---
# System prepended metadata

title: 'Know Your MIP #14 - Editorial'
tags: [Know Your MIP]

---

---
tags: Know Your MIP
---

<!--- Only copy & paste text below -->

# Know Your MIP #14 - Editorial

October 18<sup>th</sup>, 2022

## Agenda

- [00:00](https://youtu.be/2rTpyLEq6yg): Intro with Retro
- [01:03](https://youtu.be/2rTpyLEq6yg?t=63): Presentation and Discussion with CoinShares
- [13:34](https://youtu.be/2rTpyLEq6yg?t=814): Questions 
- [48:58](https://youtu.be/2rTpyLEq6yg?t=2938): Outro

## Video

<https://youtu.be/2rTpyLEq6yg>

## Introduction

### Retro

- Hello, MakerDAO community. Welcome to Know Your MIP episode #14. I am Retro from the SES CU. Today I am joined by CEO and CFO from CoinShares, Jean-Marie Mognetti and Richard Nash, to dive deeply into MIP86.

## Presentation

### CoinShares Treasury Investment Program

[01:03](https://youtu.be/2rTpyLEq6yg?t=63)

![CoinShares for MakerDAO](https://i.imgur.com/6EBuNQ7.png)

![CEO & Co-founder, and CFO](https://i.imgur.com/2ln2aqM.png)

![CoinShares is Europe's leading full-service digital asset investment and trading group, we are a public listed company.](https://i.imgur.com/kU44va5.png)

![CoinShares, a unique crypto company exhibiting consistent growth in Revenue and Adjusted EBITDA since 2016.](https://i.imgur.com/ZqswLkL.png)

![CoinShares' financials (in millions GBP)](https://i.imgur.com/qmuRV1T.png)

![CoinShares' Capital Markets activity](https://i.imgur.com/Q5NBGO6.png)

![CoinShares x MakerDAO](https://i.imgur.com/GMiPiem.png)

![Our Proposal (1/2)](https://i.imgur.com/EprW5Sn.png)

![Our Proposal (2/2)](https://i.imgur.com/8lqUrz6.jpg)

![Comparison of MIPs for the USDC PSM Vault](https://i.imgur.com/8eYFhQT.png)

![Framework](https://i.imgur.com/puRH0Le.png)

![Proposed revenue model](https://i.imgur.com/D7mz4ek.png)

![Alternative revenue model proposed by MIP65, MIP81](https://i.imgur.com/YpJttZr.png)

![Summary of our MIP](https://i.imgur.com/BAGOx43.png)


## Questions 

[13:34 - PaperImperium: Is there a maximum concentration for a given counterparty or issuance](https://youtu.be/2rTpyLEq6yg?t=814)


[14:04 - David Krett: Your proposal states that a minimum of 70% will be investment grade - could you talk about the credit risks of the non-investment grade investments?](https://youtu.be/2rTpyLEq6yg?t=844)

[18:29 - Retro: You mentioned transparency, and there was also a call out for a real-time TrustExplorer. Could you speak to that?](https://youtu.be/2rTpyLEq6yg?t=1109)


[22:00 - Retro: Knowing that it is a partnership that CoinShares and Mourinho have directly, would you say that request by the DAO could be integrated since you own some of that development?](https://youtu.be/2rTpyLEq6yg?t=1320)
 
 
[32:12 - Tim Black: Do you have the smart contract developers for this in-house?](https://youtu.be/2rTpyLEq6yg?t=1933)


[32:55 - Retro: Could you speak of the sub-components 6 and 7, the legal structure, and the custodian relationship?](https://youtu.be/2rTpyLEq6yg?t=1975)
 
[36:03 - ElPro: Is the Armanino a real-time tick-by-tick dashboard--or does it get or priced EoD? Second, can you expand on SOFR?](https://youtu.be/2rTpyLEq6yg?t=2163)

[38:23 - ElPro: Can you go over the slow allocation of funds--is it because you are worried about the possibility of a recession in 2023? ](https://youtu.be/2rTpyLEq6yg?t=2303)

[40:00 - Retro: Can you speak to the sub-component four of your MIP?](https://youtu.be/2rTpyLEq6yg?t=2400)

[42:30 - ElPro: Can you go over the breakdown on $500M and the 1/3, 1/3, 1/3 split?](https://youtu.be/2rTpyLEq6yg?t=2550)

[47:00 - Retro: What is the best way to get a hold of you?](https://youtu.be/2rTpyLEq6yg?t=2820)

[48:21 - Retro: Any last comment?](https://youtu.be/2rTpyLEq6yg?t=2901)]


## Outro

### Retro

[48:58](https://youtu.be/2rTpyLEq6yg?t=2938)

- Thank you for coming. Keep up with everything at the [forum](https://forum.makerdao.com/), and see you around. 

## Credits

- Kunfu-po produced this summary.
- Everyone who spoke and presented on the call.