►
From YouTube: Governance and Risk Meeting: Ep. 83
Description
Please join us and help shape the future of the MakerDAO.
Agenda
- Richard Brown: General Q&A
- Rich Cuellar-Lopez: Emergency Shutdown Working Group
- LongforWisdom: Forum ‘Governance at a Glance’
- Kurt:
- Discuss the results of the Flop forum Poll
- The need for a ‘delay’ added to the spell?
- Mariano: MKR token authority
- Marko: USDC Analysis
- Primoz Kordez: Migration Status
- Vishesh Choudry: State of the Peg
Links
Podcast version: https://feeds.soundcloud.com/playlists/soundcloud:playlists:623643288/sounds.rss
Summaries: https://community-development.makerdao.com/governance/governance-and-risk-meetings/summaries
Foundation Proposal: https://community-development.makerdao.com/governance/core-principles
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
March
26th
edition
of
our
regularly
scheduled
scientific
governance
and
risk
meeting.
My
name
is
Richard
Brown
and
me
a
development
maker
duh.
Today
we
have
a
wide
range
of
topics
to
get
to
part
of
the
regroup,
I
guess
after
the
events
of
the
last
couple
weeks
is
going
to
be
it's
going
to
be
interesting
to
watch
so
here's
what
I've
been
noticing
we
have
over
the
course.
A
The
last
few
months,
perhaps
longer
we
run
through
these
cycles
of
urgency,
apathy,
denial
and
then
maybe
we'll
attack
on
a
new
cycle,
urgency,
apathy,
denial
activity,
possibly
or
we
know
we
have
to
do
something
rapidly.
That's
the
urgency
that
thing
gets
done,
or
something
else
happens,
that's
the
apathy
stage.
The
problem
goes
away,
then
we
go
into
the
denial
stage
and
we
start
thinking
about
other
stuff
and
then
the
activity
stage
where
some
of
some
new
event
comes
along
and
then
we
focus
all
of
our
attentions
on
those
things.
A
That's
a
fundamental
flaw
in
human
nature
and
human
general.
Is
that
it's
hard
for
us
to
hold
a
number
of
disassociated
ideas
in
our
heads
at
the
exactly
the
same
time
and
maintaining
these
threats
over
the
course
of
days
weeks
or
months
is
a
huge-ass
and
so
with
with,
with
the
way
that
the
government
governance
ecosystem
used
to
develop
over
the
course
of
in
the
future.
A
Frequently,
we
we
take
one
or
two
big
subjects
and
we
dig
into
those.
Today
we
have
maybe
seven
or
eight
big
subjects.
These
are
growing
things,
but
they're
extremely
healthy,
growing
things,
because
what
this
means
is
that
the
community
is
in
increasingly
improving
its
ability
to
self
coordinate
its
sophistication.
It's
it's
identifying
problems
that
need
to
be
sought
that
need
to
be
solved
and
then
coming
up
with
plans
to
solve
them,
and
that
is
precisely
what
this
governance
ecosystem
should
be
about.
It's
not
top-down,
it's
flat.
A
It's
not
centralized
it's
decentralized
and
it's
being
kick-started,
and
so
it's
easy
to
sort
of
pick
it
apart
and
figure
out.
What's
wrong,
but
I'm
I'm
more
focused
right
now
on
how
it's
improving
on
a
week
to
week
basis-
and
this
is
one
of
those
improvements
that
make
me
very
very,
very
happy,
so
I'm
not
going
to
talk
too
much
about
how
happy
that
makes
me.
Instead,
this
was
talking
about
the
agenda
is
today
and
then
we'll
break
off
into
some
of
these
discussions.
A
So
Kurt
is
going
to
give
us
a
recap
of
the
flop
auction
poll
in
the
forum.
There
was
a
decision
to
be
made
last
week
last
week
where
cadence
is
messed
up
earlier.
In
the
week
at
our
last
conference
call
about
whether
there's
going
to
be
a
separate
executive,
whether
the
executive
gets
bundled,
there
are
some
issues
there
there's
also
a
tweak
or
an
added
feature
in
this.
A
This
vote
that
could
impose
a
delay
to
make
the
entire
process
more
rational
and
he'll.
Discuss
that
rich
I
just
realized.
Now
that
I
don't
matter
unless
you
last
name
kind
of
quickly.
So
forgive
me
for
what
I'm
about
to
do
rich
Cuellar
way
a
lot
of
Lopez
close
enough
all
right
thanks
next
time,
it's
going
to
tell
us
about
an
emergency
shutdown.
Working
group
slash
defy
space
consortium,
and
this
is
a
really
really
great
initiative.
I'm
not
going
to
get
into
it
too
much
because
he's
giving
it
far
more
thought
than
I
have
so.
A
The
idea
is
that
we
have
stakeholders
in
the
space
and
those
stakeholders
are
impacted
by
the
decisions
of
this
of
this
community
and
we
need
to
engage
with
those
stakeholders,
and
so
a
hero
has
arisen
in
virtual.
Tell
us
about
that.
A
bit
Mariano
is
going
to
tell
us
about
some
new
recent
events
in
the
Maker
token
authority
world,
which
I
believe
people
should
be
excited
to
hear
about
if
they
haven't
already
amazed,
because
I'm
excited
long
for
wisdom
is
going
to
talk
about
form
in
a
glance
possibly
about
use.
A
A
Obviously
we're
not
other
woods
yet,
but
we'll
have
the
comforting
and
dulcet
tones
of
ashesh
walking
us
through
the
state
of
the
pegs
and
pretty
much
might
be
giving
us
a
review
of
the
state
of
migration,
so
obviously
lots
and
lots
to
go
through
lots
of
disparate
chats.
As
always
in
these
calls.
This
is
not
a
decision-making
forum.
This
is
a
broadcasting
of
information
that
discovery
tool
where
ideas
and
brain
brainstorming
happens,
and
then
we
move
into
the
forums
and
that's
where
proposals
get
written
and
consensus
gets
reached
and
then
next
steps
get
determined.
A
So
let's
do
our
best
to
get
through
our
agenda
today
and
then
let's
ensure
that
we
all
break
off
into
forum
posts
in
meetings
afterwards.
Okay,
there
we
go.
That's
the
agenda,
I'm,
not
sure
who
would
be
best
to
start
off
with.
Maybe
I'll
just
go
on
the
order
of
my
notes.
Kirk,
do
you
want
to
give
us
a
super
brief
recap
of
what's
going
with
a
function?
Yeah,
let's.
B
All
right,
hopefully,
everyone
can
see
these
form
poll
results
up
on
their
screen
right
now.
So
just
to
recap,
a
little
bit
last
this
Tuesday,
we
kind
of
discussed
that
unlocking
flop
auctions.
Well,
it
was
a
priority.
We
went
into
the
technical
details
of
how
they
got
blocked.
So
I
won't
recap
any
of
those
details
today
so
refer
to
the
other
call
or
the
slides
or
asking
me
afterwards.
If
you
have
questions,
but
the
question
at
hand
was
how
do
we
organize
our
executives
to
do
this?
Unlocking
of
the
20
snuck
flop
options?
B
The
cadence
of
those
would
be
basically
that
the
unblocking
spell
would
come
first
and
then,
after
the
monetary
policy,
and
if
any
monetary
policy
changes
are
made
this
week,
then
we
also
had
options
for
just
one
vote
for
the
whole
week
that
had
everything
and
then
one
vote
on
Friday
only
to
unblock
flop
auctions
and,
as
you
can
see
here,
the
the
leading
option
and
the
poll
is
to
have
two
executives.
One
for
unblocking
the
flop
auctions
and
one
for
everything
else.
B
You
actually,
you
know,
have
to
do
this
over
and
over
again
the
process
does
converge
because
they
can
only
block
at
most
half
the
auctions
each
time,
but
that
would
be
very
annoying.
So
what
we
can
make
the
spell
do
is
also
kick
off
all
of
the
flop
auctions
as
soon
as
it
is
cast,
and
so
that
means
we
get
them
all
kicked
off.
B
None
of
them
can
be
blocked
and
we're
in
good
shape,
but
then
there's
a
further
consideration
after
that,
which
relates
to
the
timing
of
things,
which
is
you
know,
it's
very
hard
to
predict.
When
is
a
spell
actually
going
to
get
cast,
because
that
depends
on
when
people
voted
in
and
those
aren't
great
conditions
for
participants
in
these
auctions,
because
you
know
it's
basically
a
random
time,
so
they've
got
to
be
standing
by
24/7
waiting
for
the
spell
to
get
voted
in
and
you
know.
B
Invariably
it
will
be
an
inconvenient
time
of
the
day
for
someone
and
that
can
reduce
participation
in
the
auctions.
You
know
it
also
allows,
for
example,
if
anyone
participating
is
also
a
large
in
kr
holder,
they
could
try
to
time
the
auction
as
favourably
for
themselves
by
getting
the
spell
to
be
voted
in
and
passed
at
a
particular
time
there.
There
is,
of
course,
the
governance,
the
lace,
I
guess
everybody
has
four
hours
of
warning,
but
you
know
still,
it
would
be
desirable
to.
B
You
know,
put
a
deterministic
time
into
the
spell
and
it
doesn't
have
to
be
just
one
time.
It
could
be,
for
example,
it
can
be
triggered
any
weekday
at
noon.
Eastern
Time,
for
example-
and
you
know
that
that's
just
an
example-
you're
never
going
to
pick
a
time,
that's
great
for
everyone.
The
the
point
is
just
to
make
it
predictable
so
that
the
kickoff
time
is
known
and
all
the
participants
can
be
ready
to
go
and
they're
going
to
be
maximum
efficiency
in
that
process.
A
There's
there's
an
active
discussion,
happiness
I
thought
I
might
subvert
the
point
of
this
call
and
just
to
summarize
them
from
my
perspective.
So
there's
an
issue
at
play
here
and
I.
Think
I
touched
on
this
with
our
last
call
is
that
if
we
split
these
executives
of
its
peers,
we
are
going
to
do
that.
This
is
a
gun
that
can
only
be
fired
once
a
week,
and
so
that
means
that
the
clock
is
kind
of
ticking.
A
As
of
the
second
real
scramble
to
get
that
executive
into
the
portal,
which
is
gonna,
have
to
happen
right
after
this
fall
and
that's
going
to
give
the
ecosystem
less
than
24
hours
to
assemble
their
hardware
wallets
and
get
that
vote
passed,
and
so
there's
some
campaigning.
That's
required
to
make
this
thing
happen,
so
people
feel
strongly
about
wanting
this
to
go
through
in
the
very
small
window
we
have
available
to
make
that
happen.
Please
I
encourage
you
to
a
actually
come
on
vote.
A
That
has
a
good
start,
even
if
you're,
a
smallish
holder
like
let's
not
get
into
that
conversation
again,
it's
worth
voting
so
please,
even
if
you're,
not
a
whale
vote,
it
whales
follow
the
the
crowd
yeah,
if
you,
if
you
have
access
to
large
holders
in
Vince
them
to
vote
and
consider
doing
some
public
campaigning.
So
if
if
people
in
this
call
want
this
vote
to
go
through,
take
to
the
Twitter's
and
sharpen
your
pitchforks
and
work
on
your
PR,
so
we
need
to
rally
on
this
boat
or
else
it's
not
going
to
happen.
A
C
A
This
is
it's
another
long
discussion
or
another
apathy
urgency
and
the
Nile
discussion
there's
a
good
example
we're
seeing
some
cracks
in
the
mechanism
of
continuous
approval.
Voting
we've
been
seeing
those
cracks
long
time,
and
this
is
one
of
the
things
that
we
as
a
community
need
to
revisit.
Sometime
soon,
as
as.
A
Of
our
protocol
I
recover
any
ecosystem
ramps
up
almost
exponentially
is
the
system
that
we
have
in
place
right
now
going
to
cover
us.
Don't
expect
anybody
to
provide
the
answers
right
now,
but,
let's,
let's
think
about
that,
because
this
is
not
going
to
be
a
one-off
cake
ball.
It
isn't
because
we've
had
to
ask
ourselves
these
questions
four
or
five
times
now,
and
what
we're
back
in
the
same
place
where
something
important
needs
to
happen.
B
Particular
case
I'd
be
interested
to
hear
the
discussion
on
the
rest
of
the
call.
Is
it's
not
clear
to
me
how
much
monetary
policy
we
really
have
play
with
right
now
on
the
system
you
know
rates?
Are
zero
I've,
seen
discussion
of
tweaking
debt
ceilings,
but
do
we
expect
any
of
that
to
have
a
large
effect
on
the
on
the
system
or
as
any
of
that
urgent
compared
to
getting
a
million
and
bad
debt
cleared
and
freeing
up?
B
However,
much
dye
is
being
held
on
the
sidelines
with
the
intention
of
participating
in
these
auctions,
because
remember
even
if
you've
only
got
two
people
competing,
you
know
to
do
the
end
of
these
competing.
You
know
you're
walking
up
at
least
twice
the
amount
of
dye
that's
going
to
be
consumed
in
the
auction
is
assuming
they're.
You
know
gunning
to
win
it
all
so
to
speak.
So
well,.
A
You
raise
another
good
point,
and
this
this
is
I,
call
it
a
good
point,
because
it
also
reinforces
the
point.
I
was
just
trying
to
make,
so
it's
got
to
be
good.
So,
in
the
before
times
fact
like
three
or
four
weeks
ago,
we
were
talking
about
there's
the
cadence
of
monetary
policy
as
well,
and
potentially
the
need
to
start
acquiring
some
models
and
some
numbers
some
empirical
evidence
that
shows
that
the
levers
we
pull
have
the
effects
that
we
assume,
because
it's
possible
that's
moving
number
up
or
down
one
percent.
A
A
B
That
covers
the
state
of
things
and
I
think
that
if
you're
giving
me
a
soapbox
for
another
seconds
here,
I'll
say
you
know,
I
think
the
most
important
thing
we
can
do
for
the
system
right
now
is
clearing
out
the
remaining
flaw
auctions.
It's
not
clear
whether
people
holding
die
to
participate
in
those
is
having
effect
on
the
court
pressure
on
the
peg
or
not,
but
the
only
way
to
kind
of
empirically
find
out.
A
C
B
D
A
A
It's
gonna
be
hard
to
find
something
that
makes
sense
for
everybody,
but
maybe
just
like
for
this,
like
as
I,
continue
to
point
out,
but
we
iterate
here
we
don't
set
things
in
stone
forever.
So
maybe
this
time
something
you
can
just
pick
whatever
Monday
Tuesday
at
9:00,
PST
or
five,
you
kisi
or
something
I,
don't
know,
and
then
we
can
just
iterate
next
week
and
have
a
longer
discussion.
A
All
right,
I
think
I'm
going
to
stick
a
fork
in
that
way.
I'm
aggressively
going
to
follow
the
agenda
today,
because
there's
no
chance
we're
going
to
be
able
to
get
to
everything
so
rich
I
want
to
hand
this
off
to
you,
because
you
have
some
impressive
stuff
on
the
goat
here
and
it'd
be
great
to
get
to
spread
the
community.
E
E
The
idea,
with
a
kind
of
a
working
group
for
emergency
shutdown,
is
really
to
create
a
framework
and
roadmap
for
defy
consortium,
especially
as
it
relates
to
MCD
emergency
shutdown.
We
could
talk
about.
You
know
where
size
fits
in
right
now
or
you
know
other
parameters
but
really
like
if
we
had
to
use
an
es.
E
What
this
is
not
it's
not
trying
to
press
you
know
maker,
the
maker
down,
or
you
know
token
holders
to
immediately
shut
down
anything
or
really
force
anyone's
hands
as
to
whether
you
know
you
need
to
dictate
or
codify.
We
still
want
people
to
have
flexibility
and
be
able
to
use
their
vote,
for
what
they
think
is
sensible
is
a
shutdown
and
really
this
is
more
just
for
a
discussion
of
that
who
would
be
part
of
this
consortium,
ideally
just
from
the
started
to
be
a
couple
of
members
from
different
d5
projects.
E
A
Is
it
break
it
down
a
bit
so
you're
kind
of
talking
about
a
let's
clarify
what
the
actual
steps
are
and
what
this
means
and
then
be
identify
stakeholders
in
the
ecosystem
to
try
and
build
some
bridges
so
good?
We
don't
live
in
a
vacuum
here,
right
so
trying
to
make
sure
we
understand
we.
This
affects,
and
you
should
have
a
say,
yeah.
E
Yeah
I
think
it's
kind
of
like
initially
identify
people
who
have
skin
in
the
game
who
you
know
this
actually
affects
what
they're
you
know
bitterling
and
like.
If
there
was
a
yes,
it
would
materially
change
things
now.
Maybe
we
throw
in
a
couple
of
whales
in
there
too,
but
additionally,
it's
initially
it's
kind
of
like
identify
the
key
people
and
then
what
we
do
is
we
set
the
parameters
for
an
non-technical
sense
of
a
kind
of
set
a
framework
for
like
what
should
be
discussed
preemptively?
E
What
should
be,
you
know
happening
during
in
ES
and
what
can
happen
for
you
know
others
to
recover
we're
an
es
to
happen
and
kind
of
like
having
that
whole
timeline
in
place.
So
you
know
if
something
did
happen
suddenly,
next
week
you
know
everyone
could
kind
of
go
to
that
framework
and
work
with,
and
maybe
there
ends
up
being
no
consensus
on
what
that
framework
is.
But
you
know
reality
is
I.
Think
especially
people
outside
this
community
they're
not
going
to
just
want
to
jump
on
daily
calls.
E
E
There's
a
dock
right
now,
where
we
have
a
couple
repeat
viewers,
so
shout
outs
to
me:
tote,
a
other
rich
Cyrus,
thanks
for
looking
through
I
could
use
a
couple
other
people
to
review
it
and
then
it'll
be
posted
for
public
and
then
kind
of
second
thing
that
would
be
helpful
would
be
if
there
are
any
people
on
this
call.
Who
would
want
to
be
part
of
these
discussions?
So
mainly
you
know
people
who
are
ideally
outside
of
like
the
maker
community
and
like
not
regularly
on
these
calls.
E
But
you
know
their
work
really
does
get
affected
by
everything
that
the
maker
protocol
you
know,
dictates.
I
think
those
people
would
be
helpful
and
then,
additionally,
if
like
some
of
those
people,
are
not
on
this
call,
but
you
know
they
would
be
interested.
You
can
send
to
my
way
and
I
think
in
the
next
week
or
two
we'll
kind
of
have
this
initial,
like
charter
or
framework,
and
then
you
know
we'd
probably
have
virtual
call
with
those
interested
people
and
see
what
deliverables
we
want
to
work
on.
E
A
Is
this
boogeyman
in
the
system
or
this,
this
game
theoretical
security
mechanism,
but
I,
don't
feel
that
there's
enough
clarity
on
what
it
actually
means
and
how
it
actually
works
and
when
it
should
actually
happen,
and
so
it's
a
discussion
that
we've
all
been
having
every
once
in
a
while
for
a
long
time,
but
to
see
some
direct
effort
applied
to
creating
some
clarity
around
this
thing,
I
think
is
enormous,
ly
valuable.
So,
thanks
for
for
hitting
that
up.
E
Great
and
I'll
just
do
one
more
quick
shout
out.
You
know
if
someone
wants
to
pitch
in
like
ten
minutes
of
just
reviewing
a
doc
or
they
actually
want
to
be
actively
involved,
feel
free
to
hit
me
on
Rocket
chat
or
you
know,
I
think
most
people
I'm
not
really
anonymous
with
my
handle
here.
It's
my
actual
name
so
reach
out
to
me
and
I'll
try
and
get
as
much
participation
as
possible.
Thanks.
F
F
You
probably
know
that
we
came
up
with
a
blog
post
yesterday,
saying
that
the
foundation
multi-sig
had
relinquished
its
ownership
on
the
MPR
token
I'm,
just
gonna
tell
you
quickly
what
this
means
so
and
why
I
think
and
everybody
should
think
that
it
is
a
really
big
deal
so
in
single
collateral
dive.
This
is
the
impaired
token.
This
is
governance
because
I
love
you
all
so
much
and
it
was
only
the
Diaz
chief,
the
MPR
token.
It's
a
database
of
you
know
how
many
tokens
each
others
has,
but
it
also
has
some
restrictive
functions
right.
A
F
Him
too,
okay,
I'm
gonna,
keep
talking.
Let
me
know
if,
if
anybody
cannot
hear
me-
and
this
MPR
token,
it
has
two
specific
values
and
owner
and
an
authority
and
the
owner
has
always
been
the
maker
foundation
multi-state
and
it
didn't
have
any
authority.
Authority
can
be
a
smart
contract
that
has
you
know
additional
logic
and
in
single
collateral
dive.
We
really
didn't
need
anything
too
complicated,
because
the
EM
here
our
token,
was
only
used
to
pay
for
stability
fees
and
they
would
go
into
the
burner.
F
F
So
just
after
we
released
MCD
the
government's
changed
to
the
past
proxy,
you
know
governance
with
the
delay.
The
DEA's
chief
would
be
a
little
bit
further
back,
but
now
we
needed
certain
things
right
so
for
flopper
actions
which
we
saw
happen
this
weekend
last
last
week.
The
contract
needs
to
the
authority
to
mint
MKR
right
and
the
flopper
actions.
They
need
the
authority
to
burn
MKR
and
also
the
Jim
bit.
F
So
what
happened
was
that
an
MPR
Authority
was
created
and
this
Sinclair
Authority
gave
authorizations
to
all
of
these
contracts
to
do
things
on
the
MK
our
token
so
the
flopper.
Can
you
know
the
flopper
can
call
mint
and
KR
when
an
auction
ends,
so
whoever
wins
it
they
get
that
amount
of
mkr
and
this
to
the
the
flapper
and
the
jump
it
I
put
them
here,
but
essentially
anybody
now
has
authority
to
burn
their
own
and
care
supply.
F
F
So
the
main
thing
that
happened
is
that
the
maker
Foundation
multi
C
like
before
yesterday,
both
the
multi
C
and
the
MPR
Authority,
could
call
this
restricted
functions
right
and
even
though
the
multisig
never
did
it,
it
still
had
authority
to
mint
and
KR
or
burn
its
own
and
KR.
It
could
change
ownerships.
It
could
change
authorities
so
what
it
did.
F
The
multisig
said
the
owner
address
of
the
token
to
zero,
and
this
is
really
a
big
deal,
because
now
everything
has
to
go
through
this
bottom
Authority
thing
and
who
owns
this
NPR
authority
every
single
one
of
you
right
governments
so
like
this
is
the
next
big
step
in
the
system.
It
may
not
seem
like
much,
but
it
is
incredibly
powerful
so
now
anything
that
needs
to
happen.
F
That
needs
authority
of
the
token.
If
we
need
to
replace
the
flopper,
which
we
will
possibly
need
to
do
to
prevent
any
further
their
options
becoming
stuck.
It
all
needs
to
happen
through
governance.
So
I
put
a
little
on
complain
here,
because
this
is
really
a
big
deal
and
if
you
want
to,
if
you
want
to
check
this,
but
if
you
go
to
the
ether
scan
to
the
maker
token,
you
will
see
that
the
owner
is
now
zero.
The
authority
is,
you
know
this.
F
Maker
authority
and
who
is
the
owner-
the
root
of
the
maker
authority,
the
past
proxy,
so
every
single
one
of
you
so
yeah,
that's
that's
pretty
much.
It
I
just
wanted
to
stress
that
this
is
really
a
big
deal
and
it's
another
incentive
yet
again
to
you
know,
keep
voting
and
keep
participating.
That's
all
I
have.
A
Thanks
Mariana,
it's
sort
of
painful
that
such
an
amazingly
cool
thing
happened.
It's
such
a
tumultuous
time.
It's
probably
not
going
to
get
the
attention
it
deserves,
but
thanks
for
keeping
the
fire
lit
under
this
thing,
I
know
that
it's
been
a
passion
project
of
yours
for
a
while
to
make
sure
that
this
Authority
is
just.
F
F
F
G
A
C
Well,
we
supposedly
used
for
making
a
signal
threads,
so
we've
kind
of
used
we've
kind
of
been
using
the
securing
process
for
a
while
we're
kind
of
getting
a
better
idea
of
what
works
well
and
what
works
less
well,
so
I
know
like
a
better
position
to
sort
of
start
start
saying
like
yes,
we
should
do
this
rather
than
we
should
do
so.
I'd
encourage
people
to
use
the
process
and
to
particular
in
process,
to
read
that
and
understand.
C
C
So,
obviously
this
is
a
this.
You
know
thirds
continuing
around
and
compensating
gold
holders.
That's
that's
going
away
until
we
to
figure
out
what
we're
doing
so.
It's
just
a
signal
amount.
Interesting,
perhaps
perhaps,
as
expected,
that's
one
of
the
most
signal
in
signals.
I
think
we've
ever
had,
presumably
because
for
holders
nos
as
well
but
just
interest.
C
So
this
is
stuff
like
you
know
what
like
what
order
we
need
to
do
certain
operators
operations
in
such
as
like
shutting
down
the
bridge
like
which
which
direction
of
transfer
we
shut
down
like
how
we
handle
and
clearing
outs.
The
migration
like
cited,
die
or
die
back
to
eyesight
and
stuff
like
that.
H
So
I
have
a
question
for
the
maker
foundation.
I
was
wondering
if
you
guys
have
any
internal
plans
for
anything
in
regards
to
STD
shut
down,
I
didn't
place
like
I
know
you
guys,
we
need
a
portal
or
something,
and
the
reason
I
ask
is
because
right
now
pulling
for
shutdown
is
64%
won
at
less
than
a
month
from
today.
So
I
was
thinking
of
making
a
poll
for
like,
like
two
weeks
out
three
weeks
out
four
weeks
out,
see
what
kind
of
like
what
how
many
weeks
were.
A
A
That's
going
to
be
an
issue
once
the
the
technical
mechanical
steps
have
been
pushed
out
to
the
forums,
then
it's
my
expectation
that
the
community
can
start
to
align
around
the
process
to
wrap
around
the
way
that
the
world
works
and
once
that
process
exists,
then
time
estimations
can
start
and
scheduling
can
begin.
That's
I
could
be
off
base
and
I'm
I'm
willing
to
be
disagreed
with,
but
it
feels
like
that's
the
order
of
operations
like
how
or
whatever,
where
the
mechanical
steps.
A
A
I
think
he
know
who
you
are
if
you're
in
the
call-
and
you
want
to
talk
about
the
docks,
but
there's
docks
coming
that
will
will
give
a
very
detailed
breakdown
of
what
mechanically
it
looks
like
and
lifts
different
pieces
need
to
happen
in
what
order
and
then
I
think
after
that
Aaron,
your
team
will
be
able
to
team.
Maybe
that's
overstating
things,
but
you
and
you
know,
people
that
are
involved
and
descend
on
that
and
kind
of
figure
out
how
that
works
and.
A
Also,
a
possibility
here
for
some
significant
alignment
with
what
rich
is
up
to
as
well
other
rich
by
the
way
you're
the
other
Richard
on
me
other
riches
up
and
then
maybe
everything
coordinates
together.
So
it
feels
like
this
is
definitely
like
a
three
pronged
approach
that
needs
to
happen.
I
just.
C
A
C
I
Thanks
thanks
long
for
linking
to
that
what
I'm
gonna
do
I'm
talking
with
the
smart
contract
guys
later
on
today,
I'll
create
a
new
post,
which
adds
a
bit
more
color
and
depth
to
those
very
high-level
steps.
Just
so
everyone
is
clear,
I
think
also
Aaron
to
your
question.
I
think
internally,
we're
looking
to
the
community
a
lot
in
terms
of
when
you
guys
collectively
we're
all
looking
to
do
the
shutdown
so
I'm,
also
building
a
an
sed
shutdown
page
which
will
be
of
the
migration.
I
Don't
make
a
down
page
that
is
due
to
be
completed
tomorrow.
It's
been
in
the
works
for
a
while,
so
there's
no
dependents,
there's
no
real
dependency
on
on
that
work.
That's
getting
done
so
yeah,
I'm
happy
for
you
to
put
the
pole
up
whenever
you
guys
are
ready,
because
we
are
really
looking
to
the
community
for
input
on
when
you
want
to
do
this,
so
yeah
believe
that
oh
that's.
J
Like
do
we
do
one
executive
that
just
does
at
all,
and
it
can
also
opt
out
or
do
we
have
to
do
one
thing,
first
with
one
executive
and
then
do
another
executive
to
finish
it
off,
and
so,
if
we
can
see
that
clearly,
then
we
can
understand
what
the
timeline
can
be
and
then
figure
out
how
we
vote
on
this
or
pull
it
so
call
it.
Yes,.
A
C
C
C
I
K
I
K
Of
work
George
it
just
to
clarify
something
super
important
here,
there's
two
separate
bed:
ceilings
that
are
being
discussed
right
now.
One
is
that
the
main
SCD
debt
ceiling
that's
currently
set
to
20
million
or
whatever.
But
then
there's
the
debt
ceiling
for
the
side,
migration,
special
collateral
type
in
MCD
and
I
think
that's
the
one
that
needs
to
be
set
to
zero
or
dealt
with
in
some
way
in
order
to
prevent
any
further
migration
from
the
cited
I'll.
I
F
Yeah
I
would
say
that
if
you
set
the
debt
ceiling
to
zero,
you
can
still
set
it
back
right.
If
you
cage
it,
that's
pretty
much
a
one-way
street,
which,
of
course
we
we
do
want
to
set
it.
We
do
want
to
freeze
it
somehow
right,
but
in
case
we
would
need
to
unfreeze
it.
For
some
reason,
I
mean
we'll
all
get
together,
we'll
figure
it
out
and
we'll
come
back
with
more
information.
G
A
K
Right
so,
okay
main
for
one
topic,
I
wanted
to
talk
about
today,
was
revisiting
u.s.
DC.
A
lot
of
buzz
in
activity
going
on
around
us
DC
is
a
collateral
type.
I
want
to
just
remind
people
that
there's
this
active
discussion
going
on
about
the
use
case
for
us
DC,
whether
it
is
primarily
intended
for
died,
peg
liquidity
or
kind
of
emergency
auction
keeper
liquidity.
K
C
K
L
Taken
everybody
see
the
spreadsheet,
yep,
okay
cool,
so
hi
guys.
This
is
me
first
time
speaking
here.
So
maybe
a
bit
of
introduction,
I'm
Clemente
working
to
it's
pretty
much
who
you
already
know.
We
are
mainly
focusing
on
analyzing
Tiffany
Co
system
and
for
the
recent
few
months,
I'm
also
working
with
Cyrus
and
Rajesh.
L
So
one
of
the
things
I
was
working
on
in
the
recent
few
days
is
analyzing
USD,
seaworld,
volts
and
basically
I
was
interested
in
what
these
guys
are
doing
with
the
dye
depth.
So
the
first
thing
which
I
wanted
to
know
is
basically
the
structure
of
these
worlds.
As
you
can
see
in
this
table-
and
basically
it's
quite
concentrated
into
a
few
words.
L
So
here
on
this
chart,
you
can
see
aggregated
dye
minting
per
day
by
these
10
volts.
Red
bars
represents
newly
minted
die
each
day
and
the
black
bars
are
basically
aggregated
depth.
As
you
can
see,
the
diamond
thing
activity
was
much
stronger
during
first
few
days.
Actually
the
largest
world
has
already
started
to
replace
some
of
the
depth,
like
I.
Think
that
main
causes
for
this
up
to
the
first
one
is
basically
the
back.
L
L
You
can
see
the
like
on
this
chart.
You
can
see
that
there
are
3
50%
of
depth
is
basically
being
issued
towards
accumulation.
I
enabled
this
as
accumulation,
but
this
is
basically
probably
mainly
used
for
basically
auctions
liquidity
and
then
roughly
40%
of
depth
was
used
for
managing
dye
premium,
basically
selling
dye
and
clocking
husb
see
now.
Maybe
let's
talk
first
about
words
which
are
issuing
diet,
so
basically
all
over
the
back
to
trade,
the
pack.
L
Now
I
was
able
to
connect
this
world
with
an
account
which
is
related
to
different
accounts,
which
participated
and
also
warned
some
of
the
flop
auctions.
So
this
is
basically
a
keeper
and
like
another,
quite
important
thing
which
I
found
out
is
that
these
two
accounts,
which
were
accumulating
die,
are
also
related
to
some
accounts,
which
are
basically
the
largest
players
in
compound.
So
basically
sorry
can
can.
L
L
Okay,
so
like
what
I
wanted
to
say
so
like
why
I
am
mentioning
this
compound
positions
is
because
dye
premium
is
extremely
dangerous
for
basically
dye
denominated
depth
in
other
protocols,
which
is
not
maker,
because
this
protocols
use
market
price,
which
means
that
you
know
you
can
actually
get
liquidated
faster
in
compound.
If
you
are
borrowing
dye,
then
in
maker
right,
if,
if
thou
egos
about
the
back,
so
yeah
I
just
wanted
to
show
this.
L
Basically,
this
is
so
like
the
largest
world
which
I
showed
before
is
related
to
this
address,
which
is
the
largest
each
supplier.
In
compound,
as
you
can
see,
you
know,
his
position
is
quite
large:
155
K
it
and
600
K
2
K
us
DC
collateral
in
compound,
and
he
is
borrowing
3.7
million
died
from
compound.
So
this
is
his
collateral
ratio
if
we
assume
that
die
is
worth
1.
L
These
guys
also
accumulating,
and
basically
he
is
related
to
another
account,
which
is
also
a
very
large
like
blurring
compound.
He
is
supplying
9
million
USD
collateral
and
borrowing
5.7
million
die
and,
as
you
can
see,
he's
much
more
leveraged
compared
to
the
first
account
yeah.
This
is
basically
it
for
me,
oh
and
maybe
like
the
only
important
thing
which
I
forgot
to
mention
that
these
two
accounts,
which
are
trading
you
know
by
hand
not
using
irons
contract,
are
mostly
using
aggregators
such
as
Paris
whopper
one-inch
to
basically
of
demise
slippage.
L
K
Was
great
thanks,
okay,
cool
so
yeah,
I
guess
the
main
takeaway
for
me
is
that
that
about
half
the
USD
C
is
being
used
for
the
flop
options
and
it's
just
guessing
and
then
the
other
half
is
using
is
being
used
for
die,
peg
liquidity.
So
this
just
kind
of
continues
the
discussion
on
what
we
want.
Usd
c4.
If
we
do
want
to
target
both
use
cases,
then
I
think
it
might
be.
It
might
be
preferable
to
split
them
up
into
two
separate
collateral
types:
the
USD
CA
and
the
u.s.
K
I
K
Yeah,
we
still
would
because
we
primarily
we
want
to
make
sure
that
there
is
sufficient
u.s.
DC
debt
ceiling
for
for
the
flip
options
actually
for
the
collateral
options
in
case
there
were
to
be
suffered.
Eath
were
to
suffer
another
huge
drona
that
one
of
the
original
impetus
behind
adding
US
DC
was
to
make
sure
that
keepers
have
enough
die
on
hand
to
bid
on
the
eath
collateral
options
that
they
used
it
for
the
flop.
Options
is
actually
kind
of
like
a
full
welcome
side
benefit,
because
that
was
actually
another
were
like.
I
L
Yeah,
like
the
large
I
mean
you
know,
I
cannot
say
with
100%
certainty
that
this
specific
die
was
used
for
flops.
You
know
considering
that
this
entity
holds
you,
know
another
positions
in
the
ecosystem,
but
yeah.
He
is
generally
related
to
three
different
accounts,
who
won
some
of
the
flop
options.
D
I'm,
mostly
thinking
about
like
the
the
actual,
the
actual
flow
from
from
the
transaction
of
generating
to
the
actual
use
in
in
the
flop,
because
there
might
be
even
though
I
should
generation
of
the
liquidity
might
be
read
as
one
hundred
percent
going
into
the
flop
auctions.
If
we
potentially
look
into
the
data,
maybe
actually
shows
that
I
don't
hear
much.
Smaller
percentage
draft
actually
goes
into
them
into
those
law.
Questions.
K
L
Like
what
I
wanted
to
say
is
that
you
know
like
these
accounts
are
quite
large,
and
it's
really
hard
to
say:
did
this
entity
print
die
for
this?
You
know
specific
auction
or
deeds
maybe
want
to
already
like
build
some
kind
of
liquidity
for
EM.
You
know
potential
collateral
options
if
it
would
continue
to
fall.
D
I'm
not
saying
it
was
just
like
whether
there
was
a
should
framework
I'm
thinking
about
it
to
measure
to
measure
from
from
the
beginning,
wind
started
the
point
in
us
DC
to
actually
one
once
we
have
cured
the
whole
queue
kind
of
like
going
back
into
missile.
Actually,
you
know
the
use
case
that
we
were
expecting
and
the
results
that
were
obtained
at
the
end
we
cured
actually
cute,
but
how
much
of
that
liquidity
actually
flew
into
the
expected
result
that
we
wanted.
That's
that's
more
like
what
I
was
thinking.
K
M
In
terms
of
like
what
the
peg
has
been
doing
over
the
last
week,
I
mean
it's
basically
been
hovering
at
a
dollar
two
or
a
little
before
they're
a
little
above.
So,
though,
the
eath
prices
continued
to
fluctuate
between
like
120
and
140.
In
that
timeframe,
the
peg
has
been
holding
relatively
steady,
and
that's
because
there
haven't
been
major
fluctuations
in
the
the
eath
dye
supply.
In
that
same
time,
frame.
M
So
we
had
obviously
all
the
craziness
on
Black
Thursday,
where
you
know
the
the
price
on
an
average
basis,
went
up
to
about
a
dollar
seven.
At
times
like
a
dollar
10
on
a
weighted
average
basis,
it
was
about
a
dollar
10
about
a
dollar
7.
Most
of
the
time,
though,
some
of
those
trades,
just
you
know,
experienced
crazy
amounts
of
slippage
in
that
time
frame.
M
So
some
of
the
highest
deviations
were
what
happened
on
you
know
swap,
but
a
decent
chunk
of
the
volume
was
continuing
on
dy/dx
and
a
lot
of
those
trades
were
around
$1
7
to
$1
10
at
sort
of
their
highest
point.
And
then,
obviously
you
know
swaps
are
crazy,
so
thinking
both
directions,
as
it
usually
does,
but
basically,
after
the
insane
spikes,
the
dye
price
started
to
come
down
a
bit
and
then,
as
died,
was
being
sourced
for
a
large
number
of
liquidations
and
auctions.
M
The
reasoning
for
this
is
there
still
holdouts
from
from
auctions?
There's
still
uncertainty
from
people
I
think
in
terms
of
when
the
peg
will
come
back
down
to
the
dollar
and
so
there's
some
hesitancy.
I.
Think
from
some
market
makers,
so
Myra
treasures
to
sell,
sell,
more
die,
plus
the
minting,
as
we
said,
has
been
down
because
the
the
total
supply
has
been
pretty
flat
in
in
the
last
week
or
so
so
in
order
to
incentivize
more
minting
of
died.
M
You
know
there
has
been
a
lot
of
conversation
about
stability
fees,
but
it
primarily
has
to
do
with
good
sentiment
and
arbitrage
opportunity.
So
you
know,
as
was
just
talked
about
with
the
US
DC
volts,
so
you
can
see
here.
Is
the
US
DC
die
supply
so
from
inception?
That
sort
of
grew
quickly
to
about
six
point?
Seven
million-
and
you
know
this
was
basically
a
few
large
keepers-
sourcing
liquidity.
M
This
may
you
know
hover
at
around
a
dollar
to
for
a
little
while
longer
and-
and
that
may
be
a
persistent
effect
until
people
become
more
comfortable
with
real
Everidge
anyth,
and
you
know
there
is
obviously
that
thread
around
us
DC,
but
that's
not
likely
to
be
a
huge
source
of
diamond
ting
in
the
coming
days
in
the
current
iteration.
You
know,
as
I
said,
if
we
offer
a
different
option
for
how
the
US
DC
vault
is
structured,
that's
more
geared
towards
arbitrage
that
may
that
may
change,
but.
M
D
K
C
K
G
G
So
the
the
values
are
a
bit
smaller
than
you
know,
weeks
weeks
before,
but
sighs
still
migrating
some
stats
for
the
past
week.
It
was
at
one
point:
four
million
net
repayment
and
this
world
will
see
the
piece
that
repaid
their
depth
fully.
Fifty
four
of
them
we
had
one
really
large,
CDP
gonna,
show
you
later.
This
was
the
second
largest
GDP
actually
who
closed
the
his
his
depth,
and
the
system
also
collected
about
130,000
office
and
the
remaining
is
currently
are
1.5
million
and
but
basically
1
million
is
represented
by
larger
CDP.
G
So,
basically
there's
half
a
million.
We
were
waiting
for
because
that
CDP
hasn't
shown
any
type
of
activity
for
I.
Think
last
ten
months
or
something
migration
contract
has
a
set
dropped
only
for
about
half
a
million.
So
the
current
inventory
is
three
point.
Three,
what's
good
from
city
boot
perspective
is
that
they
now
have
one
quarter
of
the
supply
available
in
the
migration
contract.
G
G
I
think
he
also
paid
about
$90,000
in
in
fees
alone,
then
we
still
have
some
CDs
with
quality
lies
a
collateralization
ratio
below
hundred
fifty
so
option,
not
sure
why
still
hasn't
34
of
CDP's
the
amount
is
actually
a
bit
lower
than
it
was
two
weeks
ago.
So
the
situation
improved
in
terms
of
liquidity
liquidations
and
how
much
it
could
affect
the
system.
G
Now,
because
it's
a
bit
so
say
if
it
drops
forty
to
fifty
percent,
we
should
see
three
million
deaf
liquidated,
which
is
still
okay,
guys,
because
we
have
this
liquidity
available
in
immigration
contract
and
that's
pretty
much
it
to
conclude.
I
was
a
bit
I
wasn't
expecting
such
a
high
degree
of
repayments
past
week,
because
I
was
kind
of
thinking
that
you
know.
If
either
prices
are
stable
or
you
know
even
bounced
as
they
did.
G
C
K
M
Kinda
disconnect
the
network
went
out
at
the
exact
moment,
but
I
was
stuck
so
yeah
I'll,
just
try
and
quick,
then
so
yeah
I
mean
we
went
over
sort
of
what
was
going
on
with
tie
price,
the
the
US
DC
volts,
so
what
we
actually
saw
was
even
though
the
net
amount
of
US
DC
dye
activity,
kind
of
leveled
out
the
collateralization
actually
of
some
of
those
u.s.
DC
volts
increased
from
when
this
was
initiative
launched.
M
So
that's
kind
of
curious
why
some
of
them
have
a
little
extra
bottle
in
them,
but
that
it's
it's
not
significant
numbers
compared
to
the
eath
faults.
Currently,
so
I
think
we
just
wait
and
see
a
little
bit
on
on
how
the
US
DC
is
being
used,
but
in
terms
of
the
eath
faults.
So
it's
interesting
to
note.
You
know
this.
This
liquidation
wall
had
gone
down
to,
say:
56
bucks,
mid
crisis.
M
It
has
come
back
up
to
about
69,
so
just
I
think
people
are
feeling
a
little
bit
more
comfortable
because
that's
despite
the
eath
price,
going
back
up
to
about
130,
so
so
just
just
something
to
watch
that
people
are
doing
their
usual
behavior
of
as
price
levels
out.
They
also
level
out
their
amount
of
collateral
relative
to
the
debt,
and
the
debt
amount
has
not
moved
much
significantly
post-crisis
in
liquidation.
So
that's
that's
primarily
collateral
actions
that
we're
seeing
so
just
something
to
be
aware
of,
and
then
you
know
we
talked
about
u.s.
M
J
H
J
I,
don't
know
if
he
actually
showed
like
just
the
total
s
and
the
vaults
I
thought
that
was
I
thought
I
saw
that
chart,
but
I
would
have
expected
to
see.
You
know
simply.
We
think
they
would.
It
looks
like
they
withdrew
collateral
that
you
know
we
went
from
I,
don't
know
58
to
like
70.
Almost
I
would
have
expected
to
see
like
a
10%
drop
on
on
Ethan's
collateral
and
I
thought.
M
M
Yeah
the
amount
of
East
collateral
relative
to
the
amount
each
day
has
proportionately
gotten
riskier.
So
so
there
is
less
eat
in
dollar
terms
than
there
there's
less
Ethan
nominal
terms
than
there
was
during
the
crash
compared
to
the
amount
of
debt.
So
it
has
gotten
a
bit
riskier
again,
but
that
makes
sense
just
to
be
clear,
because
what
we
and-
and
this
is
not
about
the
bottom
tier
like
the
riskiest
positions,
because
that
has
not
been
a
hugely
significant
change.
This
is
more
about
the
percentage
of
the
higher
collateralization
to
the
medium
collateralization.
M
N
K
Can't
really
for
the
can't
really
restrict
them
unless
you
have
the
debt-ceiling
set
to
zero
and
then
have
to
do
an
emergency
executive
to
raise
it,
which
is
a
lot
of
overhead
or
potentially
one
day
in
the
future.
That
could
be
made
easier
through
some
sort
of
instant
access
module,
for
example,
but
practically
speaking,
if
you
just
set
the
stability
feat
prohibitively
high
for
one
of
them,
then
that
would-
and
that
could
also
help
take
care
of
that.
N
K
K
K
I
think
there's
a
lot
of
things
we
need
to
proactively
do
now,
not
just
for
the
u.s.
DC,
but
also
a
also
for
this
circuit,
breaker
itself
and
then
I
think.
What's
most
important
here
is
like
a
holistic
execution
strategy,
because
these
are
these
are
all
kind
of
very
active
measures
that
governance
needs
to
be
involved
with
and
up
to
now,
I
mean.
Typically,
this
community
is
more
like
a
passive
governance
type
of
ecosystem.
So
that's
a
bit
concerning
so
I
definitely
think
that
we
can
do
some
work
in
them.
Just
do.
K
C
D
M
Yeah
I
do
so
an
apologies
for
any
background
noise,
but
I
mean
my
sense.
Right
now
is
that
there
are
people
who
have
you
know
USD,
seeing
that
they're
sitting
on
waiting
to
potentially
arbitrage
or
participate
in
liquidations,
but
no
Aaron
I
just
live
by
a
train,
so
the
they're
not
actively
necessarily
maxing
out
their
their
die
withdrawing
abilities
right
now,
but
they're
sort
of
preparing
to
to
act
in
the
event
that
there's
a
profit
opportunity
would
be
my
most
likely
guess.
M
And,
and
the
other
thing
is,
the
ecosystem
is
slightly
changed
right,
so
maker
adopting
us
DC
as
a
collateral
like
observing
changes,
the
observed,
and
so
it's
possible
that
possible
and
likely
I
would
say
that
there's
been
a
bit
of
a
shift
in
how
keepers
are
thinking
about
what
proportions
of
which
assets,
to
hold
keepers
and
arbitrators
and
market
makers,
in
a
sense
that
US
DC
may
become
a
bit
more
common
part
of
the
vernacular.
Now,
in
that,
there's
a
cycle
that
exists
between
eath
dye
and
u.s.
M
DC,
whereas
prior
it
may
have
been
more
exclusively
just
Ethan
dyes.
So
so
now
holding
the
right
amount
of
US
DC
at
the
right
times,
I
think
becomes
a
bigger
part
of
their
workflows,
given
that
US
DC
can
now
be
used
to
as
a
leverage
point
to
create
more
dye
when
there
is
an
opportunity
to
arbitrage
die.
J
It
looks
also
add
that
the
the
OSM
there
is
six
to
one
and
there's
literally
no
liquidations
that
are
gonna
happening
on
us
DC.
In
effect,
you
don't
have
to
worry
about
what
you
deposit
to
mint
die
there.
So
it's
kind
of
a
really
different
ecosystem.
I
want
to
go
back
to
this
F
thing
that
I
think
you
know
if
this
was
a
risk
on
event,
people
would
have
left
thereof
deposited
and
they
would
have
meant
to
die
to
go
up
to
70.
Instead,
they
withdrew
died.
J
M
Can
I
also
point
out
one
other
like
correlation
in
behavior,
which
is,
if
you
look
at
March
23rd
to
24th?
That
was
actually
a
period
where
there
was
a
bit
more
us
DC
dye
minted
out.
You
know
about
a
million
more
and
then
after
the
24th,
that
million
or
so
was
paid
back,
and
what
actually
happened
to
die.
M
Pegged
during
that
time
was
you
know,
post
all
the
craziness,
the
price
had
been
lowering
lowering
lowering
lowering
till
it
hit
around
a
dollar
one
at
the
end
of
the
22nd,
so
on
the
23rd
it
started
rising
back
up
all
of
a
sudden
to
sort
of
breaking
that
trend
to
like
a
dollar
three
up
to
a
dollar
for
on
a
way
sis.
There
were
times
when
it
was
a
dollar
seven
and
then,
after
the
24th
it
started
coming
back
down
again.
M
So
there
is
some
relationship
there
between
the
in
the
amount
of
USD
CD
I,
issued
and
sort
of
a
quick
re
increase
in
where
the
dye
pack
was
trading
at.
So
you
know
that
actually
does
start
to
track
in
the
sense
that
people
having
this
USD
see
balance
sort
of
waiting
for
times
when
dye
rises
above
peg
to
Mint
more
died
out
and
arbitrage.
It
back
down
and.
J
D
J
In
that
million
dollars
thing
that
I,
basically
our
bin
and
then
I
own
wand,
found
it
via
F
die
trading.
Basically
in
USD,
see
that's
creating
basically
so
yeah.
Well,
I
was
a
piece
of
that,
a
million
that
did
precisely
that
so
so
I
think
that
I
think
that
million
is
like
a
reasonable
number
based
on
what
I
saw
in
the
markets
and
pricing
that
it
just
didn't
have
enough
of
an
effect
that
the
rest
of
this
dye
went
somewhere
else.
It
didn't
go
to
the
peg.
It
literally
went
somewhere
else.
M
H
Yeah
I
just
wanted
to
bring
up
one
point
which
I
don't
think
anybody's
talked
about,
which
is
there
a
bunch
of
eath
vault
holders
that
lost
a
lot
of
capital
right
in
this
in
this
downturn?
And
is
there
anybody
thinking,
like
maybe
they've,
lost
confidence
in
the
maker
system
to
open
up
new
bolts,
and
maybe
that's
why
the
dye
supply
is
not
increasing
like
they
could
chew.
Other
rooms.
J
To
kind
of
that's
totally
my
take
on
this
okay
is
that
it
the
more
than
50%
or
at
least
half
of
this
is
a
confidence
effect,
and
so
it's
the
real
deal
and
it's
a
real
issue.
I,
don't
know
how
much
we
restore
that
confidence.
If
we
do
anything
about
it,
I
think
that's
really
a
real
effect
here
and
we
can't
ignore
it.
J
M
Would
bet
that
I
think
it's
it's
real,
but
you
know
if
you
consider
the
proportion
of
vaults
that
that
lost
during
that
event,
in
that
way,
versus
the
total
proportion
of
vaults
isn't
the
biggest
chunk
and
also
like
I
think
there
are
things
we
know
there
are
things
we
don't
know,
and
then
there
are
things
we
don't
know.
We
don't
know,
and-
and
I
just
want
to
point
out
that
things
that
we
do
know
means
sure
there
is.
M
There
is
definitely
likely
some
effect
of
impact
on
confidence
that
is
greater
than
zero
and
less
than
100
percent,
and
we
also
can
pretty
reasonably
say
that,
based
on
what
we've
seen
how
each
price
works
in
the
past
and
the
correlation
between
how
each
price
works
and
how
it
impacts
leveraging
behavior,
this
is
not
new.
This
is
most
definitely
not
the
first
time
we've
seen
sort
of
a
freeze
on
on
minting.
M
You
die
post,
a
large
volatility
event,
and
so
so
the
impact
of
just
what's
going
on
with
each
price
is
also
greater
than
zero
and
less
than
a
hundred
percent.
Now,
how
much
we're
gonna
assign
weighting
of
different
facts
going
on
at
the
same
time
is
it's
highly
subjective
conversation.
We
wouldn't
necessarily
be
able
to
get
great
quantitative
data
to
answer
that
question,
but
what
we
know
is
that
both
of
those
are
greater
than
zero
and
less
than
100.
M
J
Well,
we
do
have
some
indicative
data
that
in
this
range
you
know
that
when
the
price
went
up,
we
we
do
see
a
lag
before
the
peg
comes
down.
I
see
it
in
on
that
chart
from
the
23rd
to
the
25th.
It
wasn't
clear
after
the
whole
market
machination,
as
you
know,
the
whole
debacle,
but
there
is
a
lag
effect.
It
does
seem
to
have
some
importance
and
literally
maker
only
has
I
mean
we
can
only
I
mean
the
amount
of
collateral
in
the
system.
Only
so
much
dye
can
be
minted.
J
You
know
so
I
agree
yeah
it's
between
a
zero
and
a
hundred,
and
we
really
don't
know
the
exact
data
and
that
the
peg
still
follows
general
market
machination
x'
and
we
haven't
had
enough
of
a
bull
run,
to
really
push
the
pake
down
and
for
people
to
maybe
take
on
a
little
bit,
I
wouldn't
say
more
risk,
but
to
have
freedom
and
their
vaults
to
be
able
to
mint.
You
know,
I
think
what
they
did
was
they
pulled
off
because
they're
like
holy
crap.
M
Yeah
I
mean
I
was
purely
answering
about
diamond
ting.
If
we
look
at
you
know,
general
dye
trading
in
arbitrage
activity
and
you
start
to
talk
about
faith
in
the
peg
etc
on
market
effects.
Are
the
prime
driver
I
will
make
that
statement,
because
if
you
look
at
historically
how
dye
peg
has
fluctuated
in
times
of
large
volatility,
the
you
start,
the
the
fun
and
snaps
into
a
very
high
correlation,
real
quick
now
this
fluctuates
over
long
time
frames.
M
A
M
J
Think
the
point
I
just
want
to
make
is
that
you
know
if
you
were
to
look
at
a
curve
of
confidence,
we're
kind
of
very
high
rate
or
low,
and
so
you
know,
while
the
mark
I,
think
you're
right
that
the
market-
you
know,
that's
just
that
the
market
does
dominate
this.
This
whole
scene,
I,
really
don't
want
to
underplay
the
confidence
being
kinda
at
all-time
lows
here.
D
But
we
actually
I
guess
it
is
they've
the
event
that
happens,
but
are
we?
Are
we
jumping
to
the
conclusion
maybe
too
quickly
in
terms
of
calling
it
necessarily
confidence
because
I
understand
it
is
one
entry
that
potentially
talking
about
like
confidence
there,
which
is
minting
right,
but
we
wish
to
don't
know
whether
there
is
actually
other
metrics
that
actually
would
allow
us
to
like.
D
M
It's
not
just
recently
race,
so
an
old
analysis
that
they
did
with
Heath
was
looking
at
short-term
averages
versus
long-term
averages
and
and
I'll
revisit
this
analysis.
But
basically
the
idea
being
how
quote
unquote?
Cheap
people
think
keith
is
in
the
short-term
compared
to
the
long-term
I
think
often
has
a
strong
relationship
to
die
being
minted
and
the
dye
supply.
So
my
point,
actually,
if
anything
was
I,
don't
think
you
can
draw
this
simple
conclusion
that
it's
a
confidence
issue,
because.
J
Well,
there's
another
there's
another
component
of
confidence:
that's
pretty
much
at
an
all-time
low,
the
confidence
that
NF
isn't
just
going
to
go
through
the
floor.
You
know
so
when
I'm
saying
confidence,
I
am
saying
maker,
I'm,
just
saying
generally
confidence
in
the
markets
as
well
as
a
maker,
and
so
you
put
those
two
factors
together.
You
literally
have
confidence
at
an
all-time
low.
People
really
don't
want
to
take
risk.
It's
a
risk
off
of
that
here.
Yeah.
K
N
Vote
for
the
USD
C
stability
fee.
We
we
really
don't
want
a
higher
one
than
current
20%
right
and
also
considering
the
we
were
talking
about
the
a
city
emergency
shutdown.
There
are
10
million
that
in
the
system,
which
means
that
the
the
only
way
they
can
pay
back
with
that
is
by
using
by
either
by
the
guy
on
the
market,
which
they
are
propping
the
alternative
or
using
u.s.
DC
and
generate
die.
So
there
are,
there
are
all
upside
pressure,
but
I.
C
Yes,
so,
regarding
the
point
of
like
the
initial
arbitrage
is
closing
out
when
they
get,
even
because
the
like,
if
that,
pushes
the
dye
price
up
again,
because
the
u.s.
DC
stability
fee
is
now
lower,
you
should
see
like
another
wave
of
like
arbiter.
What
you
do
is
take
advantage
of
that
and
push
it
down
again.
You.
C
H
H
H
C
C
H
M
So
this
is
I
think
the
biggest
hesitancy
with
with
engaging
in
the
the
USBC
collateral
type
right
now
for
the
purpose
of
arbitrage,
because
you
don't
know
how
much
time
you're
going
to
be
stuck
in
your
dietitian
before
that
price
comes
back
down,
which
means
you
don't
know
exactly
how
much
of
its
ability
you
gonna
pay
and
that
you
know
around
20
percent.
That's
not
an
inconsiderable
number.
N
Isn't
that
a
case
for
a
lower
stability?
So
they
can
they
kind
of
just
pushed
the
pressed
down
without
thinking
of
the
interests
they're
accumulating
significantly.
Just
that's
all.
This
is
expectation
on
the
tie
price
if
it
people
even
for
the
US
DC
vendor
it
if
they
hold
the
expectation
that
the
price
the
premium
was
still
there,
there
was
still
now
act
it
even
when
the
stability
goes
down.
There's
no,
no
new
market
maker
jumping
to
this
really
called
arbitrage.
It.
M
C
I,
don't
think
anyone's
suggesting
that
USD
see
like
the
USD
see
you
fall.
It's
like
it's
like
a
permanent
solution
to
the
dye
pick
right
now
and
suggesting
that
it's
not
eventually
going
to
require
those
users
to
like
sell
back
to
dying
right
to
close
their
positions.
The
point
is:
is
it
spreads
out
like
the
liquidity
crunch
right?
So
ultimately,
yes,
the
people
that
are
using
that
and
and
like
us
in
general,
relying
on
microfiche.
So
it's
like
eath,
buy
more
confidence
of
sentiment
like
returning
for
III
and
people
making
anymore
well.
H
To
me
like
out
of
all
the
different
actors,
the
actor
that
is
acting,
the
least
rational,
in
my
opinion,
is
the
dye
holders
in
the
DSR.
If
you're
putting
dye
in
the
DSR
you're
expecting
some
small
interest
right
like
three
to
four
percent.
Well,
you
can
grab
two
percent
right
now
right,
but
nobody's
nobody
doing
that.
Obviously,.
C
J
Let
me
comment
on
that.
One
cause
we
don't
know
where
the
dyes
coming
from
it
literally
could
let's
say
compound,
has
of
that
a
chunk
of
that.
We
can
actually
look
at
that
number,
but
the
secondary
markets
like
on
compound
I,
can
deposit
dye
and
I
can
borrow
other
stuff
and
that
dye
ends
up
being
deposited
in
the
DSR
I'm.
Pretty
sure
that
the
vast
majority
of
that
25
million
that's
in
the
DSR
right
now
is
kind
of
a
lock
there,
because
people
have
borrowed
other
assets
that
they
aren't
paying
back.
J
For
some
reason,
I
got
so
speculation,
but
it's
the
only
explanation.
I
can
come
up
for
that
behavior
that
you're
talking
about.
Let
me
say
something
else,
so
I
agree
with
you
that
this
whole
USD
seed
and
to
mint
dye,
it
isn't
an
art
of
event,
an
arbitrage
event,
because
I
did
it
was
to
like
sell
on
coinbase
at
1:04
and
buy
on
DUI
DX
at
like
103.
That's
a
real
simultaneously,
that's
a
true
art
of
event,
but
then
I
had
to
that.
J
What
we're
talking
about
is
a
die
put
is
what
in
and
it
looks
like
literally
one-sixth
of.
What's
out,
there
did
the
are
or
not
or
did
the
put
to
an
maybe
some
are
and
then
unwound
it
fairly
quickly,
whereas
we've
got
six
million
sitting
out
there
waiting
for
auctions
at
twenty
percent,
which
is
why
I'm
kind
of
as
an
as
an
arbor
and
and
a
person
who
might
take
on
that
died
short
at
some
time,
I'm
going
to
unravel
that
faster
than
fast
and
whether
the
price
is
20
percent
or
30
percent.
I.
J
Don't
give
a
hoot,
because
I'm
gonna
unwind
that
in
a
way
that
I'm
gonna
make
money
and
I'm
gonna,
do
it
fast
and
I
did
and
the
other
people
are
sitting
there
sitting
on
it
and
I,
don't
like
them
sitting
on
it.
So
I
want
to
go
up
in
the
stuff
just
to
see
if
we
can
even
tap
on
those
people
to
do
anything
to
be
an
active
maintainer.
J
H
Its
building,
like
that
you're
discounting
one
fact,
which
is
the
reason
people
Creator,
that
died
or
minted
that
died
or
borrowed
that
died,
is
to
set
up
for
the
for
the
auctions
right
and
the
issue
is
we
had
no
idea
when
the
auctions
are
gonna
happen
right,
because
governance
takes
his
time,
so
it
could
have
happened
as
quickly
as
Monday.
It
could
have
happened,
Friday
we're
still
not
sure
when
it's
gonna.
D
J
But
my
point
is:
if
you're
really
gonna
do
that,
are
you
really
gonna
sit
there
and
pay
a
high
fee?
You
would
mint
it
and
then
use
it
fast
and
unwind
it
out
fast.
This
is
the
facility
that
I
imagined
was
an
emergency
facility.
Then
people
would
go
into
and
get
out
of
quickly
that
they
wouldn't
just
sit
there
and
wait.