►
From YouTube: Governance and Risk Meeting: Ep. 94
Description
# Agenda
## Governance
- Richard Brown: General Intros
- LongForWisdom: Governance at a Glance
## Smart Contracts
- Mariano Conti: Housekeeping
## Oracles
- Nik Kunkel: Oracles and Light feed applications
## MIPs
- Charles St. Louis: Weekly MIPs Update
## Risk
- Vishesh Choudry: State of the Peg
## Links
Governance and Risk Framework - Part 1: https://community-development.makerdao.com/governance/governance-risk-framework/part-one
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Forum: https://forum.makerdao.com/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
A
Hello,
everyone
welcome
to
the
may
28th
edition
of
scientific
governance
and
risk
meeting.
My
name
is
richard
brown,
I'm
the
head
of
community
development
at
maker
down
and
finally,
after
a
long
and
intense
weight,
I
am
no
longer
the
only
governance
facilitator
at
maker
down.
This
is
a
big
day
for
me,
because
government
governance
has
evolved
in
many
many
ways.
A
Over
the
course
of
the
last
year
and
a
half
two
years,
it's
become
fantastically
complicated,
which
what's
the
plan,
I
guess,
let's
call
it
sophisticated,
let's
be
charitable,
there's
there's
lots
and
lots
and
lots
of
things
to
do.
There's
lots
of
threads
to
be
managed.
There's
issues
like
consensus
and
debate.
Coordination
is
a
large
large
large
project
and
I'm
wearing
a
few
different
hats.
And
frankly,
I
do
not
have
the
bandwidth
to
devote
to
the
attention
that
the
what's
happening
here
actually
deserves,
and
I've
not
felt
right
about
that.
A
So
I've
been
enormously
interested
in
expanding
the
pool
of
resources
that
the
community
has
available
to
itself
for
itself.
In
order
to
make
sure
that
this
governance
machine
keeps
on
running
happily,
the
hero
we
needed
arose
in
the
time
of
our
greatest
need
long
for
wisdom
showed
up,
and
it
turns
out
that
this
is
the
best
possible
of
all
universes
he's
interested
in
governance.
A
He
he
just
blew
me
away
and
being
willing
to
step
up
and
adopt
the
the
responsibilities
of
government
facilitator
was,
is
there's
no
small
thing
frankly,
in
many
ways,
it's
a
thankless
job.
The
amount
of
work
that
is
involved
with
doing
it
is
tremendous,
but
there's
all
kinds
of
plus
sides
to
this
is
that
it's
absolutely
fascinating
work
being
at
the
forefront.
A
This
is
one
of
the
things
that
maker
dao
is
kind
of
really
good
at
is
being
at
the
sort
of
the
leading
edge
of
the
curve,
and
so
we're
we're
doing
things
that
haven't
been
done
before,
or
at
least
at
this
scale.
I
suppose
and
that's
a
fascinating
place
to
be.
There's
a
lot
of
interesting
problems
to
be
solved,
and
I
think
that
having
somebody
like
awful.
A
The
capacity
and
the
insight
to
help
us
navigate
this
new
world
is
a
fantastically
huge
win
for
the
ecosystem,
so
I
am
enormously
happy
to
announce
that
he
is
now
well,
let's
not
stand
on
too
many
formalities.
Let's
just
call
it
now.
Maybe
it
is
on
friday,
but
in
my
mind
he
is
now
the
the
other
governance
facilitator,
potentially
outranking
me,
because
I'm
just
an
interim
government
facilitator
and
he's
a
real
one.
A
A
A
Myanmar
conti
has
been
pulled
into
other
business,
so
we're
going
to
bump
his
housekeeping
talk
to
next
week.
Nick
is
here
to
give
us
talk
about
or
an
update
on,
what's
happening
in
the
oracle
world.
Some
light
feed
applications
charles
will
give
us
the
weekly
mips
update
and
then
soon
after
we'll
jump
into
the
actual
mips
order
of
business
for
this
week,
which
I've
immediately
foisted
out
to
our
brand
new
government's
facilitator.
So
I'm
looking
forward
to
that
and
vishesh
will
give
us
a
state
of
the
peg.
A
A
C
All
right,
so
briefly
thank
everyone
for
the.
I
guess
trust
they
placed
on
me
by
voting
for
me
as
the
second
government,
switzerland.
It's
very
gratifying.
So
thank
you
expect
like
for
the
first
few
weeks,
things
are
maybe
going
to
be
slightly
more
chaotic,
as
we
enrich
figure
out
how
we
are
like
splitting
things
and
who's
doing
what,
but
hopefully
like
once
that's
period's
over
we'll
like
be
able
to
get
more
stuff
done
more
consistently.
So
yeah
look
forward
to
that,
I
guess
cool.
C
So,
let's
see
first
pretty
much
wrote
up
a
nice
little
post
about
a
business
policy
of
rate
setting
like
discussing
the
factors
that
affect
how
we
set
rates
so
like
monetary
policy
risk
and
specifically
highlighting
like
the
third
one,
which
is
sort
of
business
policy
and
competitiveness.
In
terms
of
how
we
set
rates,
which
I
thought
was,
was
really
interesting
and
worth
a
read.
C
C
We
have
basically
talking
about
how
we
would
the
sort
of
more
the
easiest
way
to
update
things
would
be
to
write
a
spell
that
was
designed
to
always
be
active
and
then
builds
the
entire
government
system
on
top
of
ds.
Chief,
I'm
sure
that
was
interesting,
because
I
was
previously
assumed
that
we'd
have
to
migrate
everything
from
dsd
to
somewhere
else.
C
Let's
see
mike
from
wire
posted
a
post
discussing
how
to
quantify
central
centralized
stablecoin
risk,
which
that
was
pretty
interesting
as
well.
Just
talking
about
using
regulatory
recourse,
that's
kind
of
sort
of
like
an
input
into
how
risky
certain
stable
coins
are,
which
again
got
some
good
discussion,
something
that
mostly
covers
the
discussions
so
seeking
consensus.
Then
we
had
two
more
zoom
requests.
C
This
week
we
had
one
from
andy
mccall,
which
is
the
first
one
he's
done
so
thanks
for
that
andy,
if
he's
here
not
sure
but
yeah.
So
the
signal
request
covers
modifying
the
regular
weekly
monetary
policy
votes
to
use
the
newly
created,
ranked
choice,
voting
model,
essentially,
which
seems
to
be
fairly
popular.
So
far.
If
I
remember.
C
E
Yeah
so
ranked
ranked
choice.
Voting
is
a
different
version
of
voting
compared
to
first
past
the
post,
which
we've
been
using,
where
the
option
with
the
highest
plurality
will
win
the
the
vote
overall
and
rank
choice
instead
allows
you
to
select
multiple
choices.
You
can
say
this
is
my
first
choices.
My
second
choice
is
my
third
choice
and
with
instant
runoff
voting
as
the
algorithm
to
determine
the
winner,
it
will
eliminate
the
choices
that
are
least
popular
and
then
reallocate
the
votes
to
second
choice.
C
C
C
So
far,
it
seems
like
the
majority
of
people
prefer
to
keep
it
weekly,
some
of
the
reasons
just
because
it's
still
sort
of
struggling
to
stabilize
die
so
perhaps
having
a
monthly
cadence
would
slow
down
our
response
time
and
just-
and
I
shared
the
concern
that
we've
only
recently
moved
to
to
the
new
stability
usability
fee
structure.
I
guess
so
it's
probably.
If
we
were
going
to
increase
the
cadence,
we
should
probably
wait
to
see.
If
does
the
temperature
make
sure
it
works?
As
expected,
I
guess
cool.
C
C
So
if
you
do
feel
like
you're
wanting
to
do
signaling
threads,
it's
now
slightly
more
clear
what
you
should
do
in
terms
of
technical
options
and
like
keeping
people
up
to
date
and
just
generally,
what's
kind
of
expected.
If
you
decide
to
run
one
so
yeah,
I
think
that's
all
of
what
I
was
gonna
say:
yeah,
samuel,
you're
saying
you
wanted
to
go
for
the
status
stuff.
E
E
It's
not
exactly
clear
how
we
keep
track
of
these
right
now,
so
it
started
with
the
dsr
spread,
which
is
not
an
actual
system
parameter,
but
instead
a
governance
construct
and
so
and
and
the
next
one
that
we
just
introduced
last
week
was
the
splitting
of
the
stability
fees
and
the
base
rate,
plus
the
risk
premium
and
as
well.
I
heard
conversation
this
past
week
about
wanting
to
put
a
cap
on
stable
coins
like
an
overall
debt
ceiling
cap
on
all
stable
coins,
centralized
stable
coins.
E
Rather
so,
as
we
sort
of
add
these,
not
code
level
sort
of
abstractions,
I
think
it's
helpful
to
keep
track
of
these
numbers
on
chain.
So
I
wrote
a
thread
discussing
some
possibilities
about
how
to
do
this,
and
maybe
the
maker
dev
team
could
weigh
on
in
on
this
a
bit
because
maybe
they've
already
been
thinking
about
this.
E
D
Other
people
are
going
to
have
trouble
sort
of
interacting
without
being
able
to
iterate
those
on
chain.
It's
a
slightly
different
problem,
but
it's
very
similar
in
that
we
do
need
some
type
of
von
chain
source
of
these
things,
at
very
least,
to
commit
to
the
concept
of
those
things
and
what
they
are
it
would.
It
would
be
nice
to
have
that
and
and
then
beyond
nice,
to
have
like,
in
the
case
of
say,
an
oak
registry.
D
A
It
also
ties
into
some
issues,
we're
having
where
there's
a
disconnect
between
the
actual
polls
and,
what's
or
in
the
wording
of
these
markdown
templates
and
what
actually
ends
up
on
chain
as
well,
so
expanding
the
metadata.
There
might
be
an
interesting
idea,
but
we
will
leave
that
for
some
free
time.
Oracle
section
so
nick
was
handed
over
to
you
and
you
can
give
us
an
update
of
what's
going
on
with
with
your
world.
F
So
now,
when
say
people
approach
us
and
they're
like
hey,
we
want
to
use
your
oracles
or
hey.
You
know
we
want
you
guys
to
create
an
oracle
for
you
know
x,
it's
really
easy
to
just
be
like
well,
here's
mipten
go
and
post
it
on
the
the
forum
and
like
you're
all
set,
so
that's
been,
that's
been
pretty
big
for
us
and
I
think
that'll
start
to
become
apparent
in
the
in
the
coming
weeks
and
months
as
we
go
through
a
lot
more
oracle
governance.
F
So
just
to
recap,
right
feeds
are
the
kind
of
data
providers
for
oracle's
right,
so
they're,
it's
they're,
they're,
controlled
right.
The
membership
of
being
a
feed
is
controlled
by
governance
and
there's
both
dark
feeds
right,
which
are
these
anonymous
entities
and
there's
light
feeds,
which
are
these
public
kind
of
organizations
that
are
like
stakeholders
in
the
ecosystem.
F
So
currently
right.
The
light
feeds
are
dydx,
0x
protocol,
gnosis
and
the
maker
foundation,
and
we
just
got
an
application
this
week
from
kyber,
who
also
wants
to
run
a
light
feed,
which
I
personally
I
I
think
is
a
great
thing.
I
think
we
need
more
light
feeds
like
we
need
more
stakeholders
in
the
ecosystem
and
the
more
the
more
we
have
right,
the
more
we
have
this
kind
of
decentralized
web
of
trust
right.
It
still
ends
up
being
pretty.
F
F
So
I'm
already
in
talks
with
with
a
couple
kind
of
potential
partners
to
kind
of
help
them
through
the
the
filing
process
right
filling
out
the
the
mip
and
and
where
to
kind
of
post
it
on
the
forum,
which
just
kind
of
taught
me
that
partners
still
need
a
lot
of
handholding,
but
I
think
that
we're
going
in
the
right
direction,
because
I
can
now
just
point
to
like
an
example
and
be
like.
Oh
well,
if
you
want
a
sample
of
you
know
what
this
is
supposed
to.
F
Look
like
you
know,
look
at
you
know
kyber's,
like
a
life,
feed
application
or
look
at
defy
savers,
whitelisting
or
yeah
white
listing
application.
So
I
I
think,
you'll
find
that
in
the
the
coming
weeks,
you're
going
to
see
a
lot
a
lot
more
oracle
applications,
so
just
wanted
to
make
kind
of
people.
Aware
of
that,
and
that's
that's
it
from
me.
F
Oh,
I
see
a
question
in
the
chat
about
enabling
fees
yeah.
So
back
in
september
right
we
passed
what
we
called
the
the
responsible
oracle
migration
proposal
right
and
part
of
what
was
in
that
was
effectively
that
we
give
oracle
services
away
for
free
from
the
day
that
the
the
individual
entity
gets
access
to
them.
So
that's
still
the
case
right.
F
Very
kind
of
it
helps
us
onboard
a
bunch
of
groups
that
otherwise,
you
know
if
they
had
to
pay
for
oracles,
wouldn't
be
able
to
necessarily
pay
for
them
right
now,
and
it
allows
us
kind
of
to
get
access
to
these
like
early
stage
companies
that
maybe
down
the
road
like
are
actually
going
to
be.
You
know
stalwart
services
of
defy,
but
just
need
some
time
to
bootstrap
first,
and
I
don't
think
that
we
should
kind
of
be
stalling
kind
of
innovation
in
the
space.
F
F
Each
of
the
feeds
gets
paid
a
thousand
die
a
month
and
currently
that's
paid
for
by
the
foundation,
but
the
intention
is
that
when
stability
fees
start
to
pick
up
again
and
governance
has
a
stream
of
revenue
that
protocol
is
going
to
start
paying
for
this.
So
so
those
are
kind
of
the
major
costs.
Then
you
also
have
the.
F
So
there's
there's
a
bunch
of
partners
who
are
running
relayers.
There's
a
bunch
of
maker
foundation,
relayers
like
I'm
running
one
or
two
relayers.
I've
always
encouraged
people
to
run
them
as
well.
But
the
ultimate
thing
is
that
there
needs
to
be
at
least
some
relays
that
have
guaranteed
uptime
because
they
are,
you
know,
compensated
by
the
protocol
in
some
manner.
I
haven't
quite
thought
through
how
that
should
work,
but
well
it's
it's
something
on
my
on
my
to-do
list.
F
So,
given
that
right,
there's
20
feeds,
so
it's
20k
a
month
times.
You
know
12
months
a
year,
it's
about
240k
a
year,
so
I'd
say
costs
are
in
that
240k
to
200.
You
know
60k
mark
annually,
so
the
the
cool
thing
about
kind
of
the
oracle
business
model
is
that
you
know
to
make
a
new
oracle.
You
know
there
are
some
fixed
costs.
Right
like
you
need
to
spend
developer
resources
to.
F
Actually
you
know
program
that
oracle
and
then
you
need
to
you
know,
roll
out
the
update
to
the
feeds.
You
know
you
need
to
make
sure
that
update
has
been
thoroughly
tested
right.
You
need
to
then
point
the
relayers
to
it,
and
you
have
this
now
kind
of
extra
fixed
gas
cost
not
fixed
in
the
sense
that
gas
prices
don't
fluctuate
but
fixed
in
the
sense
that
every
new
oracle,
you
add,
you
have
minimum
some
number
of
gas
units
annually
that
you're
going
to
be
adding
to
your
expenses.
F
But
the
cool
thing
here
is
that
you
know
to
white
list
more
entities,
kind
of
it
costs
us
nothing
right.
So
from
a
kind
of
a
profit
perspective
right,
the
more
people
you
can
get
whitelisted
on
a
single
oracle.
You
know
the
more
kind
of
your
per
customer
costs
are
coming
down
or
you
know
from
another
perspective,
the
more
profit
you
can
make
off
of
that
oracle.
F
Okay,
I'm
seeing
some
other
questions.
Can
you
describe
what
it
means
to
have
access
to
an
on-chain
oracle?
So
access
is
basically
you
get.
Governance
puts
an
entity
on
the
white
list
and
the
white
list
lets
people
read
the
oracle
price.
So
right
now,
if
you're
not
on
the
white
list,
you
actually
can't
read
the
the
oracle
price
from
the
the
v2
oracles.
C
F
F
G
G
But
with
that
being
said,
I
do
plan
to
propose
an
amendment
to
make
them.
Last
the
last
two
weeks
of
the
governance
cycle
and
correct
certain
inconsistencies,
as
well
as
to
make
it
ultimately
work
better.
With
the
governance
cycle
flow,
so
I'll
get
into
more
amendment
details
later
in
this
update,
but
basically
it's
going
to
talk
about
how
we
can
how
we
plan
to
clarify
and
update
the
mips
to
be
more
consistent
across
the
board.
G
So
as
for
today's
business,
the
governance,
facilitator
or
facilitators
will
perform
a
governance
cycle
review
that
they
feel
is
necessary
in
which
they
summarize
and
discuss
the
past
governance
cycle
of
may.
This
meeting
can
also
be
used
as
an
opportunity
to
discuss
any
upcoming
governance
cycle
or
potential
submissions
for
june's
governance
cycle.
G
G
As
for
mip
8,
it
will
just
be
some
tweaks
to
further
the
above
point
I
just
mentioned,
as
well
as
just
making
sure
to
effectively
highlight
that
domain.
Green
light
should
occur
after
the
green
green
light,
pull
happens,
allowing
the
domain
teams
to
use
the
community
green.
They
pull
results
to
make
a
more
informed
decision
and
proceed
with
their
domain
work
with
the
backing
of
community
sentiment.
G
G
So
we
also
updated
the
pull
template
to
better
reflect
and
have
more
information
available
in
the
poll
itself,
so
that
people
can
click
on
it
when
they
go
to
vote.
The
last
amendment
is
with
respect
to
map
12.
So
this
is
the
process
where
the
domain
teams
bundle
their
work
and
submit
a
sub
proposal,
including
their
work
to
formally
enter
the
governance
cycle,
ultimately
going
through
the
cycle
and
if
it
gets
ratified,
the
collateral
type
would
be
added
to
the
maker
protocol.
G
G
So
I
will
be
posting
these
and
I'm
going
to
put
them
in
the
request
for
comments
as
soon
as
possible,
and
I
do
have
the
intention
of
proposing
them
for
june's
governance
cycle
so
that
we
can
get
all
these
areas
cleaned
up
and
allow
the
the
future
government
cycles
to
be
more
efficient
as
soon
as
we
can
so
in
terms
of
next
week's
activities.
This
is
the
first
week
of
the
second
ever
governance
cycle.
G
On
monday
from
june
1st,
to
4th
is
the
official
formal
submission
period
for
june's
governance
cycle
where
mips
or
sub
proposals,
and
the
request
for
commons
phase
can
enter
the
governance
cycle
and
wait
for
approval
for
the
governance
facilitators
to
formally
start
with
the
process
in
week.
Two
with
an
inclusion
poll
next
thursday.
G
So
in
other
news,
I'm
going
to
talk
a
little
bit
about
collateral
onboarding.
So
both
the
tusd
and
usdcb
governance
full
has
passed
successfully
today,
meaning
that
they
will
go
for
an
executive
vote
so
note
that
these
assets
are
still
following
the
weekly
cycle
and
not
the
monthly
governance
cycle,
as
I've
previously
met
previously
mentioned,
and
this
is
because
they're
we're
kind
of
still
in
this
transition
period.
From
the
current
collateral
onboarding
practices
to
the
full
mips
process,
you
can
check
out
the
the
results
on
the
voting
dashboard.
G
So,
in
summary,
the
community
greenlight
polls
provide
this
reasonable,
first
approximation
of
which
assets
the
domain
teams
should
prioritize
going
forward
and
which,
and
which
ones
they
should
work
on.
However,
this
prioritization
is
is
ultimately
not
binding
on
the
domain
teams
and
the
domain
teams
are
free
to
determine
the
order
in
which
they
perform
the
domain
work
for
the
assets
that
have
passed
community
greenlight,
so
that
covers
the
weekly
update
again
I'll
post.
A
C
Yeah,
I
can
do
just
got
a
little
bit
ready,
but
I'll
go
through
it
briefly
yeah
so
week.
Four
of
the
government
cycle
is
the
governance
cycle
review,
in
which
the
government's
facilitators
summarize
and
discuss
the
previous
governance
cycle
and
potentially
open
the
discussion
to
the
open
discussion,
this
sort
of
law
to
discuss
the
upcoming
governance
cycle
and
what
might
or
might
not
be
in
it.
So
in
terms
of
the
last
governance
cycle,
there
was
once
a
proposal
which,
just
on
board
me
as
governor's
facilitator.
C
So
I
mean
I've
got
a
sort
of
great
idea
of
what
we
should
do
in
this
sort
of
summaries.
But
at
least
I
can
kind
of
go
through
the
different
polls
that
it's
like
happened
and
like
sort
of
what
sort
of
participation
they
got.
What
sort
of
make
a?
What
sort
of
wake
me
up?
Wake
weights
of
maker
landed
on
each
pole,
so
I
think
I'll
do
that
briefly.
So
we
start
with
the
inclusion
poll
where
we
hit.
C
We
had
20
unique
voters,
we
had
yes,
the
s
weight
was
like
5.7
k
maker
and
that
was
400
maker.
So,
there's
quite
a
lot
of
participation
in
that
one.
You
know,
as
these
things
go,
the
second
poll
which
was
the
so
normally.
This
would
be
the
bundled
pole
which
included
everything
that
was
in
the
conclusion
poll,
but
in
this
case
was
just
the
same
poll
again
essentially
so
that
only
had
nine
voters
and
had
500
sorry
5
000
maker
weight
on
yes
and
zero
maker
on
no.
C
So
it's
kind
of
interesting
to
see
that
the
amount
of
voters
drop
off
on
this.
I
suspect
in
this
case
it
was
because
it
was
mostly
the
same
as
the
previous
vote,
but
we'll
kind
of
pay
attention
to
what
sort
of
participation
levels
these
the
various
stages
of
the
government
cycle
get
as
we
go
forward
and
the
last
stage
was
to
do
the
executive,
which
I
ended
up
with
some
70k
maker
in
support,
most
of
which
landed
in
the
last
day.
C
Today,
yes,
so
yeah
like
overall,
I
think
it
was
a
reasonable
participation
level
for
the
first
to
go
on
a
cycle,
hopefully
we'll
hopefully
so.
Ideally,
next
cycle,
we'll
see
more
than
one
thing
more
than
one
minute
for
progress
will
be
added
to
the
cycle,
so
the
inclusion
poll
will
actually
be
more
meaningful
and
that
will
determine
what
is
included
in
the
cycle
so
yeah.
C
Does
anybody
have
any
thoughts
on
the
upcoming
mips?
Charles
briefly
went
over
them,
but
to
go
over
the
game?
There
was
mip
13,
which
is
made
by
roads
called
declarations
of
intent,
there's
bit
14,
which
also
wrote
called
protocol,
die,
transfer
and
there's
15,
which
will
barnes
wrote
and
concerns
like
dark
fix
protocol.
I
guess
what
dark
spell
protocol.
G
C
So
to
yes,
you're
right
so
to
clarify
mip2
is
the
map
that
states
that
the
feedback
of
frozen
periods
can
be
skipped
essentially
for
the
first
few
months?
After
all,
the
notes
get
ratified,
which
is
still
optional
again
so
yeah
in
terms
of
mips
13
and
14.
I
haven't
fully
decided
if
they're
going
to
go
into
the
next
government
cycle.
Yet
this
was
some
discussion
on
mip
13
and
specifically,
I
think
14
will
probably
go
in
13,
I'm
not
sure
about.
B
A
A
D
A
Things
I
would
like
to
to
devote
some
time
to
and
I'm
not
sure
whether
we
could
do
it
now
or
afterwards,
but
your
two
mips
that
you
submitted
are
fairly
waiting.
I
think
I've
discussed
this
in
the
past
that
they
have
some
fairly
broad
implications
for
the
ecosystem
ecosystem
for
the
protocol
for
the
government's
environments.
D
A
A
Most
of
them
are
all
positive.
It
allows
the
community
to
come
up
with
an
idea.
They
want
to
do
something
frequently.
The
community
is
kind
of
hamstrung,
because
the
question
becomes
well
who's
going
to
pay
for
that.
This
set
of
myths
answers
that
question
and,
depending
on
how
mercenary
you
view
the
world
you.
A
Own
funds,
in
order
to
have
true
autonomy-
and
this
is
a
method
that
allows
that
to
happen-
it
also
is
potentially
fraught
with
apparently
has
some
sharp
edges
that
that
we
should
all
sort
of
internalize
and
maybe
come
some
brainstorming
about
how
to
fix
those
things.
So
actually,
maybe,
if
you
wanted
to
post
the
links
to
those
in
the
sidebar,
maybe
people
can
thrown
up
in
the
next
11
minutes.
While
we
talk
to
vishesh
and
go
over
the
state
of
the
pegs
cheshire
set.
A
H
H
H
I
would
say
month
and
a
half
so
basically,
as
east
started
to
come
up
this
time,
around
dai
actually
did
its
inverse
behavior
last
time,
eth
dipped
and
then
came
back
up.
Dai
had
exhibited
a
positive
correlation,
but
this
time
it
resumed
its
normal
negative
correlation.
So
what
this
means
is,
as
heat
started,
to
pump,
people
actually
did
take
some
leverage
and
sold
some
dye
which
helped
to
bring
it
back
down
a
little
bit
and
then
immediately
thereafter
the
eth
price
started
to
come
back
down.
H
H
It's
now
sort
of
resumed
a
total
market
price
dependency,
which
means
that
people
are
once
again
willing
to
lever
up
and
and
they're
willing
to
speculate
and
trade.
So
confidence
appears
to
have
been
restored,
but
it's
still
early.
So
that's
that's
something
to
watch
so
as
far
as
these
die
supplies.
So
wvtc
we
talked
about
is
shortly
after
it
was
added
jumped
up
to
about
four
and
a
half
million,
while
it
jumped
up
again
in
the
last
week
to
about
nine
and
a
half
million.
H
So
this
is
actually
seeing
some
very
solid
utilization
eth
die,
so
the
og
has
kind
of
been
slowly
growing
since
march,
and
it's
kind
of
holding
steady
in
the
last
week,
or
so
around
100
and
405
million
usdc,
so
usdc.
What
we
saw
was
initially
for
the
march
events.
There
was,
you
know
about
seven
and
a
half
million
in
utilization.
H
It's
just
the
interesting
detail,
so
yeah
that
collateral
supply
sort
of
this
was
actually
much
more
stagnant
than
the
dye
supply.
So
it
seems
those
that
were
using
the
usdc
dipole.
Don't
don't
move
the
amount
of
collateral
that
much?
What
they're
really
fluctuating
is
the
amount
of
dye
that's
minted
from
it,
so
they're
sort
of
more
than
happy
to
keep
that
usdc
parked
and
then
utilize
it
more
heavily
as
needed.
H
H
Let's
take
a
moment
to
update
but
yeah.
Let
me
just
touch
on
one
other
thing,
so
in
the
last
seven
days,
what
we
basically
saw
was
similar,
but
slightly
less
eat
diet
trading
volume
from
the
previous
seven
day
time
frame
and
what
we
saw
was
basically
just
a
more
dramatic
share
of
that
trading
on
dydx
than
even
before
a
bit
less
on
plane
base
a
bit
more
on
uniswap
and
then
basically
slightly
less
on
oasis,
so
a
lot
of
dydx
activity,
but
globally.
This
is
a
bit.
H
H
So,
as
far
as
ustc
goes
obviously
just
huge
chunking
at
about
five
points
above
the
liquidation
threshold
and
then
a
smaller
chunk,
that's
like
you
know,
20
points
over
collateralized,
so
that's
actually
very
interesting,
but
people
keeping
a
little
bit
of
a
buffer
of
usdc.
Like
I
said
you
know
they
just
wiped
down
some
ustc
debt,
but
I
think
they're
still
comfortable
keeping
usdc
parked
for
when
they
need
it.
H
Okay,
so
yeah.
This
was
the
the
90-day
time
frame.
So
the
the
point
was
to
show
that
though
the
prices
were
crazier,
there
was
much
heavier
volumes
in
april
and
early
may
than
we've
seen
in
the
last.
You
know
two
three
weeks
so,
though
the
prices
do
look
better,
definitely
take
that
into
consideration,
and
I
think
what
will
be
interesting
to
to
watch
in
terms
of
die
is
some
of
these
larger
trades.
Where
are
they
occurring?
H
A
H
C
So,
like
the
main
kind
of
fundamental
impact,
is
that
we
will
now
be
able
to
spend
die
if
we
will
vote
for
it,
which,
as
rich
said,
is
a
fairly
major
change.
So
yeah
I
mean
mip.
13
is
sorry
myth.
14
is
a
fairly
simple
simply
like
just
that.
You
can
define
using
this
proposal.
You
can
you
know
you
can
create
a
proposal.
You
can
say
like
pay,
this
much
die
to
this
target
address.
This
is
the
reason
any
supporting
information
or
whatever
can
live
in
the
sub
proposal.
C
B
C
Yeah
so,
but
ultimately,
kind
of
once
we've.
So
I
feel
like
once
we
iterate
on
these
things,
we'll
be
able
to
kind
of
figure
out
what
sort
of
checks
balances
we
need
on
this
process,
because
the
kind
of
the
kind
of
ultimate
question
is
like
you
know
what
check
or
balance
do
we
want
to
impose
on
ourselves
right
because
you're
basically,
then
saying
that
I
mean
yeah
again
like
the
ultimate
thing.
Is
that
through
an
executive,
you
can
basically
do
whatever
you
want
right.
C
So
I
don't
see
the
governance
risk
here
significantly
different
from
any
other
governor's
risk
like
there's
going
to
attack
generally
like
at
some
point
maker
token
holders
have
to
become
responsible
for,
like
managing.
I
mean
they're
already
responsible
for
managing
the
protocol
right,
but,
like
part
of
that,
responsibility
is
being
able
to
use
the
tools
that
the
protocol
has,
one
of
which
is
to
spend
eye.
C
That's
not
something
I
directly
considered
so
spam
in
general
in
this
process
is
something
that
has
been
considered
and
it's
one
of
the
reasons
why
the
government's
facilitators
get
to
gatekeep
like
what
what
it
goes
into
the
inclusion
poll
in
the.
If
there's
just
like
too
many
things
that
have
been
submitted,
then
the
government's
associates
and
say:
okay:
well,
these
ones
are
just
low
policies,
so
we're
just
going
to
wait
on
them
or
there's
too
many.
So
we
only
vote
on
five
this
week
or
ten
this
week
or
whatever
or
this
month.
C
D
C
So
there's
kind
of
generalized
ones,
but
there
could
potentially
be
something
like
that
in
the
actual
in
essential.
Potentially,
you
could
like
refund
the
fee
again
to
the
to
the
address
it's
kind
of
interesting,
because
it's
different
there's
no
there's
no
way
to
really
enforce
that.
Someone
pays
die
to
like
do
it
to
like
post
a
mip
to
the
forum
right
there's
no
like
smart
contract
logic
that
can
stop
people
just
posting
whatever
they
want
really.
C
Yeah,
it
definitely
could
be.
I
think
the
kind
of
issue
is
the
first
part
of
the
mips
proposal.
Thing
is
to
post
something
on
the
forum.
So,
like
you
can't
really
force
someone
to
pay
something
to
post
something.
On
the
forum
I
mean,
I
guess
you
could
sort
of
have
as
a
social
layer
like
you
know,
send
burn
this
much
die
and
then
we
won't
delete
your
proposal,
which
is.
C
C
C
The
one
kind
of
glaringly
obvious
thing
is
that
makeup
token
holders
waited
to
compensate
the
the
vault
holders.
If
that
sort
of
lost
money
through
the
zero
bid
auctions
issues
on
black
thursday.
If
that's
to
be
done,
then
the
die
needs
to
come
from
somewhere.
The
protocol
is
kind
of
the
only
place.
C
Cool
all
right,
so
that's
submit
14
is
kind
of
just
a
very
simple
like
transfer
mechanism
and
that
you
make
us
a
reversal
transfer.
It
goes
through
a
process.
It
gets
added
to
a
list,
so
you
can
see
all
the
previous
transfers
and
all
this
sort
of
stuff
discussion
in
that
mip
kind
of
there
was
some
discussion
about
whether
to
put
in
some
logic,
to
try
to
prevent
flop
options
from
occurring
in
that.
C
So,
there's
a
couple
of
options
here
like
we
could
encode
put
something
in
the
mips
specifically
that
says
it's
kind
of
like
logic
to
like
spread
out
payments
over
time
to
avoid
flop
fortunes,
but
again
it's
sort
of
in
the
aim
of
kind
of
not
prior
optimizing
things
we
don't
necessarily
want.
I
haven't
included
stuff
like
that.
It's
just
like
a
very
simple
like.
If
you
suck
out
more
eyeliners
in
the
protocol,
then
it
will
print
makeup
because
that's
what
it
does.
D
Wouldn't
it
be
quite
reasonable
to
say
that
you
can't
use
this
process
for
deficit
spending,
so
if
you
actually
are
intending
to
trigger
mkr
dilution
as
a
result
of
your
of
your
dye
transfer,
then
that
needs
to
be.
That
needs
to
be
like
a
whole
new
thing
from
from
scratch,
because
it
sounds
pretty
extreme
to
me
to
just
sort
of
casually
start
minting
mkr
to
pay
for
stuff.
C
Yeah
for
sure,
so
I
haven't
put
like
a
specific,
strict
likes
thing.
You
can't
do
this
in
the
protocol,
because
I
kind
of
want
it
to
be
as
generic
as
possible
for
any
individual
proposal
like
if
it's
gonna
be
maker,
then
you
can
kind
of
assume
that
everyone's
gonna
be
looking
at
it
really
hard
and
saying
are.
C
You
want
to
do
this,
but
that's
kind
of
that's
kind
of
you
know.
That's
kind
of
the
onus
is
on
make
a
token
holders
to
pay
attention
to
what
is
happening
in
the
governance
process.
Right,
like
you,
kind
of
have
to
hope
that
no
one's
going
to
be
able
to
push
like
a
supervisor
or
make
three
without
anyone
reading
it
or
knowing
what
it
does.
D
I
could
still
see
value
there
just
in
terms
of
setting
expectations
and
also
in
making
this
this
whole
process
less
less
contentious
is
that
it
sort
of
is
limited
to
spending
out
of
the
out
of
the
available
surplus.
Just
because
you're
then
you're,
not
necessarily
opening
the
door
to
like
anything,
can
happen,
but
you're
opening
the
door
to.
We
can
spend
the
money
that
we've
saved
saved
up
in
these
ways.
C
C
D
If
you
wanted
yeah,
I
think
I
I
think
I
agree
with
you.
It's
just
that,
given
that
that's
such
a
a
much
more
radical
decision,
it
seems
like
it's
a
bit
harder
to
plan
for
it
formally
through
a
process,
because
a
lot
of
people
on
this
call
might
say.
Oh,
we
should
actually
never
literally
never
do
that,
and
some
people
might
say
well
only
in
very
exceptional
circumstances,
and
I
couldn't
even
tell
you
what
they
were
and
so
on.
C
It's
very
much
just
like
this
is
what
will
happen.
This
is
how
much
we're
gonna
pay
for
it
and
once
you've
done
it,
then
we
will.
Then
we
will
send
you
the
money,
so
so
there's
some
discussion
about
whether
to
take
the
mip
as
is
or
whether
to
take
the
map
without
the
bounty
of
parts,
and
so
you
just
have
you
can
just
say:
governance
wants
this
to
happen,
but
not
attach
money
to
it
or
whether
to
sort
of
to
go
with.
B
B
B
So
it
seems
like
any
medium-sized
order
should
have
pushed
the
price
below
a
dollar,
but
it's
not
happening
so
I'm
I'm
just
assuming
that
there's
a
fair
amount
of
hidden
bids
from
probably
from
the
usdc
folks
usdc
vault
owners
trying
to
cover
honesty.
If
curious,
if
the
market
makers
have
any
anecdotal
thoughts
on
that.
D
H
Yeah
I
mean
it
just
makes
sense
that
considering
you
know
so
so
many
people's
inventories
were
cleared
out
over
the
course
of
a
month
that
they'd
be
looking
for
opportunities
to
replenish
those,
and
I
think
that's
why
you
know
there
have
been
two
incidents
in
the
last
month
or
so
where
die
has
gotten
close
to
or
dipped
below.
Briefly,
and
in
both
of
those
you
know,
it
appears
to
immediately
have
snapped
back.
So
I
I
would
presume
that,
there's
a
fair
degree
of
orders
just
below
a
dollar
just
waiting
to
replenish.
A
Yeah,
I
think
I
might
be
on
my
breaking
point
too
much
awkwardness,
so
I
think
that
we've
hit
the
end
of
the
q
a
session.
It
was
a
really
cool
call,
though
I'm
looking
forward
to
the
future,
now
doubled
capacity
for
governance,
throughput
on
the
facilitator,
and
of
thanks
thanks
nick
for
your
presentation,
thanks
for
that,
sam
for
your
recap
as
well,
thanks
a
lot
for
wisdom
and
everybody
else
who
has
questions
bashesh.
As
always,
your
crafts
are
at
the
light
all
right
thanks.