►
From YouTube: Governance and Risk Meeting #118
Description
## Introduction
* @LongForWisdom: Hosting, Introduction, Agenda.
## Weekly Updates
* Governance - @Gov-Facilitators
* Smart Contracts - @Smart-Contracts
* Oracles - @Oracles
* Risk - @Risk
* Community Development + Operational Support - @amyjung
* Collateral Calls - @juanjuan
* MIPs - @MIP-Editors
## Procedural
* @LongForWisdom: Inclusion Review
## Segments
* @twblack88: New Community Portal Launch
* @hexonaut: Dai peg and the PSM.
* [Vishesh Choudry](https://twitter.com/visavishesh): State of the Peg
## Discussion Topics
* Stablecoins and managing demand.
## Other Business
* General Q&A
* Final Reminders
## Links
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Forum: https://forum.makerdao.com/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
Governance and Community Events Calendar:
https://calendar.google.com/calendar?cid=bWFrZXJkYW8uY29tXzNlZmhtMmdoaXBrc2VnbDAwOWt0bmlvbWRrQGdyb3VwLmNhbGVuZGFyLmdvb2dsZS5jb20
A
Hello,
everyone
and
welcome
to
the
megadown
scientific
governance
and
risk
meeting
number
118.
taking
place
on
thursday
november
12th
1600
utc
same
time.
Every
week
cool
my
name
is
slunk
wisdom.
I'm
the
government
facilitator
at
make
a
dao.
I
run
these
meetings.
We've
got,
we've
got
an
agenda
to
go
through.
We've
got
some
sort
of
weekly
updates
that
we
have,
and
then
we
have
a
couple
of
segments
about
various
things.
A
A
A
All
right
so
I'll,
just
briefly
go
through
giving
us
a
glance
talk
about
some
of
the
forum
activity
this
week.
So
we
had
a
couple
of
kind
of
cool,
active
discussions
again
kind
of
mentally,
focusing
I'm
not
mostly
mixing
somewhat
focused
around
governance.
We
had
a
thread
from
member
matt,
rubidowicz
who's
been
working
on
some
raw
assets,
integration,
stuff
talking
about
a
perspective
of
an
off-chain
senior
physician
lender
kind
of
talking
about.
A
A
We
also
had
the
thread
from
last
week:
governance
forget
about
whales
originally
started
by
planet
x.
His
discussion
on
that
was
kind
of
continued
kind
of
some
useful
points
being
brought
up
about
various
things,
and
then
we
had
a
kind
of
thread
resurface
talking
about
why
users
might
choose
maker
over
compound
or
fa
or
other
secondary
landing
platforms,
again
sort
of
discussion,
just
kind
of
covering
some
of
the
differences
like
the
various
risks
and
advantages.
A
Then
what
covers
actual
discussions
in
terms
of
seeking
consensus
so
signal
requests?
We've
had
one
new
signal
request
this
week
from
some
m.
Who
will,
I
suspect,
talk
about
it
later
talking
about
accelerating
the
psm
launch,
based
on
some
recent
feedback
around
losing
market
share
in
latin
america
in
comparison
to
usdc.
A
We
also
started
looking
at
the
kind
of
looking
in
more
detail
at
the
dss
gov
proposed
changes
and
kind
of
trying
to
identify
if
any
of
the
other
proposed
changes
that
we've
kind
of
discussed
in
the
wake
of
the
flashlight
instance,
the
other
week
can
kind
of
slot
in
there.
So
I'm
having
to
talk
to
chris
and
some
of
the
other
devs
about
that
sometime
soon,.
A
Right,
I
think
that
pretty
much
covers
governance
updates.
I
guess
in
terms
of
polls
we
had
the
myth,
inclusion
polls
last
week
or
this
week.
Sorry
finishing
today
haven't
checked
me
out
coming
up,
I'm
sure
charles
will.
Let
us
know
later
all
right.
I
think
I'll
send
it
over
to
chris
then
from
smartcontracts.
B
So,
let's
see
so
I'll
do
what
I
usually
do
I'll
talk
about.
Last
week
we
did
the
weekly
executive
so
ballet
and
wi-fi
a
are
both
now
collaterals
added
to
the
system
between
the
gsm
delay
of
72
hours
and
the
office
hours
modifier.
That
didn't
happen
until
I
think
like
an
hour
ago.
So
those
are
active
now
so
keep
an
eye
out
to
see
if
their
debt
ceiling
start
to
get
consumed.
There
was
also
some
dc
adjustments
in
the
for
various
collaterals.
B
B
For
that
the
timeline
looks
like
it'll,
be
that
that
if
you're
familiar
with
the
us
holidays
the
thanksgiving
week,
I
think
that
the
thursday
you
know
friday,
the
27th
for
americans-
or
maybe
even
canadians-
I
don't
know-
that's
black
black
friday,
we'll
have
an
executive
that
we'll
go
live.
That'll
will
put
in
the
governance
fix
it'll.
Take
some
time
to
go
through
just
like
these
collateral
editions
did.
B
But
so
stay
tuned
to
the
forums
for
an
update
on
that,
and
then
sam
has
resurrected
totally
on
his
own.
You
know,
I
think
some
discussions
around
the
peg
had
him
resurrect
this
psm
idea
and
he's
got
some
code
to
accompany
it.
So
people
probably
want
to
pay
attention
to
that.
It's
it's!
It's
been
said
in
ancient
manuscripts
that
sometimes
the
m
and
sam
m
stands
for
machine.
B
B
So
thanks
sam
for
putting
the
work
in
and
then
an
update
for,
I
guess
maybe
personnel
or
people
so
will
barnes
is
no
longer
with
a
foundation
he's
one
of
the
domain
team
actors
for
smart
contracts,
but
the
really
the
good
news
is
that
he's
going
to
be
putting
in
a
lot
more
hours
for
the
dow.
So
so
starting
next
week,
it
sounds
like
we
may
have
him
on
mip
21
collateral
onboarding
for
real
world
assets,
but
so
we'll
get
another.
B
B
If
it
doesn't
look
like
that'll
make
it,
but
and
then
whatever
other
pulling
results,
we're
also
going
to
try
and
do
a
collateral
assessments
for
uniswap,
v2,
wptc,
f
pair
uni,
proper
ave,
proper
ren,
btc
and
tbtc
and
mip
14,
17
and
25
are
still
in
review.
We
just
haven't
gotten
around
to
those.
Yet
the
foundation
continues
to
sort
of
work
on
the
liquidations
to
a
roadmap,
we're
finished
discussing
stuff
with
auditors
and
are
reviewing
the
various
auditors
and
we'll
probably
make
our
selections
pretty
soon.
B
B
I
think
oh
yeah
yeah,
that
that
should
I
mean
I
guess
we
should
just
sort
of
craft
that
up
that
it
wasn't
really
on
my
radar,
but
I
don't
think
that
it's
too
complicated
so
yeah
we
should.
We
should
build
a
you
know,
an
executive
that
would
deploy
it
and
we'll
have
to
figure
out
where
to
slot
it
in
we've
got
a
lot
of.
B
A
B
C
Yep,
that's
a
good
idea.
Actually,
that
was
what
I
was
going
to
comment
on.
Earth's
is
as
just
the
mouthful
that
you
gave
of
all
the
stuff
you
guys
have
been
working
on
that.
I
just
want
to
say
great
job
that
you
guys
keeping
up
on
all
this
and
so
great
work.
That
was
all
I
had,
but
yeah
some
sort
of
agenda
on
this
something
I
was
going
to
suggest.
C
C
You
know
that's
that
we
do
but
just
a
place
where
you
can
see
a
running
list
of
all
the
stuff
everybody's
done
in
the
past
like
in
in
one
hive.
They
use
it
as
a
check
in,
but
just
so
that
when
people
at
one
place
they
can
look
and
see
everything.
That's
been
done
like
over
the
past
three
months
or
the
coming
three
months.
B
Yeah
we'll
have
to
talk
about
what
you
know.
We
use
clubhouse
internally
at
the
foundation
to
track
stuff,
but
we
can
use
github,
kanban
boards
and
other
stuff,
and
that
that
you
know
we
probably
need
to
start
to
discuss
exactly
what
we're
going
to
do
in
the
community.
What
what
the
right
tooling
would
be,
what
people
would
want.
D
Right
go
ahead,
nick
and
especially
kind
of
as
we
kind
of
transition
to
this
more
kind
of
dow
centric
model
right,
where
there's
more
domain
teams,
in
particular
right
domain
teams
that
are
external
to
the
foundation.
We're
going
to
need
a
way
to
kind
of
keep
track
of
activity,
keep
track
of
work
right,
especially
if
people
are
getting
right
like
paid
by
the
protocol.
You
want
to
make
sure
that
they're,
actually
right
continuously
actually
delivering.
D
E
F
E
It's
been
taking
long
because
there's
a
lot
of
kind
of
connecting
factors,
but
essentially
the
like
domain
teams,
who
propose
a
budget
and
they'll
be
an
introduction
to
something
like
objectives
that
are
tied
to
a
a
road
map
like
a
december
like
a
dow
road
map.
Essentially,
we
haven't
gotten
to
the
details
of
tooling,
but
I
think
just
getting
the
mental
model
first
is
where
we're
shooting
for.
A
D
Yeah
sure
I
I
think
chris
has
said
said
everything
for
the
most
part
we're
just
kind
of
rounding
out.
You
know
what
we
have,
what
we
expect
to
do
before
the
end
of
the
year
and
kind
of
just
aligning
on
on
dates
between
all
the
domain
teams
on
when
we
can
deliver
what
so,
we
hope
to
get
a
bunch
of
the
collateral
onboarding
assessments,
basically
out
next
week,
basically
what
we
want
to
do
through
the
end
of
the
year.
D
So
then
there's
kind
of
like
a
public
record
that
everyone
can
look
on
and
kind
of,
see,
see
the
progress
on
on
that
we're
we're
kind
of
I'm
I'm
at
least
on
the
oracle
side
finishing
up
on
the
the
you
know,
swap
lp
code,
just
waiting
on
a
few
more
kind
of
external
reviews
and
some
feedback
to
do
kind
of
one
final
iteration
and
we
need
to
add
like
a
couple
more
kind
of
administrative
functions.
But
apart
from
that,
it's
it's
looking
like
we're
we're
doing.
D
D
D
Some
of
you
may
know
him
very
well,
and
some
of
you
are
about
to
get
to
know
him
very
well,
so
he's
gonna
be
joining
me
on
the
oracle
domain
team
and
he's
gonna
be
very
visible
and
vocal
in
the
community.
So
I'm
like
I'm
exciting
to
and
he's
incredibly
talented,
so
I'm
very
excited
for
for
the
dow
to
kind
of
get
to
know
him
and
and
see
what
what
he
can
do.
A
G
Yeah
rain
btc
risk
assessment
was
published
yesterday
by
our
two
external
analysts.
Andre
and
ernie
parameters
that
were
proposed
are
a
bit
conservative,
but
I
think
they're
actually
quite
appropriate
for
based
on
the
findings
of
the
report,
both
andre
and
the
rna
and
yeah
yen
is
actually
known
community
member
for
some
time.
Many
of
you
should
know
him,
so
they
are
they're
now
moving
on
to
evaluation
of
tbtc,
and
hopefully
we
can
onboard
both
ram,
btc
and
tbtc
towards
the
end
of
this
year
and
expect
some
demand
there.
G
Since
we
know
how
popular
btc
vaults
are,
we
are
also
actually
finalized.
The
first
unilp
risk
evaluation.
Monet
supply
did
it
to
be
more
specific.
The
first
evaluation
was
for
usdc8
unilp
and
then
plans
to
make
another
one
for
diet,
which
should
be,
of
course
much
different
from
usd
and
then
do
another
one
for
red,
bitcoin
it
unlp
and
then
we'll
probably
publish
all
of
them
from
our
site
towards
the
end
of
this
month.
So
we
can
onboard
unilps
in
december,
as
was
somehow
agreed
between
the
main
teams.
G
G
A
risk
assessment
for
success
is
also
more
or
less
finished
now
and
was
made
by
sebastian
and
is
currently
in
internal
review,
review
phase,
new
silver
drop
and
cargo
free
drop
risk
assessments
are
also
in
progress.
These
two
are
covered
by
will
and
phil
and
there's
also
initial
discussion
for
another
potential
real-world
test
implementation,
which
was
proposed
by
april's
real
estate,
which
is
proposing
sort
of
a
tokenized
real
estate
collateral,
and
that's
that's
all
from
our
site.
This.
A
E
E
We
I'll
drop
the
link
in
the
in
the
chat
so
we'll
be
giving
an
update
on
the
forum
as
well,
hopefully
by
next
week
on
the
community
side,
there's
sort
of
two
two
main
things:
one
we've
been
working
with
some
senior
contributor
leads
to
define
kind
of
like
a
fresh
vision
and
objective
for
community
development.
So
these
objectives
will
allow
wider
community
members
to
engage
deeper
with
maker,
dao
and
governance.
A
F
Hello
thanks
so
yeah
yesterday
we
had
another
real
world
assets.
Edition
call
with
the
bad
white
from
paper
chain
for
those
that
don't
know
paper
chain
they're
also
with
the
centrifuge.
So
I
guess
they
come
after
or
in
line,
I
would
say
after
new
silver
and
console
fright
and
what
they
do
is
they
do
analytics
on
spotify,
youtube
and
other
platforms
and
because
they're
able
to
predict
how
much
money
these
platforms
are
going
to
play
to
the
artist
or
labels
they
can
advance
part
of
the
of
the
revenue.
F
So
it's
a
it's
a
really
cool
project
for
those
that
want
to
check
out
the
the
talk
it's
already
on
youtube
and
the
notes
are
coming
soon.
Oh
by
the
way
last
year
they
did
a
pilot
with
the
maker
foundation.
So
it's
they
already
have
some
kind
of
traction
and
yeah.
For
next
week
we
will
have
set
protocol.
So
the
creators
of
token
set
with
index
cop,
which
was
the
set
protocol,
is
an
asset
management
protocol
in
the
d5
space
and
they
created
a
d5
pulse
index
set.
F
H
Please
correct
me
if
I'm
wrong,
but
this
bundle
poll
will
run
for
three
days
as
well
and
end
on
thursday
november
19th
and
then
on
thursday.
We'll
have
long
confirm
the
results
of
that
in
preparation
for
the
monthly
mips
executive
vote
that
will
go
the
following
monday,
so
we
had
a
couple
new
proposals
coming
to
rfc
this
weekend.
The
first
one
was
the
actual.
It's
been
a
prenup
discussion
for
quite
some
time
now
and
it's
the
proposal
to
have
the
maker
protocol
cover
with
nexus
mutual,
and
it
is
a
declarations
of
intent.
H
And
then
the
remaining
proposals
in
nrc
that
were
not
formally
submitted
for
this
month's
governance
cycle
are
the
governance
contract
redesigned
the
dss,
gov
and
mep17
the
weekly
actual
debt
ceiling,
adjustments,
which
may
or
may
not
be
withdrawn
or
become
obsolete,
as
we
have
the
instant
access
module
going
through
this
month
for
debt
ceiling
adjustments
as
well
in
terms
of
collateral,
onboarding
updates,
the
executive
vote
to
officially
onboard
wi-fi
and
balance
to
the
maker
protocol
officially
passed
on
november
8th
and
was
executed
today.
So
you
can
now
use
those
collateral
types
on
oasis
borrow.
H
Next,
we
have
the
community
greenlight
pools.
They
will
be
going
out
on
monday
and
will
run
until
november
30th
and
this
month
there's
a
only
two
of
them
actually
so
nexo
and
wi-fi,
and
for
more
details.
You
can
check
out
the
cloud
onboarding
prioritization
framework
for
all
the
statuses
on
the
other
collateral
types
that
have
come
in
over
the
past
couple
months
and
their
prioritization
score,
and
it
was
short
today,
but
that's
it.
A
I
A
I
think
the
closest
one
was
the
calendar
exceptions,
but
there
was.
It
was
still
like
five
thousand
ahead
of
yes,
we're
still
five
four
thousand
ahead
of
no,
so
that
puts
above
the
inclusion
threshold
cool
all
right.
Let's
have
tim.
Do
you
want
to
do
the
new
community
portal
kind
of
run
through
launch
discussion
here?
I
Cool
all
right,
so
I'm
here
to
talk
about
the
community
development
portal.
Technically
speaking,
the
presentation
is
from
shay
fitzpatrick
our
designer
here
on
this
screen
of
who
built
this
thing,
including
where
john
taylor
foster
myself,
amy
and
10
other
contributors
who
worked
since
april,
or
so
everybody
probably
has
their
own
term,
for
what
a
portal
is.
But
the
community
development
portal
specifically
is
a
hub
for
hosting
programs
and
community
generated
resources
for
improving
the
management,
onboarding
and
growth
of
maker
dao.
I
We
needed
a
platform
that
makes
it
friendly
for
contributors,
content,
creators
and
developers
to
collaborate
maker
dao
is
global,
so
we
had
to
solve
for
localization
right
out
the
gate.
It
cannot
be
nice
to
have
I'll
get
into
that
later
and
we,
as
I
said,
wanted
to
make
it
visually
appealing
supporting
things
like
landing
pages
specialized,
embeds
videos
call
outs
buttons.
You
know
the
snazzy
stuff,
and
so
the
new
portal
was
uniquely
designed
with
a
content.
First
approach.
I
We
actually
approached
a
content
designer
who
took
a
look
at
what
we
had
originally
and
then
restructured
everything
together
to
be
a
digestible
format.
So
this
is
sort
of
a
spaghetti
site
map
of
everything
that
were
that.
What
that
we
had
right
and
there's
sort
of
these
three
paths,
a
learn,
a
contribute
and
a
funding
path.
I
Right,
learn
giving
you
explanations
of
concepts
and
further
reading,
contribute
on
becoming
part
of
the
community
and
funding
for
applying
to
many
of
the
programs
that
we
have
under
community
development,
whether
it's
hackathons,
meetups
or
larger
grants,
and
so
it's
important
to
talk
about
how
it's
structured,
because
we
had
to
build
the
thing
and
meet
rajon
our
resident
mad
scientist
maximum
crash
on
twitter.
You
can
also
add
him
on
rocketchat
he's
just
rayjohn.
I
He
built
grants.makerdao.com
for
us
and
then
jumped
onto
the
portal
project
where
he,
as
I
mentioned,
saw
an
outcry
of
concerns.
They're
all
listed
on
this
slide
I'll
share
this
presentation,
but
basically
in
a
nutshell,
it
was
difficult
to
collaborate,
difficult
to
coordinate
and
difficult
to
style.
I
Landing
pages
were
hard
to
see,
I
mean
there's
it
just
it
goes
on
and
on
where
we
we
had
to
solve
some
problems,
and
so
he
built
a
solution
which
was
a
quote:
unquote:
dream
git,
based
cms
right,
create
a
low
friction
for
making
new
content
and
adding
new
features
where
content
creators
have
complete
control.
There's
a
manageable
skill
ceiling
for
getting
started
a
little
bit
of
a
lift,
but
it's
not
too
bad.
We
wanted
to
make
the
site
way
more
controllable,
so
you
can
make
it
look.
I
I
Dye
ui
connects
us
to
the
foundation
for
brand
identity,
and
it
also
has
emotion.sh
for
some
css
javascript
mdx
solves
a
really
big
problem,
for
collaboration
is
sort
of
the
bread
and
butter
of
every
page
and
lunar
is
a
static
search
index,
which
is
pretty
great
for
people
whose
internet
is
low.
Connectivity
and
rajan
built
a
custom
translation
module
which
is
pretty
snazzy,
and
so
the
stack
solves
for
a
bunch
of
specific
issues.
I
It
keeps
github
as
the
source
of
truth
for
communication
collaboration
permissions.
Basically,
the
entire
history
of
the
project,
dye
ui,
maintains
a
design
bridge
between
the
foundation
and
the
community.
Gatsby's
graphql
api
makes
directory
problems
easier
if
anybody's
ever
worked
with
getbooks.
You
know
a
summary
md
file
probably
way
too
well,
and
mdx
means
that
no
one
has
to
learn
a
new
language
right.
I
We
were
working
entirely
in
markdown,
and
now
we
have
this
extended
format
where
you
actually
are
more
empowered
as
someone
who's
making
a
web
page
on
our
website,
and
so
it's
actually
a
secret
sauce.
This
is
rajon's
secret
maximum
crash
plan
as
a
to
create
an
architecture
for
a
silent
on-ramp
to
turn
content
creators
into
web
developers.
So
the
more
someone
wants
something
out
of
a
page
to
put
this
thing
here
to
make
this
button.
Do
this
to
extend
to
this
box
the
more
that
they
become
a
front-end
developer.
I
So
writing
content
starts
to
become
writing
code
knowledge
becomes
power,
and
so
that's
his
secret
plan
and
we've
done
it
with
10
people
and
I'm
always
happy
to
onboard
new
folks.
Anyway.
It's
important
to
also
talk
about
the
design,
because
I
mentioned
shea
earlier
on.
We
asked
shea
to
come
in
and
establish
a
visual
identity
for
community
development
stemming
from
the
core
maker
maker
brand,
but
reflecting
the
distinct
you
know,
sort
of
personality
of
what
community
development
is.
I
Then
apply
that
design
language
to
the
components
that
we
had
sort
of
designed
and
then
provide
designs
for
home
and
landing
pages.
Basically,
all
of
our
contributors,
you
can
always
find
us
in
rocket
chat,
we're
asking
for
more
humanness
to
the
community
development
universe,
and
so
she
did
this
by
user
research.
She
just
popped
something
into
the
community
development
channel
designed
three
stan.
I
Sorry,
three
themes
showed
up
at
stand-ups
honed,
all
of
those
found
another
contributor
to
make
characters
and
illustrations
and
sort
of
pursue
the
idea
of
simple,
friendly,
organized
and
fun,
and
that
looks
like
this.
So
this
is
some
of
their
work
in
progress,
a
light
and
a
dark
mode,
some
of
the
buttons
some
of
the
little
characters-
and
this
is
actually
some
of
the
work
in
progress
that
resulted
in
this.
So
can
everybody
see
the
website
now.
I
Excellent
good
always
worried
that
some
housing
will
break
when
you
need
it.
So
now
we
have
this
actual
landing
page,
which
is
like
pretty
rad.
There
are
calls
to
action
on
everything
and
it
takes
us
to
these
different
sections
that
we've
got
up
in
the
top
that
I
mentioned
before,
learn
contribute
and
funding.
So
I
mean
I
don't
know
what
else
to
say,
but
other
than
just
go
check
it
out.
We're
always
happy
to
have
people
come
in
and
become
a
part
of
it.
You
can
clone
the
repo
at
any
time.
I
It's
just
makerdale
community
on
github.
You
can
install
the
stack
and
you
can
always
hop
into
community
development
and
share
your
feedback.
We
love
bringing
new
people
on
board,
because
this
is
for
all
of
you
and
since
it's
powered
by
that
stack,
it
means
any
one
of
you
can
put
up
a
pr
with
a
new
page.
So
with
that
I'll
stop
we're
going
to
share
a
link
to
this
in
the
snippets
today.
E
C
I
C
K
K
K
Now
it's
pretty
steady
there,
it's
better
than
it
has
been,
but
it's
still
not
quite
good
enough,
and
so,
in
my
view,
we're
kind
of
in
this
worst
of
both
world
situation,
where
we
have
massive
stable
coin
exposure,
but
die
is
still
not
quite
at
one
dollar.
So
I'm
of
the
opinion
we
should
just
sort
of
take
that
final
step,
and
you
know
whether
our
usdc
exposure
goes
up
to
100
or
a
thousand
million
it's
at
500
million
right
now,
roughly
if
it
goes
up
to
a
thousand
million
like
it's.
K
So
the
issue
kind
of
with
just
sort
of
like
like
say
we
go
with
the
current
solution
and
just
sort
of
lower,
say
usdca
down
to
like
100.1
percent
collateralization
ratio.
We
were
running
to
this
problem
before
where
there
was
this
specter
of
liquidations,
that
we
would
have
to
deal
with
eventually
and
timing
and
stuff
like
that,
like
running
the
stability
fee,
such
that
we
only
collect
up
to
about
100
collateralization
this
kind
of
stuff.
K
K
So
I've
made
a
proposal
to
accelerate
the
psm
launch,
basically
not
using
the
monthly
process,
because
that
would
mean
launch,
maybe
by
the
beginning
of
next
year,
which
is
a
little
bit
too
slow.
I
think
if
we,
I
think
we
can
do
it
by
the
end
of
the
month
ish
and
then
we
can
get
all
the
stable
coin
vaults
to
switch
over
of
their
own
free
will
and
the
ones
that
are
left
over.
K
K
H
A
Yeah
anyone
feel
free
to
jump
in
with
thoughts.
I
know
so
I
know
previously
when
we
had
the
so
maybe
I
should
put
history
into
this
a
little
bit
so
previously
when
we
had
the
psm
discussion
and
we
had
a
psn
poll,
the
poll
ended
up,
failing
like
with
like
quite
close
things
like
55
to
45
or
something,
and
that
paul
took
place
like
subsequent
to
the
maker
foundation,
saying
that
they
couldn't
work
on
it.
So
potentially
that's
the
reason.
A
M
Well,
I
would
say
that
the
points
priced
raised
against
the
psm
time
probably
largely
still
stand
today.
I
don't
think
that
much
has
changed
in
that
regard.
I
think
the
main
change
has
been
that
we've
been
running
a
policy
which
is
effectively
quite
similar
to
or
in
some
way,
similar
to
psm,
at
least
in
the
way
that
it
gives
the
stable
coin
exposure
in
the
form
of
low
liquidation
ratio.
Usdc
vaults-
that's
probably
the
biggest
kind
of
change
in
the
landscape
since
that
earlier.
M
I
would
also
just
want
to
add
that,
at
the
time
psm
was
being
proposed
as
an
emergency
measure
that
would
go
through
a
very
accelerated
process,
and
specifically,
the
poll
was
was
about
whether
the
psm
should
be
implemented
as
an
emergency.
It's
an
emergency
measure,
so
I
think
you
know,
including
myself.
Many
people's
objection
to
it
was
that
it's
going
to
require
further
thought
and
it
wasn't
completely
obvious
and
it
should
be
pushed.
K
Yeah
with
regards
to
sort
of
the
emergency
measure,
I
don't
think
it's
an
emergency,
but
we
should
be
considering
this
within
the
next
few
weeks
because,
as
we
speak,
the
stablecoin
vaults,
they're,
all
ticking
down,
I
believe,
was
at
last.
I
checked
they're
at
about
100.42
collateralization
and
every
10
days
they
tick
down
by
another
0.1
percent.
So
we
want
people
to
naturally
unwind
their
positions.
We're
going
to
need
to
go
forward
with
this
sooner
rather
than
later,
or
shut
off
the
stability
fees
or
something.
L
K
Yeah,
so
basically,
on
this
side,
it's
somewhat
similar
to
the
100
point
or
sorry,
101
percent
liquidation
ratio,
usdca
vaults,
the
nice
part
is
because
it's
pooling
all
the
usdc
and
it's
open
to
the
market
at
large
as
soon
as
we
drop
down
below
the
lower
end
of
the
t
out
parameter.
So
in
this
case,
if
we
go
with
0.1
percent,
it
would
be
0.999
as
soon
as
die.
Drops
trading
below
0.999
against
usdc.
K
C
C
I
really
wanted
to
be
more
prepared
to
talk
about
this,
because
there's
a
lot
of
issues
that
factor
in
here
with
related
to
perception
of
dye
and
risk
and
kind
of
what
you
think
about
all
this.
But
when
I
looked
at
what
what's
happening
with
the
usbc
vault
as
long
as
you
have
dc
and
you're
not
and
you're
willing
to
give
up
on
fees
somewhere
like
if
we
want
to
peg
to
usdc
you
kind
of
don't
care
really
like
the
what's
the
risk,
then
we've
already
assumed
the
blacklisting
risk.
C
C
Let's
say:
usdc
goes
to
0.985,
even
in
this
psm
thing
at
the
usdc
you're
holding
and
giving
die
out
for
you're
kind
of
giving
die
out,
potentially
at
a
higher
value
in
usdc
against
the
usdc
again
in
the
us,
in
the
or
against
the
usd
value
of
the
usdc,
and
so
there's
like
some
hazard
here.
I'm
trying
to
sort
out
and
I've
been
writing
writing
an
article
on
this,
and
it's
leading
me
to
other
ideas
that
I
think
look
really
good
for
maker,
and
so
it
comes
back
to
do.
C
We
give
up
on
the
fees
on
this
to
get
peg
management
and-
and
I
can't
have
the
answer
to
that-
I've
just
been
trying
to
work
up
the
ideas
and
if
I
had
any
solution,
I'd
say:
let's
pause
the
dang
sf
here,
so
we
can
buy
us
some
time
to
figure
out
how
we
want
to
navigate
out
of
it.
Beyond
that,
we've
already
assumed
the
risk
hazards.
C
It's
just
do
we
want
to
grow
them
or
not
before
we
can
find
our
way
out
and
do
we
want
to
push
through
with
something
that
could
have
a
little
more
thought
and
I'm
just
trying
to
get
the
time
together,
because
I'm
there's
so
many
things
I'm
doing.
But
this
is
a
complicated
issue
to
sort
out,
and
it's
leading
me
to
some
interesting
ideas
that
I
wanted
to
reveal
in
forum
posts.
D
Yeah,
so
we
can
always,
you
know,
make
an
actual.
You
know
floating.
You
know
price
right
like
we
can
always
create
an
oracle
for
for
the
stable
coins,
but
right
now
I
just
don't
see
a
good
reason
to
do
so
right,
like
as
the
it's
it.
It
should
be
binary
right
like
either
there
is
money
backing
usdc
where
there
is
not
right,
so
you
either
have
the
redeemability
guarantee
or
you
don't
if
we
were
to
have
right,
a
floating,
stable
coin
price.
D
You
know
people
wouldn't
be
nearly
as
comfortable
taking
the
amount
of
leverage
that
that
we're
seeing
right,
which
could
have
destabilizing
effects
on
the
peg
right,
because
right
now
with
very
little
money,
you
can
get
a
bunch
of
leverage
right
and
just
hammer
the
thing
back
down
to
to
a
dollar
and
one
right.
But
you
can
only
do
that
because
of
the
confidence
that
people
have
to
to
not
get
liquidated
right.
D
K
Yeah
one
other
thing
I
just
want
to
reiterate
is
that
sort
of
I
view
this
as
a
temporary
solution
to
retain
users
that
we're
losing
in
latin
america
and
integrators
and
stuff
like
that,
that
we're
hearing
again
and
again
that
they
are
abandoning
die.
So
it
doesn't
matter
if
we
have
the
most
decentralized
best
stable
coin
in
the
world.
If
there's
no
users,
that's
a
serious
problem,
so
I
this
is
not
my
ideal
situation.
B
I've
gotta
go
in
a
second,
but
I
I
you
know
wanted
to
just
sort
of
add,
also
echoing
what
sam
just
said.
I
obviously,
I
think,
maybe
was
clear
from
last
time
was
not
a
huge
fan
of
the
psm,
so
I
think
it
creates
a
kind
of
you
know
that
empty
shelf
situation
and
we're
talking
about
narrowing
the
band
of
the
psm
right
to
the
empty
shells
standpoint.
But
I
think
at
this
point
the
risk
of
losing
users
that
apparently
don't
care
about
decentralization
of
dye
is
is
probably
worse.
B
I
think
it's
worth
everyone
sort
of
looking
through
lix's
arguments
he's
a
you
know.
He
does
arbitrage
around
the
dark
dye
peg
and
I
we
are
going
to
sort
of
remove
the
market
for
people
that
will
create
vaults
in
order
to
mint
die
in
order
to
take
advantage
of
an
arbitrage,
and
maybe
that's
okay,
that's
fine,
and
then
I
wanted
to
add
one
other
thing:
the
this
implementation
that
sam
is
discussing.
B
I
I
think-
and
maybe
this
other
smart
contracts
guys
should
think
about
this,
but
I
think
this
might
also
make
it
so
we
could
take
effectively
like
take
any
liquidated
positions
that
we
have
currently
or
that
would
be
liquidated
in
usdca
and
pax
usda
tusda.
We
could
take
those
once
they
got
really
close
to
that
sort
of
one
dollar
mark
before
they
were
like
completely
under
collateralized,
and
I
think
we
could
actually
sweep
them
into
the
psm,
which
means
rather
than
liquidating
them.
B
We
kind
of
you
know,
could
move
them
into
the
psm
and,
as
a
result,
they'd
just
be
available
for
the
market.
Whenever
you
know
die
price
drop
below
a
dollar.
You
know
people
just
be
able
to
sort
of
pick
it
up,
and
then
we
don't
have
the
like
liquidation
problem,
and
if
we
did
that
periodically,
you
know
it
would
allow
the
existing
usdca
or
other
vaults
to
continue
to
function
and
and
directly
sweep
things
out.
B
L
I
just
want
to
chime
in
here
too,
that
it
was
mentioned
earlier
on.
This
call
that
you
know
the
foundation
can't
help
out
with
this,
which
means
that
you
don't
have
the
benefit
of
the
smart
contracts
team
reviewing
and
auditing
this
code.
I
would
strongly
suggest
that
the
community
seek
out
audits,
or
you
know,
find
trusted
people
that
can
can
audit
this
code
so
that
they
feel
comfortable
with
comfortable
with
it.
Before
rushing
this
into
the
system.
D
And
and
keep
in
mind
right
that
the
audit
doesn't
need
to
be
free
right,
like
the
the
fees
can
come
from
the
stability
fee
buffer
right,
we
do
have
functionality
to
pull
to
pull
die
out
of
there.
You
just
need
to
kind
of
make
sure
that
whatever
auditor
you
choose
is
willing
to
accept,
die
or
crypto
or
something.
L
D
K
K
M
M
I'd
like
to
mention
another
stable
coin
related
proposal-
that's
coming
shortly-
that
I
think
has
been
discussed
in
some
forms
before,
but
the
the
main
idea
is
looking
at
ways
to
to
deploy
the
current,
essentially
finding
ways
to
deploy
maker's
current
stable
point
exposure
into
into
farming
in
in
d5.
That
would
allow
maker
to
capture
to
capture
farming
yields
that
have
actually,
you
know,
been
the
root
cause
of
of
of
the
overwhelming
dragon
man
this
year.
M
K
C
M
Yeah
exactly
so,
I
can
just
kind
of
really
quickly
run
through
the
numbers,
which
is
also
interesting,
maybe
on
the
risk
side.
For
what
this
would
look
like
note
that
all
the
numbers,
I'm
going
to
say
now
or
you
know
within
the
last
few
days
fairly
realistic,
but
just
for
simplifying
the
you
know
kind
of
mental
computations
that
I'm
sort
of
arounding.
M
So
you
know,
if
you
have
this
thing
with
national
temperature
ratio,
that's
essentially
going
to
give
the
user.
You
know
up
to
11x
leverage
on
compound
usbc,
so
they
can
multiply
their
your
yield
by
11x.
Now,
obviously,
we're
also
going
to
charge
a
we're,
also
going
to
charge
a
disability
fee
and
let's
say
we
charge
a
pretty
aggressive
stability.
If
you
give
10
right
we're,
assuming
that
you
can
get
fifteen
percent
from
from
the
recycled
from
your
recycled
compute.
M
M
If,
if
at
all
right,
because
of
all
these
issues
with
offloading
and
and
collecting
these
on
this
collateral,
you
know
we
can
still
have
liquidations
disabled
for
this
possible
type,
but
with
a
110
integration
ratio,
we
can
easily
collect
a
10
stability
fee
for
a
year
before
worrying
about
how
to
liquidate
it.
By
that
point,
no
improvements
to
the
liberation
mechanism,
like
the
division,
2.0
and
so
on,
are
likely
to
be
in
place.
So
that's
that's.
K
M
Yes,
that's
correct,
so
there's
a
subtlety
to
the
to
the
compound
to
the
compound
reward
formula,
but
indeed,
if
you
actually
tilt
the
scales
in
favor
of
a
different
of
a
different
aspect,
which
I
think
this
almost
certainly
would
because
we
would
have
this
for
usdc,
for
example.
But
we
would
not
have
this
for
die
right.
So
adding
this
for
dog
would
not
be
attractive
for
us,
because
we
would
still
be
sucking
up
all
the
style
community
into
compound
and
not
solving
the
actual.
L
M
M
You
know
this
specific
integration
and
also
compound
in
general
platform,
and
the
second
risk
is,
you
know,
compound
solvency
risk,
which
is
that
when
you
have
a
claim
on
on
usdc
or
any
other
acid
in
compound,
then
it's
not
strictly
equivalent
to
that
underlying
asset
because
compound,
actually,
you
might
have
to
withdraw
it
from
compound.
It
is
possible
for
compound
to
be
a
state
where
it
can't
be
withdrawn
either,
because
compound
is
the
liquid,
because
you
know
they
might
just
have
that.
M
Let
that
acid
out
and
don't
have
a
consistency
to
get
to
you
or
because
it's
actually
solvent,
which
would
happen
if
positions
went
underwater
and
clutchfield
wasn't
actually
enough
to
recover
the
value
of
the
loans.
So
so
you
are
you
so
basically
summarize
we're
adding
we're,
adding
some
more
contract
risk
and
we're
adding
confidence,
obviously
risk
and
those
things
we
have
to
keep
in
mind
as
we
set
the
death
ceiling
for
this.
M
For
this
thing,
I
think
it's
reasonable
on
smart
contracts
that
mitigate
that
by
starting
with
lower
debts
and
improving
the
concept
getting
third
party
audits
on
this
on
this
code
and
then
on
the
compound
exposure
side.
It's
it's
more.
It's
a
more
subtle
question
about.
You
know
the
the
risk
team
and
the
community's
attitude
towards
towards
combat
risk.
M
You
know,
unfortunately,
we've
kind
of
been
we've
sort
of
been
exposed
to
risk
from
coming
from
other
platforms
introducing
this
year
with
d5,
whether
we
like
it
or
not-
and
you
know-
we've
been
kind
of
very
good
at
having
these
emergency
situations
because
of
what's
going
on
in
other
places.
This
kind
of
you
know
kind
of
addresses
a
bit
more.
M
It's
also
worth
noting
that
we
don't
know
how
compounded
governance
will
manage
comp
rewards
in
the
future,
so
it's
impossible
to
predict
what
computers
would
be
in
the
future.
It
depends
not
only
on
the
market
but
also
on
their
governance.
We
also
don't
know
how
compound
governance
would
you
react
specifically
to
this
integration?
I
mean
you
know,
there's
been
plenty
of
energy
fight,
pretty
positive.
M
You
know
variously
used
integrated
farming,
so
it's
I
don't
think
anything
about
this
proposed
was
really
unprecedented
aside
from
the
fact
that
we're
actually
doing
primary
issues
to
die
against
a
against
a
yielding
you
know
a
farming
asset
which
is
something
that
we've
never
done
before,
but
I
think
those
are
kind
of
big
unknowns,
but
I
mean
I,
I
don't
see
those
the
sources
of
risk
so
matches.
You
know
reasons
why
the
landscape
may
change
in
the
future
and
you
know
potentially
change
the.
K
One
other
thing
I'd
like
to
point
out:
I
I
think
this
is
a
pretty
serious
game.
Changer,
in
my
opinion,
not
only
about
this
specific
usdc
and
compound
is
that
this
sort
of
concept
can
generalize
to
most
farming
situations
or
at
least
a
lot,
and
we
can
sort
of
get
these
high
leverage,
stable
coin
farming
with
high
stability
fees
in
place
pretty
much
wherever
farming
is
available
and
permissionless,
and
all
that
I
think
this
is
pretty.
A
J
So
lately
this
has
been
trading
pretty
consistently
around
a
dollar
one
with
you
know,
some
volatility
in
the
last
week,
or
so
both
above
and
below
peg,
are
both
above
and
below
the
the
equilibrium
price
right
now
and
that
a
lot
of
those
trades
have
been
occurring
on
uniswap
v2.
So
we've
seen
that
kind
of
dominate
the
the
share
of
volume
lately
and
then
there
are,
you
know
some
trades
as
well
on
dydx
that
kind
of
stays
centered
around
the
the
median
point
of
those
trades.
J
So
you
know
right
now.
What
we've
seen
is
moments
where
large
trades
will
experience
slippage
on
on
uniswap,
but
in
both
directions,
and
so
that's,
where
you
see
kind
of
this
bias
for
some
of
the
the
larger
circles,
both
above
and
below
the
line
and
then
a
pretty
tight
grouping
of
smaller
circles
like
right
on
the
line.
J
J
J
If
liquidations
were
enabled
that
that
was
about
380
million
die,
so
you
know
basically
the
the
majority
chunk
of
the
usdc
portfolio.
So
you
can
see
the
the
largest
few
positions
have
not
really
been
touched
since
september,
and
those
are
sitting
there.
Basically,
340
million
vaults
have
been
sitting
and
then
we've
got
the
the
fourth
largest
fault
at
22
million.
J
That
was
touched
in
the
last
in
the
last
two
days
and
that
one
is
sitting
at
101
collateralization
ratio.
So
this
is
basically
the
the
trend
you
see
is
the
ones
that
have
been
updated
more
recently
by
the
vault
owner.
Those
tend
to
be
the
ones
that
have
a
slightly
higher
collateralization
ratio,
which
makes
a
lot
of
sense
because
basically,
the
collateralization
of
these
vault
positions
has
been
decaying,
primarily
due
to
just
accrual
of
fees
so
as
well
to
touch
on
just
real
quick.
J
So
the
peg
from
a
usdc
trade
standpoint
basically
echoes,
what's
been
going
on
with
the
implied
ethic
price
and
then
same
with
the
usd
peg
with
a
bit
more
volatility
and
then
again,
usdt
looking
a
lot
like
ustc,
but
with
lighter
volumes
so
yeah.
So
some
of
these
larger
vault
positions
we
go
to
eath.
J
J
J
I
mean
we
had
the
the
largest
position
was
touched
a
day
ago
and
then
the
smaller
positions
there,
basically
in
the
last
week,
so
these
these
positions
tend
to
stay
a
bit
more
current
and
there
is
a
nice
sort
of
distribution
to
the
collateralization
ratios
amongst
the
vaults.
It's
not
like
the
entire
east
eye
portfolio
is
grouped
up
into
two
or
three
large
vaults,
which
is
good
that
that
distribution
tends
to
keep
the
the
debt
portfolio
and
that
collateral
acid
a
bit
more
fresh.
J
So
what
we
see
basically,
is
you
know,
the
vast
majority
of
of
the
wbtc
positions
are
like
190
percent
collateral
is
so,
which
is
a
bit
a
bit
less,
but
you
know
again
there's
that
discussion
around
is
the
bbtc
really
that
much
more
market
volatile,
and
I
think
you
know
generally,
the
consensus
is
no.
So
basically
you
have
you
know
an
85
million
liquidation
wall
there
at
11.9
k
price,
and
then
you
know,
84
million
or
so
well.
J
J
In
terms
of
100.6
in
terms
of
averages
and
the
the
usdc
positions,
those
had
decayed
to
around
100
and
405
percent
100
four
hundred
point
five
percent
collateralization.
So
that
clock
continues
to
tick,
shall
we
say
and
then
yeah
just
in
terms
of
where
a
lot
of
that
dye
is
living.
So
you
know
we
touch
on
the
basically
360
million
in
compound
200
million
in
uniswap
pool
another
32
in
one
of
the
largest
curve
pools.
J
There's
some
farming
pools
like
barnbridge
and
and
the
the
iffy
pools,
which
contain
smaller
amounts
around
20
million
a
piece
and
then
the
ave
pools
around
17
million
and
yeah
these.
So
these
curve
positions
are
fragmented,
a
bit
into
multiple
pools.
But
basically
you
know.
As
we
touched
on
last
week,
you
have
at
least
six
seven
hundred
million
of
of
the
the
die
that's
outstanding,
that
is
in
liquidity,
pools
or
farming
opportunities.
J
So
I
think
the
community
pretty
much
is
aware
that
that's
kind
of
the
the
current
state
of
the
the
diet
portfolio
overall,
the
the
outstanding
amount
of
diet,
did
take
up
a
little
bit.
So
you
know
you
could
see
this
across,
that
that
mean
mark
very
shortly
kind
of
depends
on
what
happens
with
the
stable
coin
pulse.
Okay,
I
will
pause
there,
I'm
happy
to
double
click
on
specific
things.
If,
if
people
have
questions
they
want
to
zoom
in.
J
A
A
A
I
think
we're
probably
just
gonna
skip
the
call
for
thanksgiving,
given
that
many
of
the
people
who
usually
attend
are
going
to
be
on
holiday.
If
anybody
objects
strongly
to
that,
I
guess.
Let
me
know
in
the
next
two
weeks
and
maybe
we'll
reconsider,
but
I
think
it's
probably
best
to
assume
that
there's
gonna
be
one
that
week.
A
A
F
Long,
maybe
to
end
the
call
on
a
positive
note,
something
that
I
think
sam
said
about
projects
not
accepting
die
because
of
the
out
of
fact
situation.
I
don't
know
I
I
don't.
I
don't
know
if
I
fully
agree
with
the
with
the
statement
that
the
peg
is
out
of
control.
I
think
that
it's
it's
within
a
a
range
and
maybe
coming
from
argentina.
F
I
would
say
that
if
the
day
is
worth
more
than
a
dollar,
it's
because
maybe
it
is
more
valuable
than
a
dollar,
and
I'm
not
saying
that
we
should
stop
doing
things
to
to
maintain
the
peg,
and
I
think
that
all
these
tools
are
great
and
we
should
definitely
consider
them
and
work
on
them.
I
think
they're
very
valuable,
but
I
don't
know
if
I
agree
with
the
statements
that
that
these
projects
are
not
are
not
taking
die
because
of
that
and
and
what
not
but
but
yeah
just
just.
A
That's
okay,
yeah
anything!
That's
moving!
Tough,
like
the
the
other
side
right
as
well.
Sorry,
whatever
the
discussion
should
continue
in
the
forum
right
about
the
psm,
I
linked
the
couple
of
threads
seriously.
Maybe
sam
can
make
the
signal
request.
Again,
that's
probably
the
best
place
for
discussion.
A
I
think
the
signal,
I
think
what
did
we
say
ends
the
was
it
the
18th
next
friday
next
friday,
the
20th
right
yeah,
so
there's
just
over
a
week
to
kind
of
open
that
and
kind
of
to
make
your
and
kind
of
make
your
case
for
either
side.
So
please,
if
you
feel
strongly
about
it,
leave
a
comment
and
try
and
try
and
kind
of
explain
why
to
everyone
else
right.
I
think
we
should
wrap
up.
Then
thanks
around
for
coming-
and
I
will
see
you
all
next
week,
thanks.