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 --> 00:00:13.990 align:start position:0% [Music] 00:00:13.990 --> 00:00:14.000 align:start position:0% 00:00:14.000 --> 00:00:18.170 align:start position:0% Valeri<00:00:15.000> I<00:00:15.900> am<00:00:16.080> a<00:00:16.440> smart<00:00:16.619> contract<00:00:17.160> Dev<00:00:17.460> at<00:00:18.060> the 00:00:18.170 --> 00:00:18.180 align:start position:0% Valeri I am a smart contract Dev at the 00:00:18.180 --> 00:00:20.630 align:start position:0% Valeri I am a smart contract Dev at the Ave<00:00:18.359> companies<00:00:19.100> I've<00:00:20.100> been<00:00:20.279> there<00:00:20.400> for<00:00:20.580> about 00:00:20.630 --> 00:00:20.640 align:start position:0% Ave companies I've been there for about 00:00:20.640 --> 00:00:22.849 align:start position:0% Ave companies I've been there for about a<00:00:20.820> year<00:00:20.939> and<00:00:21.060> a<00:00:21.180> half<00:00:21.180> have<00:00:21.539> worked<00:00:21.900> on 00:00:22.849 --> 00:00:22.859 align:start position:0% a year and a half have worked on 00:00:22.859 --> 00:00:25.130 align:start position:0% a year and a half have worked on um<00:00:22.920> some<00:00:23.160> things<00:00:23.340> like<00:00:23.640> our<00:00:24.140> cross-chain 00:00:25.130 --> 00:00:25.140 align:start position:0% um some things like our cross-chain 00:00:25.140 --> 00:00:28.070 align:start position:0% um some things like our cross-chain governance<00:00:25.500> Bridge<00:00:25.800> our<00:00:26.519> V3<00:00:26.939> deployment<00:00:27.480> and 00:00:28.070 --> 00:00:28.080 align:start position:0% governance Bridge our V3 deployment and 00:00:28.080 --> 00:00:30.470 align:start position:0% governance Bridge our V3 deployment and most<00:00:28.320> recently<00:00:28.820> I<00:00:29.820> have<00:00:29.939> been<00:00:30.060> spending<00:00:30.359> time 00:00:30.470 --> 00:00:30.480 align:start position:0% most recently I have been spending time 00:00:30.480 --> 00:00:34.729 align:start position:0% most recently I have been spending time working<00:00:30.779> on<00:00:31.500> our<00:00:32.279> stablecoin<00:00:32.880> project<00:00:33.059> go 00:00:34.729 --> 00:00:34.739 align:start position:0% working on our stablecoin project go 00:00:34.739 --> 00:00:36.590 align:start position:0% working on our stablecoin project go um<00:00:34.800> and<00:00:34.920> I'm<00:00:35.100> really<00:00:35.219> excited<00:00:35.579> to<00:00:36.120> tell<00:00:36.480> you 00:00:36.590 --> 00:00:36.600 align:start position:0% um and I'm really excited to tell you 00:00:36.600 --> 00:00:38.270 align:start position:0% um and I'm really excited to tell you guys<00:00:36.719> all<00:00:36.899> about<00:00:37.020> that 00:00:38.270 --> 00:00:38.280 align:start position:0% guys all about that 00:00:38.280 --> 00:00:40.190 align:start position:0% guys all about that um<00:00:38.340> but<00:00:38.520> before<00:00:38.640> I<00:00:38.880> get<00:00:39.000> into<00:00:39.120> go<00:00:39.480> I<00:00:39.899> kind<00:00:40.140> of 00:00:40.190 --> 00:00:40.200 align:start position:0% um but before I get into go I kind of 00:00:40.200 --> 00:00:41.750 align:start position:0% um but before I get into go I kind of want<00:00:40.320> to<00:00:40.440> take<00:00:40.500> a<00:00:40.680> step<00:00:40.860> back<00:00:41.100> and<00:00:41.520> walk 00:00:41.750 --> 00:00:41.760 align:start position:0% want to take a step back and walk 00:00:41.760 --> 00:00:44.590 align:start position:0% want to take a step back and walk through<00:00:42.140> the<00:00:43.140> current<00:00:43.260> stablecoin<00:00:43.920> landscape 00:00:44.590 --> 00:00:44.600 align:start position:0% through the current stablecoin landscape 00:00:44.600 --> 00:00:46.850 align:start position:0% through the current stablecoin landscape and<00:00:45.600> in<00:00:45.719> doing<00:00:45.899> that<00:00:46.079> I<00:00:46.260> think<00:00:46.379> that<00:00:46.500> will<00:00:46.680> give 00:00:46.850 --> 00:00:46.860 align:start position:0% and in doing that I think that will give 00:00:46.860 --> 00:00:49.369 align:start position:0% and in doing that I think that will give some<00:00:47.160> helpful<00:00:47.399> context<00:00:47.940> as<00:00:48.239> to<00:00:48.539> you<00:00:48.960> know<00:00:49.020> what 00:00:49.369 --> 00:00:49.379 align:start position:0% some helpful context as to you know what 00:00:49.379 --> 00:00:52.310 align:start position:0% some helpful context as to you know what is<00:00:49.500> go<00:00:49.739> and<00:00:49.920> how<00:00:50.100> it<00:00:50.219> fits<00:00:50.579> into<00:00:50.960> that<00:00:51.960> broader 00:00:52.310 --> 00:00:52.320 align:start position:0% is go and how it fits into that broader 00:00:52.320 --> 00:00:54.410 align:start position:0% is go and how it fits into that broader ecosystem 00:00:54.410 --> 00:00:54.420 align:start position:0% ecosystem 00:00:54.420 --> 00:00:56.389 align:start position:0% ecosystem um<00:00:54.539> and<00:00:55.079> I<00:00:55.320> don't<00:00:55.379> know<00:00:55.440> if<00:00:55.500> who<00:00:55.860> else<00:00:55.980> was<00:00:56.219> here 00:00:56.389 --> 00:00:56.399 align:start position:0% um and I don't know if who else was here 00:00:56.399 --> 00:00:58.430 align:start position:0% um and I don't know if who else was here for<00:00:56.520> the<00:00:56.699> previous<00:00:56.820> talk<00:00:57.239> but<00:00:58.020> it<00:00:58.140> was<00:00:58.260> a<00:00:58.379> great 00:00:58.430 --> 00:00:58.440 align:start position:0% for the previous talk but it was a great 00:00:58.440 --> 00:01:01.010 align:start position:0% for the previous talk but it was a great talk<00:00:58.620> about<00:00:58.800> Rye<00:00:59.460> which<00:01:00.059> is<00:01:00.239> a<00:01:00.360> stable<00:01:00.600> coin 00:01:01.010 --> 00:01:01.020 align:start position:0% talk about Rye which is a stable coin 00:01:01.020 --> 00:01:03.049 align:start position:0% talk about Rye which is a stable coin and<00:01:01.920> I<00:01:02.039> think<00:01:02.160> it<00:01:02.340> perfectly<00:01:02.699> kind<00:01:02.940> of 00:01:03.049 --> 00:01:03.059 align:start position:0% and I think it perfectly kind of 00:01:03.059 --> 00:01:04.670 align:start position:0% and I think it perfectly kind of highlights<00:01:03.480> why<00:01:03.899> understanding<00:01:04.559> the 00:01:04.670 --> 00:01:04.680 align:start position:0% highlights why understanding the 00:01:04.680 --> 00:01:06.770 align:start position:0% highlights why understanding the landscape<00:01:05.100> is<00:01:05.280> important<00:01:05.700> because<00:01:06.060> what<00:01:06.659> the 00:01:06.770 --> 00:01:06.780 align:start position:0% landscape is important because what the 00:01:06.780 --> 00:01:08.630 align:start position:0% landscape is important because what the heck<00:01:06.900> is<00:01:07.080> a<00:01:07.260> stable<00:01:07.439> coin<00:01:07.860> there's<00:01:08.280> so<00:01:08.460> many 00:01:08.630 --> 00:01:08.640 align:start position:0% heck is a stable coin there's so many 00:01:08.640 --> 00:01:11.350 align:start position:0% heck is a stable coin there's so many things<00:01:08.939> that<00:01:09.780> fall<00:01:10.020> under<00:01:10.380> this<00:01:10.680> definition 00:01:11.350 --> 00:01:11.360 align:start position:0% things that fall under this definition 00:01:11.360 --> 00:01:13.910 align:start position:0% things that fall under this definition that<00:01:12.360> it<00:01:12.479> creates<00:01:12.780> confusion<00:01:13.320> it<00:01:13.680> creates 00:01:13.910 --> 00:01:13.920 align:start position:0% that it creates confusion it creates 00:01:13.920 --> 00:01:15.170 align:start position:0% that it creates confusion it creates risk 00:01:15.170 --> 00:01:15.180 align:start position:0% risk 00:01:15.180 --> 00:01:16.550 align:start position:0% risk um<00:01:15.299> and<00:01:15.600> you<00:01:15.659> know<00:01:15.780> just<00:01:15.960> saying<00:01:16.320> that<00:01:16.439> you're 00:01:16.550 --> 00:01:16.560 align:start position:0% um and you know just saying that you're 00:01:16.560 --> 00:01:18.530 align:start position:0% um and you know just saying that you're working<00:01:16.740> with<00:01:16.979> a<00:01:17.100> stable<00:01:17.340> coin<00:01:17.760> isn't 00:01:18.530 --> 00:01:18.540 align:start position:0% working with a stable coin isn't 00:01:18.540 --> 00:01:20.690 align:start position:0% working with a stable coin isn't sufficient<00:01:18.960> to<00:01:19.380> understand<00:01:19.560> what<00:01:20.460> the<00:01:20.520> heck 00:01:20.690 --> 00:01:20.700 align:start position:0% sufficient to understand what the heck 00:01:20.700 --> 00:01:22.749 align:start position:0% sufficient to understand what the heck type<00:01:20.939> of<00:01:21.060> asset<00:01:21.479> you're<00:01:21.720> working<00:01:21.960> with 00:01:22.749 --> 00:01:22.759 align:start position:0% type of asset you're working with 00:01:22.759 --> 00:01:25.070 align:start position:0% type of asset you're working with so<00:01:23.759> let's<00:01:24.000> try<00:01:24.180> to<00:01:24.299> answer<00:01:24.479> some<00:01:24.780> basic 00:01:25.070 --> 00:01:25.080 align:start position:0% so let's try to answer some basic 00:01:25.080 --> 00:01:26.810 align:start position:0% so let's try to answer some basic questions<00:01:25.320> around<00:01:25.860> stable<00:01:26.220> coins<00:01:26.580> and<00:01:26.700> I 00:01:26.810 --> 00:01:26.820 align:start position:0% questions around stable coins and I 00:01:26.820 --> 00:01:29.270 align:start position:0% questions around stable coins and I think<00:01:26.880> we'll<00:01:27.060> pretty<00:01:27.299> quickly<00:01:27.600> identify<00:01:28.380> uh 00:01:29.270 --> 00:01:29.280 align:start position:0% think we'll pretty quickly identify uh 00:01:29.280 --> 00:01:31.310 align:start position:0% think we'll pretty quickly identify uh why<00:01:29.580> it's<00:01:29.700> so<00:01:29.939> challenging<00:01:30.360> to<00:01:30.780> understand 00:01:31.310 --> 00:01:31.320 align:start position:0% why it's so challenging to understand 00:01:31.320 --> 00:01:34.429 align:start position:0% why it's so challenging to understand what<00:01:31.799> people<00:01:31.920> are<00:01:32.100> talking<00:01:32.280> about<00:01:32.720> so<00:01:33.720> what<00:01:34.020> is 00:01:34.429 --> 00:01:34.439 align:start position:0% what people are talking about so what is 00:01:34.439 --> 00:01:36.170 align:start position:0% what people are talking about so what is a<00:01:34.560> stable<00:01:34.799> coin 00:01:36.170 --> 00:01:36.180 align:start position:0% a stable coin 00:01:36.180 --> 00:01:38.450 align:start position:0% a stable coin um<00:01:36.299> I<00:01:36.720> think<00:01:36.840> at<00:01:37.500> the<00:01:37.740> broadest<00:01:38.040> level<00:01:38.220> you 00:01:38.450 --> 00:01:38.460 align:start position:0% um I think at the broadest level you 00:01:38.460 --> 00:01:40.550 align:start position:0% um I think at the broadest level you could<00:01:38.579> say<00:01:38.700> a<00:01:38.820> stable<00:01:39.060> coin<00:01:39.420> is<00:01:39.600> an<00:01:39.780> asset<00:01:40.140> that 00:01:40.550 --> 00:01:40.560 align:start position:0% could say a stable coin is an asset that 00:01:40.560 --> 00:01:44.210 align:start position:0% could say a stable coin is an asset that attempts<00:01:41.280> to<00:01:41.400> maintain<00:01:41.820> a<00:01:42.240> stable<00:01:42.479> price<00:01:43.220> I 00:01:44.210 --> 00:01:44.220 align:start position:0% attempts to maintain a stable price I 00:01:44.220 --> 00:01:46.370 align:start position:0% attempts to maintain a stable price I think<00:01:44.340> very<00:01:44.640> commonly<00:01:45.180> we're<00:01:45.659> seeing<00:01:46.020> Peg 00:01:46.370 --> 00:01:46.380 align:start position:0% think very commonly we're seeing Peg 00:01:46.380 --> 00:01:49.389 align:start position:0% think very commonly we're seeing Peg stable<00:01:46.799> coins<00:01:47.159> so<00:01:48.000> they're<00:01:48.180> pegged<00:01:48.720> to 00:01:49.389 --> 00:01:49.399 align:start position:0% stable coins so they're pegged to 00:01:49.399 --> 00:01:53.389 align:start position:0% stable coins so they're pegged to some<00:01:50.399> other<00:01:50.640> assets<00:01:51.119> value<00:01:51.860> most<00:01:52.860> commonly<00:01:53.159> I 00:01:53.389 --> 00:01:53.399 align:start position:0% some other assets value most commonly I 00:01:53.399 --> 00:01:54.889 align:start position:0% some other assets value most commonly I think<00:01:53.460> and<00:01:53.640> most<00:01:53.880> dominant<00:01:54.240> in<00:01:54.479> the<00:01:54.540> market<00:01:54.659> is 00:01:54.889 --> 00:01:54.899 align:start position:0% think and most dominant in the market is 00:01:54.899 --> 00:01:57.289 align:start position:0% think and most dominant in the market is US<00:01:55.200> dollar<00:01:55.500> Peg<00:01:55.979> stable<00:01:56.340> coins 00:01:57.289 --> 00:01:57.299 align:start position:0% US dollar Peg stable coins 00:01:57.299 --> 00:01:59.870 align:start position:0% US dollar Peg stable coins but<00:01:57.840> we're<00:01:58.020> also<00:01:58.259> starting<00:01:58.439> to<00:01:58.680> see<00:01:58.979> stable 00:01:59.870 --> 00:01:59.880 align:start position:0% but we're also starting to see stable 00:01:59.880 --> 00:02:04.130 align:start position:0% but we're also starting to see stable coins<00:02:00.180> that<00:02:00.299> are<00:02:00.420> pegged<00:02:00.780> to<00:02:00.899> other<00:02:01.619> FX<00:02:02.159> uh 00:02:04.130 --> 00:02:04.140 align:start position:0% coins that are pegged to other FX uh 00:02:04.140 --> 00:02:06.170 align:start position:0% coins that are pegged to other FX uh tokens 00:02:06.170 --> 00:02:06.180 align:start position:0% tokens 00:02:06.180 --> 00:02:09.169 align:start position:0% tokens um<00:02:06.200> and<00:02:07.200> there's<00:02:07.799> also<00:02:08.160> tokens<00:02:08.520> that<00:02:08.940> just 00:02:09.169 --> 00:02:09.179 align:start position:0% um and there's also tokens that just 00:02:09.179 --> 00:02:11.589 align:start position:0% um and there's also tokens that just aren't<00:02:09.479> pegged<00:02:09.840> so<00:02:09.959> again<00:02:10.080> Rye<00:02:10.560> is<00:02:10.679> an<00:02:10.860> example 00:02:11.589 --> 00:02:11.599 align:start position:0% aren't pegged so again Rye is an example 00:02:11.599 --> 00:02:14.869 align:start position:0% aren't pegged so again Rye is an example it's<00:02:12.599> a<00:02:12.780> stable<00:02:13.080> coin<00:02:13.680> but<00:02:14.160> it's<00:02:14.280> not<00:02:14.459> pegged 00:02:14.869 --> 00:02:14.879 align:start position:0% it's a stable coin but it's not pegged 00:02:14.879 --> 00:02:18.229 align:start position:0% it's a stable coin but it's not pegged to<00:02:15.060> a<00:02:15.300> specific<00:02:15.599> price<00:02:16.220> so<00:02:17.220> it's<00:02:17.400> a<00:02:17.520> token<00:02:18.060> that 00:02:18.229 --> 00:02:18.239 align:start position:0% to a specific price so it's a token that 00:02:18.239 --> 00:02:21.050 align:start position:0% to a specific price so it's a token that aims<00:02:18.599> to<00:02:18.660> have<00:02:18.840> less<00:02:19.080> volatility<00:02:19.879> but<00:02:20.879> I<00:02:20.940> think 00:02:21.050 --> 00:02:21.060 align:start position:0% aims to have less volatility but I think 00:02:21.060 --> 00:02:22.729 align:start position:0% aims to have less volatility but I think generally<00:02:21.480> at<00:02:21.780> this<00:02:21.900> point<00:02:22.020> if<00:02:22.379> someone<00:02:22.500> were 00:02:22.729 --> 00:02:22.739 align:start position:0% generally at this point if someone were 00:02:22.739 --> 00:02:24.589 align:start position:0% generally at this point if someone were to<00:02:22.920> say<00:02:23.099> yeah<00:02:23.580> I<00:02:23.700> traded<00:02:24.000> into<00:02:24.120> a<00:02:24.360> bunch<00:02:24.480> of 00:02:24.589 --> 00:02:24.599 align:start position:0% to say yeah I traded into a bunch of 00:02:24.599 --> 00:02:26.869 align:start position:0% to say yeah I traded into a bunch of stables<00:02:25.080> you<00:02:25.319> would<00:02:25.500> probably<00:02:25.800> assume<00:02:26.459> that 00:02:26.869 --> 00:02:26.879 align:start position:0% stables you would probably assume that 00:02:26.879 --> 00:02:28.790 align:start position:0% stables you would probably assume that they're<00:02:27.060> talking<00:02:27.239> about<00:02:27.420> a<00:02:27.660> US<00:02:27.840> dollar<00:02:28.140> pegged 00:02:28.790 --> 00:02:28.800 align:start position:0% they're talking about a US dollar pegged 00:02:28.800 --> 00:02:31.309 align:start position:0% they're talking about a US dollar pegged Staples<00:02:29.220> uh<00:02:30.060> how<00:02:30.239> does<00:02:30.420> a<00:02:30.540> stable<00:02:30.780> coin<00:02:31.080> work 00:02:31.309 --> 00:02:31.319 align:start position:0% Staples uh how does a stable coin work 00:02:31.319 --> 00:02:34.070 align:start position:0% Staples uh how does a stable coin work we<00:02:32.220> answered<00:02:32.760> one<00:02:33.239> question<00:02:33.420> of<00:02:33.720> what<00:02:33.840> is<00:02:33.959> a 00:02:34.070 --> 00:02:34.080 align:start position:0% we answered one question of what is a 00:02:34.080 --> 00:02:35.869 align:start position:0% we answered one question of what is a stable<00:02:34.260> coin<00:02:34.680> and<00:02:34.860> I<00:02:34.980> think<00:02:35.099> here<00:02:35.340> at<00:02:35.520> a<00:02:35.760> second 00:02:35.869 --> 00:02:35.879 align:start position:0% stable coin and I think here at a second 00:02:35.879 --> 00:02:38.449 align:start position:0% stable coin and I think here at a second question<00:02:36.239> it's<00:02:37.080> pretty<00:02:37.319> obvious<00:02:37.680> that 00:02:38.449 --> 00:02:38.459 align:start position:0% question it's pretty obvious that 00:02:38.459 --> 00:02:39.949 align:start position:0% question it's pretty obvious that there's<00:02:39.000> not<00:02:39.180> really<00:02:39.360> a<00:02:39.540> straightforward 00:02:39.949 --> 00:02:39.959 align:start position:0% there's not really a straightforward 00:02:39.959 --> 00:02:41.750 align:start position:0% there's not really a straightforward answer<00:02:40.140> it<00:02:40.440> depends<00:02:40.860> it's<00:02:41.280> totally<00:02:41.519> different 00:02:41.750 --> 00:02:41.760 align:start position:0% answer it depends it's totally different 00:02:41.760 --> 00:02:43.610 align:start position:0% answer it depends it's totally different depending<00:02:42.300> on<00:02:42.420> the<00:02:42.599> type<00:02:42.780> of<00:02:42.959> asset<00:02:43.379> that 00:02:43.610 --> 00:02:43.620 align:start position:0% depending on the type of asset that 00:02:43.620 --> 00:02:45.470 align:start position:0% depending on the type of asset that you're<00:02:43.739> working<00:02:43.980> with 00:02:45.470 --> 00:02:45.480 align:start position:0% you're working with 00:02:45.480 --> 00:02:47.869 align:start position:0% you're working with um<00:02:45.599> and<00:02:46.019> you<00:02:46.319> know<00:02:46.379> this<00:02:46.800> creates<00:02:47.220> some 00:02:47.869 --> 00:02:47.879 align:start position:0% um and you know this creates some 00:02:47.879 --> 00:02:50.809 align:start position:0% um and you know this creates some challenges<00:02:48.420> and<00:02:49.140> presents<00:02:49.560> risks<00:02:49.980> right<00:02:50.400> if 00:02:50.809 --> 00:02:50.819 align:start position:0% challenges and presents risks right if 00:02:50.819 --> 00:02:52.430 align:start position:0% challenges and presents risks right if you<00:02:50.940> just<00:02:51.120> assume<00:02:51.540> that<00:02:51.720> the<00:02:52.019> token<00:02:52.319> that 00:02:52.430 --> 00:02:52.440 align:start position:0% you just assume that the token that 00:02:52.440 --> 00:02:54.890 align:start position:0% you just assume that the token that you're<00:02:52.560> using<00:02:52.800> is<00:02:53.040> in<00:02:53.220> fact<00:02:53.340> stable 00:02:54.890 --> 00:02:54.900 align:start position:0% you're using is in fact stable 00:02:54.900 --> 00:02:56.990 align:start position:0% you're using is in fact stable um<00:02:54.959> and<00:02:55.440> without<00:02:55.680> understanding<00:02:56.459> how<00:02:56.760> the 00:02:56.990 --> 00:02:57.000 align:start position:0% um and without understanding how the 00:02:57.000 --> 00:02:59.570 align:start position:0% um and without understanding how the underlying<00:02:57.540> stability<00:02:57.959> mechanism<00:02:58.560> works<00:02:59.040> or 00:02:59.570 --> 00:02:59.580 align:start position:0% underlying stability mechanism works or 00:02:59.580 --> 00:03:01.369 align:start position:0% underlying stability mechanism works or other<00:02:59.879> risks<00:03:00.360> that<00:03:00.540> are<00:03:00.720> present<00:03:00.959> in<00:03:01.200> that 00:03:01.369 --> 00:03:01.379 align:start position:0% other risks that are present in that 00:03:01.379 --> 00:03:04.130 align:start position:0% other risks that are present in that asset<00:03:01.819> you<00:03:02.819> know<00:03:02.940> you<00:03:03.120> may<00:03:03.239> be<00:03:03.360> taking<00:03:03.540> on<00:03:03.900> far 00:03:04.130 --> 00:03:04.140 align:start position:0% asset you know you may be taking on far 00:03:04.140 --> 00:03:06.589 align:start position:0% asset you know you may be taking on far more<00:03:04.319> risk<00:03:04.739> in<00:03:04.920> your<00:03:05.099> portfolio<00:03:05.580> or<00:03:06.480> whatever 00:03:06.589 --> 00:03:06.599 align:start position:0% more risk in your portfolio or whatever 00:03:06.599 --> 00:03:07.850 align:start position:0% more risk in your portfolio or whatever you're<00:03:06.900> trying<00:03:07.080> to<00:03:07.260> do<00:03:07.319> than<00:03:07.620> you're 00:03:07.850 --> 00:03:07.860 align:start position:0% you're trying to do than you're 00:03:07.860 --> 00:03:10.309 align:start position:0% you're trying to do than you're intending 00:03:10.309 --> 00:03:10.319 align:start position:0% 00:03:10.319 --> 00:03:12.290 align:start position:0% um so<00:03:10.680> yeah<00:03:10.980> again<00:03:11.280> just<00:03:11.760> these<00:03:12.060> things<00:03:12.120> are 00:03:12.290 --> 00:03:12.300 align:start position:0% um so yeah again just these things are 00:03:12.300 --> 00:03:13.670 align:start position:0% um so yeah again just these things are so<00:03:12.480> different<00:03:12.599> you<00:03:12.900> can't<00:03:13.019> compare<00:03:13.319> apples 00:03:13.670 --> 00:03:13.680 align:start position:0% so different you can't compare apples 00:03:13.680 --> 00:03:14.990 align:start position:0% so different you can't compare apples and<00:03:13.800> oranges 00:03:14.990 --> 00:03:15.000 align:start position:0% and oranges 00:03:15.000 --> 00:03:17.330 align:start position:0% and oranges um<00:03:15.060> you<00:03:15.239> know<00:03:15.300> to<00:03:15.840> the<00:03:16.379> you<00:03:16.680> know<00:03:16.800> users<00:03:17.159> here 00:03:17.330 --> 00:03:17.340 align:start position:0% um you know to the you know users here 00:03:17.340 --> 00:03:19.550 align:start position:0% um you know to the you know users here who<00:03:17.640> know<00:03:17.819> it<00:03:18.000> die<00:03:18.239> and<00:03:18.420> usdcr<00:03:19.019> if<00:03:19.319> you<00:03:19.379> were<00:03:19.500> to 00:03:19.550 --> 00:03:19.560 align:start position:0% who know it die and usdcr if you were to 00:03:19.560 --> 00:03:21.229 align:start position:0% who know it die and usdcr if you were to ask<00:03:19.680> them<00:03:19.860> you<00:03:20.280> know<00:03:20.459> are<00:03:20.700> these<00:03:20.879> the<00:03:21.060> same 00:03:21.229 --> 00:03:21.239 align:start position:0% ask them you know are these the same 00:03:21.239 --> 00:03:24.050 align:start position:0% ask them you know are these the same people<00:03:21.540> would<00:03:21.840> be<00:03:21.959> like<00:03:22.080> no<00:03:22.379> very<00:03:22.860> different 00:03:24.050 --> 00:03:24.060 align:start position:0% people would be like no very different 00:03:24.060 --> 00:03:25.670 align:start position:0% people would be like no very different um<00:03:24.120> and<00:03:24.360> I<00:03:24.480> thought<00:03:24.659> this<00:03:24.900> analogy<00:03:25.319> played 00:03:25.670 --> 00:03:25.680 align:start position:0% um and I thought this analogy played 00:03:25.680 --> 00:03:28.070 align:start position:0% um and I thought this analogy played very<00:03:25.920> well<00:03:26.159> and<00:03:27.000> I've<00:03:27.420> just<00:03:27.599> realized<00:03:27.959> that 00:03:28.070 --> 00:03:28.080 align:start position:0% very well and I've just realized that 00:03:28.080 --> 00:03:30.110 align:start position:0% very well and I've just realized that I'm<00:03:28.319> going<00:03:28.500> to<00:03:28.680> in<00:03:28.860> fact<00:03:29.040> be<00:03:29.280> comparing<00:03:29.760> stable 00:03:30.110 --> 00:03:30.120 align:start position:0% I'm going to in fact be comparing stable 00:03:30.120 --> 00:03:32.210 align:start position:0% I'm going to in fact be comparing stable coins<00:03:30.480> throughout<00:03:31.140> this<00:03:31.319> presentation<00:03:31.739> so 00:03:32.210 --> 00:03:32.220 align:start position:0% coins throughout this presentation so 00:03:32.220 --> 00:03:35.509 align:start position:0% coins throughout this presentation so maybe<00:03:32.700> not<00:03:32.940> the<00:03:33.120> best<00:03:33.239> analogy 00:03:35.509 --> 00:03:35.519 align:start position:0% maybe not the best analogy 00:03:35.519 --> 00:03:36.229 align:start position:0% maybe not the best analogy um 00:03:36.229 --> 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align:start position:0% backed centralized stable coins are 00:03:45.659 --> 00:03:47.869 align:start position:0% backed centralized stable coins are totally<00:03:45.900> dominant<00:03:46.440> uh<00:03:47.159> you<00:03:47.280> can<00:03:47.400> see<00:03:47.519> tether 00:03:47.869 --> 00:03:47.879 align:start position:0% totally dominant uh you can see tether 00:03:47.879 --> 00:03:50.930 align:start position:0% totally dominant uh you can see tether usdc<00:03:48.720> busd 00:03:50.930 --> 00:03:50.940 align:start position:0% usdc busd 00:03:50.940 --> 00:03:52.610 align:start position:0% usdc busd um<00:03:51.000> are<00:03:51.239> in<00:03:51.360> the<00:03:51.480> tens<00:03:51.659> of<00:03:51.840> billions<00:03:52.140> in<00:03:52.440> terms 00:03:52.610 --> 00:03:52.620 align:start position:0% um are in the tens of billions in terms 00:03:52.620 --> 00:03:54.410 align:start position:0% um are in the tens of billions in terms of<00:03:52.739> market<00:03:52.980> cap 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Assets in this category um<00:04:19.440> like<00:04:19.620> MIM<00:04:19.919> magic<00:04:20.160> internet<00:04:20.459> money<00:04:20.760> uh<00:04:21.600> and 00:04:21.830 --> 00:04:21.840 align:start position:0% um like MIM magic internet money uh and 00:04:21.840 --> 00:04:26.570 align:start position:0% um like MIM magic internet money uh and then<00:04:22.019> go<00:04:22.500> uh<00:04:23.460> aves<00:04:24.320> uh<00:04:25.320> Native<00:04:25.919> stablecoin 00:04:26.570 --> 00:04:26.580 align:start position:0% then go uh aves uh Native stablecoin 00:04:26.580 --> 00:04:27.710 align:start position:0% then go uh aves uh Native stablecoin which<00:04:26.820> were 00:04:27.710 --> 00:04:27.720 align:start position:0% which were 00:04:27.720 --> 00:04:29.390 align:start position:0% which were um developing<00:04:28.440> will<00:04:28.740> fit<00:04:29.040> into<00:04:29.160> this 00:04:29.390 --> 00:04:29.400 align:start position:0% um developing will fit into this 00:04:29.400 --> 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position:0% but are using new stability mechanisms 00:04:40.199 --> 00:04:42.110 align:start position:0% but are using new stability mechanisms things<00:04:40.440> like<00:04:40.620> fracks<00:04:41.160> things<00:04:41.400> like<00:04:41.580> Rye<00:04:42.000> which 00:04:42.110 --> 00:04:42.120 align:start position:0% things like fracks things like Rye which 00:04:42.120 --> 00:04:43.969 align:start position:0% things like fracks things like Rye which we'll<00:04:42.240> talk<00:04:42.419> about<00:04:42.540> as<00:04:42.840> well 00:04:43.969 --> 00:04:43.979 align:start position:0% we'll talk about as well 00:04:43.979 --> 00:04:45.409 align:start position:0% we'll talk about as well um<00:04:44.040> and<00:04:44.340> these<00:04:44.520> things<00:04:44.639> are<00:04:44.820> just<00:04:45.060> so 00:04:45.409 --> 00:04:45.419 align:start position:0% um and these things are just so 00:04:45.419 --> 00:04:47.030 align:start position:0% um and these things are just so different 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position:0% talking about them and comparing them um<00:04:53.280> you<00:04:53.580> know<00:04:53.639> and<00:04:53.940> trying<00:04:54.120> to<00:04:54.300> use<00:04:54.419> them<00:04:54.660> for 00:04:54.830 --> 00:04:54.840 align:start position:0% um you know and trying to use them for 00:04:54.840 --> 00:04:56.330 align:start position:0% um you know and trying to use them for the<00:04:54.960> same<00:04:55.139> purpose 00:04:56.330 --> 00:04:56.340 align:start position:0% the same purpose 00:04:56.340 --> 00:04:58.189 align:start position:0% the same purpose um so<00:04:57.000> one<00:04:57.419> other<00:04:57.540> thing<00:04:57.720> I'd<00:04:57.840> like<00:04:57.960> to<00:04:58.080> call 00:04:58.189 --> 00:04:58.199 align:start position:0% um so one other thing I'd like to call 00:04:58.199 --> 00:04:59.689 align:start position:0% um so one other thing I'd like to call out<00:04:58.380> here<00:04:58.500> and<00:04:58.740> I<00:04:58.860> think<00:04:58.979> that's<00:04:59.160> probably<00:04:59.400> the 00:04:59.689 --> 00:04:59.699 align:start position:0% out here and I think that's probably the 00:04:59.699 --> 00:05:02.330 align:start position:0% out here and I think that's probably the biggest<00:05:00.380> example<00:05:01.380> of<00:05:01.560> why<00:05:01.800> this<00:05:01.979> stuff<00:05:02.160> is 00:05:02.330 --> 00:05:02.340 align:start position:0% biggest example of why this stuff is 00:05:02.340 --> 00:05:04.490 align:start position:0% biggest example of why this stuff is important<00:05:02.780> is<00:05:03.780> an<00:05:03.960> asset<00:05:04.199> that's<00:05:04.320> not 00:05:04.490 --> 00:05:04.500 align:start position:0% important is an asset that's not 00:05:04.500 --> 00:05:08.390 align:start position:0% important is an asset that's not included<00:05:04.860> here<00:05:05.100> which<00:05:05.520> is<00:05:05.940> uh<00:05:07.139> UST<00:05:07.160> so<00:05:08.160> the 00:05:08.390 --> 00:05:08.400 align:start position:0% included here which is uh UST so the 00:05:08.400 --> 00:05:10.070 align:start position:0% included here which is uh UST so the stable<00:05:08.639> coin<00:05:09.000> associated<00:05:09.360> with<00:05:09.540> the<00:05:09.660> terror 00:05:10.070 --> 00:05:10.080 align:start position:0% stable coin associated with the terror 00:05:10.080 --> 00:05:10.990 align:start position:0% stable coin associated with the terror project 00:05:10.990 --> 00:05:11.000 align:start position:0% project 00:05:11.000 --> 00:05:14.150 align:start position:0% project it<00:05:12.000> was<00:05:12.120> approximately<00:05:12.660> 18<00:05:13.259> billion<00:05:13.860> dollars 00:05:14.150 --> 00:05:14.160 align:start position:0% it was approximately 18 billion dollars 00:05:14.160 --> 00:05:16.749 align:start position:0% it was approximately 18 billion dollars worth<00:05:14.340> of<00:05:14.580> value<00:05:14.759> at<00:05:15.180> its<00:05:15.540> top<00:05:15.720> market<00:05:16.020> cap 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position:0% people it not really double clicking into<00:05:25.199> what<00:05:25.680> is<00:05:25.860> this<00:05:26.100> stable<00:05:26.400> coin<00:05:26.759> how<00:05:27.060> does 00:05:27.230 --> 00:05:27.240 align:start position:0% into what is this stable coin how does 00:05:27.240 --> 00:05:29.330 align:start position:0% into what is this stable coin how does it<00:05:27.360> work<00:05:27.600> what<00:05:28.199> are<00:05:28.380> the<00:05:28.500> risks<00:05:28.800> how<00:05:29.100> does<00:05:29.220> it 00:05:29.330 --> 00:05:29.340 align:start position:0% it work what are the risks how does it 00:05:29.340 --> 00:05:31.370 align:start position:0% it work what are the risks how does it compare<00:05:29.520> to<00:05:29.699> other<00:05:29.880> stable<00:05:30.300> coins 00:05:31.370 --> 00:05:31.380 align:start position:0% compare to other stable coins 00:05:31.380 --> 00:05:33.290 align:start position:0% compare to other stable coins um<00:05:31.560> so<00:05:32.039> I<00:05:32.220> you<00:05:32.340> know<00:05:32.460> I<00:05:32.520> think<00:05:32.699> that's<00:05:32.880> kind<00:05:33.180> of 00:05:33.290 --> 00:05:33.300 align:start position:0% um so I you know I think that's kind of 00:05:33.300 --> 00:05:35.689 align:start position:0% um so I you know I think that's kind of the<00:05:33.600> ultimate<00:05:34.139> example<00:05:34.620> of<00:05:35.039> why<00:05:35.340> we're<00:05:35.520> even 00:05:35.689 --> 00:05:35.699 align:start position:0% the ultimate example of why we're even 00:05:35.699 --> 00:05:37.670 align:start position:0% the ultimate example of why we're even having<00:05:35.940> this<00:05:36.240> conversation<00:05:36.720> around<00:05:37.139> you<00:05:37.560> know 00:05:37.670 --> 00:05:37.680 align:start position:0% having this conversation around you know 00:05:37.680 --> 00:05:40.730 align:start position:0% having this conversation around you know well<00:05:38.400> what<00:05:38.759> really<00:05:38.940> is<00:05:39.120> a<00:05:39.240> stable<00:05:39.479> coin<00:05:40.380> we 00:05:40.730 --> 00:05:40.740 align:start position:0% well what really is a stable coin we 00:05:40.740 --> 00:05:42.590 align:start position:0% well what really is a stable coin we talked<00:05:41.039> about<00:05:41.100> those<00:05:41.340> top<00:05:41.639> three 00:05:42.590 --> 00:05:42.600 align:start position:0% talked about those top three 00:05:42.600 --> 00:05:44.990 align:start position:0% talked about those top three um<00:05:42.660> they're<00:05:43.139> one<00:05:43.680> type<00:05:43.860> of<00:05:44.100> stable<00:05:44.520> coin<00:05:44.820> which 00:05:44.990 --> 00:05:45.000 align:start position:0% um they're one type of stable coin which 00:05:45.000 --> 00:05:47.390 align:start position:0% um they're one type of stable coin which is<00:05:45.120> a<00:05:45.300> centralized<00:05:45.919> one-to-one<00:05:46.919> backed 00:05:47.390 --> 00:05:47.400 align:start position:0% is a centralized one-to-one backed 00:05:47.400 --> 00:05:48.830 align:start position:0% is a centralized one-to-one backed stable<00:05:47.639> coin 00:05:48.830 --> 00:05:48.840 align:start position:0% stable coin 00:05:48.840 --> 00:05:52.629 align:start position:0% stable coin uh<00:05:49.320> examples<00:05:49.680> are<00:05:49.919> usdc<00:05:50.720> usdt 00:05:52.629 --> 00:05:52.639 align:start position:0% uh examples are usdc usdt 00:05:52.639 --> 00:05:57.350 align:start position:0% uh examples are usdc usdt busdt-d<00:05:53.639> true<00:05:54.120> USD<00:05:55.039> in<00:05:56.039> this<00:05:56.160> case<00:05:56.340> they<00:05:57.060> are 00:05:57.350 --> 00:05:57.360 align:start position:0% busdt-d true USD in this case they are 00:05:57.360 --> 00:06:00.590 align:start position:0% busdt-d true USD in this case they are generally<00:05:57.860> Assets<00:05:58.860> in<00:05:59.220> which<00:05:59.400> you<00:05:59.759> trust<00:06:00.180> a 00:06:00.590 --> 00:06:00.600 align:start position:0% generally Assets in which you trust a 00:06:00.600 --> 00:06:04.370 align:start position:0% generally Assets in which you trust a centralized<00:06:01.080> institution<00:06:01.580> to<00:06:02.580> custody<00:06:03.380> in 00:06:04.370 --> 00:06:04.380 align:start position:0% centralized institution to custody in 00:06:04.380 --> 00:06:06.409 align:start position:0% centralized institution to custody in the<00:06:04.440> case<00:06:04.560> of<00:06:04.740> a<00:06:04.979> US<00:06:05.220> dollar<00:06:05.460> Peg<00:06:05.820> stablecoin 00:06:06.409 --> 00:06:06.419 align:start position:0% the case of a US dollar Peg stablecoin 00:06:06.419 --> 00:06:09.770 align:start position:0% the case of a US dollar Peg stablecoin one<00:06:06.720> US<00:06:06.960> dollar<00:06:07.400> per<00:06:08.400> each<00:06:08.820> stablecoin<00:06:09.600> that 00:06:09.770 --> 00:06:09.780 align:start position:0% one US dollar per each stablecoin that 00:06:09.780 --> 00:06:12.830 align:start position:0% one US dollar per each stablecoin that they<00:06:09.900> Mint<00:06:10.199> or<00:06:10.620> issue<00:06:11.180> there's<00:06:12.180> caveats 00:06:12.830 --> 00:06:12.840 align:start position:0% they Mint or issue there's caveats 00:06:12.840 --> 00:06:14.990 align:start position:0% they Mint or issue there's caveats around<00:06:12.960> this<00:06:13.259> though<00:06:13.500> right<00:06:13.860> you're<00:06:14.520> trusting 00:06:14.990 --> 00:06:15.000 align:start position:0% around this though right you're trusting 00:06:15.000 --> 00:06:20.629 align:start position:0% around this though right you're trusting them<00:06:15.240> to<00:06:15.720> uh<00:06:16.919> maybe<00:06:17.699> hold<00:06:18.300> about<00:06:18.900> one<00:06:19.740> uh 00:06:20.629 --> 00:06:20.639 align:start position:0% them to uh maybe hold about one uh 00:06:20.639 --> 00:06:22.550 align:start position:0% them to uh maybe hold about one uh dollars<00:06:21.180> worth<00:06:21.300> of<00:06:21.600> Assets<00:06:21.900> in<00:06:22.080> their<00:06:22.259> reserve 00:06:22.550 --> 00:06:22.560 align:start position:0% dollars worth of Assets in their reserve 00:06:22.560 --> 00:06:25.189 align:start position:0% dollars worth of Assets in their reserve for<00:06:22.740> each<00:06:22.919> thing<00:06:23.100> that<00:06:23.340> they<00:06:23.460> meant<00:06:23.900> uh<00:06:24.900> and 00:06:25.189 --> 00:06:25.199 align:start position:0% for each thing that they meant uh and 00:06:25.199 --> 00:06:26.570 align:start position:0% for each thing that they meant uh and you're<00:06:25.380> you're<00:06:25.680> also<00:06:26.039> in<00:06:26.220> some<00:06:26.340> cases 00:06:26.570 --> 00:06:26.580 align:start position:0% you're you're also in some cases 00:06:26.580 --> 00:06:29.090 align:start position:0% you're you're also in some cases trusting<00:06:27.000> them<00:06:27.120> to<00:06:27.360> hold<00:06:27.479> about<00:06:28.319> one<00:06:28.740> dollars 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processes<00:06:37.259> and<00:06:37.560> how<00:06:37.800> they<00:06:37.979> work 00:06:38.210 --> 00:06:38.220 align:start position:0% um and their processes and how they work 00:06:38.220 --> 00:06:40.249 align:start position:0% um and their processes and how they work you<00:06:39.000> know<00:06:39.060> kind<00:06:39.300> of<00:06:39.360> double<00:06:39.539> clicking<00:06:40.020> into 00:06:40.249 --> 00:06:40.259 align:start position:0% you know kind of double clicking into 00:06:40.259 --> 00:06:42.590 align:start position:0% you know kind of double clicking into what<00:06:41.100> this<00:06:41.220> asset's<00:06:41.699> actually<00:06:41.819> backed<00:06:42.240> by<00:06:42.360> is 00:06:42.590 --> 00:06:42.600 align:start position:0% what this asset's actually backed by is 00:06:42.600 --> 00:06:44.210 align:start position:0% what this asset's actually backed by is it<00:06:42.780> one<00:06:42.960> to<00:06:43.080> one<00:06:43.319> what<00:06:43.620> are<00:06:43.740> they<00:06:43.860> doing<00:06:44.039> are 00:06:44.210 --> 00:06:44.220 align:start position:0% it one to one what are they doing are 00:06:44.220 --> 00:06:45.830 align:start position:0% it one to one what are they doing are they<00:06:44.400> using<00:06:44.639> treasuries 00:06:45.830 --> 00:06:45.840 align:start position:0% they using treasuries 00:06:45.840 --> 00:06:48.770 align:start position:0% they using treasuries um<00:06:45.900> is<00:06:46.139> important 00:06:48.770 --> 00:06:48.780 align:start position:0% 00:06:48.780 --> 00:06:50.809 align:start position:0% um so<00:06:49.139> here<00:06:49.560> we<00:06:49.740> can<00:06:49.860> highlight<00:06:50.220> some<00:06:50.520> of<00:06:50.580> the 00:06:50.809 --> 00:06:50.819 align:start position:0% um so here we can highlight some of the 00:06:50.819 --> 00:06:54.350 align:start position:0% um so here we can highlight some of the risks<00:06:51.180> of<00:06:51.780> working<00:06:52.139> with<00:06:52.440> an<00:06:52.620> asset<00:06:52.919> like<00:06:53.160> this 00:06:54.350 --> 00:06:54.360 align:start position:0% risks of working with an asset like this 00:06:54.360 --> 00:06:55.430 align:start position:0% risks of working with an asset like this um<00:06:54.419> you<00:06:54.539> know<00:06:54.660> obviously<00:06:55.080> it<00:06:55.259> being 00:06:55.430 --> 00:06:55.440 align:start position:0% um you know obviously it being 00:06:55.440 --> 00:06:58.189 align:start position:0% um you know obviously it being centralized<00:06:56.100> is<00:06:56.520> to<00:06:56.940> some<00:06:57.180> extent<00:06:57.479> counter<00:06:57.960> to 00:06:58.189 --> 00:06:58.199 align:start position:0% centralized is to some extent counter to 00:06:58.199 --> 00:07:00.770 align:start position:0% centralized is to some extent counter to the<00:06:58.919> general<00:06:59.120> decentralized<00:07:00.120> ethos<00:07:00.539> of 00:07:00.770 --> 00:07:00.780 align:start position:0% the general decentralized ethos of 00:07:00.780 --> 00:07:02.689 align:start position:0% the general decentralized ethos of blockchain<00:07:01.139> environments 00:07:02.689 --> 00:07:02.699 align:start position:0% blockchain environments 00:07:02.699 --> 00:07:05.510 align:start position:0% blockchain environments um<00:07:02.759> and<00:07:03.000> in<00:07:03.120> having<00:07:03.360> this<00:07:03.660> trusted<00:07:04.139> entity<00:07:04.520> we 00:07:05.510 --> 00:07:05.520 align:start position:0% um and in having this trusted entity we 00:07:05.520 --> 00:07:07.610 align:start position:0% um and in having this trusted entity we take<00:07:05.699> on<00:07:05.880> risk<00:07:06.300> right<00:07:06.600> we're<00:07:06.900> trusting<00:07:07.380> this 00:07:07.610 --> 00:07:07.620 align:start position:0% take on risk right we're trusting this 00:07:07.620 --> 00:07:10.430 align:start position:0% take on risk right we're trusting this entity<00:07:07.919> to<00:07:08.460> be<00:07:08.819> managing<00:07:09.720> their<00:07:09.960> reserves 00:07:10.430 --> 00:07:10.440 align:start position:0% entity to be managing their reserves 00:07:10.440 --> 00:07:13.010 align:start position:0% entity to be managing their reserves appropriately<00:07:11.039> right<00:07:11.460> like<00:07:11.759> they<00:07:12.479> aren't 00:07:13.010 --> 00:07:13.020 align:start position:0% appropriately right like they aren't 00:07:13.020 --> 00:07:15.290 align:start position:0% appropriately right like they aren't just<00:07:13.380> investing<00:07:13.800> all<00:07:14.039> of<00:07:14.220> that<00:07:14.400> reserves<00:07:14.940> into 00:07:15.290 --> 00:07:15.300 align:start position:0% just investing all of that reserves into 00:07:15.300 --> 00:07:17.510 align:start position:0% just investing all of that reserves into risky<00:07:15.960> assets 00:07:17.510 --> 00:07:17.520 align:start position:0% risky assets 00:07:17.520 --> 00:07:20.870 align:start position:0% risky assets um<00:07:17.580> so<00:07:17.940> that's<00:07:18.360> very<00:07:18.780> important<00:07:19.580> to<00:07:20.580> mitigate 00:07:20.870 --> 00:07:20.880 align:start position:0% um so that's very important to mitigate 00:07:20.880 --> 00:07:23.749 align:start position:0% um so that's very important to mitigate this<00:07:21.060> some<00:07:21.360> companies<00:07:21.840> are<00:07:22.440> using<00:07:23.400> audit 00:07:23.749 --> 00:07:23.759 align:start position:0% this some companies are using audit 00:07:23.759 --> 00:07:27.290 align:start position:0% this some companies are using audit firms<00:07:24.120> so<00:07:24.660> center<00:07:25.139> with<00:07:25.620> circle<00:07:26.120> they<00:07:27.120> hire 00:07:27.290 --> 00:07:27.300 align:start position:0% firms so center with circle they hire 00:07:27.300 --> 00:07:29.390 align:start position:0% firms so center with circle they hire Grant<00:07:27.720> Thornton<00:07:28.080> top<00:07:28.440> five<00:07:28.620> accounting<00:07:29.099> firm 00:07:29.390 --> 00:07:29.400 align:start position:0% Grant Thornton top five accounting firm 00:07:29.400 --> 00:07:32.990 align:start position:0% Grant Thornton top five accounting firm in<00:07:29.520> the<00:07:29.639> world<00:07:29.759> to<00:07:30.360> publish<00:07:30.860> uh<00:07:31.860> reports<00:07:32.340> to 00:07:32.990 --> 00:07:33.000 align:start position:0% in the world to publish uh reports to 00:07:33.000 --> 00:07:34.850 align:start position:0% in the world to publish uh reports to give<00:07:33.180> users<00:07:33.599> confidence<00:07:33.960> that<00:07:34.380> they<00:07:34.680> have 00:07:34.850 --> 00:07:34.860 align:start position:0% give users confidence that they have 00:07:34.860 --> 00:07:37.189 align:start position:0% give users confidence that they have reserves<00:07:35.460> of<00:07:36.000> US<00:07:36.180> dollars<00:07:36.660> US<00:07:36.960> dollar 00:07:37.189 --> 00:07:37.199 align:start position:0% reserves of US dollars US dollar 00:07:37.199 --> 00:07:39.890 align:start position:0% reserves of US dollars US dollar equivalents<00:07:37.919> that<00:07:38.639> are<00:07:38.880> equal<00:07:39.060> to<00:07:39.300> or<00:07:39.599> more 00:07:39.890 --> 00:07:39.900 align:start position:0% equivalents that are equal to or more 00:07:39.900 --> 00:07:42.409 align:start position:0% equivalents that are equal to or more than<00:07:40.259> the<00:07:40.680> amount<00:07:41.039> of<00:07:41.400> value<00:07:41.639> they've<00:07:42.060> issued 00:07:42.409 --> 00:07:42.419 align:start position:0% than the amount of value they've issued 00:07:42.419 --> 00:07:44.809 align:start position:0% than the amount of value they've issued on<00:07:42.780> chains 00:07:44.809 --> 00:07:44.819 align:start position:0% on chains 00:07:44.819 --> 00:07:46.490 align:start position:0% on chains um<00:07:44.880> another<00:07:45.120> risk<00:07:45.900> you're<00:07:46.020> taking<00:07:46.199> with<00:07:46.380> this 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like 00:07:51.780 --> 00:07:54.770 align:start position:0% business you could think of things like I.T<00:07:52.440> security<00:07:52.680> right<00:07:53.160> who<00:07:53.580> has<00:07:53.819> access<00:07:54.120> within 00:07:54.770 --> 00:07:54.780 align:start position:0% I.T security right who has access within 00:07:54.780 --> 00:07:56.570 align:start position:0% I.T security right who has access within their<00:07:54.960> systems<00:07:55.380> to<00:07:55.680> make<00:07:55.860> transfers<00:07:56.340> for 00:07:56.570 --> 00:07:56.580 align:start position:0% their systems to make transfers for 00:07:56.580 --> 00:07:58.610 align:start position:0% their systems to make transfers for their<00:07:56.759> reserves<00:07:57.180> this<00:07:57.539> is<00:07:57.660> something<00:07:58.259> you 00:07:58.610 --> 00:07:58.620 align:start position:0% their reserves this is something you 00:07:58.620 --> 00:08:01.309 align:start position:0% their reserves this is something you know<00:07:58.680> kind<00:07:58.919> of<00:07:59.039> basic<00:07:59.340> but<00:07:59.699> very<00:07:59.940> important 00:08:01.309 --> 00:08:01.319 align:start position:0% know kind of basic but very important 00:08:01.319 --> 00:08:03.890 align:start position:0% know kind of basic but very important um<00:08:01.380> and<00:08:01.560> then<00:08:01.860> I.T<00:08:02.280> security<00:08:02.520> specific<00:08:03.419> to<00:08:03.660> web 00:08:03.890 --> 00:08:03.900 align:start position:0% um and then I.T security specific to web 00:08:03.900 --> 00:08:06.830 align:start position:0% um and then I.T security specific to web 3<00:08:04.139> who<00:08:05.039> has<00:08:05.280> access<00:08:05.639> and<00:08:06.060> how<00:08:06.240> do<00:08:06.360> they<00:08:06.479> manage 00:08:06.830 --> 00:08:06.840 align:start position:0% 3 who has access and how do they manage 00:08:06.840 --> 00:08:09.350 align:start position:0% 3 who has access and how do they manage their<00:08:07.259> wallets<00:08:07.919> that<00:08:08.400> can<00:08:08.699> make<00:08:09.060> really 00:08:09.350 --> 00:08:09.360 align:start position:0% their wallets that can make really 00:08:09.360 --> 00:08:11.809 align:start position:0% their wallets that can make really important<00:08:09.720> transactions<00:08:10.440> uh<00:08:11.160> or<00:08:11.400> freeze 00:08:11.809 --> 00:08:11.819 align:start position:0% important transactions uh or freeze 00:08:11.819 --> 00:08:12.770 align:start position:0% important transactions uh or freeze users 00:08:12.770 --> 00:08:12.780 align:start position:0% users 00:08:12.780 --> 00:08:15.110 align:start position:0% users oh<00:08:13.259> one<00:08:13.500> other<00:08:13.620> point<00:08:13.860> on<00:08:14.220> the 00:08:15.110 --> 00:08:15.120 align:start position:0% oh one other point on the 00:08:15.120 --> 00:08:17.270 align:start position:0% oh one other point on the um Reserve<00:08:15.599> ecosystem<00:08:16.020> and<00:08:16.680> getting 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align:start position:0% auditor has introduced an or a solution with<00:08:25.199> chain<00:08:25.379> link<00:08:25.620> called<00:08:26.460> proof<00:08:26.879> of<00:08:26.940> reserves 00:08:27.409 --> 00:08:27.419 align:start position:0% with chain link called proof of reserves 00:08:27.419 --> 00:08:30.950 align:start position:0% with chain link called proof of reserves in<00:08:28.020> which<00:08:28.259> they<00:08:28.680> have<00:08:28.860> oracles<00:08:29.539> that<00:08:30.539> report 00:08:30.950 --> 00:08:30.960 align:start position:0% in which they have oracles that report 00:08:30.960 --> 00:08:34.370 align:start position:0% in which they have oracles that report the<00:08:31.500> status<00:08:31.680> of<00:08:32.039> all<00:08:32.279> of<00:08:32.339> their<00:08:32.520> accounts<00:08:33.380> so 00:08:34.370 --> 00:08:34.380 align:start position:0% the status of all of their accounts so 00:08:34.380 --> 00:08:36.889 align:start position:0% the status of all of their accounts so by<00:08:34.740> doing<00:08:34.919> that<00:08:35.219> the<00:08:35.820> system<00:08:36.000> can<00:08:36.300> never<00:08:36.479> mint 00:08:36.889 --> 00:08:36.899 align:start position:0% by doing that the system can never mint 00:08:36.899 --> 00:08:38.930 align:start position:0% by doing that the system can never mint uh<00:08:37.860> more 00:08:38.930 --> 00:08:38.940 align:start position:0% uh more 00:08:38.940 --> 00:08:41.870 align:start position:0% uh more than<00:08:39.839> you<00:08:40.200> know<00:08:40.260> the<00:08:40.380> reserves<00:08:40.919> that<00:08:41.399> they 00:08:41.870 --> 00:08:41.880 align:start position:0% than you know the reserves that they 00:08:41.880 --> 00:08:43.670 align:start position:0% than you know the reserves that they have<00:08:42.120> so<00:08:42.659> that's<00:08:42.779> another<00:08:42.959> interesting 00:08:43.670 --> 00:08:43.680 align:start position:0% have so that's another interesting 00:08:43.680 --> 00:08:45.290 align:start position:0% have so that's another interesting solution<00:08:44.099> and<00:08:44.459> you<00:08:44.640> know<00:08:44.760> attempt<00:08:45.060> to<00:08:45.180> give 00:08:45.290 --> 00:08:45.300 align:start position:0% solution and you know attempt to give 00:08:45.300 --> 00:08:47.269 align:start position:0% solution and you know attempt to give users<00:08:45.720> confidence<00:08:46.080> that<00:08:46.440> these<00:08:46.680> assets<00:08:46.980> are 00:08:47.269 --> 00:08:47.279 align:start position:0% users confidence that these assets are 00:08:47.279 --> 00:08:50.389 align:start position:0% users confidence that these assets are in<00:08:47.519> fact<00:08:47.640> backed<00:08:48.120> and<00:08:48.240> redeemable 00:08:50.389 --> 00:08:50.399 align:start position:0% in fact backed and redeemable 00:08:50.399 --> 00:08:52.370 align:start position:0% in fact backed and redeemable um<00:08:50.519> another<00:08:51.180> risk<00:08:51.540> here<00:08:51.660> in<00:08:51.899> trusting<00:08:52.260> this 00:08:52.370 --> 00:08:52.380 align:start position:0% um another risk here in trusting this 00:08:52.380 --> 00:08:55.730 align:start position:0% um another risk here in trusting this institution<00:08:52.980> and<00:08:53.220> entity<00:08:53.580> is<00:08:53.880> that<00:08:54.120> uh<00:08:55.080> these 00:08:55.730 --> 00:08:55.740 align:start position:0% institution and entity is that uh these 00:08:55.740 --> 00:08:57.530 align:start position:0% institution and entity is that uh these these<00:08:56.279> stable<00:08:56.580> coins<00:08:56.880> often<00:08:57.240> have<00:08:57.360> the 00:08:57.530 --> 00:08:57.540 align:start position:0% these stable coins often have the 00:08:57.540 --> 00:09:00.769 align:start position:0% these stable coins often have the ability<00:08:57.720> to<00:08:58.200> freeze<00:08:58.800> uh<00:08:59.640> and<00:08:59.820> address<00:09:00.060> or<00:09:00.660> it 00:09:00.769 --> 00:09:00.779 align:start position:0% ability to freeze uh and address or it 00:09:00.779 --> 00:09:03.710 align:start position:0% ability to freeze uh and address or it could<00:09:00.899> also<00:09:01.140> be<00:09:01.260> a<00:09:01.440> pool<00:09:02.060> and<00:09:03.060> in<00:09:03.180> doing<00:09:03.420> that 00:09:03.710 --> 00:09:03.720 align:start position:0% could also be a pool and in doing that 00:09:03.720 --> 00:09:05.269 align:start position:0% could also be a pool and in doing that you<00:09:03.959> know<00:09:04.019> you<00:09:04.320> could<00:09:04.380> potentially<00:09:04.800> lose 00:09:05.269 --> 00:09:05.279 align:start position:0% you know you could potentially lose 00:09:05.279 --> 00:09:08.150 align:start position:0% you know you could potentially lose access<00:09:05.640> to<00:09:06.000> your<00:09:06.120> funds<00:09:06.500> at<00:09:07.500> the<00:09:07.620> discretion 00:09:08.150 --> 00:09:08.160 align:start position:0% access to your funds at the discretion 00:09:08.160 --> 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quite<00:09:16.080> early<00:09:16.320> to<00:09:17.120> freezing<00:09:18.120> the<00:09:18.300> hackers 00:09:18.650 --> 00:09:18.660 align:start position:0% quite early to freezing the hackers 00:09:18.660 --> 00:09:21.350 align:start position:0% quite early to freezing the hackers funds<00:09:19.200> but<00:09:20.160> you<00:09:20.399> know<00:09:20.459> you're<00:09:20.640> dependent<00:09:21.120> on 00:09:21.350 --> 00:09:21.360 align:start position:0% funds but you know you're dependent on 00:09:21.360 --> 00:09:23.090 align:start position:0% funds but you know you're dependent on this<00:09:21.600> institution<00:09:22.019> making<00:09:22.440> the<00:09:22.740> appropriate 00:09:23.090 --> 00:09:23.100 align:start position:0% this institution making the appropriate 00:09:23.100 --> 00:09:25.970 align:start position:0% this institution making the appropriate decisions<00:09:23.519> in<00:09:23.820> the<00:09:23.940> future<00:09:24.060> which<00:09:24.860> you<00:09:25.860> might 00:09:25.970 --> 00:09:25.980 align:start position:0% decisions in the future which you might 00:09:25.980 --> 00:09:28.370 align:start position:0% decisions in the future which you might be<00:09:26.100> hesitant<00:09:26.459> to<00:09:26.640> do<00:09:26.760> so<00:09:27.120> the<00:09:27.420> next<00:09:27.540> type<00:09:27.779> uh 00:09:28.370 --> 00:09:28.380 align:start position:0% be hesitant to do so the next type uh 00:09:28.380 --> 00:09:30.470 align:start position:0% be hesitant to do so the next type uh decentralized<00:09:29.279> over<00:09:29.640> collateralized 00:09:30.470 --> 00:09:30.480 align:start position:0% decentralized over collateralized 00:09:30.480 --> 00:09:33.110 align:start position:0% decentralized over collateralized crypto-backed<00:09:31.200> stable<00:09:31.560> coins 00:09:33.110 --> 00:09:33.120 align:start position:0% crypto-backed stable coins 00:09:33.120 --> 00:09:35.030 align:start position:0% crypto-backed stable coins um the<00:09:33.420> most<00:09:33.600> obvious<00:09:34.019> example<00:09:34.440> of<00:09:34.620> this<00:09:34.740> is 00:09:35.030 --> 00:09:35.040 align:start position:0% um the most obvious example of this is 00:09:35.040 --> 00:09:38.389 align:start position:0% um the most obvious example of this is dye<00:09:35.519> there's<00:09:36.000> also<00:09:36.300> magic<00:09:36.660> internet<00:09:36.959> money 00:09:38.389 --> 00:09:38.399 align:start position:0% dye there's also magic internet money 00:09:38.399 --> 00:09:40.490 align:start position:0% dye there's also magic internet money um<00:09:38.940> each<00:09:39.480> of<00:09:39.600> these 00:09:40.490 --> 00:09:40.500 align:start position:0% um each of these 00:09:40.500 --> 00:09:43.130 align:start position:0% um each of these tokens<00:09:41.399> gets<00:09:41.940> minted<00:09:42.300> that's<00:09:42.540> minted<00:09:42.959> is 00:09:43.130 --> 00:09:43.140 align:start position:0% tokens gets minted that's minted is 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in<00:09:54.839> order<00:09:54.959> to<00:09:55.140> Mint<00:09:55.380> them 00:09:55.550 --> 00:09:55.560 align:start position:0% um and when they in order to Mint them 00:09:55.560 --> 00:09:57.769 align:start position:0% um and when they in order to Mint them you<00:09:55.800> need<00:09:55.920> to<00:09:56.040> deposit<00:09:56.459> your<00:09:56.700> collateral<00:09:57.180> to<00:09:57.600> a 00:09:57.769 --> 00:09:57.779 align:start position:0% you need to deposit your collateral to a 00:09:57.779 --> 00:09:59.690 align:start position:0% you need to deposit your collateral to a Smart<00:09:57.959> contract<00:09:58.440> so<00:09:58.920> this<00:09:59.279> is<00:09:59.399> a<00:09:59.519> clear 00:09:59.690 --> 00:09:59.700 align:start position:0% Smart contract so this is a clear 00:09:59.700 --> 00:10:02.110 align:start position:0% Smart contract so this is a clear difference<00:09:59.940> from<00:10:00.480> the<00:10:00.899> previous<00:10:01.019> example 00:10:02.110 --> 00:10:02.120 align:start position:0% difference from the previous example 00:10:02.120 --> 00:10:05.210 align:start position:0% difference from the previous example this<00:10:03.120> smart<00:10:03.300> contract<00:10:03.720> is<00:10:03.959> on<00:10:04.140> chain<00:10:04.380> you<00:10:05.160> can 00:10:05.210 --> 00:10:05.220 align:start position:0% this smart contract is on chain you can 00:10:05.220 --> 00:10:07.970 align:start position:0% this smart contract is on chain you can clearly<00:10:05.580> see<00:10:05.880> and<00:10:06.120> have<00:10:06.300> confidence<00:10:06.720> that<00:10:07.260> the 00:10:07.970 --> 00:10:07.980 align:start position:0% clearly see and have confidence that the 00:10:07.980 --> 00:10:10.790 align:start position:0% clearly see and have confidence that the smart<00:10:08.220> contract<00:10:08.760> holds<00:10:09.540> enough<00:10:09.839> assets<00:10:10.380> to 00:10:10.790 --> 00:10:10.800 align:start position:0% smart contract holds enough assets to 00:10:10.800 --> 00:10:13.550 align:start position:0% smart contract holds enough assets to collateralize<00:10:11.660> the<00:10:12.660> stable<00:10:12.959> coin<00:10:13.320> which<00:10:13.500> has 00:10:13.550 --> 00:10:13.560 align:start position:0% collateralize the stable coin which has 00:10:13.560 --> 00:10:15.170 align:start position:0% collateralize the stable coin which has been<00:10:13.740> minted 00:10:15.170 --> 00:10:15.180 align:start position:0% been minted 00:10:15.180 --> 00:10:16.970 align:start position:0% been minted um you<00:10:15.420> also<00:10:15.660> have<00:10:15.839> confidence<00:10:16.260> around<00:10:16.620> the 00:10:16.970 --> 00:10:16.980 align:start position:0% um you also have confidence around the 00:10:16.980 --> 00:10:19.130 align:start position:0% um you also have confidence around the rules<00:10:17.220> in<00:10:17.399> which<00:10:17.580> the<00:10:17.760> system<00:10:17.940> works<00:10:18.360> the<00:10:18.779> it's 00:10:19.130 --> 00:10:19.140 align:start position:0% rules in which the system works the it's 00:10:19.140 --> 00:10:21.710 align:start position:0% rules in which the system works the it's controlled<00:10:19.620> by<00:10:19.740> a<00:10:19.920> smart<00:10:20.100> contract 00:10:21.710 --> 00:10:21.720 align:start position:0% controlled by a smart contract 00:10:21.720 --> 00:10:22.430 align:start position:0% controlled by a smart contract um 00:10:22.430 --> 00:10:22.440 align:start position:0% um 00:10:22.440 --> 00:10:24.350 align:start position:0% um which<00:10:23.220> uh 00:10:24.350 --> 00:10:24.360 align:start position:0% which uh 00:10:24.360 --> 00:10:26.329 align:start position:0% which uh uh<00:10:24.480> is<00:10:24.720> open<00:10:24.959> source<00:10:25.380> software<00:10:25.620> right<00:10:25.920> you<00:10:26.220> can 00:10:26.329 --> 00:10:26.339 align:start position:0% uh is open source software right you can 00:10:26.339 --> 00:10:28.130 align:start position:0% uh is open source software right you can see<00:10:26.519> the<00:10:26.760> code<00:10:26.940> you<00:10:27.240> know<00:10:27.420> how<00:10:27.660> the<00:10:27.779> reserves 00:10:28.130 --> 00:10:28.140 align:start position:0% see the code you know how the reserves 00:10:28.140 --> 00:10:30.110 align:start position:0% see the code you know how the reserves will<00:10:28.320> be<00:10:28.440> handled<00:10:28.800> so<00:10:29.459> you<00:10:29.700> know<00:10:29.760> you<00:10:29.940> have 00:10:30.110 --> 00:10:30.120 align:start position:0% will be handled so you know you have 00:10:30.120 --> 00:10:32.090 align:start position:0% will be handled so you know you have confidence<00:10:30.660> around 00:10:32.090 --> 00:10:32.100 align:start position:0% confidence around 00:10:32.100 --> 00:10:34.910 align:start position:0% confidence around um<00:10:32.160> how<00:10:32.519> that<00:10:32.760> will<00:10:32.940> work 00:10:34.910 --> 00:10:34.920 align:start position:0% um how that will work 00:10:34.920 --> 00:10:35.570 align:start position:0% um how that will work um 00:10:35.570 --> 00:10:35.580 align:start position:0% um 00:10:35.580 --> 00:10:37.370 align:start position:0% um in<00:10:36.000> addition<00:10:36.180> to<00:10:36.360> the<00:10:36.480> smart<00:10:36.660> contract<00:10:37.080> in 00:10:37.370 --> 00:10:37.380 align:start position:0% in addition to the smart contract in 00:10:37.380 --> 00:10:40.009 align:start position:0% in addition to the smart contract in some<00:10:37.500> cases<00:10:37.860> you<00:10:38.519> have<00:10:38.820> certain<00:10:39.420> parameters 00:10:40.009 --> 00:10:40.019 align:start position:0% some cases you have certain parameters 00:10:40.019 --> 00:10:41.329 align:start position:0% some cases you have certain parameters within<00:10:40.440> the<00:10:40.560> system<00:10:40.740> that<00:10:41.100> can<00:10:41.220> be 00:10:41.329 --> 00:10:41.339 align:start position:0% within the system that can be 00:10:41.339 --> 00:10:42.850 align:start position:0% within the system that can be configurable 00:10:42.850 --> 00:10:42.860 align:start position:0% configurable 00:10:42.860 --> 00:10:45.170 align:start position:0% configurable or<00:10:43.860> it<00:10:43.980> could<00:10:44.220> in<00:10:44.399> fact<00:10:44.459> be<00:10:44.640> an<00:10:44.820> immutable 00:10:45.170 --> 00:10:45.180 align:start position:0% or it could in fact be an immutable 00:10:45.180 --> 00:10:47.329 align:start position:0% or it could in fact be an immutable smart<00:10:45.420> contract<00:10:45.899> so<00:10:46.320> once<00:10:46.920> the<00:10:47.040> system's 00:10:47.329 --> 00:10:47.339 align:start position:0% smart contract so once the system's 00:10:47.339 --> 00:10:49.310 align:start position:0% smart contract so once the system's deployed<00:10:47.700> there's<00:10:47.940> no<00:10:48.180> configurations<00:10:48.959> to 00:10:49.310 --> 00:10:49.320 align:start position:0% deployed there's no configurations to 00:10:49.320 --> 00:10:51.410 align:start position:0% deployed there's no configurations to change<00:10:49.560> I<00:10:50.220> think<00:10:50.339> more<00:10:50.579> commonly<00:10:50.940> most<00:10:51.240> of 00:10:51.410 --> 00:10:51.420 align:start position:0% change I think more commonly most of 00:10:51.420 --> 00:10:53.030 align:start position:0% change I think more commonly most of these<00:10:51.540> systems<00:10:51.899> have<00:10:52.079> a<00:10:52.320> few<00:10:52.440> configuration 00:10:53.030 --> 00:10:53.040 align:start position:0% these systems have a few configuration 00:10:53.040 --> 00:10:55.130 align:start position:0% these systems have a few configuration variables<00:10:53.640> at<00:10:53.880> least 00:10:55.130 --> 00:10:55.140 align:start position:0% variables at least 00:10:55.140 --> 00:10:57.110 align:start position:0% variables at least um and<00:10:55.320> these<00:10:55.560> are<00:10:55.620> often<00:10:55.920> set<00:10:56.100> by<00:10:56.279> Dows<00:10:56.760> which 00:10:57.110 --> 00:10:57.120 align:start position:0% um and these are often set by Dows which 00:10:57.120 --> 00:11:00.490 align:start position:0% um and these are often set by Dows which is<00:10:57.300> a<00:10:57.959> decentralized<00:10:58.560> set<00:10:58.860> of<00:10:59.279> token<00:10:59.700> holders 00:11:00.490 --> 00:11:00.500 align:start position:0% is a decentralized set of token holders 00:11:00.500 --> 00:11:04.250 align:start position:0% is a decentralized set of token holders hopefully<00:11:01.500> incentivized<00:11:02.339> to<00:11:03.019> maintain<00:11:04.019> the 00:11:04.250 --> 00:11:04.260 align:start position:0% hopefully incentivized to maintain the 00:11:04.260 --> 00:11:05.889 align:start position:0% hopefully incentivized to maintain the stable<00:11:04.560> coins<00:11:04.920> Peg 00:11:05.889 --> 00:11:05.899 align:start position:0% stable coins Peg 00:11:05.899 --> 00:11:10.850 align:start position:0% stable coins Peg and<00:11:06.899> this<00:11:07.579> encourages<00:11:08.579> and<00:11:09.000> and<00:11:09.180> helps<00:11:09.860> uh 00:11:10.850 --> 00:11:10.860 align:start position:0% and this encourages and and helps uh 00:11:10.860 --> 00:11:13.310 align:start position:0% and this encourages and and helps uh de-risk<00:11:11.700> the<00:11:12.120> fact<00:11:12.240> that<00:11:12.480> and<00:11:12.779> and<00:11:12.899> not<00:11:13.200> be 00:11:13.310 --> 00:11:13.320 align:start position:0% de-risk the fact that and and not be 00:11:13.320 --> 00:11:16.550 align:start position:0% de-risk the fact that and and not be dependent<00:11:13.740> on<00:11:14.040> one<00:11:14.220> single<00:11:14.519> entity<00:11:15.079> uh<00:11:16.079> for 00:11:16.550 --> 00:11:16.560 align:start position:0% dependent on one single entity uh for 00:11:16.560 --> 00:11:18.829 align:start position:0% dependent on one single entity uh for the<00:11:17.040> stability<00:11:17.579> of<00:11:18.060> the<00:11:18.180> system<00:11:18.300> that<00:11:18.660> being 00:11:18.829 --> 00:11:18.839 align:start position:0% the stability of the system that being 00:11:18.839 --> 00:11:21.410 align:start position:0% the stability of the system that being said<00:11:19.079> these<00:11:19.620> also<00:11:19.920> have<00:11:20.100> a<00:11:20.220> lot<00:11:20.339> of<00:11:20.459> risks 00:11:21.410 --> 00:11:21.420 align:start position:0% said these also have a lot of risks 00:11:21.420 --> 00:11:23.690 align:start position:0% said these also have a lot of risks um<00:11:21.540> just<00:11:22.079> because<00:11:22.200> you<00:11:22.500> move<00:11:22.740> away<00:11:22.980> from<00:11:23.399> some 00:11:23.690 --> 00:11:23.700 align:start position:0% um just because you move away from some 00:11:23.700 --> 00:11:26.210 align:start position:0% um just because you move away from some of<00:11:23.820> those<00:11:24.000> centralized<00:11:24.660> concerns 00:11:26.210 --> 00:11:26.220 align:start position:0% of those centralized concerns 00:11:26.220 --> 00:11:28.790 align:start position:0% of those centralized concerns um there's<00:11:27.000> still<00:11:27.360> risks<00:11:27.839> with<00:11:28.500> this 00:11:28.790 --> 00:11:28.800 align:start position:0% um there's still risks with this 00:11:28.800 --> 00:11:31.250 align:start position:0% um there's still risks with this different<00:11:29.040> type<00:11:29.399> of<00:11:29.519> asset 00:11:31.250 --> 00:11:31.260 align:start position:0% different type of asset 00:11:31.260 --> 00:11:32.990 align:start position:0% different type of asset um<00:11:31.320> so<00:11:31.740> first<00:11:32.100> of<00:11:32.220> all<00:11:32.279> there's<00:11:32.459> the<00:11:32.700> stability 00:11:32.990 --> 00:11:33.000 align:start position:0% um so first of all there's the stability 00:11:33.000 --> 00:11:36.650 align:start position:0% um so first of all there's the stability mechanism<00:11:33.480> how<00:11:34.320> does<00:11:34.680> this<00:11:35.279> token<00:11:35.940> maintain 00:11:36.650 --> 00:11:36.660 align:start position:0% mechanism how does this token maintain 00:11:36.660 --> 00:11:37.670 align:start position:0% mechanism how does this token maintain its<00:11:36.959> Peg 00:11:37.670 --> 00:11:37.680 align:start position:0% its Peg 00:11:37.680 --> 00:11:40.130 align:start position:0% its Peg so<00:11:38.519> some<00:11:38.760> common<00:11:39.000> ways<00:11:39.480> in<00:11:39.600> which<00:11:39.779> this<00:11:40.019> is 00:11:40.130 --> 00:11:40.140 align:start position:0% so some common ways in which this is 00:11:40.140 --> 00:11:43.910 align:start position:0% so some common ways in which this is done<00:11:40.519> uh<00:11:41.519> is<00:11:41.940> an<00:11:42.720> oracle<00:11:43.200> within<00:11:43.560> the<00:11:43.740> system 00:11:43.910 --> 00:11:43.920 align:start position:0% done uh is an oracle within the system 00:11:43.920 --> 00:11:45.829 align:start position:0% done uh is an oracle within the system that's<00:11:44.519> responsible<00:11:45.060> for<00:11:45.360> telling<00:11:45.720> the 00:11:45.829 --> 00:11:45.839 align:start position:0% that's responsible for telling the 00:11:45.839 --> 00:11:48.050 align:start position:0% that's responsible for telling the system<00:11:46.019> how<00:11:46.620> much<00:11:46.800> this<00:11:47.339> stable<00:11:47.640> coin<00:11:47.940> is 00:11:48.050 --> 00:11:48.060 align:start position:0% system how much this stable coin is 00:11:48.060 --> 00:11:51.290 align:start position:0% system how much this stable coin is worth<00:11:48.240> gets<00:11:49.079> pegged<00:11:49.440> to<00:11:49.560> one<00:11:49.920> dollar<00:11:50.300> and 00:11:51.290 --> 00:11:51.300 align:start position:0% worth gets pegged to one dollar and 00:11:51.300 --> 00:11:52.790 align:start position:0% worth gets pegged to one dollar and that's<00:11:51.420> regardless<00:11:51.899> of<00:11:52.200> whether<00:11:52.440> the<00:11:52.620> market 00:11:52.790 --> 00:11:52.800 align:start position:0% that's regardless of whether the market 00:11:52.800 --> 00:11:55.670 align:start position:0% that's regardless of whether the market price<00:11:53.180> is<00:11:54.180> you<00:11:54.480> know<00:11:54.540> above<00:11:54.839> one<00:11:55.079> dollar<00:11:55.260> less 00:11:55.670 --> 00:11:55.680 align:start position:0% price is you know above one dollar less 00:11:55.680 --> 00:11:58.550 align:start position:0% price is you know above one dollar less than<00:11:55.860> one<00:11:56.100> dollar<00:11:56.540> and<00:11:57.540> by<00:11:57.779> doing<00:11:58.019> that<00:11:58.260> it 00:11:58.550 --> 00:11:58.560 align:start position:0% than one dollar and by doing that it 00:11:58.560 --> 00:12:01.310 align:start position:0% than one dollar and by doing that it creates<00:11:58.800> Arbitrage<00:11:59.399> opportunities<00:12:00.060> in<00:12:01.019> which 00:12:01.310 --> 00:12:01.320 align:start position:0% creates Arbitrage opportunities in which 00:12:01.320 --> 00:12:04.790 align:start position:0% creates Arbitrage opportunities in which uh<00:12:01.920> which<00:12:02.279> helps<00:12:02.640> stabilize<00:12:03.240> the 00:12:04.790 --> 00:12:04.800 align:start position:0% uh which helps stabilize the 00:12:04.800 --> 00:12:06.769 align:start position:0% uh which helps stabilize the um token<00:12:05.279> and<00:12:05.519> if<00:12:05.820> we<00:12:05.940> have<00:12:06.120> time<00:12:06.240> later<00:12:06.420> we'll 00:12:06.769 --> 00:12:06.779 align:start position:0% um token and if we have time later we'll 00:12:06.779 --> 00:12:09.530 align:start position:0% um token and if we have time later we'll talk<00:12:07.019> through<00:12:07.200> some<00:12:07.440> examples<00:12:07.800> of<00:12:08.100> that 00:12:09.530 --> 00:12:09.540 align:start position:0% talk through some examples of that 00:12:09.540 --> 00:12:10.910 align:start position:0% talk through some examples of that um additionally<00:12:09.959> interest<00:12:10.200> rates<00:12:10.560> can<00:12:10.740> be 00:12:10.910 --> 00:12:10.920 align:start position:0% um additionally interest rates can be 00:12:10.920 --> 00:12:14.269 align:start position:0% um additionally interest rates can be used<00:12:11.100> so<00:12:11.700> you<00:12:12.180> can<00:12:12.380> help<00:12:13.380> manage<00:12:13.800> the<00:12:14.100> supply 00:12:14.269 --> 00:12:14.279 align:start position:0% used so you can help manage the supply 00:12:14.279 --> 00:12:16.850 align:start position:0% used so you can help manage the supply of<00:12:14.700> the<00:12:14.880> asset<00:12:15.240> based<00:12:16.079> on<00:12:16.140> interest<00:12:16.380> rates 00:12:16.850 --> 00:12:16.860 align:start position:0% of the asset based on interest rates 00:12:16.860 --> 00:12:18.650 align:start position:0% of the asset based on interest rates with<00:12:17.339> high<00:12:17.579> interest<00:12:17.700> rates<00:12:18.120> people<00:12:18.360> will<00:12:18.540> be 00:12:18.650 --> 00:12:18.660 align:start position:0% with high interest rates people will be 00:12:18.660 --> 00:12:20.870 align:start position:0% with high interest rates people will be paying<00:12:19.019> back<00:12:19.260> their<00:12:19.800> positions<00:12:20.339> which<00:12:20.700> will 00:12:20.870 --> 00:12:20.880 align:start position:0% paying back their positions which will 00:12:20.880 --> 00:12:23.210 align:start position:0% paying back their positions which will decrease<00:12:21.120> the<00:12:21.540> supply<00:12:21.860> impacting<00:12:22.860> the<00:12:23.100> price 00:12:23.210 --> 00:12:23.220 align:start position:0% decrease the supply impacting the price 00:12:23.220 --> 00:12:25.790 align:start position:0% decrease the supply impacting the price same<00:12:23.940> with<00:12:24.240> low<00:12:24.480> interest<00:12:24.660> rates<00:12:25.140> if<00:12:25.560> you<00:12:25.680> have 00:12:25.790 --> 00:12:25.800 align:start position:0% same with low interest rates if you have 00:12:25.800 --> 00:12:27.610 align:start position:0% same with low interest rates if you have low<00:12:25.980> interest<00:12:26.160> rates<00:12:26.519> more<00:12:26.820> people<00:12:27.000> will<00:12:27.360> be 00:12:27.610 --> 00:12:27.620 align:start position:0% low interest rates more people will be 00:12:27.620 --> 00:12:29.750 align:start position:0% low interest rates more people will be interested<00:12:28.620> in<00:12:28.800> taking<00:12:28.980> out<00:12:29.220> positions 00:12:29.750 --> 00:12:29.760 align:start position:0% interested in taking out positions 00:12:29.760 --> 00:12:32.449 align:start position:0% interested in taking out positions increasing<00:12:30.420> the<00:12:30.600> supply<00:12:30.779> again<00:12:31.740> impacting 00:12:32.449 --> 00:12:32.459 align:start position:0% increasing the supply again impacting 00:12:32.459 --> 00:12:33.829 align:start position:0% increasing the supply again impacting price 00:12:33.829 --> 00:12:33.839 align:start position:0% price 00:12:33.839 --> 00:12:36.650 align:start position:0% price another<00:12:34.800> risk<00:12:35.220> here<00:12:35.339> is<00:12:35.760> the<00:12:36.180> collateral 00:12:36.650 --> 00:12:36.660 align:start position:0% another risk here is the collateral 00:12:36.660 --> 00:12:39.470 align:start position:0% another risk here is the collateral that's<00:12:36.959> being<00:12:37.200> used<00:12:37.500> for<00:12:38.160> this<00:12:38.700> decentralized 00:12:39.470 --> 00:12:39.480 align:start position:0% that's being used for this decentralized 00:12:39.480 --> 00:12:42.350 align:start position:0% that's being used for this decentralized cryptocurrency<00:12:40.320> backed<00:12:40.800> stable<00:12:41.160> coin<00:12:41.519> the 00:12:42.350 --> 00:12:42.360 align:start position:0% cryptocurrency backed stable coin the 00:12:42.360 --> 00:12:44.629 align:start position:0% cryptocurrency backed stable coin the stability<00:12:42.779> of<00:12:43.079> the<00:12:43.260> token<00:12:43.620> and<00:12:43.980> you<00:12:44.220> know<00:12:44.279> its 00:12:44.629 --> 00:12:44.639 align:start position:0% stability of the token and you know its 00:12:44.639 --> 00:12:46.550 align:start position:0% stability of the token and you know its collateral<00:12:45.000> is<00:12:45.240> dependent<00:12:45.899> on<00:12:46.019> the<00:12:46.139> value<00:12:46.320> of 00:12:46.550 --> 00:12:46.560 align:start position:0% collateral is dependent on the value of 00:12:46.560 --> 00:12:50.389 align:start position:0% collateral is dependent on the value of its<00:12:46.680> collateral<00:12:47.100> so<00:12:47.300> if<00:12:48.300> a<00:12:48.980> in<00:12:49.980> some<00:12:50.100> cases 00:12:50.389 --> 00:12:50.399 align:start position:0% its collateral so if a in some cases 00:12:50.399 --> 00:12:52.550 align:start position:0% its collateral so if a in some cases those<00:12:50.940> all<00:12:51.360> the<00:12:51.540> risks<00:12:51.839> of<00:12:52.019> the<00:12:52.139> collateral 00:12:52.550 --> 00:12:52.560 align:start position:0% those all the risks of the collateral 00:12:52.560 --> 00:12:56.329 align:start position:0% those all the risks of the collateral come<00:12:53.220> through<00:12:53.459> and<00:12:54.420> are<00:12:54.600> present<00:12:54.899> within<00:12:55.380> the 00:12:56.329 --> 00:12:56.339 align:start position:0% come through and are present within the 00:12:56.339 --> 00:12:58.430 align:start position:0% come through and are present within the stable<00:12:56.639> coin<00:12:57.060> so<00:12:57.300> for<00:12:57.480> example<00:12:57.720> we<00:12:57.959> said<00:12:58.079> we've 00:12:58.430 --> 00:12:58.440 align:start position:0% stable coin so for example we said we've 00:12:58.440 --> 00:13:00.710 align:start position:0% stable coin so for example we said we've de-risked<00:12:59.160> these<00:12:59.639> types<00:12:59.880> of<00:12:59.940> coins<00:13:00.300> by 00:13:00.710 --> 00:13:00.720 align:start position:0% de-risked these types of coins by 00:13:00.720 --> 00:13:02.930 align:start position:0% de-risked these types of coins by removing<00:13:01.380> the<00:13:01.560> centralized<00:13:02.040> entity<00:13:02.339> and<00:13:02.639> how 00:13:02.930 --> 00:13:02.940 align:start position:0% removing the centralized entity and how 00:13:02.940 --> 00:13:05.449 align:start position:0% removing the centralized entity and how the<00:13:03.120> system<00:13:03.300> is<00:13:03.600> controlled<00:13:04.100> but<00:13:05.100> that<00:13:05.279> being 00:13:05.449 --> 00:13:05.459 align:start position:0% the system is controlled but that being 00:13:05.459 --> 00:13:07.970 align:start position:0% the system is controlled but that being said<00:13:05.639> while<00:13:05.880> there's<00:13:06.120> collateral 00:13:07.970 --> 00:13:07.980 align:start position:0% said while there's collateral 00:13:07.980 --> 00:13:09.710 align:start position:0% said while there's collateral um<00:13:08.040> that<00:13:08.459> backs<00:13:08.820> a<00:13:08.940> decentralized<00:13:09.480> stable 00:13:09.710 --> 00:13:09.720 align:start position:0% um that backs a decentralized stable 00:13:09.720 --> 00:13:11.150 align:start position:0% um that backs a decentralized stable coin 00:13:11.150 --> 00:13:11.160 align:start position:0% coin 00:13:11.160 --> 00:13:13.970 align:start position:0% coin um which<00:13:11.760> is<00:13:11.880> a<00:13:12.540> one-to-one<00:13:13.139> centralized 00:13:13.970 --> 00:13:13.980 align:start position:0% um which is a one-to-one centralized 00:13:13.980 --> 00:13:15.650 align:start position:0% um which is a one-to-one centralized stable<00:13:14.220> coin 00:13:15.650 --> 00:13:15.660 align:start position:0% stable coin 00:13:15.660 --> 00:13:17.509 align:start position:0% stable coin um<00:13:15.779> you<00:13:16.019> know<00:13:16.139> you're<00:13:16.500> still<00:13:16.680> exposed<00:13:17.220> to 00:13:17.509 --> 00:13:17.519 align:start position:0% um you know you're still exposed to 00:13:17.519 --> 00:13:19.610 align:start position:0% um you know you're still exposed to those<00:13:17.760> risks<00:13:18.240> of<00:13:18.600> how<00:13:18.779> that<00:13:19.079> centralized 00:13:19.610 --> 00:13:19.620 align:start position:0% those risks of how that centralized 00:13:19.620 --> 00:13:21.829 align:start position:0% those risks of how that centralized entity<00:13:19.980> is<00:13:20.700> managing 00:13:21.829 --> 00:13:21.839 align:start position:0% entity is managing 00:13:21.839 --> 00:13:22.790 align:start position:0% entity is managing um 00:13:22.790 --> 00:13:22.800 align:start position:0% um 00:13:22.800 --> 00:13:25.910 align:start position:0% um their<00:13:23.459> stable<00:13:23.880> coin<00:13:24.680> Additionally<00:13:25.680> you 00:13:25.910 --> 00:13:25.920 align:start position:0% their stable coin Additionally you 00:13:25.920 --> 00:13:29.449 align:start position:0% their stable coin Additionally you generally<00:13:26.220> don't<00:13:26.459> want<00:13:26.760> volatile<00:13:27.540> assets<00:13:28.459> you 00:13:29.449 --> 00:13:29.459 align:start position:0% generally don't want volatile assets you 00:13:29.459 --> 00:13:33.110 align:start position:0% generally don't want volatile assets you would<00:13:29.639> like<00:13:29.880> assets<00:13:30.779> that<00:13:31.200> are<00:13:32.120> relatively 00:13:33.110 --> 00:13:33.120 align:start position:0% would like assets that are relatively 00:13:33.120 --> 00:13:36.170 align:start position:0% would like assets that are relatively stable<00:13:33.680> in<00:13:34.680> order<00:13:34.800> to<00:13:35.279> minimize<00:13:35.820> the<00:13:36.000> amount 00:13:36.170 --> 00:13:36.180 align:start position:0% stable in order to minimize the amount 00:13:36.180 --> 00:13:37.970 align:start position:0% stable in order to minimize the amount of<00:13:36.240> liquidations<00:13:36.660> that<00:13:36.899> are<00:13:37.079> required<00:13:37.500> and 00:13:37.970 --> 00:13:37.980 align:start position:0% of liquidations that are required and 00:13:37.980 --> 00:13:40.069 align:start position:0% of liquidations that are required and reduce<00:13:38.279> the<00:13:38.639> possibility<00:13:39.120> of<00:13:39.600> having<00:13:39.779> under 00:13:40.069 --> 00:13:40.079 align:start position:0% reduce the possibility of having under 00:13:40.079 --> 00:13:41.810 align:start position:0% reduce the possibility of having under collateralized<00:13:40.800> positions<00:13:41.279> within<00:13:41.639> the 00:13:41.810 --> 00:13:41.820 align:start position:0% collateralized positions within the 00:13:41.820 --> 00:13:43.310 align:start position:0% collateralized positions within the system 00:13:43.310 --> 00:13:43.320 align:start position:0% system 00:13:43.320 --> 00:13:46.670 align:start position:0% system I<00:13:44.100> think<00:13:44.279> that<00:13:44.399> gets<00:13:44.700> to<00:13:44.760> flash<00:13:45.000> crashes 00:13:46.670 --> 00:13:46.680 align:start position:0% I think that gets to flash crashes 00:13:46.680 --> 00:13:47.509 align:start position:0% I think that gets to flash crashes um 00:13:47.509 --> 00:13:47.519 align:start position:0% um 00:13:47.519 --> 00:13:50.150 align:start position:0% um again<00:13:48.060> around 00:13:50.150 --> 00:13:50.160 align:start position:0% again around 00:13:50.160 --> 00:13:52.550 align:start position:0% again around the<00:13:50.820> price<00:13:51.000> of<00:13:51.300> your<00:13:51.420> stable<00:13:51.720> coin<00:13:52.079> when<00:13:52.380> you 00:13:52.550 --> 00:13:52.560 align:start position:0% the price of your stable coin when you 00:13:52.560 --> 00:13:54.110 align:start position:0% the price of your stable coin when you have<00:13:52.680> an<00:13:52.860> over<00:13:52.920> collateralized<00:13:53.519> stable<00:13:53.760> coin 00:13:54.110 --> 00:13:54.120 align:start position:0% have an over collateralized stable coin 00:13:54.120 --> 00:13:56.629 align:start position:0% have an over collateralized stable coin you<00:13:54.779> need<00:13:54.959> the<00:13:55.200> collateral<00:13:55.680> to<00:13:55.860> be<00:13:56.040> worth<00:13:56.220> more 00:13:56.629 --> 00:13:56.639 align:start position:0% you need the collateral to be worth more 00:13:56.639 --> 00:13:58.190 align:start position:0% you need the collateral to be worth more than 00:13:58.190 --> 00:13:58.200 align:start position:0% than 00:13:58.200 --> 00:14:01.389 align:start position:0% than um<00:13:58.740> your<00:13:59.519> the<00:14:00.060> amount<00:14:00.360> that<00:14:00.600> you<00:14:00.720> have<00:14:00.779> minted 00:14:01.389 --> 00:14:01.399 align:start position:0% um your the amount that you have minted 00:14:01.399 --> 00:14:04.730 align:start position:0% um your the amount that you have minted uh<00:14:02.399> over<00:14:02.820> time<00:14:03.060> generally<00:14:03.540> if<00:14:03.779> assets<00:14:04.200> if<00:14:04.500> the 00:14:04.730 --> 00:14:04.740 align:start position:0% uh over time generally if assets if the 00:14:04.740 --> 00:14:07.550 align:start position:0% uh over time generally if assets if the price<00:14:04.920> of<00:14:05.100> assets<00:14:05.519> decreases<00:14:06.300> uh<00:14:07.139> that<00:14:07.380> are 00:14:07.550 --> 00:14:07.560 align:start position:0% price of assets decreases uh that are 00:14:07.560 --> 00:14:09.050 align:start position:0% price of assets decreases uh that are your<00:14:07.740> collateral<00:14:08.160> that's<00:14:08.399> okay<00:14:08.579> there's 00:14:09.050 --> 00:14:09.060 align:start position:0% your collateral that's okay there's 00:14:09.060 --> 00:14:11.150 align:start position:0% your collateral that's okay there's liquidation<00:14:09.600> processes<00:14:10.200> in<00:14:10.440> place<00:14:10.620> in<00:14:10.860> which 00:14:11.150 --> 00:14:11.160 align:start position:0% liquidation processes in place in which 00:14:11.160 --> 00:14:13.009 align:start position:0% liquidation processes in place in which someone<00:14:11.639> can<00:14:12.000> come<00:14:12.120> they'll<00:14:12.480> pay<00:14:12.660> off<00:14:12.779> your 00:14:13.009 --> 00:14:13.019 align:start position:0% someone can come they'll pay off your 00:14:13.019 --> 00:14:15.470 align:start position:0% someone can come they'll pay off your debt<00:14:13.260> and<00:14:13.680> they<00:14:13.800> get<00:14:13.980> your<00:14:14.160> collateral<00:14:14.639> and 00:14:15.470 --> 00:14:15.480 align:start position:0% debt and they get your collateral and 00:14:15.480 --> 00:14:16.730 align:start position:0% debt and they get your collateral and the<00:14:15.660> collateral<00:14:15.959> is<00:14:16.019> worth<00:14:16.200> more<00:14:16.380> than<00:14:16.560> your 00:14:16.730 --> 00:14:16.740 align:start position:0% the collateral is worth more than your 00:14:16.740 --> 00:14:18.410 align:start position:0% the collateral is worth more than your debt<00:14:17.040> so<00:14:17.160> they<00:14:17.399> make<00:14:17.579> out<00:14:17.820> a<00:14:18.060> little<00:14:18.120> bit<00:14:18.300> of 00:14:18.410 --> 00:14:18.420 align:start position:0% debt so they make out a little bit of 00:14:18.420 --> 00:14:19.430 align:start position:0% debt so they make out a little bit of extra<00:14:18.600> money 00:14:19.430 --> 00:14:19.440 align:start position:0% extra money 00:14:19.440 --> 00:14:21.889 align:start position:0% extra money really<00:14:20.220> where<00:14:20.459> a<00:14:20.639> risk<00:14:20.880> comes<00:14:21.120> into<00:14:21.180> play<00:14:21.420> is 00:14:21.889 --> 00:14:21.899 align:start position:0% really where a risk comes into play is 00:14:21.899 --> 00:14:24.290 align:start position:0% really where a risk comes into play is if<00:14:22.200> the<00:14:22.740> price<00:14:22.860> of<00:14:23.100> your<00:14:23.279> asset<00:14:23.579> crashes<00:14:24.060> the 00:14:24.290 --> 00:14:24.300 align:start position:0% if the price of your asset crashes the 00:14:24.300 --> 00:14:26.569 align:start position:0% if the price of your asset crashes the collateral<00:14:24.660> asset<00:14:24.959> crashes<00:14:25.380> so<00:14:25.560> quickly<00:14:25.920> that 00:14:26.569 --> 00:14:26.579 align:start position:0% collateral asset crashes so quickly that 00:14:26.579 --> 00:14:29.030 align:start position:0% collateral asset crashes so quickly that Liquidators<00:14:27.120> do<00:14:27.420> not<00:14:27.540> have<00:14:27.779> time<00:14:28.139> to<00:14:28.860> perform 00:14:29.030 --> 00:14:29.040 align:start position:0% Liquidators do not have time to perform 00:14:29.040 --> 00:14:32.509 align:start position:0% Liquidators do not have time to perform those<00:14:29.399> Liquidations<00:14:30.380> in<00:14:31.380> that<00:14:31.500> case<00:14:31.800> you 00:14:32.509 --> 00:14:32.519 align:start position:0% those Liquidations in that case you 00:14:32.519 --> 00:14:34.910 align:start position:0% those Liquidations in that case you result<00:14:32.760> in<00:14:33.360> under<00:14:33.600> collateralized<00:14:34.380> positions 00:14:34.910 --> 00:14:34.920 align:start position:0% result in under collateralized positions 00:14:34.920 --> 00:14:39.170 align:start position:0% result in under collateralized positions which<00:14:35.220> likely<00:14:35.579> result<00:14:35.880> in<00:14:37.100> a<00:14:38.100> deepeg<00:14:38.880> of<00:14:39.060> your 00:14:39.170 --> 00:14:39.180 align:start position:0% which likely result in a deepeg of your 00:14:39.180 --> 00:14:40.850 align:start position:0% which likely result in a deepeg of your coin 00:14:40.850 --> 00:14:40.860 align:start position:0% coin 00:14:40.860 --> 00:14:41.990 align:start position:0% coin um again<00:14:41.100> we<00:14:41.279> talked<00:14:41.519> about<00:14:41.579> you<00:14:41.880> know 00:14:41.990 --> 00:14:42.000 align:start position:0% um again we talked about you know 00:14:42.000 --> 00:14:44.750 align:start position:0% um again we talked about you know there's<00:14:42.420> different<00:14:42.660> aspects<00:14:43.320> of<00:14:43.760> these 00:14:44.750 --> 00:14:44.760 align:start position:0% there's different aspects of these 00:14:44.760 --> 00:14:46.670 align:start position:0% there's different aspects of these protocols<00:14:45.240> that<00:14:45.420> are<00:14:45.600> configurable<00:14:46.139> so 00:14:46.670 --> 00:14:46.680 align:start position:0% protocols that are configurable so 00:14:46.680 --> 00:14:48.530 align:start position:0% protocols that are configurable so making<00:14:47.100> sure<00:14:47.339> that<00:14:47.579> a<00:14:47.820> it's<00:14:48.000> configured 00:14:48.530 --> 00:14:48.540 align:start position:0% making sure that a it's configured 00:14:48.540 --> 00:14:51.230 align:start position:0% making sure that a it's configured appropriately<00:14:49.079> and<00:14:49.920> the<00:14:50.100> per<00:14:50.339> the<00:14:50.519> person<00:14:50.820> or 00:14:51.230 --> 00:14:51.240 align:start position:0% appropriately and the per the person or 00:14:51.240 --> 00:14:53.509 align:start position:0% appropriately and the per the person or the<00:14:51.480> entity<00:14:51.720> or<00:14:52.079> Dao<00:14:52.440> who<00:14:52.740> is<00:14:52.920> configuring 00:14:53.509 --> 00:14:53.519 align:start position:0% the entity or Dao who is configuring 00:14:53.519 --> 00:14:56.389 align:start position:0% the entity or Dao who is configuring them<00:14:53.760> is<00:14:54.360> knowledgeable<00:14:54.899> in<00:14:55.139> the<00:14:55.260> space<00:14:55.500> and 00:14:56.389 --> 00:14:56.399 align:start position:0% them is knowledgeable in the space and 00:14:56.399 --> 00:14:57.889 align:start position:0% them is knowledgeable in the space and is<00:14:56.579> making<00:14:56.760> informed<00:14:57.300> decisions<00:14:57.660> is 00:14:57.889 --> 00:14:57.899 align:start position:0% is making informed decisions is 00:14:57.899 --> 00:15:00.710 align:start position:0% is making informed decisions is important<00:14:59.279> and<00:14:59.880> then<00:15:00.000> finally<00:15:00.240> there's<00:15:00.480> smart 00:15:00.710 --> 00:15:00.720 align:start position:0% important and then finally there's smart 00:15:00.720 --> 00:15:02.389 align:start position:0% important and then finally there's smart contract<00:15:01.079> risk<00:15:01.500> right<00:15:01.620> there's<00:15:01.980> always<00:15:02.160> a 00:15:02.389 --> 00:15:02.399 align:start position:0% contract risk right there's always a 00:15:02.399 --> 00:15:04.250 align:start position:0% contract risk right there's always a risk<00:15:02.699> that<00:15:03.000> there's<00:15:03.300> going<00:15:03.480> to<00:15:03.600> be<00:15:03.660> a<00:15:03.839> bug<00:15:03.959> in 00:15:04.250 --> 00:15:04.260 align:start position:0% risk that there's going to be a bug in 00:15:04.260 --> 00:15:06.650 align:start position:0% risk that there's going to be a bug in the<00:15:04.380> code<00:15:04.760> you<00:15:05.760> can<00:15:05.880> do<00:15:05.940> as<00:15:06.120> much<00:15:06.300> as<00:15:06.420> you<00:15:06.600> can 00:15:06.650 --> 00:15:06.660 align:start position:0% the code you can do as much as you can 00:15:06.660 --> 00:15:08.810 align:start position:0% the code you can do as much as you can to<00:15:07.019> try<00:15:07.260> to<00:15:07.440> eliminate<00:15:07.920> and<00:15:08.160> mitigate<00:15:08.579> this 00:15:08.810 --> 00:15:08.820 align:start position:0% to try to eliminate and mitigate this 00:15:08.820 --> 00:15:10.910 align:start position:0% to try to eliminate and mitigate this risk<00:15:09.120> from<00:15:09.540> responsible<00:15:10.380> development 00:15:10.910 --> 00:15:10.920 align:start position:0% risk from responsible development 00:15:10.920 --> 00:15:14.590 align:start position:0% risk from responsible development practices<00:15:11.399> internally<00:15:12.620> internal<00:15:13.620> reviews 00:15:14.590 --> 00:15:14.600 align:start position:0% practices internally internal reviews 00:15:14.600 --> 00:15:17.810 align:start position:0% practices internally internal reviews external<00:15:15.600> audits<00:15:16.220> which<00:15:17.220> I<00:15:17.339> think<00:15:17.519> we<00:15:17.639> see 00:15:17.810 --> 00:15:17.820 align:start position:0% external audits which I think we see 00:15:17.820 --> 00:15:20.269 align:start position:0% external audits which I think we see throughout<00:15:18.180> the<00:15:18.360> space<00:15:18.540> yeah<00:15:19.440> so<00:15:19.800> you<00:15:20.100> know 00:15:20.269 --> 00:15:20.279 align:start position:0% throughout the space yeah so you know 00:15:20.279 --> 00:15:21.769 align:start position:0% throughout the space yeah so you know you<00:15:20.459> can<00:15:20.519> do<00:15:20.579> as<00:15:20.760> much<00:15:20.880> as<00:15:21.000> you<00:15:21.120> can<00:15:21.240> to<00:15:21.540> try<00:15:21.660> to 00:15:21.769 --> 00:15:21.779 align:start position:0% you can do as much as you can to try to 00:15:21.779 --> 00:15:24.170 align:start position:0% you can do as much as you can to try to reduce<00:15:22.019> the<00:15:22.500> risk<00:15:22.860> of<00:15:23.040> smart<00:15:23.279> contract<00:15:23.760> bugs 00:15:24.170 --> 00:15:24.180 align:start position:0% reduce the risk of smart contract bugs 00:15:24.180 --> 00:15:26.509 align:start position:0% reduce the risk of smart contract bugs but<00:15:24.540> at<00:15:25.139> the<00:15:25.260> end<00:15:25.320> of<00:15:25.440> the<00:15:25.500> day<00:15:25.680> they'll<00:15:26.220> exist 00:15:26.509 --> 00:15:26.519 align:start position:0% but at the end of the day they'll exist 00:15:26.519 --> 00:15:28.490 align:start position:0% but at the end of the day they'll exist in<00:15:26.699> the<00:15:26.880> space 00:15:28.490 --> 00:15:28.500 align:start position:0% in the space 00:15:28.500 --> 00:15:31.910 align:start position:0% in the space so<00:15:29.459> briefly<00:15:29.880> other<00:15:30.120> types<00:15:30.420> of<00:15:30.540> stable<00:15:30.839> coins<00:15:31.260> I 00:15:31.910 --> 00:15:31.920 align:start position:0% so briefly other types of stable coins I 00:15:31.920 --> 00:15:33.590 align:start position:0% so briefly other types of stable coins I think<00:15:32.100> we<00:15:32.279> already<00:15:32.459> can<00:15:32.699> see<00:15:32.880> there's<00:15:33.240> a<00:15:33.360> huge 00:15:33.590 --> 00:15:33.600 align:start position:0% think we already can see there's a huge 00:15:33.600 --> 00:15:35.389 align:start position:0% think we already can see there's a huge difference<00:15:33.720> between<00:15:34.199> one<00:15:34.680> to<00:15:34.860> one<00:15:34.980> backed 00:15:35.389 --> 00:15:35.399 align:start position:0% difference between one to one backed 00:15:35.399 --> 00:15:37.730 align:start position:0% difference between one to one backed centralized<00:15:35.820> stable<00:15:36.060> coins<00:15:36.740> decentralized 00:15:37.730 --> 00:15:37.740 align:start position:0% centralized stable coins decentralized 00:15:37.740 --> 00:15:40.610 align:start position:0% centralized stable coins decentralized over<00:15:37.980> collateralized<00:15:38.699> stable<00:15:39.000> coins<00:15:39.440> and<00:15:40.440> now 00:15:40.610 --> 00:15:40.620 align:start position:0% over collateralized stable coins and now 00:15:40.620 --> 00:15:42.590 align:start position:0% over collateralized stable coins and now a<00:15:41.040> couple<00:15:41.160> of<00:15:41.279> others<00:15:41.639> that<00:15:41.880> I<00:15:42.120> hesitate<00:15:42.480> to 00:15:42.590 --> 00:15:42.600 align:start position:0% a couple of others that I hesitate to 00:15:42.600 --> 00:15:44.210 align:start position:0% a couple of others that I hesitate to even<00:15:42.779> try<00:15:43.019> to<00:15:43.199> name<00:15:43.320> what<00:15:43.620> type<00:15:43.800> they<00:15:44.040> are 00:15:44.210 --> 00:15:44.220 align:start position:0% even try to name what type they are 00:15:44.220 --> 00:15:46.730 align:start position:0% even try to name what type they are because<00:15:44.760> they're<00:15:45.120> so<00:15:45.420> different<00:15:45.740> and 00:15:46.730 --> 00:15:46.740 align:start position:0% because they're so different and 00:15:46.740 --> 00:15:50.269 align:start position:0% because they're so different and function<00:15:47.100> you<00:15:47.639> know<00:15:47.760> very<00:15:48.240> interestingly<00:15:49.279> so 00:15:50.269 --> 00:15:50.279 align:start position:0% function you know very interestingly so 00:15:50.279 --> 00:15:53.930 align:start position:0% function you know very interestingly so one<00:15:50.459> is<00:15:50.639> fracks<00:15:51.240> frax<00:15:51.959> is<00:15:52.560> a<00:15:52.860> stable<00:15:53.100> coin<00:15:53.519> that 00:15:53.930 --> 00:15:53.940 align:start position:0% one is fracks frax is a stable coin that 00:15:53.940 --> 00:15:56.990 align:start position:0% one is fracks frax is a stable coin that is<00:15:54.300> partially<00:15:54.899> backed<00:15:55.380> by<00:15:55.500> collateral<00:15:56.040> and 00:15:56.990 --> 00:15:57.000 align:start position:0% is partially backed by collateral and 00:15:57.000 --> 00:15:59.569 align:start position:0% is partially backed by collateral and then<00:15:57.120> also<00:15:57.540> partially<00:15:58.320> maintains<00:15:59.279> its 00:15:59.569 --> 00:15:59.579 align:start position:0% then also partially maintains its 00:15:59.579 --> 00:16:01.189 align:start position:0% then also partially maintains its stability<00:15:59.820> through<00:16:00.300> algorithmically 00:16:01.189 --> 00:16:01.199 align:start position:0% stability through algorithmically 00:16:01.199 --> 00:16:03.410 align:start position:0% stability through algorithmically obviously<00:16:01.980> that's<00:16:02.279> quite<00:16:02.579> different<00:16:02.760> than<00:16:03.180> a 00:16:03.410 --> 00:16:03.420 align:start position:0% obviously that's quite different than a 00:16:03.420 --> 00:16:06.769 align:start position:0% obviously that's quite different than a Dye<00:16:03.779> or<00:16:03.899> usdc<00:16:04.820> or<00:16:05.820> you<00:16:05.940> could<00:16:06.000> look<00:16:06.180> at<00:16:06.300> Rye 00:16:06.769 --> 00:16:06.779 align:start position:0% Dye or usdc or you could look at Rye 00:16:06.779 --> 00:16:08.930 align:start position:0% Dye or usdc or you could look at Rye which<00:16:07.079> is<00:16:07.199> a<00:16:07.320> stable<00:16:07.560> coin<00:16:07.980> that<00:16:08.279> is<00:16:08.639> not 00:16:08.930 --> 00:16:08.940 align:start position:0% which is a stable coin that is not 00:16:08.940 --> 00:16:12.230 align:start position:0% which is a stable coin that is not pegged<00:16:09.420> to<00:16:09.540> any<00:16:09.839> specific<00:16:10.199> asset<00:16:11.160> uh<00:16:11.880> and<00:16:12.060> its 00:16:12.230 --> 00:16:12.240 align:start position:0% pegged to any specific asset uh and its 00:16:12.240 --> 00:16:13.870 align:start position:0% pegged to any specific asset uh and its stability<00:16:12.480> mechanism<00:16:13.019> Works<00:16:13.440> through 00:16:13.870 --> 00:16:13.880 align:start position:0% stability mechanism Works through 00:16:13.880 --> 00:16:16.730 align:start position:0% stability mechanism Works through understanding<00:16:14.880> the<00:16:15.240> reduction<00:16:15.600> rate<00:16:15.899> so<00:16:16.320> how 00:16:16.730 --> 00:16:16.740 align:start position:0% understanding the reduction rate so how 00:16:16.740 --> 00:16:18.530 align:start position:0% understanding the reduction rate so how often<00:16:17.040> are<00:16:17.220> people<00:16:17.399> taking<00:16:17.639> out<00:16:17.940> positions 00:16:18.530 --> 00:16:18.540 align:start position:0% often are people taking out positions 00:16:18.540 --> 00:16:20.569 align:start position:0% often are people taking out positions how<00:16:19.199> often<00:16:19.500> are<00:16:19.620> people<00:16:19.800> repaying<00:16:20.399> their 00:16:20.569 --> 00:16:20.579 align:start position:0% how often are people repaying their 00:16:20.579 --> 00:16:22.490 align:start position:0% how often are people repaying their positions<00:16:21.000> and<00:16:21.300> based<00:16:21.660> on<00:16:21.720> the<00:16:21.899> rate<00:16:22.139> under 00:16:22.490 --> 00:16:22.500 align:start position:0% positions and based on the rate under 00:16:22.500 --> 00:16:24.650 align:start position:0% positions and based on the rate under which<00:16:22.740> that<00:16:22.980> is<00:16:23.160> occurring<00:16:23.579> the<00:16:24.180> price<00:16:24.300> of<00:16:24.540> the 00:16:24.650 --> 00:16:24.660 align:start position:0% which that is occurring the price of the 00:16:24.660 --> 00:16:26.750 align:start position:0% which that is occurring the price of the asset<00:16:25.019> will<00:16:25.320> slowly<00:16:25.620> vary<00:16:25.860> one<00:16:26.160> way<00:16:26.339> or<00:16:26.579> the 00:16:26.750 --> 00:16:26.760 align:start position:0% asset will slowly vary one way or the 00:16:26.760 --> 00:16:28.069 align:start position:0% asset will slowly vary one way or the other 00:16:28.069 --> 00:16:28.079 align:start position:0% other 00:16:28.079 --> 00:16:29.689 align:start position:0% other um<00:16:28.199> and<00:16:28.500> you<00:16:28.680> know<00:16:28.740> this<00:16:28.980> isn't<00:16:29.220> to<00:16:29.339> give<00:16:29.519> you 00:16:29.689 --> 00:16:29.699 align:start position:0% um and you know this isn't to give you 00:16:29.699 --> 00:16:31.670 align:start position:0% um and you know this isn't to give you you<00:16:30.120> know<00:16:30.300> a<00:16:30.660> full<00:16:30.779> understanding<00:16:31.260> of<00:16:31.500> what 00:16:31.670 --> 00:16:31.680 align:start position:0% you know a full understanding of what 00:16:31.680 --> 00:16:33.650 align:start position:0% you know a full understanding of what these<00:16:31.860> systems<00:16:32.160> are<00:16:32.279> and<00:16:32.459> how<00:16:32.699> they<00:16:32.820> work<00:16:33.060> but 00:16:33.650 --> 00:16:33.660 align:start position:0% these systems are and how they work but 00:16:33.660 --> 00:16:35.990 align:start position:0% these systems are and how they work but it's<00:16:33.779> to<00:16:34.019> say<00:16:34.199> these<00:16:34.740> are<00:16:34.980> totally<00:16:35.699> different 00:16:35.990 --> 00:16:36.000 align:start position:0% it's to say these are totally different 00:16:36.000 --> 00:16:38.090 align:start position:0% it's to say these are totally different types<00:16:36.420> of<00:16:36.540> assets<00:16:36.959> that<00:16:37.560> we're<00:16:37.680> talking<00:16:37.860> about 00:16:38.090 --> 00:16:38.100 align:start position:0% types of assets that we're talking about 00:16:38.100 --> 00:16:41.030 align:start position:0% types of assets that we're talking about in<00:16:38.459> the<00:16:38.579> same<00:16:38.759> category<00:16:39.180> of<00:16:39.420> stable<00:16:39.720> coins<00:16:40.139> and 00:16:41.030 --> 00:16:41.040 align:start position:0% in the same category of stable coins and 00:16:41.040 --> 00:16:43.189 align:start position:0% in the same category of stable coins and you<00:16:41.279> know<00:16:41.399> now<00:16:41.759> if<00:16:42.120> you<00:16:42.300> go<00:16:42.720> to<00:16:42.839> think<00:16:43.079> about 00:16:43.189 --> 00:16:43.199 align:start position:0% you know now if you go to think about 00:16:43.199 --> 00:16:44.930 align:start position:0% you know now if you go to think about stable<00:16:43.560> coins<00:16:43.860> or<00:16:44.040> work<00:16:44.160> with<00:16:44.279> a<00:16:44.399> stable<00:16:44.579> coin 00:16:44.930 --> 00:16:44.940 align:start position:0% stable coins or work with a stable coin 00:16:44.940 --> 00:16:46.550 align:start position:0% stable coins or work with a stable coin you<00:16:45.000> should<00:16:45.120> say<00:16:45.300> what<00:16:46.019> is<00:16:46.139> the<00:16:46.259> stability 00:16:46.550 --> 00:16:46.560 align:start position:0% you should say what is the stability 00:16:46.560 --> 00:16:48.530 align:start position:0% you should say what is the stability mechanism<00:16:47.040> how<00:16:47.339> does<00:16:47.459> this<00:16:47.639> actually<00:16:47.880> work<00:16:48.240> is 00:16:48.530 --> 00:16:48.540 align:start position:0% mechanism how does this actually work is 00:16:48.540 --> 00:16:50.689 align:start position:0% mechanism how does this actually work is it<00:16:48.660> Peg<00:16:48.899> does<00:16:49.139> it<00:16:49.320> not<00:16:49.440> pegged<00:16:49.860> it's<00:16:50.279> more<00:16:50.519> to 00:16:50.689 --> 00:16:50.699 align:start position:0% it Peg does it not pegged it's more to 00:16:50.699 --> 00:16:52.310 align:start position:0% it Peg does it not pegged it's more to you<00:16:51.000> know<00:16:51.060> kind<00:16:51.240> of<00:16:51.360> promote<00:16:51.660> that<00:16:51.899> thinking 00:16:52.310 --> 00:16:52.320 align:start position:0% you know kind of promote that thinking 00:16:52.320 --> 00:16:54.829 align:start position:0% you know kind of promote that thinking of<00:16:52.860> what 00:16:54.829 --> 00:16:54.839 align:start position:0% of what 00:16:54.839 --> 00:16:58.370 align:start position:0% of what what<00:16:55.740> are<00:16:55.920> the<00:16:56.040> risks<00:16:56.339> of<00:16:56.579> this<00:16:56.880> coin<00:16:57.259> and<00:16:58.259> is 00:16:58.370 --> 00:16:58.380 align:start position:0% what are the risks of this coin and is 00:16:58.380 --> 00:17:00.110 align:start position:0% what are the risks of this coin and is it<00:16:58.560> actually<00:16:58.740> going<00:16:59.040> to<00:16:59.160> maintain<00:16:59.759> its 00:17:00.110 --> 00:17:00.120 align:start position:0% it actually going to maintain its 00:17:00.120 --> 00:17:01.550 align:start position:0% it actually going to maintain its stability<00:17:00.420> cool 00:17:01.550 --> 00:17:01.560 align:start position:0% stability cool 00:17:01.560 --> 00:17:03.350 align:start position:0% stability cool um<00:17:01.620> so<00:17:01.800> now<00:17:02.160> I<00:17:02.519> get<00:17:02.579> to<00:17:02.759> talk<00:17:03.060> a<00:17:03.180> little<00:17:03.300> bit 00:17:03.350 --> 00:17:03.360 align:start position:0% um so now I get to talk a little bit 00:17:03.360 --> 00:17:07.010 align:start position:0% um so now I get to talk a little bit about<00:17:03.660> go<00:17:04.520> which<00:17:05.520> falls<00:17:05.880> into<00:17:06.240> that<00:17:06.480> category 00:17:07.010 --> 00:17:07.020 align:start position:0% about go which falls into that category 00:17:07.020 --> 00:17:09.829 align:start position:0% about go which falls into that category of<00:17:07.579> decentralized<00:17:08.579> over<00:17:09.059> collateralized 00:17:09.829 --> 00:17:09.839 align:start position:0% of decentralized over collateralized 00:17:09.839 --> 00:17:14.090 align:start position:0% of decentralized over collateralized crypto-backed<00:17:10.740> stable<00:17:11.459> coins<00:17:12.020> and<00:17:13.020> it<00:17:13.980> will 00:17:14.090 --> 00:17:14.100 align:start position:0% crypto-backed stable coins and it will 00:17:14.100 --> 00:17:16.990 align:start position:0% crypto-backed stable coins and it will fit<00:17:14.339> natively<00:17:14.880> into<00:17:15.120> the<00:17:15.419> Ave<00:17:15.600> Market 00:17:16.990 --> 00:17:17.000 align:start position:0% fit natively into the Ave Market 00:17:17.000 --> 00:17:19.730 align:start position:0% fit natively into the Ave Market so<00:17:18.000> one<00:17:18.540> thing<00:17:18.660> we<00:17:18.839> recognize<00:17:19.199> that<00:17:19.439> Ave 00:17:19.730 --> 00:17:19.740 align:start position:0% so one thing we recognize that Ave 00:17:19.740 --> 00:17:22.030 align:start position:0% so one thing we recognize that Ave looking<00:17:20.400> at<00:17:20.579> our<00:17:20.880> existing<00:17:21.240> liquidity<00:17:21.720> pool 00:17:22.030 --> 00:17:22.040 align:start position:0% looking at our existing liquidity pool 00:17:22.040 --> 00:17:25.010 align:start position:0% looking at our existing liquidity pool uh<00:17:23.040> protocol<00:17:23.400> was<00:17:23.819> that<00:17:24.179> there's<00:17:24.600> a<00:17:24.780> lot<00:17:24.900> of 00:17:25.010 --> 00:17:25.020 align:start position:0% uh protocol was that there's a lot of 00:17:25.020 --> 00:17:28.189 align:start position:0% uh protocol was that there's a lot of functionality<00:17:25.679> in<00:17:26.459> our<00:17:26.640> General<00:17:26.880> market<00:17:27.299> that 00:17:28.189 --> 00:17:28.199 align:start position:0% functionality in our General market that 00:17:28.199 --> 00:17:30.110 align:start position:0% functionality in our General market that would<00:17:28.380> be<00:17:28.500> required<00:17:29.040> for<00:17:29.460> this<00:17:29.760> type<00:17:29.940> of 00:17:30.110 --> 00:17:30.120 align:start position:0% would be required for this type of 00:17:30.120 --> 00:17:32.270 align:start position:0% would be required for this type of stable<00:17:30.419> coin<00:17:30.840> you<00:17:31.799> know<00:17:31.860> things<00:17:32.100> like 00:17:32.270 --> 00:17:32.280 align:start position:0% stable coin you know things like 00:17:32.280 --> 00:17:34.130 align:start position:0% stable coin you know things like depositing<00:17:33.000> collateral<00:17:33.540> things<00:17:33.900> like 00:17:34.130 --> 00:17:34.140 align:start position:0% depositing collateral things like 00:17:34.140 --> 00:17:36.770 align:start position:0% depositing collateral things like liquidation<00:17:34.679> processes<00:17:35.400> these<00:17:36.179> things<00:17:36.299> exist 00:17:36.770 --> 00:17:36.780 align:start position:0% liquidation processes these things exist 00:17:36.780 --> 00:17:40.070 align:start position:0% liquidation processes these things exist within<00:17:37.200> the<00:17:37.320> Ave<00:17:37.500> protocol<00:17:38.480> and<00:17:39.480> also<00:17:39.780> are 00:17:40.070 --> 00:17:40.080 align:start position:0% within the Ave protocol and also are 00:17:40.080 --> 00:17:42.529 align:start position:0% within the Ave protocol and also are exactly<00:17:40.440> what<00:17:40.620> you<00:17:40.799> need<00:17:40.980> to<00:17:41.640> facilitate<00:17:42.240> a 00:17:42.529 --> 00:17:42.539 align:start position:0% exactly what you need to facilitate a 00:17:42.539 --> 00:17:45.529 align:start position:0% exactly what you need to facilitate a decentralized<00:17:43.200> stable<00:17:43.559> coin<00:17:44.179> so<00:17:45.179> I<00:17:45.480> think 00:17:45.529 --> 00:17:45.539 align:start position:0% decentralized stable coin so I think 00:17:45.539 --> 00:17:46.909 align:start position:0% decentralized stable coin so I think that's<00:17:45.780> something<00:17:46.020> that's<00:17:46.260> really<00:17:46.500> nice<00:17:46.679> even 00:17:46.909 --> 00:17:46.919 align:start position:0% that's something that's really nice even 00:17:46.919 --> 00:17:51.950 align:start position:0% that's something that's really nice even on<00:17:47.220> the<00:17:47.340> development<00:17:48.000> side<00:17:48.320> is<00:17:49.320> that<00:17:49.940> go<00:17:50.960> fits 00:17:51.950 --> 00:17:51.960 align:start position:0% on the development side is that go fits 00:17:51.960 --> 00:17:55.370 align:start position:0% on the development side is that go fits into<00:17:52.200> the<00:17:52.740> existing<00:17:53.100> Ave<00:17:53.400> market<00:17:53.960> so<00:17:54.960> a<00:17:55.140> lot<00:17:55.260> of 00:17:55.370 --> 00:17:55.380 align:start position:0% into the existing Ave market so a lot of 00:17:55.380 --> 00:17:57.830 align:start position:0% into the existing Ave market so a lot of the<00:17:55.559> processes<00:17:56.100> and<00:17:56.640> you<00:17:57.000> know<00:17:57.059> ways<00:17:57.539> that<00:17:57.660> you 00:17:57.830 --> 00:17:57.840 align:start position:0% the processes and you know ways that you 00:17:57.840 --> 00:17:59.450 align:start position:0% the processes and you know ways that you will<00:17:57.960> interact<00:17:58.320> with<00:17:58.500> it<00:17:58.679> should<00:17:58.980> be<00:17:59.160> very 00:17:59.450 --> 00:17:59.460 align:start position:0% will interact with it should be very 00:17:59.460 --> 00:18:03.049 align:start position:0% will interact with it should be very familiar<00:18:00.000> to<00:18:01.039> interacting<00:18:02.039> with<00:18:02.280> go<00:18:02.460> it's 00:18:03.049 --> 00:18:03.059 align:start position:0% familiar to interacting with go it's 00:18:03.059 --> 00:18:05.630 align:start position:0% familiar to interacting with go it's really<00:18:03.240> a<00:18:03.660> new<00:18:03.840> custom<00:18:04.140> asset<00:18:04.740> that's<00:18:05.340> getting 00:18:05.630 --> 00:18:05.640 align:start position:0% really a new custom asset that's getting 00:18:05.640 --> 00:18:08.210 align:start position:0% really a new custom asset that's getting added<00:18:06.059> to<00:18:06.240> the<00:18:06.419> market 00:18:08.210 --> 00:18:08.220 align:start position:0% added to the market 00:18:08.220 --> 00:18:09.470 align:start position:0% added to the market um<00:18:08.280> so<00:18:08.580> you<00:18:08.880> know<00:18:08.940> while<00:18:09.120> there<00:18:09.360> are 00:18:09.470 --> 00:18:09.480 align:start position:0% um so you know while there are 00:18:09.480 --> 00:18:11.510 align:start position:0% um so you know while there are differences<00:18:10.020> in<00:18:10.500> the<00:18:10.679> implementation<00:18:11.220> and 00:18:11.510 --> 00:18:11.520 align:start position:0% differences in the implementation and 00:18:11.520 --> 00:18:13.490 align:start position:0% differences in the implementation and we'll<00:18:11.700> go<00:18:11.880> through<00:18:12.059> those<00:18:12.360> you<00:18:12.780> know<00:18:12.840> in<00:18:13.140> some 00:18:13.490 --> 00:18:13.500 align:start position:0% we'll go through those you know in some 00:18:13.500 --> 00:18:14.990 align:start position:0% we'll go through those you know in some detail 00:18:14.990 --> 00:18:15.000 align:start position:0% detail 00:18:15.000 --> 00:18:16.789 align:start position:0% detail um<00:18:15.059> at<00:18:15.419> a<00:18:15.539> high<00:18:15.720> level<00:18:15.900> when<00:18:16.260> you<00:18:16.380> go<00:18:16.620> to 00:18:16.789 --> 00:18:16.799 align:start position:0% um at a high level when you go to 00:18:16.799 --> 00:18:20.029 align:start position:0% um at a high level when you go to interact<00:18:17.220> with<00:18:17.640> Ave<00:18:18.240> and<00:18:18.780> borrow<00:18:18.960> go 00:18:20.029 --> 00:18:20.039 align:start position:0% interact with Ave and borrow go 00:18:20.039 --> 00:18:21.950 align:start position:0% interact with Ave and borrow go uh<00:18:20.760> it's<00:18:21.059> pretty<00:18:21.240> much<00:18:21.360> the<00:18:21.600> same<00:18:21.720> as 00:18:21.950 --> 00:18:21.960 align:start position:0% uh it's pretty much the same as 00:18:21.960 --> 00:18:24.049 align:start position:0% uh it's pretty much the same as borrowing<00:18:22.320> another<00:18:22.559> asset<00:18:23.039> you<00:18:23.400> deposit<00:18:23.880> your 00:18:24.049 --> 00:18:24.059 align:start position:0% borrowing another asset you deposit your 00:18:24.059 --> 00:18:27.830 align:start position:0% borrowing another asset you deposit your collateral<00:18:24.539> you<00:18:25.320> borrow<00:18:25.559> go<00:18:26.299> uh<00:18:27.299> you<00:18:27.539> hold<00:18:27.660> it 00:18:27.830 --> 00:18:27.840 align:start position:0% collateral you borrow go uh you hold it 00:18:27.840 --> 00:18:29.330 align:start position:0% collateral you borrow go uh you hold it for<00:18:27.960> some<00:18:28.140> amount<00:18:28.380> of<00:18:28.500> time<00:18:28.620> it<00:18:28.919> accrues 00:18:29.330 --> 00:18:29.340 align:start position:0% for some amount of time it accrues 00:18:29.340 --> 00:18:32.090 align:start position:0% for some amount of time it accrues interest<00:18:29.520> and<00:18:30.179> eventually<00:18:30.480> you<00:18:30.660> pay<00:18:30.780> it<00:18:30.960> back 00:18:32.090 --> 00:18:32.100 align:start position:0% interest and eventually you pay it back 00:18:32.100 --> 00:18:33.770 align:start position:0% interest and eventually you pay it back so<00:18:32.520> that's<00:18:32.700> pretty<00:18:32.940> much<00:18:33.059> the<00:18:33.240> same<00:18:33.419> process 00:18:33.770 --> 00:18:33.780 align:start position:0% so that's pretty much the same process 00:18:33.780 --> 00:18:36.049 align:start position:0% so that's pretty much the same process as<00:18:34.020> any<00:18:34.320> other<00:18:34.500> asset 00:18:36.049 --> 00:18:36.059 align:start position:0% as any other asset 00:18:36.059 --> 00:18:36.830 align:start position:0% as any other asset um 00:18:36.830 --> 00:18:36.840 align:start position:0% um 00:18:36.840 --> 00:18:39.110 align:start position:0% um that<00:18:37.320> being<00:18:37.500> said<00:18:37.740> when<00:18:38.280> it<00:18:38.400> gets<00:18:38.640> added<00:18:38.880> the 00:18:39.110 --> 00:18:39.120 align:start position:0% that being said when it gets added the 00:18:39.120 --> 00:18:41.630 align:start position:0% that being said when it gets added the way<00:18:39.299> that<00:18:39.539> this<00:18:39.720> asset<00:18:40.020> is<00:18:40.260> configured<00:18:40.740> has 00:18:41.630 --> 00:18:41.640 align:start position:0% way that this asset is configured has 00:18:41.640 --> 00:18:44.690 align:start position:0% way that this asset is configured has differences<00:18:42.240> and<00:18:42.960> the<00:18:43.440> differences<00:18:43.860> are<00:18:44.520> what 00:18:44.690 --> 00:18:44.700 align:start position:0% differences and the differences are what 00:18:44.700 --> 00:18:47.450 align:start position:0% differences and the differences are what help<00:18:44.880> it<00:18:45.120> maintain<00:18:45.600> its<00:18:45.900> stability 00:18:47.450 --> 00:18:47.460 align:start position:0% help it maintain its stability 00:18:47.460 --> 00:18:49.860 align:start position:0% help it maintain its stability um so<00:18:48.240> so<00:18:48.480> let's<00:18:48.840> walk<00:18:49.020> through<00:18:49.200> those 00:18:49.860 --> 00:18:49.870 align:start position:0% um so so let's walk through those 00:18:49.870 --> 00:18:50.570 align:start position:0% um so so let's walk through those [Music] 00:18:50.570 --> 00:18:50.580 align:start position:0% [Music] 00:18:50.580 --> 00:18:51.169 align:start position:0% [Music] um 00:18:51.169 --> 00:18:51.179 align:start position:0% um 00:18:51.179 --> 00:18:53.090 align:start position:0% um the<00:18:51.720> first<00:18:51.840> is<00:18:52.020> that<00:18:52.200> this<00:18:52.440> asset<00:18:52.740> isn't 00:18:53.090 --> 00:18:53.100 align:start position:0% the first is that this asset isn't 00:18:53.100 --> 00:18:55.250 align:start position:0% the first is that this asset isn't supplied<00:18:53.520> to<00:18:53.760> the<00:18:53.940> market<00:18:54.059> so<00:18:54.720> if<00:18:55.020> you<00:18:55.140> think 00:18:55.250 --> 00:18:55.260 align:start position:0% supplied to the market so if you think 00:18:55.260 --> 00:18:57.470 align:start position:0% supplied to the market so if you think about<00:18:55.440> borrowing<00:18:56.039> some<00:18:56.340> other<00:18:56.460> asset<00:18:57.000> you 00:18:57.470 --> 00:18:57.480 align:start position:0% about borrowing some other asset you 00:18:57.480 --> 00:19:00.350 align:start position:0% about borrowing some other asset you know<00:18:57.539> if<00:18:57.900> you<00:18:58.200> deposit<00:18:58.919> with<00:18:59.640> and<00:19:00.059> borrow 00:19:00.350 --> 00:19:00.360 align:start position:0% know if you deposit with and borrow 00:19:00.360 --> 00:19:03.590 align:start position:0% know if you deposit with and borrow wrapped<00:19:01.260> Bitcoin<00:19:01.820> somebody<00:19:02.820> else<00:19:03.179> has<00:19:03.419> to 00:19:03.590 --> 00:19:03.600 align:start position:0% wrapped Bitcoin somebody else has to 00:19:03.600 --> 00:19:06.110 align:start position:0% wrapped Bitcoin somebody else has to have<00:19:03.780> deposited<00:19:04.500> that<00:19:04.980> wrap<00:19:05.460> Bitcoin<00:19:05.880> in 00:19:06.110 --> 00:19:06.120 align:start position:0% have deposited that wrap Bitcoin in 00:19:06.120 --> 00:19:09.289 align:start position:0% have deposited that wrap Bitcoin in order<00:19:06.299> for<00:19:06.960> you<00:19:07.080> to<00:19:07.320> later<00:19:07.440> borrow<00:19:07.860> it 00:19:09.289 --> 00:19:09.299 align:start position:0% order for you to later borrow it 00:19:09.299 --> 00:19:10.970 align:start position:0% order for you to later borrow it um<00:19:09.360> in<00:19:09.660> terms<00:19:09.840> of<00:19:09.960> go 00:19:10.970 --> 00:19:10.980 align:start position:0% um in terms of go 00:19:10.980 --> 00:19:13.669 align:start position:0% um in terms of go that's<00:19:11.400> not<00:19:11.580> required<00:19:12.059> when<00:19:12.840> you<00:19:13.140> deposit 00:19:13.669 --> 00:19:13.679 align:start position:0% that's not required when you deposit 00:19:13.679 --> 00:19:16.730 align:start position:0% that's not required when you deposit your<00:19:13.919> wrap<00:19:14.160> teeth<00:19:14.400> and<00:19:15.059> borrow<00:19:15.299> go<00:19:15.720> nobody<00:19:16.500> has 00:19:16.730 --> 00:19:16.740 align:start position:0% your wrap teeth and borrow go nobody has 00:19:16.740 --> 00:19:19.310 align:start position:0% your wrap teeth and borrow go nobody has to<00:19:16.860> have<00:19:16.980> deposited<00:19:17.520> it<00:19:17.700> instead<00:19:18.419> the 00:19:19.310 --> 00:19:19.320 align:start position:0% to have deposited it instead the 00:19:19.320 --> 00:19:22.549 align:start position:0% to have deposited it instead the protocol<00:19:19.620> reaches<00:19:20.220> out<00:19:20.400> to<00:19:20.820> the<00:19:21.299> go<00:19:21.559> uh 00:19:22.549 --> 00:19:22.559 align:start position:0% protocol reaches out to the go uh 00:19:22.559 --> 00:19:27.230 align:start position:0% protocol reaches out to the go uh contract<00:19:22.980> and<00:19:23.460> mints<00:19:23.880> that<00:19:24.000> go<00:19:24.240> on<00:19:24.600> demand 00:19:27.230 --> 00:19:27.240 align:start position:0% 00:19:27.240 --> 00:19:30.529 align:start position:0% um same<00:19:27.539> goes<00:19:27.960> for<00:19:28.080> when<00:19:28.440> you<00:19:28.620> repay<00:19:29.299> that<00:19:30.299> go 00:19:30.529 --> 00:19:30.539 align:start position:0% um same goes for when you repay that go 00:19:30.539 --> 00:19:32.990 align:start position:0% um same goes for when you repay that go is<00:19:31.260> actually<00:19:31.559> burned<00:19:32.100> rather<00:19:32.520> than<00:19:32.700> going 00:19:32.990 --> 00:19:33.000 align:start position:0% is actually burned rather than going 00:19:33.000 --> 00:19:36.230 align:start position:0% is actually burned rather than going back<00:19:33.299> to<00:19:33.660> the<00:19:34.260> suppliers 00:19:36.230 --> 00:19:36.240 align:start position:0% back to the suppliers 00:19:36.240 --> 00:19:38.930 align:start position:0% back to the suppliers the<00:19:36.900> Oracle<00:19:37.320> price<00:19:37.500> is<00:19:37.919> fixed<00:19:38.280> to<00:19:38.340> one<00:19:38.700> dollar 00:19:38.930 --> 00:19:38.940 align:start position:0% the Oracle price is fixed to one dollar 00:19:38.940 --> 00:19:42.409 align:start position:0% the Oracle price is fixed to one dollar so<00:19:39.539> of<00:19:40.140> course<00:19:40.260> other<00:19:40.620> assets<00:19:41.100> the<00:19:41.880> Oracle 00:19:42.409 --> 00:19:42.419 align:start position:0% so of course other assets the Oracle 00:19:42.419 --> 00:19:45.169 align:start position:0% so of course other assets the Oracle reports<00:19:42.960> the<00:19:43.140> actual<00:19:43.440> market<00:19:43.740> price<00:19:44.039> so<00:19:44.880> that 00:19:45.169 --> 00:19:45.179 align:start position:0% reports the actual market price so that 00:19:45.179 --> 00:19:47.930 align:start position:0% reports the actual market price so that the<00:19:45.660> protocol<00:19:46.559> knows<00:19:47.100> you<00:19:47.280> know<00:19:47.340> how<00:19:47.760> much 00:19:47.930 --> 00:19:47.940 align:start position:0% the protocol knows you know how much 00:19:47.940 --> 00:19:49.789 align:start position:0% the protocol knows you know how much value<00:19:48.179> is<00:19:48.480> this<00:19:48.720> asset<00:19:49.080> how<00:19:49.380> much<00:19:49.440> can<00:19:49.620> you 00:19:49.789 --> 00:19:49.799 align:start position:0% value is this asset how much can you 00:19:49.799 --> 00:19:52.130 align:start position:0% value is this asset how much can you borrow<00:19:49.980> against<00:19:50.340> it<00:19:50.700> you<00:19:51.240> know<00:19:51.299> maintaining 00:19:52.130 --> 00:19:52.140 align:start position:0% borrow against it you know maintaining 00:19:52.140 --> 00:19:54.169 align:start position:0% borrow against it you know maintaining that<00:19:52.380> over<00:19:52.500> collateralization 00:19:54.169 --> 00:19:54.179 align:start position:0% that over collateralization 00:19:54.179 --> 00:19:57.650 align:start position:0% that over collateralization in<00:19:55.020> this<00:19:55.140> case<00:19:55.260> go<00:19:55.799> is<00:19:56.100> pegged<00:19:56.520> to<00:19:56.660> oneusd 00:19:57.650 --> 00:19:57.660 align:start position:0% in this case go is pegged to oneusd 00:19:57.660 --> 00:20:00.890 align:start position:0% in this case go is pegged to oneusd despite<00:19:58.260> what<00:19:58.620> the<00:19:58.799> market<00:19:58.980> price<00:19:59.340> is<00:19:59.720> so<00:20:00.720> this 00:20:00.890 --> 00:20:00.900 align:start position:0% despite what the market price is so this 00:20:00.900 --> 00:20:03.409 align:start position:0% despite what the market price is so this helps<00:20:01.140> maintain<00:20:01.559> stability<00:20:02.179> it<00:20:03.179> creates 00:20:03.409 --> 00:20:03.419 align:start position:0% helps maintain stability it creates 00:20:03.419 --> 00:20:06.770 align:start position:0% helps maintain stability it creates Arbitrage<00:20:03.960> opportunities<00:20:04.620> say<00:20:05.419> the<00:20:06.419> price<00:20:06.539> is 00:20:06.770 --> 00:20:06.780 align:start position:0% Arbitrage opportunities say the price is 00:20:06.780 --> 00:20:09.650 align:start position:0% Arbitrage opportunities say the price is above<00:20:07.080> one<00:20:07.320> dollar<00:20:07.500> in<00:20:07.799> the<00:20:07.919> market<00:20:08.480> when<00:20:09.480> the 00:20:09.650 --> 00:20:09.660 align:start position:0% above one dollar in the market when the 00:20:09.660 --> 00:20:12.169 align:start position:0% above one dollar in the market when the protocol<00:20:09.960> thinks<00:20:10.799> it's<00:20:10.919> just<00:20:11.160> one<00:20:11.340> dollar<00:20:11.520> you 00:20:12.169 --> 00:20:12.179 align:start position:0% protocol thinks it's just one dollar you 00:20:12.179 --> 00:20:14.990 align:start position:0% protocol thinks it's just one dollar you can<00:20:12.240> mint<00:20:12.480> a<00:20:12.720> bunch<00:20:12.840> of<00:20:12.960> go<00:20:13.340> uh<00:20:14.340> you<00:20:14.700> know<00:20:14.760> that 00:20:14.990 --> 00:20:15.000 align:start position:0% can mint a bunch of go uh you know that 00:20:15.000 --> 00:20:17.630 align:start position:0% can mint a bunch of go uh you know that is<00:20:15.299> debt<00:20:15.660> at<00:20:15.900> the<00:20:16.020> cost<00:20:16.140> of<00:20:16.380> a<00:20:16.500> dollar<00:20:16.620> you<00:20:17.520> can 00:20:17.630 --> 00:20:17.640 align:start position:0% is debt at the cost of a dollar you can 00:20:17.640 --> 00:20:19.430 align:start position:0% is debt at the cost of a dollar you can sell<00:20:17.940> it<00:20:18.059> at<00:20:18.240> the<00:20:18.360> market<00:20:18.480> say<00:20:18.900> for<00:20:19.140> a<00:20:19.260> dollar 00:20:19.430 --> 00:20:19.440 align:start position:0% sell it at the market say for a dollar 00:20:19.440 --> 00:20:21.890 align:start position:0% sell it at the market say for a dollar and<00:20:19.679> five<00:20:19.919> cents<00:20:20.280> that<00:20:21.059> increases<00:20:21.539> Supply 00:20:21.890 --> 00:20:21.900 align:start position:0% and five cents that increases Supply 00:20:21.900 --> 00:20:25.010 align:start position:0% and five cents that increases Supply which<00:20:22.440> should<00:20:22.620> reduce<00:20:22.860> the<00:20:23.280> price<00:20:23.900> and<00:20:24.900> then 00:20:25.010 --> 00:20:25.020 align:start position:0% which should reduce the price and then 00:20:25.020 --> 00:20:27.409 align:start position:0% which should reduce the price and then eventually<00:20:25.380> you<00:20:25.980> can<00:20:26.100> buy<00:20:26.520> back<00:20:26.700> that<00:20:26.940> go<00:20:27.120> at 00:20:27.409 --> 00:20:27.419 align:start position:0% eventually you can buy back that go at 00:20:27.419 --> 00:20:30.770 align:start position:0% eventually you can buy back that go at one<00:20:27.660> dollar<00:20:27.840> pay<00:20:28.200> back<00:20:28.380> your<00:20:28.620> dollar<00:20:29.059> debt<00:20:30.059> and 00:20:30.770 --> 00:20:30.780 align:start position:0% one dollar pay back your dollar debt and 00:20:30.780 --> 00:20:32.450 align:start position:0% one dollar pay back your dollar debt and you<00:20:30.960> know<00:20:31.080> five<00:20:31.260> cents<00:20:31.620> on<00:20:31.740> the<00:20:31.860> dollar<00:20:32.039> is 00:20:32.450 --> 00:20:32.460 align:start position:0% you know five cents on the dollar is 00:20:32.460 --> 00:20:35.150 align:start position:0% you know five cents on the dollar is arbitrage<00:20:33.059> stability<00:20:33.960> mechanism<00:20:34.500> and 00:20:35.150 --> 00:20:35.160 align:start position:0% arbitrage stability mechanism and 00:20:35.160 --> 00:20:37.310 align:start position:0% arbitrage stability mechanism and difference<00:20:35.460> in<00:20:35.940> how<00:20:36.120> this<00:20:36.240> asset<00:20:36.539> works<00:20:36.900> is<00:20:37.020> in 00:20:37.310 --> 00:20:37.320 align:start position:0% difference in how this asset works is in 00:20:37.320 --> 00:20:38.810 align:start position:0% difference in how this asset works is in its<00:20:37.559> interest<00:20:37.620> rates 00:20:38.810 --> 00:20:38.820 align:start position:0% its interest rates 00:20:38.820 --> 00:20:41.990 align:start position:0% its interest rates uh<00:20:39.539> normal<00:20:39.840> assets<00:20:40.380> uh<00:20:41.340> the<00:20:41.520> interest<00:20:41.640> rates 00:20:41.990 --> 00:20:42.000 align:start position:0% uh normal assets uh the interest rates 00:20:42.000 --> 00:20:44.029 align:start position:0% uh normal assets uh the interest rates are<00:20:42.179> based<00:20:42.539> on<00:20:42.720> the<00:20:42.960> utilization<00:20:43.500> of<00:20:43.740> a<00:20:43.860> pool 00:20:44.029 --> 00:20:44.039 align:start position:0% are based on the utilization of a pool 00:20:44.039 --> 00:20:47.210 align:start position:0% are based on the utilization of a pool so<00:20:44.940> you<00:20:45.240> know<00:20:45.299> if<00:20:45.539> you<00:20:45.720> have<00:20:45.900> a<00:20:46.140> hundred<00:20:46.500> uh 00:20:47.210 --> 00:20:47.220 align:start position:0% so you know if you have a hundred uh 00:20:47.220 --> 00:20:50.810 align:start position:0% so you know if you have a hundred uh tokens<00:20:47.580> supplied<00:20:48.140> and<00:20:49.140> 10<00:20:49.980> of<00:20:50.160> them<00:20:50.340> borrowed 00:20:50.810 --> 00:20:50.820 align:start position:0% tokens supplied and 10 of them borrowed 00:20:50.820 --> 00:20:52.669 align:start position:0% tokens supplied and 10 of them borrowed the<00:20:51.240> interest<00:20:51.360> rate<00:20:51.660> will<00:20:51.840> be<00:20:52.020> relatively<00:20:52.500> low 00:20:52.669 --> 00:20:52.679 align:start position:0% the interest rate will be relatively low 00:20:52.679 --> 00:20:54.950 align:start position:0% the interest rate will be relatively low if<00:20:53.160> you<00:20:53.280> have<00:20:53.400> a<00:20:53.580> hundred<00:20:53.880> tokens<00:20:54.539> supplied 00:20:54.950 --> 00:20:54.960 align:start position:0% if you have a hundred tokens supplied 00:20:54.960 --> 00:20:57.289 align:start position:0% if you have a hundred tokens supplied and<00:20:55.260> 90<00:20:55.559> assets<00:20:56.160> borrowed<00:20:56.640> the<00:20:56.880> interest<00:20:57.000> rate 00:20:57.289 --> 00:20:57.299 align:start position:0% and 90 assets borrowed the interest rate 00:20:57.299 --> 00:21:00.110 align:start position:0% and 90 assets borrowed the interest rate will<00:20:57.480> be<00:20:57.660> quite<00:20:57.840> high<00:20:58.580> in<00:20:59.580> this<00:20:59.700> case<00:20:59.820> there 00:21:00.110 --> 00:21:00.120 align:start position:0% will be quite high in this case there 00:21:00.120 --> 00:21:03.230 align:start position:0% will be quite high in this case there are<00:21:00.240> no<00:21:00.360> suppliers<00:21:01.340> so<00:21:02.340> interest<00:21:02.640> rates<00:21:03.059> work 00:21:03.230 --> 00:21:03.240 align:start position:0% are no suppliers so interest rates work 00:21:03.240 --> 00:21:05.930 align:start position:0% are no suppliers so interest rates work differently<00:21:03.860> to<00:21:04.860> start<00:21:05.039> interest<00:21:05.340> rates<00:21:05.760> will 00:21:05.930 --> 00:21:05.940 align:start position:0% differently to start interest rates will 00:21:05.940 --> 00:21:08.690 align:start position:0% differently to start interest rates will be<00:21:06.059> set<00:21:06.240> by<00:21:06.600> governance<00:21:07.220> and<00:21:08.220> again<00:21:08.400> this 00:21:08.690 --> 00:21:08.700 align:start position:0% be set by governance and again this 00:21:08.700 --> 00:21:11.409 align:start position:0% be set by governance and again this serves<00:21:09.059> as<00:21:09.240> a<00:21:09.480> stability<00:21:09.840> mechanism 00:21:11.409 --> 00:21:11.419 align:start position:0% serves as a stability mechanism 00:21:11.419 --> 00:21:14.150 align:start position:0% serves as a stability mechanism you<00:21:12.419> can<00:21:12.539> increase<00:21:12.840> Supply<00:21:13.260> by<00:21:13.740> reducing 00:21:14.150 --> 00:21:14.160 align:start position:0% you can increase Supply by reducing 00:21:14.160 --> 00:21:16.789 align:start position:0% you can increase Supply by reducing interest<00:21:14.340> rates<00:21:14.900> and<00:21:15.900> the<00:21:16.020> inverse<00:21:16.500> holds 00:21:16.789 --> 00:21:16.799 align:start position:0% interest rates and the inverse holds 00:21:16.799 --> 00:21:18.590 align:start position:0% interest rates and the inverse holds true<00:21:16.919> as<00:21:17.160> well<00:21:17.340> another<00:21:18.000> difference<00:21:18.240> to 00:21:18.590 --> 00:21:18.600 align:start position:0% true as well another difference to 00:21:18.600 --> 00:21:20.990 align:start position:0% true as well another difference to highlight<00:21:18.900> is<00:21:19.320> that<00:21:19.679> interest<00:21:20.280> that<00:21:20.580> accrues 00:21:20.990 --> 00:21:21.000 align:start position:0% highlight is that interest that accrues 00:21:21.000 --> 00:21:24.950 align:start position:0% highlight is that interest that accrues on<00:21:21.179> positions<00:21:21.660> will<00:21:22.380> be<00:21:22.679> repaid<00:21:23.539> to<00:21:24.539> the<00:21:24.780> Ave 00:21:24.950 --> 00:21:24.960 align:start position:0% on positions will be repaid to the Ave 00:21:24.960 --> 00:21:29.230 align:start position:0% on positions will be repaid to the Ave governance<00:21:25.620> so<00:21:25.980> rather<00:21:26.280> than<00:21:26.460> having<00:21:26.700> to<00:21:27.179> pay 00:21:29.230 --> 00:21:29.240 align:start position:0% governance so rather than having to pay 00:21:29.240 --> 00:21:32.590 align:start position:0% governance so rather than having to pay suppliers<00:21:30.500> because<00:21:31.500> there<00:21:31.799> are<00:21:31.919> no<00:21:32.100> suppliers 00:21:32.590 --> 00:21:32.600 align:start position:0% suppliers because there are no suppliers 00:21:32.600 --> 00:21:35.510 align:start position:0% suppliers because there are no suppliers that<00:21:33.600> interest<00:21:33.720> can<00:21:34.080> be<00:21:34.200> redirected<00:21:34.919> some 00:21:35.510 --> 00:21:35.520 align:start position:0% that interest can be redirected some 00:21:35.520 --> 00:21:37.430 align:start position:0% that interest can be redirected some other<00:21:35.700> differentiating<00:21:36.299> factors<00:21:36.780> for<00:21:37.140> this 00:21:37.430 --> 00:21:37.440 align:start position:0% other differentiating factors for this 00:21:37.440 --> 00:21:40.250 align:start position:0% other differentiating factors for this token<00:21:38.059> uh<00:21:39.059> is<00:21:39.299> that<00:21:39.480> discounts<00:21:39.960> are<00:21:40.080> available 00:21:40.250 --> 00:21:40.260 align:start position:0% token uh is that discounts are available 00:21:40.260 --> 00:21:43.070 align:start position:0% token uh is that discounts are available to<00:21:40.980> users<00:21:41.400> who<00:21:41.700> stake<00:21:42.120> Ave<00:21:42.299> in<00:21:42.659> the<00:21:42.780> safety 00:21:43.070 --> 00:21:43.080 align:start position:0% to users who stake Ave in the safety 00:21:43.080 --> 00:21:45.830 align:start position:0% to users who stake Ave in the safety module<00:21:43.440> so<00:21:44.220> you<00:21:44.760> know<00:21:44.820> if<00:21:45.059> governance<00:21:45.419> has<00:21:45.600> set 00:21:45.830 --> 00:21:45.840 align:start position:0% module so you know if governance has set 00:21:45.840 --> 00:21:48.289 align:start position:0% module so you know if governance has set the<00:21:46.020> interest<00:21:46.200> rate<00:21:46.500> to<00:21:46.919> three<00:21:47.220> percent<00:21:47.460> by 00:21:48.289 --> 00:21:48.299 align:start position:0% the interest rate to three percent by 00:21:48.299 --> 00:21:50.870 align:start position:0% the interest rate to three percent by staking<00:21:48.659> Ave<00:21:49.020> you<00:21:49.620> can<00:21:49.740> get<00:21:49.919> some<00:21:50.220> discount<00:21:50.460> on 00:21:50.870 --> 00:21:50.880 align:start position:0% staking Ave you can get some discount on 00:21:50.880 --> 00:21:52.250 align:start position:0% staking Ave you can get some discount on that<00:21:51.059> interest 00:21:52.250 --> 00:21:52.260 align:start position:0% that interest 00:21:52.260 --> 00:21:53.990 align:start position:0% that interest there's<00:21:52.980> also<00:21:53.159> a<00:21:53.340> multi-collateral 00:21:53.990 --> 00:21:54.000 align:start position:0% there's also a multi-collateral 00:21:54.000 --> 00:21:56.850 align:start position:0% there's also a multi-collateral positions<00:21:54.539> so<00:21:54.900> you<00:21:55.080> have<00:21:55.200> the<00:21:55.380> flexibility<00:21:55.919> to 00:21:56.850 --> 00:21:56.860 align:start position:0% positions so you have the flexibility to 00:21:56.860 --> 00:21:57.590 align:start position:0% positions so you have the flexibility to [Music] 00:21:57.590 --> 00:21:57.600 align:start position:0% [Music] 00:21:57.600 --> 00:21:58.370 align:start position:0% [Music] um 00:21:58.370 --> 00:21:58.380 align:start position:0% um 00:21:58.380 --> 00:22:00.350 align:start position:0% um use<00:21:58.980> different<00:21:59.280> assets<00:21:59.700> as<00:21:59.940> collateral 00:22:00.350 --> 00:22:00.360 align:start position:0% use different assets as collateral 00:22:00.360 --> 00:22:02.750 align:start position:0% use different assets as collateral within<00:22:00.840> the<00:22:01.020> same<00:22:01.140> position<00:22:01.640> this<00:22:02.640> is 00:22:02.750 --> 00:22:02.760 align:start position:0% within the same position this is 00:22:02.760 --> 00:22:05.029 align:start position:0% within the same position this is different<00:22:03.000> than<00:22:03.360> dive<00:22:03.720> where<00:22:04.620> you<00:22:04.740> have<00:22:04.860> a 00:22:05.029 --> 00:22:05.039 align:start position:0% different than dive where you have a 00:22:05.039 --> 00:22:07.070 align:start position:0% different than dive where you have a single<00:22:05.280> Vault<00:22:05.580> you<00:22:06.179> have<00:22:06.360> one<00:22:06.600> collateral 00:22:07.070 --> 00:22:07.080 align:start position:0% single Vault you have one collateral 00:22:07.080 --> 00:22:09.830 align:start position:0% single Vault you have one collateral type<00:22:07.760> so<00:22:08.760> this<00:22:09.000> introduces<00:22:09.419> a<00:22:09.659> little<00:22:09.720> bit 00:22:09.830 --> 00:22:09.840 align:start position:0% type so this introduces a little bit 00:22:09.840 --> 00:22:11.810 align:start position:0% type so this introduces a little bit more<00:22:10.020> flexibility<00:22:10.559> for<00:22:10.860> some<00:22:11.100> use<00:22:11.280> cases<00:22:11.580> that 00:22:11.810 --> 00:22:11.820 align:start position:0% more flexibility for some use cases that 00:22:11.820 --> 00:22:13.549 align:start position:0% more flexibility for some use cases that might<00:22:12.000> make<00:22:12.179> sense<00:22:12.419> where<00:22:12.840> you<00:22:13.200> know<00:22:13.260> if<00:22:13.440> you 00:22:13.549 --> 00:22:13.559 align:start position:0% might make sense where you know if you 00:22:13.559 --> 00:22:15.770 align:start position:0% might make sense where you know if you need<00:22:13.679> to<00:22:13.860> re-up<00:22:14.280> your<00:22:14.880> collateral<00:22:15.299> you<00:22:15.659> don't 00:22:15.770 --> 00:22:15.780 align:start position:0% need to re-up your collateral you don't 00:22:15.780 --> 00:22:17.950 align:start position:0% need to re-up your collateral you don't necessarily<00:22:16.200> need<00:22:16.500> to<00:22:16.679> swap<00:22:16.919> between<00:22:17.159> assets 00:22:17.950 --> 00:22:17.960 align:start position:0% necessarily need to swap between assets 00:22:17.960 --> 00:22:20.630 align:start position:0% necessarily need to swap between assets to<00:22:18.960> fund<00:22:19.260> that<00:22:19.380> position 00:22:20.630 --> 00:22:20.640 align:start position:0% to fund that position 00:22:20.640 --> 00:22:22.549 align:start position:0% to fund that position and<00:22:21.120> then<00:22:21.240> thirdly<00:22:21.539> you<00:22:21.840> can<00:22:21.960> earn<00:22:22.380> interest 00:22:22.549 --> 00:22:22.559 align:start position:0% and then thirdly you can earn interest 00:22:22.559 --> 00:22:25.190 align:start position:0% and then thirdly you can earn interest on<00:22:23.039> these<00:22:23.220> positions<00:22:23.700> so<00:22:24.059> by<00:22:24.600> supplying<00:22:25.080> your 00:22:25.190 --> 00:22:25.200 align:start position:0% on these positions so by supplying your 00:22:25.200 --> 00:22:28.490 align:start position:0% on these positions so by supplying your collateral<00:22:25.679> to<00:22:26.100> the<00:22:26.520> Ave<00:22:26.640> protocol 00:22:28.490 --> 00:22:28.500 align:start position:0% collateral to the Ave protocol 00:22:28.500 --> 00:22:31.010 align:start position:0% collateral to the Ave protocol um other<00:22:29.280> users<00:22:29.640> will<00:22:29.820> be<00:22:30.000> borrowing<00:22:30.419> it<00:22:30.600> and 00:22:31.010 --> 00:22:31.020 align:start position:0% um other users will be borrowing it and 00:22:31.020 --> 00:22:32.390 align:start position:0% um other users will be borrowing it and you'll<00:22:31.140> earn<00:22:31.440> interest<00:22:31.620> on<00:22:31.919> that<00:22:32.100> which 00:22:32.390 --> 00:22:32.400 align:start position:0% you'll earn interest on that which 00:22:32.400 --> 00:22:34.430 align:start position:0% you'll earn interest on that which effectively<00:22:32.940> reduces<00:22:33.539> the<00:22:33.900> interest<00:22:34.020> that 00:22:34.430 --> 00:22:34.440 align:start position:0% effectively reduces the interest that 00:22:34.440 --> 00:22:36.529 align:start position:0% effectively reduces the interest that you're<00:22:34.620> paying<00:22:34.980> uh<00:22:35.760> on<00:22:36.000> your<00:22:36.120> borrowed 00:22:36.529 --> 00:22:36.539 align:start position:0% you're paying uh on your borrowed 00:22:36.539 --> 00:22:38.149 align:start position:0% you're paying uh on your borrowed positions 00:22:38.149 --> 00:22:38.159 align:start position:0% positions 00:22:38.159 --> 00:22:40.190 align:start position:0% positions we<00:22:38.640> highlighted<00:22:39.059> in<00:22:39.240> a<00:22:39.539> lot<00:22:39.659> of<00:22:39.720> the<00:22:39.840> earlier 00:22:40.190 --> 00:22:40.200 align:start position:0% we highlighted in a lot of the earlier 00:22:40.200 --> 00:22:42.710 align:start position:0% we highlighted in a lot of the earlier part<00:22:40.500> of<00:22:40.799> this<00:22:41.039> talk<00:22:41.340> was<00:22:41.640> around<00:22:41.880> risks<00:22:42.539> right 00:22:42.710 --> 00:22:42.720 align:start position:0% part of this talk was around risks right 00:22:42.720 --> 00:22:44.630 align:start position:0% part of this talk was around risks right so<00:22:42.900> let's<00:22:43.080> talk<00:22:43.380> through<00:22:43.620> what<00:22:43.980> are<00:22:44.159> the<00:22:44.280> risks 00:22:44.630 --> 00:22:44.640 align:start position:0% so let's talk through what are the risks 00:22:44.640 --> 00:22:47.510 align:start position:0% so let's talk through what are the risks here<00:22:44.880> and<00:22:45.840> how<00:22:46.080> are<00:22:46.260> they<00:22:46.440> mitigated<00:22:46.860> in<00:22:47.400> the 00:22:47.510 --> 00:22:47.520 align:start position:0% here and how are they mitigated in the 00:22:47.520 --> 00:22:51.409 align:start position:0% here and how are they mitigated in the Ave<00:22:47.760> market<00:22:48.179> so<00:22:49.020> collateral<00:22:49.500> Asset<00:22:49.980> Risk 00:22:51.409 --> 00:22:51.419 align:start position:0% Ave market so collateral Asset Risk 00:22:51.419 --> 00:22:52.130 align:start position:0% Ave market so collateral Asset Risk um 00:22:52.130 --> 00:22:52.140 align:start position:0% um 00:22:52.140 --> 00:22:54.289 align:start position:0% um the<00:22:52.740> Ave<00:22:52.919> protocol<00:22:53.460> has<00:22:53.760> a<00:22:53.940> pretty<00:22:54.059> strong 00:22:54.289 --> 00:22:54.299 align:start position:0% the Ave protocol has a pretty strong 00:22:54.299 --> 00:22:56.270 align:start position:0% the Ave protocol has a pretty strong history<00:22:54.600> of<00:22:55.080> being<00:22:55.320> relatively<00:22:55.799> conservative 00:22:56.270 --> 00:22:56.280 align:start position:0% history of being relatively conservative 00:22:56.280 --> 00:22:58.490 align:start position:0% history of being relatively conservative and<00:22:57.000> effective<00:22:57.419> in<00:22:57.600> managing<00:22:58.020> the<00:22:58.260> assets 00:22:58.490 --> 00:22:58.500 align:start position:0% and effective in managing the assets 00:22:58.500 --> 00:23:01.370 align:start position:0% and effective in managing the assets that<00:22:58.799> are<00:22:58.980> used<00:22:59.159> for<00:22:59.640> collateral<00:23:00.480> and<00:23:01.140> you 00:23:01.370 --> 00:23:01.380 align:start position:0% that are used for collateral and you 00:23:01.380 --> 00:23:02.810 align:start position:0% that are used for collateral and you know<00:23:01.440> setting<00:23:01.860> the<00:23:01.980> configurations<00:23:02.460> around 00:23:02.810 --> 00:23:02.820 align:start position:0% know setting the configurations around 00:23:02.820 --> 00:23:05.690 align:start position:0% know setting the configurations around those<00:23:03.179> so<00:23:03.539> making<00:23:04.080> sure<00:23:04.260> you<00:23:04.440> have<00:23:04.620> safe<00:23:04.980> uh 00:23:05.690 --> 00:23:05.700 align:start position:0% those so making sure you have safe uh 00:23:05.700 --> 00:23:08.149 align:start position:0% those so making sure you have safe uh over<00:23:05.940> collateralization<00:23:06.720> ratios 00:23:08.149 --> 00:23:08.159 align:start position:0% over collateralization ratios 00:23:08.159 --> 00:23:12.610 align:start position:0% over collateralization ratios Etc<00:23:08.720> similar<00:23:09.720> goes<00:23:10.020> to<00:23:10.080> the<00:23:10.260> flash<00:23:10.679> crash<00:23:11.159> risk 00:23:12.610 --> 00:23:12.620 align:start position:0% Etc similar goes to the flash crash risk 00:23:12.620 --> 00:23:16.370 align:start position:0% Etc similar goes to the flash crash risk this<00:23:13.620> risk<00:23:13.980> exists<00:23:14.659> but<00:23:15.659> we've<00:23:15.960> seen<00:23:16.080> that<00:23:16.260> the 00:23:16.370 --> 00:23:16.380 align:start position:0% this risk exists but we've seen that the 00:23:16.380 --> 00:23:18.730 align:start position:0% this risk exists but we've seen that the Ave<00:23:16.500> protocol<00:23:17.039> is 00:23:18.730 --> 00:23:18.740 align:start position:0% Ave protocol is 00:23:18.740 --> 00:23:21.490 align:start position:0% Ave protocol is a<00:23:19.740> relatively<00:23:20.159> resilient<00:23:20.640> Market 00:23:21.490 --> 00:23:21.500 align:start position:0% a relatively resilient Market 00:23:21.500 --> 00:23:24.289 align:start position:0% a relatively resilient Market that<00:23:22.500> has<00:23:22.740> gone<00:23:22.980> through<00:23:23.220> pretty<00:23:23.640> turbulent 00:23:24.289 --> 00:23:24.299 align:start position:0% that has gone through pretty turbulent 00:23:24.299 --> 00:23:26.690 align:start position:0% that has gone through pretty turbulent uh<00:23:24.960> times<00:23:25.320> already 00:23:26.690 --> 00:23:26.700 align:start position:0% uh times already 00:23:26.700 --> 00:23:28.669 align:start position:0% uh times already again<00:23:27.120> protocol<00:23:27.600> configurations<00:23:28.260> pretty 00:23:28.669 --> 00:23:28.679 align:start position:0% again protocol configurations pretty 00:23:28.679 --> 00:23:30.590 align:start position:0% again protocol configurations pretty similar<00:23:28.980> to<00:23:29.100> Collateral<00:23:29.580> Asset<00:23:29.940> Risk<00:23:30.360> where 00:23:30.590 --> 00:23:30.600 align:start position:0% similar to Collateral Asset Risk where 00:23:30.600 --> 00:23:32.510 align:start position:0% similar to Collateral Asset Risk where you<00:23:31.260> know<00:23:31.380> we<00:23:31.500> work<00:23:31.620> with<00:23:31.799> the<00:23:31.919> Dow<00:23:32.100> the<00:23:32.340> Dow 00:23:32.510 --> 00:23:32.520 align:start position:0% you know we work with the Dow the Dow 00:23:32.520 --> 00:23:34.190 align:start position:0% you know we work with the Dow the Dow works<00:23:32.820> with<00:23:32.880> gauntlet 00:23:34.190 --> 00:23:34.200 align:start position:0% works with gauntlet 00:23:34.200 --> 00:23:37.490 align:start position:0% works with gauntlet um and<00:23:34.440> it<00:23:34.620> was<00:23:34.799> relatively<00:23:35.340> conservative 00:23:37.490 --> 00:23:37.500 align:start position:0% um and it was relatively conservative 00:23:37.500 --> 00:23:38.210 align:start position:0% um and it was relatively conservative um 00:23:38.210 --> 00:23:38.220 align:start position:0% um 00:23:38.220 --> 00:23:40.070 align:start position:0% um there's<00:23:38.640> the<00:23:38.820> smart<00:23:39.000> contract<00:23:39.419> risks<00:23:39.900> and 00:23:40.070 --> 00:23:40.080 align:start position:0% there's the smart contract risks and 00:23:40.080 --> 00:23:41.690 align:start position:0% there's the smart contract risks and stability<00:23:40.380> mechanisms<00:23:41.039> I<00:23:41.220> think<00:23:41.460> we've 00:23:41.690 --> 00:23:41.700 align:start position:0% stability mechanisms I think we've 00:23:41.700 --> 00:23:43.430 align:start position:0% stability mechanisms I think we've covered<00:23:42.000> those<00:23:42.240> enough 00:23:43.430 --> 00:23:43.440 align:start position:0% covered those enough 00:23:43.440 --> 00:23:49.250 align:start position:0% covered those enough so<00:23:44.100> when<00:23:44.280> go<00:23:44.659> uh<00:23:46.080> soon<00:23:46.500> TM<00:23:47.419> there's<00:23:48.419> a<00:23:48.720> few 00:23:49.250 --> 00:23:49.260 align:start position:0% so when go uh soon TM there's a few 00:23:49.260 --> 00:23:50.930 align:start position:0% so when go uh soon TM there's a few dependencies<00:23:49.919> in<00:23:50.159> governance<00:23:50.580> right<00:23:50.820> now 00:23:50.930 --> 00:23:50.940 align:start position:0% dependencies in governance right now 00:23:50.940 --> 00:23:53.049 align:start position:0% dependencies in governance right now including<00:23:51.419> deploying<00:23:51.960> the<00:23:52.200> V3<00:23:52.559> Market 00:23:53.049 --> 00:23:53.059 align:start position:0% including deploying the V3 Market 00:23:53.059 --> 00:23:56.570 align:start position:0% including deploying the V3 Market whether<00:23:54.059> we'll<00:23:54.299> be<00:23:54.480> upgrading<00:23:55.200> the<00:23:55.679> V2<00:23:56.039> Market 00:23:56.570 --> 00:23:56.580 align:start position:0% whether we'll be upgrading the V2 Market 00:23:56.580 --> 00:23:59.390 align:start position:0% whether we'll be upgrading the V2 Market in<00:23:57.000> place<00:23:57.179> or<00:23:58.080> deploying<00:23:58.559> a<00:23:58.740> new<00:23:58.860> market<00:23:59.039> for 00:23:59.390 --> 00:23:59.400 align:start position:0% in place or deploying a new market for 00:23:59.400 --> 00:24:02.149 align:start position:0% in place or deploying a new market for V3<00:23:59.960> so<00:24:00.960> there's<00:24:01.080> some<00:24:01.320> dependencies<00:24:01.860> around 00:24:02.149 --> 00:24:02.159 align:start position:0% V3 so there's some dependencies around 00:24:02.159 --> 00:24:03.130 align:start position:0% V3 so there's some dependencies around that 00:24:03.130 --> 00:24:03.140 align:start position:0% that 00:24:03.140 --> 00:24:06.409 align:start position:0% that which<00:24:04.140> will<00:24:04.740> uh 00:24:06.409 --> 00:24:06.419 align:start position:0% which will uh 00:24:06.419 --> 00:24:08.029 align:start position:0% which will uh as<00:24:06.960> soon<00:24:07.080> as<00:24:07.140> those<00:24:07.320> are<00:24:07.500> done<00:24:07.620> we'll<00:24:07.860> move 00:24:08.029 --> 00:24:08.039 align:start position:0% as soon as those are done we'll move 00:24:08.039 --> 00:24:10.310 align:start position:0% as soon as those are done we'll move we'll<00:24:08.220> look<00:24:08.520> to<00:24:08.700> move<00:24:08.820> forward<00:24:09.000> with<00:24:09.299> go 00:24:10.310 --> 00:24:10.320 align:start position:0% we'll look to move forward with go 00:24:10.320 --> 00:24:11.870 align:start position:0% we'll look to move forward with go and<00:24:10.679> goes<00:24:10.980> future 00:24:11.870 --> 00:24:11.880 align:start position:0% and goes future 00:24:11.880 --> 00:24:14.930 align:start position:0% and goes future um<00:24:11.940> you<00:24:12.120> know<00:24:12.240> we're<00:24:12.539> hopeful<00:24:12.900> that<00:24:13.320> uh<00:24:14.280> we<00:24:14.760> can 00:24:14.930 --> 00:24:14.940 align:start position:0% um you know we're hopeful that uh we can 00:24:14.940 --> 00:24:17.630 align:start position:0% um you know we're hopeful that uh we can move<00:24:15.299> go<00:24:15.539> to<00:24:15.780> l2s<00:24:16.500> I<00:24:17.159> think<00:24:17.220> we<00:24:17.340> think<00:24:17.520> there's 00:24:17.630 --> 00:24:17.640 align:start position:0% move go to l2s I think we think there's 00:24:17.640 --> 00:24:19.190 align:start position:0% move go to l2s I think we think there's a<00:24:17.760> really<00:24:17.880> large<00:24:18.120> opportunity<00:24:18.659> there<00:24:18.960> with 00:24:19.190 --> 00:24:19.200 align:start position:0% a really large opportunity there with 00:24:19.200 --> 00:24:20.930 align:start position:0% a really large opportunity there with lower<00:24:19.440> fees 00:24:20.930 --> 00:24:20.940 align:start position:0% lower fees 00:24:20.940 --> 00:24:23.210 align:start position:0% lower fees um to<00:24:21.780> you<00:24:22.020> know<00:24:22.140> have<00:24:22.320> this<00:24:22.500> as<00:24:22.740> a<00:24:22.919> token 00:24:23.210 --> 00:24:23.220 align:start position:0% um to you know have this as a token 00:24:23.220 --> 00:24:25.850 align:start position:0% um to you know have this as a token that's<00:24:23.460> used<00:24:23.700> widely<00:24:24.299> both<00:24:24.659> by<00:24:25.200> crypto<00:24:25.559> native 00:24:25.850 --> 00:24:25.860 align:start position:0% that's used widely both by crypto native 00:24:25.860 --> 00:24:27.770 align:start position:0% that's used widely both by crypto native users<00:24:26.220> and 00:24:27.770 --> 00:24:27.780 align:start position:0% users and 00:24:27.780 --> 00:24:29.270 align:start position:0% users and um<00:24:27.840> you<00:24:28.140> know<00:24:28.200> more<00:24:28.620> of<00:24:28.980> the<00:24:29.159> general 00:24:29.270 --> 00:24:29.280 align:start position:0% um you know more of the general 00:24:29.280 --> 00:24:30.430 align:start position:0% um you know more of the general population 00:24:30.430 --> 00:24:30.440 align:start position:0% population 00:24:30.440 --> 00:24:32.750 align:start position:0% population another<00:24:31.440> interesting<00:24:32.039> functionality<00:24:32.520> is 00:24:32.750 --> 00:24:32.760 align:start position:0% another interesting functionality is 00:24:32.760 --> 00:24:35.630 align:start position:0% another interesting functionality is that<00:24:32.940> we<00:24:33.059> have<00:24:33.179> facilitators<00:24:33.960> so 00:24:35.630 --> 00:24:35.640 align:start position:0% that we have facilitators so 00:24:35.640 --> 00:24:39.490 align:start position:0% that we have facilitators so um<00:24:35.700> go<00:24:36.179> Ave<00:24:36.659> is<00:24:37.080> the<00:24:37.500> first<00:24:37.679> facilitator<00:24:38.400> of<00:24:38.820> go 00:24:39.490 --> 00:24:39.500 align:start position:0% um go Ave is the first facilitator of go 00:24:39.500 --> 00:24:43.010 align:start position:0% um go Ave is the first facilitator of go which<00:24:40.500> means<00:24:40.799> that<00:24:41.159> they<00:24:41.820> have<00:24:42.000> permission<00:24:42.419> to 00:24:43.010 --> 00:24:43.020 align:start position:0% which means that they have permission to 00:24:43.020 --> 00:24:44.330 align:start position:0% which means that they have permission to Mint 00:24:44.330 --> 00:24:44.340 align:start position:0% Mint 00:24:44.340 --> 00:24:45.770 align:start position:0% Mint um<00:24:44.400> more<00:24:44.880> go 00:24:45.770 --> 00:24:45.780 align:start position:0% um more go 00:24:45.780 --> 00:24:47.330 align:start position:0% um more go and 00:24:47.330 --> 00:24:47.340 align:start position:0% and 00:24:47.340 --> 00:24:50.029 align:start position:0% and in<00:24:47.760> the<00:24:48.000> future<00:24:48.120> Ave<00:24:48.900> government<00:24:49.620> I'm<00:24:49.919> getting 00:24:50.029 --> 00:24:50.039 align:start position:0% in the future Ave government I'm getting 00:24:50.039 --> 00:24:52.250 align:start position:0% in the future Ave government I'm getting the<00:24:50.220> times<00:24:50.460> up<00:24:50.640> folks<00:24:51.000> to<00:24:51.120> talk<00:24:51.299> fast<00:24:51.480> uh<00:24:52.080> Ave 00:24:52.250 --> 00:24:52.260 align:start position:0% the times up folks to talk fast uh Ave 00:24:52.260 --> 00:24:53.690 align:start position:0% the times up folks to talk fast uh Ave governance<00:24:52.740> can<00:24:52.919> add<00:24:53.159> additional 00:24:53.690 --> 00:24:53.700 align:start position:0% governance can add additional 00:24:53.700 --> 00:24:56.390 align:start position:0% governance can add additional facilitators<00:24:54.360> which<00:24:54.720> will<00:24:54.960> have<00:24:55.320> the<00:24:55.860> ability 00:24:56.390 --> 00:24:56.400 align:start position:0% facilitators which will have the ability 00:24:56.400 --> 00:25:00.529 align:start position:0% facilitators which will have the ability to<00:24:57.059> uh<00:24:57.900> mint<00:24:58.260> go<00:24:58.500> uh 00:25:00.529 --> 00:25:00.539 align:start position:0% to uh mint go uh 00:25:00.539 --> 00:25:02.210 align:start position:0% to uh mint go uh if<00:25:00.900> they<00:25:01.080> are<00:25:01.200> approved<00:25:01.559> so<00:25:01.740> obviously 00:25:02.210 --> 00:25:02.220 align:start position:0% if they are approved so obviously 00:25:02.220 --> 00:25:03.770 align:start position:0% if they are approved so obviously there's<00:25:02.400> a<00:25:02.580> lot<00:25:02.700> that<00:25:02.820> goes<00:25:03.059> into<00:25:03.179> that<00:25:03.419> a<00:25:03.659> lot 00:25:03.770 --> 00:25:03.780 align:start position:0% there's a lot that goes into that a lot 00:25:03.780 --> 00:25:05.090 align:start position:0% there's a lot that goes into that a lot of<00:25:03.900> reviewing<00:25:04.320> I<00:25:04.500> think<00:25:04.679> that<00:25:04.860> will<00:25:04.980> probably 00:25:05.090 --> 00:25:05.100 align:start position:0% of reviewing I think that will probably 00:25:05.100 --> 00:25:07.850 align:start position:0% of reviewing I think that will probably be<00:25:05.340> more<00:25:05.520> long-term<00:25:06.179> but<00:25:07.140> something<00:25:07.380> cool<00:25:07.620> to 00:25:07.850 --> 00:25:07.860 align:start position:0% be more long-term but something cool to 00:25:07.860 --> 00:25:09.049 align:start position:0% be more long-term but something cool to look<00:25:07.980> forward<00:25:08.159> to 00:25:09.049 --> 00:25:09.059 align:start position:0% look forward to 00:25:09.059 --> 00:25:12.260 align:start position:0% look forward to that's<00:25:09.600> it<00:25:09.780> thank<00:25:10.020> you<00:25:10.140> guys