►
From YouTube: Governance and Risk Meeting: Ep. 46
Description
Governance Segment
- Richard Brown
- Asset Priority Poll
- Portal v1.5 release
Risk Segment
- General Risk
- Primoz Kordez: ‘MakerDAO metrics platform in collaboration with Santiment’ presentation
- Monetary Policy - Vishesh Choudry
- Weekly Narrative - Matthew V Rabinowitz
We'll then spend the rest of the time in a general Q&A session.
Discussion Thread: https://forum.makerdao.com/t/218
Podcast version: https://soundcloud.com/makerdao/sets/governance-and-risk
Summaries: https://community-development.makerdao.com/governance/governance-and-risk-meetings/summaries
Transcripts (Delayed by 48 hours): https://community-development.makerdao.com/governance/governance-and-risk-meetings/transcripts
Foundation Proposal: https://medium.com/makerdao/foundation-proposal-v2-f10d8ee5fe8c
Governance and Risk Framework: https://community-development.makerdao.com/governance/governance-and-risk-framework/part-one
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Reddit: https://www.reddit.com/r/MakerDAO/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
A
Hello,
everyone
welcome
to
the
August
first
first
edition
of
the
scientific
governance
and
risk
meeting.
I
was
just
checking
the
numbers
and
amazingly
this
is
our
45th
scientific
conference
and
risk
meeting
is
45
weeks
of
wall-to-wall
analytical
actions.
That's
pretty
impressive,
but
then
it's
quite
a
library
of
information
to
troll
through
I.
Think
it's
a
bit
of
an
achievement
because
keeping
momentum
up
on
these
things
is
notoriously
difficult
in
the
fact
that
we've
done
it
as
a
community
is
very
heartening.
A
A
We're
gonna
have
some
presentations
from
a
presentation
from
a
new
face
in
this
call.
Today,
Primo's
you've
been
working
closely
with
the
risk
teams
is
going
to
present
some
grass
to
us,
which
I've
been
assured
by
Cyrus
are
dope
so
dope
and
so
I'm
looking
forward
to
figuring
out
what
that's
all
about.
But
let's,
let's
talk
about.
Well,
let's
do
the
preambles
and
we'll
talk
about
governance
very
quickly,
then
we'll
talk
to
we'll
hear
from
David
about
what's
been
going
on
in
the
forums
the
preamble
is
this.
A
We
are
enormous
ly
interested
in
hearing
what
the
community
has
to
say,
and
this
is
this-
is
the
opportunity
for
immediate
back-and-forth.
So
if
you
have
a
question,
please
type
it
into
the
chat.
If
you
have
access
to
a
microphone
please
pipe
up
and
just
ask
your
question:
you
can
interrupt
us,
we
don't
mind.
We
also
have
a
forum.
Now
in
the
forum
is
now
my
favorite
place
to
be
I'm,
going
to
paste
a
link
into
the
chat.
A
Now,
if
you
have
a
question
that
you
feel
didn't
get
addressed
in
the
call
or
is
excited
scope,
the
collar
just
too
much
for
the
call
to
handle-
please
type
it
in
this
and
this
forum
thread
we're
also
going
to
be
posting
links
to
the
videos.
After
the
calls
over
we'll
be
posting
summaries,
there
we'll
be
continuing
the
discussion,
and
so
this
is
where
the
long
tail
governance
happens.
A
The
forum
is
it
and
I
think
that
you
can
refer
back
to
the
library
of
46
previous
episodes
to
figure
out
how
important
it
is,
or
we
consider
that
the
forum
to
be
I'm
not
going
to
get
into
that
conversation
today.
What
I
am
going
to
talk
about
is
one
of
the
first
major
items
on
our
roadmap.
That's
coming
up
on
this
on
this
march,
towards
MCD
launch
is
going
to
be
the
asset
priority
poll
and
we've
talked
about
this
employees
never
really
talked
about
it
in
the
call
we've
talked
about
it
in
the
chat.
A
We've
talked
about
the
forms.
The
asset
priority
list
is
there
as
a
priority
poll
is
a
mechanism
which
will
allow
the
community
to
surface
I
should
stuck
me
in
this
pose.
So
let
us
know
which
priority
which
assets
they
wants.
The
community
that
governs
teams
the
risk
teams
to
focus
on
first
there's
a
lot
of
work
to
be
done.
A
There
are
seven
assets
that
need
to
be
evaluated
with
rigor
and
in
order
to
get
everyone
on
the
same
page,
we
need
to
figure
out
which
ones
we're
working
on
first
I'm,
just
supposed
to
link
to
the
forum
thread
cleverly
entitled
the
asset
priority
poll.
There's
some
discussions
in
there
about
different
ways.
We
can
go
about
conducting
this
poll,
and
so
what
I'm
doing
here
is
I'd
like
to
get
some
signals
from
the
community.
I
want
to
know
what
the
community
thinks.
A
The
best
way
of
managing
this
poll
is
there's
some
context
to
votes
some
of
the
limitations
that
we
have
in
our
existing
system.
We've
never
attempted
to
try
to
find
a
priority
list
and
we
don't
have
dragon
droppable
boxes
and
we
don't
have
sliders
and
we
don't
have
other
pleasingly
advanced
UX
mechanisms
yet,
but
we
can
definitely
shoehorn
priority
fold
into
the
system.
A
You
can
come
up
with
a
binder,
spend
six
months,
working
on
that
binder
drop
it
with
a
side
and
on
a
desk
and
then
expect
the
rates
and
sort
through
that
thing
and
look
for
educators
or
you
can
come
up
some
basic
principles
and
basically
function
some
good
ideas
and
then
iterate
over
time
and
that's
what's
happening
in
the
forums
and
it's
kind
of
like
the
crypto
e
open
source
e
way.
It's
got
us
this
far,
so
maybe
you
look
at
assume
farther.
So
what
we're
doing
sorry?
A
A
So
we
have
a
lot
of
people
talking
to
each
other
debating
what's
the
best
way
to
circle
some
signal
in
the
forums
and
have
that
lead
into
a
signal
in
the
polling
system,
and
so
I
actually
referred
to
the
this,
this
new
sort
of
rule
set
in
the
forums
to
figure
out
how
to
do
my
job,
which
is
a
really
cool
way
of
moving
this
entire
operation
forward.
I,
think
it's.
A
That
poll
will
be
open
for
seven
days
five
days,
I
think
once
that's
done,
we
will
use
that
to
craft
the
new
poll
that
goes
into
the
governance
mechanism
proper.
That
new
mechanism
will
be
we'll
go,
live
we're
sorry,
nothing
not
going
to
the
new
poll
will
go,
live
to
determine
the
asset
party
list
on
August
12th.
A
That's!
All
I
am
going
to
get
into
today,
other
than
leaving
the
community
with
a
request
to
hit
up
that
forum
thread.
Make
your
voice
heard
read
through
the
debates.
If
you
have
a
better
idea
about
how
to
conduct
the
poll,
we
would
love
to
hear
it
there's
five
days
to
give
us
feedback
before
we
start
working
on
implementing
in
some
all
right,
I
think
I'm
going
to
stop
there
David
very,
very
super.
B
Brief,
so
I'm
not
gonna
cover
everything
that
is
in
the
governance
at
a
glance
threats.
So
if
you
guys
don't
know
about
it,
long
for
wisdom
has
a
consistently
running
thread
that
he
updates
pretty
much
every
week
with
any
new
discussions
that
are
going
on.
It's
really
comfortably
kind
of
categorized,
I'm
gonna
link
the
whole
thread
here,
just
for
you
guys
on
the
call,
if
you
guys
are
interested
in
checking
it
out,
but
I'm
only
gonna
cover
the
two
new
threads
that
he
added
this
week.
B
If
you're
curious
about
the
other
threads,
you
could
just
listen
to
me.
Talk
about
it
on
the
last
call
or
you
could
just
go
on
the
thread
and
check
it
out
yourself.
So
the
two
new
threads
that
surfaced
this
week
are
there's
one
about
an
explanation
of
continuous
voting
and
the
peculiarities
of
the
7:26
executive
stability
fee
vote.
So
what
what
happened
was
on
the
19th
of
July?
B
We
saw
a
vote
passed
with
30
mm
MK
our,
but
since
then
somebody
lifted
the
Hat
of
an
old
proposal,
and
this
old
proposal
happened
to
have
around
78,000
MKR
so
now,
because
this
old
proposals
that,
in
order
for
the
current
executive
vote
to
pass,
we
need
to
have
more
than
78
km.
K
are
voting.
So
this
presented
kind
of
some
challenges
to
the
communities,
since
it
seems
that
MKR
voters
don't
participate
as
much
when
it's
not
an
emergency.
So
you
know
back
when
the
peg
was
drifting
below
$1
pretty
consistently.
B
Everybody
was
on
a
higher
urgency
mode,
so
we
saw
a
lot
more
voter
turnout
in
terms
of
raw
amount
of
MKR
that
was
being
put
up
for
these
proposals.
But
since
then
somebody,
you
know
if
you
don't
withdraw
your
MKR
from
an
old
proposal.
It's
actually
just
going
to
sit
there
forever
and
although
you
can't
cast
spell
twice
on
a
proposal,
you
can
lift
it
to
the
hat,
which
just
makes
it
a
proposal
that
you
have
to
beat.
B
B
So
you
votes
interesting
threads,
even
like
maybe
timed
updates
of
votes.
So
if
you
have
an
executive
vote
going
on
maybe
twice
a
day,
it
could
tweet
hey,
there's
a
there's
10
km
kr
with
60
K
needed
to
pass.
You
know
so
we'll
have
that
signal
kind
of
going
out
into
the
public
to
give
em
kr
holders
one
more
place
where
they
could
be
informed
about
governance
stuff.
So
I
thought
this
was
a
great
idea.
I
tagged
mark
who
created
the
maker
die
bot
that
that
gives
updates
on
the
maker
system.
B
Already
he
said
he's
looking
into
it,
so
it'd
be
really
cool
to
have
a
Twitter
handle
like
that.
Just
generally
speaking
and
I
think
this
also
brings
into
attention
the
greater
issue
of
the
fact
that
M
Care
holders
needs
to
have
a
place
where
they're
informed
about
governance.
That's
not
just
you
know,
dig
through
the
forums
yourself
dig
through
everything
yourself,
even
though
that's
very
important,
oh
yeah,
that's
it!
Those
are
the
two
and
your
threads
that
happened
this
week
since
last
week.
B
D
Yeah
hi
guys,
so
the
customer
time
is
very
limited
to
present
all
these
interesting
metrics.
We
were
working
on
for
the
past
month
or
two
together
return
to
my
team
I'm
going
to
be
just
a
short,
really
short
introduction.
The
company
I
run
is
called
block.
Analytic
I
been
working
together
with
research
and
service
for
some
time,
developing
Chris
model
for
McDowell.
D
During
this
time,
I
was
used
to
focusing
on
various
metrics
that
I
wanted
to
present
to
you
and
came
across
sentiment,
which
was
able
to
provide
me
with
technical
support
for
developing
this
platform,
which
I'm
going
to
present
to
you
now.
Please
find
the
link
in
the
chat
they're
going
to
share
my
screen.
Note
also
that
the
platform
is
still
kind
of
in
beta
mode,
mystery
design,
but
yeah.
Let
me
let
me
start
I'll
go
quickly
through
all
the
seven
categories
to
introduced.
D
I
won't
cover
all
the
garage
because
there's
so
many
of
them,
but
here
we
go
so
the
first
category.
We
call
the
network
activity.
It
takes
a
look
at
on
chain
activity
of
dial
or
maker,
we're
going
to
focus
on
dye
now.
You
can
also
also
smooth
the
data
for
as
many
days
as
you
want
and
let's
check
first,
the
address
activity,
so
this
is
the
daily
activity
basis,
so
the
dye
addresses
that
interact
daily
with
blockchain
and
the
number
is
increasing,
and
the
trend
is
very
positive.
D
D
Despite
that
yours,
this
is
the
kombis
effect
and
I'm
going
to
call
it
coinbase
effect,
because
you're
going
to
see
a
bunch
of
a
bunch
of
times,
this
kind
of
effects
from
coinbase
that
happened
I
think
five
days
ago
where
they
introduced
the
campaign
and
the
blue
line
is
active,
posits
on
centralized
exchanges
and
it's
most
more
or
less
it's
flat,
because
more
or
less
everything's
happening
on
chain
with
the
IRS
every
metric
can
be
compared
to
it's
either
tie
price
or
ether
price.
You
can
find
some
patterns
here.
D
Is
that
CDP's
they
just
want
to
protect
their
from
getting
liquidated
and
their
start
to
repay
their
debt.
So
that's.
Why
will
we
see
spike
in
volume
and
spiking
by
price,
because
there's
obviously
a
bit?
We
also
have
mean
and
median
transaction
values
it.
This
metric
who
went
down
from
this
year,
probably
because
there's
much
more
users
sub
died.
Protecting
the
mean
is
about
few
thousand.
Five
thousand
million
about
two
thousand
and
you
can
see
again.
D
This
is
the
converse
effect
when
there
are
so
many
interactions,
but
really
small
amounts
were
actually
traded,
is
not
really
traded
but
transferred
the
touken
circulation
again.
This
is
amount
of
dye
tokens
that
circulate
every
day,
so
the
amount
of
tokens
that
actually
are
transferred
and
again
it's
picking
up.
This-
tells
you
about
the
adoption
itself.
D
It's
it's
connected
with
spikes,
as
well
like
we
saw
before
what's
interesting
to
me,
is
that
about
three
to
four
or
maybe
five
million
tokens
circulate
each
day
with
which
is
I,
don't
know
about
five
percent,
so
velocity
being
about
five
percent.
That's
that's
pretty
high
for
up
for
a
token
I
think
ether
has
about
two
percent
or
something
so
is
trying
to
be
medium
of
exchange.
Token,
that's
that's
pretty
cool
on
statistic
that
we
see
here.
Okay,
we
have
some
top
transactions,
but
I'm
not
going
to
show
it
this
nothing
really
relevant.
D
The
next
category.
Cdp
stats
basically
wanted
to
show
the
activity
of
CDP's
from
from
locks,
free,
swipes
and
so
on.
You
can
compare
it
with
either
price
and
what
you
can
also
do
is
you
recalculate
all
the
event
types
to
die.
I
prefer
to
use
die,
because
if
you're
looking
what's
happening
with
locks
and
freeze
which
are
denominated
in
either
it's
much
better
to
look
through
it,
I
mean
to
show
the
dollar
value.
That's
why
I
choose
die.
D
D
Of
course,
locks
are
above
freeze
system
was
drawing
much
more
collateral
was
was
provided
then
freed
similar
in
nominal
terms
in
values.
We
could
see
some
countries
recently.
This
is
connected
with
with
larger
CDP's
Frink
collateral,
which
are
going
going
to
show
later,
while
why
they
were
doing
this
so
which
we
were
doing
this
probably
connected
with
refinancing
with
secondary
platforms,
similar
story
with
drawers
and
wipes
coinbase
effect
here,
a
lot
of
dye.
D
A
lot
of
events
of
diam
being
drawn,
but
in
the
nominal
terms,
basically
zero
and
again
similar
story,
some
vibes
recently,
but
mostly
we
were
seeing
the
Rose
I,
won't
go
into
details
here,
open
CD,
piece
again,
cone
base
effect
what's
interesting,
that
daily
there
are
about
forty
CD
is
opened
and
it's
pretty
pretty
constant
right.
It's
the
trying
to
sing
I
mean
the
Amato
syllabus
is
increasing.
This
is
one
outlier
here
and
see
that
the
users-
these
are
basically
new,
CDP's
that
you
should
apt.
D
Well,
so
you
could
see
a
lot
of
CDP's
at
rhombus
issue
that
button
the
amount
was
really
small,
and
then
we
have
CDP
distribution,
so
the
amount
of
ether
locked
in
the
CDP
mean
and
median
you
could
see
the
mean
was
going
down
since
New
Year.
That's
probably
because
there
are
more
cities
introduced
with
smaller
amounts
of
hitter
locked,
so
more
literally
using
cities
and
probably
also
because
larger
cities
the
wells
were
removing
a
lot
of
collateral,
especially
in
the
last
few
months.
So
this
that's
why
this
was
dropping.
D
That's
why
the
overall
collateral
go
swapping.
We
also
have
CDP
distribution
by
locked
heater
value
based
on
different
type
of
CDT
groups.
So
you
could
say
these
are
the
retail
which
have
zero
to
ten
meter
locked
in
the
collateral,
and
this
would
be
some
kind
of
wells
above
ten
thousand
interlocked
in
collateral
or
hundred
thousand
and
what's
interesting
is
that
the
recent
drop
in
collateral
was
mostly
performed
by
by
Wells.
You
could
call
it
especially
these
two
groups,
the
purple
and
the
brown
line.
D
These
were
the
guys
who
were
actually
freeing
Peter
and
of
course,
they
were
doing
this
because
hitter
value,
eater
price
went
up
and
they
just
had
too
much
collateral
also
because
they
wanted
to
monetize
on
the
profits
because
they
wanted
to
repay
some
debt
yeah.
And
it's
it's
interesting,
because
if
you
look
at
a
smaller
city
piece,
they
weren't
really
free
Inc,
much
hitter,
it's
it's
more
or
less
constant,
so
the
worst
were
the
ones
actually
causing
this
collateral
to
drop.
D
The
last
few
months
we
have
pulled
thither
to
ratchet
the
ratio,
not
gonna,
stop
here
stability
fee,
that's
the
one,
that's
actually
paid
and
not
the
one
accrued,
and
it's
calculated
T
in
dollars,
and
we
could
see
there
was
actually
a
record
happening
five
days
ago,
and
this
was
connected
with
why
CDP
I'm
going
to
show
you
later,
which
wipes
ten
million
dollars
of
depth
in
ten
days
and
removed
hundred
thousand
collateral.
So
this
is
one
of
the
biggest
city
piece.
D
What's
interesting
is
that
he
actually
in
one
chunk
he
paid
so
much
maker.
What's
also
interesting
is
that
he
he
he
was
playing
the
field
with
died.
Actually,
so
this
this
this
event
might
be
causing
maker
price
going
up,
I'm,
not
sure
what
happened
on
that
day,
we
have
bytes
as
well.
So
this
is
connected
with
liquidations.
D
You
could
see
recent
bytes.
This
is
the
the
volume
of
them
wasn't
as
highest
as
in
last
year.
But
if
you
look
at
the
amount
of
bytes,
it
was
quite
high
right
and
I
would
say
that
most
of
the
liquidations
that
happened
recently
at
the
last
hitter
Enterprise
drop
boss
was
was
affecting
smaller
CDP's
worse
in
the
history
last
year,
bigger
CDP's
were
liquidated
and
I
was
checking
the
the
collateralization
ratios
of
bigger
biggest
see.
The
piece
is
now
much
higher
than
it
was
last
year.
D
D
We
also
have
liquidation
distribution
again
by
the
classified
by
how
big
this
CD
piece
are,
and
obviously
the
Purple
Line,
the
biggest
CD
piece.
The
the
kerf
is
the
steepest,
because
it
every
increment
price
drop
a
filter.
There
would
be
most
of
liquidations
happening
from
their
side,
so
this
is
something
to
be
aware
of
looking
at
them.
What
are
their
price
points
to
getting
liquidated?
There's
only
one
city
over
100k
I
guess
because
there's
only
one
point
here,
but
he
is
well
collateralized
at
the
moment.
D
So
this
is
pretty
much
similar
graph,
except
that
it
looks
at
the
share
within
each
group.
I
won't
stop
here
mean
liquidation
price.
We
just
fixed
this
one.
Oh
no
I,
don't
have
it
now.
Basically,
what
I
wanted
to
share
the
show
is:
what's
the
mean,
liquidation
price?
If,
if
you
don't
consider
distribution,
just
how
much
weed
eater
price
need
to
drop
to
have
total
portfolio
liquidated?
If
you
just
say:
okay,
there's
the
dye
supply
and
we
want
150
liquidation
ratio.
How
much
would
the
enterprise
need
to
drop
to
get
liquidated?
D
So
this
this
is
again
classified
into
different
buckets
right.
This
was
the
biggest
CD
piece,
the
brown
and
purple
ones,
and
these
are
the
smaller
ones
and,
as
I
said,
most
of
collateral
was
removed
from
bigger
CD
piece,
and
this
was
actually
one
city
pyramid
in
two
days.
Actually,
no,
it
was
in
ten
days
so
I
guess
there.
There
are
some
other
pelagic
CDP
doing
the
same.
He'll
move
thousand
one
hundred
thousand
theta
and
two
so
interesting
to
see
that
he
actually
traded
the
inter
to
repay
the
depth
right.
D
So
I
guess
this
was
this
was
happening
like
from
15
July
till
now,
and
probably
he
was
causing
the
the
price
back
to
go
up
because
he
was
he
was
buying,
died
to
repay
the
debt
after
he
was
it
prepared
that
he
transferred
the
heater
I.
Think
one
part
really
stood
up
as
well
to
compound.
So
all
the
increase
I
mean
not
all
increase,
but
a
lot
of
increase
at
secondary
lenders
such
as
compound
that
we
saw
in
LA
smarter
last
15-20
days
a
lot
who
scores
justjust
by
dctp.
D
We
looked
it
on
chain
so
interesting
to
see.
If
he
transferred
ether
there
and
then
he
just
issued
additional
die
I
mean
additional.
He
basically
refinanced
the
die
from
maker
at
component,
but
he
didn't
issue
only
died.
He
also
issued
us
DC,
probably
because
the
rates
are
are
much
smaller
and
of
course
he
should
die
there,
because
the
rates
are
smaller
as
well,
but
I
haven't
checked
it
if
he
then
later
sold
that
died.
D
Next
category
we
have
collateral
stats,
die,
supply
and
I.
Think
interest
in
it'll
see
the
piece
we
know
we
reached
peak
in
April
and
then
it
went
down
because
there
was
a
lot
of
heat
removed.
He
knew
is
this
similar
story,
but
this
includes
heater
price
and
that
the
relation
ratio
of
each
we're
focusing
a
lot
on.
We
know
it
peaked,
and
now
it
went
down
because
heater
price
went
down
also
because
there
were
a
lot
of
ETA
removed
from
collateral.
But
what
perhaps
one
of
my
most
interesting
charts?
D
So
that's
something
I
wanted
to
see
because
user
behavior,
you
all
know,
is
one
of
the
most
important
part
that
making
risk
assessment
of
total
portfolio
because
they
could
they
could
protect
from
getting
liquidated
right
and
you
could
see
the
inverse
relation
when
when
Enterprise
was
dropping,
CDP's
were
either
posting
additional
collateral
to
portfolio
or
they
were
repainted
at
once.
The
enterprise
started
rising.
D
They
either
issued
more
directly
because
they
were
more
bullish
and
partially
they're.
Also
free
freed
up
some
collateral
because
it
was
worth
more
in
in
dollar
terms
right
and
this
graph
is
quite
cool
and
you
can
see
the
spike
here
right,
the
last
few
weeks
when
Enterprise
drops
like
immediately,
they
posted
additional
collateral
and
they
protected
from
getting
liquidated
so
something
that
we
probably
going
to
use
when
we're
going
to
model
the
user
behavior,
which
is
one
of
the
most
important
aspects
of
make
increased
assessments.
D
We
have
collateralization
ratio
again
based
based
on
different
CDP
sizes
and
again
it's
interesting
to
see
how
well
so
the
biggest
CDP's
are
most
collateralized.
You
can
see
here,
five
five
hundred
six
hundred
percent
and
more
right
deserved
the
biggest
ones
and,
of
course,
when
they
reach
the
high
number,
they
freed
up
some
collateral.
They
also
the
finest
recently,
that's
why
you
could
see
falling
it
down,
but
yeah.
They
are
the
ones
which
which
make
system
more
safe,
I
guess
in
terms
of
how
catalyze
they
are.
Currently.
D
This
is
one
graph
that
should
be
working
here
again.
This
is
the
nominal
collateralization
ratio
that
I
presented
before
I
wanted
to
see
the
pattern
again.
This
number
itself
doesn't
tell
you
anything:
it's
just
a
pattern
that
you're
interested
to
see
how
they
behave,
and
you
could
see
that
they
all
behave
similarly,
except
again
for
the
bigger
cities
who
were
a
bit
more
cautious
here
who,
at
higher
nominal
collateralization
ratio
than
the
smaller
ones.
D
D
Basically,
what
we
wanted
to
show
is
how
much
of
the
dye
the
dispute
from
CDP's
is
converted
to
eater
and
then
put
back
in
the
collateral.
So
like
saying
replacing
the
dye
the
depth
or,
let's
say
putting
collateral
on
leverage
on
top
of
other
collateral,
that
CDP's
put
right
from
their
own
sources,
and
this
blue
line
is
actually
tells
you,
the
number
of
theatres
that
was
brought
to
collateral
in
addition
to
all
collateral
and
that
that
was
brought
by
them.
D
If
I,
if
I
correct
myself,
now
the
amount
of
hitter
that
came
to
collateral
by
trading
dye
so
by
leverage
right.
So
we
know
this
part
of
collateral
in
maker.
Dow
is
purely
on
that
right,
because
people
credit
on
it
in
hitter
and
then
bring
it
back
and
I
wanted
to
measure
the
share
of
it.
So
to
see
how
much
of
the
ether
in
collateral
is
actually
on.
Leverage
right
was
brought
back
on
leverage
and
you
could
see
this
ratio.
This
is
actually
this
is
percentages,
so
it's
20
to
30
percent.
This
is
31
percent.
D
You
could
see
in
the
period
when
heater
price
was
was
rising,
people
becoming
really
bullish
right
and
they
actually
all
the
dye
that
they
issued.
They
immediately
converted
it
and,
by
the
way,
this
algorithm
tracks
tracks
it
in
for
24
hours.
They
immediately
converted
it
into
eater
and
brought
it
back
into
the
system
and
it's
good
to
detect
when
people
are
highly
leveraging
themselves
and
what
sourcing
relatively
interesting
is.
If
this
figure
is
like
20,
30
percent
makes
kind
of
sense,
because
the
total
depth
is
around
30%
of
collateral.
D
I'm,
not
saying
the
toll
of
the
depth
ended
in
collateral
bag,
but
I
would
say
20%
for
sure,
and
it's
good
to
see
again.
You
can
see
the
behavior
of
how
people
actually
use
CDP's
for
leverage,
long
eater
training.
So
that's
that's.
That's
quite
a
good
metric
I
would
say,
but
it's
not
perfect.
The
algorithm
is
not
like
100%
we're
not
doing
detective
onto
in
work.
We
just
set
the
algorithm
that
tracks
this
events
and
I
think
it's
quite
open.
D
Okay,
we
have
balances
of
die
held.
This
is
something
that
comes
handy
when
you
want
to
identify
the
item
and
you
can
also
check
it
for
maker
I'm
gonna
present
died
now
I'm
gonna
stop
here,
but
I'm
going
to
stop
here
to
show
you
the
number
of
holders
that
hold
the
die
again.
This
is
for
different
groups.
D
What
you
could
also
see
is
that
20
speaking
up
for
retail,
which
is
good,
some
kind
of
sign
of
adoption
where's
for
whales
for
for
other
quarters,
probably
market
makers
is
it's
more
or
less
flat,
so
it
doesn't
change
us
like
holders
of
1
million
and
above
died.
It's
only
14
15
of
them,
but
then
we
also
have
total
holders
balance.
So
this
one,
this
one
is
really
interesting
because
it
basically
shows
you
within
the
category
how
much
died,
those
those
addresses
hold
and
it's
it's
interesting.
D
So
this
is
interesting
to
observe
another
very
interesting
thing:
we've
been
working
on
is
holders
breakdown,
so
now
our
job
would
be
to
to
detect
all
the
dye
holders
and
classify
them
who
they
are,
of
course
that's
impossible,
but
we
were
quite
successful.
We
were
able
to
identify
I
think
this
is
one
third
of
addresses
and
we
classified
them
into
seven
categories.
I'm
sure
others
with
other
categories
will
follow,
such
as
market
makers.
D
If
you
find
them
and
so
on
point
is
we
want
to
fill
this
blanket
gap,
that's
here
as
much
as
possible,
because
the
the
other
part
is
pretty
much
unknown
and,
interestingly,
you
can
just
see
the
balances
below,
so
you
can
just
select.
Let's
say
you
want
to
see
how
much
dye
sell
it
on
margin
platforms,
and
you
could
see
it
here
and
please
be
aware:
these
are
the
unutilized
to
die
on
on
landing
platform.
D
So
this
is
diff
another
you
should
die,
but
the
ones
which
are
just
sitting
there,
which
is
good
because
if
this
part
is
increasing,
that's
sign
of
I
mean
sign
of
a
doctor
sign
of
demand.
It's
sign
of
fine
utilized
by
which
is
positive
for
the
demand,
and
you
can
also
look
some
interesting
stuff
such
as
I
know,
tragedy.
You
could
see.
Aragon
was
piling
up
dying
in
their
Treasuries,
which
is
great,
I,
checked,
centralized
exchanges
with
quite
a
lot
of
dumb
he'd
be
TC
is
the
yeah.
D
What
what
we
were
able
to
find
in
their
wallets
was
twenty
thousand
died
now
I'm,
not
sure
I
mean
it
could
be
that
we
missed
some
wallets
it's
possible,
but
I'm
pretty
sure
those
volumes
is
just
doesn't
they're
pretty
suspicious
with
the
wallets
and
activity
we
found
with
their
addresses
yeah.
That
explains
it
yeah.
So
that's,
basically
it
we're
working
on
this
one
heavily
and
he's
going
to
need
a
lot
of
work
throughout
the
time,
because
the
dresses
changes
and
so
on,
and
we
have
talked
I
holders.
D
Okay,
three
more
tops.
It's
gonna
go
quicker
from
now
on
yeah.
This
is
this.
This
category.
We
basically
want
to
see
how
much
of
spare
capital
CDP
on
their
scalp,
so
you
could
imagine
that
CDP
has
addressed
owner
an
address
on
which
he
issues
die,
but
the
eater
that
he
locks
in
collateral
is
slot
into
a
smart
contract,
but
he
might
also
have
some
other
spare
assets
and
that's
something
you're
actually
very
interested
in
because
it
tells
you
about
their
capitalisation.
So
how?
D
So
far
we
were
able
to
include
died
and
maker,
and
you
can
basically
check
between
different
groups,
I'm
going
to
select
all
CDP
owners
and
you
can
check
how
much
died
or
make
her
big
hold
currently
under
addresses,
and
this
is
in
dollar
terms,
with
1.1
million
dollars
of
maker
and
two
hundred
thousandth
of
the
die.
Now
you
would
expect
they
don't
hold
much
die
because
when
the
issue
it
they
of
course
sell
it,
they
wouldn't
hold.
Innovate
if
they're
paying
interest
rates
unless
the
prices
about
one
and
they
speculate
but
yeah
most
it
is.
D
D
But
what's
what's
interesting
is
the
the
value
of
maker
right
they
hold
on
the
addresses
they
have
the
holds
only
1
million
dollars
of
maker
I
think
that's,
that's
a
low
number
considering
how
much
interest
they
needs
to
pay
so
if
they
don't
hold
maker
on
some
other
addresses.
This
would
mean
that
if
there's
a
debt
repayment
they
will
need
to
buy
maker.
D
So
this
would
obviously
mean
a
positive
sign
for
maker
price,
I
guess
for
maker
token
holders,
okay,
social
stats,
so
here
you
can
actually
follow
what
was
happening
on
social
media
in
the
world
of
maker
and
I.
This
context
window.
You
can
select
any
given
day,
you
want
and
you
can
select
the
compact
size
and
and
of
course,
with
what
keywords
you
want
to
be
associate.
D
You
could
see
when,
when
it,
when
USD,
when
Dipak
was
struggling
a
bit,
the
sentiment
was
much
lower,
so
the
negative
balance
you
could
see
negative
balance
here
as
soon
as
the
Peck
situation
improved
again,
the
sentiment
is
again
better
and
you
could
play
with
this,
you
could
you
could
select
maker
or
maker
plus
die
whatever
you
want
sources
telegram,
Twitter
discourse,
professional
traders,
chat
rooms,
weather,
okay
and
the
last
chart
still
working
on
it,
make
correct
to
supply
and
we
have
the
annual
burn
rate.
So
this
is
something
this
is
again.
D
D
I
think,
currently
it's
more
about
two
percent
here,
because
this
chart
doesn't
include
accrued
interest
and
yeah,
so
you
shouldn't
I
mean
this.
This
chart
could
be
deceiving
just
on
that
in
front.
That
could
stand
back
and
that's
basically,
all
from
my
side
so
should
have
I
think
why
I
I
spent
all
the
time
rich
gave
me.
So
if
you
have
any
questions,
we
can
talk
down
the
rocket
jet
or
you
can
find
me
on
Twitter,
but
we
are
going
to
probably
present
some
other
metrics
from
some
other
governments
calls
yeah.
A
C
I
just
think
that
was
awesome.
Incredible
work,
let's
be
sure
to
post
this
on
the
on
the
forum
and
in
the
rocket
chat,
I.
Think
there's
an
enormous
amount
of
information
here
to
digests
and
I
feel
like
we'll
all
be
taking
a
look
at
these
for
the
honestly
weeks
to
come
and
have
plenty
of
questions.
But
this
was
this
was
truly
amazing
to
watch
Thanks.
C
E
E
All
right
so
I
mean
I.
Think
people
got
a
good
sense
of
a
big
chunk
of
the
metrics
this
week,
so
I'll
just
go
quickly
through
dye
price.
It's
been
fairly
stable
over
the
last
24
hours.
The
spread
was
kind
of
evenly
distributed
around
$1
slightly
skewed
down
and
then
what's
interesting
is
actually.
If
you
look
at
the
last
seven
days,
it
has
pretty
much
been
hovering.
E
You
know
just
above
and
below
a
dollar,
so
over
the
last
seven
days
is
netted
out
to
actually
slightly
above
it
all
or
even
though
in
the
last
24
hours
is
slightly
below
so
I
would
say:
pretty
pretty
darn
balanced
right
now.
Supply
had
come
down
to
about
77,
78
million,
less
we've
checked
on
it.
It's
pretty
much
sat
there.
E
One
thing
that
I
did
want
to
kind
of
look
at
that
was
new
this
week
and
and
I
know
we're
going
over
a
lot
of
new
metrics
a
lot
of
new
topics,
especially
as
we
go
into
risk
modeling.
So
one
of
the
things
that
I
wanted
to
start
to
think
about
and
get
away
from
that
simple
collateralization
ratio
graph
that
we've
been
looking
at
every
week
is
a
more
granular
breakdown
of
risk,
so
I
had
kind
of
from
tweeted
out
this
this
graph
here,
some
of
you
may
have
seen
it
but
essentially
was
just
stratifying.
E
The
dye
supply
by
collateralization
ratio
buckets
so
all
the
CD
piece,
all
the
dye
that
lives
in
them
counted
up
and
stratified
into
different
effectively
bands
of
risk
and
then
graph
that
visually
here's
a
stat
graph
to
add
back
up
to
the
dye
supply,
and
then
you
can
also
see
here
smoothed
out
a
little
bit
over
like
a
seven
day
moving
average.
So
it's
really
interesting
to
see
you
know
this
kind
of
goes
in
tandem
with
what
promotion
was
showing
as
that
dye
supply
kind
of
grows.
E
Even
though
collateralization
ratio
shot
up
from
you
know,
350,
you
know
300
percent
to
almost
500
percent
and
then
back
down
to
around
450
percent.
Let's
now
come
down
a
little
bit
lower,
he
doesn't
tell
the
whole
story,
because
it's
really
not
the
greatest
measure
of
risk,
because
risk
actually
more
is
weighted
more
heavily
on
the
lower
collateralization
ratios
and
much
less
on
the
higher
in
ratios.
Above
you
know,
500%
collateralization
there's
very
little
to
no
risk
right.
It
would
take
a
tremendous
drop
in
eath
price
to
create
negative
outcomes
for
maker
holders.
E
So
then,
what
we
really
want
to
be
visualizing
is
how
much
of
the
debt
is
really
living
in
this
kind
of
red
zone,
and
so
that's
that's
kind
of
roughly.
What
this
strives
to
do
is
to
say
how
much
of
the
debt
is
below
say
two
hundred
percent
conversation
or
three
hundred
percent
collateralization,
and
that
is
a
much
better
tracking
of
the
aggregate
amount
of
risk
in
the
system.
E
These
as
promotion
shown
there's
a
bunch
of
large
CDP's
that
are
very
heavily
collateralized,
and
so
those
actually
carry
much
less
risk
with
them,
and
so
it's
really
interesting
to
see
is
like
actually
kind
of
in
tandem
with
what
promotional,
showing
again,
where
his
graph
showed
spikes
in
quote-unquote
leveraging
behavior
around
September
and
December.
That
actually
corresponds
very
well
with
the
amount
of
debt
that
lives
below
say.
E
You
know,
300%
collateralization,
those
those
values
were
at
their
highest
around
September
and
December,
and
have
come
down
fairly
significantly
since
then-
and
you
can
see
just
this
huge
growth
kind
of
funny
enough
aligned
with
the
explosion
of
secondary
lending
platforms,
they
a
growth
in
the
percentage
of
CPS,
or
rather
the
percentage
of
debt
that
lives
at
an
extremely
high
collateralization
ratio.
So
it's
possible-
and
this
would
take
a
lot
more
investigation-
that
those
secondary
lending
platforms
actually
disproportionately
took
on
riskier
loans
for
maker
right.
E
So
we
know,
we've
seen
I've
shown
that
there
was
a
lot
of
refinancing
behavior,
but
it
would
be
really
interesting,
then,
to
understand
if
it
was
disproportionate
refinancing,
where
some
of
the
more
risk
seeking
CDP
owners
were
the
ones
that
refinance
to
secondary
lending
platforms,
which
would
make
sense
with
you
know,
lower
collateral
requirements.
Liquidation
penalties
ratios
things
like
that.
So.
D
E
Does
make
sense
that
maker
has
some
of
the
more
conservative
whisper
angers
out
there
right
now,
so
it
would
actually
attract
some
of
the
less
risky
lenders
and
borrowers.
So
that's
that's
a
really
interesting
thing
to
double-click
on
just
to
touch
on
one
other
point
here
and
sorry:
there's
a
little
two-day
break
in
the
graph
there,
but
the
the
fees.
E
Just
you
know
in
mid-july,
which
you
know
corresponds
to
a
lot
of
the
volatility,
the
liquidations,
the
repayments
that
we
saw
and
supply
coming
down
pretty
significantly
in
that
same
time
frame.
So
again,
apologies
show
that
break
in
the
graph,
but
the
the
conclusion
here
is
that
the
paid
fees
have
actually
they
shot
up
right
in
the
middle
of
July
they're
to
kind
of
re
pace
with
the
unpaid
fees.
E
So
you
could
kind
of
see
the
unpaid
fees
were
increasing
in
a
much
higher
rate
before,
but
with
this
sort
of
rapid
increase
and
sort
of
a
leveling
off
of
unpaid
fees
due
to
a
significant
decrease
in
supply
and
as
I'd
shown
previously
with
the
circulation
graphs.
A
lot
of
that
supply
was
with
older
debt
before
so.
E
Those
older
CDP's
had
a
much
higher
proportion
of
the
unpaid
fees,
because
they've
been
crew
debt
for
quite
a
while
and-
and
somebody
had
recently
shared
in
the
maker
chat,
their
breakdown
of
unpaid
fees
versus
potential
liquidation
penalties
and
and
they'd
shown
that
you
know
the
unpaid
fees,
don't
in
any
cases,
come
close
to
exceeding
the
liquidation
penalties.
So
that's
not
like
a
realistic
concern
at
the
moment,
so
this
is.
E
This
is
I,
think
it's
really
positive
for
for
maker
holders,
because
they're
realizing
more
of
those
revenues
and
there's
less
risk
of
sort
of
unrealized
riveters.
So
those
are
positive
stats
to
touch
on
the
secondary
lending
platforms
again
real
quick,
because
this
is
I,
think
promotion
tested
on
one
of
the
Maker
stats
so
so
for
the
secondary
lending.
There
was
kind
of
this
run-up
in
the
rates
and
the
utilization
on
these
secondary
lending
platforms,
just
at
the
end
of
July
there
that
has
come
down
a
little
bit.
So
that's
pretty
interesting.
E
The
dye
supply
overall
has
come
down
and
the
the
20.5%
civilian
fee
is
kind
of
held.
So
there
wasn't
a
change
there
that
could
have
could
have
caused
an
increase
in
supply
and
potentially
an
increase
in
supply
and
secondary
lending
platforms.
But
what's
interesting
is
it
was
not
moved.
So
this
is
just
kind
of
stabilization
from
what's
been
going
on
with
eath
price
and
I
think
some
degree
of
delayed
effects,
which
was
something
that
I
was
kind
of
stressing.
E
Last
week
it's
given
some
time,
some
of
these
metrics
do
tend
to
level
out,
which
is
I,
think
basically,
what
we've
been
seeing
happen
because
the
dye
price
you
know,
which
was
sitting
above
had
come
below
and
then
gone
back
above
so
given
a
little
bit
of
time
to
oscillate.
It
does
sort
of
even
out
to
about
a
dollar
and
then
on
the
secondary
lending
platforms.
E
Even
though
this
utilization
was
peaking,
sort
of
as
the
dye
supply
came
down
a
bit,
the
evil
ization
on
these
secondary
lending
platforms
came
down
a
bit
as
well,
and
so
the
the
excess
supply
here
sort
of
shot
up
relatively
recently,
which
is
pretty
interesting.
So
without
significantly
more
dye
being
minted.
E
Suddenly
Sigma
decent
amount
of
dye
was
supplied
to
secondary
learning
platforms
and
the
borrow
volume
has
kind
of
been
pretty
perfectly
flat.
It
came
up
slightly
and
then
came
back
down
a
bit,
so
overall
it
has
been
kind
of
flat
over
the
last.
You
know
we
ten
days.
So
what
that
kind
of
means
is
even
though
there
isn't
significantly
more
demand
for
dye.
There
isn't
really
more.
Diving
are
owed.
The
overall
float
of
dyes.
E
Actually
more
dye
was
added
into
secondary
lending
platforms,
which
means,
presumably,
there
was
some
large
purchase
of
dye
and
someone
is
holding
the
bag
on
that
20.5%
Swilly
fee
and
someone
else
just
obtained
a
large
quantity
and
supplied
it
to
secretary.
Let
me
problems
is
the
most
reasonable
explanation.
Okay,
so
there's
kind
of
your
condensed
version
this
week
again:
shameless
promotion
open
to
questions
afterwards,
happy
to
double
click.
On
anything
I
know
it
was
a
fair
amount,
pretty
quickly.
A
And
we're
approaching
the
top
of
the
hour
here
so
I'm,
not
sure
if
we
have
any
other
formal
presentations,
please
everyone
be
we're
happy
to
stick
around
for
another
half
hours,
so
stick
around
Matthew.
We
still
have
to
get
into
your
weekly
narrative
as
well.
Do
you
want
to
start
that
now
or
do
you
want
to
you
ready
to
keep
that
up?
I
mean.
F
You
know
today,
that's
something
the
community
can
overcome
right
now:
three
counts
and
some-odd
maker
and
the
burner
wallet
not
that
big
of
a
deal
when
that
number,
you
add
a
zero
to
that.
As
time
goes
on,
it
becomes
a
larger
and
ever-present
harder
issue
to
get
rid
of
than
the
ability
to
muster
the
number
of
maker
to
get
rid
of
it.
The
easier
solution
was
just
to
have
spells
expire
and
it's
I.
You
know
there
was
a
forum
post.
There
was
people
went
back
and
forth
and
apparently
there's
a
way
to
implement
it.
F
Technically,
I
don't
understand
the
nuances,
but
it's
something
that
the
apathy
related
to
voting
is
one
thing.
Apathy
ability
to
be
even
able
to
vote
is
one
that
you
know
without
being
too
dramatic.
It
can
present
an
existential
threat
unless
we
address
it
that
in
in
concert
with
the
fact
you
know
right
now
we
have
the
pegs
it's
more
or
less
holding
and
the
stability
fee
is
still
you
know,
elevated,
but
functional.
The
question
really,
however,
now
is,
after
an
enormous
amount
of
refinancing,
which
is
a
very
healthy
sign
in
an
economic
system.
F
If
the
peg
starts
to
break
upward
by
default,
we
will
be
that
the
natural
response
would
be
to
lower
that
stability,
the
to
cause
the
creation
of
more
die.
Then
we
harmonize
the
price,
but
by
doing
that,
and
we
have
no
data
to
support,
you
know
what
the
elasticity
would
be
in
terms
of
how
much
dye
we
needed
to
be
minted
or
created
to
keep
that
peg
I'm.
The
broken
record
on
saying
the
debt
ceiling
is
a
subject
matter
that
really
needs
to
be
addressed
sooner
than
later,
especially
as
demand
goes.
F
If
demand
really
is
driving
the
shift
now
you've
mentioned
for
a
number
of
times
that
the
portal
is,
you
know
coming
and
if
it
comes
relatively
soon
it's
kind
of
like
not
an
issue.
If
we
get
ourselves
where
that
that
portal
gets
delayed,
the
ability
to
vote
gets
delayed
and
our
ability
to
get
signal
from
the
community.
F
It
becomes
a
much
greater
issue
to
have
what
priority
of
what
vote
needs
to
happen
each
week,
because
we're
locked
into
one
vote,
one
signal
or
a
poll,
and
then
one
signal
to
actually
make
a
decision
and
put
it
completely
in
serial.
Then
there's
a
much
more
pressing
issue.
I
think
that
doesn't
look
like
it's
an
issue,
but
I
think
it
rapidly
could
become
one
and
the
other
points.
I.
Can
bring
up
in
the
chat
session
after
the
banks.
A
Yeah
I
agree
with
you,
math
Yunus,
that's
a
good,
possibly
it's
an
interesting
segue.
We
can
circle
back
to
promotion,
vishesh
questions
but
as
far
as
governance
goes,
I'm
always
hesitant
to
offer
promises
about
launch
dates.
But
let's
call
this
like
a
98
percent
confidence
level
that
next
week
the
new
portal
will
be
launched
and
once
that
new
portal
comes
out,
the
globe's
basically
come
off
on
what
it
is:
we're
capable
of
doing
with
governance
as
a
community
and
we're
going
to
start
talking
about
some
things.
And
then
we
have
a
lot.
A
We've
identified
issues
with
the
ecosystem,
we've
identified
improvements.
Some
of
the
examples
are:
let's
talk
about
exponential
rates.
Stepping
let's
talk
about
changing
the
cadence
of
the
votes.
Let's
talk
about
XY
and
Z
is
talking
about
the
debt
ceiling.
They've
we've
been
comfortably
living
in
the
world
of
theoretics
theoretical.
A
At
this
point,
that's
going
to
change
because
once
the
the
new
quarter
was
there
we're
going
to
start
digging
into
these
things
and
I
think
that
that
that
activity
is
going
to
happen
in
the
forum
and
we
need
to
make
a
concerted
effort
to
start
digging
up.
Some
of
these
potential
polls
that
we've
been
discussing
over
the
last
couple
months
and
figuring
out
how
we
get
them
into
a
cleaned,
up,
State
and
refined
and
then
starts
seriously,
considering
putting
them
into
the
polling
system.
F
A
A
We
need
to
figure
out
what
to
do
with
these.
It's
presumably
abandoned
blocks
of
maker
and
there's
their
different
options
on
the
table.
We
can
either
just
set
a
time
limits,
like
maybe
after
six
months,
that
maker
just
gets
that
back
to
your
wallet,
maybe
after
three
months
that
maker
can
be
poked
by
a
keeper.
It
says
like
kay
this.
This
maker
is
not
participating
anymore.
A
Let's
put
it
back
into
that
person's
wallet,
there's
also
the
possibility
that
when
an
executive
is
voted
in
and
another
executive
was
voted
in,
there's
no
going
back
anyway,
so
all
of
the
maker-
that's
no
longer
applicable,
can
come
back.
There's
lots
of
options
on
the
table
here.
We
need
to
think
about
it,
though.
No
you.
A
A
Cool
yeah:
we
need
to
figure
out
what
that
looks
like
because
there's
game
theory
that
work
here
we
need
to
think
about.
There
is
also
signaling
network,
can't
really
think
of
it.
There's
and
there's
there's
more
there's
more
options
out
there
like
it
doesn't
need
to
actually
be
a
contract
change.
It
could
be.
Somebody
throws
up
a
webpage.
This
says,
like
hey,
look
at
all
this
maker,
like
that:
just
puts
them
visibility
on
stale
and
or
abandoned
stake
weight
and
which
gives
the
community
an
opportunity
to
do
some
awareness
campaign
type
stuff,
as
opposed
to.
F
A
B
F
A
B
I
was
gonna,
say,
there's
also
see,
Mooney,
put
up
a
comment
that
actually
looked
at
the
new
das,
chief
and
multilateral,
die
and
I.
Think
that
this
case
they
were
experiencing
in
single
collateral
die
is
actually
like.
It's
prevented
in
the
code
by
not
letting
previously
lifted,
proposals
to
the
Hat
be
lifted
again.
I
think
that's
what
the
code
says:
I'm,
not
a
coder,
but
like
just
looking
at
it
I,
pretty
sure
that
that's
what
that's,
what
it
means,
but
for
those
of
you
that
are
interested
I
linked
is.
B
A
A
A
Order
to
secure
the
system
and
if
a
whale
or
a
consortium
of
whales
or
the
delegate
systems
come
into
effect
and
then
that
maker
gets
abandoned
and
or
stuck
on
a
proposal
that
we
can't
overcome
as
a
community.
That's
a
huge
problem,
so
I
think
that
it's
not
a
unsolvable
problem,
because
at
that
point,
there's
there's
drastic
solutions
that
are
available.
We
can
vote
to
slash
that
abandoned
maker
and
I.
Don't
even
want
to
consider
the
the
fallout
that
would
occur
in
that
situation,
but
there's
things
we
can
do.
A
But
we
need
to
figure
out
whether
it's
a
it's
a
transparency
issue,
we
just
a
read-only
page
somewhere
or
whether
this
is
something
that
the
resurrects
this
conversation
that
we've
had
over
the
course
of
last
or
maybe
oh-
it's
been
a
while
since
we
talked
about
this,
but
we
have
a
situation
now
in
our
ecosystem,
where
well,
yeah
and
Krypton.
In
general,
that
there's
no
way
to
notify
people
what's
going
on
in
the
crypto
world.
There's
no
push
mechanisms
in
this
world
because
what?
A
If,
for
whatever
crypto
anarchic
reasons,
people
are
not
attaching
email
addresses
to
their
theorem
addresses
of
letting
people
know
that
something
is
up
is
tough.
We
can't
push
people
have
to
poll,
and
this
might
be
another
mechanism
where
somebody
from
the
community
or
somebody
from
yeah,
exactly
somebody
from
the
foundation
comes
up
with
a
mechanism
to
notify
people
that
something
has
happened
in
with
their
with
their
maker
with
their
CDP
was
with
died
in
general.
It's
it's
a
it's.
A
tough
problem,
I
think.
A
B
No
I
didn't
see
any
explicit
questions
in
the
chat,
but
I
did
have
a
question
for
the
shesh
about
the
phenomenon
of
more
excess
dye
showing
up
on
compound
now
over
time.
So,
like
I,
guess
I'll
just
ask
my
question
right.
So
do
you
think
that
now,
since
that
amount
of
dye
excess
dye
is
increasing
and
the
borrow
rate
is
decreasing,
it's
gonna
kind
of
cause
like
this
positive
feedback,
loop
of
even
more
people
refinancing
their
debt
from
maker
doubt
to
compound
and
thus
further
decreasing
the
total
dye
supply.
E
Then
you
have
to
think
about
what
did
change
and
I
think
this
goes
back
to
some
of
the
leverage
graphs
that
we
were
showing
so
the
CDP
distribution
graphs
that
I'd
shown
or
or
some
of
Promotions
graphs
on
dye
for
eath
trades,
like
in
the
last
seven
days
the
stat
was
about.
Twenty-Eight
million
died,
sold
for
eath,
that's
not
insignificant
volume
for
a
seven-day
period.
There
has
definitely
been
hired
as
definitely
lower
it's
sort
of
middling
range,
but
there
is
very
little
price
movement.
E
It
does
experience
a
fair
amount
of
impermanent
market
impact
from
either
selling
or
buying
behavior.
So
my
point
is
I.
Think
the
most
reasonable
expectation,
if
none
of
those
other
stats
have
significantly
changed
in
the
past
week,
is
that
there
was
some
deleveraging
someone
kind
of
gave
up
on
there.
You
know
ii,
'the
long
position
and
so
sold
some
died
and
either
either
got
a
really
good
rate
for
it
or
took
a
haircut
because
they
were
the
one
who
had
the
high
time
preference
in
aterna
sell
quickly.
E
There
were
some
trades
that
went
down
into
like
95
cents.
So,
given
that,
I
think
it
was
just
someone
somewhere
sold
a
significant
amount
of
dye
and
then
someone
else
bought
it
up
and
decided
to
supply
it
on
a
secondary
lending
platform
to
get
some
rate
to
get
some
interest
out
of
it.
I
don't
think
it's
like
a
big
macro
trend,
or
anything
is
my
point,
and
I
think
this
is
sort
of
fluctuation
is
actually
does
touch
on
your
question.
E
This
sort
of
fluctuation
will
continue
to
happen
where
the
utilization
on
these
secondary
lending
platforms
will
go
up,
the
rates
will
go
up
then,
somewhere,
somehow
some
more
dye
will
be
sourced.
Some
oversupply
will
find
its
way
on
to
secondary
lending
platforms.
Rates
will
go
down
a
little
bit
and
then
you'll
you'll
kind
of
oscillate
through
this
I
think
too
the
extent
that
some
oversupply
exists,
and
so
I
think
this
is
just
an
indicator
that,
like
okay,
a
little
bit
of
oversupply
does
still
exist,
which
means
given
the
supply
went
down
significantly.
B
D
B
E
E
So
maybe
actually
I'll
ask
a
question
of
Primos
or
we
can
just
kind
of
start
a
topic
discussion.
One
of
the
things
that
I've
been
looking
at
is
and
I've
shown
this
a
couple
weeks
ago
was
transaction
volume
of
dye,
so
transaction
volume
of
dyes
picked
up
rather
significantly,
especially
compared
to
trading
volume.
The
dye,
which
has
kind
of
been
low
to
middle
ingrained
for
it's
like
long
term
average.
E
But
one
of
the
the
metrics
that
I've
tracked
over
time
is
the
amount
of
dye
that's
being
held
by
CDP
owners
and,
and
so
it's
interesting
to
then
talk
about
completing
the
cycle
on
that.
For
you
know,
selling
dye
for
eath,
and
so
you
know
you
and
you'd
mentioned
that
one
of
the
metrics
that
you
were
tracking
was
the
addresses
that
own
CDP's
that
then
go
and
sell
dye.
E
So
you
can
for
each
so
you
can
track
the
the
leveraging
behavior
I
found
that
very,
very
low
like
all-time
high,
like
four
percent
of
dye,
is
actually
held
by
CDP
owner
addresses.
So
maybe
you
can
pretty
much
answer
a
little
bit
about
how
you
think
about
tracking
how
that
dye
moves
hands.
If
it
moves
like
multiple
addresses
right,
so
people
may
have
multiple
contracts
or
multiple
addresses
that
daisy
chain
ownership
of
those
CDP's
and
subsequently
like
where
that
dye.
You
know
changes
hands
so
right
now.
E
D
Yeah
yeah
the
the
inventory
that
you're
talking
about
they
call
it
the
inventory.
So
that's
the
amount
of
dye
that
the
home
nurse
called
is
pretty
low.
I
mean
I
showed
now
it's
200
thousand.
Before
a
time
point
it
was
five
million
and
I
guess
the
inventory
gets
higher
when
when
they
are
leveraging
more
right,
because
some
some
CDP's
are
pretty
sophisticated
and
the
do
transaction
in
actually
in
you
could
see
it
in
same
cash.
They
just
issue
it
and
they
just
send
it
to
exchange.
And
it's
done
so.
D
D
But
what
they
do
they
issue
I,
don't
know
50
thousands
of
dye,
because
that's
the
only
thing
they
could
sell
at
the
moment,
because
the
markets
are
still
not
dead
like
it
and
they
don't
want
the
slippage,
and
then
they
do
this
in
small
increments
right.
That's
why,
when
you
do
a
snapshot
of
a
CD
burner,
dye
Holdings,
it's
actually
pretty
small
at
the
moment,
but
if
you,
if
you
like,
with
it,
we
checked
in
24
hours
and
you
just
sum
it
up,
and
then
you
see
how
how
much
they
bring
back.
D
D
D
Here
so
you
mean
this
one:
yeah
yeah
yeah.
This
tells
you
how
to
put
it
so,
let's
say
I
supply
whatever
it
is.
25
million-
and
you
would
say,
collateralization
ratio
is
of
course
50%
higher,
so
you
would
multiply
with
1.5
until
it
gets
to
a
number
what
100
million
and
something
and
then
you
would
say,
okay
was
the
collateral,
the
hole
Collider
in
the
in
the
portfolio.
How
much
is
it
worth
and
I
think?
Currently
it's
I
need
to
check,
but
I
think
it's
yeah.
D
It
should
be
300
million,
and
then
you
say:
okay,
if
price
drops
by
50
percent
like
like
here
when
you
measure
the
distance
from
whatever
200,
either
price
to
88,
all
the
depth
would
be
liquidated
because
but
you're
looking
just
at
the
mean
right.
So,
okay
I
got
it.
Yes,
it's
not
it's
not
that
relevant,
because
this
wouldn't
happen
because
you
have
some
syllabus,
which
are
more
collateralized,
some
less,
but
the
distance
between
two
kind
of
makes
sense.
I
mean
to
have
them
average
portfolio
picture.
The
risk
assessment
isn't.
C
C
D
But
I
mean
as
soon
as
we
started
this
I,
so
how
many
stuff
could
be
developed
or
shown,
so
it
just
happens
through
the
time.
Probably
the
the
biggest
challenge
will
be
identifying
dye
holders
as
much
as
we
can
it's
a
bit
of
detective
work
and
you
need
to
readjust
addresses
and
so
on
right.
It's
you
know
it's
good
to
have
it.
D
A
C
A
D
No,
no
I
just
wanted
to
say
that
what's
what's
perhaps
missing
is
there's
so
many
charts
and
of
course
not
all
of
them
are
really
relevant.
Some
of
them
really
make
sense
to
look
at
them
now
and
then,
but
some
of
them
could
be
like
Houston
daily
basis
and
obviously
we
would
need
like
a
front-end
dashboard
just
to
focus
on
those
I
guess
and
then
signals
and
so
on.
Yeah.
C
I
think
we've
already
internally
brainstorm
some
ideas
for
what
a
front-end
public
like
a
public
facing
almost
like
a
retail
dashboard,
would
look
like
so
there's
an
average
user
coming
on
to
an
analytic
site.
I
think
they'd
want
to
see
some
of
the
more
important
CDP
statistics:
stability
fees
across
the
various
collateral
types
DSR
when
it
comes
and
then
I
think,
for
example,
at
a
just
speaking
at
a
glance,
I
think
some
metrical
distribution
of
dye
is
useful,
so
there's
90
million
and
10
million
of
it
is
in
comm
or
or
whatnot.
A
C
A
C
A
All
right
we're
coming
up
on
this
30
minute
mark
of
the
Q&A
aspect
of
the
call
I
think
this
might
be
a
handy
place
to
end
the
meeting
thanks
very
much
for
the
presentation.
There's
a
lot
to
digest.
I'm,
hoping
that
we'll
see
some
more
interesting
graphs
in
the
future
calls.
Thank
you
once
again
for
shesh
and
David
and
Matthew
for
your
presentations.
Please
continue.
A
The
discussion
in
the
forums
have
a
look
at
the
the
signal
requests
for
what
the
asset
party
list
might
look
like
and
have
a
have
a
poke
around,
because
there's
a
lot
of
interesting
chats
going
on
in
there
and
a
lot
of
decisions
that
need
to
be
made
and
touching
on
Matthews
point.
We
have
a
series
of
polls
that
we
have
identified
in
the
last
couple
of
months
and
in
the
next
couple
weeks
we're
gonna
be
able
to
act
on
those.
So
let's
put
some
effort
into
resurrecting
those
threads
and
maybe
refining
them
for
implementation.