The Open Market Committee has observed no substantial change in the competitive environment since last month.
We have noted that revenues continue to support our Core Units and that we are also making revenues from liquidations on a sporadic basis.
Over the next month we will continue to monitor changes from the economic environment and ongoing collateral onboardings. We anticipate that USDC can and will be cleared out of the portfolio eventually but not within the next month. We also anticipate a growing surplus buffer which can anchor MakerDAO as a creditworthy institution.