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 --> 00:00:16.970 align:start position:0% [Music] 00:00:16.970 --> 00:00:16.980 align:start position:0% 00:00:16.980 --> 00:00:19.090 align:start position:0% folks 00:00:19.090 --> 00:00:19.100 align:start position:0% folks 00:00:19.100 --> 00:00:23.689 align:start position:0% folks my<00:00:20.100> name<00:00:20.160> is<00:00:20.600> I<00:00:21.600> work<00:00:21.779> in<00:00:22.080> Lido 00:00:23.689 --> 00:00:23.699 align:start position:0% my name is I work in Lido 00:00:23.699 --> 00:00:26.810 align:start position:0% my name is I work in Lido and<00:00:24.480> what<00:00:24.960> I<00:00:25.140> want<00:00:25.260> to<00:00:25.439> talk<00:00:25.619> about<00:00:25.740> today<00:00:26.160> is 00:00:26.810 --> 00:00:26.820 align:start position:0% and what I want to talk about today is 00:00:26.820 --> 00:00:28.730 align:start position:0% and what I want to talk about today is what<00:00:27.180> I<00:00:27.359> think<00:00:27.480> will<00:00:27.840> be<00:00:28.019> the<00:00:28.260> future<00:00:28.500> of 00:00:28.730 --> 00:00:28.740 align:start position:0% what I think will be the future of 00:00:28.740 --> 00:00:30.170 align:start position:0% what I think will be the future of liquids<00:00:29.099> taking 00:00:30.170 --> 00:00:30.180 align:start position:0% liquids taking 00:00:30.180 --> 00:00:32.210 align:start position:0% liquids taking I<00:00:30.900> really<00:00:31.080> love<00:00:31.320> the<00:00:31.500> crowd<00:00:31.800> by<00:00:31.980> the<00:00:32.099> way 00:00:32.210 --> 00:00:32.220 align:start position:0% I really love the crowd by the way 00:00:32.220 --> 00:00:34.610 align:start position:0% I really love the crowd by the way there's<00:00:32.460> so<00:00:32.700> many<00:00:32.820> of<00:00:33.000> you 00:00:34.610 --> 00:00:34.620 align:start position:0% there's so many of you 00:00:34.620 --> 00:00:39.049 align:start position:0% there's so many of you a<00:00:35.219> bit<00:00:35.460> about<00:00:35.880> uh<00:00:36.540> last<00:00:36.780> us<00:00:37.500> and<00:00:37.980> about<00:00:38.160> me<00:00:38.460> why 00:00:39.049 --> 00:00:39.059 align:start position:0% a bit about uh last us and about me why 00:00:39.059 --> 00:00:41.630 align:start position:0% a bit about uh last us and about me why I'm<00:00:39.239> talking<00:00:39.420> about<00:00:39.600> this<00:00:39.899> I'm<00:00:40.440> a<00:00:41.160> depleted 00:00:41.630 --> 00:00:41.640 align:start position:0% I'm talking about this I'm a depleted 00:00:41.640 --> 00:00:43.790 align:start position:0% I'm talking about this I'm a depleted Lido<00:00:42.120> which<00:00:42.600> is<00:00:42.719> a<00:00:42.899> dial<00:00:43.020> that<00:00:43.379> headquartered 00:00:43.790 --> 00:00:43.800 align:start position:0% Lido which is a dial that headquartered 00:00:43.800 --> 00:00:46.790 align:start position:0% Lido which is a dial that headquartered on<00:00:43.920> the<00:00:44.040> theme<00:00:44.219> that<00:00:44.899> makes<00:00:45.899> Luke<00:00:46.440> is<00:00:46.680> taking 00:00:46.790 --> 00:00:46.800 align:start position:0% on the theme that makes Luke is taking 00:00:46.800 --> 00:00:49.910 align:start position:0% on the theme that makes Luke is taking protocols<00:00:47.480> and<00:00:48.480> it<00:00:48.780> maintains<00:00:49.320> the<00:00:49.500> largest 00:00:49.910 --> 00:00:49.920 align:start position:0% protocols and it maintains the largest 00:00:49.920 --> 00:00:51.410 align:start position:0% protocols and it maintains the largest liquid<00:00:50.219> sticking<00:00:50.579> protocol<00:00:50.760> in<00:00:51.000> existence 00:00:51.410 --> 00:00:51.420 align:start position:0% liquid sticking protocol in existence 00:00:51.420 --> 00:00:53.290 align:start position:0% liquid sticking protocol in existence right<00:00:51.719> on<00:00:51.960> the<00:00:52.079> denim 00:00:53.290 --> 00:00:53.300 align:start position:0% right on the denim 00:00:53.300 --> 00:00:56.930 align:start position:0% right on the denim which<00:00:54.300> has<00:00:54.860> a<00:00:55.860> bit<00:00:56.100> more<00:00:56.219> than<00:00:56.399> 4<00:00:56.640> million 00:00:56.930 --> 00:00:56.940 align:start position:0% which has a bit more than 4 million 00:00:56.940 --> 00:00:58.450 align:start position:0% which has a bit more than 4 million Heather<00:00:57.360> in<00:00:57.600> it 00:00:58.450 --> 00:00:58.460 align:start position:0% Heather in it 00:00:58.460 --> 00:01:01.250 align:start position:0% Heather in it currently<00:00:59.460> the<00:00:59.699> number<00:00:59.940> two<00:01:00.180> D5<00:01:00.719> protocol<00:01:01.020> by 00:01:01.250 --> 00:01:01.260 align:start position:0% currently the number two D5 protocol by 00:01:01.260 --> 00:01:05.509 align:start position:0% currently the number two D5 protocol by qvl<00:01:01.739> and<00:01:02.699> I'm<00:01:03.300> co-founder<00:01:03.899> Tech<00:01:04.080> lead<00:01:04.260> so<00:01:04.680> I 00:01:05.509 --> 00:01:05.519 align:start position:0% qvl and I'm co-founder Tech lead so I 00:01:05.519 --> 00:01:06.830 align:start position:0% qvl and I'm co-founder Tech lead so I guess<00:01:05.640> I<00:01:05.939> know<00:01:06.180> a<00:01:06.360> couple<00:01:06.420> of<00:01:06.540> things<00:01:06.720> about 00:01:06.830 --> 00:01:06.840 align:start position:0% guess I know a couple of things about 00:01:06.840 --> 00:01:09.170 align:start position:0% guess I know a couple of things about staking<00:01:07.200> so 00:01:09.170 --> 00:01:09.180 align:start position:0% staking so 00:01:09.180 --> 00:01:11.210 align:start position:0% staking so um 00:01:11.210 --> 00:01:11.220 align:start position:0% 00:01:11.220 --> 00:01:12.609 align:start position:0% um 00:01:12.609 --> 00:01:12.619 align:start position:0% um 00:01:12.619 --> 00:01:15.710 align:start position:0% um for<00:01:13.619> folks<00:01:14.400> who<00:01:14.640> are<00:01:14.880> not<00:01:15.000> really<00:01:15.240> familiar 00:01:15.710 --> 00:01:15.720 align:start position:0% for folks who are not really familiar 00:01:15.720 --> 00:01:18.109 align:start position:0% for folks who are not really familiar with<00:01:15.900> the<00:01:16.080> topic<00:01:16.439> liquids<00:01:17.100> taking<00:01:17.280> is<00:01:17.700> when<00:01:17.880> a 00:01:18.109 --> 00:01:18.119 align:start position:0% with the topic liquids taking is when a 00:01:18.119 --> 00:01:20.330 align:start position:0% with the topic liquids taking is when a Staker<00:01:18.540> gets<00:01:18.960> transferable<00:01:19.560> voucher<00:01:20.100> when 00:01:20.330 --> 00:01:20.340 align:start position:0% Staker gets transferable voucher when 00:01:20.340 --> 00:01:21.710 align:start position:0% Staker gets transferable voucher when they<00:01:20.460> look<00:01:20.580> up<00:01:20.759> the<00:01:21.000> stake<00:01:21.240> and<00:01:21.360> has<00:01:21.479> taken 00:01:21.710 --> 00:01:21.720 align:start position:0% they look up the stake and has taken 00:01:21.720 --> 00:01:25.070 align:start position:0% they look up the stake and has taken protocol<00:01:21.960> so<00:01:22.320> like<00:01:22.619> uh<00:01:23.580> it's<00:01:23.880> not<00:01:24.180> uh<00:01:24.540> it<00:01:24.780> can 00:01:25.070 --> 00:01:25.080 align:start position:0% protocol so like uh it's not uh it can 00:01:25.080 --> 00:01:26.870 align:start position:0% protocol so like uh it's not uh it can be<00:01:25.200> used<00:01:25.320> in<00:01:25.500> defy<00:01:25.979> it<00:01:26.220> can<00:01:26.340> be<00:01:26.460> transferred 00:01:26.870 --> 00:01:26.880 align:start position:0% be used in defy it can be transferred 00:01:26.880 --> 00:01:32.690 align:start position:0% be used in defy it can be transferred sold<00:01:27.299> both<00:01:27.920> uh<00:01:28.920> collateralized<00:01:30.180> etc<00:01:30.600> etc 00:01:32.690 --> 00:01:32.700 align:start position:0% sold both uh collateralized etc etc 00:01:32.700 --> 00:01:37.370 align:start position:0% sold both uh collateralized etc etc um<00:01:32.820> and<00:01:33.600> uh<00:01:34.200> a<00:01:34.680> liquid<00:01:34.920> stake<00:01:35.280> is<00:01:35.880> a<00:01:36.479> small<00:01:36.960> but 00:01:37.370 --> 00:01:37.380 align:start position:0% um and uh a liquid stake is a small but 00:01:37.380 --> 00:01:40.330 align:start position:0% um and uh a liquid stake is a small but growing<00:01:38.100> and<00:01:38.759> pretty<00:01:39.060> significant<00:01:39.659> in<00:01:39.960> size 00:01:40.330 --> 00:01:40.340 align:start position:0% growing and pretty significant in size 00:01:40.340 --> 00:01:43.550 align:start position:0% growing and pretty significant in size uh<00:01:41.340> part<00:01:42.060> of<00:01:42.240> state<00:01:42.540> and<00:01:42.720> economy<00:01:43.140> you<00:01:43.439> know 00:01:43.550 --> 00:01:43.560 align:start position:0% uh part of state and economy you know 00:01:43.560 --> 00:01:45.230 align:start position:0% uh part of state and economy you know like<00:01:43.740> all<00:01:44.340> the<00:01:44.460> stake<00:01:44.640> in<00:01:44.759> the<00:01:44.880> common<00:01:45.000> area 00:01:45.230 --> 00:01:45.240 align:start position:0% like all the stake in the common area 00:01:45.240 --> 00:01:48.230 align:start position:0% like all the stake in the common area without<00:01:45.600> 80<00:01:46.500> billions<00:01:46.979> and<00:01:47.520> liquids<00:01:48.000> taken 00:01:48.230 --> 00:01:48.240 align:start position:0% without 80 billions and liquids taken 00:01:48.240 --> 00:01:50.410 align:start position:0% without 80 billions and liquids taken protocols<00:01:48.960> that<00:01:49.560> together 00:01:50.410 --> 00:01:50.420 align:start position:0% protocols that together 00:01:50.420 --> 00:01:54.469 align:start position:0% protocols that together are<00:01:51.420> about<00:01:51.540> 8<00:01:51.840> billions<00:01:52.200> or<00:01:52.439> so<00:01:52.579> and<00:01:53.579> if<00:01:54.060> we<00:01:54.240> add 00:01:54.469 --> 00:01:54.479 align:start position:0% are about 8 billions or so and if we add 00:01:54.479 --> 00:01:56.210 align:start position:0% are about 8 billions or so and if we add to<00:01:54.840> the<00:01:55.140> liquid<00:01:55.439> sync<00:01:55.680> protocols<00:01:56.040> also 00:01:56.210 --> 00:01:56.220 align:start position:0% to the liquid sync protocols also 00:01:56.220 --> 00:01:58.069 align:start position:0% to the liquid sync protocols also liquids<00:01:56.579> taken<00:01:56.820> on<00:01:56.939> exchanges<00:01:57.420> which<00:01:57.720> I<00:01:57.899> think 00:01:58.069 --> 00:01:58.079 align:start position:0% liquids taken on exchanges which I think 00:01:58.079 --> 00:02:01.429 align:start position:0% liquids taken on exchanges which I think we<00:01:58.439> actually<00:01:58.979> should<00:01:59.540> count<00:02:00.540> among<00:02:01.320> the 00:02:01.429 --> 00:02:01.439 align:start position:0% we actually should count among the 00:02:01.439 --> 00:02:03.710 align:start position:0% we actually should count among the consequent<00:02:01.979> options<00:02:02.220> uh<00:02:02.820> it<00:02:03.119> will<00:02:03.240> be<00:02:03.360> closer 00:02:03.710 --> 00:02:03.720 align:start position:0% consequent options uh it will be closer 00:02:03.720 --> 00:02:05.469 align:start position:0% consequent options uh it will be closer to<00:02:03.840> 20<00:02:04.020> billions<00:02:04.380> I<00:02:04.560> think<00:02:04.680> so 00:02:05.469 --> 00:02:05.479 align:start position:0% to 20 billions I think so 00:02:05.479 --> 00:02:08.690 align:start position:0% to 20 billions I think so uh<00:02:06.479> Lots<00:02:07.140> but<00:02:07.380> not<00:02:07.680> overwhelming<00:02:08.340> part<00:02:08.459> of 00:02:08.690 --> 00:02:08.700 align:start position:0% uh Lots but not overwhelming part of 00:02:08.700 --> 00:02:11.990 align:start position:0% uh Lots but not overwhelming part of state<00:02:09.119> and<00:02:09.300> economy 00:02:11.990 --> 00:02:12.000 align:start position:0% 00:02:12.000 --> 00:02:14.030 align:start position:0% um<00:02:12.120> so 00:02:14.030 --> 00:02:14.040 align:start position:0% um so 00:02:14.040 --> 00:02:16.910 align:start position:0% um so um<00:02:14.160> I'm<00:02:14.580> going<00:02:14.819> to<00:02:15.000> like<00:02:15.300> I'm<00:02:15.420> not<00:02:15.660> going<00:02:15.840> to<00:02:16.080> do 00:02:16.910 --> 00:02:16.920 align:start position:0% um I'm going to like I'm not going to do 00:02:16.920 --> 00:02:19.430 align:start position:0% um I'm going to like I'm not going to do any<00:02:17.099> deep<00:02:17.340> insights<00:02:17.819> here<00:02:18.000> like<00:02:18.300> I'm<00:02:18.660> uh<00:02:19.260> don't 00:02:19.430 --> 00:02:19.440 align:start position:0% any deep insights here like I'm uh don't 00:02:19.440 --> 00:02:21.470 align:start position:0% any deep insights here like I'm uh don't pretend<00:02:19.860> there<00:02:20.099> is<00:02:20.280> something<00:02:20.520> I'm<00:02:21.000> going<00:02:21.300> to 00:02:21.470 --> 00:02:21.480 align:start position:0% pretend there is something I'm going to 00:02:21.480 --> 00:02:24.369 align:start position:0% pretend there is something I'm going to say<00:02:21.599> that<00:02:21.840> is<00:02:22.080> not<00:02:22.379> pretty<00:02:22.920> obvious<00:02:23.340> I<00:02:23.520> think 00:02:24.369 --> 00:02:24.379 align:start position:0% say that is not pretty obvious I think 00:02:24.379 --> 00:02:27.410 align:start position:0% say that is not pretty obvious I think but<00:02:25.379> I'm<00:02:25.860> going<00:02:26.040> to<00:02:26.099> say<00:02:26.220> it<00:02:26.400> anyway 00:02:27.410 --> 00:02:27.420 align:start position:0% but I'm going to say it anyway 00:02:27.420 --> 00:02:29.330 align:start position:0% but I'm going to say it anyway I'm<00:02:28.200> going<00:02:28.379> to<00:02:28.500> make<00:02:28.620> three<00:02:28.920> predictions 00:02:29.330 --> 00:02:29.340 align:start position:0% I'm going to make three predictions 00:02:29.340 --> 00:02:31.130 align:start position:0% I'm going to make three predictions basically<00:02:29.760> one<00:02:30.000> is<00:02:30.239> that<00:02:30.480> like<00:02:30.720> protocol 00:02:31.130 --> 00:02:31.140 align:start position:0% basically one is that like protocol 00:02:31.140 --> 00:02:33.229 align:start position:0% basically one is that like protocol based<00:02:31.620> liquids<00:02:31.920> taken<00:02:32.160> could<00:02:32.340> grow<00:02:32.580> alongside 00:02:33.229 --> 00:02:33.239 align:start position:0% based liquids taken could grow alongside 00:02:33.239 --> 00:02:36.290 align:start position:0% based liquids taken could grow alongside the<00:02:33.420> fire<00:02:33.599> system<00:02:34.280> uh<00:02:35.280> when<00:02:35.459> the<00:02:35.700> fire<00:02:35.879> system 00:02:36.290 --> 00:02:36.300 align:start position:0% the fire system uh when the fire system 00:02:36.300 --> 00:02:38.690 align:start position:0% the fire system uh when the fire system growth<00:02:36.720> a<00:02:37.080> liquids<00:02:37.500> taken<00:02:37.739> protocols<00:02:38.520> grow 00:02:38.690 --> 00:02:38.700 align:start position:0% growth a liquids taken protocols grow 00:02:38.700 --> 00:02:40.850 align:start position:0% growth a liquids taken protocols grow with<00:02:38.879> it<00:02:39.540> when<00:02:40.080> it<00:02:40.260> doesn't<00:02:40.440> grow<00:02:40.620> and 00:02:40.850 --> 00:02:40.860 align:start position:0% with it when it doesn't grow and 00:02:40.860 --> 00:02:43.009 align:start position:0% with it when it doesn't grow and stagnates<00:02:41.459> that<00:02:41.879> like<00:02:42.120> liquid<00:02:42.480> state<00:02:42.660> will 00:02:43.009 --> 00:02:43.019 align:start position:0% stagnates that like liquid state will 00:02:43.019 --> 00:02:43.850 align:start position:0% stagnates that like liquid state will not 00:02:43.850 --> 00:02:43.860 align:start position:0% not 00:02:43.860 --> 00:02:46.070 align:start position:0% not uh<00:02:44.760> protocols<00:02:45.239> will<00:02:45.360> not<00:02:45.540> grow<00:02:45.660> like<00:02:45.900> there 00:02:46.070 --> 00:02:46.080 align:start position:0% uh protocols will not grow like there 00:02:46.080 --> 00:02:48.830 align:start position:0% uh protocols will not grow like there will<00:02:46.319> be<00:02:46.440> uh<00:02:47.160> people<00:02:47.519> will<00:02:47.700> use<00:02:48.000> sticky<00:02:48.720> knock 00:02:48.830 --> 00:02:48.840 align:start position:0% will be uh people will use sticky knock 00:02:48.840 --> 00:02:51.710 align:start position:0% will be uh people will use sticky knock changes<00:02:49.260> instead 00:02:51.710 --> 00:02:51.720 align:start position:0% changes instead 00:02:51.720 --> 00:02:54.170 align:start position:0% changes instead um<00:02:52.260> there<00:02:52.860> will<00:02:52.980> be<00:02:53.099> a<00:02:53.220> lot<00:02:53.340> of<00:02:53.459> options<00:02:53.819> for 00:02:54.170 --> 00:02:54.180 align:start position:0% um there will be a lot of options for 00:02:54.180 --> 00:02:56.150 align:start position:0% um there will be a lot of options for liquids<00:02:54.599> taking<00:02:54.720> but<00:02:55.200> few<00:02:55.500> of<00:02:55.680> them<00:02:55.800> will<00:02:56.040> be 00:02:56.150 --> 00:02:56.160 align:start position:0% liquids taking but few of them will be 00:02:56.160 --> 00:02:58.210 align:start position:0% liquids taking but few of them will be Witness 00:02:58.210 --> 00:02:58.220 align:start position:0% Witness 00:02:58.220 --> 00:03:02.030 align:start position:0% Witness and<00:02:59.220> the<00:02:59.720> like<00:03:00.720> who<00:03:00.959> will<00:03:01.140> be<00:03:01.260> the<00:03:01.379> winner<00:03:01.620> who 00:03:02.030 --> 00:03:02.040 align:start position:0% and the like who will be the winner who 00:03:02.040 --> 00:03:03.770 align:start position:0% and the like who will be the winner who will<00:03:02.160> be<00:03:02.340> the<00:03:02.459> winners<00:03:02.819> uh<00:03:03.420> will<00:03:03.599> be 00:03:03.770 --> 00:03:03.780 align:start position:0% will be the winners uh will be 00:03:03.780 --> 00:03:06.229 align:start position:0% will be the winners uh will be determined<00:03:04.140> by<00:03:04.319> stakers<00:03:04.860> they<00:03:05.280> they<00:03:05.519> will<00:03:05.819> be 00:03:06.229 --> 00:03:06.239 align:start position:0% determined by stakers they they will be 00:03:06.239 --> 00:03:08.930 align:start position:0% determined by stakers they they will be the<00:03:06.660> the<00:03:07.200> one<00:03:07.379> with<00:03:07.739> who<00:03:08.280> vote<00:03:08.580> with<00:03:08.819> their 00:03:08.930 --> 00:03:08.940 align:start position:0% the the one with who vote with their 00:03:08.940 --> 00:03:10.430 align:start position:0% the the one with who vote with their money<00:03:09.060> about<00:03:09.300> like<00:03:09.660> what<00:03:09.900> the<00:03:10.080> future<00:03:10.200> would 00:03:10.430 --> 00:03:10.440 align:start position:0% money about like what the future would 00:03:10.440 --> 00:03:13.130 align:start position:0% money about like what the future would look<00:03:10.620> like 00:03:13.130 --> 00:03:13.140 align:start position:0% 00:03:13.140 --> 00:03:14.270 align:start position:0% um 00:03:14.270 --> 00:03:14.280 align:start position:0% um 00:03:14.280 --> 00:03:17.690 align:start position:0% um now<00:03:15.239> in<00:03:15.780> a<00:03:15.959> bit<00:03:16.080> of<00:03:16.200> more<00:03:16.379> details<00:03:16.860> area<00:03:17.459> of 00:03:17.690 --> 00:03:17.700 align:start position:0% now in a bit of more details area of 00:03:17.700 --> 00:03:21.410 align:start position:0% now in a bit of more details area of this<00:03:18.140> statement<00:03:19.140> I'll<00:03:19.400> talk<00:03:20.400> about<00:03:20.640> it 00:03:21.410 --> 00:03:21.420 align:start position:0% this statement I'll talk about it 00:03:21.420 --> 00:03:25.130 align:start position:0% this statement I'll talk about it so<00:03:22.519> our<00:03:23.519> experience<00:03:23.879> at<00:03:24.420> Lido<00:03:24.900> building 00:03:25.130 --> 00:03:25.140 align:start position:0% so our experience at Lido building 00:03:25.140 --> 00:03:27.290 align:start position:0% so our experience at Lido building liquid<00:03:25.620> taken<00:03:26.159> protocols<00:03:26.519> many<00:03:26.700> chains<00:03:27.180> we 00:03:27.290 --> 00:03:27.300 align:start position:0% liquid taken protocols many chains we 00:03:27.300 --> 00:03:30.589 align:start position:0% liquid taken protocols many chains we have<00:03:27.540> like<00:03:27.720> one<00:03:27.959> on<00:03:28.140> ethereum<00:03:28.560> one<00:03:28.980> on<00:03:29.599> salana 00:03:30.589 --> 00:03:30.599 align:start position:0% have like one on ethereum one on salana 00:03:30.599 --> 00:03:32.830 align:start position:0% have like one on ethereum one on salana on 00:03:32.830 --> 00:03:32.840 align:start position:0% on 00:03:32.840 --> 00:03:35.229 align:start position:0% on polygon<00:03:33.840> on 00:03:35.229 --> 00:03:35.239 align:start position:0% polygon on 00:03:35.239 --> 00:03:39.910 align:start position:0% polygon on polka<00:03:36.239> dot<00:03:36.920> the<00:03:37.920> thing<00:03:38.220> is<00:03:38.780> liquids<00:03:39.780> taking 00:03:39.910 --> 00:03:39.920 align:start position:0% polka dot the thing is liquids taking 00:03:39.920 --> 00:03:43.369 align:start position:0% polka dot the thing is liquids taking protocol<00:03:40.920> growth<00:03:41.340> is<00:03:42.060> driven<00:03:42.659> by<00:03:43.019> defy 00:03:43.369 --> 00:03:43.379 align:start position:0% protocol growth is driven by defy 00:03:43.379 --> 00:03:44.990 align:start position:0% protocol growth is driven by defy ecosystem<00:03:43.680> growth<00:03:44.099> whether<00:03:44.280> when<00:03:44.459> there<00:03:44.700> is<00:03:44.819> a 00:03:44.990 --> 00:03:45.000 align:start position:0% ecosystem growth whether when there is a 00:03:45.000 --> 00:03:46.970 align:start position:0% ecosystem growth whether when there is a low<00:03:45.360> amount<00:03:45.659> of<00:03:45.840> defy<00:03:46.200> penetration<00:03:46.620> liquid 00:03:46.970 --> 00:03:46.980 align:start position:0% low amount of defy penetration liquid 00:03:46.980 --> 00:03:49.309 align:start position:0% low amount of defy penetration liquid sinking<00:03:47.400> will<00:03:47.580> also<00:03:47.760> be<00:03:47.940> pretty<00:03:48.180> pretty<00:03:48.840> small 00:03:49.309 --> 00:03:49.319 align:start position:0% sinking will also be pretty pretty small 00:03:49.319 --> 00:03:52.009 align:start position:0% sinking will also be pretty pretty small and<00:03:50.280> when<00:03:50.580> there<00:03:50.819> is<00:03:51.000> like<00:03:51.299> a<00:03:51.540> very<00:03:51.720> strong 00:03:52.009 --> 00:03:52.019 align:start position:0% and when there is like a very strong 00:03:52.019 --> 00:03:53.930 align:start position:0% and when there is like a very strong Academy<00:03:52.319> like<00:03:52.739> an<00:03:52.980> ethereum<00:03:53.340> liquid<00:03:53.640> thinking 00:03:53.930 --> 00:03:53.940 align:start position:0% Academy like an ethereum liquid thinking 00:03:53.940 --> 00:03:55.850 align:start position:0% Academy like an ethereum liquid thinking would<00:03:54.120> be<00:03:54.239> will<00:03:54.480> be<00:03:54.720> very<00:03:54.900> popular 00:03:55.850 --> 00:03:55.860 align:start position:0% would be will be very popular 00:03:55.860 --> 00:03:58.009 align:start position:0% would be will be very popular there<00:03:56.580> are<00:03:56.700> other<00:03:56.879> factors<00:03:57.299> but<00:03:57.599> like<00:03:57.840> that's 00:03:58.009 --> 00:03:58.019 align:start position:0% there are other factors but like that's 00:03:58.019 --> 00:04:01.250 align:start position:0% there are other factors but like that's primarily<00:03:58.580> I<00:03:59.580> think<00:03:59.879> like<00:04:00.120> when<00:04:00.420> people<00:04:00.659> want 00:04:01.250 --> 00:04:01.260 align:start position:0% primarily I think like when people want 00:04:01.260 --> 00:04:03.890 align:start position:0% primarily I think like when people want to<00:04:01.379> use<00:04:01.620> the<00:04:01.920> other<00:04:02.220> in<00:04:02.940> defy<00:04:03.420> they<00:04:03.659> will 00:04:03.890 --> 00:04:03.900 align:start position:0% to use the other in defy they will 00:04:03.900 --> 00:04:07.190 align:start position:0% to use the other in defy they will rather<00:04:04.200> use<00:04:04.920> some<00:04:05.640> kind<00:04:05.819> of<00:04:06.000> second<00:04:06.239> stake<00:04:07.140> and 00:04:07.190 --> 00:04:07.200 align:start position:0% rather use some kind of second stake and 00:04:07.200 --> 00:04:09.830 align:start position:0% rather use some kind of second stake and liquid<00:04:07.500> second<00:04:07.680> token<00:04:08.099> in<00:04:08.280> the<00:04:08.459> file<00:04:08.760> uh<00:04:09.659> when 00:04:09.830 --> 00:04:09.840 align:start position:0% liquid second token in the file uh when 00:04:09.840 --> 00:04:12.470 align:start position:0% liquid second token in the file uh when they<00:04:10.080> don't<00:04:10.200> use<00:04:10.500> uh<00:04:11.340> want<00:04:11.519> to<00:04:11.700> use<00:04:11.879> either<00:04:12.180> and 00:04:12.470 --> 00:04:12.480 align:start position:0% they don't use uh want to use either and 00:04:12.480 --> 00:04:14.809 align:start position:0% they don't use uh want to use either and defy<00:04:12.900> they<00:04:13.200> don't<00:04:13.379> care<00:04:13.620> about<00:04:13.799> State<00:04:14.280> the 00:04:14.809 --> 00:04:14.819 align:start position:0% defy they don't care about State the 00:04:14.819 --> 00:04:16.909 align:start position:0% defy they don't care about State the rocket<00:04:15.180> pull<00:04:15.299> leather<00:04:15.840> Etc 00:04:16.909 --> 00:04:16.919 align:start position:0% rocket pull leather Etc 00:04:16.919 --> 00:04:19.969 align:start position:0% rocket pull leather Etc so 00:04:19.969 --> 00:04:19.979 align:start position:0% 00:04:19.979 --> 00:04:20.689 align:start position:0% um 00:04:20.689 --> 00:04:20.699 align:start position:0% um 00:04:20.699 --> 00:04:23.210 align:start position:0% um and<00:04:21.239> the<00:04:21.419> main<00:04:21.600> competition<00:04:22.019> are<00:04:22.680> the<00:04:22.860> wallet 00:04:23.210 --> 00:04:23.220 align:start position:0% and the main competition are the wallet 00:04:23.220 --> 00:04:27.530 align:start position:0% and the main competition are the wallet guns<00:04:23.520> of<00:04:23.699> C5<00:04:24.320> like<00:04:25.320> exchanges<00:04:26.280> have<00:04:27.060> liquids 00:04:27.530 --> 00:04:27.540 align:start position:0% guns of C5 like exchanges have liquids 00:04:27.540 --> 00:04:29.030 align:start position:0% guns of C5 like exchanges have liquids taken<00:04:27.780> since<00:04:27.960> forever 00:04:29.030 --> 00:04:29.040 align:start position:0% taken since forever 00:04:29.040 --> 00:04:32.629 align:start position:0% taken since forever uh<00:04:29.759> it<00:04:30.000> works<00:04:30.360> very<00:04:30.600> seamlessly<00:04:31.080> it's<00:04:31.320> very<00:04:31.740> uh 00:04:32.629 --> 00:04:32.639 align:start position:0% uh it works very seamlessly it's very uh 00:04:32.639 --> 00:04:34.370 align:start position:0% uh it works very seamlessly it's very uh very<00:04:32.880> easy<00:04:33.000> for<00:04:33.240> the<00:04:33.360> user<00:04:33.660> they<00:04:33.780> like<00:04:34.020> just 00:04:34.370 --> 00:04:34.380 align:start position:0% very easy for the user they like just 00:04:34.380 --> 00:04:37.070 align:start position:0% very easy for the user they like just deposit<00:04:34.919> the<00:04:35.160> uh<00:04:35.880> tokens<00:04:36.300> that<00:04:36.540> they<00:04:36.720> use<00:04:36.900> to 00:04:37.070 --> 00:04:37.080 align:start position:0% deposit the uh tokens that they use to 00:04:37.080 --> 00:04:38.210 align:start position:0% deposit the uh tokens that they use to used<00:04:37.380> to<00:04:37.560> if<00:04:37.680> they<00:04:37.800> are<00:04:37.919> working<00:04:38.040> with 00:04:38.210 --> 00:04:38.220 align:start position:0% used to if they are working with 00:04:38.220 --> 00:04:40.010 align:start position:0% used to if they are working with exchange<00:04:38.580> and<00:04:38.820> it's<00:04:39.060> automatically<00:04:39.540> sticked 00:04:40.010 --> 00:04:40.020 align:start position:0% exchange and it's automatically sticked 00:04:40.020 --> 00:04:42.350 align:start position:0% exchange and it's automatically sticked it<00:04:40.500> can<00:04:40.680> be<00:04:40.800> often<00:04:41.160> used<00:04:41.340> as<00:04:41.520> collateral<00:04:42.000> for 00:04:42.350 --> 00:04:42.360 align:start position:0% it can be often used as collateral for 00:04:42.360 --> 00:04:45.710 align:start position:0% it can be often used as collateral for margin<00:04:42.720> trading<00:04:43.199> like<00:04:44.100> it<00:04:44.400> has<00:04:44.639> most<00:04:45.300> of<00:04:45.479> the 00:04:45.710 --> 00:04:45.720 align:start position:0% margin trading like it has most of the 00:04:45.720 --> 00:04:48.290 align:start position:0% margin trading like it has most of the users<00:04:46.080> that<00:04:46.320> people<00:04:46.500> want<00:04:46.860> liquids<00:04:47.340> taken<00:04:47.580> for 00:04:48.290 --> 00:04:48.300 align:start position:0% users that people want liquids taken for 00:04:48.300 --> 00:04:50.990 align:start position:0% users that people want liquids taken for and<00:04:48.780> if<00:04:49.199> you<00:04:49.320> don't<00:04:49.440> care<00:04:49.740> about<00:04:50.040> being<00:04:50.639> in 00:04:50.990 --> 00:04:51.000 align:start position:0% and if you don't care about being in 00:04:51.000 --> 00:04:53.450 align:start position:0% and if you don't care about being in decentralized<00:04:51.840> finance<00:04:52.380> if<00:04:52.919> you<00:04:53.100> don't<00:04:53.220> care 00:04:53.450 --> 00:04:53.460 align:start position:0% decentralized finance if you don't care 00:04:53.460 --> 00:04:56.990 align:start position:0% decentralized finance if you don't care about<00:04:53.639> like<00:04:54.120> this<00:04:55.020> being<00:04:55.259> not<00:04:55.440> your<00:04:55.680> keys<00:04:56.280> uh 00:04:56.990 --> 00:04:57.000 align:start position:0% about like this being not your keys uh 00:04:57.000 --> 00:04:59.490 align:start position:0% about like this being not your keys uh it's<00:04:57.240> perfectly<00:04:57.600> serviceable<00:04:58.139> so 00:04:59.490 --> 00:04:59.500 align:start position:0% it's perfectly serviceable so 00:04:59.500 --> 00:05:00.230 align:start position:0% it's perfectly serviceable so [Music] 00:05:00.230 --> 00:05:00.240 align:start position:0% [Music] 00:05:00.240 --> 00:05:01.550 align:start position:0% [Music] um 00:05:01.550 --> 00:05:01.560 align:start position:0% um 00:05:01.560 --> 00:05:04.010 align:start position:0% um and<00:05:02.400> the<00:05:02.580> product<00:05:02.699> is<00:05:03.000> just<00:05:03.240> better<00:05:03.600> than 00:05:04.010 --> 00:05:04.020 align:start position:0% and the product is just better than 00:05:04.020 --> 00:05:06.230 align:start position:0% and the product is just better than regular<00:05:04.440> stake<00:05:04.860> in<00:05:05.040> the 00:05:06.230 --> 00:05:06.240 align:start position:0% regular stake in the 00:05:06.240 --> 00:05:08.450 align:start position:0% regular stake in the um liquids<00:05:07.199> taken<00:05:07.500> is<00:05:07.620> better<00:05:07.979> for<00:05:08.220> users 00:05:08.450 --> 00:05:08.460 align:start position:0% um liquids taken is better for users 00:05:08.460 --> 00:05:10.249 align:start position:0% um liquids taken is better for users than<00:05:08.639> regular<00:05:08.940> stickers<00:05:09.419> the<00:05:09.840> adoption 00:05:10.249 --> 00:05:10.259 align:start position:0% than regular stickers the adoption 00:05:10.259 --> 00:05:12.890 align:start position:0% than regular stickers the adoption barriers<00:05:10.800> that<00:05:11.280> like<00:05:11.580> a<00:05:11.820> major<00:05:12.060> problem<00:05:12.419> for 00:05:12.890 --> 00:05:12.900 align:start position:0% barriers that like a major problem for 00:05:12.900 --> 00:05:15.230 align:start position:0% barriers that like a major problem for liquids<00:05:13.440> taking<00:05:13.560> protocol<00:05:13.919> growth<00:05:14.340> is<00:05:15.000> smart 00:05:15.230 --> 00:05:15.240 align:start position:0% liquids taking protocol growth is smart 00:05:15.240 --> 00:05:17.450 align:start position:0% liquids taking protocol growth is smart contract<00:05:15.660> risk<00:05:16.080> governance<00:05:16.560> risks<00:05:17.040> and 00:05:17.450 --> 00:05:17.460 align:start position:0% contract risk governance risks and 00:05:17.460 --> 00:05:19.909 align:start position:0% contract risk governance risks and sometimes<00:05:17.759> tax<00:05:18.000> implications 00:05:19.909 --> 00:05:19.919 align:start position:0% sometimes tax implications 00:05:19.919 --> 00:05:20.749 align:start position:0% sometimes tax implications um 00:05:20.749 --> 00:05:20.759 align:start position:0% um 00:05:20.759 --> 00:05:22.909 align:start position:0% um the<00:05:21.540> smart<00:05:21.720> contractors<00:05:22.320> can<00:05:22.560> governance 00:05:22.909 --> 00:05:22.919 align:start position:0% the smart contractors can governance 00:05:22.919 --> 00:05:25.850 align:start position:0% the smart contractors can governance risk<00:05:23.280> on<00:05:23.400> one<00:05:23.520> hand<00:05:23.699> they<00:05:24.240> go<00:05:24.539> down<00:05:24.900> with<00:05:25.560> time 00:05:25.850 --> 00:05:25.860 align:start position:0% risk on one hand they go down with time 00:05:25.860 --> 00:05:27.590 align:start position:0% risk on one hand they go down with time so<00:05:26.100> like<00:05:26.340> with<00:05:26.520> time<00:05:26.759> people<00:05:27.000> start<00:05:27.300> starting 00:05:27.590 --> 00:05:27.600 align:start position:0% so like with time people start starting 00:05:27.600 --> 00:05:29.570 align:start position:0% so like with time people start starting to<00:05:27.840> trust<00:05:28.080> more<00:05:28.380> the<00:05:28.740> protocols<00:05:29.220> for<00:05:29.340> good 00:05:29.570 --> 00:05:29.580 align:start position:0% to trust more the protocols for good 00:05:29.580 --> 00:05:32.029 align:start position:0% to trust more the protocols for good measure<00:05:30.180> because<00:05:30.960> they<00:05:31.199> haven't<00:05:31.440> been<00:05:31.620> hacked 00:05:32.029 --> 00:05:32.039 align:start position:0% measure because they haven't been hacked 00:05:32.039 --> 00:05:33.590 align:start position:0% measure because they haven't been hacked they<00:05:32.220> are<00:05:32.400> like<00:05:32.639> less<00:05:32.820> likely<00:05:33.060> to<00:05:33.180> be<00:05:33.300> hugged 00:05:33.590 --> 00:05:33.600 align:start position:0% they are like less likely to be hugged 00:05:33.600 --> 00:05:34.370 align:start position:0% they are like less likely to be hugged in<00:05:33.660> the<00:05:33.780> future 00:05:34.370 --> 00:05:34.380 align:start position:0% in the future 00:05:34.380 --> 00:05:39.350 align:start position:0% in the future uh<00:05:35.220> same<00:05:35.400> about<00:05:35.580> governance<00:05:36.320> and<00:05:37.759> still<00:05:38.759> uh 00:05:39.350 --> 00:05:39.360 align:start position:0% uh same about governance and still uh 00:05:39.360 --> 00:05:41.090 align:start position:0% uh same about governance and still uh it's<00:05:39.720> not<00:05:39.960> worth<00:05:40.199> it<00:05:40.380> like<00:05:40.560> if<00:05:40.860> you're<00:05:40.979> not 00:05:41.090 --> 00:05:41.100 align:start position:0% it's not worth it like if you're not 00:05:41.100 --> 00:05:43.790 align:start position:0% it's not worth it like if you're not using<00:05:41.520> to<00:05:41.699> use<00:05:42.120> the<00:05:42.300> token<00:05:42.600> and<00:05:42.720> defy<00:05:43.080> like<00:05:43.320> if 00:05:43.790 --> 00:05:43.800 align:start position:0% using to use the token and defy like if 00:05:43.800 --> 00:05:46.129 align:start position:0% using to use the token and defy like if you<00:05:43.919> if<00:05:44.160> you're<00:05:44.280> not<00:05:44.340> using<00:05:45.000> no<00:05:45.360> not<00:05:45.840> going<00:05:46.020> to 00:05:46.129 --> 00:05:46.139 align:start position:0% you if you're not using no not going to 00:05:46.139 --> 00:05:48.409 align:start position:0% you if you're not using no not going to trade<00:05:46.440> it<00:05:46.560> or<00:05:46.740> collateralize<00:05:47.340> it<00:05:47.520> you<00:05:48.300> don't 00:05:48.409 --> 00:05:48.419 align:start position:0% trade it or collateralize it you don't 00:05:48.419 --> 00:05:53.390 align:start position:0% trade it or collateralize it you don't want<00:05:48.720> to<00:05:48.900> take<00:05:49.080> this<00:05:49.380> additional<00:05:49.740> risk 00:05:53.390 --> 00:05:53.400 align:start position:0% 00:05:53.400 --> 00:05:58.310 align:start position:0% um<00:05:54.000> and<00:05:54.960> uh<00:05:55.380> there<00:05:56.100> are<00:05:56.280> like<00:05:56.880> a<00:05:57.419> multiple 00:05:58.310 --> 00:05:58.320 align:start position:0% um and uh there are like a multiple 00:05:58.320 --> 00:06:00.529 align:start position:0% um and uh there are like a multiple options<00:05:58.800> for<00:05:59.460> building<00:05:59.759> liquid<00:06:00.180> sticking 00:06:00.529 --> 00:06:00.539 align:start position:0% options for building liquid sticking 00:06:00.539 --> 00:06:02.990 align:start position:0% options for building liquid sticking protocols<00:06:01.100> uh<00:06:02.100> and<00:06:02.280> like<00:06:02.400> with<00:06:02.639> the<00:06:02.880> chicken 00:06:02.990 --> 00:06:03.000 align:start position:0% protocols uh and like with the chicken 00:06:03.000 --> 00:06:06.110 align:start position:0% protocols uh and like with the chicken in<00:06:03.300> general<00:06:03.419> not<00:06:03.720> just<00:06:03.900> protocols<00:06:04.500> that<00:06:04.979> are 00:06:06.110 --> 00:06:06.120 align:start position:0% in general not just protocols that are 00:06:06.120 --> 00:06:09.590 align:start position:0% in general not just protocols that are um<00:06:06.479> uh<00:06:07.139> going<00:06:07.380> like<00:06:07.620> exist<00:06:08.100> already<00:06:08.880> or<00:06:09.360> will 00:06:09.590 --> 00:06:09.600 align:start position:0% um uh going like exist already or will 00:06:09.600 --> 00:06:11.450 align:start position:0% um uh going like exist already or will be<00:06:09.780> existing<00:06:10.440> going<00:06:10.680> forward 00:06:11.450 --> 00:06:11.460 align:start position:0% be existing going forward 00:06:11.460 --> 00:06:14.390 align:start position:0% be existing going forward and 00:06:14.390 --> 00:06:14.400 align:start position:0% and 00:06:14.400 --> 00:06:16.070 align:start position:0% and um<00:06:14.520> to<00:06:14.880> talk<00:06:15.120> about<00:06:15.240> them<00:06:15.539> we<00:06:15.780> need<00:06:15.960> to 00:06:16.070 --> 00:06:16.080 align:start position:0% um to talk about them we need to 00:06:16.080 --> 00:06:17.749 align:start position:0% um to talk about them we need to understand<00:06:16.199> what<00:06:16.800> is<00:06:16.919> liquids<00:06:17.340> taken<00:06:17.520> as<00:06:17.639> a 00:06:17.749 --> 00:06:17.759 align:start position:0% understand what is liquids taken as a 00:06:17.759 --> 00:06:19.129 align:start position:0% understand what is liquids taken as a product<00:06:17.820> like<00:06:18.000> who<00:06:18.240> are<00:06:18.360> the<00:06:18.479> users<00:06:18.720> what<00:06:19.020> do 00:06:19.129 --> 00:06:19.139 align:start position:0% product like who are the users what do 00:06:19.139 --> 00:06:21.230 align:start position:0% product like who are the users what do they<00:06:19.259> want<00:06:19.440> and<00:06:20.340> there<00:06:20.639> are<00:06:20.759> three<00:06:20.940> kind<00:06:21.120> of 00:06:21.230 --> 00:06:21.240 align:start position:0% they want and there are three kind of 00:06:21.240 --> 00:06:22.850 align:start position:0% they want and there are three kind of users<00:06:21.539> like<00:06:21.780> three<00:06:21.960> kind<00:06:22.199> of<00:06:22.380> stakeholders 00:06:22.850 --> 00:06:22.860 align:start position:0% users like three kind of stakeholders 00:06:22.860 --> 00:06:24.650 align:start position:0% users like three kind of stakeholders for<00:06:22.979> like<00:06:23.160> it's<00:06:23.340> taking<00:06:23.460> one<00:06:23.880> is<00:06:24.060> the<00:06:24.180> stakers 00:06:24.650 --> 00:06:24.660 align:start position:0% for like it's taking one is the stakers 00:06:24.660 --> 00:06:27.830 align:start position:0% for like it's taking one is the stakers they<00:06:25.080> are<00:06:25.199> most<00:06:25.440> important<00:06:25.800> here<00:06:26.520> and<00:06:27.419> they 00:06:27.830 --> 00:06:27.840 align:start position:0% they are most important here and they 00:06:27.840 --> 00:06:29.510 align:start position:0% they are most important here and they once<00:06:28.139> taken<00:06:28.500> Awards<00:06:28.860> they<00:06:29.100> want<00:06:29.280> security 00:06:29.510 --> 00:06:29.520 align:start position:0% once taken Awards they want security 00:06:29.520 --> 00:06:32.870 align:start position:0% once taken Awards they want security they<00:06:30.000> want<00:06:30.180> liquidity<00:06:30.660> and<00:06:31.319> usability<00:06:31.860> in<00:06:32.340> uh 00:06:32.870 --> 00:06:32.880 align:start position:0% they want liquidity and usability in uh 00:06:32.880 --> 00:06:35.270 align:start position:0% they want liquidity and usability in uh in<00:06:33.120> finance<00:06:33.479> basically 00:06:35.270 --> 00:06:35.280 align:start position:0% in finance basically 00:06:35.280 --> 00:06:37.969 align:start position:0% in finance basically um<00:06:35.400> protocols<00:06:36.180> Community<00:06:36.560> want<00:06:37.560> the<00:06:37.860> best 00:06:37.969 --> 00:06:37.979 align:start position:0% um protocols Community want the best 00:06:37.979 --> 00:06:40.189 align:start position:0% um protocols Community want the best solidity<00:06:38.460> set<00:06:38.699> for<00:06:38.880> the<00:06:39.000> protocol<00:06:39.240> that<00:06:40.080> is 00:06:40.189 --> 00:06:40.199 align:start position:0% solidity set for the protocol that is 00:06:40.199 --> 00:06:43.129 align:start position:0% solidity set for the protocol that is decentralized<00:06:40.860> sensorship<00:06:41.400> resistant<00:06:42.139> and 00:06:43.129 --> 00:06:43.139 align:start position:0% decentralized sensorship resistant and 00:06:43.139 --> 00:06:46.249 align:start position:0% decentralized sensorship resistant and not<00:06:43.440> operators<00:06:44.039> in<00:06:44.340> protocols<00:06:45.000> they<00:06:45.600> want<00:06:46.080> to 00:06:46.249 --> 00:06:46.259 align:start position:0% not operators in protocols they want to 00:06:46.259 --> 00:06:47.809 align:start position:0% not operators in protocols they want to run<00:06:46.380> a<00:06:46.560> stable<00:06:46.740> stake<00:06:47.100> in<00:06:47.220> business<00:06:47.340> if<00:06:47.699> they 00:06:47.809 --> 00:06:47.819 align:start position:0% run a stable stake in business if they 00:06:47.819 --> 00:06:49.490 align:start position:0% run a stable stake in business if they are<00:06:48.000> professional<00:06:48.419> and<00:06:49.020> if<00:06:49.259> they're 00:06:49.490 --> 00:06:49.500 align:start position:0% are professional and if they're 00:06:49.500 --> 00:06:51.469 align:start position:0% are professional and if they're hobbyists<00:06:50.100> they<00:06:50.460> want<00:06:50.580> to<00:06:50.759> be<00:06:50.880> like<00:06:51.180> I<00:06:51.360> don't 00:06:51.469 --> 00:06:51.479 align:start position:0% hobbyists they want to be like I don't 00:06:51.479 --> 00:06:54.189 align:start position:0% hobbyists they want to be like I don't know<00:06:51.600> respected<00:06:52.199> they're<00:06:53.100> not<00:06:53.220> rational<00:06:53.460> they 00:06:54.189 --> 00:06:54.199 align:start position:0% know respected they're not rational they 00:06:54.199 --> 00:06:56.570 align:start position:0% know respected they're not rational they just<00:06:55.199> do<00:06:55.380> it<00:06:55.500> for<00:06:55.620> the<00:06:55.740> fun<00:06:55.919> and<00:06:56.160> for<00:06:56.460> the 00:06:56.570 --> 00:06:56.580 align:start position:0% just do it for the fun and for the 00:06:56.580 --> 00:06:59.210 align:start position:0% just do it for the fun and for the feeling<00:06:56.759> of<00:06:57.180> uh<00:06:57.720> contribute<00:06:58.560> contributing<00:06:59.100> to 00:06:59.210 --> 00:06:59.220 align:start position:0% feeling of uh contribute contributing to 00:06:59.220 --> 00:07:01.070 align:start position:0% feeling of uh contribute contributing to destroyalization<00:06:59.819> which<00:07:00.000> is<00:07:00.180> great 00:07:01.070 --> 00:07:01.080 align:start position:0% destroyalization which is great 00:07:01.080 --> 00:07:04.430 align:start position:0% destroyalization which is great so 00:07:04.430 --> 00:07:04.440 align:start position:0% 00:07:04.440 --> 00:07:06.590 align:start position:0% um<00:07:04.560> and<00:07:05.400> the<00:07:05.580> options<00:07:06.120> that<00:07:06.360> are<00:07:06.479> available 00:07:06.590 --> 00:07:06.600 align:start position:0% um and the options that are available 00:07:06.600 --> 00:07:08.450 align:start position:0% um and the options that are available will<00:07:07.020> be<00:07:07.139> available<00:07:07.259> in<00:07:07.500> the<00:07:07.680> future<00:07:07.800> are 00:07:08.450 --> 00:07:08.460 align:start position:0% will be available in the future are 00:07:08.460 --> 00:07:09.590 align:start position:0% will be available in the future are broadly 00:07:09.590 --> 00:07:09.600 align:start position:0% broadly 00:07:09.600 --> 00:07:10.390 align:start position:0% broadly um 00:07:10.390 --> 00:07:10.400 align:start position:0% um 00:07:10.400 --> 00:07:13.370 align:start position:0% um it's<00:07:11.400> custodial<00:07:11.940> option<00:07:12.360> uh<00:07:12.960> the 00:07:13.370 --> 00:07:13.380 align:start position:0% it's custodial option uh the 00:07:13.380 --> 00:07:14.870 align:start position:0% it's custodial option uh the exchange-based<00:07:14.039> liquids<00:07:14.460> taken<00:07:14.699> forecast 00:07:14.870 --> 00:07:14.880 align:start position:0% exchange-based liquids taken forecast 00:07:14.880 --> 00:07:16.969 align:start position:0% exchange-based liquids taken forecast that<00:07:15.120> you<00:07:15.240> basically<00:07:15.479> sticking 00:07:16.969 --> 00:07:16.979 align:start position:0% that you basically sticking 00:07:16.979 --> 00:07:19.670 align:start position:0% that you basically sticking uh<00:07:17.699> it's<00:07:18.120> protocol<00:07:18.539> that<00:07:18.840> are<00:07:19.020> based<00:07:19.259> on<00:07:19.319> risk 00:07:19.670 --> 00:07:19.680 align:start position:0% uh it's protocol that are based on risk 00:07:19.680 --> 00:07:22.010 align:start position:0% uh it's protocol that are based on risk management<00:07:19.860> it's<00:07:20.699> protocol<00:07:21.120> that<00:07:21.419> are<00:07:21.599> based 00:07:22.010 --> 00:07:22.020 align:start position:0% management it's protocol that are based 00:07:22.020 --> 00:07:25.510 align:start position:0% management it's protocol that are based on<00:07:22.319> uh<00:07:23.039> bonds<00:07:23.580> for<00:07:24.060> security 00:07:25.510 --> 00:07:25.520 align:start position:0% on uh bonds for security 00:07:25.520 --> 00:07:28.670 align:start position:0% on uh bonds for security they're<00:07:26.520> hyper-compliant<00:07:27.419> protocols<00:07:28.020> and 00:07:28.670 --> 00:07:28.680 align:start position:0% they're hyper-compliant protocols and 00:07:28.680 --> 00:07:33.529 align:start position:0% they're hyper-compliant protocols and Marketplace<00:07:29.280> types<00:07:29.840> type<00:07:30.840> protocols 00:07:33.529 --> 00:07:33.539 align:start position:0% 00:07:33.539 --> 00:07:36.770 align:start position:0% um so<00:07:34.319> Castor<00:07:34.919> yeah<00:07:35.099> I'm<00:07:35.580> listing<00:07:36.000> them<00:07:36.240> in 00:07:36.770 --> 00:07:36.780 align:start position:0% um so Castor yeah I'm listing them in 00:07:36.780 --> 00:07:38.629 align:start position:0% um so Castor yeah I'm listing them in the<00:07:36.900> order<00:07:37.080> of<00:07:37.380> adoption 00:07:38.629 --> 00:07:38.639 align:start position:0% the order of adoption 00:07:38.639 --> 00:07:40.550 align:start position:0% the order of adoption custodial<00:07:39.360> liquids<00:07:39.840> they<00:07:39.960> can<00:07:40.080> like<00:07:40.259> a<00:07:40.440> change 00:07:40.550 --> 00:07:40.560 align:start position:0% custodial liquids they can like a change 00:07:40.560 --> 00:07:43.029 align:start position:0% custodial liquids they can like a change liquids<00:07:41.039> taken<00:07:41.280> is<00:07:41.580> uh<00:07:42.000> like<00:07:42.300> the<00:07:42.479> largest<00:07:42.780> one 00:07:43.029 --> 00:07:43.039 align:start position:0% liquids taken is uh like the largest one 00:07:43.039 --> 00:07:45.830 align:start position:0% liquids taken is uh like the largest one uh<00:07:44.039> if<00:07:44.220> you<00:07:44.400> combine<00:07:44.759> like<00:07:45.060> even<00:07:45.240> on<00:07:45.419> ethereum 00:07:45.830 --> 00:07:45.840 align:start position:0% uh if you combine like even on ethereum 00:07:45.840 --> 00:07:49.010 align:start position:0% uh if you combine like even on ethereum but<00:07:46.020> if<00:07:46.139> you<00:07:46.259> combine<00:07:46.560> together<00:07:47.220> all<00:07:47.699> the<00:07:48.060> uh 00:07:49.010 --> 00:07:49.020 align:start position:0% but if you combine together all the uh 00:07:49.020 --> 00:07:51.589 align:start position:0% but if you combine together all the uh exchange<00:07:49.319> section<00:07:49.620> options<00:07:49.979> it's<00:07:50.280> like<00:07:50.520> a<00:07:50.819> lot 00:07:51.589 --> 00:07:51.599 align:start position:0% exchange section options it's like a lot 00:07:51.599 --> 00:07:53.629 align:start position:0% exchange section options it's like a lot of<00:07:51.780> uh<00:07:52.440> market<00:07:52.740> share 00:07:53.629 --> 00:07:53.639 align:start position:0% of uh market share 00:07:53.639 --> 00:07:56.689 align:start position:0% of uh market share they 00:07:56.689 --> 00:07:56.699 align:start position:0% 00:07:56.699 --> 00:07:58.969 align:start position:0% um<00:07:56.759> uh<00:07:57.539> exchange<00:07:57.780> for<00:07:57.960> custody<00:07:58.259> based<00:07:58.740> very 00:07:58.969 --> 00:07:58.979 align:start position:0% um uh exchange for custody based very 00:07:58.979 --> 00:08:00.650 align:start position:0% um uh exchange for custody based very simple<00:07:59.160> to<00:07:59.340> use<00:07:59.460> for<00:07:59.699> users<00:08:00.000> because<00:08:00.300> like 00:08:00.650 --> 00:08:00.660 align:start position:0% simple to use for users because like 00:08:00.660 --> 00:08:02.390 align:start position:0% simple to use for users because like centralized<00:08:01.080> solution<00:08:01.440> are<00:08:01.680> like<00:08:01.979> very<00:08:02.160> good 00:08:02.390 --> 00:08:02.400 align:start position:0% centralized solution are like very good 00:08:02.400 --> 00:08:04.490 align:start position:0% centralized solution are like very good for<00:08:02.520> you<00:08:02.699> for<00:08:03.120> user<00:08:03.419> experience<00:08:03.660> usually<00:08:04.139> you 00:08:04.490 --> 00:08:04.500 align:start position:0% for you for user experience usually you 00:08:04.500 --> 00:08:08.089 align:start position:0% for you for user experience usually you can<00:08:04.560> do<00:08:04.740> a<00:08:04.860> lot<00:08:05.000> to<00:08:06.000> make<00:08:06.060> it<00:08:06.240> simpler<00:08:07.020> uh<00:08:07.740> they 00:08:08.089 --> 00:08:08.099 align:start position:0% can do a lot to make it simpler uh they 00:08:08.099 --> 00:08:10.550 align:start position:0% can do a lot to make it simpler uh they have<00:08:08.419> no<00:08:09.419> additional<00:08:09.780> risk<00:08:10.139> if<00:08:10.319> you<00:08:10.440> already 00:08:10.550 --> 00:08:10.560 align:start position:0% have no additional risk if you already 00:08:10.560 --> 00:08:12.469 align:start position:0% have no additional risk if you already draw<00:08:10.860> The<00:08:11.099> Exchange<00:08:11.400> in<00:08:11.580> question<00:08:11.940> with<00:08:12.240> with 00:08:12.469 --> 00:08:12.479 align:start position:0% draw The Exchange in question with with 00:08:12.479 --> 00:08:14.749 align:start position:0% draw The Exchange in question with with your<00:08:12.720> capital 00:08:14.749 --> 00:08:14.759 align:start position:0% your capital 00:08:14.759 --> 00:08:18.350 align:start position:0% your capital um<00:08:14.819> often<00:08:15.599> have<00:08:16.139> included<00:08:16.860> uh 00:08:18.350 --> 00:08:18.360 align:start position:0% um often have included uh 00:08:18.360 --> 00:08:20.689 align:start position:0% um often have included uh the<00:08:18.900> options<00:08:19.199> for<00:08:19.440> margin<00:08:19.740> training<00:08:20.160> Landing 00:08:20.689 --> 00:08:20.699 align:start position:0% the options for margin training Landing 00:08:20.699 --> 00:08:23.930 align:start position:0% the options for margin training Landing money<00:08:21.360> markets<00:08:21.960> Etc 00:08:23.930 --> 00:08:23.940 align:start position:0% money markets Etc 00:08:23.940 --> 00:08:29.689 align:start position:0% money markets Etc um<00:08:24.660> and<00:08:25.560> because<00:08:26.419> the<00:08:27.500> operator<00:08:28.500> of<00:08:28.860> custodial 00:08:29.689 --> 00:08:29.699 align:start position:0% um and because the operator of custodial 00:08:29.699 --> 00:08:31.129 align:start position:0% um and because the operator of custodial could<00:08:30.000> take<00:08:30.180> like<00:08:30.479> a<00:08:30.660> change<00:08:30.780> or<00:08:31.020> something 00:08:31.129 --> 00:08:31.139 align:start position:0% could take like a change or something 00:08:31.139 --> 00:08:33.589 align:start position:0% could take like a change or something they<00:08:31.620> are<00:08:32.159> double<00:08:32.399> dipping<00:08:32.880> so<00:08:33.120> they<00:08:33.360> they're 00:08:33.589 --> 00:08:33.599 align:start position:0% they are double dipping so they they're 00:08:33.599 --> 00:08:35.990 align:start position:0% they are double dipping so they they're getting<00:08:33.839> staking<00:08:34.200> rewards<00:08:34.620> and<00:08:35.339> like<00:08:35.520> fiance 00:08:35.990 --> 00:08:36.000 align:start position:0% getting staking rewards and like fiance 00:08:36.000 --> 00:08:37.550 align:start position:0% getting staking rewards and like fiance taking<00:08:36.120> rewards<00:08:36.599> and<00:08:36.779> they<00:08:36.959> are<00:08:37.140> also<00:08:37.380> getting 00:08:37.550 --> 00:08:37.560 align:start position:0% taking rewards and they are also getting 00:08:37.560 --> 00:08:39.949 align:start position:0% taking rewards and they are also getting fion<00:08:38.159> trading<00:08:38.640> on<00:08:38.760> maybe<00:08:38.940> custody<00:08:39.419> fees<00:08:39.779> or 00:08:39.949 --> 00:08:39.959 align:start position:0% fion trading on maybe custody fees or 00:08:39.959 --> 00:08:41.690 align:start position:0% fion trading on maybe custody fees or something<00:08:40.080> like<00:08:40.260> that 00:08:41.690 --> 00:08:41.700 align:start position:0% something like that 00:08:41.700 --> 00:08:44.029 align:start position:0% something like that um they<00:08:42.180> can<00:08:42.360> offer<00:08:42.899> very<00:08:43.260> competitive<00:08:43.740> rates 00:08:44.029 --> 00:08:44.039 align:start position:0% um they can offer very competitive rates 00:08:44.039 --> 00:08:46.250 align:start position:0% um they can offer very competitive rates compared<00:08:44.459> to<00:08:44.580> others<00:08:45.240> like<00:08:45.360> the<00:08:45.660> the<00:08:45.779> this 00:08:46.250 --> 00:08:46.260 align:start position:0% compared to others like the the this 00:08:46.260 --> 00:08:48.290 align:start position:0% compared to others like the the this option<00:08:46.500> will<00:08:46.680> likely<00:08:46.980> win<00:08:47.220> on<00:08:47.700> profit 00:08:48.290 --> 00:08:48.300 align:start position:0% option will likely win on profit 00:08:48.300 --> 00:08:50.030 align:start position:0% option will likely win on profit liability<00:08:48.600> going<00:08:48.959> forward<00:08:49.200> it's<00:08:49.560> not<00:08:49.800> the 00:08:50.030 --> 00:08:50.040 align:start position:0% liability going forward it's not the 00:08:50.040 --> 00:08:51.530 align:start position:0% liability going forward it's not the case<00:08:50.160> right<00:08:50.459> now<00:08:50.640> because<00:08:50.880> like<00:08:51.060> coinbase 00:08:51.530 --> 00:08:51.540 align:start position:0% case right now because like coinbase 00:08:51.540 --> 00:08:53.750 align:start position:0% case right now because like coinbase takes<00:08:51.839> a<00:08:52.019> lot<00:08:52.140> of 00:08:53.750 --> 00:08:53.760 align:start position:0% takes a lot of 00:08:53.760 --> 00:08:57.470 align:start position:0% takes a lot of um<00:08:53.880> a<00:08:54.480> lot<00:08:54.660> of<00:08:54.720> fees<00:08:55.080> but<00:08:55.680> they<00:08:56.279> have<00:08:56.519> much<00:08:56.880> more 00:08:57.470 --> 00:08:57.480 align:start position:0% um a lot of fees but they have much more 00:08:57.480 --> 00:08:58.610 align:start position:0% um a lot of fees but they have much more uh 00:08:58.610 --> 00:08:58.620 align:start position:0% uh 00:08:58.620 --> 00:09:00.889 align:start position:0% uh options<00:08:59.459> to<00:08:59.700> go<00:08:59.820> all<00:09:00.000> over<00:09:00.120> on<00:09:00.420> fees<00:09:00.720> because 00:09:00.889 --> 00:09:00.899 align:start position:0% options to go all over on fees because 00:09:00.899 --> 00:09:02.449 align:start position:0% options to go all over on fees because they<00:09:01.140> can<00:09:01.320> double<00:09:01.500> dip<00:09:01.800> in<00:09:01.980> vertical 00:09:02.449 --> 00:09:02.459 align:start position:0% they can double dip in vertical 00:09:02.459 --> 00:09:04.370 align:start position:0% they can double dip in vertical Integrations 00:09:04.370 --> 00:09:04.380 align:start position:0% Integrations 00:09:04.380 --> 00:09:06.470 align:start position:0% Integrations um<00:09:04.500> they<00:09:04.980> have<00:09:05.160> usually<00:09:05.519> subver<00:09:05.940> value<00:09:06.120> data 00:09:06.470 --> 00:09:06.480 align:start position:0% um they have usually subver value data 00:09:06.480 --> 00:09:09.230 align:start position:0% um they have usually subver value data sets<00:09:06.720> so<00:09:07.019> like<00:09:07.260> the<00:09:07.560> don't<00:09:07.860> provide<00:09:08.279> a<00:09:08.580> like 00:09:09.230 --> 00:09:09.240 align:start position:0% sets so like the don't provide a like 00:09:09.240 --> 00:09:11.329 align:start position:0% sets so like the don't provide a like that<00:09:09.420> much<00:09:09.600> value<00:09:09.839> for<00:09:10.140> like<00:09:10.500> as<00:09:10.980> much<00:09:11.160> value 00:09:11.329 --> 00:09:11.339 align:start position:0% that much value for like as much value 00:09:11.339 --> 00:09:13.850 align:start position:0% that much value for like as much value as<00:09:11.580> it<00:09:11.760> could<00:09:11.820> for<00:09:12.120> the<00:09:12.300> protocol<00:09:12.680> uh<00:09:13.680> because 00:09:13.850 --> 00:09:13.860 align:start position:0% as it could for the protocol uh because 00:09:13.860 --> 00:09:16.550 align:start position:0% as it could for the protocol uh because they<00:09:14.160> select<00:09:14.459> few<00:09:14.640> operators 00:09:16.550 --> 00:09:16.560 align:start position:0% they select few operators 00:09:16.560 --> 00:09:20.170 align:start position:0% they select few operators uh<00:09:17.519> with<00:09:17.880> little<00:09:18.060> diversity<00:09:18.600> in 00:09:20.170 --> 00:09:20.180 align:start position:0% uh with little diversity in 00:09:20.180 --> 00:09:22.850 align:start position:0% uh with little diversity in jurisdiction's<00:09:21.180> physical<00:09:21.360> locations<00:09:22.500> etc 00:09:22.850 --> 00:09:22.860 align:start position:0% jurisdiction's physical locations etc 00:09:22.860 --> 00:09:24.769 align:start position:0% jurisdiction's physical locations etc etc 00:09:24.769 --> 00:09:24.779 align:start position:0% etc 00:09:24.779 --> 00:09:27.650 align:start position:0% etc um<00:09:24.899> and<00:09:25.200> it's<00:09:25.380> not<00:09:25.560> transparent<00:09:26.160> and<00:09:26.700> they<00:09:27.240> are 00:09:27.650 --> 00:09:27.660 align:start position:0% um and it's not transparent and they are 00:09:27.660 --> 00:09:29.150 align:start position:0% um and it's not transparent and they are susceptible<00:09:28.080> to<00:09:28.320> regulatory<00:09:28.860> capture 00:09:29.150 --> 00:09:29.160 align:start position:0% susceptible to regulatory capture 00:09:29.160 --> 00:09:31.190 align:start position:0% susceptible to regulatory capture because<00:09:29.399> like<00:09:29.640> C5<00:09:30.060> solution<00:09:30.480> uh<00:09:31.019> like 00:09:31.190 --> 00:09:31.200 align:start position:0% because like C5 solution uh like 00:09:31.200 --> 00:09:33.829 align:start position:0% because like C5 solution uh like extremely<00:09:31.560> regulated 00:09:33.829 --> 00:09:33.839 align:start position:0% extremely regulated 00:09:33.839 --> 00:09:35.090 align:start position:0% extremely regulated um 00:09:35.090 --> 00:09:35.100 align:start position:0% um 00:09:35.100 --> 00:09:38.090 align:start position:0% um risk<00:09:35.700> management<00:09:35.880> based<00:09:36.420> protocols<00:09:36.899> they<00:09:37.560> are 00:09:38.090 --> 00:09:38.100 align:start position:0% risk management based protocols they are 00:09:38.100 --> 00:09:40.670 align:start position:0% risk management based protocols they are non-custodial<00:09:38.940> they<00:09:39.540> manage<00:09:39.839> slation<00:09:40.140> risks 00:09:40.670 --> 00:09:40.680 align:start position:0% non-custodial they manage slation risks 00:09:40.680 --> 00:09:42.650 align:start position:0% non-custodial they manage slation risks protocol<00:09:41.040> wide<00:09:41.459> by<00:09:41.760> creating<00:09:42.120> creative<00:09:42.420> value 00:09:42.650 --> 00:09:42.660 align:start position:0% protocol wide by creating creative value 00:09:42.660 --> 00:09:46.630 align:start position:0% protocol wide by creating creative value data<00:09:43.019> sets<00:09:43.260> that<00:09:43.500> like<00:09:43.740> minimize<00:09:44.279> risks 00:09:46.630 --> 00:09:46.640 align:start position:0% data sets that like minimize risks 00:09:46.640 --> 00:09:49.130 align:start position:0% data sets that like minimize risks they<00:09:47.640> therefore<00:09:48.180> they<00:09:48.540> are<00:09:48.660> usually<00:09:48.899> Capital 00:09:49.130 --> 00:09:49.140 align:start position:0% they therefore they are usually Capital 00:09:49.140 --> 00:09:50.930 align:start position:0% they therefore they are usually Capital efficient<00:09:49.680> so<00:09:49.920> they're<00:09:50.339> easy<00:09:50.580> to<00:09:50.820> grow 00:09:50.930 --> 00:09:50.940 align:start position:0% efficient so they're easy to grow 00:09:50.940 --> 00:09:54.490 align:start position:0% efficient so they're easy to grow they're<00:09:51.360> easier<00:09:51.839> to<00:09:52.399> uh<00:09:53.399> to<00:09:53.700> accept<00:09:53.760> stake 00:09:54.490 --> 00:09:54.500 align:start position:0% they're easier to uh to accept stake 00:09:54.500 --> 00:09:55.570 align:start position:0% they're easier to uh to accept stake [Music] 00:09:55.570 --> 00:09:55.580 align:start position:0% [Music] 00:09:55.580 --> 00:09:59.329 align:start position:0% [Music] and<00:09:56.660> for<00:09:57.660> like 00:09:59.329 --> 00:09:59.339 align:start position:0% and for like 00:09:59.339 --> 00:10:01.430 align:start position:0% and for like um<00:09:59.660> for<00:10:00.660> the 00:10:01.430 --> 00:10:01.440 align:start position:0% um for the 00:10:01.440 --> 00:10:03.290 align:start position:0% um for the um<00:10:01.500> competitive<00:10:02.220> advantage<00:10:02.640> on<00:10:02.820> user<00:10:03.180> side 00:10:03.290 --> 00:10:03.300 align:start position:0% um competitive advantage on user side 00:10:03.300 --> 00:10:05.269 align:start position:0% um competitive advantage on user side they<00:10:03.720> rely<00:10:04.019> on<00:10:04.200> the<00:10:04.260> fire<00:10:04.440> system<00:10:04.920> so<00:10:05.160> like 00:10:05.269 --> 00:10:05.279 align:start position:0% they rely on the fire system so like 00:10:05.279 --> 00:10:07.970 align:start position:0% they rely on the fire system so like when<00:10:05.459> the<00:10:05.700> fire<00:10:05.820> system<00:10:06.180> is<00:10:06.480> better<00:10:06.720> than<00:10:07.080> uh 00:10:07.970 --> 00:10:07.980 align:start position:0% when the fire system is better than uh 00:10:07.980 --> 00:10:11.630 align:start position:0% when the fire system is better than uh any<00:10:08.279> any<00:10:08.880> single<00:10:09.779> wallet<00:10:10.260> Garden<00:10:10.440> of<00:10:11.040> of<00:10:11.279> a 00:10:11.630 --> 00:10:11.640 align:start position:0% any any single wallet Garden of of a 00:10:11.640 --> 00:10:13.430 align:start position:0% any any single wallet Garden of of a change<00:10:11.760> they<00:10:12.660> can 00:10:13.430 --> 00:10:13.440 align:start position:0% change they can 00:10:13.440 --> 00:10:16.850 align:start position:0% change they can uh<00:10:14.220> offer<00:10:14.760> a<00:10:15.420> good<00:10:15.779> uh 00:10:16.850 --> 00:10:16.860 align:start position:0% uh offer a good uh 00:10:16.860 --> 00:10:19.430 align:start position:0% uh offer a good uh uh<00:10:17.220> that<00:10:17.580> alternative<00:10:18.300> to<00:10:18.720> centralized 00:10:19.430 --> 00:10:19.440 align:start position:0% uh that alternative to centralized 00:10:19.440 --> 00:10:22.250 align:start position:0% uh that alternative to centralized exchanges<00:10:20.339> uh<00:10:21.120> valid<00:10:21.480> data<00:10:21.720> set<00:10:21.839> they<00:10:22.080> have 00:10:22.250 --> 00:10:22.260 align:start position:0% exchanges uh valid data set they have 00:10:22.260 --> 00:10:25.130 align:start position:0% exchanges uh valid data set they have are<00:10:22.560> like<00:10:22.800> very<00:10:22.980> different<00:10:23.220> in<00:10:23.640> in<00:10:24.060> uh<00:10:24.600> in 00:10:25.130 --> 00:10:25.140 align:start position:0% are like very different in in uh in 00:10:25.140 --> 00:10:28.070 align:start position:0% are like very different in in uh in design<00:10:25.260> because<00:10:25.740> uh<00:10:26.580> and<00:10:27.180> in<00:10:27.360> quality<00:10:27.720> they 00:10:28.070 --> 00:10:28.080 align:start position:0% design because uh and in quality they 00:10:28.080 --> 00:10:29.630 align:start position:0% design because uh and in quality they can<00:10:28.200> be<00:10:28.320> big<00:10:28.440> they<00:10:28.740> can<00:10:28.860> be<00:10:28.980> small<00:10:29.160> they<00:10:29.399> can<00:10:29.580> be 00:10:29.630 --> 00:10:29.640 align:start position:0% can be big they can be small they can be 00:10:29.640 --> 00:10:32.030 align:start position:0% can be big they can be small they can be like<00:10:29.760> consist<00:10:30.180> of<00:10:30.420> one<00:10:30.779> operator<00:10:31.560> which<00:10:31.920> is 00:10:32.030 --> 00:10:32.040 align:start position:0% like consist of one operator which is 00:10:32.040 --> 00:10:34.250 align:start position:0% like consist of one operator which is like<00:10:32.339> uh<00:10:32.700> the<00:10:32.940> same<00:10:33.000> the<00:10:33.240> protocol<00:10:33.660> operators 00:10:34.250 --> 00:10:34.260 align:start position:0% like uh the same the protocol operators 00:10:34.260 --> 00:10:35.990 align:start position:0% like uh the same the protocol operators basically 00:10:35.990 --> 00:10:36.000 align:start position:0% basically 00:10:36.000 --> 00:10:37.389 align:start position:0% basically um 00:10:37.389 --> 00:10:37.399 align:start position:0% um 00:10:37.399 --> 00:10:40.910 align:start position:0% um and<00:10:38.399> they 00:10:40.910 --> 00:10:40.920 align:start position:0% and they 00:10:40.920 --> 00:10:43.370 align:start position:0% and they um<00:10:41.060> that's<00:10:42.060> because<00:10:42.240> like<00:10:42.720> the<00:10:42.959> managed 00:10:43.370 --> 00:10:43.380 align:start position:0% um that's because like the managed 00:10:43.380 --> 00:10:46.730 align:start position:0% um that's because like the managed protocol<00:10:43.800> set<00:10:44.100> is<00:10:44.779> the<00:10:45.779> valid<00:10:46.200> data<00:10:46.440> set<00:10:46.500> is 00:10:46.730 --> 00:10:46.740 align:start position:0% protocol set is the valid data set is 00:10:46.740 --> 00:10:48.670 align:start position:0% protocol set is the valid data set is basically<00:10:47.100> the<00:10:47.579> major<00:10:47.940> part<00:10:48.240> of<00:10:48.420> the<00:10:48.540> product 00:10:48.670 --> 00:10:48.680 align:start position:0% basically the major part of the product 00:10:48.680 --> 00:10:52.370 align:start position:0% basically the major part of the product here<00:10:49.680> and<00:10:50.519> that's<00:10:51.060> where<00:10:51.360> they<00:10:51.720> give<00:10:51.959> her<00:10:52.200> very 00:10:52.370 --> 00:10:52.380 align:start position:0% here and that's where they give her very 00:10:52.380 --> 00:10:54.050 align:start position:0% here and that's where they give her very much 00:10:54.050 --> 00:10:54.060 align:start position:0% much 00:10:54.060 --> 00:10:56.090 align:start position:0% much um<00:10:54.120> it<00:10:54.420> can<00:10:54.540> be<00:10:54.660> good<00:10:54.839> it<00:10:55.019> can<00:10:55.200> be<00:10:55.260> bad<00:10:55.440> it<00:10:55.740> like 00:10:56.090 --> 00:10:56.100 align:start position:0% um it can be good it can be bad it like 00:10:56.100 --> 00:10:57.949 align:start position:0% um it can be good it can be bad it like depends<00:10:56.579> on<00:10:56.640> the<00:10:56.760> protocol 00:10:57.949 --> 00:10:57.959 align:start position:0% depends on the protocol 00:10:57.959 --> 00:11:01.190 align:start position:0% depends on the protocol uh<00:10:58.560> bonded<00:10:58.980> protocol<00:10:59.279> uh<00:11:00.240> also<00:11:00.480> non-custodial 00:11:01.190 --> 00:11:01.200 align:start position:0% uh bonded protocol uh also non-custodial 00:11:01.200 --> 00:11:02.930 align:start position:0% uh bonded protocol uh also non-custodial they<00:11:01.440> manage<00:11:01.800> slash<00:11:02.040> the<00:11:02.160> risk<00:11:02.399> by<00:11:02.579> acquiring 00:11:02.930 --> 00:11:02.940 align:start position:0% they manage slash the risk by acquiring 00:11:02.940 --> 00:11:04.389 align:start position:0% they manage slash the risk by acquiring validator<00:11:03.360> bonds 00:11:04.389 --> 00:11:04.399 align:start position:0% validator bonds 00:11:04.399 --> 00:11:07.009 align:start position:0% validator bonds uh<00:11:05.399> that<00:11:05.700> makes<00:11:05.940> them<00:11:06.180> Capital<00:11:06.420> efficient 00:11:07.009 --> 00:11:07.019 align:start position:0% uh that makes them Capital efficient 00:11:07.019 --> 00:11:08.930 align:start position:0% uh that makes them Capital efficient because<00:11:07.500> validators<00:11:08.220> like<00:11:08.459> the<00:11:08.640> good<00:11:08.760> value 00:11:08.930 --> 00:11:08.940 align:start position:0% because validators like the good value 00:11:08.940 --> 00:11:12.110 align:start position:0% because validators like the good value like<00:11:09.360> the<00:11:09.720> uh<00:11:10.560> not<00:11:10.740> operators<00:11:11.279> Community<00:11:11.459> they 00:11:12.110 --> 00:11:12.120 align:start position:0% like the uh not operators Community they 00:11:12.120 --> 00:11:14.810 align:start position:0% like the uh not operators Community they don't<00:11:12.420> usually<00:11:12.839> have<00:11:13.140> a<00:11:13.260> lot<00:11:13.380> of<00:11:13.500> money<00:11:14.160> and 00:11:14.810 --> 00:11:14.820 align:start position:0% don't usually have a lot of money and 00:11:14.820 --> 00:11:16.790 align:start position:0% don't usually have a lot of money and when<00:11:15.120> they<00:11:15.360> are<00:11:15.660> required<00:11:16.019> to<00:11:16.140> provide<00:11:16.380> bonds 00:11:16.790 --> 00:11:16.800 align:start position:0% when they are required to provide bonds 00:11:16.800 --> 00:11:18.650 align:start position:0% when they are required to provide bonds this<00:11:17.100> is<00:11:17.399> limited<00:11:17.760> by<00:11:17.940> basically<00:11:18.240> the<00:11:18.420> amount 00:11:18.650 --> 00:11:18.660 align:start position:0% this is limited by basically the amount 00:11:18.660 --> 00:11:21.110 align:start position:0% this is limited by basically the amount of<00:11:18.779> capital<00:11:18.899> of<00:11:19.320> operators<00:11:19.860> or<00:11:20.279> the<00:11:20.760> amount<00:11:21.000> of 00:11:21.110 --> 00:11:21.120 align:start position:0% of capital of operators or the amount of 00:11:21.120 --> 00:11:22.670 align:start position:0% of capital of operators or the amount of debt<00:11:21.480> they<00:11:21.779> are<00:11:21.899> willing<00:11:22.140> to<00:11:22.260> take<00:11:22.380> from 00:11:22.670 --> 00:11:22.680 align:start position:0% debt they are willing to take from 00:11:22.680 --> 00:11:25.190 align:start position:0% debt they are willing to take from outside<00:11:22.920> sources 00:11:25.190 --> 00:11:25.200 align:start position:0% outside sources 00:11:25.200 --> 00:11:25.910 align:start position:0% outside sources um 00:11:25.910 --> 00:11:25.920 align:start position:0% um 00:11:25.920 --> 00:11:29.150 align:start position:0% um and<00:11:26.880> uh<00:11:27.240> the<00:11:27.899> value<00:11:28.019> data<00:11:28.380> set<00:11:28.500> management<00:11:28.740> is 00:11:29.150 --> 00:11:29.160 align:start position:0% and uh the value data set management is 00:11:29.160 --> 00:11:30.829 align:start position:0% and uh the value data set management is left<00:11:29.339> to<00:11:29.519> the<00:11:29.640> market<00:11:29.820> like<00:11:30.180> basically<00:11:30.480> if<00:11:30.660> you 00:11:30.829 --> 00:11:30.839 align:start position:0% left to the market like basically if you 00:11:30.839 --> 00:11:33.350 align:start position:0% left to the market like basically if you have<00:11:30.959> Capital<00:11:31.339> uh<00:11:32.339> you<00:11:32.579> can<00:11:32.640> participate<00:11:33.120> as 00:11:33.350 --> 00:11:33.360 align:start position:0% have Capital uh you can participate as 00:11:33.360 --> 00:11:35.509 align:start position:0% have Capital uh you can participate as an<00:11:33.600> uh<00:11:34.019> operator<00:11:34.500> you<00:11:34.920> can<00:11:34.980> provide<00:11:35.279> your<00:11:35.399> own 00:11:35.509 --> 00:11:35.519 align:start position:0% an uh operator you can provide your own 00:11:35.519 --> 00:11:37.310 align:start position:0% an uh operator you can provide your own validation<00:11:36.000> and<00:11:36.660> that's<00:11:36.839> the<00:11:37.019> only<00:11:37.140> thing 00:11:37.310 --> 00:11:37.320 align:start position:0% validation and that's the only thing 00:11:37.320 --> 00:11:40.009 align:start position:0% validation and that's the only thing that's<00:11:37.440> required<00:11:37.980> which<00:11:38.940> I<00:11:39.300> think<00:11:39.420> at<00:11:39.660> scale 00:11:40.009 --> 00:11:40.019 align:start position:0% that's required which I think at scale 00:11:40.019 --> 00:11:41.810 align:start position:0% that's required which I think at scale delivers<00:11:40.560> centralized<00:11:41.040> for<00:11:41.160> later<00:11:41.339> sets 00:11:41.810 --> 00:11:41.820 align:start position:0% delivers centralized for later sets 00:11:41.820 --> 00:11:45.370 align:start position:0% delivers centralized for later sets because<00:11:42.240> capital<00:11:43.140> is<00:11:43.800> centralized 00:11:45.370 --> 00:11:45.380 align:start position:0% because capital is centralized 00:11:45.380 --> 00:11:48.410 align:start position:0% because capital is centralized uh<00:11:46.380> like<00:11:46.620> if<00:11:46.800> you<00:11:46.920> take<00:11:47.100> a<00:11:47.279> look<00:11:47.399> at<00:11:47.640> uh<00:11:48.000> Genie 00:11:48.410 --> 00:11:48.420 align:start position:0% uh like if you take a look at uh Genie 00:11:48.420 --> 00:11:49.610 align:start position:0% uh like if you take a look at uh Genie coefficient<00:11:48.720> of<00:11:48.839> ethereum<00:11:49.200> for<00:11:49.440> example 00:11:49.610 --> 00:11:49.620 align:start position:0% coefficient of ethereum for example 00:11:49.620 --> 00:11:51.710 align:start position:0% coefficient of ethereum for example which<00:11:49.860> is<00:11:49.980> like<00:11:50.160> one<00:11:50.339> of<00:11:50.459> the<00:11:50.579> best<00:11:50.700> ones<00:11:51.060> it's 00:11:51.710 --> 00:11:51.720 align:start position:0% which is like one of the best ones it's 00:11:51.720 --> 00:11:53.329 align:start position:0% which is like one of the best ones it's it's<00:11:51.959> really<00:11:52.200> high<00:11:52.380> like<00:11:52.620> most<00:11:52.920> of<00:11:53.100> the<00:11:53.160> wells 00:11:53.329 --> 00:11:53.339 align:start position:0% it's really high like most of the wells 00:11:53.339 --> 00:11:55.069 align:start position:0% it's really high like most of the wells have<00:11:53.640> worldwide<00:11:54.120> like 00:11:55.069 --> 00:11:55.079 align:start position:0% have worldwide like 00:11:55.079 --> 00:11:57.650 align:start position:0% have worldwide like a<00:11:55.380> few<00:11:55.560> dozens<00:11:55.920> of<00:11:56.040> whales 00:11:57.650 --> 00:11:57.660 align:start position:0% a few dozens of whales 00:11:57.660 --> 00:11:59.990 align:start position:0% a few dozens of whales um<00:11:57.779> at<00:11:58.320> when<00:11:58.620> the<00:11:58.800> protocol<00:11:59.040> is<00:11:59.220> at<00:11:59.339> scale<00:11:59.579> that 00:11:59.990 --> 00:12:00.000 align:start position:0% um at when the protocol is at scale that 00:12:00.000 --> 00:12:02.990 align:start position:0% um at when the protocol is at scale that they<00:12:00.779> are<00:12:01.019> either<00:12:01.260> providing<00:12:02.100> a<00:12:02.339> loan<00:12:02.820> or 00:12:02.990 --> 00:12:03.000 align:start position:0% they are either providing a loan or 00:12:03.000 --> 00:12:06.170 align:start position:0% they are either providing a loan or their<00:12:03.180> operating<00:12:03.540> cells<00:12:03.959> at<00:12:04.260> scale<00:12:04.740> and<00:12:05.519> uh 00:12:06.170 --> 00:12:06.180 align:start position:0% their operating cells at scale and uh 00:12:06.180 --> 00:12:08.030 align:start position:0% their operating cells at scale and uh take<00:12:06.360> the<00:12:06.600> majority<00:12:06.959> of<00:12:07.140> the<00:12:07.380> what<00:12:07.560> is<00:12:07.740> data 00:12:08.030 --> 00:12:08.040 align:start position:0% take the majority of the what is data 00:12:08.040 --> 00:12:10.670 align:start position:0% take the majority of the what is data set 00:12:10.670 --> 00:12:10.680 align:start position:0% 00:12:10.680 --> 00:12:14.150 align:start position:0% um<00:12:10.760> this<00:12:11.760> option<00:12:12.240> of<00:12:12.540> hyper<00:12:13.019> compliant<00:12:13.500> one<00:12:13.680> is 00:12:14.150 --> 00:12:14.160 align:start position:0% um this option of hyper compliant one is 00:12:14.160 --> 00:12:16.910 align:start position:0% um this option of hyper compliant one is not<00:12:14.519> uh 00:12:16.910 --> 00:12:16.920 align:start position:0% not uh 00:12:16.920 --> 00:12:18.829 align:start position:0% not uh um very<00:12:17.579> different<00:12:17.760> than<00:12:18.000> Tech<00:12:18.240> side<00:12:18.540> from 00:12:18.829 --> 00:12:18.839 align:start position:0% um very different than Tech side from 00:12:18.839 --> 00:12:21.590 align:start position:0% um very different than Tech side from risk<00:12:19.200> management<00:12:19.820> it's<00:12:20.820> different<00:12:21.120> approach 00:12:21.590 --> 00:12:21.600 align:start position:0% risk management it's different approach 00:12:21.600 --> 00:12:24.710 align:start position:0% risk management it's different approach because<00:12:21.899> like<00:12:22.200> it's<00:12:22.680> uh<00:12:23.579> seven<00:12:23.880> point<00:12:24.180> and 00:12:24.710 --> 00:12:24.720 align:start position:0% because like it's uh seven point and 00:12:24.720 --> 00:12:27.170 align:start position:0% because like it's uh seven point and Main<00:12:25.019> feature<00:12:25.620> is<00:12:26.100> that<00:12:26.339> the<00:12:26.459> valid<00:12:26.820> data<00:12:27.060> set 00:12:27.170 --> 00:12:27.180 align:start position:0% Main feature is that the valid data set 00:12:27.180 --> 00:12:31.670 align:start position:0% Main feature is that the valid data set is<00:12:27.860> extensively<00:12:28.860> vacated<00:12:29.339> and 00:12:31.670 --> 00:12:31.680 align:start position:0% is extensively vacated and 00:12:31.680 --> 00:12:34.509 align:start position:0% is extensively vacated and um<00:12:31.940> certified<00:12:32.940> and 00:12:34.509 --> 00:12:34.519 align:start position:0% um certified and 00:12:34.519 --> 00:12:38.150 align:start position:0% um certified and regulated<00:12:36.019> and<00:12:37.019> they<00:12:37.380> are<00:12:37.560> likely<00:12:37.800> to<00:12:37.920> not 00:12:38.150 --> 00:12:38.160 align:start position:0% regulated and they are likely to not 00:12:38.160 --> 00:12:40.670 align:start position:0% regulated and they are likely to not deliver<00:12:38.339> well<00:12:38.820> it<00:12:39.060> just<00:12:39.180> said<00:12:39.360> that<00:12:39.680> the 00:12:40.670 --> 00:12:40.680 align:start position:0% deliver well it just said that the 00:12:40.680 --> 00:12:43.670 align:start position:0% deliver well it just said that the protocol<00:12:41.040> Community<00:12:41.399> want 00:12:43.670 --> 00:12:43.680 align:start position:0% protocol Community want 00:12:43.680 --> 00:12:46.250 align:start position:0% protocol Community want um<00:12:43.800> and<00:12:44.760> I<00:12:45.420> don't<00:12:45.540> think<00:12:45.720> there<00:12:45.899> will<00:12:46.019> be<00:12:46.139> much 00:12:46.250 --> 00:12:46.260 align:start position:0% um and I don't think there will be much 00:12:46.260 --> 00:12:48.410 align:start position:0% um and I don't think there will be much liquid<00:12:46.500> usable<00:12:47.100> because<00:12:47.339> like<00:12:47.639> usability<00:12:48.120> and 00:12:48.410 --> 00:12:48.420 align:start position:0% liquid usable because like usability and 00:12:48.420 --> 00:12:51.650 align:start position:0% liquid usable because like usability and defy<00:12:48.839> requires<00:12:49.760> uh<00:12:50.760> like<00:12:51.000> they<00:12:51.120> they<00:12:51.300> made 00:12:51.650 --> 00:12:51.660 align:start position:0% defy requires uh like they they made 00:12:51.660 --> 00:12:54.710 align:start position:0% defy requires uh like they they made clients<00:12:52.079> are<00:12:52.260> people<00:12:52.560> who<00:12:53.040> I<00:12:53.760> have<00:12:53.880> like<00:12:54.300> very 00:12:54.710 --> 00:12:54.720 align:start position:0% clients are people who I have like very 00:12:54.720 --> 00:12:56.990 align:start position:0% clients are people who I have like very scary<00:12:54.899> or<00:12:55.200> regulations<00:12:55.620> I<00:12:55.980> think<00:12:56.100> that's<00:12:56.279> like 00:12:56.990 --> 00:12:57.000 align:start position:0% scary or regulations I think that's like 00:12:57.000 --> 00:13:00.010 align:start position:0% scary or regulations I think that's like selling<00:12:57.720> for<00:12:57.839> lawyers<00:12:58.200> type<00:12:59.040> of<00:12:59.220> things 00:13:00.010 --> 00:13:00.020 align:start position:0% selling for lawyers type of things 00:13:00.020 --> 00:13:01.870 align:start position:0% selling for lawyers type of things [Music] 00:13:01.870 --> 00:13:01.880 align:start position:0% [Music] 00:13:01.880 --> 00:13:04.910 align:start position:0% [Music] that<00:13:02.880> are<00:13:03.180> averse<00:13:03.720> to<00:13:03.839> participate<00:13:04.320> in<00:13:04.500> much 00:13:04.910 --> 00:13:04.920 align:start position:0% that are averse to participate in much 00:13:04.920 --> 00:13:07.430 align:start position:0% that are averse to participate in much of<00:13:05.100> the<00:13:05.220> device<00:13:05.339> so 00:13:07.430 --> 00:13:07.440 align:start position:0% of the device so 00:13:07.440 --> 00:13:10.430 align:start position:0% of the device so and<00:13:08.220> the<00:13:08.639> last<00:13:08.760> type<00:13:09.000> is<00:13:09.240> Marketplace<00:13:09.779> is<00:13:10.200> when 00:13:10.430 --> 00:13:10.440 align:start position:0% and the last type is Marketplace is when 00:13:10.440 --> 00:13:12.110 align:start position:0% and the last type is Marketplace is when there<00:13:10.680> is<00:13:10.860> there<00:13:11.160> are<00:13:11.279> multiple<00:13:11.579> options<00:13:11.880> for 00:13:12.110 --> 00:13:12.120 align:start position:0% there is there are multiple options for 00:13:12.120 --> 00:13:14.269 align:start position:0% there is there are multiple options for staking<00:13:12.360> in<00:13:12.540> one<00:13:12.720> place<00:13:12.899> uh<00:13:13.620> different<00:13:13.860> risk 00:13:14.269 --> 00:13:14.279 align:start position:0% staking in one place uh different risk 00:13:14.279 --> 00:13:16.449 align:start position:0% staking in one place uh different risk profiles<00:13:14.639> features<00:13:15.120> and<00:13:15.300> costs 00:13:16.449 --> 00:13:16.459 align:start position:0% profiles features and costs 00:13:16.459 --> 00:13:19.370 align:start position:0% profiles features and costs and<00:13:17.459> when<00:13:17.700> they<00:13:17.880> do<00:13:18.000> a<00:13:18.120> liquid<00:13:18.360> stake<00:13:18.720> in<00:13:18.899> token 00:13:19.370 --> 00:13:19.380 align:start position:0% and when they do a liquid stake in token 00:13:19.380 --> 00:13:23.150 align:start position:0% and when they do a liquid stake in token they<00:13:19.800> have<00:13:19.980> to<00:13:20.160> fund<00:13:20.579> it<00:13:20.639> in<00:13:21.480> some<00:13:21.600> way<00:13:21.779> like<00:13:22.320> uh 00:13:23.150 --> 00:13:23.160 align:start position:0% they have to fund it in some way like uh 00:13:23.160 --> 00:13:25.790 align:start position:0% they have to fund it in some way like uh risk<00:13:24.060> either<00:13:24.600> they<00:13:24.779> do<00:13:24.959> risk<00:13:25.260> management<00:13:25.440> on 00:13:25.790 --> 00:13:25.800 align:start position:0% risk either they do risk management on 00:13:25.800 --> 00:13:28.250 align:start position:0% risk either they do risk management on options<00:13:26.100> like<00:13:26.399> total<00:13:27.120> to<00:13:27.540> to<00:13:27.540> make<00:13:27.839> a<00:13:27.959> fungible 00:13:28.250 --> 00:13:28.260 align:start position:0% options like total to to make a fungible 00:13:28.260 --> 00:13:31.790 align:start position:0% options like total to to make a fungible basket<00:13:28.620> of<00:13:29.180> different<00:13:30.180> uh<00:13:30.959> options<00:13:31.500> in<00:13:31.680> the 00:13:31.790 --> 00:13:31.800 align:start position:0% basket of different uh options in the 00:13:31.800 --> 00:13:36.829 align:start position:0% basket of different uh options in the marketplace<00:13:32.360> or<00:13:33.360> do<00:13:34.200> the<00:13:34.440> bond<00:13:34.980> type<00:13:35.600> or<00:13:36.600> just 00:13:36.829 --> 00:13:36.839 align:start position:0% marketplace or do the bond type or just 00:13:36.839 --> 00:13:39.710 align:start position:0% marketplace or do the bond type or just do<00:13:37.079> a<00:13:37.260> naive<00:13:37.560> like<00:13:38.220> assuming<00:13:38.940> every<00:13:39.120> race 00:13:39.710 --> 00:13:39.720 align:start position:0% do a naive like assuming every race 00:13:39.720 --> 00:13:42.949 align:start position:0% do a naive like assuming every race profile<00:13:40.139> is<00:13:40.260> the<00:13:40.500> same 00:13:42.949 --> 00:13:42.959 align:start position:0% 00:13:42.959 --> 00:13:46.009 align:start position:0% um current<00:13:43.500> state<00:13:43.920> on<00:13:44.399> ethereum<00:13:44.940> is<00:13:45.480> that 00:13:46.009 --> 00:13:46.019 align:start position:0% um current state on ethereum is that 00:13:46.019 --> 00:13:48.009 align:start position:0% um current state on ethereum is that risk<00:13:46.800> management 00:13:48.009 --> 00:13:48.019 align:start position:0% risk management 00:13:48.019 --> 00:13:52.250 align:start position:0% risk management is<00:13:49.019> the<00:13:49.680> largest<00:13:50.360> protocol<00:13:51.360> like<00:13:51.600> it's<00:13:51.779> Lido 00:13:52.250 --> 00:13:52.260 align:start position:0% is the largest protocol like it's Lido 00:13:52.260 --> 00:13:54.430 align:start position:0% is the largest protocol like it's Lido it's<00:13:52.560> risk<00:13:52.980> management<00:13:53.100> type 00:13:54.430 --> 00:13:54.440 align:start position:0% it's risk management type 00:13:54.440 --> 00:13:58.670 align:start position:0% it's risk management type the<00:13:55.440> second<00:13:55.620> by<00:13:55.860> size<00:13:56.100> is<00:13:56.339> custodial<00:13:57.079> but<00:13:58.079> it 00:13:58.670 --> 00:13:58.680 align:start position:0% the second by size is custodial but it 00:13:58.680 --> 00:14:00.829 align:start position:0% the second by size is custodial but it will<00:13:58.860> very<00:13:59.339> quickly<00:13:59.700> jump<00:14:00.060> to<00:14:00.300> one<00:14:00.480> by<00:14:00.660> one 00:14:00.829 --> 00:14:00.839 align:start position:0% will very quickly jump to one by one 00:14:00.839 --> 00:14:02.930 align:start position:0% will very quickly jump to one by one when<00:14:01.079> withdrawals<00:14:01.620> are<00:14:01.740> possible<00:14:02.100> and<00:14:02.459> every 00:14:02.930 --> 00:14:02.940 align:start position:0% when withdrawals are possible and every 00:14:02.940 --> 00:14:05.569 align:start position:0% when withdrawals are possible and every other<00:14:03.720> on<00:14:04.260> every<00:14:04.500> any<00:14:04.800> exchange<00:14:05.220> can<00:14:05.399> be 00:14:05.569 --> 00:14:05.579 align:start position:0% other on every any exchange can be 00:14:05.579 --> 00:14:08.050 align:start position:0% other on every any exchange can be staked<00:14:05.880> more<00:14:06.060> safely<00:14:06.360> than<00:14:06.540> right<00:14:06.839> now 00:14:08.050 --> 00:14:08.060 align:start position:0% staked more safely than right now 00:14:08.060 --> 00:14:11.090 align:start position:0% staked more safely than right now and<00:14:09.060> the<00:14:09.360> third<00:14:09.600> type<00:14:10.079> is<00:14:10.320> bonded<00:14:10.680> it's<00:14:10.800> rocket 00:14:11.090 --> 00:14:11.100 align:start position:0% and the third type is bonded it's rocket 00:14:11.100 --> 00:14:13.850 align:start position:0% and the third type is bonded it's rocket pole<00:14:11.339> it's<00:14:11.459> a<00:14:11.639> third<00:14:11.820> third<00:14:12.600> position 00:14:13.850 --> 00:14:13.860 align:start position:0% pole it's a third third position 00:14:13.860 --> 00:14:17.629 align:start position:0% pole it's a third third position uh<00:14:14.820> and<00:14:15.000> by<00:14:15.180> growth<00:14:15.600> speeds<00:14:15.959> right<00:14:16.139> now 00:14:17.629 --> 00:14:17.639 align:start position:0% uh and by growth speeds right now 00:14:17.639 --> 00:14:20.930 align:start position:0% uh and by growth speeds right now coinbase<00:14:18.680> uh<00:14:19.680> liquids<00:14:20.100> taken<00:14:20.339> token<00:14:20.639> grows 00:14:20.930 --> 00:14:20.940 align:start position:0% coinbase uh liquids taken token grows 00:14:20.940 --> 00:14:23.389 align:start position:0% coinbase uh liquids taken token grows the<00:14:21.240> fastest 00:14:23.389 --> 00:14:23.399 align:start position:0% the fastest 00:14:23.399 --> 00:14:27.889 align:start position:0% the fastest um<00:14:23.839> lidoor<00:14:24.839> has<00:14:25.440> the<00:14:25.680> second<00:14:25.920> place<00:14:26.220> and<00:14:26.940> uh 00:14:27.889 --> 00:14:27.899 align:start position:0% um lidoor has the second place and uh 00:14:27.899 --> 00:14:31.069 align:start position:0% um lidoor has the second place and uh rocket<00:14:28.260> pole<00:14:28.500> is<00:14:28.620> the<00:14:28.740> third<00:14:28.860> so<00:14:29.480> this<00:14:30.480> is<00:14:30.839> the 00:14:31.069 --> 00:14:31.079 align:start position:0% rocket pole is the third so this is the 00:14:31.079 --> 00:14:34.670 align:start position:0% rocket pole is the third so this is the current<00:14:31.320> trend 00:14:34.670 --> 00:14:34.680 align:start position:0% 00:14:34.680 --> 00:14:37.850 align:start position:0% um<00:14:34.820> I<00:14:35.820> think<00:14:36.060> that<00:14:36.600> the<00:14:36.899> only<00:14:37.019> non-custodial 00:14:37.850 --> 00:14:37.860 align:start position:0% um I think that the only non-custodial 00:14:37.860 --> 00:14:40.189 align:start position:0% um I think that the only non-custodial trust<00:14:38.160> minimized<00:14:38.760> options<00:14:39.120> can<00:14:39.540> be<00:14:39.779> designed 00:14:40.189 --> 00:14:40.199 align:start position:0% trust minimized options can be designed 00:14:40.199 --> 00:14:43.090 align:start position:0% trust minimized options can be designed with<00:14:40.380> the<00:14:40.560> condo<00:14:40.920> evil<00:14:41.220> principle<00:14:41.579> in<00:14:41.699> mind<00:14:41.880> so 00:14:43.090 --> 00:14:43.100 align:start position:0% with the condo evil principle in mind so 00:14:43.100 --> 00:14:45.580 align:start position:0% with the condo evil principle in mind so liquid<00:14:44.100> sticking<00:14:44.399> protocols<00:14:44.940> that 00:14:45.580 --> 00:14:45.590 align:start position:0% liquid sticking protocols that 00:14:45.590 --> 00:14:46.189 align:start position:0% liquid sticking protocols that [Music] 00:14:46.189 --> 00:14:46.199 align:start position:0% [Music] 00:14:46.199 --> 00:14:47.030 align:start position:0% [Music] um 00:14:47.030 --> 00:14:47.040 align:start position:0% um 00:14:47.040 --> 00:14:50.750 align:start position:0% um are<00:14:47.880> sufficiently<00:14:48.720> limited<00:14:49.199> uh<00:14:50.100> in<00:14:50.339> what<00:14:50.579> they 00:14:50.750 --> 00:14:50.760 align:start position:0% are sufficiently limited uh in what they 00:14:50.760 --> 00:14:52.790 align:start position:0% are sufficiently limited uh in what they can<00:14:50.880> do<00:14:51.060> though<00:14:51.300> like<00:14:51.600> those<00:14:51.779> tax<00:14:52.079> or<00:14:52.500> valid 00:14:52.790 --> 00:14:52.800 align:start position:0% can do though like those tax or valid 00:14:52.800 --> 00:14:56.870 align:start position:0% can do though like those tax or valid data<00:14:53.040> set<00:14:53.160> selection<00:14:53.639> to<00:14:54.180> uh 00:14:56.870 --> 00:14:56.880 align:start position:0% data set selection to uh 00:14:56.880 --> 00:15:00.530 align:start position:0% data set selection to uh uh<00:14:57.180> to<00:14:57.720> force<00:14:58.260> or<00:14:58.740> like<00:14:58.980> uh<00:14:59.399> entice<00:14:59.820> operators 00:15:00.530 --> 00:15:00.540 align:start position:0% uh to force or like uh entice operators 00:15:00.540 --> 00:15:02.750 align:start position:0% uh to force or like uh entice operators to<00:15:01.019> operate<00:15:01.500> in<00:15:01.620> certain<00:15:01.920> way<00:15:02.100> when<00:15:02.519> they<00:15:02.639> are 00:15:02.750 --> 00:15:02.760 align:start position:0% to operate in certain way when they are 00:15:02.760 --> 00:15:05.750 align:start position:0% to operate in certain way when they are limited<00:15:03.060> in<00:15:03.180> that<00:15:03.360> uh<00:15:03.899> they<00:15:04.320> can<00:15:04.620> be<00:15:05.040> entirely 00:15:05.750 --> 00:15:05.760 align:start position:0% limited in that uh they can be entirely 00:15:05.760 --> 00:15:07.310 align:start position:0% limited in that uh they can be entirely harmless<00:15:06.120> for<00:15:06.300> the<00:15:06.420> protocol<00:15:06.660> and<00:15:07.019> not<00:15:07.199> a 00:15:07.310 --> 00:15:07.320 align:start position:0% harmless for the protocol and not a 00:15:07.320 --> 00:15:10.129 align:start position:0% harmless for the protocol and not a threat<00:15:07.980> uh<00:15:08.579> custodial<00:15:09.060> Solutions<00:15:09.540> can<00:15:09.959> do 00:15:10.129 --> 00:15:10.139 align:start position:0% threat uh custodial Solutions can do 00:15:10.139 --> 00:15:13.790 align:start position:0% threat uh custodial Solutions can do that<00:15:10.320> because<00:15:10.620> like<00:15:10.980> they<00:15:11.519> can<00:15:12.360> act<00:15:12.779> like<00:15:13.139> with 00:15:13.790 --> 00:15:13.800 align:start position:0% that because like they can act like with 00:15:13.800 --> 00:15:15.670 align:start position:0% that because like they can act like with the<00:15:13.980> values<00:15:14.339> but 00:15:15.670 --> 00:15:15.680 align:start position:0% the values but 00:15:15.680 --> 00:15:19.250 align:start position:0% the values but they<00:15:16.680> are<00:15:16.860> extremely<00:15:17.279> susceptible<00:15:18.060> to<00:15:18.540> uh<00:15:19.079> to 00:15:19.250 --> 00:15:19.260 align:start position:0% they are extremely susceptible to uh to 00:15:19.260 --> 00:15:20.269 align:start position:0% they are extremely susceptible to uh to regulations 00:15:20.269 --> 00:15:20.279 align:start position:0% regulations 00:15:20.279 --> 00:15:23.750 align:start position:0% regulations which<00:15:21.060> can<00:15:21.360> be<00:15:21.540> not<00:15:22.079> aligned<00:15:22.800> with<00:15:22.920> companies 00:15:23.750 --> 00:15:23.760 align:start position:0% which can be not aligned with companies 00:15:23.760 --> 00:15:25.389 align:start position:0% which can be not aligned with companies value 00:15:25.389 --> 00:15:25.399 align:start position:0% value 00:15:25.399 --> 00:15:28.970 align:start position:0% value I<00:15:26.399> think<00:15:26.579> that<00:15:26.940> only<00:15:27.260> risk<00:15:28.260> management<00:15:28.440> based 00:15:28.970 --> 00:15:28.980 align:start position:0% I think that only risk management based 00:15:28.980 --> 00:15:30.410 align:start position:0% I think that only risk management based protocols<00:15:29.399> can<00:15:29.519> deliver<00:15:29.639> good<00:15:29.940> value<00:15:30.060> data 00:15:30.410 --> 00:15:30.420 align:start position:0% protocols can deliver good value data 00:15:30.420 --> 00:15:32.870 align:start position:0% protocols can deliver good value data set<00:15:30.540> at<00:15:30.660> scale<00:15:30.959> because<00:15:31.380> at<00:15:31.800> scale<00:15:32.160> the<00:15:32.579> like 00:15:32.870 --> 00:15:32.880 align:start position:0% set at scale because at scale the like 00:15:32.880 --> 00:15:34.370 align:start position:0% set at scale because at scale the like the<00:15:33.060> main<00:15:33.180> thing<00:15:33.420> that<00:15:33.660> you<00:15:33.779> deliver<00:15:33.959> for<00:15:34.260> a 00:15:34.370 --> 00:15:34.380 align:start position:0% the main thing that you deliver for a 00:15:34.380 --> 00:15:38.509 align:start position:0% the main thing that you deliver for a protocol<00:15:34.680> is<00:15:35.459> a<00:15:35.639> good<00:15:35.760> valid<00:15:36.120> data<00:15:36.360> set<00:15:36.800> and<00:15:37.800> if 00:15:38.509 --> 00:15:38.519 align:start position:0% protocol is a good valid data set and if 00:15:38.519 --> 00:15:41.750 align:start position:0% protocol is a good valid data set and if you<00:15:38.639> don't<00:15:38.820> have<00:15:39.000> an<00:15:39.180> opinionated<00:15:39.720> uh<00:15:40.860> uh 00:15:41.750 --> 00:15:41.760 align:start position:0% you don't have an opinionated uh uh 00:15:41.760 --> 00:15:43.970 align:start position:0% you don't have an opinionated uh uh selection<00:15:42.360> algorithm<00:15:43.139> that<00:15:43.440> says<00:15:43.740> that<00:15:43.800> like 00:15:43.970 --> 00:15:43.980 align:start position:0% selection algorithm that says that like 00:15:43.980 --> 00:15:45.230 align:start position:0% selection algorithm that says that like the<00:15:44.160> good<00:15:44.220> wallet<00:15:44.579> data<00:15:44.820> set<00:15:44.940> should<00:15:45.180> be 00:15:45.230 --> 00:15:45.240 align:start position:0% the good wallet data set should be 00:15:45.240 --> 00:15:46.850 align:start position:0% the good wallet data set should be defined<00:15:45.480> like<00:15:45.720> survey<00:15:46.139> diverse<00:15:46.500> should<00:15:46.740> be 00:15:46.850 --> 00:15:46.860 align:start position:0% defined like survey diverse should be 00:15:46.860 --> 00:15:49.850 align:start position:0% defined like survey diverse should be diverse<00:15:47.220> in<00:15:47.399> jurisdiction<00:15:48.180> in 00:15:49.850 --> 00:15:49.860 align:start position:0% diverse in jurisdiction in 00:15:49.860 --> 00:15:52.030 align:start position:0% diverse in jurisdiction in um 00:15:52.030 --> 00:15:52.040 align:start position:0% 00:15:52.040 --> 00:15:54.410 align:start position:0% should<00:15:53.040> be<00:15:53.220> pretty<00:15:53.519> flat<00:15:53.880> and<00:15:54.000> distribution 00:15:54.410 --> 00:15:54.420 align:start position:0% should be pretty flat and distribution 00:15:54.420 --> 00:15:56.449 align:start position:0% should be pretty flat and distribution of<00:15:54.660> stake<00:15:54.959> should<00:15:55.320> be<00:15:55.459> diverse 00:15:56.449 --> 00:15:56.459 align:start position:0% of stake should be diverse 00:15:56.459 --> 00:15:59.090 align:start position:0% of stake should be diverse geographically<00:15:57.180> and<00:15:57.720> like 00:15:59.090 --> 00:15:59.100 align:start position:0% geographically and like 00:15:59.100 --> 00:16:02.269 align:start position:0% geographically and like um in<00:15:59.760> in<00:15:59.880> cloud<00:16:00.420> and<00:16:00.779> on-premise<00:16:01.500> operations 00:16:02.269 --> 00:16:02.279 align:start position:0% um in in cloud and on-premise operations 00:16:02.279 --> 00:16:03.500 align:start position:0% um in in cloud and on-premise operations etc<00:16:02.639> etc 00:16:03.500 --> 00:16:03.510 align:start position:0% etc etc 00:16:03.510 --> 00:16:04.870 align:start position:0% etc etc [Music] 00:16:04.870 --> 00:16:04.880 align:start position:0% [Music] 00:16:04.880 --> 00:16:08.509 align:start position:0% [Music] that's<00:16:05.899> that's<00:16:06.899> essentially<00:16:07.440> what<00:16:07.920> like<00:16:08.100> Risk 00:16:08.509 --> 00:16:08.519 align:start position:0% that's that's essentially what like Risk 00:16:08.519 --> 00:16:10.430 align:start position:0% that's that's essentially what like Risk Management<00:16:08.639> is<00:16:09.120> your<00:16:09.480> monetary<00:16:09.959> for<00:16:10.320> the 00:16:10.430 --> 00:16:10.440 align:start position:0% Management is your monetary for the 00:16:10.440 --> 00:16:13.370 align:start position:0% Management is your monetary for the protocol<00:16:10.620> as<00:16:10.920> well 00:16:13.370 --> 00:16:13.380 align:start position:0% 00:16:13.380 --> 00:16:15.769 align:start position:0% um<00:16:13.519> so<00:16:14.519> I<00:16:14.820> think<00:16:15.000> there<00:16:15.240> are<00:16:15.360> two<00:16:15.540> possible 00:16:15.769 --> 00:16:15.779 align:start position:0% um so I think there are two possible 00:16:15.779 --> 00:16:18.230 align:start position:0% um so I think there are two possible outcomes<00:16:16.320> for<00:16:16.740> the<00:16:16.860> future<00:16:16.980> of<00:16:17.220> idiom<00:16:17.579> is<00:16:18.000> one 00:16:18.230 --> 00:16:18.240 align:start position:0% outcomes for the future of idiom is one 00:16:18.240 --> 00:16:19.970 align:start position:0% outcomes for the future of idiom is one is<00:16:18.420> that<00:16:18.660> like<00:16:18.899> most<00:16:19.079> of<00:16:19.260> the<00:16:19.320> stake<00:16:19.500> is<00:16:19.740> in<00:16:19.920> the 00:16:19.970 --> 00:16:19.980 align:start position:0% is that like most of the stake is in the 00:16:19.980 --> 00:16:21.530 align:start position:0% is that like most of the stake is in the risk<00:16:20.220> management<00:16:20.339> protocol<00:16:20.820> that<00:16:21.180> provides<00:16:21.480> a 00:16:21.530 --> 00:16:21.540 align:start position:0% risk management protocol that provides a 00:16:21.540 --> 00:16:23.810 align:start position:0% risk management protocol that provides a good<00:16:21.660> quality<00:16:21.959> asset 00:16:23.810 --> 00:16:23.820 align:start position:0% good quality asset 00:16:23.820 --> 00:16:26.629 align:start position:0% good quality asset um minority<00:16:24.779> isn't<00:16:25.139> custodial<00:16:25.680> and<00:16:26.160> one<00:16:26.399> that 00:16:26.629 --> 00:16:26.639 align:start position:0% um minority isn't custodial and one that 00:16:26.639 --> 00:16:29.750 align:start position:0% um minority isn't custodial and one that is<00:16:26.820> like<00:16:27.120> the<00:16:27.420> uh<00:16:28.199> on<00:16:28.440> the<00:16:28.560> third<00:16:28.680> place<00:16:28.920> and 00:16:29.750 --> 00:16:29.760 align:start position:0% is like the uh on the third place and 00:16:29.760 --> 00:16:31.850 align:start position:0% is like the uh on the third place and the<00:16:30.000> beta<00:16:30.300> outcome<00:16:30.600> is<00:16:30.839> vice<00:16:31.139> versa<00:16:31.500> when<00:16:31.680> most 00:16:31.850 --> 00:16:31.860 align:start position:0% the beta outcome is vice versa when most 00:16:31.860 --> 00:16:34.790 align:start position:0% the beta outcome is vice versa when most of<00:16:31.980> the<00:16:32.040> stake<00:16:32.220> is<00:16:32.339> custodial<00:16:32.820> and<00:16:33.720> the<00:16:34.620> rest 00:16:34.790 --> 00:16:34.800 align:start position:0% of the stake is custodial and the rest 00:16:34.800 --> 00:16:37.490 align:start position:0% of the stake is custodial and the rest is<00:16:34.980> in<00:16:35.100> protocols 00:16:37.490 --> 00:16:37.500 align:start position:0% is in protocols 00:16:37.500 --> 00:16:39.889 align:start position:0% is in protocols um 00:16:39.889 --> 00:16:39.899 align:start position:0% 00:16:39.899 --> 00:16:43.850 align:start position:0% um<00:16:39.959> so<00:16:40.800> anyway<00:16:41.399> whatever<00:16:41.940> I<00:16:42.300> think<00:16:42.420> on<00:16:42.600> that<00:16:42.860> uh 00:16:43.850 --> 00:16:43.860 align:start position:0% um so anyway whatever I think on that uh 00:16:43.860 --> 00:16:45.889 align:start position:0% um so anyway whatever I think on that uh it<00:16:44.220> doesn't<00:16:44.519> matter<00:16:44.759> much<00:16:45.000> because<00:16:45.300> I'm<00:16:45.660> not 00:16:45.889 --> 00:16:45.899 align:start position:0% it doesn't matter much because I'm not 00:16:45.899 --> 00:16:47.930 align:start position:0% it doesn't matter much because I'm not the<00:16:46.079> one<00:16:46.199> who<00:16:46.560> decides<00:16:47.100> who<00:16:47.279> will<00:16:47.459> win<00:16:47.639> and 00:16:47.930 --> 00:16:47.940 align:start position:0% the one who decides who will win and 00:16:47.940 --> 00:16:49.790 align:start position:0% the one who decides who will win and like<00:16:48.180> who<00:16:48.420> who<00:16:48.720> will<00:16:49.019> lose<00:16:49.139> and<00:16:49.380> like<00:16:49.620> what 00:16:49.790 --> 00:16:49.800 align:start position:0% like who who will lose and like what 00:16:49.800 --> 00:16:52.430 align:start position:0% like who who will lose and like what will<00:16:49.980> be<00:16:50.160> the<00:16:50.279> best<00:16:50.579> uh<00:16:51.180> the<00:16:51.420> the<00:16:51.540> the<00:16:51.600> largest 00:16:52.430 --> 00:16:52.440 align:start position:0% will be the best uh the the the largest 00:16:52.440 --> 00:16:55.249 align:start position:0% will be the best uh the the the largest options<00:16:52.920> it's<00:16:53.579> a<00:16:53.880> stakers<00:16:54.300> who<00:16:54.839> decide<00:16:55.139> that 00:16:55.249 --> 00:16:55.259 align:start position:0% options it's a stakers who decide that 00:16:55.259 --> 00:16:57.230 align:start position:0% options it's a stakers who decide that outcome 00:16:57.230 --> 00:16:57.240 align:start position:0% outcome 00:16:57.240 --> 00:16:59.870 align:start position:0% outcome um like<00:16:57.660> not<00:16:57.779> not<00:16:58.019> operators<00:16:58.560> uh<00:16:59.459> they<00:16:59.699> are 00:16:59.870 --> 00:16:59.880 align:start position:0% um like not not operators uh they are 00:16:59.880 --> 00:17:03.889 align:start position:0% um like not not operators uh they are agents<00:17:00.360> uh<00:17:01.139> they<00:17:01.800> operate<00:17:02.399> like<00:17:03.300> either<00:17:03.600> very 00:17:03.889 --> 00:17:03.899 align:start position:0% agents uh they operate like either very 00:17:03.899 --> 00:17:06.049 align:start position:0% agents uh they operate like either very small<00:17:04.079> amounts<00:17:04.500> of<00:17:04.559> their<00:17:04.740> own<00:17:04.860> stake<00:17:05.160> or<00:17:05.760> like 00:17:06.049 --> 00:17:06.059 align:start position:0% small amounts of their own stake or like 00:17:06.059 --> 00:17:07.610 align:start position:0% small amounts of their own stake or like large<00:17:06.299> amounts<00:17:06.720> of<00:17:06.839> other<00:17:07.079> people's<00:17:07.439> money 00:17:07.610 --> 00:17:07.620 align:start position:0% large amounts of other people's money 00:17:07.620 --> 00:17:09.949 align:start position:0% large amounts of other people's money they<00:17:07.980> do<00:17:08.220> not<00:17:08.400> decide<00:17:08.819> like<00:17:09.120> who<00:17:09.360> who<00:17:09.600> is<00:17:09.780> going 00:17:09.949 --> 00:17:09.959 align:start position:0% they do not decide like who who is going 00:17:09.959 --> 00:17:10.850 align:start position:0% they do not decide like who who is going to<00:17:10.079> be 00:17:10.850 --> 00:17:10.860 align:start position:0% to be 00:17:10.860 --> 00:17:13.130 align:start position:0% to be the<00:17:11.220> winner<00:17:11.459> it's<00:17:12.179> not<00:17:12.299> stake<00:17:12.600> aggregators 00:17:13.130 --> 00:17:13.140 align:start position:0% the winner it's not stake aggregators 00:17:13.140 --> 00:17:15.049 align:start position:0% the winner it's not stake aggregators like<00:17:13.319> protocols<00:17:13.860> or<00:17:13.980> custodies<00:17:14.520> because 00:17:15.049 --> 00:17:15.059 align:start position:0% like protocols or custodies because 00:17:15.059 --> 00:17:18.590 align:start position:0% like protocols or custodies because users<00:17:15.959> stakers<00:17:16.620> actually<00:17:16.860> decide<00:17:17.400> which<00:17:18.120> uh 00:17:18.590 --> 00:17:18.600 align:start position:0% users stakers actually decide which uh 00:17:18.600 --> 00:17:20.270 align:start position:0% users stakers actually decide which uh which<00:17:18.839> aggregated<00:17:19.260> to<00:17:19.500> use 00:17:20.270 --> 00:17:20.280 align:start position:0% which aggregated to use 00:17:20.280 --> 00:17:22.189 align:start position:0% which aggregated to use uh<00:17:20.760> it's<00:17:20.939> not<00:17:21.120> protocol<00:17:21.480> researchers<00:17:22.020> or 00:17:22.189 --> 00:17:22.199 align:start position:0% uh it's not protocol researchers or 00:17:22.199 --> 00:17:23.809 align:start position:0% uh it's not protocol researchers or developers<00:17:22.559> because<00:17:22.860> they<00:17:23.160> design<00:17:23.339> like<00:17:23.640> a 00:17:23.809 --> 00:17:23.819 align:start position:0% developers because they design like a 00:17:23.819 --> 00:17:25.549 align:start position:0% developers because they design like a neutral<00:17:24.120> protocol<00:17:24.419> that<00:17:24.839> can<00:17:24.959> be<00:17:25.079> used<00:17:25.199> by 00:17:25.549 --> 00:17:25.559 align:start position:0% neutral protocol that can be used by 00:17:25.559 --> 00:17:28.970 align:start position:0% neutral protocol that can be used by other<00:17:25.740> people<00:17:25.980> which<00:17:26.280> has<00:17:26.400> takers<00:17:26.819> to<00:17:27.480> to<00:17:28.260> have 00:17:28.970 --> 00:17:28.980 align:start position:0% other people which has takers to to have 00:17:28.980 --> 00:17:31.610 align:start position:0% other people which has takers to to have the<00:17:29.220> desired<00:17:29.580> outcome<00:17:29.880> it's<00:17:30.720> not<00:17:30.960> uh<00:17:31.380> voices 00:17:31.610 --> 00:17:31.620 align:start position:0% the desired outcome it's not uh voices 00:17:31.620 --> 00:17:34.130 align:start position:0% the desired outcome it's not uh voices on<00:17:31.919> crypto<00:17:32.280> krita<00:17:33.000> Twitter<00:17:33.299> or<00:17:33.660> like<00:17:33.780> protocol 00:17:34.130 --> 00:17:34.140 align:start position:0% on crypto krita Twitter or like protocol 00:17:34.140 --> 00:17:36.650 align:start position:0% on crypto krita Twitter or like protocol governance<00:17:34.679> it's<00:17:35.580> it's<00:17:35.820> going<00:17:36.120> to<00:17:36.240> be<00:17:36.419> less 00:17:36.650 --> 00:17:36.660 align:start position:0% governance it's it's going to be less 00:17:36.660 --> 00:17:37.669 align:start position:0% governance it's it's going to be less takers 00:17:37.669 --> 00:17:37.679 align:start position:0% takers 00:17:37.679 --> 00:17:39.950 align:start position:0% takers Uh<00:17:38.400> current<00:17:38.700> state<00:17:39.000> of<00:17:39.240> ethereum<00:17:39.600> stake 00:17:39.950 --> 00:17:39.960 align:start position:0% Uh current state of ethereum stake 00:17:39.960 --> 00:17:41.630 align:start position:0% Uh current state of ethereum stake increase<00:17:40.140> the<00:17:40.500> direct<00:17:40.620> result<00:17:40.860> of<00:17:41.220> stakes 00:17:41.630 --> 00:17:41.640 align:start position:0% increase the direct result of stakes 00:17:41.640 --> 00:17:43.789 align:start position:0% increase the direct result of stakes making<00:17:42.120> the<00:17:42.419> choice<00:17:42.720> in<00:17:42.960> the<00:17:43.080> past<00:17:43.200> like<00:17:43.440> they 00:17:43.789 --> 00:17:43.799 align:start position:0% making the choice in the past like they 00:17:43.799 --> 00:17:46.130 align:start position:0% making the choice in the past like they why<00:17:44.580> is<00:17:44.760> lighter<00:17:45.120> big<00:17:45.240> because<00:17:45.480> people<00:17:45.660> sticks 00:17:46.130 --> 00:17:46.140 align:start position:0% why is lighter big because people sticks 00:17:46.140 --> 00:17:48.830 align:start position:0% why is lighter big because people sticks with<00:17:46.200> lighter<00:17:46.620> why<00:17:47.100> is<00:17:47.400> like<00:17:47.760> a<00:17:48.120> coinbase<00:17:48.600> big 00:17:48.830 --> 00:17:48.840 align:start position:0% with lighter why is like a coinbase big 00:17:48.840 --> 00:17:50.390 align:start position:0% with lighter why is like a coinbase big because<00:17:49.260> people<00:17:49.559> decide<00:17:49.980> to<00:17:50.039> stick<00:17:50.280> with 00:17:50.390 --> 00:17:50.400 align:start position:0% because people decide to stick with 00:17:50.400 --> 00:17:51.650 align:start position:0% because people decide to stick with coinbase 00:17:51.650 --> 00:17:51.660 align:start position:0% coinbase 00:17:51.660 --> 00:17:53.750 align:start position:0% coinbase uh<00:17:52.320> the<00:17:52.559> future<00:17:52.740> will<00:17:53.160> be<00:17:53.280> a<00:17:53.400> result<00:17:53.520> of 00:17:53.750 --> 00:17:53.760 align:start position:0% uh the future will be a result of 00:17:53.760 --> 00:17:55.669 align:start position:0% uh the future will be a result of stakers<00:17:54.360> making<00:17:54.840> the<00:17:55.080> decision<00:17:55.380> going 00:17:55.669 --> 00:17:55.679 align:start position:0% stakers making the decision going 00:17:55.679 --> 00:17:57.169 align:start position:0% stakers making the decision going forward 00:17:57.169 --> 00:17:57.179 align:start position:0% forward 00:17:57.179 --> 00:17:58.789 align:start position:0% forward so 00:17:58.789 --> 00:17:58.799 align:start position:0% so 00:17:58.799 --> 00:18:03.049 align:start position:0% so what<00:17:59.400> I'm<00:17:59.720> asking<00:18:00.720> you<00:18:01.080> folks<00:18:01.559> is<00:18:02.400> to<00:18:02.760> select 00:18:03.049 --> 00:18:03.059 align:start position:0% what I'm asking you folks is to select 00:18:03.059 --> 00:18:05.510 align:start position:0% what I'm asking you folks is to select the<00:18:03.179> best<00:18:03.419> state<00:18:03.960> based<00:18:04.380> on<00:18:04.500> your<00:18:04.799> ethos<00:18:05.280> your 00:18:05.510 --> 00:18:05.520 align:start position:0% the best state based on your ethos your 00:18:05.520 --> 00:18:07.250 align:start position:0% the best state based on your ethos your needs<00:18:05.820> your<00:18:05.940> capabilities<00:18:06.419> like<00:18:06.720> if<00:18:06.960> you<00:18:07.140> can 00:18:07.250 --> 00:18:07.260 align:start position:0% needs your capabilities like if you can 00:18:07.260 --> 00:18:09.049 align:start position:0% needs your capabilities like if you can if<00:18:07.679> you<00:18:07.799> want<00:18:07.980> and<00:18:08.160> you<00:18:08.460> can<00:18:08.520> run<00:18:08.760> your<00:18:08.940> own 00:18:09.049 --> 00:18:09.059 align:start position:0% if you want and you can run your own 00:18:09.059 --> 00:18:11.930 align:start position:0% if you want and you can run your own order<00:18:09.299> on<00:18:09.600> your<00:18:09.720> own<00:18:09.840> node<00:18:10.500> if<00:18:11.280> you<00:18:11.400> see<00:18:11.580> a<00:18:11.760> good 00:18:11.930 --> 00:18:11.940 align:start position:0% order on your own node if you see a good 00:18:11.940 --> 00:18:14.270 align:start position:0% order on your own node if you see a good option<00:18:12.660> for<00:18:12.960> staking<00:18:13.320> the<00:18:13.620> protocol<00:18:13.919> like 00:18:14.270 --> 00:18:14.280 align:start position:0% option for staking the protocol like 00:18:14.280 --> 00:18:15.950 align:start position:0% option for staking the protocol like stick<00:18:14.520> with<00:18:14.700> the<00:18:14.820> protocol<00:18:15.059> or<00:18:15.480> with<00:18:15.660> the<00:18:15.780> not 00:18:15.950 --> 00:18:15.960 align:start position:0% stick with the protocol or with the not 00:18:15.960 --> 00:18:17.330 align:start position:0% stick with the protocol or with the not operator<00:18:16.320> you<00:18:16.620> trust<00:18:16.860> or<00:18:17.039> something<00:18:17.160> like 00:18:17.330 --> 00:18:17.340 align:start position:0% operator you trust or something like 00:18:17.340 --> 00:18:18.770 align:start position:0% operator you trust or something like that 00:18:18.770 --> 00:18:18.780 align:start position:0% that 00:18:18.780 --> 00:18:19.669 align:start position:0% that um 00:18:19.669 --> 00:18:19.679 align:start position:0% um 00:18:19.679 --> 00:18:23.150 align:start position:0% um because<00:18:20.220> like<00:18:20.580> status<00:18:20.820> will<00:18:21.539> be<00:18:21.919> deciding<00:18:22.919> the 00:18:23.150 --> 00:18:23.160 align:start position:0% because like status will be deciding the 00:18:23.160 --> 00:18:26.570 align:start position:0% because like status will be deciding the future<00:18:23.340> of<00:18:24.240> uh<00:18:25.039> validator<00:18:26.039> set<00:18:26.220> on<00:18:26.460> the 00:18:26.570 --> 00:18:26.580 align:start position:0% future of uh validator set on the 00:18:26.580 --> 00:18:29.750 align:start position:0% future of uh validator set on the theorem<00:18:26.880> like<00:18:27.480> how<00:18:28.020> the<00:18:28.440> uh<00:18:28.919> ethereum<00:18:29.400> will<00:18:29.640> be 00:18:29.750 --> 00:18:29.760 align:start position:0% theorem like how the uh ethereum will be 00:18:29.760 --> 00:18:32.750 align:start position:0% theorem like how the uh ethereum will be operating<00:18:30.179> in<00:18:30.360> the<00:18:30.419> future 00:18:32.750 --> 00:18:32.760 align:start position:0% 00:18:32.760 --> 00:18:34.010 align:start position:0% um 00:18:34.010 --> 00:18:34.020 align:start position:0% um 00:18:34.020 --> 00:18:38.570 align:start position:0% um at<00:18:34.620> the<00:18:34.919> bonus<00:18:35.580> thing<00:18:35.940> I<00:18:36.780> uh<00:18:37.559> like<00:18:37.799> I<00:18:37.980> I<00:18:38.160> made<00:18:38.400> a 00:18:38.570 --> 00:18:38.580 align:start position:0% at the bonus thing I uh like I I made a 00:18:38.580 --> 00:18:40.010 align:start position:0% at the bonus thing I uh like I I made a few<00:18:38.700> predictions<00:18:39.120> but<00:18:39.480> there<00:18:39.660> are<00:18:39.840> a<00:18:39.900> few 00:18:40.010 --> 00:18:40.020 align:start position:0% few predictions but there are a few 00:18:40.020 --> 00:18:42.230 align:start position:0% few predictions but there are a few curveballs<00:18:40.860> that<00:18:41.160> can<00:18:41.340> invalidate<00:18:41.940> all<00:18:42.059> of 00:18:42.230 --> 00:18:42.240 align:start position:0% curveballs that can invalidate all of 00:18:42.240 --> 00:18:46.190 align:start position:0% curveballs that can invalidate all of that<00:18:42.419> uh<00:18:43.320> very<00:18:43.500> like<00:18:44.160> very<00:18:44.400> unexpectedly 00:18:46.190 --> 00:18:46.200 align:start position:0% that uh very like very unexpectedly 00:18:46.200 --> 00:18:50.150 align:start position:0% that uh very like very unexpectedly um<00:18:46.620> one<00:18:47.400> thing<00:18:47.580> that<00:18:48.000> like<00:18:48.539> is<00:18:48.960> obviously<00:18:49.440> can 00:18:50.150 --> 00:18:50.160 align:start position:0% um one thing that like is obviously can 00:18:50.160 --> 00:18:53.690 align:start position:0% um one thing that like is obviously can be<00:18:50.460> can<00:18:51.299> change<00:18:51.480> the<00:18:51.660> cables<00:18:52.200> very<00:18:52.320> much<00:18:52.440> is<00:18:52.980> uh 00:18:53.690 --> 00:18:53.700 align:start position:0% be can change the cables very much is uh 00:18:53.700 --> 00:18:57.890 align:start position:0% be can change the cables very much is uh regulations<00:18:54.919> uh<00:18:55.919> like<00:18:56.460> Regulators<00:18:57.179> can<00:18:57.480> force 00:18:57.890 --> 00:18:57.900 align:start position:0% regulations uh like Regulators can force 00:18:57.900 --> 00:19:00.710 align:start position:0% regulations uh like Regulators can force most<00:18:58.080> of<00:18:58.260> them<00:18:58.520> stakers<00:18:59.520> and<00:18:59.820> most<00:19:00.059> of<00:19:00.240> like<00:19:00.539> a 00:19:00.710 --> 00:19:00.720 align:start position:0% most of them stakers and most of like a 00:19:00.720 --> 00:19:03.650 align:start position:0% most of them stakers and most of like a lot<00:19:00.960> of<00:19:01.020> ethereum<00:19:01.440> is<00:19:01.679> like<00:19:01.980> in<00:19:02.220> regulated<00:19:02.880> uh 00:19:03.650 --> 00:19:03.660 align:start position:0% lot of ethereum is like in regulated uh 00:19:03.660 --> 00:19:04.909 align:start position:0% lot of ethereum is like in regulated uh jurisdictions 00:19:04.909 --> 00:19:04.919 align:start position:0% jurisdictions 00:19:04.919 --> 00:19:08.810 align:start position:0% jurisdictions a<00:19:05.340> lot<00:19:05.520> of<00:19:05.580> ADA<00:19:06.059> is<00:19:06.419> uh<00:19:07.460> holders<00:19:08.460> are<00:19:08.700> in 00:19:08.810 --> 00:19:08.820 align:start position:0% a lot of ADA is uh holders are in 00:19:08.820 --> 00:19:11.390 align:start position:0% a lot of ADA is uh holders are in regulated<00:19:09.179> addictions<00:19:09.660> to<00:19:10.140> comply<00:19:11.039> to<00:19:11.220> local 00:19:11.390 --> 00:19:11.400 align:start position:0% regulated addictions to comply to local 00:19:11.400 --> 00:19:15.289 align:start position:0% regulated addictions to comply to local Rex<00:19:11.820> and<00:19:12.780> if<00:19:13.140> vocal<00:19:13.620> Rex<00:19:13.980> say<00:19:14.400> them<00:19:14.640> to<00:19:14.880> stake 00:19:15.289 --> 00:19:15.299 align:start position:0% Rex and if vocal Rex say them to stake 00:19:15.299 --> 00:19:16.789 align:start position:0% Rex and if vocal Rex say them to stake in<00:19:15.419> a<00:19:15.539> specific<00:19:15.660> way<00:19:15.900> they<00:19:16.200> will<00:19:16.380> likely<00:19:16.620> to 00:19:16.789 --> 00:19:16.799 align:start position:0% in a specific way they will likely to 00:19:16.799 --> 00:19:18.110 align:start position:0% in a specific way they will likely to comply 00:19:18.110 --> 00:19:18.120 align:start position:0% comply 00:19:18.120 --> 00:19:21.169 align:start position:0% comply uh<00:19:18.780> the<00:19:19.080> funds<00:19:19.500> the<00:19:19.919> like<00:19:20.340> the<00:19:20.520> cost<00:19:20.640> studies 00:19:21.169 --> 00:19:21.179 align:start position:0% uh the funds the like the cost studies 00:19:21.179 --> 00:19:25.669 align:start position:0% uh the funds the like the cost studies etc<00:19:21.480> etc<00:19:21.660> they<00:19:22.860> will<00:19:23.640> have<00:19:23.880> to 00:19:25.669 --> 00:19:25.679 align:start position:0% etc etc they will have to 00:19:25.679 --> 00:19:27.470 align:start position:0% etc etc they will have to um 00:19:27.470 --> 00:19:27.480 align:start position:0% um 00:19:27.480 --> 00:19:32.810 align:start position:0% um the<00:19:28.260> second<00:19:28.440> curveball<00:19:29.039> is<00:19:29.940> uh<00:19:30.860> risk<00:19:31.860> taken<00:19:32.160> uh 00:19:32.810 --> 00:19:32.820 align:start position:0% the second curveball is uh risk taken uh 00:19:32.820 --> 00:19:35.630 align:start position:0% the second curveball is uh risk taken uh shout<00:19:33.120> out<00:19:33.179> to<00:19:33.419> Angela 00:19:35.630 --> 00:19:35.640 align:start position:0% shout out to Angela 00:19:35.640 --> 00:19:37.430 align:start position:0% shout out to Angela um<00:19:35.760> it's<00:19:36.179> basically<00:19:36.600> using<00:19:36.960> the<00:19:37.080> same<00:19:37.260> stake 00:19:37.430 --> 00:19:37.440 align:start position:0% um it's basically using the same stake 00:19:37.440 --> 00:19:39.230 align:start position:0% um it's basically using the same stake on<00:19:37.679> multiple<00:19:37.980> protocols 00:19:39.230 --> 00:19:39.240 align:start position:0% on multiple protocols 00:19:39.240 --> 00:19:40.390 align:start position:0% on multiple protocols um 00:19:40.390 --> 00:19:40.400 align:start position:0% um 00:19:40.400 --> 00:19:43.130 align:start position:0% um the<00:19:41.400> the<00:19:41.400> main<00:19:41.880> idea<00:19:42.179> is<00:19:42.360> like<00:19:42.539> you<00:19:42.720> can<00:19:42.840> stake 00:19:43.130 --> 00:19:43.140 align:start position:0% the the main idea is like you can stake 00:19:43.140 --> 00:19:44.770 align:start position:0% the the main idea is like you can stake either<00:19:43.380> in<00:19:43.919> uh 00:19:44.770 --> 00:19:44.780 align:start position:0% either in uh 00:19:44.780 --> 00:19:47.150 align:start position:0% either in uh in<00:19:45.780> the<00:19:45.900> living<00:19:46.020> room<00:19:46.140> protocol<00:19:46.380> and<00:19:46.799> then<00:19:46.919> can 00:19:47.150 --> 00:19:47.160 align:start position:0% in the living room protocol and then can 00:19:47.160 --> 00:19:49.310 align:start position:0% in the living room protocol and then can use<00:19:47.460> the<00:19:47.700> vowel<00:19:48.179> chat<00:19:48.299> of<00:19:48.419> the<00:19:48.539> text<00:19:48.720> Data<00:19:49.080> like 00:19:49.310 --> 00:19:49.320 align:start position:0% use the vowel chat of the text Data like 00:19:49.320 --> 00:19:51.350 align:start position:0% use the vowel chat of the text Data like stacked<00:19:49.679> at<00:19:49.799> the<00:19:49.919> token<00:19:50.220> or<00:19:50.400> like<00:19:50.640> a<00:19:50.880> error<00:19:51.240> is 00:19:51.350 --> 00:19:51.360 align:start position:0% stacked at the token or like a error is 00:19:51.360 --> 00:19:52.630 align:start position:0% stacked at the token or like a error is token<00:19:51.660> or<00:19:51.780> something 00:19:52.630 --> 00:19:52.640 align:start position:0% token or something 00:19:52.640 --> 00:19:55.430 align:start position:0% token or something as<00:19:53.640> a<00:19:53.820> stake<00:19:54.059> in<00:19:54.179> a<00:19:54.360> different<00:19:54.480> protocol 00:19:55.430 --> 00:19:55.440 align:start position:0% as a stake in a different protocol 00:19:55.440 --> 00:19:57.289 align:start position:0% as a stake in a different protocol uh<00:19:56.100> that<00:19:56.340> does<00:19:56.460> something<00:19:56.640> different<00:19:56.940> and 00:19:57.289 --> 00:19:57.299 align:start position:0% uh that does something different and 00:19:57.299 --> 00:20:00.770 align:start position:0% uh that does something different and it's<00:19:57.600> subject<00:19:57.960> to<00:19:58.760> to<00:19:59.760> additional<00:20:00.179> slashings 00:20:00.770 --> 00:20:00.780 align:start position:0% it's subject to to additional slashings 00:20:00.780 --> 00:20:02.750 align:start position:0% it's subject to to additional slashings if<00:20:01.380> something<00:20:01.620> goes<00:20:01.980> wrong 00:20:02.750 --> 00:20:02.760 align:start position:0% if something goes wrong 00:20:02.760 --> 00:20:05.450 align:start position:0% if something goes wrong that<00:20:03.660> leads<00:20:03.960> to<00:20:04.080> a<00:20:04.200> combinator<00:20:04.620> explosion<00:20:05.160> in 00:20:05.450 --> 00:20:05.460 align:start position:0% that leads to a combinator explosion in 00:20:05.460 --> 00:20:08.390 align:start position:0% that leads to a combinator explosion in potential<00:20:06.000> risk<00:20:06.360> and<00:20:06.419> rewards<00:20:06.840> profiles<00:20:07.860> so 00:20:08.390 --> 00:20:08.400 align:start position:0% potential risk and rewards profiles so 00:20:08.400 --> 00:20:10.730 align:start position:0% potential risk and rewards profiles so right<00:20:08.640> now<00:20:08.880> it's<00:20:09.360> pretty<00:20:09.600> easily<00:20:10.020> it's<00:20:10.440> pretty 00:20:10.730 --> 00:20:10.740 align:start position:0% right now it's pretty easily it's pretty 00:20:10.740 --> 00:20:13.430 align:start position:0% right now it's pretty easily it's pretty easy<00:20:10.919> to<00:20:11.220> funch<00:20:11.700> than<00:20:11.940> fungible<00:20:12.480> the<00:20:12.960> staking 00:20:13.430 --> 00:20:13.440 align:start position:0% easy to funch than fungible the staking 00:20:13.440 --> 00:20:16.610 align:start position:0% easy to funch than fungible the staking positions<00:20:13.980> like<00:20:14.280> you<00:20:15.140> manage<00:20:16.140> the<00:20:16.260> risk<00:20:16.559> and 00:20:16.610 --> 00:20:16.620 align:start position:0% positions like you manage the risk and 00:20:16.620 --> 00:20:19.130 align:start position:0% positions like you manage the risk and rewards<00:20:17.039> and<00:20:17.640> that<00:20:18.059> you<00:20:18.240> get<00:20:18.360> can<00:20:18.600> get<00:20:18.780> liquid 00:20:19.130 --> 00:20:19.140 align:start position:0% rewards and that you get can get liquid 00:20:19.140 --> 00:20:21.230 align:start position:0% rewards and that you get can get liquid token<00:20:19.440> out<00:20:19.559> of<00:20:19.679> it<00:20:19.799> like<00:20:19.980> oh<00:20:20.280> make<00:20:20.640> it<00:20:20.820> bonded 00:20:21.230 --> 00:20:21.240 align:start position:0% token out of it like oh make it bonded 00:20:21.240 --> 00:20:23.750 align:start position:0% token out of it like oh make it bonded or<00:20:21.419> something<00:20:21.919> when<00:20:22.919> there<00:20:23.160> is<00:20:23.340> a<00:20:23.520> lot<00:20:23.640> of 00:20:23.750 --> 00:20:23.760 align:start position:0% or something when there is a lot of 00:20:23.760 --> 00:20:25.850 align:start position:0% or something when there is a lot of options<00:20:24.120> for<00:20:24.419> getting<00:20:24.660> additional<00:20:25.260> rewards 00:20:25.850 --> 00:20:25.860 align:start position:0% options for getting additional rewards 00:20:25.860 --> 00:20:28.190 align:start position:0% options for getting additional rewards for<00:20:26.280> taking<00:20:26.580> additional<00:20:27.120> risks<00:20:27.539> which<00:20:27.960> is 00:20:28.190 --> 00:20:28.200 align:start position:0% for taking additional risks which is 00:20:28.200 --> 00:20:30.890 align:start position:0% for taking additional risks which is going<00:20:28.559> to<00:20:28.679> happen<00:20:28.919> if<00:20:29.220> any<00:20:29.460> glass<00:20:29.760> takes<00:20:30.059> off 00:20:30.890 --> 00:20:30.900 align:start position:0% going to happen if any glass takes off 00:20:30.900 --> 00:20:34.850 align:start position:0% going to happen if any glass takes off uh<00:20:31.620> that<00:20:31.980> makes<00:20:32.280> uh<00:20:32.940> the<00:20:33.360> the<00:20:33.600> space<00:20:33.900> very<00:20:34.380> very 00:20:34.850 --> 00:20:34.860 align:start position:0% uh that makes uh the the space very very 00:20:34.860 --> 00:20:37.430 align:start position:0% uh that makes uh the the space very very diverse<00:20:35.400> and<00:20:35.580> for<00:20:35.880> possibilities<00:20:36.360> uh<00:20:37.200> of 00:20:37.430 --> 00:20:37.440 align:start position:0% diverse and for possibilities uh of 00:20:37.440 --> 00:20:39.470 align:start position:0% diverse and for possibilities uh of using<00:20:37.860> your<00:20:38.039> other<00:20:38.460> in<00:20:38.760> different<00:20:38.880> ways<00:20:39.240> and 00:20:39.470 --> 00:20:39.480 align:start position:0% using your other in different ways and 00:20:39.480 --> 00:20:41.510 align:start position:0% using your other in different ways and it's<00:20:39.660> become<00:20:40.080> we're<00:20:40.440> becoming<00:20:40.980> much<00:20:41.160> harder 00:20:41.510 --> 00:20:41.520 align:start position:0% it's become we're becoming much harder 00:20:41.520 --> 00:20:44.990 align:start position:0% it's become we're becoming much harder to<00:20:41.640> funch<00:20:42.360> than<00:20:42.780> fungible 00:20:44.990 --> 00:20:45.000 align:start position:0% to funch than fungible 00:20:45.000 --> 00:20:48.289 align:start position:0% to funch than fungible um<00:20:45.120> and<00:20:45.660> it<00:20:45.900> makes<00:20:46.640> risk<00:20:47.640> management<00:20:47.820> based 00:20:48.289 --> 00:20:48.299 align:start position:0% um and it makes risk management based 00:20:48.299 --> 00:20:49.610 align:start position:0% um and it makes risk management based protocol<00:20:48.480> harder<00:20:48.960> to<00:20:49.020> design<00:20:49.200> and 00:20:49.610 --> 00:20:49.620 align:start position:0% protocol harder to design and 00:20:49.620 --> 00:20:53.210 align:start position:0% protocol harder to design and Marketplace<00:20:50.220> is<00:20:50.640> uh<00:20:51.600> more<00:20:51.960> uh<00:20:52.620> more<00:20:52.919> suitable 00:20:53.210 --> 00:20:53.220 align:start position:0% Marketplace is uh more uh more suitable 00:20:53.220 --> 00:20:56.150 align:start position:0% Marketplace is uh more uh more suitable to<00:20:53.520> the<00:20:53.640> to<00:20:53.820> the<00:20:54.000> state<00:20:54.120> when<00:20:54.480> there<00:20:54.900> is<00:20:55.039> a<00:20:56.039> lot 00:20:56.150 --> 00:20:56.160 align:start position:0% to the to the state when there is a lot 00:20:56.160 --> 00:20:57.710 align:start position:0% to the to the state when there is a lot of<00:20:56.280> differentiation<00:20:56.880> in<00:20:57.179> different<00:20:57.419> options 00:20:57.710 --> 00:20:57.720 align:start position:0% of differentiation in different options 00:20:57.720 --> 00:20:59.690 align:start position:0% of differentiation in different options for<00:20:57.960> staking<00:20:58.400> marketplaces<00:20:59.400> are<00:20:59.580> better 00:20:59.690 --> 00:20:59.700 align:start position:0% for staking marketplaces are better 00:20:59.700 --> 00:21:01.190 align:start position:0% for staking marketplaces are better suited<00:21:00.120> to<00:21:00.179> that<00:21:00.419> than 00:21:01.190 --> 00:21:01.200 align:start position:0% suited to that than 00:21:01.200 --> 00:21:04.150 align:start position:0% suited to that than uh<00:21:01.860> risk<00:21:02.280> management 00:21:04.150 --> 00:21:04.160 align:start position:0% uh risk management 00:21:04.160 --> 00:21:07.190 align:start position:0% uh risk management and<00:21:05.160> the<00:21:05.400> Elephant<00:21:06.059> of<00:21:06.240> the<00:21:06.360> room<00:21:06.539> in<00:21:06.900> the<00:21:07.080> room 00:21:07.190 --> 00:21:07.200 align:start position:0% and the Elephant of the room in the room 00:21:07.200 --> 00:21:09.830 align:start position:0% and the Elephant of the room in the room is<00:21:07.559> a<00:21:07.740> second<00:21:07.860> order<00:21:08.160> effects<00:21:08.520> of<00:21:08.580> Mev<00:21:09.059> uh 00:21:09.830 --> 00:21:09.840 align:start position:0% is a second order effects of Mev uh 00:21:09.840 --> 00:21:12.529 align:start position:0% is a second order effects of Mev uh because<00:21:10.080> like<00:21:10.320> that's<00:21:10.679> a<00:21:10.919> very<00:21:11.100> uh<00:21:12.000> it<00:21:12.179> filled 00:21:12.529 --> 00:21:12.539 align:start position:0% because like that's a very uh it filled 00:21:12.539 --> 00:21:15.590 align:start position:0% because like that's a very uh it filled with<00:21:12.660> emergent<00:21:13.320> rules<00:21:13.640> uh<00:21:14.640> we<00:21:15.000> like<00:21:15.240> we<00:21:15.480> don't 00:21:15.590 --> 00:21:15.600 align:start position:0% with emergent rules uh we like we don't 00:21:15.600 --> 00:21:17.210 align:start position:0% with emergent rules uh we like we don't understand<00:21:15.780> how<00:21:16.200> it<00:21:16.320> works<00:21:16.559> until<00:21:16.679> it<00:21:16.919> works 00:21:17.210 --> 00:21:17.220 align:start position:0% understand how it works until it works 00:21:17.220 --> 00:21:18.950 align:start position:0% understand how it works until it works in<00:21:17.280> specific<00:21:17.580> way<00:21:17.880> usually<00:21:18.299> we<00:21:18.539> can<00:21:18.720> predict 00:21:18.950 --> 00:21:18.960 align:start position:0% in specific way usually we can predict 00:21:18.960 --> 00:21:21.409 align:start position:0% in specific way usually we can predict some<00:21:19.200> things<00:21:19.380> but<00:21:19.679> not<00:21:19.799> all<00:21:20.039> things 00:21:21.409 --> 00:21:21.419 align:start position:0% some things but not all things 00:21:21.419 --> 00:21:23.450 align:start position:0% some things but not all things uh<00:21:22.200> and<00:21:22.440> it's<00:21:22.620> hard<00:21:22.860> to<00:21:23.039> see<00:21:23.160> the<00:21:23.280> future 00:21:23.450 --> 00:21:23.460 align:start position:0% uh and it's hard to see the future 00:21:23.460 --> 00:21:26.390 align:start position:0% uh and it's hard to see the future clearly<00:21:24.000> and<00:21:24.480> it<00:21:24.900> clearly<00:21:25.260> has<00:21:25.679> a<00:21:26.160> lot<00:21:26.280> of 00:21:26.390 --> 00:21:26.400 align:start position:0% clearly and it clearly has a lot of 00:21:26.400 --> 00:21:29.330 align:start position:0% clearly and it clearly has a lot of requirement<00:21:26.820> for<00:21:27.000> latency<00:21:27.419> and<00:21:28.380> benefits<00:21:29.220> a 00:21:29.330 --> 00:21:29.340 align:start position:0% requirement for latency and benefits a 00:21:29.340 --> 00:21:32.690 align:start position:0% requirement for latency and benefits a lot<00:21:29.400> from<00:21:29.520> ecls<00:21:30.840> which<00:21:31.679> can<00:21:31.980> force 00:21:32.690 --> 00:21:32.700 align:start position:0% lot from ecls which can force 00:21:32.700 --> 00:21:35.470 align:start position:0% lot from ecls which can force centralization<00:21:33.419> somewhere<00:21:34.080> in<00:21:34.620> some<00:21:34.799> place 00:21:35.470 --> 00:21:35.480 align:start position:0% centralization somewhere in some place 00:21:35.480 --> 00:21:38.270 align:start position:0% centralization somewhere in some place and<00:21:36.480> it<00:21:37.020> can<00:21:37.200> happen<00:21:37.440> that<00:21:37.740> it<00:21:37.919> will<00:21:38.039> force 00:21:38.270 --> 00:21:38.280 align:start position:0% and it can happen that it will force 00:21:38.280 --> 00:21:39.770 align:start position:0% and it can happen that it will force centralization<00:21:38.820> like<00:21:39.059> on<00:21:39.360> protocol 00:21:39.770 --> 00:21:39.780 align:start position:0% centralization like on protocol 00:21:39.780 --> 00:21:41.510 align:start position:0% centralization like on protocol management<00:21:40.140> like<00:21:40.559> on<00:21:40.740> Pro<00:21:40.919> non-stake 00:21:41.510 --> 00:21:41.520 align:start position:0% management like on Pro non-stake 00:21:41.520 --> 00:21:43.070 align:start position:0% management like on Pro non-stake Management<00:21:41.640> level<00:21:42.000> or<00:21:42.240> like<00:21:42.480> on<00:21:42.600> stake<00:21:42.900> and 00:21:43.070 --> 00:21:43.080 align:start position:0% Management level or like on stake and 00:21:43.080 --> 00:21:46.789 align:start position:0% Management level or like on stake and layer<00:21:43.380> or<00:21:44.880> um<00:21:44.940> like<00:21:45.480> wherever<00:21:46.080> we<00:21:46.320> don't<00:21:46.679> know 00:21:46.789 --> 00:21:46.799 align:start position:0% layer or um like wherever we don't know 00:21:46.799 --> 00:21:50.029 align:start position:0% layer or um like wherever we don't know yet<00:21:46.980> like<00:21:47.220> at<00:21:47.460> least<00:21:47.580> I<00:21:47.760> don't<00:21:47.940> know<00:21:48.059> I'm<00:21:48.620> uh<00:21:49.620> I 00:21:50.029 --> 00:21:50.039 align:start position:0% yet like at least I don't know I'm uh I 00:21:50.039 --> 00:21:52.669 align:start position:0% yet like at least I don't know I'm uh I I<00:21:50.220> I<00:21:50.340> I<00:21:50.460> don't<00:21:51.179> I<00:21:51.480> don't<00:21:51.600> quite<00:21:51.840> understand<00:21:52.080> how 00:21:52.669 --> 00:21:52.679 align:start position:0% I I I don't I don't quite understand how 00:21:52.679 --> 00:21:54.950 align:start position:0% I I I don't I don't quite understand how it<00:21:52.860> will<00:21:52.980> end<00:21:53.159> up<00:21:53.340> and<00:21:54.000> I<00:21:54.179> think<00:21:54.299> that<00:21:54.539> we<00:21:54.840> we 00:21:54.950 --> 00:21:54.960 align:start position:0% it will end up and I think that we we 00:21:54.960 --> 00:21:57.890 align:start position:0% it will end up and I think that we we will<00:21:55.200> see<00:21:55.380> it<00:21:55.500> when<00:21:55.679> we'll<00:21:55.799> see<00:21:55.980> it<00:21:56.100> not<00:21:56.280> before 00:21:57.890 --> 00:21:57.900 align:start position:0% will see it when we'll see it not before 00:21:57.900 --> 00:21:59.870 align:start position:0% will see it when we'll see it not before um I<00:21:58.320> think<00:21:58.380> the<00:21:58.679> best<00:21:58.860> way<00:21:59.220> to<00:21:59.400> counter<00:21:59.760> that 00:21:59.870 --> 00:21:59.880 align:start position:0% um I think the best way to counter that 00:21:59.880 --> 00:22:02.149 align:start position:0% um I think the best way to counter that on<00:22:00.120> staking<00:22:00.480> level<00:22:00.720> will<00:22:01.320> be<00:22:01.440> to<00:22:01.799> transform 00:22:02.149 --> 00:22:02.159 align:start position:0% on staking level will be to transform 00:22:02.159 --> 00:22:04.190 align:start position:0% on staking level will be to transform validators<00:22:02.820> and<00:22:03.000> protocol<00:22:03.299> to<00:22:03.539> thumb<00:22:03.720> pipes 00:22:04.190 --> 00:22:04.200 align:start position:0% validators and protocol to thumb pipes 00:22:04.200 --> 00:22:06.350 align:start position:0% validators and protocol to thumb pipes that<00:22:04.679> don't<00:22:04.919> make<00:22:05.220> any<00:22:05.460> decisions<00:22:05.880> basically 00:22:06.350 --> 00:22:06.360 align:start position:0% that don't make any decisions basically 00:22:06.360 --> 00:22:09.830 align:start position:0% that don't make any decisions basically or<00:22:07.260> make<00:22:07.500> as<00:22:07.679> as<00:22:08.039> like<00:22:08.400> uh 00:22:09.830 --> 00:22:09.840 align:start position:0% or make as as like uh 00:22:09.840 --> 00:22:12.110 align:start position:0% or make as as like uh can<00:22:10.440> opt<00:22:10.679> out<00:22:10.860> of<00:22:11.100> making<00:22:11.280> decisions<00:22:11.700> at<00:22:11.940> least 00:22:12.110 --> 00:22:12.120 align:start position:0% can opt out of making decisions at least 00:22:12.120 --> 00:22:15.289 align:start position:0% can opt out of making decisions at least something<00:22:12.840> like<00:22:13.140> PBS<00:22:13.679> design<00:22:14.220> VCR<00:22:14.760> lists<00:22:15.179> for 00:22:15.289 --> 00:22:15.299 align:start position:0% something like PBS design VCR lists for 00:22:15.299 --> 00:22:17.570 align:start position:0% something like PBS design VCR lists for example 00:22:17.570 --> 00:22:17.580 align:start position:0% example 00:22:17.580 --> 00:22:21.350 align:start position:0% example but<00:22:18.480> like<00:22:18.840> as<00:22:19.140> I<00:22:19.260> said<00:22:19.380> it's<00:22:19.559> curable<00:22:20.000> I<00:22:21.000> I'm 00:22:21.350 --> 00:22:21.360 align:start position:0% but like as I said it's curable I I'm 00:22:21.360 --> 00:22:24.230 align:start position:0% but like as I said it's curable I I'm not<00:22:21.720> completely<00:22:22.620> sure<00:22:22.919> with<00:22:23.340> how<00:22:23.940> it's<00:22:24.059> going 00:22:24.230 --> 00:22:24.240 align:start position:0% not completely sure with how it's going 00:22:24.240 --> 00:22:26.810 align:start position:0% not completely sure with how it's going to<00:22:24.419> play<00:22:24.600> out 00:22:26.810 --> 00:22:26.820 align:start position:0% 00:22:26.820 --> 00:22:29.510 align:start position:0% um<00:22:26.880> so<00:22:27.480> that's<00:22:27.720> it<00:22:27.960> thank<00:22:28.559> you<00:22:28.679> for<00:22:28.799> coming<00:22:28.980> I 00:22:29.510 --> 00:22:29.520 align:start position:0% um so that's it thank you for coming I 00:22:29.520 --> 00:22:31.490 align:start position:0% um so that's it thank you for coming I like<00:22:29.820> I'm<00:22:30.000> really<00:22:30.120> hyped<00:22:30.539> with<00:22:30.720> scenes<00:22:31.320> that's 00:22:31.490 --> 00:22:31.500 align:start position:0% like I'm really hyped with scenes that's 00:22:31.500 --> 00:22:33.890 align:start position:0% like I'm really hyped with scenes that's such<00:22:31.919> a<00:22:32.340> good<00:22:32.400> crowd 00:22:33.890 --> 00:22:33.900 align:start position:0% such a good crowd 00:22:33.900 --> 00:22:37.850 align:start position:0% such a good crowd hello<00:22:34.380> are<00:22:34.799> you<00:22:34.980> sorry<00:22:35.960> you<00:22:36.960> mentioned<00:22:37.260> in 00:22:37.850 --> 00:22:37.860 align:start position:0% hello are you sorry you mentioned in 00:22:37.860 --> 00:22:41.409 align:start position:0% hello are you sorry you mentioned in light<00:22:38.400> offs<00:22:38.940> there<00:22:39.059> is<00:22:39.240> a<00:22:40.020> reference<00:22:40.799> of 00:22:41.409 --> 00:22:41.419 align:start position:0% light offs there is a reference of 00:22:41.419 --> 00:22:44.630 align:start position:0% light offs there is a reference of elastis<00:22:42.419> how<00:22:43.080> is<00:22:43.200> this<00:22:43.380> related<00:22:43.860> to<00:22:44.340> the 00:22:44.630 --> 00:22:44.640 align:start position:0% elastis how is this related to the 00:22:44.640 --> 00:22:50.210 align:start position:0% elastis how is this related to the insurance<00:22:45.360> of<00:22:46.020> Lido<00:22:46.679> in<00:22:47.039> relation<00:22:47.280> to<00:22:47.580> the<00:22:47.820> TBL 00:22:50.210 --> 00:22:50.220 align:start position:0% insurance of Lido in relation to the TBL 00:22:50.220 --> 00:22:52.850 align:start position:0% insurance of Lido in relation to the TBL um I<00:22:50.760> don't<00:22:50.940> quite<00:22:51.120> get<00:22:51.360> the<00:22:51.539> question<00:22:51.780> uh<00:22:52.679> I'm 00:22:52.850 --> 00:22:52.860 align:start position:0% um I don't quite get the question uh I'm 00:22:52.860 --> 00:22:55.789 align:start position:0% um I don't quite get the question uh I'm going<00:22:53.039> to<00:22:53.220> answer<00:22:53.340> as<00:22:53.580> best<00:22:53.760> as<00:22:53.940> I<00:22:54.059> can<00:22:54.179> so<00:22:54.799> uh 00:22:55.789 --> 00:22:55.799 align:start position:0% going to answer as best as I can so uh 00:22:55.799 --> 00:22:58.750 align:start position:0% going to answer as best as I can so uh Lido<00:22:56.460> is<00:22:56.580> a<00:22:56.700> protocol<00:22:56.940> that 00:22:58.750 --> 00:22:58.760 align:start position:0% Lido is a protocol that 00:22:58.760 --> 00:23:03.230 align:start position:0% Lido is a protocol that takes<00:22:59.900> uh<00:23:00.900> stake<00:23:01.740> as<00:23:01.919> ever<00:23:02.159> and<00:23:02.880> it 00:23:03.230 --> 00:23:03.240 align:start position:0% takes uh stake as ever and it 00:23:03.240 --> 00:23:05.210 align:start position:0% takes uh stake as ever and it distributes<00:23:03.720> to<00:23:04.020> a<00:23:04.200> valid<00:23:04.500> data<00:23:04.740> set<00:23:04.919> in<00:23:05.100> a 00:23:05.210 --> 00:23:05.220 align:start position:0% distributes to a valid data set in a 00:23:05.220 --> 00:23:07.669 align:start position:0% distributes to a valid data set in a specific<00:23:05.460> way<00:23:05.700> this<00:23:06.480> Valley<00:23:06.659> data<00:23:07.140> set<00:23:07.260> is 00:23:07.669 --> 00:23:07.679 align:start position:0% specific way this Valley data set is 00:23:07.679 --> 00:23:12.470 align:start position:0% specific way this Valley data set is selected<00:23:08.159> in<00:23:08.340> a<00:23:08.520> way<00:23:08.640> to<00:23:09.059> the<00:23:09.960> risk<00:23:10.380> the<00:23:11.480> stake 00:23:12.470 --> 00:23:12.480 align:start position:0% selected in a way to the risk the stake 00:23:12.480 --> 00:23:14.270 align:start position:0% selected in a way to the risk the stake that<00:23:12.600> holders<00:23:13.140> so<00:23:13.320> like<00:23:13.559> are<00:23:13.740> you<00:23:13.919> slashing 00:23:14.270 --> 00:23:14.280 align:start position:0% that holders so like are you slashing 00:23:14.280 --> 00:23:17.210 align:start position:0% that holders so like are you slashing risks<00:23:14.640> and<00:23:15.419> to<00:23:15.840> make<00:23:16.260> the<00:23:16.440> validator<00:23:16.919> set<00:23:17.100> of 00:23:17.210 --> 00:23:17.220 align:start position:0% risks and to make the validator set of 00:23:17.220 --> 00:23:19.130 align:start position:0% risks and to make the validator set of ethereum<00:23:17.520> beta<00:23:17.880> as<00:23:18.000> well<00:23:18.120> so<00:23:18.360> like<00:23:18.539> we<00:23:18.780> try<00:23:18.960> to 00:23:19.130 --> 00:23:19.140 align:start position:0% ethereum beta as well so like we try to 00:23:19.140 --> 00:23:22.330 align:start position:0% ethereum beta as well so like we try to deceive<00:23:19.620> it<00:23:19.679> in<00:23:19.799> a<00:23:19.980> way<00:23:20.100> that<00:23:20.340> will<00:23:20.580> be 00:23:22.330 --> 00:23:22.340 align:start position:0% deceive it in a way that will be 00:23:22.340 --> 00:23:25.669 align:start position:0% deceive it in a way that will be increase<00:23:23.340> the<00:23:23.640> diversity<00:23:24.059> of<00:23:24.500> validators<00:23:25.500> and 00:23:25.669 --> 00:23:25.679 align:start position:0% increase the diversity of validators and 00:23:25.679 --> 00:23:27.409 align:start position:0% increase the diversity of validators and like<00:23:25.799> the<00:23:25.919> stake<00:23:26.280> distribution<00:23:26.640> make<00:23:27.179> better 00:23:27.409 --> 00:23:27.419 align:start position:0% like the stake distribution make better 00:23:27.419 --> 00:23:28.730 align:start position:0% like the stake distribution make better stack<00:23:27.720> distribution 00:23:28.730 --> 00:23:28.740 align:start position:0% stack distribution 00:23:28.740 --> 00:23:31.430 align:start position:0% stack distribution uh<00:23:29.640> we<00:23:29.940> don't<00:23:30.120> require<00:23:30.299> operators<00:23:30.960> to<00:23:31.140> bond 00:23:31.430 --> 00:23:31.440 align:start position:0% uh we don't require operators to bond 00:23:31.440 --> 00:23:36.649 align:start position:0% uh we don't require operators to bond the<00:23:32.220> capital<00:23:32.539> to<00:23:33.539> to<00:23:34.500> operate<00:23:35.100> and<00:23:35.940> that<00:23:36.299> makes 00:23:36.649 --> 00:23:36.659 align:start position:0% the capital to to operate and that makes 00:23:36.659 --> 00:23:39.169 align:start position:0% the capital to to operate and that makes uh<00:23:37.320> scaling<00:23:37.980> for<00:23:38.280> lighter<00:23:38.760> really<00:23:38.940> easy 00:23:39.169 --> 00:23:39.179 align:start position:0% uh scaling for lighter really easy 00:23:39.179 --> 00:23:41.390 align:start position:0% uh scaling for lighter really easy because<00:23:39.960> all<00:23:40.320> the<00:23:40.440> operators<00:23:40.799> need<00:23:41.039> to<00:23:41.100> do<00:23:41.280> is 00:23:41.390 --> 00:23:41.400 align:start position:0% because all the operators need to do is 00:23:41.400 --> 00:23:43.370 align:start position:0% because all the operators need to do is to<00:23:41.580> upload<00:23:41.820> some<00:23:42.059> more<00:23:42.179> keys<00:23:42.480> into<00:23:42.600> lidoor<00:23:43.200> and 00:23:43.370 --> 00:23:43.380 align:start position:0% to upload some more keys into lidoor and 00:23:43.380 --> 00:23:45.490 align:start position:0% to upload some more keys into lidoor and like<00:23:43.679> accept<00:23:43.860> mistake 00:23:45.490 --> 00:23:45.500 align:start position:0% like accept mistake 00:23:45.500 --> 00:23:48.770 align:start position:0% like accept mistake and<00:23:46.500> that's<00:23:47.220> why<00:23:47.580> when<00:23:48.000> there<00:23:48.299> was<00:23:48.419> a<00:23:48.600> lot<00:23:48.659> of 00:23:48.770 --> 00:23:48.780 align:start position:0% and that's why when there was a lot of 00:23:48.780 --> 00:23:51.529 align:start position:0% and that's why when there was a lot of demand<00:23:49.020> was<00:23:49.320> taken<00:23:49.679> uh<00:23:50.400> in<00:23:50.700> in<00:23:51.000> the<00:23:51.179> ecosystem 00:23:51.529 --> 00:23:51.539 align:start position:0% demand was taken uh in in the ecosystem 00:23:51.539 --> 00:23:54.789 align:start position:0% demand was taken uh in in the ecosystem it<00:23:51.960> went<00:23:52.140> to<00:23:52.320> Lido<00:23:52.740> and<00:23:52.919> not<00:23:53.100> say<00:23:53.280> to<00:23:53.460> coinbase 00:23:54.789 --> 00:23:54.799 align:start position:0% it went to Lido and not say to coinbase 00:23:54.799 --> 00:23:58.430 align:start position:0% it went to Lido and not say to coinbase when<00:23:55.799> the<00:23:55.980> growth<00:23:56.340> is<00:23:56.460> limited<00:23:56.820> by<00:23:57.140> by<00:23:58.140> not 00:23:58.430 --> 00:23:58.440 align:start position:0% when the growth is limited by by not 00:23:58.440 --> 00:24:00.470 align:start position:0% when the growth is limited by by not operators<00:23:58.919> having<00:23:59.220> enough<00:23:59.460> capital 00:24:00.470 --> 00:24:00.480 align:start position:0% operators having enough capital 00:24:00.480 --> 00:24:03.529 align:start position:0% operators having enough capital or<00:24:01.260> having<00:24:01.500> enough<00:24:01.799> like<00:24:02.220> cheap<00:24:02.539> launch 00:24:03.529 --> 00:24:03.539 align:start position:0% or having enough like cheap launch 00:24:03.539 --> 00:24:06.529 align:start position:0% or having enough like cheap launch options<00:24:03.900> or<00:24:04.140> something<00:24:04.260> like<00:24:04.440> that<00:24:04.880> uh<00:24:05.880> it's 00:24:06.529 --> 00:24:06.539 align:start position:0% options or something like that uh it's 00:24:06.539 --> 00:24:10.250 align:start position:0% options or something like that uh it's not<00:24:06.840> like<00:24:07.260> it's<00:24:07.559> not<00:24:07.919> being<00:24:08.280> able<00:24:08.700> to<00:24:09.179> uh<00:24:09.900> to 00:24:10.250 --> 00:24:10.260 align:start position:0% not like it's not being able to uh to 00:24:10.260 --> 00:24:13.250 align:start position:0% not like it's not being able to uh to ride<00:24:10.380> these<00:24:10.620> waves<00:24:10.919> of<00:24:11.159> like<00:24:11.520> staking<00:24:11.880> demands 00:24:13.250 --> 00:24:13.260 align:start position:0% ride these waves of like staking demands 00:24:13.260 --> 00:24:17.149 align:start position:0% ride these waves of like staking demands uh<00:24:14.039> so<00:24:14.340> I<00:24:14.700> guess<00:24:14.820> like<00:24:15.179> the<00:24:15.419> tvl<00:24:16.020> of<00:24:16.140> Lido<00:24:16.559> is<00:24:16.919> a 00:24:17.149 --> 00:24:17.159 align:start position:0% uh so I guess like the tvl of Lido is a 00:24:17.159 --> 00:24:22.490 align:start position:0% uh so I guess like the tvl of Lido is a direct<00:24:17.340> uh<00:24:18.240> results<00:24:18.720> of<00:24:19.260> the<00:24:19.860> design 00:24:22.490 --> 00:24:22.500 align:start position:0% 00:24:22.500 --> 00:24:24.470 align:start position:0% okay<00:24:22.860> I<00:24:23.100> was<00:24:23.220> wondering 00:24:24.470 --> 00:24:24.480 align:start position:0% okay I was wondering 00:24:24.480 --> 00:24:26.270 align:start position:0% okay I was wondering um<00:24:24.600> like<00:24:24.960> one<00:24:25.140> of<00:24:25.260> the<00:24:25.320> curveballs<00:24:25.860> that<00:24:26.039> maybe 00:24:26.270 --> 00:24:26.280 align:start position:0% um like one of the curveballs that maybe 00:24:26.280 --> 00:24:27.950 align:start position:0% um like one of the curveballs that maybe could<00:24:26.520> happen<00:24:26.760> is<00:24:27.059> what<00:24:27.419> if<00:24:27.600> it<00:24:27.659> becomes 00:24:27.950 --> 00:24:27.960 align:start position:0% could happen is what if it becomes 00:24:27.960 --> 00:24:29.750 align:start position:0% could happen is what if it becomes dramatically<00:24:28.440> easier<00:24:28.799> to<00:24:28.980> operate<00:24:29.400> notes 00:24:29.750 --> 00:24:29.760 align:start position:0% dramatically easier to operate notes 00:24:29.760 --> 00:24:32.090 align:start position:0% dramatically easier to operate notes like<00:24:30.000> it's<00:24:30.120> pretty<00:24:30.360> complex<00:24:30.720> to<00:24:31.200> like<00:24:31.679> spin<00:24:31.919> up 00:24:32.090 --> 00:24:32.100 align:start position:0% like it's pretty complex to like spin up 00:24:32.100 --> 00:24:34.010 align:start position:0% like it's pretty complex to like spin up your<00:24:32.220> own<00:24:32.340> like<00:24:32.520> Beacon<00:24:32.940> currently<00:24:33.480> but<00:24:33.900> what 00:24:34.010 --> 00:24:34.020 align:start position:0% your own like Beacon currently but what 00:24:34.020 --> 00:24:36.350 align:start position:0% your own like Beacon currently but what if<00:24:34.200> it<00:24:34.320> was<00:24:34.500> much<00:24:35.100> much<00:24:35.280> easier<00:24:35.640> how<00:24:36.179> would 00:24:36.350 --> 00:24:36.360 align:start position:0% if it was much much easier how would 00:24:36.360 --> 00:24:42.049 align:start position:0% if it was much much easier how would that<00:24:36.480> impact<00:24:36.840> the<00:24:37.799> overall<00:24:38.100> Market 00:24:42.049 --> 00:24:42.059 align:start position:0% 00:24:42.059 --> 00:24:44.990 align:start position:0% um<00:24:42.120> so<00:24:42.600> I<00:24:43.080> think<00:24:43.320> that 00:24:44.990 --> 00:24:45.000 align:start position:0% um so I think that 00:24:45.000 --> 00:24:46.450 align:start position:0% um so I think that um 00:24:46.450 --> 00:24:46.460 align:start position:0% um 00:24:46.460 --> 00:24:49.190 align:start position:0% um it's<00:24:47.460> not<00:24:48.120> going<00:24:48.299> to<00:24:48.419> become<00:24:48.720> dramatically 00:24:49.190 --> 00:24:49.200 align:start position:0% it's not going to become dramatically 00:24:49.200 --> 00:24:51.770 align:start position:0% it's not going to become dramatically easy<00:24:49.380> for<00:24:49.620> a<00:24:49.740> long<00:24:49.799> time<00:24:50.039> the<00:24:50.940> reason<00:24:51.059> is<00:24:51.360> like 00:24:51.770 --> 00:24:51.780 align:start position:0% easy for a long time the reason is like 00:24:51.780 --> 00:24:53.450 align:start position:0% easy for a long time the reason is like before<00:24:52.020> protocol<00:24:52.559> classification<00:24:52.980> it's 00:24:53.450 --> 00:24:53.460 align:start position:0% before protocol classification it's 00:24:53.460 --> 00:24:56.390 align:start position:0% before protocol classification it's really<00:24:53.760> hard<00:24:54.179> to<00:24:54.480> maintain<00:24:54.960> the<00:24:55.320> the<00:24:55.679> notes<00:24:56.100> in 00:24:56.390 --> 00:24:56.400 align:start position:0% really hard to maintain the the notes in 00:24:56.400 --> 00:24:57.890 align:start position:0% really hard to maintain the the notes in like<00:24:56.520> in<00:24:56.760> a<00:24:56.880> good<00:24:56.940> State<00:24:57.120> because<00:24:57.419> there<00:24:57.720> are<00:24:57.840> a 00:24:57.890 --> 00:24:57.900 align:start position:0% like in a good State because there are a 00:24:57.900 --> 00:25:00.529 align:start position:0% like in a good State because there are a lot<00:24:58.020> of<00:24:58.140> grades<00:24:58.620> and<00:24:59.100> like<00:24:59.520> hot<00:24:59.820> fixes<00:25:00.299> and 00:25:00.529 --> 00:25:00.539 align:start position:0% lot of grades and like hot fixes and 00:25:00.539 --> 00:25:01.570 align:start position:0% lot of grades and like hot fixes and stuff 00:25:01.570 --> 00:25:01.580 align:start position:0% stuff 00:25:01.580 --> 00:25:04.730 align:start position:0% stuff but<00:25:02.580> imagine<00:25:02.880> it<00:25:03.539> it<00:25:03.720> is<00:25:04.020> becoming 00:25:04.730 --> 00:25:04.740 align:start position:0% but imagine it it is becoming 00:25:04.740 --> 00:25:07.370 align:start position:0% but imagine it it is becoming dramatically<00:25:05.100> easier<00:25:05.460> then 00:25:07.370 --> 00:25:07.380 align:start position:0% dramatically easier then 00:25:07.380 --> 00:25:10.130 align:start position:0% dramatically easier then um<00:25:07.799> on<00:25:08.640> like<00:25:08.880> on<00:25:09.059> liquid<00:25:09.419> stake<00:25:09.720> and<00:25:09.840> I<00:25:10.020> think 00:25:10.130 --> 00:25:10.140 align:start position:0% um on like on liquid stake and I think 00:25:10.140 --> 00:25:12.890 align:start position:0% um on like on liquid stake and I think it<00:25:10.320> will<00:25:10.440> result<00:25:10.679> will<00:25:11.220> be<00:25:11.400> that<00:25:11.880> there<00:25:12.720> will 00:25:12.890 --> 00:25:12.900 align:start position:0% it will result will be that there will 00:25:12.900 --> 00:25:15.350 align:start position:0% it will result will be that there will be<00:25:13.080> more<00:25:13.679> solo<00:25:14.039> operators<00:25:14.400> in<00:25:14.580> it<00:25:14.760> like<00:25:15.000> every 00:25:15.350 --> 00:25:15.360 align:start position:0% be more solo operators in it like every 00:25:15.360 --> 00:25:17.630 align:start position:0% be more solo operators in it like every product<00:25:15.600> like<00:25:16.020> every<00:25:16.380> protocol<00:25:16.740> will<00:25:17.039> uh<00:25:17.400> that 00:25:17.630 --> 00:25:17.640 align:start position:0% product like every protocol will uh that 00:25:17.640 --> 00:25:18.830 align:start position:0% product like every protocol will uh that that<00:25:17.760> will<00:25:18.000> be<00:25:18.120> a<00:25:18.240> big<00:25:18.360> enough<00:25:18.600> will 00:25:18.830 --> 00:25:18.840 align:start position:0% that will be a big enough will 00:25:18.840 --> 00:25:21.230 align:start position:0% that will be a big enough will conversion<00:25:19.320> like<00:25:19.620> on<00:25:19.860> some<00:25:20.220> hybrid<00:25:20.640> model<00:25:20.880> of 00:25:21.230 --> 00:25:21.240 align:start position:0% conversion like on some hybrid model of 00:25:21.240 --> 00:25:23.450 align:start position:0% conversion like on some hybrid model of having<00:25:21.480> most<00:25:21.900> of<00:25:22.080> the<00:25:22.320> stake<00:25:22.980> and<00:25:23.100> risk 00:25:23.450 --> 00:25:23.460 align:start position:0% having most of the stake and risk 00:25:23.460 --> 00:25:25.430 align:start position:0% having most of the stake and risk management<00:25:23.580> and<00:25:24.360> less<00:25:24.539> taken<00:25:25.020> bonded 00:25:25.430 --> 00:25:25.440 align:start position:0% management and less taken bonded 00:25:25.440 --> 00:25:28.310 align:start position:0% management and less taken bonded solution<00:25:25.740> for<00:25:26.039> permission<00:25:26.760> separatus<00:25:27.539> uh 00:25:28.310 --> 00:25:28.320 align:start position:0% solution for permission separatus uh 00:25:28.320 --> 00:25:33.110 align:start position:0% solution for permission separatus uh just<00:25:28.679> to<00:25:28.799> promote<00:25:29.159> the<00:25:29.840> uh<00:25:30.840> solo<00:25:31.200> stickers<00:25:31.620> and 00:25:33.110 --> 00:25:33.120 align:start position:0% just to promote the uh solo stickers and 00:25:33.120 --> 00:25:35.510 align:start position:0% just to promote the uh solo stickers and um<00:25:33.179> the<00:25:33.659> removing<00:25:34.020> of<00:25:34.200> barriers<00:25:34.559> will<00:25:35.039> lead<00:25:35.279> to 00:25:35.510 --> 00:25:35.520 align:start position:0% um the removing of barriers will lead to 00:25:35.520 --> 00:25:38.870 align:start position:0% um the removing of barriers will lead to more<00:25:36.059> solo<00:25:36.480> stickers<00:25:36.840> and<00:25:37.320> like<00:25:37.679> a<00:25:38.580> bit<00:25:38.760> more 00:25:38.870 --> 00:25:38.880 align:start position:0% more solo stickers and like a bit more 00:25:38.880 --> 00:25:41.570 align:start position:0% more solo stickers and like a bit more importance<00:25:39.360> for<00:25:39.779> uh<00:25:40.679> door<00:25:41.039> to<00:25:41.279> hand<00:25:41.340> this 00:25:41.570 --> 00:25:41.580 align:start position:0% importance for uh door to hand this 00:25:41.580 --> 00:25:45.710 align:start position:0% importance for uh door to hand this feature<00:25:42.179> uh<00:25:42.779> that's<00:25:42.960> my<00:25:43.200> guess 00:25:45.710 --> 00:25:45.720 align:start position:0% 00:25:45.720 --> 00:25:48.769 align:start position:0% hello<00:25:46.080> it's<00:25:46.980> really<00:25:47.279> nice<00:25:47.460> to<00:25:47.640> meet<00:25:47.760> you<00:25:48.000> I 00:25:48.769 --> 00:25:48.779 align:start position:0% hello it's really nice to meet you I 00:25:48.779 --> 00:25:50.690 align:start position:0% hello it's really nice to meet you I have<00:25:48.960> two<00:25:49.140> questions<00:25:49.320> why<00:25:49.679> actually<00:25:50.039> first<00:25:50.520> of 00:25:50.690 --> 00:25:50.700 align:start position:0% have two questions why actually first of 00:25:50.700 --> 00:25:52.789 align:start position:0% have two questions why actually first of all<00:25:50.760> first<00:25:51.000> one<00:25:51.179> I<00:25:52.020> would<00:25:52.260> like<00:25:52.440> to<00:25:52.559> understand 00:25:52.789 --> 00:25:52.799 align:start position:0% all first one I would like to understand 00:25:52.799 --> 00:25:55.490 align:start position:0% all first one I would like to understand what<00:25:53.340> you<00:25:53.460> see<00:25:53.700> as<00:25:54.000> the<00:25:54.179> biggest<00:25:54.299> risk<00:25:54.900> for<00:25:55.140> the 00:25:55.490 --> 00:25:55.500 align:start position:0% what you see as the biggest risk for the 00:25:55.500 --> 00:25:57.950 align:start position:0% what you see as the biggest risk for the legalist<00:25:56.400> taking<00:25:56.580> industry<00:25:57.000> are<00:25:57.360> they<00:25:57.539> is 00:25:57.950 --> 00:25:57.960 align:start position:0% legalist taking industry are they is 00:25:57.960 --> 00:26:00.230 align:start position:0% legalist taking industry are they is taking<00:25:58.140> industry<00:25:58.620> as<00:25:58.860> a<00:25:58.980> whole<00:25:59.100> right<00:25:59.520> now<00:25:59.700> and 00:26:00.230 --> 00:26:00.240 align:start position:0% taking industry as a whole right now and 00:26:00.240 --> 00:26:02.029 align:start position:0% taking industry as a whole right now and second<00:26:00.480> one<00:26:00.720> what<00:26:01.320> do<00:26:01.500> you<00:26:01.559> see<00:26:01.740> as<00:26:01.860> the 00:26:02.029 --> 00:26:02.039 align:start position:0% second one what do you see as the 00:26:02.039 --> 00:26:05.570 align:start position:0% second one what do you see as the biggest<00:26:02.159> risk<00:26:02.760> for<00:26:02.940> later<00:26:03.480> right<00:26:03.960> now 00:26:05.570 --> 00:26:05.580 align:start position:0% biggest risk for later right now 00:26:05.580 --> 00:26:07.549 align:start position:0% biggest risk for later right now um<00:26:05.700> I<00:26:05.940> think<00:26:06.120> the<00:26:06.539> answer<00:26:06.720> to<00:26:06.960> both<00:26:07.140> smart 00:26:07.549 --> 00:26:07.559 align:start position:0% um I think the answer to both smart 00:26:07.559 --> 00:26:09.310 align:start position:0% um I think the answer to both smart contract<00:26:07.919> risk 00:26:09.310 --> 00:26:09.320 align:start position:0% contract risk 00:26:09.320 --> 00:26:13.850 align:start position:0% contract risk uh<00:26:10.320> like<00:26:10.799> defy<00:26:11.520> protocols<00:26:12.240> uh<00:26:12.720> are<00:26:13.380> like<00:26:13.620> very 00:26:13.850 --> 00:26:13.860 align:start position:0% uh like defy protocols uh are like very 00:26:13.860 --> 00:26:15.890 align:start position:0% uh like defy protocols uh are like very robust<00:26:14.279> I<00:26:14.460> think<00:26:14.640> it's<00:26:14.820> the<00:26:15.059> most<00:26:15.240> like<00:26:15.659> the 00:26:15.890 --> 00:26:15.900 align:start position:0% robust I think it's the most like the 00:26:15.900 --> 00:26:17.930 align:start position:0% robust I think it's the most like the most<00:26:16.080> box<00:26:16.260> free<00:26:16.559> for<00:26:16.799> code<00:26:17.159> in<00:26:17.400> the<00:26:17.520> world<00:26:17.640> like 00:26:17.930 --> 00:26:17.940 align:start position:0% most box free for code in the world like 00:26:17.940 --> 00:26:19.730 align:start position:0% most box free for code in the world like right<00:26:18.179> now<00:26:18.360> like<00:26:18.659> better<00:26:18.900> than<00:26:19.140> Aerospace 00:26:19.730 --> 00:26:19.740 align:start position:0% right now like better than Aerospace 00:26:19.740 --> 00:26:22.690 align:start position:0% right now like better than Aerospace better<00:26:20.039> than<00:26:20.279> medical<00:26:20.520> code<00:26:21.240> etc<00:26:21.600> etc 00:26:22.690 --> 00:26:22.700 align:start position:0% better than medical code etc etc 00:26:22.700 --> 00:26:25.669 align:start position:0% better than medical code etc etc but<00:26:23.700> it's<00:26:24.179> like<00:26:24.419> existing<00:26:25.080> in<00:26:25.200> a<00:26:25.260> very<00:26:25.380> toxic 00:26:25.669 --> 00:26:25.679 align:start position:0% but it's like existing in a very toxic 00:26:25.679 --> 00:26:28.370 align:start position:0% but it's like existing in a very toxic environment<00:26:26.159> where<00:26:26.640> any<00:26:26.940> like<00:26:27.600> any<00:26:27.900> mistakes 00:26:28.370 --> 00:26:28.380 align:start position:0% environment where any like any mistakes 00:26:28.380 --> 00:26:32.029 align:start position:0% environment where any like any mistakes gets<00:26:28.980> exploited<00:26:29.640> like<00:26:29.880> very<00:26:30.120> fast 00:26:32.029 --> 00:26:32.039 align:start position:0% gets exploited like very fast 00:26:32.039 --> 00:26:33.649 align:start position:0% gets exploited like very fast um so<00:26:32.400> smart<00:26:32.640> contract<00:26:33.000> risk<00:26:33.360> is<00:26:33.480> probably 00:26:33.649 --> 00:26:33.659 align:start position:0% um so smart contract risk is probably 00:26:33.659 --> 00:26:36.649 align:start position:0% um so smart contract risk is probably them<00:26:33.900> they're<00:26:34.260> like<00:26:34.559> the<00:26:34.799> the<00:26:34.980> major<00:26:35.279> risk<00:26:35.700> and 00:26:36.649 --> 00:26:36.659 align:start position:0% them they're like the the major risk and 00:26:36.659 --> 00:26:39.950 align:start position:0% them they're like the the major risk and uh<00:26:37.020> on<00:26:37.380> a<00:26:37.620> more<00:26:37.799> like<00:26:38.220> economical<00:26:38.820> side<00:26:39.360> I 00:26:39.950 --> 00:26:39.960 align:start position:0% uh on a more like economical side I 00:26:39.960 --> 00:26:41.210 align:start position:0% uh on a more like economical side I think 00:26:41.210 --> 00:26:41.220 align:start position:0% think 00:26:41.220 --> 00:26:43.970 align:start position:0% think uh like<00:26:42.000> I'm<00:26:42.179> really 00:26:43.970 --> 00:26:43.980 align:start position:0% uh like I'm really 00:26:43.980 --> 00:26:48.649 align:start position:0% uh like I'm really um<00:26:44.419> thinking<00:26:45.419> that<00:26:46.159> uh<00:26:47.159> exchanges<00:26:47.940> wallet<00:26:48.480> got 00:26:48.649 --> 00:26:48.659 align:start position:0% um thinking that uh exchanges wallet got 00:26:48.659 --> 00:26:51.110 align:start position:0% um thinking that uh exchanges wallet got lack<00:26:49.020> of<00:26:49.140> sify<00:26:49.620> are<00:26:49.980> really<00:26:50.220> a<00:26:50.640> like<00:26:50.820> a<00:26:51.000> very 00:26:51.110 --> 00:26:51.120 align:start position:0% lack of sify are really a like a very 00:26:51.120 --> 00:26:53.810 align:start position:0% lack of sify are really a like a very strong<00:26:51.299> competitor<00:26:51.900> to<00:26:52.440> uh<00:26:53.100> protocol<00:26:53.460> based 00:26:53.810 --> 00:26:53.820 align:start position:0% strong competitor to uh protocol based 00:26:53.820 --> 00:26:55.370 align:start position:0% strong competitor to uh protocol based liquids<00:26:54.120> taken 00:26:55.370 --> 00:26:55.380 align:start position:0% liquids taken 00:26:55.380 --> 00:26:59.149 align:start position:0% liquids taken because<00:26:56.000> centralization<00:26:57.000> is<00:26:57.779> uh<00:26:58.500> more<00:26:58.799> like 00:26:59.149 --> 00:26:59.159 align:start position:0% because centralization is uh more like 00:26:59.159 --> 00:27:00.470 align:start position:0% because centralization is uh more like it's<00:26:59.400> cheaper 00:27:00.470 --> 00:27:00.480 align:start position:0% it's cheaper 00:27:00.480 --> 00:27:04.730 align:start position:0% it's cheaper and<00:27:01.260> people<00:27:01.679> care<00:27:01.980> a<00:27:02.159> lot<00:27:02.279> about<00:27:02.480> APR<00:27:03.480> so 00:27:04.730 --> 00:27:04.740 align:start position:0% and people care a lot about APR so 00:27:04.740 --> 00:27:07.909 align:start position:0% and people care a lot about APR so so<00:27:05.640> I<00:27:06.120> have<00:27:06.419> some<00:27:06.659> statistics 00:27:07.909 --> 00:27:07.919 align:start position:0% so I have some statistics 00:27:07.919 --> 00:27:09.529 align:start position:0% so I have some statistics um on<00:27:08.100> the<00:27:08.220> library<00:27:08.400> tokens<00:27:09.059> emission<00:27:09.360> is 00:27:09.529 --> 00:27:09.539 align:start position:0% um on the library tokens emission is 00:27:09.539 --> 00:27:10.970 align:start position:0% um on the library tokens emission is kind<00:27:09.720> of<00:27:09.779> like<00:27:09.840> outdated<00:27:10.260> but<00:27:10.500> it's<00:27:10.980> um 00:27:10.970 --> 00:27:10.980 align:start position:0% kind of like outdated but it's um 00:27:10.980 --> 00:27:12.890 align:start position:0% kind of like outdated but it's um something<00:27:11.640> to<00:27:11.880> me<00:27:12.059> nice<00:27:12.240> so<00:27:12.419> the<00:27:12.600> token 00:27:12.890 --> 00:27:12.900 align:start position:0% something to me nice so the token 00:27:12.900 --> 00:27:14.750 align:start position:0% something to me nice so the token incentives<00:27:13.380> that<00:27:13.799> the<00:27:14.039> emissions<00:27:14.400> in<00:27:14.640> the 00:27:14.750 --> 00:27:14.760 align:start position:0% incentives that the emissions in the 00:27:14.760 --> 00:27:16.370 align:start position:0% incentives that the emissions in the last<00:27:14.880> seven<00:27:15.120> days<00:27:15.299> is<00:27:15.600> five<00:27:15.840> millions<00:27:16.200> in 00:27:16.370 --> 00:27:16.380 align:start position:0% last seven days is five millions in 00:27:16.380 --> 00:27:18.289 align:start position:0% last seven days is five millions in terms<00:27:16.500> of<00:27:16.559> tvl<00:27:17.039> while<00:27:17.520> the<00:27:17.700> rifle<00:27:18.000> news<00:27:18.059> is 00:27:18.289 --> 00:27:18.299 align:start position:0% terms of tvl while the rifle news is 00:27:18.299 --> 00:27:20.570 align:start position:0% terms of tvl while the rifle news is only<00:27:18.539> 600k<00:27:19.080> do<00:27:19.500> you<00:27:19.679> think<00:27:19.860> it's 00:27:20.570 --> 00:27:20.580 align:start position:0% only 600k do you think it's 00:27:20.580 --> 00:27:22.789 align:start position:0% only 600k do you think it's that<00:27:21.059> people<00:27:21.360> actually<00:27:21.840> value<00:27:22.260> the 00:27:22.789 --> 00:27:22.799 align:start position:0% that people actually value the 00:27:22.799 --> 00:27:24.830 align:start position:0% that people actually value the governance<00:27:23.279> of<00:27:23.400> Lido<00:27:23.820> itself<00:27:24.120> as<00:27:24.360> a<00:27:24.600> electric 00:27:24.830 --> 00:27:24.840 align:start position:0% governance of Lido itself as a electric 00:27:24.840 --> 00:27:26.630 align:start position:0% governance of Lido itself as a electric sticker<00:27:25.380> or<00:27:25.559> it's<00:27:25.799> kind<00:27:26.039> of<00:27:26.159> like<00:27:26.279> being 00:27:26.630 --> 00:27:26.640 align:start position:0% sticker or it's kind of like being 00:27:26.640 --> 00:27:29.149 align:start position:0% sticker or it's kind of like being overvalued<00:27:27.539> do<00:27:27.720> you<00:27:27.840> see<00:27:28.020> any<00:27:28.200> attack<00:27:28.679> factors 00:27:29.149 --> 00:27:29.159 align:start position:0% overvalued do you see any attack factors 00:27:29.159 --> 00:27:31.130 align:start position:0% overvalued do you see any attack factors or<00:27:29.340> governance<00:27:29.760> if<00:27:30.059> it<00:27:30.419> referred<00:27:30.840> to<00:27:30.960> like 00:27:31.130 --> 00:27:31.140 align:start position:0% or governance if it referred to like 00:27:31.140 --> 00:27:33.409 align:start position:0% or governance if it referred to like it's<00:27:31.740> if<00:27:32.279> it<00:27:32.460> kind<00:27:32.760> of<00:27:32.880> like<00:27:32.940> go<00:27:33.120> down<00:27:33.240> if 00:27:33.409 --> 00:27:33.419 align:start position:0% it's if it kind of like go down if 00:27:33.419 --> 00:27:35.029 align:start position:0% it's if it kind of like go down if people<00:27:33.600> don't<00:27:33.779> value<00:27:33.960> it<00:27:34.200> as<00:27:34.320> much<00:27:34.500> as<00:27:34.620> right 00:27:35.029 --> 00:27:35.039 align:start position:0% people don't value it as much as right 00:27:35.039 --> 00:27:37.610 align:start position:0% people don't value it as much as right now 00:27:37.610 --> 00:27:37.620 align:start position:0% 00:27:37.620 --> 00:27:40.010 align:start position:0% um<00:27:37.679> or<00:27:38.159> let<00:27:38.400> me<00:27:39.000> rephrase<00:27:39.299> and<00:27:39.539> say<00:27:39.659> if<00:27:39.900> I 00:27:40.010 --> 00:27:40.020 align:start position:0% um or let me rephrase and say if I 00:27:40.020 --> 00:27:41.930 align:start position:0% um or let me rephrase and say if I understood<00:27:40.320> it<00:27:40.559> right<00:27:40.740> so<00:27:41.220> you're<00:27:41.520> saying 00:27:41.930 --> 00:27:41.940 align:start position:0% understood it right so you're saying 00:27:41.940 --> 00:27:44.510 align:start position:0% understood it right so you're saying that<00:27:42.179> uh<00:27:42.659> we<00:27:42.840> have<00:27:43.080> a<00:27:43.200> lot<00:27:43.320> of<00:27:43.380> incentives<00:27:43.799> and 00:27:44.510 --> 00:27:44.520 align:start position:0% that uh we have a lot of incentives and 00:27:44.520 --> 00:27:46.310 align:start position:0% that uh we have a lot of incentives and Lidos<00:27:45.240> tvl<00:27:45.659> is<00:27:45.779> probably<00:27:45.960> because<00:27:46.140> of 00:27:46.310 --> 00:27:46.320 align:start position:0% Lidos tvl is probably because of 00:27:46.320 --> 00:27:48.350 align:start position:0% Lidos tvl is probably because of incentives<00:27:46.799> and<00:27:47.279> not<00:27:47.520> because<00:27:47.820> of<00:27:48.059> like 00:27:48.350 --> 00:27:48.360 align:start position:0% incentives and not because of like 00:27:48.360 --> 00:27:50.390 align:start position:0% incentives and not because of like people<00:27:48.600> because<00:27:49.080> of<00:27:49.440> the<00:27:49.620> fact<00:27:50.100> that<00:27:50.220> people 00:27:50.390 --> 00:27:50.400 align:start position:0% people because of the fact that people 00:27:50.400 --> 00:27:53.870 align:start position:0% people because of the fact that people wants<00:27:50.880> it<00:27:51.000> right 00:27:53.870 --> 00:27:53.880 align:start position:0% 00:27:53.880 --> 00:27:56.210 align:start position:0% okay<00:27:54.179> why<00:27:54.600> would<00:27:54.840> the<00:27:55.020> token<00:27:55.620> incentive<00:27:56.039> is 00:27:56.210 --> 00:27:56.220 align:start position:0% okay why would the token incentive is 00:27:56.220 --> 00:27:57.289 align:start position:0% okay why would the token incentive is five<00:27:56.400> minutes 00:27:57.289 --> 00:27:57.299 align:start position:0% five minutes 00:27:57.299 --> 00:28:00.470 align:start position:0% five minutes uh<00:27:57.960> so<00:27:58.260> the<00:27:58.679> incentives<00:27:59.100> are<00:27:59.340> not<00:27:59.520> that<00:27:59.820> Beacon 00:28:00.470 --> 00:28:00.480 align:start position:0% uh so the incentives are not that Beacon 00:28:00.480 --> 00:28:05.149 align:start position:0% uh so the incentives are not that Beacon uh<00:28:01.100> in<00:28:02.100> the<00:28:02.279> overall<00:28:03.000> uh<00:28:03.720> protocol 00:28:05.149 --> 00:28:05.159 align:start position:0% uh in the overall uh protocol 00:28:05.159 --> 00:28:07.190 align:start position:0% uh in the overall uh protocol um like<00:28:06.059> compared<00:28:06.480> to<00:28:06.539> overall<00:28:06.779> protocol 00:28:07.190 --> 00:28:07.200 align:start position:0% um like compared to overall protocol 00:28:07.200 --> 00:28:08.529 align:start position:0% um like compared to overall protocol Revenue 00:28:08.529 --> 00:28:08.539 align:start position:0% Revenue 00:28:08.539 --> 00:28:12.590 align:start position:0% Revenue and<00:28:09.539> they<00:28:09.900> are<00:28:10.140> needed<00:28:10.440> to<00:28:10.620> maintain<00:28:11.100> a<00:28:11.880> good 00:28:12.590 --> 00:28:12.600 align:start position:0% and they are needed to maintain a good 00:28:12.600 --> 00:28:14.289 align:start position:0% and they are needed to maintain a good liquid 00:28:14.289 --> 00:28:14.299 align:start position:0% liquid 00:28:14.299 --> 00:28:18.830 align:start position:0% liquid pools<00:28:15.299> for<00:28:15.840> liquidations<00:28:16.440> to<00:28:16.740> happen 00:28:18.830 --> 00:28:18.840 align:start position:0% pools for liquidations to happen 00:28:18.840 --> 00:28:22.130 align:start position:0% pools for liquidations to happen that's<00:28:19.559> the<00:28:19.860> only<00:28:19.980> reason<00:28:20.220> they<00:28:20.520> exist<00:28:21.140> the 00:28:22.130 --> 00:28:22.140 align:start position:0% that's the only reason they exist the 00:28:22.140 --> 00:28:24.529 align:start position:0% that's the only reason they exist the staking<00:28:22.799> rewards<00:28:23.220> are<00:28:23.460> the<00:28:23.640> main<00:28:23.820> reason 00:28:24.529 --> 00:28:24.539 align:start position:0% staking rewards are the main reason 00:28:24.539 --> 00:28:26.990 align:start position:0% staking rewards are the main reason people<00:28:24.960> people<00:28:25.320> have<00:28:26.100> sticked<00:28:26.520> it<00:28:26.640> there<00:28:26.880> is 00:28:26.990 --> 00:28:27.000 align:start position:0% people people have sticked it there is 00:28:27.000 --> 00:28:27.890 align:start position:0% people people have sticked it there is like 00:28:27.890 --> 00:28:27.900 align:start position:0% like 00:28:27.900 --> 00:28:31.310 align:start position:0% like uh<00:28:28.620> of<00:28:28.860> over<00:28:29.340> like<00:28:30.059> four<00:28:30.659> million<00:28:31.020> of<00:28:31.140> weather 00:28:31.310 --> 00:28:31.320 align:start position:0% uh of over like four million of weather 00:28:31.320 --> 00:28:33.529 align:start position:0% uh of over like four million of weather in<00:28:31.559> Lido<00:28:31.919> I<00:28:32.039> think<00:28:32.159> about 00:28:33.529 --> 00:28:33.539 align:start position:0% in Lido I think about 00:28:33.539 --> 00:28:35.810 align:start position:0% in Lido I think about between<00:28:34.260> two<00:28:34.740> hundred<00:28:34.980> thousand<00:28:35.400> and<00:28:35.520> six 00:28:35.810 --> 00:28:35.820 align:start position:0% between two hundred thousand and six 00:28:35.820 --> 00:28:39.710 align:start position:0% between two hundred thousand and six hundred<00:28:36.059> thousand<00:28:36.419> obsteta<00:28:37.080> is<00:28:37.320> locked<00:28:37.620> in<00:28:37.799> uh 00:28:39.710 --> 00:28:39.720 align:start position:0% hundred thousand obsteta is locked in uh 00:28:39.720 --> 00:28:42.350 align:start position:0% hundred thousand obsteta is locked in uh maybe<00:28:40.260> 700<00:28:40.980> I<00:28:41.279> don't<00:28:41.400> know<00:28:41.460> it's<00:28:41.640> locked<00:28:42.000> in<00:28:42.059> in 00:28:42.350 --> 00:28:42.360 align:start position:0% maybe 700 I don't know it's locked in in 00:28:42.360 --> 00:28:46.490 align:start position:0% maybe 700 I don't know it's locked in in in<00:28:42.480> into<00:28:42.840> in<00:28:43.140> centralized<00:28:43.620> pools<00:28:44.299> uh<00:28:45.299> so 00:28:46.490 --> 00:28:46.500 align:start position:0% in into in centralized pools uh so 00:28:46.500 --> 00:28:49.250 align:start position:0% in into in centralized pools uh so I<00:28:47.279> think<00:28:47.460> that<00:28:47.880> when<00:28:48.059> I<00:28:48.299> was<00:28:48.360> wrong<00:28:48.600> side<00:28:48.840> like 00:28:49.250 --> 00:28:49.260 align:start position:0% I think that when I was wrong side like 00:28:49.260 --> 00:28:51.169 align:start position:0% I think that when I was wrong side like are<00:28:49.500> in<00:28:49.679> uh<00:28:50.279> that<00:28:50.520> will<00:28:50.760> be<00:28:50.940> completely 00:28:51.169 --> 00:28:51.179 align:start position:0% are in uh that will be completely 00:28:51.179 --> 00:28:53.870 align:start position:0% are in uh that will be completely unnecessary<00:28:51.720> and<00:28:52.620> uh<00:28:53.039> will<00:28:53.520> change 00:28:53.870 --> 00:28:53.880 align:start position:0% unnecessary and uh will change 00:28:53.880 --> 00:28:57.230 align:start position:0% unnecessary and uh will change everything<00:28:54.539> like<00:28:55.380> uh<00:28:56.220> the<00:28:56.640> incentives<00:28:57.059> will 00:28:57.230 --> 00:28:57.240 align:start position:0% everything like uh the incentives will 00:28:57.240 --> 00:28:59.269 align:start position:0% everything like uh the incentives will be<00:28:57.360> slow<00:28:57.480> but<00:28:57.840> the<00:28:58.200> protocol<00:28:58.559> will<00:28:58.799> be<00:28:58.919> just<00:28:59.159> as 00:28:59.269 --> 00:28:59.279 align:start position:0% be slow but the protocol will be just as 00:28:59.279 --> 00:29:01.580 align:start position:0% be slow but the protocol will be just as useful