# ![@ImperiumPaper Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1412230982795673607.png) @ImperiumPaper PaperImperium

PaperImperium posts on X about money, usdc, dai, token the most. They currently have [-----] followers and [----] posts still getting attention that total [------] engagements in the last [--] hours.

### Engagements: [------] [#](/creator/twitter::1412230982795673607/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1412230982795673607/c:line/m:interactions.svg)

- [--] Week [-------] +79%
- [--] Month [-------] -34%
- [--] Months [---------] +95%
- [--] Year [----------] +107%

### Mentions: [--] [#](/creator/twitter::1412230982795673607/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1412230982795673607/c:line/m:posts_active.svg)

- [--] Week [---] +22%
- [--] Month [---] +46%
- [--] Months [---] +31%
- [--] Year [-----] +16%

### Followers: [-----] [#](/creator/twitter::1412230982795673607/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1412230982795673607/c:line/m:followers.svg)

- [--] Week [-----] +0.69%
- [--] Month [-----] +1.70%
- [--] Months [-----] +26%
- [--] Year [-----] +49%

### CreatorRank: [-------] [#](/creator/twitter::1412230982795673607/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1412230982795673607/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [cryptocurrencies](/list/cryptocurrencies)  [stocks](/list/stocks)  [technology brands](/list/technology-brands)  [exchanges](/list/exchanges)  [countries](/list/countries)  [currencies](/list/currencies)  [social networks](/list/social-networks)  [nfts](/list/nfts)  [automotive brands](/list/automotive-brands) 

**Social topic influence**
[money](/topic/money) #4205, [usdc](/topic/usdc), [dai](/topic/dai), [token](/topic/token), [maker](/topic/maker), [defi](/topic/defi) #157, [usds](/topic/usds), [mkr](/topic/mkr), [debt](/topic/debt), [usde](/topic/usde)

**Top assets mentioned**
[USDC (USDC)](/topic/usdc) [Aave (AAVE)](/topic/aave) [Arbitrum (ARB)](/topic/arbitrum) [Ethereum (ETH)](/topic/ethereum) [Solana (SOL)](/topic/solana) [Ethena (ENA)](/topic/ethena) [sUSDS (SUSDS)](/topic/susds) [Coinbase Global Inc. (COIN)](/topic/coinbase) [Optimism (OP)](/topic/optimism) [Bitcoin (BTC)](/topic/bitcoin) [Maker (MKR)](/topic/$mkr) [sUSD (Optimism) (SUSD)](/topic/$susd) [CryptoKitties (cryptokitties)](/topic/cryptokitties) [Tether (USDT)](/topic/tether) [Gods Unchained (GODS)](/topic/gods-unchained) [Decentraland (decentraland)](/topic/decentraland) [Runes Coin (RUNES)](/topic/runes)
### Top Social Posts
Top posts by engagements in the last [--] hours

"@0xmillie_eth Even measuring inflation (e.g. for purchasing power parity metrics) is open to a lot of discretion and subjectivity. An actual flatcoin wouldnt be flat - just pegged to some index like CPI. Its a niche financial instrument and will never be used as money"  
[X Link](https://x.com/ImperiumPaper/status/1640017038818017280)  2023-03-26T15:45Z [----] followers, [----] engagements


"@seanlippel @centrifuge @a16zcrypto Or (hear me out) DAOs are terrible at asset allocation because its the intersection of political decisions and navet. Also treasuries of your own token should be marked as zero unless you bought it back. So theres not actually that much out there; these are frontier markets"  
[X Link](https://x.com/ImperiumPaper/status/1646718754301116417)  2023-04-14T03:35Z [----] followers, [--] engagements


"Beginning Monday @Makerdao will offer bounties to doxx its own delegates (up to [----] MKR for top delegates). Delegates who cannot avoid being reported will no longer be compensated. Will this result in better governance"  
[X Link](https://x.com/ImperiumPaper/status/1659631528245116933)  2023-06-20T12:06Z [----] followers, [----] engagements


"@smyyguy @MakerDAO Not contributor retention. Most of the core devs already resigned"  
[X Link](https://x.com/ImperiumPaper/status/1659962887081787395)  2023-05-20T16:42Z [----] followers, [--] engagements


"With @MakerDAO officially purging its remaining experienced delegates time to enter stealth mode"  
[X Link](https://x.com/ImperiumPaper/status/1660988537854996485)  2023-06-20T12:06Z [----] followers, 17.4K engagements


"I joke but since the @MakerDAO co-founder pushed through his end game plan Maker has lost: - Majority of the core developers - Senior governance facilitator - All of the delegates with [--] months experience"  
[X Link](https://x.com/ImperiumPaper/status/1661001812458045442)  2023-06-20T12:06Z [----] followers, 10.7K engagements


"@yaron_velner @MakerDAO People said that about the devs too. Overwhelmingly untrue. Out of curiosity who was telling you that"  
[X Link](https://x.com/ImperiumPaper/status/1661023511404740609)  2023-05-23T14:57Z [----] followers, [--] engagements


"@yaron_velner @MakerDAO You dont get to keep the MKR already delegated. Youd have to come back as a random anon with no reputation (and no pay because nothing delegated). Theres no compelling reason to sneak back especially with a bounty on doxxing you again"  
[X Link](https://x.com/ImperiumPaper/status/1661027518097379328)  2023-05-23T15:13Z [----] followers, [--] engagements


"@yaron_velner @MakerDAO Hes the one who pushed through the anon requirement and any delegate who gets doxxed is fired and loses half their pay for the previous month"  
[X Link](https://x.com/ImperiumPaper/status/1661029574891692033)  2023-05-23T15:21Z [----] followers, [--] engagements


"@yaron_velner @MakerDAO I guess I dont feel comfortable sharing what I really think. I do think a lot of credit goes to those who continue to stick it out in Makers current environment"  
[X Link](https://x.com/ImperiumPaper/status/1661031470780014592)  2023-05-23T15:28Z [----] followers, [--] engagements


"@0xfrisson @MakerDAO I thought the mustache looked good"  
[X Link](https://x.com/ImperiumPaper/status/1661046365365891073)  2023-05-23T16:28Z [----] followers, [--] engagements


"@0x_venture @MakerDAO All the best"  
[X Link](https://x.com/ImperiumPaper/status/1662043286381445120)  2023-05-26T10:29Z [----] followers, [--] engagements


"@davidesilverman @etherscan @InterestDeFi 1) Audited 2) Immutable 3) Lindy 4) It predates sDAI Doesnt mean a proposal to add sDAI wouldnt get picked up if submitted https://forums.interestprotocol.io https://forums.interestprotocol.io"  
[X Link](https://x.com/ImperiumPaper/status/1662179615610220544)  2023-05-26T19:31Z [----] followers, [---] engagements


"Rates for @makerdao (likely implemented June 10-12) have some absolutely bone-crunching moves up for the conservative collateral ratio ETH and wstETH vaults 1% 3.49% CHAI/sDAI (DAI Savings Rate) will hit 3.49% though; good collateral for @InterestDeFi/@spark_protocol"  
[X Link](https://x.com/ImperiumPaper/status/1663889895004176385)  2023-05-31T12:47Z [----] followers, [--] engagements


"Can we reflect on how @CelsiusNetwork was purchased by Fahrenheit Take that metric system"  
[X Link](https://x.com/ImperiumPaper/status/1665110100162367489)  2023-06-03T21:35Z [----] followers, [--] engagements


"Contributors from @OriginProtocol submitted proposals to @InterestDeFi today to consider OUSD and the new OETH as collaterals. I think the trend towards yield-bearing assets supported by DeFi software protocols will only gain steam after stETHs success"  
[X Link](https://x.com/ImperiumPaper/status/1668378137166598145)  2023-06-12T22:01Z [----] followers, [--] engagements


"Permissionlessly deploy @Uniswap V3 to any chain and simultaneously hand the keys to governance on mainnet. This is the future of any cross-chain deployment. Proud to work at GFX with this kind of technical innovation"  
[X Link](https://x.com/ImperiumPaper/status/1669025487417667584)  2023-06-14T16:54Z [----] followers, [--] engagements


"USDC-equivalent (unincentivized) borrow rates across DeFi June [--] 2023: @MakerDAO 1%* @AaveAave (V3) 3.23% @compoundfinance (V3) 3.92% @InterestDeFi 0.5% @spark_protocol 1.11%* Dollar inflation rate (CPI) 4% Its a borrowers market in DeFi *Scheduled change June 18th"  
[X Link](https://x.com/ImperiumPaper/status/1670578880275443712)  2023-06-18T23:46Z [----] followers, [--] engagements


"USDC-equivalent (unincentivized) borrow rates across DeFi June [--] 2023: @MakerDAO 3.74% @AaveAave (V3) 3.88% @compoundfinance (V3) 3.94% @InterestDeFi 0.5% @spark_protocol 3.49% Dollar inflation rate (CPI) 4% CHAI yield: 3.49% Negative real rates continue"  
[X Link](https://x.com/ImperiumPaper/status/1670797970965397506)  2023-06-19T14:17Z [----] followers, [--] engagements


"CHAI supply much larger now that the @MakerDAO DSR is 3.49%"  
[X Link](https://x.com/ImperiumPaper/status/1670849392650199040)  2023-06-19T17:47Z [----] followers, [---] engagements


"@XiaotongSun6 @MakerDAO @AaveAave @compoundfinance @InterestDeFi @spark_protocol Are they Interest Protocol is small so no one big can use it. The others are all relatively similar I think"  
[X Link](https://x.com/ImperiumPaper/status/1670849730975350784)  2023-06-19T17:47Z [----] followers, [--] engagements


"Looks like a scammy version of sDAI (a token for @MakerDAO DSR deposits) is being built. All they did is add liquid to the name and add a 2.5% withdrawal tax. 🚩🚩🚩 DSR users should use CHAI or sDAI which are both free and audited"  
[X Link](https://x.com/ImperiumPaper/status/1671111779743670272)  2023-06-20T11:11Z [----] followers, [----] engagements


"Lol at someone charging a performance fee on another protocols payments. Such innovation. The rebasing honestly is a good idea. But why would someone pay a fee simply for a rebasing wrapper Genuinely curious 🤨 LSDAI has a 0.01% withdrawal fee and a 2.5% performance fee 🌈🌈🌈 the performance fee allows us to cover rebasing costs the withdrawal fee is to avoid gaming the daily rebase if you don't like it - don't use it 🌈 no need to FUD ♥ LSDAI has a 0.01% withdrawal fee and a 2.5% performance fee 🌈🌈🌈 the performance fee allows us to cover rebasing costs the withdrawal fee is to avoid"  
[X Link](https://x.com/ImperiumPaper/status/1671467796604022794)  2023-06-21T10:39Z [----] followers, [----] engagements


"@0xCorina @MakerDAO She actually won that fight too"  
[X Link](https://x.com/ImperiumPaper/status/1671501910594007040)  2023-06-21T12:54Z [----] followers, [--] engagements


"Corollary: @fraxfinance is now the largest stablecoin that doesnt attest to tbill and cash holdings With @LiquityProtocol as a distant (but hefty quarter billion) second"  
[X Link](https://x.com/ImperiumPaper/status/1672314229754417152)  2023-06-23T18:48Z [----] followers, [----] engagements


"@SafeRatios @yaron_velner @fraxfinance @LiquityProtocol Not sure how thats different from the GUNI vaults for DAI. But I do see the point"  
[X Link](https://x.com/ImperiumPaper/status/1672319892232478733)  2023-06-23T19:19Z [----] followers, [--] engagements


"@yaron_velner @fraxfinance @LiquityProtocol For DAI There isnt really one. But there are scattered reports (usually monthly) on the various offchain facilities. Sometimes by fiduciaries sometimes by paid-but-neutral contributors like Strategic Finance sometimes by the people paid by AUM amount"  
[X Link](https://x.com/ImperiumPaper/status/1672322048356433921)  2023-06-23T19:19Z [----] followers, [--] engagements


"@yaron_velner @SafeRatios @fraxfinance @LiquityProtocol Its 50x leverage with liquidations turned off. Seems pretty close to the same"  
[X Link](https://x.com/ImperiumPaper/status/1672324176869302272)  2023-06-23T19:22Z [----] followers, [--] engagements


"@SafeRatios @yaron_velner @fraxfinance @LiquityProtocol Lol. Accounting firms. Yall crack me up"  
[X Link](https://x.com/ImperiumPaper/status/1672324732228648961)  2023-06-23T19:32Z [----] followers, [--] engagements


"@yaron_velner @SafeRatios @fraxfinance @LiquityProtocol I was trying to gently suggest an improvement without being accused of FUD or misalignment"  
[X Link](https://x.com/ImperiumPaper/status/1672326092558938113)  2023-06-23T19:32Z [----] followers, [--] engagements


"@jp_koning @fraxfinance @LiquityProtocol No. Im saying theyre the biggest thats just on chain and doesnt require believing there are tbills"  
[X Link](https://x.com/ImperiumPaper/status/1672344742481281024)  2023-06-23T20:45Z [----] followers, [---] engagements


"@mohakagr @MakerDAO Its fairly simple. Theres USDC/USDP/GUSD for redemptions or there isnt"  
[X Link](https://x.com/ImperiumPaper/status/1672959829365735425)  2023-06-25T13:33Z [----] followers, [---] engagements


"@mohakagr @MakerDAO Yeah thats pretty much nonsense unfortunately. It didnt work before the PSM either. It assumes far too efficient market and information by vault holders + centralized rate setting. Mostly at this point the vast majority of DAI supply isnt vaults & not granular either"  
[X Link](https://x.com/ImperiumPaper/status/1672970185626492928)  2023-06-25T14:11Z [----] followers, [---] engagements


"@yaron_velner @mohakagr @MakerDAO I agree. But the reasoning behind vault fees + DSR as tools is that assumption of arbitrage via debt repayment or origination. Didnt see a lot of vaults repaid when DAI was 88c through. And no fixed exchange rate currency can control its size unless it has capital controls"  
[X Link](https://x.com/ImperiumPaper/status/1673056814068269056)  2023-06-25T19:57Z [----] followers, [---] engagements


"@yaron_velner @mohakagr @MakerDAO I get the logic. DAI debt is concentrated in a very few hands. 1/4 of all DAI debt is managed by a single trustee for instance. 1.1b is the extent of borrowing that could conceivably receive market signals and unclear from history that even those people would act"  
[X Link](https://x.com/ImperiumPaper/status/1673059968021323776)  2023-06-25T20:09Z [----] followers, [---] engagements


"@yaron_velner @mohakagr @MakerDAO I was referring more to the likelihood a signal would be transmitted via a rate change (regardless of target). Most borrowers are rate insensitive and increasingly rely upon Maker to indirectly borrow from itself (Spark Monetalis Andromeda CB Custody etc)"  
[X Link](https://x.com/ImperiumPaper/status/1673062484725440512)  2023-06-25T20:18Z [----] followers, [----] engagements


"As an outside observer to @MakerDAO I do have to wonder where growth in DAI demand is going to come from long term. Unincorporated status makes it difficult just buy bonds instead relying on a patchwork of controlled entities and related parties. A kind of financial feudalism"  
[X Link](https://x.com/ImperiumPaper/status/1673067861521178625)  2023-06-28T19:27Z [----] followers, [----] engagements


"Alternatively @MakerDAO could lend against collaterals that arent accepted at every protocol in town. But Maker is offboarding collaterals not onboarding them. And even the vassal protocol Spark is prohibited from fruitful experiments (e.g. WBTC is banned)"  
[X Link](https://x.com/ImperiumPaper/status/1673067867116371969)  2023-06-25T20:39Z [----] followers, [---] engagements


"MakerDAO should begin using USDT exposure as well as USDC to stabilize the peg"  
[X Link](https://x.com/ImperiumPaper/status/1673657452284321796)  2023-06-27T11:49Z [----] followers, [----] engagements


"@DefiantNews @MakerDAO You arent counting the 500m USDC on Coinbase. Thats 10% right there"  
[X Link](https://x.com/ImperiumPaper/status/1674082438346096644)  2023-06-28T15:48Z [----] followers, [--] engagements


"@barrutko @AaveAave @MakerDAO Maybe its collateral"  
[X Link](https://x.com/ImperiumPaper/status/1674405285463556097)  2023-06-29T13:21Z [----] followers, [--] engagements


"@hexonaut @barrutko @AaveAave @MakerDAO They maybe cant unwind quickly and orderly if its collateral"  
[X Link](https://x.com/ImperiumPaper/status/1674415305492414464)  2023-06-29T13:59Z [----] followers, [---] engagements


"People dont realize how dirty @MakerDAO DAIwanese is"  
[X Link](https://x.com/ImperiumPaper/status/1674495091405193216)  2023-06-29T19:16Z [----] followers, [---] engagements


"Are you a protocol delegate From @AaveAave & @arbitrum to @0xProject & @Uniswap and everything in between theres a Discord where delegates can find each other compare experiences and get alerts for ongoing votes. Come in and introduce yourself 😁"  
[X Link](https://x.com/ImperiumPaper/status/1676913571865788416)  2023-07-08T03:02Z [----] followers, [----] engagements


"BarnBridge and MakerDAO both retaining counsel in the same week. Perhaps DAOs should proactively establish who their counsel is before theyre all booked up or there would be a conflict to accept a client"  
[X Link](https://x.com/ImperiumPaper/status/1677297966053244928)  2023-07-07T12:46Z [----] followers, [--] engagements


"Class action settlement for $FEI and $TRIBE holders that bought at Genesis just landed. Probably $13m fund. https://feitribesecuritiessettlement.com https://feitribesecuritiessettlement.com"  
[X Link](https://x.com/ImperiumPaper/status/1677414248438177793)  2023-07-07T20:28Z [----] followers, [----] engagements


"@4lex_4sh4w @MakerDAO Cant be a corporation if you dont register an entity. Just a sole proprietorship"  
[X Link](https://x.com/ImperiumPaper/status/1677454458219814912)  2023-07-07T23:21Z [----] followers, [---] engagements


"I wish there were sale-lease back protocols for things like gov tokens. I would think it would work well for these art NFTs too"  
[X Link](https://x.com/ImperiumPaper/status/1677869529152585728)  2023-07-09T02:37Z [----] followers, [---] engagements


"The US education system needs to teach financial literacy. I wish there was a DeFi-flavored program so people could not only learn how finance works but do it themselves with fewer intermediaries. This guy seems like he needs the education + would appreciate Defi"  
[X Link](https://x.com/ImperiumPaper/status/1677890311706558464)  2023-07-09T04:00Z [----] followers, [----] engagements


"After several questions about whether $DAI on @FantomFDN is guaranteed its important to remember 1) there is no DAI on Fantom only IOUs from bridges and 2) people should carefully research any bridge they use. Good references are @l2beat & @UniswapFND report (links below 👇)"  
[X Link](https://x.com/ImperiumPaper/status/1678010918712557570)  2023-07-09T13:59Z [----] followers, [----] engagements


"Can someone at @OlympusDAO elaborate a bit on what this 95% backing vote means I feel like I dont have the whole picture"  
[X Link](https://x.com/ImperiumPaper/status/1678587705427361792)  2023-07-11T04:48Z [----] followers, [----] engagements


"This is also backed 100% by defaulted loans and Im very upset that the people paid to monitor this let it sit at the bottom of a regular monthly report and not draw attention to it. Thankfully its a tiny vault"  
[X Link](https://x.com/ImperiumPaper/status/1678845963098570752)  2023-07-11T19:22Z [----] followers, 24.3K engagements


"And they have a max debt ceiling of 7m DAI. And not a peep from the people paid to monitor this that maybe the ceiling should be set to [--] on a RWA vault with defaulted assets"  
[X Link](https://x.com/ImperiumPaper/status/1678847842377428994)  2023-07-13T01:35Z [----] followers, [----] engagements


"@SCBuergel Harbor Trade was one of the earliest RWAs to be approved at Maker and got a vault for 7m at 7% fees. They do invoice based financing if I recall. Defaults happen its part of lending. The problem is the [--] loans backing this 1.5m DAI debt went into default in April but"  
[X Link](https://x.com/ImperiumPaper/status/1679073569769136128)  2023-07-12T10:29Z [----] followers, [---] engagements


"@SCBuergel no mitigation or recommendations for action occurred. Im fairly certain no one at MakerDAO other than those paid to monitor RWAs even knew this had occurred. At the least the debt ceiling needs to go to zero rather than still have a 5.5m unused credit line remaining"  
[X Link](https://x.com/ImperiumPaper/status/1679074123878678530)  2023-07-12T10:24Z [----] followers, [--] engagements


"@luigyGT @SCBuergel Scroll down to Harbor Trade. Youll also note another borrower is far beyond its covenants in max loan size and borrower concentration"  
[X Link](https://x.com/ImperiumPaper/status/1679134334664556546)  2023-07-12T14:23Z [----] followers, [---] engagements


"For a credit-only backed stable this is simultaneously about about lower rates than higher. Youre constrained by the demand to borrow. Zero really is the lower bound here as I seem to recall RAI discovering. You simply wont scale in any meaningful way without asset purchases"  
[X Link](https://x.com/ImperiumPaper/status/1680278813651992576)  2023-07-15T18:11Z [----] followers, [---] engagements


"@Adonaieth This one 😦 https://www.coingecko.com/en/coins/uxd-protocol-token https://www.coingecko.com/en/coins/uxd-protocol-token"  
[X Link](https://x.com/ImperiumPaper/status/1680347152097091586)  2023-07-15T22:42Z [----] followers, [--] engagements


"@tomhschmidt @ethena_labs I feel like you want a stablecoin any dummy can run bc as we have seen sooner or later any dummy will. And they are successful despite that. Depending upon consistent competency in an area like active hedging in frontier markets seems fragile to me. Execution & key man risk"  
[X Link](https://x.com/ImperiumPaper/status/1681805294127464451)  2023-07-19T23:16Z [----] followers, [---] engagements


"@samehueasyou @BradyDale @MakerDAO Rune pushing an urgent change to bump the DSR to 8% until 20% of all DAI is in the DSR if I recall: dont have the table of rates and utilization in front of me"  
[X Link](https://x.com/ImperiumPaper/status/1683860814841757696)  2023-07-25T15:24Z [----] followers, [--] engagements


"Sometimes I feel like @MakerDAO is trying to follow the @feiprotocol roadmap: 1) Stablecoin acquires external lending market 2) Shifts focus from use cases for stable-value product to asset management 3) Fail to monitor/execute on [--] 4) What"  
[X Link](https://x.com/ImperiumPaper/status/1684713870542143488)  2023-07-30T19:44Z [----] followers, [----] engagements


"@ann_droo @MakerDAO @coinbase Its strictly riskier and pays lower yield yes. Its a bad deal unless the rate goes up"  
[X Link](https://x.com/ImperiumPaper/status/1685346147001372672)  2023-07-29T18:01Z [----] followers, [---] engagements


"@ann_droo @MakerDAO @coinbase No no lets walk through it. Maker contributes to trust. Trust (BVI) gets account at CB Custody. CB Custody (Ireland) holds the coins. Reporting when (UK) is only source of info from trust. Its more about the long chain here vs alternatives (which pay higher yield)"  
[X Link](https://x.com/ImperiumPaper/status/1685347682376708096)  2023-07-30T00:45Z [----] followers, [---] engagements


"In the end RWA and NFT lending will look the same: done at the CeFi level and not the protocol level. Protocols are software and to be candid they suck at being asset managers with scarce skills like underwriting/monitoring. Financial integration not tokenization is needed"  
[X Link](https://x.com/ImperiumPaper/status/1685468754417692672)  2023-07-31T19:38Z [----] followers, [----] engagements


"@0xTogbe @yaron_velner @MakerDAO This. Many companies generate enormous cash even with crooked or incompetent management. Maker is the IBM of DeFi. Amazing core business and lots of wasted money on trying to stay relevant"  
[X Link](https://x.com/ImperiumPaper/status/1685632694586318848)  2023-07-30T12:48Z [----] followers, [--] engagements


"Looks like @OlympusDAO converting their FRAX holdings (18m) into DAI. Presumably in anticipation of the 8% DAI Savings Rate Module update anticipated in week. First vindication of Runes aim to stoke demand (since not via recursive farming)"  
[X Link](https://x.com/ImperiumPaper/status/1685694896026329089)  2023-07-30T16:52Z [----] followers, [----] engagements


"@stocastico7 @OlympusDAO Executive scheduled for Aug [--]. Depending on how quickly people vote executing the following Monday seems reasonable to expect"  
[X Link](https://x.com/ImperiumPaper/status/1685703312815902720)  2023-07-30T19:47Z [----] followers, [--] engagements


"@samehueasyou @OlympusDAO I dont really follow treasury management beyond the governances GFX is involved in or I follow to stay informed. So cant give a thoughtful answer"  
[X Link](https://x.com/ImperiumPaper/status/1685703587924422656)  2023-07-31T17:06Z [----] followers, [---] engagements


"@0x_venture @stocastico7 @OlympusDAO Nope. Just gonna be an income transfer to some whale who borrows and deposits"  
[X Link](https://x.com/ImperiumPaper/status/1685722652130836480)  2023-07-30T18:42Z [----] followers, [--] engagements


"For finance researchers theres a great experiment ongoing right now with the CRV founders debt positions. One venue Frax Lend has a dynamic interest rate curve that keeps increasing rates the longer utilization of a market is above target. My guess is"  
[X Link](https://x.com/ImperiumPaper/status/1686015092968615937)  2023-07-31T14:04Z [----] followers, [--] engagements


"@Evan_ss6 @TaikiMaeda2 @mattyklein_ @RuneKek Also that would be stealing without a court order"  
[X Link](https://x.com/ImperiumPaper/status/1686057403941371912)  2023-07-31T16:53Z [----] followers, [---] engagements


"This is a great chance to help people understand the lessons from @makerdaos Arranger system. First lets just dispel the notion it works well then come to how these shortcomings can be improved"  
[X Link](https://x.com/ImperiumPaper/status/1686364414037897218)  2023-08-01T14:02Z [----] followers, [----] engagements


"The biggest flaw is that @MakerDAOs Arranger system is essentially an originate and distribute model. That means the Arranger identifies & structures the deal gets the DAO to participate then gets paid. People my age recall this led to the Great Recession in late 00s 2/n"  
[X Link](https://x.com/ImperiumPaper/status/1686364416642596864)  2023-08-01T14:02Z [----] followers, [--] engagements


"One Arranger (@blocktower) does supply junior capital for some of its deals but that is not required under the framework. You can see this with no junior capital requested or supplied for @MakerDAOs [--] biggest RWA vaults (total 1.7b) 3/n"  
[X Link](https://x.com/ImperiumPaper/status/1686364418953641984)  2023-08-01T14:02Z [----] followers, [--] engagements


"Arrangers are also responsible for reporting on structures they arrange at @MakerDAO. This unfortunately creates perverse incentives since Arrangers are paid on the basis of the credit lines to these SPVs they create. They may also receive servicing revenues 4/n"  
[X Link](https://x.com/ImperiumPaper/status/1686364422137139200)  2023-08-01T14:02Z [----] followers, [--] engagements


"It also means the Arrangers intermediate communication with the SPVs receiving DAI so there is not a standard way to audit the information the Arranger reports. Predictably this has led to discovery of errors or simply Arrangers failing to report at all 5/n"  
[X Link](https://x.com/ImperiumPaper/status/1686364424813047808)  2023-08-01T14:02Z [----] followers, [--] engagements


"How to fix this There are fairly obvious upgrades that TradFi would use here. First dont let someone being paid by AUM be the sole monitor. They are incentivized not to alert @MakerDAO to problems and usually have no capital at risk of their own 6/n"  
[X Link](https://x.com/ImperiumPaper/status/1686364427547774976)  2023-08-01T14:02Z [----] followers, [--] engagements


"Second Arrangers should have to participate pari passu or hold junior capital to @MakerDAO. Yes this throttles ramp up speed but Maker has no clear recourse when RWAs become impaired. It can barely defend a patent troll lawsuit & isnt equipped for pursuing creditor rights 7/n"  
[X Link](https://x.com/ImperiumPaper/status/1686364429552701440)  2023-08-01T14:02Z [----] followers, [--] engagements


"New RFG from the Optimism Grants Council"  
[X Link](https://x.com/ImperiumPaper/status/1686412318752624641)  2023-08-01T17:41Z [----] followers, [---] engagements


"Interest Protocol finally up on @optimismFND. @Rocket_Pools rETH is becoming a standard collateral on L2 (Aave beat IP to production on this one)"  
[X Link](https://x.com/ImperiumPaper/status/1686503203351752704)  2023-08-01T23:05Z [----] followers, [---] engagements


"Ive been in wait and see mode for @spark_protocol since its launch - aim not convinced its better than @MakerDAO just D3Ming into @AaveAave and @compoundfinance. That said its lack of traction can only be blamed on governance hobbling it w arbitrary restrictions"  
[X Link](https://x.com/ImperiumPaper/status/1686565094237364224)  2023-08-02T02:55Z [----] followers, [----] engagements


"@Rattlecage1 @coinbase @MakerDAO That is actually a very good question. Makers 500m also wasnt there the whole quarter"  
[X Link](https://x.com/ImperiumPaper/status/1687274475107106816)  2023-08-04T06:07Z [----] followers, [---] engagements


"Riddle me this: How did CB earn 33.5% annualized interest rate on this 1.8b USDC Note that @MakerDAOs 500m USDC is not allowed to be rehypothecated so 46% interest rate in actuality"  
[X Link](https://x.com/ImperiumPaper/status/1687278501445918721)  2023-08-04T06:07Z [----] followers, [----] engagements


"@ninomoisex @Rattlecage1 @coinbase @MakerDAO Next was fiat lending"  
[X Link](https://x.com/ImperiumPaper/status/1687303640992636928)  2023-08-04T06:07Z [----] followers, [--] engagements


"Of course the best-laid schemes of mice and men can go awry. But I think we may soon refer to @fraxfinance rather than @MakerDAO as the adult in the room. Not there yet but their trajectories both suggest it is just around the corner"  
[X Link](https://x.com/ImperiumPaper/status/1687442902253744128)  2023-08-04T14:00Z [----] followers, [----] engagements


"@CryptoMtnDrew @fraxfinance @MakerDAO If an entity already exists its [----]. [----] is for anything created as of Jan 1"  
[X Link](https://x.com/ImperiumPaper/status/1687446583351050240)  2023-08-04T12:56Z [----] followers, [---] engagements


"Since yesterday many people have asked me to elaborate on WHY this is safer. It basically boils down to fraud risk. The @fraxfinance ecosystem is already exposed to the core team and my understanding is they are the ones behind FinresPBC. Contrast with @MakerDAO Arranger model"  
[X Link](https://x.com/ImperiumPaper/status/1687796014084653056)  2023-08-05T12:01Z [----] followers, 15.3K engagements


"@chainargos Paxos says its this one https://etherscan.io/token/0x6c3ea9036406852006290770bedfcaba0e23a0e8 https://etherscan.io/token/0x6c3ea9036406852006290770bedfcaba0e23a0e8"  
[X Link](https://x.com/ImperiumPaper/status/1688617418434772992)  2023-08-07T18:25Z [----] followers, [---] engagements


"As much as I am not really a fan of 8% DSR note how capital flows from more developed economies to less developed (USA Ethereum Solana). This is natural and a sign of healthy interrelated frontier developing and developed economies. The future is multichain/L2"  
[X Link](https://x.com/ImperiumPaper/status/1688719660705812480)  2023-08-08T01:11Z [----] followers, [---] engagements


"A few days into 8% DSR and whales [--] Siblings (via sDAI) Olympus DAO and Justin Sun all fighting for the top spot"  
[X Link](https://x.com/ImperiumPaper/status/1689341197209219073)  2023-08-09T18:21Z [----] followers, [----] engagements


"Mr Sun coming in with 30m more on a new DSProxy/vault so I think hes passed Olympus DAO now as the number [--] holder of DAI in the DSR. I wonder how high the recursive borrow-deposit strategy will take DAI supply"  
[X Link](https://x.com/ImperiumPaper/status/1689691527805558786)  2023-08-10T17:33Z [----] followers, [----] engagements


"My mistake even the original proxy is past Olympus DAO. Mr. Sun now about 50m shy of unseating master farmer [--] Siblings"  
[X Link](https://x.com/ImperiumPaper/status/1689695164409806848)  2023-08-10T17:48Z [----] followers, [----] engagements


"Know what @makerdao needs Someone paid to provide oversight for the RWAs. Idle cash balances that should be earning tbill yield 99.6% LTV loans junior debt getting out ahead of senior. Its just a growing list and nearly all of is being weak with asset originators"  
[X Link](https://x.com/ImperiumPaper/status/1690084819277918208)  2023-08-11T19:36Z [----] followers, [--] engagements


"Going through the docs for the @MakerDAO core protocol and its modules it really is a hardy piece of machinery. You can tell the devs who built and maintained it over the years were very skilled and very disciplined"  
[X Link](https://x.com/ImperiumPaper/status/1691572014241194237)  2023-08-15T22:06Z [----] followers, [----] engagements


"@Sadie06133 So Im referring to newer protocols like Pharos or Sentiment. You borrow but the stablecoins you borrow stay under the control of a smart contract. You instruct it to execute a strategy but if it goes poorly the borrowed funds are themselves recalled by the lender"  
[X Link](https://x.com/ImperiumPaper/status/1691879302474686521)  2023-08-16T18:27Z [----] followers, [--] engagements


"@Sadie06133 Hence why I think they should use different terms than the first generation of undercollateralized lending like Maple or TrueFi"  
[X Link](https://x.com/ImperiumPaper/status/1691879583438520543)  2023-08-16T18:28Z [----] followers, [---] engagements


"Over many months @Credix_finance has been quietly working to be onboarded as an arranger for @MakerDAO. If approved Credix would be only the third such arranger. With a focus on LATAM I think Credix is active where stablecoins should focus: places without enough dollars"  
[X Link](https://x.com/ImperiumPaper/status/1692020922906034676)  2023-08-17T03:49Z [----] followers, [----] engagements


"@OuroborosCap8 USDT is issued there (or used to be) but all USDC there is bridged. To be fair so was all BUSD since it can only be issued on Ethereum"  
[X Link](https://x.com/ImperiumPaper/status/1694161950110794119)  2023-08-23T01:37Z [----] followers, [---] engagements


"DAOs need more: Voters Delegators Delegates Disagreement is healthy and a focus on alignment is a sign of a sole proprietorship. Unfortunately voting is costly in terms of time knowledge and brain damage 🧠 🔨"  
[X Link](https://x.com/ImperiumPaper/status/1694186479264649606)  2023-08-23T03:15Z [----] followers, [----] engagements


"Apparently @AaveAave planning to deploy V3 to Gnosis Chain presumably to compete with @MakerDAOs Spark (a V3 fork) Spark probably has a head start but Aave team probably also knows how to deploy their own code quickly bc theyve done it many times"  
[X Link](https://x.com/ImperiumPaper/status/1695427525868986594)  2023-08-26T13:26Z [----] followers, [--] engagements


"@MonetSupply @yaron_velner @AaveAave @MakerDAO Ill admit I was surprised not to see Arbitrum or Optimism since they have a mothballed Teleport. Gnosis has strategic value to Maker though and Aave clearly just moving in to compete with Spark since it wont have D3M yet"  
[X Link](https://x.com/ImperiumPaper/status/1695436720529879360)  2023-08-26T14:03Z [----] followers, [--] engagements


"When I look at the defaults high expenses and abysmal realized yield on @MakerDAOs RWAs and then I look at how easily Maker can monitor D3Ms into @AaveAave @compoundfinance and @spark_protocol and the higher realized yields I cant help but wonder at the opportunity cost"  
[X Link](https://x.com/ImperiumPaper/status/1695482257790619754)  2023-08-26T17:04Z [----] followers, [--] engagements


"@0xgadget @MakerDAO @AaveAave @compoundfinance @spark_protocol In that the efforts could have been spent on monitoring and expanding D3M portfolio I think so. RWAs have been a constant drain on finances and bandwidth since at least early [----]. D3Ms use Makers competitive advantage (managing onchain parameters)"  
[X Link](https://x.com/ImperiumPaper/status/1695512769955569845)  2023-08-26T19:05Z [----] followers, [--] engagements


"@0xgadget @MakerDAO @AaveAave @compoundfinance @spark_protocol I think it has limits to how far it can scale even if it went cross chain. That said Im beginning to think more money would have been made with less money at risk and with lower risk where it existed. But well never know. Rari Fuse was about to get one so bullet dodged"  
[X Link](https://x.com/ImperiumPaper/status/1695532776949166414)  2023-08-26T20:24Z [----] followers, [--] engagements


"Would you like a Twitter Spaces on the proposed IRS rules + how you can improve them by submitting comments (Yes they have a long list of questions they specifically are asking for comment on)"  
[X Link](https://x.com/ImperiumPaper/status/1696180871609331980)  2023-08-28T15:20Z [----] followers, [---] engagements


"I guess if anyone who knows Solana tech needs a consultant to navigate the labyrinth of Maker governance processes drop me a DM 😂"  
[X Link](https://x.com/ImperiumPaper/status/1697674132635185257)  2023-09-01T18:13Z [----] followers, [----] engagements


"Vitalik dumped his MKR 😭"  
[X Link](https://x.com/ImperiumPaper/status/1697961983268540449)  2023-09-02T13:17Z [----] followers, 56.3K engagements


"@krzKaczor @LidoFinance Biggest problem is top DAI holder list is not people you want touching governance at all"  
[X Link](https://x.com/ImperiumPaper/status/1697974367899041885)  2023-09-02T14:06Z [----] followers, [---] engagements


"I want to like this concept but Richard Heart has 2/3 billion DAI and you dont want him with veto power"  
[X Link](https://x.com/ImperiumPaper/status/1697974735026471322)  2023-09-02T14:08Z [----] followers, [--] engagements


"@SixdegreeLab @krzKaczor People gave him a lot of money for Hex PulseChain and PulseX. He converted all assets to DAI"  
[X Link](https://x.com/ImperiumPaper/status/1698013622666981474)  2023-09-02T16:42Z [----] followers, [--] engagements


"@samehueasyou @DeBankDeFi @zerion I collect addresses but dont share them. Sorry. Exceptions are when its absolutely obvious like the Richard Heart ones I was talking about on another thread today"  
[X Link](https://x.com/ImperiumPaper/status/1698015761611076024)  2023-09-02T16:51Z [----] followers, [--] engagements


"Governance at @MakerDAO: Vote on reallocating this half a billion dollars Voters: Ok how has each of these two investments performed so far Governance: No idea Voters: Really Governance: Yeah. If anyone knows theyre not saying 🤷♂"  
[X Link](https://x.com/ImperiumPaper/status/1698764408632098943)  2023-09-04T18:26Z [----] followers, 12.6K engagements


"Is no one posting their cancellation bc no one has an account at Messari or bc no one wants to buy a Nansen sub Seems bad for both to have this kind of thing"  
[X Link](https://x.com/ImperiumPaper/status/1698836753447039212)  2023-09-04T23:13Z [----] followers, [----] engagements


"Interesting to see @fraxfinance doing the DSR route. One notable trade off to de-risk it for the protocol is that it has to be fed weekly rather than being automatically authorized to mint until the cows come home"  
[X Link](https://x.com/ImperiumPaper/status/1699011193648910387)  2023-09-05T10:46Z [----] followers, [----] engagements


"Without commenting on the specific proposal this is a group of experienced LATAM contributors from the @MakerDAO Ambassador Program. @arbitrum (or even multiple protocols) would not have a difficult time utilizing this group productively"  
[X Link](https://x.com/ImperiumPaper/status/1699481934949183912)  2023-09-06T17:57Z [----] followers, [---] engagements


"@Cryptadamist SHRM is also used by Kraken and MakerDAO. Not sure thats the weak link except perhaps for bus risk"  
[X Link](https://x.com/ImperiumPaper/status/1699591459618353651)  2023-09-07T01:12Z [----] followers, [--] engagements


"Theres also US states issuing Competition breeds both specialization and better UX. I dont know what the ideal stablecoin is but think we havent seen it yet. Will an incumbent evolve or will a newcomer deliver"  
[X Link](https://x.com/ImperiumPaper/status/1699618795369697437)  2023-09-07T03:01Z [----] followers, [---] engagements


"@TaikiMaeda2 @TProtocol_ Dont know enough to give a thoughtful reply. Its always the details that make or break these things"  
[X Link](https://x.com/ImperiumPaper/status/1699777563541819780)  2023-09-07T13:32Z [----] followers, [---] engagements


"@TaikiMaeda2 @TProtocol_ My pet peeve is people who dont respond to direct reasonable questions 😅"  
[X Link](https://x.com/ImperiumPaper/status/1699781241057185940)  2023-09-07T13:46Z [----] followers, [--] engagements


"Cannot wait for the RFP to be posted. All the tokenized tbill crowd should be excited to see @MakerDAO about to open up a competitive process to onboard tokenized tbills. Huge shoutout to @SteakhouseFi for spearheading this process. Long-standing need"  
[X Link](https://x.com/ImperiumPaper/status/1699814742045454606)  2023-09-07T15:59Z [----] followers, 13.1K engagements


"Lazarus named as the Stake exploiter. I dont think Id realized they were also the Atomic Wallet exploiter"  
[X Link](https://x.com/ImperiumPaper/status/1699832548334137490)  2023-09-07T17:10Z [----] followers, [----] engagements


"@TaikiMaeda2 @MakerDAO @SteakhouseFi I wouldnt read that much into it no"  
[X Link](https://x.com/ImperiumPaper/status/1699891890945212620)  2023-09-07T21:06Z [----] followers, [---] engagements


"While I understand the CFTCs argument making an example out of 0x simply because an unaffiliated leveraged token could be purchased seems a bit harsh"  
[X Link](https://x.com/ImperiumPaper/status/1699939852421116105)  2023-09-08T00:16Z [----] followers, [----] engagements


"Behold bad governance. Dunno how you have have a hiring freeze and not notice all these new people you were hiring"  
[X Link](https://x.com/ImperiumPaper/status/1700179859320783252)  2023-09-08T16:10Z [----] followers, [---] engagements


"Amongst the proliferation of tokenized tbills and tbill funds for DeFi please remember to ALWAYS ask what the historical cash drag has been. Uninsured bank deposits in a new unprofitable bank is both lowering the yield and increasing the risk profile"  
[X Link](https://x.com/ImperiumPaper/status/1700189977634591224)  2023-09-08T16:50Z [----] followers, [----] engagements


"Fake news. @makerdao has 500m with them and only get 3%"  
[X Link](https://x.com/ImperiumPaper/status/1700706279230943265)  2023-09-10T03:02Z [----] followers, [----] engagements


"@mcarrica @MakerDAO Correct. Its just frustrating that Maker get taken advantage of in pretty much 100% of its RWA deals"  
[X Link](https://x.com/ImperiumPaper/status/1700709081890034063)  2023-09-10T03:13Z [----] followers, [--] engagements


"DeFi Education Fund working hard for DeFi here. True Return Systems LLC has been attempting to get millions from @compoundfinance and @MakerDAO with patents it was unable to sell as NFTs during the bull market"  
[X Link](https://x.com/ImperiumPaper/status/1701262896708088232)  2023-09-11T15:54Z [----] followers, [---] engagements


"@0xgadget Well FraxLend has a time variable in combination with utilization. Maybe Inverse Finance It has a market in DOLA/day borrowing rights. In real life there are a few credit unions or banks that have experimented with building credit based on dollar/day units instead of interest"  
[X Link](https://x.com/ImperiumPaper/status/1701298061811585511)  2023-09-11T18:14Z [----] followers, [--] engagements


"Do any protocols have onchain term limit enforcement like @MakerDAO I cant think of any other examples (one of the few failings of Governor Bravo/Charlie)"  
[X Link](https://x.com/ImperiumPaper/status/1701784823210168357)  2023-09-13T02:28Z [----] followers, [--] engagements


"@yaron_velner @MakerDAO Limit of how long you can serve. If a whale delegates to you and then dies how long do you get to keep the votes"  
[X Link](https://x.com/ImperiumPaper/status/1701910497367412942)  2023-09-13T10:47Z [----] followers, [--] engagements


"I just sent one of these to the plaintiff suing @MakerDAO and @compoundfinance for IP infringement. May it rapidly appreciate in value as a collectible so they can enjoy this fine piece of art"  
[X Link](https://x.com/ImperiumPaper/status/1701998777177931955)  2023-09-13T16:38Z [----] followers, [--] engagements


"You too can send a troll NFT to the patent troll suing @makerdao and @compoundfinance like me. Very cathartic harmless pranking that also supports a good cause. I wont doxx the troll but just go to @opensea & look for their failed NFT sale of the patent theyre suing with"  
[X Link](https://x.com/ImperiumPaper/status/1702148994162471062)  2023-09-14T02:35Z [----] followers, [---] engagements


"@blockrotator @MakerDAO This is:"  
[X Link](https://x.com/ImperiumPaper/status/1702850242951995704)  2023-09-16T01:01Z [----] followers, [--] engagements


"@blockrotator @MakerDAO Are you looking it up for something specific Theres a lot of disparate stuff in here from AI to requiring a forum"  
[X Link](https://x.com/ImperiumPaper/status/1702850841479115041)  2023-09-16T01:04Z [----] followers, [--] engagements


"I usually tip 15-18% on a meal (or $1 on each caffeinated/alcoholic beverage for bars and coffee shops). When did 20% (or 25%) become standard tip vs you gave above average service tip I feel like 15-18% baseline (and add from there) is reasonable"  
[X Link](https://x.com/ImperiumPaper/status/1703161142967759291)  2023-09-16T21:37Z [----] followers, [---] engagements


"People keep coming to me and talking about quadratic funding. But thats going to favor those willing to split donations into many small amounts. I know Gitcoin uses QF. How did they solve the problem"  
[X Link](https://x.com/ImperiumPaper/status/1703757540427813288)  2023-09-18T13:07Z [----] followers, [---] engagements


"Journalists and gov nerds ask: What delegate should we be watching Truth is there are many wonderful delegates honing their skills quickly to become local powerhouses. And while I have immense respect for the other professional delegates its clear @labsGFX has no rivals. BUT"  
[X Link](https://x.com/ImperiumPaper/status/1703972000551551398)  2023-09-19T03:19Z [----] followers, [----] engagements


"The rise of @SEEDLatam has been something to watch over the last year at @MakerDAO @OptimismGov and @arbitrum. Reminiscent of @franklin_dao (and offshoot PGov)"  
[X Link](https://x.com/ImperiumPaper/status/1703972130189144151)  2023-09-19T03:19Z [----] followers, [---] engagements


"@SEEDLatam @MakerDAO @OptimismGov @arbitrum @franklin_dao If I had to pick another rising power in governance Id point to @l2beat though they are focused on the L2 + bridge governances like @HopProtocol @arbitrum @OptimismGov as one would expect from a cross-chain watchdog group. In particular they hold key positions on the L2s"  
[X Link](https://x.com/ImperiumPaper/status/1703972376587698355)  2023-09-19T03:20Z [----] followers, [----] engagements


"@SEEDLatam @MakerDAO @OptimismGov @arbitrum @franklin_dao @l2beat @HopProtocol Of course I always tell new delegates (pay attention closely @makerdao anons) that the wheel keeps turning. Today youre on top in the sun tomorrow youre down in the mud bearing the weight. And vice versa. But my guess is @SEEDLatam & @l2beat will be regulars from now on"  
[X Link](https://x.com/ImperiumPaper/status/1703972490815401989)  2023-09-19T03:21Z [----] followers, [----] engagements


"At this point I think the @AaveAave GHO folks need to stop and reevaluate what theyre doing if the goal is a $1 fixed exchange rate 1) Paying people to LP GHO with LUSD is counterintuitive. LUSD isnt $1 most of the time 2) Unverified pool contracts on Maverick 1/3"  
[X Link](https://x.com/ImperiumPaper/status/1704251285275398553)  2023-09-19T21:49Z [----] followers, [----] engagements


"3) You have aUSDT and aUSDC. Why are you not LPing that or making it redeemable for GHO 4) You need to find someone who wants to use this thing. Otherwise its just a bank deposit substitute and is strictly inferior to aUSDC/aUSDT which would be much easier to scale 2/3"  
[X Link](https://x.com/ImperiumPaper/status/1704251290375561424)  2023-09-19T21:49Z [----] followers, [---] engagements


"IIve said this before but it bears repeating. @AaveAave ALREADY HAS multiple stablecoins: aUSDC/aUSDT/aFRAX/aDAI/etc. it would be far easier to use one of those and abandon GHO. If I were King of Aave Id push one of those. Large user base provides float has a purpose 3/3"  
[X Link](https://x.com/ImperiumPaper/status/1704251294469304793)  2023-09-19T21:49Z [----] followers, [---] engagements


"@TaikiMaeda2 I think its an iterative improvement and a good thing (based on only reading it a couple times). I generally support it. Unfortunately the biggest problem is garbage in garbage out which is very hard to address. This reporting would definitely make some 🚩 more obvious tho"  
[X Link](https://x.com/ImperiumPaper/status/1704471162867351645)  2023-09-20T12:22Z [----] followers, [---] engagements


"@TaikiMaeda2 Its also worth noting how according to their own data FRAX now has many times the overcollateralization buffer than DAI. Much of this is volatile assets so shifting reserves in this direction likely decreases risk their 9% buffer drops sharply"  
[X Link](https://x.com/ImperiumPaper/status/1704478923344466173)  2023-09-20T12:53Z [----] followers, [--] engagements


"@TaikiMaeda2 This suggests overcollateralization though some is illiquid and some is volatile"  
[X Link](https://x.com/ImperiumPaper/status/1704479660392784141)  2023-09-20T12:56Z [----] followers, [--] engagements


"@TaikiMaeda2 @FlywheelDeFi Its the same numbers. Theyre just backing out the illiquid backing"  
[X Link](https://x.com/ImperiumPaper/status/1704480305711562933)  2023-09-20T12:59Z [----] followers, [---] engagements


"@TaikiMaeda2 @FlywheelDeFi Which is good for showing liquid reserves. But illiquid assets are not worth [--]. If that were the case no one would ever get a loan vs real estate intellectual property etc"  
[X Link](https://x.com/ImperiumPaper/status/1704481398596198644)  2023-09-20T13:03Z [----] followers, [---] engagements


"And I also spy a grant plan from @fraxfinance. Its encouraging to see blue chip protocols already throwing their hat in the ring. This grants wave might be a big win for @arbitrum after all"  
[X Link](https://x.com/ImperiumPaper/status/1704687787092406365)  2023-09-21T02:43Z [----] followers, [---] engagements


"@Patrick_J3 @fraxfinance @arbitrum Yeah I didnt mean to say its cash they can spend. More like its the level of overcollateralization system-wide. For Maker that would the the Surplus Buffer. I have not verified the numbers but the extra backing is lower quality than just stables so a high number is smart"  
[X Link](https://x.com/ImperiumPaper/status/1704815683240898991)  2023-09-21T11:11Z [----] followers, [--] engagements


"@Patrick_J3 @fraxfinance @arbitrum I think I have to push back here. Illiquid nothing. I dont have an opinion on the specific mark they have but the item is contributing to value backing their stablecoin. You wouldnt call the HVBC DAI unbacked bc its locked for multiple year maturity loans"  
[X Link](https://x.com/ImperiumPaper/status/1704820354529542479)  2023-09-21T11:30Z [----] followers, [---] engagements


"@Patrick_J3 @fraxfinance @arbitrum I think theres [--] definitions being used here for SB. Cash available vs equity. In Maker these happen to be the same thing more or less. I would argue Maker should track the value of its consolidated assets (like Pause Proxy and ARB) which would definitely be more 🍎 to 🍏"  
[X Link](https://x.com/ImperiumPaper/status/1704832520884203937)  2023-09-21T12:18Z [----] followers, [--] engagements


"@Patrick_J3 @fraxfinance @arbitrum Until a couple months ago the numbers were basically the same ($2m difference by adding ARB + Pause Proxy). This sounds more like a criticism of Makers own reporting. Its not unreasonable for people to rely on Makers own numbers where the DAI-MKR pool has not shown up yet"  
[X Link](https://x.com/ImperiumPaper/status/1704836166720028959)  2023-09-21T12:33Z [----] followers, [--] engagements


"@Patrick_J3 @fraxfinance @arbitrum I dont think the ARB is counted in the most recent one. I think most people forgot it exists. About $1.2m right now. Maybe Spark can use it for incentives or something if they ever launch on Arbitrum"  
[X Link](https://x.com/ImperiumPaper/status/1704840302232474017)  2023-09-21T12:49Z [----] followers, [--] engagements


"@nounsdao spent millions of dollars on dumb s*** with unproven people the pseudonymous BigshotKlim told @CoinDesk Many such cases"  
[X Link](https://x.com/ImperiumPaper/status/1705028612720628059)  2023-09-22T01:17Z [----] followers, [---] engagements


"Last update: [--] months ago GitHub: [---] Website: also gone Yearly budget: 1.8m DAI + [---] MKR"  
[X Link](https://x.com/ImperiumPaper/status/1705357095917269308)  2023-09-22T23:03Z [----] followers, 38.2K engagements


"Are there any examples of gift card or credit card reward balances themselves earning a yield"  
[X Link](https://x.com/ImperiumPaper/status/1705920078829466017)  2023-09-24T12:20Z [----] followers, [----] engagements


"I wish some community member would independently revive the @MakerDAO community calls. It was the one time everyone involved in the protocol (inside and outside) could talk to each other and get up to speed on the latest work to be done"  
[X Link](https://x.com/ImperiumPaper/status/1706117844625145864)  2023-09-25T01:26Z [----] followers, [--] engagements


"Thank you to the various MKR holders and delegates that voted for this proposal. If you want to put forth your own ideas feel free to reach out or go straight to the @MakerDAO forum"  
[X Link](https://x.com/ImperiumPaper/status/1706361815398011326)  2023-09-25T17:35Z [----] followers, [--] engagements


"Need @DefiLlama to start covering TradFi TVL"  
[X Link](https://x.com/ImperiumPaper/status/1707055035752853746)  2023-09-27T15:30Z [----] followers, [---] engagements


"@jp_koning Its a Binance deposit address. No one really needs to blacklist it bc Binance controls it"  
[X Link](https://x.com/ImperiumPaper/status/1707087882198888882)  2023-09-27T17:40Z [----] followers, [----] engagements


"If youre the entity on @binance buying up all this $MKR lately and you see this please drop me a DM"  
[X Link](https://x.com/ImperiumPaper/status/1707206738972152159)  2023-09-28T01:32Z [----] followers, [---] engagements


"@0xngmi What would that be for Maker I guess Spark"  
[X Link](https://x.com/ImperiumPaper/status/1707467612639068197)  2023-09-28T18:49Z [----] followers, [---] engagements


"@CampbellJAustin Meh. Main appeal of RWAs is that theres stranded capital on the chain that needs yield. Youre correct that it doesnt usually lower any risks bc its strictly an extra layer"  
[X Link](https://x.com/ImperiumPaper/status/1707578639636738468)  2023-09-29T02:10Z [----] followers, [----] engagements


"This used to be the kind of thing Maker did. Frax is becoming the adult in the room. Bittersweet to see bc the Maker Protocol got me into DeFi but theres a Late Roman Empire feel in the air over there while Frax quietly looks to the future in pragmatic ways"  
[X Link](https://x.com/ImperiumPaper/status/1707599860268982382)  2023-09-29T03:35Z [----] followers, [----] engagements


"@puniaviision @CampbellJAustin I think this is the correct way to look at it. Ethereum is akin to a developing economy. The RWAs arent *better* investments if you live in an OECD economy. Theyre better if you live in Ethereum. Capital flows from developed to less developed economies naturally"  
[X Link](https://x.com/ImperiumPaper/status/1707728892658651250)  2023-09-29T12:07Z [----] followers, [---] engagements


"If youre an American (and paid attention in history class) you have a real advantage in understanding the relationship between Ethereum L2s alt-L1s and the global economy. Ethereum at this stage is the regional power economically. Its still a developing economy but 1/n"  
[X Link](https://x.com/ImperiumPaper/status/1708475621523734842)  2023-10-01T13:35Z [----] followers, [----] engagements


"No the reason RWAs will stick around is because Ethereum and other chains need them. Crypto is the customer here not the provider of the solution. Capital naturally flows from where it is abundant to where it is scarce assuming no barriers 7/n"  
[X Link](https://x.com/ImperiumPaper/status/1708475639903261024)  2023-10-01T13:35Z [----] followers, [---] engagements


"You can see this with @MakerDAOs DSR. Capital flows from the US to Ethereum. But then it continues out to the frontiers Large amounts of CHAI have been shipped out to Solana via @wormholecrypto. Flows of @LidoFinance wstETH to other chains tell the same story: 8/n"  
[X Link](https://x.com/ImperiumPaper/status/1708475642403053576)  2023-10-01T13:35Z [----] followers, [---] engagements


"Ethereum is a middle economy a leaky bucket. Capital flows in at the top but then flows out to the frontiers - where settlers came to take up the free land grants like @OptimismGov and @arbitrum provide. This is good and natural. 9/n"  
[X Link](https://x.com/ImperiumPaper/status/1708475644835778905)  2023-10-01T13:35Z [----] followers, [--] engagements


"Must hold [--] AAVE/MKR/COMP to use the protocol. Boom. Credit union. Its not like these things maximize profits anyway. Credit union makes sense"  
[X Link](https://x.com/ImperiumPaper/status/1709169983228366904)  2023-10-03T11:34Z [----] followers, [---] engagements


"Dont let your borrow-lend protocol be turned into an exchange. These are @getty_hill remarks I think about every time I open the RiskDAO bad debt dashboard. (Also you may need to update this dash to include a small amount for Maker bc RWA defaults)"  
[X Link](https://x.com/ImperiumPaper/status/1709208336380407990)  2023-10-03T14:06Z [----] followers, [---] engagements


"@UhthredB @arbitrum @neardc Not real up to speed outside Ethereum and a few Polygon/Solana projects. Where can I learn more"  
[X Link](https://x.com/ImperiumPaper/status/1709285527977955647)  2023-10-03T19:13Z [----] followers, [--] engagements


"Democratize ownership of uranium https://forum.makerdao.com/t/tokenized-uranium/22280 https://forum.makerdao.com/t/tokenized-uranium/22280"  
[X Link](https://x.com/ImperiumPaper/status/1709306640741159209)  2023-10-03T20:37Z [----] followers, 10.2K engagements


"This is how you know RWAs have jumped the shark"  
[X Link](https://x.com/ImperiumPaper/status/1709307588234395997)  2023-10-03T20:41Z [----] followers, [---] engagements


"@MonetSupply Ill expect the risk assessment in the morning"  
[X Link](https://x.com/ImperiumPaper/status/1709310935767138706)  2023-10-03T20:54Z [----] followers, [---] engagements


"@binji_x Yes. Tether has done a good job addressing the needs of stablecoins consumers vs building yield farms that dilute their own investors. It may not be a need for OP but a stable w its own payments infra would be needed to challenge USDT-Tron"  
[X Link](https://x.com/ImperiumPaper/status/1709629143975907828)  2023-10-04T17:58Z [----] followers, [--] engagements


"@taylor_ryker Stop with this Maker chain and AI nonsense. Get DAI on cheaper chains and reconnect w price sensitive users in LATAM et al. Offer incentives to merchants in the real world to take DAI or partner w fiat stable to abstract away the conversion from DAI stable cash buy things"  
[X Link](https://x.com/ImperiumPaper/status/1709643840921936197)  2023-10-04T18:57Z [----] followers, [----] engagements


"@TaikiMaeda2 Its 1.8m vs 2.5m for Clydesdale over its first [--] months. I have not dug in but assume its bc Andromeda ramped more slowly (2 months to $1b vs [--] month to $1b). Just an assumption though and you know what they say about those"  
[X Link](https://x.com/ImperiumPaper/status/1709671669294395538)  2023-10-04T20:47Z [----] followers, [---] engagements


"I think RWA platforms should explore alternatives to tranching for pools that dont have a fixed maturity. Theres too many ways junior can end up not junior by accident. I know its very security like but something similar to credit-linked notes seems like it could be better"  
[X Link](https://x.com/ImperiumPaper/status/1710101237113229328)  2023-10-06T01:14Z [----] followers, [---] engagements


"@velocirapteh No interest rate risk. You can get back principal at any time at par. Also you could believe the underlying asset is appreciating. Also staking is a great way to clean funds (e.g. DPRK on Avalanche)"  
[X Link](https://x.com/ImperiumPaper/status/1710280628237734035)  2023-10-06T13:07Z [----] followers, [--] engagements


"@yaron_velner @OneTrueKirk @rkmasiello @MakerDAO At least Clydesdale is set up to receive instructions about liquidation during ES though. Others need authorization but I dont know how that would happen. I think gov contract still works in ES but unsure if its limited to redeployment. I would predict a legal battle over RWA"  
[X Link](https://x.com/ImperiumPaper/status/1710401922551755132)  2023-10-06T21:09Z [----] followers, [--] engagements


"@yaron_velner @OneTrueKirk @rkmasiello @MakerDAO Also theres almost no tokenized RWAs in the system. Its all legal agreements none directly with MakerDAO"  
[X Link](https://x.com/ImperiumPaper/status/1710402197731582038)  2023-10-06T21:10Z [----] followers, [--] engagements


"@yaron_velner @OneTrueKirk @rkmasiello @MakerDAO The token is a dummy token and only there to interact with the vault. It has nothing to do with anything in ES and is worthless. The legal claim on the collateral is what matters. There are [--] RWAs in any Maker vault (except the PSMs)"  
[X Link](https://x.com/ImperiumPaper/status/1710403498406187165)  2023-10-06T21:15Z [----] followers, [--] engagements


"@yaron_velner @OneTrueKirk @rkmasiello @MakerDAO The token has never been considered a legal claim. It will come down to the legal agreements in place. Note that MKR holders instruct the offchain entities so they could choose not to liquidate for DAI holders I guess. DAI holders have no claims on most RWAs"  
[X Link](https://x.com/ImperiumPaper/status/1710410406273966516)  2023-10-06T21:43Z [----] followers, [---] engagements


"@yaron_velner @OneTrueKirk @rkmasiello @MakerDAO Like you cant take that token and tell some trust or foundation company to sell its assets and deliver them or cash to you"  
[X Link](https://x.com/ImperiumPaper/status/1710410885670289492)  2023-10-06T21:45Z [----] followers, [--] engagements


"@OneTrueKirk @yaron_velner @rkmasiello @MakerDAO I think certainly in the case of Clydesdale. Pretty sure DAI holders are the beneficiaries. But beneficiaries also dont get to just sue a trust to get cash out. Source: every trust fund kid who would love to do that and cant"  
[X Link](https://x.com/ImperiumPaper/status/1710412365722755329)  2023-10-06T21:51Z [----] followers, [--] engagements


"@OneTrueKirk @yaron_velner @rkmasiello @MakerDAO So facts and circumstances. The reason for ES would matter a lot I think"  
[X Link](https://x.com/ImperiumPaper/status/1710412469091360928)  2023-10-06T21:51Z [----] followers, [--] engagements


"@yaron_velner @OneTrueKirk @rkmasiello @MakerDAO MKR holders still have legal rights to instruct most of the offchain entities. ES doesnt change that unless I missed an important clause in each entitys documents"  
[X Link](https://x.com/ImperiumPaper/status/1710417141789302894)  2023-10-06T22:09Z [----] followers, [--] engagements


"@yaron_velner @OneTrueKirk @rkmasiello @MakerDAO ES should just be turned off. Its more of an attack vector than insurance against one"  
[X Link](https://x.com/ImperiumPaper/status/1710417411357167690)  2023-10-06T22:11Z [----] followers, [--] engagements


"@tmnxeq @yaron_velner @OneTrueKirk @rkmasiello @MakerDAO The intent is to make DAI holders whole but lets be honest that that ES settlement being instant and without courts is a ship that sailed years ago. This also touches like [--] jurisdictions. It would take time to sort out; were all guessing here bc its not well defined"  
[X Link](https://x.com/ImperiumPaper/status/1710418631656439888)  2023-10-06T22:15Z [----] followers, [--] engagements


"@yaron_velner @OneTrueKirk @rkmasiello @MakerDAO Note you can do ES either permissionlessly or through a vote. Its the permissionless module everyone focuses on but you could do it via governance for less than the 150k MKR needed to permissionlessly trigger it"  
[X Link](https://x.com/ImperiumPaper/status/1710419078207189175)  2023-10-06T22:17Z [----] followers, [--] engagements


"@tmnxeq @yaron_velner @OneTrueKirk @rkmasiello @MakerDAO Were all guessing in this thread. Not to imply any high/medium/low levels of legal diligence. Agree Maker cant go pirate. Too easy to grab key people/assets"  
[X Link](https://x.com/ImperiumPaper/status/1710422653868155324)  2023-10-06T22:31Z [----] followers, [--] engagements


"Know whats great about @MakerDAO and @Uniswap Only a token vote can upgrade contracts. You never appreciate that until you get out of the blue chips and into the wilds"  
[X Link](https://x.com/ImperiumPaper/status/1710519295711535399)  2023-10-07T04:55Z [----] followers, [----] engagements


"I will not pretend to be deep in the weeds on this one but reminder that when entering Related Party Transactions you need to have the decision making checked by someone independent. Bear in mind @goldfinch_fi is not at all unique w this arrangement https://gov.goldfinch.finance/t/update-on-stratos-pool/1865 https://gov.goldfinch.finance/t/update-on-stratos-pool/1865"  
[X Link](https://x.com/ImperiumPaper/status/1710658458104525131)  2023-10-07T14:08Z [----] followers, [----] engagements


"@MetaverseLawyer Example: AmEx did business w sanctioned individuals. But you are not in violation to do business w AmEx. This seems similar"  
[X Link](https://x.com/ImperiumPaper/status/1711473169926660406)  2023-10-09T20:06Z [----] followers, [--] engagements


"@ChainArgos @SBF_FTX Youre missing all those Lazarus withdrawals that were burner addresses. Example:"  
[X Link](https://x.com/ImperiumPaper/status/1711787269789556854)  2023-10-10T16:54Z [----] followers, [--] engagements


"This is indeed a slick move but it requires the bridge to rehypothecate the bridged DAI. Currently thats by using Makers DSR but can (and has been) other lending protocols. So your bridge has liquidity risk (and team has legal risk). Not bad but a trade off few bridges make most chains TVL trending down except gnosis chain with one smart trick launching an $sDAI staking module on gnosis which is boosted by $DAI in the Native Bridge anyone who holds raw $DAI on gnosis chain basically subsidizes the yield of those staking into $sDAI currently 10% https://t.co/IsUl0qXSCu most chains TVL trending"  
[X Link](https://x.com/ImperiumPaper/status/1711789063370326259)  2023-10-10T17:01Z [----] followers, [---] engagements


"I dont understand how you can ask @arbitrum voters for millions of ARB when you still have a million and a half ARB from the first airdrop 🤷♂"  
[X Link](https://x.com/ImperiumPaper/status/1711830752634003564)  2023-10-10T19:47Z [----] followers, [---] engagements

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