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From YouTube: Governance & Risk Meeting #226 | February 16th, 2023
Description
*Governance & Risk Meeting No. 226*
February 16th, 2023
*Description*
_The Governance & Risk Meeting is an open, weekly MakerDAO forum for updates and discussions on the general operations and planned changes to the DAO._
*Agenda and Timestamps*
0:00 Intro, Guidelines & Agenda
2:06 Current Votes + MIPs – Overview
11:40 Velodrome veNFT – Initiative Update
32:55 Spark Protocol + ALM – Discussion
*Links*
Weekly MIPs Update No. 125 – https://forum.makerdao.com/t/weekly-mips-update-125/19812
Executive Vote – This Week – None Planned
Polling – https://vote.makerdao.com/polling
*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._
https://mips.makerdao.com
https://forum.makerdao.com
https://chat.makerdao.com
A
Is
my
friends
all
right,
hello,
folks
and
welcome
DJ
Juan
on
the
ones
and
twos
much
appreciated
really
happy
to
have
you
all
here
today
is
the
226
governance
and
risk
call
here
in
making
down.
My
name
is
Peyton
I
go
by
Pros
11
online
and
I
am
one
of
your
government's
facilitators
joined
by
a
bunch
of
awesome
people
who
either
contribute
or
are
generally
interested
by
the
maker
vertical,
and
this
is
our
weekly
meeting,
where
we
talk
all
things,
covenants
and
risk.
A
So
before
we
get
too
far
into
things,
there
is
a
some
pre-ground
rules
to
go
over
really
great.
If
we
could
avoid
talking
over
one
another,
you
might
have
noticed
this
cause
being
recorded
just
courtesy
to
those
watching
afterwards,
as
well
as
those
here
trying
to
participate
in
the
talks
to
help
us
out
with
that,
you
can
use
the
chat
as
well
as
the
reaction
features
in
Zoom
a
raised
hand
is
really
helpful
for
me
as
hosts.
That
just
indicates
like
hey
I'd
love,
to
say
something
when
this
person
wraps
up.
A
So
if
you
would
like
to
hop
on
whether
it's
with
a
comment
or
a
question,
please
do
find
that
raised
hand
feature
under
reactions,
and
let
me
know
that
you
have
something
to
say
only
other
thing
to
keep
in
mind.
There
is
when
you
are
happy
on
the
mic.
It's
really
great,
if
you
can
introduce
yourself,
I
will
try
to
remember
and
and
do
my
part
if
you
can
remember
on
your
side
between
the
two
of
us,
we
should
do
all
right
and
yeah
as
I
stressed
earlier.
A
It
is
an
open
meeting,
so
we
really
do
Thrive
off
of
those
questions
and
comments
based
on
the
content
we're
presenting.
So
if
you're,
not
comfortable
speaking
them
into
mike,
always
feel
free
to
drop
them
in
the
chat
and
we'll
try
to
work
them
in
one
conversationally
appropriate
as
usual,
we
do
have
a
bit
of
an
agenda
to
get
through,
but
we'll
try
not
to
let
us
drag
it
too.
Too
much.
A
We
got
votes
and
the
maker
and
program
proposals
to
update
you
on
then
we're
going
to
be
hearing
an
update
on
how
the
velodrome
vested
nft
is
going
from
some
of
the
multi-say
participants.
And
finally,
our
big
discussion
talk
today
is
going
to
be
spark
protocol
and
we
might
talk
a
little
Alm
magic
as
well.
A
If
you
haven't
already,
you
might
have
noticed
there
wasn't
an
executive
posted
yesterday,
we're
not
planning
one
for
today
or
tomorrow,
either
way
we
are
giving
Kia
a
bit
of
time
off
in
between
next
week
we're
looking
at
pretty
large
deployment.
That
includes
redeploying
the
well
I.
Guess,
that's
the
first
time
deploying
the
new
Ave
d3m.
If
we
want
to
be
technical
about
it,
some
Moc
parameter
changes
as
well
as
some
core
unit
vesting
so
be
on
the
lookout.
B
B
B
So
far,
two
proposals
are
not
passing
so
far,
namely
mid
95,
which,
if
approved
it,
will
participate
a
hundred
million
of
loans
to
make
our
dollars
exist
in
real
world
master
participation,
trust
and
there's
also
myth
74
C1
sub
proposal,
one
a
proposal
to
restart
the
mkr
burning,
which
is
not
passing
yes
Patrick.
You
want
to
say
something
yeah.
C
B
The
two
proposals
that
are
passing
so
far
are
both
amendments,
so
the
one
to
amend
the
interim
facilitator
onboarding
process
and
they
want
to
Amendment
62
to
change
communication
responsibilities,
so
this
will
be
on
chain
until
Monday,
February
27th.
So
still
around
10
days.
Please
go
cast
to
your
votes.
If
you
haven't
done
so
far
and
now
we're
gonna
dive
into
our
purple
cells
in
RFC.
This
was
a
quiet
week
compared
to
the
last
one
for
our
top
level
mips
part
one.
B
We
have
this
nrfc
most
of
the
these
are
all
active.
Some
of
them
have
been
around
for
a
while
now
so
there's
90
to
onboard
a
real
world.
The
asset
bolts,
miv91,
introducing
a
Defender
contract
against
governance
attacks,
maybe
93,
proposing
utilizing
the
hats,
protocol,
96,
97
and
98,
introducing
a
new
framework
to
a
broadcast
and
manage
requests
for
projects
and
Associated
funding.
B
There's
mid-99
to
offer
die
to
C5
to
enable
real
world
use
cases,
MIP
100,
introducing
a
framework
to
guide
allocations
amongst
stable
assets,
MIP
115,
a
proposal
to
diversify
makers,
yield
appetite
using
a
D
die
for
Revenue
generation
mid-116,
where
Phoenix
Labs
proposes
to
incorporate
a
d3m
to
provide
a
liquidity
to
the
spark
protocol,
and
we
have.
We
also
have
the
freshly
posted
117
to
address
concerns
about
liquidity
for
bank
loan
participations
from
A3
bank
and
caution
Bank
MIP
95.
So
the
author
proposes
the
real
world
asset,
Master
participation,
Trust
sign
up
for
Long
Street.
B
B
There's
an
attached
sub
proposal
amending
all
the
critical
Maps
needed
to
support
the
pregame
maker
Constitution
and
all
this
group
Frameworks.
So
those
are
mips
0,
16,
24
and
31
being
amended
and
then
from
103
to
114.
These
are
all
12
scope,
Frameworks
for
the
core
unit
framework
proposals.
We
have
core
unit
budget
proposals,
many
of
them
since
the
window
to
the
submission
window
opened
so
there's
four
Tech
Ops
decock
of
alpha
risk,
strategic
Finance,
Data,
Insights
and
side
stream,
Auction
Services
core
units.
B
We
have
recently
posted
summaries
for
these
proposals
under
the
relevant
threats.
So
we
encourage
you
to
go
ahead
and
take
a
look
at
them.
If
you
have
any
for
more
details
and
of
course
you
can
contact
us
if
you
have
any
questions
next
for
the
rest
of
the
core
unit
framework,
we
have
a
facilitators
proposals
and
mandates.
So
there's
an
onboarding
proposal
for
Nico
for
CES.
B
We
have
two
facilitator
onboardings
and
Professor
data
off-boardings
as
well.
So
there's
first
for
the
protocol
engineering
core
unit.
We
have
voluntarily
of
boarding
from
Derek
to
be
replaced
by
the
onboarding
of
the
entity,
prototec
Labs
represented
in
the
community
by
Derek
himself.
Second,
pretty
much
is
a
stepping
stepping
out
as
a
facilitator
of
risk
or
unit
and
proposing
to
onboard
The
Entity
ba
Labs.
B
B
If
the
amendment
doesn't
pass,
Rema
and
money
supply
are
being
proposed
as
call
facilitators
for
the
risk
core
unit,
and
there
will
be
an
open
position
for
protocol
engineering,
core
unit
facilitation
after
a
three-month
Handover
period.
And
finally,
there
is
a
core
unit,
Monday
modification
proposal
for
size
stream,
Auction
Services
per
unit
for
other
proposals.
We
have
this
on
the
next
slide,
there's
two
core
unit
budget,
extensions
for
the
Stark
net
core
unit
and
Tech
Ops
through
MIP
14..
B
So
that's
a
simple
diet
transfer
and
there
are
also
two
special
purpose:
funds
related
to
MIP
116
d3m
to
sparkland
one.
It's
50
000
die
for
legal
and
incorporation
expenses
of
Phoenix
labs
and
347
100
die
for
all
expenses
to
launch
sparkland
and
maintain
it
for
a
year.
The
amendment
we
just
mentioned
also
so
to
include
entities
as
possible
as
possible
core
unit
facilitators.
B
A
Awesome
huge
thanks
Carla,
you
might
have
noticed
those
MIP
segments
are
quite
long
these
days
and
that's
because
there's
a
ton
of
myths
on
the
board
on
the
Forum
in
RFC
that
we
would
really
love
your
comment
and
feedback
on
and
then
a
huge
shout
out,
obviously
to
Ducks
and
the
voting
portal.
Folks
for
helping
us
keep
it
all
straight
to.
We
might
fall
victim
with
copying
base
stairs,
but
the
blockchain
never
does
so
each
Link's
there
and
thanks
for
the
update,
Kyle.
A
D
Hey
hey
thanks
for
having
us,
so
there
were
some
questions
on
the
forums
after
we
released
our
summary
about
what
we
did
and
expanded
the
multi-seek
to
include
code
Knight
and
two
from
a
three
or
four
to
a
three
or
five
to
facilitate
decision
making
and
signing.
Basically,
yeah
I
can
I'm
sorry
I,
don't
have
another,
my
I
can't
increase
it.
So,
okay,
so
I'll
probably
share
my
screen,
yeah
listening
intently.
That's
exactly
what
what
it's
all
about!
D
Let
me
just
give
you
a
short
update
about
what
we
did.
So
we
discussed
about
possible
strategies
and
velodrome
is
a
whole
kind
of
worms
and
you
can
really
go
crazy
and
and
pretty
incredibly
teach
any
the
basics
are
that
it's
a
voted
as
growl
model
similar
to
like
what
others
are
doing
like
curve
or
balancer
lately,
and
basically,
we
got
I
think
one
percent
of
the
original
token
Supply
lock
is
an
nft
for
four
years
and
we
can
use
that
to
vote
and
the
votes.
D
D
Obviously
because
we
want
to
promote
die
on
velodrome
and
on
optimism
and
we
used
Flipside
data
Shield
to
just
find
out
what
the
TV
all
in
that
pool
is,
and-
and
you
can
see
here
that
shortly
after
we
started
bribing
and
voting
for
the
pool,
there
was
a
huge
uptick
in
TBL
that
then
kind
of
trickled
down
and
now
stabilizes
at
the
at
the
level
of
a
little
bit
higher
than
it
was
before.
So
we
could
see
that
that
our
actions
are
somewhat
effective.
D
But
if
we
wanted
to
really
make
a
difference
here
in
a
continued
fashion,
then
we
would
have
to
bribe
with
with
more
money,
basically
more
money
than
we
have
right
and
the
the
good
news
is
that
velodrome
matches
our
bribes
with
optimism
and
we
are
getting
part
of
this
optimism
airdrops
every
week,
every
epoch-
and
this
is
already
from
January.
By
now
our
multi-ship
controls
2
200.
D
The
bribing
process
is
relatively
straightforward:
every
Wednesday
we
collect
our
rewards
and
swap
them
to
die,
and
then
we
we
bribe
the
pool,
and
every
week
we
get
a
little
bit
of
velodrome
like
Velo
tokens
as
a
result
of
our
activity,
and
we
lock
that
so
our
voting
rights
increase
with
the
issuance
of
token.
You
know
at
least
some
regard
I
think
that's
basically
did
I
forget
anything.
Shipping.
E
E
Yeah
and
the
the
up
matching
basically
works
that
velodrome.
They
probably
have
some
kind
of
agreement
with
optimism
so
for
every
three
dollar
we
put
in
as
bribes,
they
feed
another
dollar
in
an
OP
token,
as
bribes
into
it
and
right
now
we
basically
have
one
third
of
all
Velo
tokens
supporting
this
pool.
So
we
get
back
one
third
of
the
total
amount
of
bribes
posted
onto
the
pool,
so
we
we
run
more
or
less
flat.
E
So
it's
it's
always
between
two
thousand
two
thousand
two
hundred
dollar
that
we
collect
every
week
and
remember
this
all
came
from
zero.
So
it's
not
that
the
protocol
invested
anything.
So
the
only
thing
that
God
was
basically
the
airdrop
as
a
nft
which
we
use
for
for
voting
and
the
rest
is
basically
coming
out
of
fees
from
the
pool
and
from
bribes
from
people
that
we
collect.
D
Oh,
it's
going
forward.
Nadia
was
able
to
get
people
from
the
my
so,
which
is
a
die
Fork
on
optimism,
interested
in
working
with
us
and
we'll
be
sharing
the
bribing
with
them
and
shupi
did
the
mass,
and
it
should
turn
out
that
we
earn
a
little
bit
more
than
we
do
today,
and
maybe
that
further
increases
the
demands
for
die
on
on
value.
E
Yeah
I'm
actually
not
too
optimistic
that
this
is
going
really
to
increase
the
the
amount
of
liquidity
which,
which
is
our
primary
goal.
We
want
to
increase
liquidity
on
velodrome,
but
at
least
reward
wise.
What
we
get
out
every
week
is
pretty
much
the
same.
It's
even
yeah,
according
to
my
math
at
least
it's
going
to
be
pretty
similar
or
even
a
bit
more
than
what
we
get
out
right
now
so
yeah.
We
think
it's
worth
a
shot
with
the
with
the
dashboards
that
Flipside
can
provide.
E
We
can
pretty
much
see,
I
mean
it's,
it's
not
going
to
have
an
immediate
effect,
but
I
don't
know
over
a
couple
of
weeks.
We
might
see
if
this
is
going
to
have
an
effect
on
the
diet,
liquidity
side
or
not,
and
if
it
has
been
great,
then
we
can
continue
this
way
and
if
it
does
not
well,
then
it's
a
failed
experiment,
and
then
we
just
continue
with
the
with
the
same
approach
that
we
did
before
by
just
mono
bribing
the
HTC,
dipole
and
I.
Think.
E
This
is
because
my
is
my
our
own
pool,
so
if
you
vote
for
our
pool,
then
you
get
some
money
back
essentially
so
I
don't
know
it's
basically
a
risk-free
thing.
The
only
where
the
the
risk
from
my
perspective
is
that
we
lose
out
on
rewards,
but
those
rewards
came
out
of
nothing
anyway.
So
it's
not
like
we
are
putting
anybody
at
risk
here.
So
I
think
it's
worth
a
shot.
I'd
say.
G
A
E
D
Yeah,
we
can
definitely
look
at
die
on
on
optimism
and,
if
and
how
they
changed.
Historically,
it's
just
it's
a
really
good
question.
I
think
we
should
look
at
it.
We
didn't
until
now
like
this
is
just
the
pool
the
pool's
tvl.
Basically,
but
I
don't
know.
If
this
would
this
alone
would
affect
Dion
optimism
like
people,
bridging
diet,
to
optimism
just
to
participate
in
the
pool
will
be
definitely
worth
looking
into
I
kind
of
doubt
it
just
like
gut
feeling
but
yeah.
E
J
E
So
one
one
thing
that
we
definitely
miss
out
if
we
is
just
stop
doing,
that
is
that
there
seems
to
be
some
kind
of
inflation
on
the
velodrome
token,
which
you
can
basically
suppress
individually
by
participating
in
the
system.
So
what
we,
what
we
probably
would
need
for
him
car
token
holders
as
well.
If
you
just
don't
care,
then
you
get
diluted.
So
there's
there's
the
same
mechanism
in
video
drum
as
well.
E
So
if
we
don't
re-lock
and
vote,
then
actually
I'll
share
diminishes
over
time,
which
is
just
air
drop,
so
you
can
totally
say
what
do
we
care
but
yeah?
We
got
that
ad
drop
and
that's
basically
just
an
opportunity
for
us
yeah
to
to
help
on
our
own
goals
of
increasing
liquidity.
It's
it's
probably
not
the
same
as
I.
Don't
know
if
you
would
have
our
own
optimism
airdrop.
E
That
Nadia
was
mentioning
in
the
chat,
so
that
would
probably
have
a
bigger
impact
than
the
bright
matching
that
we
right
now
get
from
from
velodem
directory.
But
it's
the
first
step
I'd
say
so:
I
mean
from
the
end
user
perspective.
Villa
Rome
is
just
another
source
of
liquidity.
Where
they
can
basically
swap
their
I,
don't
know
UCC
to
die,
so
it's
just
one
more
route
to
go,
but
the
the
weekly
choice
that
we
do
do
not
really
impact
the
end
user
experience.
E
A
I
was
just
gonna
add,
and
there
should
be
that
like
realistically
do
what
that
does
by
by
doing
the
bribes
every
week
right.
That
makes
it
so
other
people
might
be
more
likely
to
vote
for
for
our
pair
as
well
each
week
where
bribes
are
tied
each
week.
So
that's
not
something
you
could
set
and
forget
either.
I
Yeah
I'd
also
just
add
the
put
a
link
in
the
chat.
If
you
guys
want
to
see
you
know
top
tvl
for
protocols
and
optimism
and
velodrome
is
you
know,
Far
and
Away
number
one
tvl
protocol,
which
is
actually
kind
of
surprising.
It's
got
210
billion
tvl
compared
to
you
know
other
competitors
like
current,
but
91
million
you're
gonna
swap
at
58
million.
So
it
seems
like
it's
doing
well,
it's
done
pretty
well
over
the
past
six
weeks.
I
A
Sorry
I'm
gonna
log
in
for
a
second
I,
want
to
know
Nadia's
coming
in
chat
here
that
she
linked
the
proposal
to
to
optimism
basically
for
for
incentivizing
the
rules
even
further
kind
of
up
to
their
in
their
governance
process,
which
we
know
is
not
always
the
most
straightforward
thing
for
an
outsider
to
figure
out
so
we'll
be
anxiously
following
that
and
seeing
how
it
goes.
Thanks
for
dropping
the
link
there
Nadia
will
make
sure
that
makes
it
into
the
the
call
notes.
A
E
Just
maybe
one
thing
so
we
just
well
we
for
the
last
weeks
we
coordinated
on
a
private
direct
message,
this
broad
thingy
and
we
just
moved
over
to
the
official,
nakedau,
Discord
and
I.
Think
it's
currently
right
protected
for
I,
don't
know
recognize
Dao
members
or
whatever.
So
all
our
coordination
is
now
in
public,
including
the
discussions
that
we
had
about
the
the
my
proposal.
E
K
Hi.
Thank
you
thanks.
So
much
for
that
presentation,
I'm,
a
huge
fan
of
this
crossed
out
collaborations
and
us
making
use
of
protocol
assets
we
can
receive
from
other
teams,
and
all
that
and
I
know,
acre
and
best
had
commented,
it'd
be
great
to
have
a
public
call
about
this.
So
thank
you
so
much
for
doing
this.
Are
you
adding
anything
to
the
Scopes,
the
end
game
scopes
to
kind
of
codify
this
meta
governance?
E
L
G
K
D
A
Oh
and
we
need
to
get
a
response
from
Mark
there,
that
some
of
our
other
assets
are
are
noted,
but
The
Velo,
the
nft
is
not
and
I.
Don't
know
correct
me
if
I'm
wrong
Mark,
but
also
my
understanding,
is
due
to
the
the
best
of
nature,
the
the
like
cash
value
right
now.
Those
tokens
is
actually
quite
small.
It's
like
only
if
you
were
to
assume
the
same
price
for
when
it
fully
vests
that
you
know
you
could
have
like
a
actual.
E
E
A
Oh
awesome
fun
technicalities
to
maybe
to
consider
for
some
of
the
scope
management
questions
right:
fun,
okay,
well,
huge
thanks
again
for
coming
on
and
giving
us
a
presentation,
I
think
a
lot
of
people
probably
didn't
know
all
the
stuff
that
I
went
into
managing
that
program.
So
thanks
for
making
that
possible.
A
A
M
So
yeah
I'm
Sam
with
Phoenix
Labs
here
and
we
are
building
the
spark
protocol,
our
first
product,
that
we're
going
to
be
releasing
in
the
next
few
months.
Pending
governance
vote
is
sparklend,
which
is
a
liquidity,
Market
Advanced
lending
engine
where
people
can
Supply
and
borrow
assets,
and
it's
got
all
the
advanced
features
that
any
other
liquidity
Market
has.
So
the
goal
with
this
is
to
empower
die.
Users
get
get,
people
are
using
die
and
giving
them
all
the
latest
features.
M
So
maybe
these
people
love
maker,
but
they
want
a
higher
collateralization
Ratio
or
they
want
to
do
cross-collateralization
or
they
want
to
short
eth
or
something
like
that
maker
currently
doesn't
offer
this.
So
spark
protocol
is
looking
to
fill
the
gaps
so
that
we
can
cater
to
all
kinds
of
different
users
in
the
space.
A
Right
on
it's
a
wonderful
introduction
and
makes
a
lot
of
sense
to
him.
I
know
you're
launching
kind
of
announcement
of
spark
protocol,
Phoenix
Labs,
as
well
as
three
mips
for
governance.
Consideration
I
was
wondering
if
you
could
maybe
tell
us
a
little
bit
about
those
and
and
kind
of
what
you're
proposing
and
why.
M
Sure
so
the
first
post
is
just
an
announcement.
There's
no
formal
governance
process
with
that,
it's
just
describing
what
we're
doing
in
human
language.
The
other
proposals
there
is
the
MIP
for
the
d3m.
That
is
where
Spark
protocol
will
get
its
juice.
So
to
say,
if
we
were
to
just
deploy
any
other
lending
Market,
that's
not,
it
doesn't
really
stand
out
so
where
it
gets,
its
power
is
from
the
liquidity
provided
by
maker.
So
spark
protocol
is
a
protocol
entirely
owned
by
maker
core.
M
So
once
that
d3m
is
hooked
up,
then
it
will,
and
if
it
passes
the
vote,
it
will
be.
200
million
debt
ceiling
will
be
forwarded
to
the
sparklen
project,
and
people
can
begin
to
borrow
at
the
rate
of
the
DSR
divided
by
90,
which
is
defined
in
the
stability
and
liquidity
scope
that
Rin
just
posted
not
too
long
ago.
Assuming
that
passes
as
well,
where
we
are
trying
to
align
with
the
Scopes
framework,
the
other
proposals
are
two
spfs,
maybe
actually
Nadia.
N
Sure
so
the
other
two
proposals
are
two
spfs
one
SPF,
that's
for
legal
research
and
incorporation
of
the
company,
because
our
idea
is
that
spark
protocol
has
to
have
a
front
end.
So
we
want
to
start
doing
that
and
we
decided
to
do
it,
because
that
is
part
of
the
end
game.
So,
after
assisting
like
different
end
game
calls,
we
thought
that
it
is.
N
N
So
that's
why
we
added
that
first
SPF
and
we
did
it
separately
because
in
case
the
community
likes
this
idea.
As
you
can
read
in
the
roadmap,
we
are
planning
to
launch
by
April
so
to
be
able
to
launch
the
product
by
April
and
have
the
front
end
and
all
that
we
will
need
to
start
the
legal
research
and
the
incorporation
of
the
company
structure
as
soon
as
possible.
And
that
is
why
we
separated
the
SPF
for
the
legal
structure
and
the
other
SPF
is
just
like
for
everything
we
need.
N
Why?
We
did
this
and
again,
it
is
because
we
want
to
launch
in
April.
So
like
the
first
option
we
had
was
to
wait
until
the
ecosystem.
Scope
has
been
voted
and
ended
to
understand,
like
the
new
framework
to
get
budget
as
an
ecosystem
actor,
but
because
we
think
that
it
is,
it
is
very
important
for
maker
to
launch
something
at
as
Parkland
right
now
like
gain
advantage
and
market
share
versus
a
baby,
3
and
other
competitors.
N
Also
like
we,
we
thought
about
the
stable
coin
announcement
that
avidir,
so
we
think
it
is.
It
is
super
important
for
the
maker
Community
to
do
something
as
soon
as
possible
to
start
like
gaining
market
share
in
in
this
market,
and
that
is
why
we
decided
to
go
with
this
spfs,
but
we
believe,
as
far
as
we
understand
that
this
coin
scope
framework
will
give
a
better
framework
for
this,
that
we
want
to
do.
A
Awesome
thanks
so
much
for
that
noticing
some
questions
in
chat
here
might
put
a
pen
in
one
of
those.
There
was
one
other
aspect:
I
wanted
to
bring
about
and
maybe
get
some
clarity
on.
Some
people
might
have
saw
Derek's
post
earlier
today,
depending
on
what
time
zone
you're
in
basically
saying
looking
to
ask
the
community
for
for
mkr
holder
approval,
basically
of
using
some
PE
resources
for
for
some
of
the
support
protocol
stuff.
A
M
Yeah,
so
there
are
a
few
things
that
we
need:
Technical
Resources
on
it's
not
a
whole
lot,
as
we
are
using
almost
entirely
existing
code
that
has
been
heavily
audited
by
many
many
other
firms.
This
is
the
Ave
code
base
I'm.
Referring
to
so
we
can.
This
is
open
source
code.
We
can
rely
on
all
the
work.
The
hard
work
that's
been
done
before
us
to
ensure
safety.
M
Now,
that
being
said,
there
are
two
roughly
about
two
or
so
contracts
that
need
to
be
customized
they're,
fairly
small,
but
nonetheless
we
want
to
do
proper,
proper
processes
and
get
audits
for
those,
so
yeah,
basically
that
that's
the
primary
resource
usage
that
we
need,
there's
also
just
my
time.
I've
been
working
on
the
weekends
for
this
and
maybe
more
officially
recognizing
that
I'll
be
splitting
my
time
on
this,
as
well
as
core
protocol
engineering
duties.
A
Definitely
and
we're
happy
to
help
on
the
governance
front
of
putting
up
a
Pulver
and
Care
holders.
So
we
appreciate
you
coming
on
to
give
them
a
little
better
idea
of
what
the
what
this
might
all
be
about,
if
they're
not
already
familiar,
of
course,
so
I'm
noticing
some
legal
questions,
I
don't
know
if
you
want
to
hop
on
the
mic
to
ask.
So
if
not
I
can
do
my
best
to
summarize
the
chat,
give
it
two
seconds
there.
N
Regarding
the
code
on
adding
a
new
product
to
the
maker,
that's
outside
the
scope
of
this
legal
research
because
yeah
it
is,
it
is
very
difficult,
I
believe
to
like
do
a
legal
assessment
on
a
protocol
that
is
not
Incorporated,
also
like
to
be
clear.
Phoenix
Labs
will
be
a
company
that
develops
code
and
probably
will
have
like
another
entity
to
run
the
front
end,
but
once
we
ended
up
with
the
code,
the
code
will
belong
to
maker.
N
C
N
Yes,
exactly
exactly
that,
and
that
is
why
we're
asking
for
this
initial
SPF,
because
we
of
course
want
to
protect
maker
and-
and
we
need
to
know
like
what
is
what
will
be
like
the
best
way
to
run
that
front
end
again.
The
front
end
is
part
of
the
end
game,
so
we
are
just
like
trying
to
collaborate
by
starting
doing
a
research
on
that
end.
N
K
You
know
a
helpful
fact
and
in
fact
you
know
a
lot
of
the
law
being
so
far
from
a
U.S
perspective
anyway,
I
mean
there's
been
an
aspect
of
the
crypto
Lobby
that
was
trying
to
kind
of
get
this
distinction
made
between
pure
protocols
versus
like
front
ends,
which
would
then
need
to
register.
So
there's
some
I
would
say
sense
ability,
at
least
on
the
in
the
U.S
side.
That's
really
like
framed
this
for
The
Regulators,
like
hey
code,
is
just
code.
K
K
K
You
know
I
love
the
work
that
all
of
you
all
do,
I
it
it's
not
a
knock
on
how
interesting
and
maybe
even
important
from
a
marketing
or
like
the
timing
and
I
could
share
perspective
that
you
spoke
about.
You
know,
but
I
just
I
know:
I
can
always
be
counted
on
to
be
the
party
pooper,
so
I
I
just
felt
compelled
to
just
raise
this
and
I'll
leave
it
there
thanks.
N
Thanks
kianga
and
I
I
share
your
concern,
and
that
is
why,
for
us,
it's
so
important
to
start
with
a
legal
research
about
this.
We
know
the
end
game
wants
to
propose
the
front
end,
and
that
is
why
we
thought
about
including
it
in
in
the
launch
of
of
this
initiative.
Also
I
think
having
a
front
end
and
I
know.
I
have
I
have
said
in
the
past.
That
maker
does
not
attend
retail
or
like,
and
that's
a
fact,
but
actually
that's
something.
N
We
want
to
change,
because
why
not
and
I'm
answering
papers
a
question?
Why
not
just
use
a
van
compound,
and
that
is
what
we
have
been
doing
and
yeah
it
works,
but
until
certain
point
because
then
the
like
at
the
beginning,
we
help
them
to
grow,
and
then
they
start
building
their
own
stable
coin
and
then
we
might
disappear
so
I
think
it
it
is.
N
It
is
like
the
moment
with
the
end
game
and
ecosystem
actors
and
subtitles
coming
in
the
future,
to
do
something
about
that,
like
until
now
maker
has
been
like
funding
all
the
default
ecosystem,
giving
them
liquidity,
helping
them
to
create
Innovative
products,
and
right
now
you
can
see
everyone
is
thinking
about
launching
a
stable
coin.
So
I
think
it
is
important
and
more
now
than
ever
to
start
thinking.
Okay,
we
will
have
this
about.
How
can
we
like
use
that
and
have
a
front-end
and
start
like
innovating
in
our
maker
ecosystem?
N
So
that's
the
proposal
that
we
want
to
bring
to
the
community.
Of
course
this
is
just
a
proposal
and
we
have
to
wait
until
a
governance,
approval
and
maker
holders
approval
and
that's
okay,
but
we
think
this
is.
This
is
good
for
the
maker
community
in
general,
and
we
want
to
start
with
that
legal
research.
So
it
is
something
that
we
we
know,
and
we
want
to
be
responsible
about
that.
A
J
Yeah
sorry,
so
I
was
actually
more
enthusiastic
about
a
technical
discussion,
not
a
big
fan
of
legal
stuff.
So
maybe,
if
you
allow
me,
I
can
turn
it
into
a
question
that
maybe
is
better
for
Derek
of
political
engineering
with
regards
to
the
post.
I
noticed
that
there's
a
call
for
damn
it
open
and
forget
my
question
because
that's
a
quite
a
long
time
so
there's
a
question
to
resubmit
the
we
submit
to
this
company.
J
Yes,
chain
security,
there's
also
you're,
saying
that
there's
a
need
to
review
the
code
for
some
of
the
interest
rate,
interest
rate
I'm,
not
sure
if
it's
protocols
interest-free
developers
such
as
sense
and
element.
So
if
you
kind
of
walk
us
through
that
as
well
and
also
there
was
one
more
thing-
I
wanted
to
ask
yeah
the
layer
two.
J
How
does
this
impede
the
work
on
the
current
Layer
Two
that
you,
you
guys,
are
working
on
and
is
there
just
a
lack
of
of
you
know,
team
members
that
can
you
know,
be
split
into
working
on
the
L2
related
work
and
then
perhaps
give
some
of
that
to
help
sparklend
develop
this.
This
thing,
this
vision,
yeah.
O
So
Frank
there
I
guess
with
with
the
PE
that
the
point
of
my
two
posts
to
the
governance
to
governance
and
the
community
was
to
make
sure
that
we
had
good
prioritization
and
we
Illustrated
to
you
what
work
would
be
necessary
from
us
that
Sam
mentioned
earlier,
so
I
just
wanted
to
call
out
that
you
know
we
will
need
to
do
a
review
of
the
code.
Like
we
review
any
code,
it's
like
you
know,
replace
spark
with
Deco
with
anyone
else.
O
You
know
we'd
need
to
do
these
reviews,
because
the
core
protocol
can't
be
exposed
in
any
of
these
ways,
and
some
of
those
changes
that
are
being
introduced
were
I.
Think
you
referenced
the
interest
rate,
mechanics
that
are
changing.
We
haven't
had
a
look
at
that.
We
we
don't
really
know
what
those
changes
are,
so
we
will
need
to
dive
into
that,
and
that
takes
time
and
effort
away
and
in
terms
of
managing
the
team.
It
becomes
very
complicated
from
a
prioritization
point
of
view,
when
we
have
an
another
party
like
like
Phoenix
Labs.
O
That
is
saying,
hey
do
this
work
and
we
haven't
got
a
clear
and
formal,
explicit
clarification
from
the
community
that
Yes.
Actually,
we
do
agree
with
you
doing
this
work
and
we've
had
this
come
up
in
the
past.
You
know
when
we
have
collateral
onboardings
that
come
around
and
we
say
well
we're
not
working
on
this
yet
because
it's
not
power
mandate
to
work
on
things
that
governance
doesn't
say
or
doesn't
indicate
we
should
be
working
on.
So
we
need
to
be
as
a
team.
O
We
want
to
be
very
clear
about
that
separation
between
us
and
other
entities.
You
know
spark
or
the
this
Phoenix
labs
and
sparkland
initiatives
are
not
PE.
There's
a
a
explicit
difference
here
between
you
know
what
PE
is
and
what
these
other
end
game
initiatives
may
be,
and
we
just
want
to
be
clear
from
the
community
about
the
work
that
we're
putting
towards
it
or
not
as
it
maybe
so
so.
Hopefully,
that
gives
some
color
and
context
to
my
Forum
posts.
O
To
your
first
question,
the
impact
on
the
work
yeah
there's
definitely
going
to
be
impact
where
in
the
moment,
deeply
reviewing
the
L2
and
teleport
it's
difficult
to
put
a
cost
against
it.
I
saw
someone
in
the
foreign
post
were
asking
a
bit
more
clarity
around
the
actual
cost,
but
for
me
I
think
it's
more
about
the
time.
You
know
we're
we're
going
to
say
we
remove
three
or
so
people
from
the
L2
work
to
focus
on
this.
O
O
For
me,
however,
the
the
main
question
is:
can
I
get
clarity
from
from
governance
in
the
community
in
general
that
this
is
something
they
want
us
to
pursue
the
because
it's
not
a
PE
initiative
and
and
I
want
that
to
be
clear
so
that
people
can
give
a
fear
on
that.
Does
that
help
answer
some
of
your
questions?
Frank
and
sorry,
if
I
missed
a
couple
in
there.
J
Yeah
yeah,
no
for
sure
it
does
help
a
lot
and
do
you
envision,
and
this
might
be.
This
could
just
be
your
opinion,
of
course,
but
do
you
envision
once
maker
dial
rolls
out
into
layer
twos,
and
you
know,
there's
cross
chain
interaction
between
102
and
another
L2
right
that
a
lot
of
these
sub-dials
that
roll
out
right,
let's
say:
there's
a
competitor
to
sparklen
in
the
year,
2024
2025?
What
have
you
do
you
envision?
J
A
role
that
protocol
engineering
protecting
the
core
is
always
going
to
need
to
do
these
kind
of
steps
where
they're
going
to
you
know
reach
out
to
change
security
they're
going
to
have
to
review
the
code
for
ABC
protocol
that
wants
to
use
the
d3m
in
a
different
fashion,
as
opposed
to
spark
blend
in
your
opinion,
do
you
think
this
is
the
path
forward
for
protecting
which
I
understand
is
protecting
the
core
right
and
I
really
appreciate
what
protocol
engineering
does
when
it
comes
to
that?
Or
do
you
think
there
will
be
leeway?
O
Yeah
so
I
I
think
there's
there's
always
got
to
be
some
entity,
I'm
not
going
to
say
it's
PE
or
or
what
the
new
entity
will
be,
but
as
part
of
the
end
game,
I
think
you
are
going
to
have
whether
it's
government
security,
whether
it's
the
protocol,
engineering
councils
or
other
tribunals.
Those
entities
must
be
in
place
to
represent
maker
and
there's
a
difference
between
whether
they're
ecosystem
actors
or
sub-adals.
That
will
be
doing
work
and
requesting
work.
O
Putting
forward
requests
for
your
rsps
requests
for
work,
so
someone
will
have
to
represent
that
coordination
element
between
ensuring
that
audits
are
done,
because
we
know
people
are
going
to
try
and
suhan
work
in
they're
going
to
try
to
take
the
easy
path
they're
going
to
try
to
hack
things,
because
it's
quicker.
We
want
to
get
to
Market.
That's
all
business
right,
that's
nothing
wrong
with
that,
but
they
do
have
to
be
checks
and
balances
in
place.
O
I
think
gavalfa
can
play
a
main
role
in
that
with
some
element
on
the
engineering
side
and
I.
Think
in
the
current
picture.
That
seems
to
be
looking
like
these
councils,
whether
it's
yet
government
security
or
protocol
engineering
Council.
That
will
be
the
the
you
know,
gates
to
ensuring
that
what
is
brought
and
connected
integrated
to
the
protocol
is
safe
and
secure.
A
C
Peyton,
so
my
question
is
just
actually
about
about
myth:
one
one
six
and
I'm
specifically
about
the
exit
path.
That's
described
in
kind
of
the
treasury
detail
section
so
I'm
going
to
assume
that
not
everyone
has
read
the
myth,
so
I'll
brief,
the
paraphrase
at
Sam
and
Nadia.
But
if
you
want
to
correct
anything,
I
say
feel
free,
but
essentially
part
of
the
the
deal
that's
being
proposed.
C
M
M
M
C
M
C
M
I,
don't
think
it's
that
unusual,
it's
just
the
contract
address
will
be
specified
and
it's
a
it's.
It's
an
exit
path
right,
so
it's
defined
entirely
in
the
map
and
what
does
it
matter
if
it's
who's
in
control
of
of
the
multi-sig?
It's
it's
a
forfeiture,
and
so
when
that
gets
executed,
if
it
gets
executed,
the
product
would
be
forfeit.
M
P
Yeah
I,
just
thank
you
for
your
comments
on
the
chat,
clarifying
that
the
the
pause
proxy
would
be
the
the
owner
of
these
smart
contracts.
So
so,
if,
if
maker
governance
is
still
the
owner
of
these
smart
contracts,
what
is
what
is
the
sub-dial
doing
like
does?
Does
this
need
to
be
a
subdial
proposal,
or
just
an
independent
Standalone
proposal
or
I'm
just
trying
to
see
how
it
fits
in
here.
M
N
By
the
time
this
is
voted,
we're
also
voting
for
The
Scopes.
We
decided
to
post
it
because
in
that
way
we
can
like
just
give
an
example
of
what
the
ecosystem
scope
could
include
to
incubate,
not
just
Phoenix
Labs,
but
other
ecosystem
actors
that
want
to
become
into
a
so
Our
intention
here
is
look
like
to
give
inspiration
to
everyone
who
is
writing
the
ecosystem,
scope
and
all
other
Scopes
that
are
thinking
about
the
best
framework
for
decentralized
collateral
and
liquidity
and
stability.
N
So
it
like
this
is
just
a
proposal
and
as
everything
in
maker
like
you
guys,
please
go
go
there,
give
us
feedback
and
I'm
pretty
sure
that
the
idea
is
like
to
take
all
this
and
put
it
into
the
Scopes
so
like.
That
is
our
initial
intention.
With
all
this
to
start,
the
conversation
with
like
a
real
and
concrete
example,
I
think
one
of
of
the
like
best
comments
that
we
have
received.
N
M
Yep,
so
the
primary
source
of
Revenue
will
be
the
die
borrows,
but
there
will
be
revenues
coming
in
from
the
reserve
amounts
on
the
other
assets.
So
if
I
recall
correctly,
I
think
the
eth
market
has
a
15
Reserve,
so
that
15
goes
to
the
protocol.
So
all
of
that
will
go
into
the
treasury,
so
it
will
just
start
building
up
reserves
in
all
of
the
assets
and
the
the
die
Market
after
the
performance.
M
A
All
right,
I've
seen
a
decent
amount
of
back
and
forth,
but
not
necessarily
any
direct
questions.
I
do
want
to
be
mindful
of
our
busy
calendar
this
week.
So
if
you
do
have
other
comments
or
questions
for
spark
protocol
I'd
encourage
you
to
get
those
out
there
now,
so
we
can
get
them
into
the
call
notes
and
and
start
wrapping
up.
A
M
Yeah,
so
getting
the
Sparkle
end
up
we're
looking
at
at
that
over
the
next
month
or
so,
and
then
we'll
be
doing
many
many
rounds
of
review
preparing
for
the
d3m
connection,
which
is
when
it
really
goes
live
when
that
happens,
we'll
have
the
front
end
up
and
actually
fun
fact.
The
front
end
has
support
for
the
PSM,
so
nice
interface
for
that.
A
A
M
N
To
insert
paper,
we
think
this
is
something
that
maker
needs,
but
because
of
the
end
game
Vision,
we
don't
think
this
fits
on
like
inside
maker
core.
It
has
to
be
outside
like
a
real
world
assets
and
and
everything
that
is
not
for
the
stability
of
the
eye.
So
we
like
it's
not
that
we
are
trying
to
find
a
solution
that
feels
in
a
sub-dial.
We
just
think
this
is
something
that
maker
needs
and
the
end
game
is
offering
us
a
framework
to
create
it.
N
We
also
think
that
it
is
better
for
bootstrapping
the
shutdown
Community
if
we
start
with
something
and
not
just
starting
with
a
front
end
where
you
can
Jill
Farm
tokens.
That
is
our
vision,
and
that
is
what
we
are
proposing
to
the
maker
holders
like.
If
the
in-game
is
division
and
we
will
have
front
ends,
why
don't
we
start
with
a
product
that
maker
needs?
We
start
like
bootstrapping,
these
future
sub-dial
Community
getting
traction
and
it.
N
G
You
know
I
I
just
want
to
respond
to
some
of
the
things
he
has
also
brought
up
in
the
desert,
call
which
is
like
okay
like
why?
Don't
they
just
get
funding
from
the
BC
or
they
can,
for
example,
but
I
think
that
there
are
definitely
some
benefits
to
going
through
the
process,
such
as
degree.
Just
because
we
got
the
funding
doesn't
mean
that
you
can
have
the
liquidity
and
also
the
attraction
in
the
community
to
help
you.
G
Obviously,
you
can
also
can
backfire,
which
I
understand
some
of
the
concerns
that
the
community
is
making,
but
I
think
it
has
to
be
balanced
right,
because
I
think
the
E3
points
are
to
be
extreme,
then
I,
don't
think
it's
going
to
help.
You
know
solve
the
problem,
but
to
agree
that
there
should
be
some
areas
for
accountability
which
the
activity
is
working
on.
A
N
A
Thank
you
so
much
for
making
the
time
to
talk
to
us
about
this.
As
we
stated
there
are
three
proposals
currently
in
RFC,
so
do
be
sure
to
check
those
out
on
the
Forum,
along
with
I
think
somewhere
in
the
neighborhood
of
47.
Other
proposals
that
are
currently
in
RFC
so
I
would
really
appreciate
comments
early
and
often
during
this
cycle.
A
We
expect
it
to
be
a
pretty
busy
time
for
submissions
in
the
March
cycle,
with
lots
of
changes,
so
the
quicker
we
can
get
people's
opinions
and
start
debating
and
finding
the
consensus
path
forward.
The
better
but
huge
thanks
to
everyone
who
is
a
part
of
this
call,
you
can
catch
us
same
time
same
place
next
week
and
yeah
we'll
catch
you
on
the
Forum
send
in
chat.
Otherwise
thanks.
Everybody.