WEBVTT Kind: captions Language: en 00:00:01.160 --> 00:00:06.690 align:start position:0% [Music] 00:00:06.690 --> 00:00:06.700 align:start position:0% 00:00:06.700 --> 00:00:09.669 align:start position:0% [Music] 00:00:09.669 --> 00:00:09.679 align:start position:0% [Music] 00:00:09.679 --> 00:00:13.789 align:start position:0% [Music] um<00:00:10.679> so<00:00:11.280> I<00:00:11.400> think<00:00:12.000> uh<00:00:12.719> you<00:00:12.840> know<00:00:13.000> in<00:00:13.120> the<00:00:13.280> in<00:00:13.440> the 00:00:13.789 --> 00:00:13.799 align:start position:0% um so I think uh you know in the in the 00:00:13.799 --> 00:00:15.549 align:start position:0% um so I think uh you know in the in the kind<00:00:13.960> of<00:00:14.519> current<00:00:14.839> ERA<00:00:15.120> there<00:00:15.200> have<00:00:15.320> been<00:00:15.440> a 00:00:15.549 --> 00:00:15.559 align:start position:0% kind of current ERA there have been a 00:00:15.559 --> 00:00:17.269 align:start position:0% kind of current ERA there have been a lot<00:00:15.679> of<00:00:15.799> new<00:00:16.160> protocols<00:00:16.760> that<00:00:16.880> are<00:00:17.080> being 00:00:17.269 --> 00:00:17.279 align:start position:0% lot of new protocols that are being 00:00:17.279 --> 00:00:19.950 align:start position:0% lot of new protocols that are being built<00:00:17.520> on<00:00:17.760> top<00:00:17.880> of<00:00:18.240> ethereum<00:00:19.240> um<00:00:19.520> some<00:00:19.640> of<00:00:19.800> them 00:00:19.950 --> 00:00:19.960 align:start position:0% built on top of ethereum um some of them 00:00:19.960 --> 00:00:22.830 align:start position:0% built on top of ethereum um some of them are<00:00:20.680> rollups<00:00:21.199> as<00:00:21.320> many<00:00:21.439> of<00:00:21.560> you<00:00:21.680> know<00:00:22.480> and<00:00:22.680> some 00:00:22.830 --> 00:00:22.840 align:start position:0% are rollups as many of you know and some 00:00:22.840 --> 00:00:25.349 align:start position:0% are rollups as many of you know and some of<00:00:22.960> them<00:00:23.160> are<00:00:23.359> sort<00:00:23.560> of<00:00:24.240> these<00:00:24.519> kind<00:00:24.640> of<00:00:24.880> new 00:00:25.349 --> 00:00:25.359 align:start position:0% of them are sort of these kind of new 00:00:25.359 --> 00:00:28.029 align:start position:0% of them are sort of these kind of new kind<00:00:25.519> of<00:00:26.160> amphibious<00:00:27.160> things<00:00:27.519> that<00:00:27.640> are<00:00:27.880> are 00:00:28.029 --> 00:00:28.039 align:start position:0% kind of amphibious things that are are 00:00:28.039 --> 00:00:29.990 align:start position:0% kind of amphibious things that are are sort<00:00:28.199> of<00:00:28.359> known<00:00:28.560> as<00:00:28.720> avss<00:00:29.279> or<00:00:29.400> networks<00:00:29.759> or 00:00:29.990 --> 00:00:30.000 align:start position:0% sort of known as avss or networks or 00:00:30.000 --> 00:00:32.229 align:start position:0% sort of known as avss or networks or services<00:00:30.920> so<00:00:31.199> natural<00:00:31.599> question<00:00:31.880> you<00:00:32.000> might 00:00:32.229 --> 00:00:32.239 align:start position:0% services so natural question you might 00:00:32.239 --> 00:00:34.750 align:start position:0% services so natural question you might say<00:00:32.559> is<00:00:33.559> you<00:00:33.719> know<00:00:34.000> what's<00:00:34.200> the<00:00:34.399> difference 00:00:34.750 --> 00:00:34.760 align:start position:0% say is you know what's the difference 00:00:34.760 --> 00:00:36.630 align:start position:0% say is you know what's the difference between<00:00:35.120> these<00:00:35.399> you<00:00:35.520> know<00:00:35.920> when<00:00:36.040> do<00:00:36.160> I<00:00:36.280> need<00:00:36.399> to 00:00:36.630 --> 00:00:36.640 align:start position:0% between these you know when do I need to 00:00:36.640 --> 00:00:38.350 align:start position:0% between these you know when do I need to pay<00:00:36.840> for<00:00:37.000> a<00:00:37.079> rollup<00:00:37.480> security<00:00:37.879> when<00:00:38.040> do<00:00:38.160> I<00:00:38.239> need 00:00:38.350 --> 00:00:38.360 align:start position:0% pay for a rollup security when do I need 00:00:38.360 --> 00:00:40.229 align:start position:0% pay for a rollup security when do I need to<00:00:38.520> pay<00:00:38.680> for<00:00:38.879> something<00:00:39.360> that's<00:00:39.640> less<00:00:39.920> and<00:00:40.079> how 00:00:40.229 --> 00:00:40.239 align:start position:0% to pay for something that's less and how 00:00:40.239 --> 00:00:44.310 align:start position:0% to pay for something that's less and how do<00:00:40.360> I<00:00:40.559> quantify<00:00:41.360> that<00:00:42.480> so<00:00:43.480> um<00:00:43.680> there's<00:00:43.879> sort<00:00:44.039> of 00:00:44.310 --> 00:00:44.320 align:start position:0% do I quantify that so um there's sort of 00:00:44.320 --> 00:00:45.750 align:start position:0% do I quantify that so um there's sort of three<00:00:44.520> things<00:00:44.719> we'll<00:00:44.920> talk<00:00:45.120> about<00:00:45.399> we'll<00:00:45.600> talk 00:00:45.750 --> 00:00:45.760 align:start position:0% three things we'll talk about we'll talk 00:00:45.760 --> 00:00:48.670 align:start position:0% three things we'll talk about we'll talk about<00:00:46.440> reaking<00:00:47.199> sort<00:00:47.399> of<00:00:47.559> being<00:00:47.840> a<00:00:48.079> a<00:00:48.520> a 00:00:48.670 --> 00:00:48.680 align:start position:0% about reaking sort of being a a a 00:00:48.680 --> 00:00:51.310 align:start position:0% about reaking sort of being a a a matching<00:00:49.079> Market<00:00:50.079> uh<00:00:50.199> we'll<00:00:50.399> talk<00:00:50.600> about<00:00:50.920> how 00:00:51.310 --> 00:00:51.320 align:start position:0% matching Market uh we'll talk about how 00:00:51.320 --> 00:00:52.670 align:start position:0% matching Market uh we'll talk about how to<00:00:51.480> think<00:00:51.680> about<00:00:51.879> threat<00:00:52.160> models<00:00:52.480> for 00:00:52.670 --> 00:00:52.680 align:start position:0% to think about threat models for 00:00:52.680 --> 00:00:55.189 align:start position:0% to think about threat models for determining<00:00:53.480> Economic<00:00:54.000> Security<00:00:55.000> and<00:00:55.079> then 00:00:55.189 --> 00:00:55.199 align:start position:0% determining Economic Security and then 00:00:55.199 --> 00:00:56.630 align:start position:0% determining Economic Security and then finally<00:00:55.480> we'll<00:00:55.640> talk<00:00:55.800> about<00:00:56.079> how<00:00:56.199> do<00:00:56.320> you 00:00:56.630 --> 00:00:56.640 align:start position:0% finally we'll talk about how do you 00:00:56.640 --> 00:00:59.590 align:start position:0% finally we'll talk about how do you quantify<00:00:57.160> that<00:00:57.399> and<00:00:57.520> so<00:00:58.280> most<00:00:58.480> of<00:00:58.719> this<00:00:58.920> talk 00:00:59.590 --> 00:00:59.600 align:start position:0% quantify that and so most of this talk 00:00:59.600 --> 00:01:01.310 align:start position:0% quantify that and so most of this talk they're<00:01:00.000> bunch<00:01:00.160> of<00:01:00.239> papers<00:01:00.719> that<00:01:01.000> have<00:01:01.160> sort 00:01:01.310 --> 00:01:01.320 align:start position:0% they're bunch of papers that have sort 00:01:01.320 --> 00:01:03.110 align:start position:0% they're bunch of papers that have sort of<00:01:01.519> the<00:01:01.640> formal<00:01:02.039> results<00:01:02.480> but<00:01:02.680> this<00:01:02.760> is<00:01:02.960> sort 00:01:03.110 --> 00:01:03.120 align:start position:0% of the formal results but this is sort 00:01:03.120 --> 00:01:05.510 align:start position:0% of the formal results but this is sort of<00:01:03.320> going<00:01:03.399> to<00:01:03.519> give<00:01:03.640> a<00:01:03.760> high<00:01:03.920> level 00:01:05.510 --> 00:01:05.520 align:start position:0% of going to give a high level 00:01:05.520 --> 00:01:08.910 align:start position:0% of going to give a high level description<00:01:06.759> so<00:01:07.759> uh<00:01:07.960> a<00:01:08.040> natural<00:01:08.360> question<00:01:08.640> is 00:01:08.910 --> 00:01:08.920 align:start position:0% description so uh a natural question is 00:01:08.920 --> 00:01:11.230 align:start position:0% description so uh a natural question is is<00:01:09.119> what<00:01:09.240> is<00:01:09.360> a<00:01:09.560> matching<00:01:09.960> market<00:01:10.640> so<00:01:10.880> matching 00:01:11.230 --> 00:01:11.240 align:start position:0% is what is a matching market so matching 00:01:11.240 --> 00:01:13.190 align:start position:0% is what is a matching market so matching Market<00:01:11.880> uh<00:01:12.000> kind<00:01:12.080> of<00:01:12.240> the<00:01:12.360> most<00:01:12.560> common<00:01:12.840> one 00:01:13.190 --> 00:01:13.200 align:start position:0% Market uh kind of the most common one 00:01:13.200 --> 00:01:16.310 align:start position:0% Market uh kind of the most common one people<00:01:13.520> think<00:01:13.720> of<00:01:14.520> is<00:01:15.360> uh<00:01:15.479> in<00:01:15.640> this<00:01:15.880> example 00:01:16.310 --> 00:01:16.320 align:start position:0% people think of is uh in this example 00:01:16.320 --> 00:01:19.550 align:start position:0% people think of is uh in this example sort<00:01:16.520> of<00:01:16.960> matching<00:01:17.840> uh<00:01:18.040> partners<00:01:19.040> and<00:01:19.159> so<00:01:19.360> each 00:01:19.550 --> 00:01:19.560 align:start position:0% sort of matching uh partners and so each 00:01:19.560 --> 00:01:21.230 align:start position:0% sort of matching uh partners and so each person<00:01:19.799> has<00:01:19.920> a<00:01:20.079> preference<00:01:20.720> and<00:01:20.880> based<00:01:21.079> on 00:01:21.230 --> 00:01:21.240 align:start position:0% person has a preference and based on 00:01:21.240 --> 00:01:22.830 align:start position:0% person has a preference and based on their<00:01:21.520> preferences<00:01:22.119> you<00:01:22.320> can<00:01:22.560> kind<00:01:22.680> of 00:01:22.830 --> 00:01:22.840 align:start position:0% their preferences you can kind of 00:01:22.840 --> 00:01:25.030 align:start position:0% their preferences you can kind of construct<00:01:23.560> this<00:01:23.840> graph<00:01:24.400> and<00:01:24.520> then<00:01:24.680> try<00:01:24.840> to 00:01:25.030 --> 00:01:25.040 align:start position:0% construct this graph and then try to 00:01:25.040 --> 00:01:28.230 align:start position:0% construct this graph and then try to find<00:01:25.320> a<00:01:25.520> valid<00:01:26.439> uh<00:01:26.560> matching<00:01:27.479> and<00:01:27.640> so<00:01:28.119> it's 00:01:28.230 --> 00:01:28.240 align:start position:0% find a valid uh matching and so it's 00:01:28.240 --> 00:01:30.590 align:start position:0% find a valid uh matching and so it's sort<00:01:28.400> of<00:01:28.640> a<00:01:28.799> a<00:01:28.960> natural<00:01:29.360> thing<00:01:29.600> where<00:01:30.320> you<00:01:30.479> want 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position:0% side that's demand side uh of course I 00:01:36.479 --> 00:01:37.910 align:start position:0% side that's demand side uh of course I guess<00:01:36.600> in<00:01:36.759> the<00:01:36.960> the<00:01:37.040> dating<00:01:37.320> one<00:01:37.520> it<00:01:37.680> maybe 00:01:37.910 --> 00:01:37.920 align:start position:0% guess in the the dating one it maybe 00:01:37.920 --> 00:01:40.670 align:start position:0% guess in the the dating one it maybe they're<00:01:38.079> both<00:01:38.280> symmetric<00:01:39.040> hopefully 00:01:40.670 --> 00:01:40.680 align:start position:0% they're both symmetric hopefully 00:01:40.680 --> 00:01:42.990 align:start position:0% they're both symmetric hopefully uh<00:01:41.680> but<00:01:42.119> you<00:01:42.200> know<00:01:42.360> what<00:01:42.479> is<00:01:42.600> a<00:01:42.720> matching 00:01:42.990 --> 00:01:43.000 align:start position:0% uh but you know what is a matching 00:01:43.000 --> 00:01:44.550 align:start position:0% uh but you know what is a matching market<00:01:43.280> so<00:01:43.399> matching<00:01:43.680> markets<00:01:44.000> are<00:01:44.240> are<00:01:44.360> sort 00:01:44.550 --> 00:01:44.560 align:start position:0% market so matching markets are are sort 00:01:44.560 --> 00:01:47.830 align:start position:0% market so matching markets are are sort of<00:01:45.520> things<00:01:46.119> that<00:01:46.280> are<00:01:46.840> studied<00:01:47.200> in<00:01:47.360> economics 00:01:47.830 --> 00:01:47.840 align:start position:0% of things that are studied in economics 00:01:47.840 --> 00:01:50.469 align:start position:0% of things that are studied in economics but<00:01:48.000> also<00:01:48.200> used<00:01:48.439> in<00:01:48.680> practice<00:01:49.079> a<00:01:49.200> lot<00:01:49.600> so<00:01:50.159> uh 00:01:50.469 --> 00:01:50.479 align:start position:0% but also used in practice a lot so uh 00:01:50.479 --> 00:01:51.590 align:start position:0% but also used in practice a lot so uh probably<00:01:50.759> the<00:01:50.840> most<00:01:51.040> famous<00:01:51.360> type<00:01:51.520> of 00:01:51.590 --> 00:01:51.600 align:start position:0% probably the most famous type of 00:01:51.600 --> 00:01:53.950 align:start position:0% probably the most famous type of matching<00:01:52.040> Market<00:01:52.880> is<00:01:53.000> the<00:01:53.159> kidney<00:01:53.479> exchange 00:01:53.950 --> 00:01:53.960 align:start position:0% matching Market is the kidney exchange 00:01:53.960 --> 00:01:56.510 align:start position:0% matching Market is the kidney exchange so<00:01:54.119> this<00:01:54.240> is<00:01:54.560> for<00:01:54.840> people<00:01:55.040> who<00:01:55.240> need<00:01:55.680> kidney 00:01:56.510 --> 00:01:56.520 align:start position:0% so this is for people who need kidney 00:01:56.520 --> 00:01:59.469 align:start position:0% so this is for people who need kidney transplants<00:01:57.520> uh<00:01:57.640> you<00:01:57.799> know<00:01:58.360> maybe<00:01:58.799> maybe<00:01:59.200> I<00:01:59.360> I 00:01:59.469 --> 00:01:59.479 align:start position:0% transplants uh you know maybe maybe I I 00:01:59.479 --> 00:02:01.389 align:start position:0% transplants uh you know maybe maybe I I had<00:01:59.640> some<00:02:00.000> type<00:02:00.159> of<00:02:00.399> accident<00:02:00.840> I<00:02:00.920> need<00:02:01.039> a<00:02:01.240> k 00:02:01.389 --> 00:02:01.399 align:start position:0% had some type of accident I need a k 00:02:01.399 --> 00:02:03.590 align:start position:0% had some type of accident I need a k kidney<00:02:01.680> transplant<00:02:02.280> but<00:02:02.960> I<00:02:03.039> can't<00:02:03.240> just<00:02:03.399> take 00:02:03.590 --> 00:02:03.600 align:start position:0% kidney transplant but I can't just take 00:02:03.600 --> 00:02:05.230 align:start position:0% kidney transplant but I can't just take any<00:02:03.840> kidney<00:02:04.240> there's<00:02:04.439> some<00:02:04.600> constraints<00:02:05.079> on 00:02:05.230 --> 00:02:05.240 align:start position:0% any kidney there's some constraints on 00:02:05.240 --> 00:02:07.069 align:start position:0% any kidney there's some constraints on it<00:02:05.399> it<00:02:05.520> has<00:02:05.640> to<00:02:05.759> be<00:02:05.840> a<00:02:05.960> certain<00:02:06.320> size<00:02:06.759> it<00:02:06.880> has<00:02:07.000> to 00:02:07.069 --> 00:02:07.079 align:start position:0% it it has to be a certain size it has to 00:02:07.079 --> 00:02:09.150 align:start position:0% it it has to be a certain size it has to be<00:02:07.200> the<00:02:07.320> right<00:02:07.479> blood<00:02:07.719> type<00:02:08.039> it<00:02:08.200> has<00:02:08.360> to<00:02:08.920> to 00:02:09.150 --> 00:02:09.160 align:start position:0% be the right blood type it has to to 00:02:09.160 --> 00:02:11.350 align:start position:0% be the right blood type it has to to have<00:02:09.399> have<00:02:09.520> a<00:02:09.599> bunch<00:02:09.759> of<00:02:09.920> different<00:02:10.200> things<00:02:11.200> uh 00:02:11.350 --> 00:02:11.360 align:start position:0% have have a bunch of different things uh 00:02:11.360 --> 00:02:14.150 align:start position:0% have have a bunch of different things uh and<00:02:11.760> so<00:02:12.760> there<00:02:12.879> are<00:02:13.080> people<00:02:13.280> who<00:02:13.400> are<00:02:13.520> donors 00:02:14.150 --> 00:02:14.160 align:start position:0% and so there are people who are donors 00:02:14.160 --> 00:02:15.550 align:start position:0% and so there are people who are donors who<00:02:14.280> are<00:02:14.400> willing<00:02:14.599> to<00:02:14.720> donate<00:02:15.000> kidneys<00:02:15.480> and 00:02:15.550 --> 00:02:15.560 align:start position:0% who are willing to donate kidneys and 00:02:15.560 --> 00:02:17.869 align:start position:0% who are willing to donate kidneys and then<00:02:15.720> people<00:02:15.920> who<00:02:16.040> need<00:02:16.239> kidneys<00:02:17.000> and<00:02:17.560> there's 00:02:17.869 --> 00:02:17.879 align:start position:0% then people who need kidneys and there's 00:02:17.879 --> 00:02:19.990 align:start position:0% then people who need kidneys and there's sort<00:02:18.040> of<00:02:18.879> you'd<00:02:19.080> be<00:02:19.239> surprised<00:02:19.640> but<00:02:19.760> there<00:02:19.840> are 00:02:19.990 --> 00:02:20.000 align:start position:0% sort of you'd be surprised but there are 00:02:20.000 --> 00:02:22.030 align:start position:0% sort of you'd be surprised but there are algorithms<00:02:20.480> for<00:02:20.680> kind<00:02:20.800> of<00:02:20.920> matching<00:02:21.239> them<00:02:21.920> but 00:02:22.030 --> 00:02:22.040 align:start position:0% algorithms for kind of matching them but 00:02:22.040 --> 00:02:24.229 align:start position:0% algorithms for kind of matching them but the<00:02:22.200> main<00:02:22.480> thing<00:02:22.640> to<00:02:22.800> think<00:02:23.000> about<00:02:23.720> is<00:02:24.080> there's 00:02:24.229 --> 00:02:24.239 align:start position:0% the main thing to think about is there's 00:02:24.239 --> 00:02:26.830 align:start position:0% the main thing to think about is there's a<00:02:24.400> supply<00:02:24.760> of<00:02:24.959> inhomogeneous<00:02:25.760> goods<00:02:26.480> I.E 00:02:26.830 --> 00:02:26.840 align:start position:0% a supply of inhomogeneous goods I.E 00:02:26.840 --> 00:02:28.350 align:start position:0% a supply of inhomogeneous goods I.E people<00:02:27.120> whose<00:02:27.360> kidneys<00:02:27.800> have<00:02:27.959> some 00:02:28.350 --> 00:02:28.360 align:start position:0% people whose kidneys have some 00:02:28.360 --> 00:02:31.430 align:start position:0% people whose kidneys have some properties<00:02:29.360> uh<00:02:29.599> you<00:02:29.680> know<00:02:30.200> blood<00:02:30.560> type<00:02:30.920> size 00:02:31.430 --> 00:02:31.440 align:start position:0% properties uh you know blood type size 00:02:31.440 --> 00:02:34.750 align:start position:0% properties uh you know blood type size Etc<00:02:32.440> um<00:02:33.440> the<00:02:33.599> key<00:02:33.760> thing<00:02:33.920> is<00:02:34.120> there<00:02:34.519> there 00:02:34.750 --> 00:02:34.760 align:start position:0% Etc um the key thing is there there 00:02:34.760 --> 00:02:36.430 align:start position:0% Etc um the key thing is there there there<00:02:35.239> there's<00:02:35.480> some<00:02:35.720> similarity<00:02:36.200> between 00:02:36.430 --> 00:02:36.440 align:start position:0% there there's some similarity between 00:02:36.440 --> 00:02:38.150 align:start position:0% there there's some similarity between them<00:02:36.560> they're<00:02:36.720> all<00:02:36.879> kidneys<00:02:37.519> but<00:02:37.760> they<00:02:38.000> have 00:02:38.150 --> 00:02:38.160 align:start position:0% them they're all kidneys but they have 00:02:38.160 --> 00:02:40.070 align:start position:0% them they're all kidneys but they have some<00:02:38.440> special<00:02:38.800> properties<00:02:39.560> and<00:02:39.640> then<00:02:39.800> there's 00:02:40.070 --> 00:02:40.080 align:start position:0% some special properties and then there's 00:02:40.080 --> 00:02:42.550 align:start position:0% some special properties and then there's sort<00:02:40.280> of<00:02:40.480> demand<00:02:40.920> which<00:02:41.040> is<00:02:41.319> people<00:02:41.640> who<00:02:42.440> kind 00:02:42.550 --> 00:02:42.560 align:start position:0% sort of demand which is people who kind 00:02:42.560 --> 00:02:45.869 align:start position:0% sort of demand which is people who kind of<00:02:42.800> want<00:02:43.040> to<00:02:43.360> to<00:02:43.640> to<00:02:44.080> to<00:02:44.440> receive 00:02:45.869 --> 00:02:45.879 align:start position:0% of want to to to to receive 00:02:45.879 --> 00:02:48.949 align:start position:0% of want to to to to receive those<00:02:46.879> so<00:02:47.680> you<00:02:47.800> know<00:02:48.040> in<00:02:48.280> crypto<00:02:48.599> you<00:02:48.720> hear<00:02:48.840> a 00:02:48.949 --> 00:02:48.959 align:start position:0% those so you know in crypto you hear a 00:02:48.959 --> 00:02:50.830 align:start position:0% those so you know in crypto you hear a lot<00:02:49.080> about<00:02:49.319> auctions<00:02:50.159> uh<00:02:50.239> in<00:02:50.360> fact<00:02:50.519> someone 00:02:50.830 --> 00:02:50.840 align:start position:0% lot about auctions uh in fact someone 00:02:50.840 --> 00:02:52.470 align:start position:0% lot about auctions uh in fact someone yesterday<00:02:51.200> told<00:02:51.400> me<00:02:51.560> they<00:02:51.680> were<00:02:51.879> surprised<00:02:52.319> I 00:02:52.470 --> 00:02:52.480 align:start position:0% yesterday told me they were surprised I 00:02:52.480 --> 00:02:53.790 align:start position:0% yesterday told me they were surprised I went<00:02:52.640> in<00:02:52.760> an<00:02:52.879> hour<00:02:53.120> without<00:02:53.319> saying<00:02:53.519> the<00:02:53.599> word 00:02:53.790 --> 00:02:53.800 align:start position:0% went in an hour without saying the word 00:02:53.800 --> 00:02:55.390 align:start position:0% went in an hour without saying the word auction<00:02:54.200> which<00:02:54.319> I<00:02:54.400> felt<00:02:54.680> embarrassed<00:02:55.120> about 00:02:55.390 --> 00:02:55.400 align:start position:0% auction which I felt embarrassed about 00:02:55.400 --> 00:02:58.550 align:start position:0% auction which I felt embarrassed about but<00:02:56.239> uh<00:02:56.519> so<00:02:56.680> you<00:02:56.800> might<00:02:57.040> say<00:02:57.519> you<00:02:57.640> know<00:02:58.159> how<00:02:58.319> do 00:02:58.550 --> 00:02:58.560 align:start position:0% but uh so you might say you know how do 00:02:58.560 --> 00:03:00.190 align:start position:0% but uh so you might say you know how do how<00:02:58.680> do<00:02:58.840> how<00:02:58.959> do<00:02:59.120> matching<00:02:59.440> markets<00:02:59.879> compared 00:03:00.190 --> 00:03:00.200 align:start position:0% how do how do matching markets compared 00:03:00.200 --> 00:03:02.949 align:start position:0% how do how do matching markets compared to<00:03:00.360> auctions<00:03:01.360> so<00:03:01.519> matching<00:03:01.920> markets<00:03:02.560> are<00:03:02.760> sort 00:03:02.949 --> 00:03:02.959 align:start position:0% to auctions so matching markets are sort 00:03:02.959 --> 00:03:07.309 align:start position:0% to auctions so matching markets are sort of<00:03:03.519> more<00:03:03.920> focused<00:03:04.799> on<00:03:05.599> stability<00:03:06.599> uh<00:03:06.720> under<00:03:07.120> to 00:03:07.309 --> 00:03:07.319 align:start position:0% of more focused on stability uh under to 00:03:07.319 --> 00:03:10.750 align:start position:0% of more focused on stability uh under to perations<00:03:08.319> of<00:03:09.159> uh<00:03:09.680> different<00:03:10.000> kind<00:03:10.159> of 00:03:10.750 --> 00:03:10.760 align:start position:0% perations of uh different kind of 00:03:10.760 --> 00:03:13.030 align:start position:0% perations of uh different kind of mechanisms<00:03:11.720> versus<00:03:12.159> auctions<00:03:12.480> are<00:03:12.680> focused 00:03:13.030 --> 00:03:13.040 align:start position:0% mechanisms versus auctions are focused 00:03:13.040 --> 00:03:14.589 align:start position:0% mechanisms versus auctions are focused on<00:03:13.239> things<00:03:13.440> like<00:03:13.640> maximizing<00:03:14.120> revenue<00:03:14.440> or 00:03:14.589 --> 00:03:14.599 align:start position:0% on things like maximizing revenue or 00:03:14.599 --> 00:03:17.470 align:start position:0% on things like maximizing revenue or maximizing<00:03:15.400> welfare<00:03:16.400> um<00:03:16.560> so<00:03:16.920> for<00:03:17.080> instance<00:03:17.360> a 00:03:17.470 --> 00:03:17.480 align:start position:0% maximizing welfare um so for instance a 00:03:17.480 --> 00:03:21.070 align:start position:0% maximizing welfare um so for instance a matching<00:03:17.920> may<00:03:18.159> prefer<00:03:18.560> to<00:03:19.000> to<00:03:19.519> to<00:03:20.120> sell<00:03:20.799> all 00:03:21.070 --> 00:03:21.080 align:start position:0% matching may prefer to to to sell all 00:03:21.080 --> 00:03:23.910 align:start position:0% matching may prefer to to to sell all Goods<00:03:21.599> to<00:03:21.799> all<00:03:22.000> people<00:03:22.640> participating<00:03:23.640> even 00:03:23.910 --> 00:03:23.920 align:start position:0% Goods to all people participating even 00:03:23.920 --> 00:03:26.030 align:start position:0% Goods to all people participating even if<00:03:24.080> it's<00:03:24.720> doesn't<00:03:25.159> maximize<00:03:25.640> the<00:03:25.760> amount<00:03:25.920> of 00:03:26.030 --> 00:03:26.040 align:start position:0% if it's doesn't maximize the amount of 00:03:26.040 --> 00:03:28.429 align:start position:0% if it's doesn't maximize the amount of money<00:03:26.280> that's<00:03:26.799> transferred<00:03:27.799> and<00:03:27.920> in<00:03:28.080> crypto 00:03:28.429 --> 00:03:28.439 align:start position:0% money that's transferred and in crypto 00:03:28.439 --> 00:03:29.789 align:start position:0% money that's transferred and in crypto we<00:03:28.519> have<00:03:28.599> a<00:03:28.720> bunch<00:03:29.000> right<00:03:29.120> we<00:03:29.200> have<00:03:29.319> me 00:03:29.789 --> 00:03:29.799 align:start position:0% we have a bunch right we have me 00:03:29.799 --> 00:03:31.429 align:start position:0% we have a bunch right we have me auctions<00:03:30.439> for<00:03:30.599> the<00:03:30.720> auction<00:03:31.000> side<00:03:31.239> we<00:03:31.319> have 00:03:31.429 --> 00:03:31.439 align:start position:0% auctions for the auction side we have 00:03:31.439 --> 00:03:34.750 align:start position:0% auctions for the auction side we have intents<00:03:32.040> and<00:03:32.360> also<00:03:32.599> restak<00:03:33.040> for<00:03:33.200> matching 00:03:34.750 --> 00:03:34.760 align:start position:0% intents and also restak for matching 00:03:34.760 --> 00:03:37.869 align:start position:0% intents and also restak for matching markets<00:03:35.760> so<00:03:36.040> natural<00:03:36.560> place<00:03:37.000> to<00:03:37.280> to<00:03:37.480> kind<00:03:37.599> of 00:03:37.869 --> 00:03:37.879 align:start position:0% markets so natural place to to kind of 00:03:37.879 --> 00:03:39.670 align:start position:0% markets so natural place to to kind of formalized<00:03:38.400> matching<00:03:38.720> markets<00:03:39.080> is<00:03:39.280> is<00:03:39.400> using 00:03:39.670 --> 00:03:39.680 align:start position:0% formalized matching markets is is using 00:03:39.680 --> 00:03:41.350 align:start position:0% formalized matching markets is is using graph<00:03:39.879> Theory<00:03:40.200> using<00:03:40.480> sort<00:03:40.599> of<00:03:40.799> bipartite 00:03:41.350 --> 00:03:41.360 align:start position:0% graph Theory using sort of bipartite 00:03:41.360 --> 00:03:43.270 align:start position:0% graph Theory using sort of bipartite graphs<00:03:42.000> where<00:03:42.280> the<00:03:42.400> idea<00:03:42.640> is<00:03:42.760> you<00:03:42.879> have<00:03:43.040> one 00:03:43.270 --> 00:03:43.280 align:start position:0% graphs where the idea is you have one 00:03:43.280 --> 00:03:45.390 align:start position:0% graphs where the idea is you have one side<00:03:43.519> that<00:03:43.640> is<00:03:43.840> the<00:03:44.239> set<00:03:44.400> of<00:03:44.560> suppliers<00:03:45.280> the 00:03:45.390 --> 00:03:45.400 align:start position:0% side that is the set of suppliers the 00:03:45.400 --> 00:03:46.910 align:start position:0% side that is the set of suppliers the different<00:03:45.760> types<00:03:45.959> of<00:03:46.120> supply<00:03:46.519> and<00:03:46.640> the<00:03:46.720> other 00:03:46.910 --> 00:03:46.920 align:start position:0% different types of supply and the other 00:03:46.920 --> 00:03:50.670 align:start position:0% different types of supply and the other side<00:03:47.040> is<00:03:47.200> the<00:03:47.360> types<00:03:47.599> of<00:03:48.239> demand<00:03:49.239> um<00:03:49.920> but<00:03:50.439> in 00:03:50.670 --> 00:03:50.680 align:start position:0% side is the types of demand um but in 00:03:50.680 --> 00:03:53.390 align:start position:0% side is the types of demand um but in most<00:03:51.040> classical<00:03:51.480> matching<00:03:51.840> markets<00:03:52.799> um<00:03:53.079> you 00:03:53.390 --> 00:03:53.400 align:start position:0% most classical matching markets um you 00:03:53.400 --> 00:03:55.429 align:start position:0% most classical matching markets um you this<00:03:53.560> graph<00:03:53.879> is<00:03:54.000> sort<00:03:54.159> of<00:03:54.360> static<00:03:54.920> IE<00:03:55.159> the<00:03:55.280> set 00:03:55.429 --> 00:03:55.439 align:start position:0% this graph is sort of static IE the set 00:03:55.439 --> 00:03:57.670 align:start position:0% this graph is sort of static IE the set of<00:03:55.599> people<00:03:55.879> who<00:03:56.079> want<00:03:56.360> kidneys<00:03:56.760> or<00:03:57.400> need 00:03:57.670 --> 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have either of these<00:04:03.959> features<00:04:04.959> um<00:04:05.200> because<00:04:05.439> people<00:04:05.680> can 00:04:05.789 --> 00:04:05.799 align:start position:0% these features um because people can 00:04:05.799 --> 00:04:07.190 align:start position:0% these features um because people can join<00:04:06.000> and<00:04:06.159> leave<00:04:06.400> whenever<00:04:06.720> they<00:04:06.840> want<00:04:07.120> they 00:04:07.190 --> 00:04:07.200 align:start position:0% join and leave whenever they want they 00:04:07.200 --> 00:04:08.750 align:start position:0% join and leave whenever they want they can<00:04:07.360> change<00:04:07.799> their<00:04:07.959> demand<00:04:08.280> whenever<00:04:08.599> they 00:04:08.750 --> 00:04:08.760 align:start position:0% can change their demand whenever they 00:04:08.760 --> 00:04:12.270 align:start position:0% can change their demand whenever they want<00:04:09.760> and<00:04:10.239> this<00:04:10.400> is<00:04:10.680> why<00:04:11.439> uh<00:04:11.640> you<00:04:11.720> know<00:04:11.959> we<00:04:12.159> we 00:04:12.270 --> 00:04:12.280 align:start position:0% want and this is why uh you know we we 00:04:12.280 --> 00:04:13.550 align:start position:0% want and this is why uh you know we we need<00:04:12.400> to<00:04:12.519> start<00:04:12.840> a<00:04:12.920> little<00:04:13.120> bit<00:04:13.280> by<00:04:13.360> thinking 00:04:13.550 --> 00:04:13.560 align:start position:0% need to start a little bit by thinking 00:04:13.560 --> 00:04:14.990 align:start position:0% need to start a little bit by thinking about<00:04:13.760> reaking<00:04:14.319> in<00:04:14.439> terms<00:04:14.640> of<00:04:14.760> being<00:04:14.920> a 00:04:14.990 --> 00:04:15.000 align:start position:0% about reaking in terms of being a 00:04:15.000 --> 00:04:16.469 align:start position:0% about reaking in terms of being a decentralized<00:04:15.519> matching 00:04:16.469 --> 00:04:16.479 align:start position:0% decentralized matching 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so<00:04:23.680> a<00:04:23.840> natural<00:04:24.199> question<00:04:24.479> is<00:04:24.720> you<00:04:24.800> know<00:04:25.000> why 00:04:25.110 --> 00:04:25.120 align:start position:0% so a natural question is you know why 00:04:25.120 --> 00:04:27.629 align:start position:0% so a natural question is you know why are<00:04:25.320> these<00:04:25.520> harder<00:04:25.919> to<00:04:26.759> to<00:04:27.040> to<00:04:27.160> analyze<00:04:27.520> how 00:04:27.629 --> 00:04:27.639 align:start position:0% are these harder to to to analyze how 00:04:27.639 --> 00:04:29.909 align:start position:0% are these harder to to to analyze how are<00:04:27.759> they<00:04:27.880> harder<00:04:28.080> to<00:04:28.240> analyze<00:04:29.240> uh<00:04:29.360> first<00:04:29.560> off 00:04:29.909 --> 00:04:29.919 align:start position:0% are they harder to analyze uh first off 00:04:29.919 --> 00:04:32.110 align:start position:0% are they harder to analyze uh first off if<00:04:30.039> people<00:04:30.360> can<00:04:30.639> can<00:04:30.800> join<00:04:31.000> and<00:04:31.199> leave<00:04:31.800> you<00:04:31.919> can 00:04:32.110 --> 00:04:32.120 align:start position:0% if people can can join and leave you can 00:04:32.120 --> 00:04:35.390 align:start position:0% if people can can join and leave you can get<00:04:32.320> matched<00:04:32.639> and<00:04:33.320> unmatched<00:04:34.320> um<00:04:34.960> which<00:04:35.120> means 00:04:35.390 --> 00:04:35.400 align:start position:0% get matched and unmatched um which means 00:04:35.400 --> 00:04:37.390 align:start position:0% get matched and unmatched um which means that<00:04:35.639> you<00:04:35.759> have<00:04:35.880> to<00:04:36.160> consider<00:04:36.639> kind<00:04:36.759> of<00:04:36.960> worst 00:04:37.390 --> 00:04:37.400 align:start position:0% that you have to consider kind of worst 00:04:37.400 --> 00:04:40.070 align:start position:0% that you have to consider kind of worst case<00:04:38.320> Dropout<00:04:38.919> from<00:04:39.199> different 00:04:40.070 --> 00:04:40.080 align:start position:0% case Dropout from different 00:04:40.080 --> 00:04:42.150 align:start position:0% case Dropout from different participants<00:04:41.080> um<00:04:41.280> the<00:04:41.400> second<00:04:41.680> thing<00:04:41.880> is 00:04:42.150 --> 00:04:42.160 align:start position:0% participants um the second thing is 00:04:42.160 --> 00:04:44.230 align:start position:0% participants um the second thing is without<00:04:42.360> having<00:04:42.560> a<00:04:42.680> central<00:04:43.080> planner<00:04:44.080> uh 00:04:44.230 --> 00:04:44.240 align:start position:0% without having a central planner uh 00:04:44.240 --> 00:04:45.710 align:start position:0% without having a central planner uh without<00:04:44.479> having<00:04:44.759> kind<00:04:44.880> of<00:04:45.039> like<00:04:45.160> the<00:04:45.320> National 00:04:45.710 --> 00:04:45.720 align:start position:0% without having kind of like the National 00:04:45.720 --> 00:04:48.189 align:start position:0% without having kind of like the National Kidney<00:04:46.000> registry<00:04:46.720> you<00:04:46.880> rely<00:04:47.240> on<00:04:47.600> how<00:04:47.759> you<00:04:47.960> pay 00:04:48.189 --> 00:04:48.199 align:start position:0% Kidney registry you rely on how you pay 00:04:48.199 --> 00:04:51.510 align:start position:0% Kidney registry you rely on how you pay incentives<00:04:48.800> fees<00:04:49.400> token<00:04:49.759> incentives<00:04:50.280> Etc<00:04:51.120> to 00:04:51.510 --> 00:04:51.520 align:start position:0% incentives fees token incentives Etc to 00:04:51.520 --> 00:04:53.629 align:start position:0% incentives fees token incentives Etc to get<00:04:51.720> people<00:04:52.000> to<00:04:52.320> to<00:04:52.440> figure<00:04:52.720> out<00:04:52.880> the 00:04:53.629 --> 00:04:53.639 align:start position:0% get people to to figure out the 00:04:53.639 --> 00:04:56.270 align:start position:0% get people to to figure out the matching<00:04:54.639> and<00:04:54.880> finally<00:04:55.280> you<00:04:55.400> sort<00:04:55.560> of<00:04:55.720> need<00:04:55.880> a 00:04:56.270 --> 00:04:56.280 align:start position:0% matching and finally you sort of need a 00:04:56.280 --> 00:04:58.909 align:start position:0% matching and finally you sort of need a explicit<00:04:56.720> adversarial<00:04:57.360> model<00:04:57.759> so<00:04:58.520> um<00:04:58.800> you 00:04:58.909 --> 00:04:58.919 align:start position:0% explicit adversarial model so um you 00:04:58.919 --> 00:05:00.390 align:start position:0% explicit adversarial model so um you need<00:04:59.080> to<00:04:59.440> kind<00:04:59.520> of<00:04:59.759> model<00:05:00.039> all<00:05:00.120> the<00:05:00.240> different 00:05:00.390 --> 00:05:00.400 align:start position:0% need to kind of model all the different 00:05:00.400 --> 00:05:03.270 align:start position:0% need to kind of model all the different types<00:05:00.600> of<00:05:00.720> attx<00:05:01.120> so<00:05:01.840> just<00:05:02.000> to<00:05:02.320> to<00:05:02.600> to<00:05:02.960> to<00:05:03.120> kind 00:05:03.270 --> 00:05:03.280 align:start position:0% types of attx so just to to to to kind 00:05:03.280 --> 00:05:05.230 align:start position:0% types of attx so just to to to to kind of<00:05:03.720> explain<00:05:04.080> how<00:05:04.240> restak<00:05:04.720> looks<00:05:04.919> like<00:05:05.120> a 00:05:05.230 --> 00:05:05.240 align:start position:0% of explain how restak looks like a 00:05:05.240 --> 00:05:07.909 align:start position:0% of explain how restak looks like a matching<00:05:05.560> Market<00:05:06.560> um<00:05:07.000> you<00:05:07.120> know<00:05:07.280> restak<00:05:07.759> is 00:05:07.909 --> 00:05:07.919 align:start position:0% matching Market um you know restak is 00:05:07.919 --> 00:05:10.189 align:start position:0% matching Market um you know restak is really<00:05:08.120> focused<00:05:08.479> on<00:05:09.120> people<00:05:09.400> who<00:05:09.520> are<00:05:09.680> running 00:05:10.189 --> 00:05:10.199 align:start position:0% really focused on people who are running 00:05:10.199 --> 00:05:14.310 align:start position:0% really focused on people who are running ethereum<00:05:11.320> validators<00:05:12.320> who<00:05:12.880> are<00:05:13.199> offering<00:05:13.960> to 00:05:14.310 --> 00:05:14.320 align:start position:0% ethereum validators who are offering to 00:05:14.320 --> 00:05:17.070 align:start position:0% ethereum validators who are offering to run<00:05:14.600> extra<00:05:15.199> services<00:05:16.199> so<00:05:16.479> you<00:05:16.600> can<00:05:16.840> kind<00:05:16.960> of 00:05:17.070 --> 00:05:17.080 align:start position:0% run extra services so you can kind of 00:05:17.080 --> 00:05:18.749 align:start position:0% run extra services so you can kind of think<00:05:17.199> of<00:05:17.400> them<00:05:17.600> as<00:05:17.759> the<00:05:17.919> supply<00:05:18.319> side<00:05:18.520> and<00:05:18.639> the 00:05:18.749 --> 00:05:18.759 align:start position:0% think of them as the supply side and the 00:05:18.759 --> 00:05:22.469 align:start position:0% think of them as the supply side and the demand<00:05:19.120> side<00:05:19.360> are<00:05:19.600> are<00:05:19.759> services<00:05:20.240> like<00:05:20.400> these 00:05:22.469 --> 00:05:22.479 align:start position:0% demand side are are services like these 00:05:22.479 --> 00:05:26.230 align:start position:0% demand side are are services like these abss<00:05:23.479> so<00:05:24.280> you<00:05:24.400> know<00:05:24.600> a<00:05:24.759> natural<00:05:25.120> question<00:05:26.000> that 00:05:26.230 --> 00:05:26.240 align:start position:0% abss so you know a natural question that 00:05:26.240 --> 00:05:28.629 align:start position:0% abss so you know a natural question that I<00:05:26.319> think<00:05:26.560> is<00:05:26.680> a<00:05:26.800> meme<00:05:27.240> in<00:05:27.360> a<00:05:27.479> lot<00:05:27.560> of<00:05:27.720> ways<00:05:28.319> uh<00:05:28.440> is 00:05:28.629 --> 00:05:28.639 align:start position:0% I think is a meme in a lot of ways uh is 00:05:28.639 --> 00:05:30.189 align:start position:0% I think is a meme in a lot of ways uh is is<00:05:28.840> Economic<00:05:29.240> Security 00:05:30.189 --> 00:05:30.199 align:start position:0% is Economic Security 00:05:30.199 --> 00:05:32.670 align:start position:0% is Economic Security uh<00:05:30.400> as<00:05:30.520> you<00:05:30.639> can<00:05:30.840> see<00:05:31.160> from<00:05:31.479> from<00:05:31.680> this<00:05:31.880> there's 00:05:32.670 --> 00:05:32.680 align:start position:0% uh as you can see from from this there's 00:05:32.680 --> 00:05:35.270 align:start position:0% uh as you can see from from this there's many<00:05:32.960> varying<00:05:33.759> definitions<00:05:34.759> um<00:05:35.000> but<00:05:35.120> we'll 00:05:35.270 --> 00:05:35.280 align:start position:0% many varying definitions um but we'll 00:05:35.280 --> 00:05:36.990 align:start position:0% many varying definitions um but we'll take<00:05:35.440> a<00:05:35.720> tiny<00:05:36.080> detour<00:05:36.479> to<00:05:36.600> talk<00:05:36.759> about 00:05:36.990 --> 00:05:37.000 align:start position:0% take a tiny detour to talk about 00:05:37.000 --> 00:05:40.070 align:start position:0% take a tiny detour to talk about Economic<00:05:37.360> Security<00:05:37.919> and<00:05:38.080> then<00:05:38.639> after<00:05:39.080> that 00:05:40.070 --> 00:05:40.080 align:start position:0% Economic Security and then after that 00:05:40.080 --> 00:05:41.550 align:start position:0% Economic Security and then after that and<00:05:40.280> sort<00:05:40.440> of<00:05:40.600> how<00:05:40.680> to<00:05:40.840> compare<00:05:41.199> Economic 00:05:41.550 --> 00:05:41.560 align:start position:0% and sort of how to compare Economic 00:05:41.560 --> 00:05:44.230 align:start position:0% and sort of how to compare Economic Security<00:05:41.919> between<00:05:42.120> rollups<00:05:42.680> and<00:05:43.080> reaking<00:05:44.080> and 00:05:44.230 --> 00:05:44.240 align:start position:0% Security between rollups and reaking and 00:05:44.240 --> 00:05:46.029 align:start position:0% Security between rollups and reaking and then<00:05:44.440> kind<00:05:44.560> of<00:05:44.960> talk<00:05:45.160> about<00:05:45.400> the<00:05:45.600> the<00:05:45.800> kind<00:05:45.919> of 00:05:46.029 --> 00:05:46.039 align:start position:0% then kind of talk about the the kind of 00:05:46.039 --> 00:05:47.870 align:start position:0% then kind of talk about the the kind of risks<00:05:46.360> in 00:05:47.870 --> 00:05:47.880 align:start position:0% risks in 00:05:47.880 --> 00:05:50.670 align:start position:0% risks in reaking<00:05:48.880> so<00:05:49.400> a<00:05:49.560> natural<00:05:49.919> question<00:05:50.199> is<00:05:50.360> is<00:05:50.520> what 00:05:50.670 --> 00:05:50.680 align:start position:0% reaking so a natural question is is what 00:05:50.680 --> 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the<00:05:57.960> total<00:05:58.199> amount<00:05:58.400> of<00:05:58.520> stake<00:05:58.919> is 00:05:59.070 --> 00:05:59.080 align:start position:0% onethird of the total amount of stake is 00:05:59.080 --> 00:06:00.710 align:start position:0% onethird of the total amount of stake is enough<00:05:59.240> to<00:05:59.360> corrupt<00:05:59.720> the<00:05:59.800> network<00:06:00.560> well 00:06:00.710 --> 00:06:00.720 align:start position:0% enough to corrupt the network well 00:06:00.720 --> 00:06:02.749 align:start position:0% enough to corrupt the network well that's<00:06:00.880> true<00:06:01.160> that's<00:06:01.319> true<00:06:01.600> for<00:06:02.319> a<00:06:02.440> double 00:06:02.749 --> 00:06:02.759 align:start position:0% that's true that's true for a double 00:06:02.759 --> 00:06:05.270 align:start position:0% that's true that's true for a double spend<00:06:03.280> but<00:06:03.639> suppose<00:06:04.080> I<00:06:04.400> want<00:06:04.520> to<00:06:04.639> do<00:06:04.759> an<00:06:04.880> oracle 00:06:05.270 --> 00:06:05.280 align:start position:0% spend but suppose I want to do an oracle 00:06:05.280 --> 00:06:07.790 align:start position:0% spend but suppose I want to do an oracle manipulation<00:06:05.880> attack<00:06:06.240> it<00:06:06.360> might<00:06:06.560> be<00:06:06.720> much 00:06:07.790 --> 00:06:07.800 align:start position:0% manipulation attack it might be much 00:06:07.800 --> 00:06:11.550 align:start position:0% manipulation attack it might be much cheaper<00:06:09.039> so<00:06:10.039> uh<00:06:10.319> defining<00:06:10.800> Economic<00:06:11.240> Security 00:06:11.550 --> 00:06:11.560 align:start position:0% cheaper so uh defining Economic Security 00:06:11.560 --> 00:06:13.670 align:start position:0% cheaper so uh defining Economic Security in<00:06:11.759> absolute<00:06:12.160> sense<00:06:12.440> sorry<00:06:12.680> about<00:06:12.880> the<00:06:13.080> font 00:06:13.670 --> 00:06:13.680 align:start position:0% in absolute sense sorry about the font 00:06:13.680 --> 00:06:16.589 align:start position:0% in absolute sense sorry about the font color<00:06:14.080> there<00:06:14.639> um<00:06:15.280> is<00:06:15.440> actually<00:06:15.720> quite 00:06:16.589 --> 00:06:16.599 align:start position:0% color there um is actually quite 00:06:16.599 --> 00:06:19.110 align:start position:0% color there um is actually quite difficult<00:06:17.599> um<00:06:18.120> partially<00:06:18.560> because<00:06:18.800> you<00:06:18.960> have 00:06:19.110 --> 00:06:19.120 align:start position:0% difficult um partially because you have 00:06:19.120 --> 00:06:20.629 align:start position:0% difficult um partially because you have things<00:06:19.440> like 00:06:20.629 --> 00:06:20.639 align:start position:0% things like 00:06:20.639 --> 00:06:22.670 align:start position:0% things like me 00:06:22.670 --> 00:06:22.680 align:start position:0% me 00:06:22.680 --> 00:06:24.749 align:start position:0% me uh<00:06:23.680> you<00:06:23.800> have<00:06:23.880> to<00:06:24.039> think<00:06:24.199> about<00:06:24.360> the<00:06:24.479> attack 00:06:24.749 --> 00:06:24.759 align:start position:0% uh you have to think about the attack 00:06:24.759 --> 00:06:27.629 align:start position:0% uh you have to think about the attack space<00:06:25.560> Sorry<00:06:26.560> all<00:06:26.680> right<00:06:26.919> well<00:06:27.240> I<00:06:27.360> guess<00:06:27.520> we 00:06:27.629 --> 00:06:27.639 align:start position:0% space Sorry all right well I guess we 00:06:27.639 --> 00:06:30.150 align:start position:0% space Sorry all right well I guess we got<00:06:27.800> a<00:06:27.919> little<00:06:28.440> ahead<00:06:28.639> of<00:06:28.759> ourselves 00:06:30.150 --> 00:06:30.160 align:start position:0% got a little ahead of ourselves 00:06:30.160 --> 00:06:32.790 align:start position:0% got a little ahead of ourselves um<00:06:31.160> but<00:06:31.319> basically<00:06:31.759> there's<00:06:32.039> there's<00:06:32.240> sort<00:06:32.400> of 00:06:32.790 --> 00:06:32.800 align:start position:0% um but basically there's there's sort of 00:06:32.800 --> 00:06:33.870 align:start position:0% um but basically there's there's sort of a<00:06:32.919> bunch<00:06:33.080> of<00:06:33.199> different<00:06:33.400> things<00:06:33.520> you<00:06:33.639> have<00:06:33.720> to 00:06:33.870 --> 00:06:33.880 align:start position:0% a bunch of different things you have to 00:06:33.880 --> 00:06:35.350 align:start position:0% a bunch of different things you have to consider<00:06:34.319> so<00:06:34.639> so<00:06:34.840> there's<00:06:35.000> a<00:06:35.120> lot<00:06:35.240> of 00:06:35.350 --> 00:06:35.360 align:start position:0% consider so so there's a lot of 00:06:35.360 --> 00:06:37.230 align:start position:0% consider so so there's a lot of different<00:06:35.639> attacks<00:06:35.960> there's<00:06:36.120> sort<00:06:36.240> of<00:06:36.360> meev 00:06:37.230 --> 00:06:37.240 align:start position:0% different attacks there's sort of meev 00:06:37.240 --> 00:06:39.350 align:start position:0% different attacks there's sort of meev there's<00:06:37.759> attacks<00:06:38.240> that<00:06:38.479> come<00:06:38.720> from<00:06:39.240> uh 00:06:39.350 --> 00:06:39.360 align:start position:0% there's attacks that come from uh 00:06:39.360 --> 00:06:41.629 align:start position:0% there's attacks that come from uh competitive<00:06:39.880> pressures<00:06:40.800> uh<00:06:40.919> between 00:06:41.629 --> 00:06:41.639 align:start position:0% competitive pressures uh between 00:06:41.639 --> 00:06:44.670 align:start position:0% competitive pressures uh between networks<00:06:42.639> um<00:06:43.319> for<00:06:43.639> competing<00:06:44.000> for<00:06:44.160> the<00:06:44.280> same 00:06:44.670 --> 00:06:44.680 align:start position:0% networks um for competing for the same 00:06:44.680 --> 00:06:47.589 align:start position:0% networks um for competing for the same fees<00:06:45.680> um<00:06:45.840> but<00:06:46.000> generally<00:06:46.639> we<00:06:46.800> try<00:06:46.960> to<00:06:47.120> think<00:06:47.280> of 00:06:47.589 --> 00:06:47.599 align:start position:0% fees um but generally we try to think of 00:06:47.599 --> 00:06:50.870 align:start position:0% fees um but generally we try to think of the<00:06:47.880> the<00:06:48.120> cost<00:06:49.080> of<00:06:49.479> an<00:06:49.680> attack<00:06:50.440> as<00:06:50.560> sort<00:06:50.720> of 00:06:50.870 --> 00:06:50.880 align:start position:0% the the cost of an attack as sort of 00:06:50.880 --> 00:06:52.950 align:start position:0% the the cost of an attack as sort of something<00:06:51.240> bounded<00:06:51.759> by<00:06:52.039> a<00:06:52.160> sort<00:06:52.319> of<00:06:52.520> linear 00:06:52.950 --> 00:06:52.960 align:start position:0% something bounded by a sort of linear 00:06:52.960 --> 00:06:55.589 align:start position:0% something bounded by a sort of linear function<00:06:53.280> of<00:06:53.479> the<00:06:54.000> the<00:06:54.160> the<00:06:54.280> numer<00:06:55.199> I<00:06:55.400> maybe 00:06:55.589 --> 00:06:55.599 align:start position:0% function of the the the numer I maybe 00:06:55.599 --> 00:06:57.430 align:start position:0% function of the the the numer I maybe stable<00:06:56.000> coin<00:06:56.240> maybe<00:06:56.479> Bitcoin<00:06:56.919> whatever<00:06:57.240> your 00:06:57.430 --> 00:06:57.440 align:start position:0% stable coin maybe Bitcoin whatever your 00:06:57.440 --> 00:06:59.869 align:start position:0% stable coin maybe Bitcoin whatever your your<00:06:57.560> choice<00:06:57.800> of<00:06:57.879> numerar<00:06:58.240> is<00:06:58.879> value<00:06:59.160> of<00:06:59.280> the 00:06:59.869 --> 00:06:59.879 align:start position:0% your choice of numerar is value of the 00:06:59.879 --> 00:07:02.670 align:start position:0% your choice of numerar is value of the so<00:07:00.000> in<00:07:00.199> this<00:07:00.800> uh<00:07:01.240> figure<00:07:02.080> we<00:07:02.240> have<00:07:02.360> the<00:07:02.479> amount 00:07:02.670 --> 00:07:02.680 align:start position:0% so in this uh figure we have the amount 00:07:02.680 --> 00:07:04.830 align:start position:0% so in this uh figure we have the amount of<00:07:02.840> asset<00:07:03.160> Stak<00:07:03.599> we<00:07:03.720> have<00:07:03.879> the<00:07:04.039> price<00:07:04.520> of<00:07:04.680> the 00:07:04.830 --> 00:07:04.840 align:start position:0% of asset Stak we have the price of the 00:07:04.840 --> 00:07:07.189 align:start position:0% of asset Stak we have the price of the asset<00:07:05.560> we<00:07:05.680> have<00:07:05.800> a<00:07:05.960> notion<00:07:06.199> of<00:07:06.400> the<00:07:06.639> expected 00:07:07.189 --> 00:07:07.199 align:start position:0% asset we have a notion of the expected 00:07:07.199 --> 00:07:09.469 align:start position:0% asset we have a notion of the expected time<00:07:07.440> it<00:07:07.639> takes<00:07:07.919> to<00:07:08.199> execute<00:07:08.560> an<00:07:08.759> attack<00:07:09.360> uh 00:07:09.469 --> 00:07:09.479 align:start position:0% time it takes to execute an attack uh 00:07:09.479 --> 00:07:10.909 align:start position:0% time it takes to execute an attack uh this<00:07:09.560> is<00:07:09.680> sort<00:07:09.840> of<00:07:09.919> a<00:07:10.039> measure<00:07:10.280> of<00:07:10.400> opportunity 00:07:10.909 --> 00:07:10.919 align:start position:0% this is sort of a measure of opportunity 00:07:10.919 --> 00:07:13.189 align:start position:0% this is sort of a measure of opportunity cost<00:07:11.599> and<00:07:11.680> then<00:07:11.800> we<00:07:11.919> have<00:07:12.000> a<00:07:12.120> sort<00:07:12.280> of<00:07:12.800> fixed 00:07:13.189 --> 00:07:13.199 align:start position:0% cost and then we have a sort of fixed 00:07:13.199 --> 00:07:14.909 align:start position:0% cost and then we have a sort of fixed constant<00:07:13.639> upfront<00:07:14.080> that's<00:07:14.240> sort<00:07:14.360> of<00:07:14.720> what 00:07:14.909 --> 00:07:14.919 align:start position:0% constant upfront that's sort of what 00:07:14.919 --> 00:07:16.830 align:start position:0% constant upfront that's sort of what fraction<00:07:15.360> of<00:07:15.560> the<00:07:15.639> network<00:07:15.919> you<00:07:16.000> need<00:07:16.440> to 00:07:16.830 --> 00:07:16.840 align:start position:0% fraction of the network you need to 00:07:16.840 --> 00:07:18.390 align:start position:0% fraction of the network you need to execute<00:07:17.240> the 00:07:18.390 --> 00:07:18.400 align:start position:0% execute the 00:07:18.400 --> 00:07:20.390 align:start position:0% execute the attack<00:07:19.400> so<00:07:19.520> the<00:07:19.639> natural<00:07:19.960> question<00:07:20.120> is<00:07:20.280> what 00:07:20.390 --> 00:07:20.400 align:start position:0% attack so the natural question is what 00:07:20.400 --> 00:07:22.350 align:start position:0% attack so the natural question is what does<00:07:20.599> economic<00:07:20.960> security<00:07:21.319> look<00:07:21.479> like<00:07:21.599> for 00:07:22.350 --> 00:07:22.360 align:start position:0% does economic security look like for 00:07:22.360 --> 00:07:25.710 align:start position:0% does economic security look like for reaking<00:07:23.360> so<00:07:23.520> in<00:07:23.639> reaking<00:07:24.440> oh<00:07:24.919> o<00:07:25.240> hopefully 00:07:25.710 --> 00:07:25.720 align:start position:0% reaking so in reaking oh o hopefully 00:07:25.720 --> 00:07:28.189 align:start position:0% reaking so in reaking oh o hopefully this<00:07:25.919> is<00:07:26.240> not<00:07:27.080> uh<00:07:27.199> there<00:07:27.280> are<00:07:27.479> two<00:07:27.720> competing 00:07:28.189 --> 00:07:28.199 align:start position:0% this is not uh there are two competing 00:07:28.199 --> 00:07:31.550 align:start position:0% this is not uh there are two competing pressures<00:07:29.120> um<00:07:29.759> the<00:07:29.879> first<00:07:30.120> pressure<00:07:30.479> is<00:07:31.199> if 00:07:31.550 --> 00:07:31.560 align:start position:0% pressures um the first pressure is if 00:07:31.560 --> 00:07:34.670 align:start position:0% pressures um the first pressure is if people<00:07:32.120> see<00:07:32.560> higher<00:07:32.840> yields<00:07:33.280> from<00:07:33.680> reaking 00:07:34.670 --> 00:07:34.680 align:start position:0% people see higher yields from reaking 00:07:34.680 --> 00:07:37.749 align:start position:0% people see higher yields from reaking they<00:07:35.120> purchase<00:07:36.000> some<00:07:36.360> fraction<00:07:36.960> of<00:07:37.120> stakes<00:07:37.560> so 00:07:37.749 --> 00:07:37.759 align:start position:0% they purchase some fraction of stakes so 00:07:37.759 --> 00:07:40.390 align:start position:0% they purchase some fraction of stakes so they<00:07:37.960> increase<00:07:38.800> the<00:07:39.280> uh<00:07:39.400> amount<00:07:39.680> staked<00:07:40.120> by<00:07:40.280> a 00:07:40.390 --> 00:07:40.400 align:start position:0% they increase the uh amount staked by a 00:07:40.400 --> 00:07:42.029 align:start position:0% they increase the uh amount staked by a multiplicative<00:07:41.039> Factor 00:07:42.029 --> 00:07:42.039 align:start position:0% multiplicative Factor 00:07:42.039 --> 00:07:45.510 align:start position:0% multiplicative Factor Delta<00:07:43.039> on<00:07:43.160> the<00:07:43.319> other<00:07:43.599> hand<00:07:44.599> uh<00:07:44.919> the<00:07:45.080> slash 00:07:45.510 --> 00:07:45.520 align:start position:0% Delta on the other hand uh the slash 00:07:45.520 --> 00:07:49.110 align:start position:0% Delta on the other hand uh the slash Stak<00:07:46.120> so<00:07:46.280> if<00:07:46.599> if<00:07:46.800> you<00:07:46.919> know<00:07:47.080> you<00:07:47.240> get<00:07:47.440> slash<00:07:48.120> for 00:07:49.110 --> 00:07:49.120 align:start position:0% Stak so if if you know you get slash for 00:07:49.120 --> 00:07:51.390 align:start position:0% Stak so if if you know you get slash for a<00:07:49.280> kind<00:07:49.400> of<00:07:49.560> penalty<00:07:50.039> in<00:07:50.120> the<00:07:50.240> AVS<00:07:50.960> the<00:07:51.080> slash 00:07:51.390 --> 00:07:51.400 align:start position:0% a kind of penalty in the AVS the slash 00:07:51.400 --> 00:07:54.469 align:start position:0% a kind of penalty in the AVS the slash stake<00:07:51.840> reduces<00:07:52.800> uh<00:07:52.879> your<00:07:53.039> overall<00:07:53.360> network 00:07:54.469 --> 00:07:54.479 align:start position:0% stake reduces uh your overall network 00:07:54.479 --> 00:07:56.670 align:start position:0% stake reduces uh your overall network security<00:07:55.479> so<00:07:55.840> here<00:07:55.960> is<00:07:56.120> something<00:07:56.400> that<00:07:56.479> looks 00:07:56.670 --> 00:07:56.680 align:start position:0% security so here is something that looks 00:07:56.680 --> 00:07:59.629 align:start position:0% security so here is something that looks a<00:07:56.800> little<00:07:57.039> more<00:07:57.879> uh<00:07:58.120> mischievous<00:07:59.120> but<00:07:59.479> let's 00:07:59.629 --> 00:07:59.639 align:start position:0% a little more uh mischievous but let's 00:07:59.639 --> 00:08:02.830 align:start position:0% a little more uh mischievous but let's go<00:07:59.759> through<00:07:59.879> the<00:08:00.000> terms<00:08:00.319> so<00:08:00.599> so<00:08:00.879> CR<00:08:01.840> is<00:08:02.120> the<00:08:02.599> the 00:08:02.830 --> 00:08:02.840 align:start position:0% go through the terms so so CR is the the 00:08:02.840 --> 00:08:06.990 align:start position:0% go through the terms so so CR is the the sort<00:08:03.039> of<00:08:03.599> cost<00:08:04.479> uh<00:08:04.680> kind<00:08:04.840> of<00:08:05.199> attack<00:08:05.639> cost<00:08:05.879> for 00:08:06.990 --> 00:08:07.000 align:start position:0% sort of cost uh kind of attack cost for 00:08:07.000 --> 00:08:09.350 align:start position:0% sort of cost uh kind of attack cost for reaking<00:08:08.000> so<00:08:08.280> first<00:08:08.479> we<00:08:08.599> have<00:08:08.680> a<00:08:08.800> risk<00:08:09.039> measure 00:08:09.350 --> 00:08:09.360 align:start position:0% reaking so first we have a risk measure 00:08:09.360 --> 00:08:10.950 align:start position:0% reaking so first we have a risk measure so<00:08:09.520> this<00:08:09.599> is<00:08:09.720> sort<00:08:09.840> of<00:08:09.960> a<00:08:10.039> measure<00:08:10.319> of<00:08:10.520> how<00:08:10.720> much 00:08:10.950 --> 00:08:10.960 align:start position:0% so this is sort of a measure of how much 00:08:10.960 --> 00:08:13.029 align:start position:0% so this is sort of a measure of how much stake<00:08:11.400> what<00:08:11.639> fraction<00:08:11.960> of<00:08:12.199> stake<00:08:12.639> do<00:08:12.759> you 00:08:13.029 --> 00:08:13.039 align:start position:0% stake what fraction of stake do you 00:08:13.039 --> 00:08:14.950 align:start position:0% stake what fraction of stake do you expect<00:08:13.759> to<00:08:13.919> be 00:08:14.950 --> 00:08:14.960 align:start position:0% expect to be 00:08:14.960 --> 00:08:17.029 align:start position:0% expect to be slashed<00:08:15.960> the<00:08:16.120> second<00:08:16.400> is<00:08:16.520> we<00:08:16.639> have<00:08:16.720> a<00:08:16.800> notion 00:08:17.029 --> 00:08:17.039 align:start position:0% slashed the second is we have a notion 00:08:17.039 --> 00:08:19.149 align:start position:0% slashed the second is we have a notion of<00:08:17.120> a<00:08:17.280> price<00:08:17.560> impact<00:08:17.919> function<00:08:18.319> so<00:08:18.840> all<00:08:18.960> of 00:08:19.149 --> 00:08:19.159 align:start position:0% of a price impact function so all of 00:08:19.159 --> 00:08:21.029 align:start position:0% of a price impact function so all of these<00:08:19.360> people<00:08:19.680> who<00:08:19.840> are<00:08:20.319> who<00:08:20.520> were<00:08:20.800> not 00:08:21.029 --> 00:08:21.039 align:start position:0% these people who are who were not 00:08:21.039 --> 00:08:23.189 align:start position:0% these people who are who were not staking<00:08:21.520> in<00:08:21.639> the<00:08:21.759> network<00:08:22.479> but<00:08:22.599> they<00:08:22.720> see<00:08:23.039> the 00:08:23.189 --> 00:08:23.199 align:start position:0% staking in the network but they see the 00:08:23.199 --> 00:08:25.749 align:start position:0% staking in the network but they see the excess<00:08:23.639> yields<00:08:24.000> from<00:08:24.280> restak<00:08:25.280> they<00:08:25.440> actually 00:08:25.749 --> 00:08:25.759 align:start position:0% excess yields from restak they actually 00:08:25.759 --> 00:08:28.390 align:start position:0% excess yields from restak they actually go<00:08:25.960> and<00:08:26.240> buy<00:08:27.080> stake<00:08:27.560> so<00:08:27.720> they<00:08:27.919> increase<00:08:28.319> the 00:08:28.390 --> 00:08:28.400 align:start position:0% go and buy stake so they increase the 00:08:28.400 --> 00:08:30.270 align:start position:0% go and buy stake so they increase the numer<00:08:28.800> value<00:08:29.039> and<00:08:29.120> this<00:08:29.199> sort<00:08:29.360> of<00:08:29.759> abstracts 00:08:30.270 --> 00:08:30.280 align:start position:0% numer value and this sort of abstracts 00:08:30.280 --> 00:08:31.790 align:start position:0% numer value and this sort of abstracts as<00:08:30.440> to<00:08:30.720> to<00:08:30.879> this<00:08:31.039> function<00:08:31.280> G<00:08:31.479> that's<00:08:31.599> sort<00:08:31.720> of 00:08:31.790 --> 00:08:31.800 align:start position:0% as to to this function G that's sort of 00:08:31.800 --> 00:08:33.310 align:start position:0% as to to this function G that's sort of a<00:08:31.919> price<00:08:32.120> impact 00:08:33.310 --> 00:08:33.320 align:start position:0% a price impact 00:08:33.320 --> 00:08:35.230 align:start position:0% a price impact function 00:08:35.230 --> 00:08:35.240 align:start position:0% function 00:08:35.240 --> 00:08:39.269 align:start position:0% function uh<00:08:36.240> and<00:08:36.959> uh<00:08:37.080> basically<00:08:37.760> the<00:08:37.880> idea<00:08:38.200> here<00:08:38.440> is<00:08:39.159> if 00:08:39.269 --> 00:08:39.279 align:start position:0% uh and uh basically the idea here is if 00:08:39.279 --> 00:08:41.709 align:start position:0% uh and uh basically the idea here is if we<00:08:39.399> look<00:08:39.560> at<00:08:39.719> this<00:08:39.919> this<00:08:40.120> cost<00:08:40.440> says<00:08:41.360> there's 00:08:41.709 --> 00:08:41.719 align:start position:0% we look at this this cost says there's 00:08:41.719 --> 00:08:43.350 align:start position:0% we look at this this cost says there's two<00:08:41.919> competing<00:08:42.279> forces<00:08:42.719> one<00:08:42.880> is<00:08:43.000> the<00:08:43.120> risk 00:08:43.350 --> 00:08:43.360 align:start position:0% two competing forces one is the risk 00:08:43.360 --> 00:08:45.470 align:start position:0% two competing forces one is the risk measure<00:08:43.760> so<00:08:44.039> how<00:08:44.200> much<00:08:44.560> gets<00:08:44.720> slashed<00:08:45.240> and<00:08:45.360> the 00:08:45.470 --> 00:08:45.480 align:start position:0% measure so how much gets slashed and the 00:08:45.480 --> 00:08:47.550 align:start position:0% measure so how much gets slashed and the other<00:08:45.760> stuff<00:08:46.040> is<00:08:46.360> about<00:08:46.640> how<00:08:46.920> you<00:08:47.160> increase 00:08:47.550 --> 00:08:47.560 align:start position:0% other stuff is about how you increase 00:08:47.560 --> 00:08:49.350 align:start position:0% other stuff is about how you increase the<00:08:47.720> value<00:08:48.040> of<00:08:48.279> the<00:08:48.480> the 00:08:49.350 --> 00:08:49.360 align:start position:0% the value of the the 00:08:49.360 --> 00:08:51.430 align:start position:0% the value of the the stake<00:08:50.360> so<00:08:50.519> the<00:08:50.600> natural<00:08:50.880> question<00:08:51.080> ask<00:08:51.279> is 00:08:51.430 --> 00:08:51.440 align:start position:0% stake so the natural question ask is 00:08:51.440 --> 00:08:53.070 align:start position:0% stake so the natural question ask is when<00:08:51.560> is<00:08:51.680> raking 00:08:53.070 --> 00:08:53.080 align:start position:0% when is raking 00:08:53.080 --> 00:08:55.630 align:start position:0% when is raking safe<00:08:54.080> um<00:08:54.279> so<00:08:54.480> reaking<00:08:54.959> can<00:08:55.120> be<00:08:55.399> kind<00:08:55.519> of 00:08:55.630 --> 00:08:55.640 align:start position:0% safe um so reaking can be kind of 00:08:55.640 --> 00:08:56.829 align:start position:0% safe um so reaking can be kind of thought<00:08:55.800> of<00:08:55.920> as<00:08:56.080> safe<00:08:56.279> when<00:08:56.399> you<00:08:56.519> have<00:08:56.720> this 00:08:56.829 --> 00:08:56.839 align:start position:0% thought of as safe when you have this 00:08:56.839 --> 00:08:59.150 align:start position:0% thought of as safe when you have this invariant<00:08:57.440> where<00:08:57.680> like<00:08:58.040> the<00:08:58.279> cost<00:08:58.480> of<00:08:58.680> attack 00:08:59.150 --> 00:08:59.160 align:start position:0% invariant where like the cost of attack 00:08:59.160 --> 00:09:01.069 align:start position:0% invariant where like the cost of attack in<00:08:59.440> the<00:08:59.519> reaking<00:08:59.920> network<00:09:00.360> is<00:09:00.560> greater<00:09:00.959> than 00:09:01.069 --> 00:09:01.079 align:start position:0% in the reaking network is greater than 00:09:01.079 --> 00:09:02.949 align:start position:0% in the reaking network is greater than the<00:09:01.200> cost<00:09:01.399> of<00:09:01.560> attack<00:09:02.360> uh<00:09:02.560> without<00:09:02.839> the 00:09:02.949 --> 00:09:02.959 align:start position:0% the cost of attack uh without the 00:09:02.959 --> 00:09:04.110 align:start position:0% the cost of attack uh without the reaking 00:09:04.110 --> 00:09:04.120 align:start position:0% reaking 00:09:04.120 --> 00:09:06.430 align:start position:0% reaking network<00:09:05.120> uh<00:09:05.279> if<00:09:05.399> we<00:09:05.600> write<00:09:05.760> out<00:09:05.880> the<00:09:06.000> previous 00:09:06.430 --> 00:09:06.440 align:start position:0% network uh if we write out the previous 00:09:06.440 --> 00:09:08.670 align:start position:0% network uh if we write out the previous equations<00:09:07.440> we<00:09:07.640> get<00:09:07.959> this<00:09:08.279> condition<00:09:08.560> which 00:09:08.670 --> 00:09:08.680 align:start position:0% equations we get this condition which 00:09:08.680 --> 00:09:10.949 align:start position:0% equations we get this condition which says<00:09:08.959> Hey<00:09:09.200> the<00:09:09.399> risk<00:09:10.160> this<00:09:10.320> risk<00:09:10.560> term<00:09:10.839> the 00:09:10.949 --> 00:09:10.959 align:start position:0% says Hey the risk this risk term the 00:09:10.959 --> 00:09:12.230 align:start position:0% says Hey the risk this risk term the amount<00:09:11.200> that<00:09:11.320> has<00:09:11.399> to<00:09:11.519> be<00:09:11.640> slashed<00:09:12.120> the 00:09:12.230 --> 00:09:12.240 align:start position:0% amount that has to be slashed the 00:09:12.240 --> 00:09:14.550 align:start position:0% amount that has to be slashed the maximum<00:09:12.680> percentage<00:09:13.399> that<00:09:13.519> can<00:09:13.600> be<00:09:13.720> slashed 00:09:14.550 --> 00:09:14.560 align:start position:0% maximum percentage that can be slashed 00:09:14.560 --> 00:09:16.790 align:start position:0% maximum percentage that can be slashed is<00:09:14.720> bounded<00:09:15.399> in<00:09:15.519> terms<00:09:15.720> of<00:09:15.920> this<00:09:16.040> sort<00:09:16.200> of 00:09:16.790 --> 00:09:16.800 align:start position:0% is bounded in terms of this sort of 00:09:16.800 --> 00:09:19.310 align:start position:0% is bounded in terms of this sort of price<00:09:17.120> impact<00:09:17.760> like<00:09:17.959> how<00:09:18.120> much<00:09:18.600> more<00:09:19.000> people 00:09:19.310 --> 00:09:19.320 align:start position:0% price impact like how much more people 00:09:19.320 --> 00:09:22.829 align:start position:0% price impact like how much more people are<00:09:19.519> new<00:09:19.720> buying<00:09:20.040> new<00:09:20.240> stake<00:09:20.640> to 00:09:22.829 --> 00:09:22.839 align:start position:0% are new buying new stake to 00:09:22.839 --> 00:09:25.190 align:start position:0% are new buying new stake to participate<00:09:23.839> so<00:09:24.480> there's<00:09:24.680> sort<00:09:24.839> of<00:09:25.000> this 00:09:25.190 --> 00:09:25.200 align:start position:0% participate so there's sort of this 00:09:25.200 --> 00:09:28.350 align:start position:0% participate so there's sort of this dependence<00:09:26.200> on<00:09:26.519> on<00:09:26.800> on<00:09:27.240> how<00:09:27.600> how<00:09:27.880> elastic 00:09:28.350 --> 00:09:28.360 align:start position:0% dependence on on on how how elastic 00:09:28.360 --> 00:09:30.990 align:start position:0% dependence on on on how how elastic borrowers<00:09:29.040> are<00:09:29.519> to<00:09:29.720> the<00:09:30.000> incentives<00:09:30.640> I.E<00:09:30.920> the 00:09:30.990 --> 00:09:31.000 align:start position:0% borrowers are to the incentives I.E the 00:09:31.000 --> 00:09:32.150 align:start position:0% borrowers are to the incentives I.E the new 00:09:32.150 --> 00:09:32.160 align:start position:0% new 00:09:32.160 --> 00:09:35.310 align:start position:0% new fees<00:09:33.160> so<00:09:33.320> we'll<00:09:33.480> make<00:09:33.640> a<00:09:33.880> tiny<00:09:34.519> detour<00:09:35.160> and 00:09:35.310 --> 00:09:35.320 align:start position:0% fees so we'll make a tiny detour and 00:09:35.320 --> 00:09:37.630 align:start position:0% fees so we'll make a tiny detour and make<00:09:35.440> a<00:09:35.640> comparison<00:09:36.079> to 00:09:37.630 --> 00:09:37.640 align:start position:0% make a comparison to 00:09:37.640 --> 00:09:41.030 align:start position:0% make a comparison to rollups<00:09:38.640> um<00:09:38.839> so<00:09:39.040> rollups<00:09:39.760> have<00:09:39.920> a<00:09:40.120> number<00:09:40.640> of 00:09:41.030 --> 00:09:41.040 align:start position:0% rollups um so rollups have a number of 00:09:41.040 --> 00:09:42.829 align:start position:0% rollups um so rollups have a number of sort<00:09:41.200> of<00:09:41.600> natural<00:09:41.959> economic<00:09:42.320> tradeoffs 00:09:42.829 --> 00:09:42.839 align:start position:0% sort of natural economic tradeoffs 00:09:42.839 --> 00:09:43.590 align:start position:0% sort of natural economic tradeoffs within 00:09:43.590 --> 00:09:43.600 align:start position:0% within 00:09:43.600 --> 00:09:46.710 align:start position:0% within ethereum<00:09:44.680> um<00:09:45.680> a<00:09:45.800> lot<00:09:45.920> of<00:09:46.040> the<00:09:46.200> execution 00:09:46.710 --> 00:09:46.720 align:start position:0% ethereum um a lot of the execution 00:09:46.720 --> 00:09:48.230 align:start position:0% ethereum um a lot of the execution Revenue<00:09:47.079> now<00:09:47.240> goes<00:09:47.399> to<00:09:47.560> the<00:09:47.640> rollup<00:09:48.000> a<00:09:48.079> lot<00:09:48.200> of 00:09:48.230 --> 00:09:48.240 align:start position:0% Revenue now goes to the rollup a lot of 00:09:48.240 --> 00:09:50.790 align:start position:0% Revenue now goes to the rollup a lot of the<00:09:48.320> meev<00:09:48.680> revenue<00:09:49.000> goes<00:09:49.160> to<00:09:49.240> the 00:09:50.790 --> 00:09:50.800 align:start position:0% the meev revenue goes to the 00:09:50.800 --> 00:09:53.710 align:start position:0% the meev revenue goes to the sequencer<00:09:51.800> um<00:09:52.440> again<00:09:52.640> sorry<00:09:52.959> about<00:09:53.200> the<00:09:53.600> the 00:09:53.710 --> 00:09:53.720 align:start position:0% sequencer um again sorry about the the 00:09:53.720 --> 00:09:57.750 align:start position:0% sequencer um again sorry about the the font<00:09:54.120> I<00:09:54.480> didn't<00:09:54.800> expect<00:09:55.160> this<00:09:55.839> um<00:09:56.800> the<00:09:57.200> uh<00:09:57.360> da 00:09:57.750 --> 00:09:57.760 align:start position:0% font I didn't expect this um the uh da 00:09:57.760 --> 00:10:00.710 align:start position:0% font I didn't expect this um the uh da Revenue<00:09:58.399> which<00:09:58.519> is<00:09:58.920> you<00:09:59.000> know<00:09:59.519> blob<00:09:59.920> space<00:10:00.519> can 00:10:00.710 --> 00:10:00.720 align:start position:0% Revenue which is you know blob space can 00:10:00.720 --> 00:10:03.110 align:start position:0% Revenue which is you know blob space can be<00:10:01.040> dwarfed<00:10:01.560> by<00:10:01.720> execution 00:10:03.110 --> 00:10:03.120 align:start position:0% be dwarfed by execution 00:10:03.120 --> 00:10:05.509 align:start position:0% be dwarfed by execution Revenue<00:10:04.120> so<00:10:04.240> a<00:10:04.440> natural<00:10:04.800> question<00:10:05.000> is<00:10:05.200> when<00:10:05.320> do 00:10:05.509 --> 00:10:05.519 align:start position:0% Revenue so a natural question is when do 00:10:05.519 --> 00:10:08.350 align:start position:0% Revenue so a natural question is when do rollups<00:10:06.279> if<00:10:06.399> I<00:10:06.480> have<00:10:06.680> a<00:10:06.920> a<00:10:07.079> set<00:10:07.360> an<00:10:07.519> L1<00:10:08.000> with<00:10:08.120> n 00:10:08.350 --> 00:10:08.360 align:start position:0% rollups if I have a a set an L1 with n 00:10:08.360 --> 00:10:10.790 align:start position:0% rollups if I have a a set an L1 with n Roll-Ups<00:10:09.040> when<00:10:09.279> does<00:10:09.560> the<00:10:10.000> does<00:10:10.200> that<00:10:10.360> Network 00:10:10.790 --> 00:10:10.800 align:start position:0% Roll-Ups when does the does that Network 00:10:10.800 --> 00:10:13.069 align:start position:0% Roll-Ups when does the does that Network break<00:10:11.079> even<00:10:11.640> with<00:10:11.800> the<00:10:11.959> monolithic 00:10:13.069 --> 00:10:13.079 align:start position:0% break even with the monolithic 00:10:13.079 --> 00:10:15.790 align:start position:0% break even with the monolithic L1<00:10:14.079> so<00:10:14.320> a<00:10:14.440> paper<00:10:15.040> that<00:10:15.160> I<00:10:15.279> have<00:10:15.440> coming<00:10:15.640> out 00:10:15.790 --> 00:10:15.800 align:start position:0% L1 so a paper that I have coming out 00:10:15.800 --> 00:10:18.430 align:start position:0% L1 so a paper that I have coming out soon<00:10:16.120> kind<00:10:16.240> of<00:10:16.360> shows<00:10:17.000> for<00:10:17.200> n<00:10:17.399> Roll-Ups<00:10:18.079> in 00:10:18.430 --> 00:10:18.440 align:start position:0% soon kind of shows for n Roll-Ups in 00:10:18.440 --> 00:10:20.350 align:start position:0% soon kind of shows for n Roll-Ups in under<00:10:19.000> a<00:10:19.160> bunch<00:10:19.360> of<00:10:19.760> kind<00:10:19.880> of<00:10:20.000> generic 00:10:20.350 --> 00:10:20.360 align:start position:0% under a bunch of kind of generic 00:10:20.360 --> 00:10:21.829 align:start position:0% under a bunch of kind of generic assumptions<00:10:20.760> you<00:10:20.920> actually<00:10:21.079> need<00:10:21.279> N<00:10:21.519> squared 00:10:21.829 --> 00:10:21.839 align:start position:0% assumptions you actually need N squared 00:10:21.839 --> 00:10:23.590 align:start position:0% assumptions you actually need N squared more<00:10:22.040> Revenue<00:10:22.480> so<00:10:22.600> you<00:10:22.680> can<00:10:22.880> kind<00:10:23.040> of<00:10:23.200> think<00:10:23.399> of 00:10:23.590 --> 00:10:23.600 align:start position:0% more Revenue so you can kind of think of 00:10:23.600 --> 00:10:26.750 align:start position:0% more Revenue so you can kind of think of this<00:10:23.800> as<00:10:24.480> a<00:10:24.720> sort<00:10:24.920> of<00:10:25.160> inverse<00:10:25.640> Metal's<00:10:26.320> law<00:10:26.600> so 00:10:26.750 --> 00:10:26.760 align:start position:0% this as a sort of inverse Metal's law so 00:10:26.760 --> 00:10:29.470 align:start position:0% this as a sort of inverse Metal's law so Metal's<00:10:27.320> law<00:10:27.800> is<00:10:27.920> sort<00:10:28.079> of<00:10:28.279> a<00:10:28.680> kind<00:10:28.800> of<00:10:28.920> heris 00:10:29.470 --> 00:10:29.480 align:start position:0% Metal's law is sort of a kind of heris 00:10:29.480 --> 00:10:31.389 align:start position:0% Metal's law is sort of a kind of heris Network<00:10:29.880> law<00:10:30.200> that<00:10:30.360> says<00:10:30.959> I<00:10:31.040> have<00:10:31.200> n 00:10:31.389 --> 00:10:31.399 align:start position:0% Network law that says I have n 00:10:31.399 --> 00:10:33.949 align:start position:0% Network law that says I have n participants<00:10:31.839> in<00:10:32.000> network<00:10:32.800> the<00:10:33.160> total<00:10:33.519> value 00:10:33.949 --> 00:10:33.959 align:start position:0% participants in network the total value 00:10:33.959 --> 00:10:37.430 align:start position:0% participants in network the total value they<00:10:34.240> they<00:10:34.399> get<00:10:34.600> is<00:10:34.760> sort<00:10:34.920> of<00:10:35.920> Omega<00:10:36.240> of<00:10:36.360> n^<00:10:36.519> s 00:10:37.430 --> 00:10:37.440 align:start position:0% they they get is sort of Omega of n^ s 00:10:37.440 --> 00:10:39.190 align:start position:0% they they get is sort of Omega of n^ s uh<00:10:37.560> this<00:10:37.680> sort<00:10:37.839> of<00:10:38.000> says<00:10:38.600> that's<00:10:38.760> true<00:10:38.920> for<00:10:39.079> the 00:10:39.190 --> 00:10:39.200 align:start position:0% uh this sort of says that's true for the 00:10:39.200 --> 00:10:41.430 align:start position:0% uh this sort of says that's true for the rollup<00:10:39.639> users<00:10:40.240> but<00:10:40.360> the<00:10:40.519> L1<00:10:41.000> is<00:10:41.120> sort<00:10:41.279> of 00:10:41.430 --> 00:10:41.440 align:start position:0% rollup users but the L1 is sort of 00:10:41.440 --> 00:10:42.990 align:start position:0% rollup users but the L1 is sort of paying<00:10:41.880> the<00:10:42.120> the<00:10:42.240> price<00:10:42.480> and<00:10:42.639> that's<00:10:42.760> sort<00:10:42.880> of 00:10:42.990 --> 00:10:43.000 align:start position:0% paying the the price and that's sort of 00:10:43.000 --> 00:10:44.629 align:start position:0% paying the the price and that's sort of what<00:10:43.160> this<00:10:43.600> result 00:10:44.629 --> 00:10:44.639 align:start position:0% what this result 00:10:44.639 --> 00:10:47.310 align:start position:0% what this result shows<00:10:45.639> now<00:10:45.760> you<00:10:45.880> might<00:10:46.040> say<00:10:46.399> well<00:10:46.639> how<00:10:46.760> much<00:10:47.040> re 00:10:47.310 --> 00:10:47.320 align:start position:0% shows now you might say well how much re 00:10:47.320 --> 00:10:49.430 align:start position:0% shows now you might say well how much re how<00:10:47.560> how<00:10:47.680> does<00:10:47.800> the<00:10:47.920> revenue<00:10:48.279> from<00:10:48.519> avss 00:10:49.430 --> 00:10:49.440 align:start position:0% how how does the revenue from avss 00:10:49.440 --> 00:10:52.550 align:start position:0% how how does the revenue from avss compensate<00:10:49.880> for<00:10:50.000> reaking<00:10:50.760> risk<00:10:51.760> and<00:10:52.120> um<00:10:52.440> it 00:10:52.550 --> 00:10:52.560 align:start position:0% compensate for reaking risk and um it 00:10:52.560 --> 00:10:54.790 align:start position:0% compensate for reaking risk and um it turns<00:10:52.839> out<00:10:53.079> that<00:10:53.399> if<00:10:53.480> you<00:10:53.560> have<00:10:53.720> s<00:10:54.120> s<00:10:54.480> sorry<00:10:54.680> I 00:10:54.790 --> 00:10:54.800 align:start position:0% turns out that if you have s s sorry I 00:10:54.800 --> 00:10:57.670 align:start position:0% turns out that if you have s s sorry I just<00:10:54.920> say<00:10:55.079> SS's<00:10:56.040> you<00:10:56.160> only<00:10:56.399> need<00:10:56.680> this<00:10:56.880> kind<00:10:57.000> of 00:10:57.670 --> 00:10:57.680 align:start position:0% just say SS's you only need this kind of 00:10:57.680 --> 00:10:59.030 align:start position:0% just say SS's you only need this kind of factor<00:10:58.000> that's<00:10:58.240> decaying<00:10:58.600> in<00:10:58.720> the<00:10:58.800> number<00:10:58.959> of 00:10:59.030 --> 00:10:59.040 align:start position:0% factor that's decaying in the number of 00:10:59.040 --> 00:11:00.509 align:start position:0% factor that's decaying in the number of Serv 00:11:00.509 --> 00:11:00.519 align:start position:0% Serv 00:11:00.519 --> 00:11:02.269 align:start position:0% Serv so<00:11:00.720> what<00:11:00.920> this<00:11:01.040> says<00:11:01.200> is<00:11:01.360> reaking<00:11:01.959> actually 00:11:02.269 --> 00:11:02.279 align:start position:0% so what this says is reaking actually 00:11:02.279 --> 00:11:05.190 align:start position:0% so what this says is reaking actually can<00:11:02.519> provide<00:11:02.800> a<00:11:02.920> lot<00:11:03.040> of<00:11:03.240> value<00:11:03.560> to<00:11:03.720> the<00:11:04.040> L1<00:11:05.040> and 00:11:05.190 --> 00:11:05.200 align:start position:0% can provide a lot of value to the L1 and 00:11:05.200 --> 00:11:07.069 align:start position:0% can provide a lot of value to the L1 and sort<00:11:05.360> of<00:11:05.560> increase<00:11:05.959> it<00:11:06.160> its<00:11:06.320> monetary<00:11:06.760> premium 00:11:07.069 --> 00:11:07.079 align:start position:0% sort of increase it its monetary premium 00:11:07.079 --> 00:11:09.870 align:start position:0% sort of increase it its monetary premium in<00:11:07.160> a<00:11:07.320> way<00:11:07.480> that's<00:11:07.720> very<00:11:07.880> different<00:11:08.160> from 00:11:09.870 --> 00:11:09.880 align:start position:0% in a way that's very different from 00:11:09.880 --> 00:11:13.470 align:start position:0% in a way that's very different from rollups<00:11:10.880> so<00:11:11.160> the<00:11:11.279> main<00:11:11.639> thing<00:11:12.200> in<00:11:12.639> this<00:11:12.839> entire 00:11:13.470 --> 00:11:13.480 align:start position:0% rollups so the main thing in this entire 00:11:13.480 --> 00:11:16.230 align:start position:0% rollups so the main thing in this entire line<00:11:13.680> of<00:11:13.920> logic<00:11:14.720> is<00:11:14.839> that<00:11:15.000> the<00:11:15.200> risk<00:11:15.680> this<00:11:15.839> r 00:11:16.230 --> 00:11:16.240 align:start position:0% line of logic is that the risk this r 00:11:16.240 --> 00:11:19.269 align:start position:0% line of logic is that the risk this r factor<00:11:16.639> is<00:11:16.839> sufficiently<00:11:17.639> small<00:11:18.639> right<00:11:19.160> you 00:11:19.269 --> 00:11:19.279 align:start position:0% factor is sufficiently small right you 00:11:19.279 --> 00:11:22.590 align:start position:0% factor is sufficiently small right you need<00:11:19.440> to<00:11:19.680> not<00:11:20.040> have<00:11:20.519> slashing<00:11:21.519> that<00:11:21.920> Cascades 00:11:22.590 --> 00:11:22.600 align:start position:0% need to not have slashing that Cascades 00:11:22.600 --> 00:11:23.949 align:start position:0% need to not have slashing that Cascades in<00:11:22.680> order<00:11:22.920> for<00:11:23.160> the<00:11:23.399> the<00:11:23.519> value<00:11:23.760> for<00:11:23.880> the 00:11:23.949 --> 00:11:23.959 align:start position:0% in order for the the value for the 00:11:23.959 --> 00:11:25.430 align:start position:0% in order for the the value for the reaking<00:11:24.399> network<00:11:24.680> to<00:11:24.800> be<00:11:24.959> higher<00:11:25.200> than<00:11:25.320> the 00:11:25.430 --> 00:11:25.440 align:start position:0% reaking network to be higher than the 00:11:25.440 --> 00:11:27.829 align:start position:0% reaking network to be higher than the underlying<00:11:26.160> so<00:11:26.399> natural<00:11:26.760> question<00:11:27.000> is<00:11:27.639> how<00:11:27.760> do 00:11:27.829 --> 00:11:27.839 align:start position:0% underlying so natural question is how do 00:11:27.839 --> 00:11:29.829 align:start position:0% underlying so natural question is how do you<00:11:27.959> model<00:11:28.279> that<00:11:28.440> risk<00:11:28.880> in<00:11:29.079> in<00:11:29.480> the<00:11:29.680> the 00:11:29.829 --> 00:11:29.839 align:start position:0% you model that risk in in the the 00:11:29.839 --> 00:11:31.670 align:start position:0% you model that risk in in the the previous<00:11:30.160> example<00:11:30.519> it<00:11:30.639> sort<00:11:30.760> of<00:11:30.959> relied<00:11:31.480> on 00:11:31.670 --> 00:11:31.680 align:start position:0% previous example it sort of relied on 00:11:31.680 --> 00:11:34.230 align:start position:0% previous example it sort of relied on this<00:11:31.839> notion<00:11:32.240> of<00:11:33.240> are<00:11:33.440> the<00:11:33.600> incentives<00:11:34.040> high 00:11:34.230 --> 00:11:34.240 align:start position:0% this notion of are the incentives high 00:11:34.240 --> 00:11:36.030 align:start position:0% this notion of are the incentives high enough<00:11:34.399> for<00:11:34.560> people<00:11:34.760> to<00:11:34.959> buy<00:11:35.160> more<00:11:35.360> stake<00:11:35.680> and 00:11:36.030 --> 00:11:36.040 align:start position:0% enough for people to buy more stake and 00:11:36.040 --> 00:11:40.590 align:start position:0% enough for people to buy more stake and and<00:11:36.279> and<00:11:36.959> deposit<00:11:38.120> um<00:11:39.120> and<00:11:39.240> so<00:11:40.120> a<00:11:40.279> natural 00:11:40.590 --> 00:11:40.600 align:start position:0% and and deposit um and so a natural 00:11:40.600 --> 00:11:42.990 align:start position:0% and and deposit um and so a natural thing<00:11:40.760> to<00:11:40.880> do<00:11:41.079> is<00:11:41.200> to<00:11:41.480> to<00:11:41.639> now<00:11:41.839> think<00:11:42.079> about<00:11:42.519> how 00:11:42.990 --> 00:11:43.000 align:start position:0% thing to do is to to now think about how 00:11:43.000 --> 00:11:45.550 align:start position:0% thing to do is to to now think about how how<00:11:43.079> to<00:11:43.240> model<00:11:43.560> this<00:11:43.680> formally<00:11:44.680> and<00:11:44.920> again 00:11:45.550 --> 00:11:45.560 align:start position:0% how to model this formally and again 00:11:45.560 --> 00:11:47.389 align:start position:0% how to model this formally and again this<00:11:45.720> talk<00:11:45.959> has<00:11:46.079> none<00:11:46.240> of<00:11:46.360> the<00:11:46.480> proofs<00:11:46.839> but<00:11:47.120> the 00:11:47.389 --> 00:11:47.399 align:start position:0% this talk has none of the proofs but the 00:11:47.399 --> 00:11:49.269 align:start position:0% this talk has none of the proofs but the you<00:11:47.519> can<00:11:47.639> find<00:11:47.800> them<00:11:47.920> on<00:11:48.079> archive<00:11:49.040> I<00:11:49.120> should 00:11:49.269 --> 00:11:49.279 align:start position:0% you can find them on archive I should 00:11:49.279 --> 00:11:53.190 align:start position:0% you can find them on archive I should have<00:11:49.399> put<00:11:49.560> a<00:11:50.000> QR<00:11:50.279> code<00:11:50.519> my<00:11:51.079> bad<00:11:52.079> so<00:11:52.880> what<00:11:53.040> does 00:11:53.190 --> 00:11:53.200 align:start position:0% have put a QR code my bad so what does 00:11:53.200 --> 00:11:55.190 align:start position:0% have put a QR code my bad so what does this<00:11:53.399> look<00:11:53.560> like<00:11:53.800> abstractly<00:11:54.360> mathematically 00:11:55.190 --> 00:11:55.200 align:start position:0% this look like abstractly mathematically 00:11:55.200 --> 00:11:57.269 align:start position:0% this look like abstractly mathematically um<00:11:55.360> so<00:11:55.760> the<00:11:56.000> the<00:11:56.200> basic<00:11:56.560> construct<00:11:57.000> is<00:11:57.120> what's 00:11:57.269 --> 00:11:57.279 align:start position:0% um so the the basic construct is what's 00:11:57.279 --> 00:11:59.829 align:start position:0% um so the the basic construct is what's called<00:11:57.440> a<00:11:57.560> reaking<00:11:58.120> graph<00:11:58.920> rest<00:11:59.240> taking<00:11:59.519> graph 00:11:59.829 --> 00:11:59.839 align:start position:0% called a reaking graph rest taking graph 00:11:59.839 --> 00:12:01.350 align:start position:0% called a reaking graph rest taking graph like<00:12:00.000> the<00:12:00.120> matching<00:12:00.399> Market<00:12:00.760> graphs<00:12:01.120> is<00:12:01.200> a 00:12:01.350 --> 00:12:01.360 align:start position:0% like the matching Market graphs is a 00:12:01.360 --> 00:12:04.550 align:start position:0% like the matching Market graphs is a bipartite<00:12:02.200> graph<00:12:03.200> in<00:12:03.360> this<00:12:03.560> bipartite<00:12:04.079> graph 00:12:04.550 --> 00:12:04.560 align:start position:0% bipartite graph in this bipartite graph 00:12:04.560 --> 00:12:06.230 align:start position:0% bipartite graph in this bipartite graph one<00:12:04.720> of<00:12:04.839> the<00:12:05.000> bipartitions<00:12:05.680> is<00:12:05.800> the<00:12:05.959> set<00:12:06.120> of 00:12:06.230 --> 00:12:06.240 align:start position:0% one of the bipartitions is the set of 00:12:06.240 --> 00:12:08.949 align:start position:0% one of the bipartitions is the set of node<00:12:06.519> operators<00:12:06.920> that's<00:12:07.079> the<00:12:07.240> set<00:12:07.680> V<00:12:08.680> each<00:12:08.839> of 00:12:08.949 --> 00:12:08.959 align:start position:0% node operators that's the set V each of 00:12:08.959 --> 00:12:11.590 align:start position:0% node operators that's the set V each of the<00:12:09.120> node<00:12:09.360> operators<00:12:10.200> uh<00:12:10.320> it's<00:12:10.519> a<00:12:11.000> a<00:12:11.160> Vertex 00:12:11.590 --> 00:12:11.600 align:start position:0% the node operators uh it's a a Vertex 00:12:11.600 --> 00:12:13.670 align:start position:0% the node operators uh it's a a Vertex label<00:12:12.000> that<00:12:12.200> is<00:12:12.560> stake<00:12:13.199> which<00:12:13.320> is<00:12:13.440> how<00:12:13.560> much 00:12:13.670 --> 00:12:13.680 align:start position:0% label that is stake which is how much 00:12:13.680 --> 00:12:16.189 align:start position:0% label that is stake which is how much stake<00:12:13.920> each<00:12:14.040> of<00:12:14.160> them<00:12:14.600> have<00:12:15.600> there's<00:12:15.760> a<00:12:15.920> set<00:12:16.040> of 00:12:16.189 --> 00:12:16.199 align:start position:0% stake each of them have there's a set of 00:12:16.199 --> 00:12:18.949 align:start position:0% stake each of them have there's a set of services<00:12:16.760> s<00:12:17.120> this<00:12:17.279> the<00:12:17.480> avss<00:12:18.480> there's<00:12:18.639> a<00:12:18.800> set 00:12:18.949 --> 00:12:18.959 align:start position:0% services s this the avss there's a set 00:12:18.959 --> 00:12:20.990 align:start position:0% services s this the avss there's a set of<00:12:19.360> profit<00:12:19.720> from<00:12:20.000> attacking<00:12:20.440> so<00:12:20.600> this<00:12:20.680> is<00:12:20.839> sort 00:12:20.990 --> 00:12:21.000 align:start position:0% of profit from attacking so this is sort 00:12:21.000 --> 00:12:22.750 align:start position:0% of profit from attacking so this is sort of<00:12:21.240> if<00:12:21.360> I<00:12:21.560> attack<00:12:21.839> the<00:12:22.000> network<00:12:22.399> what's<00:12:22.560> the 00:12:22.750 --> 00:12:22.760 align:start position:0% of if I attack the network what's the 00:12:22.760 --> 00:12:25.629 align:start position:0% of if I attack the network what's the maximum<00:12:23.320> profit<00:12:23.639> I<00:12:23.720> could<00:12:24.160> get<00:12:25.160> there's<00:12:25.360> a<00:12:25.480> set 00:12:25.629 --> 00:12:25.639 align:start position:0% maximum profit I could get there's a set 00:12:25.639 --> 00:12:27.670 align:start position:0% maximum profit I could get there's a set of<00:12:26.000> corruption<00:12:26.440> thresholds<00:12:26.959> so<00:12:27.160> this<00:12:27.279> is<00:12:27.600> you 00:12:27.670 --> 00:12:27.680 align:start position:0% of corruption thresholds so this is you 00:12:27.680 --> 00:12:30.430 align:start position:0% of corruption thresholds so this is you know<00:12:27.880> in<00:12:28.040> in<00:12:28.160> bft<00:12:28.639> protocols<00:12:29.360> one3<00:12:29.839> is<00:12:30.000> sort<00:12:30.160> of 00:12:30.430 --> 00:12:30.440 align:start position:0% know in in bft protocols one3 is sort of 00:12:30.440 --> 00:12:33.430 align:start position:0% know in in bft protocols one3 is sort of this<00:12:30.720> 1/3<00:12:31.199> of<00:12:31.320> bft<00:12:32.040> stake<00:12:32.480> needs<00:12:32.720> to<00:12:33.160> be 00:12:33.430 --> 00:12:33.440 align:start position:0% this 1/3 of bft stake needs to be 00:12:33.440 --> 00:12:35.389 align:start position:0% this 1/3 of bft stake needs to be aggregated<00:12:33.920> to<00:12:34.040> do<00:12:34.160> a<00:12:34.279> double<00:12:34.519> spend<00:12:35.160> or<00:12:35.279> in 00:12:35.389 --> 00:12:35.399 align:start position:0% aggregated to do a double spend or in 00:12:35.399 --> 00:12:37.550 align:start position:0% aggregated to do a double spend or in the<00:12:35.519> longest<00:12:35.839> chain<00:12:36.199> this<00:12:36.279> is<00:12:36.440> the<00:12:36.560> 1/2<00:12:37.199> that's 00:12:37.550 --> 00:12:37.560 align:start position:0% the longest chain this is the 1/2 that's 00:12:37.560 --> 00:12:39.870 align:start position:0% the longest chain this is the 1/2 that's sort<00:12:37.720> of<00:12:37.839> how<00:12:37.920> you<00:12:38.000> can<00:12:38.120> think<00:12:38.240> of<00:12:38.519> these<00:12:39.519> and 00:12:39.870 --> 00:12:39.880 align:start position:0% sort of how you can think of these and 00:12:39.880 --> 00:12:41.910 align:start position:0% sort of how you can think of these and one<00:12:40.199> key<00:12:40.440> difference<00:12:40.839> between<00:12:41.160> this<00:12:41.440> reaking 00:12:41.910 --> 00:12:41.920 align:start position:0% one key difference between this reaking 00:12:41.920 --> 00:12:43.790 align:start position:0% one key difference between this reaking and<00:12:42.040> proof<00:12:42.199> of<00:12:42.320> stake<00:12:43.040> is<00:12:43.160> you<00:12:43.279> can<00:12:43.399> have<00:12:43.600> the 00:12:43.790 --> 00:12:43.800 align:start position:0% and proof of stake is you can have the 00:12:43.800 --> 00:12:46.430 align:start position:0% and proof of stake is you can have the same<00:12:44.560> node<00:12:44.880> operator<00:12:45.560> operate<00:12:45.959> multiple 00:12:46.430 --> 00:12:46.440 align:start position:0% same node operator operate multiple 00:12:46.440 --> 00:12:48.590 align:start position:0% same node operator operate multiple services<00:12:47.079> with<00:12:47.199> the<00:12:47.320> same<00:12:47.600> stake<00:12:48.079> so<00:12:48.279> that<00:12:48.399> is 00:12:48.590 --> 00:12:48.600 align:start position:0% services with the same stake so that is 00:12:48.600 --> 00:12:51.470 align:start position:0% services with the same stake so that is represented<00:12:49.199> by<00:12:49.560> this<00:12:49.720> middle<00:12:50.079> thing<00:12:50.320> so<00:12:50.959> this 00:12:51.470 --> 00:12:51.480 align:start position:0% represented by this middle thing so this 00:12:51.480 --> 00:12:53.790 align:start position:0% represented by this middle thing so this uh<00:12:51.639> operator<00:12:52.040> labeled<00:12:52.440> V<00:12:52.720> intersection<00:12:53.680> you 00:12:53.790 --> 00:12:53.800 align:start position:0% uh operator labeled V intersection you 00:12:53.800 --> 00:12:55.949 align:start position:0% uh operator labeled V intersection you can<00:12:53.959> think<00:12:54.079> of<00:12:54.240> as<00:12:54.440> taking<00:12:54.680> its<00:12:54.959> five<00:12:55.519> ethereum 00:12:55.949 --> 00:12:55.959 align:start position:0% can think of as taking its five ethereum 00:12:55.959 --> 00:12:58.790 align:start position:0% can think of as taking its five ethereum of<00:12:56.120> stake<00:12:56.560> and<00:12:56.800> operating<00:12:57.800> both<00:12:58.040> Services<00:12:58.560> S1 00:12:58.790 --> 00:12:58.800 align:start position:0% of stake and operating both Services S1 00:12:58.800 --> 00:13:01.910 align:start position:0% of stake and operating both Services S1 and<00:12:58.880> S2 00:13:01.910 --> 00:13:01.920 align:start position:0% 00:13:01.920 --> 00:13:04.310 align:start position:0% too<00:13:02.920> so<00:13:03.120> you<00:13:03.240> might<00:13:03.399> say<00:13:03.639> hey<00:13:03.800> is<00:13:03.920> this<00:13:04.079> thing 00:13:04.310 --> 00:13:04.320 align:start position:0% too so you might say hey is this thing 00:13:04.320 --> 00:13:06.310 align:start position:0% too so you might say hey is this thing real<00:13:04.880> like<00:13:05.120> do<00:13:05.320> these<00:13:05.480> graphs<00:13:05.839> exist<00:13:06.120> this<00:13:06.199> is 00:13:06.310 --> 00:13:06.320 align:start position:0% real like do these graphs exist this is 00:13:06.320 --> 00:13:09.230 align:start position:0% real like do these graphs exist this is the<00:13:06.519> live<00:13:06.800> I<00:13:07.279> reaking<00:13:07.720> graph<00:13:08.279> from<00:13:08.800> I<00:13:08.880> think 00:13:09.230 --> 00:13:09.240 align:start position:0% the live I reaking graph from I think 00:13:09.240 --> 00:13:12.110 align:start position:0% the live I reaking graph from I think May<00:13:09.639> to<00:13:10.120> August<00:13:11.000> and<00:13:11.160> you<00:13:11.279> can<00:13:11.480> see<00:13:12.000> uh 00:13:12.110 --> 00:13:12.120 align:start position:0% May to August and you can see uh 00:13:12.120 --> 00:13:13.430 align:start position:0% May to August and you can see uh basically<00:13:12.440> on<00:13:12.560> the<00:13:12.680> left<00:13:12.959> are<00:13:13.079> the<00:13:13.160> node 00:13:13.430 --> 00:13:13.440 align:start position:0% basically on the left are the node 00:13:13.440 --> 00:13:15.670 align:start position:0% basically on the left are the node operators<00:13:14.240> uh<00:13:14.360> who<00:13:14.480> are<00:13:14.720> ethereum<00:13:15.199> validators 00:13:15.670 --> 00:13:15.680 align:start position:0% operators uh who are ethereum validators 00:13:15.680 --> 00:13:17.389 align:start position:0% operators uh who are ethereum validators who<00:13:15.800> are<00:13:15.920> also<00:13:16.160> running<00:13:16.600> these<00:13:16.800> services<00:13:17.240> on 00:13:17.389 --> 00:13:17.399 align:start position:0% who are also running these services on 00:13:17.399 --> 00:13:19.949 align:start position:0% who are also running these services on the<00:13:17.560> right<00:13:17.800> are<00:13:17.959> the<00:13:18.079> different<00:13:18.440> Services<00:13:19.440> um 00:13:19.949 --> 00:13:19.959 align:start position:0% the right are the different Services um 00:13:19.959 --> 00:13:21.590 align:start position:0% the right are the different Services um there's<00:13:20.240> actually<00:13:20.519> far<00:13:20.680> more<00:13:20.920> services<00:13:21.360> now<00:13:21.519> I 00:13:21.590 --> 00:13:21.600 align:start position:0% there's actually far more services now I 00:13:21.600 --> 00:13:22.910 align:start position:0% there's actually far more services now I think<00:13:21.720> it's<00:13:21.839> about<00:13:22.040> double<00:13:22.320> the<00:13:22.440> number<00:13:22.720> so 00:13:22.910 --> 00:13:22.920 align:start position:0% think it's about double the number so 00:13:22.920 --> 00:13:25.150 align:start position:0% think it's about double the number so this<00:13:23.199> graph<00:13:23.399> is<00:13:23.519> a<00:13:23.639> lot<00:13:23.800> more<00:13:24.160> dense<00:13:24.760> than<00:13:25.040> uh 00:13:25.150 --> 00:13:25.160 align:start position:0% this graph is a lot more dense than uh 00:13:25.160 --> 00:13:27.030 align:start position:0% this graph is a lot more dense than uh what<00:13:25.279> you<00:13:25.360> see 00:13:27.030 --> 00:13:27.040 align:start position:0% what you see 00:13:27.040 --> 00:13:30.269 align:start position:0% what you see here<00:13:28.120> so<00:13:29.199> when<00:13:29.320> we<00:13:29.480> talk<00:13:29.639> about<00:13:29.839> risk<00:13:30.040> we<00:13:30.160> need 00:13:30.269 --> 00:13:30.279 align:start position:0% here so when we talk about risk we need 00:13:30.279 --> 00:13:31.710 align:start position:0% here so when we talk about risk we need to<00:13:30.399> also<00:13:30.639> talk<00:13:30.800> about<00:13:30.959> what<00:13:31.079> it<00:13:31.160> means<00:13:31.440> to<00:13:31.560> be 00:13:31.710 --> 00:13:31.720 align:start position:0% to also talk about what it means to be 00:13:31.720 --> 00:13:33.230 align:start position:0% to also talk about what it means to be an<00:13:31.920> attack<00:13:32.279> what<00:13:32.399> does<00:13:32.519> an<00:13:32.680> attack<00:13:33.000> against 00:13:33.230 --> 00:13:33.240 align:start position:0% an attack what does an attack against 00:13:33.240 --> 00:13:36.509 align:start position:0% an attack what does an attack against three<00:13:33.480> saking<00:13:33.720> graph<00:13:34.000> look<00:13:34.279> like<00:13:35.279> so<00:13:35.959> the<00:13:36.120> idea 00:13:36.509 --> 00:13:36.519 align:start position:0% three saking graph look like so the idea 00:13:36.519 --> 00:13:39.350 align:start position:0% three saking graph look like so the idea is<00:13:37.480> you<00:13:37.800> a<00:13:38.120> need<00:13:38.320> to<00:13:38.440> be<00:13:38.639> profitable<00:13:39.160> so<00:13:39.279> that 00:13:39.350 --> 00:13:39.360 align:start position:0% is you a need to be profitable so that 00:13:39.360 --> 00:13:41.629 align:start position:0% is you a need to be profitable so that means<00:13:39.560> the<00:13:39.800> maximum<00:13:40.399> profit<00:13:40.800> for<00:13:41.040> attacking<00:13:41.440> a 00:13:41.629 --> 00:13:41.639 align:start position:0% means the maximum profit for attacking a 00:13:41.639 --> 00:13:44.509 align:start position:0% means the maximum profit for attacking a set<00:13:41.920> a<00:13:42.320> of<00:13:42.519> services<00:13:43.519> has<00:13:43.639> to<00:13:43.800> be<00:13:44.000> greater<00:13:44.360> than 00:13:44.509 --> 00:13:44.519 align:start position:0% set a of services has to be greater than 00:13:44.519 --> 00:13:46.949 align:start position:0% set a of services has to be greater than the<00:13:44.680> maximum<00:13:45.120> slashing<00:13:45.560> penalty<00:13:46.160> for<00:13:46.440> a<00:13:46.720> group 00:13:46.949 --> 00:13:46.959 align:start position:0% the maximum slashing penalty for a group 00:13:46.959 --> 00:13:48.670 align:start position:0% the maximum slashing penalty for a group of<00:13:47.120> validators<00:13:47.600> who<00:13:47.720> are<00:13:47.839> colluding<00:13:48.199> to 00:13:48.670 --> 00:13:48.680 align:start position:0% of validators who are colluding to 00:13:48.680 --> 00:13:51.110 align:start position:0% of validators who are colluding to attack<00:13:49.680> uh<00:13:49.760> so<00:13:49.920> this<00:13:50.079> kind<00:13:50.199> of<00:13:50.360> says<00:13:50.680> even<00:13:50.839> if<00:13:50.959> I 00:13:51.110 --> 00:13:51.120 align:start position:0% attack uh so this kind of says even if I 00:13:51.120 --> 00:13:53.030 align:start position:0% attack uh so this kind of says even if I get<00:13:51.279> lose<00:13:51.560> my<00:13:51.759> stake<00:13:52.240> from<00:13:52.399> doing<00:13:52.639> the<00:13:52.800> bad 00:13:53.030 --> 00:13:53.040 align:start position:0% get lose my stake from doing the bad 00:13:53.040 --> 00:13:55.269 align:start position:0% get lose my stake from doing the bad action<00:13:53.759> The<00:13:54.000> Profit<00:13:54.320> that<00:13:54.440> I<00:13:54.600> get<00:13:54.800> is<00:13:54.959> higher 00:13:55.269 --> 00:13:55.279 align:start position:0% action The Profit that I get is higher 00:13:55.279 --> 00:13:56.629 align:start position:0% action The Profit that I get is higher so<00:13:55.440> this<00:13:55.560> is<00:13:55.680> what<00:13:55.800> it<00:13:55.880> means<00:13:56.320> uh<00:13:56.399> for<00:13:56.519> a 00:13:56.629 --> 00:13:56.639 align:start position:0% so this is what it means uh for a 00:13:56.639 --> 00:13:59.310 align:start position:0% so this is what it means uh for a profitable<00:13:57.480> attack<00:13:58.480> the<00:13:58.600> second<00:13:58.800> thing<00:13:59.120> is<00:13:59.199> a 00:13:59.310 --> 00:13:59.320 align:start position:0% profitable attack the second thing is a 00:13:59.320 --> 00:14:01.269 align:start position:0% profitable attack the second thing is a feasible<00:14:00.000> attack<00:14:00.320> a<00:14:00.399> feasible<00:14:00.839> attack<00:14:01.040> says 00:14:01.269 --> 00:14:01.279 align:start position:0% feasible attack a feasible attack says 00:14:01.279 --> 00:14:02.829 align:start position:0% feasible attack a feasible attack says that<00:14:01.399> for<00:14:01.680> every<00:14:02.079> service<00:14:02.440> that's<00:14:02.600> being 00:14:02.829 --> 00:14:02.839 align:start position:0% that for every service that's being 00:14:02.839 --> 00:14:05.069 align:start position:0% that for every service that's being attacked<00:14:03.600> the<00:14:03.759> amount<00:14:04.040> of<00:14:04.240> stake<00:14:04.800> that<00:14:04.920> the 00:14:05.069 --> 00:14:05.079 align:start position:0% attacked the amount of stake that the 00:14:05.079 --> 00:14:06.550 align:start position:0% attacked the amount of stake that the cartel<00:14:05.519> that's<00:14:05.759> attacking<00:14:06.120> the<00:14:06.240> group<00:14:06.399> of 00:14:06.550 --> 00:14:06.560 align:start position:0% cartel that's attacking the group of 00:14:06.560 --> 00:14:08.430 align:start position:0% cartel that's attacking the group of validators<00:14:07.000> who<00:14:07.199> attacking<00:14:07.519> that<00:14:07.680> service 00:14:08.430 --> 00:14:08.440 align:start position:0% validators who attacking that service 00:14:08.440 --> 00:14:10.590 align:start position:0% validators who attacking that service have<00:14:08.959> is<00:14:09.120> greater<00:14:09.480> than<00:14:09.600> the<00:14:09.759> threshold<00:14:10.320> times 00:14:10.590 --> 00:14:10.600 align:start position:0% have is greater than the threshold times 00:14:10.600 --> 00:14:11.910 align:start position:0% have is greater than the threshold times the<00:14:10.759> total<00:14:11.000> stake<00:14:11.240> of<00:14:11.320> that<00:14:11.440> service<00:14:11.680> so<00:14:11.759> it 00:14:11.910 --> 00:14:11.920 align:start position:0% the total stake of that service so it 00:14:11.920 --> 00:14:13.590 align:start position:0% the total stake of that service so it says<00:14:12.279> for<00:14:12.440> instance<00:14:12.759> if<00:14:12.920> there's<00:14:13.360> two 00:14:13.590 --> 00:14:13.600 align:start position:0% says for instance if there's two 00:14:13.600 --> 00:14:15.310 align:start position:0% says for instance if there's two services<00:14:14.079> in<00:14:14.199> our<00:14:14.360> previous<00:14:14.680> example<00:14:15.120> one 00:14:15.310 --> 00:14:15.320 align:start position:0% services in our previous example one 00:14:15.320 --> 00:14:17.629 align:start position:0% services in our previous example one that<00:14:15.560> has<00:14:15.839> Alpha<00:14:16.160> is<00:14:16.279> 1/3<00:14:16.920> one<00:14:17.120> that<00:14:17.240> has<00:14:17.360> Alpha 00:14:17.629 --> 00:14:17.639 align:start position:0% that has Alpha is 1/3 one that has Alpha 00:14:17.639 --> 00:14:21.150 align:start position:0% that has Alpha is 1/3 one that has Alpha is<00:14:18.240> 1/2<00:14:19.240> the<00:14:19.600> attacking<00:14:20.160> cartel<00:14:20.720> has<00:14:20.839> to<00:14:21.000> have 00:14:21.150 --> 00:14:21.160 align:start position:0% is 1/2 the attacking cartel has to have 00:14:21.160 --> 00:14:24.910 align:start position:0% is 1/2 the attacking cartel has to have at<00:14:21.360> least<00:14:21.759> 1/3<00:14:22.759> staken<00:14:23.759> uh<00:14:23.920> set<00:14:24.240> one<00:14:24.480> and<00:14:24.720> one 00:14:24.910 --> 00:14:24.920 align:start position:0% at least 1/3 staken uh set one and one 00:14:24.920 --> 00:14:26.310 align:start position:0% at least 1/3 staken uh set one and one half<00:14:25.120> taken<00:14:25.320> set 00:14:26.310 --> 00:14:26.320 align:start position:0% half taken set 00:14:26.320 --> 00:14:29.389 align:start position:0% half taken set two<00:14:27.320> uh<00:14:27.480> so<00:14:27.839> you<00:14:27.959> can<00:14:28.240> write<00:14:28.399> this<00:14:28.519> in<00:14:28.680> symbols 00:14:29.389 --> 00:14:29.399 align:start position:0% two uh so you can write this in symbols 00:14:29.399 --> 00:14:31.550 align:start position:0% two uh so you can write this in symbols uh<00:14:29.519> using<00:14:30.199> this<00:14:30.440> this<00:14:30.600> way<00:14:30.839> this<00:14:30.959> comes<00:14:31.240> from 00:14:31.550 --> 00:14:31.560 align:start position:0% uh using this this way this comes from 00:14:31.560 --> 00:14:35.389 align:start position:0% uh using this this way this comes from sort<00:14:31.720> of<00:14:31.920> the<00:14:32.120> IG<00:14:32.600> white<00:14:32.759> paper<00:14:33.120> appendix<00:14:33.800> B<00:14:34.800> uh 00:14:35.389 --> 00:14:35.399 align:start position:0% sort of the IG white paper appendix B uh 00:14:35.399 --> 00:14:36.590 align:start position:0% sort of the IG white paper appendix B uh and<00:14:35.480> then<00:14:35.600> it<00:14:35.639> was<00:14:35.759> sort<00:14:35.880> of<00:14:35.959> cleaned<00:14:36.240> up<00:14:36.399> more 00:14:36.590 --> 00:14:36.600 align:start position:0% and then it was sort of cleaned up more 00:14:36.600 --> 00:14:38.470 align:start position:0% and then it was sort of cleaned up more by<00:14:36.759> D<00:14:37.160> and<00:14:37.240> rough<00:14:37.399> Gard<00:14:37.680> which<00:14:37.959> sort<00:14:38.079> of<00:14:38.240> lays 00:14:38.470 --> 00:14:38.480 align:start position:0% by D and rough Gard which sort of lays 00:14:38.480 --> 00:14:40.470 align:start position:0% by D and rough Gard which sort of lays out<00:14:38.639> the<00:14:38.800> initial<00:14:39.160> version<00:14:39.399> of 00:14:40.470 --> 00:14:40.480 align:start position:0% out the initial version of 00:14:40.480 --> 00:14:43.829 align:start position:0% out the initial version of this<00:14:41.480> so<00:14:42.440> unlike<00:14:42.839> proof<00:14:43.040> of<00:14:43.199> stake<00:14:43.680> the 00:14:43.829 --> 00:14:43.839 align:start position:0% this so unlike proof of stake the 00:14:43.839 --> 00:14:46.069 align:start position:0% this so unlike proof of stake the interesting<00:14:44.279> thing<00:14:44.560> here<00:14:44.759> is<00:14:45.120> is<00:14:45.560> to<00:14:45.800> how<00:14:45.920> to 00:14:46.069 --> 00:14:46.079 align:start position:0% interesting thing here is is to how to 00:14:46.079 --> 00:14:48.069 align:start position:0% interesting thing here is is to how to think<00:14:46.240> about<00:14:46.519> tax<00:14:46.759> here<00:14:47.040> so<00:14:47.399> here<00:14:47.759> every 00:14:48.069 --> 00:14:48.079 align:start position:0% think about tax here so here every 00:14:48.079 --> 00:14:50.110 align:start position:0% think about tax here so here every service<00:14:48.839> is<00:14:49.000> actually<00:14:49.240> over<00:14:49.480> collateralized 00:14:50.110 --> 00:14:50.120 align:start position:0% service is actually over collateralized 00:14:50.120 --> 00:14:52.670 align:start position:0% service is actually over collateralized so<00:14:50.279> service<00:14:50.639> one<00:14:51.120> there's<00:14:51.279> a<00:14:51.480> profit<00:14:51.720> of<00:14:51.839> four 00:14:52.670 --> 00:14:52.680 align:start position:0% so service one there's a profit of four 00:14:52.680 --> 00:14:55.389 align:start position:0% so service one there's a profit of four uh<00:14:52.759> and<00:14:52.880> stake<00:14:53.199> of<00:14:53.360> six<00:14:53.639> that<00:14:53.759> could<00:14:53.880> be<00:14:54.399> lost 00:14:55.389 --> 00:14:55.399 align:start position:0% uh and stake of six that could be lost 00:14:55.399 --> 00:14:57.949 align:start position:0% uh and stake of six that could be lost um<00:14:55.800> so<00:14:56.800> uh<00:14:56.920> it's<00:14:57.040> not<00:14:57.199> worth<00:14:57.480> attacking<00:14:57.839> and 00:14:57.949 --> 00:14:57.959 align:start position:0% um so uh it's not worth attacking and 00:14:57.959 --> 00:15:01.470 align:start position:0% um so uh it's not worth attacking and service<00:14:58.320> two<00:14:58.880> uh<00:14:59.199> the<00:14:59.279> same<00:14:59.680> thing<00:15:00.680> however<00:15:01.000> if 00:15:01.470 --> 00:15:01.480 align:start position:0% service two uh the same thing however if 00:15:01.480 --> 00:15:03.350 align:start position:0% service two uh the same thing however if all<00:15:01.639> the<00:15:01.759> validators<00:15:02.279> collude<00:15:02.880> it's<00:15:03.079> actually 00:15:03.350 --> 00:15:03.360 align:start position:0% all the validators collude it's actually 00:15:03.360 --> 00:15:06.389 align:start position:0% all the validators collude it's actually profitable<00:15:03.800> to<00:15:03.959> attack<00:15:04.320> both<00:15:04.519> Services 00:15:06.389 --> 00:15:06.399 align:start position:0% profitable to attack both Services 00:15:06.399 --> 00:15:08.430 align:start position:0% profitable to attack both Services simultaneously<00:15:07.399> and<00:15:07.480> so<00:15:07.680> this<00:15:07.800> sort<00:15:08.000> of<00:15:08.160> says 00:15:08.430 --> 00:15:08.440 align:start position:0% simultaneously and so this sort of says 00:15:08.440 --> 00:15:09.990 align:start position:0% simultaneously and so this sort of says that<00:15:08.759> unlike<00:15:09.079> proof<00:15:09.279> of<00:15:09.399> stake<00:15:09.639> where<00:15:09.759> you're 00:15:09.990 --> 00:15:10.000 align:start position:0% that unlike proof of stake where you're 00:15:10.000 --> 00:15:11.670 align:start position:0% that unlike proof of stake where you're isolated<00:15:10.639> proof<00:15:10.880> of<00:15:11.000> stake<00:15:11.199> is<00:15:11.279> sort<00:15:11.399> of<00:15:11.519> a 00:15:11.670 --> 00:15:11.680 align:start position:0% isolated proof of stake is sort of a 00:15:11.680 --> 00:15:13.590 align:start position:0% isolated proof of stake is sort of a graph<00:15:11.959> with<00:15:12.120> one<00:15:12.360> service<00:15:13.199> when<00:15:13.320> you<00:15:13.440> have 00:15:13.590 --> 00:15:13.600 align:start position:0% graph with one service when you have 00:15:13.600 --> 00:15:15.710 align:start position:0% graph with one service when you have multiple<00:15:13.959> services<00:15:14.360> and<00:15:14.480> you<00:15:14.600> share<00:15:15.399> you<00:15:15.519> can 00:15:15.710 --> 00:15:15.720 align:start position:0% multiple services and you share you can 00:15:15.720 --> 00:15:17.310 align:start position:0% multiple services and you share you can have<00:15:15.880> these<00:15:16.040> kind<00:15:16.160> of<00:15:16.360> profitable<00:15:16.839> attacks 00:15:17.310 --> 00:15:17.320 align:start position:0% have these kind of profitable attacks 00:15:17.320 --> 00:15:19.550 align:start position:0% have these kind of profitable attacks from<00:15:17.600> from<00:15:17.720> the<00:15:17.839> shared 00:15:19.550 --> 00:15:19.560 align:start position:0% from from the shared 00:15:19.560 --> 00:15:21.949 align:start position:0% from from the shared stake<00:15:20.560> so<00:15:21.040> what<00:15:21.199> does<00:15:21.360> this<00:15:21.519> look<00:15:21.720> like<00:15:21.880> what 00:15:21.949 --> 00:15:21.959 align:start position:0% stake so what does this look like what 00:15:21.959 --> 00:15:23.389 align:start position:0% stake so what does this look like what does<00:15:22.120> sort<00:15:22.240> of<00:15:22.320> the<00:15:22.480> bad<00:15:22.680> case<00:15:22.880> that<00:15:23.079> this<00:15:23.199> look 00:15:23.389 --> 00:15:23.399 align:start position:0% does sort of the bad case that this look 00:15:23.399 --> 00:15:25.670 align:start position:0% does sort of the bad case that this look like<00:15:23.759> so<00:15:24.440> what<00:15:24.600> we're<00:15:25.160> going<00:15:25.240> to<00:15:25.399> talk<00:15:25.560> about 00:15:25.670 --> 00:15:25.680 align:start position:0% like so what we're going to talk about 00:15:25.680 --> 00:15:27.389 align:start position:0% like so what we're going to talk about is<00:15:25.800> something<00:15:26.040> known<00:15:26.199> as<00:15:26.279> a<00:15:26.440> cascading<00:15:26.959> attack 00:15:27.389 --> 00:15:27.399 align:start position:0% is something known as a cascading attack 00:15:27.399 --> 00:15:29.470 align:start position:0% is something known as a cascading attack so<00:15:27.519> a<00:15:27.680> cascading<00:15:28.199> attack<00:15:28.519> is 00:15:29.470 --> 00:15:29.480 align:start position:0% so a cascading attack is 00:15:29.480 --> 00:15:31.870 align:start position:0% so a cascading attack is some<00:15:29.800> validator<00:15:30.759> somehow<00:15:31.120> drops<00:15:31.440> out<00:15:31.680> maybe 00:15:31.870 --> 00:15:31.880 align:start position:0% some validator somehow drops out maybe 00:15:31.880 --> 00:15:33.949 align:start position:0% some validator somehow drops out maybe they're<00:15:32.079> dosed<00:15:32.880> maybe<00:15:33.199> they<00:15:33.440> lost<00:15:33.759> their 00:15:33.949 --> 00:15:33.959 align:start position:0% they're dosed maybe they lost their 00:15:33.959 --> 00:15:37.230 align:start position:0% they're dosed maybe they lost their stake<00:15:34.399> maybe<00:15:34.720> they<00:15:35.120> committed<00:15:35.680> a<00:15:36.639> infraction 00:15:37.230 --> 00:15:37.240 align:start position:0% stake maybe they committed a infraction 00:15:37.240 --> 00:15:38.910 align:start position:0% stake maybe they committed a infraction that<00:15:37.399> got<00:15:37.639> themselves<00:15:37.839> slashed<00:15:38.519> and<00:15:38.639> they<00:15:38.759> get 00:15:38.910 --> 00:15:38.920 align:start position:0% that got themselves slashed and they get 00:15:38.920 --> 00:15:40.150 align:start position:0% that got themselves slashed and they get knocked 00:15:40.150 --> 00:15:40.160 align:start position:0% knocked 00:15:40.160 --> 00:15:42.670 align:start position:0% knocked out<00:15:41.160> now<00:15:41.440> by<00:15:41.600> them<00:15:41.800> being<00:15:42.000> knocked<00:15:42.319> out<00:15:42.519> they 00:15:42.670 --> 00:15:42.680 align:start position:0% out now by them being knocked out they 00:15:42.680 --> 00:15:44.509 align:start position:0% out now by them being knocked out they open<00:15:42.920> up<00:15:43.079> an<00:15:43.279> attack<00:15:43.839> against<00:15:44.040> the<00:15:44.199> service 00:15:44.509 --> 00:15:44.519 align:start position:0% open up an attack against the service 00:15:44.519 --> 00:15:46.309 align:start position:0% open up an attack against the service that<00:15:44.639> they<00:15:44.720> were<00:15:44.959> validating<00:15:45.720> so<00:15:45.959> in<00:15:46.120> this 00:15:46.309 --> 00:15:46.319 align:start position:0% that they were validating so in this 00:15:46.319 --> 00:15:48.389 align:start position:0% that they were validating so in this case<00:15:46.639> you<00:15:46.759> can<00:15:46.920> see<00:15:47.399> the<00:15:47.680> middle<00:15:48.079> node 00:15:48.389 --> 00:15:48.399 align:start position:0% case you can see the middle node 00:15:48.399 --> 00:15:50.829 align:start position:0% case you can see the middle node operator<00:15:48.839> attacks<00:15:49.160> the<00:15:49.519> service<00:15:50.519> and<00:15:50.639> then 00:15:50.829 --> 00:15:50.839 align:start position:0% operator attacks the service and then 00:15:50.839 --> 00:15:52.790 align:start position:0% operator attacks the service and then once<00:15:51.079> the<00:15:51.240> middle<00:15:51.639> operator<00:15:52.360> attacks<00:15:52.680> the 00:15:52.790 --> 00:15:52.800 align:start position:0% once the middle operator attacks the 00:15:52.800 --> 00:15:54.350 align:start position:0% once the middle operator attacks the service<00:15:53.240> they<00:15:53.360> open<00:15:53.639> up<00:15:53.759> an<00:15:53.920> attack<00:15:54.120> on<00:15:54.240> the 00:15:54.350 --> 00:15:54.360 align:start position:0% service they open up an attack on the 00:15:54.360 --> 00:15:56.430 align:start position:0% service they open up an attack on the other<00:15:54.519> service<00:15:55.480> and<00:15:55.680> now<00:15:55.880> you<00:15:56.000> can<00:15:56.120> see<00:15:56.319> that 00:15:56.430 --> 00:15:56.440 align:start position:0% other service and now you can see that 00:15:56.440 --> 00:15:58.509 align:start position:0% other service and now you can see that the<00:15:56.600> entire<00:15:57.120> stake<00:15:57.639> has<00:15:57.800> been<00:15:57.959> burnt<00:15:58.319> so<00:15:58.480> this 00:15:58.509 --> 00:15:58.519 align:start position:0% the entire stake has been burnt so this 00:15:58.519 --> 00:16:00.910 align:start position:0% the entire stake has been burnt so this is<00:15:58.639> the<00:15:58.720> wor<00:15:59.199> case<00:15:59.480> this<00:15:59.600> is<00:15:59.800> R<00:16:00.079> equals<00:16:00.480> 1<00:16:00.839> in 00:16:00.910 --> 00:16:00.920 align:start position:0% is the wor case this is R equals 1 in 00:16:00.920 --> 00:16:03.269 align:start position:0% is the wor case this is R equals 1 in the<00:16:01.079> previous<00:16:01.880> example<00:16:02.880> and<00:16:03.000> you<00:16:03.040> can<00:16:03.160> think 00:16:03.269 --> 00:16:03.279 align:start position:0% the previous example and you can think 00:16:03.279 --> 00:16:04.910 align:start position:0% the previous example and you can think of<00:16:03.399> this<00:16:03.519> as<00:16:03.600> the<00:16:03.759> proof<00:16:03.920> of<00:16:04.079> stake<00:16:04.360> analog<00:16:04.720> of 00:16:04.910 --> 00:16:04.920 align:start position:0% of this as the proof of stake analog of 00:16:04.920 --> 00:16:06.949 align:start position:0% of this as the proof of stake analog of like<00:16:05.040> a<00:16:05.160> lending<00:16:05.519> liquidation<00:16:06.240> Cascade<00:16:06.720> or 00:16:06.949 --> 00:16:06.959 align:start position:0% like a lending liquidation Cascade or 00:16:06.959 --> 00:16:08.990 align:start position:0% like a lending liquidation Cascade or Perpetual<00:16:07.360> liquidation 00:16:08.990 --> 00:16:09.000 align:start position:0% Perpetual liquidation 00:16:09.000 --> 00:16:12.030 align:start position:0% Perpetual liquidation Cascade<00:16:10.000> so<00:16:10.160> how<00:16:10.240> do<00:16:10.360> we<00:16:10.480> Define<00:16:10.839> these<00:16:11.759> uh<00:16:11.880> so 00:16:12.030 --> 00:16:12.040 align:start position:0% Cascade so how do we Define these uh so 00:16:12.040 --> 00:16:13.990 align:start position:0% Cascade so how do we Define these uh so we<00:16:12.160> take<00:16:12.440> sets<00:16:12.639> of<00:16:12.800> services<00:16:13.199> and<00:16:13.399> operators 00:16:13.990 --> 00:16:14.000 align:start position:0% we take sets of services and operators 00:16:14.000 --> 00:16:16.150 align:start position:0% we take sets of services and operators where<00:16:14.240> each<00:16:14.399> of<00:16:14.560> them<00:16:14.759> is<00:16:15.000> a<00:16:15.120> feasible<00:16:15.600> attack 00:16:16.150 --> 00:16:16.160 align:start position:0% where each of them is a feasible attack 00:16:16.160 --> 00:16:19.269 align:start position:0% where each of them is a feasible attack after<00:16:17.160> uh<00:16:17.279> the<00:16:17.440> previous<00:16:17.759> attacks<00:16:18.000> are 00:16:19.269 --> 00:16:19.279 align:start position:0% after uh the previous attacks are 00:16:19.279 --> 00:16:22.309 align:start position:0% after uh the previous attacks are executed<00:16:20.279> and<00:16:20.440> we<00:16:20.600> Define<00:16:20.959> this<00:16:21.120> quantity<00:16:21.480> RI 00:16:22.309 --> 00:16:22.319 align:start position:0% executed and we Define this quantity RI 00:16:22.319 --> 00:16:23.870 align:start position:0% executed and we Define this quantity RI which<00:16:22.440> is<00:16:22.639> the<00:16:23.000> maximum<00:16:23.319> percentage<00:16:23.600> of<00:16:23.680> stake 00:16:23.870 --> 00:16:23.880 align:start position:0% which is the maximum percentage of stake 00:16:23.880 --> 00:16:26.550 align:start position:0% which is the maximum percentage of stake that<00:16:23.959> can<00:16:24.040> be<00:16:24.199> lost<00:16:24.680> due<00:16:24.839> to<00:16:25.000> initial<00:16:25.319> loss<00:16:25.519> of 00:16:26.550 --> 00:16:26.560 align:start position:0% that can be lost due to initial loss of 00:16:26.560 --> 00:16:28.590 align:start position:0% that can be lost due to initial loss of sign<00:16:27.560> that's<00:16:27.720> how<00:16:27.839> you<00:16:27.959> write<00:16:28.079> it<00:16:28.160> formally 00:16:28.590 --> 00:16:28.600 align:start position:0% sign that's how you write it formally 00:16:28.600 --> 00:16:31.189 align:start position:0% sign that's how you write it formally but<00:16:29.000> don't<00:16:29.160> worry<00:16:29.360> about<00:16:29.600> that<00:16:30.600> so<00:16:30.880> you<00:16:31.040> might 00:16:31.189 --> 00:16:31.199 align:start position:0% but don't worry about that so you might 00:16:31.199 --> 00:16:33.230 align:start position:0% but don't worry about that so you might say<00:16:31.480> hey<00:16:31.720> this<00:16:31.880> tells<00:16:32.199> us<00:16:32.480> how<00:16:32.600> much<00:16:32.800> money<00:16:33.079> we 00:16:33.230 --> 00:16:33.240 align:start position:0% say hey this tells us how much money we 00:16:33.240 --> 00:16:35.590 align:start position:0% say hey this tells us how much money we have<00:16:33.360> to<00:16:33.519> spend<00:16:33.880> to<00:16:34.040> secure<00:16:34.319> an<00:16:34.480> AVS<00:16:35.199> if<00:16:35.279> we're 00:16:35.590 --> 00:16:35.600 align:start position:0% have to spend to secure an AVS if we're 00:16:35.600 --> 00:16:37.990 align:start position:0% have to spend to secure an AVS if we're willing<00:16:35.880> to<00:16:36.279> if<00:16:36.399> we<00:16:36.560> only<00:16:36.920> want<00:16:37.360> we<00:16:37.600> we<00:16:37.839> we 00:16:37.990 --> 00:16:38.000 align:start position:0% willing to if we only want we we we 00:16:38.000 --> 00:16:40.350 align:start position:0% willing to if we only want we we we choose<00:16:38.279> a<00:16:38.480> sigh<00:16:39.240> such<00:16:39.440> that<00:16:39.600> our<00:16:39.839> sigh<00:16:40.079> is<00:16:40.199> less 00:16:40.350 --> 00:16:40.360 align:start position:0% choose a sigh such that our sigh is less 00:16:40.360 --> 00:16:42.189 align:start position:0% choose a sigh such that our sigh is less than<00:16:40.440> some<00:16:40.639> threshold<00:16:41.040> so<00:16:41.199> maybe<00:16:41.440> I<00:16:41.600> want<00:16:42.079> that 00:16:42.189 --> 00:16:42.199 align:start position:0% than some threshold so maybe I want that 00:16:42.199 --> 00:16:43.790 align:start position:0% than some threshold so maybe I want that to<00:16:42.319> be<00:16:42.480> less<00:16:42.639> than<00:16:42.800> 5%<00:16:43.279> maybe<00:16:43.440> I<00:16:43.519> want<00:16:43.639> that<00:16:43.720> to 00:16:43.790 --> 00:16:43.800 align:start position:0% to be less than 5% maybe I want that to 00:16:43.800 --> 00:16:45.790 align:start position:0% to be less than 5% maybe I want that to be<00:16:43.920> less<00:16:44.040> than<00:16:44.160> 10%<00:16:45.040> so<00:16:45.199> this<00:16:45.319> gives<00:16:45.480> you<00:16:45.639> a 00:16:45.790 --> 00:16:45.800 align:start position:0% be less than 10% so this gives you a 00:16:45.800 --> 00:16:47.189 align:start position:0% be less than 10% so this gives you a concrete<00:16:46.160> way<00:16:46.279> of<00:16:46.480> computing<00:16:46.920> how<00:16:47.040> much 00:16:47.189 --> 00:16:47.199 align:start position:0% concrete way of computing how much 00:16:47.199 --> 00:16:49.949 align:start position:0% concrete way of computing how much security<00:16:47.639> you<00:16:48.240> need<00:16:49.240> unfortunately<00:16:49.759> there's 00:16:49.949 --> 00:16:49.959 align:start position:0% security you need unfortunately there's 00:16:49.959 --> 00:16:52.629 align:start position:0% security you need unfortunately there's a<00:16:50.639> a<00:16:50.800> bad<00:16:51.000> news<00:16:51.279> which<00:16:51.399> is<00:16:51.959> uh<00:16:52.240> this<00:16:52.480> this 00:16:52.629 --> 00:16:52.639 align:start position:0% a a bad news which is uh this this 00:16:52.639 --> 00:16:54.069 align:start position:0% a a bad news which is uh this this result<00:16:53.040> which<00:16:53.160> says<00:16:53.360> there's<00:16:53.519> an<00:16:53.720> infinite 00:16:54.069 --> 00:16:54.079 align:start position:0% result which says there's an infinite 00:16:54.079 --> 00:16:57.189 align:start position:0% result which says there's an infinite family<00:16:54.360> of<00:16:54.480> restak<00:16:54.959> graphs<00:16:55.720> which<00:16:56.720> you<00:16:56.920> burn 00:16:57.189 --> 00:16:57.199 align:start position:0% family of restak graphs which you burn 00:16:57.199 --> 00:16:58.590 align:start position:0% family of restak graphs which you burn the<00:16:57.279> whole<00:16:57.480> stake<00:16:57.800> that<00:16:57.920> have<00:16:58.040> the<00:16:58.199> Cascades 00:16:58.590 --> 00:16:58.600 align:start position:0% the whole stake that have the Cascades 00:16:58.600 --> 00:17:00.590 align:start position:0% the whole stake that have the Cascades like<00:16:59.000> we 00:17:00.590 --> 00:17:00.600 align:start position:0% like we 00:17:00.600 --> 00:17:04.189 align:start position:0% like we saw<00:17:01.600> uh<00:17:02.279> in<00:17:02.480> the<00:17:02.920> effort<00:17:03.440> sense<00:17:03.680> of<00:17:03.880> time<00:17:04.120> I 00:17:04.189 --> 00:17:04.199 align:start position:0% saw uh in the effort sense of time I 00:17:04.199 --> 00:17:05.710 align:start position:0% saw uh in the effort sense of time I won't<00:17:04.559> talk<00:17:04.760> about<00:17:04.880> it<00:17:05.039> but<00:17:05.199> this<00:17:05.280> is<00:17:05.439> sort<00:17:05.559> of 00:17:05.710 --> 00:17:05.720 align:start position:0% won't talk about it but this is sort of 00:17:05.720 --> 00:17:07.990 align:start position:0% won't talk about it but this is sort of what<00:17:05.839> they<00:17:06.000> look<00:17:06.240> like<00:17:07.079> U<00:17:07.240> where<00:17:07.480> the<00:17:07.640> the<00:17:07.760> dots 00:17:07.990 --> 00:17:08.000 align:start position:0% what they look like U where the the dots 00:17:08.000 --> 00:17:11.029 align:start position:0% what they look like U where the the dots are<00:17:08.199> validators<00:17:08.679> and<00:17:08.839> the<00:17:09.000> boxes<00:17:09.319> or 00:17:11.029 --> 00:17:11.039 align:start position:0% are validators and the boxes or 00:17:11.039 --> 00:17:13.390 align:start position:0% are validators and the boxes or Services<00:17:12.039> uh<00:17:12.240> but<00:17:12.439> there's<00:17:12.600> a<00:17:12.720> slightly<00:17:13.120> less 00:17:13.390 --> 00:17:13.400 align:start position:0% Services uh but there's a slightly less 00:17:13.400 --> 00:17:15.669 align:start position:0% Services uh but there's a slightly less bad<00:17:13.559> news<00:17:13.880> which<00:17:14.000> is<00:17:14.600> uh<00:17:15.000> a<00:17:15.120> theorem<00:17:15.400> from<00:17:15.520> this 00:17:15.669 --> 00:17:15.679 align:start position:0% bad news which is uh a theorem from this 00:17:15.679 --> 00:17:18.309 align:start position:0% bad news which is uh a theorem from this paper<00:17:16.000> that<00:17:16.199> says<00:17:17.120> uh<00:17:17.319> RI<00:17:17.760> is<00:17:17.919> actually 00:17:18.309 --> 00:17:18.319 align:start position:0% paper that says uh RI is actually 00:17:18.319 --> 00:17:21.110 align:start position:0% paper that says uh RI is actually bounded<00:17:19.319> if<00:17:19.760> the<00:17:19.959> system<00:17:20.319> is<00:17:20.520> really<00:17:20.799> over 00:17:21.110 --> 00:17:21.120 align:start position:0% bounded if the system is really over 00:17:21.120 --> 00:17:22.710 align:start position:0% bounded if the system is really over collateralized<00:17:21.760> and<00:17:21.839> we<00:17:21.959> won't<00:17:22.160> talk<00:17:22.360> exactly 00:17:22.710 --> 00:17:22.720 align:start position:0% collateralized and we won't talk exactly 00:17:22.720 --> 00:17:24.549 align:start position:0% collateralized and we won't talk exactly about<00:17:22.919> what<00:17:23.039> the<00:17:23.160> definition<00:17:23.559> is<00:17:23.760> but<00:17:24.319> this<00:17:24.400> is 00:17:24.549 --> 00:17:24.559 align:start position:0% about what the definition is but this is 00:17:24.559 --> 00:17:26.069 align:start position:0% about what the definition is but this is sort<00:17:24.720> of<00:17:25.079> you<00:17:25.199> can<00:17:25.360> interpret<00:17:25.720> this<00:17:25.839> as<00:17:25.959> the 00:17:26.069 --> 00:17:26.079 align:start position:0% sort of you can interpret this as the 00:17:26.079 --> 00:17:28.150 align:start position:0% sort of you can interpret this as the proof<00:17:26.240> of<00:17:26.400> stake<00:17:26.640> analogy<00:17:27.079> of<00:17:28.000> a 00:17:28.150 --> 00:17:28.160 align:start position:0% proof of stake analogy of a 00:17:28.160 --> 00:17:29.789 align:start position:0% proof of stake analogy of a decentralized<00:17:29.039> coin<00:17:29.200> needs<00:17:29.360> to<00:17:29.480> be 00:17:29.789 --> 00:17:29.799 align:start position:0% decentralized coin needs to be 00:17:29.799 --> 00:17:31.470 align:start position:0% decentralized coin needs to be sufficiently<00:17:30.320> over<00:17:30.559> collateralized<00:17:31.280> to 00:17:31.470 --> 00:17:31.480 align:start position:0% sufficiently over collateralized to 00:17:31.480 --> 00:17:34.150 align:start position:0% sufficiently over collateralized to avoid<00:17:31.840> cascading<00:17:32.440> deegs<00:17:33.440> the<00:17:33.679> problem<00:17:33.960> is 00:17:34.150 --> 00:17:34.160 align:start position:0% avoid cascading deegs the problem is 00:17:34.160 --> 00:17:35.990 align:start position:0% avoid cascading deegs the problem is this<00:17:34.360> over<00:17:34.640> collateralization<00:17:35.400> condition<00:17:35.760> is 00:17:35.990 --> 00:17:36.000 align:start position:0% this over collateralization condition is 00:17:36.000 --> 00:17:40.190 align:start position:0% this over collateralization condition is so<00:17:36.440> strong<00:17:37.160> that<00:17:37.440> each<00:17:37.760> service<00:17:38.480> needs<00:17:39.200> stake 00:17:40.190 --> 00:17:40.200 align:start position:0% so strong that each service needs stake 00:17:40.200 --> 00:17:42.070 align:start position:0% so strong that each service needs stake potentially<00:17:40.880> proportional<00:17:41.320> to<00:17:41.600> the<00:17:41.720> sum<00:17:41.960> of 00:17:42.070 --> 00:17:42.080 align:start position:0% potentially proportional to the sum of 00:17:42.080 --> 00:17:42.909 align:start position:0% potentially proportional to the sum of all<00:17:42.200> the 00:17:42.909 --> 00:17:42.919 align:start position:0% all the 00:17:42.919 --> 00:17:45.350 align:start position:0% all the profits<00:17:43.919> so<00:17:44.120> as<00:17:44.240> an<00:17:44.400> example<00:17:44.880> imagine<00:17:45.160> I<00:17:45.240> have 00:17:45.350 --> 00:17:45.360 align:start position:0% profits so as an example imagine I have 00:17:45.360 --> 00:17:47.510 align:start position:0% profits so as an example imagine I have the<00:17:45.480> network<00:17:45.840> with<00:17:46.080> two<00:17:46.360> Services<00:17:47.080> where<00:17:47.280> one 00:17:47.510 --> 00:17:47.520 align:start position:0% the network with two Services where one 00:17:47.520 --> 00:17:49.549 align:start position:0% the network with two Services where one of<00:17:47.640> the<00:17:47.840> profits<00:17:48.160> is<00:17:48.320> one<00:17:48.520> eth<00:17:49.000> and<00:17:49.160> one<00:17:49.320> is<00:17:49.440> a 00:17:49.549 --> 00:17:49.559 align:start position:0% of the profits is one eth and one is a 00:17:49.559 --> 00:17:51.950 align:start position:0% of the profits is one eth and one is a million<00:17:49.919> eth<00:17:50.760> well<00:17:50.880> the<00:17:51.000> one<00:17:51.200> e<00:17:51.480> service<00:17:51.799> needs 00:17:51.950 --> 00:17:51.960 align:start position:0% million eth well the one e service needs 00:17:51.960 --> 00:17:53.669 align:start position:0% million eth well the one e service needs to<00:17:52.120> attract<00:17:52.440> a<00:17:52.559> million<00:17:52.919> and<00:17:53.039> one<00:17:53.200> e<00:17:53.480> to<00:17:53.559> be 00:17:53.669 --> 00:17:53.679 align:start position:0% to attract a million and one e to be 00:17:53.679 --> 00:17:55.390 align:start position:0% to attract a million and one e to be secured<00:17:54.000> to<00:17:54.120> cascading<00:17:54.559> attacks<00:17:55.039> under<00:17:55.240> this 00:17:55.390 --> 00:17:55.400 align:start position:0% secured to cascading attacks under this 00:17:55.400 --> 00:17:57.549 align:start position:0% secured to cascading attacks under this overcloud<00:17:55.919> realization<00:17:56.360> definition<00:17:57.360> that's 00:17:57.549 --> 00:17:57.559 align:start position:0% overcloud realization definition that's 00:17:57.559 --> 00:18:00.070 align:start position:0% overcloud realization definition that's not<00:17:57.880> good<00:17:58.120> right<00:17:58.400> like<00:17:58.640> if<00:17:59.280> if<00:17:59.520> if<00:17:59.640> I'm<00:17:59.919> a 00:18:00.070 --> 00:18:00.080 align:start position:0% not good right like if if if I'm a 00:18:00.080 --> 00:18:02.230 align:start position:0% not good right like if if if I'm a service<00:18:00.480> whose<00:18:00.799> Pro<00:18:01.000> Max<00:18:01.280> profit<00:18:01.520> is<00:18:01.679> one<00:18:01.840> eth 00:18:02.230 --> 00:18:02.240 align:start position:0% service whose Pro Max profit is one eth 00:18:02.240 --> 00:18:03.669 align:start position:0% service whose Pro Max profit is one eth there's<00:18:02.440> no<00:18:02.559> way<00:18:02.720> I<00:18:02.799> can<00:18:02.960> attract<00:18:03.320> that<00:18:03.440> much 00:18:03.669 --> 00:18:03.679 align:start position:0% there's no way I can attract that much 00:18:03.679 --> 00:18:05.789 align:start position:0% there's no way I can attract that much I'm<00:18:03.760> not<00:18:03.880> going<00:18:04.000> to<00:18:04.120> generate<00:18:04.440> that<00:18:04.520> much 00:18:05.789 --> 00:18:05.799 align:start position:0% I'm not going to generate that much 00:18:05.799 --> 00:18:08.110 align:start position:0% I'm not going to generate that much revenue<00:18:06.799> so<00:18:06.919> you<00:18:07.039> might<00:18:07.159> say<00:18:07.480> okay<00:18:07.640> is<00:18:07.880> this 00:18:08.110 --> 00:18:08.120 align:start position:0% revenue so you might say okay is this 00:18:08.120 --> 00:18:11.110 align:start position:0% revenue so you might say okay is this like<00:18:08.520> bad<00:18:08.840> does<00:18:08.960> this<00:18:09.120> mean<00:18:09.360> abss<00:18:09.840> are<00:18:10.280> kind<00:18:10.400> of 00:18:11.110 --> 00:18:11.120 align:start position:0% like bad does this mean abss are kind of 00:18:11.120 --> 00:18:12.510 align:start position:0% like bad does this mean abss are kind of hard<00:18:11.559> are<00:18:11.679> we<00:18:11.799> never<00:18:12.039> going<00:18:12.120> to<00:18:12.200> be<00:18:12.280> able<00:18:12.440> to 00:18:12.510 --> 00:18:12.520 align:start position:0% hard are we never going to be able to 00:18:12.520 --> 00:18:14.190 align:start position:0% hard are we never going to be able to control<00:18:12.880> this<00:18:13.080> risk<00:18:13.400> so<00:18:13.600> that<00:18:13.720> we<00:18:13.840> can<00:18:14.000> get 00:18:14.190 --> 00:18:14.200 align:start position:0% control this risk so that we can get 00:18:14.200 --> 00:18:16.430 align:start position:0% control this risk so that we can get this<00:18:14.360> kind<00:18:14.480> of<00:18:15.000> safe<00:18:15.559> cost<00:18:15.760> of<00:18:15.960> attack<00:18:16.240> that<00:18:16.320> we 00:18:16.430 --> 00:18:16.440 align:start position:0% this kind of safe cost of attack that we 00:18:16.440 --> 00:18:18.190 align:start position:0% this kind of safe cost of attack that we started<00:18:16.760> talking 00:18:18.190 --> 00:18:18.200 align:start position:0% started talking 00:18:18.200 --> 00:18:20.830 align:start position:0% started talking about<00:18:19.200> uh<00:18:19.320> and<00:18:19.440> the<00:18:19.600> key<00:18:19.799> here<00:18:20.000> is<00:18:20.360> to<00:18:20.520> consider 00:18:20.830 --> 00:18:20.840 align:start position:0% about uh and the key here is to consider 00:18:20.840 --> 00:18:24.190 align:start position:0% about uh and the key here is to consider the<00:18:21.039> incentives<00:18:22.039> so<00:18:22.600> what<00:18:22.799> we<00:18:22.960> do<00:18:23.120> is<00:18:23.320> we<00:18:23.559> now 00:18:24.190 --> 00:18:24.200 align:start position:0% the incentives so what we do is we now 00:18:24.200 --> 00:18:26.230 align:start position:0% the incentives so what we do is we now consider<00:18:24.919> incentives<00:18:25.440> that<00:18:25.520> are<00:18:25.679> paid<00:18:25.880> so 00:18:26.230 --> 00:18:26.240 align:start position:0% consider incentives that are paid so 00:18:26.240 --> 00:18:27.830 align:start position:0% consider incentives that are paid so think<00:18:26.360> of<00:18:26.480> this<00:18:26.600> as<00:18:26.760> like<00:18:26.880> block<00:18:27.159> rewards<00:18:27.760> that 00:18:27.830 --> 00:18:27.840 align:start position:0% think of this as like block rewards that 00:18:27.840 --> 00:18:30.870 align:start position:0% think of this as like block rewards that are<00:18:28.039> paid<00:18:28.559> by<00:18:29.000> service<00:18:29.360> to<00:18:29.520> the<00:18:29.880> validators 00:18:30.870 --> 00:18:30.880 align:start position:0% are paid by service to the validators 00:18:30.880 --> 00:18:32.630 align:start position:0% are paid by service to the validators and<00:18:31.000> then<00:18:31.120> we<00:18:31.280> also<00:18:31.520> allow<00:18:31.799> the<00:18:31.919> validators<00:18:32.440> to 00:18:32.630 --> 00:18:32.640 align:start position:0% and then we also allow the validators to 00:18:32.640 --> 00:18:35.510 align:start position:0% and then we also allow the validators to adjust<00:18:33.039> their<00:18:33.280> stake<00:18:34.159> um<00:18:34.400> in<00:18:34.640> response<00:18:35.200> to<00:18:35.360> the 00:18:35.510 --> 00:18:35.520 align:start position:0% adjust their stake um in response to the 00:18:35.520 --> 00:18:37.310 align:start position:0% adjust their stake um in response to the rewards<00:18:36.120> so<00:18:36.320> they<00:18:36.440> can<00:18:36.679> change<00:18:37.159> which 00:18:37.310 --> 00:18:37.320 align:start position:0% rewards so they can change which 00:18:37.320 --> 00:18:38.870 align:start position:0% rewards so they can change which services<00:18:37.720> are 00:18:38.870 --> 00:18:38.880 align:start position:0% services are 00:18:38.880 --> 00:18:41.310 align:start position:0% services are validating<00:18:39.880> uh<00:18:40.159> and<00:18:40.520> what<00:18:40.600> you<00:18:40.720> can<00:18:40.840> show<00:18:41.120> is 00:18:41.310 --> 00:18:41.320 align:start position:0% validating uh and what you can show is 00:18:41.320 --> 00:18:43.310 align:start position:0% validating uh and what you can show is this<00:18:41.600> this<00:18:41.720> sort<00:18:41.880> of<00:18:42.200> lets<00:18:42.360> you<00:18:42.600> halt<00:18:43.080> some<00:18:43.200> of 00:18:43.310 --> 00:18:43.320 align:start position:0% this this sort of lets you halt some of 00:18:43.320 --> 00:18:45.990 align:start position:0% this this sort of lets you halt some of these<00:18:43.520> cascading<00:18:44.480> attacks<00:18:45.480> and<00:18:45.640> the<00:18:45.799> key 00:18:45.990 --> 00:18:46.000 align:start position:0% these cascading attacks and the key 00:18:46.000 --> 00:18:48.750 align:start position:0% these cascading attacks and the key things<00:18:46.200> to<00:18:46.360> know<00:18:46.559> about<00:18:46.799> this<00:18:47.000> are<00:18:47.799> we<00:18:48.440> we<00:18:48.640> kind 00:18:48.750 --> 00:18:48.760 align:start position:0% things to know about this are we we kind 00:18:48.760 --> 00:18:50.710 align:start position:0% things to know about this are we we kind of<00:18:49.000> include<00:18:49.440> some<00:18:49.640> notion<00:18:49.919> of<00:18:50.039> a<00:18:50.280> cost<00:18:50.520> of 00:18:50.710 --> 00:18:50.720 align:start position:0% of include some notion of a cost of 00:18:50.720 --> 00:18:52.630 align:start position:0% of include some notion of a cost of attack<00:18:51.080> if<00:18:51.159> an<00:18:51.360> adversary<00:18:51.840> is<00:18:52.039> attacking<00:18:52.480> a 00:18:52.630 --> 00:18:52.640 align:start position:0% attack if an adversary is attacking a 00:18:52.640 --> 00:18:55.029 align:start position:0% attack if an adversary is attacking a bunch<00:18:52.880> of<00:18:53.000> services<00:18:53.799> simultaneously<00:18:54.799> it 00:18:55.029 --> 00:18:55.039 align:start position:0% bunch of services simultaneously it 00:18:55.039 --> 00:18:56.909 align:start position:0% bunch of services simultaneously it costs<00:18:55.320> them<00:18:55.520> more<00:18:55.799> than<00:18:55.960> if<00:18:56.159> they<00:18:56.440> were<00:18:56.679> just 00:18:56.909 --> 00:18:56.919 align:start position:0% costs them more than if they were just 00:18:56.919 --> 00:18:59.950 align:start position:0% costs them more than if they were just attacking<00:18:57.360> one<00:18:58.280> um<00:18:58.440> and<00:18:58.520> so<00:18:58.840> so<00:18:59.320> having<00:18:59.600> this 00:18:59.950 --> 00:18:59.960 align:start position:0% attacking one um and so so having this 00:18:59.960 --> 00:19:02.149 align:start position:0% attacking one um and so so having this cost<00:19:00.600> actually<00:19:01.200> uh<00:19:01.360> we<00:19:01.480> sort<00:19:01.640> of<00:19:01.799> is<00:19:01.960> more 00:19:02.149 --> 00:19:02.159 align:start position:0% cost actually uh we sort of is more 00:19:02.159 --> 00:19:05.549 align:start position:0% cost actually uh we sort of is more realistic<00:19:03.000> than<00:19:03.240> the<00:19:03.400> the<00:19:03.520> ruard<00:19:04.440> model<00:19:05.440> the 00:19:05.549 --> 00:19:05.559 align:start position:0% realistic than the the ruard model the 00:19:05.559 --> 00:19:06.830 align:start position:0% realistic than the the ruard model the second<00:19:05.799> thing<00:19:05.960> is<00:19:06.080> we<00:19:06.200> assume<00:19:06.440> the<00:19:06.559> node 00:19:06.830 --> 00:19:06.840 align:start position:0% second thing is we assume the node 00:19:06.840 --> 00:19:08.830 align:start position:0% second thing is we assume the node operators<00:19:07.200> are<00:19:07.400> smart<00:19:07.880> they<00:19:08.120> are<00:19:08.400> looking<00:19:08.679> at 00:19:08.830 --> 00:19:08.840 align:start position:0% operators are smart they are looking at 00:19:08.840 --> 00:19:10.270 align:start position:0% operators are smart they are looking at the<00:19:09.000> rewards<00:19:09.400> and<00:19:09.520> they're<00:19:09.760> selfish<00:19:10.159> and 00:19:10.270 --> 00:19:10.280 align:start position:0% the rewards and they're selfish and 00:19:10.280 --> 00:19:13.270 align:start position:0% the rewards and they're selfish and they're<00:19:10.520> like<00:19:10.720> how<00:19:10.799> do<00:19:10.960> I<00:19:11.120> optimize<00:19:12.000> my 00:19:13.270 --> 00:19:13.280 align:start position:0% they're like how do I optimize my 00:19:13.280 --> 00:19:16.310 align:start position:0% they're like how do I optimize my payout<00:19:14.280> and<00:19:14.520> if<00:19:14.679> you<00:19:15.159> get<00:19:15.360> this<00:19:15.799> you<00:19:15.919> know<00:19:16.039> our 00:19:16.310 --> 00:19:16.320 align:start position:0% payout and if you get this you know our 00:19:16.320 --> 00:19:18.669 align:start position:0% payout and if you get this you know our result<00:19:16.679> is<00:19:16.880> basically<00:19:17.360> you<00:19:17.440> can<00:19:17.640> bound<00:19:18.039> this 00:19:18.669 --> 00:19:18.679 align:start position:0% result is basically you can bound this 00:19:18.679 --> 00:19:23.110 align:start position:0% result is basically you can bound this risk<00:19:19.240> this<00:19:19.799> RSI<00:19:21.000> um<00:19:22.000> in<00:19:22.240> in<00:19:22.320> a<00:19:22.440> way<00:19:22.559> that<00:19:22.760> decays 00:19:23.110 --> 00:19:23.120 align:start position:0% risk this RSI um in in a way that decays 00:19:23.120 --> 00:19:26.510 align:start position:0% risk this RSI um in in a way that decays in<00:19:23.240> the<00:19:23.320> number<00:19:23.520> of<00:19:23.919> services<00:19:24.919> um<00:19:25.240> and<00:19:25.400> so<00:19:26.320> uh 00:19:26.510 --> 00:19:26.520 align:start position:0% in the number of services um and so uh 00:19:26.520 --> 00:19:29.789 align:start position:0% in the number of services um and so uh there's<00:19:26.720> also<00:19:27.039> a<00:19:27.159> way<00:19:27.280> to<00:19:27.679> approximate<00:19:28.240> this 00:19:29.789 --> 00:19:29.799 align:start position:0% there's also a way to approximate this 00:19:29.799 --> 00:19:32.669 align:start position:0% there's also a way to approximate this so<00:19:30.400> the<00:19:30.559> interpretation<00:19:31.559> is<00:19:31.840> if<00:19:32.120> adversaries 00:19:32.669 --> 00:19:32.679 align:start position:0% so the interpretation is if adversaries 00:19:32.679 --> 00:19:34.990 align:start position:0% so the interpretation is if adversaries who<00:19:32.799> are<00:19:32.919> attacking<00:19:33.280> face<00:19:33.640> costs<00:19:34.480> if<00:19:34.640> node 00:19:34.990 --> 00:19:35.000 align:start position:0% who are attacking face costs if node 00:19:35.000 --> 00:19:37.909 align:start position:0% who are attacking face costs if node operators<00:19:35.440> are<00:19:35.640> smarter<00:19:36.600> and<00:19:36.799> if<00:19:37.280> avss<00:19:37.799> and 00:19:37.909 --> 00:19:37.919 align:start position:0% operators are smarter and if avss and 00:19:37.919 --> 00:19:39.750 align:start position:0% operators are smarter and if avss and services<00:19:38.400> can<00:19:38.679> pay<00:19:38.919> sufficiently<00:19:39.480> high 00:19:39.750 --> 00:19:39.760 align:start position:0% services can pay sufficiently high 00:19:39.760 --> 00:19:42.190 align:start position:0% services can pay sufficiently high rewards<00:19:40.760> the<00:19:40.919> risk<00:19:41.159> is<00:19:41.360> small<00:19:41.799> so<00:19:42.000> that 00:19:42.190 --> 00:19:42.200 align:start position:0% rewards the risk is small so that 00:19:42.200 --> 00:19:44.070 align:start position:0% rewards the risk is small so that actually<00:19:42.480> means<00:19:42.840> you<00:19:43.000> can<00:19:43.320> you<00:19:43.440> can<00:19:43.679> actually 00:19:44.070 --> 00:19:44.080 align:start position:0% actually means you can you can actually 00:19:44.080 --> 00:19:45.630 align:start position:0% actually means you can you can actually have<00:19:44.280> these<00:19:44.440> things<00:19:44.760> be<00:19:44.919> safely<00:19:45.280> added<00:19:45.520> to 00:19:45.630 --> 00:19:45.640 align:start position:0% have these things be safely added to 00:19:45.640 --> 00:19:48.310 align:start position:0% have these things be safely added to your<00:19:45.799> network<00:19:46.360> and<00:19:46.520> they<00:19:46.679> generate 00:19:48.310 --> 00:19:48.320 align:start position:0% your network and they generate 00:19:48.320 --> 00:19:50.549 align:start position:0% your network and they generate Revenue<00:19:49.320> so<00:19:49.640> how<00:19:49.720> do<00:19:49.799> you<00:19:49.919> reduce<00:19:50.240> this<00:19:50.360> in 00:19:50.549 --> 00:19:50.559 align:start position:0% Revenue so how do you reduce this in 00:19:50.559 --> 00:19:52.470 align:start position:0% Revenue so how do you reduce this in practice<00:19:51.320> uh<00:19:51.400> so<00:19:51.559> IG<00:19:52.000> proposed<00:19:52.320> a<00:19:52.400> new 00:19:52.470 --> 00:19:52.480 align:start position:0% practice uh so IG proposed a new 00:19:52.480 --> 00:19:54.190 align:start position:0% practice uh so IG proposed a new mechanism<00:19:52.960> recently<00:19:53.440> which<00:19:53.559> is<00:19:53.880> uh<00:19:54.000> called 00:19:54.190 --> 00:19:54.200 align:start position:0% mechanism recently which is uh called 00:19:54.200 --> 00:19:57.830 align:start position:0% mechanism recently which is uh called unique<00:19:54.559> stake<00:19:55.080> again<00:19:55.360> sorry<00:19:55.600> about<00:19:55.880> my<00:19:56.840> font 00:19:57.830 --> 00:19:57.840 align:start position:0% unique stake again sorry about my font 00:19:57.840 --> 00:20:00.190 align:start position:0% unique stake again sorry about my font uh<00:19:58.080> where<00:19:58.440> each<00:19:58.799> service<00:19:59.080> is<00:19:59.200> allowed<00:19:59.480> to<00:19:59.720> say 00:20:00.190 --> 00:20:00.200 align:start position:0% uh where each service is allowed to say 00:20:00.200 --> 00:20:02.190 align:start position:0% uh where each service is allowed to say some<00:20:00.559> fraction<00:20:01.000> of<00:20:01.280> any<00:20:01.559> stake<00:20:01.919> that<00:20:02.039> is 00:20:02.190 --> 00:20:02.200 align:start position:0% some fraction of any stake that is 00:20:02.200 --> 00:20:05.310 align:start position:0% some fraction of any stake that is delegated<00:20:03.120> to<00:20:03.480> to<00:20:03.640> my<00:20:03.799> service<00:20:04.640> only<00:20:05.000> I<00:20:05.159> can 00:20:05.310 --> 00:20:05.320 align:start position:0% delegated to to my service only I can 00:20:05.320 --> 00:20:07.830 align:start position:0% delegated to to my service only I can slash<00:20:06.000> someone<00:20:06.320> else<00:20:06.679> can't<00:20:06.840> slash 00:20:07.830 --> 00:20:07.840 align:start position:0% slash someone else can't slash 00:20:07.840 --> 00:20:11.230 align:start position:0% slash someone else can't slash it<00:20:08.840> uh<00:20:09.000> which<00:20:09.159> sort<00:20:09.280> of<00:20:10.039> caps<00:20:10.440> the<00:20:10.640> overlap 00:20:11.230 --> 00:20:11.240 align:start position:0% it uh which sort of caps the overlap 00:20:11.240 --> 00:20:13.390 align:start position:0% it uh which sort of caps the overlap like<00:20:11.440> how<00:20:11.559> much<00:20:12.120> a<00:20:12.559> single<00:20:12.840> validator<00:20:13.280> can 00:20:13.390 --> 00:20:13.400 align:start position:0% like how much a single validator can 00:20:13.400 --> 00:20:15.149 align:start position:0% like how much a single validator can share<00:20:13.640> their<00:20:13.799> stake<00:20:14.080> across<00:20:14.360> multiple 00:20:15.149 --> 00:20:15.159 align:start position:0% share their stake across multiple 00:20:15.159 --> 00:20:17.470 align:start position:0% share their stake across multiple Services<00:20:16.159> um<00:20:16.320> and<00:20:16.440> if<00:20:16.559> you<00:20:16.720> use<00:20:17.000> this<00:20:17.200> you<00:20:17.320> can 00:20:17.470 --> 00:20:17.480 align:start position:0% Services um and if you use this you can 00:20:17.480 --> 00:20:20.950 align:start position:0% Services um and if you use this you can sort<00:20:17.799> of<00:20:18.799> get<00:20:19.120> very<00:20:19.600> nice<00:20:19.960> verifiable<00:20:20.600> proofs 00:20:20.950 --> 00:20:20.960 align:start position:0% sort of get very nice verifiable proofs 00:20:20.960 --> 00:20:22.070 align:start position:0% sort of get very nice verifiable proofs that<00:20:21.039> the<00:20:21.159> risk<00:20:21.400> is 00:20:22.070 --> 00:20:22.080 align:start position:0% that the risk is 00:20:22.080 --> 00:20:24.110 align:start position:0% that the risk is small<00:20:23.080> and<00:20:23.200> you<00:20:23.280> can<00:20:23.400> think<00:20:23.520> of<00:20:23.679> these<00:20:23.799> as<00:20:23.960> sort 00:20:24.110 --> 00:20:24.120 align:start position:0% small and you can think of these as sort 00:20:24.120 --> 00:20:25.909 align:start position:0% small and you can think of these as sort of<00:20:24.320> verifiable<00:20:24.840> capital<00:20:25.120> requirements<00:20:25.760> and 00:20:25.909 --> 00:20:25.919 align:start position:0% of verifiable capital requirements and 00:20:25.919 --> 00:20:31.110 align:start position:0% of verifiable capital requirements and with<00:20:26.640> that<00:20:27.640> I'm<00:20:27.799> ready<00:20:28.000> for<00:20:28.280> questions<00:20:28.720> I 00:20:31.110 --> 00:20:31.120 align:start position:0% 00:20:31.120 --> 00:20:33.870 align:start position:0% think<00:20:32.120> wow<00:20:33.039> thanks<00:20:33.240> for<00:20:33.400> the<00:20:33.559> very 00:20:33.870 --> 00:20:33.880 align:start position:0% think wow thanks for the very 00:20:33.880 --> 00:20:35.830 align:start position:0% think wow thanks for the very informative<00:20:34.360> session<00:20:34.760> ter<00:20:35.120> if<00:20:35.240> I<00:20:35.360> could 00:20:35.830 --> 00:20:35.840 align:start position:0% informative session ter if I could 00:20:35.840 --> 00:20:37.390 align:start position:0% informative session ter if I could invite<00:20:36.159> you<00:20:36.240> to<00:20:36.360> stand<00:20:36.640> in<00:20:36.720> the<00:20:36.840> middle<00:20:37.200> sounds 00:20:37.390 --> 00:20:37.400 align:start position:0% invite you to stand in the middle sounds 00:20:37.400 --> 00:20:40.230 align:start position:0% invite you to stand in the middle sounds good<00:20:37.520> to<00:20:37.640> answer<00:20:37.840> the<00:20:38.039> questions<00:20:39.039> so<00:20:39.240> we<00:20:39.520> have 00:20:40.230 --> 00:20:40.240 align:start position:0% good to answer the questions so we have 00:20:40.240 --> 00:20:42.110 align:start position:0% good to answer the questions so we have one<00:20:40.559> question<00:20:40.880> so<00:20:41.080> far<00:20:41.320> please<00:20:41.480> feel<00:20:41.679> free<00:20:41.880> to 00:20:42.110 --> 00:20:42.120 align:start position:0% one question so far please feel free to 00:20:42.120 --> 00:20:45.149 align:start position:0% one question so far please feel free to continue<00:20:42.640> submitting<00:20:43.200> more<00:20:44.159> but<00:20:44.760> the<00:20:44.880> first 00:20:45.149 --> 00:20:45.159 align:start position:0% continue submitting more but the first 00:20:45.159 --> 00:20:47.350 align:start position:0% continue submitting more but the first question<00:20:45.919> what's<00:20:46.120> the<00:20:46.240> tldr<00:20:46.880> what's<00:20:47.039> the<00:20:47.159> main 00:20:47.350 --> 00:20:47.360 align:start position:0% question what's the tldr what's the main 00:20:47.360 --> 00:20:48.750 align:start position:0% question what's the tldr what's the main takeaway<00:20:47.760> that<00:20:47.840> you<00:20:47.919> want<00:20:48.080> people<00:20:48.280> to<00:20:48.400> know 00:20:48.750 --> 00:20:48.760 align:start position:0% takeaway that you want people to know 00:20:48.760 --> 00:20:52.669 align:start position:0% takeaway that you want people to know main<00:20:48.960> takeaway<00:20:49.760> is<00:20:50.760> reaking<00:20:51.640> networks 00:20:52.669 --> 00:20:52.679 align:start position:0% main takeaway is reaking networks 00:20:52.679 --> 00:20:55.230 align:start position:0% main takeaway is reaking networks generally<00:20:53.679> if<00:20:53.799> you<00:20:53.919> can<00:20:54.159> bound<00:20:54.480> the<00:20:54.679> risk<00:20:55.039> that 00:20:55.230 --> 00:20:55.240 align:start position:0% generally if you can bound the risk that 00:20:55.240 --> 00:20:57.830 align:start position:0% generally if you can bound the risk that they<00:20:55.880> create<00:20:56.360> like<00:20:56.559> from<00:20:56.840> this<00:20:57.320> stuff<00:20:57.559> we<00:20:57.679> were 00:20:57.830 --> 00:20:57.840 align:start position:0% they create like from this stuff we were 00:20:57.840 --> 00:20:59.870 align:start position:0% they create like from this stuff we were analyzing<00:20:58.799> they're<00:20:59.080> actually<00:20:59.400> very<00:20:59.600> good 00:20:59.870 --> 00:20:59.880 align:start position:0% analyzing they're actually very good 00:20:59.880 --> 00:21:01.990 align:start position:0% analyzing they're actually very good Revenue<00:21:00.280> generators<00:21:00.799> for<00:21:00.960> l1s<00:21:01.480> they<00:21:01.600> generate 00:21:01.990 --> 00:21:02.000 align:start position:0% Revenue generators for l1s they generate 00:21:02.000 --> 00:21:03.990 align:start position:0% Revenue generators for l1s they generate sort<00:21:02.159> of<00:21:02.320> premium<00:21:02.720> for<00:21:02.880> the<00:21:02.960> L1<00:21:03.320> token<00:21:03.720> it's<00:21:03.880> a 00:21:03.990 --> 00:21:04.000 align:start position:0% sort of premium for the L1 token it's a 00:21:04.000 --> 00:21:06.310 align:start position:0% sort of premium for the L1 token it's a little<00:21:04.400> bit<00:21:05.400> it<00:21:05.520> actually<00:21:05.799> somewhat 00:21:06.310 --> 00:21:06.320 align:start position:0% little bit it actually somewhat 00:21:06.320 --> 00:21:08.669 align:start position:0% little bit it actually somewhat counterintuitive<00:21:07.320> but<00:21:07.880> the<00:21:08.039> result<00:21:08.360> is<00:21:08.480> that 00:21:08.669 --> 00:21:08.679 align:start position:0% counterintuitive but the result is that 00:21:08.679 --> 00:21:10.789 align:start position:0% counterintuitive but the result is that they<00:21:08.840> actually<00:21:09.120> generate<00:21:09.520> more<00:21:09.799> value<00:21:10.440> with<00:21:10.600> a 00:21:10.789 --> 00:21:10.799 align:start position:0% they actually generate more value with a 00:21:10.799 --> 00:21:12.870 align:start position:0% they actually generate more value with a small<00:21:11.279> smaller<00:21:11.679> number<00:21:11.919> of<00:21:12.279> services<00:21:12.720> that 00:21:12.870 --> 00:21:12.880 align:start position:0% small smaller number of services that 00:21:12.880 --> 00:21:14.710 align:start position:0% small smaller number of services that generate<00:21:13.200> fees<00:21:13.559> than<00:21:13.720> rollups<00:21:14.320> you<00:21:14.559> actually 00:21:14.710 --> 00:21:14.720 align:start position:0% generate fees than rollups you actually 00:21:14.720 --> 00:21:16.510 align:start position:0% generate fees than rollups you actually need<00:21:15.000> way<00:21:15.120> more<00:21:15.320> rollups<00:21:15.760> to<00:21:15.919> generate<00:21:16.279> you<00:21:16.360> we 00:21:16.510 --> 00:21:16.520 align:start position:0% need way more rollups to generate you we 00:21:16.520 --> 00:21:18.669 align:start position:0% need way more rollups to generate you we need<00:21:16.679> way<00:21:16.799> more<00:21:16.960> fees<00:21:17.320> from<00:21:17.480> rollups<00:21:18.400> to 00:21:18.669 --> 00:21:18.679 align:start position:0% need way more fees from rollups to 00:21:18.679 --> 00:21:21.950 align:start position:0% need way more fees from rollups to compensate<00:21:19.120> the<00:21:19.440> L1<00:21:20.440> um<00:21:20.760> whereas<00:21:21.240> in<00:21:21.480> in<00:21:21.799> in 00:21:21.950 --> 00:21:21.960 align:start position:0% compensate the L1 um whereas in in in 00:21:21.960 --> 00:21:23.630 align:start position:0% compensate the L1 um whereas in in in reaking<00:21:22.559> it's<00:21:22.840> it's<00:21:23.120> it's<00:21:23.279> actually<00:21:23.400> a<00:21:23.480> lot 00:21:23.630 --> 00:21:23.640 align:start position:0% reaking it's it's it's actually a lot 00:21:23.640 --> 00:21:25.510 align:start position:0% reaking it's it's it's actually a lot lower<00:21:23.919> and<00:21:24.039> so<00:21:24.520> the<00:21:24.720> the<00:21:24.840> point<00:21:25.080> is<00:21:25.279> this<00:21:25.360> is 00:21:25.510 --> 00:21:25.520 align:start position:0% lower and so the the point is this is 00:21:25.520 --> 00:21:27.750 align:start position:0% lower and so the the point is this is only<00:21:25.720> true<00:21:25.960> if<00:21:26.080> this<00:21:26.279> risk<00:21:26.520> is<00:21:26.640> bounded<00:21:27.320> that's 00:21:27.750 --> 00:21:27.760 align:start position:0% only true if this risk is bounded that's 00:21:27.760 --> 00:21:29.470 align:start position:0% only true if this risk is bounded that's sufficiently<00:21:28.200> small 00:21:29.470 --> 00:21:29.480 align:start position:0% sufficiently small 00:21:29.480 --> 00:21:31.549 align:start position:0% sufficiently small and<00:21:29.640> so<00:21:30.279> you<00:21:30.360> know<00:21:30.520> most<00:21:30.679> of<00:21:30.840> this<00:21:31.039> result<00:21:31.400> is 00:21:31.549 --> 00:21:31.559 align:start position:0% and so you know most of this result is 00:21:31.559 --> 00:21:33.430 align:start position:0% and so you know most of this result is like<00:21:31.720> how<00:21:31.880> do<00:21:31.960> you<00:21:32.120> show<00:21:32.400> that<00:21:32.559> risk<00:21:32.799> is<00:21:33.000> small 00:21:33.430 --> 00:21:33.440 align:start position:0% like how do you show that risk is small 00:21:33.440 --> 00:21:35.070 align:start position:0% like how do you show that risk is small under<00:21:33.720> what<00:21:34.039> conditions<00:21:34.279> is<00:21:34.400> that<00:21:34.559> risk<00:21:34.799> small 00:21:35.070 --> 00:21:35.080 align:start position:0% under what conditions is that risk small 00:21:35.080 --> 00:21:36.710 align:start position:0% under what conditions is that risk small and<00:21:35.240> that's<00:21:35.480> that's<00:21:35.640> kind<00:21:35.720> of<00:21:35.880> what<00:21:36.000> we're<00:21:36.320> sh 00:21:36.710 --> 00:21:36.720 align:start position:0% and that's that's kind of what we're sh 00:21:36.720 --> 00:21:40.630 align:start position:0% and that's that's kind of what we're sh which<00:21:36.840> is<00:21:37.559> basically<00:21:38.120> that<00:21:38.799> validators<00:21:39.640> are 00:21:40.630 --> 00:21:40.640 align:start position:0% which is basically that validators are 00:21:40.640 --> 00:21:45.190 align:start position:0% which is basically that validators are need<00:21:40.840> to<00:21:41.200> be<00:21:42.200> active<00:21:42.799> management<00:21:43.799> uh<00:21:44.000> and<00:21:44.400> uh 00:21:45.190 --> 00:21:45.200 align:start position:0% need to be active management uh and uh 00:21:45.200 --> 00:21:46.789 align:start position:0% need to be active management uh and uh the<00:21:45.400> adversar<00:21:45.840> is<00:21:45.960> face 00:21:46.789 --> 00:21:46.799 align:start position:0% the adversar is face 00:21:46.799 --> 00:21:49.190 align:start position:0% the adversar is face cost<00:21:47.799> all<00:21:47.960> right<00:21:48.120> so<00:21:48.279> we<00:21:48.400> see<00:21:48.600> a<00:21:48.720> couple<00:21:49.000> more 00:21:49.190 --> 00:21:49.200 align:start position:0% cost all right so we see a couple more 00:21:49.200 --> 00:21:51.830 align:start position:0% cost all right so we see a couple more questions<00:21:49.640> coming<00:21:49.960> in<00:21:50.919> um<00:21:51.120> let's<00:21:51.320> go<00:21:51.559> to<00:21:51.679> the 00:21:51.830 --> 00:21:51.840 align:start position:0% questions coming in um let's go to the 00:21:51.840 --> 00:21:54.230 align:start position:0% questions coming in um let's go to the first<00:21:52.080> one<00:21:52.320> so<00:21:52.640> should<00:21:52.840> we<00:21:53.080> Advocate<00:21:54.000> or 00:21:54.230 --> 00:21:54.240 align:start position:0% first one so should we Advocate or 00:21:54.240 --> 00:21:57.950 align:start position:0% first one so should we Advocate or enshrine<00:21:54.960> reaking<00:21:55.600> protocols<00:21:56.600> then<00:21:57.600> yeah<00:21:57.799> so 00:21:57.950 --> 00:21:57.960 align:start position:0% enshrine reaking protocols then yeah so 00:21:57.960 --> 00:22:01.630 align:start position:0% enshrine reaking protocols then yeah so this<00:21:58.080> is<00:21:58.159> a<00:21:58.240> great<00:21:58.679> question<00:21:59.200> I<00:21:59.559> uh<00:21:59.960> you<00:22:00.080> know<00:22:00.640> I 00:22:01.630 --> 00:22:01.640 align:start position:0% this is a great question I uh you know I 00:22:01.640 --> 00:22:03.590 align:start position:0% this is a great question I uh you know I I<00:22:01.799> I'm<00:22:01.919> not<00:22:02.039> sure<00:22:02.279> about<00:22:02.520> the<00:22:02.760> the<00:22:03.000> the 00:22:03.590 --> 00:22:03.600 align:start position:0% I I'm not sure about the the the 00:22:03.600 --> 00:22:05.990 align:start position:0% I I'm not sure about the the the political<00:22:04.600> Liberty<00:22:05.080> on<00:22:05.279> this<00:22:05.480> but<00:22:05.679> I<00:22:05.799> actually 00:22:05.990 --> 00:22:06.000 align:start position:0% political Liberty on this but I actually 00:22:06.000 --> 00:22:07.990 align:start position:0% political Liberty on this but I actually think<00:22:06.120> reaking<00:22:06.720> protocols<00:22:07.559> because<00:22:07.840> they 00:22:07.990 --> 00:22:08.000 align:start position:0% think reaking protocols because they 00:22:08.000 --> 00:22:09.669 align:start position:0% think reaking protocols because they generate<00:22:08.400> so<00:22:08.559> much<00:22:08.720> revenue<00:22:09.159> potentially<00:22:09.520> for 00:22:09.669 --> 00:22:09.679 align:start position:0% generate so much revenue potentially for 00:22:09.679 --> 00:22:12.549 align:start position:0% generate so much revenue potentially for the<00:22:09.840> L1<00:22:10.840> it<00:22:11.120> actually<00:22:11.520> does<00:22:11.919> make<00:22:12.120> sense<00:22:12.360> in<00:22:12.480> a 00:22:12.549 --> 00:22:12.559 align:start position:0% the L1 it actually does make sense in a 00:22:12.559 --> 00:22:15.190 align:start position:0% the L1 it actually does make sense in a lot<00:22:12.679> of<00:22:12.799> ways<00:22:13.120> for<00:22:13.279> them<00:22:13.400> to<00:22:13.520> be<00:22:13.640> Ed<00:22:14.400> um<00:22:15.080> of 00:22:15.190 --> 00:22:15.200 align:start position:0% lot of ways for them to be Ed um of 00:22:15.200 --> 00:22:17.430 align:start position:0% lot of ways for them to be Ed um of course<00:22:15.480> you<00:22:15.600> know<00:22:16.279> you<00:22:16.440> also<00:22:16.679> have<00:22:16.799> to<00:22:17.080> keep<00:22:17.279> in 00:22:17.430 --> 00:22:17.440 align:start position:0% course you know you also have to keep in 00:22:17.440 --> 00:22:20.070 align:start position:0% course you know you also have to keep in mind<00:22:17.720> all<00:22:17.840> of<00:22:18.000> these<00:22:18.159> extra<00:22:18.520> risks<00:22:18.880> you<00:22:19.120> have 00:22:20.070 --> 00:22:20.080 align:start position:0% mind all of these extra risks you have 00:22:20.080 --> 00:22:22.549 align:start position:0% mind all of these extra risks you have um<00:22:20.279> and<00:22:20.440> so<00:22:21.080> I<00:22:21.159> think<00:22:21.279> it<00:22:21.400> would<00:22:21.960> take<00:22:22.159> a<00:22:22.320> lot 00:22:22.549 --> 00:22:22.559 align:start position:0% um and so I think it would take a lot 00:22:22.559 --> 00:22:25.149 align:start position:0% um and so I think it would take a lot longer<00:22:23.360> for<00:22:23.559> the<00:22:23.679> L1<00:22:24.159> to<00:22:24.480> really<00:22:24.720> be<00:22:24.840> able<00:22:25.000> to 00:22:25.149 --> 00:22:25.159 align:start position:0% longer for the L1 to really be able to 00:22:25.159 --> 00:22:30.110 align:start position:0% longer for the L1 to really be able to justify<00:22:25.640> it<00:22:26.360> um<00:22:27.360> but<00:22:27.600> yeah<00:22:28.960> okay<00:22:29.279> so<00:22:29.480> we<00:22:29.640> see<00:22:29.960> a 00:22:30.110 --> 00:22:30.120 align:start position:0% justify it um but yeah okay so we see a 00:22:30.120 --> 00:22:32.549 align:start position:0% justify it um but yeah okay so we see a couple<00:22:30.360> more<00:22:30.679> that's<00:22:30.919> coming<00:22:31.200> up<00:22:32.039> I'll<00:22:32.279> read 00:22:32.549 --> 00:22:32.559 align:start position:0% couple more that's coming up I'll read 00:22:32.559 --> 00:22:34.110 align:start position:0% couple more that's coming up I'll read the<00:22:32.760> the<00:22:32.840> one<00:22:33.080> so<00:22:33.320> what<00:22:33.400> do<00:22:33.520> you<00:22:33.640> think<00:22:33.840> about 00:22:34.110 --> 00:22:34.120 align:start position:0% the the one so what do you think about 00:22:34.120 --> 00:22:36.110 align:start position:0% the the one so what do you think about asset<00:22:34.480> migration<00:22:35.039> from<00:22:35.240> one<00:22:35.480> reaking 00:22:36.110 --> 00:22:36.120 align:start position:0% asset migration from one reaking 00:22:36.120 --> 00:22:38.990 align:start position:0% asset migration from one reaking protocol<00:22:37.000> to<00:22:37.240> another<00:22:38.000> yeah<00:22:38.200> great<00:22:38.440> question 00:22:38.990 --> 00:22:39.000 align:start position:0% protocol to another yeah great question 00:22:39.000 --> 00:22:41.269 align:start position:0% protocol to another yeah great question um<00:22:39.440> so<00:22:39.840> I<00:22:39.960> think<00:22:40.240> like<00:22:40.600> in<00:22:40.720> a<00:22:40.880> world<00:22:41.159> where 00:22:41.269 --> 00:22:41.279 align:start position:0% um so I think like in a world where 00:22:41.279 --> 00:22:42.470 align:start position:0% um so I think like in a world where there's<00:22:41.480> no<00:22:41.720> restrictions<00:22:42.240> there<00:22:42.360> no 00:22:42.470 --> 00:22:42.480 align:start position:0% there's no restrictions there no 00:22:42.480 --> 00:22:44.029 align:start position:0% there's no restrictions there no unbonding<00:22:43.000> time<00:22:43.240> where<00:22:43.360> you<00:22:43.440> can<00:22:43.600> immediately 00:22:44.029 --> 00:22:44.039 align:start position:0% unbonding time where you can immediately 00:22:44.039 --> 00:22:45.630 align:start position:0% unbonding time where you can immediately move<00:22:44.240> your<00:22:44.480> stake<00:22:44.799> you<00:22:44.960> have<00:22:45.200> a<00:22:45.320> lot<00:22:45.440> of 00:22:45.630 --> 00:22:45.640 align:start position:0% move your stake you have a lot of 00:22:45.640 --> 00:22:48.350 align:start position:0% move your stake you have a lot of problems<00:22:45.960> where<00:22:46.080> you<00:22:46.200> can<00:22:46.320> open<00:22:46.600> up<00:22:47.360> attacks 00:22:48.350 --> 00:22:48.360 align:start position:0% problems where you can open up attacks 00:22:48.360 --> 00:22:50.190 align:start position:0% problems where you can open up attacks um<00:22:48.799> but<00:22:49.000> generally<00:22:49.480> if<00:22:49.559> you<00:22:49.760> look<00:22:49.919> at 00:22:50.190 --> 00:22:50.200 align:start position:0% um but generally if you look at 00:22:50.200 --> 00:22:53.510 align:start position:0% um but generally if you look at symbiotic<00:22:50.960> igen<00:22:51.279> lay<00:22:51.840> jeto<00:22:52.480> all<00:22:52.919> all<00:22:53.080> of<00:22:53.279> the 00:22:53.510 --> 00:22:53.520 align:start position:0% symbiotic igen lay jeto all all of the 00:22:53.520 --> 00:22:55.430 align:start position:0% symbiotic igen lay jeto all all of the the<00:22:53.679> major<00:22:53.960> reaking<00:22:54.440> networks<00:22:54.919> are<00:22:55.120> actually 00:22:55.430 --> 00:22:55.440 align:start position:0% the major reaking networks are actually 00:22:55.440 --> 00:22:58.110 align:start position:0% the major reaking networks are actually giving<00:22:56.400> have<00:22:56.720> have<00:22:56.919> sort<00:22:57.080> of<00:22:57.240> unbonding<00:22:57.799> times 00:22:58.110 --> 00:22:58.120 align:start position:0% giving have have sort of unbonding times 00:22:58.120 --> 00:22:59.950 align:start position:0% giving have have sort of unbonding times and<00:22:58.320> and<00:22:58.640> and<00:22:58.799> sort<00:22:58.960> of<00:22:59.120> friction<00:22:59.600> for<00:22:59.799> you 00:22:59.950 --> 00:22:59.960 align:start position:0% and and and sort of friction for you 00:22:59.960 --> 00:23:02.029 align:start position:0% and and and sort of friction for you moving<00:23:00.320> between<00:23:00.640> them<00:23:01.320> uh<00:23:01.440> and<00:23:01.559> that<00:23:01.679> friction 00:23:02.029 --> 00:23:02.039 align:start position:0% moving between them uh and that friction 00:23:02.039 --> 00:23:04.990 align:start position:0% moving between them uh and that friction is<00:23:02.200> actually<00:23:02.480> quite<00:23:02.919> important<00:23:03.919> uh<00:23:04.480> to<00:23:04.799> for 00:23:04.990 --> 00:23:05.000 align:start position:0% is actually quite important uh to for 00:23:05.000 --> 00:23:06.789 align:start position:0% is actually quite important uh to for their<00:23:05.159> security<00:23:05.559> in<00:23:05.600> a<00:23:05.720> lot<00:23:05.840> of<00:23:05.960> ways<00:23:06.360> um<00:23:06.600> and<00:23:06.720> I 00:23:06.789 --> 00:23:06.799 align:start position:0% their security in a lot of ways um and I 00:23:06.799 --> 00:23:08.510 align:start position:0% their security in a lot of ways um and I think<00:23:07.559> this<00:23:07.679> is<00:23:07.799> one<00:23:07.919> of<00:23:08.000> the<00:23:08.080> reasons<00:23:08.360> it 00:23:08.510 --> 00:23:08.520 align:start position:0% think this is one of the reasons it 00:23:08.520 --> 00:23:10.269 align:start position:0% think this is one of the reasons it might<00:23:08.640> not<00:23:08.760> make<00:23:08.919> sense<00:23:09.080> to<00:23:09.240> enshrine<00:23:09.880> right 00:23:10.269 --> 00:23:10.279 align:start position:0% might not make sense to enshrine right 00:23:10.279 --> 00:23:12.870 align:start position:0% might not make sense to enshrine right now<00:23:11.279> uh<00:23:11.480> it's<00:23:11.720> probably<00:23:11.919> better<00:23:12.159> to<00:23:12.320> see<00:23:12.600> how 00:23:12.870 --> 00:23:12.880 align:start position:0% now uh it's probably better to see how 00:23:12.880 --> 00:23:14.269 align:start position:0% now uh it's probably better to see how these<00:23:13.000> different<00:23:13.200> reaking<00:23:13.600> networks<00:23:13.960> work<00:23:14.120> in 00:23:14.269 --> 00:23:14.279 align:start position:0% these different reaking networks work in 00:23:14.279 --> 00:23:16.350 align:start position:0% these different reaking networks work in practice<00:23:15.159> how<00:23:15.279> much<00:23:15.440> revenue<00:23:15.799> they<00:23:15.919> generate 00:23:16.350 --> 00:23:16.360 align:start position:0% practice how much revenue they generate 00:23:16.360 --> 00:23:18.110 align:start position:0% practice how much revenue they generate and<00:23:16.480> then<00:23:16.919> over<00:23:17.159> time<00:23:17.400> figure<00:23:17.600> out<00:23:17.760> how<00:23:17.840> to 00:23:18.110 --> 00:23:18.120 align:start position:0% and then over time figure out how to 00:23:18.120 --> 00:23:20.190 align:start position:0% and then over time figure out how to internalize<00:23:18.640> them<00:23:18.840> but<00:23:19.360> I<00:23:19.440> think<00:23:19.600> reaking<00:23:20.080> is 00:23:20.190 --> 00:23:20.200 align:start position:0% internalize them but I think reaking is 00:23:20.200 --> 00:23:21.990 align:start position:0% internalize them but I think reaking is a<00:23:20.320> little<00:23:20.480> bit<00:23:20.640> different<00:23:20.880> than<00:23:21.039> me<00:23:21.760> in<00:23:21.880> the 00:23:21.990 --> 00:23:22.000 align:start position:0% a little bit different than me in the 00:23:22.000 --> 00:23:24.710 align:start position:0% a little bit different than me in the sense<00:23:22.279> that<00:23:23.200> it's<00:23:23.440> not<00:23:23.640> really<00:23:24.039> parasitic<00:23:24.559> to 00:23:24.710 --> 00:23:24.720 align:start position:0% sense that it's not really parasitic to 00:23:24.720 --> 00:23:26.789 align:start position:0% sense that it's not really parasitic to users<00:23:25.200> unless<00:23:25.600> you<00:23:25.799> have<00:23:26.039> these<00:23:26.279> cascading 00:23:26.789 --> 00:23:26.799 align:start position:0% users unless you have these cascading 00:23:26.799 --> 00:23:29.269 align:start position:0% users unless you have these cascading slashing<00:23:27.279> events<00:23:28.080> uh<00:23:28.200> and<00:23:28.279> so<00:23:28.559> so<00:23:28.919> as<00:23:29.039> long<00:23:29.200> as 00:23:29.269 --> 00:23:29.279 align:start position:0% slashing events uh and so so as long as 00:23:29.279 --> 00:23:31.549 align:start position:0% slashing events uh and so so as long as you<00:23:29.440> limit<00:23:29.840> those<00:23:30.200> it's<00:23:30.440> just<00:23:30.760> more<00:23:31.000> money<00:23:31.279> for 00:23:31.549 --> 00:23:31.559 align:start position:0% you limit those it's just more money for 00:23:31.559 --> 00:23:35.750 align:start position:0% you limit those it's just more money for the<00:23:31.960> L1<00:23:32.720> stakers<00:23:33.720> okay<00:23:34.279> um<00:23:34.440> yeah<00:23:34.640> great<00:23:34.840> answer 00:23:35.750 --> 00:23:35.760 align:start position:0% the L1 stakers okay um yeah great answer 00:23:35.760 --> 00:23:37.789 align:start position:0% the L1 stakers okay um yeah great answer so<00:23:36.000> wait<00:23:36.159> that's<00:23:36.320> a<00:23:36.480> couple<00:23:36.720> more<00:23:37.400> I<00:23:37.559> and<00:23:37.679> we 00:23:37.789 --> 00:23:37.799 align:start position:0% so wait that's a couple more I and we 00:23:37.799 --> 00:23:39.669 align:start position:0% so wait that's a couple more I and we still<00:23:38.000> have<00:23:38.159> time<00:23:38.400> as<00:23:38.520> well<00:23:38.760> so<00:23:39.240> let's<00:23:39.440> talk 00:23:39.669 --> 00:23:39.679 align:start position:0% still have time as well so let's talk 00:23:39.679 --> 00:23:42.990 align:start position:0% still have time as well so let's talk about<00:23:40.320> can<00:23:40.440> you<00:23:40.600> go<00:23:40.799> over<00:23:41.080> the<00:23:41.279> one<00:23:41.640> e<00:23:42.080> and<00:23:42.400> 1<00:23:42.679> M 00:23:42.990 --> 00:23:43.000 align:start position:0% about can you go over the one e and 1 M 00:23:43.000 --> 00:23:45.230 align:start position:0% about can you go over the one e and 1 M example<00:23:43.520> again<00:23:43.840> for<00:23:43.960> sure<00:23:44.559> so<00:23:44.720> yeah<00:23:44.880> imagine 00:23:45.230 --> 00:23:45.240 align:start position:0% example again for sure so yeah imagine 00:23:45.240 --> 00:23:48.269 align:start position:0% example again for sure so yeah imagine have<00:23:45.400> two<00:23:45.760> Services<00:23:46.760> um<00:23:47.640> you<00:23:47.760> know<00:23:47.960> let's 00:23:48.269 --> 00:23:48.279 align:start position:0% have two Services um you know let's 00:23:48.279 --> 00:23:49.870 align:start position:0% have two Services um you know let's let's<00:23:48.400> take<00:23:48.559> two<00:23:48.720> avss<00:23:49.320> let's<00:23:49.440> say<00:23:49.600> one<00:23:49.720> is 00:23:49.870 --> 00:23:49.880 align:start position:0% let's take two avss let's say one is 00:23:49.880 --> 00:23:53.310 align:start position:0% let's take two avss let's say one is igen<00:23:50.240> Da<00:23:51.240> and<00:23:51.440> let's<00:23:51.600> say<00:23:51.760> the<00:23:51.880> other<00:23:52.080> one<00:23:52.320> is 00:23:53.310 --> 00:23:53.320 align:start position:0% igen Da and let's say the other one is 00:23:53.320 --> 00:23:55.950 align:start position:0% igen Da and let's say the other one is uh<00:23:53.520> an<00:23:53.840> Oracle<00:23:54.840> and<00:23:55.000> let's<00:23:55.200> suppose<00:23:55.640> that<00:23:55.840> you 00:23:55.950 --> 00:23:55.960 align:start position:0% uh an Oracle and let's suppose that you 00:23:55.960 --> 00:23:58.190 align:start position:0% uh an Oracle and let's suppose that you know<00:23:56.640> I<00:23:56.919> da<00:23:57.159> doesn't<00:23:57.360> have<00:23:57.480> that<00:23:57.600> much<00:23:57.720> in<00:23:57.880> fees 00:23:58.190 --> 00:23:58.200 align:start position:0% know I da doesn't have that much in fees 00:23:58.200 --> 00:24:02.190 align:start position:0% know I da doesn't have that much in fees right<00:23:58.279> now<00:23:58.480> now<00:23:59.240> and<00:24:00.039> the<00:24:01.039> the<00:24:01.240> the<00:24:01.480> max<00:24:01.880> profit 00:24:02.190 --> 00:24:02.200 align:start position:0% right now now and the the the max profit 00:24:02.200 --> 00:24:03.990 align:start position:0% right now now and the the the max profit you<00:24:02.440> get<00:24:02.720> from<00:24:03.000> getting<00:24:03.200> the<00:24:03.320> validators<00:24:03.880> to 00:24:03.990 --> 00:24:04.000 align:start position:0% you get from getting the validators to 00:24:04.000 --> 00:24:06.510 align:start position:0% you get from getting the validators to collude<00:24:04.279> to<00:24:04.440> attack<00:24:04.679> it<00:24:04.880> is<00:24:05.039> 1<00:24:05.240> e<00:24:06.039> on<00:24:06.159> the<00:24:06.279> other 00:24:06.510 --> 00:24:06.520 align:start position:0% collude to attack it is 1 e on the other 00:24:06.520 --> 00:24:08.909 align:start position:0% collude to attack it is 1 e on the other hand<00:24:06.679> suppose<00:24:06.960> the<00:24:07.120> Oracle<00:24:07.600> is<00:24:07.840> tied<00:24:08.159> to<00:24:08.440> a 00:24:08.909 --> 00:24:08.919 align:start position:0% hand suppose the Oracle is tied to a 00:24:08.919 --> 00:24:10.470 align:start position:0% hand suppose the Oracle is tied to a perpetuals<00:24:09.520> exchange<00:24:09.960> so<00:24:10.080> if<00:24:10.200> I<00:24:10.279> could 00:24:10.470 --> 00:24:10.480 align:start position:0% perpetuals exchange so if I could 00:24:10.480 --> 00:24:13.070 align:start position:0% perpetuals exchange so if I could manipulate<00:24:10.960> the<00:24:11.080> Oracle<00:24:11.840> I<00:24:11.919> can<00:24:12.159> cause<00:24:12.880> a 00:24:13.070 --> 00:24:13.080 align:start position:0% manipulate the Oracle I can cause a 00:24:13.080 --> 00:24:15.669 align:start position:0% manipulate the Oracle I can cause a price<00:24:13.640> to<00:24:14.120> to<00:24:14.440> to<00:24:14.600> move<00:24:14.760> a<00:24:14.919> lot<00:24:15.159> and<00:24:15.240> then<00:24:15.400> I<00:24:15.480> can 00:24:15.669 --> 00:24:15.679 align:start position:0% price to to to move a lot and then I can 00:24:15.679 --> 00:24:16.990 align:start position:0% price to to to move a lot and then I can earn<00:24:15.880> a<00:24:15.960> lot<00:24:16.080> of<00:24:16.240> profit<00:24:16.440> and<00:24:16.600> imagine<00:24:16.919> you 00:24:16.990 --> 00:24:17.000 align:start position:0% earn a lot of profit and imagine you 00:24:17.000 --> 00:24:20.149 align:start position:0% earn a lot of profit and imagine you could<00:24:17.159> earn<00:24:17.400> one<00:24:17.600> million<00:24:17.919> E<00:24:18.240> from<00:24:18.559> that<00:24:19.559> now 00:24:20.149 --> 00:24:20.159 align:start position:0% could earn one million E from that now 00:24:20.159 --> 00:24:21.710 align:start position:0% could earn one million E from that now if<00:24:20.320> these<00:24:20.480> were<00:24:20.720> two<00:24:21.000> separate<00:24:21.360> proof<00:24:21.559> of 00:24:21.710 --> 00:24:21.720 align:start position:0% if these were two separate proof of 00:24:21.720 --> 00:24:24.149 align:start position:0% if these were two separate proof of stake<00:24:21.960> networks<00:24:22.480> like<00:24:22.960> the<00:24:23.080> da<00:24:23.600> network<00:24:24.000> was 00:24:24.149 --> 00:24:24.159 align:start position:0% stake networks like the da network was 00:24:24.159 --> 00:24:27.590 align:start position:0% stake networks like the da network was its<00:24:24.279> own<00:24:24.480> POS<00:24:24.880> Network<00:24:25.320> and<00:24:25.520> the<00:24:26.320> uh<00:24:26.720> uh<00:24:27.240> Oracle 00:24:27.590 --> 00:24:27.600 align:start position:0% its own POS Network and the uh uh Oracle 00:24:27.600 --> 00:24:30.149 align:start position:0% its own POS Network and the uh uh Oracle network<00:24:27.880> was<00:24:28.000> its<00:24:28.120> own<00:24:28.600> POS<00:24:29.039> Network<00:24:29.840> then<00:24:30.000> the 00:24:30.149 --> 00:24:30.159 align:start position:0% network was its own POS Network then the 00:24:30.159 --> 00:24:32.950 align:start position:0% network was its own POS Network then the cost<00:24:30.360> of<00:24:30.600> attack<00:24:31.600> is<00:24:32.039> or<00:24:32.240> the<00:24:32.399> amount<00:24:32.600> of<00:24:32.720> stake 00:24:32.950 --> 00:24:32.960 align:start position:0% cost of attack is or the amount of stake 00:24:32.960 --> 00:24:34.630 align:start position:0% cost of attack is or the amount of stake you<00:24:33.080> need<00:24:33.279> should<00:24:33.480> somehow<00:24:33.799> be<00:24:34.039> proportional 00:24:34.630 --> 00:24:34.640 align:start position:0% you need should somehow be proportional 00:24:34.640 --> 00:24:38.070 align:start position:0% you need should somehow be proportional to<00:24:34.960> the<00:24:35.960> profit<00:24:36.440> so<00:24:36.679> for<00:24:36.880> the<00:24:37.279> Oracle<00:24:37.840> I<00:24:37.919> would 00:24:38.070 --> 00:24:38.080 align:start position:0% to the profit so for the Oracle I would 00:24:38.080 --> 00:24:42.269 align:start position:0% to the profit so for the Oracle I would need<00:24:38.240> a<00:24:38.360> million<00:24:38.679> eth<00:24:39.360> for<00:24:39.679> the<00:24:40.279> uh<00:24:40.760> uh<00:24:41.240> uh<00:24:41.919> da 00:24:42.269 --> 00:24:42.279 align:start position:0% need a million eth for the uh uh uh da 00:24:42.279 --> 00:24:44.350 align:start position:0% need a million eth for the uh uh uh da layer<00:24:42.600> I<00:24:42.640> would<00:24:42.799> only<00:24:42.919> need<00:24:43.120> one<00:24:43.320> eth<00:24:44.000> but<00:24:44.159> if 00:24:44.350 --> 00:24:44.360 align:start position:0% layer I would only need one eth but if 00:24:44.360 --> 00:24:46.029 align:start position:0% layer I would only need one eth but if they're<00:24:44.520> used<00:24:44.799> in<00:24:44.960> reaking<00:24:45.480> and<00:24:45.640> they<00:24:45.760> have<00:24:45.880> a 00:24:46.029 --> 00:24:46.039 align:start position:0% they're used in reaking and they have a 00:24:46.039 --> 00:24:49.389 align:start position:0% they're used in reaking and they have a lot<00:24:46.159> of<00:24:46.399> overlapping<00:24:47.039> validators<00:24:48.039> the<00:24:48.240> one<00:24:48.559> e 00:24:49.389 --> 00:24:49.399 align:start position:0% lot of overlapping validators the one e 00:24:49.399 --> 00:24:51.590 align:start position:0% lot of overlapping validators the one e service<00:24:49.960> the<00:24:50.080> one<00:24:50.240> that<00:24:50.520> has<00:24:50.679> one<00:24:50.919> e<00:24:51.159> of<00:24:51.240> aack 00:24:51.590 --> 00:24:51.600 align:start position:0% service the one that has one e of aack 00:24:51.600 --> 00:24:54.549 align:start position:0% service the one that has one e of aack profit<00:24:52.200> has<00:24:52.440> to<00:24:52.720> pay<00:24:53.720> has<00:24:53.840> to<00:24:54.039> attract<00:24:54.399> an 00:24:54.549 --> 00:24:54.559 align:start position:0% profit has to pay has to attract an 00:24:54.559 --> 00:24:55.909 align:start position:0% profit has to pay has to attract an amount<00:24:54.720> of<00:24:54.840> stake<00:24:55.080> that's<00:24:55.240> equal<00:24:55.480> to<00:24:55.679> 1 00:24:55.909 --> 00:24:55.919 align:start position:0% amount of stake that's equal to 1 00:24:55.919 --> 00:24:58.029 align:start position:0% amount of stake that's equal to 1 million<00:24:56.279> and<00:24:56.440> 1<00:24:56.640> E<00:24:57.000> so<00:24:57.279> the<00:24:57.440> sum<00:24:57.679> of<00:24:57.840> their 00:24:58.029 --> 00:24:58.039 align:start position:0% million and 1 E so the sum of their 00:24:58.039 --> 00:24:59.029 align:start position:0% million and 1 E so the sum of their profit 00:24:59.029 --> 00:24:59.039 align:start position:0% profit 00:24:59.039 --> 00:25:01.310 align:start position:0% profit if<00:24:59.240> they<00:24:59.399> have<00:24:59.520> a<00:24:59.600> lot<00:24:59.720> of<00:24:59.840> shared<00:25:00.320> validators 00:25:01.310 --> 00:25:01.320 align:start position:0% if they have a lot of shared validators 00:25:01.320 --> 00:25:02.549 align:start position:0% if they have a lot of shared validators and<00:25:01.480> this<00:25:01.559> is<00:25:01.760> because<00:25:01.919> if<00:25:02.039> the<00:25:02.159> shared 00:25:02.549 --> 00:25:02.559 align:start position:0% and this is because if the shared 00:25:02.559 --> 00:25:04.269 align:start position:0% and this is because if the shared validators<00:25:03.039> get<00:25:03.159> slashed<00:25:03.520> it<00:25:03.679> kills<00:25:04.000> both<00:25:04.159> of 00:25:04.269 --> 00:25:04.279 align:start position:0% validators get slashed it kills both of 00:25:04.279 --> 00:25:05.710 align:start position:0% validators get slashed it kills both of them<00:25:04.440> at<00:25:04.559> the<00:25:04.720> same<00:25:04.919> time<00:25:05.159> it<00:25:05.279> doesn't<00:25:05.559> just 00:25:05.710 --> 00:25:05.720 align:start position:0% them at the same time it doesn't just 00:25:05.720 --> 00:25:08.269 align:start position:0% them at the same time it doesn't just kill<00:25:05.919> one<00:25:06.080> of<00:25:06.200> them<00:25:07.000> and<00:25:07.159> so<00:25:07.600> so<00:25:07.880> this<00:25:07.960> is<00:25:08.120> sort 00:25:08.269 --> 00:25:08.279 align:start position:0% kill one of them and so so this is sort 00:25:08.279 --> 00:25:09.830 align:start position:0% kill one of them and so so this is sort of<00:25:08.640> one<00:25:08.760> of<00:25:08.840> the<00:25:08.919> reasons<00:25:09.279> you<00:25:09.399> in<00:25:09.480> the<00:25:09.600> worst 00:25:09.830 --> 00:25:09.840 align:start position:0% of one of the reasons you in the worst 00:25:09.840 --> 00:25:11.950 align:start position:0% of one of the reasons you in the worst case<00:25:10.039> you<00:25:10.159> have<00:25:10.360> this<00:25:10.679> additive 00:25:11.950 --> 00:25:11.960 align:start position:0% case you have this additive 00:25:11.960 --> 00:25:15.630 align:start position:0% case you have this additive Behavior<00:25:12.960> okay<00:25:13.320> I<00:25:13.399> think<00:25:13.559> we<00:25:13.679> have<00:25:14.600> um<00:25:14.799> short 00:25:15.630 --> 00:25:15.640 align:start position:0% Behavior okay I think we have um short 00:25:15.640 --> 00:25:19.590 align:start position:0% Behavior okay I think we have um short wo<00:25:16.640> um<00:25:17.640> uh<00:25:17.760> I<00:25:17.880> like<00:25:18.039> to<00:25:18.159> thank<00:25:18.360> tun<00:25:19.240> for<00:25:19.399> the 00:25:19.590 --> 00:25:19.600 align:start position:0% wo um uh I like to thank tun for the 00:25:19.600 --> 00:25:21.310 align:start position:0% wo um uh I like to thank tun for the questions<00:25:20.559> please<00:25:20.760> give<00:25:20.880> him<00:25:21.000> a<00:25:21.080> round<00:25:21.240> of 00:25:21.310 --> 00:25:21.320 align:start position:0% questions please give him a round of 00:25:21.320 --> 00:25:23.559 align:start position:0% questions please give him a round of applause