10th AVC subcommittee meeting | Stability Scope | Sovereign Finance | MakerDAO

Transcript

good morning good afternoon good evening everyone Hi good to see a lot of a million faces hello there Republica a blue catcher yeah nice to see you Navigator cocky and our of course our 80s hello hello we're about to start I hope you're all doing well today um I'm Chris I'm excited to be here with all of you thank you for being here today we're going to um start our today's the community meeting of course the topic it's stability scope um and well as always we'd like to start

by saying thank you for being here um of course for us your time and participation are invaluable and we truly appreciate your commitment um before we start talking about the topics that we will see today this is our friendly reminders that we always do um we're going to share the our notion with all the links that you need in order for like if you want to re-watch any or previous calls um the release our documents as well the proposals that we have it's also publicly you can see it there

and uh well I think of most of us have joined us previously already so thank you for coming again and if you appreciate our work and share values be an aligned delegate of our Sovereign Finance ABC and we're going to share with you as we always do our governance strategy document okay so in here there it is um well oh again this is our I mean if you're an M care holder please delegate

to one of our online delegates so we have uh also here shout out to be shout out to um Hulk to and when I I see that are here already um let me see on there on the chat horse penguin soldier that we're going to discuss one of uh his proposals also Park who also shares some documents with us thank you so much so here it is um and if you appreciate your work please delegate your MTR to our ads okay I'm pretty excited look at it look

at our topics for today um and we are going to start with our guest if you already seen um our guys today it's Sam McPherson that I see already on the crowd on the audience he's from Phoenix lab and of course he's going to discuss a little bit about and of course if you have any questions uh relating to these topics feel free to ask um again for us very important your participation and also while we're going to discuss the topics that we see today because of course and how can we not talk about the modifications of this proposal and it is

um the modifications on the edsr this marble engine um the enhanced license is safe rating that was what I was trying to to pronounce and of course um our align delegates comments and proposals so let's get started with uh with Sam um and well first thank you so much for being here thank you for your time uh let's get it started I'm pretty sure that most of our the audience here already know about you and your work but uh for sorry there's can you please yourself and share a little bit about your work uh sure

um so hello everyone I'm Sam I was previously on the maker vertical engineering team before it disbanded and more recently uh co-founded Phoenix Labs which is uh developing uh spark protocol first and foremost um so spark is a money market lending engine that has the d3m attached from maker core so maker extends a credit line in die to spark and then spark is is like a secondary uh lending Market with more advanced features so maker core for example doesn't support rehypothecation or cross

collateralization these are features that we know users want and so to expand the maker ecosystem we've built spark protocols such that the users can have this while getting the great experience that is uh borrowing die at the best rates possible awesome I was just reading that you've never been on this Discord call before okay so thank you so much for again once again for being here um we've seen a lot of uh your you talking in in podcast about um all the work that it's been doing because of course like I think that every every week there's some modification a modification some changes

so that's why we're here to discuss a little bit about uh everything that you actually can can tell us and I have a couple of questions but also I encourage to the people that are in here to uh participate to ask questions to put a chat so some could also like help us with uh um with his knowledge and to solve all the doubts that we have um so um there is the first question that it says what can you tell us about the requirements for Alm asset liability management yeah so this is for uh maker core not not spark I assume

uh okay I'm gonna assume that it's talking about maker core because uh Alm uh is does not really a big thing in spark specifically but Alm so asset and liability management is the study of making sure that uh maker can maintain all of its objectives so first and foremost maker needs to maintain the die Peg so that it is at one dollar if the peg breaks uh it's it's bad for the users it's an incredibly terrible experience so and then the other main constraint that maker has is it wants uh risk adjusted the yield to be as high as possible so right now um the Alm is fairly straightforward

basically you want to put as much as possible into the highest yielding opportunity risk adjusted of course this is always risk adjusted um so that would be something like decentralized collateral borrowing at above the die savings rate or treasury bills for all the excess capacity that is unused um because t-bills are are the best yield right now uh risk risk adjusted now um the other uh constraint is the peg so maker needs to maintain a certain buffer of usually uh usdc and then there will be uh tether being on board as well both

Heather and uh usdc are more liquid than dye so it makes sense to have some amount of exposure previously that was uh well currently it's being done through the peg stability module but it's it was a a first attempt it was it was works well enough for the start but uh maker loses a lot of money and um yeah Maker's basically losing a lot of money uh maintaining this one-to-one uh hard Peg it's much better for uh maker to do these Amo type Solutions similar to what frax does where they directly inject liquidity into other dexes like uniswap and curve and balancer and

whatnot so Baker will be more going in that direction and then Alm is really just the practice of balancing uh yield and duration risk hey you mentioned that a very crush and important that the maker is losing money so uh it's it's a way to to start talking about this this specific and Revolution um situations and problems that so in order that we what is maker doing in order to kind of like solve these kind of things um I have another question but on the chat penguin solder asked or did I usdc faucets working on the site yet

ah this is on spark I assume yeah I think the faucet has broken yeah um that's an issue with maker I believe the PSM on the test net is filled up or something like that um we increasingly don't have access to modify that uh so yeah sometimes test net stuff breaks but yeah we can definitely take a look at fixing that you can actually get your own die pretty easily you just uh use uh the maker contracts on the test net to uh faucet yourself some eth or something like that and then take out a loan on the test net maker instance and then you can get some die

well since we're moving on to to talking about spark um how does the parameter that affects dye emission and burning on spark works um the die emission and burning um sorry could you remind me what this uh what this is about uh I'm not entirely clear oh that the parameters uh like what are the requirements that you're seeing in order for you to kind of have this emission and burning

uh if I make a core yeah yeah um so right now maker has extended a uh well actually just what got approved two hours ago was uh raised to the uh 200 million debt ceiling so this will be the capacity of spark but once the allocation system goes live uh the allocators will likely just keep some small buffer on top of whatever the outstanding debt is so uh let's say there's 90 million in borrows then uh allocator Dows will likely want to just maybe keep 10 20 million as excess idle die available to

be borrowed and if that gets borrowed they'll just top it up and you just continue this process similarly if uh the borrows are paid back then allocator Dows May remove some of that idle dye to ensure that the buffer is kept tight now it's really up to the allocator that was what to do here so I'm just guessing what's going to happen but it's completely open okay and since you mentioned the wheel allocated out to be a collection of projects or exclusively focused on

spark protocol um so yeah uh definitely open to everybody um it doesn't have to be under the spark brand it's uh like we want to Foster an inclusive environment so I think we haven't seen too many other protocols coming in yet but we've been actively encouraging them to do so uh get involved in the sub-dial and integrate their own projects into the allocation system it can be under the spark brand or under their brand um we're open to all things what do you think this is happening many

let's say I don't know like organizations are getting involved in in this what is needed what is needed is more clarity um so people are still uncertain about what it looks like to integrate with maker we've been actively so we're actually putting together some documentation presentations we've been at uh conferences uh hackathons uh trying to get people excited about integrating with the maker allocation system but I mean this the design for this is actually only just been finalized over the past week or two so like it's just it's not uh people just don't know what to do yet so we're going to be spreading uh the good word uh over the next few

months um trying to get people excited about uh integrating their own projects um the other thing is just Clarity around the subdial structure the subdue tokens in general um that's still not clear enough but um I believe there'll be more clarity on that over the coming weeks so we can really start doing a big push uh to get people excited about this I think I think we can all agree and part that you mentioned and I think we're all working in order for that to be more understandable for for everyone uh since uh well there's always something changing and and well it's it's I think a worth of all of us and also that reason why we're here

uh well the next quite the next question is if you can tell us about like how is the the revenue distributed between spark and maker Dao yeah so currently 100 of the revenue coming from the die Market is going to maker uh spark uh earns nothing from that market there is some Revenue coming in from the youth Market um that is going into um the holding contract for now um that's at 15 of the oral rate um it's not a particularly huge amount um when the allocation system comes

online uh there will be What's called the base rate enacted and when the allocator Dows are free to allocate to what they want they just have to pay the base rate to make her um and then they can earn uh 100 of the yield on top of that very interesting okay uh well there is another question regarding regarding this um well not not exactly these but um it's more of the this the DSR so what must be in place in order to implement

the ESR being uh party protocol uh is this the about the edsr DSR thus the DSR not the edsr yes yeah okay I could talk about both so spark already has a tokenized version of the DSR on the market um called savings die that has temporarily been frozen because of the edsr so uh the vote another vote that just passed two hours ago uh is the temporary uh enhanced DSR which will raise the DSR rate to eight percent but

leave the borrow rates at what they are now um So to avoid a uh fairly useless uh leverage Loop spark had to deactivate the S die as collateral and freeze that market for the time being until the DSR comes back down uh under the borrow rate or equal to it um so yeah that was the reason there was a freeze there but the edsr uh it seems like a great addition I think it's gonna spur a lot of activity and new demand for dye and Integrations and stuff like that it's I think it's a great initiative yeah we're actually gonna talk a little uh about this of course about the this

modification and uh the DSR in also the evsr and well just mentioned it for you this is like a great initiative right on already how they had it has been confirmed as you mentioned in just a little a few hours ago yeah it's a great initiative I think it's gonna yield is the the thing people want most in D5 so uh it should spur a lot of activity there is a question it's a common end game interest and excitement seem to spread outline of oh yes after ECC long may that continue yes

I think that well you already say it some I think it's it's about spreading the word and of course these these huge events and how hackathons really helped and what do you see when you were talking about it you see like people getting excited enough more about this after you mention it yeah absolutely as I said it's still early days so we're still um getting our feet under us for the hackathons and stuff like that um but so we did a hackathon at etcc uh that was the East Global one um yeah we're starting to see more and more interest integrating uh things like savings die um integrating the new conduit system which is the integration into maker

allocation system um as well as uh spark Integrations as well so um when we present this stuff to people are just unaware of it right now so presenting to people you can see uh there's excitement and ideas especially these types of things where makers open and uh people can really be creative this is the type of thing that really gets people excited in hackathons and really just in general I would say totally I think that they should make I should do more of this and so that there will be more people like kind of like wanting to know more what's going on here

um Pedro from the team asks do you believe there oh well this is a different let's move on to the next one it's he asked do you believe there is a specific section of the stability scope that could be improved in order to make rules easier for third parties to integrate as a locator to Dallas yeah I think mainly it's the messaging around the allocation so we've been working on that uh improving what we're saying to other partners in the space um because really maker is the only place uh for liquidity at scale and this is something that like so it's literally

maker has it in every other project wants this so it's like a match made in heaven and how to explain this to people uh is is going to be really key so part of what my team has been doing uh going around to these conferences um we are preparing um presentations and stuff like that to make it very clear uh what people get when they integrate with maker so the stability scope it's very good to have these detailed rules but uh for getting people excited getting people started um I think it's it's good to also have this very um more accessible uh presentations and stuff like that of what the value add is

to their protocols um maybe I can answer the questions uh yeah so uh esti will Oh I thought I was talking I'm sorry I thought it was the other way around my mic was open and I made it yeah I was

actually reading what the um the next the next question that it says and I agree with you I was saying that more qualifications it's uh improved the the wording of the Scopes um actually this is also one of the topics that we're going to see in here in on the slides and also that's why our 80s also are working with us in order to kind of be more more clear in what it's needed and also kind of like things that it could be Amigo Amigos so yeah I think that's that's the thing and Clocky comments the recent search in the tokens value also and that would be adds to the earlier um totally

okay the next question is from Penguins holder he says any insights on whether spark will be creating a new token with similar mechanisms to S die to cater the edsr or how so yeah so as I will uh it's a tokenization of the DSR so it will get the eight percent yield you don't have to do anything if you're already in s die okay uh can someone for compound in a another allocator now yeah absolutely I mean competition is

encouraged in the subdial system uh each sub-dial should have its own brand its own version of money market it's one version of everything um it's through competition that you keep everybody honest and giving users the best experience so the whole system is designed uh the end game system is designed for maximum uh competition in these regards and I encourage other sub-dials to launch money markets under different brands okay so after this I think we all know that uh of course that uh we hope that after the after what you're all saying and then more people get the initiative to be be part of this

um I don't Builder asked what is the criteria to be accepted if someone come up with a fork this is an interesting question uh is this within spark or like just the sub-dials in general that's let's say the island Builder is writing yeah okay I mean uh within any of the subdials they all set their own rules and they don't exist yet so I don't I I don't know I think there needs to be some amount of due diligence that's done as maker is underwriting a lot of the uh credit at this stage um so

what's to be accepted uh the team needs to be uh performing due diligence making sure things are audited um they need to be competent you know Forks uh you need to have deep knowledge of these systems so uh Forks could be hacked and stuff like that so the great care needs to be taken with this stuff part of why it was spark we've we've done a very very vanilla deployment just Ethan State and die borrowing and like we're just sticking to the most uh the safest configurations just to make sure this extra layer of uh safety is is taken into account um the next question it's uh what what

was the diligence process spark went through maybe it can be a guide what would be the starting place yeah so uh the due diligence process is my team and I uh went over the Ave code base very very thoroughly for months understanding all the details of it we then deployed uh instances of it back way back in March so the um spark protocol went live in May so that was two months in advance we had already deployed it and we're reviewing the deploy very thoroughly we also had a independent auditor chain security uh

review all the custom contracts that we made as well as uh audit the deployment so just um many eyes on the deployment getting independent feedback we also worked with the risk team at maker to make sure the configurations were okay it's just months and months and months of just like make sure everything is perfect that that's that's the process and it's really all smart contract development is like that two months in advance to say March and then may okay interesting um verification from kianga he says Sam can you talk about the Spells process

and what you've implemented to have a different structure than what was the case I don't even know the words to use to describe what I'm asking I think we're all there kianga that k oh yeah good question um so maybe everybody's aware of the spell process as it was happening up until recently where there was one uh maker spell that did everything so um any new collateral Edition or parameter modification was always done in the spell the main spell and this process uh was previously headed by protocol engineering where there would be one person uh writing the code and then two people reviewing it

um the problem with this process is it doesn't scale to multiple teams so as part of the end game and I believe I don't know if it's still called the Omnibus process but uh this is basically the idea is to instead of have the code for new collateral editions what not inside the main spell and having it as a very unscalable process you have these uh administrative contracts sort of like mini um mini spells you could think of it that are just in control of a segmented part of the ecosystem so spark has a one this this uh it's called the proxy and its administrator on just spark so

it has no access to maker core system and so because of that we are able as as Phoenix labs and others as well we're able to craft our own spell that is specific to spark to our own review process so we have uh on our team and hopefully uh as the ecosystem grows we can have multiple teams doing this uh people who are experts in sparklen specifically um and then they can craft the spell and have the two review process that is isolated to just spark and then once that's done it gets submitted to the main spell as a very sort of high level thing instead of like

add collateral here make these changes here it all gets packaged up into a bundle where it's like there is a list of changes we want to do for this segmented part of the make your ecosystem I.E sparklend um if and then the Maker's job it turns into have they followed the rules um other various checks about risk and whatnot are they following the processes and then it's more of a high level have they done their due diligence or not and then stamp it for approval to be added to the main spell to be executed or not in which and then that is given to the maker holders for final approval um so it's kind of like a recursive structure which will allow this process

to scale does that answer your question kianga she's writing so yes um if it's okay if I could speak thank you yes yeah that was great um and also Sam I understood it has a security feature as well and that the way the design of having the proxy is that the main spell can now be kind of locked down so that there's there's nothing that would be in the proxy spells that could be malicious or that any potential damage I've seen you speak about this or write about this that it's it's by Design going to limit

what's even possible in terms of what could be Rogue or malicious um coding in in some of the satellite if I could use that word satellite spells yeah exactly so uh for example um when you have this system and we're submitting a spell um bad things can happen so don't get me wrong this is still very dangerous stuff and we need to uh be careful but there is limited scope so for example if a completely malicious spell was submitted uh under the spark proxy at most it could just take the collateral from sparkling it could not touch the collateral or the uh debt uh Ed maker core so the damage is is limited in that

regard so yeah just layers and layers of safety is is the way to scale this process awesome thank you so much Kanga for the question that was very interesting to get to know more about this failed process and also the L the proxy I think that there are so many new things as I mentioned before actually less last week we had a a talk up a little bit about this but it was also good to know more about your insights same um there is more question I also like I'm seeing that Taylor is writing

um and you also gave us your opinion A little about um the edsr so let's move on to the next question that is um what are your thoughts on the impact of the money market Innovation based on uni 4 and mechanisms similar to llama yeah um so Lama is curved usd's liquidation mechanism I still need to do a deeper dive onto it but uh it looks pretty Innovative I I don't think so uh maker and even most lending markets use pretty basic

liquidation mechanisms and I don't think there's any reason those should be optimal they're just easiest um and so I'm all for Innovation and I think llama fits that perfectly where people are experimenting in The Wider ecosystem and if it if it's if it's better we should strive towards integrating this stuff into maker because it just makes everybody's life better better for the users um yeah the other thing is uh you need before uh yeah that's interesting um it's more index land which we don't really get too involved in um with maker but uh yeah there's no reason maker

shouldn't be expanding out into dex's once it's um more uh established in both money markets as well as stable coins there really are like three main components of defy it's a stable coin lending indexes so I don't see any reason why sub-dials shouldn't expand into dex's as well thank you thank you for the Quest for the answer Sam I know that there is another question that it's um the third is writing I don't know if there's anything that you would like to to add um for example like you have mentioned

already what we can focus on but like in general to the people that are here to ABC members and and participants that are always active like what it's the the first thing that we should try to focus on when it comes to in order to to improve is there anything in specific for you uh is this for like this AVC process for the ABC process for the this scope disability scope yeah um I would say just iterating on the rules um making sure they're flexible enough for Innovation

but also locked down enough such that maker cores is pretty rigid for safety reasons um yeah I think it's just going to be an ongoing process back and forth between the ABCs and uh I'm sorry I'm not familiar with all the terminology but yes the people more involved in governance than the uh people who are involved in the sub Dow it's going to be a very interesting dynamic between the two and I'm happy I'm excited to help help uh bootstrap this whole process with you guys of course we know that probably in 6 months or less um I hope that you can also join us to

talk about this I'm pretty sure that there's going to be um well we have to questions first Clocky as considering that this alteration modifies the spell structure in a manner that may not be covered by the current delegate spill review guide what actions should aedids take to assess their bundle spells on the maker dial side ah this is a very good question and I think part of uh this is what we need to work out uh together uh to get the process ironed out um right now my mental model of it is that the same spell creation process it's like a mini version of the existing

spell creation process so I would say performing due diligence involves uh looking at the code looking at who the reviewers are making sure they've uh properly uh vetted the spell and then I mean it's not going to scale infinitely but because we're still pretty early days I would say vetting uh at least at the very least looking at the pull requests of the code changes who is uh and that people there's one writer and there's uh two reviewers who have independently uh reviewed the spell going up as well as uh these spells will have uh more English

descriptions of what they're doing in like a human way um but me personally I'm I might I'm very interested in also improving on this process uh it's a very manual process right now so automation is the way forward in my view uh we are starting to see things like AI able to comprehend code pretty easily so I would like to uh see more leaning into this where spell is submitted and an AI can uh summarize what's going on looking at the code and not looking at what the English description of the code is stuff like that uh I think will improve resiliency um other things one thing we've started

doing is uh working the changes from uh mainnet so as part of the code that we submit we also submit a simulation of what all the effects of the spell are on a service called tenderly so it's maybe a little bit technical for some but it it does give you more insight into exactly what's going on yeah penguin yeah it's good um as well as like a summary of State changes and uh events that are occurring I think it gets pretty good Insight even if you're not super technical into roughly what's going on so as part of due diligence on delegate side I would

recommend doing all of these things to the best of your ability yes I spend even injectors tenderness good tenderly is very awesome so yes and I think AI is gonna help a lot in understanding all these um to to make this process uh process like shorter and more clear so I I for example when it's going to be launch all these products um there is a question from uh everybody ask oh yeah what's European the current base rate it has a high influence from U.S treasury rates making a lot of defy

allocation possibilities difficult to profit from at the rate of 3.79 do you have any comments on this Sam yeah the base rate uh should probably settle out at just slightly below the U.S t-bill yield I would think once it's in place right now the rules are set manually but we won't know what this looks like until the allocation system goes live and then um my view is that market forces will drive this uh spread to a low amount because it's it's quite easy to get this yield and compared to the mechanics of the target rate feedback mechanism on

the base rate uh we'll just drive these rates to converge naturally okay totally um penguin Soldier says uh have you guys started using the new death Nets feature yet or just a regular hard Fork that's a good question um so actually I was talking with the tenderly team uh this past week at the ECC and uh was just made aware of devnets it sounds very cool so yeah we want to try that we're all for improving visibility into the process it's not only for uh maker holders and delegates but for us like it really helps being

getting full visibility into all the changes that are going on in the tooling over the past few years it's just gotten so much better than it used to be so we want to use all these tools to improve safety well thank you so much I don't know if there is any other question um or if there is other kind of information that you would like to add I don't know for example for people who wants to know um information up to date about smart protocol about phonics Labs um if you could provide us maybe a website link or where can we search this kind of information uh website thanks for support protocol I

mean that's everything yes I'm going to share it also on the chat and I don't know if anything else that you would like to add yeah if you want to chat uh I would say there's the working group spark protocol on the maker Discord I think that's the best place like to get a hold of us Yes actually we see you very very active all in the in the Discord chat as well the group so um thank you so much Sam for being here for your time and for everyone who has questions in these um we are going to move on and of course if there is anything I don't know if you

would like to say something about well you already mentioned about the the base rate changes and and also the ebsr so maybe you could also come join us if you want to have a talking about all of this modifications um well that was everyone and we are going to continue actually with this um don't worry we're going to do it as we're gonna we're not going to take a lot of your time so don't worry we're going to talk very briefly about about this so these are the modifications as you saw uh the from this proposal

just in case if you don't know what proposal we are focusing on here are going to share also the link on the chat oh okay Sam says thank you guys it was fun come and join us whenever you you want them uh it's not for everyone we're gonna talk about the the topic for today but I'm pretty sure that everyone was all um with all the information that Sam has shared it's now more more clear a lot in in different contexts of the information he he just gave okay so this is the modifications

and of course it here we put we put some of the definitions for um the specific sections that it was modified which have the base rate the diet saving rate and that's without Alm requirements so the various rate is the base yearly increasing depth on allocator in Sagittarius locks and engine volts it is the reference rate for calculating the DSR in the stability fees um the diet saving rates of course please feel free to put the comments on the chat about this and uh well the DSR is the the rate that I hold their skin and on their day under die in the die

savings rate smart contracts of course there is a formula for each each of the ends um and then we have this with those Alm requirements all the cater dials will have capitalization requirements of their effective Junior Capital based on what kind of exposure they have from their allocator votes okay um so this is the current formula we have the yield collateral yield Benchmark I know 0.7 percent uh we have the the proposed formula that as Sam also mentioned this has already been accepted so it's going to be like

this one it increases by 0.03 yield collateral yield Benchmark in lowers by 0.03 stability collateral yield benchmark um again this is also on the post that we share this is in the Forum and the impact is lower spread between stability fees and DSR minus 0.1 percent and as we all know this has already been been accepted let's say was this is the current formula and and then um there is this modification so

um in the AL tier one it's pretty much the same that's why we haven't put it anything up about it and we are starting with this tier 2. and uh it is amtr 2 collateral must be able to convert to cautious stable coins within almost two weeks we'd expect to sleep page unrealized loss of at of most one percent so this is minus four percent uh I don't know if anyone wants to comment on on this uh what do you think about this that it's already been accepted uh the delegates what do you

guys think or anyone that is here if you have comments on on all these changes um I'm going to read the part that has been modified so um it can be used for 78 of the allocator that was collateral portfolio and um something relevant as well is that immediately convert to die and repay the necessary amount of Alm tr2 collateral to bring total exposure to Lem tired to collateral or higher to 78 percent whenever the total exposure of the dicola truck portfolio to Collateral of Alm tier 2 of higher exits 82 percent um then there is a modifications also on

Tire number three uh it says that the excess Alm Tire three collateral has an additional 10 effective Junior Capital requirement that it's class five percent uh the tire for and well the the modification basically is that um amtr4 collateral must be able to convert to Cache table coins within at most three years with no slippage this is uh it means that two more years and then um it can be used

for 10 of the allocator dials collateral portfolio with no effective unit Capital requirements um well let me see I think we have some Jack says um I think it's very important to figure out who is measuring this as a sort of of Truth um the DSR was accepted but not that this is not what already a undervote oh yes yes that e that um yeah this is not I was this is the edsr that we're going to take in a little while thank you Pedro for

remind me yes so um that's a small correction and as I'm going to read what the federal says it's in runs monthly MIP the map edits um and he's okay asking Clocky do you plan to send your proposal yes we're going to to uh ask for proposals of our 80s in in just a while um so and then the next modification it's this part uh well with number four and something relevant as well is that subtire five collateral Alm is deleted

so this is when it comes to the categories uh the risk category risk um as you can see um this was just one of the modifications uh on the on the post a rune's post okay next up um we're gonna talk about the this marble engine and uh well let's start by saying that this was turned on in the 17th July 17th and um with this we also want to share some leaks in links in order for you to see kind of like

um the differences in here so of course this is this screenshot was taken a while ago but if you want to take a look you can do it right now I'm just going to share the link so um pointing out that this is not right now because it's a screenshot was taken like two two hours ago but these two could see um the differences this is when the Smartboard engine was turned on and this was a two hours ago this is

kind of like the the figure that I'm also sharing the link with you it was uh this was the amount of system Surplus and this is for two hours ago and if you want to see it currently is this one and we find it relevant to share it since um oh and if I'm sharing this one yes okay and in this part as well and uh for you to see also this

this part I'm going to share the link okay we find it relevant to put in here the different in Surplus since the Smartboard engine was activated again this is from two hours ago you can see the differences there and the link that I also share with you in the in the chat okay this is what we talk about uh this was already been accepted the enhanced eye saving rains that edsr and uh well I'm going to share also the pulse document

shout out to to Paul I know that also comments in the chat so give me just a second so I can so take a look at it okay cocky says thank you for coming Friday I'll be posting my me 102 revisions within the next two days disciplinary reminder that the deadline for any alterations before submission is August 2nd yes yes thank you for the reminder Clocky he also says live in US imagine less than a week between the time I upload them and the Frozen period

if anyone will wish to offer their steam feedback and suggest an iterate changes so thank you so much for sharing Clocky is actively engaging or commenting we're happy to see the app for instance you are also linked 35 please to keep us in the loop yes thank you so much for being here at kyanga we appreciate this um oh yeah so yes this is a pulse document I'm and well basically this is regarding a bronze post and I'm going to also share the link for this one

so he what kind of like a deal like a brief document on on on runes post which is this one and I think it's pretty relevant to sharing in here also we're going to talk in a while about Patrick's proposal and so in this in what CLI um what a Hulk is focusing on here it's everything that or well highlighting the things in runes post but he mentions about the marketing strategy about this farming so since this is a small I'm going to read it um the enhanced diet serving rates is assistant to temporarily increase the

effective DSR available to users in the early bird shopping stage when DSR utilization utilization is low the edsr is determined based on the DSR and the DSR utilization rate and decreases over time as the utilization increases until it eventually disappears when utilization gets high enough which is also kind of like what Sam explained earlier uh well and then according to run Sports it's about marketing strategy and so now forming and something that it's from runes poses and I want to highlight this part growth is the lifeblood of the project and this

is also what the exactly what roon mentioned uh and the last thing we should be doing now with all of our recent success is to rest on our Laurels or sit around and possibly wait for the engine launch faces which are still months away speaking of network effects growth and something like dye is entirely momentum based the more places is integrated the more people use it the easier it is to growth so I don't know if anyone wants to comment on this I want going to also read on the chat um well also uh from word in front room also that's without farming which is this part setting the DSR to a decent value at this stage helps build the

network effect and momentum that will help translate to a high level of immediate adoption of the subtle forming opportunities on the lunch this will make them hit a lot harder and increase the likelihood that the launch becomes an instant success um well also here he shares some graphics from Rhema from VA labs and also runes graphic the post on the on his comment and of course something to point out in here it's also the proposal 3.2.2.4 the stability facilitators can

at any time use the weekly governance cycle to disable edsr permanently if there are indicators indications that it's not cost effectively achieving its objectives this is about this and before moving on to penguin solder comments I'm going to check in the chat yes I didn't too credit for it if you check my document and call them yes was created by via Labs yes it is also yes as a Spock mentioned on the document

you can see that that it's the link from Rhema and she mentioned is that it's like it's not driven himself the credit um that says I have to go soon thank you for meeting thank you for coming Jack um oh yes we didn't realize you had everything started yes it's okay it's okay um but thank you for commenting as well true name well let's move on to Kingman solder comments and he says with that recent proposal by well with the recent proposal Baron on edsr the topic of conversation revolves around the optimal percentages for utilization and multiplier rate I think it is important to also discuss the

implementation method and he has these three questions that we're going to put here as well so people can comment on them how will the smart contract side of things be handled will there be a new contract deployed to keep track of the current utilization percent and adjust the DSR rate input Soul accordingly or will it be an oracle that tracks the numbers and performs the DSR change directly to the contract so um we encourage as well to give us your opinion on on this and um since we're talking about this um

we also want to share gold Alpha proposal it's a request for gov 12 1.2 added to disability scope to quickly implement it enhanced DSR and also to know your thoughts on this so in 12.1.1 it says in case of unintended consequences of mistakes in the atlas and scope artifacts causing maker governance to function incorrectly the governance facilitators can at any time run a governance poll to enable mkr holders to make a decision that would Elevate alleviate and resolve unintended consequences or mistakes so I'm going to share also the link on his proposal and I want to we want to know what do you

guys think about this um basically he says improve the the wording um so let me share in the chat and um and when thanks thank you pingle thunder for for your comments uh we also think that it's going to be handled manually um what also I wanted to like to share in this question um sometimes it's great points did you write this on the Forum we would like to

quote in our communication yes please spin wheelchair if you could share the link of the questions which is all actually on the on our Channel uh but it would be really helpful if you could do it um Clocky says the process is like maybe manual yeah when the utilization exists 20 percent of these edsr will be reduced by means of an executive proposal thank you Clocky uh Pedro says about golf 12 it was like 80's opinion on your interpretation on unintended consequences or mistakes yes please that will be really helpful so calling out our 80s uh how can we like improve this this

thwarting uh okay so um this is it so um I don't know if anyone would like to add anything this is your moment uh to comment to add ideas to show your proposals uh I mean everything it's it's valuable and I think it's the right moment for us if you have also any doubts or any improvements on what we have shared also with uh with our guest today we're some knowledge should share with us how and and he specific point out um what it's to be a kind of like improve and how can be more helpful so

I'm gonna give a couple of minutes for you to kind of like share with us links into your documentation or anything um but it says we know that this is a governance scope uh topic so if you don't have any thoughts or comments right now we would like to have some proposals for credit buying this rule for the governance scope meeting yes when it comes to this specific um or is it this part we're also going to see as Peter mentions um on the scope I am talking about General about all of this

uh for example I think there are a lot to to talk about to know about how you guys see it this part of the modifications and so if you anyone would like to share something in here it's or also to bring the proposals that you have for it in today's meeting um did you like it I posted on this yes um oh yes talking about this we also would like to add for to our uh to all our 80s and in general that remember that all the communication must be publicly that's

the same way as penguin solar dip and just for in any other situation just like now like true name wants to know where is the link of the chat and we can share it it was just like a friendly reminder and also um we are planning to write down this as a role of the conduct of 80 so um the document that I just forget the the name of the document but it's also here that I'm going to share and that's what we're thinking not only of saying it out loud but also writing it down um

and then water says it can be added to the next executive after digitalization is Rich and included in this spell and yes um and then clucky says regarding this section 4.4 Legacy legal records assets um our lri collateral types that we were that were on board based on the governance process prior to the alignment artifacts going into Force I should be afforded when it's possible to do so but in some cases existing lri can be maintained and even onboarded to

preserve business and relationships interpretation okay this is quoting this part and says how can we guarantee expeditious complete completion of this task and the current Pace it appears the new chain might be might very well be unavailable to the world before we augmented this article with the correct details consequently we might very well to offboard okay interesting uh what are your thoughts about Neil silver being onboarded us ill ra and then pink was penguin started okay so this is regarding this specific

section um blue says my input for today is not a proposal of a scope change but the proposal to take a look approach cases taken identifying critical path and executing on the single most important thing to actually try getting it done personally if we took that approach I think we could become better oh I lost it um better at documenting the thoughts and rationale behind me edits totally thank you blue yes this makes later changes easier especially in cases where the ABCs in the wonderlicates can had been replaced and when ruins less

inflammation that he is today um can you give us an approach uh more context about what is the approaches case taken maybe then we can um to focus on one main problem then okay so what critical path you suggest we focus on that's actually a very good uh feedback that's I I we like that um oh in our what we think is that there are many things that should be

improved but you're right we should focus on the most critical one so let's ask the question what do you guys think it's the most critical okay I propose focusing on documentation and rationale behind decisions okay thank you antonym says we find expensive review and conversation to be very useful informative as an ad not following this ABC oh thank you thank you so much true name well I think this is all for today but as always guys thank you so much for your time I'm gonna put in the here as well uh what we always see remember that

actually this is the document that I was talking earlier about and I'm going to share also the link with you um so you can have a review and also give us a picture about this um we appreciate and value feedback from 80s make your governance participants and all members of the maker existence so please take a look at our proposal this is of course the quarters draft and remember that next week we're gonna talk about accessibility scope so any um most important relevant things that you

for you it's it needs to be improved please let us know and if you appreciate our work and share our value we invite you to consider becoming an ID of our sorry ABC and uh if you're an mkr holder you can delegate it to our 80s that are here as well and that's all see you next call that is going to be about stability scope that's all thank you so much for your time and attention bye bye guys foreign [Music] [Music]

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