►
From YouTube: Governance and Risk Meeting #144
Description
Introduction
* @LongForWisdom: Hosting, Introduction, Agenda.
Weekly Updates
I’d encourage those listed to try keep this to 5 minutes!
* 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
Segments
* DAI Foundation - @sorenpeter
* Monthly Financials - @SebVentures
Resources
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Forum: https://forum.makerdao.com/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
Governance and Community Events Calendar:
https://calendar.google.com/calendar/u/0/r?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20
A
A
As
usual,
we've
got
a
kind
of
an
agenda
to
get
through
our
usual
weekly
updates.
We've
got
a
couple
of
a
couple
of
other
segments
as
well.
This
week,
we're
gonna
have
a
presentation
from
sauron
peter
of
the
dive
foundation
and
we're
gonna
have
some
adventures
present
the
monthly
financials
for
may
at
least
we
will.
If
we
have
time
we
should.
A
A
A
A
A
Also
in
this
week's
executive
or
tomorrow's
executive,
we're
going
to
see
the
court
unit
budget
distributions
for
june,
we're
also
going
to
see
an
increase
to
the
global
debt
ceiling
to
resolve
some
of
the
issues
we've
had.
We
had
over
the
last
couple
of
days
emitting
die
and
we're
also
going
to
do
some
final
liquidations
2.0
migrations,
which
I'm
sure
protocol
engineering
can
tell
you
more
about
in
a
moment.
A
The
other
main
point
is
that
sort
of
onboarding
plans
are
going
fairly
well
as
well.
There'll
be
a
forum
forum
post
in
the
forum
in
a
couple
of
days,
expect,
which
kind
of
covers
covers
some
of
the
positions
we're
hoping
to
fill
for
in
galata
and
what
sort
of
things
they
involve
so
yeah
moving
moving
almost
incrementally.
A
B
B
The
system
surplus
buffer
is
at
39.6
million
die
and
the
total
value
locked
in
maker
is
9.1
billion
dollars
onto
announcements,
and
there
are
two
new
posts
that
are
up
on
the
foundation
block
one
on
smart
contract
wallets
and
another
one
on
community
development
so
feel
free
to
go
check
it
out
active
discussions.
We
have
one
by
long
for
wisdom
who
starts
a
discussion
around
existing
and
or
needed
governance
related
documentation.
B
We
have
one
signal
request
by
aaron
who
is
running
a
poll
to
burn
the
84
000
mkr,
recently
transferred
from
the
maker
foundation
and
another
one
by
aaron,
looking
to
add
price
stability
modules
for
new
stable
coins,
a
signal
request
by
sam
is
seeking
consensus.
The
two
on
adjusting
parameters
of
one
of
the
unit
swap
lp
volts
next
up
money
supply
is
suggesting
adjusting
the
desk
parameter
to
account
for
various
recent
development.
B
A
A
A
C
Everyone
hi,
I'm
derek
from
protocol
engineering,
call
unit
long.
I
think
you
covered
off
the
liquidations
two
items
so
of
course,
last
week,
lp
tokens
and
yeah.
I
also
want
to
shout
out
to
the
js
team
for
their
work
on
the
liquidation.
Stop
mixed
our
front
end.
All
the
lp
tokens
are
up
on
that.
So
if
there
are
liquidations,
you'll
see
them
there,
this
week's
executive,
like
you,
alluded
too
long,
yeah
we've
got
the
500
million
global
debt
ceiling
increase.
C
If
people
want
context
and
there's
a
second
link
there
as
well,
which
is
the
second
point
you
alerted
to-
which
is
the
architectural
debt
clean
up
and
that's
referring
to
moving
stable
coins
from
flippers
to
clippers.
So
basically,
what
we're
doing
here
is
making
sure
that
I
have
a.
I
have
a
summary
in
the
in
in
that
link
that
I
sent
there
that
I
posted
earlier
today.
C
I
don't
think
there's
been
any
conversation,
but
basically
the
bottom
line
here
is
that
we're
keeping
liquidations
turned
off
by
disabling
the
clipper
contract,
but
it's
mostly
a
move
around
removing
architectural
debt
so
that
we
don't
have
to
maintain
the
old
contracts
and
that
everything
is
now
forward
on
the
the
new
liquidations
2.0
contract.
So
it
just
keeps
our
house
in
order
a
little
bit
better
than
having
different
collateral
types
split
across
different
contracts,
so
hopefully
that's
all
clear
but
feel
free
to
ask
any
questions
if
they
arise.
C
The
other
stuff
that's
been
happening.
This
week
has
been
around
layer,
2
work,
so
we've
been
talking
to
optimism
chris
and
the
team
are
in
the
process
of
upgrading
the
die
optimism
bridge
to
the
new
optimism,
erc,
20
bridge
standard
and
we're
also
working
on
them
and
other
layer,
2
initiatives
with
regards
to
token
bridge
standards
and
improving
them
and
trying
to
align
on
a
common
standard
which,
hopefully,
will
move
us
forward
in
the
same
sort
of
direction.
C
We've
also
had
a
discussion
with
arbitram,
so
we're
working
on
the
dai
arbitram
bridge
and,
interestingly
enough,
we
also
had
an
exploratory
discussion
with
starkware
regarding
starknet,
so
we're
hoping
to
continue
those
discussions
with
them
and,
as
you
saw
from
the
forum
post
last
week,
we've
also
got
a
backlog
story
with
regards
to
setting
up
the
risk
framework.
So
that's
something
we're
trying
to
align
on
sort
of
technical
risk
economic
risk
across
l2s.
C
So
I'm
hoping
to
share
some
news
with
you
guys
on
that
soon
as
well.
The
only
other
thing
I
have
to
raise
is
the
smart
contract
technical
assessments.
Last
week
we
had
the
centrifuge
real
world
assets
which
are
managed
by
myth
22
that
interfaced
with
through
with
the
maker
protocol
through
it's
21.,
that
was
fi
people's
company
harbor
trade,
credit
and
console
freight,
and
then
today,
thank
you,
sam.
You
did
the
review
on
the
sushi
swap
lp
pairs.
C
So
that's
ave
eats
wi-fi
east
linkpiece
and
I
think
that's
the
three,
but
we're
still
waiting
on
the
masterchef
v2
deployment
in
order
to
launch
the
sushi
joint
adapter.
So
still
some
work
to
do
there,
but
I
think
they're,
the
big
topics
headlines
at
the
moment,
sam
brian,
if
you
guys
have
anything
else
to
add,
please
feel
free
to
jump
in
or
if
people
have
questions
feel
free
to.
A
A
D
Cool
yeah,
so
yesterday
we
had
a
launch
launch
pad
session
for
the
oracle's
core
unit,
so
I
I
think
that
that
went
rather
well
lots
of
interesting
questions.
So
you
can,
you
can
find
a
recording.
I
I
believe
the
recording
is
up
by
now
and
I'll
I'll
end
up
posting
a
link
in
the
in
the
corresponding
threads
as
well
for
the
core
unit.
D
D
So
it's
it's
the
same
contract
that
they've
been
using
for
that
they've
already
been
using
for
eth,
bitcoin
and
wi-fi,
so
these
polls
will
will
go
up
next
monday
and
we
should
have
them
in
the
exact
the
the
following
friday,
yeah
other
than
that.
I
I
think
this
was.
This
was
rather
a
quiet
week.
I
don't
think
there's
much
new
in
in
the
oracle
world.
E
E
So,
as
I
said
last
week,
we'll
also
cover
ex-sushi
as
a
new
collateral,
and
if
you
notice,
we
suggested
only
one
million
debseling
per
each
pair
and
will
suggest
increasing
it
as
soon
as
we
have
a
week
or
so
of
testing
so
expect.
You
should
soon
expect
a
higher
debt
ceiling,
similar
to
unilps
or
potentially
even
higher,
depending
on
the
on
the
demand
really
parameter
proposal
group,
which
I'm
part
of
also
made
a
post
about
newly
proposed
rates
and
debt
ceilings
for
the
month
of
june.
E
Another
suggestion
was
to
change
debt
ceiling,
instant
access,
module
parameters
for
all
wall
types,
which
will
allow
for
more
more
frequent
debt
ceiling
increases,
and
it
was
also
proposed
to
finally
increase
step
ceiling
of
heat
b
to
300
million,
but
with
one
condition
to
change
auction
parameters
for
for
eb,
which
which
we
did
on
the
same
day.
I
also
posted
another
proposal,
which
was
to
actually
shorten
the
auction
duration,
so
the
expected
auction
duration
of
8b
volts
from
the
current
40
minutes
to
20
minutes.
E
I
think
nadia
might
speak
about
it,
but
so
nadia
from
growth
core
unit.
She
will,
I
think,
soon
make
a
post
or
discussion
points
on
this
potential
setup
of
institutional
worlds.
What's
the
best
setup
and
yeah
we've
been
also
thinking
a
lot
about
it,
so
we'll
provide
some
of
the
some
of
the
solutions
that
we
thought
about
so
yeah
other
than
that.
I
think
that's!
That's
it
from
our
site.
A
F
F
F
A
G
That's
correct:
thanks
son
this
week
we've
been
working
really
hard
with
the
polygon
people
to
see
to
have
a
shared
list
of
implementations
that
they
have,
and
then
we
can
work
together
on
some
actions
with
with
their
partners.
As
you
can
see,
I
left
in
the
chat
the
in
the
graphic
of
the
other
blockchains
and
in
the
light
situation
there
we
can
see
a
trend
of
die
from
bsc
getting
eaten
by
polygon
by
dipole,
and
we
are
seeing
this
on
the
amount
of
partners
that
they
are
integrating
polygon.
G
Okay,
so
that's
pretty
interesting
and
then
from
there
from
the
start
of
the
week.
We
have
this
new
wallet
in
argentina.
It's
called
vitera.
It's
a
only
wallet
that
it's
it's
a
really
good
wallet.
It's
really
capable
to
to
to
compete
with
the
mercado
palo
alpago
is
the
biggest
award
in
latin
america,
and
they
right
now
they
are
starting
to
to
expand
to
to
other
countries
right
such
as
well,
peru,
colombia,
chile
and
venezuela.
G
They
wanted
to
to
be
like
the
die
hab
for
latin
america
because
they
also
implemented
linens
chain.
They
will
implement
polygon
and
some
others,
and
some
other
blockchain
that
uses
dye.
So
this
is
good
also
for
part
of
our
strategy
on
dyno
on
other
blockchains
and
so
on.
Obviously,
on
other
layer
juice,
thanks.
A
H
Hey
yeah,
mariano,
I
was
into
a
podcast
this
week
and
actually
matt
just
posted
that
genesis
is
doing
dyes
and
acceptable
tradable
acid
and
he
kind
of
took
a
sheep
shot
at
d5.
I
forgot
the
guy's
name,
saying
that
when
we
liquidate
votes
or
not
just
maker,
but
anybody
who
gets
liquidated,
you
know
you
don't
get
a
warning.
In
other
words,
like
you,
don't
get
a
phone
call
and
say:
hey
man,
you
got
an
hour
to
get
liquidated.
H
I
was
wondering
if
your
team,
like
with
your
relationships
with
companies
like
genesis
or
nexos
or
whatever,
etc,
is
that
something
you
guys
are
doing
like
reaching
out
to
them
and
say:
hey
man
you're
down
to
like
155
collateral
ratio-
and
you
know-
maybe
you
should
you
know
top
up-
is
that
something
you
guys
are
doing
like?
How
does
that
work?.
G
There's
there's
two
ways
we
have,
let's
say
quote:
unquote:
institutional
balls,
that's
something
that
we
are
already
discussing,
but
we
have,
let's
say
big
balls,
that's
just,
for
example,
in
exo,
and
they
have
people,
that's
24-hour,
like
constantly
monitoring
that
type
of
votes
right.
But
then
we
are
working
with
ethereum
push
notification
service.
It's
a
new
protocol
that
is
going
to
be
developed.
G
This
is
we
started
this
conversation
past
week,
so
it's
all
pretty
new
ethereum
push
notification
service
is
also
a
new
service,
but
I
think
that
we
need
to
you
know
to
classify
what
is
like
a
big
or
kind
institutional,
bold
in
which
they
have
their
own
infrastructure,
to
to
to
monitor
the
bolts
and
and
other
bolts
that
are
maybe
an
anonymous
balls.
Maybe
they
they
could
be
right,
but
they
are
anonymous
and
do
not
want
to
kind
of
be
contacted
or
any
kind
of
help.
G
Yeah
yeah,
it's
optional.
I
I
it's
in
fact,
for
example,
part
of
the
team
right
now
it's
in
miami,
because
a
lot
of
the
industry
is
there
and
we
are
going
to
talk
with
some
of
these
institutional
persons.
That
may
be
interested
to
get
a
quote-unquote
defy
implementation.
We
die
on
their
services
and
we
need
to
to
develop
the
ideas
we
need
to
gather
all
their
requirements
because
it's
like
these
clients
have
different
requirements
according
to
the
country
that
they
are
according
to
the
types
of
clients
and
services
that
they
are
offering.
A
I
A
I
Okay,
so
quick
notes
from
us,
I
mean
we
just
started,
but
some
things
that
we're
getting
done
already
in
the
project
x
ray
has
launched
for
those
that
don't
remember
what
it
is,
and
I
think
my
camera
is
covered.
It's
about
talent,
onboarding,
fun.
Also
lenka
is
working
on
that
we're
also
working
with
one
of
the
2b
core
units
about
talent
and
getting
the
right
people
in
the
right
places
and
dog
food
is
about
our
own
experience
in
setting
the
the
core
unit.
I
I
Coming
soon
we
have
the
lexmaker
series.
So
that's
something
which
I'm
really
excited
about.
It's
it's,
this
series
about
regulation,
ip
licenses,
anything
that's
that
has
to
do
with
legal,
since
layer,
zero
and
astrogator
are
going
to
be
doing
a
lot
of
things
regarding
that,
so
please
check
them
check
the
ad
in
the
forum.
I
think
pablo
has
already
posted
the
agenda
so
make
sure
to
to
save
the
date.
I
I
I
Moving
on
to
the
detailing
code
unit,
as
I
was
saying,
for
example,
cs
is
looking
for
a
data
analyst,
and
I
know
already
that
teo
has
been
reaching
out
different
core
units
and
some
guys
have
been
reaching
out
to
him
to
to
make
sure
that
we
have
the
job
descriptions
out
there
and
we're
already
getting
some
really
good
candidates.
So,
if
you,
if
you'd
like
to
or
if
you
have
any
needs,
please
reach
out
to
him,
he'll
be
happy
to
to
help
you.
I
Regarding
our
grants
program,
we
are
working
on
setting
up
the
program
and
we
have
one
grantee.
That
is
almost
confirmed.
We
will
have
notice
yeah
some
news
about
that
relatively
soon,
hopefully
next
week,
and
it
will
be
to
start
in
in
july
again
if
you
think
that
you
have
an
idea
that
can
help
make
maker
growth,
10x
or
more
please
reach
out,
and-
and
we
can
we
can
discuss
about
this
regarding
the
the
larger
or
the
broader
maker
community,
as
nick
mentioned
yesterday,
he
presented
his
oracle
core
unit
and
division.
I
As
I
was
mentioned
in
the
beginning,
we
have
the
lex
maker
series
the
first
session.
It
will
be
the
die
foundation
and
the
maker
ip.
So
this
is
pretty
much
the
board
members
of
the
dive
foundation
and
they
will
explain
in
in
this
call
how
to
safeguard
maker
ip
the
overview
of
the
assets
on
the
management.
Current
licenses
guidelines,
operations,
budget,
so
yeah.
We
encourage
everyone
to
to
join
us.
I
I
think
it's
going
to
be
really
exciting
to
start
working
in
that
direction
and
the
following
week
we
will
have
stefan
from
magnosis
presenting
their
mipsix
application
for
collateral
onboarding.
So,
looking
forward
to
that
one
as
well
and
as
always,
we
are
in
our
discord,
which
is
discord.ses.maker.network
we're
making
everything
public
on
our
drives
and
we
try
to
maintain
this
maker.net
work
page,
which
is
not
as
successful
as
we
would
like,
but
we're
working
on
it
yeah.
I
don't
know
if
there
are
any
questions.
A
J
J
Besides
me,
you
probably
know
wowder
and
yasik,
but
we
also
do
have
payam,
who
is
a
lawyer
in
denmark
and
hence
henrikh
hoffmeier,
who
is
his
chief
operating
officer
in
a
company
called
coinify,
and
we
really
look
forward
to
yeah
get
some
more
awareness
about
the
the
purpose
of
tie
foundation.
So
let
me
share
some
slides
here
and
please
speak
up,
because
when
I'm
sharing,
I
can't
see
you
and
now
I'm
just
let's
see
taking
a
chance.
J
J
J
J
So
all
right,
so
so
yeah
it
it.
We
only
have
limited
time
so
I'll
dive
right
into
it
and
and
ask
some
some
questions
that
are
key
to
why
the
I
foundation
exists.
So
let's
get
the
next
slide
and
say.
The
first
question
is
what
if
say
somebody
launches
a
coin
on
some
other
blockchain
and
calls
it
die
with
the
the
current
set
of
users,
we're
seeing
in
define
now
a
lot
of
people.
J
We
also
must
anticipate
that
a
lot
of
users
aren't
really
able
to
see
if
this
die
is
legit,
so
so
there
is
a
real
danger
that
somebody
uses
the
trust
of
the
die
brain
to
to
scam
users
and
clearly,
if
somebody
does
that
that
will
hurt
the
trust
and
adoption
of
real
die.
So
that's
that's
one
kind
of
issue
we
have
out
there
if
you
can
take
the
next
one
router.
J
Another
thing
is
on
on
the
thing
that
yeah
it's
really
important.
The
protocol
is
open
source
and
with
all
that,
investment
that
has
been
in
the
maker
protocol
software.
What?
If
somebody
takes
it
and
really
use
it,
is
for
purposes
that
goes
against
the
principles
of
mega
dial
and
yeah.
That
would
mean
they
would
reach
the
open
source
licenses
we
have
on
the
software,
but
it's
really
hard
to
do
anything
about
it.
J
If
it
happens,
we
just
saw
the
scaling
core
unit
talking
about
10xing
maker
and,
as
we
get
more
and
more
collateral
locked
into
the
protocol,
it
also
becomes
more
and
more
attractive
for
an
attacker.
So
what
if
we
happen
to
be
in
the
situation
that
there
is
a
governance
attack,
we
end
up
with
forks
of
the
protocol
and
the
attacker
is
actually
true.
J
So
there
must
be
another
way
to
keep
control
of
the
trademarks
while
make
it
down
the
public
service.
Make
it
out
still
can
utilize
the
trademarks
to
the
fullest
extent
and
yeah.
Please
next
slide
so
the
the
dye
foundation,
its
purpose,
is
actually
to
provide
solutions
for
these.
These
issues
here,
it's
created
to
safeguard
the
few
things,
the
very
few
things
of
the
mega
protocol.
J
From
a
practical
point
of
view,
it's
created
in
denmark,
which
has
yeah
a
very
strong
transition
of
independent
nonprofit
organizations
where
it
has
been
accepted
for
centuries.
The
dye
foundation,
even
though
it
has
been
very
low
key,
has
actually
existed
for
some
time
and
it
was
created
as
part
of
mega
foundation's
bootstrapping
of
the
protocol.
J
And
if
you
are,
then
are
thinking
okay,
but
how
is
this
made
operational?
Then?
It
is
really
our
aim
in
on
the
board
to
make
sure
that,
even
while
we
protect
these
things,
that
cannot
be
decentralized,
we're
not
taking
them
and
putting
them
in
a
black
box
and
putting
them
into
some
some
dark
cellar.
But
we
really
want
to
make
sure
that
for
all
legitimate
purposes
that
they
are
unhindered
use
of
the
mega
trademarks
and
the
first
step
towards
this
is
actually
our
trademark
policy.
J
There
is
a
link
for
it
here
and
you're
welcome
to
go
in
and
check
it
out
and
we're
clearly
working
to
kind
of
have
more
documents
and
processes
for
how
we
will
make
the
assets
available
to
the
community
and
then
yeah.
We
can
have
the
next
one,
so
that
really
was
just
an
appetizer
for
a
deeper
dive.
Where
we
talk
about
what
our
plans
are
talk
about
the
history
talk
about
how
we
see
that
we
really
can
provide
access
to
all
these
assets
without
any
unnecessary
barriers.
J
J
H
J
J
H
J
A
J
Yeah,
first,
first
of
all,
it's
not
like.
We
have
all
the
answers,
so
we're
also
really
looking
to
engage.
We
we
don't
even
know
all
the
questions,
so
so
we're
very
humble
and
want
to
engage
and
again
we
we
want
to
kind
of
create
it
like
unhindered
access.
Personally,
I
see
one
way
to
manage.
The
domains
could
be
that
for
each
sub-domain,
then
whoever
got
to
post
content
on
that
sub
domain
had
to
be
a
governance
approved
entity,
so
it
simply
is
yeah
either
through
a
core
unit
map
or
through
a
governance
vote.
J
D
Yeah,
but
I
guess
that's
just
one,
let's
say
scenario
of
many
and
I
think
what
we
have
been
working
for
in
the
dye
foundation
is
also
to
run
these
types
of
war
games,
where
you
need
to
figure
out
what
could
happen,
which
you
don't
want
to
have
to
happen,
but
could
happen
so
I
think
it's
important
to
understand
die
foundation
also
as
a
form
of
insurance.
You
don't
want
to
use
it,
but
the
day
that
you
have
to
use
it.
D
D
So
I
think
that
would
also
be
good,
for
our
next
session
would
be
to
bring
forward
some
of
those.
Let's
say
cases
that
that
we
could
run
some
war
games
on
to
figure
out.
Well,
what
would
we
do
as
an
organization-
and
this
is
something
that
the
organization
should
do
anything
about
so
there's
a
lot
of
conversation
to
be
had.
J
Yeah
it's
true,
even
though
our
mandate
is
very
specific
and
narrow,
there
is
actually
a
lot
to
discuss
around
it
and
I'm
aware
that
what
is
the
kind
of
a
big
question
in
the
community
now
is
is
yeah.
How
do
we
get
practical
access
to
to
some
of
these
assets?
So
we
we
certainly
are
open
to
discuss
anything
and
look
forward
to
see
a
lot
of
you
next
week.
F
F
That's
just
the
previous
one
so
april,
and
it
was
due
to
all
of
business
time.
So
the
lending
side
is
up.
29
percent
trading
income
is
up
as
well.
Liquidation
as
well,
and
workforce
expenses
are
up
as
well,
but
not
so
much
that
is
it's
making
anything,
as
the
only
thing
that
is
down
is
making
price.
F
I
already
say
that
three
months
ago
I
think,
what's
what
can
we
say
so,
as
you
can
see
on
may
2021,
as
the
bar
of
the
income
statement
is
quite
huge
and
it's
quite,
but
if
you
look
only
on
the
at
the
green
part,
the
net
interest
income,
it's
a
linear
pass
for
the
last
six
months
and
what
is
a
big
difference
here
is
netflix
relation
income.
I
will
not
tell
you
that
there
was
quite
a
crash
in
the
crypto
markets
and
we
benefited
from
from
it.
Hopefully.
F
Looking
at
the
landing
business,
so
I
changed
the
slide
a
little
bit
compared
to
last
month,
so
I'm
not
presenting
if
a
only
but
all
the
is
related
volts.
So
now
that's
more
representative
of
all
we
have
as
interest
income
from.
If
and
now
we
can
see
that
dependency
on
ease
is
now
84
up
from
80
percent
last
month,
and
that's
the
biggest
dependency
we
had
on
is
since
early
2021
2020..
F
F
I
accept
a
rap
bitcoin,
which
is
still
the
second
one
as
a
yield
are
a
bit
above
what
was
done
last
month
at
six
point,
one
six
point,
two
percent,
but
that's
mainly
because
I
use
the
average
yield
is
done
by
using
the
end
of
the
asset,
the
loans
at
end
of
the
last
period
and
the
end
of
the
end
of
may
divided
by
two
and
obviously
there
was
an
increase
in
the
loans
and
big
crash
at
the
end
of
the
period.
So
that's
why
it
seems
a
bit.
F
The
difference
between
the
psm
and
the
inventory
of
the
stable
coin
are
the
legacy
of
stable
coin
vault,
so
pax,
usdca
and
gusd,
so
that
generated
a
lot
of
profit,
a
bit
above
1
million,
which
is
quite
an
improvement
since
the
beginning
of
the
year.
Actually,
it
was
the
biggest
month,
and
this
month
only
was
bigger
than
all
the
previous
months
of
the
psm
and
on
the
recreation
business
we
made
almost
10
million
of
income
thanks
to
recreation,
as
there
was
only
two
liquidations
that
weren't
100
successful.
F
F
Regarding
the
stabilicon
usage,
it
was
quite
interesting
to
see
that
the
style
coin-
unchained
volume
spiked
a
lot
in
may
so
there
was
a
huge
activity
unchained
for
stable
coins
for
all
stable
coins,
but
the
big
winner
of
the
crash
was
usdc,
which
just
doubled
the
activity
and
if
you
look
at
a
market
share,
so
usdc
gained
a
lot
of
market
share.
Busd,
interestingly,
decreased
a
little
bit
of
market
share.
F
I
have
no
idea
why,
because
it
was
increasing
and
taking
the
market
share
of
usdt
for
months
now
and
then
dropped
a
little
bit
and
for
die.
We
are
still,
let's
see
flat
or
slowly
improving
at
13
percent
on
the
risk
side,
thanks
to
the
fact
that
we
are
a
lot
of
users,
I've
closed
their
vault
and
as
we
assume
that
usdc
is
not
a
risk
regarding
what
we
call
the
ch21
ratio.
F
So
the
car
equity
ratio
tier
one
ratio,
we
are
more
safe
than
ever,
because
we
have
a
leverage
ratio,
meaning
the
equity
divided
now
so
yeah.
The
equity
divided
by
the
assets
is
a
bit
below
one
percent,
but
in
increased
a
little
bit
and
if
you
would
look
at
the
ct1
ratio
with
this,
which
is
quite
the
same
metric
but
weighted
by
the
risk
of
all
the
assets.
So
all
stablecoin
are
zero
risk,
except
obviously
usdc.
F
B
F
F
F
F
And
lastly,
to
focus
first
on
redwater
set,
we
have
now
a
little
less
than
two
million
of
kilowatt
assets
still
mainly
on
new
silver
and
the
liquidity
pools
have
decreased
a
lot
because
of
the
rates
of
the
yeah.
The
rates
are
on,
the
landing
pools
are
quite
low,
now
are
lower
on
uni
swap
now,
because
there
is
now
a
unisop
v3,
which
is
sticking
quite
of
the
transactions
and
obviously,
as
there
was
a
crash,
people
wanted
to
deleverage
as
well.
F
J
A
A
A
All
right,
so
I
think
that
brings
us
into
our
agenda,
so
we
can
move
into
the
sort
of
discussion
and
qa
portion
of
the
call
if
anybody
has
sort
of
questions
or
issues
that
they
want
to
discuss
or
bring
up.
Obviously,
usdc
is
on
older
people's
minds
right
now.
So
if
anybody
wants
to
start
a
discussion
around
that
something,
we
can
do
yeah
please
chime
in.
If
you
have
any
any.
A
K
I
B
A
Yeah
and
like
to
speak
a
little
bit
to
the
methodology
question
like
the
idea
is
always
to
kind
of
balance
that,
against
sort
of
you
know
like
risk
and
dice
supply
and
stuff
right.
So
in
this
case,
obviously
dice
supply
is
taking
this,
maybe
the
most
important
factor.
Given
the
recent
increase
in
usdc
banking,
saying
that
was
kind
of
like
the
primary
driver
for
the
for
the
changes
this
this
in
june,
or
this.
A
So
I
think
matt
you
asked
if
there
was
any
like
sort
of
fixed
amount
like
diet
that
was
targeted,
I
don't
think
there
was
we
didn't
sort
of
discuss
like
sort
of
hard
numbers
of
amount
of
diet.
We
we,
like
kind
of,
would
want
to
be
minted.
It's
kind
of
difficult
to
sort
of
target
that
in
like
effectively
right.
B
K
A
E
Yeah
sure
yeah,
so
the
question
was
why
the
uni
fee
was
reduced.
So
heavily
was
basically
because
the
the
risk
is
pretty
low,
so
units
unit
is
very
liquid
token
and
the
current
exposure
is
actually
pretty
low
compared
to
the
you
know,
allowed
exposure
that
we
calculate
so
from
the
risk
side.
We
could
go
lower
and
yeah
in
general,
all
those
tokens
which
could
have
rates
reduced
more
aggressively.
We
did
that
from
from
risk
perspective
from
a
competitive
perspective.
If
you
look
at
d5
rates,
currently
everything
is
really
really
low.
E
So
if
we
go
to
compound
and
away
rates
are
much
lower
than
they
were
a
month
or
two
months
ago,
and
then,
if
you
put
on
top
the
the
incentives,
it's
actually
hard
to
compete
so-
and
I
was
just
looking
before-
I
think,
if
you
borrow
die
for
me
tadava,
I
think,
like
net
rate,
that
you
pace
is,
might
be
even
less
than
one
percent.
At
some
points
you
even
get
rewarded.
So
it's
it's
really
hard
to
compete.
We
basically
need
to
go
yeah
really
low.
B
A
E
Yeah-
and
here
perhaps
it's
worth
mentioning
that
it's
it's
also
a
double
dutch
sword,
so
we
could
see
a
lot
of
ite
refinance
to
hc.
So
last
time
I
checked,
you
know
how
many
of
the
well
collateralized
worlds
could
migrate
to
ec
just
because
the
the
rate
is
so,
you
know,
might
be
really
low
now
and
you
could
see
1
billion
out
of
1.6.
E
E
D
A
A
A
A
Yeah,
I
mean,
I
think,
there's
sort
of
simple
overviews
that
you
know
the
kind
of
following
price
auctions
and
such
kind
of
try
and
hopefully
reduce
faster
than
the
actual
market
price
and
do
clear
the
debts
above
before,
and
the
pro
squad
loses
money.
Obviously
it's
not.
This
isn't
guaranteed,
but
in
general,
as
long
as
you
know,
as
long
as
the
majority
of
auctions
end
successfully
because
of
the
penalty
in
aggregates,
the
vertical
should
end
up
ahead.
A
A
So
maybe
it
is
worth
noting
with
the
osm,
it's
like
a
kind
of
double
edged
sword.
Right,
like
it
does
make
the
protocol
slower
to
updates
to
market
prices,
but
we've
also
kind
of
seen
that
it's
a
it's
a
positive
in
you
know
attracting
volt
users
to
maker
and
also
defense
against
oracle
attacks,
which
is
kind
of
the
key.
The
key
reason
it
exists
right.
E
Yeah,
I
think
I
think
you
described
it
pretty
well,
there
is
risk
at
auctions
right.
So
that's
why
we're
now
proposing
to
lower
the
auction
duration
for
edb?
I
I've
made
the
post
about
you
know
if
you
want
to
make
auctions
clear
faster,
you
have
this
delayed
bids
risks
right
and
you
could
clear
out.
E
You
could
settle
them
lower
and
there
would
be
loss
for
other
worlds
of
protocol,
so
like
of
course,
ideally,
we
would
want
auctions
to
settle
the
first
minute,
the
price
updates,
but
it's
always
risky.
So
I
kind
of
think
that
we
are
going
to
be
decreasing
the
settlement
time,
but
we
need
to
see
how
really
high
keeper
participation
and
we
need
to
be
really
sure
this
works
well.
So
the
first
step
is
doing
this
for
eb.
E
I
imagine
we
can
do
the
same
for
other
collaterals
and
then
we
can,
you
know,
shorten
this,
this
duration,
which
is
on
top
of
the
osm
delay,
which
can
be
one
hour
or
even
more
at
some
points,
but,
as
long
said
yeah.
This
also
has
a
lot
of
benefits.
So
I
think,
on
on
sunday,
I
think
it
showed
like
600
million
should
be
liquidated,
but
then
50,
80
million
of
them.
You
know
save
themselves
because
of
osm,
so
these
users,
probably
like
osm,
it's
safe,
it
does
as
well
so
yeah
it's
it's.
A
A
Great
yeah,
thanks
for
that
summery,
pretty
much
yeah
supposed
to
sit
in
the
sidebar
and
there
is
an
anonymous
suggestion
box.
If
you
have
questions
for
people
on
the
school
but
aren't
able
to
attend
or
don't
fancy
speaking
on
the
mic
and
there's
a
link
to
this
in
the
agenda
forum
posts,
the
post
is
also
just
posted
in
the
chat,
so
feel
free
to
make
use
of
that.
If
you
feel
the
need.