it
that
they
are
telling
teams
to
prioritize
versus
hey.
This
is
a
you
know,
a
marketing
piece
that
has
very
little
information
on
it
because
once
the
the
existing.
B
B
It
actually
slows
down
the
process
simply
because
once
it
goes
through
green
light,
it
takes
as
much
the
time
that
it
took
or
or
two
three
four
times
more
time
than
the
time
it
took
for
the
original
proposal
to
come
through
all
that,
once
the
the
diligence
actually
really
starts,
they
say
like
okay:
this
is
what
it
provided
as
mrp6.
We
gotta
work
on
a
lot
of
details
on
this
to
to
be
able
to
to
assess
it
right.
B
So
projects
can
and
should
go
forward
if
they
have
a
proposal
that
they
really
think
is
is
in
line
with
the
maker
protocol
and
submits
it.
It
just
means
that
they,
then
they
just
have
to
realize
that
when
it
comes
to,
I
guess,
treatment
of
it.
There
might
be
some
real
work
done
and
which
I
think
from
a
borrowed
perspective,
might
I
guess,
increase
their
costs,
because
that
means
that
they
will
have
the
potential
to
be
doing
the
same
thing
twice.
K
Hey
well,
it's
eric.
I'm
on
rwa
just
wanted
to
make
a
few
comments.
I
think
there's
a
question
really
here
of
risk
appetite
and
standards
for
for
maker.
You
know
on
one
hand
you
could
say:
hey
here's,
a
great
investment.
You
know
it's
venture
equity.
This
is
an
s.
Google
you're,
like
okay,
we'll
make
a
good
return,
but
the
other
issue
with
maker
is
that
we
need
to
back
to
die
with
very
stable
investments.
K
You
know
that
pegged
to
the
dollar
is
relentless,
and
so
essentially
we're
issuing
these
demand
deposits
that
people
can
cash
out
a
will.
So
you
need
to
have
real,
solid
assets
that
can
be
liquid
quickly
to
honor
that,
and
so
it's
I
don't
think
the
community
honestly
has
figured
thought
through
yet
what
it
needs
in
terms
of
a
risk
appetite.
I
mean
we're
showing
what
we
think
makes
sense,
but
to
get
these
kind
of
high
quality
investments
that
can
be,
you
know
pretty
turned
into
cash
reasonably
quick.
K
You
can't
take
a
lot
of
risk
and
you
don't
make
a
lot
of
return
on
them
yeah.
So
I
mean
what
we've
been,
I
think,
proposing
and
guiding
on
is
saying:
look,
let's
do
high
quality
investments
and,
let's
you
know,
also
kind
of
look
at
where
the
real
world
you
know
is
investing.
We
don't
need
to
do
the
same
stuff,
but
if,
in
the
real
world
you
know
this,
someone
bring
us
an
investment
in
the
real
world.
K
K
It
would
insist
on-
and
I
think,
there's
some
difficult
discussions
here,
but
we're
typically
trying
to
look
at
things
versus
the
real
world
and
again
you
don't
have
to
do
it
exactly
the
same.
But
if
there's
markedly
more
weaknesses
what's
being
proposed
to
us
versus
what
the
real
world
would
do,
I
think
it
asked
some
really
key
questions.
You
know
over
the
last
hundreds
of
years
lending
is
a
business
I
mean
it
still
needs
to
improve,
but
there's
some
basic
principles.
K
You
know
about
lending
it's
easy
to
lend
it's
hard
to
get
paid
back,
but
how
you
can
kind
of
manage
that
risk
and
we
generally
want
to
be
open
to
innovation,
but
we
also
want
to
use
those
basic
lessons
because
people
have
lost
money
over
the
centuries
kind
of
you
know,
learning
these
things.
You
know
you
want
good
collateral.
You
want
more
collateral
than
the
loan.
You
know
you
want
to
be
able
to
see
the
collateral.
You
know
we're
asking
for
kind
of
very
basic
lending,
101
things
and
some
parties
honestly
are
pushing.
K
We
don't
ask
for
the
basics,
you
know
the
tried
and
true
stuff
and
I
think
that's
a
fair
ask,
but
that
I
I
think
in
the
maker
community
needs
to
know
what
their
ask
is
and
why
we
view
it.
So
off
market
is
like
what
the
real
world
has
done
historically
and
then
I
think
it
needs
to
put
the
borrow
the
onus
on
the
borrower
to
explain
why
hey
in
this
deal,
you
don't
need
to
have
any
first
loss
money
under
you.
K
You
know
every
other
deal
in
the
world
like
this
would
but
we're
special
and
different,
and
you
don't
need
first
loss
protection,
but
I
think
we
struggle
a
lot
with
that.
You
know
it
is
trying
to
find
the
standard
that
the
community
wants
and
supports,
and
if
the
community
wants
us
to
take
very
aggressive
lending
standards,
I
mean
I
guess
we
can.
K
G
Eric
can
I
ask
you
something
because,
like
probably
I
as
many
of
the
people
that
are
here,
we
don't
understand
that
much
about
the
risk
about
a
certain
asset
originators
and
we
we
were
like.
At
least
I
was
surprised
when
I
read
the
the
risk
assessment
of
monetarist
and
you
suggested
a
zero
debt
ceiling,
because
usually
what
what
the
risk
team
does
with
crypto
collaterals
is
like.
Okay,
this
collateral
is
super
risky,
so
we
just
like
give
them
a
lower
debt
ceiling.
K
K
G
K
Monetalis
is
basically
asking
for
100
advance
rate
where
the
real
world,
maybe
that
you
would
get
80
or
85
advance
rate.
So
if
you
read
our
pro
or
our
assessment
care,
I
mean
you're,
not
in
the
field.
But
if
you
look
at
our
our
observations
and
and
risk
pointers,
you
could
flip
that
and
say:
hey.
Is
there
a
deal
here?
They
would
say
makes
sense.
There
probably
is,
but
it's
going
to
start
with
real
real
first
loss
money
underneath
us
right,
I
mean
just
everything
we
say
negative.
K
You
can
just
kind
of
think
wait
a
minute.
You
know.
How
would
I
flip
make
this
work?
You
know
how
do
I
structure
or
change
something
that
these
guys
would
say?
Oh
yeah,
okay,
you
know
like
you
guys.
We
say
you
guys.
Don't
have
anyone
who's
ever
really
run.
A
credit
fund.
I
really
understand,
is
a
deep
credit
manager.
That's
an
easy
thing.
It's
easy
to
understand
in
our
mind.
What
would
fix
that
correct.
G
K
So
we're
just
laying
out
principles
when
I'm
saying
you
know
what
am
I
going
on
before
about
there's
just
basic
principles
in
lending
you
know
just
how
not
to
lose
money,
I
mean
we're
basically
lining
those
basic
principles
up
and
commenting
on,
say
I
don't
want
to
pick
on
monetalists,
but
on
how
they
stack
up
against
those
key
principles.
You
know
like
the
manager,
quality
and
experience
in
the
asset.
You
know
the
money
or
first
loss
position
underneath
us,
you
know.
Is
there
an
existing
platform?
You
know
they
can
manage
all
this
business.
K
G
G
Yeah,
that's
that's
super
clear.
Yes,
I
was
like
maybe
just
er.
I
was
thinking
that
it
probably
you
can
compare
it
with
a
token
or
a
project
without
an
audit
like
maybe
for
projects
like
that,
you,
you
wouldn't
consider
not
even
like
a
one
million
debt
ceiling,
because
it's
too
much
risk.
It
will
be
something
like
that
right,
hey.
K
Well,
I
think
we've
got
a
presentation
we've
drawn
up
that
maybe
we
should.
We
should
give
this
some
people
where
we
actually
walk
through
what
is
it
like
being
a
lender,
a
maker
crypto
lender
versus
being
a
real
world
lender,
and
we
look
at
what's
similar
and
what's
different
and
then
we
try
to
you
know
show
like
like
in
the
real
world.
You
know
you
don't
have
liquid
assets,
you
don't
see
their
prices,
you
can't
grab
them
and
sell
them
easily.
K
So
then
the
question
becomes,
if
we
don't
have
some
of
these
really
strong
principles
that
you
can
use
in
crypto
lending.
What
are
our
compensating
factors
to
help
manage
the
risk?
Because
we
don't
have
that
nice
liquidity
or
price
transparency,
and
so
we've
actually
made
a
presentation
and
applied
it
to
monitalis
and
gone
through
that
I'd
like
to
think
very
systematically
and
say:
hey,
you
know
this
is
you
know
this
is
how
we
think
about
it.
K
I
think
we'd
like
to
be
a
trans,
open
and
transparent.
I
feel
like
we
should
be
more
involved
with
discussing
how
we
form
opinions
and
listening
to
you
know
differing
views,
but
we
certainly
want
to
show
you
kind
of
how
we
look
at
things
you
know,
and
so
you
people
can
understand.
Why
are
we
you
know
viewing
this
like
x,
like
trying
to
show
you
what
the
glasses
are
that
we
put
on
when
we
look
at
these
things.
B
Yeah,
I
think
I
think
that's
a
good
point.
Eric
we
we
definitely
should
make,
should
make
actually
the
effort
to
maybe
have
like
a
focus
focus
on
session.
We
did
that
focus
on
session
on
on
the
methodology
a
couple
weeks
ago,
and
I
think
it
would
be
valuable
actually
as
well
to
have
a
similar
similar
session
on
the
topic.
K
B
I
think
a
lot
of
that
is
about
is
is
about
educating,
because
at
the
end
of
the
day,
at
the
end
of
the
day,
the
the
worst
thing
that
can
happen.
I
think
that's
part
of
why
some
of
these
discussions
and
noise
have
been
bubbling
up
is
the
feeling
of
alienation,
and
I
think
we
should
make
every
possible
effort
to
reduce
any
any
sort
of
feeling
of
alienation
in
the
community,
so
so
so
yeah.
I
think
that
would
be
very
supportive
to
have
to
have
a
session
like
that.
H
You
mentioned
that
there's
a
pr.
There
are
principles,
one
of
the
principles
of
of
banking
or
lending
lending
in
the
real
world.
That
I'm
aware
of
is
the
golden
rule,
which
is
he
he
who
has
the
gold
makes
the
rules
maker
has
the
gold
maker
has.
The
gold
makers
should
not
be
bullied
by
the
borrowers,
and
that
is
that
is
a
really
important
principle.
H
K
Yeah,
I
think,
that's
if
I
had
to
pick
one
principle-
and
I
I
hadn't
heard
that
said
before.
I
think
you
picked
probably
the
defining
one
where
the
lenders
should
design
his
own
lending
strategy,
and
you
really
don't
want
the
borrowers
telling
the
lender,
how
to
view
risk.
Well,
you
don't,
if
you're
the
stockholders
in
the
lender,
you
don't
want
the
borrower
to
dictate
terms.
If
you're
the
shareholders
in
the
borrower,
you
would
prefer
the
borrower
dictate
terms.
A
A
K
B
Yeah
yeah
5
p.m,
5
p.m,
on
thursday,
utc
so
every
on
a
weekly
basis.
So
you
have
like
an
office
hours
out
there
to
be
able
to
essentially
to
have
these
types
of
discussions,
but
maybe
with
more
more
depth
as
well.
So
so
and
and
then
people
can
yeah
just
tell
us
to
shut
up
because
they're,
tired
of
actually
hearing
the
same
things
over
and
over
again
or
or
just
have
any
thoughtful
discussions
from
both
the
borrower
or
the
lender
side
of
things
and
how
how
we
look
at
them.