►
From YouTube: Governance and Risk | Ep. 153
Description
Agenda: https://forum.makerdao.com/t/agenda-discussion-scientific-governance-and-risk-153-thursday-august-5-17-00-utc/9671
Introduction
@prose11 : Hosting, Introduction, Agenda.
Weekly Updates
Poll + Executive Status - @LongForWisdom
Governance - @GovAlpha-Core-Unit
Protocol Engineering - @Protocol-Engineering
Risk - @Risk-Core-Unit
Oracles - @Oracles-Core-Unit
Real World Finance - @Real-World-Finance
Growth - @Growth-Core-Unit
Content Production - @Content-Production
Sustainable Ecosystem Scaling - @SES-Core-Unit
Governance Communications - @gov-comms-core-unit
MIPs - @MIP-Editors
Discussion/Q&A
July Financials - @Aes
B.Protocol Declaration of Intent Primer - @eitan_katchka
A
All
right,
hello,
everybody
and
welcome
here
we
are
every
thursday
as
usual
for
another
scientific
governance
and
risk
meeting.
My
name
is
peyton,
I'm
pros
11
on
the
forums
and
I'll
be
hosting
us
today.
This
is
august
5th
2021
for
our
153rd
meeting
as
usual.
We
want
this
to
be
kind
of
a
open
format.
So
if
you
have
questions
anything
relevant
to
the
updates
that
are
given
or
things
that
are
being
presented,
please
don't
hesitate
to
ask
those
you
don't
have
a
mic.
A
You
can
ask
them
in
the
sidebar
and
we'll
be
happy
to
vocalize
them
for
you,
but
yeah
we've
got
a
bit
of
a
agenda
to
get
through
today,
so
I
will
post
that
in
the
chat
in
case
you'd
like
to
follow
along
awesome
there,
that
is,
we
will
be
pretty
full
today,
there's
a
financial
presentation
and
one
other
extra
presentation
in
addition
to
the
updates.
So
I
would
encourage
all
the
core
units
to
keep
their
updates
as
concise
as
possible.
A
Try
to
lead
by
example.
Here,
starting
off
with
my
governance
review.
We
had
two
polls
that
ended
today.
There
will
be
the
open
market
committee's
rates
proposal,
which
was
accepted
and
the
debt
ceiling
maximum
debt
selling
proposal
for
the
dye
usdc
unilp,
the
winning
option,
for
that
was
250
million,
die
for
the
line
value
there.
A
There's
one
green
light:
postal
active,
that's
the
120
db,
films
we'll
be
going
until
a
week
from
monday.
I
believe
so
make
sure
you
express
your
opinion
if
you
haven't
yet,
and
we
did
have
an
executive
pass
this
week,
which
onboarded
four
new
drop
vaults
to
the
protocol
awesome,
I
will
also
be
handing
the
we're
handling
the
gov
alpha
update
today.
A
We
had
our
soft
launch
on
monday,
as
well
as
the
second
meteor
delegate
call
that
took
place
yesterday.
It
is
up
on
the
forums
if
they're
up
on
the
youtube
channel.
Rather,
if
you
weren't,
able
to
join
us,
live
excellent
other
highlights,
we
do
have
our
first
draft
completed
for
our
budget,
so
expect
that
to
be
on
the
forums
next
week,
and
we
continue
to
work
on
the
tags
project
to
kind
of
organize
and
give
a
little
bit
better
clarity
as
to
the
form
tax,
excellent.
A
B
Yeah
sure
I'll
try
and
go
quick
as
well.
So
just
I'm
gonna
give
a
quick
summary
of
our
like
headline
priorities.
So
we've
got
this
clipper
collie
implementation
for
sushi
join.
So
that's
going
to
be
something
that
extends
the
keepers
to
sushi
join
dss,
fest
implementation
for
transferable
tokens
in
general
and
then
there's
a
dss
charter
for
the
institutional,
vaults
and
there'll,
be
a
forum
post.
I
think,
on
that
soon
we've
got
a.
B
I
think
the
entire
team
agrees
that
we're
going
to
try
and
focus
on
g
uni
for
onboarding,
so
we're
going
to
end
up
doing
that.
I
actually
think
there's
also
like
matic
in
the
works
as
well
and
and
then
d3m
sometime
after
that,
which
is
the
direct
deposit,
module
yeah,
there's
a
bunch
of
forum
posts
out
there
from
our
team.
So
you
can
look
for
those
I
mean
you
know
just
trying
to
keep
it
quick
and
then
I'll
just
say:
let's
say
layer.
B
B
So
that's
that
command
and
control
structure
for
governance
to
be
able
to
like
you
know,
send
messages
and
make
changes
on
l2
and
a
bit
of
a
fun
news,
although
you
guys,
probably
wouldn't
have
known
it
but
sam's
joined
the
team
full-time,
so
he
was
part-time
before
in
case
people
didn't
know,
but
you
wouldn't
know
that
from
his
involvement.
So
now
I
guess
we're
just
paying
him
for
all
the
time
he's
putting
it
anyway.
B
B
A
B
B
C
A
That
is
very
exciting
all
right.
Well,
I'm
not
seeing
any
other
questions
at
the
moment
and
if
you
do
think
of
something
you
can
save
it
for
a
kind
of
free
floating
portion
at
the
end
should
we
have
any
time
left
over.
I
did
accidentally
skip
a
format,
a
glance
so
apologize
for
that.
I
do
have
a
bit
of
exciting
news
with
the
onboarding
of
governance
communication
core
unit.
A
A
A
Maybe
or
maybe
not
looked
like,
he
might
have
just
dropped
from
internet
issues.
So
starting
off
you
some
bad
luck.
Sorry
about
that.
I
guess
we
will
continue
on
the
agendas
otherwise
and
just
have
artem
being
me
when
he
gets
back
on
the
call.
So
in
that
case,
next
up
would
be
risk.
Could
you
have
empty
for
us.
D
Caution
is
advised
from
our
side,
and
this
is
because
the
fee
compensation
is
currently
quite
low
and
if
we
decrease
liquidation
ratio,
the
the
spread
between
the
risk
compensation
and
expected
loss
will
only
increase.
As
noted
in
the
post,
the
the
surplus
buffer
is
currently
pretty
well
set
to
manage
these
risks.
D
The
idea
now
is
to
wait
for
community
feedback
and
then
then
we'll
proceed
with
a
signal
poll
to
to
decrease
liquidation
ratios,
as,
as
was
suggested,
we
also
started
working
on
on
a
framework
or
a
plan
how
to
off
port
unprofitable
wall
types.
This
was
already
voted
by
community,
so
this
was
to
be
removed.
This
was
a
while
ago.
D
D
At
the
same
time,
we're
also
nicely
proceeding
with
the
vault
user
behavior
dashboards,
we're
currently
estimating
how
many
volt
users
are
protecting
their
vaults
through
d5
server,
similar
tools,
and
we
also
managed
to
get
some
interesting
farming
data.
This
should
be
hopefully
shared
next
week,
so
farming
data,
basically,
we
determined
what
amount
of
dye
depth
from
particular
walls
is
being
directly
utilized
on
amms
or
secondary
lenders
for
liquidity,
mining
purposes
and
yeah.
A
C
A
A
C
Class
everyone
I
dropped
out
right
after
payton
did
the
glove
alpha
update,
so
I'm
gonna
do
the
form
at
a
glance
for
july
30th
to
august
5th
and
we're
going
to
start
off
with
three
point
summary.
So,
first
up
we
now
have
nine
delegates.
With
a
total
of
2088
maker
delegated,
we
have
a
total
die
supply,
hit
new
highs,
nearly
at
5.7
billion
died
and
the
system
surplus
is
about
to
reach
50
million
for
announcements.
C
C
We
also
have
bpm
and
ducks
court
unit
team
publisher,
post,
announcing
the
soft
soft
launch
release
of
the
vote
delegation,
ui,
which
peyton
mentioned,
and
next
up,
we
have
a
bunch
of
active
discussions.
There's
actually
been
a
pretty
active
week
on
the
forums
we
just
recently
had
the
gauntlet
delegate
platform
by
inky
maze,
also
known
as
nick
cannon
from
gauntlet.
He
submitted
his
application
as
a
maker
delegate.
E
C
We
also
have
alec
from
content
production
posted
guy
on
different
networks,
number
four,
which
is
overview
of
dye,
circulating
on
various
blockchains
non-h,
eight
blockchains,
layered,
two
roll-ups
and
other
bridges,
and
finally,
el
progreso
asks
the
community
whether
makers
should
require
bulk
owners
to
have
insurance
protection.
In
addition,
he
also
asked
if
the
maker
community
should
begin
speaking
with
u.s
regulators
about
what
can
be
done
to
comply
with
regulatory
frameworks.
This
is
an
informal
poll
and
next
is
initiatives.
C
F
Excellent
yeah,
I
just
want
to
jump
in
there
because
I
realize
we
actually
only
mentioned
one
of
the
delegate
platforms,
but
the
reality
is
that
all
of
the
recognized
delegates
have
posted
up
their
platform.
So
definitely
go
check
that
out.
There's
a
forum
tag
that
you
can
actually
just
click
and
it'll
show
you
all
of
those
so.
A
C
A
A
E
Yeah,
so
I'm
filling
in
for
nick
this
week
and
we're
still
on
vacation.
So
this
is
the
first
update
coming
from
the
era
gold
core
unit.
This
was
our
first
week
we're
still
working
on
getting
setting
setting
up
basics,
basic
things
to
be
able
to
work
effectively,
but
other
than
that.
We've
been
focused
on
london
art
for
preparation,
mostly
testing
different
scenarios
and
be
ready
in
case
things
turn
out
to
be
a
bit
difficult,
especially
regarding
the
gas
price
market.
E
Up
until
an
hour
ago,
it
was
going
pretty
smoothly.
Now
sea
gas
prices
are
shooting
up,
so
we're
still
paying
very
close
attention
to
what's
going
on
there
and
we're
ready
we're
staying
ready
to
be
able
to
maybe
push
updates
software
updates
to
be
able
to
accommodate
the
new
market
conditions
of
the
of
the
mempool
actually,
but
we'll
probably
take
a
few
days
before
teens
are
settling
up.
But
in
the
meantime,
we're.
E
It's
a
good
thing
to
mention
that
we
were.
We
are
still
not
using
eip
1559
transactions
for
different
reasons:
primary
technical
one,
we're
relying
on
third-party
software
and
libraries
to
to
send
our
transactions
and
the
support
isn't
there
yet,
but
also,
we
still
don't
know
exactly
how
the
gas
market
will
settle,
what
will
be
the
proper
strategies
in
term
of
of
tip
and
the
maximum
gas
price.
E
Other
item,
medic
new
oracle,
software's
ready
contract
is
ready,
but
the
feeds
and
rollers
are
still
deploying
deployment
has
been
slow
due
to
london,
art
fork.
Most
teams
were
understandably
reluctant
to
upgrade
software
so
close
to
the
london
art
fork
and
they
were
busy
with
their
own
hard
fork
preparations,
but
we're
still
on
track
for
next
week's
executive.
E
When
the
dust
settle
with
the
art
fork
I'll
be
pushing
the
different
teams
to
perform
their
work,
where
I
think
we're
missing.
Just
a
handful
of
feeds
to
complete
the
work
and
then
they're
layers,
but
everything
is
looking
good
right
now
as
part
of
the
ocu,
we
started
a
road
map
exercise
internally
and
there's
many
interesting
things
and
ideas
that
came
up
from
the
team
so
right
now
we're
priorizing
our
ideas
and
building
a
roadmap
which
is
going
to
help
us
to
prioritizing
prioritizing
hirings
because
we're
looking
at
growing
team.
E
A
E
Is
it's
probably
going
to
be
a
couple
of
weeks?
I'm
not
sure
we
don't
have
necessarily
a
due
date
for
the
libraries,
especially
one
of
them,
that
we're
we're
very
dependent
on
that
tools
and
that's
one
of
them.
That
is
not
supporting
eip1559.
We
have
other
code,
that
is
that
isn't
relying
on
that
tools.
That
is
maybe
not
as
mature.
So
I
don't
know
if
we're
going
to
push
that
soon.
A
G
Yes,
I
have
three
items
on
my
list.
This
first
one
is
the
centrifuge
related
executive
was
passed
yesterday
and
will
be
executed
tomorrow.
So
that's
quite
exciting,
because
that
will
be
three
new
kilowatt
assets,
the
last
one.
So
those
will
be
live
this
weekend
and
probably
the
vault
will
be
used
in
the
following
days
or
weeks
and
for
the
people's
company
ones.
It
will
take
a
little
bit
more
time
because
we
have
to
set
up
the
spv
and
finalizing
all
the
administrative
stuff,
and
yes,
that
will
take
some
some
weeks.
G
G
What
is
quite
interesting
is
that
now
there
is
a
mip
to
be
able
to
control,
or
at
least
to
guide
the
servicing
companies
that
will
manage
the
reward
asset
foundation.
So
that's
quite
exciting.
We
are
still
in
the
process
of
finalizing
the
articles
of
association
and
we
will
share
them
as
soon
as
we
we
get
them.
G
So
at
the
beginning
of
the
year
we
did
some
finance
reporting
all
the
maker
double
dashboard
and
stuff
like
that,
then
we
had
to
focus
way
more
time
on
regular
asset
because
it
was
not
so
easy,
but
now
we
are
with
marker.
We
can.
We
will
probably
be
able
to
provide
more
financial
reporting
and
just
to
note,
this
is
a
financial
reporting,
so
taking
public
data
to
make
public
dashboard
analysis.
G
A
A
H
B
H
Thank
you,
okay,
so
updates
general
updates.
First,
I
won't
first
start
with
the
psm
delay,
update
paxos
posted
the
proposal
to
include
packs
in
the
psm,
and
also
they
talk
about
including
dye
in
their
platform,
which
is
super
awesome,
because
that
means
we
will
have
a
way
to
offer
an
honor
from
er
for
die.
So
any
wallet
any
crypto
exchange,
or
I
don't
know
any
platform
that
wants
to
integrate
that
they
could
also
use
paxos
apis.
So
anyone
can
convert
fiat
usd
to
to
die
using
a
paxos
api.
H
We
were
thinking
in
the
team
that
this
is
like.
This
is
how
we
understood
that
psm
is
a
powerful
use
case
for
other
stable
coins
like
usdc
or
paxos
in
the
future
future
being
in
in
in
the
psm
is
something
they
want.
So
our
recommendation
for
the
community
is
not
to
include
any
other
stablecoin
if
they
are,
if
they
don't
want
to
do
an
agreement
with
the
maker
community
to
give
us
something
in
return.
H
We
are
seeing
in
this
with
paxos
and
we
think
that
after
pax
is
included
included
in
the
psm,
we
will
see
other
stable
coins,
including
gemini
and
probably
finance
approaching
to
us
and
like
being
more
open
to
do
an
agreement
with
us
regarding
this.
So
that's
a
recommendation.
As
for
now,
we
have
been
trying
to
talk
with
these
teams,
but
it
hasn't
been
that
easy
as
it
was
with
paxus,
but
we
know
we
are
very
sure
that
after
pax
is
included
in
the
psm,
that
will
give
us
a
lot
of
credits
with
them.
H
So
that's
that's
what
we
recommend,
but
of
course,
if
the
community
thinks
that
we
should
like
proceed
and
include
the
other
stable
coins.
Well,
we
we
we
respect
that,
on
the
other
another
news,
the
collateral
of
boarding.
We
continue
our
conversations
with
the
projects
that
are
the
ones
who
issue
the
tokens
that
we
plan
to
off-board
and
until
now
we
see
that
all
the
projects
are
are
expressed:
they're
they're
willing
to
take
the
remaining
debt
of
the
vault.
But
of
course
it's
a
it's.
H
It's
it's
not
a
simple
decision
because
usually
they
have
to
like
pull
with
their
dow
or
their
treasury,
so
making
that
decision
is
not
that
simple,
but
we
we
had
an
answer
from
kyber
and
they
are
not
interested
in
opening
a
fold
and
taking
the
remaining
debt.
So
we
we
think
that
could
be
like
the
first
collateral
that
we
could
off-board
and
start
look
like
to
think
about.
How
is
the
process
to
abort
a
collateral
and
use
that
as
a
test
for
the
future
collaterals?
H
H
So
I
recommend
to
all
of
you
to
read
about
it
and
share
it
in
your
in
your
twitter,
because
it
it
is
like
a
super
interesting
and
we
think
it's
it's
good
for
to
start
like
appearing
in
in
in
the
media,
like
others
still
talking
about
maker.
That
is
good
for
us.
Is
it
it
is
good
for
the
maker
valuation,
of
course,
in
general
and
the
stars
of
the
week.
H
H
So
this
I
invite
you
all
to
like
in
the
in
the
in
the
forum,
I
posted
the
link
to
see
his
his
work
and
donate
a
couple
of
dice
for
the
cause,
and
also
we
are
sponsoring
a
battle
race
game
where
they
will
be
issue
an
nft
with
a
maker
limited
edition
branding
on
it.
So
you
are
also
invited
to
part
two
to
join
the
tournament.
H
We
also
shared
the
tweet
of
the
week
where
we
talk
about
the
one
million
maker
tokens
and
how
the
burning
works
it
was.
It
was
very
interesting
to
read,
and
and
people
love
the
memes
that
christopher,
who
is
the
guy
who
helped
us
with
the
twitter,
is
always
sharing,
and
it
is.
It
is
great
to
to
to
read
these
threads
and
because,
because
it
was
the
end
of
the
month,
we
also
shared
the
piano
of
july
with
all
of
you,
and
that
was
it
for
this
week.
F
C
A
I
E
I
C
I
C
I
Management
system
we're
gonna
be
using
to
manage
the
community
portal
we're
starting
to
get
design
stuff
in
place
this
week.
So
hopefully
it's
looking
like
it
shouldn't
take
too
long
to
to
get
that
ported
over
also
making
good
progress
with
our
explainer
videos
kind
of
got
a
plan
in
place
for
how
we're
gonna
organize
those
and
we're
starting
to
make
good
progress
on
this
scripts
and
storyboards
for
those.
C
I
I
To
sign
up
for
those,
last
but
not
least,
we've
been
doing
brand
research.
Over
the
past
few
weeks,
we
posted
in
the
forum
about
this
back
in
mid-july,
we
started
reaching
out
to
a
handful
of
people
in
the
community
if
you're
interested
in
doing
brand
research
to
support
maker
dow
and
help
the
community
better
understand
exactly.
C
K
I
I
A
K
K
Last
week
on
our
on
our
weekly
update
voter
gave
an
explanation
how
to
use
it.
The
template
is,
is
out
there.
I
believe
that
a
couple
of
of
people
have
been
trying
it.
If
you
want
to
yeah,
give
it
a
go,
please
let
us
know
and
we're
happy
to
share
the
link
to
help
you
get
it
set
up,
and
hopefully
we
can
get
some
feedback
and
make
it
better,
but
yeah
we're
quite
happy
with
that.
K
The
other
thing
that
we've
released
also
is
the
mkr
compensation
template
for
the
well
for
the
proposal,
8000,
which
is
the
ses
proposal
on
those
guidelines.
We
have
not
produced
a
video
yet,
but
if
any
community
is
thinking
about
using
it,
please
let
us
know
and
we'll
be
happy
to
share
and
and
guide
you
if
necessary.
K
The
other
thing
is
that
we
are
looking
for
talent.
So
if
you
know
anyone
smart
and
hungry,
we
have
a-
I
don't
know
we
we
haven't
decided
how
to
call
it.
Yet.
That's
like
business
analyst,
slash
intern,
slash,
entry
level,
so
yeah.
If,
if
you
guys
know
anyone
that
would
like
to
collaborate,
please
let
us
know
and
yeah.
K
If
anyone's
interested
in
joining
the
next
week
is
jordan
lenka
with
the
preliminary
findings
with
x-ray,
so
pretty
happy
about
that
and
yeah
I'll
update
about
the
next
ones
in
in
the
future.
Regarding
the
community,
I
think
it
was
mentioned
already,
but
we
had
a
call
with
antangle.
Last
friday
the
video
is
already
on
youtube
for
the
real
world
assets.
Token,
it's
also
with
centrifuge,
and
yesterday
we
had
the
launch
pad
with
the
dye
foundation
so
saran
and
photo
were
there
giving
explanations.
K
A
A
K
F
F
Thank
you
and
then
also
just
separately,
a
even
huger
thank
actually
equal
level
of
thank
you
to
the
gov
alpha
team
and
also
the
other
mandated
actors
who
are
part
of
the
maker,
dow
interim
operating
budget
multisig
that
was
set
up
ages
ago
because
of
you
guys.
We
were
able
to
secure
around
ten
thousand
die
in
grant
money.
That
enabled
us
to
continue
to
do
the
work
that
we've
been
doing.
F
You
know,
since,
since
we
were
back
in
the
foundation
and
stuff,
so
thank
you
for
for,
basically
not
letting
us
like
miss
some
coverage.
It
really
helped
us
also
just
do
some
work
over
the
last
couple
months,
but
now
we
are
full
time
full
speed
ahead
and
we're
excited
yeah.
So
continuing
the
update.
Our
immediate
priorities
are
to
set
up
tracking
and
public
documentation
for
all
of
our
active
projects
and
also
to
hire
that
engagement
lead.
F
So
we
can
begin
tackling
the
other
portion
of
our
mandate,
we're
currently
setting
up
the
cu.
Still,
I
still
haven't
gotten
the
first
disbursement
of
payroll
setup,
naturally,
because
we
have
to
go
through
a
vote,
but
that's
going
to
happen
soon
in
one
to
two
weeks,
and
hopefully
we
have
all
of
our
payroll
and
admin
stuff
set
up
by
the
end
of
the
month,
but
that
is
not
stopping
us
from
pretty
much
working
full-time
on
our
mandate.
F
G
C
G
G
G
These
are
not
advancing
to
formal
summation,
in
spite
of
being
able
to
in
the
case
of
andrew's
proposal,
he
is
still
working
on
it.
I
think
he's
working
on
it
with
juan
and
with
the
ses
core
unit,
I'm
not
sure,
but
I
think
that's
the
case
in
the
case
of
the
maker
portfolio
korean,
it's
actually
advanced
to
formal
submission,
but
then
with
word,
he
made
a
public
declaration
on
the
firm
that
you
can
read.
G
So
these
are
the
formally
submitted
proposals,
then,
for
this
cycle
the
definition
per
unit,
etcetera,
etcetera,
I'm
not
going
to
repeat
myself
there.
So
these
are
the
ones
you
should
be
paying
attention
to
and
the
ones
you
will
be
able
to
vote
starting
monday,
the
night
so
pm
utc,
I
think
yep.
Okay,
that's
correct,
okay,
cool!
So
these
are
the
proposals
currently
in
rfc
the
ones
I
just
mentioned,
the
ones
who
didn't
advance
to
formal
summation,
and
we
have
also
mip
57
rwa
committee
on
committee
by
greg
xx.
G
I
still
haven't
assigned
a
number
to
this
one.
It's
probably
going
to
be
58,
rwa
foundations
by
said,
and
there's
this
meep
39
c2,
this
solitary
mips
and
nc2,
so
this
usually
are
like
tripartite
proposal,
sets
a
map
39
with
40
and
mig
41
for
adding
a
core
unit.
So
bishop
is
kind
of
stuck
in
the
waters
with
this
one.
So
he's
only
added
a
map
39
with
demanded
for
for
this
prospective
prospective
coordinates.
G
A
Hey
good
job,
pablo
and
yeah
just
to
confirm,
as
the
governor's
just
allocated
there's
a
three
proposal
and
proposal
set.
Two
proposals
and
proposal
set
we'll
be
moving
forward,
so
look
forward
to
voting
for
them
on
monday.
As
a
reminder,
those
ratification
polls
will
run
for
two
weeks
and
in
order
to
pass
they
both
need
more,
yes,
notes,
then
no
votes,
and
at
least
ten
thousand
yes
votes
in
order
to
do
so
awesome
are
there.
Any
questions
for
the
mips
process
looks
like
derek's
asking.
A
F
A
F
A
Awesome
good
to
hear
appreciate
everyone
working
through
those
updates.
Pretty
quickly
looks
like
we're
doing
all
right
on
time,
confident
we'll
get
through
the
rest.
That's
the
end
of
the
updates
portion
of
our
agenda,
which
I
believe
brings
us
to
the
july
financials
presentation
from
ace
on
the
forums
or
mark,
I
believe
in
the
zoom
call.
Did
you
need
to
share
your
screen
there
mark.
L
L
All
right,
so,
hey
guys
this
is
mark
or
ace
from
the
forums
mentioned,
he's
giving
me
the
pleasure
to
present
july's
finance
results,
and
here
we
go
so
just
kick
things
off.
Net
interest
income
fell
by
nearly
50
percent
month
over
month.
It's
lower
demand
for
credit
and
decreased
stability.
Fees
from
the
recent
ppg
proposal
led
to
lower
income
net
trading
and
liquidation
income
also
fell
tremendously
at
78
and
95
down,
respectively.
L
There's
less
pressure
on
the
peg
and
lower
crypto
volatility.
There
were
the
key
drivers
that
led
to
lower
income
in
each
case,
workforce
expenses
were
relatively
flat
from
last
month
and
all
together,
our
net
income
was
down
63
and
recurring.
Income
was
down
55
percent
and,
despite
that
maker
price
increased
about
12
from
last
month
on
a
year-over-year
basis,
you
know
things
look
much
better
and
personally,
that's
how
I
like
to
compare
things
and
the
results
were
quite
impressive.
L
L
So,
as
you
guys
can
see
from
the
visual
representation
of
the
income
statement,
you
know
revenues
continue
to
decline
month,
vermont,
driven
primarily
by
lower
netting
interest
income
with
the
lower
stability
fee
rates
and
lower
demand
for
credit
leading
to
lower
income
workforce
expenses.
A
little
purple
bar
on
the
bottom
starting
to
creep
up
a
little
bit
and
that'll
continue
to
go
higher
in
the
coming
months
as
more
core
units
are
onboarded.
L
Loan
balances
are
stabilizing
with
two
percent
prior
month,
and
you
know,
as
collateral
prices
have
started
to
rebound,
we
may
see
an
increase
in
demand,
as
our
collateralization
ratios
increase,
so
bitcoin
and
ethereum,
both
climbed
in
the
mid
to
high
teens
last
month
and
yeah.
Hopefully
we
see,
you
know,
see
an
increase
in
loan
and
credit
going
forward.
L
L
L
L
Taking
a
look
at
the
balance
sheet
continues
to
grow
mostly
due
to
that
liquidity
reserve,
which
is
the
state
points
mostly
usdc
at
this
point
you
know.
Crypto
loans
are
up
slightly
about
two
percent,
so
good
to
see
that
starting
to
stabilize-
and
hopefully
it
will
continue
to
recover,
as
crypto
prices
start
to
rally
a
little
bit.
L
In
terms
of
market
share
on
chain,
you
know
die
month
or
month
and
year
over
year
lag
the
market
quite
a
difficult
cop.
From
last
july,
you
can
kind
of
see
in
the
middle
of
july
2020.
You
know
we
had
a
huge
spike
from
june
to
july
due
to
that
compound
liquidity,
mining
began
and
when
d5
summer,
and
it
really
started
to
explode
in
terms
of
market
share.
L
Looking
at
the
on-chain
volume
been
pretty
stable
the
past
few
months,
they're
down
one
percent
from
from
last
month
and
last
july,
we
had
that
huge,
huge
bump,
which
you
know
was
definitely
you
know
one
timer
type
of
situation
generally
been
pretty
stable
the
past
few
months,
and
it
looks
like
uscc,
you
know,
continues
to
take
share
from
tether
as
well
as
finance
usd,
not
really
sure.
What's
ended,
bianca's
lack
of
growth
but
looks
like
it's
trending
down
more
or
less
the
past
few
months.
L
So
risk
is
definitely
one
of
the
brightest
spots
in
the
financials
this
month.
You
know,
we
see
increases
in
the
key
financial
ratios.
You
know
leverage
and
the
ct1
ratio
both
up
it's
great
to
see
the
ct1
rush
ratio,
especially
starting
to
climb
into
that.
You
know
three
to
four
and
a
half
percent
range,
which
I
think
from
risk's
perspective.
Is
you
know
more
suitable.
We've
definitely
been
below
that,
as
it's
been
tough
for
the
circle
spot
for
to
keep
up
with
the
growth
and
in
our
assets
in
our
long
portfolio.
K
L
K
L
Yep,
so
over
to
the
earnings
per
mkr,
I
saw
an
uptick
in
the
equity
current
m
care
of
about
five
dollars.
The
earnings
yield
went
down,
is
you
know,
lower
income,
we're
essentially
trading
at
a
higher
p
e
ratio.
As
a
result,
you
know
with
a
big
decrease
in
the
ratio,
but
usually
when
you
see
a
low
earnings
yield,
especially
in
a
business,
that's
as
volatile
as
makers
generally,
you
know
the
market
is
looking
forward
and
thinking
that
in
the
prospects
for
that
business
will
improve.
L
L
So
we
should
see
continued
growth
there
and
we
should
see,
you
know,
continue
growth
from
other
assets
as
well.
You
know
this
deal
flow
remains
pretty
strong.
Current
focus
for
the
team
is
on
solar
x
and
you
came
in
foundation
structure
so
again
check
those
out
in
the
forums.
If
you
haven't
already.
L
L
A
L
So
the
ct1
is
excluding
the
stablecoins
and
really
it's
been
tough
for
our
surplus
buffer
to
keep
up
with
the
growth
in
assets,
because
you
know
you
need
if
you
grow
your
assets
to
mil.
If
we,
if
our
risk
assets
doubled
today
right,
our
cet1
would
just
drop
by
half
right.
We
have
to
actually
stay
at.
You
know
a
certain
level
of
loans
to
start
accruing.
You
know
equity
in
the
surplus
buffer.
L
So
if
you
grow
too
quickly,
you
know
your
safety
measures
are
going
to
lag
because
you
need
time
to
you
know,
have
those
loans
accruing
trust,
so
you
know
with
the
decrease
in
loan
demands.
You
know
you
just
started
to
see.
You
know
that
income
come
in
from
from
the
loans.
Essentially,
that's
why
it
keeps
increasing.
A
L
Yeah,
I
guess
it
comes
down
to
how
much
risk
you
know
the
community
and
governance
wants
to
take
in
terms
of
our
you
know.
Safety
ratios,
I
think
that
you
know
generally
risk
has
recommended
higher
ratios
and
I
think
I've
been
pretty
vocal
about
not
wanting
to
burn
maker
while
we're
below
the
recommended
ratios.
L
You
know,
I
think
long
term.
We
definitely
should
align
as
a
community
on
what
inappropriate
and
targeted
cet1
ratio
and
liquidity
ratio,
or
our
leverage
ratio
is
and
then
just
start
not
burning
maker
when
we're
not
at
those
ratios,
and
then
that
way,
it's
just
kind
of
automatic.
You
know
we
could
have
certainly
one-off
situations
where
maybe
the
ratio
is
slightly
low
and
we
think
it's
a
good
opportunity
to
burn
some
memcare.
Maybe
we
can
handle
that
through.
L
F
So
peyton
actually
brought
something
up
in
the
chat.
The
fact
that
we
still
have
the
84
000
mkr
that
the
foundation
transferred
to
the
protocol
in
the
pause,
proxy,
yeah
and,
and
also
just
to
give
a
little
more
context
to
this
question,
like
I'm,
I'm
probably
also
leaning
towards
opposed.
But
my
thinking
is
that
like.
If,
if
we
do
go
for
a
dilution,
it
usually
happens
when
the
mkr
price
is
bottoming
out
and
we
end
up
taking
a
really
bad
haircut.
F
Like
that's
what
we
saw
on
black
thursday
right
like
we
ended
up,
you
know
selling
a
lot
of
mkr
really
really
low,
but
if
we
are
lagging
behind
in
our
risk
metric
right,
this
ratio
and
mkr
price
is
high.
It
seems
like
it
might
be
wise
to
actually
try
to
raise
cash
from
any.
You
know,
maybe
not
purely
diluted,
mkr
but
mkr
that
we
have
free
like
that.
84K
mkr
might
be
an
interesting
tool
to
use,
but
yeah,
I'm
just
thinking
out
loud.
L
Yeah
yeah,
I
think,
ultimately,
we
should
probably
define
like
a
targeted
measure
and
a
you
know.
Subs
talked
about
the.
I
think
basel
iii
requirements
that
banks
have
in
terms
of
risk
measures.
They
must
follow.
So
I
think,
as
a
community,
we
should
look
at
these.
You
know
work
with
risks,
take
the
recommendations
and
then
lock
in
what
we
think
is
appropriate.
I
don't
know
that
you
know
people
want
to
dilute
to
to
get
there,
but
hopefully
we
have.
You
know
time
to
get
there
before.
G
And
maybe
one
thing
to
add
is
that
currently
we
have
a
buffer
and
that's
great,
but
the
main
risk
we
face
are
tail.
Risk
was
a
buffer.
I
mean,
if
you
have
one
percent
of
four
percent,
and
you
are
blacklisted
on
usdc
or
is-
is
falling
like
like
a
knife
to
one
dollar,
you
lose
everything
so
having
one
percent
buffer
or
four
percent
doesn't
change
anything
this
we
this
will
make
sense
more
in
the
future,
where
we
will
have
real
risk,
smaller
risk
but
more
diversified
risk
and
where
the
buffer
is
really
important
for
that.
A
A
C
A
Thanks
guys
and
side
note
on
the
chat,
jerry's
saying
that
the
die
foundation
core
unit
session
is
is
now
up
on
youtube
for
everyone
that
was
waiting
with
a
baited
breath
on
that
one
yeah.
You
can
relax
a
little
awesome,
so
last
agenda
topic
of
the
day
we
mentioned
earlier
during
von's
presentation.
A
C
J
J
J
J
J
J
The
rebalance
algorithm
of
this
taking
is
some
combination
of
price
feed
and
v1
formula
and
yeah
okay.
So
this
is,
you
know
like
a
just
a
taste,
you
know
what
is
there.
You
know
there
is
a
discussion
on
the
forum
it
presented
to
small
details
next
week,
yeah
and
in
general
you
know.
We
appreciate
any
feedback
on
the
forum
from
the
different
teams.
A
Awesome
thanks
sean
if
there
are
any
brief
questions,
I'd
encourage
them.
Now,
if
you
do
have
more
substantive
questions,
I
might
write
you
either
to
the
forum
or
to
that
call
next
week,
so
we
can
get
some
some
good
content
going
there.
I
will
pause
for
a
moment
here
before
opening
up
just
in
case
there
were
any
questions
on
the
slide
or
the
declaration
generally.
B
B
J
Yes,
so
here
you
know,
like
the
you
know,
from
maker
point
of
view,
if
you
saw
it
on,
you
know
like
this
is
like
kind
of
external
system
to
make
it
right.
So
you
know,
if
you
have
pressure,
will
just
offer
a
higher
discount,
but
like
from
your
perspective,
you
know
you
don't
really
care
about.
You
know
the
balanced
profits
or
lost
society,
only
care
that
the
liquidation
was
successfully
executed,
yeah.
J
But
but
you
know
there
are
some
discussions
in
the
forum
that,
for
example,
if
the
you
know
because
of
battery
balance,
the
idle
balance
reduces,
then
you
know,
maybe
we
can
decrease
the
ceiling
of
this
collateral
type.
Yes,
so
this
way
we
can
have
some.
You
know
like
risk
management
system,
because
you
know.
J
J
J
J
A
J
A
Awesome
well
we'll
try
to
grab
that
link
here
and
make
sure
everyone
if
you're
interested
you
join
that
call
next
week.
That
is
one
of
the
proposals
that
will
be
up
for
for
ratification
over
the
next
couple
weeks
here.
So
if
you
haven't
taken
a
look
at
it,
yet
please
do
so
like
here
is
a
link
for
the
declaration
itself
and
then
we'll
make
sure
we
have
the
the
call
notes
on
on
our
snippet
sir,
or
what
have
you
for
this
call
all
right.
A
F
Yeah
I
had
one
question
about
multiple
psms.
I
remember
early
on.
In
the
conversation,
I
think
it
was
like
chris
mooney
or
somebody
was
detailing,
like
what
it
was.
I
think
it
was
called
like
a
vampire
attack
where,
if
there's
two
psms,
basically
like
the
issuer,
would
have
undue
power
to
like
shift,
you
know
shift
all
of
the
balance
to
the
other
pips.
I
can't
remember
the
exact
details.
I
honestly
had
a
hard
time
wrapping
my
head
around
it,
but
is
that
still
like
a
valid
concern?
Was
it
like
invalidated?
B
B
B
That
way,
what's
interesting
is
that
it
may
not
be
out
of
compliance
for
usdc
or
tether
to
do
this
attack
right
so
because
they're
not
actually
like,
but
you
know
they
don't
have
that
same
like
strong
regulatory
backing,
so
in
theory
they
actually
could
could
maybe
like
vampire
attack
the
the
psms
in
the
other
direction.
But
you
know
at
this
point
we
could
we
could
easily
cap
usdc,
because
we
we
don't
need
any
more
exposure
there.
So
anyway,
that
was
the
vampire
attack.
If
you
had
any.
F
A
Chris
awesome,
I
am
seeing
a
good
question
here
in
the
sideboard
about
vote
delegation
curious
if
we
should
be
concerned
about
the
lack
of
interest
so
far,
less
than
40.
mkr
has
been
delegated
to
the
recognized
delegates.
What's
the
comment,
I
guess
I'm
probably
pretty
primed
to
answer
this
from
from
alpha,
but
if
other
people
do
have
opinions
or
things
they
want
to
weigh
in
feel
free
to
do
so.
A
After
this,
this
isn't
too
far
off
what
we
were
expecting
just
for
the
soft
launch,
the
primary
reason
being
that
the
custody
platforms
that
a
lot
of
the
logic
holders
like
the
venture
capital
firms
where
they
has
their
mkr.
They
still
need
some
contract
integration
for
the
custody
platforms
in
order
to
properly
delegate
their
mkr.
So
we
are
working
on
this
with
with
anchorage
and
with
coinbase
in
particular,
and
expect
to
see
that
soon,
which
will
greatly
increase
the
numbers,
but
also
in
general,
it
is
newer.
A
B
K
A
Yeah,
we'll
definitely
be
looking
to
promote
it
further.
The
basic
plan
is,
as
far
as
I
can
articulate
it
is
that
we
want
to
do
the
like
full
full
launch,
hard
launch.
However,
you
want
to
call
it
once
the
custody
platforms
are
in
place.
That
way,
we
can
hopefully
draw
over
some
of
those
bigger,
bigger
venture
capital
holders.
A
F
F
So,
like
my
thinking
is
that
all
right,
you
know,
the
people
who
currently
vote
are
probably
gonna,
be
fine,
continuing
to
vote
themselves
right.
The
main
audience
that
we're
targeting
with
delegation
is
the
cohort
of
mkr
holders,
who
don't
do
anything
each
week
right
who
might
actually
be
tuned
out
for
like
the
last
year
and
a
half
for
all.
F
A
Yeah
thanks
for
providing
that
perspective,
I
think
the
only
thing
I
would
add
is
that
for
some
of
the
vcs
with
the
custody
platforms,
there
are
like
weekly
issues
just
in
terms
of
like
votes
not
showing
up
not
being
able
to
get
in
contact
all
sorts
of
fun.
Things
like
that,
so
we're
hoping
that
delegation
does
ease
some
of
that
friction
as
well.
F
F
C
Whoever
yeah
but
yeah,
I
agree
with
you
david.
I
think
I
think,
and
you
see
compound
right
now,
that
if
you
go
to
their
forum
they're
discussing
this
right
now
they're
going
to
actually
they
have
the
passes.
I
believe
airdropped
some
comp
tokens
on
people
who
have
voted.
At
least
they
think
it
was
something
like
eight
times
ten
times
I
don't
know
whatever,
but
I
think
in
my
opinion,
that's
that's
what
you
need.
You
need
to
incentivize
people
who
have
mkr,
who
are
just
you
know.
F
Yeah
I
mean
that's
why
I
was
saying
like
that
narrative.
You
know
the
fact
that
shareholders
for
for
you
to
really
not
be
a
free
rider,
the
minimum
you
should
do
is
delegate
you
know
like
if
you're,
if
you're,
not
planning
to
immediately
sell
if
you're
planning,
if
you're,
holding
this
as
a
long-term
investment,
and
you
don't
want
to
be
involved
day-to-day.
The
least
you
could
do
is
this
because
you
are
incentivized
to
do
this.
F
That's
what
people
don't
realize
the
incentive
actually
is
there,
but
the
problem
is
like
people
want
something
more
concrete.
People
want
a
dividend,
but
the
problem
with
the
dividend
is
it's
not
exactly
tax
the
most
tax
efficient
way
to
distribute?
You
know
that
right
so
yeah,
it's
a
complex
topic.
I
think,
but
I
just
think
we
should
definitely
continue
to
publicly
express
this
narrative,
because
if
we
don't,
nobody
will
know
that
it
exists
and
and
the
incentive
does
exist.
You
know.
A
And
I
would
say
that
was
some
of
the
feedback
we
got
during
the
staking
rewards
proposal.
Her
governance
awards,
depending
on
when
you
got
got
the
name
of
it,
was
that
a
lot
of
the
large
holders,
in
particular,
wanted
to
wait
to
see
how
effective
delegation
is
on
its
own
at
fixing
some
of
these
problems,
so
that
might
be
revisited
if
delegation
is,
is
not
super
effective.
A
Additionally,
we
we
have
been
talking
about
delegate
compensation,
so
there
could
be
a
way
to
work,
an
incentive
mechanism
in
there,
depending
on
what
structure
we
go
with.
So
I
would
say
these
things
are,
are
being
talked
about
and
we
are
aware,
but
in
general
we
kind
of
need
to
see
what
the
what
our
baseline
is.
I
think,
before
trying
to
tinker
with
things
too
much.