►
From YouTube: Governance and Risk Meeting: Ep. 95
Description
# Agenda
## Governance
- Richard Brown: General Intros
- LongForWisdom: Governance at a Glance
## MIPs
- Charles St. Louis: Weekly MIPs Update
## Risk
- Vishesh Choudry: State of the Peg
## Links
Governance and Risk Framework - Part 1: https://community-development.makerdao.com/governance/governance-risk-framework/part-one
Website: https://makerdao.com
Twitter: https://twitter.com/makerdao
Forum: https://forum.makerdao.com/
Chat: https://chat.makerdao.com/home
Email: info@makerdao.com
A
Hello,
everyone
welcome
to
the
June
the
4th
edition
of
the
scientific
governments
and
risk
meeting.
My
name
is
Richard
Brown
I
am
the
interim
governance
facilitator
today,
I
am
joined
with
long
for
wisdom,
who
is
the
governance
facilitator,
the
other
one
in
on
interim
form?
This
is
going
to
be
an
interesting
call.
I
say
that
anyway
says
it's
muscle,
memory
at
this
point,
or
it
might
not
be.
A
Who
knows
we'll
see
how
it
goes
the
we
we
generally
have
a
list
of
speakers
scheduled
for
these
calls,
and
occasionally
the
stars
align
where
we
do
not
have
a
list
of
people
that
are
joining
us
to
fill
us
in
on
some
specific
aspect
of
the
ecosystem
or
a
new
initiative.
So
today
we
may
and
just
have
a
quick
they're
called
unusual,
but
what
I
would
like
to
do
is
encourage
people.
A
That's
a
lot
of
work
and
frequently
things
get
pushed
aside
as
new
things
come
along.
So
what
I
would
love
is
for
everybody
in
the
call
today
to
give
some
thoughts
to
issues
or
questions
or
ideas
that
they've
had
as
regards
to
the
protocol
that
they
feel
may
not
have
gotten
attention
or
may
have
been
forgotten,
or
they
just
have
just
generalized
questions
for
governance
and
risk.
Please
take
the
first
part
of
the
call
to
think
about
that.
A
bit
make
some
notes
and
then
come
out
us
come
at
the
other
group
with
some
questions.
A
After
we
get
through
our
regular
agenda
and
then
we
cannot
see
where
that
leads
us,
or
we
could
like
I,
said,
potentially
have
an
early
call
today.
As
far
as
the
agenda
goes,
we
have
a
regularly
scheduled
guests
joining
us
long
for
wisdom
will
be
walking
us
through
governments
of
clients
and
there's
a
lot
of
governments
to
glance.
B
A
Charles,
st.
Louis
is
giving
us
our
weekly
MIPS
update
as
we
continue
to
author
along
the
same
lines
of
what
I
was
talking
about
earlier,
but
as
we
continue
to
transition
from
the
old
style
of
management
governance
into
this
new
mythified
world,
there's
gonna
be
some
some
concepts
that
we
nailed
me
to
to
grasp.
A
At
the
same
time,
some
understanding
of
what
process
actually
means
to
us
and
how
it
gets
implemented
in
some
of
the
bumps
in
the
road
but
he'll
along
the
way,
and
then
long
for
wisdom
will
walk
us
through
the
submission
review
permits
that
are
in
the
pipeline
and
we'll
have
a
chef
giving
us
the
state
of
the
pig.
Thank
you
so,
like
I
said,
while
we're
walking
through
the
orders
of
business,
please
do
some
thoughts
to
issues
that
you
would
like
to
talk
about
during
the
Q&A
session.
A
C
Sounds
good,
Lincoln,
chats
all
right,
so
yeah
discussions
been
a
little
light.
This
week
we've
got
a
couple
of
cool
threads
pop
up,
hex
notes
or
someone
created
a
post
to
keep
track
of
the
kind
of
governance
and
meta
parameters
that
we
have
started
using
in
terms
of
at
the
base
rates
and
the
idea
sauce
spirit
and
things
which
are
not
technically
protocol
parameters
but
are
still
things
we
vote
on,
one
which
I
think
it's
been
beneficial
so
see.
C
Island
hunting
suggests
some
primitive
action
to
get
ahead
of
the
rate
changes
that
will
be
required
to
keep
diet.
That's
peg
as
credit
becomes
more
attractive
that
attracted
a
bit
of
discussion
and
other
people
are
sleeping,
different,
differing
opinions
and
then
set
from
source
credits.
Posted
a
kickoff
post,
which
kind
of
shows
an
example
of
what
the
weekly
posts
are
going
to
look
like
get
some
idea
of
what
the
rewards
will
look
like
based
on
the
last
week
of
May,
which
is
outside
the
trial.
But
it's
kind
of
a
good
example
terms
of
seeking
consensus.
C
I
think
the
only
one
that's
not--that's
popped
up,
so
any
single
quest-
that's
popped
up
in
the
last
few
weeks
is
changing
the
monetary
policy
poll
votes
to
rank
choice
created
by
Andy
McCall.
That
was
one
chain
up
until
a
moment
ago.
I
haven't
I,
should
check
they'll
come
I'm,
assuming
it
must
abstain,
usually
have
no
sorry
to
interrupt.
C
And
then
the
things
which
one
other
thing
I
wanted
to
mention
is
that
timber
like
West,
it's
a
kind
of
Google
form,
Lee
Research,
Forum
thing
for
the
governance
communications
team
I
was
control
inputs
as
to
what
the
kind
of
things
the
communications
team
should
produce
and
also
sort
of
looking
to
see.
If
anyone
is
interested
in
taking
part
in
that
team,
so
it
will
share.
That's
that
link
as
well.
I
think
that's.
A
A
Initiative
and
I
encourage
people
to
take
a
look
at
this,
because
traditionally,
in
this
space
we
troll
for
its
talents,
we
try
to
get
them
engaged
in
the
protocol
in
the
ecosystem,
and
then
we
provide
funding
to
get
them
to
do
work.
The
subtext
there
is
99%
of
the
time,
that's
somehow
related
to
purely
technical
activities.
Admittedly,
there's
lots
of
content
generation,
but
that
that
leaves
a
fairly
significant
hole
in
our
ecosystem
and
one
of
those
holes
is
how
does
Dow
a
listless
collective
of
people
that
share
this
mission.
A
How
do
they
identify
things
that
they
want
to
communicate
and
how
they
go
about?
Communicating
sounds
simple,
but
it's
not
it's
fascinating
elite,
complex,
complicated,
it's
worth
thinking
about,
so
we
have
the
foundation.
The
foundation
has
bright
lines
drawn
around
it,
and
then
we
have
people
in
this
call
people
in
our
chats
people
in
the
government
ecosystem.
We
have
maker
voters.
We
have
this
collection
of
delightful
circles
in
this
gigantic
Venn
diagram
and
there's
issues
that
the
Dow
needs
to
communicate
externally.
A
But
we
don't
really
have
a
mechanism
for
community
sourced
or
community
directed
message,
I
guess,
and
so
the
question
is:
how
do
you
do
something
like
that?
How
does
a
group
of
people
arise
that
is
capable
of
determining
what
a
voice
is?
What
the
messages
are,
what
channels
should
be
pursued
to
communicate
those
messages?
How
does
a
good
feedback?
These
are
all
very,
very
interesting
questions
and
it's
something
that
I
personally
believe
that
we
all
desperately
need.
A
That
is,
is
some
some
framework
where
the
community
can
get
together
and
speak
to
the
larger
community
or
to
speak
to
the
world
at
large,
we're
sort
of
one
voice,
or
maybe
a
limited
number
of
voices
who
knows,
but
in
some
kind
of
cohesive
manner,
and
so
that's
what
this
communications
team
seeks
to
do.
So
if
you
have
chops
in
areas
that
are
frequently
ignored
by
the
crypto
space
like
marketing
content
generation,
communication
project
management's
all
these
other
dark
arts
that
I
barely
comprehend
myself,
we
are
desperately
looking
for
talent.
A
E
No
just
ready
for
me
come
out
of
the
dark
of
taking
notes
about
the
thing
that
I'm
doing,
which
is
a
quite
a
recursive
notion,
but
yeah.
So
that's
a
perfect
summary.
Obviously
can't
have
said
it
better
myself.
That
form
has
gotten
some
good
responses
from
people
who
are
very
active
on
the
forums
which
is
pretty
exciting.
I'm
gonna
start
broadcasting
it
to
other
channels.
E
But
if
you
have
any
feedback
about
how
you
think
a
community
should
come
out
and
communicate
to
itself
to
the
greater
public
and
then
pull
in
from
the
greater
public
back
to
the
DAO
itself.
That
would
be
super
helpful.
As
rich
said,
it's
pretty
complicated.
The
one
thing
I
wanted
to
add
is
we're
trying
to
recruit
more
people
and
that
that
that
gets
a
lot
easier.
It
gets
a
lot
easier
to
produce
more
communications
when
there
are
more
people
that
are
there
and
we
do
have
a
rocket
chat
going.
E
A
Thanks
Tim,
so
yes,
TLDR
the
Dow
needs
a
voice.
Community
needs
a
thoughts
or
series
of
voices,
or
at
least
according
around
the
voice.
So
if
you
think
you
have
that
kind
of
a
skill
set,
please
reach
out,
there's
a
lot
of
really
interesting
things
to
do,
and
it
would
be
next
to
facilitate
some
non
development
work,
all
right
so
back
to
the
agenda.
Let's
move
on
to
this
week
in
MIPS
eternal,
if
you
want
to
get
us,
kicked
off.
F
F
The
formal
submission
period
for
June's
governance
cycle
was
from
June
1st
to
June
3rd,
and
this
period
is
when
MIPS
and
sever
puzzles
are
proposed
to
enter
the
governance
cycle
and
wait
for
the
approval
from
the
governance
facilitators
to
formally
enter
it
and
the
next
week.
So
this
month
we
had
nine
proposals
that
were
requesting
to
enter
the
governance
cycle.
F
The
proposals
themselves
were
mid,
13,
the
declarations
of
intent
at
14
protocol
dye-transfer,
authored,
both
by
long
truism,
and
then
we
had
four
it's
going
to
improve
the
NIP
six
and
at
eight
nine
into
twelve
for
clarity
and
just
making
the
general
Claro
onboarding
process
more
efficient.
F
There
was
also
a
proposal
suppose
'el
to
add
a
risk
domain
team
which
was
proposed
by
Cyrus.
Maybe
he
can
speak
to
that
later
in
the
call
and
then
the
last
two
ones
were
for
Clara
Wan
boarding.
So
there
are
two
proposals
for
onboarding
can
see
and
Xerox,
and
you
can
see
all
of
the
proposal.
Details
in
this
link.
F
Supposed
to
maybe
someone
posted
after
I
did
a
bit,
but
it
will
link
to
all
the
proposals
and
the
details
around
them
from
the
forum
post.
They
github
there
we
go
so
today.
The
governance
facilitators
will
do
the
review
of
these
nine
proposals
and
go
over
whether
they
should
be
included
in
inclusion
polls
that
are
gonna
go
next
Monday.
F
They
also
serve
as
this
threshold
to
necessitate
the
attention
of
a
government
school,
as
I
mentioned
in
previous
calls
or
forum
posts,
there's
an
inclusion
threshold
that
needs
to
be
met
for
it
to
formally
move
on,
and
that
is
3000m
care.
So
the
S
votes
have
to
be
greater
than
the
threshold
that
I
just
mentioned,
and
the
no
votes
for
it
to
be
approved.
F
So
in
tunes
in
terms
of
Clairol
onboarding
updates.
The
exact
pass
today
for
TUSD
in
u.s.
DC
beat
them
both
to
the
maker
protocol
and
once
the
pause
has
passed,
I
think
around
19,
19,
17,
EGC
they'll,
officially
be
added
to
the
maker
protocol,
is
exciting
in
terms
of
the
community
greenlight
polls
they're
still
in
progress
over
the
next
four
days.
F
So
don't
forget
to
vote
on
the
collateral
types
that
you
align
with
and
want
to
see
move
forward
and
as
a
general
reminder,
the
community
really
pulls
scores
provider
like
reasonable
approximation
for
which
assets
the
community
support
and
which
ones
the
domain
team
should
prioritize
and
consider.
But
it
is
not
binding
to
the
domain
teams
and
the
domain
teams
ultimately
make
the
decision
on
which
Claro
types
they
want
to
domain
greenlight
and
then
work
on
the
domain
work.
F
C
Thirteen
fourteen
amendments
to
MIT,
six,
eight
mich,
eight,
nine,
twelve,
a
proposal
to
add
Cyrus
as
a
wrestling
team
and
to
move
12
proposals
to
on
board
K
and
C
and
siddur
X
right
so
I
guess
something
of
the
amendments.
I
was
giving
my
stuff
for
the
time
being
so
the
moments
two,
six,
eight,
nine
and
twelve
all
seem
fine
in
terms
of
formatting
presentation.
C
I
would
encourage
people
to
at
least
read
over
the
amendment
text
as
it
gives
a
brief
overview
of
what's
changing,
and
if
you
have
a
bit
of
extra
times
you
look
at
the
PR
and
to
actually
sort
of
see
there
tell
us
what's
changing
and
general.
This
is
kind
of
intended
as
sort
of
clarity
updates,
but
there
are
some
sort
of
minor
changes
and
how
things
work
you
know
it's.
The
kind
of
semi
major
change
within
those
moments
is
that's
the
ordering
of
domain
green
lights
and
community
green
lights
is
being
switched.
C
C
G
C
C
So,
d
to
mid
twelve
sub
proposals,
there
was
some
some
sort
of
irregularities
with
I
guess.
I
should
say
these
were
technically
submitted
after
submission
window
due
to
like
a
minor
technicality,
and
since
this
is
kind
of
since
we're
still
getting
started
with
a
government
cycle
that
doesn't
seem
like
a
reasonable,
didn't
seem
like
a
reasonable
justification
for
for
not
considering
the
submitted
to
this
governor
cycle.
That
says
there
was
some
confusion
about
the
requirements
for
domain
work
presented
in
those
proposals.
C
As
MIT
for
was
written,
it's
kind
of
assumed,
that's
kind
of
complete
domain.
Work
could
be
presented
for
each
domain,
which
is
kind
of
not
presents
so
I,
think
we're
leaning
towards
so
I
think
we're
leaning
towards
declining
these
reversals
as
part
of
the
MIPS
process
and
instead
doing
them
as
part
of
the
weekly
cycle.
Until
we
can
kind
of
tidy
up
the
maps
process
and
figure
out
exactly
what
needs
to
be
produced
and
present
in
those
prisons
ritual
Charles.
Do
you
want
to
comment
on
this
as
well?
At
all.
A
Well,
I
can
maybe
it's
something
we
can
break
off
into
the
Q&A
session,
possibly
in
the
absence
of
other
people
having
threads
that
they
want
to
talk
about.
Process
is
something
I
can
talk
about
for
hours.
So
so
maybe
if
we
can
talk
about
or
workflows
versus
process
or
letter
of
the
law
versus
expediency,
there's
there's
larger
issues
that
need
to
be
understood.
I
think
we're
gonna
be
butting
up
against
this
in
the
MIPS
process,
maybe
I'm
a
bit
more
conservative
when
it
comes
to
these
things
than
others,
because
I've
been
starred
in
numerous
Wars.
D
F
Yeah
I'm
definitely
interested
in
talking
more
about
how
we
can
further
improve,
like
the
mid
12
process
during
the
discussion
period
and
I
do
I.
Do
definitely
think
it
makes
sense
to
push
it
more
towards
the
weekly
cycle
and
take
some
extra
steps
to
ensure
that
we
can
better
prepare
the
monthly
cycle
for
for
July
or
that
in
terms
of
getting
Clairol
added.
So
really
looking
forward
to
having
the
open
discussion
about
that.
C
A
I've
talked
about
these
two
MIPS
in
previous
calls
and
they're
sort
of
they
seem
innocuous
on
the
surface.
Yeah
sure
this
is
therapist.
I
have
concerns
about
these
and
epsilon
for
wisdom.
So
these
these
two
MIPS
are
necessary.
I
believe
they
are
potentially
extremely
powerful
and
that's
a
good
thing.
That's
a
bad
thing.
I,
like
I,
said
the
last
time
I
brought
this
issue
up.
I
really
really
really
encourage
the
community
to
have
a
look
at
these
two
proposals
because
they
represent
a
fundamental
shift.
A
They
post
the
links
in
the
way
that
this
community
will
work
and
the
way
that
it
does
that
is.
It
formally
allows
a
way.
Mid.
13
allows
for
community
members
to
walk
into
the
names
to
a
declaration
of
intent,
so
it
allows
the
community
to
decide
if
they
want
to
do
something
formally
state
that
they
have.
The
intention
come
up
with
some
planning
around
how
these
things
could
possibly
happen.
We
have
mechanisms
that
informal
mechanisms,
or
slightly
formal
or
whatever
cultural
norms
where
we've
been
doing
that
for
a
while.
C
A
A
Sorry
I
might
be
blaring
both
them
together
in
my
excitement
of
the
conceptual
importance
of
these
things,
and
so
the
down
needs
to
be
needs
to
have
agency
in
sovereignty.
So
the
community
needs
to
be
able
to
determine
if
something
needs
to
happen,
and
then
it
needs
to
be
able
to
make
a
thing
happen.
A
There's
nothing
stopping
that
from
happening
now,
other
than
you
know
the
time
and
effort
required
to
do
that.
But
there
is
a
significant
number
of
tasks
that
need
to
be
paid
for,
because
you
get
what
you
pay
for
in
this
world
and
when
you
want
high-quality
work,
you
want
people
to
devote
lots
of
a
great
deal
of
time
and
energy
to
doing
something
you
need
to
have
a
mechanism
for
which
they
can
be
compensated,
and
that
is
the
transition
into
mid
14th,
which
it
said.
Well.
A
It
says
this:
the
generic
process
for
transferring
dye
from
the
protocol
into
a
specific
wallets,
and
that's
for
anybody-
who's
been
paying
attention
to
this
this
week.
Our
our
our
protocol
and
the
ecosystem
in
general
should
fill
you
with
absolute
terror,
but
the
the
protocol
has
checks
and
balances
in
place
and
has
circuit
breakers.
C
A
And
cool,
if
still
feels
like,
we
should
have
a
gavel
or
something,
but
in
the
absence
of
that,
let's
just
move
on.
So
here's
where
we
have
with
this
fork
in
the
road.
No
specific
speakers
available
to
us
today
and
I
begged
and
pleaded
and
exhorted
for
people
to
come
up
with
questions
about
threads
that
they
have.
They
want
to
talk
about
or
ancient.
A
Or
ancient
thoughts
or
topics
that
they
want
to
go
over,
so
we
can
either
dig
into
those
now,
if
there's
this
overwhelming
desire
to
do
so.
It
occurs
to
me,
though,
that
for
some
reason
this
is
another
cultural
norm.
We
just
wait
till
the
very
last
possible
minute
and
give
the
shesh
some
time
to
shine
out,
and
maybe
that
could
potentially
be
backwards
at
this
point
so
I'm
not
seeing
anybody
asking
any
questions
in
the
sidebar
I
just
want
to
make
one.
G
Quick
point
I
just
want
to
highlight
that
we
posted
a
to
collateral
valuations
last
night
in
the
forum's
I
know
their
briefs.
They
mentioned
earlier
as
part
of
it
12,
but
just
want
to
make
sure
that
people
people
get
some
eyes
on
this
and
then
please
read
through
and
happy
to
discuss
in
the
forums
or
maybe
in
one
of
the
coming
governance
calls.
C
A
H
Still
at
a
glance,
what's
going
on
lately
with
die,
at
least
it's
it's
pretty
close
to
to
the
peg.
It's
been
trading,
pretty
close
to
look
like
for
the
last
week,
or
so
we
even
had
a
slight
dip
below
the
bank,
so
that
I
think
is
a
positive
indicator,
especially
given
the
fact
that
the
eath
price
has
been
sort
of
continuing
to
rise.
H
Essentially
in
those
times
the
primary
concern
was
not
die,
staying
above
peg
for
too
long
of
a
period,
but
rather
die
dipping
below
the
peg
and
staying
down
there.
So
it
seems
similar
scenario
completely
different
result,
which
means
you
know
either
people's
general
perception
of
how
the
system
should
work
has
changed
or
the
fundamental
economics
have
changed.
It's
probably
the
former,
that's
pretty
inseparable
from
the
latter
as
well.
So
it's
it's,
it's
almost
like
dies
gone
through
three
cycles.
H
The
first
you
way
back
when
dye
was,
would
dip
below
the
peg,
and
then
there
was
kind
of
this
hesitancy
to
arbitrage,
and
so
it
would
stay
below
the
peck.
Then
there
was
a
time
period
where
you
know,
through
community
effort,
generating
more
demand,
adjusting
monetary
policy
levers,
etc.
You
know
this.
The
community
was
able
to
recover
die
to
return
above
peg.
After
that
point,
it
seemed
that
you
know
dye
arbitrage
use
cases
were
people
were
much
more
confident
in
them,
and
so
you
know
they
were.
They
were
much
easier
since
then.
H
Now,
if
we
look
back
at
the
last
30
days
or
so,
essentially
it
was
it
had.
You
know,
after
coming
back
down
from
the
extreme
above
peg
case,
it
was
still
hovering
what
was
a
little
higher
than
people's
comfort
zone
like
a
dollar
in
one
cent,
but
then
it
fluctuated
a
bit
it
dipped
below.
H
Very,
very
briefly,
obviously
this
this
line
will
be
exaggerated,
because
it's
a
just
a
simple
volume
weighted
average
price
and
then
basically
come
right
back
to
about
as
close
to
peg
as
you
can
expect
it
to
be
so
that
that
all
seems
good.
It
will
be
interesting
to
watch
what
happens
to
eath
next
because
tends
to
whiplash
a
little
bit.
H
So
if
it
does
come
back
down
suddenly
that
may
distress
the
situation
again,
but
we'll
just
have
to
sort
of
play
that
by
ear
so
as
far
as
what's
happening
under
the
hood,
with
Dai
dice
fly
up
to
132
million.
So
a
hundred
and
nineteen
point
eight
of
that
from
eath,
with
a
debt
ceiling
of
one
hundred
and
twenty
million
crazy
utilization
I'm
sure
people
have
been
made
aware
of
this
situation,
but
that
is
very,
very
suddenly
hit
the
cap
and
we'll
talk
a
little
bit
about
why
that
happened.
H
But
you
know
obviously
there's
a
discussion
that
needs
to
be
had
about
what
sense
does
it
make
in
raising
debt
ceilings
at
very
low
stability
fees?
Because
you
know,
if,
if
there
is
free
money
in
the
system,
do
you
necessarily
want
to
be
continually
raising
that
debt
ceiling?
Probably
not,
and
it
seems
that
you
know
if
you
look
at
this
from
a
pure
quantitative
standpoint,
it
makes
no
sense
to
currently
have
a
stability
fees
at
zero.
Obviously
that
that
move
has
done
for
very
different
reasons
and
to
handle
you
know,
distress
situations.
H
So
there's
a
discussion
to
be
had
about
what
cart
do
you,
you
start
driving
right
now.
Do
you
do
drive
the
sort
of
perception,
psychological
cart
of
trying
to
restore
confidence
in
the
system,
though
it
seems
to
be
working.
You
know
primarily
fine
right
now
or
do
you
sort
of
focus
on?
Where
are
you
extending
risk
for
those
that
are
holding
capital
for
the
system
and
for
those
that
have
invested
in
the
system?
H
It
seems
right
now
that
having
those
stability
fees
at
zero
sort
of
will
cause
you
to
max
out
that
debt
ceiling
again
if
it
were
to
be
raised.
So
that's
that's
just
a
something
to
be
aware
of,
but
we'll
go
a
little
bit
more
into
why
that
happened.
So
WBT
see
real,
quick
just
to
hit
the
other
collaterals
since
that
was
added
saw
you
know
a
few
big
jumps
in
the
amount
that
was
minted.
That's
been
sort
of
sitting
at
around
nine
point:
five
million.
The
latest
number
is
nine
point,
nine
five.
H
For
us
DC
so
that
had
sort
of
initially
been
utilized
heavily,
and
then
it
was
coming
down
sort
of
naturally
over
time.
Interesting.
To
note
that
you
know
it
was
coming
down
after
the
the
stability
fee
was
no
longer
zero
and
it
you
know
just
seems
that
there's
not
a
huge
news
case
for
it
at
the
moment,
so
you
know
that
demand
has
been
lower
and
the
the
amount
issued
has
been
coming
down.
The
latest
die
from
us.
H
Tc
is
1.2
million,
so
you
know,
even
since
the
the
most
recent
value
shown
here,
it's
come
down
significantly
more
bad,
you
know,
has
just
sort
of
it
dropped
off
a
bit
around
March
and
then
it's
just
sort
of
been
floating
around
that
that
half
million
mark
the
the
latest
value
is,
you
know
594,
so
it
came
up
very,
very
slightly
since
what's
shown
here,
but
more
or
less
just
kind
of
been
sitting
flat.
Yes,
okay!
So
he's
an
interesting
one
right
now,
because
you
know
what
we
just
talked
about.
H
So
obviously
it
was
long-term
trend,
rising
all
that
stuff
and
March
happened,
there's
a
big
drop-off
and
then
it
sort
of
resumed
its
rising
trend.
That
number.
So
you
know
this
was
on
the
28th.
It
was
107,
but
since
then
it's
shot
up
to
119,
so
you
can
sort
of
see
that
shown
here
is
that
that
value
has
jumped
up
since
the
28th
it
you
know
it
sort
of
shot
up
dipped
a
little
shot
up
again.
H
There
were
so
there
were
a
couple
of
notable
transactions
to
touch
on
here.
So
this
is
one
particular
vault
that
had
minted.
Ten
million
died
all
at
once,
and
this
was
minted
and
then
effectively
dumped
on
to
compound.
So
you
can
see
here
that
they
supplied,
ten
million
died
to
compound
4c
die
and
you
know
are
currently
earning
a
point.
H
Three
percent
free
rate
on
that
effectively
because
there's
technically
an
arbitrage
right
now
between
the
stability
filmmaker
and
the
supply
rate
on
compound-
and
we
know
what
happens
in
those
instances,
this
was
sort
of
predictable
in
that
sense,
and
you
know
when
those
opportunities
exist
at
you
know
such
a
low
cost.
You
have
to
expect
people
to
max
out
the
debt
ceiling
and
and
I
think
you
know
raising
it
even
even
in
the
past,
but
you
know
in
the
future
raising
it
needs
to
come
with
a
discussion
of
okay.
H
What
is
the
likelihood
that
someone's
going
to
use
this
for
a
flash
transaction
or
a
free
arbitrage
opportunity
and
not
not
necessarily
to
generate
leverage
for
themselves,
but
rather
to
quickly
source
capital,
to
take
advantage
of
another
opportunity,
so
yeah
I
think
there's
there's
definitely
discussion.
At
least
we
have
there
about
the
stability,
peace.
H
Justice
on
collateral,
real
quick,
so
you
know
everything
more
or
less
to
have
schoo
the
mint
from
this
vault
or
sitting
around
the
250
mark,
which
kind
of
falls
more
or
less
into
one
of
these
trimodal
peaks.
But
one
of
the
interesting
things
to
note
is
there's
a
slight
uptick
in
the
amount
of
dye
issued
from
eath
at
a
localization
ratio.
H
So
this
is
a
bit
more
than
it
usually
is,
and
we
sort
of
go
through
some
of
these
vaults
and
see
that
there's
you
know
a
few
large
physicians
like
say
350,000
here
that
are
sitting
at
you
know
like
210
collateralization
ratio,
so
comparatively
low.
So
that's
just
something
to
be
aware
of
as
well:
okay,
I,
don't
wanna,
believe
it,
but
I
can
double
click
on
anything
that
people
want
to
see.
I
didn't
actually
see
how
long
I
was
talking
for
just.
G
H
H
Latest,
where
it
is
on
the
the
mechanism
for
distribution
there,
is
it
going
to
be
based
off
outstanding,
borrow
or
lifetime
borrow
interest?
Because
that's
a
that's
a
variable
that
compound
tracks
as
well,
which
is
not
something
that
people
would
benefit
from
from,
like
just
taking
a
flash
amount
of
capital
and
depositing
it
I.
H
Got
it
so
not
a
huge
opportunity
there,
but
still
something
that
someone
could
be
taking
advantage
of
for
a
very
low
cost
right?
Because
if
it's
a
very
low
supply
rate,
then
you
know
0.38.
If
it's
based
off
of
the
supply
interest
earned
and
borrow
interest
paid,
then
0.38
percent
on
10
million
is
not
a
huge
amount.
But
it's
not
negligible
for
sure.
H
C
H
C
So,
as
part
of
the
governor's
facilitated
mandates,
there
is
a
intention
to
to
set
the
agendas
for
these
meetings
or
at
least
to
like
make
publicly
agendas.
These
meetings
like
a
week
in
advance
so
going
forward
I
think
we're
gonna,
be
posting.
The
meeting
agenda
like
at
the
end
of
the
meeting
for
next
week's
meeting
and
we'll
add
in
these
sections
that
we
like
a
fairly
confident
going
to
happen.
C
If
anybody
has
something
that
they
want
to
present,
then
they
can
either
message
one
of
us
or
post
in
the
thread
and
say
what
they
want
to
do.
But
that
means
kind
of
everyone
has
a
better
idea
of
what's
what's
coming
and
whether
they
would
want
to
come
to
the
meeting
and
especially
where
people
with
limited
time
and
who
aren't
sure
what's
gonna,
what's
gonna
come
up.
C
A
Q&Amp;A
aspect,
section
of
the
call
and
I'm
sure
we
have
a
laundry
list
of
important
issues
that
everybody's
been
furiously.
Writing
those
two
votes
that
we
can
get
into.
Who
wants
to
go
first?
So
if
anybody
has
a
question
that
they
don't
have
access
to
a
microphone?
Oh,
oh,
is
this
sir
I
missed.
That
was
something
I.
D
D
Yeah
I
think
I
think
you
know
we've
obviously
there,
when,
when
W
BTC
was
being
added,
I
think
there
was
some.
It
wasn't
clear.
Basically,
you
know
who
would
actually
see
that
much
utilization
of
up
front,
which
is
why
kind
of
arguing
about
where
exactly
the
debt
ceiling
should
be.
It
seemed
like
kind
of
like
a
and
not
not
the
most
relevant
point,
but
now
that
we've
seen
this
used
to
to
basically
a
hundred
percent
I
think
it's
it's
interesting
to
discuss
this
and
also
to
discuss
the
the
the
risk
parameters.
D
Broadly,
the
risk
factors
for
W
BTC,
just
the
general
schedule
of
scaling
WBT,
see
in
in
maker.
You
know
increased
decentralisation
of
WBT
see.
Some
of
these
topics
are
better
addressed
in
the
in
the
forum,
but
I
wanted
to
kind
of
highlight
here
that
these
are
some
things
that
I
think
are
interesting
and
in
particular
you
know
as
we
as
we
as
we
hike.
The
debt
ceiling
were
depending
on
what
what
the
polls
say,
but
it's
this
seems
to
be
the
we
might
be
back
into
that
rhythm
again.
G
So
my
initial
thoughts
on
that
was
on
personally
I
think
it'd
be
nice
to
see
demand
for
it
outside
of
the
zero
rate
environment
for
the
1%
whatever,
because
essentially
right
now,
it's
like
subsidizing
a
huge
huge,
carry
trade
right,
and
if
rates
were
to
normalize
back
up,
would
we
still
see
the
same
amount
of
demand?
And
at
this
point,
is
it
I
mean?
Is
that
such
a
good
idea
in
your
mind
to
just
raise
it
if
we're
just
basically
subsidizing
it?
G
For
you
know
a
large,
you
know
secondary
lending
platform
to
just
take
advantage
in
that
way,
like
does
that
benefit
really
outweigh
the
risks,
at
least
with
eath.
You
don't
have
to
work,
I
mean
the
same.
Things
happened
with
Eve,
but
at
least
you
don't
have
to
reason
about
the
counterparty
risk
or
the
centralization
risk
there.
So
if
the
goal
was
just
to
get
the
dye
peg
in
line
place
to
me,
it
just
feels
safer
to
just
kind
of
keep
matching
up
the
debt
ceiling.
D
D
That
I
think
that
there's
some
some
sort
of
limit
related
to
counterparty
risk
at
which
point
most
people
would
not
be
comfortable
increasing
it
for,
for,
if
there's,
actually
a
similar,
at
least
for
me
limit,
which
is
that
at
some
point,
if
you're,
if
you're,
if
you
have
too
much
too
much
issued
against
Keith
liquidity
starts
to
become
a
serious
problem.
I
don't
think
we
know
where
exactly
that
level
is,
or
at
least
as
a
community
I,
don't
think.
D
We've
come
to
consensus
on
like
what
is
the
hard
limit
for
ad
c--
I,
but
as
a
guess,
I
would
say
somewhere
between
a
hundred
and
million
and
a
billion
is
where
you
are
going
to
start
to
see
serious
problems
with
liquidating.
Like
you
know,
a
black
Fridays,
but
Black
Thursday
scenario
would
be
bad,
not
only
from
you
know,
with
the
kind
of
stuff
that
we
had
with
auctions,
but
actually
bad
from
a
from
a
from
a
liquidity
point
of
view
right-
and
you
see
this
bit
max
all
the
time.
D
So
there
was
a
crazy
50,
X
liquidation
already
this
week,
which
you
know
these
things
happen
quite
a
lot
and
basically
there
is
also
some
level
with
eath
that
we
that
we
have
to.
Then
we
have
to
worry
about
the
nice
thing
about
about
BTC,
of
course,
is
that
there's
there's
extra
liquidity
there,
so
I
think
I
would
be
nice
to
see
it
just
because
I
think
like
when
this
was
when
this
was
initially
added.
We
didn't
necessarily,
we
didn't
necessarily
discuss
in
that
much
detail.
G
Yeah,
those
are
all
those
are
all
valid
points
in
terms
of
liquidity.
I
think
I
mean
one
point
I
want
to
make.
G
D
D
However,
I'm
not
sure
that
dye
liquidity
gives
you
a
straightforward
cap
on
the
debt
ceiling
of
a
collateral
asset,
because,
as
you
as
you
grow,
the
debt
ceiling,
you
have
more
Dyess
shoot
and
then
you'd
expect
to
see
more
keeper
keeper
diet
and
entry
right
so
like
if
you
just
as
a
thought
experiment.
If
we
set
the
eath
debt
ceiling
to
you
know
ten
times
where
it
is
now
it
you
know
it,
you
know
1
1.2
billion
or
something
like
that.
Let's
say
we
actually
reach
that.
D
Then
I
would
expect
to
see
you
know
approximate
or
just
vaguely
speaking
like
ten
times
as
much
dye.
You
know
available,
for
wit
keepers
or
for
thefor
keepers
right,
because
we're
we're
actually
issuing
this
dye
by
by
increasing
the
the
debt
ceiling.
So
it's
not
it's
not
like
it's
not
like.
There
is
just
some:
it's
not
like
they're
not
going
to
you.
G
But
yeah
I
get
you
but
I,
think
I
I,
don't
think
that
or
I
think
I
may
have
missed
this
okay.
So
if
you
think
like
let's
say
you
have
want
to
put
fifty
million
debt
ceiling
between
Ethan
Bitcoin,
given
that
the
both
crash
at
the
same
time,
the
keepers
will
still
have
the
same
die
constraint
and
even
if
you
ten
exit
to
five
hundred
million,
even
if
it
does
scale,
you
still
have
like
the
same
constraint
right.
So
my
my
point
was
more
that.
D
D
G
Yeah,
so
my
whole
question
is
yeah.
My
whole
question
is:
is
that
trade-off
worth
it
we
want
to
be?
We
want
what
is
potentially
marginal
extra
liquidity
for
unquantifiable
counterparty
risk,
and
maybe
we
do
I
mean
that's
totally
fine,
I
I
think
that's
a
conversation
that
needs
to
be
had
or
needs
to
have
been
had
for
for
a
while
now,
but
I
I.
Just
don't
think
it's
like
I
just
think
that
discussion
has
to
happen
first
before
we
do
like
a
proportional
raise
across
Ethan.
That's
good!
That's
all
yeah.
C
G
I
No
I
was
just
thinking
if
we
were
going
to
increase
the
debt
ceiling,
that
we
should
do
it
in
lockstep,
with
some
sort
of
function
of
rate
increase
as
well
I,
don't
know
this
is
just
an
order
of
operations.
You
know.
Maybe
we
want
to
put
like
a
25
basis.
Point
change.
You
know
in
for
a
risk
premium
on
WB
TC
now
so
that
we're
at
least
being
compensated
for
the
risk.
I
But
if
we
were
gonna
continue
to
up
it,
which
could
in
theory
bring
you
know
more
diversity
to
people,
taking
advantage
of
that
offering
we
may
want
to,
you
know,
say
for
every
million
we
do
go
by
25
basis
points
some
function
like
that,
which
you
know
if,
if
they're
willing
to
go
all
the
way
up
to
6%,
that
would
be
what
like
a
percent
per
four
million
to
be
like
24
million
there's
something
not
an
additional
debt
ceiling
at
some
point.
But
and
then
we
also
get
that
on
the
lower
10
million.
I
C
C
I
H
I
More
people
to
kind
of
you
know
help
out
with
the
beer
at
BTC
down
and
this,
and
this
is
just
something
that
we
should
just
consider
too,
when
discussing
you
know
how
we're
managing
rat
BGC.
I
I
It's
a
marketplace
just
like
I.
Think
it's
somewhat
unfair
to
like
judge
the
outcome
of
something
just
because
someone
has
found
some
clever
way
to
to
kind
of
you
know,
make
them
market
more
efficient,
I,
don't
think
it's
like.
We
should
poopoo
necessarily
anyone
who's.
Just
kind
of
like
speculating
on
a
different
aspect
of
you
know
defy
I
mean
some
people
really
like
speculating
on
you,
Ethan
open
up
a
CDP
and
you're
there
long
Eve,
some
people
just
see
an
opportunity
and
just
there's
a
tool
that
they
can
use
like
like
again
like
we're.
I
G
I
Yeah,
if
what
I
said
came
off,
is
that
that's
not
what
I'm
saying
at
all
and
we
our
problem
is
that
we
have
what
like
25
or
26
hundred
we
wrapped
VTC
in
in
our
system.
That
presumably
has
a
similar
liquidation
point
and
would
be
nearly
impossible
to
clear
if
we
hit
liquidation
on
that,
which
means
that
you
know
a
very
least:
we
need
to
be
building
up
the
surplus
buffer
in
order
to
you
know
possibly
handle
a
liquidation
of
that
asset
and
maker
holders
should
be
compensated
for
some
amount
of
risk.
C
I
C
C
E
E
And
I,
like
Chris's
proposal
of
because
in
some
sense
risk
is
increasing
with
not
necessarily
debt
ceiling,
the
debt
ceiling
utilization.
So
this
idea
of
you
know
so
long
as
you
know,
modulo
the
die
peg
holding
stable.
You
know,
sort
of
turning
up
the
debt
ceiling
and
the
rate
sort
of
in
concert
which
is
more
precisely
you're.
E
Turning
up
the
rate
in
response
to
the
previous
debt
ceiling
increase
getting
utilized
because
I
I
feel
like
there's
a
general
sense
that
we're
probably
our
rates
are
maybe-
and
you
know
this
is
just
my
perception-
is
that
maybe
our
rates
are
a
little
low
given
the
centralization
and
counterparty
risk
of
WB
T
C,
and
so
we
probably
like
in
principle
to
raise
rates.
But
you
know
just
in
a
way
that
doesn't
jeopardize
the
eye
peg.
E
I
B
Yeah
and
more
generally,
actually
I
think
all
the
risk
premiums
are
probably
lower
than
what
the
actual
numbers
are
learning.
When
do
people
really
want
to
start
thinking
about
actually
setting
these
to
what
the
actual
numbers
are,
like
very
you
say,
for
example,
it's
obviously
not
zero
percent
risk,
so
that
number
is
something
greater,
and
when
should
we
think
about
sort
of
setting
it
to
what
it
actually
is,
as
determined
by
the
risk
teams?
I.
G
Mean
should
be
should
be
moved
as
much
as
possible
while
the
the
die
price
is
still
healthy
right,
so
I
don't
think
we've
quite
broken
through
the
the
wall
of
buy-side
liquidity
for
died,
I
think
once
that
happens,
then
you
start.
You
start
moving.
You
start
moving
rates
up
to
there
targeted
risk
premiums.
B
Right,
yeah,
okay,
that
makes
sense
to
me
so
just
kind
of
wait
until
it
starts
going
up
so
that
we
don't
like.
Have
these
jerk
things
like
if
we
up
fa
to
say
five
percent,
because
that's
what
the
wrist
cream
premium
is
and
the
base
rail
I
don't
come
down
to
counter
it.
You
don't
want
to
see
a
sudden
outflow
of
CDP
users,
yeah.
G
B
G
We
actually
quoted
in
the
Keynesian
0x
reports.
We
quoted
the
numbers
as
specifically
as
where's
premiums
and
not
as
what
the
stability
fee
might
be,
so
the
stability,
if
he
could
still
be,
could
differ
from
the
numbers
we
proposed
for
for
the
dye
pack.
For
example,
you
can
check
out
our
methodology
and
the
in
the
forum
post
and
then
we
can
kind
of
discuss
it
and
see
what
it
would
look
like
for
other
assets
as
well.
Yeah.
G
G
Yeah,
we
can
I
definitely
think
it's
easier
to
kind
of
run
through
in
the
forms
and
stuff.
A
A
Well,
yeah,
it
seems
like
it's
I,
don't
know
I'm
undecided.
So
here's
if
I
wanted
to
dig
into
a
theme-
and
this
is
the
theme
that
it
would
be-
is
that
it
ties
into
what
actually
sort
of
obliquely
indirectly
talked
about
at
the
top
of
all
these
clauses
that
we
have
a
complicated
ecosystem.
We
have
a
lot
of
things
to
do.
A
We
have
coordination
issues,
we
have
a
largely
amorphous
group
of
people
that
we
call
it
down
and
we
have
maker
holders
and
we
have
Foundation
itself
and
we
established
a
bunch
of
cultural
norms,
but
how
we
do
things
over
the
last
year
or
so.
Maybe
it
was
longer
I'm,
not
sure
anymore,
through
the
forums
and
the
chats
and
in
these
calls
and
through
the
portal
itself
to
decision
and
as
the
complexity
of
the
number
of
decisions
or
the
volume
of
number
of
decisions
to
be
able
to
make
increase.
H
A
That's
that's
where
MIPS
came
from,
there's
an
attempt
to
sort
of
formalize
and
clarify
exactly
how
it
is
because
about
doing
things,
I
feel
that
we
haven't
quite
internalized
what
that
implies.
So
we
have
all
the
things
we
need
to
do.
We
have
a
series
of
documents
that
explain
how.
H
A
Those
things
and
we
need
to
transition
from
one
world
into
the
next,
and
so
there's
those
issues
around.
How
do
we
match
process
to
our
workflows
and
how
do
we
alter
our
workflows
to
match
process
and
how
do
we
make
sure
that
we
all
understand
what's
happening
and
when
these
are
larger
discussions
and
I'm
sort
of
having
second
thoughts
about
whether
that's
a
huge
discussion
for
today?
If
people
have
thoughts
about
that,
though,
I
could
be
convinced,
otherwise,
I
mean
you
start
talking
about
it
now
or
potentially.
This
is
something
I.
A
C
Yeah
I
mean
I
think
like
I'd,
be
interested
to
know
how
people
feel
about
the
MIPS
process
at
this
stage.
I
guess
how
people
think
it's
gone.
If
you
will
think
of
its
it's
causing
it's
like
saying
as
they
are
causing
problems
or
if
people
thinks
it's
helping
us
in
a
tangible
way,
I
guess
interesting.
J
J
Process
something
that
can
be
iterated
proved
as
any
kind
of
software
protocol
should
be
seen.
Then
it's
probably
a
positive
thing
as
it
stands,
the
mere
fact
that
you've
been
able
to
suggest
to
MIPS
that
a
get
on
Rich's
nerves
and
B
give
us
the
community.
You
know
some
real
sort
of
you
know
powder
in
so
yes,
the
real
gunpowder
is
quite
exciting
and
that's
you
know
it
goes
back
to
like
ensuring
that
there
is
a
consistent
line
of
thoughts
as
the
foundation
gets
toward
this
gradual,
decentralization
gold.
J
You
know
they've
always
been
clear,
but
the
idea
is
to
gradually
decentralize
and
then
show
that
there's
a
steady
base
from
which
to
operates
and
I
think
that
the
maps
kind
of
provide
that
framework.
Rather,
nobody
thinks
that
they're,
perfect,
but
it'll
be
really
really
interesting
to
see
how
easily
they
can
be
changed
now
and
based
on
that,
we
should,
you
know,
begin
to
become
more
and
more
familiar
to
the
point
where,
hopefully,
you
know
like
this
governance
community
can
begin.
C
A
Time
as
we
begin
to
find
out
more
and
more
of
the
Mitch
process
and
be
able
to
get
a
sense
of
how
that
impacts
week,
tweaked
or
day-to-day
operations,
I
think
that
this
might
be
a
good
time
to
wrap
things
up.
I
think
unless
there's
any
final
orders
of
business
going
once
going
twice
thanks
everybody
for
joining
us
today,
we're
going
back
next
week
with
more
exciting
adventures
of
maker
governance.
Thanks
for
the
presentations.
Thanks
for
the
questions,
that's
next
love
for
the
discussion
about
the
BT
scheme.