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From YouTube: Governance and Risk Meeting #143
Description
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A
A
So
yeah
we've
got
a
got
our
usual
agenda
to
get
through.
Today.
We've
got
some
updates
from
from
the
usual
suspects.
We've
got,
we've
got
a
segment
from
from
risk
talking
about
die
price
dynamics,
some
risk
metrics,
I'm
gonna
have
sort
of
maybe
a
brief
discussion
at
the
end
about
a
pre-map
discussion
from
andrew
bevin,
so
yeah
I'll
go
through
the
the
usual
preamble
stuff.
You
know
we
like
answering
questions
and
and
kind
of
getting
feedback
from
you
guys.
A
A
Okay,
so
I
think
that
will
start
I'll
start
with
the
governance
updates.
For
the
last
week,
it's
been
a
little
bit
eventful
in
governance
last
week,
so
we
had
some
trouble
passing
the
week
before
lasts
executive
to
the
point
where
we
in
fact
ended
up,
delaying
or
sorry
skipping
in
fact
entirely
last
friday's
executive
based
on
on
the
kind
of
time
constraints,
so
that
wasn't
ideal,
but
we
did.
A
We
did
manage
to
put
up
the
monthly
mips
executive
on
monday,
which
did
pass
fairly
swiftly,
so
we
should
kind
of
be
all
set
from
now
on
or
going
forwards,
so
we're
going
to
we'll
have
an
executive
on
friday.
This
friday,
as
usual
and
it'll,
include
what
was
going
on
last
fridays
and
some
other
stuff,
but
on
the
right
side,
the
week
before
last
executive
did
pass
that
brought
some
minor
stability
changes
minor
debt
ceiling
changes.
A
It
replaced
the
units
of
lp
token
oracles,
with
the
audited
versions,
which
is
great.
I'm
fixing
up
just
a
few
minor
issues.
We
also
had
the
monthly
mix
executive,
which
I
just
mentioned
for
may
that
passed.
So
that
brings
us
sustained
sustainable
ecosystem
scaling
core
units.
So
congratulations
to
juan.
Whilst
and
those
involved
you
are
now
officially
on
board,
welcome,
etc.
A
We
also
approved
mip,
I
think,
51s
with
the
monthly,
with
some
changes
to
the
monthly
governance
cycle,
so
david's
kind
of
been
talking
about
those
a
little
bit
in
the
mips
updates
for
the
last
few
weeks.
I'm
sure
I'll
cover
it
again
today
and
we'll
kind
of
make
sure
everyone
knows.
What's
going
on
in
the
next
in
june,
for
the
monthly
cycle,
we
passed
some
minor
amendments
to
make
zero,
making
it
more
clear,
shorter,
more
easily
accessible
and
we
passed
50,
which
was
the
direct
deposit
module
presented
by.
A
And
so
those
changes
will
be
to
increase
what
those
proposed
changes
will
be
to
increase
the
psmusd
cie
ceiling
from
two
billion
to
three
billion,
making
sure
we
have
enough
space
to
keep
the
pick
super
tight
on
one
dollar
and
setting
the
tip
to
300
die
on
all
types
of
liquidations,
just
to
make
sure
that
the
creations
run
super
smoothly,
even
on
smaller
vaults,
so
that
I
think
that
covers
the
governance
things
that
happened.
I'll,
give
a
brief
update
for
governor
as
well,
but
I'm
gonna
try
and
keep
it
as
short.
A
As
possible,
I've
actually
done
a
forum
post,
like
the
others,
have
recently
so
for
details.
You
can
go
here.
I
don't
think
there's
anything
like
kind
of
critical
or
game.
Changing
that's
happened
in
the
last
week,
so
you
can
kind
of
see
that
link
for,
like
a
sort
of
general
update
on
some
of
the
things
we're
working
on,
but
I
don't
think
there's
anything
really
worth
calling
out
as
like
it's
like,
exciting
or
finished,
so
so
with
that
I'll,
maybe
pass
it
to
payton
to
do
forum
at
a
glance.
A
B
Absolutely
also
going
to
be
trying
to
do
a
little
bit
of
a
breach
version
here,
keep
things
moving
along
long
mentioned,
the
couple
items
in
the
executive
that'll
be
going
due
to
the
kind
of
urgent
polling
situation
there.
Congrats
to
juan
and
a
whole
team
over
at
ses
also
wanted
to
highlight
the
upcoming
ama
with
will
from
the
real
world
finance
team.
That's
going
to
be
next
week
at
2100
june
3rd.
I
believe
that's
a
week
from
today.
B
Yes,
so
next
thursday
2100
utc
posted
a
link,
so
you
can
follow
some
of
the
active
discussions
that
are
going
on
in
the
forum.
It's
been
a
pretty
busy
week,
so
there
are
a
lot
of
topics
to
cover.
If
you're
interested
in
weighing
in
and
sharing
your
insight,
I
will
go
ahead
and
name
all
the
five
active
signals
that
are
going
on
right
now,
just
to
give
you
a
chance
to
head
over
there
and
vote.
B
Next,
we
do
have
a
signal
request
on
the
psms
for
adding
new
new
psms,
essentially
sorry,
a
whole
list
of
those
there
to
vote
on
including
usdt,
busd
packs,
tusd
and
gusd,
and
all
we
got
there
is
a
continuing
one
from
shoopy
last
week
on
an
ec
type,
an
e
c
type
vault
for
wi-fi,
so
that
would
be
with
the
higher
collateralization
ratio
and
lower
stability.
Fee
monet
supply
brought
a
signal
request
for
adjusting
the
dust
parameter.
B
We
have
three
options
on
that
one
I
believe
for
e3
ec
and
the
remaining
vault
types,
so
you
do
have
a
chance
to
give
your
different
opinions
there.
And
finally,
there
was
a
kind
of
counter
treasury
protocol.
Meme
signal
requests
basically
asking
if
we
should
burn
or
even
meant
some
mkr
to
get
us
to
a
meme
amount
number.
A
C
C
Yeah,
so
so
the
anthony
just
keep
moving
I'll
know
when
you
guys
and
when
I've
lost
you.
So
the
lp
tokens
that
have
liquidations
on
are
in
the
spell
the
liquidation,
the
lp
tokens
that
don't
are
not
and
they're
part
of
the
stablecoin
class,
and
so
all
of
those
all
that's
that
spells
ready
and
deployed.
C
However,
there
are
a
number
of
changes
that
maybe
came
up
because
of
last
weekend,
so
there's
a
sort
of
urgent
request
or
polling
for
the
psm
usdca
debt
ceiling
to
be
increased
and
also
to
better
incentivize
people
to
bark
for
liquidations.
And
so
I
think
what
we're
going
to
do
is
just
add
those
two
configuration
changes
into
the
spell
and
redeploy
it
and
that'll
be
what
goes
out
on
friday.
C
As
for
next
friday,
we
we
have
the
stable
coins
planned
for
that
executive,
but
I
was
just
talking
with
primos
and
I'm
I'm
not
entirely
sure
that
we
have
like
a
good
idea
of
what
the
liquidation
curve
should
look
like
and
so,
and
it's
also
like
heavily
dependent
on
what
we're
gonna
do
with
the
psm.
So
there's
another
urgent
request
out
for
determining
whether
or
not
we're
going
to
you
know
sweep
things
into
the
psm,
and
so
so.
C
I
think
that
that
it's
very
much
sort
of
up
in
the
air
as
to
what
we'll
do
with
stable
coins.
Luckily,
everything
that's
left
doesn't
have
liquidations
on
anyway.
It's
mostly
just
cleaning
up
technical
debt.
So
that's
where
we
are
with
the
executives
as
far
as
collateral
on
boarding,
we've
got
an
ex-sushi
evaluation
out
and
we
are
also
evaluating.
I
think
there
are
four
centrifuge
assets.
I
got
one
of
them
up
in
the
forums
today.
C
The
the
others
are
similar
technical
assessments,
so
they
should
be
forthcoming
shortly
and
then
there's
the
sushi
join
adapter,
which
we
wanted
to
deploy
the
week
after
the
stablecoin
executive
and
so
there's
the
audits
are
complete
there
and
now
we're
just
sort
of
working
on
integration
tests
and
making
sure
that
that
that
works
and
yep.
Aside
from
that,
there's
also
a
lot
of
discussions
around
layer,
two
slash
multi-chain
strategies
and
there's
been
work
on
the
sort
of
optimism
dye
bridge.
C
Getting
that
ready
for
audits
on
an
end.
You
know
just
the
sort
of
higher
level
discussion
of
of
what
we,
what
what
our
sort
of
scaling
strategy
is
going
to
be
with
regards
to
layer
two
yeah,
maybe
maybe
that's
a
little
too
put
like,
let's
just
say
with
regards
to
scaling-
I
guess
but
yeah,
and
then
that's
that's
pretty
much
it.
For
me,
there
are
a
number
of
discussions
as
well,
but
I
think
everyone
else
is
also
involved
in
those.
So
is
there
any.
C
C
D
D
And
yeah
yeah
it's
on
their
landing
page
and
maybe
one
more
thing
that
that
we're
working
on
is
arbitrary
bridge,
so
the
same
thing
as
for
optimism,
but
for
our
beach,
which
is
going
to
launch
soon,
like
tomorrow,
at
least
the
main
net
for
developers.
That's
what
they
call
them
call
it
that
they
call.
D
A
E
So
I'm
not
sure
if,
if
we
got
really
lucky
there
and
avoided
a
bullet
or
or
how
that
would
have
played
out,
but
I'm
I'd
feel
much
more
comfortable
if
they
were
once
they're
on
2.0,
because
then
then
they
can
be
right
immediately,
unwrapped
and
and
then
just
basically
dumped
on
a
dex
right
before
before
anyone
needs
to
have
the
the
capital
to
purchase
them.
Nick
nick
can
I.
C
Can
I
add
just
an
interesting
observation
to
this:
is
that
during
these
pullbacks
the
lp
tokens
end
up
taking
a
ton
of
income
from
fees
right,
so
they
they
make
all
kinds
of
additional
fees
from
people
panicking
and
swapping
through
the
those
pools,
and
so
that
actually,
in
theory,
should
bump
the
oracle
price
which
may
make
them
even
more
resilient
than
we
had
originally
anticipated
against
liquidation.
So
that
might
be
part
of
our
happy
accident
were
part
of
their
resilience
over
the
weekend.
E
So
these
are
all
kind
of
interesting
details
that
are
that
are
popping
up.
The
other
thing
we're
looking
at
very
closely
is
l2s
are
slowly
starting
to
to
come
online
right,
so
we
have
arbitrarium
launching,
I
believe,
it's
later
next
week
right.
We
have
optimism
coming
out
soon
for
starkwear
right,
there's
the
there's
the
generalized
kind
of
main
net.
That's
coming
out
right,
that's
not
isolated
on
it
on
its
own,
it's
not
isolated
for
each
app
on
its
own
roll
up.
E
That's
that
should
be
coming
out
quite
soon
as
well,
and
you
know
we
kind
of
need
to
keep
tabs
on
which
applications
are
going
to
be
kind
of
deployed
where,
where
is
the
herd
kind
of
going
right,
especially
with
kind
of
upstart
protocols
right
that
are
like
that
are
of
the
mindset
right,
that
they
can't
really
compete
with
the
behemoths
on
l1.
But
they
can,
you
know,
try
to
get
traction
early
on
l2s.
E
We
have
to
monitor
that
very
closely.
I
think
l2s
are
like
a
big
opportunity
for
oracle's,
because
on
l1,
the
business
equation
is
that
they're
kind
of
cost
prohibitive
in
terms
of
the
gas
costs
that
it
caught
that
it
takes
to
update
them
right.
So
if
it's
not
a
collateral
type
in
the
maker
protocol,
the
cost
to
spin
up
a
new
oracle
rights
in
the
hundreds
of
thousands
of
dollars
a
year,
something
that
an
upstart
protocol
can't
really
afford
to
cover
anyway.
E
But
this
is
completely
different
on
l2,
at
least
you
know
until
l2s
scale
really
really
hard
and
gas
costs
on
there
become
prohibitively
expensive
as
well,
which
will
happen
eventually,
but
but
for
now
is.
Is
not
the
case
so
on
l2
right
we
could
probably
get
away
with
spending
less
than
a
thousand
dollars
a
year
on
on.
E
So
that's
that's
something
that
we've
been
prepared
for
for
a
while.
So
our
oracle
infrastructure
is
basically
blockchain
agnostic
right.
So
every
time
you've
heard
me
talk
about
like
scuttlebutt
or
lib
p2p
right.
These
are
non-ethereum
based
kind
of
infrastructure,
pieces
of
the
oracle
setup,
and
so
everything
can
really
stay
the
same
and
for
contracts
that
support
the
evm
right.
We
can
just
deploy
the
same
contract
we
have
on
on
the
ethereum
chain.
E
The
only
thing
that
needs
to
change
is
on
the
relayer
side,
instead
of
pointing
them
to
an
ether
kind
of
rpc
client.
You
point
them
to
you
know
the
optimism,
client
or
the
arbitrary
client,
or
you
know
the
software
client,
so
we're
really
well
positioned
to
just
like
you
know,
deploy
you
know
within
you
know,
say
like
a
week
on
on
these
these
l2
chains,
and
so
that's
that's-
that's
been
like
by
design.
So
it's
really
just
about
okay,
where,
where
are
things
heading,
you
know
who's
using?
What?
F
Sure
so
we
made
few
parameter
proposals
this
week.
One
was
posted
by
monet
supply
asking
for
a
higher
dust
limit,
so
there
is
a
signal
pending.
So
please
have
a
look
and
vote.
I
also
made
another
two
proposals:
one
was
to
introduce
flat
fee
reward
for
barking
auctions,
300
die
and
then
the
second
proposal
was
to
increase
the
epsilon
for
psm
usdc,
because
if
you
have
another
downturn
in
prices,
we
could
hit
the
psm
the
abseiling
and,
of
course
the
pack
could
escalate,
because
this
isn't
only
a
risk-related
topic.
F
But
as
chris
mentioned,
we
really
want
to
see
the
outcome
of
of
this
poll
about
psms
first,
so
that
we
know
you
know
what
kind
of
auction
price
curves
make
sense
here
for
the
volts
for
the
words
that
won't
be
migrated
into
psn,
because
there's
a
there's
a
huge
difference.
What
kind
of
floor
price
do
you
want
to
set
in
the
auction?
So
it
may
take
some
time
before
we
really
know
what
can
actually
be
recommended
here.
F
Mark
also
published
three
social
evaluations:
we're
precis
we're
proceeding
with
evaluations
of
another
tree
this
week,
we'll
likely
do
again
eat
pears
because
they
are
the
biggest
pools,
so
this
would
probably
be
wifey
linkit
and
david,
and
we're
also
thinking
to
do
sushi.
Sushil
prepare
afterwards,
because
the
pool
size
is
is
pretty
big.
F
We
could
probably
get
some
meaningful
dye
supply
out
of
it
and
then
because
sushi
would
be
a
new
asset
we
were
thinking
to
at
the
same
time
was
to
cover
x
sushi,
because
we
need
to
evaluate
this
token
anyways
if
you
want
to
onboard
sushi
lp
and
then.
Lastly,
next
next
week
parameter
proposal
group
decided
to
hold
a
monthly
meeting
to
discuss
and
recommend
rates
and
debt
ceilings.
F
At
the
same
time,
I
may
recommend
tweaking
some
of
the
auction
parameters,
especially
those
for
edb,
where
I
already
mentioned
that
it
would
be
better
if
we
had
a
bit
shorter
duration
for
worlds
which
have
lower
liquidation
ratios
such
as
it
be
and
yeah
this.
This
would
be
especially
important
if
we
consider
raising
debt
ceiling,
so
I
think
that's
yeah,
that's
all
from
our
side.
For
this
week.
A
C
F
Yeah,
so
I
think
money
made
great
calculations,
so
I'm
just
looking
at
the
table
right
now.
So
if
the
gas
price
goes
towards
thousand
and
bill
and
above
you
would
still
need
10
000
dust
on
something
like
eta,
for
instance,
so
in
general
it
really
depends.
You
know
at
what
versus
what
gas
prices
do.
We
want
to
protect
ourselves
and
also
users
right,
because
also
the
unbinding
costs.
So
it's
not
only
about
liquidations,
it's
also
when
they
need
to
unwind,
and
then
it
costs
two
thousand
dollars
in
gas
and
yeah.
A
F
A
G
G
G
G
We
are
working
on
making
a
small
changes
to
this
model
to
be
to
be
used
for
other
implementations
like
solar
eggs,
renault
and
all
the
further
developments
that
really
use
the
trust
model.
So
I
published
something
about
that.
You
can
find
it
on
the
forum
under
the
redwater
finance
section
and
we
are
in
the
process
of
engaging
a
cayman's
specialized
law
firm.
G
The
name
is
orgy
to
help
us
to
understand
the
law
in
the
cayman
islands,
skipping
on
the
legal
side.
We
we
are
running
a
bit
late
with
our
legal
advisor,
but
we
are
still
in
the
process.
We
need
to
pass
some
kawaii.
It's
always
a
bit
tricky
for
those
companies
to
work
with
the
dao
when
the
customer
is
not
really
the
customers,
but
another
party
of
the
dao.
G
I
published
a
bit
of
research
on
designing
a
stablecoin
liquidity.
Just
as
there
was
a
lot
of
discussion
regarding
the
psm,
should
we
desertify
should
we
have
a
big
exposure
to
the
psm
or
not,
so
that
can
be
useful
for
some
and
lastly,
we
are
thinking
a
lot
lately
about
the
strategy
for
real-world
assets.
G
So,
on
one
end
we
starting
end
of
the
year.
We
no
longer
want
any
small
reward
set
like
below
50
million,
because
it's
just
too
much
too
much
work
for
not
much
and
we
want
to
be
more
aligned
with
what
we
want
to
achieve
and
not
just
depend
on
what
is
coming
to
two
others.
So
maybe
do
some
specific
investments
that
can
help
the
balance
sheet
of
makeup
dough
and
not
waiting
for
people
to
show
up
and
use
only
those
people
and
that's
about
it
for
for
outside.
H
H
I
guess
in
july
last
year,
in
the
middle
of
a
global
pandemic,
where
all
the
banks
pulled
back
on
credit
and
fast
forward
to
today,
and
actually
banks
are
starting
to
provide
credit
again,
we
started
by
presenting
a
term
sheet
to
the
community,
which
was
then
approved
by
governance
and
kind
of
the
real
quote:
work
started
getting
formation
entity
formations,
engaging
with
trustees,
accountants,
attorneys,
etc.
There's
just
so
much
that's
been
learned
in
this
process
that
sharing
and
disseminating
that
knowledge
is
just
essential
for
the
doubt.
H
Just
regardless
of
me
just
essential
kind
of
here's,
the
executive
summary
yeah.
I
continue
to
believe
that
the
trust
structure
is
the
way
to
scale
delaware.
Statutory
trusts
are
the
way
to
go
with
a
regulated,
trustee
bankruptcy.
Remoteness.
Excuse
me
a
bankruptcy,
remote
entity
by
statute.
It
really
really
does
matter.
H
The
trust
structure.
That's
being
advanced
is
shielded
by
statute
from
having
assets
attached
due
to
a
downstream
bankruptcy.
There's
a
reason
why
the
delaware
legislature
implemented
this
there's
a
reason
why
trillions
of
mortgage-backed
securities,
cmbs
and
other
structured
products
use
delaware
as
their
preferred
jurisdiction
and
the
delaware
statutory
trust
is
at
the
center
of
all
of
it.
There's
wisdom
here
for
all
of
us
to
learn
and
there's
a
reason
why
we
need
to
deep
dive
and
learn
into
it.
H
I
can
assure
you,
those
juristic
that
was
not
selected
on
accident,
the
ability
to
know
that
legal
standing
or
the
inability
more
specifically,
that
legal
standing
can
be
basically
defended
or
case
dismissed,
is
just
essential.
Without
it,
you
insert
uncertainty
and
delays
to
what
possibly
could
be
bankruptcy
been
some
comments
related
to
trust
sponsors.
H
Trust
sponsors
can
only
be
neutered
quote
so
far
before
that,
because
they
are
given
certain
powers
by
laws
of
the
jurisdiction
of
their
formation
and
as
long
as
we're
engaging
with
humans,
you
still
need
to
have
human
discretion,
for
example,
reasonable
business
judgment
waivers
for
a
mechanics,
lien,
that's
100
on
dirt
from
a
downstream
borrower
that
shouldn't
blow
up
an
entire
revolver,
but
technically
it
is
a
breach
of
a
negative
covenant
and
waiting
on
a
doubt.
A
vote
for
that
is
just
simply
unworkable.
H
The
game
theory
around
this
is
important,
but
at
the
end
of
the
day,
humans
make
judgment
calls
and
if
the
dow
intends
to
completely
remove
the
human
element,
we
massively
curtail
the
possible
credit
space
for
maker
when
it
comes
to
lending
against
physical
collateral.
Like
real
estate
makers
still
must
know,
it
is
who
it
is
doing
business
with
and
have
reasonable
confidence
in
that
party.
There
is
no
legal
structure
that
can
remove
all
risk
from
any
lending
transaction.
H
No
blockchain
can
do
that
until
the
day
blockchain
loans
secured
by
physical
assets
can
be
enforced
in
a
court
of
law
directly.
Even
then,
I'm
not
sure
we
all
want
to
live
in
that
world,
based
on
the
community
feedback
and
updated
version
of
some
of
the
trust
documents
and
credit
agreements
will
be
provided
in
the
form
that
provides
further
control
for
the
doubt,
following
on,
everyone
will
want
high
debt
ceilings,
everybody
there's.
H
No
doubt
there
will
be
a
list
of
people
coming
up,
just
don't
do
them
yet
yet,
at
least
over
the
past
10
months,
I've
spent
hours
working
with
the
community
on
secured
lending,
and
many
still
don't
understand
this
law
until
the
community
has
that
understanding.
It
should
not
extend
large
amounts
of
credit.
Frankly
to
anybody.
Some
have
the
perception
that
this
is
a
technological
challenge.
It
is
not.
It
is
a
legal
enforceability
challenge.
Getting
your
money
back
is
the
name
of
the
game
by
example.
H
Naturally,
maker
is
accustomed
to
to
near
instant
liquidations
of
collateral,
but
no
state
permits
any
lender
private
or
not
to
instantly
foreclose
on
collateral.
Borrowers
have
rights
as
notice
and
ability
to
cure.
Some
states
won't
permit
a
foreclosure
for
30
days
if
maker
wants
to
accept
physical
collateral
into
the
protocol
and
be
able
to
liquidate
that
collateral
can
only
enforce
such
rights
through
a
legal
process,
and
that's
meant
so.
Both
sides
have
a
fair
hearing.
That's
really
important.
H
We
have
to
decide
at
the
end
of
the
day.
Do
we
want
to
be
a
margin
line
or
a
credit
facility,
a
I.e,
a
revolver
for
the
real
world?
We
must
crawl,
then
walk
then
run,
and
a
lot
of
us
want
to
just
fly
as
I've
discussed
with
more
hours
than
I
can
count
with
some
influential
and
respected
community
members.
H
The
trade-offs
here
are
quite
simple:
it's
liquidation
capability,
the
ability
to
protect
the
dye
ecosystem
and
tools
that
incentivize
refinancing
and
largely
that
depends
on
if
there
was
a
default
by
the
parties
downstream
and
in
the
real
world.
Typical.
Typically,
lenders
are
not
able
to
force
borrowers
to
repay
early
if
the
borrower
is
not
in
default,
a
lender
that
tried
would
be
in
breach
of
its
loan
agreement
and
that
also
punishes
a
good
borrower
that
did
nothing
wrong.
H
H
We
expect
that
to
be
another
couple
weeks
to
the
new
york
financial
services,
but
after
many
calls
and
constructive
comments
with
recommended
changes
to
the
language
of
both
the
credit
agreement
and
the
trust
agreement,
changes
are
being
implemented.
This
is
hopefully
going
to
further
constrain
the
trust
sponsor,
where
possible,
and
also
just
fixing
some
clerical
errors.
You'll
see
some
posts
in
the
forum
with
red
lines
in
the
near
future.
H
Excuse
me
trust,
sponsor,
in
this
case
crestbridge
a
regulated
entity
under
the
law
on
the
cayman
islands,
for
the
success
structure
and
having
full
understanding
as
to
how
maker
would
enforce
its
rights
in
the
event
of
a
bar
default
by
borrower,
similar
to
how
an
llc
is
either
manager
or
member
managed.
A
trust
is
either
beneficiary
manager
or
managed
via
trust,
sponsor,
since
the
ownership
of
an
mkr
is
ak
unknown
and
ever
changing
doing
kyc
on
mkrs
virtually
impossible,
at
least
it
is
today.
H
Therefore,
a
trust
sponsor
must
manage
the
trust
by
bringing
on
a
trustee,
even
if
it's
a
directed
trust
further,
I'm
compelled
to
stress
the
significance
and
of
the
community
learning
the
nuances
of
secured
versus
unsecured
structures,
recourse
and
enforceability
matter,
legal
opinions
matter.
We
all
want
collateral
on
the
protocol,
however,
knowing
regulated
parties
have
custody
and
control
over
the
cash
or
the
liens
at
all
times
is
absolutely
essential.
Again,
crawl
walk
run.
Going
back
to
the
comments
for
the
moment
that
I
received
from
feedback
that
I
got
from
the
community.
H
There
are
some
whose
comments
can
be
best
summarized
down.
To
quote,
I
don't
like
it.
These
comments
are
not
really
helpful,
nor
do
they
benefit
the
community
as
a
whole.
We,
the
dow
the
community,
must
learn
the
nuance
of
how
to
properly
manage
this.
Before
we
put
our
foot
to
the
floor
for
sure
there
are
borrowers,
lining
up
and
every
part
of
me
says
tap
the
brakes.
We
have
to
learn
to
crawl.
First,
I
want
to
fly
a
jet,
but
the
ecosystem
is
just
simply
not
ready
for
it.
H
I'm
exceptionally
happy
to
see
companies
like
rwa
companies
stepping
up
for
the
dow,
once
the
broker
dealer
has
been
approved,
we'll
be
able
to
weld
everything
shut
for
the
6s
structure
and
go
to
closing.
We
are
rapidly
approaching
the
window
where
all
documents
on
this
version,
one
will
be
deemed
final
and
then
closing
with
the
trustee
will
occur.
Personally,
I'm
expending
a
significant
amount
of
times
capital
and
the
pursuit
of
what
what
I
hopefully
will
be
shared
by
more
than
just
me.
That
said,
I'm
hopeful
for
your
vote.
H
We
brought
together
world-class
service
providers
and
every
party
along
the
way
is
regulated,
except
for
maker
itself.
One
day,
even
with
a
perfected
structure.
From
an
equity
standpoint
there,
there
is
a
political
angle
that
we
cannot
deny
what
we
say
matters
keeping
our
word
matters.
This
will
only
be
more
pointed
in
the
future.
H
Raising
equity
for
structures
that
require
the
dow
to
maintain
requires
the
dow
to
maintain
confidence
and
legitimacy.
When
I
reference
equity,
I'm
talking
about
the
equity
investors,
the
people
who
are
putting
the
real
capital
at
risk,
including
my
own
money,
for
this
lend
co,
there
are
no
smart
contract
development
that
can
happen.
That
will
replace
legitimacy.
H
We
do
that
there
is
no
code
for
that.
We
must
balance
the
humanity
that
we
expect
from
downstream
parties.
Just
the
same
specifically,
one
area
has
come
up
that
is
worth
bringing
up
that
are
such
that
there's
no
perception
of
failure
to
disclose,
and
that
is
required
related
to
the
interest
rate
changes
and
the
rate
of
interest
rate
changes
increase
today
the
transaction
is
structured,
is
prime
plus
the
spread
that
spread
is
controlled
by
the
dow
we're
working
with
the
communities.
H
I
will
be
working
with
the
community
to
advance
an
index
that
represents
something
more,
that
the
community
can
control,
dsr,
plus
a
spread.
Today
we
have
it
structured
where
that
spread
has
some
element
of
a
throttle
over
a
quarterly
period.
You'll
see
those
in
the
red
lines
that
will
be
coming
out
shortly.
H
As
for
now
the
dsr
plus
spread
is
the
idea,
but
for
now
know
that
the
real
world
has
no
idea
what
dsr
is
and
can't
recognize
it
as
an
interest
rate
index
like
prime
libor
fed
funds,
it's
an
area
we're
working
on
the
broader
issue
is
put
simply
the
term
to
which
the
community
can
withstand
to
have
the
die
outside
of
its
liquidation
control.
Today,
it's
measured
in
hours,
the
real
world
asset
lenders
are
pushing
for
days
and
weeks
and
6s
is
pushing
for
a
few
years
as
the
ecosystem.
H
Matures
so
will
the
sensitivity
to
capital
being
out
of
the
protocol
for
longer?
Are
we
ready
for
everyone
to
continually
have
renewing
revolvers?
I
don't
think
we
are
yet
I've
beat
my
head
against
the
wall
against
my
council
against
good
well-intended,
very
well-respected
community
members,
so
much
that
it
just
hurts.
This
is
a
complicated
structure,
but
one
that
is
decades
old
in
the
real
world.
Trillions
of
dollars
of
credit
are
extended
and
repaid
annually,
using
secured
lending
structures
just
like
it.
I
hope
the
community
can
see
that
which
makes
comments
like
the
quote.
H
I
don't
like
it
one's
all,
the
more
pungent
and
sour
as
it
disregards,
and
discounts
the
countless
hours
and
hundreds
of
thousands
of
dollars
that
have
been
committed,
thus
far
with
an
unknown
outcome.
I
very
much
want
to
get
the
community's
input,
as
these
last
weeks
that
are
coming
up
are
the
point
where
I
embrace
the
most
risk
and
the
venture
into
the
unknown.
H
Doing
this
in
a
decentralized
way,
a
vacuum
with
an
absent
counterparty
is
not
for
the
faint
of
heart.
What
is
clear
to
me
more
than
ever
is
the
power
and
capability
that
maker
wields
is
way
more
than
most
realize.
We
all
want
progress.
Basically,
everyone's
well
intended
maker
has
a
wonderful
future
ahead
of
it.
Defaults
will
happen
and
folks
will
stumble
and
fall.
That
is
not
what
is
interesting.
It
is
a
guaranteed
outcome
for
some.
H
We
will
find
out,
in
addition
to
the
other
community
members
that
reached
out
to
me
personally,
a
special
shout
out
to
greg
daprisco
at
rwa
company
for
his
countless
hours,
thus
far
providing
constructive
feedback
and
recommending
language
changes
to
the
documents
has
helped
the
dao
in
frankly,
just
incalculable
ways
he
has
done
so
respectfully
and
in
a
principled
and
sometime
painfully
firm
way.
Personally,
I
found
his
collaboration
and
engagement
invigorating.
We
are
very
lucky
to
have
him
in
the
maker
community
very
lucky.
That's
all
I
have
thank
you.
A
G
Maybe
more
if
you
can
share
the
timelines,
you
are
envisioning
going
forward,
because
what
I
understand
is
that
you
add
some.
I
mean
people,
some
people,
don't
like
your
real
world
at
all.
It's
not
constructive
at
all.
So
it's
not
super
important,
but
going
forward
as
you
want
to
amend
yeah.
What
is
the
timeline
and
maybe
more
if
you
hit,
if
it
is
able
to?
G
H
Sure
now,
regarding
the
timeline
like
I
mentioned,
we've
received
feedback,
we're
processing
that
now
and
I
expect
to
be
posting
red
lines,
hopefully
by
the
beginning
of
end
of
the
weekend.
If
not
the
beginning
of
next
week,
probably
give
the
community
again
another
week,
two
weeks
to
digest
all
of
them
and
then
proceed
to
closing.
Presently
the
critical
path
is
still
constrained
by
the
broker
dealer
and
the
department
of
financial
services
in
new
york.
A
B
A
B
H
B
H
J
Matthew,
quick
question
to
add
on:
do
you
think
that
it
would
be
a
worthy
investment
to
hire
more
professionals
that
are,
like
you
know,
intimately
aware
of
these
structures
and
have
had
previous
experience
like
setting
up
the
delaware
trust
structures
and
like
et
cetera,
et
cetera?
Or
do
you
firmly
like
believe
that
yeah
like
this
is
really
a
crawl
thing,
and
there
should
really
be
like
only
one
or
two
or
three
cooks
in
the
kitchen,
so
to
speak?.
H
I
don't
I
don't
proclaim
to
say
we
have
a
shortage
of
lend
codes.
We
need
to
have
more
of
them
that
it
should
not
be
only
me.
It's
not
my
objective
as
far
as
hiring
professionals
with
the
dow
sure
that
that
can't
hurt
with
regard
to
like
the
world-class
team
we
pulled
together,
you
know,
at
least
on
my
end.
You
know
I
mean
I
don't
proclaim
to
know
the
enforceability
of
these
contracts.
H
That's
why
we're
having
an
enforceability
done
and
for
stability
opinion
done
by
basically
the
best
law
firm
that
does
and
has
a
premier
trust
section
in
delaware,
which
represents
wilmington
trust,
company
and
wilmington
savings
fund
society.
These
are
the
folks
that
issue
legal
opinions
for
multi-billion
dollar
mortgage-backed
securities.
They
absolutely
know
the
law
as
far
as
getting
other
people
involved,
100
percent-
for
it.
A
All
right,
maybe
we
can
draw
our
line
under
the.
I
guess,
the
road
section
there
I
think
yeah
matt's.
This
is
your
speech,
was
awesome
and
had
a
lot
of
very
good
points.
I
think
it
would
be
beneficial
to
continue
having
like
sort
of
weekly
meetings
right
to
sort
of
let
people
sort
of
come
and
ask
questions,
and
hopefully
we
can
sort
of
draw
up
some
more
participation
that
that
might
be.
A
K
K
We
are
also
starting
to
talk
with
solana,
so
we
can
prepare
everything
for
a
day
and
solana
launching
that
I
think
it
will
be
like
in
a
month
or
something
like
that.
So
that's
also
great
because
we
are
talking
with
other
projects
that
are
on
top
of
solana,
so
they
can
integrate
these
these
diamonds
or
on
solana
as
well.
K
That's
that's
regarding
other
networks
and
layer.
Two
we
also
well
saw
the
post
that
they're
posted
in
the
forum.
I
think
that's
that's
great,
and
it
will
be
awesome
if,
like
we
all,
can
participate
on.
How
do
we
want
to
see
maker
growing
in
other
networks
and
layer
twos?
We
all
know
that
is
important.
K
We
all
know
that
dai
has
to
be
everywhere,
but
also-
and
thank
you
today,
to
to
all
to
other
car
units
that
are
super
cautious
and
that
they
are
looking
also
that
that
users
are
like,
like
they
are
taking
care
of
all
by
users.
So
the
research
that
the
smart
contracts
team
is
doing
is
super
important
also
for
us,
because
they
are
giving
us
a
lot
of
feedback
and
input.
K
And
what
is
the
feedback
that
we
are
getting
from
them
and
well.
The
start
of
the
week
is
india
because
we
are
seeing
a
lot
of
adoption
of
crypto,
although
they
are
facing
this
they're
struggling
with
all
everything
related
to
regulate
regulators,
but
I
apparently
that
has
been
the
trigger
to
like
to
start
all
these
interests
around
crypto.
We
are
working
closely
with
a
seppay
and
bbns
and
we
are
like
trying
to
create
like
not
just
listing
die
but
creating
a
product.
K
So
people
in
india
could
be
more
attracted
to
use
thai
on
those
platforms
and
we
are
seeing
a
lot
of
potential
in
this
country
because
there
are
about
340
startups
that
are
doing
something
related
to
crypto.
So
it's
it's
like
a
great
opportunity
for
us
and
well
all
this
is
leaded
by
joslin,
who
is
a
in
charge
of
the
asia
growth
strategy.
B
Hey
nadia,
I'm
not
sure
if
you
can
disclose
this,
but
are
there
any
conversations
with
more
trade
five
companies
seeing
a
lot
of
headlines
from
you
know
the
normal
people,
paypal,
venmo
and
maybe
there's
like
some
some
of
them
that
I've
never
heard
of
from
south
america
or
asia.
Are
you
guys
having
any
conversations
like
that,
not
sure
if
you
can
speak
about
that.
K
K
And
also
we
are
that's
why
we
wanted
to
understand
what
these
institutional
vaults
are
thinking
companies
like
nexto,
who
has
like
this
huge
vault
in
it
and
bitcoin
with
us.
What
are
we?
We
want
to
understand
what
they
need,
because
I
think
we
have
first
to
have
a
product
that
that
is,
is
something
that
these
institutions
would
use,
and
then
we
can
like
go
and
look
for
these
institutions
to
use
that
product,
because
for
now
I
think
we
have
like
like
like
or
the
the
makerbots
are
like
thinking
like
the
way
we
decide.
K
The
risk
parameters
is
not
because
we
are
thinking
about
these
huge
institutions
that
are
going
to
put
their
crypto
treasuries
in
the
vaults,
but
we
are
more
thinking
like
in
in
how
the
market
is.
So
I
I
expect
that
after
these
conversations
with
nexo
and
others,
we
can
like
understand
better
what
they
are
looking
for,
and
then
we
can
like
have
a
more
customized
product
for
institutions,
but,
of
course,
there's
also
the
restriction
we
have,
because
we
know
that
these
institutions
are
looking
for
like
something
more
regulated
and
well.
B
K
Oh
yes,
yes,
yes
from
definitely
like
it.
Actually,
I
think
I
posted
in
the
forum
recently
how
a
dye
is
used
in
in
latin,
like
you
can
find
different
wallets
like
wallets
exclusively
exclusively
for
die,
but
the
thing
is
that
we
are
having
this
this
big
problem
with
gas
fees
so
like
we
are
trying
to
to
solve
like
different
things
in
parallel,
like
we
have
to
help
our
partners
to
integrate
that
their
solutions
and
an
integrated
on
a
layer
too.
K
We
are
also
like
trying
to
figure
out
how
to
have
this
product
that
could
serve
the
needs
that
institutional
companies
could
have
if
they
decide
to
open
a
boat
with
us,
and
we
are
also
trying
to
find
like
a
third
party
who
could
like
help
us
as
the
front
end
with
the
institutions
just
in
case
they
they
need
something
more
regulated.
So
we're
like
trying
to
figure
out
how
to
manage
everything.
K
But
yes
we're
on
that
and
yes
actually
well
sorry,
but
because
we
have
a
lot
of
work
and
for
me,
super
hard
to
like
is
to
write
something
in
the
forum.
But
I
promise
you
that
I
will
try
to
post
something
about
different
wallets
that
are
like
that,
that
integrated
die
and
also
all
the
efforts
they
are
doing
to
integrate
die
on
polygon,
for
example,
even
finances
marching.
A
L
Yeah,
thank
you.
Hey
everyone,
seth
from
content
production.
I
just
got
a
quick
update.
We've
been
working
with
amy
and
anna
on
getting
ownership
of
the
community
portal.
We've
got
a
plan
to
get
the
site
transferred
over
to
a
new
domain
in
a
way
that
preserves
the
seo,
so
we're
working
on
getting
everything
moved
over
there.
L
That's
really
cool
because
it
means
we'll
have
a
hub
for
all
our
educational
content.
It's
got
really
strong
seo
and
the
cms
has
been
designed
in
a
way
that
makes
it
really
easy
to
integrate
contributions
from
the
community.
So
I've
already
reached
out
to
a
handful
of
people
about
how
the
content
is
going
to
be
reorganized
there.
But
if
anyone
has
any
concerns
about
the
way
different
parts
of
the
protocol
are
presented
on
the
portal,
currently,
please
reach
out
and
we'll
yeah.
L
But
in
the
meantime,
we've
got
a
couple
of
events
coming
up,
we've
got
a
ama
series,
we're
gonna
be
doing
the
first
one's
on
march
or
excuse
me
june
3rd,
with
william
ramore
from
real
world
finance.
So
if
you
have
questions
about
that,
we
would
love
to
see
you
there.
If
you
can't
make
it
we'll,
be
posting
recordings
on
video
audio
and
transcript
afterwards
and
matthew.
L
I
wasn't
aware
of
your
ama
but
I'll
reach
out
afterwards
and
see
if
we
can
get
on
the
calendar
or
do
something
to
help
make
it
a
little
more
prominent
sure
happy
too
yeah
cool
we're,
also
going
to
be
doing
a
series
called
what
the
world
is
doing
with
dye.
This
is
basically
a
replacement
for
the
community.
Call
that
david
used
to
host
the
purpose
there
is
to
spotlight,
integrations
and
all
the
cool
ways
people
are
using
dye.
L
L
So
if
anyone
has
candidates
who
might
be
good
for
that,
please
send
them
our
way.
The
last
thing
is
that
we've
got
a
post
up
in
the
forum
about
mascot
for
maker
dao.
There
was
some
conversation
started
around
this
a
couple
weeks
ago
and
there's
been
a
lot
of
input
there.
I
believe
right
now
the
capybara
and
the
dragon
are
looking
pretty
close,
so
yeah,
please
go
vote
on
that
yeah.
M
Yeah
I'll
try
to
be
really
quick,
so
a
few
announcements
so
first
operational
support.
Here's
our
final
update
that
we'll
be
giving
because
of
office.
Operational
support
is
officially
dissolving.
At
the
end
of
this
month
we
were
providing
some
support
to
some
core
units,
but
now
all
the
projects
have
been
handed
off
and
I'll
be
officially
off-boarding
as
a
facilitator
and
pawn
will
be
charging
on
as
a
facilitator
at
ses,
which
is
pretty
awesome.
M
Just
a
few
quick
things
about
that.
The
calls
like
know
your
mips
and
the
collateral
onboarding
those
are
going
to
continue.
There's
in
the
link
in
the
forum
link,
there's
just
details
about
if
you
know,
there's
projects
that
want
to
present
the
next
pod
session
is
with
nick
on
june
2nd.
So
that's
going
to
go
up
as
well.
M
M
It's
really
kind
of
quite
a
story.
I
mean
I
started
as
a
contributor
to
com
dev
almost
two
years
ago
and
I
think
of
community
development
as
this
door
for
people
to
get
more
involved
with
maker
dao
there'll
be
a
more
formal
communications
that
comes,
and
that's
gonna
tell
our
story
and
some
of
their
programs,
I'm
really
proud
of
the
team,
accomplish
our
accomplishments
and
the
reach
of
our
programs.
M
When
I
took
this
role,
I
told
rich,
I
wanted
to
be
like
an
interim
head
of
community
to
set
a
president
for
what
was
going
to
come
in
this,
like
decentralized
nature
of
the
dao,
and
I
just
couldn't
imagine
that
there
would
be
this
head
of
a
decentralized
entire
decentralized
community.
And
that's
true
that's
why.
M
J
J
A
Yeah,
I
think
amy
we're
like
we're
gonna,
see
a
huge
amount.
I
know
I
will
yeah
yeah.
It
was
like
it
was
kind
of
funny,
because,
after
after
rich
kind
of
left,
it
was
he
kind
of
pushed
all
his
responsibilities
on
kind
of
me
and
me
and
amy,
which
was
which
was
kind
of
stressful,
so
yeah.
I
think
it
sort
of
helped
me
a
lot
to
have
someone
else.
A
C
A
D
So
we
will
this
one
from
scs
for
those
that
don't
know
me.
I
just
wanted
to
thank
everyone
on
the
name
of
the
whole
team.
We
were
celebrating
online
earlier
today
and
we're
very
excited
to
start
next
week,
so
we're
very
happy
to
officially
join
everyone,
and
hopefully
we
can
start
providing
value
as
soon
as
possible
and
regarding
amy,
it's
sad
that
she
that
she
decided
to
not
continue
with
us.
D
J
All
right
cool
should
be
good.
Now
this
full
screen
all
right:
cool
yeah,
welcome
everybody
to
the
weekly
makeup
mips
update,
I'm
david
gutrobin
fellow
map,
editor
and
contributor.
So
let's
get
into
it.
So
we
actually,
you
guys,
see
this
yeah
so
sorry
about
that
yeah.
So
this
is
the
month
of
may
it's
currently
the
27th.
J
So
we
just
wrapped
up
the
mip,
the
bundled
mips
vote
which
passed,
and
so
we
are
coming
into
a
gap
week,
and
so
this
is
what
was
part
of
the
mips
bundle
we
had
the
sustainable
ecosystem
scaling
core
unit
get
passed.
We
had
the
technical
mip
for
the
direct
deposit
module
pass.
We
had
the
new
monthly
governance
cycle
myth
pass,
which
I'll
get
into
in
a
little
bit.
J
It
didn't
really
change
any
of
the
logic,
but
it
did
clean
up
the
mip,
making
it
a
lot
more
readable
for
the
casual
researcher,
community
member,
so
yeah,
two
mips
one
core
unit,
one
amendment
this
month,
awesome
stuff
as
for
next
week
it
is
a
gap
week,
so
it
is
not
part
of
the
monthly
governance
cycle.
Instead,
it's
just
gonna
be
the
usual
weekly
cycle.
Like
we
have
every
week
where,
on
monday
may
31st,
we
will
be
having
a
the
usual
round
of
governance
polls.
J
They're
going
to
go,
live
on
the
31st
at
around
4
pm,
utc
and
they're,
going
to
end
on
those
usual
three
days
later.
Well,
actually,
four
days
later
on
thursday
june
3rd
at
around
four,
actually
at
exactly
4
pm
utc.
For
that
one
and
then
friday,
on
june,
4th
there's
going
to
be
an
executive
vote
as
usual
per
the
weekly
cycle,
so
next
month
june,
no
more
old
cycles.
So
we
no
longer
have
inclusion
polls.
We
no
longer
have
bundled
governance
polls.
We
don't
even
have
a
bundled
executive
vote
anymore.
J
Ladies
and
gentlemen,
so
congratulations
to
governance
for
making
everybody
who
votes
life
a
little
bit
simpler,
because
this
is
the
new
setup.
So
nothing
changes
with
regards
to
formal
submission.
Formal
submission
is
still
happening
during
week,
one
so
for
june,
it's
going
to
be
the
7th
through
the
9th
and
then
on
the
10th
during
this
call
long
for
wisdom
is
going
to
do
or
whoever
the
governance
facilitator
who's
going
to
take.
That
on
is
going
to
do
the
submission
review.
J
After
that
there's
going
to
be
two
weeks
of
ratification
polls.
These
are
not
bundled
they're
individual
polls
for
each
proposal
and
I'm
going
to
basically
give
a
brief
overview
of
what
exactly
those
are
in
the
next
slide,
but
yeah
at
the
end
of
week.
4
there
is
a
governance
cycle
review
done
also
by
the
governance
facilitators
on
this
call
and
so
yeah.
We
we
gained
a
lot
of
efficiency
here
folks,
so
I'm
really
excited
about
this
and
so
the
ratification
polls
they
are
for
two
weeks.
They
require
a
minimum.
J
Positive
participation
of
ten
thousand
mkr,
yes,
must
exceed.
No
obviously,
when
the
poll
closes
and
and
the
yes
vote,
weight
must
exceed
the
minimum
positive
participation
value
when
the
poll
closes.
So
it's
a
binary
poll
or
trying
to
make
the
stroke
every
freaking
week.
Yes,
no
abstain,
so
yeah
really
excited
no
more
bundling
stuff.
It's
cool,
it's
cool.
As
for
new
mips
and
rfc,
we
have
a
handful.
We
have
a
handful
of
budget
updates.
Recently
saw
real
world
finance,
put
up
theirs,
but
yeah.
J
We
have
three,
basically
ses,
gov
and
real
world
finance.
We
also
have
the
technical,
midford
dss
vest.
We
have
a
process
mip
for
dispute
resolution
at
the
dao
and
we
also
have
mid
53,
which
are
the
mkr
compensation
guidelines
and
keep
in
mind.
There
is
a
huge
discussion
going
on
at
least
around
the
mkr
compensation
guidelines,
not
so
much
around
this
dispute
resolution.
J
We
also
have
collateral
onboarding,
which
is
a
core
unit
solely
focused
on
the
collateral
onboarding
aspects
of
the
maker
protocol
newly
submitted
this
this
month
to
rfc.
It's
monkey
irish
for
the
facilitator,
with
a
proposed
annual
budget
of
two
and
a
half
mil
a
team
size
of
six
permanent
people
with
an
additional
two
temporary
roles,
and
also
we
had
strategic
happiness
posted
by
our
favorite,
our
favorite
happiness
officer
at
makerdale
bourbon.
It's
a
core
unit
focused
on
community
engagement
by
memes,
swag
and
good
vibes
yeah.
J
The
proposed
annual
budget
is
a
whopping
zero
dollars
a
year
with
a
1mpr
annual
grant
and
just
like
a
partnership
with
the
swag
shop
and
as
for
renewed
mips
in
rfc.
This
isn't.
This
is
actually
a
core
unit
that
was
in
rfc
for
a
couple
of
months,
but
we
I'm
actually
the
one
who's
heading.
This
part
unit.
We
put
up
a
updated
mandate
actually
on
the
26th
a
couple
of
days
ago
yesterday,
so
yeah
check
it
out.
It's
it's
pretty
fresh.
J
The
whole
mandate
is
pretty
much
written
from
the
ground
up
from
scratch.
We
we
took
into
account
a
lot
of
the
feedback
that
we
received
in
the
initial
rfc
period,
and
it
led
us
to
extend
that
so
we're
aiming
for
a
july,
formal
submission
and,
in
the
meantime,
we're
open
to
any
feedback
that
the
community
has
to
make
this
court
unit
really
great
and,
of
course,
it's
a
core
unit
that
offers
resources
and
services
that
focus
on
information,
accessibility
and
communications
as
a
public
organization.
J
J
A
A
Yeah,
I
think,
there's
probably
not
a
lot
of
use
and
sort
of
analyzing
in
detail,
given
that
we're
changing
the
structure
anyway,
so
yeah,
maybe
we'll
maybe
we'll
push
some
of
the
discussion.
If
there
is
any
I
guess
to
next
week,
we've
got
a
little
bit
of
a
gap
week,
I'm
considering
a
couple
of
other
things
we
want
to
get
through
today.
A
I
So
hello,
everyone,
I'm
marco,
from
the
ristim
and
today
I
want
to
show
some
developments
which
took
place
during
the
latest
price
crash
regarding
die,
its
ecosystem
and
the
significance
of
psm
for
maintaining
the
back
the
pack
sorry
so
the
first
topic
is
die
supply
and
it's
underlying
dynamics.
This
is
data
sample
one
week
old,
which
starts
one
day
before
the
crash,
so
the
18th
and
basically,
as
you
can
see,
the
net
die
loss
during
this
time
period
was
a
problem.
I
Approximately
590
million
die,
and
this
was
basically
a
subsequence
of
two
major
dynamics.
So
the
first
was
all
the
volts
which
are
collateralized
by
non-usd
nominated
collateral
were
either
unwinded
or
liquidated,
and
these
basically
resulted
in
approximately
1.2
billion
die
disappearing
and,
of
course,
the
difference
is
mainly
die
from
the
psm.
I
I
This
is
basically
the
same
data
visualized
with
a
bit
longer
time
period.
Basically,
we
can
see
here
that
die
was
increasing
quite
quite
rapidly
in
supply.
During
these
days
and
basically
on
18th,
we
achieved
all
time
high
in
die
supply
and
basically,
on
the
next
day
we
experienced
this
large
crash
of
ether
and
other
assets.
Of
course,
this
was
basically
the
second
largest
crash
of
ether
in
recent
history
of
trading,
and
then
there
was
another
crash
on
23rd.
I
This
was
a
bit
smaller,
but
basically,
what
is
interesting
here
is
that
as
soon
as
basically
ward
started
to
unveint-
and
you
know
getting
liquidated,
the
dimenting
from
psm
visual,
you
know
visibly
increased
and
basically
you
know
just
data
like
just
this
data
alone.
Already
points
to
you
know
how
significant
psn
currently
is
for
actually
maintaining
the
price
of
die
in
such
you
know
distressful
situation.
I
This
brings
us
to
the
second
topic,
which
is
die
price.
This
child
yeah,
like,
unfortunately,
I
didn't-
have
some
better
tool
or
website
to
present
this
data.
But
basically
what
we
are
looking
at
are
eat
diet
rates.
Only
on
the
vertical
axis.
We
can
see
the
price
of
diet
which
each
of
those
traits
were
settled
and
basically
the
size
of
bubbles
represents
the
relevant
volume
of
these
traits,
and
basically
it
is
obvious
that
on
19th,
something
you
know,
unusual
was
happening
with
the
die.
I
I
This
is
16
price
drop
in
five
minutes,
and
then
we
had,
you
know
approximately
13
price
increase,
and
basically
all
of
this
was
happening
together
with
with
really
high
gas
prices
and,
basically
in
in
in
this
kind
of
situation,
it
is
really
hard
to
arbitrage.
This
you
know
price
divergence
away
like
I'm,
showing
its
dietary
specifically
because,
like
I
think
that
this
is
not
a
general
problem
of
die
supply,
this
is
basically
a
problem
that
a
sudden
demand,
which
happens.
You
know
really
really
fast.
I
Can,
basically,
you
know,
cannot
be
combat
by
you
know,
just
like
larger
supply
of
dye
and
basically
to
combat
something
like
this.
We
need
something
else
which
is
psm
and
basically
psm
is
really
important,
because
it
offers
risk-free
arbitrage
right
when
there
are
conditions
on
other
markets
such
as
this.
I
I
I
The
last
market
which
I
want
to
show
is
curves
free
pool.
This
is
basically
the
largest
trading
venue
for
die
in
existence,
and
this
is
ammm,
so,
basically
with
free
assets,
so
the
target
asset
proportion
for
each
asset
is
33
percent
and,
as
we
can
see
here
already
before,
the
crash
on
the
19th
basically
die
was
below
this
target
ratio
and
on
19th
and
on
23rd
it
is,
you
know,
visual,
that
you
know
people
were
buying
dye
out
of
this
source
as
well.
I
Here
I
want
to
say
some
something
specific
about
this
market.
Kerf
is
using
something
called
amplification
coefficient
and
basically,
when
this
coefficient
is
really
high,
it
will
basically
negate
the
slippage
on
on
between
these
assets,
and
this
is
basically
a
reason
why
why
why
die
doesn't
have
a
premium
right
now?
I
Here
I
will
just
jump
on
the
curve
finance
itself.
I
want
to
show
basically
two
things
here.
Sorry,
three
things.
The
first
one
is
the
current
price,
which
is
slightly
above
the
pack,
and
basically
this
is
a
subsequence
of
different
fees.
So
curve
has
its
own
fees.
We
have
this
in
psm
and
additionally
for
each
such
trade,
you
need
to
pay
gas
fees,
so
it
is
basically
impossible
to
arbitrage.
This
slide
premium
away
right
now
using
psm.
I
The
second
thing
which
I
wanted
to
show
here-
oh
sorry,
I
forgot
to
mention
this-
is
basically
virtual-
die
usdc
order
book
consisting
consisting
of
all
different
pools,
which
consists
to
die
and
basically
so
like.
What
I
wanted
to
show
is
that
if
we
would
want
to
bring
dye
exactly
to
pack
against
usdc,
we
would
basically
need
to
inject.
You
know
approximately
250
million
die
into
the
pool
and
then
on
the
other
side,
I
will
just
zoom
this
out
a
bit.
I
I
I
Then
I
also
wanted
to
say-
and
also
many
other
community
members
pointed
this
out-
that
we
should
definitely
diversify
reserves
into
the
usdc
right
now.
I
think
we
already
back
38
of
die
with
usdc,
which
is
you
know
mostly,
which
is
basically
unacceptable
right
and
then.
Finally,
in
the
longer
term,
we
should
definitely
seek
some
kind
of
alternative
approaches.
How
to
you
know,
maintain
this
heart
packet
kind
of
mechanism
which
is
currently
present
because
of
the
psm
yeah.
This
is
basically
it
in
regards
to
dye
and
psm.
I
I
I
will
not
show
everything
I
will
just
show
things
which
I
think
are
the
most
interesting
here.
So
this
is
the
liquidation
curve
for
all
the
assets
and
basically,
as
we
can
see,
right
now,
like
a
large
chunk
of
vaults,
are
quite
risk
averse
since
the
latest
crash.
Basically,
if
we
would
look
at
this
same
chart
few
weeks
ago,
it
would
be
more
positioned
to
the
left,
because
you
know
volt
owners
were
just
like
more
risk
on.
I
I
We
also
have
historical
slippage
curves
here,
so
basically,
you
know
we
take
the
snapshot
of
each
daily
slippage
curve
and
finally,
I
just
want
to
show,
like
you
know,
these
risk
parameters
and
different
kind
of
information
regarding
volts.
Of
course,
we
cover
all
different
collateral
types
and
volts
here
at
the
top.
We
have
some
basic
information.
I
You
know
just
state
of
the
vaults
and
risk
related
things
here
on
this
chart
we
showed
the
most
recent
risk
premium
calculation
for
this
specific
asset.
So
in
this
case,
it's
it
and
like
right
now,
it's
extremely
low,
as
you
will
see
later,
which
is
basically
a
consequence
of
few
different
things
here
on
the
right.
I
I
Here
we
have
some
liquidity
metrics.
This
is
the
slippage
curve.
Again,
this
is
a
trading
activity,
basically
just
trading
volume
on
centralized
exchanges,
but
we
have
our
own
methodology
of
picking
pairs
and
exchanges.
It
is
similar
to
messages
here
we
have
the
on-chain
liquidity
in
different.
You
know
amm
pools
and
different
markets
right
now
we
are
only
covering
sushi
swap
and
uni-swap
because
they
are
the
largest,
but
we
plan
to
add
more
protocols.
I
I
Okay,
like
one
last
thing,
which
I
want
to
show,
because
I
saw
that
some
community
members
were
interested
in
this.
Basically,
if
you
go
here
and
click
on
this
button,
see
all
volts,
you
will
be
able
to
see
all
the
volts
in
one
collateral.
Sorry,
one
volt
type,
and
you
know,
for
example,
we
can
filter
by
depth
and
see
who
are
the
largest
volts.
I
B
I
Like
like,
currently,
we
do
not
follow
basically
on
chain
balances
only
for
this
uni
swap
and
social
swap
liquidity,
but,
like
we
do,
do
have
this
on
our
agenda
to
basically
cover,
for
example,
how
many
assets
that
we
keep
in
our
portfolio
are
on
different
deposited
on
different
exchanges
like
in
regards
to
just
like
on
chain
balance
following
we
plan
to
also
start,
you
know,
systematically
analyze,
volt
users
and
what
they're
doing
with
their
die.
This
is
quite
relevant
relevant
for
some
situations.
I
For
example,
you
know
if
there
is
some
user
which
basically
use
maker
dao
to
gets
die
from
some
kind
of
collateral
asset
and
then
basically
farms
with
it
with
recursive
leverage
position
on
compound
or
ave.
We
basically
know
that
this
specific
entity
is
able
to
unvent
his
vault
on
demand
right
without
actually
beating
up
die,
but
like
for
your
specific
question,
if
we
will
follow
just
like
transfers
from
exchanges
to
you
know
some
different
source
yeah.
B
Okay,
I
was
just
wondering
if
you
saw
you
know
10
000,
if
move
out
of
compound,
if
that
kind
of,
if
you
saw
that
being
done
10
times
over
in
24
hours,
if
that
kind
of
would
give
the
wrist
team
and
also
the
pe
and
oracles
a
heads
up,
you
know
there's
going
to
be
large
sales
and
stuff
like
that,
but
yeah.
This
is
super
cool
man.
Thank
you.
A
F
A
N
Hey,
okay,
yeah,
so
you
know
some
of
you
may
or
may
not
have
read.
We
proposed
a
pre-map
just
to
spark
a
discussion
about
the
maker
burn.
Not
you
know,
I
have
a
light
understanding
of
how
we
burn,
but
it's
not
entirely
random,
but
it's
you
know
it's
a
it's
called
with
the
lord
function
and
we
burn
sometimes
at
optimal
times.
Sometimes
you
know
suboptimal
times,
and
the
idea
would
be
to
have
some
something
in
place
to
reduce
the
kind
of
overhead.
N
N
We've
had
like
reasonable
success
with
it.
The
signals
are
very
good.
It's
just
a
matter
of
whether
or
not
we
listen
to
them
which
we
are
working
on,
but
the
signals
are
are
actually
very,
very
good.
They
apply
pretty
well
to
a
lot
of
the
other
coins
as
they
create
on
the
market,
and
I
think
we
can.
E
N
Have
been
burning
the
moment
we
started
dropping,
maybe
we
could
have
only
burned
a
little
bit
and
then
crank
burning
as
we
fell
more
and
more,
and
you
know
there
could
be
many
ways
to
approach
that
as
some
people
mentioned
implementing
when
the
pe
gets
below
a
certain
reef.
You
know
that
could
be
one
sort
of
idea.
If
it's
not
price,
we
wouldn't
be
going
yeah
chris,
we
wouldn't
be
going
with
price.
N
N
Some
of
it
can
go
through
like
a
dca
type
strategy.
Somebody
can
go
through
a
strategy
that
optimizes
it
burn,
and
so
we
would
like
to
work
on
yeah.
So
peyton
says
yes,
so
the
original
suggestion
of
this
premium
was
short
interest
and
that's
you
know
that's
in
part
like
how
we've
structured
what
we
trade
against.
N
A
O
All
right,
the
dotted
blue
lines
are
just
simply
times
when
maker
was
started
being
heavily
shorted,
and
you
can
see
that
by
the
this
is
just
so.
This
is
just
an
example
of
one
metric
we
could
use.
I
strongly
suggest
we
don't
use
just
one
metric
because
that
can
be
manipulated,
so
instead
we'd
want
to
use
like
a
range
of
metrics
that
are
hard
manipulate,
but
you
can
see
if
you
just
bought
the
two
blue
dotted
blue
light
or
burned.
Rather
in
this
case
the
two
dotted
blue
lines.
O
You'd
have
it
would
be
this
arrow
like
roughly
here
and
here
so
your
price
of
there
there
you
got
about
an
average
burn
of
2700.
That
puts
you
well
below
the
price
and
pretty
close
to
just
catching
the
bottom
and
catching
a
knife.
I
mean,
if
you
consider
how
far
we
dropped.
If
you
took
a,
we
have
another
strategy
which
I
didn't
show
here,
but
I
just
marked
up
the
levels.
O
It's
like
a
data-based
way
to
know
when
to
burn
so
you're,
not
leaving
it
up
to
like
human
emotion
and
semantics
so
like
on
the
in
the
moment,
and
so
this
is
like
one
sentiment
based
indicator,
but
you
know:
there's
lots
of
them
like
glass.
Node
has
a
and
crypto
quant
have
a
really
nice
selection
of
them.
We
have
some
maker,
specific
ones.
You
know
like
pe.
O
I
mean,
I
think,
like
I
think
that,
like
if
we
had
a
small
team
of
people
just
working
together
on
this,
we
could
come
up
with
what
are
the
right
metrics
and
how
to
analyze
them
in
a
way.
That's
like
kind
of
tamper-proof
where,
like
the
basically
the
amount
of
money
it
would
cost
to
manipulate
the
market.
To
get
us
to
burn
would
be
absolutely
ludicrous
to
do
it,
so
it
just
wouldn't
happen,
and
I
just
wanted
to
show.
This
is
just
one
example
of
something
that
we
could
build
very
easily.
O
N
Yeah
and
those
three
levels
where
we're
increasing
how
much
how
much
we're
burning,
so
we
might
have
a
constant
type
return,
but
you
know
once
we
hit
like
you
know
signal
we
would
start
increasing
the
amount
of
burden
and,
as
the
market
starts,
you
know
getting
euphoric.
You
might
want
to
reduce
how
much
you're
burning
right
and
yeah
the
implementation
of
this
would
be.
O
A
Yeah,
thank
you
for
the
presentation,
andrew
and
tomorrow,
I
think
cool.
Maybe
try
and
wrap
up
now
for
a
little
bit
over
time,
so
yeah.
I
would
encourage
anyone
that
thinks
kind
of
has
comments
or
or
ideas
on
this
topic
to
go
to
the
forum
threads
that
we've
shared
in
the
chat,
I'm
sure
andrew
or
someone
can
share
it
again
and
yeah
leave
your
thoughts,
thoughts.
There.