---
# System prepended metadata

title: 'Episode #210: September 29, 2022'
tags: [G&R]

---

---
tags: G&R
---

# Episode #210: September 29, 2022

## Agenda

- [00:00](https://youtu.be/BWCkZCL20S4): Introduction
- [02:43](https://youtu.be/BWCkZCL20S4?t=163): Votes and Polls
- [04:56](https://youtu.be/BWCkZCL20S4?t=296): MIPs Update
- [09:35](https://youtu.be/BWCkZCL20S4?t=575): Weekly Forum Recap
- [15:12](https://youtu.be/BWCkZCL20S4?t=912): Initiatives Update: dSpot Parameter Dashboard
- [27:40](https://youtu.be/BWCkZCL20S4?t=1660): Initiatives Update: GUSD Partnership
- [51:30](https://youtu.be/BWCkZCL20S4?t=3090): Discussion: MIP82 | Monetalis/Coinbase Appaloosa
- [1:08:12](https://youtu.be/BWCkZCL20S4?t=4092): Conclusion

## Video

[Link](https://youtu.be/BWCkZCL20S4)

## General Updates

### Votes

#### Payton Rose

[2:43](https://youtu.be/BWCkZCL20S4?t=163)

<sup>**Visit:** [_Voting Portal_](https://vote.makerdao.com/)</sup></sup>

> **Votes:**
> - *Polls:* -- [2:50](https://youtu.be/BWCkZCL20S4?t=170)
> - *Executive Proposals:* -- [4:03](https://youtu.be/BWCkZCL20S4?t=243)

### MIPs

#### Pablo

[4:56](https://youtu.be/BWCkZCL20S4?t=296)

<sup>**Visit:** [_Weekly MIPs Update #106_](https://forum.makerdao.com/t/weekly-mip-update-106/18103)</sup> <sup> & [_MakerDAO Votes and Polls Public Calendar_](https://calendar.google.com/calendar/embed?src=bdf4un05hpg0611lg3ieue4t3c%40group.calendar.google.com&ctz=America%2FNew_York)</sup>
<sup>**Important Dates:** _The Formal Submission Window opens on Monday, October 3<sup>rd</sup>._</sup>

> **September Ratification Polls Outcomes:** 
>  - _Not passed_ -- [5:20](https://youtu.be/BWCkZCL20S4?t=320)
>  - _Passed_ -- [5:40](https://youtu.be/BWCkZCL20S4?t=340)

> **Proposals in RFC:**
>  - _Endgame MIPs_ -- [6:43](https://youtu.be/BWCkZCL20S4?t=403)
>  - _Standalone MIPs & Misc._ -- [7:45](https://youtu.be/BWCkZCL20S4?t=465)
>  - _Weekly Cycle Subproposals_ -- [8:53](https://youtu.be/BWCkZCL20S4?t=533)

### Weekly Forum Recap

#### Artem Gordon

[9:35](https://youtu.be/BWCkZCL20S4?t=575)

<sup> **Visit:** [_Weekly Forum Recap: Septmeber 21<sup>st</sup> - September 28<sup>th</sup>, 2022_](https://forum.makerdao.com/t/weekly-forum-recap/16247/21)</sup>

> **News & Announcements:**
> - [_RiskDAO Delegate Platform_](https://forum.makerdao.com/t/riskdao-delegate-platform/18125)
> - [_2022-09-28 Executive - Inclusion Update_](https://forum.makerdao.com/t/2022-09-28-executive-inclusion-update/18076)
> - [_DeFi DAO Maturity Research Survey Bounty_](https://forum.makerdao.com/t/defi-dao-maturity-research-survey-bounty/18124)

> **Signal Requests:**
> - [_Modify D3M Guidance for MOMC_](https://forum.makerdao.com/t/signal-request-modify-d3m-guidance-for-momc/18069)

## Initiatives Update

### dSpot Parameter Dashboard

#### Adrian

[15:12](https://youtu.be/BWCkZCL20S4?t=912)

> **Contents:**
> - _Preamble_ -- [16:03](https://youtu.be/BWCkZCL20S4?t=963)
> - _High Level Objectives_ -- [17:00](https://youtu.be/BWCkZCL20S4?t=1020)
> - _Demonstration_ -- [18:14](https://youtu.be/BWCkZCL20S4?t=1094)

##### Q&A

[23:41](https://youtu.be/BWCkZCL20S4?t=1421)

- **Payton:** I see Nadia asking in the Chat what is the difference between this and _makerburn_.

[25:41](https://youtu.be/BWCkZCL20S4?t=1541)

- **Payton:** Good question: how flexibly can it be changed?

## Initiatives Update

### GUSD Partnership

#### adcv

<sup>**Visit:** [GUSD Partnership](https://forum.makerdao.com/t/gusd-makerdao-partnership-announcement/18140)

![Overview of PSM Yield Strategy](https://i.imgur.com/UWrbtPV.png)

![Why is this project such an essential topic for Maker?](https://i.imgur.com/8XBjsYa.png)

![Current solutions are a start but insufficient](https://i.imgur.com/50Ln3tL.png)
    
![Today, our Balance Sheet is our greatest weakness](https://i.imgur.com/L8tbvrx.png)

![Soon, our Balance Sheet will be our greatest strength](https://i.imgur.com/TxUdicC.png)

![FAQs](https://i.imgur.com/XBFsNbn.png)

> **Contents:**
> - _Context_ -- [28:57](https://youtu.be/BWCkZCL20S4?t=1737)
> - _Current Solutions_ -- [30:25](https://youtu.be/BWCkZCL20S4?t=1825)
> - _Today's Balance Sheet_ -- [31:13](https://youtu.be/BWCkZCL20S4?t=1873)
> - _Putting the MakerDAO balance sheet to work..._ -- [31:18](https://youtu.be/BWCkZCL20S4?t=1878)
    
#### Q&A

[34:39](https://youtu.be/BWCkZCL20S4?t=2079)

- <i>Chat</i>: Is the GUSD rate lower than Coinbase USDC?
    - Yes. However, it is also much more liquid. This is the trade-off that we are alluding to.
    
[35:33](https://youtu.be/BWCkZCL20S4?t=2133)
    
- **PaperImperium:** It does not seem easy to justify the Coinbase USDC.
    - This is the choice up to the Maker token holders. 
    
[35:53](https://youtu.be/BWCkZCL20S4?t=2153)
    
- <i>Chat</i>: How long does it take to liquidate a one billion dollar USD position?
    - If you redeem directly with Gemini, it should not take very long.  
    
[38:29](https://youtu.be/BWCkZCL20S4?t=2309)
    
- **Payton Rose:** There is a signal request affecting the parameters for the GUSD PSM vault.
    
[40:11](https://youtu.be/BWCkZCL20S4?t=2411)
- **Kianga Daverington:** Can you explain what is in this signal request and how it relates to the Gemini proposal?
    - The signal request is the kickstart to ask Maker governance whether they would like to start changing the parameters to make it possible to fill the GUSD PSM, which at the moment has a DC of 60 million DAI.
    
[42:42](https://youtu.be/BWCkZCL20S4?t=2562)
    
- **Patrick_J:** If we were to hit a hundred million average required for the incentives, then we would not need an entity approved by Maker governance to receive the interest.
    
[43:33](https://youtu.be/BWCkZCL20S4?t=2613)
    
- **Tim Black:** Can anyone speak to the negative `tin`? 
    - This change has already been pushed by protocol engineering, but it still needs to go through audits. 

[46:40](https://youtu.be/BWCkZCL20S4?t=2800)
- **Patrick_J:** Does GUSD have a blacklist function like USTC does?
    - Yes
    
[47:48](https://youtu.be/BWCkZCL20S4?t=2868)
    
- **Raphael:** Could you walk us through what it would take to form the entity?
    - We already have several entities that are possible.   
    
## Discussion

### MIP82: Monetalis/Coinbase Appaloosa

#### Allan

[51:49](https://youtu.be/BWCkZCL20S4?t=3109)

![](https://i.imgur.com/l8h2mro.png)

[56:38](https://youtu.be/BWCkZCL20S4?t=3398)

- **Payton Rose:** If this MIP is approved, about two weeks before we go live, we will put up a governance poll with the exact rates that the Maker community can accept or reject.

[57:21](https://youtu.be/BWCkZCL20S4?t=3441)
 
- **Payton Rose:** I hear that MIP81 and MIP82 are complimentary. 
    - MIP82 is a profit-seeking venture, whereas MIP81 is more strategic.
    
[59:14](https://youtu.be/BWCkZCL20S4?t=3554)
    
- **Payton Rose:** Regarding the collateralization of Bitcoin and against this. Who will check and ensure these reports look good on Maker's end?
    - We are structuring it in the custody agreement.
    
[1:00:54](https://youtu.be/BWCkZCL20S4?t=3654)
    
- **Patrick_J:** If the collateral falls, would the liquidation take place off-chain?
    - In case they are in breach, we take the collateral. We could keep the Bitcoin or the ETH, or we send them to be liquidated and hopefully gain USDC or whatever is the relevant currency and get them back to Maker. 
    
[1:03:20](https://youtu.be/BWCkZCL20S4?t=3800)
    
- **Payton Rose:** If this MIP is submitted for the October cycle, voting will wrap up on the 24th. Assuming it is positive, how long would this take to get rolling on your end?
    - I hoped we could complete this before the end of November.
    
[1:05:45](https://youtu.be/BWCkZCL20S4?t=3945)

- **Raphael:** Why would Coinbase do that? How are they making money on that deal?
    - They borrow this particular collateral, the ETH, and Bitcoins at a certain rate. They put that out to us as collateral. They receive USDC from us. That USDC used to lend to their customers in their margin lending business. Fundamentally there is a place where all these interest rates make sense.
    
## Conclusion

### Payton Rose

[1:08:12](https://youtu.be/BWCkZCL20S4?t=4092)
    
- We will be back same time and same place next week. Please, let us keep the discussions at forum.makerdao.com
    
[Suggestion Box](https://app.suggestionox.com/r/GovCallQs)

## Credits

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