Maker Dials Regenerative Finance Constitutional Voter Committee Meeting

The meeting starts with some housekeeping and an exercise to get people in the right mindset. The moderator introduces herself and explains the purpose of the meeting.

Introduction

• The meeting is introduced as the second edition of Maker Dials Regenerative Finance Constitutional Voter Committee Meeting.

• Participants are informed about the chat feature and asked to post a gif, meme or animation based on a prompt.

• Participants are asked to share how they feel about Maker Dow ending poverty worldwide.

• Participants are encouraged to share their feelings in the chat using emojis or gifs.

New Format

• The new format for this week's meeting is explained, which involves using voice channels in the main maker Discord.

• Advantages of using voice channels are discussed, including accessibility, convenience for mobile users, privacy, and technology for presentations.

• The moderator introduces herself as Kianga and explains her role as a stand-in for Acre Dows tokenized community of refi and impact projects that's the official member of Refi CBC. She also discusses her approach to attracting MKR holders for DAOs and other decentralized groups working in refi impact and public goods.

Purpose Statement

• The first 30 minutes or half of the meeting will be spent discussing an important purpose statement in the Maker Constitution regarding Maker's mission to create a stablecoin that is resistant to censorship.

Vision for Refi CDC

The focus of this meeting is to hone the vision for Refi CDC. The Constitution that the delegates can interpret and specify will be discussed, as well as where they want to see themselves in the future.

Unbiased World Currency

• An unbiased world currency is a decentralized stablecoin.

• A bias currency supports certain regions or people over others, which is problematic.

• An unbiased global currency should be available for anyone with an internet connection.

• The global aspect of an unbiased world currency seems vital, not solely focusing on users in the US.

Decentralized Collateral

• The role of decentralized collateral will be discussed later in the meeting.

• Applying AI knowledge and technology rather than just donating funds directly will be more unbiased and support the development of a single open-source stack of AI resources for refi businesses.

Refi CBC Meeting

In this meeting, the Refi CBC community discusses their vision and policy for an unbiased world currency.

Vision and Policy Discussion

• Die could be a great way for developing countries to transact in between nations and help pull people away from having to rely on high fee remittances.

• The Refi CBC wants to reflect the community's input in their policy statement. They want it to be inclusive of people who may not even know these types of meetings are happening.

• Maker Core can directly support the financing of Refi without having to pick winners that then just receive subsidies in the form of free money which would quickly cause corruption drama.

• The discussion is focused on creating space for vision, big picture thinking, rather than getting into the weeds of Maker implementation.

• Participants are reminded to try to be very understanding as they experiment with different ideas and strategies.

Carbon Credit Settlement

• Hugub suggests allowing the settling and payment of forward contract credits such as carbon credits to be settled in a decentralized manner using an unbiased world currency.

Decentralized Unbiased World Currency

The conversation is about the qualities of a decentralized unbiased world currency and how DAI fits in with other technologies such as carbon credits.

Qualities of a Decentralized Unbiased World Currency

• DAI is good for being unstoppable, adaptable, and upgradable.

• Settling contracts with DAI might eliminate middlemen and lower fees.

• DAI provides a way to create a level playing field so that the rich and powerful can't shift monetary policy in their favor, thus providing more opportunities to get out of poverty.

Liquidity Instability Scope

The conversation is about liquidity instability scope which refers to the rules for DAI.

Rules for DAI

• Liquidity instability scope refers to the rules for DAI.

Introduction

In this section, the speaker introduces the topic of decentralized collateral and explains that they will be discussing it at a high level.

Decentralized Collateral

• The speaker discusses the benefits of permissionlessness, accessibility, stability, and safety in a decentralized financial system.

• They mention that Maker and DAI are good examples of decentralized collateral.

• The speaker suggests that the community should frame out the specifics of how DAI is designed and what role decentralized collateral plays in it.

• They also suggest measuring success along multiple dimensions.

Specifics of Decentralized Collateral

In this section, the speaker discusses some more specific details about how DAI is designed and what role decentralized collateral plays in it.

Designing Decentralized Collateral

• The speaker mentions that there are headwinds to creating a straight line towards implementing decentralized collateral.

• They suggest considering trade-offs and measuring success when designing decentralized collateral.

• Peyton drops a link to Monet's post on efficiency frontier of liquidity and adjusted revenue.

Overall, the transcript focuses on introducing the concept of decentralized collateral and discussing its benefits. The speakers also suggest framing out specifics for designing decentralized collateral while considering trade-offs and measuring success.

Decentralized Collateral and its Role in DAI

This section discusses the role of decentralized collateral in the framework for DAI, its composition, and how it affects adoption.

Importance of Decentralized Collateral

• The significance of decentralized collateral is its actual risk-mitigating properties but unlikely to help much with adoption.

• The discussion revolves around the composition of decentralized collateral in the framework for DAI.

• From a user perspective, what role does decentralized collateral backing of DAI have in making it attractive to potential users?

• Does it matter if we use treasury ETFs or all real-world assets as collateral?

Challenges with Decentralized Collateral

• As interest rates in the real world have gone up, there may be better returns on capital risk-adjusted return all things considered if you're able to put your capital in U.S treasuries.

• The system is not generating a lot of revenue right now from decentralized collateral. There's been people who said that the system itself can't scale with reliance on decentralized collateral because there's just not enough demand to borrow against it.

• Demand for decentralized and resilient qualities will grow in the medium to long-term future but otherwise demand is limited right now pragmatically.

Maker Ecosystem and Protocol

• As stewards of the maker ecosystem and protocol as a collective that's holding MKR, what should we think about regarding decentralized collateral?

• Do we think that DAI can function as an unbiased permissionless credit without having decentralized collateral or if that's not a big deal?

• The current amount of decentralized collateral is insufficient to enable the scaling of DAI to trillions.

Liquidation Process

This section discusses the liquidation process for MakerDAO.

Liquidation Process

• Can anyone speak about the liquidation process or give us a little tutorial?

Decentralized Collateral and Liquidation

The speakers discuss the benefits of decentralized collateral compared to centralized collateral, including the ability to quickly liquidate it. They also mention how having a good backing in decentralized assets gives more options to recover value.

Benefits of Decentralized Collateral

• Decentralized collateral can be quickly liquidated on-chain, unlike centralized collateral which relies on legal structures.

• Having a good backing in decentralized assets gives more options to recover value from an exchange perspective.

• Decentralized collateral is entirely on-chain and not tethered to some real-world entity that could be attacked.

Recovering Value with Decentralized Collateral

• Even if the dollar value of die goes down, it could still be a better choice because of its utility and network effects.

• Having infrastructure sustained and maintained around decentralized collateral gives more options to recover value for users.

• The current structure of decentralized collateral is collectively over-collateralized.

CVC Meetings and MakerDAO Communications

The speakers discuss their hopes for organizing CVC meetings and communications in general. They want to attract more excitement, energy, bodies, and everything coming into MakerDAO.

Organizing CVC Meetings

• Feedback is requested on CVC meetings and their operation in general.

• The goal is to organize these calls and communications to attract more excitement, energy, bodies, etc., coming into MakerDAO.

Introduction

The speaker discusses the purpose of MakerDAO and how it can help the world. They also talk about organizing calls for CDC Communications that are accessible to people with different perspectives.

• MakerDAO's focus is on public good, as stated in its constitution.

• The goal is to evolve and help the world by providing open and available infrastructure.

• There are many areas that Regenerative Finance touches, so feedback from the room is welcome.

• Calls for CDC Communications should be organized in a way that gives governance direction, is accessible to everyone, and enjoyable.

Policy Debate Model

The speaker talks about a policy debate model for CBC meetings where homework will make participation more fruitful. They also discuss aligning delegates feeding with support and listening debate.

• CBC meetings could follow a Scholastic model where there's pre-reading or research before each meeting.

• Each meeting can begin with going over what the homework was and ending with signing work before next week.

• Policy debates within the CBC on particular votes in any given week could be aligned with delegates feeding support and listening debate.

Learning About Refi Projects

The speaker discusses learning about refi projects during meetings. They also talk about developing policies to help those projects succeed.

• Meetings could be an opportunity to learn about refi projects outside of D5 context.

• Policies can be developed to help those projects succeed by seeing what's being built even on other L1s.

Closing Comments

The speaker thanks everyone for coming and suggests having some beats in future meetings. They also briefly discuss reviewing current governance polls or executives.

• Thanks everyone for coming.

• Beats may be included in future meetings.

• Current governance polls or executives can be reviewed.

Prioritizing the Ecosystem

The speaker discusses the importance of prioritizing the entire ecosystem and deferring to those most involved in crafting new amendments.

Importance of Deferring to Those Involved

• The speaker emphasizes that it is important to defer to those who have been most involved in crafting new amendments.

• They also mention that they do not want to put any roadblocks in place that would disrupt things from a holistic standpoint.

Building a Dynamic Community

• The speaker mentions their goal of building out a community that others will want to join and run with.

• They note that this will require being dynamic and attracting a group, but that it won't come from them or any other members alone.

Refi CDC Perspective

• The speaker notes that for Refi CDC, people who are really in the weeds should continue to trust stewardship.

• They also mention that they have an overall policy statement which makes it clear they will not ban delegates unless something is wholly unconstitutional.

Different Approaches for CBCs

The speaker discusses how different CBCs may have different approaches towards setting policy.

Differences Between CBC Approaches

• The speaker notes that CBCs created by someone holding MKR may have a different dynamic than what is going on at Refi.

• They also mention how growth versus regenerative finance may lead to different approaches towards setting policy.

Closing Remarks

The speaker makes some closing remarks and encourages others to tag them in conversations.

Final Thoughts

• The speaker thanks everyone for attending the meeting.

• They encourage others to tag them in conversations and provide feedback.

Conclusion and Farewell

In this section, the speaker concludes the video and thanks the audience for watching.

• The speaker asks for the time.

• The speaker thanks everyone for watching and says goodbye.