---
# System prepended metadata

title: 'Focus On Call - Episode #7'

---

# Focus On Call - Episode #7
March 22nd, 2022

## Agenda

- [00:00](https://youtu.be/0PHMxH9zsR4): Intro with Payton Rose 
- [00:49](https://youtu.be/0PHMxH9zsR4?t=49): Discussion and Questions with Eric Rapp
- [1:02:35](https://youtu.be/0PHMxH9zsR4?t=3755): Outro

## Video

<https://youtu.be/0PHMxH9zsR4>

## Introduction

### Payton Rose

#### Agenda and Preamble
[00:00](https://youtu.be/0PHMxH9zsR4)

- Hello to everyone. Thank you for joining episode #7 of Focus On. My name is Retro. I am a contributor at the Sustainable Ecosystem Scaling CU. I am joined by Juan, our facilitator. 
- Today we are hosting Eric Rapp from the RWA CU. He will be presenting the RWA lending principles that he and his team use to evaluate RWA deals. He will touch on the Monetalis risk profile using it as a case study to facilitate our conversation.
- For other episodes of FO, please [check the forum](https://forum.makerdao.com/search?q=focus%20on).

## Discussion

### Eric Rapp
[00:49](https://youtu.be/0PHMxH9zsR4?t=49)

![Outline](https://i.imgur.com/LJm6Oab.png)

![Strategy](https://i.imgur.com/Zu0HSuZ.png)

![Maker Crypto vs. RWA Lending Strategy](https://i.imgur.com/z48mVKl.png)

![RWA Lending Additional Protections](https://i.imgur.com/dqvYoS4.png)

![RWA Risk Assessment](https://i.imgur.com/LBXUyiP.png)

![RWA Risk Assessment](https://i.imgur.com/UxAvJzS.png)

![RWA Risk Assessment](https://i.imgur.com/TW5GGER.png)

![Structuring an Investment Grade Loan](https://i.imgur.com/3oOdAQX.png)

![Structuring an Investment Grade Loan](https://i.imgur.com/ehVdNY1.png)

![Structuring an Investment Grade Loan](https://i.imgur.com/Es1dbsT.png)

![Structuring an Investment Grade Loan](https://i.imgur.com/ApeOmrP.png)

![Structuring an Investment Grade Loan](https://i.imgur.com/9eU9dob.jpg)

![Structuring an Investment Grade Loan](https://i.imgur.com/llXECqx.png)

![The Monetalis Proposal/The RWF Assessment](https://i.imgur.com/p7YGD1S.png)

![The Monetalis Proposal: Key Risks](https://i.imgur.com/B2y8wZx.png)

![Facility Risk Assessment](https://i.imgur.com/teCuCkV.png)

![Facility Risk Assessment: Manager](https://i.imgur.com/1zjlr4d.jpg)

![Facility Risk Assessment: Manager](https://i.imgur.com/spjpBSQ.jpg)

![Facility Risk Assessment: Asset](https://i.imgur.com/O7p8JvC.png)

![Facility Risk Assessment: Structure](https://i.imgur.com/XXeU929.png)

![Facility Risk Assessment: Structure](https://i.imgur.com/EdnZKbK.jpg)

![Monetalis Proposal - Expected Return Analysis](https://i.imgur.com/X5aFlwi.png)

![Monetalis - Market Risk/Return Comparisons](https://i.imgur.com/RfNpSes.png)

![Monetalis - Manager Risk Comparison](https://i.imgur.com/RFbYnQX.jpg)

![Monetalis - Asset Risk Comparison](https://i.imgur.com/X1R1gX7.png)

![Monetalis - Structural Risk Comparison](https://i.imgur.com/89uZjuz.png)

![Arm's Length Transaction Standard](https://i.imgur.com/9iYagjR.png)

![Arm's Length Transaction Standard](https://i.imgur.com/7oEnQgd.png)

![Monetalis Risk Assessment Summary](https://i.imgur.com/KteHTny.png)

![Conclusion: Key RWA Principles](https://i.imgur.com/4aLbevz.png)

![Monetalis - Recommendation](https://i.imgur.com/548WV5C.png)

## Questions 

[55:54 - Juan: Regarding the Monetalis deal, would it be possible for the investor to form a fund to cover the junior tranche of this deal?](https://youtu.be/0PHMxH9zsR4?t=3354)

[56:51 - Juan: Governance, or the community within the forums trying to push something as Monetalis, does that cut your ability to focus on other deals that you were working, and then you need to jump over this one, and other deals might get delayed?](https://youtu.be/0PHMxH9zsR4?t=3411)

[57:57 - MakerMan: Is there a way of prioritizing these deals? How should we approach this? How should it be done?](https://youtu.be/0PHMxH9zsR4?t=3477)

[58:24 - Asad Khan: How do Maker's RWA borrowing rates compare to market rates?](https://youtu.be/0PHMxH9zsR4?t=3504)

[59:58 - Frank Cruz: What are some of the steps taken in TradeFi to monitor loans? Who is on the ground visiting sites?](https://youtu.be/0PHMxH9zsR4?t=3598)

[1:01:53 - Juan: What is the best way to contact you?](https://youtu.be/0PHMxH9zsR4?t=3713)

## Closing Comment

### Juan

#### Outro
[1:02:35](https://youtu.be/0PHMxH9zsR4?t=3755)

- Thanks to everyone for coming and participating. Thanks, Eric, for joining us. We will keep the discussion going at forum.makerdao.com. 

## Credits

- Kunfu-po produced this summary.
- @gala produced this summary.
- Everyone who spoke and presented on the call, listed in the headers.