WEBVTT Kind: captions Language: en 00:00:00.000 --> 00:00:04.350 align:start position:0% foreign 00:00:04.350 --> 00:00:04.360 align:start position:0% 00:00:04.360 --> 00:00:19.130 align:start position:0% [Music] 00:00:19.130 --> 00:00:19.140 align:start position:0% 00:00:19.140 --> 00:00:20.330 align:start position:0% hello<00:00:19.560> everyone 00:00:20.330 --> 00:00:20.340 align:start position:0% hello everyone 00:00:20.340 --> 00:00:22.910 align:start position:0% hello everyone I<00:00:20.939> am<00:00:21.119> Darren<00:00:21.480> Langley<00:00:21.840> and<00:00:22.199> I<00:00:22.380> work<00:00:22.619> on 00:00:22.910 --> 00:00:22.920 align:start position:0% I am Darren Langley and I work on 00:00:22.920 --> 00:00:26.090 align:start position:0% I am Darren Langley and I work on rocketpool<00:00:23.720> which<00:00:24.720> is<00:00:25.080> a<00:00:25.439> decentralized 00:00:26.090 --> 00:00:26.100 align:start position:0% rocketpool which is a decentralized 00:00:26.100 --> 00:00:28.670 align:start position:0% rocketpool which is a decentralized liquid<00:00:26.519> staking<00:00:26.880> protocol 00:00:28.670 --> 00:00:28.680 align:start position:0% liquid staking protocol 00:00:28.680 --> 00:00:31.189 align:start position:0% liquid staking protocol so<00:00:29.039> at<00:00:29.220> Rocket<00:00:29.519> pool<00:00:29.640> we've<00:00:30.060> spent<00:00:30.240> the<00:00:30.480> last 00:00:31.189 --> 00:00:31.199 align:start position:0% so at Rocket pool we've spent the last 00:00:31.199 --> 00:00:34.190 align:start position:0% so at Rocket pool we've spent the last six<00:00:31.800> years<00:00:32.239> building<00:00:33.239> our<00:00:33.600> liquid<00:00:33.899> staking 00:00:34.190 --> 00:00:34.200 align:start position:0% six years building our liquid staking 00:00:34.200 --> 00:00:36.350 align:start position:0% six years building our liquid staking protocol<00:00:34.559> so<00:00:35.280> today<00:00:35.579> I'm<00:00:35.880> going<00:00:36.000> to<00:00:36.059> take<00:00:36.180> you 00:00:36.350 --> 00:00:36.360 align:start position:0% protocol so today I'm going to take you 00:00:36.360 --> 00:00:38.330 align:start position:0% protocol so today I'm going to take you through<00:00:36.719> some<00:00:37.500> lessons<00:00:37.920> that<00:00:38.040> we've<00:00:38.160> learned 00:00:38.330 --> 00:00:38.340 align:start position:0% through some lessons that we've learned 00:00:38.340 --> 00:00:40.069 align:start position:0% through some lessons that we've learned along<00:00:38.460> the<00:00:38.700> way 00:00:40.069 --> 00:00:40.079 align:start position:0% along the way 00:00:40.079 --> 00:00:41.510 align:start position:0% along the way so<00:00:40.320> in<00:00:40.559> this<00:00:40.680> talk<00:00:40.860> we're<00:00:41.100> going<00:00:41.280> to<00:00:41.340> break 00:00:41.510 --> 00:00:41.520 align:start position:0% so in this talk we're going to break 00:00:41.520 --> 00:00:44.569 align:start position:0% so in this talk we're going to break down<00:00:41.879> what<00:00:42.719> is<00:00:42.899> a<00:00:43.020> liquid<00:00:43.200> staking<00:00:43.500> protocol 00:00:44.569 --> 00:00:44.579 align:start position:0% down what is a liquid staking protocol 00:00:44.579 --> 00:00:47.150 align:start position:0% down what is a liquid staking protocol what<00:00:44.940> are<00:00:45.120> some<00:00:45.180> of<00:00:45.300> the<00:00:45.420> design<00:00:45.540> choices<00:00:46.160> uh 00:00:47.150 --> 00:00:47.160 align:start position:0% what are some of the design choices uh 00:00:47.160 --> 00:00:48.950 align:start position:0% what are some of the design choices uh what<00:00:47.280> are<00:00:47.520> the<00:00:47.579> challenges<00:00:48.000> of<00:00:48.239> building<00:00:48.480> a 00:00:48.950 --> 00:00:48.960 align:start position:0% what are the challenges of building a 00:00:48.960 --> 00:00:51.830 align:start position:0% what are the challenges of building a truly<00:00:49.579> decentralized<00:00:50.579> protocol<00:00:50.940> and<00:00:51.719> then 00:00:51.830 --> 00:00:51.840 align:start position:0% truly decentralized protocol and then 00:00:51.840 --> 00:00:54.950 align:start position:0% truly decentralized protocol and then what<00:00:52.020> are<00:00:52.140> the<00:00:52.260> opportunities 00:00:54.950 --> 00:00:54.960 align:start position:0% 00:00:54.960 --> 00:00:56.209 align:start position:0% so 00:00:56.209 --> 00:00:56.219 align:start position:0% so 00:00:56.219 --> 00:00:58.610 align:start position:0% so it's<00:00:56.280> staking 00:00:58.610 --> 00:00:58.620 align:start position:0% it's staking 00:00:58.620 --> 00:01:01.069 align:start position:0% it's staking so<00:00:59.039> liquid<00:00:59.399> staking<00:00:59.699> is<00:00:59.940> built<00:01:00.239> on<00:01:00.360> ethereum's 00:01:01.069 --> 00:01:01.079 align:start position:0% so liquid staking is built on ethereum's 00:01:01.079 --> 00:01:03.830 align:start position:0% so liquid staking is built on ethereum's proof<00:01:01.379> of<00:01:01.500> stake<00:01:01.800> system 00:01:03.830 --> 00:01:03.840 align:start position:0% proof of stake system 00:01:03.840 --> 00:01:06.050 align:start position:0% proof of stake system um<00:01:03.899> a<00:01:04.320> little<00:01:04.559> tangent<00:01:04.979> I<00:01:05.580> couldn't<00:01:05.700> be<00:01:05.880> more 00:01:06.050 --> 00:01:06.060 align:start position:0% um a little tangent I couldn't be more 00:01:06.060 --> 00:01:08.210 align:start position:0% um a little tangent I couldn't be more excited<00:01:06.479> that<00:01:06.840> ethereum<00:01:07.320> is<00:01:07.560> now<00:01:07.680> a<00:01:07.860> proof<00:01:08.100> of 00:01:08.210 --> 00:01:08.220 align:start position:0% excited that ethereum is now a proof of 00:01:08.220 --> 00:01:09.050 align:start position:0% excited that ethereum is now a proof of stake 00:01:09.050 --> 00:01:09.060 align:start position:0% stake 00:01:09.060 --> 00:01:11.270 align:start position:0% stake um chain<00:01:09.360> and<00:01:10.020> congratulations<00:01:10.560> to<00:01:10.979> all<00:01:11.100> the 00:01:11.270 --> 00:01:11.280 align:start position:0% um chain and congratulations to all the 00:01:11.280 --> 00:01:14.870 align:start position:0% um chain and congratulations to all the researchers<00:01:11.760> uh<00:01:12.540> core<00:01:12.780> developers<00:01:13.260> and<00:01:14.760> um 00:01:14.870 --> 00:01:14.880 align:start position:0% researchers uh core developers and um 00:01:14.880 --> 00:01:17.149 align:start position:0% researchers uh core developers and um sort<00:01:15.180> of<00:01:15.299> and<00:01:16.080> coordinators<00:01:16.740> that<00:01:16.920> have<00:01:17.040> made 00:01:17.149 --> 00:01:17.159 align:start position:0% sort of and coordinators that have made 00:01:17.159 --> 00:01:19.370 align:start position:0% sort of and coordinators that have made it<00:01:17.280> happen<00:01:17.460> it's<00:01:17.760> fantastic 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the 00:01:27.600 --> 00:01:29.450 align:start position:0% why would you want to do that so the most<00:01:27.720> important<00:01:28.080> thing<00:01:28.380> is<00:01:29.100> that<00:01:29.280> you're 00:01:29.450 --> 00:01:29.460 align:start position:0% most important thing is that you're 00:01:29.460 --> 00:01:32.810 align:start position:0% most important thing is that you're contributing<00:01:30.000> to<00:01:30.299> the<00:01:30.420> security<00:01:30.600> of<00:01:31.439> ethereum 00:01:32.810 --> 00:01:32.820 align:start position:0% contributing to the security of ethereum 00:01:32.820 --> 00:01:34.969 align:start position:0% contributing to the security of ethereum uh<00:01:33.360> we<00:01:33.540> also<00:01:33.840> earn<00:01:34.080> staking<00:01:34.320> rewards<00:01:34.740> for 00:01:34.969 --> 00:01:34.979 align:start position:0% uh we also earn staking rewards for 00:01:34.979 --> 00:01:38.030 align:start position:0% uh we also earn staking rewards for being<00:01:35.220> a<00:01:35.820> good<00:01:35.939> node<00:01:36.240> operator 00:01:38.030 --> 00:01:38.040 align:start position:0% being a good node operator 00:01:38.040 --> 00:01:41.210 align:start position:0% being a good node operator so<00:01:38.579> her<00:01:38.880> ethereum<00:01:39.299> has<00:01:39.540> a<00:01:39.900> couple<00:01:40.020> of<00:01:40.259> uh<00:01:41.040> kind 00:01:41.210 --> 00:01:41.220 align:start position:0% so her ethereum has a couple of uh kind 00:01:41.220 --> 00:01:43.310 align:start position:0% so her ethereum has a couple of uh kind of<00:01:41.280> barriers<00:01:41.759> oh<00:01:42.540> sorry<00:01:42.659> ethereum<00:01:43.079> mistaking 00:01:43.310 --> 00:01:43.320 align:start position:0% of barriers oh sorry ethereum mistaking 00:01:43.320 --> 00:01:45.289 align:start position:0% of barriers oh sorry ethereum mistaking has<00:01:43.560> a<00:01:43.680> couple<00:01:43.740> of<00:01:43.860> barriers<00:01:44.579> first<00:01:45.060> of<00:01:45.180> all 00:01:45.289 --> 00:01:45.299 align:start position:0% has a couple of barriers first of all 00:01:45.299 --> 00:01:47.510 align:start position:0% has a couple of barriers first of all you<00:01:45.479> need<00:01:45.600> technical<00:01:46.020> experience<00:01:46.680> to<00:01:47.400> run 00:01:47.510 --> 00:01:47.520 align:start position:0% you need technical experience to run 00:01:47.520 --> 00:01:49.550 align:start position:0% you need technical experience to run like<00:01:47.820> a<00:01:47.939> validating<00:01:48.299> node 00:01:49.550 --> 00:01:49.560 align:start position:0% like a validating node 00:01:49.560 --> 00:01:50.990 align:start position:0% like a validating node you<00:01:49.920> also<00:01:50.159> need 00:01:50.990 --> 00:01:51.000 align:start position:0% you also need 00:01:51.000 --> 00:01:55.429 align:start position:0% you also need a<00:01:51.360> fixed<00:01:51.780> 32<00:01:52.140> eth<00:01:52.560> per<00:01:53.159> validator 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but<00:02:03.840> you<00:02:04.259> can't<00:02:04.380> really<00:02:04.500> use<00:02:04.740> it<00:02:04.860> for 00:02:04.969 --> 00:02:04.979 align:start position:0% rewards but you can't really use it for 00:02:04.979 --> 00:02:07.910 align:start position:0% rewards but you can't really use it for anything<00:02:05.159> else<00:02:05.399> which<00:02:05.759> is<00:02:06.360> by<00:02:06.600> Design<00:02:06.920> but 00:02:07.910 --> 00:02:07.920 align:start position:0% anything else which is by Design but 00:02:07.920 --> 00:02:10.070 align:start position:0% anything else which is by Design but most<00:02:08.220> of<00:02:08.340> the<00:02:08.459> 32<00:02:08.759> East<00:02:09.000> that<00:02:09.179> you<00:02:09.300> stake<00:02:09.539> is 00:02:10.070 --> 00:02:10.080 align:start position:0% most of the 32 East that you stake is 00:02:10.080 --> 00:02:11.470 align:start position:0% most of the 32 East that you stake is not<00:02:10.200> actually<00:02:10.380> at<00:02:10.619> risk 00:02:11.470 --> 00:02:11.480 align:start position:0% not actually at risk 00:02:11.480 --> 00:02:14.390 align:start position:0% not actually at risk except<00:02:12.480> under<00:02:12.780> the<00:02:13.140> kind<00:02:13.319> of<00:02:13.440> most<00:02:13.680> dire<00:02:14.160> of 00:02:14.390 --> 00:02:14.400 align:start position:0% except under the kind of most dire of 00:02:14.400 --> 00:02:16.910 align:start position:0% except under the kind of most dire of consequences<00:02:14.879> or<00:02:15.420> situations 00:02:16.910 --> 00:02:16.920 align:start position:0% consequences or situations 00:02:16.920 --> 00:02:19.790 align:start position:0% consequences or situations uh<00:02:17.760> currently<00:02:18.599> it's<00:02:18.780> also<00:02:19.080> a<00:02:19.200> one-way<00:02:19.560> thing 00:02:19.790 --> 00:02:19.800 align:start position:0% uh currently it's also a one-way thing 00:02:19.800 --> 00:02:23.210 align:start position:0% uh currently it's also a one-way thing so<00:02:20.300> withdrawals<00:02:21.300> are<00:02:21.480> coming<00:02:21.599> soon<00:02:22.319> um<00:02:22.440> but<00:02:22.739> at 00:02:23.210 --> 00:02:23.220 align:start position:0% so withdrawals are coming soon um but at 00:02:23.220 --> 00:02:25.250 align:start position:0% so withdrawals are coming soon um but at the<00:02:23.340> moment<00:02:23.520> you<00:02:23.940> you're<00:02:24.360> staking<00:02:24.660> and<00:02:25.020> you're 00:02:25.250 --> 00:02:25.260 align:start position:0% the moment you you're staking and you're 00:02:25.260 --> 00:02:27.650 align:start position:0% the moment you you're staking and you're that's<00:02:25.560> it 00:02:27.650 --> 00:02:27.660 align:start position:0% that's it 00:02:27.660 --> 00:02:28.729 align:start position:0% that's it so 00:02:28.729 --> 00:02:28.739 align:start position:0% so 00:02:28.739 --> 00:02:30.890 align:start position:0% so uh<00:02:29.160> the<00:02:29.340> rewards<00:02:29.640> from<00:02:29.819> staking<00:02:30.060> East<00:02:30.360> come<00:02:30.720> in 00:02:30.890 --> 00:02:30.900 align:start position:0% uh the rewards from staking East come in 00:02:30.900 --> 00:02:32.570 align:start position:0% uh the rewards from staking East come in two<00:02:31.140> juicy<00:02:31.560> flavors 00:02:32.570 --> 00:02:32.580 align:start position:0% two juicy flavors 00:02:32.580 --> 00:02:35.449 align:start position:0% two juicy flavors the<00:02:33.000> first<00:02:33.120> one<00:02:33.300> is<00:02:33.540> consensus<00:02:34.080> rewards 00:02:35.449 --> 00:02:35.459 align:start position:0% the first one is consensus rewards 00:02:35.459 --> 00:02:39.190 align:start position:0% the first one is consensus rewards um<00:02:35.580> which<00:02:35.879> comes<00:02:36.239> from<00:02:36.540> new<00:02:37.020> eth<00:02:37.500> inflation 00:02:39.190 --> 00:02:39.200 align:start position:0% um which comes from new eth inflation 00:02:39.200 --> 00:02:42.290 align:start position:0% um which comes from new eth inflation and<00:02:40.200> then<00:02:40.319> you<00:02:40.920> get<00:02:41.099> that<00:02:41.280> by<00:02:41.760> kind<00:02:42.180> of 00:02:42.290 --> 00:02:42.300 align:start position:0% and then you get that by kind of 00:02:42.300 --> 00:02:44.750 align:start position:0% and then you get that by kind of Performing<00:02:42.900> your<00:02:43.019> node<00:02:43.260> operator<00:02:43.620> duties<00:02:44.099> so 00:02:44.750 --> 00:02:44.760 align:start position:0% Performing your node operator duties so 00:02:44.760 --> 00:02:47.089 align:start position:0% Performing your node operator duties so that's<00:02:45.000> a<00:02:45.480> testing<00:02:45.900> being<00:02:46.379> part<00:02:46.620> of<00:02:46.739> a<00:02:46.800> sync 00:02:47.089 --> 00:02:47.099 align:start position:0% that's a testing being part of a sync 00:02:47.099 --> 00:02:50.210 align:start position:0% that's a testing being part of a sync committee<00:02:47.459> and<00:02:48.120> proposing<00:02:48.660> blocks 00:02:50.210 --> 00:02:50.220 align:start position:0% committee and proposing blocks 00:02:50.220 --> 00:02:52.009 align:start position:0% committee and proposing blocks as<00:02:50.700> I<00:02:50.879> said<00:02:51.000> before 00:02:52.009 --> 00:02:52.019 align:start position:0% as I said before 00:02:52.019 --> 00:02:53.630 align:start position:0% as I said before um<00:02:52.080> withdrawals<00:02:52.860> aren't<00:02:52.980> available<00:02:53.220> at<00:02:53.519> the 00:02:53.630 --> 00:02:53.640 align:start position:0% um withdrawals aren't available at the 00:02:53.640 --> 00:02:55.130 align:start position:0% um withdrawals aren't available at the moment<00:02:53.760> but<00:02:54.000> they<00:02:54.180> will<00:02:54.360> be 00:02:55.130 --> 00:02:55.140 align:start position:0% moment but they will be 00:02:55.140 --> 00:02:57.229 align:start position:0% moment but they will be um potentially<00:02:55.800> after<00:02:56.099> the<00:02:56.400> Shanghai<00:02:56.819> hard 00:02:57.229 --> 00:02:57.239 align:start position:0% um potentially after the Shanghai hard 00:02:57.239 --> 00:02:59.509 align:start position:0% um potentially after the Shanghai hard Fork 00:02:59.509 --> 00:02:59.519 align:start position:0% Fork 00:02:59.519 --> 00:03:02.390 align:start position:0% Fork uh<00:03:00.120> execution<00:03:00.540> will<00:03:00.840> the<00:03:01.319> next<00:03:01.440> type<00:03:01.800> of<00:03:02.040> uh 00:03:02.390 --> 00:03:02.400 align:start position:0% uh execution will the next type of uh 00:03:02.400 --> 00:03:04.970 align:start position:0% uh execution will the next type of uh reward<00:03:02.760> is<00:03:02.940> the<00:03:03.120> execution<00:03:03.480> rewards<00:03:04.080> they 00:03:04.970 --> 00:03:04.980 align:start position:0% reward is the execution rewards they 00:03:04.980 --> 00:03:07.910 align:start position:0% reward is the execution rewards they come<00:03:05.220> from<00:03:05.519> users<00:03:05.940> so<00:03:06.360> they<00:03:06.780> uh<00:03:07.560> come<00:03:07.739> from 00:03:07.910 --> 00:03:07.920 align:start position:0% come from users so they uh come from 00:03:07.920 --> 00:03:10.369 align:start position:0% come from users so they uh come from Priority<00:03:08.340> fees<00:03:08.819> which<00:03:09.180> are<00:03:09.420> the<00:03:09.720> non-burnt 00:03:10.369 --> 00:03:10.379 align:start position:0% Priority fees which are the non-burnt 00:03:10.379 --> 00:03:13.030 align:start position:0% Priority fees which are the non-burnt part<00:03:10.560> of<00:03:10.920> a<00:03:11.220> transaction<00:03:11.940> fee 00:03:13.030 --> 00:03:13.040 align:start position:0% part of a transaction fee 00:03:13.040 --> 00:03:15.949 align:start position:0% part of a transaction fee and<00:03:14.040> then<00:03:14.220> potentially<00:03:15.060> Mev<00:03:15.599> if<00:03:15.780> you're 00:03:15.949 --> 00:03:15.959 align:start position:0% and then potentially Mev if you're 00:03:15.959 --> 00:03:18.050 align:start position:0% and then potentially Mev if you're extracting<00:03:16.379> Mev 00:03:18.050 --> 00:03:18.060 align:start position:0% extracting Mev 00:03:18.060 --> 00:03:20.570 align:start position:0% extracting Mev that's<00:03:18.540> actually<00:03:18.780> available<00:03:19.080> today<00:03:19.620> and 00:03:20.570 --> 00:03:20.580 align:start position:0% that's actually available today and 00:03:20.580 --> 00:03:22.790 align:start position:0% that's actually available today and pretty<00:03:21.000> much<00:03:21.060> in<00:03:21.239> real<00:03:21.420> time 00:03:22.790 --> 00:03:22.800 align:start position:0% pretty much in real time 00:03:22.800 --> 00:03:25.250 align:start position:0% pretty much in real time so<00:03:23.280> how<00:03:23.459> a<00:03:23.700> staking<00:03:24.000> protocol<00:03:24.420> captures<00:03:24.959> and 00:03:25.250 --> 00:03:25.260 align:start position:0% so how a staking protocol captures and 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align:start position:0% and the ease that they deposited gets 00:03:45.599 --> 00:03:47.690 align:start position:0% and the ease that they deposited gets matched<00:03:45.900> with<00:03:46.019> the<00:03:46.140> node<00:03:46.319> operator<00:03:47.159> the<00:03:47.580> node 00:03:47.690 --> 00:03:47.700 align:start position:0% matched with the node operator the node 00:03:47.700 --> 00:03:49.850 align:start position:0% matched with the node operator the node operator<00:03:48.120> interacts<00:03:48.659> with<00:03:48.780> the<00:03:49.019> protocol<00:03:49.260> and 00:03:49.850 --> 00:03:49.860 align:start position:0% operator interacts with the protocol and 00:03:49.860 --> 00:03:52.369 align:start position:0% operator interacts with the protocol and deposits<00:03:50.519> the<00:03:50.640> eth<00:03:50.940> into<00:03:51.540> into<00:03:51.840> the<00:03:52.080> beacon 00:03:52.369 --> 00:03:52.379 align:start position:0% deposits the eth into into the beacon 00:03:52.379 --> 00:03:53.149 align:start position:0% deposits the eth into into the beacon chain 00:03:53.149 --> 00:03:53.159 align:start position:0% chain 00:03:53.159 --> 00:03:55.850 align:start position:0% chain node<00:03:53.819> operators<00:03:54.299> then<00:03:54.599> earn<00:03:55.080> rewards<00:03:55.620> by 00:03:55.850 --> 00:03:55.860 align:start position:0% node operators then earn rewards by 00:03:55.860 --> 00:03:57.530 align:start position:0% node operators then earn rewards by being<00:03:56.040> good<00:03:56.280> node<00:03:56.519> operators 00:03:57.530 --> 00:03:57.540 align:start position:0% being good node operators 00:03:57.540 --> 00:04:00.050 align:start position:0% being good node operators and<00:03:58.200> the<00:03:58.319> liquid<00:03:58.680> staking<00:03:59.040> token<00:03:59.459> accrues<00:03:59.940> the 00:04:00.050 --> 00:04:00.060 align:start position:0% and the liquid staking token accrues the 00:04:00.060 --> 00:04:02.149 align:start position:0% and the liquid staking token accrues the value<00:04:00.239> as<00:04:00.659> yield 00:04:02.149 --> 00:04:02.159 align:start position:0% value as yield 00:04:02.159 --> 00:04:05.449 align:start position:0% value as yield so<00:04:02.519> to<00:04:02.819> unstake<00:04:03.540> a<00:04:03.780> liquid<00:04:04.080> sticker<00:04:04.560> burns<00:04:05.400> the 00:04:05.449 --> 00:04:05.459 align:start position:0% so to unstake a liquid sticker burns the 00:04:05.459 --> 00:04:07.729 align:start position:0% so to unstake a liquid sticker burns the liquid<00:04:05.700> staking<00:04:06.000> token<00:04:06.480> for<00:04:07.019> and<00:04:07.260> gets<00:04:07.620> back 00:04:07.729 --> 00:04:07.739 align:start position:0% liquid staking token for and gets back 00:04:07.739 --> 00:04:09.949 align:start position:0% liquid staking token for and gets back their<00:04:08.099> ease<00:04:08.459> or<00:04:09.000> actually<00:04:09.239> more<00:04:09.540> East<00:04:09.720> than 00:04:09.949 --> 00:04:09.959 align:start position:0% their ease or actually more East than 00:04:09.959 --> 00:04:12.050 align:start position:0% their ease or actually more East than they<00:04:10.080> put<00:04:10.200> in<00:04:10.379> generally 00:04:12.050 --> 00:04:12.060 align:start position:0% they put in generally 00:04:12.060 --> 00:04:14.990 align:start position:0% they put in generally um and<00:04:12.900> you<00:04:13.439> you<00:04:13.860> can<00:04:14.099> either<00:04:14.280> do<00:04:14.580> it<00:04:14.700> kind<00:04:14.879> of 00:04:14.990 --> 00:04:15.000 align:start position:0% um and you you can either do it kind of 00:04:15.000 --> 00:04:16.909 align:start position:0% um and you you can either do it kind of in<00:04:15.120> the<00:04:15.239> primary<00:04:15.480> mechanism<00:04:15.900> or<00:04:16.380> you<00:04:16.739> can<00:04:16.799> do 00:04:16.909 --> 00:04:16.919 align:start position:0% in the primary mechanism or you can do 00:04:16.919 --> 00:04:19.310 align:start position:0% in the primary mechanism or you can do it<00:04:16.979> on<00:04:17.100> a<00:04:17.160> secondary<00:04:17.519> Market 00:04:19.310 --> 00:04:19.320 align:start position:0% it on a secondary Market 00:04:19.320 --> 00:04:22.009 align:start position:0% it on a secondary Market so<00:04:19.739> this<00:04:19.919> is<00:04:20.040> the<00:04:20.400> very<00:04:20.639> basic<00:04:21.060> outline<00:04:21.479> of<00:04:21.780> how 00:04:22.009 --> 00:04:22.019 align:start position:0% so this is the very basic outline of how 00:04:22.019 --> 00:04:24.350 align:start position:0% so this is the very basic outline of how liquid<00:04:22.320> staking<00:04:22.620> works<00:04:22.979> but<00:04:23.820> as<00:04:24.000> we'll<00:04:24.120> see 00:04:24.350 --> 00:04:24.360 align:start position:0% liquid staking works but as we'll see 00:04:24.360 --> 00:04:26.749 align:start position:0% liquid staking works but as we'll see every<00:04:24.900> step<00:04:25.199> has<00:04:25.620> some<00:04:25.860> design<00:04:26.040> choices<00:04:26.460> and 00:04:26.749 --> 00:04:26.759 align:start position:0% every step has some design choices and 00:04:26.759 --> 00:04:31.310 align:start position:0% every step has some design choices and trade-offs<00:04:27.300> to<00:04:27.419> to<00:04:27.780> be<00:04:28.080> made 00:04:31.310 --> 00:04:31.320 align:start position:0% 00:04:31.320 --> 00:04:33.770 align:start position:0% so<00:04:31.979> why<00:04:32.280> liquid<00:04:32.639> staking 00:04:33.770 --> 00:04:33.780 align:start position:0% so why liquid staking 00:04:33.780 --> 00:04:36.050 align:start position:0% so why liquid staking so<00:04:34.199> it's<00:04:34.320> kind<00:04:34.620> of<00:04:34.740> important<00:04:35.340> to<00:04:35.520> know<00:04:35.639> why 00:04:36.050 --> 00:04:36.060 align:start position:0% so it's kind of important to know why 00:04:36.060 --> 00:04:38.150 align:start position:0% so it's kind of important to know why you're<00:04:36.180> doing<00:04:36.360> this<00:04:36.600> what<00:04:37.500> benefit<00:04:37.680> does<00:04:37.979> it 00:04:38.150 --> 00:04:38.160 align:start position:0% you're doing this what benefit does it 00:04:38.160 --> 00:04:39.050 align:start position:0% you're doing this what benefit does it serve 00:04:39.050 --> 00:04:39.060 align:start position:0% serve 00:04:39.060 --> 00:04:41.090 align:start position:0% serve so<00:04:39.600> it<00:04:39.840> turns<00:04:40.080> out<00:04:40.199> that<00:04:40.620> there<00:04:40.919> are 00:04:41.090 --> 00:04:41.100 align:start position:0% so it turns out that there are 00:04:41.100 --> 00:04:42.950 align:start position:0% so it turns out that there are significant<00:04:41.520> benefits<00:04:41.940> to<00:04:42.180> ethereum<00:04:42.600> as<00:04:42.780> a 00:04:42.950 --> 00:04:42.960 align:start position:0% significant benefits to ethereum as a 00:04:42.960 --> 00:04:43.610 align:start position:0% significant benefits to ethereum as a whole 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little<00:04:52.979> star<00:04:53.160> there<00:04:53.460> because<00:04:53.699> it 00:04:54.590 --> 00:04:54.600 align:start position:0% there's a little star there because it 00:04:54.600 --> 00:04:56.870 align:start position:0% there's a little star there because it only<00:04:54.840> contributes<00:04:55.800> to<00:04:55.979> decentralization<00:04:56.520> if 00:04:56.870 --> 00:04:56.880 align:start position:0% only contributes to decentralization if 00:04:56.880 --> 00:04:58.969 align:start position:0% only contributes to decentralization if the<00:04:57.060> validator<00:04:57.479> set<00:04:57.840> or<00:04:58.199> the<00:04:58.320> node<00:04:58.500> operators 00:04:58.969 --> 00:04:58.979 align:start position:0% the validator set or the node operators 00:04:58.979 --> 00:05:01.129 align:start position:0% the validator set or the node operators are<00:04:59.520> decentralized<00:05:00.240> and<00:05:00.540> not<00:05:00.780> just<00:05:00.900> one 00:05:01.129 --> 00:05:01.139 align:start position:0% are decentralized and not just one 00:05:01.139 --> 00:05:03.370 align:start position:0% are decentralized and not just one entity 00:05:03.370 --> 00:05:03.380 align:start position:0% entity 00:05:03.380 --> 00:05:06.170 align:start position:0% entity uh<00:05:04.380> it<00:05:04.860> liquid<00:05:05.280> staking<00:05:05.520> facilitates 00:05:06.170 --> 00:05:06.180 align:start position:0% uh it liquid staking facilitates 00:05:06.180 --> 00:05:07.850 align:start position:0% uh it liquid staking facilitates unstaking<00:05:06.840> through<00:05:07.139> like<00:05:07.380> a<00:05:07.560> primary 00:05:07.850 --> 00:05:07.860 align:start position:0% unstaking through like a primary 00:05:07.860 --> 00:05:10.430 align:start position:0% unstaking through like a primary mechanism<00:05:08.220> through<00:05:08.520> the<00:05:08.699> protocol<00:05:08.940> itself 00:05:10.430 --> 00:05:10.440 align:start position:0% mechanism through the protocol itself 00:05:10.440 --> 00:05:13.730 align:start position:0% mechanism through the protocol itself um<00:05:10.500> or<00:05:10.919> on<00:05:11.639> a<00:05:11.820> secondary<00:05:12.120> market<00:05:12.620> so<00:05:13.620> it 00:05:13.730 --> 00:05:13.740 align:start position:0% um or on a secondary market so it 00:05:13.740 --> 00:05:16.670 align:start position:0% um or on a secondary market so it reduces<00:05:14.340> validator<00:05:14.940> churn 00:05:16.670 --> 00:05:16.680 align:start position:0% reduces validator churn 00:05:16.680 --> 00:05:18.890 align:start position:0% reduces validator churn it<00:05:17.400> also<00:05:17.580> Fosters<00:05:17.940> Innovation<00:05:18.360> and<00:05:18.720> capital 00:05:18.890 --> 00:05:18.900 align:start position:0% it also Fosters Innovation and capital 00:05:18.900 --> 00:05:21.110 align:start position:0% it also Fosters Innovation and capital efficiency<00:05:19.440> and<00:05:20.220> through<00:05:20.460> the<00:05:20.580> use<00:05:20.699> of<00:05:20.940> these 00:05:21.110 --> 00:05:21.120 align:start position:0% efficiency and through the use of these 00:05:21.120 --> 00:05:27.590 align:start position:0% efficiency and through the use of these liquid<00:05:21.360> staking<00:05:21.660> tokens<00:05:22.080> in<00:05:22.380> D5 00:05:27.590 --> 00:05:27.600 align:start position:0% 00:05:27.600 --> 00:05:29.629 align:start position:0% okay<00:05:28.080> so<00:05:28.680> on<00:05:28.860> this<00:05:28.979> section<00:05:29.160> I'm<00:05:29.400> going<00:05:29.520> to 00:05:29.629 --> 00:05:29.639 align:start position:0% okay so on this section I'm going to 00:05:29.639 --> 00:05:32.570 align:start position:0% okay so on this section I'm going to focus<00:05:30.000> on<00:05:30.360> liquid<00:05:30.720> token<00:05:31.139> design<00:05:31.380> but<00:05:32.340> there 00:05:32.570 --> 00:05:32.580 align:start position:0% focus on liquid token design but there 00:05:32.580 --> 00:05:34.670 align:start position:0% focus on liquid token design but there are<00:05:32.759> some<00:05:33.000> equally<00:05:33.300> big<00:05:33.539> design<00:05:33.720> spaces<00:05:34.380> on 00:05:34.670 --> 00:05:34.680 align:start position:0% are some equally big design spaces on 00:05:34.680 --> 00:05:36.650 align:start position:0% are some equally big design spaces on the<00:05:34.800> Node<00:05:35.039> operator<00:05:35.460> side<00:05:35.699> and<00:05:36.240> and<00:05:36.479> some 00:05:36.650 --> 00:05:36.660 align:start position:0% the Node operator side and and some 00:05:36.660 --> 00:05:38.450 align:start position:0% the Node operator side and and some definitely<00:05:36.900> some<00:05:37.139> interesting<00:05:37.979> challenges 00:05:38.450 --> 00:05:38.460 align:start position:0% definitely some interesting challenges 00:05:38.460 --> 00:05:41.330 align:start position:0% definitely some interesting challenges on<00:05:38.699> that<00:05:38.820> side<00:05:38.940> as<00:05:39.180> well 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operators earn rewards at different rates 00:05:49.490 --> 00:05:49.500 align:start position:0% rates 00:05:49.500 --> 00:05:52.070 align:start position:0% rates they<00:05:49.979> may<00:05:50.220> also<00:05:50.460> be<00:05:50.580> penalized<00:05:51.240> and<00:05:51.720> in<00:05:51.840> worst 00:05:52.070 --> 00:05:52.080 align:start position:0% they may also be penalized and in worst 00:05:52.080 --> 00:05:54.409 align:start position:0% they may also be penalized and in worst case<00:05:52.199> scenarios<00:05:52.680> they<00:05:52.919> can<00:05:53.100> be<00:05:53.160> slashed 00:05:54.409 --> 00:05:54.419 align:start position:0% case scenarios they can be slashed 00:05:54.419 --> 00:05:55.909 align:start position:0% case scenarios they can be slashed so<00:05:54.780> there's<00:05:54.900> a<00:05:55.080> couple<00:05:55.139> of<00:05:55.259> ways<00:05:55.560> of<00:05:55.620> handling 00:05:55.909 --> 00:05:55.919 align:start position:0% so there's a couple of ways of handling 00:05:55.919 --> 00:05:57.050 align:start position:0% so there's a couple of ways of handling this 00:05:57.050 --> 00:05:57.060 align:start position:0% this 00:05:57.060 --> 00:05:58.850 align:start position:0% this the<00:05:57.419> first<00:05:57.539> way<00:05:57.720> is<00:05:57.960> to<00:05:58.199> have<00:05:58.320> a<00:05:58.500> fungible 00:05:58.850 --> 00:05:58.860 align:start position:0% the first way is to have a fungible 00:05:58.860 --> 00:06:02.390 align:start position:0% the first way is to have a fungible token<00:05:59.660> that<00:06:00.660> shares<00:06:01.440> rewards<00:06:01.979> and<00:06:02.100> losses 00:06:02.390 --> 00:06:02.400 align:start position:0% token that shares rewards and losses 00:06:02.400 --> 00:06:05.330 align:start position:0% token that shares rewards and losses across<00:06:02.820> the<00:06:02.940> entire<00:06:03.300> protocol 00:06:05.330 --> 00:06:05.340 align:start position:0% across the entire protocol 00:06:05.340 --> 00:06:07.430 align:start position:0% across the entire protocol or<00:06:05.820> you<00:06:06.000> can<00:06:06.120> have<00:06:06.300> a<00:06:06.479> non-fungible<00:06:06.960> token 00:06:07.430 --> 00:06:07.440 align:start position:0% or you can have a non-fungible token 00:06:07.440 --> 00:06:10.969 align:start position:0% or you can have a non-fungible token where<00:06:08.100> rewards<00:06:09.000> and<00:06:09.120> losses<00:06:09.539> are<00:06:10.380> specific<00:06:10.740> to 00:06:10.969 --> 00:06:10.979 align:start position:0% where rewards and losses are specific to 00:06:10.979 --> 00:06:13.969 align:start position:0% where rewards and losses are specific to each<00:06:11.220> node<00:06:11.520> operator<00:06:11.940> or<00:06:12.240> each<00:06:12.479> validator 00:06:13.969 --> 00:06:13.979 align:start position:0% each node operator or each validator 00:06:13.979 --> 00:06:15.469 align:start position:0% each node operator or each validator then<00:06:14.460> you<00:06:14.639> can<00:06:14.699> kind<00:06:14.820> of<00:06:14.940> have<00:06:15.000> that<00:06:15.300> this 00:06:15.469 --> 00:06:15.479 align:start position:0% then you can kind of have that this 00:06:15.479 --> 00:06:17.270 align:start position:0% then you can kind of have that this hybrid<00:06:15.780> of<00:06:15.960> the<00:06:16.080> two 00:06:17.270 --> 00:06:17.280 align:start position:0% hybrid of the two 00:06:17.280 --> 00:06:18.710 align:start position:0% hybrid of the two um although<00:06:17.639> you've<00:06:17.759> got<00:06:17.880> to<00:06:18.000> be<00:06:18.240> careful<00:06:18.539> you 00:06:18.710 --> 00:06:18.720 align:start position:0% um although you've got to be careful you 00:06:18.720 --> 00:06:20.689 align:start position:0% um although you've got to be careful you don't<00:06:18.780> end<00:06:18.960> up<00:06:19.080> in<00:06:19.199> a<00:06:19.320> worst<00:06:19.560> of<00:06:19.740> Both<00:06:19.860> Worlds 00:06:20.689 --> 00:06:20.699 align:start position:0% don't end up in a worst of Both Worlds 00:06:20.699 --> 00:06:22.309 align:start position:0% don't end up in a worst of Both Worlds each<00:06:21.180> of<00:06:21.300> these<00:06:21.479> approaches<00:06:21.900> have<00:06:22.080> some 00:06:22.309 --> 00:06:22.319 align:start position:0% each of these approaches have some 00:06:22.319 --> 00:06:23.450 align:start position:0% each of these approaches have some different<00:06:22.440> trade-offs<00:06:22.979> and<00:06:23.100> you<00:06:23.220> have<00:06:23.340> to 00:06:23.450 --> 00:06:23.460 align:start position:0% different trade-offs and you have to 00:06:23.460 --> 00:06:26.510 align:start position:0% different trade-offs and you have to kind<00:06:23.580> of<00:06:23.699> weigh<00:06:23.880> up<00:06:24.479> um<00:06:24.539> which<00:06:24.720> ones 00:06:26.510 --> 00:06:26.520 align:start position:0% kind of weigh up um which ones 00:06:26.520 --> 00:06:28.490 align:start position:0% kind of weigh up um which ones so<00:06:27.000> the<00:06:27.060> next<00:06:27.180> one<00:06:27.300> is<00:06:27.479> safety 00:06:28.490 --> 00:06:28.500 align:start position:0% so the next one is safety 00:06:28.500 --> 00:06:31.370 align:start position:0% so the next one is safety so<00:06:29.039> there<00:06:29.520> is<00:06:29.639> eth<00:06:30.060> backing<00:06:30.479> you<00:06:30.840> know<00:06:30.960> backing 00:06:31.370 --> 00:06:31.380 align:start position:0% so there is eth backing you know backing 00:06:31.380 --> 00:06:33.050 align:start position:0% so there is eth backing you know backing the<00:06:31.500> liquid<00:06:31.740> staking<00:06:32.039> token 00:06:33.050 --> 00:06:33.060 align:start position:0% the liquid staking token 00:06:33.060 --> 00:06:35.270 align:start position:0% the liquid staking token So<00:06:33.419> What<00:06:33.600> mechanisms<00:06:34.259> are<00:06:34.680> in<00:06:34.800> place<00:06:35.039> to 00:06:35.270 --> 00:06:35.280 align:start position:0% So What mechanisms are in place to 00:06:35.280 --> 00:06:37.070 align:start position:0% So What mechanisms are in place to protect<00:06:35.580> that<00:06:35.819> collateral 00:06:37.070 --> 00:06:37.080 align:start position:0% protect that collateral 00:06:37.080 --> 00:06:39.950 align:start position:0% protect that collateral ethereum's<00:06:37.800> proof<00:06:38.039> of<00:06:38.100> stake<00:06:38.400> system<00:06:38.580> is<00:06:39.300> a 00:06:39.950 --> 00:06:39.960 align:start position:0% ethereum's proof of stake system is a 00:06:39.960 --> 00:06:41.629 align:start position:0% ethereum's proof of stake system is a very<00:06:40.080> forgiving<00:06:40.380> protocol 00:06:41.629 --> 00:06:41.639 align:start position:0% very forgiving protocol 00:06:41.639 --> 00:06:43.969 align:start position:0% very forgiving protocol but<00:06:42.000> it<00:06:42.120> is<00:06:42.240> possible<00:06:42.539> to<00:06:42.840> lose<00:06:43.020> your<00:06:43.800> your 00:06:43.969 --> 00:06:43.979 align:start position:0% but it is possible to lose your your 00:06:43.979 --> 00:06:46.670 align:start position:0% but it is possible to lose your your stake<00:06:44.280> either<00:06:44.580> partially<00:06:45.060> or<00:06:45.900> in<00:06:46.259> like<00:06:46.500> the 00:06:46.670 --> 00:06:46.680 align:start position:0% stake either partially or in like the 00:06:46.680 --> 00:06:49.090 align:start position:0% stake either partially or in like the extreme<00:06:46.919> cases<00:06:47.340> fully 00:06:49.090 --> 00:06:49.100 align:start position:0% extreme cases fully 00:06:49.100 --> 00:06:51.110 align:start position:0% extreme cases fully safety<00:06:50.100> mechanisms<00:06:50.520> built<00:06:50.880> into<00:06:50.940> the 00:06:51.110 --> 00:06:51.120 align:start position:0% safety mechanisms built into the 00:06:51.120 --> 00:06:52.969 align:start position:0% safety mechanisms built into the protocol<00:06:51.360> need<00:06:51.840> to<00:06:51.960> account<00:06:52.199> for<00:06:52.500> things<00:06:52.740> like 00:06:52.969 --> 00:06:52.979 align:start position:0% protocol need to account for things like 00:06:52.979 --> 00:06:54.790 align:start position:0% protocol need to account for things like slashing<00:06:53.759> protection 00:06:54.790 --> 00:06:54.800 align:start position:0% slashing protection 00:06:54.800 --> 00:06:57.710 align:start position:0% slashing protection aligning<00:06:55.800> incentives<00:06:56.340> and<00:06:57.060> general<00:06:57.300> risk 00:06:57.710 --> 00:06:57.720 align:start position:0% aligning incentives and general risk 00:06:57.720 --> 00:07:00.350 align:start position:0% aligning incentives and general risk management 00:07:00.350 --> 00:07:00.360 align:start position:0% 00:07:00.360 --> 00:07:02.809 align:start position:0% so<00:07:00.720> Rewards 00:07:02.809 --> 00:07:02.819 align:start position:0% so Rewards 00:07:02.819 --> 00:07:05.990 align:start position:0% so Rewards so<00:07:03.440> how<00:07:04.440> are<00:07:04.620> rewards<00:07:05.160> delivered<00:07:05.460> to<00:07:05.639> token 00:07:05.990 --> 00:07:06.000 align:start position:0% so how are rewards delivered to token 00:07:06.000 --> 00:07:07.010 align:start position:0% so how are rewards delivered to token holders 00:07:07.010 --> 00:07:07.020 align:start position:0% holders 00:07:07.020 --> 00:07:08.870 align:start position:0% holders how<00:07:07.440> does<00:07:07.680> the<00:07:07.860> token<00:07:08.220> reflect<00:07:08.580> the<00:07:08.759> yield 00:07:08.870 --> 00:07:08.880 align:start position:0% how does the token reflect the yield 00:07:08.880 --> 00:07:12.350 align:start position:0% how does the token reflect the yield that<00:07:09.300> the<00:07:09.479> protocol<00:07:09.840> actually<00:07:10.199> is<00:07:10.680> producing 00:07:12.350 --> 00:07:12.360 align:start position:0% that the protocol actually is producing 00:07:12.360 --> 00:07:14.150 align:start position:0% that the protocol actually is producing so<00:07:12.660> generally<00:07:13.020> there<00:07:13.319> are<00:07:13.440> two<00:07:13.560> approaches<00:07:13.979> to 00:07:14.150 --> 00:07:14.160 align:start position:0% so generally there are two approaches to 00:07:14.160 --> 00:07:17.749 align:start position:0% so generally there are two approaches to this<00:07:14.400> there's<00:07:15.180> rebasing<00:07:15.840> and<00:07:16.080> non-rebacing 00:07:17.749 --> 00:07:17.759 align:start position:0% this there's rebasing and non-rebacing 00:07:17.759 --> 00:07:21.529 align:start position:0% this there's rebasing and non-rebacing so<00:07:18.240> a<00:07:18.479> rebasing<00:07:19.020> token<00:07:19.819> its<00:07:20.819> exchange<00:07:21.060> rate<00:07:21.300> is 00:07:21.529 --> 00:07:21.539 align:start position:0% so a rebasing token its exchange rate is 00:07:21.539 --> 00:07:25.189 align:start position:0% so a rebasing token its exchange rate is like<00:07:21.720> a<00:07:21.900> notional<00:07:22.319> one-to-one<00:07:22.919> with<00:07:23.400> eth 00:07:25.189 --> 00:07:25.199 align:start position:0% like a notional one-to-one with eth 00:07:25.199 --> 00:07:28.309 align:start position:0% like a notional one-to-one with eth but<00:07:25.800> the<00:07:26.039> quantity<00:07:26.639> increases 00:07:28.309 --> 00:07:28.319 align:start position:0% but the quantity increases 00:07:28.319 --> 00:07:31.129 align:start position:0% but the quantity increases so<00:07:28.979> the<00:07:29.520> token<00:07:29.880> increases<00:07:30.300> in<00:07:30.479> quantity<00:07:30.840> over 00:07:31.129 --> 00:07:31.139 align:start position:0% so the token increases in quantity over 00:07:31.139 --> 00:07:33.589 align:start position:0% so the token increases in quantity over time<00:07:31.380> that's<00:07:31.620> how<00:07:31.860> the<00:07:32.039> yield<00:07:32.220> uh<00:07:33.120> represents 00:07:33.589 --> 00:07:33.599 align:start position:0% time that's how the yield uh represents 00:07:33.599 --> 00:07:36.350 align:start position:0% time that's how the yield uh represents itself<00:07:33.840> or<00:07:34.080> gets<00:07:34.620> delivered 00:07:36.350 --> 00:07:36.360 align:start position:0% itself or gets delivered 00:07:36.360 --> 00:07:39.170 align:start position:0% itself or gets delivered with<00:07:36.720> a<00:07:36.900> non-rebacing<00:07:37.560> token<00:07:37.979> the<00:07:38.880> exchange 00:07:39.170 --> 00:07:39.180 align:start position:0% with a non-rebacing token the exchange 00:07:39.180 --> 00:07:41.930 align:start position:0% with a non-rebacing token the exchange rate<00:07:39.479> increases<00:07:40.319> but<00:07:41.039> the<00:07:41.220> quantity<00:07:41.520> is<00:07:41.759> the 00:07:41.930 --> 00:07:41.940 align:start position:0% rate increases but the quantity is the 00:07:41.940 --> 00:07:44.150 align:start position:0% rate increases but the quantity is the same<00:07:42.060> quantity<00:07:42.599> stays<00:07:43.020> constant 00:07:44.150 --> 00:07:44.160 align:start position:0% same quantity stays constant 00:07:44.160 --> 00:07:46.490 align:start position:0% same quantity stays constant so<00:07:44.580> the<00:07:44.819> the<00:07:45.060> actual<00:07:45.360> token<00:07:45.720> increases<00:07:46.199> in 00:07:46.490 --> 00:07:46.500 align:start position:0% so the the actual token increases in 00:07:46.500 --> 00:07:48.529 align:start position:0% so the the actual token increases in value<00:07:46.800> over<00:07:47.160> time 00:07:48.529 --> 00:07:48.539 align:start position:0% value over time 00:07:48.539 --> 00:07:50.089 align:start position:0% value over time um and<00:07:49.319> there's<00:07:49.440> some<00:07:49.620> there's<00:07:49.860> definitely 00:07:50.089 --> 00:07:50.099 align:start position:0% um and there's some there's definitely 00:07:50.099 --> 00:07:51.830 align:start position:0% um and there's some there's definitely some<00:07:50.280> kind<00:07:50.460> of<00:07:50.639> pros<00:07:50.880> and<00:07:51.000> cons<00:07:51.120> of<00:07:51.479> each<00:07:51.660> of 00:07:51.830 --> 00:07:51.840 align:start position:0% some kind of pros and cons of each of 00:07:51.840 --> 00:07:55.010 align:start position:0% some kind of pros and cons of each of these<00:07:52.620> mainly<00:07:53.580> that<00:07:53.880> so<00:07:54.240> with<00:07:54.419> the<00:07:54.539> rebasing 00:07:55.010 --> 00:07:55.020 align:start position:0% these mainly that so with the rebasing 00:07:55.020 --> 00:07:56.689 align:start position:0% these mainly that so with the rebasing token<00:07:55.380> it's<00:07:55.979> very<00:07:56.160> simple<00:07:56.340> to<00:07:56.580> understand 00:07:56.689 --> 00:07:56.699 align:start position:0% token it's very simple to understand 00:07:56.699 --> 00:07:58.490 align:start position:0% token it's very simple to understand you're<00:07:57.300> literally<00:07:57.599> getting<00:07:57.780> more<00:07:58.139> of<00:07:58.319> the 00:07:58.490 --> 00:07:58.500 align:start position:0% you're literally getting more of the 00:07:58.500 --> 00:07:59.510 align:start position:0% you're literally getting more of the token 00:07:59.510 --> 00:07:59.520 align:start position:0% token 00:07:59.520 --> 00:08:02.809 align:start position:0% token uh<00:08:00.240> but<00:08:00.419> it's<00:08:00.599> extremely<00:08:01.380> hard<00:08:01.620> to<00:08:01.860> integrate 00:08:02.809 --> 00:08:02.819 align:start position:0% uh but it's extremely hard to integrate 00:08:02.819 --> 00:08:04.550 align:start position:0% uh but it's extremely hard to integrate so<00:08:03.180> when<00:08:03.300> the<00:08:03.479> if<00:08:03.599> the<00:08:03.780> quantity<00:08:04.080> is<00:08:04.259> changing 00:08:04.550 --> 00:08:04.560 align:start position:0% so when the if the quantity is changing 00:08:04.560 --> 00:08:05.930 align:start position:0% so when the if the quantity is changing all<00:08:04.740> the<00:08:04.860> time<00:08:04.979> that's<00:08:05.400> not<00:08:05.639> really 00:08:05.930 --> 00:08:05.940 align:start position:0% all the time that's not really 00:08:05.940 --> 00:08:10.610 align:start position:0% all the time that's not really compatible<00:08:06.360> with<00:08:06.720> most<00:08:07.020> D5<00:08:07.740> protocols 00:08:10.610 --> 00:08:10.620 align:start position:0% 00:08:10.620 --> 00:08:13.610 align:start position:0% with<00:08:10.979> a<00:08:11.160> non-rebacing<00:08:11.819> token<00:08:12.180> uh<00:08:12.840> it's<00:08:13.440> it's 00:08:13.610 --> 00:08:13.620 align:start position:0% with a non-rebacing token uh it's it's 00:08:13.620 --> 00:08:15.770 align:start position:0% with a non-rebacing token uh it's it's harder<00:08:14.039> to<00:08:14.160> understand<00:08:14.400> and<00:08:15.180> if<00:08:15.360> you<00:08:15.479> go<00:08:15.599> down 00:08:15.770 --> 00:08:15.780 align:start position:0% harder to understand and if you go down 00:08:15.780 --> 00:08:18.110 align:start position:0% harder to understand and if you go down that<00:08:15.960> route<00:08:16.139> you'll<00:08:16.740> spend<00:08:17.280> most<00:08:17.819> of<00:08:18.000> your 00:08:18.110 --> 00:08:18.120 align:start position:0% that route you'll spend most of your 00:08:18.120 --> 00:08:20.210 align:start position:0% that route you'll spend most of your life<00:08:18.360> uh<00:08:19.139> explaining<00:08:19.560> to<00:08:19.680> people<00:08:19.800> what<00:08:20.039> a 00:08:20.210 --> 00:08:20.220 align:start position:0% life uh explaining to people what a 00:08:20.220 --> 00:08:22.610 align:start position:0% life uh explaining to people what a non-rebasing<00:08:20.879> token<00:08:21.180> is 00:08:22.610 --> 00:08:22.620 align:start position:0% non-rebasing token is 00:08:22.620 --> 00:08:24.950 align:start position:0% non-rebasing token is um<00:08:22.740> but<00:08:23.220> it<00:08:23.400> is<00:08:23.580> much<00:08:23.879> easier 00:08:24.950 --> 00:08:24.960 align:start position:0% um but it is much easier 00:08:24.960 --> 00:08:28.430 align:start position:0% um but it is much easier to<00:08:25.560> integrate<00:08:26.099> uh<00:08:27.000> it's<00:08:27.180> it's<00:08:27.419> just<00:08:28.319> a 00:08:28.430 --> 00:08:28.440 align:start position:0% to integrate uh it's it's just a 00:08:28.440 --> 00:08:30.170 align:start position:0% to integrate uh it's it's just a standard<00:08:28.680> erc20<00:08:29.340> and<00:08:29.580> it's<00:08:29.699> supported<00:08:30.060> by 00:08:30.170 --> 00:08:30.180 align:start position:0% standard erc20 and it's supported by 00:08:30.180 --> 00:08:32.329 align:start position:0% standard erc20 and it's supported by most<00:08:30.300> D5<00:08:30.599> protocols 00:08:32.329 --> 00:08:32.339 align:start position:0% most D5 protocols 00:08:32.339 --> 00:08:34.190 align:start position:0% most D5 protocols it<00:08:32.760> actually<00:08:32.940> turns<00:08:33.360> out<00:08:33.419> that<00:08:33.719> a 00:08:34.190 --> 00:08:34.200 align:start position:0% it actually turns out that a 00:08:34.200 --> 00:08:35.870 align:start position:0% it actually turns out that a non-rebasing<00:08:34.860> token<00:08:35.099> is<00:08:35.219> more<00:08:35.399> tax<00:08:35.520> efficient 00:08:35.870 --> 00:08:35.880 align:start position:0% non-rebasing token is more tax efficient 00:08:35.880 --> 00:08:38.269 align:start position:0% non-rebasing token is more tax efficient as<00:08:36.120> well<00:08:36.240> so<00:08:36.779> it<00:08:37.260> depends<00:08:37.680> on<00:08:37.979> your 00:08:38.269 --> 00:08:38.279 align:start position:0% as well so it depends on your 00:08:38.279 --> 00:08:39.649 align:start position:0% as well so it depends on your jurisdiction 00:08:39.649 --> 00:08:39.659 align:start position:0% jurisdiction 00:08:39.659 --> 00:08:42.529 align:start position:0% jurisdiction um<00:08:39.719> but<00:08:40.279> within<00:08:41.279> a<00:08:41.459> rebasing<00:08:41.880> token<00:08:42.240> you<00:08:42.419> have 00:08:42.529 --> 00:08:42.539 align:start position:0% um but within a rebasing token you have 00:08:42.539 --> 00:08:45.410 align:start position:0% um but within a rebasing token you have like<00:08:42.719> a<00:08:42.839> taxable<00:08:43.140> event<00:08:43.500> every<00:08:44.219> single<00:08:44.520> day 00:08:45.410 --> 00:08:45.420 align:start position:0% like a taxable event every single day 00:08:45.420 --> 00:08:47.750 align:start position:0% like a taxable event every single day whereas<00:08:45.899> with<00:08:46.080> a<00:08:46.200> non-rebacing<00:08:46.860> token<00:08:47.220> you 00:08:47.750 --> 00:08:47.760 align:start position:0% whereas with a non-rebacing token you 00:08:47.760 --> 00:08:49.910 align:start position:0% whereas with a non-rebacing token you have<00:08:47.940> a<00:08:48.120> taxable<00:08:48.420> event<00:08:48.660> new<00:08:49.019> stake<00:08:49.320> and<00:08:49.800> when 00:08:49.910 --> 00:08:49.920 align:start position:0% have a taxable event new stake and when 00:08:49.920 --> 00:08:53.690 align:start position:0% have a taxable event new stake and when you<00:08:50.040> unstake 00:08:53.690 --> 00:08:53.700 align:start position:0% 00:08:53.700 --> 00:08:56.210 align:start position:0% so<00:08:54.260> liquidity 00:08:56.210 --> 00:08:56.220 align:start position:0% so liquidity 00:08:56.220 --> 00:08:58.970 align:start position:0% so liquidity by<00:08:56.580> tokenizing<00:08:57.480> um<00:08:57.480> steak<00:08:57.779> teeth<00:08:58.080> it<00:08:58.740> can<00:08:58.860> be 00:08:58.970 --> 00:08:58.980 align:start position:0% by tokenizing um steak teeth it can be 00:08:58.980 --> 00:09:00.530 align:start position:0% by tokenizing um steak teeth it can be traded<00:08:59.279> on<00:08:59.459> secondary<00:08:59.880> markets<00:09:00.240> such<00:09:00.420> as 00:09:00.530 --> 00:09:00.540 align:start position:0% traded on secondary markets such as 00:09:00.540 --> 00:09:03.110 align:start position:0% traded on secondary markets such as exchanges<00:09:01.560> this<00:09:02.100> provides<00:09:02.519> liquidity<00:09:02.940> for 00:09:03.110 --> 00:09:03.120 align:start position:0% exchanges this provides liquidity for 00:09:03.120 --> 00:09:05.329 align:start position:0% exchanges this provides liquidity for people<00:09:03.300> to<00:09:03.540> unstake<00:09:03.959> their<00:09:04.140> eth 00:09:05.329 --> 00:09:05.339 align:start position:0% people to unstake their eth 00:09:05.339 --> 00:09:07.009 align:start position:0% people to unstake their eth did<00:09:05.880> the<00:09:06.120> price<00:09:06.180> you<00:09:06.360> pay<00:09:06.540> on<00:09:06.660> secondary 00:09:07.009 --> 00:09:07.019 align:start position:0% did the price you pay on secondary 00:09:07.019 --> 00:09:10.550 align:start position:0% did the price you pay on secondary markets<00:09:07.380> is<00:09:07.500> dictated<00:09:07.920> by<00:09:08.580> the<00:09:08.760> market<00:09:09.019> so<00:09:10.019> it 00:09:10.550 --> 00:09:10.560 align:start position:0% markets is dictated by the market so it 00:09:10.560 --> 00:09:13.670 align:start position:0% markets is dictated by the market so it may<00:09:10.680> present<00:09:11.339> a<00:09:11.640> liquidity<00:09:12.120> discount<00:09:12.680> or 00:09:13.670 --> 00:09:13.680 align:start position:0% may present a liquidity discount or 00:09:13.680 --> 00:09:16.190 align:start position:0% may present a liquidity discount or potentially<00:09:13.980> a<00:09:14.220> liquidity<00:09:14.640> like<00:09:14.880> a<00:09:15.060> premium 00:09:16.190 --> 00:09:16.200 align:start position:0% potentially a liquidity like a premium 00:09:16.200 --> 00:09:17.930 align:start position:0% potentially a liquidity like a premium with<00:09:16.680> large<00:09:16.920> orders<00:09:17.279> there<00:09:17.580> can<00:09:17.700> also<00:09:17.880> be 00:09:17.930 --> 00:09:17.940 align:start position:0% with large orders there can also be 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mechanism for unstaking eth so that you can<00:09:26.519> allow<00:09:27.180> um<00:09:27.500> liquid<00:09:28.500> staking<00:09:28.740> token 00:09:29.150 --> 00:09:29.160 align:start position:0% can allow um liquid staking token 00:09:29.160 --> 00:09:31.550 align:start position:0% can allow um liquid staking token holders<00:09:29.459> to<00:09:29.880> actually<00:09:30.000> swap<00:09:30.420> back<00:09:30.660> without 00:09:31.550 --> 00:09:31.560 align:start position:0% holders to actually swap back without 00:09:31.560 --> 00:09:34.310 align:start position:0% holders to actually swap back without the<00:09:31.920> discount<00:09:32.100> and<00:09:32.459> without<00:09:32.640> the<00:09:32.940> slippage 00:09:34.310 --> 00:09:34.320 align:start position:0% the discount and without the slippage 00:09:34.320 --> 00:09:36.110 align:start position:0% the discount and without the slippage both<00:09:34.860> of<00:09:34.980> these<00:09:35.160> mechanisms<00:09:35.580> of<00:09:35.760> undertaking 00:09:36.110 --> 00:09:36.120 align:start position:0% both of these mechanisms of undertaking 00:09:36.120 --> 00:09:38.030 align:start position:0% both of these mechanisms of undertaking kind<00:09:36.480> of<00:09:36.540> reduce<00:09:36.660> the<00:09:37.260> need<00:09:37.380> for<00:09:37.620> validator 00:09:38.030 --> 00:09:38.040 align:start position:0% kind of reduce the need for validator 00:09:38.040 --> 00:09:40.690 align:start position:0% kind of reduce the need for validator churn 00:09:40.690 --> 00:09:40.700 align:start position:0% 00:09:40.700 --> 00:09:43.670 align:start position:0% okay<00:09:41.700> so<00:09:42.540> now<00:09:42.720> you've<00:09:42.839> got<00:09:42.959> your<00:09:43.019> token<00:09:43.320> out<00:09:43.560> in 00:09:43.670 --> 00:09:43.680 align:start position:0% okay so now you've got your token out in 00:09:43.680 --> 00:09:44.750 align:start position:0% okay so now you've got your token out in the<00:09:43.800> wild 00:09:44.750 --> 00:09:44.760 align:start position:0% the wild 00:09:44.760 --> 00:09:47.570 align:start position:0% the wild I<00:09:45.120> mean<00:09:45.300> everyone's<00:09:45.600> going<00:09:45.720> crazy<00:09:45.959> about<00:09:46.200> it 00:09:47.570 --> 00:09:47.580 align:start position:0% I mean everyone's going crazy about it 00:09:47.580 --> 00:09:50.210 align:start position:0% I mean everyone's going crazy about it um<00:09:47.700> you<00:09:48.240> need<00:09:48.360> to<00:09:48.480> start<00:09:48.600> building<00:09:48.899> utility 00:09:50.210 --> 00:09:50.220 align:start position:0% um you need to start building utility 00:09:50.220 --> 00:09:52.130 align:start position:0% um you need to start building utility these<00:09:50.760> come<00:09:50.940> in<00:09:51.240> the<00:09:51.360> form<00:09:51.480> of<00:09:51.660> Integrations 00:09:52.130 --> 00:09:52.140 align:start position:0% these come in the form of Integrations 00:09:52.140 --> 00:09:54.829 align:start position:0% these come in the form of Integrations with<00:09:52.560> other<00:09:52.680> D5<00:09:53.100> protocols 00:09:54.829 --> 00:09:54.839 align:start position:0% with other D5 protocols 00:09:54.839 --> 00:09:56.449 align:start position:0% with other D5 protocols so<00:09:55.140> there's<00:09:55.260> kind<00:09:55.440> of<00:09:55.560> like<00:09:55.620> a<00:09:55.800> Maslow's 00:09:56.449 --> 00:09:56.459 align:start position:0% so there's kind of like a Maslow's 00:09:56.459 --> 00:09:59.690 align:start position:0% so there's kind of like a Maslow's hierarchy<00:09:57.360> of<00:09:57.600> defy<00:09:58.080> Integrations 00:09:59.690 --> 00:09:59.700 align:start position:0% hierarchy of defy Integrations 00:09:59.700 --> 00:10:02.150 align:start position:0% hierarchy of defy Integrations um<00:09:59.880> it<00:10:00.420> goes<00:10:00.660> something<00:10:00.720> like<00:10:00.899> this<00:10:01.160> you 00:10:02.150 --> 00:10:02.160 align:start position:0% um it goes something like this you 00:10:02.160 --> 00:10:03.769 align:start position:0% um it goes something like this you integrate<00:10:02.519> into<00:10:02.700> wallets<00:10:03.120> and<00:10:03.300> explorers 00:10:03.769 --> 00:10:03.779 align:start position:0% integrate into wallets and explorers 00:10:03.779 --> 00:10:06.410 align:start position:0% integrate into wallets and explorers first<00:10:04.220> then<00:10:05.220> you<00:10:05.339> build<00:10:05.519> up<00:10:05.760> some<00:10:05.940> liquidity 00:10:06.410 --> 00:10:06.420 align:start position:0% first then you build up some liquidity 00:10:06.420 --> 00:10:09.650 align:start position:0% first then you build up some liquidity this<00:10:07.140> is<00:10:07.200> the<00:10:07.320> bit<00:10:07.500> that<00:10:07.680> takes<00:10:08.040> time<00:10:08.820> A<00:10:09.300> lot<00:10:09.480> of 00:10:09.650 --> 00:10:09.660 align:start position:0% this is the bit that takes time A lot of 00:10:09.660 --> 00:10:12.650 align:start position:0% this is the bit that takes time A lot of time<00:10:09.839> to<00:10:10.440> build<00:10:10.560> up<00:10:10.800> liquidity<00:10:11.220> you<00:10:11.940> need<00:10:12.060> to 00:10:12.650 --> 00:10:12.660 align:start position:0% time to build up liquidity you need to 00:10:12.660 --> 00:10:15.829 align:start position:0% time to build up liquidity you need to get<00:10:12.839> a<00:10:13.560> breadth<00:10:14.100> of<00:10:14.220> liquidity<00:10:14.760> and<00:10:15.360> depth<00:10:15.720> of 00:10:15.829 --> 00:10:15.839 align:start position:0% get a breadth of liquidity and depth of 00:10:15.839 --> 00:10:18.650 align:start position:0% get a breadth of liquidity and depth of liquidity<00:10:16.320> and<00:10:17.220> that's<00:10:17.700> important<00:10:18.360> to<00:10:18.480> kind 00:10:18.650 --> 00:10:18.660 align:start position:0% liquidity and that's important to kind 00:10:18.660 --> 00:10:20.509 align:start position:0% liquidity and that's important to kind of<00:10:18.720> get<00:10:18.839> to<00:10:18.959> the<00:10:19.080> next<00:10:19.200> phases 00:10:20.509 --> 00:10:20.519 align:start position:0% of get to the next phases 00:10:20.519 --> 00:10:22.670 align:start position:0% of get to the next phases you<00:10:21.000> also<00:10:21.300> need<00:10:21.420> to<00:10:21.480> get<00:10:21.660> good<00:10:21.839> liquidity<00:10:22.320> on 00:10:22.670 --> 00:10:22.680 align:start position:0% you also need to get good liquidity on 00:10:22.680 --> 00:10:25.070 align:start position:0% you also need to get good liquidity on layer<00:10:23.040> twos<00:10:23.339> because<00:10:23.880> you<00:10:24.060> want<00:10:24.240> to<00:10:24.360> build<00:10:24.480> up 00:10:25.070 --> 00:10:25.080 align:start position:0% layer twos because you want to build up 00:10:25.080 --> 00:10:27.410 align:start position:0% layer twos because you want to build up um support<00:10:25.320> in<00:10:25.680> those<00:10:25.800> in<00:10:26.040> those<00:10:26.420> ecosystems 00:10:27.410 --> 00:10:27.420 align:start position:0% um support in those in those ecosystems 00:10:27.420 --> 00:10:31.130 align:start position:0% um support in those in those ecosystems and<00:10:27.959> also<00:10:28.140> provide<00:10:28.500> good<00:10:28.740> ux<00:10:29.160> for<00:10:29.399> stakers 00:10:31.130 --> 00:10:31.140 align:start position:0% and also provide good ux for stakers 00:10:31.140 --> 00:10:33.110 align:start position:0% and also provide good ux for stakers so<00:10:31.440> then<00:10:31.620> the<00:10:31.680> next<00:10:31.860> layer<00:10:32.160> is<00:10:32.279> Oracles<00:10:32.760> so 00:10:33.110 --> 00:10:33.120 align:start position:0% so then the next layer is Oracles so 00:10:33.120 --> 00:10:34.610 align:start position:0% so then the next layer is Oracles so once<00:10:33.420> you<00:10:33.480> once<00:10:33.779> you've<00:10:33.899> got<00:10:34.019> some<00:10:34.140> liquidity 00:10:34.610 --> 00:10:34.620 align:start position:0% once you once you've got some liquidity 00:10:34.620 --> 00:10:37.310 align:start position:0% once you once you've got some liquidity you<00:10:34.800> get<00:10:34.920> oracles<00:10:35.399> the<00:10:36.000> next<00:10:36.180> one<00:10:36.420> is<00:10:36.899> D5 00:10:37.310 --> 00:10:37.320 align:start position:0% you get oracles the next one is D5 00:10:37.320 --> 00:10:40.269 align:start position:0% you get oracles the next one is D5 protocols<00:10:38.180> particularly<00:10:39.180> lending<00:10:39.779> platforms 00:10:40.269 --> 00:10:40.279 align:start position:0% protocols particularly lending platforms 00:10:40.279 --> 00:10:44.030 align:start position:0% protocols particularly lending platforms but<00:10:41.279> also<00:10:41.820> kind<00:10:42.000> of<00:10:42.120> options<00:10:42.540> and<00:10:43.380> index 00:10:44.030 --> 00:10:44.040 align:start position:0% but also kind of options and index 00:10:44.040 --> 00:10:46.430 align:start position:0% but also kind of options and index platforms<00:10:44.940> and<00:10:45.120> fixed<00:10:45.480> income<00:10:45.779> products<00:10:46.260> and 00:10:46.430 --> 00:10:46.440 align:start position:0% platforms and fixed income products and 00:10:46.440 --> 00:10:48.530 align:start position:0% platforms and fixed income products and all<00:10:46.920> loads<00:10:47.339> of<00:10:47.399> things 00:10:48.530 --> 00:10:48.540 align:start position:0% all loads of things 00:10:48.540 --> 00:10:51.530 align:start position:0% all loads of things the<00:10:49.079> last<00:10:49.200> one<00:10:49.380> is<00:10:49.560> volts<00:10:50.040> so<00:10:50.399> volts<00:10:50.880> are<00:10:51.240> kind 00:10:51.530 --> 00:10:51.540 align:start position:0% the last one is volts so volts are kind 00:10:51.540 --> 00:10:54.829 align:start position:0% the last one is volts so volts are kind of<00:10:51.660> like<00:10:51.839> yield<00:10:52.700> optimization<00:10:53.700> and<00:10:54.240> platforms 00:10:54.829 --> 00:10:54.839 align:start position:0% of like yield optimization and platforms 00:10:54.839 --> 00:10:56.949 align:start position:0% of like yield optimization and platforms they<00:10:55.500> sit<00:10:55.740> over<00:10:55.980> top<00:10:56.160> of<00:10:56.339> loads<00:10:56.700> of<00:10:56.760> different 00:10:56.949 --> 00:10:56.959 align:start position:0% they sit over top of loads of different 00:10:56.959 --> 00:11:00.769 align:start position:0% they sit over top of loads of different D5<00:10:57.959> protocols<00:10:58.500> and<00:10:58.620> optimize<00:10:59.040> that<00:10:59.220> yield 00:11:00.769 --> 00:11:00.779 align:start position:0% D5 protocols and optimize that yield 00:11:00.779 --> 00:11:03.310 align:start position:0% D5 protocols and optimize that yield foreign 00:11:03.310 --> 00:11:03.320 align:start position:0% foreign 00:11:03.320 --> 00:11:05.389 align:start position:0% foreign staking<00:11:04.320> protocol<00:11:04.620> is<00:11:04.860> a<00:11:04.980> set<00:11:05.040> of<00:11:05.220> smart 00:11:05.389 --> 00:11:05.399 align:start position:0% staking protocol is a set of smart 00:11:05.399 --> 00:11:07.130 align:start position:0% staking protocol is a set of smart contracts<00:11:05.940> that<00:11:06.060> mediates<00:11:06.540> between 00:11:07.130 --> 00:11:07.140 align:start position:0% contracts that mediates between 00:11:07.140 --> 00:11:10.250 align:start position:0% contracts that mediates between depositors<00:11:07.920> and<00:11:08.640> node<00:11:08.880> operators<00:11:09.420> kind<00:11:10.140> of 00:11:10.250 --> 00:11:10.260 align:start position:0% depositors and node operators kind of 00:11:10.260 --> 00:11:12.769 align:start position:0% depositors and node operators kind of escrows<00:11:10.800> funds<00:11:11.160> into<00:11:11.579> the<00:11:11.820> ethereum's<00:11:12.540> proof 00:11:12.769 --> 00:11:12.779 align:start position:0% escrows funds into the ethereum's proof 00:11:12.779 --> 00:11:15.230 align:start position:0% escrows funds into the ethereum's proof of stake<00:11:13.140> system<00:11:13.320> and<00:11:13.980> then<00:11:14.040> back<00:11:14.220> again 00:11:15.230 --> 00:11:15.240 align:start position:0% of stake system and then back again 00:11:15.240 --> 00:11:18.290 align:start position:0% of stake system and then back again on<00:11:15.480> withdrawal<00:11:16.079> the<00:11:16.339> protocol<00:11:17.339> transparently 00:11:18.290 --> 00:11:18.300 align:start position:0% on withdrawal the protocol transparently 00:11:18.300 --> 00:11:20.690 align:start position:0% on withdrawal the protocol transparently distributes<00:11:19.079> those<00:11:19.260> funds<00:11:19.680> and<00:11:20.160> ensures<00:11:20.459> that 00:11:20.690 --> 00:11:20.700 align:start position:0% distributes those funds and ensures that 00:11:20.700 --> 00:11:23.210 align:start position:0% distributes those funds and ensures that each<00:11:20.880> party<00:11:21.180> receives<00:11:21.720> what<00:11:21.959> they<00:11:22.079> expect 00:11:23.210 --> 00:11:23.220 align:start position:0% each party receives what they expect 00:11:23.220 --> 00:11:25.190 align:start position:0% each party receives what they expect in<00:11:23.700> short<00:11:23.880> withdrawals<00:11:24.540> aware<00:11:24.779> of<00:11:24.899> most<00:11:25.019> of 00:11:25.190 --> 00:11:25.200 align:start position:0% in short withdrawals aware of most of 00:11:25.200 --> 00:11:27.829 align:start position:0% in short withdrawals aware of most of the<00:11:25.260> action<00:11:25.440> happens 00:11:27.829 --> 00:11:27.839 align:start position:0% 00:11:27.839 --> 00:11:29.329 align:start position:0% okay<00:11:28.260> so<00:11:28.500> it's<00:11:28.620> at<00:11:28.800> this<00:11:28.980> point<00:11:29.100> in<00:11:29.220> the 00:11:29.329 --> 00:11:29.339 align:start position:0% okay so it's at this point in the 00:11:29.339 --> 00:11:30.530 align:start position:0% okay so it's at this point in the presentation<00:11:29.640> I<00:11:29.820> need<00:11:30.000> to<00:11:30.060> give<00:11:30.180> a<00:11:30.240> bit<00:11:30.360> of<00:11:30.420> a 00:11:30.530 --> 00:11:30.540 align:start position:0% presentation I need to give a bit of a 00:11:30.540 --> 00:11:32.810 align:start position:0% presentation I need to give a bit of a disclaimer<00:11:31.040> the<00:11:32.040> information<00:11:32.160> on<00:11:32.519> this<00:11:32.640> slide 00:11:32.810 --> 00:11:32.820 align:start position:0% disclaimer the information on this slide 00:11:32.820 --> 00:11:35.389 align:start position:0% disclaimer the information on this slide is<00:11:33.060> not<00:11:33.300> final<00:11:33.480> the<00:11:34.380> capella<00:11:34.860> specification 00:11:35.389 --> 00:11:35.399 align:start position:0% is not final the capella specification 00:11:35.399 --> 00:11:37.790 align:start position:0% is not final the capella specification is<00:11:35.760> still<00:11:35.940> being<00:11:36.120> kind<00:11:36.839> of<00:11:36.899> drafted<00:11:37.320> but<00:11:37.620> at 00:11:37.790 --> 00:11:37.800 align:start position:0% is still being kind of drafted but at 00:11:37.800 --> 00:11:40.490 align:start position:0% is still being kind of drafted but at this<00:11:37.920> point<00:11:38.100> this<00:11:38.700> is<00:11:38.820> what<00:11:38.940> it<00:11:39.060> looks<00:11:39.300> like 00:11:40.490 --> 00:11:40.500 align:start position:0% this point this is what it looks like 00:11:40.500 --> 00:11:43.430 align:start position:0% this point this is what it looks like so<00:11:41.100> after<00:11:41.519> the<00:11:42.480> Shanghai<00:11:42.779> hard<00:11:43.079> Fork 00:11:43.430 --> 00:11:43.440 align:start position:0% so after the Shanghai hard Fork 00:11:43.440 --> 00:11:44.509 align:start position:0% so after the Shanghai hard Fork hopefully 00:11:44.509 --> 00:11:44.519 align:start position:0% hopefully 00:11:44.519 --> 00:11:47.030 align:start position:0% hopefully um<00:11:44.579> consensus<00:11:45.300> rewards<00:11:45.899> uh<00:11:46.260> will<00:11:46.500> be<00:11:46.680> fully 00:11:47.030 --> 00:11:47.040 align:start position:0% um consensus rewards uh will be fully 00:11:47.040 --> 00:11:48.829 align:start position:0% um consensus rewards uh will be fully withdrawable<00:11:47.579> or<00:11:47.940> partially<00:11:48.240> withdrawable 00:11:48.829 --> 00:11:48.839 align:start position:0% withdrawable or partially withdrawable 00:11:48.839 --> 00:11:51.949 align:start position:0% withdrawable or partially withdrawable so<00:11:49.560> fully<00:11:49.980> withdrawn<00:11:50.459> is<00:11:51.120> a<00:11:51.420> node<00:11:51.600> operator 00:11:51.949 --> 00:11:51.959 align:start position:0% so fully withdrawn is a node operator 00:11:51.959 --> 00:11:54.410 align:start position:0% so fully withdrawn is a node operator initiated<00:11:52.500> thing<00:11:53.160> so<00:11:53.459> a<00:11:53.880> node<00:11:54.060> operator 00:11:54.410 --> 00:11:54.420 align:start position:0% initiated thing so a node operator 00:11:54.420 --> 00:11:56.150 align:start position:0% initiated thing so a node operator submits<00:11:54.839> an<00:11:54.899> exit<00:11:55.140> message<00:11:55.320> they<00:11:55.980> get 00:11:56.150 --> 00:11:56.160 align:start position:0% submits an exit message they get 00:11:56.160 --> 00:11:57.949 align:start position:0% submits an exit message they get processed<00:11:56.579> by<00:11:56.700> an<00:11:56.880> exit<00:11:57.240> the<00:11:57.480> beacon<00:11:57.779> chain 00:11:57.949 --> 00:11:57.959 align:start position:0% processed by an exit the beacon chain 00:11:57.959 --> 00:12:00.710 align:start position:0% processed by an exit the beacon chain execute<00:11:58.680> they<00:11:59.459> come<00:11:59.760> into<00:11:59.880> this<00:12:00.120> withdrawable 00:12:00.710 --> 00:12:00.720 align:start position:0% execute they come into this withdrawable 00:12:00.720 --> 00:12:02.930 align:start position:0% execute they come into this withdrawable state<00:12:01.019> and<00:12:01.800> then<00:12:01.920> their<00:12:02.100> funds<00:12:02.459> are<00:12:02.519> returned 00:12:02.930 --> 00:12:02.940 align:start position:0% state and then their funds are returned 00:12:02.940 --> 00:12:05.810 align:start position:0% state and then their funds are returned to<00:12:03.060> a<00:12:03.300> withdrawal<00:12:03.899> credential 00:12:05.810 --> 00:12:05.820 align:start position:0% to a withdrawal credential 00:12:05.820 --> 00:12:07.490 align:start position:0% to a withdrawal credential at<00:12:06.480> that<00:12:06.600> point<00:12:06.720> they<00:12:06.959> are<00:12:07.140> no<00:12:07.260> longer 00:12:07.490 --> 00:12:07.500 align:start position:0% at that point they are no longer 00:12:07.500 --> 00:12:08.930 align:start position:0% at that point they are no longer validating<00:12:07.920> they've<00:12:08.399> done<00:12:08.519> there's<00:12:08.760> a 00:12:08.930 --> 00:12:08.940 align:start position:0% validating they've done there's a 00:12:08.940 --> 00:12:11.870 align:start position:0% validating they've done there's a validator<00:12:09.720> okay<00:12:10.140> that's<00:12:10.440> full<00:12:10.680> exit 00:12:11.870 --> 00:12:11.880 align:start position:0% validator okay that's full exit 00:12:11.880 --> 00:12:14.030 align:start position:0% validator okay that's full exit with<00:12:12.420> partial<00:12:12.779> withdrawn<00:12:13.320> you're<00:12:13.800> still 00:12:14.030 --> 00:12:14.040 align:start position:0% with partial withdrawn you're still 00:12:14.040 --> 00:12:16.250 align:start position:0% with partial withdrawn you're still validating<00:12:14.519> and<00:12:15.240> in<00:12:15.360> fact<00:12:15.540> this<00:12:15.779> is<00:12:15.899> like<00:12:16.019> an 00:12:16.250 --> 00:12:16.260 align:start position:0% validating and in fact this is like an 00:12:16.260 --> 00:12:18.470 align:start position:0% validating and in fact this is like an automatic<00:12:16.740> and<00:12:16.920> ongoing<00:12:17.399> process 00:12:18.470 --> 00:12:18.480 align:start position:0% automatic and ongoing process 00:12:18.480 --> 00:12:20.090 align:start position:0% automatic and ongoing process so 00:12:20.090 --> 00:12:20.100 align:start position:0% so 00:12:20.100 --> 00:12:22.250 align:start position:0% so um this<00:12:20.459> is<00:12:20.519> this<00:12:20.820> essentially<00:12:21.180> takes<00:12:21.480> skims 00:12:22.250 --> 00:12:22.260 align:start position:0% um this is this essentially takes skims 00:12:22.260 --> 00:12:24.769 align:start position:0% um this is this essentially takes skims the<00:12:22.440> rewards<00:12:23.399> um<00:12:23.459> off<00:12:23.640> the<00:12:23.820> top<00:12:23.940> so<00:12:24.240> you<00:12:24.660> have 00:12:24.769 --> 00:12:24.779 align:start position:0% the rewards um off the top so you have 00:12:24.779 --> 00:12:27.829 align:start position:0% the rewards um off the top so you have 32<00:12:25.140> Heath<00:12:25.500> is<00:12:25.740> your<00:12:26.040> kind<00:12:26.700> of<00:12:26.820> initial<00:12:27.360> deposit 00:12:27.829 --> 00:12:27.839 align:start position:0% 32 Heath is your kind of initial deposit 00:12:27.839 --> 00:12:29.930 align:start position:0% 32 Heath is your kind of initial deposit and<00:12:28.260> then<00:12:28.380> anything<00:12:28.620> else<00:12:28.860> you<00:12:29.100> make 00:12:29.930 --> 00:12:29.940 align:start position:0% and then anything else you make 00:12:29.940 --> 00:12:31.490 align:start position:0% and then anything else you make um<00:12:30.000> on<00:12:30.240> top<00:12:30.300> of<00:12:30.480> that<00:12:30.600> will<00:12:31.079> be<00:12:31.260> kind<00:12:31.440> of 00:12:31.490 --> 00:12:31.500 align:start position:0% um on top of that will be kind of 00:12:31.500 --> 00:12:33.290 align:start position:0% um on top of that will be kind of continually<00:12:31.980> skimmed<00:12:32.579> and<00:12:32.820> sent<00:12:33.000> to<00:12:33.180> your 00:12:33.290 --> 00:12:33.300 align:start position:0% continually skimmed and sent to your 00:12:33.300 --> 00:12:35.509 align:start position:0% continually skimmed and sent to your withdrawal<00:12:33.779> credential<00:12:34.140> automatically<00:12:35.100> by 00:12:35.509 --> 00:12:35.519 align:start position:0% withdrawal credential automatically by 00:12:35.519 --> 00:12:37.310 align:start position:0% withdrawal credential automatically by the<00:12:36.000> um<00:12:36.000> the<00:12:36.240> beacon<00:12:36.540> chain<00:12:36.720> and<00:12:37.200> the 00:12:37.310 --> 00:12:37.320 align:start position:0% the um the beacon chain and the 00:12:37.320 --> 00:12:41.990 align:start position:0% the um the beacon chain and the consensus<00:12:37.980> clouds 00:12:41.990 --> 00:12:42.000 align:start position:0% 00:12:42.000 --> 00:12:43.790 align:start position:0% so<00:12:42.360> withdrawal<00:12:42.839> credentials<00:12:43.380> are<00:12:43.500> a<00:12:43.620> key 00:12:43.790 --> 00:12:43.800 align:start position:0% so withdrawal credentials are a key 00:12:43.800 --> 00:12:46.129 align:start position:0% so withdrawal credentials are a key element<00:12:43.980> of<00:12:44.399> the<00:12:44.579> ethereum<00:12:45.000> spec 00:12:46.129 --> 00:12:46.139 align:start position:0% element of the ethereum spec 00:12:46.139 --> 00:12:48.110 align:start position:0% element of the ethereum spec um<00:12:46.200> and<00:12:46.860> they<00:12:47.040> come<00:12:47.160> in<00:12:47.339> like<00:12:47.519> two<00:12:47.760> types 00:12:48.110 --> 00:12:48.120 align:start position:0% um and they come in like two types 00:12:48.120 --> 00:12:50.690 align:start position:0% um and they come in like two types there's<00:12:48.360> a<00:12:48.540> Xerox<00:12:48.899> zero<00:12:49.320> which<00:12:49.440> is<00:12:49.560> this<00:12:49.860> BLS 00:12:50.690 --> 00:12:50.700 align:start position:0% there's a Xerox zero which is this BLS 00:12:50.700 --> 00:12:53.629 align:start position:0% there's a Xerox zero which is this BLS signature<00:12:51.480> credential<00:12:51.899> and<00:12:52.500> 0x01<00:12:53.279> which<00:12:53.579> is 00:12:53.629 --> 00:12:53.639 align:start position:0% signature credential and 0x01 which is 00:12:53.639 --> 00:12:55.970 align:start position:0% signature credential and 0x01 which is an<00:12:53.820> ethereum<00:12:54.180> address<00:12:54.360> that<00:12:54.839> receives<00:12:55.200> the 00:12:55.970 --> 00:12:55.980 align:start position:0% an ethereum address that receives the 00:12:55.980 --> 00:12:57.650 align:start position:0% an ethereum address that receives the withdrawn<00:12:56.399> funds 00:12:57.650 --> 00:12:57.660 align:start position:0% withdrawn funds 00:12:57.660 --> 00:13:01.069 align:start position:0% withdrawn funds so<00:12:58.260> most<00:12:58.620> credentials<00:12:59.279> in<00:12:59.399> use<00:12:59.579> today<00:12:59.760> are<00:13:00.420> 0x0 00:13:01.069 --> 00:13:01.079 align:start position:0% so most credentials in use today are 0x0 00:13:01.079 --> 00:13:03.050 align:start position:0% so most credentials in use today are 0x0 and<00:13:01.620> that's<00:13:01.800> because<00:13:01.980> they<00:13:02.519> were<00:13:02.700> introduced 00:13:03.050 --> 00:13:03.060 align:start position:0% and that's because they were introduced 00:13:03.060 --> 00:13:06.470 align:start position:0% and that's because they were introduced first<00:13:03.240> and<00:13:03.899> then<00:13:04.019> much<00:13:04.200> later<00:13:04.440> 0x01<00:13:05.399> came<00:13:05.820> came 00:13:06.470 --> 00:13:06.480 align:start position:0% first and then much later 0x01 came came 00:13:06.480 --> 00:13:08.030 align:start position:0% first and then much later 0x01 came came ahead 00:13:08.030 --> 00:13:08.040 align:start position:0% ahead 00:13:08.040 --> 00:13:10.850 align:start position:0% ahead so<00:13:08.579> in<00:13:09.180> the<00:13:09.360> current<00:13:09.480> plan<00:13:09.779> Xerox<00:13:10.440> zero 00:13:10.850 --> 00:13:10.860 align:start position:0% so in the current plan Xerox zero 00:13:10.860 --> 00:13:12.710 align:start position:0% so in the current plan Xerox zero credentials<00:13:11.399> we<00:13:11.639> need<00:13:11.760> to<00:13:11.880> be<00:13:12.000> converted<00:13:12.480> into 00:13:12.710 --> 00:13:12.720 align:start position:0% credentials we need to be converted into 00:13:12.720 --> 00:13:14.750 align:start position:0% credentials we need to be converted into a<00:13:12.959> 0x01 00:13:14.750 --> 00:13:14.760 align:start position:0% a 0x01 00:13:14.760 --> 00:13:17.030 align:start position:0% a 0x01 um<00:13:14.820> to<00:13:15.300> allow<00:13:15.540> you<00:13:15.660> to<00:13:15.779> withdraw 00:13:17.030 --> 00:13:17.040 align:start position:0% um to allow you to withdraw 00:13:17.040 --> 00:13:18.769 align:start position:0% um to allow you to withdraw and<00:13:17.339> there'll<00:13:17.579> be<00:13:17.639> like<00:13:17.820> this<00:13:18.060> special<00:13:18.240> kind 00:13:18.769 --> 00:13:18.779 align:start position:0% and there'll be like this special kind 00:13:18.779 --> 00:13:20.690 align:start position:0% and there'll be like this special kind of<00:13:18.899> migration<00:13:19.260> process<00:13:19.680> that'll<00:13:20.220> that'll 00:13:20.690 --> 00:13:20.700 align:start position:0% of migration process that'll that'll 00:13:20.700 --> 00:13:22.670 align:start position:0% of migration process that'll that'll facilitate<00:13:21.180> that 00:13:22.670 --> 00:13:22.680 align:start position:0% facilitate that 00:13:22.680 --> 00:13:25.310 align:start position:0% facilitate that so<00:13:23.040> 0x01<00:13:23.760> is<00:13:23.940> important<00:13:24.420> because<00:13:24.899> it 00:13:25.310 --> 00:13:25.320 align:start position:0% so 0x01 is important because it 00:13:25.320 --> 00:13:28.030 align:start position:0% so 0x01 is important because it facilitates<00:13:25.860> the<00:13:26.100> development<00:13:26.459> of<00:13:27.000> these 00:13:28.030 --> 00:13:28.040 align:start position:0% facilitates the development of these 00:13:28.040 --> 00:13:31.069 align:start position:0% facilitates the development of these non-custodial<00:13:29.040> staking<00:13:29.519> protocols 00:13:31.069 --> 00:13:31.079 align:start position:0% non-custodial staking protocols 00:13:31.079 --> 00:13:34.690 align:start position:0% non-custodial staking protocols um essentially<00:13:31.500> because<00:13:31.740> the<00:13:32.600> 0x01<00:13:33.620> address 00:13:34.690 --> 00:13:34.700 align:start position:0% um essentially because the 0x01 address 00:13:34.700 --> 00:13:38.090 align:start position:0% um essentially because the 0x01 address can<00:13:35.700> be<00:13:35.880> a<00:13:36.060> smart<00:13:36.360> contract<00:13:36.779> and<00:13:37.440> so<00:13:37.620> that's 00:13:38.090 --> 00:13:38.100 align:start position:0% can be a smart contract and so that's 00:13:38.100 --> 00:13:40.430 align:start position:0% can be a smart contract and so that's smart<00:13:38.339> contract<00:13:38.820> can<00:13:39.180> you<00:13:39.779> know<00:13:39.839> take<00:13:40.019> custody 00:13:40.430 --> 00:13:40.440 align:start position:0% smart contract can you know take custody 00:13:40.440 --> 00:13:42.949 align:start position:0% smart contract can you know take custody of<00:13:40.560> funds<00:13:40.980> they<00:13:41.459> can<00:13:41.639> deposit<00:13:42.060> them<00:13:42.240> into<00:13:42.420> the 00:13:42.949 --> 00:13:42.959 align:start position:0% of funds they can deposit them into the 00:13:42.959 --> 00:13:44.930 align:start position:0% of funds they can deposit them into the um<00:13:43.019> the<00:13:43.200> beacon<00:13:43.500> chain<00:13:43.740> into<00:13:44.220> the<00:13:44.459> into<00:13:44.700> the 00:13:44.930 --> 00:13:44.940 align:start position:0% um the beacon chain into the into the 00:13:44.940 --> 00:13:46.970 align:start position:0% um the beacon chain into the into the deposit<00:13:45.240> contract<00:13:45.540> and<00:13:46.320> then<00:13:46.440> when<00:13:46.800> it 00:13:46.970 --> 00:13:46.980 align:start position:0% deposit contract and then when it 00:13:46.980 --> 00:13:49.009 align:start position:0% deposit contract and then when it withdraws<00:13:47.700> it<00:13:48.180> can<00:13:48.300> then<00:13:48.420> distribute<00:13:48.899> the 00:13:49.009 --> 00:13:49.019 align:start position:0% withdraws it can then distribute the 00:13:49.019 --> 00:13:53.509 align:start position:0% withdraws it can then distribute the funds<00:13:49.560> to<00:13:49.680> all<00:13:49.800> the<00:13:49.980> parties 00:13:53.509 --> 00:13:53.519 align:start position:0% 00:13:53.519 --> 00:13:55.670 align:start position:0% so<00:13:54.420> building<00:13:54.660> a<00:13:54.899> decentralized<00:13:55.320> staking 00:13:55.670 --> 00:13:55.680 align:start position:0% so building a decentralized staking 00:13:55.680 --> 00:13:58.069 align:start position:0% so building a decentralized staking protocol<00:13:56.040> is<00:13:56.760> easy 00:13:58.069 --> 00:13:58.079 align:start position:0% protocol is easy 00:13:58.079 --> 00:14:00.350 align:start position:0% protocol is easy not<00:13:58.560> so<00:13:58.680> much 00:14:00.350 --> 00:14:00.360 align:start position:0% not so much 00:14:00.360 --> 00:14:02.930 align:start position:0% not so much there<00:14:01.079> are<00:14:01.260> significant<00:14:01.740> challenges<00:14:02.339> to 00:14:02.930 --> 00:14:02.940 align:start position:0% there are significant challenges to 00:14:02.940 --> 00:14:04.790 align:start position:0% there are significant challenges to developing<00:14:03.360> a<00:14:03.600> truly<00:14:03.839> decentralized<00:14:04.440> staking 00:14:04.790 --> 00:14:04.800 align:start position:0% developing a truly decentralized staking 00:14:04.800 --> 00:14:06.710 align:start position:0% developing a truly decentralized staking protocol 00:14:06.710 --> 00:14:06.720 align:start position:0% protocol 00:14:06.720 --> 00:14:09.350 align:start position:0% protocol so<00:14:07.019> as<00:14:07.200> for<00:14:07.380> permissionless<00:14:08.040> being<00:14:08.880> an<00:14:09.180> open 00:14:09.350 --> 00:14:09.360 align:start position:0% so as for permissionless being an open 00:14:09.360 --> 00:14:11.930 align:start position:0% so as for permissionless being an open and<00:14:09.959> public<00:14:10.079> piece<00:14:10.560> of<00:14:10.620> infrastructure<00:14:11.279> is 00:14:11.930 --> 00:14:11.940 align:start position:0% and public piece of infrastructure is 00:14:11.940 --> 00:14:14.569 align:start position:0% and public piece of infrastructure is key<00:14:12.180> to<00:14:12.360> a<00:14:12.540> protocol<00:14:12.779> success<00:14:13.320> and<00:14:14.160> it's<00:14:14.279> and 00:14:14.569 --> 00:14:14.579 align:start position:0% key to a protocol success and it's and 00:14:14.579 --> 00:14:15.949 align:start position:0% key to a protocol success and it's and it's<00:14:14.760> also<00:14:15.000> it's<00:14:15.300> important<00:14:15.660> for<00:14:15.779> its 00:14:15.949 --> 00:14:15.959 align:start position:0% it's also it's important for its 00:14:15.959 --> 00:14:17.629 align:start position:0% it's also it's important for its alignment<00:14:16.320> with<00:14:16.500> ethereum<00:14:17.040> being 00:14:17.629 --> 00:14:17.639 align:start position:0% alignment with ethereum being 00:14:17.639 --> 00:14:19.790 align:start position:0% alignment with ethereum being permissionless<00:14:18.240> is<00:14:18.480> a<00:14:18.600> is<00:14:18.779> a<00:14:18.959> noble<00:14:19.260> Pursuit 00:14:19.790 --> 00:14:19.800 align:start position:0% permissionless is a is a noble Pursuit 00:14:19.800 --> 00:14:22.190 align:start position:0% permissionless is a is a noble Pursuit and<00:14:20.399> it's<00:14:20.519> critical<00:14:20.880> for<00:14:21.180> ethereum<00:14:21.660> to<00:14:21.959> for 00:14:22.190 --> 00:14:22.200 align:start position:0% and it's critical for ethereum to for 00:14:22.200 --> 00:14:24.829 align:start position:0% and it's critical for ethereum to for retaining<00:14:22.740> its<00:14:23.040> credible<00:14:23.279> neutrality 00:14:24.829 --> 00:14:24.839 align:start position:0% retaining its credible neutrality 00:14:24.839 --> 00:14:27.230 align:start position:0% retaining its credible neutrality so<00:14:25.500> being<00:14:25.980> permissionless<00:14:26.519> subsequently 00:14:27.230 --> 00:14:27.240 align:start position:0% so being permissionless subsequently 00:14:27.240 --> 00:14:29.930 align:start position:0% so being permissionless subsequently leads<00:14:27.600> to<00:14:27.779> trustless<00:14:28.620> designs<00:14:29.160> which<00:14:29.760> I 00:14:29.930 --> 00:14:29.940 align:start position:0% leads to trustless designs which I 00:14:29.940 --> 00:14:31.670 align:start position:0% leads to trustless designs which I believe<00:14:30.060> are<00:14:30.480> much<00:14:30.660> more<00:14:30.839> resilient<00:14:31.380> in<00:14:31.620> the 00:14:31.670 --> 00:14:31.680 align:start position:0% believe are much more resilient in the 00:14:31.680 --> 00:14:32.990 align:start position:0% believe are much more resilient in the long<00:14:31.800> term 00:14:32.990 --> 00:14:33.000 align:start position:0% long term 00:14:33.000 --> 00:14:35.030 align:start position:0% long term like<00:14:33.480> ethereum<00:14:33.839> itself<00:14:34.139> decentralized 00:14:35.030 --> 00:14:35.040 align:start position:0% like ethereum itself decentralized 00:14:35.040 --> 00:14:36.949 align:start position:0% like ethereum itself decentralized staking<00:14:35.639> protocols<00:14:36.120> have<00:14:36.300> to<00:14:36.360> rely<00:14:36.660> on<00:14:36.779> a 00:14:36.949 --> 00:14:36.959 align:start position:0% staking protocols have to rely on a 00:14:36.959 --> 00:14:39.829 align:start position:0% staking protocols have to rely on a combination<00:14:37.800> of<00:14:38.160> cryptography<00:14:38.880> and<00:14:39.420> crypto 00:14:39.829 --> 00:14:39.839 align:start position:0% combination of cryptography and crypto 00:14:39.839 --> 00:14:42.050 align:start position:0% combination of cryptography and crypto economics<00:14:40.320> to<00:14:40.980> balance<00:14:41.339> incentives<00:14:41.820> and 00:14:42.050 --> 00:14:42.060 align:start position:0% economics to balance incentives and 00:14:42.060 --> 00:14:44.269 align:start position:0% economics to balance incentives and penalties<00:14:42.480> ensuring<00:14:43.380> that<00:14:43.620> the<00:14:43.800> participants 00:14:44.269 --> 00:14:44.279 align:start position:0% penalties ensuring that the participants 00:14:44.279 --> 00:14:46.310 align:start position:0% penalties ensuring that the participants have<00:14:44.820> aligned<00:14:45.300> interests 00:14:46.310 --> 00:14:46.320 align:start position:0% have aligned interests 00:14:46.320 --> 00:14:49.189 align:start position:0% have aligned interests but<00:14:46.680> it<00:14:46.860> is<00:14:46.980> challenging<00:14:47.779> but<00:14:48.779> personally 00:14:49.189 --> 00:14:49.199 align:start position:0% but it is challenging but personally 00:14:49.199 --> 00:14:51.230 align:start position:0% but it is challenging but personally this<00:14:49.860> is<00:14:49.980> what<00:14:50.100> it<00:14:50.220> makes<00:14:50.339> it<00:14:50.519> this<00:14:51.060> is<00:14:51.120> what 00:14:51.230 --> 00:14:51.240 align:start position:0% this is what it makes it this is what 00:14:51.240 --> 00:14:54.410 align:start position:0% this is what it makes it this is what makes<00:14:51.420> it<00:14:51.600> interesting<00:14:52.019> work 00:14:54.410 --> 00:14:54.420 align:start position:0% 00:14:54.420 --> 00:14:55.970 align:start position:0% so<00:14:54.779> scaling 00:14:55.970 --> 00:14:55.980 align:start position:0% so scaling 00:14:55.980 --> 00:14:58.430 align:start position:0% so scaling being<00:14:56.579> a<00:14:56.820> competitive<00:14:57.180> market<00:14:57.720> participant 00:14:58.430 --> 00:14:58.440 align:start position:0% being a competitive market participant 00:14:58.440 --> 00:15:00.949 align:start position:0% being a competitive market participant is<00:14:58.920> important<00:14:59.339> to<00:14:59.880> ensure<00:15:00.180> that<00:15:00.420> ethereum 00:15:00.949 --> 00:15:00.959 align:start position:0% is important to ensure that ethereum 00:15:00.959 --> 00:15:03.410 align:start position:0% is important to ensure that ethereum remains<00:15:01.500> decentralized 00:15:03.410 --> 00:15:03.420 align:start position:0% remains decentralized 00:15:03.420 --> 00:15:05.269 align:start position:0% remains decentralized scaling<00:15:04.079> a<00:15:04.199> decentralized<00:15:04.620> staking<00:15:04.920> protocol 00:15:05.269 --> 00:15:05.279 align:start position:0% scaling a decentralized staking protocol 00:15:05.279 --> 00:15:08.269 align:start position:0% scaling a decentralized staking protocol is<00:15:05.760> much<00:15:06.540> harder<00:15:06.959> than<00:15:07.560> scaling<00:15:08.040> a 00:15:08.269 --> 00:15:08.279 align:start position:0% is much harder than scaling a 00:15:08.279 --> 00:15:09.790 align:start position:0% is much harder than scaling a centralized<00:15:08.699> provider 00:15:09.790 --> 00:15:09.800 align:start position:0% centralized provider 00:15:09.800 --> 00:15:13.550 align:start position:0% centralized provider the<00:15:10.800> two<00:15:10.920> aren't<00:15:11.160> even<00:15:11.399> really<00:15:11.639> comparable 00:15:13.550 --> 00:15:13.560 align:start position:0% the two aren't even really comparable 00:15:13.560 --> 00:15:15.470 align:start position:0% the two aren't even really comparable a<00:15:13.980> decentralized<00:15:14.459> staking<00:15:14.760> protocol<00:15:15.060> has<00:15:15.360> to 00:15:15.470 --> 00:15:15.480 align:start position:0% a decentralized staking protocol has to 00:15:15.480 --> 00:15:17.990 align:start position:0% a decentralized staking protocol has to rely<00:15:15.720> on<00:15:15.839> Ingenuity<00:15:16.320> to<00:15:16.980> scale<00:15:17.279> but<00:15:17.760> never 00:15:17.990 --> 00:15:18.000 align:start position:0% rely on Ingenuity to scale but never 00:15:18.000 --> 00:15:21.170 align:start position:0% rely on Ingenuity to scale but never lose<00:15:18.180> sight<00:15:18.420> of<00:15:18.660> its<00:15:18.899> kind<00:15:19.019> of<00:15:19.139> core<00:15:19.320> value 00:15:21.170 --> 00:15:21.180 align:start position:0% lose sight of its kind of core value 00:15:21.180 --> 00:15:23.090 align:start position:0% lose sight of its kind of core value a<00:15:21.540> decentralized<00:15:22.079> staking<00:15:22.380> protocol<00:15:22.740> is 00:15:23.090 --> 00:15:23.100 align:start position:0% a decentralized staking protocol is 00:15:23.100 --> 00:15:24.590 align:start position:0% a decentralized staking protocol is actually<00:15:23.339> a<00:15:23.699> community 00:15:24.590 --> 00:15:24.600 align:start position:0% actually a community 00:15:24.600 --> 00:15:27.290 align:start position:0% actually a community a<00:15:25.139> community<00:15:25.440> of<00:15:25.740> node<00:15:25.920> operators<00:15:26.459> who<00:15:27.120> are 00:15:27.290 --> 00:15:27.300 align:start position:0% a community of node operators who are 00:15:27.300 --> 00:15:31.009 align:start position:0% a community of node operators who are passionate<00:15:28.139> about<00:15:28.620> securing<00:15:29.220> ethereum 00:15:31.009 --> 00:15:31.019 align:start position:0% passionate about securing ethereum 00:15:31.019 --> 00:15:32.870 align:start position:0% passionate about securing ethereum scaling<00:15:31.680> is<00:15:31.740> certainly<00:15:32.040> a<00:15:32.160> challenge<00:15:32.339> but<00:15:32.699> it 00:15:32.870 --> 00:15:32.880 align:start position:0% scaling is certainly a challenge but it 00:15:32.880 --> 00:15:36.110 align:start position:0% scaling is certainly a challenge but it is<00:15:33.120> one<00:15:33.420> that<00:15:33.540> can<00:15:33.660> be<00:15:33.779> overcome 00:15:36.110 --> 00:15:36.120 align:start position:0% is one that can be overcome 00:15:36.120 --> 00:15:38.629 align:start position:0% is one that can be overcome so<00:15:36.360> Reliance<00:15:36.899> on<00:15:37.019> oracles 00:15:38.629 --> 00:15:38.639 align:start position:0% so Reliance on oracles 00:15:38.639 --> 00:15:41.389 align:start position:0% so Reliance on oracles so<00:15:39.120> semi-trusted<00:15:39.899> oracles<00:15:40.380> are<00:15:40.980> essential 00:15:41.389 --> 00:15:41.399 align:start position:0% so semi-trusted oracles are essential 00:15:41.399 --> 00:15:43.189 align:start position:0% so semi-trusted oracles are essential for<00:15:41.699> decentralized<00:15:42.300> staking<00:15:42.600> protocols 00:15:43.189 --> 00:15:43.199 align:start position:0% for decentralized staking protocols 00:15:43.199 --> 00:15:44.150 align:start position:0% for decentralized staking protocols today 00:15:44.150 --> 00:15:44.160 align:start position:0% today 00:15:44.160 --> 00:15:46.430 align:start position:0% today the<00:15:44.579> consensus<00:15:45.060> and<00:15:45.240> execution<00:15:45.600> layer<00:15:46.019> are 00:15:46.430 --> 00:15:46.440 align:start position:0% the consensus and execution layer are 00:15:46.440 --> 00:15:49.069 align:start position:0% the consensus and execution layer are separate<00:15:47.100> Concepts<00:15:47.699> and<00:15:48.360> they've<00:15:48.660> only<00:15:48.779> just 00:15:49.069 --> 00:15:49.079 align:start position:0% separate Concepts and they've only just 00:15:49.079 --> 00:15:51.170 align:start position:0% separate Concepts and they've only just been<00:15:49.320> merged<00:15:49.680> together 00:15:51.170 --> 00:15:51.180 align:start position:0% been merged together 00:15:51.180 --> 00:15:53.449 align:start position:0% been merged together so<00:15:51.480> oracles<00:15:51.959> are<00:15:52.139> required<00:15:52.500> to<00:15:52.800> Aggregate<00:15:53.339> and 00:15:53.449 --> 00:15:53.459 align:start position:0% so oracles are required to Aggregate and 00:15:53.459 --> 00:15:55.730 align:start position:0% so oracles are required to Aggregate and Report<00:15:53.699> validator<00:15:54.660> performance<00:15:55.500> information 00:15:55.730 --> 00:15:55.740 align:start position:0% Report validator performance information 00:15:55.740 --> 00:15:59.750 align:start position:0% Report validator performance information to<00:15:56.579> the<00:15:56.699> protocol<00:15:57.000> smart<00:15:57.360> contracts 00:15:59.750 --> 00:15:59.760 align:start position:0% to the protocol smart contracts 00:15:59.760 --> 00:16:01.850 align:start position:0% to the protocol smart contracts there's<00:16:00.300> actually<00:16:00.540> an<00:16:00.779> EIP<00:16:01.079> that's<00:16:01.680> being 00:16:01.850 --> 00:16:01.860 align:start position:0% there's actually an EIP that's being 00:16:01.860 --> 00:16:05.329 align:start position:0% there's actually an EIP that's being considered<00:16:02.279> for<00:16:02.579> Shanghai<00:16:03.360> and<00:16:03.720> it's<00:16:04.339> eip4788 00:16:05.329 --> 00:16:05.339 align:start position:0% considered for Shanghai and it's eip4788 00:16:05.339 --> 00:16:08.569 align:start position:0% considered for Shanghai and it's eip4788 what<00:16:06.180> it<00:16:06.300> does<00:16:06.480> is<00:16:06.720> it<00:16:06.899> adds<00:16:07.440> access<00:16:07.800> to<00:16:08.339> the 00:16:08.569 --> 00:16:08.579 align:start position:0% what it does is it adds access to the 00:16:08.579 --> 00:16:10.970 align:start position:0% what it does is it adds access to the beacon<00:16:08.940> chain<00:16:09.240> state<00:16:09.720> route<00:16:09.959> to<00:16:10.860> the 00:16:10.970 --> 00:16:10.980 align:start position:0% beacon chain state route to the 00:16:10.980 --> 00:16:13.310 align:start position:0% beacon chain state route to the execution<00:16:11.339> layer<00:16:11.760> so<00:16:12.240> that<00:16:12.480> smart<00:16:12.720> contracts 00:16:13.310 --> 00:16:13.320 align:start position:0% execution layer so that smart contracts 00:16:13.320 --> 00:16:16.009 align:start position:0% execution layer so that smart contracts can<00:16:13.560> verify<00:16:14.040> proofs<00:16:14.519> about<00:16:15.120> the<00:16:15.480> beacon<00:16:15.779> chain 00:16:16.009 --> 00:16:16.019 align:start position:0% can verify proofs about the beacon chain 00:16:16.019 --> 00:16:17.329 align:start position:0% can verify proofs about the beacon chain state 00:16:17.329 --> 00:16:17.339 align:start position:0% state 00:16:17.339 --> 00:16:19.310 align:start position:0% state this<00:16:17.760> is<00:16:17.940> key<00:16:18.120> to<00:16:18.360> reducing<00:16:18.720> the<00:16:18.959> role<00:16:19.139> of 00:16:19.310 --> 00:16:19.320 align:start position:0% this is key to reducing the role of 00:16:19.320 --> 00:16:20.829 align:start position:0% this is key to reducing the role of these<00:16:19.440> semi-trusted<00:16:19.980> Oracles<00:16:20.399> in<00:16:20.639> the 00:16:20.829 --> 00:16:20.839 align:start position:0% these semi-trusted Oracles in the 00:16:20.839 --> 00:16:23.269 align:start position:0% these semi-trusted Oracles in the decentralized<00:16:21.839> staking<00:16:22.079> protocols<00:16:22.620> but<00:16:23.160> it 00:16:23.269 --> 00:16:23.279 align:start position:0% decentralized staking protocols but it 00:16:23.279 --> 00:16:25.250 align:start position:0% decentralized staking protocols but it is<00:16:23.459> important<00:16:23.820> generally<00:16:24.180> to<00:16:24.660> combine<00:16:25.019> those 00:16:25.250 --> 00:16:25.260 align:start position:0% is important generally to combine those 00:16:25.260 --> 00:16:28.430 align:start position:0% is important generally to combine those two<00:16:25.500> concepts<00:16:26.040> and<00:16:26.699> allow<00:16:27.000> Innovation<00:16:27.480> to 00:16:28.430 --> 00:16:28.440 align:start position:0% two concepts and allow Innovation to 00:16:28.440 --> 00:16:31.730 align:start position:0% two concepts and allow Innovation to particularly<00:16:29.399> around<00:16:30.060> validator<00:16:31.019> status<00:16:31.320> and 00:16:31.730 --> 00:16:31.740 align:start position:0% particularly around validator status and 00:16:31.740 --> 00:16:36.650 align:start position:0% particularly around validator status and finality<00:16:32.279> on<00:16:32.940> the<00:16:33.060> execution<00:16:33.420> layer 00:16:36.650 --> 00:16:36.660 align:start position:0% 00:16:36.660 --> 00:16:42.230 align:start position:0% so<00:16:37.320> what<00:16:37.500> are<00:16:37.680> the<00:16:37.800> opportunities 00:16:42.230 --> 00:16:42.240 align:start position:0% 00:16:42.240 --> 00:16:44.990 align:start position:0% okay<00:16:42.779> so<00:16:43.639> this<00:16:44.639> might<00:16:44.759> be<00:16:44.820> a<00:16:44.940> bit 00:16:44.990 --> 00:16:45.000 align:start position:0% okay so this might be a bit 00:16:45.000 --> 00:16:46.850 align:start position:0% okay so this might be a bit counter-intuitive<00:16:45.600> but<00:16:45.959> ethereum<00:16:46.620> doesn't 00:16:46.850 --> 00:16:46.860 align:start position:0% counter-intuitive but ethereum doesn't 00:16:46.860 --> 00:16:49.249 align:start position:0% counter-intuitive but ethereum doesn't need<00:16:47.100> more<00:16:47.279> stake<00:16:47.699> it<00:16:48.240> needs<00:16:48.480> more<00:16:48.779> individual 00:16:49.249 --> 00:16:49.259 align:start position:0% need more stake it needs more individual 00:16:49.259 --> 00:16:50.749 align:start position:0% need more stake it needs more individual node<00:16:49.500> operators 00:16:50.749 --> 00:16:50.759 align:start position:0% node operators 00:16:50.759 --> 00:16:52.490 align:start position:0% node operators so<00:16:51.120> I<00:16:51.240> believe<00:16:51.600> this<00:16:51.959> quote<00:16:52.139> is<00:16:52.320> from 00:16:52.490 --> 00:16:52.500 align:start position:0% so I believe this quote is from 00:16:52.500 --> 00:16:54.590 align:start position:0% so I believe this quote is from superfizz<00:16:52.980> so<00:16:53.459> uh<00:16:53.639> thanks<00:16:53.940> Fizz<00:16:54.240> if<00:16:54.480> you're 00:16:54.590 --> 00:16:54.600 align:start position:0% superfizz so uh thanks Fizz if you're 00:16:54.600 --> 00:16:55.970 align:start position:0% superfizz so uh thanks Fizz if you're watching 00:16:55.970 --> 00:16:55.980 align:start position:0% watching 00:16:55.980 --> 00:16:56.990 align:start position:0% watching um 00:16:56.990 --> 00:16:57.000 align:start position:0% um 00:16:57.000 --> 00:16:59.569 align:start position:0% um decentralized<00:16:57.779> staking<00:16:58.079> protocols<00:16:58.800> have<00:16:59.399> an 00:16:59.569 --> 00:16:59.579 align:start position:0% decentralized staking protocols have an 00:16:59.579 --> 00:17:02.210 align:start position:0% decentralized staking protocols have an opportunity<00:17:00.000> to<00:17:00.420> redress<00:17:00.779> the<00:17:01.139> balance 00:17:02.210 --> 00:17:02.220 align:start position:0% opportunity to redress the balance 00:17:02.220 --> 00:17:03.769 align:start position:0% opportunity to redress the balance so<00:17:02.519> by<00:17:02.699> lowering<00:17:03.240> the<00:17:03.420> collateral 00:17:03.769 --> 00:17:03.779 align:start position:0% so by lowering the collateral 00:17:03.779 --> 00:17:06.409 align:start position:0% so by lowering the collateral requirement<00:17:04.260> for<00:17:04.860> node<00:17:05.040> operators 00:17:06.409 --> 00:17:06.419 align:start position:0% requirement for node operators 00:17:06.419 --> 00:17:08.870 align:start position:0% requirement for node operators there<00:17:07.079> are<00:17:07.380> more<00:17:07.740> potential<00:17:08.160> node<00:17:08.400> operators 00:17:08.870 --> 00:17:08.880 align:start position:0% there are more potential node operators 00:17:08.880 --> 00:17:11.270 align:start position:0% there are more potential node operators available 00:17:11.270 --> 00:17:11.280 align:start position:0% 00:17:11.280 --> 00:17:13.970 align:start position:0% by<00:17:11.880> streamlining<00:17:12.660> setting<00:17:13.079> up<00:17:13.199> a<00:17:13.380> node<00:17:13.620> and 00:17:13.970 --> 00:17:13.980 align:start position:0% by streamlining setting up a node and 00:17:13.980 --> 00:17:16.370 align:start position:0% by streamlining setting up a node and running<00:17:14.160> a<00:17:14.400> node<00:17:14.640> it's<00:17:15.480> easier<00:17:15.839> to<00:17:16.079> onboard 00:17:16.370 --> 00:17:16.380 align:start position:0% running a node it's easier to onboard 00:17:16.380 --> 00:17:19.189 align:start position:0% running a node it's easier to onboard new<00:17:16.679> node<00:17:16.919> operators 00:17:19.189 --> 00:17:19.199 align:start position:0% new node operators 00:17:19.199 --> 00:17:21.049 align:start position:0% new node operators and<00:17:19.500> if<00:17:19.679> you<00:17:19.799> lower<00:17:20.040> the<00:17:20.280> barrier<00:17:20.640> to<00:17:20.699> entry 00:17:21.049 --> 00:17:21.059 align:start position:0% and if you lower the barrier to entry 00:17:21.059 --> 00:17:23.750 align:start position:0% and if you lower the barrier to entry for<00:17:21.600> spinning<00:17:22.020> up<00:17:22.199> a<00:17:22.319> staking<00:17:22.559> business 00:17:23.750 --> 00:17:23.760 align:start position:0% for spinning up a staking business 00:17:23.760 --> 00:17:26.030 align:start position:0% for spinning up a staking business built<00:17:24.240> on<00:17:24.419> top<00:17:24.600> of<00:17:24.839> a<00:17:25.199> decentralized<00:17:25.679> staking 00:17:26.030 --> 00:17:26.040 align:start position:0% built on top of a decentralized staking 00:17:26.040 --> 00:17:27.230 align:start position:0% built on top of a decentralized staking protocol 00:17:27.230 --> 00:17:27.240 align:start position:0% protocol 00:17:27.240 --> 00:17:30.230 align:start position:0% protocol this<00:17:27.660> allows<00:17:28.020> a<00:17:28.199> whole<00:17:28.319> ecosystem<00:17:28.919> of<00:17:29.820> Niche 00:17:30.230 --> 00:17:30.240 align:start position:0% this allows a whole ecosystem of Niche 00:17:30.240 --> 00:17:33.049 align:start position:0% this allows a whole ecosystem of Niche staking<00:17:30.480> businesses<00:17:31.080> to<00:17:31.919> compete<00:17:32.460> with<00:17:32.880> large 00:17:33.049 --> 00:17:33.059 align:start position:0% staking businesses to compete with large 00:17:33.059 --> 00:17:34.789 align:start position:0% staking businesses to compete with large providers 00:17:34.789 --> 00:17:34.799 align:start position:0% providers 00:17:34.799 --> 00:17:36.890 align:start position:0% providers more<00:17:35.280> node<00:17:35.580> operators 00:17:36.890 --> 00:17:36.900 align:start position:0% more node operators 00:17:36.900 --> 00:17:39.289 align:start position:0% more node operators the<00:17:37.380> more<00:17:37.500> node<00:17:37.740> operators<00:17:38.100> we<00:17:38.340> have<00:17:38.520> the<00:17:39.179> more 00:17:39.289 --> 00:17:39.299 align:start position:0% the more node operators we have the more 00:17:39.299 --> 00:17:44.390 align:start position:0% the more node operators we have the more decentralized<00:17:40.080> ethereum<00:17:40.559> is 00:17:44.390 --> 00:17:44.400 align:start position:0% 00:17:44.400 --> 00:17:46.070 align:start position:0% being<00:17:44.820> a<00:17:45.000> node<00:17:45.120> operator 00:17:46.070 --> 00:17:46.080 align:start position:0% being a node operator 00:17:46.080 --> 00:17:51.049 align:start position:0% being a node operator is<00:17:46.919> not<00:17:47.340> as<00:17:47.520> hard<00:17:47.640> as<00:17:47.820> you<00:17:47.940> think 00:17:51.049 --> 00:17:51.059 align:start position:0% 00:17:51.059 --> 00:17:55.010 align:start position:0% okay<00:17:51.559> so<00:17:52.559> execution<00:17:53.100> reward<00:17:53.460> smoothing 00:17:55.010 --> 00:17:55.020 align:start position:0% okay so execution reward smoothing 00:17:55.020 --> 00:17:56.090 align:start position:0% okay so execution reward smoothing so 00:17:56.090 --> 00:17:56.100 align:start position:0% so 00:17:56.100 --> 00:17:58.789 align:start position:0% so execution<00:17:56.760> rewards<00:17:57.360> so<00:17:57.960> the<00:17:58.140> ones<00:17:58.380> that<00:17:58.559> come 00:17:58.789 --> 00:17:58.799 align:start position:0% execution rewards so the ones that come 00:17:58.799 --> 00:18:00.830 align:start position:0% execution rewards so the ones that come from<00:17:59.160> like<00:17:59.760> transaction<00:18:00.179> fees<00:18:00.600> and 00:18:00.830 --> 00:18:00.840 align:start position:0% from like transaction fees and 00:18:00.840 --> 00:18:04.970 align:start position:0% from like transaction fees and potentially<00:18:01.200> Mev<00:18:02.100> are<00:18:02.820> extremely<00:18:03.419> variable 00:18:04.970 --> 00:18:04.980 align:start position:0% potentially Mev are extremely variable 00:18:04.980 --> 00:18:07.730 align:start position:0% potentially Mev are extremely variable this<00:18:05.400> is<00:18:05.520> because<00:18:05.780> Brock<00:18:06.780> proposes<00:18:07.260> are 00:18:07.730 --> 00:18:07.740 align:start position:0% this is because Brock proposes are 00:18:07.740 --> 00:18:10.130 align:start position:0% this is because Brock proposes are chosen<00:18:08.100> at<00:18:08.220> random 00:18:10.130 --> 00:18:10.140 align:start position:0% chosen at random 00:18:10.140 --> 00:18:12.950 align:start position:0% chosen at random so<00:18:10.679> at<00:18:10.919> this<00:18:11.100> time<00:18:11.340> if<00:18:12.120> you<00:18:12.240> have<00:18:12.419> like<00:18:12.720> one 00:18:12.950 --> 00:18:12.960 align:start position:0% so at this time if you have like one 00:18:12.960 --> 00:18:15.770 align:start position:0% so at this time if you have like one validator<00:18:13.760> you'll<00:18:14.760> receive<00:18:15.120> approximately 00:18:15.770 --> 00:18:15.780 align:start position:0% validator you'll receive approximately 00:18:15.780 --> 00:18:18.710 align:start position:0% validator you'll receive approximately five<00:18:16.320> proposals<00:18:17.039> per<00:18:17.400> year 00:18:18.710 --> 00:18:18.720 align:start position:0% five proposals per year 00:18:18.720 --> 00:18:19.850 align:start position:0% five proposals per year um<00:18:18.840> on<00:18:19.020> average 00:18:19.850 --> 00:18:19.860 align:start position:0% um on average 00:18:19.860 --> 00:18:22.549 align:start position:0% um on average but<00:18:20.220> you<00:18:20.460> could<00:18:20.520> get<00:18:20.820> two<00:18:21.360> or<00:18:22.080> you<00:18:22.260> could<00:18:22.380> get 00:18:22.549 --> 00:18:22.559 align:start position:0% but you could get two or you could get 00:18:22.559 --> 00:18:24.169 align:start position:0% but you could get two or you could get 10. 00:18:24.169 --> 00:18:24.179 align:start position:0% 10. 00:18:24.179 --> 00:18:26.330 align:start position:0% 10. so<00:18:24.360> this<00:18:24.660> variability<00:18:25.140> hits<00:18:25.559> small<00:18:25.860> node 00:18:26.330 --> 00:18:26.340 align:start position:0% so this variability hits small node 00:18:26.340 --> 00:18:29.270 align:start position:0% so this variability hits small node operators<00:18:26.760> hard<00:18:27.600> but<00:18:28.080> harder<00:18:28.860> actually<00:18:29.039> hard 00:18:29.270 --> 00:18:29.280 align:start position:0% operators hard but harder actually hard 00:18:29.280 --> 00:18:31.250 align:start position:0% operators hard but harder actually hard the<00:18:29.580> hardest 00:18:31.250 --> 00:18:31.260 align:start position:0% the hardest 00:18:31.260 --> 00:18:32.029 align:start position:0% the hardest um 00:18:32.029 --> 00:18:32.039 align:start position:0% um 00:18:32.039 --> 00:18:33.830 align:start position:0% um as<00:18:32.520> a<00:18:32.700> decentralized<00:18:33.120> staking<00:18:33.419> protocol 00:18:33.830 --> 00:18:33.840 align:start position:0% as a decentralized staking protocol 00:18:33.840 --> 00:18:36.529 align:start position:0% as a decentralized staking protocol There's<00:18:34.440> an<00:18:34.679> opportunity<00:18:35.160> to<00:18:36.059> provide<00:18:36.299> a 00:18:36.529 --> 00:18:36.539 align:start position:0% There's an opportunity to provide a 00:18:36.539 --> 00:18:38.210 align:start position:0% There's an opportunity to provide a reward<00:18:36.780> smoothing<00:18:37.140> pool<00:18:37.380> that<00:18:37.679> participants 00:18:38.210 --> 00:18:38.220 align:start position:0% reward smoothing pool that participants 00:18:38.220 --> 00:18:40.190 align:start position:0% reward smoothing pool that participants pull<00:18:38.640> their<00:18:38.940> proposals 00:18:40.190 --> 00:18:40.200 align:start position:0% pull their proposals 00:18:40.200 --> 00:18:42.409 align:start position:0% pull their proposals to<00:18:40.740> achieve<00:18:41.039> a<00:18:41.280> consistent<00:18:41.580> return 00:18:42.409 --> 00:18:42.419 align:start position:0% to achieve a consistent return 00:18:42.419 --> 00:18:46.789 align:start position:0% to achieve a consistent return rather<00:18:43.200> than<00:18:43.440> this<00:18:43.860> highly<00:18:44.280> variable<00:18:44.700> return 00:18:46.789 --> 00:18:46.799 align:start position:0% rather than this highly variable return 00:18:46.799 --> 00:18:48.770 align:start position:0% rather than this highly variable return so<00:18:47.160> a<00:18:47.340> smoothing<00:18:47.640> pool<00:18:47.820> actually<00:18:48.120> levels<00:18:48.660> a 00:18:48.770 --> 00:18:48.780 align:start position:0% so a smoothing pool actually levels a 00:18:48.780 --> 00:18:52.430 align:start position:0% so a smoothing pool actually levels a playing<00:18:48.960> field<00:18:49.260> the<00:18:49.919> small<00:18:50.160> node<00:18:50.460> operators 00:18:52.430 --> 00:18:52.440 align:start position:0% playing field the small node operators 00:18:52.440 --> 00:18:54.110 align:start position:0% playing field the small node operators they<00:18:52.860> can<00:18:52.980> kind<00:18:53.100> of<00:18:53.220> compete<00:18:53.520> with<00:18:53.640> the<00:18:53.820> larger 00:18:54.110 --> 00:18:54.120 align:start position:0% they can kind of compete with the larger 00:18:54.120 --> 00:18:57.289 align:start position:0% they can kind of compete with the larger node<00:18:54.660> operators 00:18:57.289 --> 00:18:57.299 align:start position:0% 00:18:57.299 --> 00:18:59.870 align:start position:0% this<00:18:57.720> is<00:18:57.840> a<00:18:57.960> particularly<00:18:58.760> interesting<00:18:59.760> when 00:18:59.870 --> 00:18:59.880 align:start position:0% this is a particularly interesting when 00:18:59.880 --> 00:19:04.549 align:start position:0% this is a particularly interesting when you<00:19:00.059> think<00:19:00.120> about<00:19:00.299> Mev<00:19:01.039> Mev<00:19:02.539> you<00:19:03.539> can<00:19:03.720> have<00:19:03.960> on 00:19:04.549 --> 00:19:04.559 align:start position:0% you think about Mev Mev you can have on 00:19:04.559 --> 00:19:06.890 align:start position:0% you think about Mev Mev you can have on average<00:19:04.679> you<00:19:04.980> can<00:19:05.100> you<00:19:05.280> can<00:19:05.460> earn<00:19:05.820> you<00:19:06.120> know<00:19:06.240> a 00:19:06.890 --> 00:19:06.900 align:start position:0% average you can you can earn you know a 00:19:06.900 --> 00:19:09.409 align:start position:0% average you can you can earn you know a decent<00:19:07.320> amount<00:19:07.440> from<00:19:07.740> Mev<00:19:08.220> but<00:19:08.940> every<00:19:09.120> now<00:19:09.299> and 00:19:09.409 --> 00:19:09.419 align:start position:0% decent amount from Mev but every now and 00:19:09.419 --> 00:19:10.730 align:start position:0% decent amount from Mev but every now and again<00:19:09.539> there'll<00:19:10.020> be<00:19:10.080> one<00:19:10.320> of<00:19:10.380> these<00:19:10.500> Lottery 00:19:10.730 --> 00:19:10.740 align:start position:0% again there'll be one of these Lottery 00:19:10.740 --> 00:19:13.730 align:start position:0% again there'll be one of these Lottery blocks<00:19:11.539> the<00:19:12.539> highest<00:19:12.840> block<00:19:13.140> I<00:19:13.380> think<00:19:13.500> that's 00:19:13.730 --> 00:19:13.740 align:start position:0% blocks the highest block I think that's 00:19:13.740 --> 00:19:16.789 align:start position:0% blocks the highest block I think that's recorded<00:19:14.340> was<00:19:14.760> 100<00:19:14.940> East<00:19:15.299> block 00:19:16.789 --> 00:19:16.799 align:start position:0% recorded was 100 East block 00:19:16.799 --> 00:19:18.950 align:start position:0% recorded was 100 East block um that<00:19:17.100> doesn't<00:19:17.220> happen<00:19:17.400> very<00:19:17.640> often<00:19:17.940> uh<00:19:18.780> but 00:19:18.950 --> 00:19:18.960 align:start position:0% um that doesn't happen very often uh but 00:19:18.960 --> 00:19:20.810 align:start position:0% um that doesn't happen very often uh but that<00:19:19.140> hence<00:19:19.320> why<00:19:19.500> it's<00:19:19.679> a<00:19:19.799> lottery<00:19:19.919> block<00:19:20.280> but 00:19:20.810 --> 00:19:20.820 align:start position:0% that hence why it's a lottery block but 00:19:20.820 --> 00:19:22.730 align:start position:0% that hence why it's a lottery block but if<00:19:20.940> you<00:19:21.059> do<00:19:21.120> get<00:19:21.299> one<00:19:21.419> of<00:19:21.539> those<00:19:21.600> blocks 00:19:22.730 --> 00:19:22.740 align:start position:0% if you do get one of those blocks 00:19:22.740 --> 00:19:24.830 align:start position:0% if you do get one of those blocks then<00:19:23.400> this<00:19:23.820> is<00:19:23.940> what<00:19:24.179> the<00:19:24.299> smoothing<00:19:24.660> pool 00:19:24.830 --> 00:19:24.840 align:start position:0% then this is what the smoothing pool 00:19:24.840 --> 00:19:28.310 align:start position:0% then this is what the smoothing pool helps<00:19:25.260> with 00:19:28.310 --> 00:19:28.320 align:start position:0% 00:19:28.320 --> 00:19:30.289 align:start position:0% so<00:19:28.620> I'm<00:19:28.740> Darren<00:19:29.100> Langley 00:19:30.289 --> 00:19:30.299 align:start position:0% so I'm Darren Langley 00:19:30.299 --> 00:19:32.870 align:start position:0% so I'm Darren Langley um<00:19:30.360> I'm<00:19:30.900> from<00:19:31.080> rocketball<00:19:31.559> you<00:19:32.160> can<00:19:32.280> catch<00:19:32.820> me 00:19:32.870 --> 00:19:32.880 align:start position:0% um I'm from rocketball you can catch me 00:19:32.880 --> 00:19:35.150 align:start position:0% um I'm from rocketball you can catch me on<00:19:33.059> Twitter<00:19:33.179> and<00:19:33.900> that's<00:19:34.140> me<00:19:34.380> thank<00:19:34.919> you<00:19:35.100> very 00:19:35.150 --> 00:19:35.160 align:start position:0% on Twitter and that's me thank you very 00:19:35.160 --> 00:19:35.460 align:start position:0% on Twitter and that's me thank you very much 00:19:35.460 --> 00:19:35.470 align:start position:0% much 00:19:35.470 --> 00:19:54.049 align:start position:0% much [Applause] 00:19:54.049 --> 00:19:54.059 align:start position:0% 00:19:54.059 --> 00:19:56.169 align:start position:0% hi<00:19:54.360> my<00:19:55.020> name<00:19:55.200> is<00:19:55.320> Benjamin<00:19:55.860> with 00:19:56.169 --> 00:19:56.179 align:start position:0% hi my name is Benjamin with 00:19:56.179 --> 00:19:57.950 align:start position:0% hi my name is Benjamin with rubicon.finance<00:19:57.179> I<00:19:57.360> wanted<00:19:57.480> to<00:19:57.660> ask<00:19:57.720> I 00:19:57.950 --> 00:19:57.960 align:start position:0% rubicon.finance I wanted to ask I 00:19:57.960 --> 00:19:59.150 align:start position:0% rubicon.finance I wanted to ask I understand<00:19:58.140> rocket<00:19:58.679> pull<00:19:58.740> nodes<00:19:58.980> are 00:19:59.150 --> 00:19:59.160 align:start position:0% understand rocket pull nodes are 00:19:59.160 --> 00:20:01.010 align:start position:0% understand rocket pull nodes are collateralized<00:19:59.640> with<00:19:59.700> RPL<00:20:00.059> how<00:20:00.840> do<00:20:00.960> you 00:20:01.010 --> 00:20:01.020 align:start position:0% collateralized with RPL how do you 00:20:01.020 --> 00:20:03.049 align:start position:0% collateralized with RPL how do you protect<00:20:01.320> against<00:20:01.559> a<00:20:02.100> tail<00:20:02.400> rest<00:20:02.580> scenario 00:20:03.049 --> 00:20:03.059 align:start position:0% protect against a tail rest scenario 00:20:03.059 --> 00:20:05.390 align:start position:0% protect against a tail rest scenario where<00:20:03.360> if<00:20:03.720> the<00:20:03.900> price<00:20:04.020> of<00:20:04.140> RPL<00:20:04.440> eth<00:20:04.919> is<00:20:05.160> is 00:20:05.390 --> 00:20:05.400 align:start position:0% where if the price of RPL eth is is 00:20:05.400 --> 00:20:07.370 align:start position:0% where if the price of RPL eth is is dropping<00:20:05.940> the<00:20:06.299> average<00:20:06.660> collateralization 00:20:07.370 --> 00:20:07.380 align:start position:0% dropping the average collateralization 00:20:07.380 --> 00:20:09.650 align:start position:0% dropping the average collateralization of<00:20:07.679> the<00:20:07.740> network<00:20:07.919> uh<00:20:08.340> starts<00:20:08.820> to<00:20:08.940> fall<00:20:09.120> and<00:20:09.299> how 00:20:09.650 --> 00:20:09.660 align:start position:0% of the network uh starts to fall and how 00:20:09.660 --> 00:20:11.930 align:start position:0% of the network uh starts to fall and how can<00:20:09.780> the<00:20:09.960> protocol<00:20:10.260> like<00:20:10.740> uh<00:20:11.220> become<00:20:11.520> robust 00:20:11.930 --> 00:20:11.940 align:start position:0% can the protocol like uh become robust 00:20:11.940 --> 00:20:14.510 align:start position:0% can the protocol like uh become robust uh<00:20:12.419> in<00:20:12.720> light<00:20:12.960> of<00:20:13.200> basically<00:20:13.919> uh<00:20:14.280> you<00:20:14.460> know 00:20:14.510 --> 00:20:14.520 align:start position:0% uh in light of basically uh you know 00:20:14.520 --> 00:20:16.310 align:start position:0% uh in light of basically uh you know relying<00:20:14.820> on<00:20:14.940> RPL<00:20:15.179> youth<00:20:15.600> price<00:20:15.780> to<00:20:15.960> guarantee 00:20:16.310 --> 00:20:16.320 align:start position:0% relying on RPL youth price to guarantee 00:20:16.320 --> 00:20:17.390 align:start position:0% relying on RPL youth price to guarantee security 00:20:17.390 --> 00:20:17.400 align:start position:0% security 00:20:17.400 --> 00:20:20.630 align:start position:0% security so<00:20:17.820> in<00:20:18.000> actual<00:20:18.299> fact<00:20:18.480> uh<00:20:19.200> so<00:20:19.380> RPL<00:20:19.799> is<00:20:20.160> used<00:20:20.280> as<00:20:20.460> a 00:20:20.630 --> 00:20:20.640 align:start position:0% so in actual fact uh so RPL is used as a 00:20:20.640 --> 00:20:23.150 align:start position:0% so in actual fact uh so RPL is used as a backstop<00:20:21.059> so<00:20:21.840> the<00:20:22.140> the<00:20:22.380> first<00:20:22.799> thing<00:20:22.980> that 00:20:23.150 --> 00:20:23.160 align:start position:0% backstop so the the first thing that 00:20:23.160 --> 00:20:25.070 align:start position:0% backstop so the the first thing that they<00:20:23.280> we<00:20:23.460> so<00:20:23.820> with<00:20:24.299> a<00:20:24.480> with<00:20:24.600> a<00:20:24.720> rocket<00:20:24.900> pool 00:20:25.070 --> 00:20:25.080 align:start position:0% they we so with a with a rocket pool 00:20:25.080 --> 00:20:28.070 align:start position:0% they we so with a with a rocket pool node<00:20:25.380> uh<00:20:26.280> the<00:20:26.880> node<00:20:27.059> operator<00:20:27.419> supplies<00:20:27.840> 16 00:20:28.070 --> 00:20:28.080 align:start position:0% node uh the node operator supplies 16 00:20:28.080 --> 00:20:30.950 align:start position:0% node uh the node operator supplies 16 each<00:20:28.500> and<00:20:29.460> the<00:20:29.760> liquid<00:20:30.000> stakers<00:20:30.419> Supply<00:20:30.660> 16 00:20:30.950 --> 00:20:30.960 align:start position:0% each and the liquid stakers Supply 16 00:20:30.960 --> 00:20:32.150 align:start position:0% each and the liquid stakers Supply 16 Heath 00:20:32.150 --> 00:20:32.160 align:start position:0% Heath 00:20:32.160 --> 00:20:33.710 align:start position:0% Heath um and<00:20:32.400> then<00:20:32.520> the<00:20:32.880> node<00:20:33.059> operator<00:20:33.360> also 00:20:33.710 --> 00:20:33.720 align:start position:0% um and then the node operator also 00:20:33.720 --> 00:20:35.870 align:start position:0% um and then the node operator also supplies<00:20:34.020> to<00:20:34.200> marpl<00:20:34.620> like<00:20:35.039> it's<00:20:35.340> minimum<00:20:35.760> of 00:20:35.870 --> 00:20:35.880 align:start position:0% supplies to marpl like it's minimum of 00:20:35.880 --> 00:20:38.450 align:start position:0% supplies to marpl like it's minimum of 10<00:20:36.059> so<00:20:36.480> it's<00:20:36.600> about<00:20:36.660> 1.68 00:20:38.450 --> 00:20:38.460 align:start position:0% 10 so it's about 1.68 00:20:38.460 --> 00:20:43.130 align:start position:0% 10 so it's about 1.68 um and<00:20:39.360> uh<00:20:40.200> but<00:20:40.440> the<00:20:40.559> eth<00:20:40.919> is<00:20:41.160> hit<00:20:41.460> first<00:20:41.760> so<00:20:42.480> if 00:20:43.130 --> 00:20:43.140 align:start position:0% um and uh but the eth is hit first so if 00:20:43.140 --> 00:20:45.470 align:start position:0% um and uh but the eth is hit first so if they<00:20:43.320> if<00:20:43.500> they<00:20:43.740> get<00:20:43.860> slashed<00:20:44.400> or<00:20:45.059> um<00:20:45.120> if<00:20:45.299> if 00:20:45.470 --> 00:20:45.480 align:start position:0% they if they get slashed or um if if 00:20:45.480 --> 00:20:46.850 align:start position:0% they if they get slashed or um if if they<00:20:45.780> you<00:20:46.020> know<00:20:46.140> if<00:20:46.320> they're<00:20:46.380> an<00:20:46.559> absolutely 00:20:46.850 --> 00:20:46.860 align:start position:0% they you know if they're an absolutely 00:20:46.860 --> 00:20:48.650 align:start position:0% they you know if they're an absolutely terrible<00:20:47.100> node<00:20:47.460> operator<00:20:47.820> and<00:20:48.480> then 00:20:48.650 --> 00:20:48.660 align:start position:0% terrible node operator and then 00:20:48.660 --> 00:20:50.150 align:start position:0% terrible node operator and then essentially<00:20:49.140> their<00:20:49.380> ether<00:20:49.620> it<00:20:49.860> gets<00:20:50.039> hit 00:20:50.150 --> 00:20:50.160 align:start position:0% essentially their ether it gets hit 00:20:50.160 --> 00:20:52.549 align:start position:0% essentially their ether it gets hit first<00:20:50.460> and<00:20:51.000> then<00:20:51.120> RPO<00:20:51.600> is<00:20:51.720> used<00:20:51.840> as<00:20:51.960> a<00:20:52.140> backstop 00:20:52.549 --> 00:20:52.559 align:start position:0% first and then RPO is used as a backstop 00:20:52.559 --> 00:20:54.350 align:start position:0% first and then RPO is used as a backstop because<00:20:52.799> you<00:20:53.400> can<00:20:53.520> actually<00:20:53.700> lose<00:20:54.000> a<00:20:54.299> little 00:20:54.350 --> 00:20:54.360 align:start position:0% because you can actually lose a little 00:20:54.360 --> 00:20:56.330 align:start position:0% because you can actually lose a little bit<00:20:54.419> more<00:20:54.539> than<00:20:54.660> 16<00:20:54.840> in<00:20:55.380> like<00:20:55.620> a<00:20:55.799> like<00:20:56.220> the 00:20:56.330 --> 00:20:56.340 align:start position:0% bit more than 16 in like a like the 00:20:56.340 --> 00:20:59.990 align:start position:0% bit more than 16 in like a like the worst<00:20:56.580> worst<00:20:56.820> case<00:20:56.880> scenario<00:20:57.299> yeah 00:20:59.990 --> 00:21:00.000 align:start position:0% 00:21:00.000 --> 00:21:03.650 align:start position:0% okay 00:21:03.650 --> 00:21:03.660 align:start position:0% 00:21:03.660 --> 00:21:06.950 align:start position:0% multi-part<00:21:04.620> question<00:21:04.860> okay<00:21:05.460> so<00:21:06.120> first<00:21:06.480> part 00:21:06.950 --> 00:21:06.960 align:start position:0% multi-part question okay so first part 00:21:06.960 --> 00:21:09.529 align:start position:0% multi-part question okay so first part um<00:21:07.080> how<00:21:07.440> hard<00:21:07.620> is<00:21:07.860> it<00:21:08.039> to<00:21:08.220> run<00:21:08.640> a<00:21:09.059> rocket<00:21:09.360> pool 00:21:09.529 --> 00:21:09.539 align:start position:0% um how hard is it to run a rocket pool 00:21:09.539 --> 00:21:11.570 align:start position:0% um how hard is it to run a rocket pool node<00:21:09.900> like<00:21:10.200> you<00:21:10.380> need<00:21:10.500> to<00:21:10.620> know<00:21:10.740> Unix<00:21:11.160> or<00:21:11.400> can 00:21:11.570 --> 00:21:11.580 align:start position:0% node like you need to know Unix or can 00:21:11.580 --> 00:21:13.310 align:start position:0% node like you need to know Unix or can you<00:21:11.700> just<00:21:11.820> run<00:21:12.120> a<00:21:12.299> script<00:21:12.539> and<00:21:12.720> it<00:21:12.900> installs 00:21:13.310 --> 00:21:13.320 align:start position:0% you just run a script and it installs 00:21:13.320 --> 00:21:16.310 align:start position:0% you just run a script and it installs everything<00:21:13.500> second<00:21:14.460> part<00:21:14.760> okay<00:21:15.419> how<00:21:16.200> many 00:21:16.310 --> 00:21:16.320 align:start position:0% everything second part okay how many 00:21:16.320 --> 00:21:19.610 align:start position:0% everything second part okay how many nodes<00:21:16.559> can<00:21:16.919> you<00:21:17.100> run<00:21:17.280> on<00:21:17.940> one<00:21:18.299> powerful<00:21:19.080> PC 00:21:19.610 --> 00:21:19.620 align:start position:0% nodes can you run on one powerful PC 00:21:19.620 --> 00:21:22.669 align:start position:0% nodes can you run on one powerful PC right<00:21:20.220> cool<00:21:20.640> okay<00:21:20.940> good<00:21:21.240> question<00:21:21.480> uh<00:21:22.380> so 00:21:22.669 --> 00:21:22.679 align:start position:0% right cool okay good question uh so 00:21:22.679 --> 00:21:25.070 align:start position:0% right cool okay good question uh so running<00:21:23.460> a<00:21:23.760> rocket<00:21:24.179> pool<00:21:24.299> no<00:21:24.419> you<00:21:24.660> do<00:21:24.780> need<00:21:24.900> to 00:21:25.070 --> 00:21:25.080 align:start position:0% running a rocket pool no you do need to 00:21:25.080 --> 00:21:26.810 align:start position:0% running a rocket pool no you do need to know<00:21:25.380> probably<00:21:25.620> a<00:21:25.799> little<00:21:25.919> bit<00:21:26.039> about 00:21:26.810 --> 00:21:26.820 align:start position:0% know probably a little bit about 00:21:26.820 --> 00:21:28.970 align:start position:0% know probably a little bit about um Unix<00:21:27.299> maybe<00:21:27.539> you<00:21:28.440> can<00:21:28.500> run<00:21:28.620> it<00:21:28.799> on 00:21:28.970 --> 00:21:28.980 align:start position:0% um Unix maybe you can run it on 00:21:28.980 --> 00:21:30.049 align:start position:0% um Unix maybe you can run it on different<00:21:29.159> things<00:21:29.400> we<00:21:29.580> don't<00:21:29.700> necessarily 00:21:30.049 --> 00:21:30.059 align:start position:0% different things we don't necessarily 00:21:30.059 --> 00:21:31.250 align:start position:0% different things we don't necessarily support<00:21:30.240> Windows 00:21:31.250 --> 00:21:31.260 align:start position:0% support Windows 00:21:31.260 --> 00:21:32.930 align:start position:0% support Windows um but<00:21:31.440> you<00:21:31.559> can<00:21:31.679> run<00:21:31.740> it<00:21:31.919> on<00:21:32.100> on<00:21:32.220> then<00:21:32.400> a<00:21:32.640> Linux 00:21:32.930 --> 00:21:32.940 align:start position:0% um but you can run it on on then a Linux 00:21:32.940 --> 00:21:34.130 align:start position:0% um but you can run it on on then a Linux box<00:21:33.059> you<00:21:33.299> do<00:21:33.419> need<00:21:33.539> to<00:21:33.659> know<00:21:33.720> a<00:21:33.900> little<00:21:34.020> bit 00:21:34.130 --> 00:21:34.140 align:start position:0% box you do need to know a little bit 00:21:34.140 --> 00:21:37.370 align:start position:0% box you do need to know a little bit about<00:21:34.260> Linux<00:21:34.740> uh<00:21:36.240> speeding<00:21:36.900> up<00:21:36.960> a<00:21:37.080> rocketball 00:21:37.370 --> 00:21:37.380 align:start position:0% about Linux uh speeding up a rocketball 00:21:37.380 --> 00:21:39.710 align:start position:0% about Linux uh speeding up a rocketball node<00:21:37.740> is<00:21:38.039> I<00:21:38.820> think<00:21:38.880> pretty<00:21:39.179> much<00:21:39.360> four 00:21:39.710 --> 00:21:39.720 align:start position:0% node is I think pretty much four 00:21:39.720 --> 00:21:41.210 align:start position:0% node is I think pretty much four commands 00:21:41.210 --> 00:21:41.220 align:start position:0% commands 00:21:41.220 --> 00:21:43.310 align:start position:0% commands um<00:21:41.280> in<00:21:41.940> your<00:21:42.059> and<00:21:42.240> it's<00:21:42.539> four<00:21:42.720> commands<00:21:43.200> and 00:21:43.310 --> 00:21:43.320 align:start position:0% um in your and it's four commands and 00:21:43.320 --> 00:21:46.250 align:start position:0% um in your and it's four commands and you've<00:21:43.559> you've<00:21:43.799> spun<00:21:43.980> up<00:21:44.100> a<00:21:44.340> validating<00:21:45.120> node 00:21:46.250 --> 00:21:46.260 align:start position:0% you've you've spun up a validating node 00:21:46.260 --> 00:21:48.529 align:start position:0% you've you've spun up a validating node um<00:21:46.380> so<00:21:47.039> we've<00:21:47.640> made<00:21:47.760> it<00:21:47.940> we've<00:21:48.179> streamlined 00:21:48.529 --> 00:21:48.539 align:start position:0% um so we've made it we've streamlined 00:21:48.539 --> 00:21:50.270 align:start position:0% um so we've made it we've streamlined the<00:21:48.780> process<00:21:49.080> uh<00:21:49.620> we<00:21:49.740> have<00:21:49.860> this<00:21:49.980> thing<00:21:50.159> called 00:21:50.270 --> 00:21:50.280 align:start position:0% the process uh we have this thing called 00:21:50.280 --> 00:21:52.549 align:start position:0% the process uh we have this thing called a<00:21:50.460> smart<00:21:50.640> note<00:21:50.760> stack<00:21:51.179> and<00:21:51.960> it<00:21:52.140> streamlines 00:21:52.549 --> 00:21:52.559 align:start position:0% a smart note stack and it streamlines 00:21:52.559 --> 00:21:54.770 align:start position:0% a smart note stack and it streamlines the<00:21:52.799> process<00:21:53.039> of<00:21:53.340> actually<00:21:53.880> spinning<00:21:54.419> up<00:21:54.659> a 00:21:54.770 --> 00:21:54.780 align:start position:0% the process of actually spinning up a 00:21:54.780 --> 00:21:57.169 align:start position:0% the process of actually spinning up a node<00:21:55.020> we<00:21:55.500> connect<00:21:55.679> everything<00:21:55.980> up<00:21:56.280> for<00:21:56.520> you<00:21:56.640> we 00:21:57.169 --> 00:21:57.179 align:start position:0% node we connect everything up for you we 00:21:57.179 --> 00:21:59.810 align:start position:0% node we connect everything up for you we handle<00:21:57.419> upgrades<00:21:57.900> for<00:21:58.140> you<00:21:58.260> it's<00:21:58.980> it's<00:21:59.280> really 00:21:59.810 --> 00:21:59.820 align:start position:0% handle upgrades for you it's it's really 00:21:59.820 --> 00:22:01.310 align:start position:0% handle upgrades for you it's it's really easy 00:22:01.310 --> 00:22:01.320 align:start position:0% easy 00:22:01.320 --> 00:22:03.230 align:start position:0% easy um the<00:22:02.159> other<00:22:02.280> question<00:22:02.580> the<00:22:02.820> other<00:22:02.940> part<00:22:03.120> of 00:22:03.230 --> 00:22:03.240 align:start position:0% um the other question the other part of 00:22:03.240 --> 00:22:04.850 align:start position:0% um the other question the other part of that<00:22:03.299> question<00:22:03.480> was 00:22:04.850 --> 00:22:04.860 align:start position:0% that question was 00:22:04.860 --> 00:22:06.649 align:start position:0% that question was all<00:22:05.340> right<00:22:05.520> that's<00:22:05.700> right<00:22:05.880> all<00:22:06.360> right<00:22:06.539> that's 00:22:06.649 --> 00:22:06.659 align:start position:0% all right that's right all right that's 00:22:06.659 --> 00:22:08.330 align:start position:0% all right that's right all right that's yeah<00:22:06.840> that's<00:22:07.080> that<00:22:07.260> is<00:22:07.440> a<00:22:07.620> hard<00:22:07.740> question<00:22:07.980> to 00:22:08.330 --> 00:22:08.340 align:start position:0% yeah that's that is a hard question to 00:22:08.340 --> 00:22:11.810 align:start position:0% yeah that's that is a hard question to answer<00:22:08.520> so<00:22:09.480> terminology<00:22:10.020> wise<00:22:10.679> a<00:22:11.340> node<00:22:11.580> is 00:22:11.810 --> 00:22:11.820 align:start position:0% answer so terminology wise a node is 00:22:11.820 --> 00:22:14.450 align:start position:0% answer so terminology wise a node is like<00:22:12.000> the<00:22:12.179> box<00:22:12.480> that's<00:22:13.140> running<00:22:13.440> it<00:22:13.679> and<00:22:14.280> then 00:22:14.450 --> 00:22:14.460 align:start position:0% like the box that's running it and then 00:22:14.460 --> 00:22:17.330 align:start position:0% like the box that's running it and then you<00:22:14.640> have<00:22:14.760> validators<00:22:15.419> so<00:22:16.260> you<00:22:16.440> can<00:22:16.559> have 00:22:17.330 --> 00:22:17.340 align:start position:0% you have validators so you can have 00:22:17.340 --> 00:22:20.390 align:start position:0% you have validators so you can have a<00:22:18.000> lot<00:22:18.380> now<00:22:19.380> whether<00:22:19.620> now<00:22:19.919> whether<00:22:20.220> you 00:22:20.390 --> 00:22:20.400 align:start position:0% a lot now whether now whether you 00:22:20.400 --> 00:22:22.190 align:start position:0% a lot now whether now whether you whether<00:22:20.760> that's<00:22:20.940> a<00:22:21.120> good<00:22:21.240> idea<00:22:21.539> or<00:22:21.720> not<00:22:21.900> is<00:22:22.140> is 00:22:22.190 --> 00:22:22.200 align:start position:0% whether that's a good idea or not is is 00:22:22.200 --> 00:22:24.649 align:start position:0% whether that's a good idea or not is is another<00:22:22.559> is<00:22:22.919> another<00:22:23.100> matter<00:22:23.460> so<00:22:24.059> what<00:22:24.480> you 00:22:24.649 --> 00:22:24.659 align:start position:0% another is another matter so what you 00:22:24.659 --> 00:22:26.810 align:start position:0% another is another matter so what you would<00:22:24.900> tend<00:22:25.320> to<00:22:25.380> do<00:22:25.500> is<00:22:25.799> you<00:22:25.980> probably<00:22:26.280> want<00:22:26.700> to 00:22:26.810 --> 00:22:26.820 align:start position:0% would tend to do is you probably want to 00:22:26.820 --> 00:22:29.029 align:start position:0% would tend to do is you probably want to distribute<00:22:27.240> across<00:22:27.659> multiple<00:22:28.020> nodes 00:22:29.029 --> 00:22:29.039 align:start position:0% distribute across multiple nodes 00:22:29.039 --> 00:22:30.950 align:start position:0% distribute across multiple nodes um<00:22:29.159> if<00:22:29.460> you<00:22:29.760> had<00:22:29.940> a<00:22:30.120> lot 00:22:30.950 --> 00:22:30.960 align:start position:0% um if you had a lot 00:22:30.960 --> 00:22:32.870 align:start position:0% um if you had a lot um<00:22:31.080> but<00:22:31.320> you<00:22:31.500> can<00:22:31.860> run<00:22:31.980> a<00:22:32.159> lot 00:22:32.870 --> 00:22:32.880 align:start position:0% um but you can run a lot 00:22:32.880 --> 00:22:35.149 align:start position:0% um but you can run a lot um<00:22:33.419> different<00:22:33.900> clients<00:22:34.440> different<00:22:34.679> consensus 00:22:35.149 --> 00:22:35.159 align:start position:0% um different clients different consensus 00:22:35.159 --> 00:22:36.770 align:start position:0% um different clients different consensus clients<00:22:35.580> and<00:22:35.700> different<00:22:35.880> execution<00:22:36.360> clients 00:22:36.770 --> 00:22:36.780 align:start position:0% clients and different execution clients 00:22:36.780 --> 00:22:39.230 align:start position:0% clients and different execution clients have<00:22:36.900> different<00:22:37.140> performance<00:22:37.919> profiles 00:22:39.230 --> 00:22:39.240 align:start position:0% have different performance profiles 00:22:39.240 --> 00:22:41.210 align:start position:0% have different performance profiles um<00:22:39.360> but<00:22:39.659> you<00:22:40.020> know<00:22:40.140> yeah<00:22:40.380> you<00:22:40.620> can<00:22:40.740> run<00:22:40.860> a<00:22:41.100> lot 00:22:41.210 --> 00:22:41.220 align:start position:0% um but you know yeah you can run a lot 00:22:41.220 --> 00:22:43.669 align:start position:0% um but you know yeah you can run a lot on 00:22:43.669 --> 00:22:43.679 align:start position:0% 00:22:43.679 --> 00:22:45.890 align:start position:0% I<00:22:44.340> don't<00:22:44.400> think<00:22:44.580> we've<00:22:44.760> I<00:22:45.000> don't<00:22:45.120> think<00:22:45.240> we've 00:22:45.890 --> 00:22:45.900 align:start position:0% I don't think we've I don't think we've 00:22:45.900 --> 00:22:49.250 align:start position:0% I don't think we've I don't think we've um<00:22:45.960> we<00:22:46.440> haven't<00:22:46.500> modeled<00:22:46.919> it<00:22:47.039> uh<00:22:47.520> but<00:22:47.640> it<00:22:47.760> is<00:22:48.780> it 00:22:49.250 --> 00:22:49.260 align:start position:0% um we haven't modeled it uh but it is it 00:22:49.260 --> 00:22:51.710 align:start position:0% um we haven't modeled it uh but it is it didn't<00:22:49.440> like<00:22:49.620> the<00:22:49.799> hundreds<00:22:50.220> yeah 00:22:51.710 --> 00:22:51.720 align:start position:0% didn't like the hundreds yeah 00:22:51.720 --> 00:22:53.630 align:start position:0% didn't like the hundreds yeah it<00:22:52.320> depending<00:22:52.559> on<00:22:52.620> it<00:22:52.860> also<00:22:53.220> depends<00:22:53.400> on<00:22:53.460> the 00:22:53.630 --> 00:22:53.640 align:start position:0% it depending on it also depends on the 00:22:53.640 --> 00:22:55.010 align:start position:0% it depending on it also depends on the box<00:22:53.820> if<00:22:54.000> it's<00:22:54.120> a<00:22:54.240> powerful<00:22:54.480> machine<00:22:54.659> then<00:22:54.900> you 00:22:55.010 --> 00:22:55.020 align:start position:0% box if it's a powerful machine then you 00:22:55.020 --> 00:23:01.789 align:start position:0% box if it's a powerful machine then you can<00:22:55.080> do<00:22:55.200> that<00:22:55.260> yeah 00:23:01.789 --> 00:23:01.799 align:start position:0% 00:23:01.799 --> 00:23:03.710 align:start position:0% cool 00:23:03.710 --> 00:23:03.720 align:start position:0% cool 00:23:03.720 --> 00:23:05.690 align:start position:0% cool yeah all<00:23:04.559> right<00:23:04.679> awesome<00:23:04.799> thank<00:23:05.520> you<00:23:05.640> very 00:23:05.690 --> 00:23:05.700 align:start position:0% yeah all right awesome thank you very 00:23:05.700 --> 00:23:06.830 align:start position:0% yeah all right awesome thank you very much<00:23:05.820> guys 00:23:06.830 --> 00:23:06.840 align:start position:0% much guys 00:23:06.840 --> 00:23:10.099 align:start position:0% much guys [Applause]