►
From YouTube: Governance and Risk | Ep. 186
Description
▼Chapters:▼
0:00 Introduction and Agenda
0:55 Votes and Polls
3:18 MIPs Update
8:09 Forum Recap
12:35 Initiatives Update: March Financials
35:57 Initiatives Update: MIP66: Pairwyse Licensure
39:53 Discussion: Dai Marketshare & Liquidity
▼Agenda:▼
https://forum.makerdao.com/t/governance-and-risk-186-thursday-april-14-17-00-utc/14596
▼Governance Round-Up:▼
Votes
MIPs
Forum
▼Dai Marketshare & Liquidity▼
- What are the implications of the proposed Curve 2Pool 1(Excludes Dai)
- Should we care about the curve stablecoin pools?
- How do curve stablecoin pools affect us?
- How do we advocate for Dai in stablecoin pools?
- How would L2 MCD affect Dai liquidity?
- What can Maker do? Should we do it?
▼Posts & Links to Relevant Topics:▼
https://forum.makerdao.com/t/product-discussion-maker-owned-fuse-pools-and-maker-fuse-d3m/13955
https://forum.makerdao.com/t/charting-a-path-for-rwas-the-case-for-continuity/14519
https://forum.makerdao.com/t/maker-growth-strategy-we-must-act-now-part-1/14501
▼Disclaimer:▼
This communication is provided for information purposes only. The views and opinions expressed in this meeting are those of the people involved. They 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 finance-related terminology are for illustrative purposes only. They do not constitute any recommendation for any action or an offer to provide investment, financial, or other advisory services.
A
As
usual,
we've
got
an
agenda
to
get
through
we're
gonna
have
some
updates
about
governance
and
the
forum.
We've
got
some
initiative
updates
and
then
we've
got
a
discussion
later.
I
believe
about
curve,
pools
and
dye
market
share
and
liquidity,
so
yeah
everyone's
sort
of
keeping
where
we're
recording
this
call.
A
A
So
with
that
we'll
maybe
get
started
so
update
some
votes.
We've
had
one
weekly
poll
to
finish
this
week,
which
passed
it
was
the
adjusting
the
curve.
Stick:
teeth,
pull
fault
system
parameters,
increasing
the
debts
into
50
million
and
the
target
available
debt
will
gap
to
10
million
that'll,
be
in
the
executive.
This
week,
there's
also
12
monthly
ratification
polls
currently
in
progress.
A
A
A
A
A
B
Okay,
so
next
slide,
please
we
have
a
couple
of
weekly
cycles
of
proposals
and
the
signal
request
to
promote
mip4c3
sp3
to
an
unchained
short
ratification
poll
passed.
This
poll
will
be
going
up
on
monday,
18
and
run
for
three
days.
As
you
know,
this
proposal
amends
mape
64
to
give
indian
fight
security
more
discretion
to
determine
the
back
part
of
the
scope.
B
There
will
be
a
second
short
ratification
ball
going
up
on
monday
for
me:
10
c9,
sp
30,
which
white
lists
oracle,
access
to
oasis
app
for
other
circles
that
you
can
see
on
your
screen
next
slide.
Please,
let's
now
take
a
look
at
the
ratification
polls
which
went
up
on
monday
11
and
we
closed
on
only
25..
B
We
have
two
maps
as
opposed
to
some
proposals-
map
66
fairways
lessons
here
with
100
no
votes
at
the
moment.
We
will
be
having
akiva
talking
a
bit
about
this
proposal
later
in
this
call
also
a
bit
of
a
culpa.
Some
of
the
images
for
this
proposal
are
broken
in
the
mips
portal
and
in
the
comments
the
ball
points
too,
how
they
fix
in
the
former.
B
In
a
couple
of
minutes,
but
cannot
do
much
about
the
ladder,
so
sorry
about
that
mape
6072,
a
methodology
review
and
process
for
structured
finance
transactions
with
yes
in
the
poll
position.
Next,
like
this,
thank
you.
We
have
demanded
refresh
for
governance
communications
which
has
closed
100,
yes
votes,
while
none
of
its
budgets
either
the
expansion
or
the
more
modus
one
are
currently
passing,
looks
like
the
drain
side.
Score
unit
also
has
a
mandate
refresh
and
a
budget.
This
budget,
too,
is
a
bit
contentious,
but
both
proposals
are
currently
passing
next
slide.
B
We
have
a
budget
for
the
purple.
Engineering
coordinates
with
a
comfortable,
yes
to
know,
ratio
next
slide,
we
have
a
coordinate,
onboarding
proposal
set
for
event,
zero,
zero,
one
that
is
currently
passing.
This
accordingly
seems
to
be
in
charge
of
handling
the
identification,
the
organization
and
the
execution
of
mecardo
branded
events
next
slide.
B
B
Finally,
with
100
yes
votes,
the
proposal
for
the
dissolution
of
the
content,
production
multisec
is
passenger.
Let's
move
on
to
the
proposals
in
rfc
yeah
thanks
a
lot
so
mib
65
could
have
made
it
into
this
governance
cycle,
but
decided
instead
to
remain
in
rfc.
As
we
know
to
address
the
concerns
brought
up
by
the
community.
B
Map-68
is
a
self-contained
collateral.
Onboarding
map
that
will
onboard
and
activate
a
real-world
asset
vault
are
backed
by
the
assets
of
a
thruster
range
by
monetaris
map-69
formalizes
technical
work
completed
to
deliver
fast
withdrawals
on
layer,
2.,
mips
70
on
boards
and
activates
a
real-world
asset
fault,
with
priority
for
the
purpose
of
acquiring
loans
from
hv
bank
lift
71
exams,
maybe
70
from
map65
like
collateral
plugins.
Please
note
that
these
two
proposals-
smith,
70
and
71-
will
remain
in
rfc
for
the
foreseeable
future.
B
As
stated
by
the
author
and
that
hp
bank
has
published
mf6
and
is
using
the
existing
collateral
component
process
for
more
information
about
this,
please
go
with
mip70
map.
72
authorizes
success
capital
as
a
real
world
asset
arranger
for
maker
now,
mib
73
is
a
mep6
c5
inspired
self-contained
collateral,
important
next
slide,
and
finally,
yes,
so
we
have
and
have
been
having
for
some
time
now.
B
A
budget
proposal
for
the
strategic
habits
coordinates
and
two
amendments
that
aim
to
improve
the
coordinated
framework
by
revising
the
budget
process
and
the
coordinate
of
following
process.
And
last
but
not
least,
we
have
the
facilitator
on
boarding
of
psychonauts
for
the
immune
fight
security.
Core
units
cygnus
is
currently
a
deputy
facilitator
for
this
coordinate
and
that's
pretty
much
it
right.
So
it
was
a
bit
long.
I'm
sorry!
C
C
C
And
moving
on
to
discussions,
there's
been
a
lot
of
discussions.
Continuing
the
ongoing
discussion
on
the
most
effective
process
for
onboarding
new
assets
and
to
maker
this
collaboration
post
between
ces
risk
growth,
pe
and
oracle
core
units
have
they
offer
a
set
of
guidelines
for
assessing
candidates
for
new
collaterals.
C
We
have
two
going
on
right
now.
First,
up
urban
has
recently
revised
his
mip
40
c3
to
modify
the
strategic
happiness
core
unit
budget
and,
due
to
the
original
budget,
quarter
now
being
complete
andrew
requests,
a
one-time
transfer
of
35
000
die
to
cover
the
time
gap
between
budget
cycles.
The
funds
will
be
used
to
produce
and
deliver
swag
for
amsterdam
coming
up
and
other
upcoming
events
until
the
next
governance
cycle.
The
vote
will
run
up
until
april
21st
and
it's
currently
winning
and
next
up.
C
He
also
believes
that
this
action
will
promote
non-crypto
lending
opportunities,
customized
loan
opportunities
future
collaborations.
However,
some
downsides
to
this
are
to
this
are
risks
and
smart
contracts,
multi-sigs
illiquidity
and
compliance.
Now
the
vote
will
run
up
to
april
25th
and
it's
also
winning
with
yes
votes.
C
And
that's
it
for
the
forum
recap
check
out
the
forum
at
a
glance
for
more
discussions,
ongoing
initiatives
and
help
wanted
and
a
quick
note
on
the
monthly
core
unit
updates
coming
out
soon.
The
publication
will
be
out
by
monday
latest
just
waiting
to
get
all
of
the
march
updates
in
there
and
that's
it.
A
D
Next
slide,
please
so
hey
all!
This
is
aes
from
the
forums
facilitator
of
the
street
finance
court
unit.
Just
brief
legal
disclaimer,
before
we
kick
things
off,
the
support
is
for
informational
purposes
only.
It
does
not
constitute
financial
investment.
Legal
regulatory
or
tax
advice
next
slide,
please.
D
D
Income
becomes
much
more
palatable
with
you
know,
current
e3
rates,
you
know:
60
percent
lower
today
on
chain
workforce
expenses,
increased
57
from
last
month,
driven
by
the
timing
of
the
pe
budget,
draw
which
had
february's
budget
captured
in
march
as
well
as
march
march's
budget,
one
of
the
few
bright
spot
spots
on
this
abbreviated
p.
L
is
our
oracle
gas
costs
which
were
down
at
45
last
month
due
to,
I
think,
much
lower
nft
trading
volume
and
mincing
volume
across
ethereum
next
slide.
D
Please
here's
a
brief
month
over
month
and
quarter
quarter
walk
showing
the
walk
from
our
recurring
net
protocol
income,
which
just
captures
stability
fees
and
our
operating
expenses
down
to
our
march
income.
So
we
have
a
walk
from
february
to
march.
Showing
you
know
the
largest
driver
is
the
increase
in
workforce
expenses.
D
E
So,
on
the
landing
business
we
can
see
that
we
have
a
an
ongoing
decline
in
dynamic
world
cultural
size
and
a
lot
of
market
share.
That's
mainly
due
to
the
fact
that
we
are
not
in
a
full
bull
market,
but,
as
you
can
see,
we
still
have
a
healthy
share
between
east
and
over
bitcoin.
Even
if
a
bitcoin
is
going
down
significantly.
E
On
the
overview
of
the
balance
sheet
assets,
as
you
can
see,
we
have
a
small
increase
in
the
total
yield
bearing
assets.
You
need
to
take
in
account
that
we
have
some
gelato
pools
in
that
that
are
not
being
a
lot,
and
one
is
now
in
zero
business
point,
but
it's
still
contained
as
year
being
assets
because
it's
alone
and
we
have
62
persons
that
are
in
usdc.
So
the
good
part
is
that
we
have
a
lot
of
liquidity,
so
that's
very
good
for
the
bag.
E
Next
slide,
please,
on
the
risk
matrix
perspective,
it's
not
a
big
difference
since
the
last
month,
so,
as
you
can
see,
for
the
capitalization
ratio,
which
which
is
a
surplus
buffer
or
equity
divided
by
the
yield
bearing
assets.
So
what
is
really
risky
if
you
include
usdc,
we
are
still
at
three
2.3
percent,
which
is
not
a
lot
if
you
want,
but
still
something
very
high
compared
to
historical
numbers.
E
One
reason
is
that
we
don't
have
a
lot
of
loans,
outscript
alone
outstanding,
that's
the
main
issue
and
on
the
leverage
ratio,
which
is
equity
divided
by
all
the
assets
that
we
have.
Let's
say:
usdc
is
a
psm
and
the
crypto
loans,
it's
quite
flat
over
the
last
last
year,
more
or
less
just
below
one
percent,
and
yes,
that's
around
it.
For
my
parts
next
slide,
please.
F
F
Month
on
month
quote
on
quarter
year
and
year
we
were
flagging
the
the
the
sort
of
last
day
of
march,
because
there
was
a
significant
move
in
market
share,
literally
on
the
31st
of
march,
with
nexo,
moving
in
and
out
of
volts
and
so
creating
a
little
bit
of
churn
there.
At
the
end,
one
of
the
things
that's
worth
highlighting
from
this
slide
is
that
in
this
environment
of
sort
of
depressed
landing
demand,
ave
is
nevertheless
gaining
a
lot
of
share,
largely
driven
by
their
liquidity,
mining
incentives
and
so
yeah.
F
Eventually,
so
we're
hoping
to
see
this
move
back
into
the
vaults
across
the
month
of
april,
but
I
think
what
this
slide
does
is
highlight
the
vulnerability
that
we
face
in
this
space
and
shows
how
competitive
it
is.
Barriers
to
entry
and
exit
are
essentially
zero.
So
this
is
a
very
competitive
rate,
driven
space
where
whales
hold
a
lot
of
sway.
So
yeah
it'll
be
important
to
keep
an
eye
on
keep
an
eye.
F
In
the
months
going
forward
next
slide,
there's
an
impressive,
stable
coin.
Growth
story
in
arbitrary
as
arbitrary
in
general
is
sort
of
peeling
away
from
the
rest
of
the
level
twos
in
terms
of
total
value
lock,
and
the
recent
run-up
that
you
see
towards
the
end
starting
in
mid-march
is
largely
due
to
the
acceleration
from
the
launch
of
the
stargate
bridge
as
of
as
of
the
mid
of
last
month.
F
B
F
We
have
we're
breaking
out
the
interest
income
on
loan
balances
and
the
interest
rate
income
generated
and
we're
looking
at
things
on
a
quarterly
basis,
so
actuals
for
2021,
2022
and
full
year,
actuals
for
2021
plus
forecasts
for
2022.,
in
other
words
this
full
year
fiscal
y.
This
sorry
this
full
year,
2022
figure
has
actuals
of
q1
and
the
forecast
for
the
rest
of
the
year.
F
F
So
we're
hoping
that
over
the
course
of
the
year
and
these
balances
are
essentially
an
average
throughout
the
year,
we're
hoping
that
these
balances
sort
of
stabilize
as
the
as
the
year
moves
on,
but
there's
yeah
one
major
catalyst
with
the
merge
and
a
lot
of
uncertainty
on
what
that
will
do
to
landing
the
month.
If
it
accelerates
lending
the
month
in
state
decent
maker
isn't
competitive,
then
it
might
accelerate
market
share
gains
for
ave,
for
example,
were
able
to
take
some
of
that
share.
F
Real
world
assets
were
starting
from
a
very,
very
small
base,
as
the
foundations
were
sort
of
built
throughout
the
year
2021
the
first
they
started
in
april
2021,
so
they
don't
show
up
in
q1
of
last
year
and
what
we're
hoping
is
that
we
are
able
to
hit
an
average
of
sort
of
300
million.
That's
a
volt
capacity
in
on
average
throughout
the
year,
which
would
imply
about
600
million
towards
the
end
of
the
year,
and
then
others
captures
basically
all
the
other
bulbs
that
generate
a
little
bit
less
yield.
F
F
You
know
it's
important
to
nurture
and
grow
the
whales.
We
need
to
be
able
to
make
much
more
comprehensive
revenue
generating
bets
and
in
terms
of
in
terms
of
expenses,
there's
it's
worth
highlighting
that
2021
is
understated
because
of
the
the
the
the
dissolution
of
the
foundations
or
in
the
middle
of
the
year.
F
A
F
Yeah
we
try
to
so
again.
These
are
so
these
are
forecasts
for
the
end
of
the
year
right.
One
of
the
things
that
we'd
like
to
highlight
is
that
who
knows
so,
you
know
eath
balances,
we're
basically
projecting
them
to
be
flat
on
average
flat
relative
to
the
end
of
march
of
this
year,
and
this
this
would
be
a
gain
relative
to
the
trend,
given
that
the
lending
market
is
compressing,
but
we
don't
know
what
the
landing
market
will
do
in
the
coming
months.
F
So
yeah.
All
of
these
figures
are
you
know
the
the.
I
think
the
key
takeaway
is
just
to
focus
on
driving
as
much
growth
as
we
can
with
every
expense
that
we
make
and
focus
less
on
the
absolute
amount
of
the
expenses
and
more
on
the
the
and
more
on
the
on
the
productivity,
yeah
roi.
Sorry,
I
got
discord.
Pings
distracting
me,
making
more
revenue
generating
bets
is
very
important.
I
think
related
to
this
asset
productivity
question.
F
We
need
to
be.
We
need
to
make
have
more
conviction
and
make
more
just
make
more
revenue
generating
bets
with
the
expenses
that
we're
incurring
in
order
to
improve
the
long-term
potential
of
some
of
these
that's
to
become
a
real
source
of
growth,
and
I
think,
related
to
this.
If
you
look
at
the,
if
you
look
at
the
real
world
assets
picture,
I
mean
we're
operating
in
a
sort
of
in
the.
In
a
you,
know,
credit
deficit,
environment.
The
rates
are
low
with
com
with
more
competition.
They
get
even
lower.
F
F
Fresh
krill-
would
help.
I
don't
have
the
real
answer
for
how
you
nurture
the
whales.
I
mean
rates
are
going
to
be
a
big
feature
of
keeping
them
attracted
to
or
linked
to
a
protocol,
but
the
reality
is
that
it's
very
easy
for
whales
to
switch
from
one
to
the
other
marketing
cu
might
help
increasing
demand
for
dye,
and
I
think,
in
this
regard,
that
maker
has
a
key
advantage
relative
to
some
of
its
lending
peers
and
not
notification.
Compound
now
we
have
a
stable
coin
that
has
or
should
have
organic
demand
around
it.
D
Yeah
I'll
just
add
that
we
are
doing
a
lot
of
research
as
a
team
into
the
segmentation
of
our
customers
versus
our
van
compound
and
looking
at
the
different
markets
for
those
customers
and
then
yeah
further
digging,
unchained
research
and
analyze
what
those
people
are
using
dye
and
other
stable
coins.
For
so
we
can
better
position
the
vault
as
a
product.
G
Oh
yeah,
just
what,
in
terms
of
the
whales,
just
wondering
how
much
kind
of
behind
the
scenes
do
we
know
who
the
individuals
are?
We
kind
of
directly
communicate
with
them
able
to
directly
market
to
them,
and
are
we
some
someone
somewhere
in
our
open
community?
Are
we
doing
that?
It's
an
advantage,
obviously
to
have
those
personal
relationships
and
just
curious
about
the
landscape.
There.
H
We
we
have
a
personal
relationship
with
the
whales,
as
cebu
said,
like
the
biggest
whales
are
nexon
celsius.
We
have
like
a
personal
relationship
with
them.
We
are
in
like
constant
communications
with
them.
We
receive
feedback
with
them
like
thanks
to
them,
we
thought
about
the
creation
of
the
institutional
votes
and
yes,
as
someone
mentioned
in
the
chat
like
in
the
end
like
they
are
they
what
they
care
about,
what
they
care
about
the
most
is
about
rates,
predictability
and
capital
efficiency.
H
So
that's
what
they
are
looking
for
and
with
the
institutional
votes
we
are
trying
to
like
give
them
a
product
that
will
solve
that.
We
are
also
in
conversations
with
not
whales,
but
like
the
largest
users
of
the
protocol,
the
ones
that
have
the
largest
vault,
sorry,
but
not
of
of
the
size
of
the
whales
and
well,
some
of
them.
H
We
have
also
to
give
them
something
in
return.
So
that
is
why
we
are
considering
that.
Maybe
we
could
think
about
onboarding
their
token
as
collateral,
but
in
return
they
have
to
mean
at
least
x
amount
of
die
and
keep
beat
for
one
year
or
I
don't
know
how
for
how
long.
So
we
are
like
trying
to
do
this
kind
of
things,
but
you
are
absolutely
right,
like
the
thing
with
these
whales
is
that
they
need
a
one-to-one
support.
H
A
I
I
When
you
have
the
ability
to
do
so
right
and
there
is
possibility
to
take
on
some
some
more
risk
right
now.
So
when
thinking
in
bets
you
should
the
core
units
be
hiring
more
and
the
reason
why
I
ask
that
is
because
you
know
I'm
seeing
a
lot
of
other
side
chains
or
layer
ones,
deploying
all
these
platforms
and,
most
of
the
time,
they're
doing
liquidity
mining
with
usdc
usdt
and
it's
kind
of
frustrating.
I
I
mean
I
get
it
right
like
you,
don't
want
non-canonical
dye
to
just
go
all
over
the
place
because
then
it
gets
messy.
So
I
was
just
wondering
when
thinking
in
bets.
How
do
you
guys
feel
about
core
units
hiring
more
folks,
so
we
can
kind
of
keep
up
with
all
of
these
platforms
that
are
raising.
You
know
a
quarter
of
a
billion
dollars
in
48
hours,
which
is
bananas,
but.
D
D
Are
they
just
you
know
a
cost
side,
but
making
things
more
efficient
operationally,
which
could
indirectly
lead
to
more
revenue?
I
think
it's
hard
to
make
a
you
know
blanket
statement,
one
way
or
the
other,
but
there's,
but
for
for
one
thing
for
me,
I
think
you
know
on
the
product
side
the
more
we
expand
and
do
r
d
and
products,
I
think
the
higher
revenue
will
be
able
to
generate
in
making
some
of
these
revenue
bets.
So
I
would
hate
to
under
invest
in
engineering,
for
example,
especially
when
we
have
all
these
d3ms.
F
To
that
end,
I
think
there
was
a
comment
earlier
in
the
chat
from
luke
asking
whether
it
was
cash
or
or
or
accrued
type
of
expenses.
I
think
one
of
the
disadvantages
of
the
transparency
of
the
blockchain
space
is
that
all
of
these
expenses
will
sort
of
hit
early
and
the
benefits
are
felt
later.
So
you,
you
know
when
you
make
an
investment
in
technology,
for
example,
in
a
regular
company,
you
might
find
ways
to
smooth
it
over
with
with
by
capitalizing
it
onto
planets.
F
We
can't
really
do
this
in
blockchain,
so
yeah
worth
keeping
in
mind
when
discussing
yeah
so
to
paper
imperium's
point
well.
Most
of
this
is
basically
cash
right,
it's
very
difficult
to
to
make
it
grow
near
impossible,
and-
and
so
this
is
worth
bearing
in
mind
when
we
think
about
budget
requests
and
yeah.
F
The
final
message
is
to
just
think
about
the
the
volatility
of
this
market,
which
might
turn
and
just
making
sure
that
we're
positioned
well
to
take
advantage
of
the
upturns
I
and
for
clarification
in
case
I
in
case
I
misspoke
and
said
that
nexo
btc
went
to
avi.
I
think
I
was
referring
to
a
generalized
example
of
wales
going
to
work
not
specifically
next.
A
A
J
It
will
also
need
to
have
fixed
assets
and
fixed
liabilities
and
part
of
doing
that
is
using
interest
rate
derivatives
and
that's
why
we
developed
the
product
for
maker
day
over
the
past
couple
years,
which
will
allow,
which
will
allow
for
fixed
interest
rates
without
interfering
with
any
of
the
core
maker
code.
Rather
just
you
know.
In
the
same
way,
people
use
money,
legos
and
abstract
over
different
protocols.
We
can
abstract
over
maker
doubt
in
the
same
way
with
these
money
legos
and
create
fixed
rates.
J
We
believe
that
this
is
beneficial
not
just
from
the
perspective
of
assets
and
liabilities,
but
it's
also
beneficial
from
the
perspective
of
decentralization
it's
important
to
have
to
have
composable
instruments
and
not
not
tie
everything
together
into
the
same
code
base.
We
believe
it's
important
also
have
fixed
rate
protocols
which
abstract
over
maker
dial,
rather
than
going
into
the
core
plumbing,
and
that's
why
we
developed
this
product
to
go
further.
J
I
would,
I
would
say
that
one
of
the
key
parts
of
of
developing
a
fixed
rate
ecosystem
around
maker
and
we're
ready
to
go
and
start
doing
this
right
away
as
soon
as
the
mit
passes
is,
is
business
development
and
west
valley.
We
partnered
with
two
regulated
investment
banks.
One
is
first
penny
investments
in
australia
and
the
other
one
is
true
altitude
in
the
uk
and
using
those
partnerships.
We
believe
we
can
grow
maker,
dao's
maker
maker,
dao's
pipeline
of
fixed
rate
investors
all
permit
largely
in
the
jurisdictions.
J
We
also
believe
that,
in
order
to
get
there,
we
need
strong
business
development,
strong
decentralization
and
that's
why
we
propose
also
to
that,
if,
if,
if
the
process
will
also
open
up
our
patents
to
the
community,
which
two
of
them
have
been
granted
and
we
are
willing
to
open
those
up
to
the
community
if
the
mid
passes
and
we
want
to
create
an
open,
fixed-rate
ecosystem
of
maker,
so
we
can
see
d5,
thrive
and
I'll
leave
that
on
that.
If
you
guys
have
any
questions.
A
A
G
Honestly,
I
think
a
better
person
to
introduce
the
topic
would
probably
I
don't
want
to
throw
anybody
like
under
the
bus
so
to
speak,
but
I
think
sam
has
has
a
pretty
good
grasp
on
on
this
whole
thing.
So
yeah,
if
somebody
with
more
knowledge
on
this
topic,
wants
to
introduce
it,
I'm
happy
to
give
it
over.
K
Yeah
sure
so
yeah,
I
guess
this
is
about
the
recent
news
of
the
four
pool
trying
to
replace
the
three
pool
on
curve.
So
you
know
I
people
crypto
twitter
are
probably
aware
of
this
sort
of.
I
guess
this
topic
is
about
what
we
want
our
response
to
be,
if
any
sort
of
thinking
about
what
the
ramifications
are
of
potentially
losing
the
three
pool
and
possible
solutions.
L
Yes,
so
there's
a
couple
things
here
right,
so
I
I
don't
think
that
personally,
I
think
that
three
pool
is,
is
gonna
really
survive
right,
it'll,
be
something
between
a
four
pool
and
a
and
a
two
pool
question.
Is
you
know
how
much
does
it
affect
us
in
the
short
term,
and
how
much
does
it
affect
us
in
the
long
term?
Can
we
do
something
about
that,
and
should
we
right,
you
know
in
terms
of
right
the
the
peg
right?
L
We
we
don't
struggle
with
that
in
the
slightest
right.
We
have
enormous
gobs
of
liquidity
in
the
psm.
That
are,
you
know
over
3x
the
amount
of
liquidity.
That's
that's
currently
in
three
pool
right,
four
pool
right.
We
would
never
have
wanted
to
to
really
join
anyway
right
because,
basically,
it's
it's
ust
rug
risk
right.
So
the
way
it
works
with
the
curve
pool
is
you
are
the
it's
essentially,
whatever
is
the
weakest
link
in
the
pool
in
terms
of
all
the
tokens
in
that
pool?
L
L
The
the
way
it
works
right
on
curve
is
that
the
projects
that
want
to
incentivize
liquidity
right
for
their
token
right
they
acquire
curve
or
they
bribe
curve
voters
in
some
way
right
and
so
without
those
bribes
or
without
those
votes.
You
would
never
get
the
die
pool
to
have
enough
yield
right
for
any
amount
of
liquidity
to
build
up
in
that.
L
L
So
really,
like
you
know
our
users
not
going
you
know
from
from
a
peg
point
of
view,
it's
it's
completely
irrelevant
from
a
liquidity
point
of
view.
You
know
we're
already
building
up
liquidity
on
uniswap.
The
only
thing
you
could
argue
is
from
a
uni
user
point
of
view.
You
know:
will
they
not
be
exposed
to
die
because
die
is
not
in
the
curve
for
pool
or
in
the
curve
two
pool?
I
don't
know
how
to
answer
that.
L
I
don't
know
what
the
the
value
of
of
something
like
that
is,
but
personally,
like
looking
at
all
the
information,
I
don't
think
we
really
have
to
do
anything
like.
I
think
tara
is
really
trying
to
hype
this
up
into
being
something
bigger
than
it
really
is,
and
I
think
it's
it's
good
for
them,
but
it
really
doesn't
matter
to
us
that
that
much.
K
L
B
K
Yeah
yeah,
so
the
way
I
view
this
is
less
of
like
an
actual
issue
for
the
protocol,
more
of
like
a
marketing
pr
problem
kind
of-
and
you
know
I
don't
think
it
looks
great
to
do
nothing
so
if
we
could
do
sort
of
easy
response,
I
think
that
could
potentially
work.
So
one
idea
that's
been
thrown
around
is
they
have
four
pool.
K
We
can
make
five
pool
with
like
busd,
usdc
usdp
and
a
couple
others
that
I'm
not
thinking
off
the
top
of
my
head
so
yeah
this.
This
could
kind
of
be
a
narrative
shift
in
our
favor.
We
wouldn't
really
have
to
spend
anything.
We
would
just
redirect
some
of
the
psm
supply
into
this
five
pool
and
give
high
leverage
on
it
so
that
the
fees
it'll
fill
up
even
with
low
fees,
and
we
don't
need
to
worry
too
much
about
like
rewards
and
stuff
like
that.
K
L
K
L
K
There's
an
additional
benefit
here
too,
that
you
know
curve
have
kind
of
become
less
friendly
with
us,
and
this
may
be
sort
of
a
nod
to
them
that
you
know
we
want
to
continue
working
together
like.
Ultimately,
this
is
just
for
marketing
pr
reasons
and
stuff
like
that,
but
I
think
it
could
be
a
good
move.
It
doesn't
require
much
engineering
effort
and
could
just
be
an
easy
win.
In
my
view,.
L
H
But
but
it
will
be
great,
like
a
response
to
the
crypto
community
to
the
deepak
community,
to
like,
maybe
to
think
about
what
we
can
do
with
the
rari
pools,
probably,
but
what
we
can
do
with
other
like
stable
coins
like
fey,
like
my
like
the
ones
that
didn't
join
to
this
like
cure
for
pool.
I
think
for
like
that.
That
is
from
a
narrative
perspective.
H
That
will,
like,
I
don't
know
like
that,
will
like
create
a
message
around
what
makes
like
what?
What
are
the
things
that
maker
is
doing,
and
I
think
that
is
really
important,
that
we
start
doing
things
not
just
for
like
our
community,
but
also
for,
like
the
external
crypto
community,
like
we
need
to,
like
start
like
being
more
like
less
risk-averse.
E
Yeah
sure
so
I
have
a
community
that
we
are.
I
think
we
are
missing
the
point,
so
we
might
lose
1.5
billion
of
diet
demand
if
the
triple
disappear
and
die
is
not
kept,
and
it's
not
a
big
problem
for
us.
But
the
problem
is:
is
that
it's
not
a
big
problem
for
us,
because
we
are
not
doing
nothing
with
those
1.5
billion.
They
are
just
sitting
as
usdc
in
the
psm,
so
they
will
just
disappear
and
it's
not
a
big
deal,
because
we
are
doing
nothing.
E
But
the
problem
is
that
we
are
not
using
the
psm,
and
I
understand
that
we
can
use
all
this
liquidity
to
provide
leverage
to
initiate
some
like.
We
are
doing
for
the
gelato
dye
usdc
pairs
and
it's
providing
liquidity.
We
can
do
a
lot
of
stuff,
but
that's
kind
of
useless
at
the
end
of
the
day,
because
it's
not
generating
anything
and
we,
if
you
want
to
be
useful,
we
should
use
all
the
assets
we
have
on
the
balance
sheets
and
get
revenues
and
give
those
revenues
to
the
diverse.
K
Yeah,
I
think
we
shouldn't
just
like
totally
dismiss
losing
demand,
because
I
think
we
should
like
sort
of
plan
for
growing
the
interest-bearing
die
supply
to
meet
the
demand
so
like
that
that
should
be
sort
of
our
outlook
we
shouldn't
just
be
like
we
should.
We
should
fight
somewhat
to
keep
this
demand,
even
though
yes,
it's
just
sitting
in
the
psm
for
now.
L
A
L
H
K
L
K
L
L
E
E
E
L
You
know,
we've
never
been
the
the
dgen
protocol,
we've
been
the
risk-averse
protocol
and
that's
gotten
us
to
what
we
are
today
and
it's
good
to
at
least
like
have
that
you
know
property
right,
that
we
can
kind
of
hoist
up
than
to
start
trying
to
do
the
gen
stuff
and
still
not
be
as
dj
as
other
protocols,
and
you
know,
obviously
they
get
more
growth
out
of
it.
But
now
we
are
neither
you
know
low
risk,
nor
high
growth
right
and
we're
in
this
murky
middle,
where
I
don't
think
strategically.
K
Yeah,
I
completely
agree-
I
mean
to
me
this
is
not
risky
at
all.
It's
like
whether
the
stable
coins
are
sitting
in
the
psm
or
in
curve
it's
just
a
matter
of
like
they're,
paying
curve
fees.
That's
really
the
only
difference
right
like
it's,
not
any
more
risky
to
hold
the
stuff
in
the
psm
or
in
curve.
L
L
A
D
D
H
I
I
just
want
to
add
like
because
what
I'm
worried
about
not
the
fourth
pool
but
more
for
the
two
pool,
because
europe
is
thinking
about
excluding
die
in
the
future
deployments
of
this
pool,
which
I
think
it's
it's
a
risk
for
us,
because
if
we
see
what
happened
in
our
bedroom,
where
the
three
pool
doesn't
exist,
we
are
struggling
with
that
liquidity
on
our
bedroom
and
it
will
be
like.
Maybe
maybe
we
can
solve
that
by
deploying
maker
ballsy
everywhere.
K
Yep,
I
would
I
would
like
to
maybe
let's
let's,
let's
try
to
avoid
this
defeatist
attitude
that
we're
bad
at
marketing.
So,
let's
not
even
try
like
we
gotta,
try.
We
gotta
we
gotta
work
on
things
that
we're
not
good
at
instead
of
just
you
know,
we're
not
good
at
it.
We're
not
very
good
at
it.
So
we're
not
even
gonna.
Try
like
I
don't
wanna
do
that.
A
G
There's
also
the
thing
that
we
should
send
a
message
to
the
community
in
general.
Right
I
mean
the
defy
community
that
we
are
up
for
collaboration
and
that
we
leave
this
type
of
initiative
too
right,
part
of
being
the
boomer
coin
or
whatever
is
the
name.
Is
that
we
don't
do
anything?
We
don't
react.
We
don't
do
like
nothing,
we
just
mean
die
and
that's
it
right,
and
I
believe
that
we
have
a
chance
to
start
changing
this
and
be
a
bit
more
proactive.
G
K
G
E
So
I
have
a
suggestion
about
making
things
with
object
protocols.
There
was
fey
on
forum
asking
for
psm,
so
I'm
not
sure
having
a
psm
with
them
directly
is
a
smart
move,
but
we
might
want
to
open
them
a
vault,
so
they
over
collateralize
die
that
they
are
boring
die
and
we
can
get
rewards
for
that.
They
are,
they
are
agreed
to
pay.
L
E
About
that,
so
fey
is
institution
that
they
have
a
lot
of
equity,
so
they
have
a
big
surplus
buffer
of
3
400
million,
but
they
have
a
little
failed
demand
currently,
but
they
are
very
good
and
the
employment
is
investing
those
assets
better
than
us
because
they
move
faster
and
take
a
bit
more
risk.
And
so
there
are
more
liquidity.
Issues
is
that
they
are
always
needing.
Sometimes
currently
they
have
only
20
million
die
for
their
psm,
so
they
have
a
psm
with
us.
I
I
I
haven't
looked
at
this
particular
issue,
but
I
think
it's
it's
a
indicative
of
a
larger
issue
which
is
related
to
maker
competitiveness
that
we're
not
addressing
and
so
we're
kind
of
getting
trapped
in
our
own
issues,
and
we
need
to
find
a
way
to
move
forward
on
them
and
so,
but
but
figure
out.
First,
is
this
really
a
real
issue
that
we
need
to
deal
with?
Is
it
the
real
issue,
or
can
we
make
a
stronger
move
that
actually
silences
this
and
does
something
that's
bigger
that
that's
more
important
for
us?
I
K
I
I'm
just
going
to
comment
on
the
curve
thing,
so
I
think
it's
entirely
unclear
to
me,
given
this
move,
whether
somehow
we
can
get
on
curves
good
side,
so
I
think
there's
some
difficult
waters
here
to
navigate
in
in
both
the
political
and
financial
sense,
and
I,
when
I
first
thought
about
it,
I
was
like
how
let's
just
do
a
deal
with
balancer
and
have
them
do
like
a
free
pool
with
really
low
fees.
I
mean,
let's
just
take
it
off
curve,
move
over
right.
I
L
I
Yeah-
and
let
me
add
here,
this
is
something
I've
been
harping
on
for
a
while
when
you're
trying
to
compete
with
this
kind
of
farming
liquidity
that
they're
throwing
out
you
look
at
their
numbers,
I
don't
think
it's
sustainable.
I
look
at
across
the
board.
Not
sustainable,
but
maker
hasn't
even
tried
to
enter
the
game
in
a
sustainable
way.
It's
one
of
the
reasons
why
I
finally
threw
out
maker
3o
was.
I
I
was
like,
let's
get
into
this
game
and
let's
do
it
sustainably
and
then
let's
have
a
real
message,
that's
to
send
about
what
we're
going
to
do
with
dye,
but
that's
just
my
opinion
and
I
go
wherever
the
dow
goes
as
much
as
I
can.
So
it's
it's
a
greater
strategy,
we're
trying
to
solve
here-
and
I
don't
know
that
we
do
deal
with
this
one
issue
with
one
move,
and
I
honestly
don't
know
that
we're
going
to
make
curve
happy
with
us
somehow.
A
H
I
I
will.
I
would
like
that's
something
that
we
didn't
discuss
and
like.
I
was
joking
about
adding
the
fourth
pool
as
collateral,
but
it
was
a
joke
of
course.
But
what
if
we
like
are
more
flexible
with
usd?
I
know
the
community
doesn't
like
that
idea,
but
if
we
accept,
if
we
on
board
as
collateral
the
three
pool,
that
will
be
like
an
interesting
move,
but
of
course
we
have
to
accept
usdt
in
our
in
our
system,
so
something
to
think
about.
K
A
K
L
A
L
L
You
know
from
die
or
to
die
right
like
there's
no
two
pool
right
now
so
right
now,
all
of
the
trading
that's
going
from
usdc
to
usdt
or
usdt
to
usdc
dive
is
like
getting
the
the
free
ride
right
in
terms
of
the
lps
of
three
pool
like
you
know,
who
are
putting
in
die
right,
just
get
to
intercept
the
trading
fees
right
from
usdc
to
usdt,
and
vice
versa.
Right.
L
A
L
Like
I'm,
I'm
not
trying
to
sound
like
defeatist
here
and
shoot
down
everything
I'm
just
kind
of
more
on
in
line
with
what
maker
man
was
saying
and
that
this
is
not
really
worth
our
time
to
respond
to
it's
kind
of
a
foregone
conclusion.
And
we
should
just
focus
on
the
things
that
we're
actually
good
at
right
and
you
know,
are
targeting,
and
that
will
make
a
difference
for
us
and
more
than
just
some
narrative
stuff
which,
even
if
we
go
in
this
direction,
we're
still
not
guaranteed
to
actually
achieve
like
it's
more
deterministic.
A
So
the
kind
of
problem
one
of
the
problem,
but
potentially
one
of
the
problems
with
the
current
options,
is
that
all
of
them
are
slightly
not
good
for
various
reasons.
Right,
like
three
pull
has
tether
like
tuple.
If
it
comes
in
we'll
have
to
other,
like
four
paul.
If
it
comes
in,
has
tether
and
tracks
and
ust
like
if
we
open
the
pool
would
just
like
die
again
against,
like
centralized
stables
that
do
all
have
some
level
of
trust
right,
like
ustc,
packs,
gsd,
etc.
A
Then
that
is
an
option
for
other
people
to
pair
against
that
doesn't,
in
theory,
have
you
know,
doesn't
require
exposure
to
tether.
It
doesn't
require
exposure
to
tracks
into
usd
like
that
doesn't
kind
of
exist.
Currently
I
don't
know
if
that's
something
people
would
value,
but
like
yeah,
I
don't
know.
A
All
right
this
has
a
this
discussion
has
gone
on
favorite.
We
should
should
move
on
it's
getting
a
little
late,
so
start
thinking
about
wrapping
up,
maybe
dude.
If
we
can
move
on
to
this
general
discussion
slide,
is
there
anything
unrelated?
Anyone
wants
to
talk
about
briefly
before
we
wrap
up
for
today.