►
From YouTube: Governance and Risk Meeting #146
Description
Agenda: https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-146-thursday-june-17-17-00-utc/8785
Introduction
@LongForWisdom : Hosting, Introduction, Agenda.
Weekly Updates
Governance - @GovAlpha-Core-Unit
Protocol Engineering - @Protocol-Engineering
Oracles - @Oracles
Risk - @Risk-Core-Unit
Real World Finance - @Real-World-Finance
Growth - @Growth-Core-Unit
Sustainable Ecosystem Scaling - @SES-Core-Unit
MIPs - @MIP-Editors
Discussions and General Q&A
Institutional Vaults
Disclaimer: These calls and the summaries are produced and hosted by MakerDAO community members. Content produced by the community are not the statements or views of the Maker Foundation.
A
Hello,
everyone
and
welcome
to
the
make
it
out
scientific
governance
risk
meeting
number
146
taking
place
on
thursday
june
17th
1700
utc.
My
name
is
length
wisdom,
I'm
the
government
facilitator
at
make
it
dao.
I
share
these
meetings
and
I'm
joined
by
over
40
makeup
people
and
maker
related
people.
So
yeah
welcome
everyone.
I
know
you're
all
usually
here.
It's
always
good
to
see
high
participation.
A
A
I
don't
think
we
have
any
sort
of
kind
of
unique
segments
or
any
presentations
specific
presentations
this
week,
but
I
do
think
we're
gonna,
try
and
just
start
a
discussion
on
institution
institutional
vaults
later,
which
has
been
a
topic,
that's
sort
of
been
the
manager
has
been
discussing
a
little
bit
over
the
last
last
couple
of
weeks
and
I
believe
the
community
as
well
to
some
extent
so
yeah,
let's
go
through
the
preamble.
I
guess
you
know
we
like
we
like
people
to
get
involved.
A
A
Cool
all
right,
we'll
start
with
me,
then
giving
the
updates
on
governance
for
the
last
a
little
while
almost
a
week
see
so
last
week's
executive
has
yet
to
pass.
I
think
it's
currently,
it's
currently
36
000
mkr
supporting
out
of
70
000
on
the
previous
hats
and
there's
still
a
little
way
to
go.
Hopefully
we'll
see
that
sort
of
go
through
in
the
next
few
days,
or
hopefully,
hopefully,
for
tomorrow,
yeah
last
week's
polls.
A
So
quick
reminder:
we
have
the
month
of
june's
ratification
polls
for
mips
as
part
of
the
monthly
governance
cycle
currently
live
and
then
live
for
the
next
10
days.
They
went
up
on
monday,
so
please
vote
on
those.
If
you
haven't
already,
we
recently
changed
the
monthly
governance
cycle
such
that
these
falls
were
the
only
requirement
for
for
proposals
to
be
ratified.
So
so
this
is
your
chance.
There's
no
executive
after
these.
Well
in
the
absence
of
technical
changes,
so
please
wait
if
you
haven't.
A
A
We
also
had
a
couple
of
dust
parameter
poles
as
well.
I
have
a
sort
of
generic
one.
Moving
the
dust
parameter
from
5000
die
to
10
000
die.
The
dust
parameter
is
also
known
as
the
minimum
depth,
something
which
is
the
minimum
amount
of
a
die
that
someone
can
withdraw
from
a
megavolt
that
floor.
That's
one
thank
you
ben,
and
then
we
had
an
e3
specific
dust
parameter
pole,
which
moving
e3
dust
from
fifteen
thousand
to
thirty
thousand
die
both
of
those
past
as
well.
A
So
when
it
comes
to
this
week's
executive,
assuming
that's
last
week's
one
passes
and
they're
not
sort
of
blocked,
we
should
include
the
dos
changes
I
just
described,
and
I
believe,
though,
I'll
wait
for
soccer
to
confirm
that
will
also
be
enabling
the
flash
module,
which
has
been
in
the
queue
for
a
good
while
now
so
yeah,
pretty
cool.
If
you
can
finally
get
that,
get
that
on
board
and
I'll
just
give
a
quick
update
from
gov
alpha
as
well.
A
So
that's
the
governance
core
units,
so
we
recently
posted
in
the
forum
an
onboarding
post,
essentially
describing
some
of
the
things
people
can
get
up
to
in
gov,
alpha
and
sort
of
requesting
anyone
who's
sort
of
interested
in
working
for
or
with
us
to
to
get
in
touch.
So
if
that's
something
you're
interested
in,
please
please
to
get
in
touch
with
me.
A
Okay,
any
other
sort
of
made
well,
probably
an
update,
but
any
other
thing,
I'm
going
to
say
we're
going
to
go
after
is
it's
coming
up
on.
I
guess
three
months
since
we,
since
we
got
a
budget
and
we'll
be
doing
a
coursely
sort
of
review,
post,
probably
posted
at
the
end
of
june,
hoping
that
will
be
sort
of
fairly
long
and
kind
of
comprehensive.
A
So
look
forward
to
that
in
the
next
next
couple
weeks.
Above
now
not
really
much
talking.
If
you
update
people
on
forgotten
alpha,
I
mean
the
most
productive
week.
We've
been
sort
of
putting
out
fires
a
little
bit
as
alongside
the
kind
of
usual
recurring
commitments
that
we
have
so
not
too
much
to
report,
I'm
afraid.
A
B
Sure
too,
I
just
dropped
a
link
in
the
chat
there
yeah
for
about
a
glance
what's
been
going
on
quite
a
lot
interesting
enough.
Actually
one
announcement
that
you
may
not
have
noticed
is
that
the
risk
core
unit
has
added
even
more
features
to
the
dashboard.
Have
a
feeling
rush
will
be
wanting
to
brag
about
those
a
little
bit
in
this
segment,
but
there
are
links
there
if
you
want
to
get
on
there.
B
We've
got
a
number
of
active
discussions
on
the
forum
this
week.
The
kind
of
big
one
has
been
the
real
assets
report
for
may
there
has
been
some
contention,
so
I
do
remind
everyone
to
like
engage
respectfully,
but
there's
also
a
lot
of
really
good
information
in
there.
So
it's
probably
a
good
thread
to
read
through
just
a
reminder
to
you
know
like
assume
best
intent,
and
you
know,
work
in
a
collaborative
nature
with
with
everyone.
Here.
B
B
This
came
as
a
kind
of
follow-up
to
a
previous
signal
about
adding
different,
stable
coins
for
psm
facilities,
similar
to
the
usdc
one
and
there's
a
vote
to
basically
allow
the
open
markets
committee
or
something
rather
to
allow
them
to
set
the
tenant
out.
That's
the
fee
and
fiat
parameters
as
well
as
give
your
input
on
what
you
think
the
initial
debt
ceiling
should
be
and
the
other
one
is
adjusting
the
ttl
on
flat
option
on
flat
auctions.
That's
our
surplus
auction
and
the
ttl
is
how
long
it
takes
before
the
auction
ends.
B
A
E
Yeah,
hey
everybody
chris
from
protocol
engineering,
I'm
joined
with
other
members
of
the
protocol
engineering
team,
so
in
development
this
week
we've
got
the
direct
deposit
module.
This
is
a
final
pr,
taking
into
account
the
global
settlement
considerations
and
then
the
the
sort
of
big
one
is
the
flash
mint
module
which
earlier
this
week
was
deployed
to
kovan.
I
encourage
anybody.
E
If
you
get
a
chance
to
to
play
with
the
flash
mint
module
on
kovan,
I
think
I'm
going
to
switch
gears
and
play
with
that
for
the
afternoon
and
and
whatnot.
This
is
also
lovingly
referred
to
as
recreational
nukes,
so
yeah,
I
think
for
our
purposes.
Obviously,
the
flash
mint's
like
a
big
deal.
It's
maybe
more
like
a
nuclear
power
plant,
but
it's
it's
going
to
add.
E
You
know
a
lot
of
capabilities
to
both
like
really
arb
the
peg
in
different
locations
or
to
like
have
enough
dye
liquidity
on
hand
for
for
arbors
to
just
sort
of
like
go
in
and
and
work
out
like
peg
issues.
It
also
gives
us
this
sort
of
native
toolkit
to
like
do
a
bunch
of
cool
stuff
where,
where
like
people
can
rebalance
like
vaults
for
of
one
type
with
another
type
and
and
stuff
like
that,
so
there's
there's
a
lot
of
obviously
pretty
cool
things
that
can
be
done
with
it.
E
So
this
is
this
is
the
case
where
I
mean
the
oracle
team
puts
a
ton
of
work
into
making
sure
that
you
know
we
don't
ingest
bad
prices
and
and
liquidations2o
kind
of
has
us
leaning
on
some
of
that
work.
We
added
like
a
minor
mitigation
in
the
in
the
clipper
mom
to
sort
of
trip
the
breaker
on
liquidations
if
the
oracle
price
changes
by
too
large
delta
in
between,
like
updates,
but
we
think
that
you
know
for
proper,
like
defense
in
depth.
E
E
So
for
layer,
two,
the
optimism
team
changed
a
bunch
of
their
token
standards,
and
so
we
have
like
a
huge
pr
sort
of
accommodating
those
changes
and
also
we
are
engaged
with
sertora
using
their
tooling
to
to
do
formal
verification
and
proofs.
So
so
you
know
all
of
that's
coming
along
it's
just
even
you
know
the
api
or
the
framework
that
we're
targeting
is
like
kind
of
a
moving
target
on
us.
So
it's
it's
a
little
bit
tricky
and
then
for
discussions.
E
So
we've
been
talking
about
like
sort
of
their
like
sandbox
and
scaling
models
and
and
seeing
what
areas
pe
can
kind
of
like
hand
to
ses
in
order
to
like
create
like
safe,
sandboxes
and
incubate
engineers
that
can
work
on
the
protocol.
So
and,
let's
see
also,
I
think
brian
is
working
with
oracle's
on
trying
to
give
them
an
instant
access
module,
for.
I
believe
it's
authorizations
for
like
whitelisting
readers
against
the
medianizer
and
the
oracle.
E
E
Yeah,
so
there's
a
there's.
This
auction,
hyphen
demo
hyphen
keeper
repository
and
the
the
point
of
that
repository-
is
that
it's
like
basically
a
backstop
keeper.
It's
supposed
to
be
a
reference
implementation.
It
started
as
a
reference
implementation,
but
we
kind
of
want
it
to
be
a
like
a
backstop
keeper
for
the
protocol,
so
in
a
really
insane
liquidation
event.
The
hope
is
that
any
member
of
the
community
could
spin
this
for,
like
just
clone
this
repo
put
a
private
key
in
it
start
like
point
it
at
a
node
start.
E
A
E
E
B
G
A
E
H
Yeah,
I
agree
every
I
agree
with
you.
Yes,
we
we
have
been
talking
with
a
few
well
because
we
know
with
whom
is:
are
they
going
to
work
and
it
will
be
easy
to
onboard
them
on
the
process,
but
I
think
at
least
at
this
stage,
where
we
are
like
just
on
the
first
steps
of
creating
institutional
vaults.
I
think
the
polls
will
be
managed
by,
for
example,
nexo
or
other
similar
companies
that
we
already
know.
So
I
don't
think
we
need
a
kyc
company
in
the
middle.
What
we?
F
I
Yeah
I'd
say
in
general:
the
blockage
on
this
setting
is
not
really
like
engineering
complexity.
It's
fairly
straightforward
to
you,
know,
build
some
permission
into
into
stuff
or
build
say
fixed
rates.
I
think
it's
more
about
the
risk
management
and
you
know
sort
of
then
scalability
concerns
more
than
anything.
D
Cool
yeah
short
and
sweet
this
week,
so
just
behind
the
scenes,
a
lot
of
trying
to
get
the
the
core
unit
set
up
the
the
pull
for
for
the
oracle
core
unit
is
also
live
right
now.
So
I
think
it's
been
up
for
like
what
four
days
and-
and
it
runs
two
weeks
total,
so
go
go
vote
on
that.
You
know
whether
you
approve
or
disapprove
doesn't
matter
go
vote.
D
D
If
we
did
use
their
contracts,
we
would
kind
of
deploy
our
our
own
instance,
because
theirs
is
kind
of
upgradable.
So
we
don't
want
to
take
on
any
of
the
any
of
that
risk.
If,
if
we
were
to
go
that
route
but
yeah
still
still
kind
of
undecided,
but
it
sounds
like
it
sounds
like
we're
getting
closer
to
to
a
solution.
D
D
But
you
should
be
seeing
some
proposals
pop
up
in
the
in
the
form
fairly
soon
that-
and
I
guess
the
the
last
thing
is
go
vote
on
the
executive,
because
we
have
a
bunch
of
urine
white
listing
proposals
for
the
oracle,
so
they
can
do
delegated
vaults,
which
you
know
not
only
gets
our
oracles
used
more,
but
the
delegated
vaults
right.
They
promote.
D
They
basically
inject
urine
tvl
for
those
tokens
into
maker
right,
so
they
can
borrow
dye
and
then
put
that
dye
in
there
and
their
dye
into
their
die
kind
of
vault.
So
we
we
could
potentially
see
like
a
pretty
significant
uptick
right
from
the
the
uni
link
ave
and
I
think
the
last
one
is
comp
from
from
those
vaults.
So
let's,
let's
see
what
what
happens
there
yeah.
I
think
that's!
That's
it
from
from
my
end
this
week,
not
not
too
much
going.
A
J
Yeah
I'll
also
be
very
brief
today,
because
we
are
now
mostly
occupied
with
three
larger
evaluations
on
our
side-
the
ones
I
mentioned
last
week,
so
these
are
stake:
deed,
d3m,
module
and
polygon
collateral
evaluation,
we're
hoping
we
can
get
staked
evaluation
done
by
next
week
and
then
we'll
probably
need
another
week
or
two
to
finish
the
other
two.
Otherwise,
as
promised
last
week,
we
posted
the
last
two
sushi
related
collateral
evaluations,
evaluations
today,
so
these
are
sushi
eat,
sushi,
lp
and
xsushi.
J
Today
we
also
added
new
sections
to
our
risk
dashboard.
This
was
actually
mentioned
by
pros.
So
now
you
can
see
all
the
auction
statistics
and
performance
on
everyday
in
in
in
detail.
There
are
also
some
interactive
simulations
for
maker
loan
losses
and
there's
another
page
that
features
all
our
forum.
Posts
basically
includes
all
our
past
parameter
proposals
and
collateral
evaluations
and
so
on.
So
this
is
all
now
deployed
to
maker.blockanalytica.com
so-called
makeris
dashboard
and,
of
course,
feedback
is
appreciated
and
yeah.
J
K
Yeah
thanks
so
three
point
four
today
the
first
one
is
a
new
silver.
There
was
a
lot
of
talks
of
regarding
a
new
silver.
I
think
the
main
the
most
important
one
was
regarding
the
executive
summary
issue,
so
I
will
publish
a
post
more
time,
but
we
are
working
on
assertion
so,
just
to
summarize,
it
was
an
option
for
the
asset
organizator
to
change
the
executive
summary
more
or
less
the
terms
of
the
agreement.
K
We
have
a.
We
have
a
we'll
focus
on
a
new
silver
tomorrow
evening
at
I
don't
remember
the
time,
but
probably
someone
can
find
the
and
I
will
post
the
the
I
will
link
the
post
regarding
the
the
the
collateral
like
uk.
We
will
sorry
you
will
be
able
to
ask
any
question
to
a
new
silver
and
understand
why
the
change
was
was
made.
But
the
issue
is
that
we
should
add.
K
K
No
second
point:
we
are
still
working
a
lot
on
onboarding
law
firms.
So
currently
we
are
discussing
with
the
three
law
firms,
one
in
the
cayman
islands
and
two
in
the
u.s
to
advise
us
on
all
the
reward
aspect,
reward
asset
topics
which
is
a
one
of
the
big
component
of
the
new
budget
that
is
on
vote
currently
for
the
world
finance
team
as
a
budget
as
a
newbie.
K
Currently
we
don't
have
any
budget
for
that,
so
I'm
using
some
some
part
of
the
budget
that
was
expected
for
something
else
to
pay
for
the
lawyer,
because
I
guess
it's
more
important
right
now
and
for
the
next
budget,
it's
20
000,
diaper
months
on
the
legal
stuff,
but
most
likely.
That
would
not
be
enough,
so
I
will
have
to
take
from
somewhere
else
inside
my
budget,
and
the
last
point
that
I
think
is
important
to
note
is:
we
are
also
working
on
the
solix
cayman
trust
structure.
K
So
it's
not
like
every
day
we
have
someone
that
did
something
way
bigger
than
what
we
do
currently
so
so
yeah.
That's
why?
I
think
it's
a
good
opportunity
for
maker
to
move
on
on
this
topic,
and
then
we
will
take
some
vacation
of
the
world
team.
I
guess
that's
it.
If
you
have
any
question
on
any
item
on
this
list
or
something
else,
please
feel
free
to.
K
A
F
I
I
just
want
to
mention
that
maker
governor
should
probably
look
into
the
history
of
solyndra,
which
tried
to
build
a
solar
farm
in
nevada
and
ended
up
spending
about
700
million
dollars
in
us
government
money
before
they
went
bust.
I
I
don't
want
to
make
a
big
deal
about
it
personally,
but
I
think
there's
some
precedent
behind
things
like
this.
H
So
what
what
we
understood
about?
What
our
partners
told
us
is
that
we
have
two
different
approaches
to
follow
there.
One
is
with
retail
users,
so
we
have
to
find
a
way
to
explain
to
them
what
die
is
because
they
will
be
looking
for
a
way
to
convert
their
bitcoin
in
the
case
of
merchants,
for
example,
accepting
bitcoin
they
want
like
they
won't
keep
those
bitcoin.
H
They
will
want
dollars,
so
we
know
because
of
our
previous
experience
in
emerging
markets,
that
we
have
to
explain
to
everyone
that
I
actually
is
like
a
better
dollar
or
something
like
that,
because,
as
dai
is
not
called
usd
something
people
like
they
don't
understand
immediately.
What
dye
is
so
we
have
to
like
create
some
sort
of
a
educational
campaign.
H
We
are
talking
with
these
partners
that
are
in
touch
with
the
government
to
do
that,
so
we
can
like
educate
people
about
die
and
help
them
to
understand
how
they
can
convert
bitcoin
to
die.
That's
for
retail
users,
we're
also
planning
to
help
our
partners
to
launch
a
solution
for
the
merchants,
so
they
can
easily
convert
bitcoin
to
die
whenever
they
want
in
regards
with
the
government.
H
That
is
also
well
something
that's
well,
it's
not
that
easy,
because
we
want
to
propose
to
them
to
use
their
bitcoin
and
they
use
or
balls
to
get
a
die
loan.
Actually,
this
could
be
like
a
a
pretty
fantastic
use
case
for
the
institutional
votes,
but
well,
let's
see
because
first
we
have
to
convince
them
and
explain
them
what
what
is
die.
That's
the
basic
and
then
why
they
should
like
open
up
vault
and
how
the
how
all
this
work.
H
H
H
A
A
L
All
right
so
quick
update
from
us
we've
been
doing
a
lot
on
the
admin
side
and
that
will
be
reflected
in
our
document
later,
so
anyone
can
can
actually
spin
up
a
core
unit
if
they
want
to,
but
yeah.
We
keep
having
these
talks
with
very
interesting
teams
to
join
the
incubator
and
I'm
looking
forward
to
join
details
later
regarding
the
design
core
unit.
It's
live.
We've
said
this
already,
but
please
reach
for
help.
L
If
you're
looking
for
for
talent,
they
can
help
writing
the
job
description
and
outsourcing
pretty
much
the
whole
whole
funnel.
So
you
can
define
the
funnel
with
them
and
and
they
will
deal
with
that,
so
any
core
unit
that
needs
help
you
can
reach
out
to
them
and
yeah
the
dax
core
unit.
So
that's
like
the
front
and
core
unit.
They
had
a
meet
and
greet
last
friday.
The
video
is
on
our
public
vscs
public
folder,
so
go
and
check
it
out.
L
Again,
the
video
is
already
on
youtube.
So
if
you
want
to
go
check
it
out,
please
do
tomorrow.
I
think
sep
already
mentioned
this.
We
will
have
new
silver,
so
we
have
focus
on
your
silver
join
us
at
3,
00
pm
utc
and
bring
any
questions
that
you
might
have,
and
we
are
still.
We
still
need
to
confirm
the
monaco
capital
partners
for
the
collateral
boarding
call
for
real-world
assets,
and
that's
that's
it
from
us.
This
is
where
you
can
find
us.
L
I
mean
we
have
a
budget
and
we
also
have
a
capacity
to
to
help
other
teams.
So
in
some
cases
we
are
helping
projects
that
want
to
spin
their
own
core
unit
kind
of
informally,
and
we
help
them
navigate
governance,
but
we
are
expecting
to
onboard,
maybe
two
more
teams.
We
do
believe
that
these
two
core
units,
the
talent
and
dax-
will
be
quite
fast
in
general,
so
maybe
in
four
months,
they'll
be
up
and
running
and
all
set
up,
so
we
can
start
focusing
on
other
other
groups
and
core
units.
A
G
A
C
All
right,
my
bad
yeah
here,
it's
recording
again,
so
I
think
it
was
just.
I
hope
it
just
doesn't
pause
an
actual
file.
Instead
of
giving
you
two
files,
it
does.
I
think,
okay,
it
works
all
right,
it's
sweet,
so
so
yeah
here
we
are
welcome
to
the
weekly
mips
update
everybody.
My
name
is
david.
I'm
the
predator
fellow
contributor
here.
C
So
let's
get
in
all
right,
so
we're
in
june
and
we're
actually
here
in
the
17th
we're
one
week
into
the
first
round
of
ratification
polls
and
so
yeah.
Let's
let
me
actually
go
on
and
kind
of
go
through
all
of
june's
formal
proposals,
so
there's
seven
total
ratification
polls
that
are
happening
right
now.
C
One
of
them
is
for
a
technical,
mip
called
dss
fest
we've
all
spoken
about
it
a
million
times,
so
I'm
not
going
to
go
over
it
again
and
then
all
of
the
other
mips
are
core
unit
related.
We
have
a
a
second
governance
facilitator
being
proposed
on
gov
alpha,
which
is
pros.
We
have
four
different
budget
modifications
happening,
one
for
govalfa,
another
for
real
world
finance,
another
for
the
risk
team
and
another
for
the
sustainable
ecosystem
scaling
court
unit.
C
Those
are
four
separate
votes
and
then,
lastly,
we
have
the
oracle's
core
unit,
mipset
boat,
and
that
includes
all
three
of
their
proposals:
the
mandate,
the
budget
and
the
facility
facilitator,
onboarding
and
so
yeah.
Those
are
the
seven
total
votes
that
are
happening
for
the
monthly
cycle
this
june,
so
one
technical
and
six
core
units
related
votes
and
so
yeah
week.
Two
and
three
is
is
pretty
boring.
C
But
again
just
to
remind
you
all,
I
know
I've
been
shoving
this
down
everybody's
throats
for
like
the
last
month,
but
the
ratification
polls
are
really
really
simple:
they're
two
weeks,
they're
a
binary
poll
and
for
them
to
pass.
There's.
Basically,
a
requirement
for
the
poll
to
end
in
an
overall
yes,
and
also
for
that,
yes
to
have
at
least
the
ten
thousand
mkr
delta.
So
there
has
to
be
ten
thousand
more
yes
votes
than
no
votes
overall,
and
if
that
happens,
then
things
pass.
Is
that
correct.
C
A
C
A
C
Cool
good
to
know,
yeah
cool
and
that's
that's
pretty
much
it
for
the
current
monthly
cycle
and
the
active
votes.
We
have
a
number
of
new
mips
in
rfc
there's
the
special
purpose
fund,
mip
55,
that
was
proposed
by
amy
there's
the
dispute
resolution
map
that
was
proposed
by
greg
there's
a
couple
of
budget
modifications
that
are
coming
in
the
pipeline
for
potentially
next
month's
governance
cycle.
C
And,
lastly,
we
have
an
updated
declaration
of
intent
from
be
protocol
and,
if
you
guys
are
unfamiliar
with
vprotocol,
they
are
a
dow
like
org.
That,
basically
does
you
know
liquidations
for
various
different
lending
protocols,
including
maker,
and
they
have
a
v2
and
they're
kind
of
requesting
that
mkr
voters
give
them
an
opportunity
to
experiment
and
to
have
like
a
vault
type
that
has
a
native
integration
with
their
v2
of
the
protocol.
So
definitely
check
that
out
as
well.
C
We
have
a
number
of
quarry
units
still
in
rfc,
so
we
have
collateral
engineering
services,
which
is
monkey
irish.
We
have
strategic
happiness
which
is
andrew
bourbon.
We
have
am
amazik
amazix,
I
don't
know
really
how
to
pronounce
it,
but
mitchell
from
amazic's
recently
proposed
that
this
is
actually
a
competing
marketing
core
unit.
C
Then
we
have
strategic
marcoms,
which
is
a
resubmission
so
kathleen
her
her
core
unit
went
through
the
vote
I
believe
last
month
and
failed,
but
this
is
a
renewed
proposal
and
I
and
yeah
I
think
that
she's
also
doing
a
launch
pod
session,
or
she
has
already
a
double
check
for
next
week
and
then.
Lastly,
governance
communications
has
also
been
renewed
and
in
late
may
and
so
check
those
out
lots
of
core
units
in
the
pipeline
and
then
lastly,
just
a
reminder
that
mip
53
was
withdrawn.
C
C
C
Sorry
there's
my
family
in
the
background,
so
there
was
so
there
was
a
gov
alpha
budget
modification
posted
by
a
non-team
member
of
govalfa,
and
so
basically
in
the
in
the
forum,
I
gave
my
opinion
as
a
bit
better
saying.
Ideally
these
should
come
from
either
the
facilitator
or
team
members,
and
I
gave
gov
alpha
teammate
team
members,
the
option
of
either
letting
this
community
member
run
with
the
proposal
or
taking
it
over
and
in
general.
C
A
C
A
A
A
H
Yeah
yeah,
well
everything
started
institutional
votes,
I
mean,
because
we
started
conversations
with
the
largest
users
of
the
larger
largest
vault
users,
and
we
wanted
to
understand
why
they
are
not
deploying
more
capital
into
those
votes
and
why,
like
any
feedback
about
the
maker
protocol
and
well,
nexo,
is
one
of
the
closest
ones
to
us.
So,
luckily,
like
we,
we
have
this
conversation
with
them.
H
H
This
was
this
was
happening
and
it
was
just
like
trying
to
understand
their
users,
but
also
at
the
same
time,
we
are
seeing
that
others
like
appi
and
compound
that
are
defy
projects
like
us.
They
are
thinking
about
having
institutional,
an
institutional
product
as
well,
where
kyc,
where
a
separate
pools
and
even
more
like
a
permission,
solutions
than
the
ones
that
we
are
thinking
about.
So
that's.
Why,
like?
H
So
I
think
it's
it's
like
the
natural
next
step
for
the
the
protocol.
Now
what
we
have
to
decide
and
we
have
to
like
understand
what
what
what
it
takes
is,
should
we
like
take
the
permission
or
the
permissionless
way
to
develop
this
solution,
understanding
all
the
implications
like
the
technical
implications,
security
implications
and
all
that
this
decision
could
have
could
have
a
in
the
protocol.
H
K
E
Yeah
that
that
was
a
that's
a
great
summary
of
of
it,
not
yet
I
I'll
mention
you
know.
Obviously
there
was
a
lot
of
back
and
forth
when
we
discussed
this,
because
you
know
the
implementation
detail
is
really
whether
or
not
this
is
going
to
be
permissioned
or
permissionless,
and
so
permissionless
is
an
attribute,
obviously
in
in
blockchains
and
in
this
decentralized
finance
world,
and
I
would
say,
in
the
economy
we're
trying
to
build.
E
That
is
a
sort
of
cherished
attribute
and
and
so
no
one,
I
think,
on
the
like
mandated
actors
calls
or
in
the
core
units
really
wants
to
abandon
this,
and
so
I
I
kind
of
originally
was
very
resistant
to
the
idea
that
we
end
up
like
creating
like
white
listed
vaults
for
people,
and
I
think
I
think
we
should.
You
know,
sort
of
heavily
consider
that.
E
So
I'm
hoping
that
we
can
kind
of
take
these
institutional
vaults
and
the
the
easiest
low
bar
like
turnkey
solution
is,
you
know
we
whitelist
one
of
their
addresses
and
then
they
have
access
to.
You
know
to
create,
given
these
basic
like
terms
that
riskwood
would
give
for
them.
But
then
we
we
take
a
look
at
whatever
those
terms
are,
and
we
attempt
to
figure
out
how
to
to
like
offer
those
terms
to
all
users
permissionlessly,
and
so
that
may
be
like
a
special
sort
of
urn
adapter
that
sits.
E
On
top
of
you
know
the
the
core
protocol,
like
a
proxy
that
you
go
through
in
order
to
create
like
a
vault
that
that
has
these
these
sort
of
like
attributes
to
it,
and-
and
so
I
think
that
you
know
we
can
very
quickly
do
the
whitelist
thing
now,
but
we
should.
We
should
definitely
consider
you
know
whatever
somebody
like
nexo
or
any
institution
asks
us
for.
We
should
figure
out
how
to
to
provide
that
to
the
masses.
E
Otherwise,
we
are
really
just
creating
the
old
traditional
financial
system
and
they'll,
be
these
giant
players
and
to
those
that
have
everything
will
be
given
and-
and
you
know,
and
that
leaves
the
rest
of
us
exactly
in
the
same
situation
that
led
us
flooding,
traditional
finance
so
fleeing
traditional
finance.
So
yeah,
that's
my
that's!
My
sort
of
general
take
on
it
right
now.
I'll
also
mention
that
that
real
world
assets
are
basically
all
just
permissioned
vaults
as
well.
E
So
it's
like
you
know,
we
can't
really
do
the
real
world
asset
stuff
promotionlessly.
Yet,
although
I
don't
think
that's
something
that
we
should
shy
away
from
attempting
to
figure
out,
but
there's
just
too
many
like
real
world
complications
for
that.
So
we
already
do
have
these
permission
faults
but
yeah,
so
that
that's
that's
my
take
on
it.
I
don't
know
like
more
people
on
pe
or
other
people
may
have
nuanced
takes,
but
we're
interested
in
whatever
discussion.
J
Yeah,
so
I
I
can
jump
in
here
so
permission
words.
Why?
Why
here
too,
why
did
it
make
sense?
Is
that
the
whole
idea
is
to
have
direct
communication
with
the
with
the
borrower,
understanding
them.
So
it's
similar
to
real-world
assets
right,
we
want
to
know,
you
know
basically
the
balance
sheet
of
the
borrower.
We
want
to
know
what
their
unwriting
procedure
is,
and
then
we
can
offer
better
terms
and
the
terms
most
of
the
institutions
are,
after
are
mostly
related
to
cost
of
capital,
so
everybody
basically
want
lower
liquidation
ratio.
J
Of
course,
a
stable
fee
right,
lower
liquidation
ratio
are
stable
and
low
fee,
so
fees
are
already
low,
but
you
know
it
could
be
just
temporary
now,
but
definitely
lower
liquidation
ratio
is
something
they
would
appreciate,
and
this
also
means
that
they
would
obviously
mint
more
because
what
they
do
is
they
have
some
kind
of
buffer
for
getting
liquidated,
and
you
know
if
you're,
if
you
offer
a
lower
liquidation
ratio,
they
can
mean
more,
they
can
have
lower
qualitization
ratio
on
our
side.
You
know
this
alone
isn't
enough.
J
The
whole
idea
is
to
have
direct
communication
with
them.
So
as
soon
as
we
understand
you
know
how
how
their
unwriting
techniques
looks,
you
know
they're
monitoring
their
exposure,
they
have
sufficient
capital,
they
don't
need
to
make
necessarily
repayments
right.
They
can
deposit
more
collateral.
It's
all
more.
You
know
it's
all
safer,
so
the
world
type
is
safer.
So
then
we
can
offer.
You
know
these
better
terms,
but
yeah.
J
M
So
but,
but
then
we're
and
at
that
point,
like
these
institutional,
invest
institutional
users,
if
you're
underwriting
their
credit
risk
we're
getting
into
the
exact
same
problems
that
I
I
know
very
well
of
course
of
like
then.
How
do
you
actually
ensure
that
there's
there's
any
recourse
against
the
business
outside
of
what
is
locked
up
in
the
vault
right,
yeah,
right
and.
J
J
No,
no
we're
not
talking
about
below
hundred
percent
collateralization
ratios
right,
so
they
would
be
okay.
If
we,
you
know,
can
you
know,
go
below
130
or
have
special
capacity
at
130
liquidation
ratio
or
maybe
even
a
bit
lower,
there's
still
debates,
but
there's
there's
another
part
of
the
story
which
are
fixed
rates
right.
They
also
are
after
that.
So,
if
you
can,
you
know,
offer
them
fixed
rates.
That's
that's
also
a
huge
benefit.
J
Why
this
would
be
good,
but
obviously
better
on
our
side
is
that
we
kind
of
guarantee
ourselves
that
this
they
would
be
a
long-term
user
right
if
you,
if
you
set
up
a
origination
fee
of
I
don't
know
two
percent
and
the
release
low
stability
fee,
you
kind
of
guarantee
yourself
that
they
are
going
to
stay
with
us,
for
you
know
at
least
a
year
and
they
wouldn't
migrate
to
other
compounds
as
soon
as
rates
are
lowered
there.
So
this
was
also
one
one
idea,
but
we
haven't
really.
E
Yeah,
if
I
could
add
one
additional
point,
that
I
kind
of
forgot
to
mention
is
there's
an
opportunity
cost
right.
So
I
don't
think
that
this
would
be
a
widespread
thing
that
we'd
be
doing
for
everybody.
For,
like
you,
know,
every
vault
that
wanted
to
create
like
a
million
or
two
million,
or
something
like
that,
like
there's
gotta,
be
a
threshold
because,
while
we're
creating
these
white
gloved
vaults,
we
basically
can't
be
putting
time
into
things
like
expanding
to
l2,
where
we
can
actually
like
reach
broader
audiences.
I
Yeah
I'd
like
to
throw
up
just
a
few
words
then,
on
the
philosophical
perspective
here
right,
you
know
so,
yes,
certainly
permissionlessness
is
good.
I
mean
I
point
out
with
this:
we're
not
getting
rid
of
the
existing
permissionless
offerings
that
we
have.
This
is
a
way
to
you
know,
use
very
specific
permissioning
for
a
small
part
of
the
system
to
generate
more
dye
supply,
which,
in
and
of
itself,
is
a
good
thing
so
long
as
dye
itself
remains
permissionless
and
uncensorable.
I
You
know
the
market
has
a
lot
of
demand
for
that,
and
you
know
I
think
it's
a
good
way
to
provide
it.
You
know
I
I
don't
see
these
things
as
being
any
more
permission
than
say:
rwa
vaults.
In
fact,
I
think
we
have
better
properties
here,
because
at
least
it's
still
crypto
collateral
that
we
can.
You
know,
auction
and
liquidate.
If
they
have,
you
know
poor
risk
management.
I
I
You
know-
that's
probably
not
the
best
use
of
our
time,
but
if
we
can
onboard
a
few,
you
know
strategic
partners
who
can
you
know
demonstrate
that
their
their
risk
management
is
good
enough
to
to
merit
lower
rates
and
in
return
we
get.
You
know
hundreds
of
millions
or
billions
of
die
supply
off
of
those
four
or
five
relationships.
You
know
I
I
see
that
as
as
totally
worth
it.
You
know
in
terms
of
helping
the
dow
survive
and
you
know
do
the
big
things
we
we
do
want
to
do.
I
A
G
This
is
something
that
I
really
really
like
about
the
whole
thing,
and
I
mean
we
had
a
lot
of
discussions
about
the
ifb
world
with
the
low
liquidation
ratio,
and
now
we
finally
made
the
step
after
well
wednesday
that
we
can
actually
raise
the
debt
ceiling,
but
we,
if
we
are
thinking
about
actually
lower
goal
lower
between
of
130
percent,
I
I
think
we
cannot
keep
well
just
just
my
feeling.
I
think
we
cannot
keep
the
one
hour,
oracle
delay
for
them,
and
probably
they
just
don't
need
it.
G
I
D
I
D
Yeah
and-
and
I
think
the
the
thing
with
ep-
and
I
I
think
you've
got
this
right
tim
is-
is
right,
it's
all
about
vault
management
right.
So
when
you
have
like
an
open,
permissionless
vault
and
you
don't
know
how
sophisticated
the
individuals
are
there,
that
are
using
it
right
things
like
collateralization
ratio
right,
we
have
to
be
very
conservative
with.
D
But
if
you
look
at
something
like
the
wi-fi
vault,
where,
like
the
majority
of
it,
is
urine
and
they've
just
automated
the
crap
out
of
right,
always
kind
of
hugging
the
line
right
where,
if
they're
too,
over
collateralized
right,
that
means
they're
leaving
money
on
the
table
in
terms
of
farming
right.
So
they're
always
just
like
right
on
the
limit,
and
you
know
they've
they've
always
covered
right
now.
G
D
E
G
Okay,
well,
that's
a
point
where
I
would
agree
that
it's
that
it's
probably
yeah
there
is
probably
more
risk
involved
with
the
euro
goals.
But
what
I
don't
really
get
is
we
don't
have
any
kind
of
guarantee.
We
basically
look
at
the
strategy
and
have
some
kind
of
historic
view
on
how
they're
managing
their
position,
but
there's
no
way
on
actually
punishing
them
if
they
are
not
able
to
keep
what
we
think
they
could
keep,
and
this
is
something
that
concerns
me
a
bit.
So
if
we.
D
J
G
J
So
next
so
nexo,
for
instance,
nexo
is
maintaining
close
to
400
to
500
quilterization
ratio,
so
they
are
protected
against.
You
know
more
than
50
drops
if
it
were
liquidation
ratio
that
just
means
they're
protected.
You
know
towards
bigger
drops
and
they
might
be
able
to
mint
more
than
right.
That's
the
this
is
the
whole
idea.
You
know
just
the
cost
of
capital.
J
G
E
M
We
could
give
them
that
might
sort
of
achieve
the
same
thing
right
where
like,
if
we
tell
them
instead
of
having
the
one
hour
to
to
bring
your
vault
back,
you
have
two
hours,
then
they
effectively
can
go
closer
to
the
to
the
cloud
to
the
clarization
ratio
and
and
and
like
if
they,
if
they,
if
we
give
them
time
instead
of
like
a
lower
limit.
That
would
actually
not
even
require
a
big
change
right.
D
I
So
I
do
think
that
there's
there's
a
lot
of
potential
in
playing
with
the
playing
with
the
oracle
delay
playing
with
this
initial
maintenance
idea.
That
nick
mentioned,
and
also
thinking
about
the
kind
of
credit
risk
legal
recourse
aspect
that
could
open
up
a
huge
huge
market
for
us,
because
we
just
we
have
such
a
big
competitive
advantage
on
the
on
the
rates.
But
we
have
we're
at
a
huge
disadvantage
with
respect
to
collateral
terms.
Right
now,
in
my
opinion,.
M
F
A
Is
it
something
you
could
do
separately
from
liquidations
as
well?
Can
you
just
like
build
a
layer
on
top
of
the
vaults
which
is
like
so
similar
to
the
psm,
where,
like
one
contract,
can
only
interact
directly
with
the
volts
and
then
that
contract
on
top
enforces
the
initial
ratio?
And
then
the
one
below
enforces
the
like
actual
ratio
yeah?
Well,
you
could
just
do
it
for
an
individual.
D
M
H
We
we
were
thinking
about
posting,
a
proposal
in
the
forum,
but
not
not
creating
a
legal
entity
to
sign
for
a
legal
agreement
like
at
least
for
this
first
institutional
clients
like
I.
I
don't
think
we
need
to
think
about
to
incorporate
a
company
for
doing
that,
but
maybe
I'm
wrong
and
I'm
not
seeing
why
we
should
do
it
now.
A
E
A
It
would
be
kind
of
nice
to
be
able
to
provide
this
in
sort
of
a
scalable
way
as
well.
Like
I
kind
of
mentioned
it
it'll
be
good
if
we
can
kind
of
have
like
one
permission,
vault
right
or
like
with
favorable
parameters
that
we
can
convince
everyone
to
use.
I
think
that'll
be
potentially
difficult
because
everyone's
going
to
want
their
own
things,
but
I
I
can
kind
of
potentially
see
a
situation
where,
like
you
know,
this
works
out
really
well
for
next
year.
A
F
I
mean
we're
already
kind
of
dealing
with
this
with
projects
offering
up
their
tokens
as
collateral
options
right,
so
we've
got
this
huge
backlog
of
people
that
effectively
want.
You
know:
white
glove
treatment
for
onboarding
and
and
we're
still
working
on
processing
that
and
we're
going
to
have
that
compounded
with
people.
Looking
for
special
treatment
on
vaults.
A
F
And
that
would
lean
towards
a
permissionless
solution
right.
So
if
we,
if
we
gave
some
some
nice
vault
options
with
maybe
high
dust
limits,
you
know
so
so
you'd
have
to
at
least
have
a
certain
amount
of
capital
to
to
even
play.
The
game
then
like
we'd,
have
that,
but
we
we
wouldn't
get
the
benefits
of
like
being
able
to
look
at
their
balance
sheet
and
their
their
history
of
meticulously.
Maintaining
their
you
know,
collateralization
ratio,
so
there's
there's
trade-offs
and
that's
part
of
decentralization.
Unfortunately,.
A
A
J
Yeah
yeah,
so
when
we're
on
boarding
down
it's
not
an
issue,
you
can
set
it
pretty
high,
but
then
it
actually
becomes
risky
if
you
maintain
it
as
high.
So
if
there's
a
permissionless
fault,
you
need
to
hide
us.
So
you
know
you
obviously
get
only
you
know
bigger
institutions
in,
but
then
you
wouldn't
want
to
maintain
it
as
high,
because
you
have
this
risk
of
not
being
able
to
make
partial
repayments,
because
you
can
only
pay
the
whole
loan
or
you
know,
or
just
deposit
additional
collateral.
J
J
G
G
H
E
Yeah,
I
was
just
going
to
say
to
liv's
point
in
the
sidebar.
I
I
think
I
think,
there's
probably
a
permissionless
way
to
to
ensure
that,
like
you
know,
if
we
were
going
to
offer
this
permissionlessly
that
that
vaults
had
enough
outstanding
debt,
that
liquidation
was
painful
enough
so
that
they
were
self-incentivized
to
like
manage
that.
E
So
there
there
may
be
ways
to
to.
Basically,
you
know
create
the
same
sort
of
deal
for
really
large
players
and
but
yeah.
Your
point
is,
is
well
taken
like
that's.
Obviously,
why,
like
normal
retail
with
smaller
size,
vaults
like
just
can't
save
their
vaults
and
a
really
bad
downturn
with
network
congestion
and
yeah?
So
but
I
think,
there's
a
path
I
don't
want
to
give
up
on
it.
The
dream.