►
From YouTube: Governance and Risk Meeting: Ep. 110
Description
## Introduction
* @LongForWisdom: Hosting, Introduction, Agenda.
## Weekly Updates
* Governance - @Gov-Facilitators
* Smart Contracts - @Smart-Contracts
* Oracles - @Oracles
* Risk - @Risk
* MIPs - @MIP-Editors
## Procedural
* @LongForWisdom: MIPs Inclusion Review
## Segments
* @amyjung: Introduction to Community Development
* @monet-supply: Vault Compensation Update
* @LongForWisdom: This weeks Executive Vote
* @Vishesh Choudry: State of the Peg
## Discussion Topics
* Continued Peg Deviation
## 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
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
make
it
out
scientific
governance
and
risk
meeting
number
110.
I
think
we're
on
now
taking
place
on
thursday
september
17th
at
1600
utc.
My
name
is
long
for
wisdom,
I'm
the
governance
facilitator
for
maker
dao.
Currently,
I'm
joined
with
a
bunch
of
people
from
maker
and
from
surrounding
things,
so
yeah.
Well,
I
guess
we'll
go
through
the
agenda
shortly.
Just
the
first
kind
of
reminder.
If
anybody
wants
to
speak,
feel
free
to
interrupt
kind
of,
don't
worry
about
about
being
rude.
A
Someone
will
let
you
know
if
it
becomes
a
problem,
so
yeah.
So
the
agenda,
we'll
start
with
the
weekly
updates
from
the
various
domain
teams
and
from
mips
we'll
have
the
mips
inclusion
review
as
we're
at
that
stage.
In
the
governance
cycle,
then
we've
got
a
couple
of
segments.
We're
gonna,
have
amy
young,
doing
an
introduction
to
community
development.
A
A
So
yeah,
I
guess
yeah.
I
guess
I'll
go
through
this
again
and
stuff.
So
we
have
we're
gonna.
Have
that
since
then,
we've
kind
of
had
some
sort
of
more
discussions.
There's
a
poll
that
was
on
chain
on
monday
to
thursday
and
just
finished
that
allowed
make
hold
us
to
signal
for
reducing
the
liquidation
ratio
even
further,
which
it
looks
like
has
succeeded
at
101
percent,
which
is
again
a
kind
of
more
extreme
version.
A
A
All
right
so,
let's
see
the
actual
discussions
yeah,
so
we
had
some
cool
threads
from
a
couple
of
cool
people.
We
had
kurt
from
the
make
finish
and
smart
contracts
team
post
a
threads
talking
about
the
smart
contrast
theme
and
the
domain
work
and
kind
of
talking
about
the
balance
of
responsibilities
and
the
prioritizations
that
that
team
kind
of
needs
to
consider.
A
We
had
matthew,
winowitz
post
a
thread
about
sort
of
a
kind
of
informal
fun
paul
thread,
trying
to
figure
out
how
much
die
people
thought
was
needed
to
get
the
peg
back
to
back
to
one
which,
which
is
some
interesting
discussions,
and
then
we
had
a
us
adventures.
Talk
about
his
a
new
working
group,
he's
he's
kind
of
put
together
to
do
with
real
world
assets.
Onboarding
it's
up
here!
Does
he
want
to
speak
about
that?
Briefly?
B
C
Yeah
absolutely
so
we
had
a
a
very
interesting
call
regarding
real
world
assets.
Ideally,
this
is
a
kickoff
start
for
for
the
group
that
seb
was
mentioning.
We
had
matthew,
avinovitz,
presenting
from
success,
capital
and
lucas
from
centrifuge.
He
was
very
interesting.
The
the
video
is
already
on
youtube.
We
are
we're
transcribing
the
the
notes
and
presentations
to
put
on
the
forum
next
wednesday
23rd.
A
A
I
wish
I
was
wrong,
which
were
from
jackets
and
aaron,
who
kind
of
have
been
signalling
to
try
and
help
us
figure
out
the
parameters
we
should
we'll
be
changing
in
this
week's
executive,
in
addition
to
the
101
liquidation
ratio,
change
specifically
related
to
tusd,
and
then
the
debt
ceiling
on
usdc
a
and
such
I
mentioned.
Most
of
you
have
seen
seen
this
at
this
point,
but.
A
C
D
We
have
whitelisting
kyber
on
the
etheusd
oracle
medianizer
and
lastly,
we
have
an
update
to
the
eth
usd
data
model.
So
you
know
how
do
we?
What
sources
do
we
use
for
each
usd
and
and
how
do
we
calculate
the
price
from
those
so
just
to
touch
on
real,
quick
on
the
the
y
earn
finance
proposal,
in
particular,.
D
D
E
Currently,
balancer
wi-fi
package
and
land,
the
good
news
is
that
we
got
community
volunteers
to
make
collector
evaluations,
so
we
should
be
able
to
to
have
that
whole
process
speed
up
on
on
the
risk
side,
we
also
made
some
progress
on
new
rate
setting
approach.
I
hope
I'll
be
soon
able
to
share
something
within
a
week,
such
as
new
process,
and
particularly
you
know
the
new
formulas
for
for
calculating
or
setting
the
instability
fee,
and
hopefully
we
get
some
feedback
before
before
we
potentially
implement
it.
E
E
G
G
Okay,
so
this
week's
activity
we
had
the
inclusion
polls
for
the
formally
submitted
mips
and
sub
proposals
that
were
proposed
last
week
and
the
results
are
that
they
all
passed,
which
is
great
news
and
then
today
long
prism
is
gonna.
Do
the
inclusion
pool
review
to
confirm
that
these
seven
proposals
can
go
up
for
the
governance
poll
next
monday.
G
So,
as
I
mentioned
on
monday,
we'll
have
the
monthly
mips
governance
pool
be
published
for
those
seven
proposals
and
that
will
run
until
september
24th
before
the
governance
call
and
then
next
thursday,
as
usual
long
for
wisdom,
will
perform
that
governance
poll
review
and
confirm
the
outcome.
In
preparation.
Four
weeks
for
week,
four's
executive
vote
to
ultimately
accept
or
reject
those
proposals
to
maker.
G
In
terms
of
cloud
onboarding,
we,
as
I
mentioned,
those
three
inclusion,
pools
passed
so
they're
gonna
proceed
through
the
rest
of
the
governance
cycle
and
potentially
e3
could
be
proposed
throughout
this
month.
But
that
is
a
question
mark,
and
maybe
one
of
the
domain
teams
can
mention
the
tentative
plans
for
that
in
the
future.
G
The
clara
onboarding
community
greenlight
polls
will
go
live
on
monday
and
so
there's
15
that
will
that's
a
typo
there.
It's
supposed
to
be
15
collateral
types
are
going
up
for
the
community
greenlight
polls
on
monday,
so
check
out
the
collateral
status
index
to
see
which
ones
those
are
and
vote
for
the
ones
that
you
support.
G
The
collateral
types
that
are
in
consideration
for
next
month
are
bowel
land,
packs,
g
and
wifi,
but
of
course
those
are
tentatively
planned.
As
of
now
just
to
reiterate
the
proposals
in
the
rfc
phase,
we
have
quite
a
lot
and
a
lot
of
them
are
potentially
able
to
be
proposed
for
next
month's
governance
cycle
and,
just
to
reiterate,
we
have
mip
14.
The
protocol
die
transfer,
which
is
being
worked
on
by
john
john
eighth,
then.
Hopefully
I
got
that
right
this
time.
G
He
corrected
me
last
time
and
along
for
wisdom,
we
have
the
17
weekly
debt
ceiling
adjustment
proposal
still
in
progress,
mip
20,
the
target
price
adjustment
module,
which
I
do
think
can
go
into
next
governance
cycle
and
then
the
two
real
world
asset
proposals
for
centrifuge
and
matt
rabinowitzes
and
lastly,
the
newest
one,
which
is
mip
23.
The
domain
structure
and
rules
rewrite
and
in
terms
of
the
sub
proposals.
G
Both
are
well.
The
two
main
ones
are
related
to
the
real
world
assets,
basically
declaring
the
intention
behind
what
it
means
for
maker
dao
to
onboard
these
real
assets
and
how
the
actionable
plans
are
put
in
place
and
the
last
one
that
we'll
be
ready
for
next
month's
governance
cycle
is
the
declaration
intent
for
the
strategic
strategic
reserves
fund
by
said
ventures.
G
And
as
always,
these
premium
discussions
are
still
ongoing.
Most
recent
one
was
the
debt
ceiling,
instant
access
module,
which
kind
of
builds
off
of
the
logic
behind
mips
17
for
weekly
debt
ceiling
adjustments,
but
in
a
more
automatic
fashion
and
the
governance
chief,
contrary
redesign
and
how
it
ties
into
vote
delegation
and,
of
course,
the
liquidation,
2.0
redesign.
G
So
today
I
just
wanted
to
leave
it
off
on
topics
that
everyone
should
look
out
for
the
mandated
actors
are
looking
to
provide
an
update
and
an
action
items
timeline
for
improvements,
we're
going
to
suggest
for
the
collateral,
onboarding
process
and
framework.
So
that
should
come
out
tomorrow
and
the
community
grants
for
collateral
onboarding
work
so
how
people
can
get
involved
in
the
clear
onboarding
process.
G
As
primo
was
mentioned
earlier,
the
domain
teams
are
looking
for
more
support
with
respect
to
different
areas.
So
look
up
for
that
and
then
lastly,
which
is
coming
soon,
is
the
collateral
onboarding
prioritization
framework
to
just
be
more
open
and
transparent
about
how
the
domain
teams
assess
the
proposed
collateral
types
and
basically
their
thesis
behind.
Why
they're
doing
things
in
a
certain
way
and
ultimately
allowing
the
green
led
assets
that
people
have
proposed
to
understand
why
their
collateral
assets
have
been
prioritized
or
de-prioritized.
A
H
H
It
included
some
additional
functionality,
but
it
would
be
extremely
time
saving
I
think,
for
governance
for
the
users
and
and
beneficial
to
the
peg
if
we
all
heavily
considered
that
module.
So
as
long
as
it's
configured
well,
it'll
be
able
to
sort
of
auto
raise
the
dc
within
some
like
predefined
bound
so
yeah,
I'm
maybe
campaigning
a
little
bit,
but
please
everybody
check
that
one
out,
it'll
save
all
of
us
a
bunch
of
time
and
headache.
G
Yeah,
I
just
want
a
second
what
chris
said
and
from
my
understanding
the
reason
why
the
initial
mip
17
got
rejected
was
well.
First
and
foremost,
it
was
before
the
kind
of
recent
surge
in
the
need
to
increase
debt
ceilings
as
well
as
the
solution.
The
solution
wasn't
completely
fleshed
out
and
not
everyone
agreed
that
it
was
the
best
way
forward,
but
looking
at
the
instant
access
module,
it
really
makes
a
lot
of
sense.
So
please
check
out
the
discussion
I'll
post
it
in
in
the
chat
as
well.
Yeah.
A
That's
it
yeah
I'll
just
comment
as
well,
like
the
first
version
of
that
mip,
I
think,
was
not
planned
to
be
fully
automated
as
well.
It
was
just
essentially
down
to
the
facilitators
to
put
in,
like
the
appropriate,
like
increases,
it's
the
government
cycle
so
like
if
we
have
like
a
new
version
with
the
actual
which
actually
kind
of
defines
the
instant
access
module.
I
think
that'll
be
awesome.
B
And
charles
the
my
aim
for
doing
the
next
step
here
was
to
write
a
formal
mip,
so
take
the
feedback
that
people
have.
I
think,
rework
some
of
the
parameters
around
the
amount
that
the
that
ceiling
can
increase
by
and
what
that
buffer
should
be
incorporate
that
into
the
formal,
mip
and
correct
me
if
I'm
wrong,
but
in
terms
of
timeline,
I
need
to
get
that
to
the
community
within
the
next.
I
think
two
or
three
weeks
so
that
it
has
the
review
period.
That's
needed
right.
A
I
So
from
the
technical
side
of
that,
the
there
will
still
be
a
configurable
maximum,
so
that
can
be
set
at
you
know
three
billion
or
whatever,
and
the
auto
line
would
just
adjust
it
in
increments.
Up
until
that
point,
so
there'd
be
two
two
things
to
configure
the
amount
or
percentage
or
whatever
it
ends
up
being
that
the
the
line
gets
increased
or
decreased
and
then
the
ultimate
ceiling
which
would
require
you
know
another
executive
to
ultimately
raise
if
we
hit.
G
Actually,
derek
the
so
if
you
want
to
propose
that
and
get
the
rfc
period
started,
and
you
want
to
include
this
proposal
in
november's
governance
cycle,
I
believe
the
last
date
to
propose
the
initial
proposal
is
september
30th
and
of
course
you
can
work
on
it
throughout
the
month
until
the
last
week
before
the
november
government
cycle,
where
you
can't
make
any
changes
long.
Please
correct
me
if
I'm
wrong.
A
A
J
I'll
show
my
screen
all
right,
hey
everybody!
I
know
that
we
have
a
few
important
topics
to
still
get
to,
so
I'm
gonna
try
to
move
fairly
quickly.
Don't
worry
I'll
share
this
people
I'll
be
able
to
see
it
afterwards,
but
I
just
want
to
start
by
introducing
myself,
I'm
amy
if
you
haven't
met
yet
I
used
to
be
the
program
and
operations
lead
in
commute
development
and
have
been
passed
the
baton
from
rich
to
be
the
new
head
of
community
development.
J
Here
we
are,
I'm
essentially
here
to
really
support
this
community
in
the
next
phase
of
maker,
and
so
I
thought
this
was
a
good
moment.
It's
going
to
be
us
trying
to
fit
two
years
of
work
into
a
presentation,
so
I
apologize.
If
again,
I
move
pretty
quickly,
so
I
thought
it
might
start
just
with
a
history
of
feminine
development.
J
J
One
one
kind
of
framework
to
think
about.
This
is
what
I
call
these
different
segments.
Essentially,
we
have
the
foundation
whose
purposes
kind
of
to
bootstrap
the
development
of
maker,
and
so
we
have
different
teams
and,
as
we
all
know,
when
the
foundation
dissolve,
we
will
be
able
to
have
new
teams
that
represent
these
mechanisms.
J
J
This
includes
keepers
and
domain
teams,
mkr
holders,
obviously,
and
then
we
think
of
kind
of
the
outer
rings
here,
which
I
call
the
the
larger
ecosystem
community
and
that
splits
into
two
rings,
which
is
this
idea
of
a
a
user
who
could
be
an
integration
partner
or
a
business?
That's
looking
to
integrate
dye
as
to
accept
die
into
their
business
and
here,
while
these
partners
might
not
be
this
user
group
might
not
be
necessarily
in
the
day-to-day
weeds
of
governance
community.
J
So
we
are
this
very
unique
team
that
is
made
up
of
both
the
community
and
foundation.
So
we
have
myself
as
head
of
community
development
and
then
david
who
has
been
running
the
community
leads,
and
you
guys
are
fairly
familiar
with
him
as
well,
and
then
we
have
this
amazing
community
team
made
up
of
freelance
contributors
and
grantees.
J
A
great
example
is
tim
black,
who
is
a
great
contributor
community
who's,
been
leading
a
lot
of
the
initiatives
here,
and
so
we
really
focus
on
this
idea
of
incubation
and
so
supporting
contributors
and
teams
who
needed
bootstrap
through
funds
and
operational
support.
If
that
sounds
familiar
with
some
of
the
domain
teams
I'll
get
to
that
in
a
little
bit,
so
we
have
tons
of
programs
and
things
we've
been
doing.
I
know
that
this
has
gotten
brought
up
in
the
chats.
J
I
think
we've
just
never
been
so
vocal
about
all
these
things.
We've
just
been
in
the
back
doing
them,
so
this
is
kind
of
the
opportunity
we'll
share
in
a
more
slower
cadence,
but
back
to
this
idea
of
the
incubation,
we
can
think
of
them
in
four
different
parts.
So
education
is
probably
one
of
the
most
obvious
and
clear
and
straightforward
one:
we're
creating
these
kind
of
public
goods
community
generated
resources.
J
The
teaser
here
is
that
we're
actually
launching
a
new
portal
where
you
can
get
all
the
information.
So
if
you've
ever
visited
some
of
the
governance
or
mcd
faqs,
even
sd
single
collateral
dye
you'll
see
that
we
will.
We
have
kind
of
like
revamped
a
new
way
for
us
to
get
all
this
information
identify
is
one
of
the
maybe
less
tangible
ones.
A
lot
of
things
we
do
as
we
kind
of
weave
through
this
governance
and
larger
ecosystem
is
that
we
work.
J
We
sometimes
recognize
a
need
where
we
see
that
there
is
a
point
of
coordination,
so
governance
and
risk
community
calls
here
are
a
great
example,
and
then
we
actually
sometimes
identify
individuals.
So
myself,
long
for
wisdom
and
promotion
are
kind
of
a
few
of
the
few
people
who
have
been
rewarded
with
the
grants
program
and
is
kind
of
here
today
and
then
one
of
the
the
quieter
things
that
we've
been
doing
is
the
working
groups
and
and
proto
teams
and
kind
of
facilitating
those.
J
Flashman
module
has
also
created
maker
analytics,
and
we
have
our
mkr
dot
science
as
well
for
governance,
and
then
we've
also
funded
something
like
source
cred,
which
you
guys
are
all
if
you're
participating
in
the
forum
is
really
an
amazing
opportunity.
For
us
onboard
is
a
our
second
piece,
which
is
how
we,
how
we
bring
forward
these
engaged
contributors
and
maintainers.
So
a
lot
of
times
we
get
a
dm
or
someone
who's
interested,
but
has
no
idea
how
to
get
involved
with
the
maker
community
or
even
go
deeper
into
it.
J
J
We
started
it.
We
launched
in
february,
I
believe-
and
we
have
what
you
see
some
here
with
scott
with
the
mkr
bot,
that
you
might
see.
That's
reminding
everyone
on
new
spells
some
of
the
the
badges
which
will
give
you
an
update
next
week.
This
is
again
another
sneak
peek
and
something
as
simple
as
a
community
member
who
wanted
to
create
an
oasis,
walkthrough
and
then
be
able
to,
and
then
did
it
one
and
translated
it
in
spanish,
for
example.
J
J
So
what's
next,
this
update
actually
comes.
This
introduction,
I
should
say,
comes
at
a
very
interesting
time.
Essentially,
we
have
been
this
whole
time
kind
of
bootstrapping.
This
community
and
growing
more
contributors,
maintainers
people
just
to
kind
of
come
to
these
governance
and
risk
calls
as
well,
but
is
what
is
happening.
Obviously,
with
the
development
of
maker
dao.
J
So
this
is
just
kind
of
the
biggest
overview
trying
to
again
fit
two
two
years
into
10
minutes.
So
if
you
don't
know
where
to
start
or
you
actually
notice,
as
I
mentioned,
the
collateral
onboarding
grants
are
going
to
be
launching
very
very
soon
and
we
have
some
a
lot
of
really
great
programs
that
are
going
to
launch
in
this
year.
Probably
so,
if
you
don't
know,
you
can
join
the
community
development
channel
or
you
can
just
give
me
a
ping,
I'm
just
at
amy
jung
on
on.
A
A
F
F
F
Consider
if
you
might
accept
15
and
vice
versa,
not
trying
to
sway
anyone's
vote
of
course,
but
just
be
aware
of
your
options
for
the
ranked
choice
voting
and
then,
if
anyone
has
any
questions,
feel
free
to
hit
me
up
on
rocketchat
or
you
know,
leave
your
thoughts
in
the
the
forum
post
as
well,
but
yeah
happy
so
far
with
the
participation.
But
I
would
love
to
see
one
of
the
options
get
get
more
than
50
support.
H
F
No
because
because
people
don't
have
to
choose
additional
options,
so
if
somebody
like
bullet
votes
like
they
only
voted
for
12,
for
instance-
and
they
didn't
choose
15
as
one
of
their
secondary
options,
then
the
15
you
know
in
this
example
could
still
wind
up
at
at
44
this.
I
think
the
vote
breakdown,
what
it's
showing
on
the
on
the
ui.
That's,
basically
what
the
result
would
be
if
the
the
poll
ended
presently.
A
B
F
Yeah
I'll
try
and
just
like
republicize
as
much
as
I
can,
because
I
think
I'm
assuming
that
some
of
it
might
be
that
and
then
there
might
be
other
people
who
are
voting
like
a
little
bit
strategically
now,
but
might
be.
You
know
more
open
to
compromise
as
as
time
gets
closer.
But
yeah
I
mean,
however
people
decide
is,
is
fine
but
just
be
aware
that
if
it
ends
at
less
than
50
it
it
defaults
to
the
opposed
plan,
support
ball
compensation.
A
F
A
A
A
All
right,
cool,
okay.
I
I'd
like
to
spend
maybe
a
little
bit
of
time
discussing
this
week's
executive
votes
like
to
tomorrow's
executive
vote,
so
it
was
the
afterlight
last
after
kind
of
last
week
and
monday,
we're
kind
of
kind
of
sort
of
been
playing
a
little
bit
faster,
at
least
with
trying
to
get
things,
get
consensus
on
things
and
get
figure
out
what
we're
actually
voting
on.
A
So
we're
going
to
discuss.
I
guess,
like
the
various
you
know,
the
various
things
that
are
probably
going
to
be
in
this
executive,
like
the
various
numbers
that
could
go
in,
I
should
probably
say
so.
There
are
so
there
are
a
couple
of
the
signals
like
I
mentioned
earlier,
but
I
mentioned
them
again,
there's
a
signal
just
like
an
urgent
signal
for
the
usdca
debt
ceiling
and
the
tusd
debt
ceiling
and
risk
parameters.
A
I
should
possibly
apologize
because
I
maybe
I
reacted
a
little
strongly
to
the
the
usd
poll
when
I
realized
that
the
the
updated
implementation
of
dsd
wasn't
actually
on
chain.
Yet
so,
apologies
if
that,
if
that's,
if
people
anyone
saw
that
and
thought
it
was
somewhat
strong,
so
yeah
I
pretty
much
do
do
you
want
to
kind
of,
I
guess
kind
of
just
give
a
brief
overview
of
like
the
options.
I
guess.
E
Yeah
sure
so,
as
it
looks
tomorrow,
we
may
get
an
executive
vote
for
101
liquidation
ratio
for
for
usdc
and
pacs
and
if
we
look
at
markets
currently,
so
how
did
the
price
adapt
to
it?
We
can
already
see
that
the
price
is
basically
at
101
on
most
of
the
venues
larger
ones,
particularly
on
uniswap.
We
need
to
die
pair,
but
also
on
curve.
The
price
is
already
there,
so
it
seems
that
you
know
people
have
some
had
some
expectations
and
the
price
already
adapted.
E
E
All
they
die
was
actually,
I
think,
is
getting
withdrawn,
and
the
deposit
team,
probably
currently
in
uniform
form
farms
which
has
a
direct
positive
impact
on
the
price.
So,
ideally,
you
would
think
that
those
usdc
volts
would
be
just
unwinded,
but
I
think
people
just
switch
the
farm
pumps
and
they
they
have
direct
impact
on
the
pack,
possibly
also
because
they
predict
we're
going
to
lower
liquidation
ratio.
E
So
if
we,
if
we
measure
how
much
more
dye
is
needed
to
truly
push
it
below
101,
which
would
be
possibly
the
case,
you
know
if
we
proceed
with
the
one
one:
liquidation
ratio-
it's
it's
not
really
that
much.
I
I
honestly
think
it's
maybe
50
million
or
something,
but
we
know
that's
that's
not
something
will
be.
You
know
something
we'll
be
satisfied
with,
because
imagine
there's
another
demand
coming
up
in
few
days.
Just
because
there's
one
farm
released
and
even
this
one
from
uni
swap
you
know
it
still
has
some
demand.
E
E
So
we
don't
come
across
another
jump
in
that
price,
which
possibly
means
that,
like
community
already
signaled
that
we
truly
need,
perhaps
another
200
million
debt
ceiling
increase,
I
would
say
at
minimum
I
mean
it
really
depends
on
the
you
know
on
the
whole
environment
right
do
we
see
more
farms
popping
up,
and
I
know
there
have
been
few
of
them
announced
next
week
and
then
you
might
have
you
know
in
between.
You
might
have
it
crash
and
that's
why
you
always
need
some
some
liquidity
on
stablecoin
worlds
right.
E
So
here
it's
it's
up
to
governance.
Is
this
number
200
or
is
it
even
higher?
It's
really
hard
to
say
now
what
you
also
need
to
be
aware
right.
Are
we
if
we
put
if
increased,
epsilon
by
200
million
or
300
million?
Is
it
any
more
riskier?
I
think,
like
nick
said
the
other
day,
really
nicely
that
the
usdc
bomb
is
there
right.
E
So
we
are
there
now,
if
you
increase
it
by
100
million,
doesn't
change
the
whole
thing
a
lot,
but
then
there's
another
thing
we
need
to
discuss,
which
is:
can
we
possibly
diversify
among
these
tablecloths
right?
Is
there
a
strategy
where
we
could
limit
limit
usdc
exposure
so
increase
that
ceiling
only
by
by
a
smaller
amount,
for
instance
like
a
50
or
100
million,
and
put
a
higher
depth
even
on
other
stable
coins?
So
we
actually
force
people
to
to
meet
another
stable
cons
and
we
diversify
the
portfolio
a
bit.
E
So
that's
that's
something
I
guess
we
need
to
discuss.
We
have
a
bit
of
problem,
though,
because
you
know
there
are
certain
issues
with
usd
smart
contracts.
I
let
smart
contract
team
comment
on
that,
and
then
there
are
specs
where
we
don't
really
see
any
demand
right,
we've
seen,
even
though
usdc
was
fully
utilized,
specs
just
wasn't
really
utilized,
maybe
a
million
or
something-
and
we
know
pax
isn't
used
in
defy
right
and
we
can't.
We
can't
rely
on
packs.
E
When
you
know
you
would
have
some
liquidations
liquidations
triggered.
We
don't
know
how
keepers
and
vaults
unwinding
can
basically
can
get
a
hold
of
packs,
and
you
know
the
leverage,
if
that
liquidity
is
needed,
that
liquidity
bridge,
but
there's
also
one
other
alternative,
which
is
that
we
could
just
we
could
just
increase
the
depth
ceiling.
E
A
I
mean
I'll,
maybe
comment
on
like
the
the
kind
of
governance
aspects
of
this,
because
it's
been
a
little
awkward
because
we're
basically
in
a
situation
where
you
know
smart
contract,
the
smart
contract
team
is
recommending
one
thing,
especially
for
like
usd
this
is
kind
of
mainly
focused
on
tsd
right.
You
know,
risk
the
kind
of
permission,
risk
team
is
kind
of
recommending
another
thing,
and
the
community
wants
like
a
third
thing
right
and
trying
to
kind
of
reconcile.
A
All
of
those
things
is
kind
of
just
like
the
size
of
trying
to
like
figure
out
roughly
what
makes
everyone
the
most
happy
and
not
like
kind
of
pissing
anyone
off
too
much.
So
I'm
kind
of
in
that
situation
for
the
usd
debt
ceiling
right,
because
smart
contracts,
correct
me
from
wrong,
are
recommending
10
million.
That's
the
start,
just
because
of
the
of
the
age
of
the
contract.
A
I
I
There
is
a
forum
post
about
the
implementation
check
in
to
usd
we
we've
reviewed
the
new,
the
new
implementation,
the
the
team
has
been
great
to
work
with
they've
been
fully
transparent
and
we
we
don't
have
any
real
technical
concerns
about
this
new
one.
There
there
was
something
brought
up
that
it
might
break
some
backwards
compatibility
with
their
v1
token.
We
haven't
fully
fleshed
that
out.
Yet
it
shouldn't
affect
us,
it
might
affect
their
users,
but
it
wouldn't
affect
the
vaults.
C
Yeah
sure
I
I
agree
with
brian,
we
reviewed
the
smart
contracts,
they're
they're
technically
sound.
I
mean
I
personally
am
not
a
rook
expert,
so
I
can't
really
speak
to
this
in
an
educated
way,
but
I
mean
the
the
contract
this
new
upgrade
was
made
yesterday.
So
it's
very
new.
It's
only
been
in
use
for
under
24
hours,
so
my
my
personal
recommendation
on
the
forums
was
to
start
off
with
a
slightly
lower
debt
ceiling.
We
were
originally
going
to
whitelist
it
with
the
original
2
million
debt
ceiling.
C
So
what
I
was
proposing
in
the
forums
was
to
you
know,
start
with
10
million
and
then
over
the
course
like
in
next
week's
executive.
We
could
definitely
keep
raising
it
and
raising
it
over
time
to
meet
demand
and,
as
the
contracts
become
more
stable,
I
mean
tusd
has
probably
the
most
transparent
accounting
out
of
the
stable
coins.
They
have
a
live
audit,
so
if
their
contracts
are
technically
signed,
I'm
more
than
happy
to
have
a
high
debt
ceiling
with
with
toc.
I
This
could
be
a
problem
if
the
usdc
underlying
contracts
got
updated
to
maybe
something
that
could
could
perform
a
reagency
and
attack
us
there.
That's
a
risk.
There
are
risks
that
we
face
in
smart
contracts
and
and
interacting
with
these
proxy
upgrade
tokens
is,
is
one
of
them.
Assuming
it's
a
it's
a
standard,
you
know
upgrade
on
their
parts,
they're,
not
manipulating
balances
or
anything
like
that.
It
shouldn't
it
shouldn't
cause
any
problems
for
the
system
as
long
as
they
stick
with
the
erc
standard.
A
E
I
mean
it's
not
a
standard
choice,
guys
it's!
It
has
to
do
it's
related
to
smart
contracts,
so
it's
not
a
financial
risk
but
like
what
what
I
would
propose
is
still
you
know
solve
the
pack
on
friday
increase
usdca
and
then
next
week,
like
I
said,
we
can
still
do
this
relocation
between
other
stable
coins.
E
If
that's
what
we're
interested
in
right,
so
we
can
decrease
usdca
the
abs-link
in
a
week
and
decrease
the
other
ones,
and
we're
gonna
see
the
same
outcome
right
because
there's
gonna
be
an
arbitrage
at
101,
we're
going
to
see
other
exposure
increase
and
we
will
achieve
what
we
want
eventually
right.
So
I'd
go
with
this.
I.
K
K
K
I
have
a
concern
here
that
basically
die
demand
is
kind
of
growing
exponentially
and
at
some
point,
we're
going
to
run
out
of
collateral
to
basically
liquidize
die
with
one-to-one
backing,
and
so
we're
talking
about
dc's
on,
like
tusd
and
all
the
rest
of
this
stuff.
You
know
when
I
look
at
this.
I
look
at
this
from
a
risk
perspective
against
maker,
right
and
maker's
cap
right
now.
Correct
me.
If
I'm
wrong
is
floating
around
500
million
and
our
total
outstanding
is
600
million,
and
so
when
I
look
at
you
know
how
we're
doing
this.
K
You
know
one
to
two
percent
on
something
I
don't
think
is
that
horrible,
but
you
have
to
put
it
in
perspective
of
like.
What's
the
risk
to
maker
holders,
you
know
as
well
as
the
entire
system,
and
so
I'm
just
kind
of
pointing
out
a
bit
of
a
warning
here
we
might
get
ourselves
into
a
liquidity
trap
that
we
can't
solve
because
there's
just
no
collateral
to
back
new
die
and
then
you
know
how
do
we
grow
this
into
the
collateral
that
we're
getting
into?
K
E
E
So
I'm
not
sure
that
that's
really
a
worry,
but
the
worry
is,
like
you
said
like
if
you're
you're
charging
only
one
percent
stability
on
such
a
large
exposure,
of
course,
you're
not
possibly
compensating
a
risk
right,
because
one
charging
one
percent
means
there's
one
in
hundred
years.
Possibility
that
this
this
fails,
and
you
know
maybe
it's
less
than
that
and
you're
not
compensating
it
properly
right.
So
that's
that's!
That's
the
risk
I
see.
Otherwise,
you
know.
K
Well,
remember
about
the
stable
coins.
Is
you
still
have
to
back
it
with
usd
to
get
it
right,
and
it
also
has
to
make
its
way
to
maker
somehow,
and
so,
while
I
have
some
liquidity
concerns,
the
question
is
whether
these
things
are
going
to
grow
in
such
a
way
that
they
make
their
way
to
make
maker
to
provide
die
liquidity.
Maybe
if
everybody's
comfortable
with
it,
okay,
I'm
just
pointing
out
that
I'm
a
little
bit
concerned
that
we're
going
to
get
to
a
point
where
we
don't
have
collateral
to.
E
I
H
Yeah
you're,
saying
like
in
the
medium
term,
horizon
right
that
we
basically
exhaust
the
capacity
of
all
of
the
stable
coins
that
are
on
ethereum
and
then
I
think
to
which
greg
sort
of
answered
in
the
side
bar
that
yeah.
We
need
to
start
the
real
world
asset,
champ
right,
so
other
real
world
assets
that
this
particular
vector
of
real
world
assets
will
get
tapped
out.
I
think
your
point's
well
taken.
K
Yeah,
I
I
mean
chris,
I
pretty
much
I'm
with
you,
I'm
kind
of
looking
a
little
longer
term
like
three
months
out,
instead
of
just
a
week
or
two
and
it
it.
I
just
see,
demand
growing
so
fast.
I
just
don't
know.
I
don't
think
rwa
is
going
to
be
able
to
ramp
up
fast
enough
to
kind
of
capture
what
we
need
to
get.
I
just
don't
know
it's
a
concern.
That's
building
and
I
don't
see
die
demand
decreasing.
I
literally
see
it
growing
exponentially.
K
H
And
we
still
have
bitcoin
right
like
tbtc,
is,
is
coming
out
in
the
next
couple
months.
Hopefully,
rap
bitcoin
is
growing
exponentially.
Wren's
doing
really
well
and
it
looks
like
wifey
is
going
to
be
putting
on
a
a
y
token
of
that
as
well.
So
I
think
in
the
weeks
to
short
months,
I
don't
think
that
they're
gonna
be
a
problem
having
more
collateral
but
and
there's
billions
of
dollars
out
there
for
bitcoin,
and
it's
going
to
come
up.
K
B
H
K
I
had
a
question
but
go
ahead.
Sorry!
No!
I
was
wondering
where
ren
was
at
too
that's
a
big
one
that
can
give
us
some
big
chunks.
So
I
agree
there's
potential
here
and
we
have
a
good
problem.
I
guess-
and
so
we
just
need
to
to
be
on
our
game
here
in
terms
of
how
this
is
ramping
up
rapidly
and
and
the
maker
value
isn't
really
appreciating
we're
still
at
a
500
cap
total
on
maker
and
we're
600
million
die
and
growing.
So.
H
H
C
C
H
E
A
B
L
L
L
So
that's
where
that
comes
from
in
terms
of
where
that
supply
is
going.
So
if
we
look
at
the
top
balancer
pools
for
dye,
there's
about
60
million
in
the
dye
eath
pool,
there's
about
24
million
in
the
die
safe
pool
and
about
15
in
the
diet,
ife
pool,
so
all
together
that
accounts
for
about
60
to
70
million
die
in
balancer
pools.
Right
now.
This
die
safe
pool,
basically
was
up
at
about
160
some
million
two
days
ago
and
120
some
million
three
days
ago.
L
So
this
accounted
for
a
fair
amount
of
that
liquidity
drying
up
in
the
september
13th
to
15th
range,
which
was
just
about
when
we
had
you
know
a
bit
of
an
accelerated
price
run
up,
so
that
presumably
accounts
for
a
fair
amount
of
the
reason
why
that
spike
occurred.
It
has
come
back
down
a
bit
since
then,
and
this
is
kind
of
the
roller
coaster
that
I
think
dies
on
right
now,
where
liquidity
dries
up.
L
For
you
know,
new
farming
yields
that
emerge
and
then
the
price
spikes,
and
then
those
yields
inevitably
end
as
people
rush
into
it
and
or
they
expire.
And
then,
when
those
yields
come
back
down,
you
have
a
resurgence
of
liquidity
and
prices,
sort
of
stabilize.
So
that's
kind
of
the
cycle
that
we're
in,
and
you
just
keep
seeing
these
repetitive
spikes
for
those
different
opportunities
that
crop
up,
and
so
it's
it
seems
that
long
term.
You
have
kind
of
this
floor
around
a
dollar
one.
L
That
dye
does
not
seem
to
fall
below
for
very
long,
and
then
it
will
jump
up
to
a
dollar
two
three
four
or
five,
depending
on
just
how
attractive
those
yield
opportunities
are,
is
more
or
less
the
cycle
that
things
seem
to
be
in
just
to
touch
on
the
the
supplies.
So
what
we
saw
was
this
usdc
dye
supply
has
been
a
huge
driver
of
the
growth
in
overall
diet
supply
recently,
so
we
were
sitting
at
about
100
million
on
the
15th
and
now
we're
up
to
about
200
million.
L
So
you
know
in
two
days,
there's
been
roughly
100
million
dimented
from
usdc,
which
is
extremely
significant.
Number
eath
has
basically
been
flat
for
quite
a
while
wbtc
we
saw
there
was
actually
some
reduction
in
the
amount
of
dimented
from
wbtc,
and
if
we
look
at
you
know
basically
for
eth,
you
have
these
same.
You
know
three
or
four
volts
at
the
top
of
the
distribution
that
account
for
a
very
large
chunk
of
the
eth
die
supply.
L
So
that's
probably
the
largest
liquidation
wall
to
watch
for
eth
and
eth
being
the
most
or
you
know,
of
of
the
largest
vaults,
the
most
price
volatile
collateral
asset
in
terms
of
market
risk.
That's
probably
the
the
biggest
thing
to
keep
an
eye
on
there's
a
smaller
wall
of
about
13
million,
which
is
not
insignificant
at
about
300
as
well,
and
then
just
to
look
at
some
of
these
large
usdc
vaults.
L
You
know
you
have
the
the
top
two
usdc
volt
users,
accounting
for
42
and
36
million
respectively,
and
then
we
trail
off
into
three
or
four
volts
in
the
teens
and
then
everything
else
is
a
bit
smaller
from
there.
So
again,
there's
what
we've
basically
seen
historically
for
usdc
holds
true,
where
it's
a
few
large
users
making
large
movements
in
that
in
that
die
supply
all
right.
I
will
stop
there
and
then
I
can
double
click
on
anything
specifically.
A
C
If
we
do
believe
that
that
is
kind
of
the
critical
path-
and
there
are
proposals
out
there,
one
of
which
is
mine,
but
please
ask
community,
get
engaged,
ask
questions
get
comfortable
with
it,
because
it's
going
to
come
for
votes
soon
and
if
we
think
that
it
might
not
pass
would
be
really
useful
to
know
what
you
guys
want
to
change
before.
We
start
spending
lots
of
money
in
legal
implementing.
C
B
K
Only
wanted
to
add
one
thing:
this
was
related
to
the
compensation
plan
proposal.
I
know
moneta
was
kind
of
up
today.
I
know
we're
wrapping
this
up.
I
just
wanted
to
put
out
a
shout.
We
really
need
this
to
rectify
one
way
or
another,
and
it's
so
tight
right
now
we
need
to
get
out
the
whales,
with
the
vote
on
this
I'd
like
to
settle
it
once
and
for
all
here,
so
I'll.
Let
anybody
else
speak
on
that,
but
I
just
wanted
to
make
the
last
mention.