[📄] Collateral Onboarding Call #9: Aave + Gemini - Wednesday, September 23 17:00 UTC

[juanjuan]

Time in your local-timezone format:

2020-09-23T17:00:00Z

Dial In Details

Zoom Call

Passcode: 314223

Intro

Welcome to another collateral onboarding call, where we’ll discuss potential assets for MCD, open for anyone to join.

• For questions, discussions and feedback on the call, please check out this thread!
• If you’d like to present a project, check out this thread

Agenda

Zoom Call // Passcode: 314223

Intro

by @juanjuan

Presentation 1: Aave

@marczeller and Stani from Aave will be presenting their token:

• [LEND] MIP6 Collateral Onboarding - AAVE

Presentation 2: Gemini

@tylerwiklevoss, from Gemini will be presenting GUSD:

• [GUSD] MIP6 Collateral Onboarding Application

Open discussion and Q&A form.

See you there!

[juanjuan]

Collateral Call Summary - Episode #9

September 24th, 2020

Agenda

• 00:00: Intro with Juan Guillén
• 01:00: Aave with Stani and Marc
• 10:40: Q&A and Discussion about Aave
• 21:20: Gemini with Tyler Winklevoss
• 35:00: 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

• 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.

Aave

• LEND: MIP6 Collateral Onboarding - AAVE
• @marczeller

Stani and Marc

Presentation

01:00

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?
• 12:10 - Petru Catana: What’s your stance on L2 solutions and how are you handling that yourself and the whole AAVE team?
• 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?
• 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?
• 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?

Gemini

• GUSD: MIP6 Collateral Onboarding Application
• @tylerwinklevoss

Tyler Winklevoss

Presentation

21:20

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?
• 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?
• 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?
• 38:25 - Chris Wessels: Is there a time lock on the upgrade option?
• 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.
• 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.
• 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?
• 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?
• 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.
• 47:35 - Chris Wessels: Have you thought about using token incentives to bring more GUSD liquidity onto the chain?
• 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?

Closing Comment

Juan Guillén

Outro

59:40

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

[Philinje]

Hi, please post the recording. Will there be a link here?

[juanjuan]

Hi, @Philinje.

@Philinje

Hi, please post the recording. Will there be a link here?

VIdeo is here: https://www.youtube.com/watch?v=HGBj0ouZP88
Summary on its way! : )

[tylerwinklevoss]

Juan, on behalf of the Gemini team, I would like to thank you and the Maker community for its consideration of GUSD as a new collateral type. We appreciate the chance to join the Collateral Call and make our case for GUSD.

Please let us know what else you might need from us and what next steps we should expect. Thank you.

-Tyler

[juanjuan]

Thanks for joining us, @tylerwinklevoss.
It was great having you and hearing your insights.

Let’s keep the momentum going and hopefully we can get the OK from all the domain teams and incorporate GUSD as soon as possible.

[tylerwinklevoss]

Greetings, @LongForWisdom @charlesstlouis @primoz @amyjung @NikKunkel @cmooney @wil @brianmcmichael @lucas-manuel and larger the Maker community. I and the Gemini team are grateful for the chance to participate on the Collateral Call last week on Wednesday, September 23rd, regarding GUSD as a new collateral type.

Please let us know how we can keep the momentum going for greenlights on Oracles, Smart Contracts, and Risk. As always, I am the team are available to hop on the phone/zoom to answer any questions. We are really looking forward to working together on this!

Onward and upward,

-Tyler

[cmooney]

Hey @tylerwinklevoss, oracles should be easy, as we will likely be using a DSValue set to $1 for GUSD. Since there was no reason to block on the oracles team, I was planning on starting work for GUSD this afternoon with @hexonaut. I’ll let you know if we have any questions.

[tylerwinklevoss]

Awesome, thanks for your message. Sounds good, will stay tuned!

[cmooney]

We got reasonably far along in the review and will finish it up on Monday. @hexonaut is planning on working up the join adapter on Monday. Hopefully we can deploy to kovan shortly after that.

[tylerwinklevoss]

Great, thanks for the update. Have a great weekend. Looking forward to Monday!

[cmooney]

Collateral Assessment is up:

[GUSD] ERC20 Token Smart Contract Technical Assessment

[GUSD] ERC20 Token Smart Contract Technical Assessment General Information Symbol : GUSD Address(es) : ERC20Proxy (entry point): ERC20Proxy: 0x056fd409e1d7a124bd7017459dfea2f387b6d5cd Current Implementation: ERC20Impl: 0x6704ba24b8640bccee6bf2fd276a6a1b8edf4ade ERC20Store: 0xc42b14e49744538e3c239f8ae48a1eaaf35e68a0 Custodian of ERC20Proxy and ERC20Store: Custodian: 0x9a7b5f6e453d0cda978163cb4a9a88367250a52d Custodian of ERC20Impl: PrintLimiter: 0x72519fa6cd095c99d5d67e31dd…

There is also a possible GemJoin implementation here:

Added GemJoin8 and GUSD example

Next steps will be for the smart contracts domain team to find time to work up a deployment on kovan; however, prior to that we need collateral assessments from oracles and risk.

[tylerwinklevoss]

Awesome, thanks for the update! Let us know how we can keep the momentum going w/r/t Collateral Assessments from Oracles and Risk and then subsequent deployment on Kovan by the Smart Contracts Domain Team. As always, I and my teammates at Gemini are happy to hop on the phone/zoom anytime if that helps. Thank you.

cc @LongForWisdom @charlesstlouis @primoz @amyjung @NikKunkel @wil @brianmcmichael @lucas-manuel