►
From YouTube: Governance and Risk Meeting: Ep. 102
Description
# Introduction
- Richard Brown: Announcement
# Forum Recap
- @LongForWisdom: Governance at a Glance
# Governance
- @monet-supply: Vault Compensation Update
- PSM Discussion
# MIPs
- Charles St. Louis : Weekly MIPs Update
- @Gov-Facilitators Governance Poll Review
# Smart Contracts
- @wil LEND token upgrade.
# Oracles
- @NikKunkel Gitcoin
# Risk
- Vishesh Choudry: State of the Peg
## General Q&A
We’ll open the floor for any questions about Scientific Governance and Risk.
Please join us and help shape the future of the MakerDAO.
## Links
Governance and Risk Framework - Part 1: https://community-development.makerdao.com/governance/governance-risk-framework/part-one
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Forum: https://forum.makerdao.com/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
A
There
we
go
all
right,
hello,
everyone
welcome
to
the
make
it
our
scientific
governance
and
risk
meeting
number
102
taking
place
on
a
thursday
july
23rd
at
4
pm
utc
welcome
everyone,
we're
joined
by
40
people
currently
and
still
climbing.
So
thank
you
all
for
for
coming
I'll.
Go
over
the
oh
sorry,
I'm
my
name
is
wisdom.
The
government's
facilitator
or
one
of
the
government
facilitators
filmmaker
dao
I'll,
be
chairing
the
meeting.
A
So,
let's
see
today,
we've
got
rich
brown's
gonna.
Give
a
brief
announcement
at
the
beginning
of
this
call.
We're
gonna
have
me
doing
governance
to
glance.
As
usual,
we
have
money
supply,
giving
a
brief,
vault
compensation,
update,
we're
going
to
spend
a
bit
of
time
discussing
the
psm
and
the
votes
and
the
needs
from
the
foundation.
A
We've
got
charles
who's,
gonna
use
the
weekly
mips
updates.
As
usual,
I'm
gonna
do
the
governance
poll
review
as
part
of
the
facilitators
requirements.
According
to
the
mips
process,
we've
got
from
smart
contracts.
We've
got
will
give
you
an
update
on
the
len
token,
which
was
recently
was
an
upgrade
as
planned,
which
affects
some
of
our
plans.
With
that
token,
nick
has
some
a
brief
thing
to
say
about
get
coin
for
oracles
and
then
we're
going
to
finish
off
with
state
of
the
pick
from
rashesh.
B
B
Happily,
though,
part
of
this
transition,
it's
it's
been
in
the
works
for
a
while.
It's
not
a
last
minute
decision,
it's
the
most
amicable
moving
on
process.
I've
ever
been
involved
with,
and
probably
the
most
bittersweet,
but
mostly
sweet
because
of
the
teams
that
I'm
handing
off
responsibilities
to
fantastically
talented
individuals
have
been
attracted
to
this
ecosystem.
B
The
work
that
they
do
and
blows
me
away
once
to
month.
In
the
context
of
these
calls,
the
person
I
am
talking
about
specifically
is
obviously
long
for
wisdom
who
came
into
the
ecosystem
a
while
ago
and
has
moved
from
success
to
success,
to
success
and
and
has
been
absolute
rock
star
governance
facilitator.
So
I
I
can
sort
of
hand
off
the
mental
responsibility
knowing
that
the
person
who's
taking
over
those
responsibilities
not
only
has
taken
them
over
months
ago.
B
B
So
I
think
that,
well,
I
don't
want
to
there's
a
lot
of
things
to
go
over
in
this
call.
I
don't
want
to
monopolize,
which
is
probably
the
last
time
you
guys
are
going
to
hear
me
say
that
there's
a
lot
of
cool
things
to
go
over
in
the
skull,
and
I
don't
want
to
not
lie
as
well.
I
just
go
ahead
and
do
it
anyways
we're
going
to
as
part
of
long
for
wisdom's
transition
from.
B
Mentor
to
master
is
officially
firing
me
and
that's
going
to
be
a
tremendously
healthy
activity
for
the
ecosystem,
because
maker,
dao
or
sorry
the
maker
foundation,
I
forgot,
which
hat
I
was
wearing
for
that.
Second,
there,
the
maker
foundation,
his
responsibility,
is
to
decentralize
itself
and
to
bootstrap
the
protocol
and
also
to
bootstrap
the
ecosystem
in
the
way
that
we
do.
That
is
we
work
with
the
community
to
identify
roles
and
responsibilities.
B
We
help
formalize
those
things.
We
work
with
community
members
to
establish
what
those
things
actually
mean
that
we
help
out
as
much
as
possible
and
then
we
step
away-
and
this
is
a
fantastically
healthy
example
of
that,
because
back
in
the
olden
days
when
we
started
off
these
calls,
it
was
me
and
a
couple
other
people
awkwardly
staring
at
each
other,
trying
to
figure
out
whether
there.
B
Talking
about
when
it
comes
to
governance
that
has
obviously
iterated
a
bit
and
so
now
we're
looking
at
a
call
where
there's
51
people
anxiously
waiting
for
me
to
stop
talking,
so
we
can
get
into
the
issues
at
hand.
The
the
handoff
process
has
arrived,
and
so
this
is
a
perfect
example
of
the
foundation
taking
this
opportunity
to
step
away,
because
this
process
is
working
so
long
for
wisdom.
I
will
be
expanding
his
team
of
governance.
Facilitators
he's
also
put
out
a
call
for
help
so
help
wanted.
Is
there
too?
B
So
if
you
think
you
can
help
out
with
governance,
please
reach
out
to
him.
I
think
I
will
yeah.
I
have
a
tendency.
I
want
to
leave
on
a
super
high
note
and
do
some
self
congratulating
well.
I
should
say
I
should
have
said
that
myself,
congratulations
to
congratulate
the
community
on
what
is
accomplished
here
too.
Maybe
I
will
just
very
briefly.
I
touched
on
it
already,
but
at
the
very
beginning,
there's
this
question:
is
there
something
worth
talking
about
here?
B
B
How
that
situation
has
evolved,
but
the
this
is
the
work
I
did
it
at
the
foundation
and
with
the
community
has
been
some
of
the
most
rewarding
work.
I've
ever
done
and
if
you
guys
knew
how
old
I
actually
was.
You
understand
how
much
weight
that
carried
the
the
things
that
we're
doing
in
this
governance
ecosystem
can
feel
like
a
slug.
Sometimes
it
can
feel
a
bit
chaotic
sometimes,
but
it's
important
to
remember
that
when
we
all
got
started,
d5
wasn't
a
meme,
yet
community
governance.
B
C
C
B
Secretly
and
and
congratulating
you
guys
as
well,
I
think
yeah
I'll
leave
it
there,
so
I'm
going
to
be
around
I'm
going
to
transition
from
whatever
I
know.
Well,
the
interim
governance
facilitator
role
into
the
role
of
a
community
member
and
I'll
be
joining
the
rank
and
file
which
is
going
to
be,
I
think,
the
most
fun
chapter
yet.
B
A
You
back
to
you,
no,
no,
it's
I
I
finally
get
to
do
it
to
do
it
back,
which
is
great,
so
yeah
I
mean
you've
actually
been
like
a
massive
part
of
this
community.
Since
I
joined
you,
yeah
seeing
you
in
the
government,
schools
and
everyone
else
on
the
government.
Schools
from
the
beginning
is
one
of
the
reasons
I
got
involved
because
you
know
everyone
was
kind
of
talking
about
everything.
A
B
You
guys
can
stew
on
it
as
well
yeah,
so
yeah
yeah.
I
think
that
yeah
I
just
want
to
keep
on
or
just
touch
on
that
point
again
is
that
this.
This
is
this
great
inflection
point
where
it's
time
for
this,
the
second
newer,
more
energetic
generation
I
think
to
take
over
and
so
long
for
wisdom
and
the
rest
of
the
team.
B
Lots
of
people
on
this
call
have
been
deeply
engaged
with
with
governance
and
actually
actively
governing
the
ecosystem,
preventing,
of
course,
putting
forth
proposals
coming
up
with
new
initiatives,
refining
the
way
that
we
think
about
things.
This
is
just
it's
a
great
opportunity
to
step
back
and
watch
watch.
Other
people
do
some
work.
So
all
right.
A
A
A
Specific
notes
are
the
posts
from
roon
that
came,
went
live
just
yesterday,
talking
about
the
foundation's
focus
over
the
next
few
months
and
explaining
why
the
foundation
will
no
longer
be
working
on
the
psm
in
case.
If
you
weren't
aware,
I
would
recommend
quickly
browsing
that
thread
before
we
get
into
the
discussions.
A
I
will
link
it
in
the
chat.
In
addition
to
that,
there's
been
a
couple
of
threads
that
have
continued.
One
has
been
the
negative
dsr
trfm
threads,
combined
with
the
mip
20
proposal
from
from
liv,
and
there's
been
a
lot
of
discussion
around
kind
of
other
options
in
terms
of
influencing
negative
rates,
which
has
been
good
to
see
in
terms
of
signal
requests
again,
there's
still
quite
a
few
of
these
going.
A
So,
a
couple
weeks
ago,
joshua
asked
if
we
should
increase
the
duration
of
the
government
security
module
delay.
That's
failed.
We've
got
a
couple
moving
on
chain
next
week,
which
will
be
adjusting
the
tusd
debt
ceiling
to
zero,
based
on
based
on
the
aftermath
of
them.
Upgrading
the
token
the
smart
contract
team
thinks
that's
probably
a
wise
call.
Then
we
had
another
one.
That's
going
on
actually
yeah
the
other
one
moving
on
chain
is
the
wptc,
the
ceiling
increase,
which
I
just
realized.
A
D
D
D
Initially
there
were
seven,
so
five
got
rejected
from
the
actual
governance
poll
itself
and
the
poll
did
pass
unanimously
with
18
000
mkr
for
in
support
and
zero.
No
votes,
which
is
great
to
see
so
today,
along
for
wisdom
and
rich,
will
perform
that
review
as
part
of
this
meeting
to
basically
give
the
go-ahead
for
monday's
executive
vote
happening
on
july
27th.
D
In
terms
of
next
week's
activity,
so
we
have
the
executive
vote
to
officially
ratify
those
five
proposals
will
be
published,
and
I
do
want
to
note.
I
always
make
this
reminder,
but
the
vote
will
have
an
expiration
of
four
days
and
after
which
it
will
have
no
effect.
So
if
it
doesn't
pass
within
those
four
days,
the
proposals
at
hand
will
effectively
be
rejected.
D
Then
next
thursday,
is
the
final
meeting
of
the
july's
governance
cycle.
Where
we'll
do
a
review
of
what
happened
throughout
the
month,
basically
look
at
what
worked
and
what
then,
maybe
we
could
consider
some
amendments
to
certain
processes,
but
really
it's
the
time
to
summarize
and
discuss
what
happened
and
also
look
at
future
opportunities
for
august's
governance
cycle
and
maybe
look
at
the
potential
submissions
or
which
of
the
requests
for
comment.
Proposals
are
ready
for
august
or,
if
they'll
be
delayed
for
another
month
or
so,
based
on
the
request
for
comment
period
of
time.
D
In
other
news,
more
specifically
with
cloud
onboarding,
we
have
the
mana
collateral
type
moving
to
the
executive
vote
on
monday,
which
means
that
it
could
be
added
to
the
protocol
over
the
next
next
week
or
two
depending
on
the
time
the
vote
actually
passes
and
when
the
spell
is
cast
in
terms
of
lend
there
was
a
recent
update.
I
think,
will
will
be
giving
more
details
about
this.
But
there
are
some
considerations
to
keep
in
mind
that
the
domain
teams
have
been
thinking
about
with
respect
to
the
token
upgrade
from
len
to
ave.
D
So,
as
we
know,
myth
17
got
rejected
from
the
governance
cycle
this
month
and
whether
that
was
because
it
wasn't
completely
supported
with
answering
questions,
or
maybe
it
wasn't
the
perfect
solution
for
fulfilling
maker's
needs.
I
want
to
hold
a
working
group
call
next
tuesday
about
how
we
can
improve
and
modify
this
proposal.
D
So
that
was
so
that
I
just
wanted
to
remind
everyone
that
it
is
on
the
author
and
that
they
should
take
the
initiative.
And
if
an
author
does
not
want
to
do
that,
they
can
definitely
transition
their
ownership
of
the
proposal
over
to
someone
who
would
like
to
lead
it
going
forward
in
terms
of
the
recent
activity
in
the
world
of
meps.
There
is
nothing
new
this
week,
but
I
do
want
to
provide
a
reminder
that
there
is
mip
20
proposed
by
levin
rayne
for
the
vox
module
that
isn't
rfc.
D
So
go
ahead
and
check
that
out
as
well.
If
you
haven't
had
the
opportunity
in
terms
of
tusd,
we
had
a
forum
poll
go
out
last
week
and
it
concluded
yesterday
the
next
steps
for
that
are
to
publish
a
governance
poll
on
monday
to
lower
the
tusd
debt
ceiling
to
zero.
I
believe,
and
if
that
passes,
it
will
proceed
to
a
weekly
executive
on
on
the
following
friday.
D
D
A
All
right,
thank
you
very
much,
charles
I'll.
Just
briefly,
do
the
the
governance
paul
review.
As
charles
said,
the
poll
passed,
18
000
maker
to
in
favor
and
zero
maker
against,
and
I
don't
see
any
reason
to
prevent
that
from
continuing
to
the
executive.
So
it
will
continue
on
the
executive
on
monday,
as
according
to
the
mips
process.
A
A
A
E
A
E
Can
help
you
just
give
me
an
update,
real
quick.
It's
short.
We
were
today
for
this
week,
progressing
on
deploying
lane
to
codeband
testing
and
then
later
playing
it
in
this
month.
Hopefully
deployment,
but
ave
has
asked
us
to
consider
to
postpone
consideration
for
a
later
mip
cycle,
so
we're
going
to
we're
going
to
do
that.
A
E
E
Yeah
so
much
like
maker
did
a
few
years
ago
that
we
had
the
old
mkr
token
and
we
migrated
to
a
new
one.
Avis
is
going
to
be
doing
the
same.
They
will
be
migrating,
lend
to
other
tokens.
I
think
one
lend
is
going
to
be
a
hundred
of
it.
It's
going
to
be
an
optional
migration,
but
we
expect
most
people
to
to
eventually
do
that,
because
it's
going
to
help.
E
You
know
the
other
token
is
going
to
be
used
for
their
avenomics
and
probably
some
other
things.
So
if
we
put
land
now
and
then
you
know
there's
some
migration
in
a
month,
we
decided
that
it's
easier
to
just
wait,
one
or
two
months
for
this
and
then
just
on
board
the
avid
token.
Instead,
we're
in
contact
with
the
ava
team,
they're
gonna
give
us
access
to
the
token
contract
early,
so
we
can
start
checking
it
as
soon
as
possible
and
and
then
we
do,
we
do
the
actual
onboarding.
A
F
Yeah
sure,
first,
I
kind
of
wanted
to
to
spend
a
minute
talking
about
rich,
though
mr
rich
brown
yeah
yeah.
You
know,
I
don't
know
if
you
guys
know
this,
but
for
those
of
you
who
have
been
you
know
in
the
kind
of
maker
governance
community
for
a
long
time,
maker
governance
just
used
to
be
a
bunch
of
like
hungover
early
20
year
olds
like
showing
up
on
a
sunday
morning
and
just
shooting
the
and
rich
brown
is
really.
F
You
know
the
reason
that
we're
kind
of
here
today
and
have
this,
like
you
know,
formalized
governance
process.
You
know
that's
very,
even
just
community
driven-
and
you
know,
there's
this.
This
did
not
just
you
know
organically
kind
of
come
about.
You
know
this
was
you
know
very
much
orchestrated
by
by
the
master
rich
brown.
So
if
you
guys,
you
know
wanna
wanna
ping,
rich
chef
after
this
meeting
or
something
you
know,
I'm
sure
it
would
make
him
really
squeamish
and
uncomfortable
just
to
thank
him.
F
How
much
he's
he's
really
done
for
for
the
community
and-
and
you
know
fun
fact
about
rich
rich-
actually
comes
from
a
long
line
of
maker
people
that
have
basically
hired
themselves.
There
was
never
a
job
posting
for
hey.
We
need
a
rich
and
rich
applied,
and
then
we
interviewed
a
rich
rich
was
one
of
those
people
that
just
started
hanging
around
in
the
rocket
chat
a
bit
too
much
for
a
normal
person
and
just
kind
of
started
to
do
stuff,
and
then
eventually
it
was
like.
F
Well,
we
kind
of
need
him
to
keep
doing
stuff.
So
I
I
respect
the
hell
out
of
the
the
maker
guys
that
that
came
in
in
this
way
through
the
maker
gravity.
Well,
exactly,
but
but
yeah
I'll
I'll,
stop
there.
You
know
to
to
stop
making
rich
blush,
because
I
can.
I
can
tell
he's
like
squirming
around
a
bit
he's
moving
a
little
too
much
so
so
make
your
oracles.
F
F
So
I
I've
talked
to
kevin
we've
already
set
up
the
new
feed
on
a
much
better
hardware.
Provisioned
vps
and
he's
already
been
signing
messages
for
the
past
week
and
a
half
with
the
new
keys
and
and
everything
looks
stable.
So
it's
just
a
matter
of
basically
lifting
the
the
new
key
and
and
removing
the
old
key.
F
So
it's
a
quite
a
simple
swap
to
make,
but
it
will
definitely
remind
all
of
the
feeds
that,
if
they
don't
have
to,
you
know
to
exercise
proper
key
management,
because
I
kind
of
thought
this.
This
went
without
saying,
but
apparently
we
still
need
to
remind
people
but
kevin's
a
great
guy.
So
you
know
no!
No
harm
no
foul,
you
know
these
types
of
situations
are
going
to
come
up
and-
and
it's
good
that
we
have
kind
of
smooth
processes
for
for
dealing
with
them.
A
A
G
G
Participation
was
down
over
half
based
on
the
amount
of
maker
voting
as
well
as
independent
voters.
I
think
the
original
poll
back
in
april
was
about
62
000,
yes
to
33
000.
No,
so
participation
was
definitely
way
down
and
then,
over
the
past
week,
we've
gotten
a
little
bit
of
feedback
in
the
forums
kind
of
potential
things
that
might
get
more
support
for
the
the
poll
going
forward.
G
So
we've
heard
from
some
people
that
there
might
just
be
too
many
steps
and
votes
too
much
governance
overhead,
which
is
maybe
making
it
less
appealing
to
maker
voters.
So
you
know
possibly
making
it
a
little
bit
simpler
and
just
fewer
steps
might
be
good.
There's
also
feedback
about
not
really
having
clarity
at
the
very
beginning
about
potential
costs,
which
would
have
been
made
clear.
G
Also
heard
some
feedback
that
there
just
might
not
have
been
enough
time
or
kind
of
like
awareness
built
about
the
the
vote,
so
I
heard
some
people
suggest
maybe
trying
to
get
more
publicity
on
it.
If
we
rerun
another
poll
in
the
future,
possibly
a
longer
voting
period,
maybe
like
one
to
two
weeks
instead
of
just
a
couple
days,
I
think
makerman
had
mentioned,
maybe
even
seen
if
we
could
just
wait
until
we
get
a
minimum
quorum.
G
A
Okay,
it
looks
like
I
know
again
there's
this
discussion
threads
on
the
forum
for
this
subject.
So,
if
you
think
of
something
later,
bill
means
share
it
there
all
right-
let's,
let's
move
on
to
so
I
guess
the
important
stuff
so
I'll
start
with
just
a
brief
kind
of
clarifying
statement
about
how
the
psm
stuff's
gonna
work.
A
Now,
I'm
considering
the
statement
from
the
foundation,
so
I
previously
stated
that
we
would
have
another
vote
next
week
about
the
psn
parameters
and
it
would
then
be
included
in
executive
either
the
week
after
or
the
week
after
that,
seeing
the
foundation
there's
no
one
developing
it.
That's
probably
going
to
be
that's,
probably
not
going
to
happen.
I
don't
think
it
makes
a
lot
of
sense
to
vote
on
the
parameters
when
any
community
implementation
probably
isn't
going
to
be
ready
within
a
reasonable
time
right
so
like.
A
If
we
vote
on
parameters
now,
we
could
very
well
find
that
the
the
sort
of
the
market
situations
and
conditions
have
changed,
and
actually
I
don't
know
why
I'm
saying
this,
because
the
poll
fails
technically
we'd
stop
now
anyway.
So,
in
addition
to
all
this,
the
the
fall
failed
slightly,
so
we
won't
have
any
further
votes
on
chain
on
the
psm
for
the
time
being.
A
A
H
A
C
Yeah,
so
with
my
poll
that
I
put
out
yesterday,
I'm
thinking
maybe
we
can
lower
the
usdca
liquidation
ratio
to
try
and
get
more
collateral
moving
through
that
venue
to
mentor
die
to
me.
It
seems
like
a
lot
of
this
farming.
Behavior
people
want
to
stay
in
stable
coins
and
they're,
looking
at
say
comp,
for
example,
and
they
won't
die
for
comp.
I
E
H
Okay,
cool
yeah,
I
mean
I
think
most
people
generally
agree
that
sorry
about
the
background
noise.
Then
we
need
to
be
increasing
the
the
supply
right
now,
but
I
just
want
to
make
sure
that
everyone
kind
of
understands
that
the
the
current
demand
is
almost
certainly
likely
to
alleviate
by
the
end
of
this
weekend.
H
So
a
big
source
of
the
recent
surge
has
been
the
the
yfi
farming
or
the
yiffi
farming,
which
has
a
generated
extreme
demand
for
dye,
and
I
think
that's
scheduled
to
to
stop
either
saturday
or
sunday.
I
think
what
is
like
some
100
million
die
is
sitting
in
that
contract
when
that
unwinds,
I'm
expecting
to
see
a
lot
of
that
dye
return
back
to
where
it
came
from.
H
I
mean
it
like
a
somewhat
more
conservative
option
would
be
to
just
wait
a
few
days
to
see
how
that
unwind
looks
because
before
the
before
the
yiffi
farming
started,
I
think
the
dye
peg
was
wasn't
great,
but
it
was
at
the
very
least
under
101,
so
yeah.
I
just
want
to
caution
from
kind
of
some
sort
of
extreme
overreaction
when
in
just
a
few
days
we
should
be
seeing
some
some
lightening
up
of
the
pressure
anyways,
but
it's
not.
I
We
also
haven't
hit
the
cap
on
the
total
amount
of
usage
of
usdc
and
as
of
right
now
it's
some
28
million
out
of
a
debt
ceiling
for
it
for
80..
So
I
I
there's
still
plenty
of
utilization
capable
in
that
area
by
lowering
that
collateralization
ratio.
We
just
have
to
be
mindful
that
it
creates
an
exponential
effect
of
how
much
leverage
you
can
get
out
of
it.
I
A
J
Mic
yeah,
when,
when
the
peg
goes
this
high,
it
reduces
the
desire
of
people
to
borrow
and
die
because
they're
facing
they're
facing
issues.
If
they
borrow
30
000
and
die
and
the
peg
slips
a
couple
points,
they
may
lose
thousands
of
dollars
pretty
quickly,
so
it
the
the
the
peg
not
being
in
control,
really
does
affect
demand
for
borrowing
die,
especially
demand
to
borrow
die
to
buy,
to
bet
on
assets.
And
it's
really
only
you
know
the
yield
farming
stuff
doesn't
affect
the
peg
very
much.
A
J
C
For
the
farming
yeah,
so
there's
kind
of
two
key
points
here,
so
the
buying
f
will
definitely
have
sort
of
a
negative
pressure
on
the
peg
to
go
down,
but
it's
also
equally,
maybe
not
equally,
but
it's
also
effective
to
prevent
upward
pressure
from
market
buys
to
use
for
this
farming.
I
don't.
I
wouldn't
say
that
it's
clear
that
people
aren't
market
buying
to
get
in
to
die.
For
specifically,
this
farming.
K
K
K
Wbtc
has
basically
remained
sustained
at
20
million
and
usdca.
So
basically
it
was
steady
for
a
while.
A
small
increased
amount
was
minted
in
the
last
couple
of
days
and
then
basically,
a
big
chunk
of
that
about
half
was
cleared
out
overnight,
and
then
there
were
a
few
small
mintings
again
bringing
it
back
up.
You
know
about
halfway
to
where
it
was
before
around
30
million.
So
that's
that's.
K
What
we're
we're
looking
at
here
in
terms
of
wbtc
being
capped
out
in
usdca
being
utilized
only
about
a
quarter
of
of
what
it
could
be
at
26
million.
So
so
that's
where
some
of
the
conversation,
I
think
is
warranted
around
usdc
and
how
much
it's
actually
being
utilized
and
then
can
see.
Obviously,
there's
a
small
amount,
that's
just
kind
of
been
a
steady
increase
as
well
eth.
So
basically,
what
you
sort
of
see
here
is,
after
march
12th
events.
K
There
was
sort
of
that
steady
recovery
and
growth
and
then,
basically
around
july,
2nd
a
lot
of
the
farming
stuff
started
to
hit,
and
then
we
see
you
know
a
few
days
ago,
a
lot
of
the
the
yiffi
farming
and
other
other
types
of
yield
that
that
have
emerged.
I
think,
probably
precipitated
a
further
acceleration
to
jumping
straight
up
20
million
more
or
less
overnight,
so
that
brings
our
our
total
east
supply
up
to
184
million.
K
K
You
know
obviously
an
increasingly
important
topic
lately
and
it's
where
a
lot
of
attention
has
gone
in
the
last
few
days.
So
you
can
sort
of
see
here
is
the
dye
deposits
in
curve
that's
grown
rapidly
over
the
last
couple
of
days.
A
lot
of
this
is
is
for
the
the
iffy
farming
activity.
That's
been
going
on
and
you
know
we
look
at
a
balancer
as
well.
You
can
sort
of
see
here.
K
K
It
was
nothing
before
compared
to
what
it
has
been
in
the
last
few
days,
and
that
makes
a
lot
of
sense.
It's
pretty
frothy
there's
a
lot
of
a
lot
of
yield
to
be
had
there
and
if
we
sort
of
look
at
the
impact
on
the
peg,
so
we'd
sort
of
already
been
talking
about
this
kind
of
sustained
elevation
at
a
dollar
one
to
a
dollar
two
with
you
know,
sort
of
periodic
run-ups
in
between
and
then
basically
in
the
last
24
hours.
K
K
So
the
previous
peg
problem
was
dealing
with
the
dollar
1.2,
and
then
this
is
sort
of
been
a
an
overnight
trend
at
dollar
3.4,
whether
that's
actually
going
to
be
sustained
at
a
dollar
three
dollar
for
is
questionable,
or
whether
this
is
a
short-term
movement
and
that's
something
that's
important
to
keep
in
mind,
because
I
know
multiple
different
trends
have
a
tendency
to
bleed
together
in
people's
minds.
It's
I'm
not
saying
that
you
know
overnight.
K
K
You
know,
as
we
alluded
to
earlier
unpacking
a
little
bit
of
why
that's
occurring
so
there's
a
couple
of
things:
one
if
you
consider
sort
of
the
the
die
liquidity
that
exists
out
there,
looking
at
the
you
know,
say
13
to
yeah
I'd,
say
13
or
so
million.
That
was
because
some
of
this
has
moved
to
other
pools.
So
that's
just
something
to
keep
in
mind,
13
or
so
million
that
was
being
dumped
on
curve.
K
So
too
does
the
money,
and
so
basically
you
have
a
lot
of
this
yield
chasing
behavior
going
on
right
now
where
people
are
not
particularly
married
to
the
platforms
where
they're
dumping
their
diet
right
now,
they're
just
chasing
whatever
is
the
most.
You
know
attractive,
yield
short
term,
so
these
could
be
very
impermanent
trends
and
that's
again,
an
important
thread
to
to
keep
in
mind
and
the
question
of
how
much
those
will
remain.
K
Sustained
upward
price
pressures
on
dye
is
a
question
of
how
much
these
yields
will
remain
sustained
and
available
to
to
die
holders.
So
right
now,
what's
going
on,
basically
is
yes,
a
portion
of
people
are
purchasing
diet
to
dump
into
these
platforms
and
get
that
yield.
Also
a
poor.
A
huge
chunk
of
dye
is
being
minted
to
be
dumped
into
these
platforms,
but,
more
importantly,
very
little
dye
is
being
minted
and
being
sold
on
the
open
market
and
so
that
sort
of
trifecta.
There
is
why
you
have
this
elevated
price
pressure.
K
K
The
problem
right
now
is
a
three
or
four
percent.
Haircut
is
something
that
people
are
very
willing
in
the
short
term
to
take
in
order
to
get
access
to
crazy
two
and
three
and
four
and
five
and
six
hundred
percent
yields
on
some
of
these
platforms.
Those
yields
are
likely
to
dry
up.
You
know,
as
cyrus
mentioned
very
soon,
and
so
will
the
next
yield
come
up
questionable,
like
it's
hard
to
say,
probably
not
to
that
same
extent,
but
there
it
appears.
J
K
Yeah,
it
was
basically
so
if
he
is,
is
it's
a
slightly
outsized
yield
right
now?
I
think,
compared
to
some
of
the
other
ones
that
are
available,
so
it's
maybe
an
extra
large
sink,
because
it's
it's
a
bit
atypical,
but
it
does
appear
to
be
a
continuing
trend,
like
that's
kind
of,
kicked
off
with
some
of
the
comp
farming
stuff
to
have
these
very
large,
attractive
yields
available.
K
There's
a
question
of
why
that's
happening
as
well,
and
and
if
you
sort
of
take
a
step
back
and
think
about
it
like
why
die
right.
Why
die
for
these?
These
yield
farming
ventures
and
a
large
portion
of
it
boils
down
to
the
fact
that
at
the
end
of
the
day
yes
dye
is,
is
visible.
It's
it's
interoperable!
It's
it's
integrated
into
a
lot
of
these
platforms,
but
also
it's
a
asset
with
a
comparatively
small
volume
and
a
comparatively
small
supply.
K
The
nature
of
the
fact
that
it
has
access
innately
to
certain
yields
outside
of
all
this
farming
stuff
and
the
fact
that
it
is,
you
know
a
it's
basically
a
a
call
option
on
illiquidity
for
for
when
liquidations
happen,
etc.
You
know
there's
going
to
be
a
demand
crunch
on
die,
and
so
people
have
a
tendency
to
hold
it
potentially
in
the
hopes
of
making
profit
in
those
times
as
well.
K
So
there's
a
lot
of
reasons
why
dye
has
been
kind
of
sustaining
an
elevated
premium
and
why
it's
worth
more
than
holding
one
usdc
lately,
now
you
throw
on
top
of
that.
The
fact
that
all
these
farming
opportunities
exist
and
it
only
exacerbates
the
premium
now
if
this,
if
dye,
was
as
proliferated
and
had
as
large
of
a
supply
as
say
usdc,
it
probably
wouldn't
be
as
attractive
as
a
target
for
some
of
these.
These
farming
opportunities.
K
So
in
that
couple
with
the
fact
that
it's
actually
a
pretty
well
used
asset
with
very
decent
transaction
volumes
for
its
supply.
So
it's
it's.
They
consider
that
it's
a
potentially
sustained
trend
for
there
to
exist
farming
opportunities
on
die,
even
though,
what's
currently
happening
this
week,
may
be
a
bit
atypical.
K
That's
just
what
I
want
to
put
in
context
so
just
to
kind
of
round
this
out
to
look
at
the
impact
that
this
is
having
on
the
underlying
collateral
supply,
and
you
know
we're
talking
a
lot
about
monetary
policy,
price
premiums
and
usage,
but
also
considering
the
underlying
risks
that
are
being
underwritten
by
maker
holders
and
the
system
for
all
of
this
minting.
That's
that's
going
on
as
well!
So,
interestingly
enough,
in
the
last
week,
the
eth
collateralization
has
has
gone
up
now.
K
Very
simply
put
eth
price
is
also
gone
up,
so
that's
probably
primarily
a
function
of
just
the
eve
price,
but
there's
also
been
vaults
that
have
lowered
their
collateralization
ratios
in
that
same
time
frame.
So
it's
important
to
consider
that
what
goes
up
comes
down
and
what
we've
seen
you
know
quite
a
bit
in
the
past
is
when
eath
price
rises.
Suddenly
it
potentially
has
the
the
tendency
to
to
come
back
down
a
bit
as
well
and
in
the
elevated
eath
price.
K
What
we've
also
seen
is
increased
amounts
of
dye
living
at
some
of
these
lower
collateralization
ratios.
So
what
that
means,
if
you've
kind
of
been
following,
what's
been
going
on
with
dye
for
the
past
year,
is
okay,
there
could
be
some
liquidations
and
that's
that's
a
risk
to
be
aware
of
as
well.
So
you
know
at
220,
you'd
have
a
12
million
diet
being
liquidated
at
you
know,
150
you'd
have
90
million
diet
being
liquidated,
92
million,
so
those
are.
Those
are
big
jumps.
K
K
Uscc's
is
a
bit
boring
in
terms
of
collateral,
I'll
just
skip
that
for
time's
sake.
Wbtc
I
mean
if
there
was
a
a
small
disruption
in
the
I
know
this
is
potentially
not
even
worth
mentioning,
but
if
there
was
a
small
disruption,
the
price
for
wbtc
there
would
be
a
pretty
decent
amount
about
10
million
or
so
that
would
be
liquidated
and
then
bat
in
terms
of
collateralization
is
actually
a
very
well
collateralized
asset
pool.
So
I
don't
think
there's
a
lot
of
risk
there,
yeah!
C
I
I
just
wanted
to
make
one
quick
point
about
the
comp
farming
and
why
it's
dye
specific
and
that
entirely
comes
from
the
interest
rate
curve
and
how
compound
governance
has
set,
that
they
have
a
very,
very
low
interest
rate
up
until
90
and
then
there's
a
discontinuous
kink
at
that
point.
And
it's
because
of
that
structure
that
it
causes
dye
to
be
the
most
attractive.
So
they
can
totally
change
that
if
they.
A
A
L
But
just
if
you
already
have
a
vault
right
now,
your
collateral
is
already
locked
and
you
want
to
generate
die
against
it
on
the
on
the
sort
of
slow
price
right
now,
which
is
over
100
way.
I
just
got
a
price
quote
of
about
10
and
50
cents
just
to
generate
die,
which
means
you
need
to
generate
at
a
reasonable
volume
in
order
to
even
start
to
approach
like
a
good
arbitrage.
L
L
I
would
say
it
may
mean
that
it's
just
not
economical
for
them,
that
the
arbitrage
isn't
good
enough
at
one
percent
or
two
percent
or
three
percent.
Above
peg
so,
but
nick
brought
up
a
good
point,
which
is
that
most
of
the
arbitrage
is
probably
happening
by
whales
anyway,
and
so
the
once
you
get
to
a
certain
volume
of
dye,
it
shouldn't
be
irrelevant.
The
gas
price
should
be
irrelevant.
So
that
was
the
sidebar
discussion
that
you
had
during
the
peg.
H
Cyber
okay,
I
think
I
think
those
are
those
are
some
that
was
a
great
summary
of
what's
going
on.
I
guess
for
me
I
mean
this
is
just
my
view
at
this
point.
What
I'm
kind
of
waiting
to
figure
out
from
from
governance
is
how
aggressive
they
want
to
be
with
any
changes
such
as
the
liquidation
ratio
or
if
they
want
to
kind
of
wait
a
few
days
to
see
how
the
unwind
of
the
of
the
yiffi
farming
happens.
H
L
L
L
Yeah
I
mean
I
was
going
to
say
if
there
wasn't
too
much
competition
in
this
week's
executive,
that
maybe
we
did
want
to
just
create
a
really
quick
ad
hoc
bundle
set.
Ultimately,
maker
governance
gets
to
decide
whether
or
not
they
want
it
anyway,
but
you
know
we'd
be
able
to
possibly
do
the
usdc
collateralization
ratio,
maybe
the
bat
debt
ceiling,
something
like
that.
A
Okay,
yeah,
that's
my
point.
I
would
prefer
if
it
said
like
what
we
wanted
to
do
as
an
emergency
measure,
but
we
have
had
more
general
ones
in
the
past
where
we
said
like,
we
think
we're
in
an
emergency
situation,
and
we
want
to
do
things
generally,
so
it
could
be
a
little
bit
flexible.
I
would
much
prefer
if
there
was
a
specific
proposal
there.
C
A
A
A
K
Just
one
point
that
somebody
brought
up
in
chat
so
something
that
I
forgot
to
mention
was
or
didn't
quite
make
clear
was
so
this
comp
farming
yield
has
existed
in
the
last
few
days.
We've
seen
this
extra
elevation
of
the
price,
so
we
have
to
ask
ourselves:
what's
changed
in
that
time
frame?
Well,
it's
primarily
all
this
wi-fi
farming
activity
that
has
a
defined
expiration
date
on
it,
of
course,
there's
other
farming
yield
that
will
exist
after
that,
but
it
doesn't
appear
to
be
quite
at
the
same
rate
that
that
will
exist.
K
There's
at
this
point
reasonable
doubt
as
to
whether
that's
actually
a
long-term
trend,
it
hasn't
even
piped
its
way
into
the
24-hour
moving
price.
Yet
like
that,
that's
you
know
sort
of
like
a
12-hour
trend
so
acting
on
that
in
terms
of
emergency
action
questionable,
but
in
terms
of
whether
that's
actually
the
current
sustained
trend.
That
does
not
appear
to
be
clear
right
now,.
J
K
So,
just
to
just
to
make
sure
that
we're
keeping
the
questions
clear,
the
first
question
was:
okay,
sustained
peg
elevation.
What
to
do
about
it?
Second
question
was
the
dollar
three
dollar
for
price?
Is
that
an
emergency?
And-
and
so
my
point
about
the
dollar
three
dollar,
four
price
was
it
it's
yet
to
even
you
know,
be
sustained
for
24
hours,
so
there's
a
question
there
as
to
whether
that
is
actually
what
the
peg
is
at
or
whether
this
is
a
short-term
spike
right.
K
I'm
not
sure
it's
the
collateral
portfolio
that
actually
necessarily
dictates
that
again,
don't
I
don't
want
to
pontificate
too
much
on
like
the
the
long
term
component.
At
the
moment
I
was
sort
of
I
want
to
let
you
finish
but
yeah
I
just
wanted
to
clarify
it
wasn't
necessarily
about
the
collateral.
It
was
more
the
fact
that
in
in
the
long
term,
there's
this
potential
premium
that
exists
due
to
the
fact
that
dye
is
the
usage
of
dye
right.
I
J
K
So
right
right,
so
it
seems
the
interest
there
is
sort
of
to
talk
about
the
long-term
issue.
So
as
far
as
the
long-term
issue
goes,
there's
a
question
of:
are
you
actually
going
to
do
anything
by
minting
more
supply
and
what
that
primarily
has
to
do
with
is?
Are
people
willing
to
come
in
and
say
I
will
take
dye,
I
will
eat
whatever
the
cost
is.
I
will
sell
it
and
I
will
arb
that
profit.
K
Primarily,
I
don't
think
stability
fees
are
having
any
impact
on
the
decision-making
process
much
as
they
weren't
back
then
for
the
people
that
are
chasing
these
yields,
because
on
a
nominal
basis,
what's
the
difference
between
a
300
yield
and
a
296
percent
yield
right
now
the
stability
fees
are
very,
very
low.
I
mean
there's
very
little:
cost
associated
to
minting,
die
from
maker
right
now
and
there's
plenty
of
room
in
the
debt
ceilings.
So
yes,
there
are
questions
as
to
okay.
Fundamentally,
why
are
people
not
doing
that
right
now?
K
That's
that's
one
set
of
questions
around
user
behavior,
but
the
other
thing
is:
what's
the
actual
impact
of
those
actions
and
if
that
die
is
not
making
its
way
onto
the
open
market
if
it's
not
being
sold,
if
it's
minted
and
used
for
other
things,
I
get
the
idea
that
it's
soaking
up
a
little
bit
of
demand,
but
at
the
end
of
the
day,
it's
not
really
having
a
price
impact.
It's
not
having
a
short-term
price
impact
and
that's
what
you're
targeting
right
now.
K
So
there's
just
a
bigger
thread
here
as
well
that
I
want
to
to
bring
up
in
terms
of
forest
for
the
trees
that
chasing
this
idea
of
getting
more
supply
minted
as
a
method
of
solving
the
peg
may
be
coming
at.
You
know
a
square
peg
with
a
circle
kind
of
thinking,
and
so
there's
maybe
a
different
conversation
as
well
to
be
had
around.
C
Respectfully,
I
disagree
with
that,
though,
so
you're
right.
That,
like
the
ideal
scenario,
is
we
want
people
minting,
die
and
selling
it
for
ether
whatever
to
leverage
up.
That's
that's
what
we
want.
That's
the
ideal
scenario,
but
it's
like.
I
view
it
as
also
beneficial
to
prevent
people
from
buying
dye
to
put
into
these
farming
opportunities.
I'd
rather
them
mint
it.
So,
in
that
sense,
increasing
the
supply
does
help
to
prevent
the
peg
from
shooting
up
more
than
it
needs
to.
K
So,
okay,
so
you
would
like
people
to
mint
diet
instead
of
purchasing
it
in
order
to
to
lock
up
in
farming
opportunities.
There's
a
question
of
capital
efficiency
there,
I'm
not
so
sure
it
will
ever
be
more
capital
efficient
to
mint
die
than
it
will
be
to
just
purchase
it.
There's
a
there's,
a
price
premium
and
there's
the
potential
loss,
but
then
there's
also
capital
efficiency.
A
I'm
going
to
jump
in
just
here.
If
I
go
we're
approaching
half
past,
which
is
normally
when
we
end
the
meeting,
there
still
seems
to
be
a
fair
bit
of
discussion
going
on,
so
I'm
happy
to
extend
it
like
another
15
minutes.
I
don't
appreciate
past
that,
though,
and
everyone
feel
free
to
jump
off.
Obviously,
if
you
have
things
to
do
so,
yeah
feel
free
to
carry
on.
K
Cool
thanks
w
so
yeah
in
terms
of
the
the
liquidation
ratio
for
usdc,
I
mean
it's.
The
other
thing
is
it's
comparatively
pretty
low
right
now
versus
some
other
things
that
exist
in
the
space
and
and
certainly
compared
to
eth.
So,
there's
a
question
there,
though,
of
how
low
can
you
go?
How
low
do
you
want
to
go?
What
is
your
goal?
I
Necessarily
the
collateralization
ratio
wouldn't
change
the
underlying
risk.
The
debt
ceiling
is
the
risk.
What's
surprising
to
me
is
that
the
utilization
of
usdc
isn't
already
at
a
hundred
percent
right
now
I
mean
whether
or
not
I
mean
you've
got
something
that
has
a
price.
That's
pegged
at
one
in
the
system.
It
doesn't
matter
if
we
set
the
liquidation
ratio
at
150.
K
Or
100,
though
matthew
that's
what
I
was
going
to
cite
was
the
the
current
utilization's,
not
even
100,
and
my
point
was:
I'm
not
so
sure
that
dropping
that
collateralization
ratio
to
anything
other
than
you
know,
maybe
even
99,
would
would
do
anything
or
or
would
would
force
it
to
be
capped
out,
because
at
the
end
of
the
day,
it's
a
fundamental
question.
It's
not
a
percentage
question.
C
K
Yeah
and
again,
that's
that's
where
you
you
bump
up
against.
What's
what's
the
goal
there
I
mean,
I
I
think
it's
fundamentally
wrong
to
say
that
that
does
not
increase
risk.
It
does
there's
there's
a
question
of
okay.
If
you
assume
there's
zero
risk,
then
there's
zero
risk
right,
but
I
don't
think
it's
necessarily
correct
to
assume
there's
zero
risk,
and
so
that's
that's
a
separate
point.
There
die
being
permanently
alphabet
right,
so
I'm
just
trying
to
encourage
a
focusing
of
the
discussion
so
that
you're
you're
not
necessarily
chasing.
K
How
do
we
get
the
most
die
minted
versus
trying
to
more
directly
tackle
the
problem
so
die
on
the
market,
die
liquidity,
people
willing
to
undertake
market
making
behavior,
etc?
How
do
you
use
it?
I
think
it
would
be
important
to
ask:
how
do
you
best
facilitate
people
market
making
die
right
now?
That's
one.
K
I
A
I
mean,
I
guess
it's
a
question,
or
it's
a
little
bit
of
a
rhetorical
comment
of.
If
we,
if
there
is
more
dye
outstanding,
then
the
overall,
whether
it's
dydx
or
compound
the
overall
yield
drops,
I
mean,
if
that's
generally,
the
concept
right.
The
overall
percentage
of
people
who
are
borrowing
it,
assuming
the
quantity
of
borrowing,
doesn't
change.
If
there's
more
supply,
the
yield
goes
down.
K
The
other
thing
to
to
consider
is
it's:
it's
also
shifting
a
bit
from
from
comp
farming
to
to
other
forms
of
yield,
and-
and
so
that's
another
important
part
of
the
conversation
is
what
impacts
those
yields
and
so,
like
you
know,
does
this
solution
necessarily
solve
the
next
thing,
etc,
and
I
don't
want
to.
I
don't
want
to
believe
her,
because
we've
sort
of
gone
on
very
long
here
as
far
as
there
are
multiple
threads
as
far
as
emergency
action
versus
long-term
solution,
I
think
we're
discussing
long-term
solution
here.
K
J
L
There's
a
small
chance
matthew
that
it
also
kind
of
correlates
with
the
finance
announcement
today
like
I
was
just
looking
at
their
markets.
It
looks
like
they
spiked
up
to
114
at
one
point
for
dye
and
I'll
mention
this.
When
we've
seen
die,
hit
new
markets
where
people
don't
really
know
what
it
is.
Yet,
I'm
not
saying
finance
is
one
of
those
markets,
but
we
have
seen
occasions
where
people
trade
die
as
though
it's
like
some
new
fandangled
like
speculative
asset,
and
they
don't
realize
consistent
coin.
K
J
K
K
What
are
the
solutions,
and
so
my
question
right
now
is
just
to
provoke,
thought
there
in
terms
of
making
sure
you're
not
chasing
a
red
herring
and
and
making
sure
that
you're
solving
the
core
problem,
and
so
the
core
problem
to
me
appears
to
be
right
now
that
nobody's
arbiting
the
peg
and
what
I
was
just
missing
there
from
that
whole
thread
was
what
is
the
actual
solution
to
facilitating
more
arbitrage?
Behavior
of
the
peg.
K
J
I
mean,
let's
look
at
scenarios
that
could
happen.
The
peg
keeps
going
up
at
some
point.
The
options
are
emergency
shutdown
or,
or
you
know,
buying
ether
on
the
market
with
newly
created
dye
to
to
keep
to
make
the
peg
go
down,
or
maybe
there's
some
other
option.
But
you
know
at
some
point
you
get
into
that.
I
Scenario,
I
also
think
you're
going
to
find
a
scenario
where
just
like
on
algo
trading
in
the
stock
market,
where
it
made
just
a
ton
of
money
which
ultimately
introduced
a
ton
of
market
participants
that
made
more
money
up
until
the
point
where
they
all
put
themselves
out
of
business.
So
the
the
yield
farming
component,
while
interesting
and
amazing
at
some
point,
it
will
naturally
go
away
just
because
of
the
competition
that
it
creates
and
that
capital
that
arbitrage
will
ultimately
circle
back
to
things.
A
J
A
M
One
thing
I
I'd
like
to
mention
is
that,
like
the
are,
we
have
to
realize
that
the
allocation
of
capital
has
gone
to
yield
farming
and
the
people
who
are
this
have
a
lot
of
money
tied
up
in
that
yield
farming
so
for
them
to
go
and
go
arb.
The
peg
like
this.
It
takes
away
from
the
other
other
they
get
less
of
return
on
capital.
So
also
this
just
we
have
a
significant
move
in
terms
of
finance
listing
die,
yfi
a
whole
bunch
of
things.
M
K
Yeah
I
mean
so
statistics
I
mean
it
seems
like
about
half
the
day
out.
There
is
just
locked
up
in
specifically
the
the
wi-fi
farming
activity
right
now
so
and
then
that's
not
counting,
you
know
what's
locked
up
in
comp,
so
yes,
a
hundred
percent,
that's
that's
what
the
numbers
are
showing
is
just
all
the
capital
out
there
right
now.
K
K
I
I
mean
I'm
gonna
talk
about
it,
including
all
the
daily
trade
volume
from
curve
and
from
balancer.
I
guess
what
I'm
trying
to
get
at
while
it
feels
horrible
that
the
peg
has
drifted
from
101
2
to
103.
Now
we
might
also
take
into
consideration
that
that
may
be
700
million
dollars
or
700
million
die
of
transactional
volume
a
day.
That's
only
causing
the
die
peg
to
move
by
0.01.
K
Yeah
I
mean
so
at
the
end
of
the
day,
there's
there's
a
question
of
price
points
and
that's
it's
important
to
keep
perspective
thanks,
matt,
but
so
there's
a
hundred
million
die
right.
So,
as
matthew
white
shared
100
million
die
over
100
million
died
in
the
the
wi-fi
pools
across
balancer
and
curve.
The
fact
that
that
did
not
cause
a
larger
price
movement
is
important
perspective
to
consider
as
well.
K
It's
about
numbers,
like
you
know,
at
what
price
like
would
you
buy
die
at
a
dollar
five,
a
dollar
six
in
order
to
lock
it
up
and
get
yes,
you
know,
say
six
hundred
percent
yield
annually,
but
over
the
next
few
days
that
you
have
access
to
that,
and
so
there's
there's
just
a
calculus
there
of
what
degree
of
profitability
justifies
that
behavior
and
so
important
takeaways.
There
is
obviously
that
crazy
yield
is
short-term.
K
There
will
be
other
yields,
but
they
will
definitely
be
significantly
lesser
after
this
sort
of
dries
itself
out
and
then
yes,
there's
a
hundred
percent,
a
long-term
question
that
needs
to
be
tackled
there
in
terms
of
what
to
do
about
the
fact
that
dye
is
sustained
in
elevated
dollar.
You
know
one
and
a
half
say
on
average
price,
so
I
would
just
I'm
gonna
sort
of
leave
it
at
those
takeaways
and
then
I
know,
we've
gone
way
over
time.