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 --> 00:00:14.110 align:start position:0% [Music] 00:00:14.110 --> 00:00:14.120 align:start position:0% 00:00:14.120 --> 00:00:16.910 align:start position:0% Finance<00:00:15.120> I'm<00:00:15.719> technically<00:00:16.020> the<00:00:16.260> CEO<00:00:16.560> but<00:00:16.740> I<00:00:16.859> do 00:00:16.910 --> 00:00:16.920 align:start position:0% Finance I'm technically the CEO but I do 00:00:16.920 --> 00:00:18.769 align:start position:0% Finance I'm technically the CEO but I do a<00:00:17.039> lot<00:00:17.100> over<00:00:17.279> there<00:00:17.460> and<00:00:18.300> today<00:00:18.480> we're 00:00:18.769 --> 00:00:18.779 align:start position:0% a lot over there and today we're 00:00:18.779 --> 00:00:20.510 align:start position:0% a lot over there and today we're generally<00:00:19.080> going<00:00:19.260> to<00:00:19.380> be<00:00:19.440> talking<00:00:19.560> about<00:00:19.859> eth2 00:00:20.510 --> 00:00:20.520 align:start position:0% generally going to be talking about eth2 00:00:20.520 --> 00:00:22.730 align:start position:0% generally going to be talking about eth2 and<00:00:21.119> the<00:00:21.300> way<00:00:21.420> that<00:00:21.600> we<00:00:21.779> can<00:00:21.840> really<00:00:22.020> use<00:00:22.320> D5 00:00:22.730 --> 00:00:22.740 align:start position:0% and the way that we can really use D5 00:00:22.740 --> 00:00:24.349 align:start position:0% and the way that we can really use D5 products<00:00:23.160> to<00:00:23.279> kind<00:00:23.400> of<00:00:23.460> amplify<00:00:23.939> both<00:00:24.180> the 00:00:24.349 --> 00:00:24.359 align:start position:0% products to kind of amplify both the 00:00:24.359 --> 00:00:26.990 align:start position:0% products to kind of amplify both the Securities<00:00:24.660> of<00:00:24.900> the<00:00:25.439> ecosystem<00:00:25.800> generally<00:00:26.220> as 00:00:26.990 --> 00:00:27.000 align:start position:0% Securities of the ecosystem generally as 00:00:27.000 --> 00:00:29.029 align:start position:0% Securities of the ecosystem generally as well<00:00:27.180> as<00:00:27.359> just<00:00:27.720> the<00:00:28.199> attractiveness<00:00:28.800> of<00:00:28.920> what 00:00:29.029 --> 00:00:29.039 align:start position:0% well as just the attractiveness of what 00:00:29.039 --> 00:00:30.890 align:start position:0% well as just the attractiveness of what we<00:00:29.160> can<00:00:29.220> offer<00:00:29.460> in<00:00:29.519> defy<00:00:29.880> itself<00:00:30.060> so<00:00:30.480> to<00:00:30.779> start 00:00:30.890 --> 00:00:30.900 align:start position:0% we can offer in defy itself so to start 00:00:30.900 --> 00:00:33.709 align:start position:0% we can offer in defy itself so to start really<00:00:31.320> what<00:00:31.800> is<00:00:32.040> block<00:00:32.340> space<00:00:32.640> right 00:00:33.709 --> 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specifically the<00:00:39.960> mutation<00:00:40.260> of<00:00:40.500> state<00:00:40.739> right<00:00:41.340> so<00:00:41.640> generally 00:00:41.930 --> 00:00:41.940 align:start position:0% the mutation of state right so generally 00:00:41.940 --> 00:00:43.729 align:start position:0% the mutation of state right so generally speaking<00:00:42.420> when<00:00:42.960> you<00:00:43.079> try<00:00:43.200> to<00:00:43.320> submit<00:00:43.620> a 00:00:43.729 --> 00:00:43.739 align:start position:0% speaking when you try to submit a 00:00:43.739 --> 00:00:45.350 align:start position:0% speaking when you try to submit a transaction<00:00:44.100> it's<00:00:44.640> going<00:00:44.820> to<00:00:44.940> require<00:00:45.120> a 00:00:45.350 --> 00:00:45.360 align:start position:0% transaction it's going to require a 00:00:45.360 --> 00:00:47.150 align:start position:0% transaction it's going to require a certain<00:00:45.480> amount<00:00:45.600> of<00:00:45.780> computation<00:00:46.260> and<00:00:46.980> you 00:00:47.150 --> 00:00:47.160 align:start position:0% certain amount of computation and you 00:00:47.160 --> 00:00:48.470 align:start position:0% certain amount of computation and you then<00:00:47.340> must<00:00:47.579> reserve<00:00:48.000> a<00:00:48.059> certain<00:00:48.180> amount<00:00:48.300> of 00:00:48.470 --> 00:00:48.480 align:start position:0% then must reserve a certain amount of 00:00:48.480 --> 00:00:50.869 align:start position:0% then must reserve a certain amount of block<00:00:48.660> space<00:00:48.899> of<00:00:49.379> course<00:00:49.500> to<00:00:49.980> transfer<00:00:50.640> those 00:00:50.869 --> 00:00:50.879 align:start position:0% block space of course to transfer those 00:00:50.879 --> 00:00:52.690 align:start position:0% block space of course to transfer those funds<00:00:51.300> or<00:00:51.420> whatever<00:00:51.600> you're<00:00:51.899> doing 00:00:52.690 --> 00:00:52.700 align:start position:0% funds or whatever you're doing 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really<00:01:00.059> then<00:01:00.239> just<00:01:00.480> comes<00:01:00.719> from 00:01:00.830 --> 00:01:00.840 align:start position:0% demand really then just comes from 00:01:00.840 --> 00:01:03.290 align:start position:0% demand really then just comes from purely<00:01:01.199> user<00:01:01.620> transactions<00:01:02.219> or<00:01:02.520> Arbitrage<00:01:03.059> or 00:01:03.290 --> 00:01:03.300 align:start position:0% purely user transactions or Arbitrage or 00:01:03.300 --> 00:01:05.929 align:start position:0% purely user transactions or Arbitrage or whatever<00:01:03.420> it<00:01:03.600> might<00:01:03.780> be<00:01:03.899> right<00:01:04.260> so<00:01:05.100> yeah<00:01:05.460> going 00:01:05.929 --> 00:01:05.939 align:start position:0% whatever it might be right so yeah going 00:01:05.939 --> 00:01:08.030 align:start position:0% whatever it might be right so yeah going towards<00:01:06.240> demand<00:01:06.659> you<00:01:07.260> see<00:01:07.439> that<00:01:07.619> generally 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position:0% predict demand there are a number of just<00:01:14.640> confounding<00:01:15.240> factors<00:01:15.479> that<00:01:15.720> continue 00:01:15.830 --> 00:01:15.840 align:start position:0% just confounding factors that continue 00:01:15.840 --> 00:01:17.510 align:start position:0% just confounding factors that continue to<00:01:16.200> screw<00:01:16.439> up<00:01:16.560> any<00:01:16.740> sort<00:01:16.860> of<00:01:16.979> models<00:01:17.280> people 00:01:17.510 --> 00:01:17.520 align:start position:0% to screw up any sort of models people 00:01:17.520 --> 00:01:19.789 align:start position:0% to screw up any sort of models people have<00:01:17.700> made<00:01:17.880> and<00:01:18.840> really<00:01:19.140> at<00:01:19.380> the<00:01:19.500> end<00:01:19.560> of<00:01:19.680> the 00:01:19.789 --> 00:01:19.799 align:start position:0% have made and really at the end of the 00:01:19.799 --> 00:01:22.310 align:start position:0% have made and really at the end of the day<00:01:19.939> this<00:01:20.939> volatility<00:01:21.299> is<00:01:21.840> fueled<00:01:22.140> by 00:01:22.310 --> 00:01:22.320 align:start position:0% day this volatility is fueled by 00:01:22.320 --> 00:01:24.230 align:start position:0% day this volatility is fueled by mutually<00:01:22.619> extractable<00:01:23.100> opportunities<00:01:23.580> right 00:01:24.230 --> 00:01:24.240 align:start position:0% mutually extractable opportunities right 00:01:24.240 --> 00:01:25.969 align:start position:0% mutually extractable opportunities right Whenever<00:01:24.780> there<00:01:25.080> is<00:01:25.259> volatility<00:01:25.619> in<00:01:25.860> the 00:01:25.969 --> 00:01:25.979 align:start position:0% Whenever there is volatility in the 00:01:25.979 --> 00:01:28.130 align:start position:0% Whenever there is volatility in the market<00:01:26.100> itself<00:01:26.600> there's<00:01:27.600> liquidation 00:01:28.130 --> 00:01:28.140 align:start position:0% market itself there's liquidation 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day 00:01:36.530 --> 00:01:36.540 align:start position:0% entire day 00:01:36.540 --> 00:01:38.510 align:start position:0% entire day um<00:01:36.659> it<00:01:36.960> just<00:01:37.200> and<00:01:37.500> it<00:01:37.799> screws<00:01:38.100> things<00:01:38.220> up<00:01:38.340> for 00:01:38.510 --> 00:01:38.520 align:start position:0% um it just and it screws things up for 00:01:38.520 --> 00:01:40.609 align:start position:0% um it just and it screws things up for really<00:01:38.700> how<00:01:39.000> people<00:01:39.180> must<00:01:39.720> price<00:01:40.020> and<00:01:40.439> create 00:01:40.609 --> 00:01:40.619 align:start position:0% really how people must price and create 00:01:40.619 --> 00:01:42.469 align:start position:0% really how people must price and create instruments<00:01:41.100> around<00:01:41.220> the<00:01:41.400> eth2<00:01:41.700> market<00:01:41.939> on 00:01:42.469 --> 00:01:42.479 align:start position:0% instruments around the eth2 market on 00:01:42.479 --> 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increasing number of validators and this will<00:01:50.280> continue<00:01:50.460> to<00:01:50.820> increase<00:01:50.939> it<00:01:51.299> really 00:01:51.469 --> 00:01:51.479 align:start position:0% will continue to increase it really 00:01:51.479 --> 00:01:53.270 align:start position:0% will continue to increase it really hasn't<00:01:51.780> started<00:01:52.020> to<00:01:52.079> plateau<00:01:52.439> in<00:01:52.860> my<00:01:52.979> opinion 00:01:53.270 --> 00:01:53.280 align:start position:0% hasn't started to plateau in my opinion 00:01:53.280 --> 00:01:56.090 align:start position:0% hasn't started to plateau in my opinion yet<00:01:53.960> but<00:01:54.960> on<00:01:55.200> the<00:01:55.320> other<00:01:55.380> side<00:01:55.500> of<00:01:55.680> that<00:01:55.799> right 00:01:56.090 --> 00:01:56.100 align:start position:0% yet but on the other side of that right 00:01:56.100 --> 00:01:58.249 align:start position:0% yet but on the other side of that right the<00:01:56.759> actual<00:01:57.000> block<00:01:57.240> space<00:01:57.479> within<00:01:57.899> a<00:01:58.020> given 00:01:58.249 --> 00:01:58.259 align:start position:0% the actual block space within a given 00:01:58.259 --> 00:02:01.130 align:start position:0% the actual block space within a given block<00:01:58.439> is<00:01:58.920> actually<00:01:59.220> static<00:01:59.759> so<00:02:00.720> you<00:02:01.079> really 00:02:01.130 --> 00:02:01.140 align:start position:0% block is actually static so you really 00:02:01.140 --> 00:02:02.330 align:start position:0% block is actually static so you really look<00:02:01.320> at<00:02:01.439> this<00:02:01.619> and<00:02:01.740> kind<00:02:01.920> of<00:02:02.040> have<00:02:02.100> to<00:02:02.220> think 00:02:02.330 --> 00:02:02.340 align:start position:0% look at this and kind of have to think 00:02:02.340 --> 00:02:05.090 align:start position:0% look at this and kind of have to think of<00:02:02.460> it<00:02:02.640> in<00:02:02.880> two<00:02:03.180> ways<00:02:03.540> right<00:02:03.899> and<00:02:04.500> and<00:02:04.680> when<00:02:04.920> it 00:02:05.090 --> 00:02:05.100 align:start position:0% of it in two ways right and and when it 00:02:05.100 --> 00:02:07.910 align:start position:0% of it in two ways right and and when it comes<00:02:05.460> to<00:02:05.880> uh<00:02:06.600> the<00:02:07.020> factors<00:02:07.380> of<00:02:07.560> block<00:02:07.680> space 00:02:07.910 --> 00:02:07.920 align:start position:0% comes to uh the factors of block space 00:02:07.920 --> 00:02:09.949 align:start position:0% comes to uh the factors of block space right<00:02:08.220> you<00:02:08.640> have<00:02:08.759> to<00:02:08.880> look<00:02:09.000> at<00:02:09.179> a<00:02:09.539> number<00:02:09.660> of 00:02:09.949 --> 00:02:09.959 align:start position:0% right you have to look at a number of 00:02:09.959 --> 00:02:11.750 align:start position:0% right you have to look at a number of things<00:02:10.140> that<00:02:10.319> will<00:02:10.440> impact<00:02:10.739> the<00:02:10.920> yields<00:02:11.340> of 00:02:11.750 --> 00:02:11.760 align:start position:0% things that will impact the yields of 00:02:11.760 --> 00:02:14.089 align:start position:0% things that will impact the yields of the<00:02:12.000> validators<00:02:12.599> and<00:02:13.140> how<00:02:13.319> that<00:02:13.440> really<00:02:13.680> uh 00:02:14.089 --> 00:02:14.099 align:start position:0% the validators and how that really uh 00:02:14.099 --> 00:02:15.830 align:start position:0% the validators and how that really uh makes<00:02:14.700> the<00:02:14.940> product<00:02:15.060> attractive<00:02:15.599> to<00:02:15.720> them 00:02:15.830 --> 00:02:15.840 align:start position:0% makes the product attractive to them 00:02:15.840 --> 00:02:16.910 align:start position:0% makes the product attractive to them right<00:02:16.020> you<00:02:16.200> kind<00:02:16.319> of<00:02:16.440> have<00:02:16.500> to<00:02:16.620> make<00:02:16.739> things 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block space in these supply<00:02:23.760> and<00:02:23.940> demand<00:02:24.180> factors<00:02:24.599> how<00:02:25.319> can<00:02:25.500> you 00:02:25.790 --> 00:02:25.800 align:start position:0% supply and demand factors how can you 00:02:25.800 --> 00:02:27.949 align:start position:0% supply and demand factors how can you actually<00:02:26.160> properly<00:02:26.640> price<00:02:26.940> these<00:02:27.300> right<00:02:27.599> to 00:02:27.949 --> 00:02:27.959 align:start position:0% actually properly price these right to 00:02:27.959 --> 00:02:29.690 align:start position:0% actually properly price these right to start<00:02:28.200> obviously<00:02:28.739> everyone<00:02:29.099> knows<00:02:29.459> what<00:02:29.520> base 00:02:29.690 --> 00:02:29.700 align:start position:0% start obviously everyone knows what base 00:02:29.700 --> 00:02:32.089 align:start position:0% start obviously everyone knows what base rewards<00:02:30.120> most<00:02:31.020> people<00:02:31.200> actually<00:02:31.500> don't<00:02:31.860> know 00:02:32.089 --> 00:02:32.099 align:start position:0% rewards most people actually don't know 00:02:32.099 --> 00:02:33.530 align:start position:0% rewards most people actually don't know that<00:02:32.400> this<00:02:32.520> kind<00:02:32.700> of<00:02:32.819> it<00:02:33.000> does<00:02:33.180> shift 00:02:33.530 --> 00:02:33.540 align:start position:0% that this kind of it does shift 00:02:33.540 --> 00:02:34.790 align:start position:0% that this kind of it does shift depending<00:02:33.900> on<00:02:34.020> how<00:02:34.140> much<00:02:34.260> demand<00:02:34.560> there<00:02:34.680> is 00:02:34.790 --> 00:02:34.800 align:start position:0% depending on how much demand there is 00:02:34.800 --> 00:02:36.650 align:start position:0% depending on how much demand there is within<00:02:35.099> a<00:02:35.220> short<00:02:35.340> period<00:02:35.640> right<00:02:36.180> so<00:02:36.420> if<00:02:36.540> a 00:02:36.650 --> 00:02:36.660 align:start position:0% within a short period right so if a 00:02:36.660 --> 00:02:38.270 align:start position:0% within a short period right so if a block<00:02:36.780> is<00:02:37.020> full<00:02:37.200> there's<00:02:37.680> more<00:02:37.860> rewards<00:02:38.160> in 00:02:38.270 --> 00:02:38.280 align:start position:0% block is full there's more rewards in 00:02:38.280 --> 00:02:39.770 align:start position:0% block is full there's more rewards in the<00:02:38.340> next<00:02:38.459> block<00:02:38.640> and<00:02:38.940> essentially<00:02:39.420> they<00:02:39.599> just 00:02:39.770 --> 00:02:39.780 align:start position:0% the next block and essentially they just 00:02:39.780 --> 00:02:42.830 align:start position:0% the next block and essentially they just try<00:02:39.900> to<00:02:40.080> to<00:02:40.319> move<00:02:40.500> around<00:02:40.620> on<00:02:40.860> this<00:02:40.980> direction 00:02:42.830 --> 00:02:42.840 align:start position:0% try to to move around on this direction 00:02:42.840 --> 00:02:44.570 align:start position:0% try to to move around on this direction um but<00:02:43.440> on<00:02:43.680> the<00:02:43.800> other<00:02:43.860> side<00:02:44.040> of<00:02:44.220> this<00:02:44.340> right 00:02:44.570 --> 00:02:44.580 align:start position:0% um but on the other side of this right 00:02:44.580 --> 00:02:46.070 align:start position:0% um but on the other side of this right what<00:02:44.819> most<00:02:45.000> people<00:02:45.120> are<00:02:45.360> most<00:02:45.540> familiar<00:02:45.900> with 00:02:46.070 --> 00:02:46.080 align:start position:0% what most people are most familiar with 00:02:46.080 --> 00:02:49.190 align:start position:0% what most people are most familiar with is<00:02:46.920> just<00:02:47.280> purely<00:02:47.819> uh<00:02:48.239> the<00:02:48.360> fees<00:02:48.660> that<00:02:48.840> you<00:02:48.959> pay 00:02:49.190 --> 00:02:49.200 align:start position:0% is just purely uh the fees that you pay 00:02:49.200 --> 00:02:51.050 align:start position:0% is just purely uh the fees that you pay right<00:02:49.560> if<00:02:49.980> you<00:02:50.099> want<00:02:50.220> to<00:02:50.280> get<00:02:50.459> a<00:02:50.700> transaction 00:02:51.050 --> 00:02:51.060 align:start position:0% right if you want to get a transaction 00:02:51.060 --> 00:02:53.210 align:start position:0% right if you want to get a transaction through<00:02:51.360> in<00:02:52.140> a<00:02:52.379> reasonable<00:02:52.680> amount<00:02:52.920> of<00:02:53.099> time 00:02:53.210 --> 00:02:53.220 align:start position:0% through in a reasonable amount of time 00:02:53.220 --> 00:02:55.850 align:start position:0% through in a reasonable amount of time you<00:02:53.700> have<00:02:53.819> to<00:02:53.879> pay<00:02:54.000> a<00:02:54.180> fee<00:02:54.420> and<00:02:55.200> I<00:02:55.500> mean<00:02:55.620> the 00:02:55.850 --> 00:02:55.860 align:start position:0% you have to pay a fee and I mean the 00:02:55.860 --> 00:02:57.530 align:start position:0% you have to pay a fee and I mean the important<00:02:56.160> factor<00:02:56.459> is<00:02:56.700> really<00:02:56.819> that<00:02:57.060> this<00:02:57.300> has 00:02:57.530 --> 00:02:57.540 align:start position:0% important factor is really that this has 00:02:57.540 --> 00:02:59.449 align:start position:0% important factor is really that this has been<00:02:57.720> very<00:02:57.959> clearly<00:02:58.379> an<00:02:58.980> increasingly 00:02:59.449 --> 00:02:59.459 align:start position:0% been very clearly an increasingly 00:02:59.459 --> 00:03:01.009 align:start position:0% been very clearly an increasingly impactful<00:03:00.000> mechanism<00:03:00.420> over<00:03:00.599> the<00:03:00.780> past<00:03:00.900> few 00:03:01.009 --> 00:03:01.019 align:start position:0% impactful mechanism over the past few 00:03:01.019 --> 00:03:03.890 align:start position:0% impactful mechanism over the past few years<00:03:01.200> right<00:03:02.040> you<00:03:02.640> cannot<00:03:02.940> really<00:03:03.060> look<00:03:03.540> at 00:03:03.890 --> 00:03:03.900 align:start position:0% years right you cannot really look at 00:03:03.900 --> 00:03:05.750 align:start position:0% years right you cannot really look at purely<00:03:04.440> any<00:03:04.620> of<00:03:04.800> these<00:03:04.920> base<00:03:05.160> Rewards<00:03:05.640> or 00:03:05.750 --> 00:03:05.760 align:start position:0% purely any of these base Rewards or 00:03:05.760 --> 00:03:07.610 align:start position:0% purely any of these base Rewards or other<00:03:05.879> factors<00:03:06.239> alone<00:03:06.420> you<00:03:07.200> have<00:03:07.440> to<00:03:07.560> really 00:03:07.610 --> 00:03:07.620 align:start position:0% other factors alone you have to really 00:03:07.620 --> 00:03:09.830 align:start position:0% other factors alone you have to really get<00:03:07.860> abstract<00:03:08.160> with<00:03:08.400> your<00:03:08.580> thinking<00:03:08.879> so<00:03:09.540> on 00:03:09.830 --> 00:03:09.840 align:start position:0% get abstract with your thinking so on 00:03:09.840 --> 00:03:11.089 align:start position:0% get abstract with your thinking so on the<00:03:09.900> other<00:03:10.019> side<00:03:10.200> of<00:03:10.319> that<00:03:10.500> right<00:03:10.680> you<00:03:10.980> can 00:03:11.089 --> 00:03:11.099 align:start position:0% the other side of that right you can 00:03:11.099 --> 00:03:14.089 align:start position:0% the other side of that right you can also<00:03:11.340> disincentivize<00:03:12.180> negative<00:03:12.659> activity 00:03:14.089 --> 00:03:14.099 align:start position:0% also disincentivize negative activity 00:03:14.099 --> 00:03:16.130 align:start position:0% also disincentivize negative activity um and<00:03:14.640> this<00:03:14.940> really<00:03:15.060> just<00:03:15.300> introduces<00:03:15.840> more 00:03:16.130 --> 00:03:16.140 align:start position:0% um and this really just introduces more 00:03:16.140 --> 00:03:18.530 align:start position:0% um and this really just introduces more risks<00:03:16.500> for<00:03:16.620> validators<00:03:17.159> than<00:03:17.580> uh<00:03:18.239> really 00:03:18.530 --> 00:03:18.540 align:start position:0% risks for validators than uh really 00:03:18.540 --> 00:03:19.970 align:start position:0% risks for validators than uh really people<00:03:18.780> recognize<00:03:19.260> at<00:03:19.440> this<00:03:19.560> point<00:03:19.680> in<00:03:19.800> time 00:03:19.970 --> 00:03:19.980 align:start position:0% people recognize at this point in time 00:03:19.980 --> 00:03:21.309 align:start position:0% people recognize at this point in time right 00:03:21.309 --> 00:03:21.319 align:start position:0% right 00:03:21.319 --> 00:03:25.009 align:start position:0% right there's<00:03:22.319> an<00:03:22.680> entire<00:03:22.920> row<00:03:23.580> of<00:03:23.819> of<00:03:24.120> blocks<00:03:24.900> that 00:03:25.009 --> 00:03:25.019 align:start position:0% there's an entire row of of blocks that 00:03:25.019 --> 00:03:27.350 align:start position:0% there's an entire row of of blocks that were<00:03:25.200> entirely<00:03:25.620> uh<00:03:26.159> completely<00:03:26.519> destroyed<00:03:27.060> in 00:03:27.350 --> 00:03:27.360 align:start position:0% were entirely uh completely destroyed in 00:03:27.360 --> 00:03:28.550 align:start position:0% were entirely uh completely destroyed in the<00:03:27.480> past 00:03:28.550 --> 00:03:28.560 align:start position:0% the past 00:03:28.560 --> 00:03:30.530 align:start position:0% the past um<00:03:28.620> and<00:03:29.220> realistically<00:03:29.819> you<00:03:30.120> end<00:03:30.239> up<00:03:30.360> having 00:03:30.530 --> 00:03:30.540 align:start position:0% um and realistically you end up having 00:03:30.540 --> 00:03:32.690 align:start position:0% um and realistically you end up having to<00:03:30.840> to<00:03:31.140> sorry<00:03:31.800> I<00:03:32.040> actually<00:03:32.220> did<00:03:32.459> the<00:03:32.580> wrong 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I<00:03:38.220> think<00:03:38.340> on<00:03:38.519> about<00:03:38.700> 20<00:03:38.940> slots<00:03:39.300> in<00:03:39.480> a<00:03:39.599> row 00:03:40.430 --> 00:03:40.440 align:start position:0% I think on about 20 slots in a row 00:03:40.440 --> 00:03:41.809 align:start position:0% I think on about 20 slots in a row um<00:03:40.560> so<00:03:40.739> it's<00:03:40.860> pretty<00:03:41.040> horrible<00:03:41.280> this<00:03:41.580> happens 00:03:41.809 --> 00:03:41.819 align:start position:0% um so it's pretty horrible this happens 00:03:41.819 --> 00:03:43.670 align:start position:0% um so it's pretty horrible this happens and<00:03:42.299> there<00:03:42.480> are<00:03:42.599> real<00:03:42.780> risks<00:03:43.140> there<00:03:43.260> that 00:03:43.670 --> 00:03:43.680 align:start position:0% and there are real risks there that 00:03:43.680 --> 00:03:45.830 align:start position:0% and there are real risks there that users<00:03:44.040> must<00:03:44.280> kind<00:03:44.400> of<00:03:44.519> accept<00:03:44.640> really<00:03:45.480> at<00:03:45.720> the 00:03:45.830 --> 00:03:45.840 align:start position:0% users must kind of accept really at the 00:03:45.840 --> 00:03:47.089 align:start position:0% users must kind of accept really at the end<00:03:45.959> of<00:03:46.019> the<00:03:46.080> day<00:03:46.200> as<00:03:46.379> well<00:03:46.500> okay<00:03:46.680> on<00:03:47.040> the 00:03:47.089 --> 00:03:47.099 align:start position:0% end of the day as well okay on the 00:03:47.099 --> 00:03:49.789 align:start position:0% end of the day as well okay on the demand<00:03:47.400> side<00:03:47.580> or<00:03:48.000> rather<00:03:48.299> the<00:03:48.540> the<00:03:48.599> apy<00:03:49.560> that 00:03:49.789 --> 00:03:49.799 align:start position:0% demand side or rather the the apy that 00:03:49.799 --> 00:03:51.229 align:start position:0% demand side or rather the the apy that you<00:03:49.860> can<00:03:49.980> earn<00:03:50.099> in<00:03:50.280> the<00:03:50.400> yield 00:03:51.229 --> 00:03:51.239 align:start position:0% you can earn in the yield 00:03:51.239 --> 00:03:52.850 align:start position:0% you can earn in the yield um<00:03:51.299> we're<00:03:51.599> seeing<00:03:51.900> increasing<00:03:52.440> amounts<00:03:52.739> of 00:03:52.850 --> 00:03:52.860 align:start position:0% um we're seeing increasing amounts of 00:03:52.860 --> 00:03:54.350 align:start position:0% um we're seeing increasing amounts of this<00:03:52.980> not<00:03:53.340> coming<00:03:53.519> from<00:03:53.819> the<00:03:54.060> traditional 00:03:54.350 --> 00:03:54.360 align:start position:0% this not coming from the traditional 00:03:54.360 --> 00:03:57.110 align:start position:0% this not coming from the traditional mempool<00:03:54.780> tips<00:03:55.080> and<00:03:55.319> Etc<00:03:55.440> but<00:03:56.220> large<00:03:56.519> blocks 00:03:57.110 --> 00:03:57.120 align:start position:0% mempool tips and Etc but large blocks 00:03:57.120 --> 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or no I think that's<00:04:04.260> about<00:04:04.379> 10<00:04:04.620> within<00:04:05.099> about<00:04:05.280> 100 00:04:05.449 --> 00:04:05.459 align:start position:0% that's about 10 within about 100 00:04:05.459 --> 00:04:07.490 align:start position:0% that's about 10 within about 100 transactions<00:04:06.299> I<00:04:06.900> know<00:04:07.019> actually<00:04:07.140> that's<00:04:07.319> only 00:04:07.490 --> 00:04:07.500 align:start position:0% transactions I know actually that's only 00:04:07.500 --> 00:04:10.490 align:start position:0% transactions I know actually that's only about<00:04:07.620> 20<00:04:07.799> blocks<00:04:08.659> and<00:04:09.659> really<00:04:10.140> these 00:04:10.490 --> 00:04:10.500 align:start position:0% about 20 blocks and really these 00:04:10.500 --> 00:04:11.869 align:start position:0% about 20 blocks and really these transactions<00:04:10.920> allow<00:04:11.220> people<00:04:11.340> to<00:04:11.519> do<00:04:11.640> a<00:04:11.760> lot 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opportunities from<00:04:17.880> others 00:04:18.909 --> 00:04:18.919 align:start position:0% from others 00:04:18.919 --> 00:04:21.229 align:start position:0% from others interestingly<00:04:19.919> we<00:04:20.220> haven't<00:04:20.400> seen<00:04:20.820> a<00:04:21.060> lot<00:04:21.120> of 00:04:21.229 --> 00:04:21.239 align:start position:0% interestingly we haven't seen a lot of 00:04:21.239 --> 00:04:23.570 align:start position:0% interestingly we haven't seen a lot of malicious<00:04:21.720> validators<00:04:22.260> do<00:04:22.440> this<00:04:22.560> yet<00:04:22.800> but 00:04:23.570 --> 00:04:23.580 align:start position:0% malicious validators do this yet but 00:04:23.580 --> 00:04:26.030 align:start position:0% malicious validators do this yet but that<00:04:23.880> also<00:04:24.120> does<00:04:24.300> present<00:04:24.600> a<00:04:24.780> risk<00:04:25.080> right<00:04:25.380> and 00:04:26.030 --> 00:04:26.040 align:start position:0% that also does present a risk right and 00:04:26.040 --> 00:04:27.230 align:start position:0% that also does present a risk right and the<00:04:26.220> final<00:04:26.340> Factor<00:04:26.699> right<00:04:26.880> when<00:04:27.000> you<00:04:27.120> talk 00:04:27.230 --> 00:04:27.240 align:start position:0% the final Factor right when you talk 00:04:27.240 --> 00:04:29.150 align:start position:0% the final Factor right when you talk about<00:04:27.360> pricing<00:04:27.720> block<00:04:27.900> space<00:04:28.139> has<00:04:28.680> to<00:04:28.919> be 00:04:29.150 --> 00:04:29.160 align:start position:0% about pricing block space has to be 00:04:29.160 --> 00:04:30.249 align:start position:0% about pricing block space has to be dilution 00:04:30.249 --> 00:04:30.259 align:start position:0% dilution 00:04:30.259 --> 00:04:32.570 align:start position:0% dilution generally<00:04:31.259> speaking<00:04:31.680> again<00:04:32.040> I<00:04:32.280> said<00:04:32.400> that 00:04:32.570 --> 00:04:32.580 align:start position:0% generally speaking again I said that 00:04:32.580 --> 00:04:35.090 align:start position:0% generally speaking again I said that this<00:04:32.759> isn't<00:04:33.000> plateauing<00:04:33.919> it's<00:04:34.919> very 00:04:35.090 --> 00:04:35.100 align:start position:0% this isn't plateauing it's very 00:04:35.100 --> 00:04:36.350 align:start position:0% this isn't plateauing it's very consistent<00:04:35.580> because<00:04:35.820> there's<00:04:36.060> a<00:04:36.240> certain 00:04:36.350 --> 00:04:36.360 align:start position:0% consistent because there's a certain 00:04:36.360 --> 00:04:37.610 align:start position:0% consistent because there's a certain amount<00:04:36.540> of<00:04:36.720> validators<00:04:37.139> that<00:04:37.380> can<00:04:37.500> actually 00:04:37.610 --> 00:04:37.620 align:start position:0% amount of validators that can actually 00:04:37.620 --> 00:04:40.189 align:start position:0% amount of validators that can actually be<00:04:37.800> introduced<00:04:38.220> per<00:04:38.580> day<00:04:38.820> and<00:04:39.720> at<00:04:39.900> the<00:04:40.020> end<00:04:40.080> of 00:04:40.189 --> 00:04:40.199 align:start position:0% be introduced per day and at the end of 00:04:40.199 --> 00:04:41.570 align:start position:0% be introduced per day and at the end of the<00:04:40.259> day<00:04:40.440> we've<00:04:40.979> seen<00:04:41.100> that<00:04:41.220> over<00:04:41.340> the<00:04:41.460> past 00:04:41.570 --> 00:04:41.580 align:start position:0% the day we've seen that over the past 00:04:41.580 --> 00:04:44.330 align:start position:0% the day we've seen that over the past year<00:04:41.759> year<00:04:42.560> regardless<00:04:43.560> of<00:04:43.740> increases<00:04:44.160> of 00:04:44.330 --> 00:04:44.340 align:start position:0% year year regardless of increases of 00:04:44.340 --> 00:04:46.610 align:start position:0% year year regardless of increases of yield<00:04:44.580> based<00:04:45.060> on<00:04:45.120> you<00:04:45.419> know<00:04:45.479> Mev<00:04:45.900> and<00:04:46.080> the<00:04:46.320> eth2 00:04:46.610 --> 00:04:46.620 align:start position:0% yield based on you know Mev and the eth2 00:04:46.620 --> 00:04:48.710 align:start position:0% yield based on you know Mev and the eth2 merge<00:04:47.060> validator<00:04:48.060> yields<00:04:48.479> have<00:04:48.600> actually 00:04:48.710 --> 00:04:48.720 align:start position:0% merge validator yields have actually 00:04:48.720 --> 00:04:51.350 align:start position:0% merge validator yields have actually just<00:04:48.960> been<00:04:49.020> diluted<00:04:49.500> by<00:04:49.620> 50<00:04:50.180> if<00:04:51.180> this 00:04:51.350 --> 00:04:51.360 align:start position:0% just been diluted by 50 if this 00:04:51.360 --> 00:04:53.270 align:start position:0% just been diluted by 50 if this continues<00:04:51.840> right<00:04:52.139> we<00:04:52.560> will<00:04:52.680> see<00:04:52.860> yields 00:04:53.270 --> 00:04:53.280 align:start position:0% continues right we will see yields 00:04:53.280 --> 00:04:55.670 align:start position:0% continues right we will see yields crunch<00:04:53.520> but<00:04:54.300> you<00:04:54.600> need<00:04:54.780> to<00:04:54.960> introduce<00:04:55.380> more 00:04:55.670 --> 00:04:55.680 align:start position:0% crunch but you need to introduce more 00:04:55.680 --> 00:04:57.350 align:start position:0% crunch but you need to introduce more incentives<00:04:56.040> for<00:04:56.280> this<00:04:56.400> to<00:04:56.639> continue<00:04:56.820> right 00:04:57.350 --> 00:04:57.360 align:start position:0% incentives for this to continue right 00:04:57.360 --> 00:04:59.330 align:start position:0% incentives for this to continue right you<00:04:57.660> need<00:04:57.780> to<00:04:57.960> ensure<00:04:58.259> that<00:04:58.620> the<00:04:58.919> the<00:04:59.040> network 00:04:59.330 --> 00:04:59.340 align:start position:0% you need to ensure that the the network 00:04:59.340 --> 00:05:01.490 align:start position:0% you need to ensure that the the network is<00:04:59.699> secure<00:05:00.000> and<00:05:00.419> you<00:05:00.540> do<00:05:00.720> that<00:05:00.840> by<00:05:01.080> continuing 00:05:01.490 --> 00:05:01.500 align:start position:0% is secure and you do that by continuing 00:05:01.500 --> 00:05:02.629 align:start position:0% is secure and you do that by continuing to<00:05:01.620> introduce<00:05:01.919> incentives<00:05:02.340> for<00:05:02.520> these 00:05:02.629 --> 00:05:02.639 align:start position:0% to introduce incentives for these 00:05:02.639 --> 00:05:04.969 align:start position:0% to introduce incentives for these parties<00:05:02.940> so<00:05:03.720> at<00:05:03.900> the<00:05:04.020> end<00:05:04.080> of<00:05:04.199> the<00:05:04.259> day<00:05:04.380> really 00:05:04.969 --> 00:05:04.979 align:start position:0% parties so at the end of the day really 00:05:04.979 --> 00:05:06.950 align:start position:0% parties so at the end of the day really what<00:05:05.220> is<00:05:05.340> the<00:05:05.580> massive<00:05:05.820> risk<00:05:06.180> whether<00:05:06.720> there's 00:05:06.950 --> 00:05:06.960 align:start position:0% what is the massive risk whether there's 00:05:06.960 --> 00:05:09.290 align:start position:0% what is the massive risk whether there's going<00:05:07.139> to<00:05:07.259> be<00:05:07.380> demand<00:05:07.680> and<00:05:08.400> that<00:05:08.580> and<00:05:09.000> for 00:05:09.290 --> 00:05:09.300 align:start position:0% going to be demand and that and for 00:05:09.300 --> 00:05:10.550 align:start position:0% going to be demand and that and for pretty<00:05:09.479> much<00:05:09.600> every<00:05:09.780> Factor<00:05:10.139> other<00:05:10.320> than 00:05:10.550 --> 00:05:10.560 align:start position:0% pretty much every Factor other than 00:05:10.560 --> 00:05:13.010 align:start position:0% pretty much every Factor other than slashing<00:05:11.040> demand<00:05:11.699> is<00:05:12.000> just<00:05:12.240> a<00:05:12.479> function<00:05:12.780> for 00:05:13.010 --> 00:05:13.020 align:start position:0% slashing demand is just a function for 00:05:13.020 --> 00:05:14.990 align:start position:0% slashing demand is just a function for it<00:05:13.199> right<00:05:13.560> so<00:05:14.160> then<00:05:14.340> when<00:05:14.520> you<00:05:14.639> actually<00:05:14.759> try 00:05:14.990 --> 00:05:15.000 align:start position:0% it right so then when you actually try 00:05:15.000 --> 00:05:17.030 align:start position:0% it right so then when you actually try to<00:05:15.120> apply<00:05:15.419> this<00:05:15.660> you<00:05:16.440> get<00:05:16.500> this<00:05:16.740> massive 00:05:17.030 --> 00:05:17.040 align:start position:0% to apply this you get this massive 00:05:17.040 --> 00:05:19.129 align:start position:0% to apply this you get this massive formula<00:05:17.460> where<00:05:18.120> effectively<00:05:18.660> you<00:05:18.780> have<00:05:18.900> the 00:05:19.129 --> 00:05:19.139 align:start position:0% formula where effectively you have the 00:05:19.139 --> 00:05:21.230 align:start position:0% formula where effectively you have the base<00:05:19.320> fees<00:05:19.740> the<00:05:19.919> fees<00:05:20.160> themselves<00:05:20.460> nav<00:05:20.820> and 00:05:21.230 --> 00:05:21.240 align:start position:0% base fees the fees themselves nav and 00:05:21.240 --> 00:05:24.409 align:start position:0% base fees the fees themselves nav and tips<00:05:21.479> and<00:05:22.440> as<00:05:22.620> well<00:05:22.800> dilution<00:05:23.340> all<00:05:24.180> really 00:05:24.409 --> 00:05:24.419 align:start position:0% tips and as well dilution all really 00:05:24.419 --> 00:05:27.830 align:start position:0% tips and as well dilution all really kind<00:05:24.660> of<00:05:24.780> dependent<00:05:25.259> on<00:05:25.800> on<00:05:26.100> demand<00:05:26.660> as<00:05:27.660> well 00:05:27.830 --> 00:05:27.840 align:start position:0% kind of dependent on on demand as well 00:05:27.840 --> 00:05:30.110 align:start position:0% kind of dependent on on demand as well as<00:05:27.900> these<00:05:28.199> time<00:05:28.320> factors<00:05:28.680> right<00:05:29.039> if<00:05:29.759> you<00:05:29.940> know 00:05:30.110 --> 00:05:30.120 align:start position:0% as these time factors right if you know 00:05:30.120 --> 00:05:31.730 align:start position:0% as these time factors right if you know that<00:05:30.479> six<00:05:30.900> months<00:05:31.139> from<00:05:31.259> now<00:05:31.380> there's<00:05:31.560> going 00:05:31.730 --> 00:05:31.740 align:start position:0% that six months from now there's going 00:05:31.740 --> 00:05:33.770 align:start position:0% that six months from now there's going to<00:05:31.860> be<00:05:31.919> a<00:05:32.100> five<00:05:32.160> percent<00:05:32.340> yield<00:05:32.699> well<00:05:33.360> you<00:05:33.660> can 00:05:33.770 --> 00:05:33.780 align:start position:0% to be a five percent yield well you can 00:05:33.780 --> 00:05:34.610 align:start position:0% to be a five percent yield well you can actually<00:05:33.900> predict<00:05:34.199> things<00:05:34.380> pretty 00:05:34.610 --> 00:05:34.620 align:start position:0% actually predict things pretty 00:05:34.620 --> 00:05:36.650 align:start position:0% actually predict things pretty accurately<00:05:35.039> however<00:05:35.820> if<00:05:36.060> this<00:05:36.300> is<00:05:36.479> going<00:05:36.660> to 00:05:36.650 --> 00:05:36.660 align:start position:0% accurately however if this is going to 00:05:36.660 --> 00:05:38.029 align:start position:0% accurately however if this is going to be<00:05:36.720> massively<00:05:37.080> volatile<00:05:37.440> over<00:05:37.680> that<00:05:37.860> time 00:05:38.029 --> 00:05:38.039 align:start position:0% be massively volatile over that time 00:05:38.039 --> 00:05:39.650 align:start position:0% be massively volatile over that time period<00:05:38.340> you<00:05:38.759> need<00:05:38.880> to<00:05:39.000> actually<00:05:39.120> do<00:05:39.419> some 00:05:39.650 --> 00:05:39.660 align:start position:0% period you need to actually do some 00:05:39.660 --> 00:05:41.749 align:start position:0% period you need to actually do some pretty<00:05:39.960> complicated<00:05:40.380> stuff<00:05:40.620> in<00:05:40.800> there<00:05:40.979> right 00:05:41.749 --> 00:05:41.759 align:start position:0% pretty complicated stuff in there right 00:05:41.759 --> 00:05:45.230 align:start position:0% pretty complicated stuff in there right so<00:05:42.479> the<00:05:42.840> question<00:05:42.960> becomes<00:05:43.500> why<00:05:44.400> right 00:05:45.230 --> 00:05:45.240 align:start position:0% so the question becomes why right 00:05:45.240 --> 00:05:47.029 align:start position:0% so the question becomes why right there's<00:05:45.960> all<00:05:46.199> this<00:05:46.320> math<00:05:46.500> there's<00:05:46.740> all<00:05:46.919> this 00:05:47.029 --> 00:05:47.039 align:start position:0% there's all this math there's all this 00:05:47.039 --> 00:05:48.770 align:start position:0% there's all this math there's all this honestly<00:05:47.460> this<00:05:47.580> crap<00:05:47.880> involved<00:05:48.360> in<00:05:48.479> trying<00:05:48.660> to 00:05:48.770 --> 00:05:48.780 align:start position:0% honestly this crap involved in trying to 00:05:48.780 --> 00:05:49.909 align:start position:0% honestly this crap involved in trying to do<00:05:48.900> this 00:05:49.909 --> 00:05:49.919 align:start position:0% do this 00:05:49.919 --> 00:05:51.950 align:start position:0% do this um<00:05:49.979> why<00:05:50.400> actually<00:05:50.639> create<00:05:50.880> products<00:05:51.360> that<00:05:51.780> can 00:05:51.950 --> 00:05:51.960 align:start position:0% um why actually create products that can 00:05:51.960 --> 00:05:54.770 align:start position:0% um why actually create products that can can<00:05:52.199> do<00:05:52.500> it<00:05:52.620> and<00:05:53.400> at<00:05:53.580> the<00:05:53.699> end<00:05:53.759> of<00:05:53.880> the<00:05:53.940> day<00:05:54.060> it's 00:05:54.770 --> 00:05:54.780 align:start position:0% can do it and at the end of the day it's 00:05:54.780 --> 00:05:56.629 align:start position:0% can do it and at the end of the day it's really<00:05:54.960> because<00:05:55.199> you<00:05:55.800> can<00:05:55.860> create<00:05:55.979> validator 00:05:56.629 --> 00:05:56.639 align:start position:0% really because you can create validator 00:05:56.639 --> 00:05:58.730 align:start position:0% really because you can create validator experiences<00:05:57.240> that<00:05:57.960> honestly<00:05:58.320> exceed 00:05:58.730 --> 00:05:58.740 align:start position:0% experiences that honestly exceed 00:05:58.740 --> 00:06:01.909 align:start position:0% experiences that honestly exceed anything<00:05:59.039> that<00:05:59.280> is<00:05:59.400> available<00:05:59.580> today 00:06:01.909 --> 00:06:01.919 align:start position:0% anything that is available today 00:06:01.919 --> 00:06:04.249 align:start position:0% anything that is available today so<00:06:02.400> getting<00:06:02.759> into<00:06:03.000> really<00:06:03.479> how<00:06:03.780> you<00:06:03.900> do<00:06:04.080> this 00:06:04.249 --> 00:06:04.259 align:start position:0% so getting into really how you do this 00:06:04.259 --> 00:06:06.409 align:start position:0% so getting into really how you do this right<00:06:04.500> what<00:06:05.280> are<00:06:05.460> block<00:06:05.759> space<00:06:06.000> Capital 00:06:06.409 --> 00:06:06.419 align:start position:0% right what are block space Capital 00:06:06.419 --> 00:06:08.330 align:start position:0% right what are block space Capital markets 00:06:08.330 --> 00:06:08.340 align:start position:0% markets 00:06:08.340 --> 00:06:10.010 align:start position:0% markets at<00:06:08.820> their<00:06:09.000> core<00:06:09.180> block<00:06:09.539> space<00:06:09.780> Capital 00:06:10.010 --> 00:06:10.020 align:start position:0% at their core block space Capital 00:06:10.020 --> 00:06:12.409 align:start position:0% at their core block space Capital markets<00:06:10.500> allow<00:06:10.800> users<00:06:11.160> to<00:06:11.520> take<00:06:12.000> the<00:06:12.300> future 00:06:12.409 --> 00:06:12.419 align:start position:0% markets allow users to take the future 00:06:12.419 --> 00:06:14.510 align:start position:0% markets allow users to take the future yield<00:06:12.780> that<00:06:12.960> they<00:06:13.139> might<00:06:13.259> generate<00:06:13.620> on<00:06:14.220> some 00:06:14.510 --> 00:06:14.520 align:start position:0% yield that they might generate on some 00:06:14.520 --> 00:06:15.890 align:start position:0% yield that they might generate on some amount<00:06:14.699> of<00:06:15.060> block<00:06:15.240> space<00:06:15.479> that<00:06:15.660> they<00:06:15.780> can 00:06:15.890 --> 00:06:15.900 align:start position:0% amount of block space that they can 00:06:15.900 --> 00:06:18.170 align:start position:0% amount of block space that they can commit<00:06:16.199> and<00:06:16.860> sell<00:06:17.039> that<00:06:17.280> to<00:06:17.520> other<00:06:17.699> people<00:06:17.880> to 00:06:18.170 --> 00:06:18.180 align:start position:0% commit and sell that to other people to 00:06:18.180 --> 00:06:20.029 align:start position:0% commit and sell that to other people to reserve<00:06:18.600> today<00:06:18.720> whether<00:06:19.440> that's<00:06:19.620> in<00:06:19.860> direct 00:06:20.029 --> 00:06:20.039 align:start position:0% reserve today whether that's in direct 00:06:20.039 --> 00:06:22.370 align:start position:0% reserve today whether that's in direct reservations<00:06:20.580> like<00:06:20.880> Eden<00:06:21.300> Network<00:06:21.479> whether 00:06:22.370 --> 00:06:22.380 align:start position:0% reservations like Eden Network whether 00:06:22.380 --> 00:06:23.870 align:start position:0% reservations like Eden Network whether that's<00:06:22.560> through<00:06:22.740> peer-to-peer<00:06:23.400> transactions 00:06:23.870 --> 00:06:23.880 align:start position:0% that's through peer-to-peer transactions 00:06:23.880 --> 00:06:25.909 align:start position:0% that's through peer-to-peer transactions directly<00:06:24.180> like<00:06:24.419> alchemia<00:06:25.080> or<00:06:25.560> whether<00:06:25.680> that's 00:06:25.909 --> 00:06:25.919 align:start position:0% directly like alchemia or whether that's 00:06:25.919 --> 00:06:27.469 align:start position:0% directly like alchemia or whether that's through<00:06:26.100> larger<00:06:26.460> validator<00:06:26.940> pools<00:06:27.360> and 00:06:27.469 --> 00:06:27.479 align:start position:0% through larger validator pools and 00:06:27.479 --> 00:06:29.330 align:start position:0% through larger validator pools and everything<00:06:27.660> like<00:06:27.960> Lido<00:06:28.440> and<00:06:28.680> Etc<00:06:28.800> through<00:06:29.160> the 00:06:29.330 --> 00:06:29.340 align:start position:0% everything like Lido and Etc through the 00:06:29.340 --> 00:06:32.749 align:start position:0% everything like Lido and Etc through the stack<00:06:29.580> of<00:06:29.699> swivel<00:06:30.740> and<00:06:31.740> on<00:06:32.039> our<00:06:32.160> end<00:06:32.340> I<00:06:32.699> think 00:06:32.749 --> 00:06:32.759 align:start position:0% stack of swivel and on our end I think 00:06:32.759 --> 00:06:34.010 align:start position:0% stack of swivel and on our end I think that<00:06:33.000> some<00:06:33.180> something<00:06:33.479> that's<00:06:33.780> very 00:06:34.010 --> 00:06:34.020 align:start position:0% that some something that's very 00:06:34.020 --> 00:06:37.070 align:start position:0% that some something that's very important<00:06:34.319> to<00:06:34.500> note<00:06:34.680> right<00:06:35.039> we<00:06:35.759> split<00:06:36.120> up<00:06:36.300> the 00:06:37.070 --> 00:06:37.080 align:start position:0% important to note right we split up the 00:06:37.080 --> 00:06:38.990 align:start position:0% important to note right we split up the components<00:06:37.620> into<00:06:37.979> yield<00:06:38.340> tokens<00:06:38.819> and 00:06:38.990 --> 00:06:39.000 align:start position:0% components into yield tokens and 00:06:39.000 --> 00:06:41.150 align:start position:0% components into yield tokens and principal<00:06:39.360> tokens<00:06:39.660> so 00:06:41.150 --> 00:06:41.160 align:start position:0% principal tokens so 00:06:41.160 --> 00:06:45.290 align:start position:0% principal tokens so if<00:06:41.639> you<00:06:41.880> took<00:06:42.240> a<00:06:42.720> a<00:06:42.900> deposit<00:06:43.380> on<00:06:44.280> Lido<00:06:44.880> and<00:06:45.180> you 00:06:45.290 --> 00:06:45.300 align:start position:0% if you took a a deposit on Lido and you 00:06:45.300 --> 00:06:47.330 align:start position:0% if you took a a deposit on Lido and you instead<00:06:45.600> immediately<00:06:45.900> gave<00:06:46.080> it<00:06:46.259> to<00:06:46.380> us<00:06:46.500> we 00:06:47.330 --> 00:06:47.340 align:start position:0% instead immediately gave it to us we 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that would actually<00:06:52.319> be<00:06:52.500> generated<00:06:52.919> and<00:06:53.520> the<00:06:53.639> principal 00:06:53.930 --> 00:06:53.940 align:start position:0% actually be generated and the principal 00:06:53.940 --> 00:06:55.670 align:start position:0% actually be generated and the principal tokens<00:06:54.240> representing<00:06:54.660> your<00:06:54.840> actual<00:06:55.080> deposit 00:06:55.670 --> 00:06:55.680 align:start position:0% tokens representing your actual deposit 00:06:55.680 --> 00:06:56.570 align:start position:0% tokens representing your actual deposit itself 00:06:56.570 --> 00:06:56.580 align:start position:0% itself 00:06:56.580 --> 00:06:58.249 align:start position:0% itself and<00:06:57.060> allow<00:06:57.360> you<00:06:57.479> to<00:06:57.600> actually<00:06:57.720> trade<00:06:58.080> those 00:06:58.249 --> 00:06:58.259 align:start position:0% and allow you to actually trade those 00:06:58.259 --> 00:07:01.370 align:start position:0% and allow you to actually trade those right<00:06:59.039> so<00:07:00.000> the<00:07:00.360> most<00:07:00.600> common<00:07:00.720> use<00:07:00.960> case<00:07:01.199> there 00:07:01.370 --> 00:07:01.380 align:start position:0% right so the most common use case there 00:07:01.380 --> 00:07:03.830 align:start position:0% right so the most common use case there is<00:07:01.740> then<00:07:01.979> well<00:07:02.699> I<00:07:03.000> want<00:07:03.060> to<00:07:03.180> trade<00:07:03.419> away<00:07:03.600> my 00:07:03.830 --> 00:07:03.840 align:start position:0% is then well I want to trade away my 00:07:03.840 --> 00:07:05.270 align:start position:0% is then well I want to trade away my yield<00:07:04.020> tokens<00:07:04.440> that<00:07:04.620> future<00:07:04.740> yield<00:07:04.979> to 00:07:05.270 --> 00:07:05.280 align:start position:0% yield tokens that future yield to 00:07:05.280 --> 00:07:07.670 align:start position:0% yield tokens that future yield to somebody<00:07:05.520> else<00:07:05.880> and<00:07:06.840> the<00:07:07.020> result<00:07:07.139> really<00:07:07.440> is 00:07:07.670 --> 00:07:07.680 align:start position:0% somebody else and the result really is 00:07:07.680 --> 00:07:09.950 align:start position:0% somebody else and the result really is that<00:07:07.919> as<00:07:08.160> a<00:07:08.340> Staker<00:07:08.699> you<00:07:09.180> then<00:07:09.360> are<00:07:09.539> completely 00:07:09.950 --> 00:07:09.960 align:start position:0% that as a Staker you then are completely 00:07:09.960 --> 00:07:12.529 align:start position:0% that as a Staker you then are completely insulated<00:07:10.500> from<00:07:11.100> any<00:07:11.280> slashing<00:07:11.759> risks<00:07:12.120> any 00:07:12.529 --> 00:07:12.539 align:start position:0% insulated from any slashing risks any 00:07:12.539 --> 00:07:15.409 align:start position:0% insulated from any slashing risks any dilution<00:07:12.900> risks<00:07:13.380> any<00:07:13.800> volatility<00:07:14.280> and<00:07:15.060> on<00:07:15.240> the 00:07:15.409 --> 00:07:15.419 align:start position:0% dilution risks any volatility and on the 00:07:15.419 --> 00:07:17.390 align:start position:0% dilution risks any volatility and on the other<00:07:15.539> side<00:07:15.780> the<00:07:16.680> party<00:07:16.800> is<00:07:17.039> effectively 00:07:17.390 --> 00:07:17.400 align:start position:0% other side the party is effectively 00:07:17.400 --> 00:07:19.490 align:start position:0% other side the party is effectively leveraging<00:07:17.880> massively<00:07:18.479> on<00:07:18.600> the<00:07:18.720> rate<00:07:18.840> right 00:07:19.490 --> 00:07:19.500 align:start position:0% leveraging massively on the rate right 00:07:19.500 --> 00:07:21.650 align:start position:0% leveraging massively on the rate right you<00:07:19.860> can<00:07:19.979> either<00:07:20.160> hedge<00:07:20.699> your<00:07:20.819> costs<00:07:21.180> if<00:07:21.539> you 00:07:21.650 --> 00:07:21.660 align:start position:0% you can either hedge your costs if you 00:07:21.660 --> 00:07:23.930 align:start position:0% you can either hedge your costs if you are<00:07:21.840> a<00:07:22.080> validator<00:07:22.440> yourself<00:07:22.680> you<00:07:23.520> can<00:07:23.580> hedge 00:07:23.930 --> 00:07:23.940 align:start position:0% are a validator yourself you can hedge 00:07:23.940 --> 00:07:25.969 align:start position:0% are a validator yourself you can hedge variability<00:07:24.419> or<00:07:25.080> I<00:07:25.319> mean<00:07:25.440> at<00:07:25.560> this<00:07:25.680> point<00:07:25.860> in 00:07:25.969 --> 00:07:25.979 align:start position:0% variability or I mean at this point in 00:07:25.979 --> 00:07:28.730 align:start position:0% variability or I mean at this point in time<00:07:26.160> rate<00:07:27.120> the<00:07:27.479> gas<00:07:27.660> price<00:07:27.900> is<00:07:28.139> literally<00:07:28.500> on 00:07:28.730 --> 00:07:28.740 align:start position:0% time rate the gas price is literally on 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align:start position:0% next year right these are very very important<00:07:35.220> dynamics<00:07:35.759> that<00:07:36.000> are<00:07:36.180> standard 00:07:36.650 --> 00:07:36.660 align:start position:0% important dynamics that are standard 00:07:36.660 --> 00:07:39.050 align:start position:0% important dynamics that are standard honestly<00:07:37.020> in<00:07:37.380> almost<00:07:37.500> any<00:07:37.800> commodity<00:07:38.280> but<00:07:38.880> for 00:07:39.050 --> 00:07:39.060 align:start position:0% honestly in almost any commodity but for 00:07:39.060 --> 00:07:40.670 align:start position:0% honestly in almost any commodity but for some<00:07:39.180> reason<00:07:39.360> right<00:07:39.660> now<00:07:39.780> they<00:07:40.199> aren't<00:07:40.440> really 00:07:40.670 --> 00:07:40.680 align:start position:0% some reason right now they aren't really 00:07:40.680 --> 00:07:42.409 align:start position:0% some reason right now they aren't really in<00:07:40.919> eth 00:07:42.409 --> 00:07:42.419 align:start position:0% in eth 00:07:42.419 --> 00:07:45.050 align:start position:0% in eth but<00:07:43.139> then<00:07:43.319> okay<00:07:43.680> there<00:07:44.280> are<00:07:44.400> multiple<00:07:44.639> designs 00:07:45.050 --> 00:07:45.060 align:start position:0% but then okay there are multiple designs 00:07:45.060 --> 00:07:46.730 align:start position:0% but then okay there are multiple designs to<00:07:45.180> do<00:07:45.300> something<00:07:45.479> like<00:07:45.780> this 00:07:46.730 --> 00:07:46.740 align:start position:0% to do something like this 00:07:46.740 --> 00:07:49.370 align:start position:0% to do something like this and<00:07:47.460> the<00:07:47.699> question<00:07:47.880> really<00:07:48.120> becomes<00:07:48.599> what<00:07:49.199> can 00:07:49.370 --> 00:07:49.380 align:start position:0% and the question really becomes what can 00:07:49.380 --> 00:07:51.589 align:start position:0% and the question really becomes what can we<00:07:49.620> do<00:07:49.860> with<00:07:50.340> these<00:07:50.580> designs<00:07:50.940> right<00:07:51.180> you<00:07:51.419> have 00:07:51.589 --> 00:07:51.599 align:start position:0% we do with these designs right you have 00:07:51.599 --> 00:07:54.110 align:start position:0% we do with these designs right you have a<00:07:51.780> base<00:07:52.139> layer<00:07:52.500> of<00:07:52.560> staking<00:07:52.860> to<00:07:53.520> then<00:07:53.759> and 00:07:54.110 --> 00:07:54.120 align:start position:0% a base layer of staking to then and 00:07:54.120 --> 00:07:56.689 align:start position:0% a base layer of staking to then and continue<00:07:54.539> to<00:07:55.020> increase<00:07:55.199> the<00:07:55.919> capabilities<00:07:56.340> of 00:07:56.689 --> 00:07:56.699 align:start position:0% continue to increase the capabilities of 00:07:56.699 --> 00:07:58.909 align:start position:0% continue to increase the capabilities of your<00:07:56.819> validators<00:07:57.360> and<00:07:58.020> in<00:07:58.199> doing<00:07:58.380> so<00:07:58.560> increase 00:07:58.909 --> 00:07:58.919 align:start position:0% your validators and in doing so increase 00:07:58.919 --> 00:08:01.370 align:start position:0% your validators and in doing so increase the<00:07:59.220> safety<00:07:59.520> of<00:07:59.639> your<00:07:59.759> network 00:08:01.370 --> 00:08:01.380 align:start position:0% the safety of your network 00:08:01.380 --> 00:08:04.550 align:start position:0% the safety of your network and<00:08:02.039> the<00:08:02.280> question<00:08:02.400> then<00:08:02.639> comes<00:08:03.000> in<00:08:03.060> okay<00:08:03.560> what 00:08:04.550 --> 00:08:04.560 align:start position:0% and the question then comes in okay what 00:08:04.560 --> 00:08:06.409 align:start position:0% and the question then comes in okay what are<00:08:04.740> the<00:08:04.919> things<00:08:05.099> you<00:08:05.280> are<00:08:05.460> looking<00:08:05.580> for<00:08:05.819> and 00:08:06.409 --> 00:08:06.419 align:start position:0% are the things you are looking for and 00:08:06.419 --> 00:08:07.370 align:start position:0% are the things you are looking for and really<00:08:06.599> at<00:08:06.780> the<00:08:06.900> end<00:08:06.960> of<00:08:07.020> the<00:08:07.139> day<00:08:07.199> it's 00:08:07.370 --> 00:08:07.380 align:start position:0% really at the end of the day it's 00:08:07.380 --> 00:08:08.570 align:start position:0% really at the end of the day it's composability 00:08:08.570 --> 00:08:08.580 align:start position:0% composability 00:08:08.580 --> 00:08:11.029 align:start position:0% composability you<00:08:09.300> have<00:08:09.539> the<00:08:09.720> ability<00:08:09.900> with<00:08:10.440> these<00:08:10.680> sorts<00:08:10.919> of 00:08:11.029 --> 00:08:11.039 align:start position:0% you have the ability with these sorts of 00:08:11.039 --> 00:08:13.129 align:start position:0% you have the ability with these sorts of uh<00:08:11.520> maturable<00:08:12.060> instruments<00:08:12.599> that<00:08:12.960> are 00:08:13.129 --> 00:08:13.139 align:start position:0% uh maturable instruments that are 00:08:13.139 --> 00:08:15.830 align:start position:0% uh maturable instruments that are designed<00:08:14.099> about<00:08:14.280> around<00:08:14.580> block<00:08:14.880> space<00:08:15.120> to 00:08:15.830 --> 00:08:15.840 align:start position:0% designed about around block space to 00:08:15.840 --> 00:08:17.270 align:start position:0% designed about around block space to create<00:08:15.960> composable<00:08:16.440> instruments<00:08:16.800> that<00:08:17.099> are 00:08:17.270 --> 00:08:17.280 align:start position:0% create composable instruments that are 00:08:17.280 --> 00:08:19.490 align:start position:0% create composable instruments that are continuously<00:08:17.880> re-hypothecated<00:08:18.780> the<00:08:19.259> first 00:08:19.490 --> 00:08:19.500 align:start position:0% continuously re-hypothecated the first 00:08:19.500 --> 00:08:21.650 align:start position:0% continuously re-hypothecated the first examples<00:08:19.860> being<00:08:20.220> just<00:08:20.759> composable<00:08:21.240> principle 00:08:21.650 --> 00:08:21.660 align:start position:0% examples being just composable principle 00:08:21.660 --> 00:08:23.749 align:start position:0% examples being just composable principle tokens<00:08:22.020> right<00:08:22.560> I<00:08:23.160> mentioned<00:08:23.400> that<00:08:23.520> this 00:08:23.749 --> 00:08:23.759 align:start position:0% tokens right I mentioned that this 00:08:23.759 --> 00:08:25.790 align:start position:0% tokens right I mentioned that this mechanism<00:08:24.180> creates<00:08:24.900> principal<00:08:25.259> tokens<00:08:25.560> at<00:08:25.680> a 00:08:25.790 --> 00:08:25.800 align:start position:0% mechanism creates principal tokens at a 00:08:25.800 --> 00:08:28.309 align:start position:0% mechanism creates principal tokens at a redeemable<00:08:26.160> one<00:08:26.460> for<00:08:26.580> one<00:08:27.300> this<00:08:27.840> is<00:08:28.020> extremely 00:08:28.309 --> 00:08:28.319 align:start position:0% redeemable one for one this is extremely 00:08:28.319 --> 00:08:29.809 align:start position:0% redeemable one for one this is extremely important<00:08:28.680> because<00:08:28.919> this<00:08:29.220> is<00:08:29.340> a<00:08:29.520> mechanism 00:08:29.809 --> 00:08:29.819 align:start position:0% important because this is a mechanism 00:08:29.819 --> 00:08:32.690 align:start position:0% important because this is a mechanism that<00:08:30.060> is<00:08:30.180> shared<00:08:30.479> by<00:08:30.780> about<00:08:31.199> 10<00:08:31.500> protocols 00:08:32.690 --> 00:08:32.700 align:start position:0% that is shared by about 10 protocols 00:08:32.700 --> 00:08:34.490 align:start position:0% that is shared by about 10 protocols this<00:08:33.180> then<00:08:33.360> introduced<00:08:33.839> the<00:08:34.020> ability<00:08:34.260> for 00:08:34.490 --> 00:08:34.500 align:start position:0% this then introduced the ability for 00:08:34.500 --> 00:08:36.889 align:start position:0% this then introduced the ability for hyper<00:08:34.979> composability<00:08:35.820> across<00:08:36.539> a<00:08:36.599> number<00:08:36.779> of 00:08:36.889 --> 00:08:36.899 align:start position:0% hyper composability across a number of 00:08:36.899 --> 00:08:38.149 align:start position:0% hyper composability across a number of different<00:08:37.020> yield<00:08:37.200> generation<00:08:37.680> sources 00:08:38.149 --> 00:08:38.159 align:start position:0% different yield generation sources 00:08:38.159 --> 00:08:40.490 align:start position:0% different yield generation sources ensuring<00:08:39.060> that<00:08:39.300> there<00:08:39.599> is<00:08:39.719> liquidity<00:08:40.260> for 00:08:40.490 --> 00:08:40.500 align:start position:0% ensuring that there is liquidity for 00:08:40.500 --> 00:08:41.870 align:start position:0% ensuring that there is liquidity for these<00:08:40.680> markets<00:08:41.039> and<00:08:41.219> they<00:08:41.339> can<00:08:41.459> continue<00:08:41.580> to 00:08:41.870 --> 00:08:41.880 align:start position:0% these markets and they can continue to 00:08:41.880 --> 00:08:44.029 align:start position:0% these markets and they can continue to be<00:08:42.000> built<00:08:42.240> upon 00:08:44.029 --> 00:08:44.039 align:start position:0% be built upon 00:08:44.039 --> 00:08:46.370 align:start position:0% be built upon so<00:08:44.580> let's<00:08:44.820> say<00:08:45.000> they<00:08:45.180> can<00:08:45.360> be<00:08:45.480> really<00:08:46.020> been 00:08:46.370 --> 00:08:46.380 align:start position:0% so let's say they can be really been 00:08:46.380 --> 00:08:47.930 align:start position:0% so let's say they can be really been looking<00:08:46.680> back<00:08:46.860> at<00:08:47.040> the<00:08:47.220> two<00:08:47.399> different<00:08:47.519> models 00:08:47.930 --> 00:08:47.940 align:start position:0% looking back at the two different models 00:08:47.940 --> 00:08:50.930 align:start position:0% looking back at the two different models okay<00:08:48.440> well<00:08:49.440> how<00:08:49.980> can<00:08:50.160> you<00:08:50.279> continue<00:08:50.459> to<00:08:50.820> build 00:08:50.930 --> 00:08:50.940 align:start position:0% okay well how can you continue to build 00:08:50.940 --> 00:08:52.509 align:start position:0% okay well how can you continue to build on<00:08:51.180> top<00:08:51.300> of<00:08:51.420> them 00:08:52.509 --> 00:08:52.519 align:start position:0% on top of them 00:08:52.519 --> 00:08:55.009 align:start position:0% on top of them alchemia<00:08:53.519> is<00:08:54.000> a<00:08:54.120> very<00:08:54.300> popular<00:08:54.420> project<00:08:54.779> that 00:08:55.009 --> 00:08:55.019 align:start position:0% alchemia is a very popular project that 00:08:55.019 --> 00:08:57.170 align:start position:0% alchemia is a very popular project that is<00:08:55.140> working<00:08:55.260> this<00:08:55.560> direction<00:08:55.940> they<00:08:56.940> take 00:08:57.170 --> 00:08:57.180 align:start position:0% is working this direction they take 00:08:57.180 --> 00:08:59.870 align:start position:0% is working this direction they take individual<00:08:58.080> validators<00:08:58.680> and<00:08:59.399> they<00:08:59.580> ensure 00:08:59.870 --> 00:08:59.880 align:start position:0% individual validators and they ensure 00:08:59.880 --> 00:09:01.310 align:start position:0% individual validators and they ensure that<00:09:00.240> those<00:09:00.480> validators<00:09:00.959> can<00:09:01.200> find 00:09:01.310 --> 00:09:01.320 align:start position:0% that those validators can find 00:09:01.320 --> 00:09:03.110 align:start position:0% that those validators can find counterparties<00:09:02.040> to<00:09:02.279> purchase<00:09:02.580> effectively 00:09:03.110 --> 00:09:03.120 align:start position:0% counterparties to purchase effectively 00:09:03.120 --> 00:09:04.690 align:start position:0% counterparties to purchase effectively those<00:09:03.360> yield<00:09:03.540> tokens 00:09:04.690 --> 00:09:04.700 align:start position:0% those yield tokens 00:09:04.700 --> 00:09:06.949 align:start position:0% those yield tokens these<00:09:05.700> these<00:09:05.940> Agreements<00:09:06.420> are<00:09:06.779> again 00:09:06.949 --> 00:09:06.959 align:start position:0% these these Agreements are again 00:09:06.959 --> 00:09:09.350 align:start position:0% these these Agreements are again individual<00:09:07.620> validators<00:09:08.160> and<00:09:08.880> they<00:09:09.060> all<00:09:09.180> have 00:09:09.350 --> 00:09:09.360 align:start position:0% individual validators and they all have 00:09:09.360 --> 00:09:10.750 align:start position:0% individual validators and they all have unique<00:09:09.660> maturities 00:09:10.750 --> 00:09:10.760 align:start position:0% unique maturities 00:09:10.760 --> 00:09:13.070 align:start position:0% unique maturities which<00:09:11.760> effectively<00:09:12.360> means<00:09:12.660> that<00:09:12.720> they<00:09:12.899> are 00:09:13.070 --> 00:09:13.080 align:start position:0% which effectively means that they are 00:09:13.080 --> 00:09:16.210 align:start position:0% which effectively means that they are completely<00:09:13.320> non-fungible<00:09:13.980> they<00:09:14.760> cannot<00:09:15.120> be 00:09:16.210 --> 00:09:16.220 align:start position:0% completely non-fungible they cannot be 00:09:16.220 --> 00:09:18.470 align:start position:0% completely non-fungible they cannot be rehypothecated<00:09:17.220> generally<00:09:17.580> and<00:09:18.060> you<00:09:18.240> cannot 00:09:18.470 --> 00:09:18.480 align:start position:0% rehypothecated generally and you cannot 00:09:18.480 --> 00:09:20.090 align:start position:0% rehypothecated generally and you cannot really<00:09:18.600> trade<00:09:18.899> them<00:09:19.019> on<00:09:19.200> secondary<00:09:19.560> markets 00:09:20.090 --> 00:09:20.100 align:start position:0% really trade them on secondary markets 00:09:20.100 --> 00:09:22.190 align:start position:0% really trade them on secondary markets the<00:09:20.700> upside<00:09:20.940> being<00:09:21.180> of<00:09:21.360> alchemia<00:09:21.839> I<00:09:22.080> don't 00:09:22.190 --> 00:09:22.200 align:start position:0% the upside being of alchemia I don't 00:09:22.200 --> 00:09:24.230 align:start position:0% the upside being of alchemia I don't want<00:09:22.320> to<00:09:22.380> just<00:09:22.500> crap<00:09:22.920> on<00:09:23.040> them<00:09:23.220> you<00:09:23.880> know<00:09:24.000> you 00:09:24.230 --> 00:09:24.240 align:start position:0% want to just crap on them you know you 00:09:24.240 --> 00:09:25.730 align:start position:0% want to just crap on them you know you can<00:09:24.360> address<00:09:24.540> this<00:09:24.899> Market<00:09:25.080> of<00:09:25.380> individual 00:09:25.730 --> 00:09:25.740 align:start position:0% can address this Market of individual 00:09:25.740 --> 00:09:27.050 align:start position:0% can address this Market of individual validators<00:09:26.279> and<00:09:26.580> there<00:09:26.700> are<00:09:26.820> a<00:09:26.940> lot<00:09:26.940> of 00:09:27.050 --> 00:09:27.060 align:start position:0% validators and there are a lot of 00:09:27.060 --> 00:09:29.210 align:start position:0% validators and there are a lot of bespoke<00:09:27.360> validators<00:09:27.899> out<00:09:28.140> there 00:09:29.210 --> 00:09:29.220 align:start position:0% bespoke validators out there 00:09:29.220 --> 00:09:31.550 align:start position:0% bespoke validators out there however<00:09:29.940> right<00:09:30.480> if<00:09:30.839> you<00:09:30.899> want<00:09:31.080> to<00:09:31.200> build<00:09:31.320> a 00:09:31.550 --> 00:09:31.560 align:start position:0% however right if you want to build a 00:09:31.560 --> 00:09:33.710 align:start position:0% however right if you want to build a more<00:09:31.680> composable<00:09:32.100> product<00:09:32.339> you<00:09:33.180> can<00:09:33.240> combine 00:09:33.710 --> 00:09:33.720 align:start position:0% more composable product you can combine 00:09:33.720 --> 00:09:35.630 align:start position:0% more composable product you can combine these<00:09:34.019> sorts<00:09:34.200> of<00:09:34.260> things<00:09:34.440> with<00:09:34.860> Lido<00:09:35.459> with 00:09:35.630 --> 00:09:35.640 align:start position:0% these sorts of things with Lido with 00:09:35.640 --> 00:09:37.250 align:start position:0% these sorts of things with Lido with rocket<00:09:36.000> pool<00:09:36.120> and<00:09:36.660> instead<00:09:36.899> of<00:09:36.959> having<00:09:37.080> an 00:09:37.250 --> 00:09:37.260 align:start position:0% rocket pool and instead of having an 00:09:37.260 --> 00:09:38.449 align:start position:0% rocket pool and instead of having an agreement<00:09:37.500> that<00:09:37.740> goes<00:09:38.040> directly<00:09:38.279> from 00:09:38.449 --> 00:09:38.459 align:start position:0% agreement that goes directly from 00:09:38.459 --> 00:09:40.910 align:start position:0% agreement that goes directly from validator<00:09:39.000> to<00:09:39.360> a<00:09:39.540> contract<00:09:39.779> buyer<00:09:40.200> you<00:09:40.740> route 00:09:40.910 --> 00:09:40.920 align:start position:0% validator to a contract buyer you route 00:09:40.920 --> 00:09:42.650 align:start position:0% validator to a contract buyer you route that<00:09:41.100> liquidity<00:09:41.519> through<00:09:42.000> a<00:09:42.300> third-party 00:09:42.650 --> 00:09:42.660 align:start position:0% that liquidity through a third-party 00:09:42.660 --> 00:09:45.050 align:start position:0% that liquidity through a third-party validator<00:09:43.080> that<00:09:43.320> is<00:09:43.500> composable<00:09:44.040> like<00:09:44.459> Lido 00:09:45.050 --> 00:09:45.060 align:start position:0% validator that is composable like Lido 00:09:45.060 --> 00:09:46.970 align:start position:0% validator that is composable like Lido light<00:09:45.300> rocket<00:09:45.660> pool<00:09:45.839> and<00:09:46.440> then<00:09:46.500> through<00:09:46.800> them 00:09:46.970 --> 00:09:46.980 align:start position:0% light rocket pool and then through them 00:09:46.980 --> 00:09:50.570 align:start position:0% light rocket pool and then through them you<00:09:47.459> actually<00:09:47.640> create<00:09:47.940> this<00:09:48.240> contract 00:09:50.570 --> 00:09:50.580 align:start position:0% you actually create this contract 00:09:50.580 --> 00:09:53.509 align:start position:0% you actually create this contract and<00:09:51.120> by<00:09:51.480> doing<00:09:51.779> that<00:09:52.019> right<00:09:52.380> you<00:09:53.100> then<00:09:53.279> start 00:09:53.509 --> 00:09:53.519 align:start position:0% and by doing that right you then start 00:09:53.519 --> 00:09:55.310 align:start position:0% and by doing that right you then start to<00:09:53.700> have<00:09:53.940> the<00:09:54.180> ability<00:09:54.360> to<00:09:54.660> create<00:09:54.839> more<00:09:55.200> and 00:09:55.310 --> 00:09:55.320 align:start position:0% to have the ability to create more and 00:09:55.320 --> 00:09:57.050 align:start position:0% to have the ability to create more and more<00:09:55.500> interesting<00:09:55.860> instruments 00:09:57.050 --> 00:09:57.060 align:start position:0% more interesting instruments 00:09:57.060 --> 00:09:59.150 align:start position:0% more interesting instruments a<00:09:57.540> first<00:09:57.720> example<00:09:58.019> this<00:09:58.320> is<00:09:58.440> a<00:09:58.620> friend<00:09:58.920> of<00:09:59.040> our 00:09:59.150 --> 00:09:59.160 align:start position:0% a first example this is a friend of our 00:09:59.160 --> 00:10:01.250 align:start position:0% a first example this is a friend of our protocols<00:09:59.700> they<00:10:00.300> they<00:10:00.480> let<00:10:00.720> people<00:10:00.959> take 00:10:01.250 --> 00:10:01.260 align:start position:0% protocols they they let people take 00:10:01.260 --> 00:10:02.930 align:start position:0% protocols they they let people take those<00:10:01.500> principal<00:10:01.860> tokens<00:10:02.220> and<00:10:02.760> borrow 00:10:02.930 --> 00:10:02.940 align:start position:0% those principal tokens and borrow 00:10:02.940 --> 00:10:05.030 align:start position:0% those principal tokens and borrow against<00:10:03.180> them<00:10:03.480> at<00:10:03.720> extremely<00:10:04.140> high<00:10:04.320> ltvs 00:10:05.030 --> 00:10:05.040 align:start position:0% against them at extremely high ltvs 00:10:05.040 --> 00:10:07.370 align:start position:0% against them at extremely high ltvs around<00:10:05.459> 90<00:10:05.820> to<00:10:06.120> 95<00:10:06.540> percent 00:10:07.370 --> 00:10:07.380 align:start position:0% around 90 to 95 percent 00:10:07.380 --> 00:10:09.710 align:start position:0% around 90 to 95 percent in<00:10:07.980> context<00:10:08.339> that<00:10:08.760> represents<00:10:09.300> the<00:10:09.480> ability 00:10:09.710 --> 00:10:09.720 align:start position:0% in context that represents the ability 00:10:09.720 --> 00:10:11.930 align:start position:0% in context that represents the ability to<00:10:10.200> leverage<00:10:10.620> on<00:10:10.860> the<00:10:10.980> stake<00:10:11.100> deal<00:10:11.339> way<00:10:11.820> for 00:10:11.930 --> 00:10:11.940 align:start position:0% to leverage on the stake deal way for 00:10:11.940 --> 00:10:13.550 align:start position:0% to leverage on the stake deal way for way<00:10:12.300> more<00:10:12.480> than<00:10:12.600> anyone<00:10:12.899> really<00:10:13.080> ever<00:10:13.260> would 00:10:13.550 --> 00:10:13.560 align:start position:0% way more than anyone really ever would 00:10:13.560 --> 00:10:15.590 align:start position:0% way more than anyone really ever would it<00:10:14.220> allows<00:10:14.459> you<00:10:14.580> to<00:10:14.760> continue<00:10:14.940> to<00:10:15.240> hedge<00:10:15.540> in 00:10:15.590 --> 00:10:15.600 align:start position:0% it allows you to continue to hedge in 00:10:15.600 --> 00:10:17.449 align:start position:0% it allows you to continue to hedge in many<00:10:15.779> directions<00:10:16.019> and<00:10:16.740> at<00:10:16.920> the<00:10:17.040> end<00:10:17.160> of<00:10:17.279> the 00:10:17.449 --> 00:10:17.459 align:start position:0% many directions and at the end of the 00:10:17.459 --> 00:10:20.269 align:start position:0% many directions and at the end of the day<00:10:17.640> it<00:10:18.300> continues<00:10:18.720> to<00:10:18.899> provide<00:10:19.260> utility<00:10:19.680> to 00:10:20.269 --> 00:10:20.279 align:start position:0% day it continues to provide utility to 00:10:20.279 --> 00:10:22.130 align:start position:0% day it continues to provide utility to these<00:10:20.519> stakehill<00:10:20.880> products<00:10:21.360> that<00:10:21.779> allow<00:10:22.019> you 00:10:22.130 --> 00:10:22.140 align:start position:0% these stakehill products that allow you 00:10:22.140 --> 00:10:23.810 align:start position:0% these stakehill products that allow you to<00:10:22.320> make<00:10:22.680> more<00:10:22.920> composable<00:10:23.339> interesting 00:10:23.810 --> 00:10:23.820 align:start position:0% to make more composable interesting 00:10:23.820 --> 00:10:26.030 align:start position:0% to make more composable interesting things 00:10:26.030 --> 00:10:26.040 align:start position:0% 00:10:26.040 --> 00:10:28.250 align:start position:0% this<00:10:26.459> is<00:10:26.519> probably<00:10:26.700> my<00:10:27.120> most<00:10:27.300> exciting<00:10:27.959> slide 00:10:28.250 --> 00:10:28.260 align:start position:0% this is probably my most exciting slide 00:10:28.260 --> 00:10:30.130 align:start position:0% this is probably my most exciting slide or<00:10:28.440> the<00:10:28.680> one<00:10:28.800> I<00:10:28.980> like<00:10:29.100> most 00:10:30.130 --> 00:10:30.140 align:start position:0% or the one I like most 00:10:30.140 --> 00:10:32.750 align:start position:0% or the one I like most there<00:10:31.140> are<00:10:31.380> really<00:10:31.620> a<00:10:32.100> ton<00:10:32.220> of<00:10:32.339> advantages 00:10:32.750 --> 00:10:32.760 align:start position:0% there are really a ton of advantages 00:10:32.760 --> 00:10:34.730 align:start position:0% there are really a ton of advantages native<00:10:33.300> to<00:10:33.480> D5<00:10:33.899> for<00:10:34.140> fixed<00:10:34.440> maturity 00:10:34.730 --> 00:10:34.740 align:start position:0% native to D5 for fixed maturity 00:10:34.740 --> 00:10:37.910 align:start position:0% native to D5 for fixed maturity instruments<00:10:35.160> that<00:10:36.000> are<00:10:36.360> not<00:10:36.600> replicatable<00:10:37.320> in 00:10:37.910 --> 00:10:37.920 align:start position:0% instruments that are not replicatable in 00:10:37.920 --> 00:10:39.949 align:start position:0% instruments that are not replicatable in traditional<00:10:38.279> Finance<00:10:38.779> primarily<00:10:39.779> the 00:10:39.949 --> 00:10:39.959 align:start position:0% traditional Finance primarily the 00:10:39.959 --> 00:10:41.810 align:start position:0% traditional Finance primarily the ability<00:10:40.200> to<00:10:40.440> like<00:10:40.680> I've<00:10:40.800> said<00:10:40.920> re-hypothecate 00:10:41.810 --> 00:10:41.820 align:start position:0% ability to like I've said re-hypothecate 00:10:41.820 --> 00:10:42.949 align:start position:0% ability to like I've said re-hypothecate atomically 00:10:42.949 --> 00:10:42.959 align:start position:0% atomically 00:10:42.959 --> 00:10:45.410 align:start position:0% atomically and<00:10:43.680> in<00:10:43.980> the<00:10:44.160> context<00:10:44.459> of<00:10:44.820> these<00:10:45.060> maturing 00:10:45.410 --> 00:10:45.420 align:start position:0% and in the context of these maturing 00:10:45.420 --> 00:10:47.329 align:start position:0% and in the context of these maturing instruments<00:10:45.779> a<00:10:45.959> principal<00:10:46.320> token<00:10:46.680> let's<00:10:47.220> say 00:10:47.329 --> 00:10:47.339 align:start position:0% instruments a principal token let's say 00:10:47.339 --> 00:10:48.889 align:start position:0% instruments a principal token let's say you<00:10:47.519> have<00:10:47.640> in<00:10:47.880> this<00:10:48.000> case<00:10:48.120> a<00:10:48.420> hundred<00:10:48.600> or<00:10:48.779> a 00:10:48.889 --> 00:10:48.899 align:start position:0% you have in this case a hundred or a 00:10:48.899 --> 00:10:50.329 align:start position:0% you have in this case a hundred or a thousand<00:10:49.079> principal<00:10:49.440> tokens<00:10:49.740> maturing<00:10:50.160> on 00:10:50.329 --> 00:10:50.339 align:start position:0% thousand principal tokens maturing on 00:10:50.339 --> 00:10:52.970 align:start position:0% thousand principal tokens maturing on December<00:10:50.760> 31st<00:10:51.300> can<00:10:52.019> then<00:10:52.260> potentially<00:10:52.740> be 00:10:52.970 --> 00:10:52.980 align:start position:0% December 31st can then potentially be 00:10:52.980 --> 00:10:56.150 align:start position:0% December 31st can then potentially be used<00:10:53.220> as<00:10:53.760> collateral<00:10:54.360> to<00:10:54.959> underwrite<00:10:55.500> options 00:10:56.150 --> 00:10:56.160 align:start position:0% used as collateral to underwrite options 00:10:56.160 --> 00:10:58.670 align:start position:0% used as collateral to underwrite options right<00:10:57.120> in<00:10:57.480> this<00:10:57.600> case<00:10:57.720> again<00:10:57.899> you'd<00:10:58.380> take<00:10:58.500> that 00:10:58.670 --> 00:10:58.680 align:start position:0% right in this case again you'd take that 00:10:58.680 --> 00:11:00.590 align:start position:0% right in this case again you'd take that principal<00:10:59.040> token<00:10:59.399> you<00:10:59.940> know<00:11:00.060> it's<00:11:00.180> maturing 00:11:00.590 --> 00:11:00.600 align:start position:0% principal token you know it's maturing 00:11:00.600 --> 00:11:02.810 align:start position:0% principal token you know it's maturing on<00:11:00.720> December<00:11:01.079> 31st<00:11:01.620> and<00:11:02.040> you<00:11:02.220> would<00:11:02.339> find<00:11:02.640> a 00:11:02.810 --> 00:11:02.820 align:start position:0% on December 31st and you would find a 00:11:02.820 --> 00:11:04.550 align:start position:0% on December 31st and you would find a counterparty<00:11:03.420> that<00:11:03.660> would<00:11:03.839> accept<00:11:03.959> that 00:11:04.550 --> 00:11:04.560 align:start position:0% counterparty that would accept that 00:11:04.560 --> 00:11:06.230 align:start position:0% counterparty that would accept that knowing<00:11:05.100> that<00:11:05.220> they<00:11:05.459> would<00:11:05.579> also<00:11:05.820> have<00:11:06.060> that 00:11:06.230 --> 00:11:06.240 align:start position:0% knowing that they would also have that 00:11:06.240 --> 00:11:08.630 align:start position:0% knowing that they would also have that face<00:11:06.420> value<00:11:06.660> at<00:11:06.959> December<00:11:07.320> 31st<00:11:07.800> as<00:11:07.920> well 00:11:08.630 --> 00:11:08.640 align:start position:0% face value at December 31st as well 00:11:08.640 --> 00:11:11.990 align:start position:0% face value at December 31st as well again<00:11:09.540> this<00:11:09.959> is<00:11:10.079> a<00:11:10.320> completely<00:11:10.740> unique<00:11:11.399> market 00:11:11.990 --> 00:11:12.000 align:start position:0% again this is a completely unique market 00:11:12.000 --> 00:11:14.870 align:start position:0% again this is a completely unique market for<00:11:12.540> D5<00:11:12.899> right<00:11:13.320> try<00:11:13.620> going<00:11:13.860> to<00:11:14.040> a<00:11:14.220> bank<00:11:14.339> with 00:11:14.870 --> 00:11:14.880 align:start position:0% for D5 right try going to a bank with 00:11:14.880 --> 00:11:16.310 align:start position:0% for D5 right try going to a bank with your<00:11:15.000> bonds<00:11:15.360> or<00:11:15.480> with<00:11:15.600> your<00:11:15.720> T<00:11:15.839> bills<00:11:16.140> that<00:11:16.260> you 00:11:16.310 --> 00:11:16.320 align:start position:0% your bonds or with your T bills that you 00:11:16.320 --> 00:11:17.569 align:start position:0% your bonds or with your T bills that you bought<00:11:16.500> this<00:11:16.620> year<00:11:16.740> at<00:11:16.860> four<00:11:17.040> percent<00:11:17.160> right 00:11:17.569 --> 00:11:17.579 align:start position:0% bought this year at four percent right 00:11:17.579 --> 00:11:19.190 align:start position:0% bought this year at four percent right that<00:11:17.760> everyone's<00:11:18.060> bragging<00:11:18.360> about<00:11:18.480> and 00:11:19.190 --> 00:11:19.200 align:start position:0% that everyone's bragging about and 00:11:19.200 --> 00:11:20.509 align:start position:0% that everyone's bragging about and asking<00:11:19.560> them<00:11:19.620> if<00:11:19.860> you<00:11:19.920> can<00:11:20.040> underwrite<00:11:20.339> some 00:11:20.509 --> 00:11:20.519 align:start position:0% asking them if you can underwrite some 00:11:20.519 --> 00:11:22.970 align:start position:0% asking them if you can underwrite some puts<00:11:20.880> or<00:11:21.180> anything<00:11:21.420> with<00:11:21.720> it<00:11:21.899> right<00:11:22.320> you<00:11:22.800> will 00:11:22.970 --> 00:11:22.980 align:start position:0% puts or anything with it right you will 00:11:22.980 --> 00:11:24.290 align:start position:0% puts or anything with it right you will find<00:11:23.100> that<00:11:23.279> they<00:11:23.399> will<00:11:23.519> laugh<00:11:23.700> you<00:11:23.940> out<00:11:24.120> the 00:11:24.290 --> 00:11:24.300 align:start position:0% find that they will laugh you out the 00:11:24.300 --> 00:11:27.170 align:start position:0% find that they will laugh you out the door<00:11:24.420> and<00:11:25.380> it's<00:11:25.740> like<00:11:25.980> it's<00:11:26.399> just<00:11:26.820> kind<00:11:27.000> of<00:11:27.120> a 00:11:27.170 --> 00:11:27.180 align:start position:0% door and it's like it's just kind of a 00:11:27.180 --> 00:11:28.490 align:start position:0% door and it's like it's just kind of a joke<00:11:27.300> to<00:11:27.480> them 00:11:28.490 --> 00:11:28.500 align:start position:0% joke to them 00:11:28.500 --> 00:11:30.470 align:start position:0% joke to them um<00:11:28.620> again<00:11:29.100> I<00:11:29.459> think<00:11:29.579> this<00:11:29.760> is<00:11:29.940> probably<00:11:30.120> one<00:11:30.360> of 00:11:30.470 --> 00:11:30.480 align:start position:0% um again I think this is probably one of 00:11:30.480 --> 00:11:31.670 align:start position:0% um again I think this is probably one of the<00:11:30.540> more<00:11:30.660> exciting<00:11:31.019> things<00:11:31.140> going<00:11:31.380> on<00:11:31.500> right 00:11:31.670 --> 00:11:31.680 align:start position:0% the more exciting things going on right 00:11:31.680 --> 00:11:34.069 align:start position:0% the more exciting things going on right now<00:11:31.860> the<00:11:32.579> ability<00:11:32.880> to<00:11:33.240> take<00:11:33.420> these<00:11:33.779> assets 00:11:34.069 --> 00:11:34.079 align:start position:0% now the ability to take these assets 00:11:34.079 --> 00:11:35.810 align:start position:0% now the ability to take these assets that<00:11:34.380> really<00:11:34.500> are<00:11:34.740> only<00:11:34.980> traditionally<00:11:35.579> used 00:11:35.810 --> 00:11:35.820 align:start position:0% that really are only traditionally used 00:11:35.820 --> 00:11:38.090 align:start position:0% that really are only traditionally used in<00:11:36.000> one<00:11:36.240> way<00:11:36.360> and<00:11:37.019> to<00:11:37.200> combine<00:11:37.560> them<00:11:37.800> into 00:11:38.090 --> 00:11:38.100 align:start position:0% in one way and to combine them into 00:11:38.100 --> 00:11:40.250 align:start position:0% in one way and to combine them into these<00:11:38.760> these<00:11:39.180> Structured<00:11:39.779> Products<00:11:40.079> that 00:11:40.250 --> 00:11:40.260 align:start position:0% these these Structured Products that 00:11:40.260 --> 00:11:42.230 align:start position:0% these these Structured Products that allow<00:11:40.500> you<00:11:40.560> to<00:11:40.680> utilize<00:11:41.040> them<00:11:41.220> further<00:11:41.519> in 00:11:42.230 --> 00:11:42.240 align:start position:0% allow you to utilize them further in 00:11:42.240 --> 00:11:44.030 align:start position:0% allow you to utilize them further in this<00:11:42.360> case<00:11:42.540> specifically<00:11:43.200> you<00:11:43.740> have<00:11:43.860> the 00:11:44.030 --> 00:11:44.040 align:start position:0% this case specifically you have the 00:11:44.040 --> 00:11:46.850 align:start position:0% this case specifically you have the ability<00:11:44.279> to<00:11:44.700> lend<00:11:45.360> stake<00:11:45.899> yield<00:11:46.140> right<00:11:46.620> you're 00:11:46.850 --> 00:11:46.860 align:start position:0% ability to lend stake yield right you're 00:11:46.860 --> 00:11:49.190 align:start position:0% ability to lend stake yield right you're capturing<00:11:47.339> the<00:11:47.640> the<00:11:47.760> base<00:11:48.000> yield<00:11:48.240> the<00:11:48.540> Mev<00:11:48.959> the 00:11:49.190 --> 00:11:49.200 align:start position:0% capturing the the base yield the Mev the 00:11:49.200 --> 00:11:51.350 align:start position:0% capturing the the base yield the Mev the tips<00:11:49.440> you're<00:11:50.040> capturing<00:11:50.519> it<00:11:50.880> just<00:11:51.120> everything 00:11:51.350 --> 00:11:51.360 align:start position:0% tips you're capturing it just everything 00:11:51.360 --> 00:11:54.410 align:start position:0% tips you're capturing it just everything from<00:11:51.660> eip559<00:11:52.560> if<00:11:53.519> that<00:11:53.640> was<00:11:53.760> happening<00:11:54.000> you're 00:11:54.410 --> 00:11:54.420 align:start position:0% from eip559 if that was happening you're 00:11:54.420 --> 00:11:55.730 align:start position:0% from eip559 if that was happening you're capturing<00:11:54.779> a<00:11:54.959> lending<00:11:55.200> yield<00:11:55.380> on<00:11:55.560> another 00:11:55.730 --> 00:11:55.740 align:start position:0% capturing a lending yield on another 00:11:55.740 --> 00:11:57.590 align:start position:0% capturing a lending yield on another protocol<00:11:56.100> and<00:11:56.760> then<00:11:56.880> in<00:11:57.120> addition<00:11:57.300> to<00:11:57.420> all 00:11:57.590 --> 00:11:57.600 align:start position:0% protocol and then in addition to all 00:11:57.600 --> 00:11:59.449 align:start position:0% protocol and then in addition to all that<00:11:57.779> you<00:11:57.959> can<00:11:58.019> capture<00:11:58.260> an<00:11:58.440> options<00:11:58.680> View<00:11:58.860> and 00:11:59.449 --> 00:11:59.459 align:start position:0% that you can capture an options View and 00:11:59.459 --> 00:12:01.190 align:start position:0% that you can capture an options View and going<00:11:59.940> further<00:12:00.240> down<00:12:00.420> that<00:12:00.600> rabbit<00:12:00.959> hole 00:12:01.190 --> 00:12:01.200 align:start position:0% going further down that rabbit hole 00:12:01.200 --> 00:12:03.230 align:start position:0% going further down that rabbit hole right<00:12:01.500> here's<00:12:02.279> another<00:12:02.399> protocol<00:12:02.820> that<00:12:03.120> is 00:12:03.230 --> 00:12:03.240 align:start position:0% right here's another protocol that is 00:12:03.240 --> 00:12:05.690 align:start position:0% right here's another protocol that is another<00:12:03.540> friend<00:12:03.839> of<00:12:04.079> ours<00:12:04.320> where<00:12:05.100> they 00:12:05.690 --> 00:12:05.700 align:start position:0% another friend of ours where they 00:12:05.700 --> 00:12:07.250 align:start position:0% another friend of ours where they effectively<00:12:06.120> create<00:12:06.300> expirable<00:12:06.839> Futures 00:12:07.250 --> 00:12:07.260 align:start position:0% effectively create expirable Futures 00:12:07.260 --> 00:12:09.410 align:start position:0% effectively create expirable Futures products<00:12:07.680> it's<00:12:08.519> honestly<00:12:09.120> kind<00:12:09.300> of 00:12:09.410 --> 00:12:09.420 align:start position:0% products it's honestly kind of 00:12:09.420 --> 00:12:11.690 align:start position:0% products it's honestly kind of complicated<00:12:09.720> how<00:12:09.959> they<00:12:10.140> do<00:12:10.260> it<00:12:10.440> right<00:12:10.860> but<00:12:11.579> the 00:12:11.690 --> 00:12:11.700 align:start position:0% complicated how they do it right but the 00:12:11.700 --> 00:12:14.030 align:start position:0% complicated how they do it right but the bottom<00:12:11.940> line<00:12:12.120> is<00:12:12.480> they<00:12:13.200> they<00:12:13.380> use<00:12:13.560> fixed<00:12:13.920> rate 00:12:14.030 --> 00:12:14.040 align:start position:0% bottom line is they they use fixed rate 00:12:14.040 --> 00:12:16.190 align:start position:0% bottom line is they they use fixed rate markets<00:12:14.579> that<00:12:15.120> themselves<00:12:15.420> can<00:12:15.660> be<00:12:15.779> backed<00:12:16.079> by 00:12:16.190 --> 00:12:16.200 align:start position:0% markets that themselves can be backed by 00:12:16.200 --> 00:12:18.170 align:start position:0% markets that themselves can be backed by youth<00:12:16.500> consensus<00:12:16.980> to<00:12:17.640> create<00:12:17.760> these 00:12:18.170 --> 00:12:18.180 align:start position:0% youth consensus to create these 00:12:18.180 --> 00:12:20.750 align:start position:0% youth consensus to create these expirable<00:12:18.600> Futures<00:12:19.079> and<00:12:19.920> in<00:12:20.100> context<00:12:20.459> it's 00:12:20.750 --> 00:12:20.760 align:start position:0% expirable Futures and in context it's 00:12:20.760 --> 00:12:22.610 align:start position:0% expirable Futures and in context it's actually<00:12:20.940> very<00:12:21.240> interesting<00:12:21.600> because<00:12:21.959> the 00:12:22.610 --> 00:12:22.620 align:start position:0% actually very interesting because the 00:12:22.620 --> 00:12:24.050 align:start position:0% actually very interesting because the most<00:12:22.680> common<00:12:22.860> use<00:12:23.160> case<00:12:23.339> of<00:12:23.640> expirable 00:12:24.050 --> 00:12:24.060 align:start position:0% most common use case of expirable 00:12:24.060 --> 00:12:27.050 align:start position:0% most common use case of expirable Futures<00:12:24.420> in<00:12:24.660> fact<00:12:24.839> is<00:12:25.380> hedging<00:12:25.920> options 00:12:27.050 --> 00:12:27.060 align:start position:0% Futures in fact is hedging options 00:12:27.060 --> 00:12:28.430 align:start position:0% Futures in fact is hedging options um<00:12:27.120> so<00:12:27.420> at<00:12:27.540> the<00:12:27.660> end<00:12:27.720> of<00:12:27.839> the<00:12:27.899> day<00:12:28.019> you<00:12:28.320> actually 00:12:28.430 --> 00:12:28.440 align:start position:0% um so at the end of the day you actually 00:12:28.440 --> 00:12:30.889 align:start position:0% um so at the end of the day you actually are<00:12:28.800> already<00:12:29.100> seeing<00:12:29.700> this<00:12:30.060> this<00:12:30.240> symbiotic 00:12:30.889 --> 00:12:30.899 align:start position:0% are already seeing this this symbiotic 00:12:30.899 --> 00:12:33.290 align:start position:0% are already seeing this this symbiotic ecosystem<00:12:31.380> where<00:12:32.040> users<00:12:32.339> are<00:12:32.459> able<00:12:32.700> to<00:12:32.820> hedge 00:12:33.290 --> 00:12:33.300 align:start position:0% ecosystem where users are able to hedge 00:12:33.300 --> 00:12:35.449 align:start position:0% ecosystem where users are able to hedge regular<00:12:33.959> just<00:12:34.200> trading<00:12:34.620> markets<00:12:35.100> in<00:12:35.279> both 00:12:35.449 --> 00:12:35.459 align:start position:0% regular just trading markets in both 00:12:35.459 --> 00:12:37.130 align:start position:0% regular just trading markets in both directions<00:12:35.700> while<00:12:36.420> getting<00:12:36.660> additional 00:12:37.130 --> 00:12:37.140 align:start position:0% directions while getting additional 00:12:37.140 --> 00:12:39.530 align:start position:0% directions while getting additional yield<00:12:37.440> and<00:12:38.100> all<00:12:38.339> of<00:12:38.459> these<00:12:38.640> list<00:12:38.820> liquidity<00:12:39.300> is 00:12:39.530 --> 00:12:39.540 align:start position:0% yield and all of these list liquidity is 00:12:39.540 --> 00:12:41.389 align:start position:0% yield and all of these list liquidity is then<00:12:39.660> routed<00:12:40.079> through<00:12:40.260> the<00:12:40.800> base<00:12:41.040> eth 00:12:41.389 --> 00:12:41.399 align:start position:0% then routed through the base eth 00:12:41.399 --> 00:12:43.850 align:start position:0% then routed through the base eth consensus<00:12:41.940> layer<00:12:42.300> that's<00:12:42.959> that's<00:12:43.200> the<00:12:43.620> big 00:12:43.850 --> 00:12:43.860 align:start position:0% consensus layer that's that's the big 00:12:43.860 --> 00:12:45.889 align:start position:0% consensus layer that's that's the big conclusion<00:12:44.399> I'm<00:12:44.700> trying<00:12:44.880> to<00:12:45.060> to<00:12:45.240> push<00:12:45.540> right 00:12:45.889 --> 00:12:45.899 align:start position:0% conclusion I'm trying to to push right 00:12:45.899 --> 00:12:47.389 align:start position:0% conclusion I'm trying to to push right is<00:12:46.380> that<00:12:46.560> at<00:12:46.800> the<00:12:46.920> end<00:12:46.980> of<00:12:47.100> the<00:12:47.220> day 00:12:47.389 --> 00:12:47.399 align:start position:0% is that at the end of the day 00:12:47.399 --> 00:12:50.030 align:start position:0% is that at the end of the day composability<00:12:48.300> is<00:12:49.019> the<00:12:49.260> king<00:12:49.440> thing<00:12:49.620> or<00:12:49.860> the 00:12:50.030 --> 00:12:50.040 align:start position:0% composability is the king thing or the 00:12:50.040 --> 00:12:51.829 align:start position:0% composability is the king thing or the largest<00:12:50.279> thing<00:12:50.399> that<00:12:50.639> you<00:12:50.760> can<00:12:50.880> do<00:12:51.000> to<00:12:51.600> ensure 00:12:51.829 --> 00:12:51.839 align:start position:0% largest thing that you can do to ensure 00:12:51.839 --> 00:12:54.230 align:start position:0% largest thing that you can do to ensure that<00:12:52.139> the<00:12:52.260> eith<00:12:52.560> consensus<00:12:52.980> is<00:12:53.160> secure<00:12:53.459> and 00:12:54.230 --> 00:12:54.240 align:start position:0% that the eith consensus is secure and 00:12:54.240 --> 00:12:56.449 align:start position:0% that the eith consensus is secure and beyond<00:12:54.540> that<00:12:54.779> ensure<00:12:55.500> that<00:12:55.740> users<00:12:56.160> are 00:12:56.449 --> 00:12:56.459 align:start position:0% beyond that ensure that users are 00:12:56.459 --> 00:12:58.009 align:start position:0% beyond that ensure that users are continuously<00:12:57.000> attracted<00:12:57.480> towards<00:12:57.779> these 00:12:58.009 --> 00:12:58.019 align:start position:0% continuously attracted towards these 00:12:58.019 --> 00:13:00.410 align:start position:0% continuously attracted towards these products<00:12:58.320> right<00:12:58.800> I<00:12:59.579> think<00:12:59.820> that<00:12:59.940> we<00:13:00.120> have<00:13:00.240> an 00:13:00.410 --> 00:13:00.420 align:start position:0% products right I think that we have an 00:13:00.420 --> 00:13:02.150 align:start position:0% products right I think that we have an extreme<00:13:00.660> opportunity<00:13:01.260> to<00:13:01.680> at<00:13:01.920> this<00:13:01.980> point 00:13:02.150 --> 00:13:02.160 align:start position:0% extreme opportunity to at this point 00:13:02.160 --> 00:13:04.970 align:start position:0% extreme opportunity to at this point capture<00:13:02.700> the<00:13:03.600> attraction<00:13:03.899> of<00:13:04.320> people<00:13:04.440> that 00:13:04.970 --> 00:13:04.980 align:start position:0% capture the attraction of people that 00:13:04.980 --> 00:13:06.829 align:start position:0% capture the attraction of people that really<00:13:05.399> at<00:13:05.700> the<00:13:05.760> end<00:13:05.820> of<00:13:05.940> the<00:13:06.000> day<00:13:06.120> are<00:13:06.600> more 00:13:06.829 --> 00:13:06.839 align:start position:0% really at the end of the day are more 00:13:06.839 --> 00:13:09.470 align:start position:0% really at the end of the day are more oriented<00:13:07.260> to<00:13:07.380> Trad<00:13:07.560> Phi<00:13:07.920> uh<00:13:08.639> the<00:13:09.180> big 00:13:09.470 --> 00:13:09.480 align:start position:0% oriented to Trad Phi uh the big 00:13:09.480 --> 00:13:10.850 align:start position:0% oriented to Trad Phi uh the big statement<00:13:09.779> that<00:13:10.019> is<00:13:10.139> always<00:13:10.320> said<00:13:10.560> is<00:13:10.740> that 00:13:10.850 --> 00:13:10.860 align:start position:0% statement that is always said is that 00:13:10.860 --> 00:13:12.590 align:start position:0% statement that is always said is that you<00:13:10.980> need<00:13:11.160> to<00:13:11.279> create<00:13:11.519> a<00:13:12.000> user<00:13:12.300> experience 00:13:12.590 --> 00:13:12.600 align:start position:0% you need to create a user experience 00:13:12.600 --> 00:13:14.750 align:start position:0% you need to create a user experience that<00:13:12.959> is<00:13:13.079> 10<00:13:13.200> times<00:13:13.380> better<00:13:13.680> to<00:13:14.220> onboard<00:13:14.519> them 00:13:14.750 --> 00:13:14.760 align:start position:0% that is 10 times better to onboard them 00:13:14.760 --> 00:13:17.690 align:start position:0% that is 10 times better to onboard them from<00:13:14.940> one<00:13:15.060> platform<00:13:15.360> to<00:13:15.540> another<00:13:15.920> and<00:13:16.920> really 00:13:17.690 --> 00:13:17.700 align:start position:0% from one platform to another and really 00:13:17.700 --> 00:13:19.550 align:start position:0% from one platform to another and really only<00:13:18.000> these<00:13:18.300> defy<00:13:18.720> Unique<00:13:18.959> Products<00:13:19.200> will<00:13:19.380> be 00:13:19.550 --> 00:13:19.560 align:start position:0% only these defy Unique Products will be 00:13:19.560 --> 00:13:21.230 align:start position:0% only these defy Unique Products will be able<00:13:19.680> to<00:13:19.800> do<00:13:19.920> that 00:13:21.230 --> 00:13:21.240 align:start position:0% able to do that 00:13:21.240 --> 00:13:23.690 align:start position:0% able to do that um so<00:13:21.899> yeah<00:13:22.260> that's<00:13:22.920> really<00:13:23.100> the<00:13:23.220> point<00:13:23.399> at 00:13:23.690 --> 00:13:23.700 align:start position:0% um so yeah that's really the point at 00:13:23.700 --> 00:13:25.370 align:start position:0% um so yeah that's really the point at the<00:13:23.760> end<00:13:23.880> of<00:13:24.000> the<00:13:24.060> day<00:13:24.240> every<00:13:25.019> derivative 00:13:25.370 --> 00:13:25.380 align:start position:0% the end of the day every derivative 00:13:25.380 --> 00:13:27.949 align:start position:0% the end of the day every derivative instrument<00:13:25.620> in<00:13:25.980> D5<00:13:26.339> every<00:13:27.180> pretty<00:13:27.839> much 00:13:27.949 --> 00:13:27.959 align:start position:0% instrument in D5 every pretty much 00:13:27.959 --> 00:13:29.990 align:start position:0% instrument in D5 every pretty much everything<00:13:28.200> other<00:13:28.680> than<00:13:28.860> perps<00:13:29.339> will<00:13:29.820> be 00:13:29.990 --> 00:13:30.000 align:start position:0% everything other than perps will be 00:13:30.000 --> 00:13:32.990 align:start position:0% everything other than perps will be being<00:13:30.120> routed<00:13:30.480> through<00:13:30.660> eth2<00:13:31.339> and<00:13:32.339> at<00:13:32.820> the<00:13:32.880> end 00:13:32.990 --> 00:13:33.000 align:start position:0% being routed through eth2 and at the end 00:13:33.000 --> 00:13:34.129 align:start position:0% being routed through eth2 and at the end of<00:13:33.060> the<00:13:33.180> day<00:13:33.300> as<00:13:33.420> well<00:13:33.540> this<00:13:33.779> will<00:13:33.899> all<00:13:34.019> be 00:13:34.129 --> 00:13:34.139 align:start position:0% of the day as well this will all be 00:13:34.139 --> 00:13:35.329 align:start position:0% of the day as well this will all be being<00:13:34.260> routed<00:13:34.620> through<00:13:34.800> these<00:13:34.980> fixed<00:13:35.220> rate 00:13:35.329 --> 00:13:35.339 align:start position:0% being routed through these fixed rate 00:13:35.339 --> 00:13:37.190 align:start position:0% being routed through these fixed rate instruments 00:13:37.190 --> 00:13:37.200 align:start position:0% instruments 00:13:37.200 --> 00:13:39.769 align:start position:0% instruments I'm<00:13:37.800> Julian<00:13:38.399> I'm<00:13:39.000> the<00:13:39.120> founder<00:13:39.300> of<00:13:39.420> swivel 00:13:39.769 --> 00:13:39.779 align:start position:0% I'm Julian I'm the founder of swivel 00:13:39.779 --> 00:13:42.290 align:start position:0% I'm Julian I'm the founder of swivel Finance<00:13:40.139> so<00:13:40.740> feel<00:13:40.920> free<00:13:41.040> to<00:13:41.160> reach<00:13:41.399> out<00:13:41.519> follow 00:13:42.290 --> 00:13:42.300 align:start position:0% Finance so feel free to reach out follow 00:13:42.300 --> 00:13:45.350 align:start position:0% Finance so feel free to reach out follow me<00:13:42.480> and<00:13:42.720> or<00:13:42.839> join<00:13:43.200> our<00:13:43.320> Discord<00:13:43.680> at<00:13:44.360> discord.gg 00:13:45.350 --> 00:13:45.360 align:start position:0% me and or join our Discord at discord.gg 00:13:45.360 --> 00:13:48.290 align:start position:0% me and or join our Discord at discord.gg mobile<00:13:45.899> file<00:13:46.260> for<00:13:46.560> just<00:13:46.920> swivel 00:13:48.290 --> 00:13:48.300 align:start position:0% mobile file for just swivel 00:13:48.300 --> 00:13:50.269 align:start position:0% mobile file for just swivel um yeah<00:13:48.600> that's<00:13:48.779> it<00:13:49.019> any<00:13:49.200> questions<00:13:49.440> right<00:13:50.160> in 00:13:50.269 --> 00:13:50.279 align:start position:0% um yeah that's it any questions right in 00:13:50.279 --> 00:13:50.930 align:start position:0% um yeah that's it any questions right in the<00:13:50.399> right<00:13:50.519> in<00:13:50.579> the<00:13:50.639> beginning<00:13:50.760> you're 00:13:50.930 --> 00:13:50.940 align:start position:0% the right in the beginning you're 00:13:50.940 --> 00:13:51.949 align:start position:0% the right in the beginning you're talking<00:13:51.120> about 00:13:51.949 --> 00:13:51.959 align:start position:0% talking about 00:13:51.959 --> 00:13:54.829 align:start position:0% talking about validator<00:13:52.740> supplying<00:13:53.220> block<00:13:53.459> space<00:13:53.700> yeah<00:13:54.720> um 00:13:54.829 --> 00:13:54.839 align:start position:0% validator supplying block space yeah um 00:13:54.839 --> 00:13:56.389 align:start position:0% validator supplying block space yeah um but<00:13:55.019> the<00:13:55.139> block<00:13:55.260> space<00:13:55.500> remains<00:13:55.980> constant 00:13:56.389 --> 00:13:56.399 align:start position:0% but the block space remains constant 00:13:56.399 --> 00:13:58.910 align:start position:0% but the block space remains constant throughout<00:13:56.700> like<00:13:56.940> you<00:13:57.060> said<00:13:57.180> so<00:13:58.019> would<00:13:58.200> they<00:13:58.440> I 00:13:58.910 --> 00:13:58.920 align:start position:0% throughout like you said so would they I 00:13:58.920 --> 00:14:00.650 align:start position:0% throughout like you said so would they I mean<00:13:59.040> so<00:13:59.220> how<00:13:59.399> do<00:13:59.519> how<00:14:00.060> do<00:14:00.120> you<00:14:00.180> define<00:14:00.300> as<00:14:00.480> I'm 00:14:00.650 --> 00:14:00.660 align:start position:0% mean so how do how do you define as I'm 00:14:00.660 --> 00:14:01.850 align:start position:0% mean so how do how do you define as I'm supplying<00:14:00.959> it<00:14:01.079> as<00:14:01.200> opposed<00:14:01.500> to<00:14:01.500> like<00:14:01.620> them 00:14:01.850 --> 00:14:01.860 align:start position:0% supplying it as opposed to like them 00:14:01.860 --> 00:14:04.129 align:start position:0% supplying it as opposed to like them constraining<00:14:02.639> it<00:14:02.760> or<00:14:03.000> selling<00:14:03.420> it<00:14:03.480> the<00:14:03.779> end<00:14:03.959> of 00:14:04.129 --> 00:14:04.139 align:start position:0% constraining it or selling it the end of 00:14:04.139 --> 00:14:06.590 align:start position:0% constraining it or selling it the end of the<00:14:04.320> day<00:14:04.519> while<00:14:05.519> the<00:14:05.760> block<00:14:05.940> space<00:14:06.180> from<00:14:06.480> the 00:14:06.590 --> 00:14:06.600 align:start position:0% the day while the block space from the 00:14:06.600 --> 00:14:08.449 align:start position:0% the day while the block space from the demand<00:14:06.839> point<00:14:07.079> of<00:14:07.200> view<00:14:07.380> is<00:14:07.560> static<00:14:07.980> the 00:14:08.449 --> 00:14:08.459 align:start position:0% demand point of view is static the 00:14:08.459 --> 00:14:10.190 align:start position:0% demand point of view is static the suppliers<00:14:08.820> are<00:14:09.060> still<00:14:09.180> competing<00:14:09.660> to<00:14:09.899> be<00:14:10.019> the 00:14:10.190 --> 00:14:10.200 align:start position:0% suppliers are still competing to be the 00:14:10.200 --> 00:14:11.810 align:start position:0% suppliers are still competing to be the one<00:14:10.380> that<00:14:10.680> actually<00:14:10.920> provides<00:14:11.399> it<00:14:11.519> if<00:14:11.639> that 00:14:11.810 --> 00:14:11.820 align:start position:0% one that actually provides it if that 00:14:11.820 --> 00:14:14.750 align:start position:0% one that actually provides it if that makes<00:14:12.000> sense<00:14:12.240> right<00:14:12.959> so<00:14:13.560> when<00:14:14.279> looking<00:14:14.519> at 00:14:14.750 --> 00:14:14.760 align:start position:0% makes sense right so when looking at 00:14:14.760 --> 00:14:17.750 align:start position:0% makes sense right so when looking at pricing<00:14:15.120> this<00:14:15.300> future<00:14:15.480> yield<00:14:16.339> it'd<00:14:17.339> be<00:14:17.459> ideal 00:14:17.750 --> 00:14:17.760 align:start position:0% pricing this future yield it'd be ideal 00:14:17.760 --> 00:14:20.150 align:start position:0% pricing this future yield it'd be ideal to<00:14:18.060> just<00:14:18.240> have<00:14:18.420> exact<00:14:18.899> metrics<00:14:19.620> for<00:14:19.800> Block 00:14:20.150 --> 00:14:20.160 align:start position:0% to just have exact metrics for Block 00:14:20.160 --> 00:14:22.009 align:start position:0% to just have exact metrics for Block space<00:14:20.399> directly<00:14:20.760> in<00:14:20.820> a<00:14:20.940> given<00:14:21.120> block<00:14:21.300> but<00:14:21.899> you 00:14:22.009 --> 00:14:22.019 align:start position:0% space directly in a given block but you 00:14:22.019 --> 00:14:23.449 align:start position:0% space directly in a given block but you really<00:14:22.139> have<00:14:22.320> to<00:14:22.440> be<00:14:22.500> looking<00:14:22.620> at<00:14:22.800> heuristics 00:14:23.449 --> 00:14:23.459 align:start position:0% really have to be looking at heuristics 00:14:23.459 --> 00:14:24.650 align:start position:0% really have to be looking at heuristics right 00:14:24.650 --> 00:14:24.660 align:start position:0% right 00:14:24.660 --> 00:14:26.750 align:start position:0% right um gas<00:14:24.959> price<00:14:25.200> and<00:14:25.380> all<00:14:25.500> these<00:14:25.680> things<00:14:25.800> and 00:14:26.750 --> 00:14:26.760 align:start position:0% um gas price and all these things and 00:14:26.760 --> 00:14:28.790 align:start position:0% um gas price and all these things and you<00:14:27.060> know<00:14:27.120> in<00:14:27.300> in<00:14:27.480> context<00:14:27.899> it's<00:14:28.260> just<00:14:28.680> about 00:14:28.790 --> 00:14:28.800 align:start position:0% you know in in context it's just about 00:14:28.800 --> 00:14:30.350 align:start position:0% you know in in context it's just about you<00:14:29.160> know<00:14:29.220> kind<00:14:29.579> of<00:14:29.639> trying<00:14:29.820> to<00:14:30.000> get<00:14:30.120> anything 00:14:30.350 --> 00:14:30.360 align:start position:0% you know kind of trying to get anything 00:14:30.360 --> 00:14:33.290 align:start position:0% you know kind of trying to get anything you<00:14:30.660> can<00:14:30.779> to<00:14:31.079> just<00:14:31.320> derive<00:14:31.680> the<00:14:31.980> the<00:14:32.300> base 00:14:33.290 --> 00:14:33.300 align:start position:0% you can to just derive the the base 00:14:33.300 --> 00:14:35.030 align:start position:0% you can to just derive the the base block<00:14:33.540> space<00:14:33.720> rate<00:14:33.959> like<00:14:34.440> something<00:14:34.620> that<00:14:34.920> you 00:14:35.030 --> 00:14:35.040 align:start position:0% block space rate like something that you 00:14:35.040 --> 00:14:36.230 align:start position:0% block space rate like something that you should<00:14:35.160> try<00:14:35.279> to<00:14:35.459> price<00:14:35.579> and<00:14:35.760> sell<00:14:35.880> your<00:14:36.060> yield 00:14:36.230 --> 00:14:36.240 align:start position:0% should try to price and sell your yield 00:14:36.240 --> 00:14:39.949 align:start position:0% should try to price and sell your yield at<00:14:36.779> uh<00:14:37.500> so<00:14:38.040> you<00:14:38.399> mentioned<00:14:38.760> uh<00:14:39.060> block<00:14:39.600> space 00:14:39.949 --> 00:14:39.959 align:start position:0% at uh so you mentioned uh block space 00:14:39.959 --> 00:14:42.350 align:start position:0% at uh so you mentioned uh block space and<00:14:40.680> uh<00:14:41.339> those<00:14:41.519> markets<00:14:41.940> how<00:14:42.060> does<00:14:42.180> the 00:14:42.350 --> 00:14:42.360 align:start position:0% and uh those markets how does the 00:14:42.360 --> 00:14:45.769 align:start position:0% and uh those markets how does the fungibility<00:14:42.899> of<00:14:43.440> blocks<00:14:43.980> block<00:14:44.399> space<00:14:44.779> uh 00:14:45.769 --> 00:14:45.779 align:start position:0% fungibility of blocks block space uh 00:14:45.779 --> 00:14:49.009 align:start position:0% fungibility of blocks block space uh make<00:14:45.959> pricing<00:14:46.560> harder 00:14:49.009 --> 00:14:49.019 align:start position:0% make pricing harder 00:14:49.019 --> 00:14:52.490 align:start position:0% make pricing harder it's<00:14:49.800> extremely<00:14:50.519> difficult<00:14:50.940> to<00:14:51.600> honestly<00:14:52.079> uh 00:14:52.490 --> 00:14:52.500 align:start position:0% it's extremely difficult to honestly uh 00:14:52.500 --> 00:14:54.170 align:start position:0% it's extremely difficult to honestly uh create<00:14:52.680> any<00:14:52.980> markets<00:14:53.459> without<00:14:53.639> fungibility 00:14:54.170 --> 00:14:54.180 align:start position:0% create any markets without fungibility 00:14:54.180 --> 00:14:56.389 align:start position:0% create any markets without fungibility honestly<00:14:54.959> we<00:14:55.800> were<00:14:55.920> looking<00:14:56.040> at<00:14:56.220> creating 00:14:56.389 --> 00:14:56.399 align:start position:0% honestly we were looking at creating 00:14:56.399 --> 00:14:58.069 align:start position:0% honestly we were looking at creating swivel<00:14:56.820> initially<00:14:57.120> with<00:14:57.540> a<00:14:57.779> sort<00:14:57.959> of 00:14:58.069 --> 00:14:58.079 align:start position:0% swivel initially with a sort of 00:14:58.079 --> 00:14:59.329 align:start position:0% swivel initially with a sort of non-fungible<00:14:58.620> agreement<00:14:58.920> similar<00:14:59.220> to 00:14:59.329 --> 00:14:59.339 align:start position:0% non-fungible agreement similar to 00:14:59.339 --> 00:15:01.910 align:start position:0% non-fungible agreement similar to alchemia<00:15:00.199> but<00:15:01.199> when<00:15:01.320> you<00:15:01.440> start<00:15:01.560> to<00:15:01.740> do<00:15:01.800> this 00:15:01.910 --> 00:15:01.920 align:start position:0% alchemia but when you start to do this 00:15:01.920 --> 00:15:04.310 align:start position:0% alchemia but when you start to do this you<00:15:02.160> Silo<00:15:02.519> off<00:15:02.639> liquidity<00:15:03.180> and<00:15:03.660> users<00:15:03.959> are<00:15:04.079> no 00:15:04.310 --> 00:15:04.320 align:start position:0% you Silo off liquidity and users are no 00:15:04.320 --> 00:15:07.129 align:start position:0% you Silo off liquidity and users are no longer<00:15:04.560> able<00:15:04.920> to<00:15:04.980> compare<00:15:05.760> kind<00:15:06.660> of<00:15:06.779> what<00:15:06.959> one 00:15:07.129 --> 00:15:07.139 align:start position:0% longer able to compare kind of what one 00:15:07.139 --> 00:15:08.930 align:start position:0% longer able to compare kind of what one other<00:15:07.320> person<00:15:07.620> would<00:15:07.860> do<00:15:07.980> for<00:15:08.100> it<00:15:08.279> right<00:15:08.459> at 00:15:08.930 --> 00:15:08.940 align:start position:0% other person would do for it right at 00:15:08.940 --> 00:15:10.850 align:start position:0% other person would do for it right at the<00:15:09.060> end<00:15:09.120> of<00:15:09.240> the<00:15:09.360> day<00:15:09.600> most<00:15:10.260> pricing<00:15:10.680> is 00:15:10.850 --> 00:15:10.860 align:start position:0% the end of the day most pricing is 00:15:10.860 --> 00:15:12.889 align:start position:0% the end of the day most pricing is actually<00:15:11.100> rather<00:15:11.639> subjective<00:15:12.180> and<00:15:12.660> you<00:15:12.779> need 00:15:12.889 --> 00:15:12.899 align:start position:0% actually rather subjective and you need 00:15:12.899 --> 00:15:14.569 align:start position:0% actually rather subjective and you need contextual<00:15:13.440> markets<00:15:13.920> in<00:15:14.100> order<00:15:14.220> to<00:15:14.399> price 00:15:14.569 --> 00:15:14.579 align:start position:0% contextual markets in order to price 00:15:14.579 --> 00:15:16.250 align:start position:0% contextual markets in order to price things<00:15:14.880> right 00:15:16.250 --> 00:15:16.260 align:start position:0% things right 00:15:16.260 --> 00:15:18.050 align:start position:0% things right um<00:15:16.320> I<00:15:16.860> talk<00:15:17.160> about<00:15:17.339> this<00:15:17.519> a<00:15:17.639> lot<00:15:17.760> more<00:15:17.940> in 00:15:18.050 --> 00:15:18.060 align:start position:0% um I talk about this a lot more in 00:15:18.060 --> 00:15:19.550 align:start position:0% um I talk about this a lot more in reference<00:15:18.540> to<00:15:18.720> just<00:15:18.899> the<00:15:19.079> fixed<00:15:19.260> rate<00:15:19.320> space 00:15:19.550 --> 00:15:19.560 align:start position:0% reference to just the fixed rate space 00:15:19.560 --> 00:15:21.590 align:start position:0% reference to just the fixed rate space in<00:15:19.800> general<00:15:19.920> is<00:15:20.339> extremely<00:15:20.760> important<00:15:21.180> to 00:15:21.590 --> 00:15:21.600 align:start position:0% in general is extremely important to 00:15:21.600 --> 00:15:22.790 align:start position:0% in general is extremely important to ensure<00:15:21.839> that<00:15:21.959> maturity<00:15:22.380> is<00:15:22.500> themselves 00:15:22.790 --> 00:15:22.800 align:start position:0% ensure that maturity is themselves 00:15:22.800 --> 00:15:23.990 align:start position:0% ensure that maturity is themselves differentiable<00:15:23.220> for<00:15:23.459> even<00:15:23.579> these<00:15:23.820> symptoms 00:15:23.990 --> 00:15:24.000 align:start position:0% differentiable for even these symptoms 00:15:24.000 --> 00:15:26.990 align:start position:0% differentiable for even these symptoms these<00:15:24.720> sorts<00:15:24.899> of<00:15:24.959> similar<00:15:25.380> activities 00:15:26.990 --> 00:15:27.000 align:start position:0% these sorts of similar activities 00:15:27.000 --> 00:15:29.810 align:start position:0% these sorts of similar activities uh<00:15:27.899> the<00:15:28.199> distinction<00:15:28.500> that<00:15:28.860> you<00:15:29.100> you've 00:15:29.810 --> 00:15:29.820 align:start position:0% uh the distinction that you you've 00:15:29.820 --> 00:15:33.290 align:start position:0% uh the distinction that you you've noticed<00:15:30.300> which<00:15:30.660> is<00:15:31.160> that<00:15:32.160> for<00:15:32.820> these<00:15:33.120> kind<00:15:33.240> of 00:15:33.290 --> 00:15:33.300 align:start position:0% noticed which is that for these kind of 00:15:33.300 --> 00:15:35.810 align:start position:0% noticed which is that for these kind of like<00:15:33.620> splitting<00:15:34.620> and<00:15:34.860> like 00:15:35.810 --> 00:15:35.820 align:start position:0% like splitting and like 00:15:35.820 --> 00:15:37.970 align:start position:0% like splitting and like re-hypothecating 00:15:37.970 --> 00:15:37.980 align:start position:0% re-hypothecating 00:15:37.980 --> 00:15:40.550 align:start position:0% re-hypothecating um<00:15:38.040> future<00:15:38.279> staking<00:15:38.940> yields<00:15:39.360> uh<00:15:40.199> kind<00:15:40.440> of 00:15:40.550 --> 00:15:40.560 align:start position:0% um future staking yields uh kind of 00:15:40.560 --> 00:15:42.650 align:start position:0% um future staking yields uh kind of requires<00:15:40.980> going<00:15:41.279> through<00:15:41.639> uh<00:15:42.300> you<00:15:42.600> know 00:15:42.650 --> 00:15:42.660 align:start position:0% requires going through uh you know 00:15:42.660 --> 00:15:44.750 align:start position:0% requires going through uh you know central-ish<00:15:43.320> validator<00:15:44.100> of<00:15:44.339> some<00:15:44.579> kind 00:15:44.750 --> 00:15:44.760 align:start position:0% central-ish validator of some kind 00:15:44.760 --> 00:15:46.730 align:start position:0% central-ish validator of some kind generally<00:15:45.360> speaking<00:15:45.779> is<00:15:46.320> there<00:15:46.440> any<00:15:46.560> way 00:15:46.730 --> 00:15:46.740 align:start position:0% generally speaking is there any way 00:15:46.740 --> 00:15:48.230 align:start position:0% generally speaking is there any way around<00:15:46.980> that<00:15:47.220> like<00:15:47.519> is<00:15:47.639> there<00:15:47.820> a<00:15:47.940> world<00:15:48.060> in 00:15:48.230 --> 00:15:48.240 align:start position:0% around that like is there a world in 00:15:48.240 --> 00:15:51.110 align:start position:0% around that like is there a world in which<00:15:48.420> we<00:15:48.720> can<00:15:48.839> create<00:15:49.399> uh<00:15:50.399> fundable<00:15:50.760> claims 00:15:51.110 --> 00:15:51.120 align:start position:0% which we can create uh fundable claims 00:15:51.120 --> 00:15:54.110 align:start position:0% which we can create uh fundable claims to<00:15:51.240> like<00:15:51.420> individual<00:15:51.839> homesteakers<00:15:52.699> a<00:15:53.699> I<00:15:54.000> need 00:15:54.110 --> 00:15:54.120 align:start position:0% to like individual homesteakers a I need 00:15:54.120 --> 00:15:55.730 align:start position:0% to like individual homesteakers a I need to<00:15:54.240> hope<00:15:54.360> that<00:15:54.660> honestly<00:15:55.079> Alchemy<00:15:55.500> is<00:15:55.620> working 00:15:55.730 --> 00:15:55.740 align:start position:0% to hope that honestly Alchemy is working 00:15:55.740 --> 00:15:57.230 align:start position:0% to hope that honestly Alchemy is working further<00:15:56.040> in<00:15:56.160> this<00:15:56.279> direction 00:15:57.230 --> 00:15:57.240 align:start position:0% further in this direction 00:15:57.240 --> 00:15:59.090 align:start position:0% further in this direction um<00:15:57.300> it's<00:15:57.779> more<00:15:58.199> difficult<00:15:58.500> than<00:15:58.740> one<00:15:58.920> would 00:15:59.090 --> 00:15:59.100 align:start position:0% um it's more difficult than one would 00:15:59.100 --> 00:16:00.710 align:start position:0% um it's more difficult than one would think<00:15:59.279> I'm<00:15:59.519> sure<00:15:59.699> right<00:16:00.240> because<00:16:00.480> you 00:16:00.710 --> 00:16:00.720 align:start position:0% think I'm sure right because you 00:16:00.720 --> 00:16:02.030 align:start position:0% think I'm sure right because you actually<00:16:00.839> then<00:16:01.079> have<00:16:01.260> to<00:16:01.380> actually<00:16:01.500> you<00:16:01.800> have 00:16:02.030 --> 00:16:02.040 align:start position:0% actually then have to actually you have 00:16:02.040 --> 00:16:03.710 align:start position:0% actually then have to actually you have to<00:16:02.100> create<00:16:02.220> the<00:16:02.399> infrastructure<00:16:02.820> between<00:16:03.180> a 00:16:03.710 --> 00:16:03.720 align:start position:0% to create the infrastructure between a 00:16:03.720 --> 00:16:06.170 align:start position:0% to create the infrastructure between a validator<00:16:04.079> client<00:16:04.440> and<00:16:05.040> some<00:16:05.220> dap<00:16:05.639> and 00:16:06.170 --> 00:16:06.180 align:start position:0% validator client and some dap and 00:16:06.180 --> 00:16:07.730 align:start position:0% validator client and some dap and honestly<00:16:06.540> I<00:16:06.779> don't<00:16:06.839> think<00:16:07.079> anyone<00:16:07.440> is<00:16:07.560> doing 00:16:07.730 --> 00:16:07.740 align:start position:0% honestly I don't think anyone is doing 00:16:07.740 --> 00:16:09.650 align:start position:0% honestly I don't think anyone is doing that<00:16:07.920> whatsoever<00:16:08.399> yet 00:16:09.650 --> 00:16:09.660 align:start position:0% that whatsoever yet 00:16:09.660 --> 00:16:10.509 align:start position:0% that whatsoever yet um 00:16:10.509 --> 00:16:10.519 align:start position:0% um 00:16:10.519 --> 00:16:12.290 align:start position:0% um really<00:16:11.519> it's<00:16:11.699> going<00:16:11.820> to<00:16:11.940> be<00:16:12.000> a<00:16:12.120> difficult 00:16:12.290 --> 00:16:12.300 align:start position:0% really it's going to be a difficult 00:16:12.300 --> 00:16:13.850 align:start position:0% really it's going to be a difficult problem<00:16:12.540> for<00:16:12.720> them<00:16:12.839> to<00:16:13.019> solve<00:16:13.260> I<00:16:13.440> think<00:16:13.560> they 00:16:13.850 --> 00:16:13.860 align:start position:0% problem for them to solve I think they 00:16:13.860 --> 00:16:15.350 align:start position:0% problem for them to solve I think they can<00:16:14.040> you<00:16:14.399> know<00:16:14.459> create<00:16:14.639> more<00:16:15.000> fungible 00:16:15.350 --> 00:16:15.360 align:start position:0% can you know create more fungible 00:16:15.360 --> 00:16:17.509 align:start position:0% can you know create more fungible markets<00:16:15.779> it's<00:16:15.899> kind<00:16:16.079> of<00:16:16.139> the<00:16:16.260> way<00:16:16.380> I<00:16:16.440> put<00:16:16.620> it<00:16:16.740> by 00:16:17.509 --> 00:16:17.519 align:start position:0% markets it's kind of the way I put it by 00:16:17.519 --> 00:16:19.069 align:start position:0% markets it's kind of the way I put it by by<00:16:17.760> forcing<00:16:18.180> people<00:16:18.360> to<00:16:18.660> use<00:16:18.779> a<00:16:18.959> certain 00:16:19.069 --> 00:16:19.079 align:start position:0% by forcing people to use a certain 00:16:19.079 --> 00:16:20.689 align:start position:0% by forcing people to use a certain maturity<00:16:19.500> and<00:16:19.800> only<00:16:19.980> trading<00:16:20.339> within<00:16:20.579> that 00:16:20.689 --> 00:16:20.699 align:start position:0% maturity and only trading within that 00:16:20.699 --> 00:16:21.949 align:start position:0% maturity and only trading within that right 00:16:21.949 --> 00:16:21.959 align:start position:0% right 00:16:21.959 --> 00:16:23.689 align:start position:0% right um<00:16:22.019> but<00:16:22.680> at<00:16:22.860> the<00:16:22.980> at<00:16:23.160> the<00:16:23.279> end<00:16:23.339> of<00:16:23.399> the<00:16:23.459> day<00:16:23.519> I 00:16:23.689 --> 00:16:23.699 align:start position:0% um but at the at the end of the day I 00:16:23.699 --> 00:16:25.250 align:start position:0% um but at the at the end of the day I think<00:16:23.760> it's<00:16:23.820> more<00:16:24.000> of<00:16:24.120> a<00:16:24.240> technical<00:16:24.660> problem 00:16:25.250 --> 00:16:25.260 align:start position:0% think it's more of a technical problem 00:16:25.260 --> 00:16:27.829 align:start position:0% think it's more of a technical problem than<00:16:25.620> a<00:16:26.040> market<00:16:26.220> Design<00:16:26.519> One<00:16:26.820> probably 00:16:27.829 --> 00:16:27.839 align:start position:0% than a market Design One probably 00:16:27.839 --> 00:16:29.750 align:start position:0% than a market Design One probably would<00:16:28.380> the<00:16:28.560> return<00:16:28.740> profile<00:16:29.279> and<00:16:29.579> the 00:16:29.750 --> 00:16:29.760 align:start position:0% would the return profile and the 00:16:29.760 --> 00:16:33.710 align:start position:0% would the return profile and the volatility<00:16:30.120> of<00:16:30.779> the<00:16:31.380> split<00:16:31.680> out<00:16:32.240> yield<00:16:33.240> aspect 00:16:33.710 --> 00:16:33.720 align:start position:0% volatility of the split out yield aspect 00:16:33.720 --> 00:16:37.610 align:start position:0% volatility of the split out yield aspect of<00:16:33.899> it<00:16:34.019> not<00:16:34.260> just<00:16:34.440> mirror<00:16:34.920> ethereum<00:16:35.760> anyway 00:16:37.610 --> 00:16:37.620 align:start position:0% of it not just mirror ethereum anyway 00:16:37.620 --> 00:16:41.150 align:start position:0% of it not just mirror ethereum anyway it<00:16:38.660> would<00:16:39.660> yes<00:16:39.959> that's<00:16:40.380> the<00:16:40.560> point<00:16:40.680> and<00:16:40.980> when 00:16:41.150 --> 00:16:41.160 align:start position:0% it would yes that's the point and when 00:16:41.160 --> 00:16:43.189 align:start position:0% it would yes that's the point and when you<00:16:41.279> if<00:16:41.820> you<00:16:42.120> split<00:16:42.360> away<00:16:42.480> your<00:16:42.720> ethereum 00:16:43.189 --> 00:16:43.199 align:start position:0% you if you split away your ethereum 00:16:43.199 --> 00:16:44.449 align:start position:0% you if you split away your ethereum you're<00:16:43.560> not<00:16:43.680> it's<00:16:43.800> not<00:16:43.980> going<00:16:44.100> to<00:16:44.220> do<00:16:44.279> anything 00:16:44.449 --> 00:16:44.459 align:start position:0% you're not it's not going to do anything 00:16:44.459 --> 00:16:46.310 align:start position:0% you're not it's not going to do anything what<00:16:45.120> you<00:16:45.300> need<00:16:45.420> to<00:16:45.540> do<00:16:45.720> is<00:16:45.899> find<00:16:46.139> a 00:16:46.310 --> 00:16:46.320 align:start position:0% what you need to do is find a 00:16:46.320 --> 00:16:48.650 align:start position:0% what you need to do is find a counterparty<00:16:46.920> to<00:16:47.399> buy<00:16:47.639> the<00:16:47.880> the<00:16:48.000> yield<00:16:48.300> token 00:16:48.650 --> 00:16:48.660 align:start position:0% counterparty to buy the the yield token 00:16:48.660 --> 00:16:50.030 align:start position:0% counterparty to buy the the yield token the<00:16:48.899> split<00:16:49.139> away<00:16:49.259> yield<00:16:49.620> that<00:16:49.800> you're<00:16:49.920> going 00:16:50.030 --> 00:16:50.040 align:start position:0% the split away yield that you're going 00:16:50.040 --> 00:16:51.650 align:start position:0% the split away yield that you're going to<00:16:50.160> be<00:16:50.279> earning<00:16:50.579> over<00:16:50.759> some<00:16:51.120> future<00:16:51.360> date 00:16:51.650 --> 00:16:51.660 align:start position:0% to be earning over some future date 00:16:51.660 --> 00:16:53.210 align:start position:0% to be earning over some future date right 00:16:53.210 --> 00:16:53.220 align:start position:0% right 00:16:53.220 --> 00:16:55.490 align:start position:0% right um<00:16:53.279> and<00:16:54.180> that's<00:16:54.600> why<00:16:54.839> again<00:16:55.019> it's<00:16:55.259> very 00:16:55.490 --> 00:16:55.500 align:start position:0% um and that's why again it's very 00:16:55.500 --> 00:16:57.050 align:start position:0% um and that's why again it's very important<00:16:55.800> to<00:16:55.980> try<00:16:56.160> to<00:16:56.339> create<00:16:56.459> these<00:16:56.699> markets 00:16:57.050 --> 00:16:57.060 align:start position:0% important to try to create these markets 00:16:57.060 --> 00:16:58.910 align:start position:0% important to try to create these markets that<00:16:57.180> are<00:16:57.300> fungible<00:16:57.540> in<00:16:57.720> liquid<00:16:58.079> otherwise 00:16:58.910 --> 00:16:58.920 align:start position:0% that are fungible in liquid otherwise 00:16:58.920 --> 00:17:00.590 align:start position:0% that are fungible in liquid otherwise it's<00:16:59.160> it<00:16:59.339> becomes<00:16:59.759> increasingly<00:17:00.180> difficult 00:17:00.590 --> 00:17:00.600 align:start position:0% it's it becomes increasingly difficult 00:17:00.600 --> 00:17:02.509 align:start position:0% it's it becomes increasingly difficult to<00:17:01.199> actually<00:17:01.440> find<00:17:01.680> these<00:17:01.920> counterparties 00:17:02.509 --> 00:17:02.519 align:start position:0% to actually find these counterparties 00:17:02.519 --> 00:17:04.370 align:start position:0% to actually find these counterparties and<00:17:03.120> then<00:17:03.240> as<00:17:03.480> well<00:17:03.660> right<00:17:03.839> if<00:17:04.079> you<00:17:04.199> don't<00:17:04.319> have 00:17:04.370 --> 00:17:04.380 align:start position:0% and then as well right if you don't have 00:17:04.380 --> 00:17:06.650 align:start position:0% and then as well right if you don't have a<00:17:04.559> secondary<00:17:04.860> market<00:17:05.100> for<00:17:05.459> anyone<00:17:05.760> to<00:17:06.299> sell 00:17:06.650 --> 00:17:06.660 align:start position:0% a secondary market for anyone to sell 00:17:06.660 --> 00:17:08.870 align:start position:0% a secondary market for anyone to sell anything<00:17:06.839> on<00:17:07.079> it's<00:17:07.319> impossible<00:17:07.799> right<00:17:08.220> so<00:17:08.699> you 00:17:08.870 --> 00:17:08.880 align:start position:0% anything on it's impossible right so you 00:17:08.880 --> 00:17:10.909 align:start position:0% anything on it's impossible right so you really<00:17:09.000> need<00:17:09.559> really<00:17:10.559> answering<00:17:10.799> your 00:17:10.909 --> 00:17:10.919 align:start position:0% really need really answering your 00:17:10.919 --> 00:17:12.289 align:start position:0% really need really answering your question<00:17:11.100> you<00:17:11.459> just<00:17:11.640> you're<00:17:11.819> selling<00:17:12.120> you're 00:17:12.289 --> 00:17:12.299 align:start position:0% question you just you're selling you're 00:17:12.299 --> 00:17:13.429 align:start position:0% question you just you're selling you're selling<00:17:12.540> those<00:17:12.660> yield<00:17:12.839> tokens<00:17:13.140> to<00:17:13.319> another 00:17:13.429 --> 00:17:13.439 align:start position:0% selling those yield tokens to another 00:17:13.439 --> 00:17:16.010 align:start position:0% selling those yield tokens to another counterparty<00:17:14.100> and<00:17:14.579> that<00:17:14.819> person<00:17:15.000> is<00:17:15.720> going<00:17:15.900> to 00:17:16.010 --> 00:17:16.020 align:start position:0% counterparty and that person is going to 00:17:16.020 --> 00:17:17.929 align:start position:0% counterparty and that person is going to be<00:17:16.079> the<00:17:16.260> beneficiary<00:17:16.740> of<00:17:17.100> whatever<00:17:17.339> eats 00:17:17.929 --> 00:17:17.939 align:start position:0% be the beneficiary of whatever eats 00:17:17.939 --> 00:17:21.500 align:start position:0% be the beneficiary of whatever eats staking<00:17:18.120> and<00:17:18.900> Etc<00:17:19.079> yeah