---
# System prepended metadata

title: 'Collateral Call Summary - Episode #9'
tags: [Collateral Call]

---

---
tags: Collateral Call
---

# Collateral Call Summary - Episode #9
September 24th, 2020

## Agenda

- [00:00](https://youtu.be/HGBj0ouZP88): Intro with Juan Guillén
- [01:00](https://youtu.be/HGBj0ouZP88?t=60): Aave with Stani and Marc
- [10:40](https://youtu.be/HGBj0ouZP88?t=640): Q&A and Discussion about Aave
- [21:20](https://youtu.be/HGBj0ouZP88?t=1280): Gemini with Tyler Winklevoss
- [35:00]((https://youtu.be/HGBj0ouZP88?t=2100)): Q&A and Discussion about Gemini

## Video

<https://www.youtube.com/watch?v=HGBj0ouZP88&feature=youtu.be>

## Introduction

### Juan Guillén

#### Agenda and Preamble
[00:00](https://youtu.be/HGBj0ouZP88)

- Welcome everyone, my name is Juan and I'm here with 21 people involved in one way or another with MakerDAO.
- The idea of this call is to have people present their projects and have a discussion around it.
- Today we have Stani and Marc from Aave and Tyler Winklevoss and Cameron from Gemini.
- Discussions about collateral happen in the [Forum.](https://forum.makerdao.com/c/risk/collateral-meetings/23)

## Aave

- [LEND: MIP6 Collateral Onboarding - AAVE ](https://forum.makerdao.com/t/lend-mip6-collateral-onboarding-aave/2529)

### Stani and Marc

#### Presentation
[01:00](https://youtu.be/HGBj0ouZP88?t=60)

![Stani Photo](https://i.imgur.com/wil2brs.jpg)
![Marc Photo](https://i.imgur.com/UPScWEF.png)


#### Discussion

- [10:40 - Juan Guillén: I was curious about why did you decide to do this kind of split when going from one Token to another?](https://youtu.be/HGBj0ouZP88?t=640)
- [12:10 - Petru Catana: What's your stance on L2 solutions and how are you handling that yourself and the whole AAVE team?](https://youtu.be/HGBj0ouZP88?t=730)
- [16:05 - Akash: Is the migration complete? I guess there is a LEND token and and that needs to be converted to AAVE token, right?](https://youtu.be/HGBj0ouZP88?t=965)
- [17:35 - Akash: One thing that I have always envisioned is the ATokens and how that could be collateral but because they change on their own in terms of the amount, do you guys or anyone else in the call know if ATokens could be a collateral type?](https://youtu.be/HGBj0ouZP88?t=1055)
- [18:55 - Akash: From a technical perspective, the fact that the token balance increases as you gain interest, is that an issue on the Maker side for ATokens?](https://youtu.be/HGBj0ouZP88?t=1135)

## Gemini

- [GUSD: MIP6 Collateral Onboarding Application](https://forum.makerdao.com/t/gusd-mip6-collateral-onboarding-application/3319)

### Tyler Winklevoss

#### Presentation
[21:20](https://youtu.be/HGBj0ouZP88?t=1280)

![Intro](https://i.imgur.com/W9fp2Vl.png)
![Gemini Dollar](https://i.imgur.com/LxtRnDE.png)
![Projects supporting Gemini](https://i.imgur.com/BspMSa5.png)
![GUSD: Creation and Redemption](https://i.imgur.com/gVWJO0E.png)
![C & R: continuation](https://i.imgur.com/xW6QhUH.png)
![C & R: continuation](https://i.imgur.com/qNL9iWN.png)
![Value proposition](https://i.imgur.com/TnOqDWv.png)
![Thank you](https://i.imgur.com/I2UAbuP.jpg)
![Appendix](https://i.imgur.com/lxBlwgc.png)

#### Discussion

- [35:00 - Akash: First question is related to the Gemini exchange. If we were a Market Maker and we had to buy GUSD and redeem it for dollars, are you on the Silvergate network or other networks where we can do fast wire transfers?](https://youtu.be/HGBj0ouZP88?t=2100)
- [35:50 - Akash: Is GUSD centralized? Do you have special power over GUSD? Like for USDT, they have special powers where they can pull out USDT from anybody's wallet or anybody's smart contract, do you have that  power also?](https://youtu.be/HGBj0ouZP88?t=2150)
- [37:20 - Akash: Let me ask a question for the people that are here who are more technical than me, if you were to upgrade what consequence is that to the GUSD that's in the Maker system?](https://youtu.be/HGBj0ouZP88?t=2240)
- [38:25 - Chris Wessels: Is there a time lock on the upgrade option?](https://youtu.be/HGBj0ouZP88?t=2305)
- [39:35 - Cyrus Younessi: Have you thought about improving liquidity on other DeFi protocols? I think that would be very interesting to us in particular Curve, because Curve stablecoin liquidity is pretty much the biggest backstop for stablecoins that are in Maker, so I think that would go a long way towards GUSD's involvement with Maker. Curious to know if you have any plans for that.](https://youtu.be/HGBj0ouZP88?t=2375)
- [41:00 - Brian McMichael: I did look over the contract briefly, it looks good, it's nice and small. There is a proxy on there, so I would want to mention that if GUSD were to be added keep in touch with us and let us know if you do plan to upgrade that implementation, we can actually pre-whitelist that ahead of time so there is no disruption.](https://youtu.be/HGBj0ouZP88?t=2460)
- [42:00 - Matthew Rabinowitz: I have a question related to the business side of this from your engagement with Goldam Sachs as a depository. First, how is the contemplated construct if negative interest rates arise? Second, have they given guidance as to the maximum scope of deposits that you are allowed to bring on?](https://youtu.be/HGBj0ouZP88?t=2520)
- [45:30 - Cyrus Younessi: When liquidation happens on Maker we need to cycle the assets so people would be bidding to get GUSD in this case and the GUSD would need to be converted back to Dai to be able to bid on new assets and do this arbitrage redemption loop. Do you know how long it would take to do the full loop?](https://youtu.be/HGBj0ouZP88?t=2730)
- [46:40 - Akash: Given the fact that they are on the Silvergate network, as a market Maker you would get the GUSD,  you'd buy it on Auction, send it to Gemini, exchange it for USD, get the USD, put it back to coinbase, mint USDC, come back to MakerDAO and mint Dai from that, so that entire process could probably take 5 to 20 minutes is my guess.](https://youtu.be/HGBj0ouZP88?t=2800)
- [47:35 - Chris Wessels: Have you thought about using token incentives to bring more GUSD liquidity onto the chain?](https://youtu.be/HGBj0ouZP88?t=2855)
- [49:40 - Frank Cruz: What's your interpretation in regards to what SEC released on Monday with regards to the OCC and what the future of stablecoins looks like for you?](https://youtu.be/HGBj0ouZP88?t=2980)

## Closing Comment

### Juan Guillén

#### Outro
[59:40](https://youtu.be/HGBj0ouZP88?t=3580)

- Thanks to Stani, Marc, Tyler, Eric, Marshall, and Cameron and everyone else for participating.
- Let's keep the conversation going in the forum.
- If you would like to present a project, please let us know in the forum thread.


## Credits

- Gala Guillén produced this summary.
- Everyone who spoke and presented on the call, listed in the headers.