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 --> 00:00:10.749 align:start position:0% [Music] 00:00:10.749 --> 00:00:10.759 align:start position:0% [Music] 00:00:10.759 --> 00:00:13.110 align:start position:0% [Music] thank<00:00:10.880> you<00:00:10.960> for<00:00:11.080> the<00:00:11.559> introduction 00:00:13.110 --> 00:00:13.120 align:start position:0% thank you for the introduction 00:00:13.120 --> 00:00:15.990 align:start position:0% thank you for the introduction um<00:00:14.120> hi<00:00:14.240> everyone<00:00:14.519> my<00:00:14.599> name<00:00:14.719> is<00:00:14.839> Theo<00:00:15.519> um<00:00:15.639> I<00:00:15.719> do 00:00:15.990 --> 00:00:16.000 align:start position:0% um hi everyone my name is Theo um I do 00:00:16.000 --> 00:00:17.750 align:start position:0% um hi everyone my name is Theo um I do research<00:00:16.320> at<00:00:16.480> B<00:00:16.720> capital<00:00:17.080> crypto<00:00:17.520> and<00:00:17.640> I'm 00:00:17.750 --> 00:00:17.760 align:start position:0% research at B capital crypto and I'm 00:00:17.760 --> 00:00:19.470 align:start position:0% research at B capital crypto and I'm also<00:00:17.960> going<00:00:18.080> to<00:00:18.320> talk<00:00:18.520> about<00:00:18.800> decentralized 00:00:19.470 --> 00:00:19.480 align:start position:0% also going to talk about decentralized 00:00:19.480 --> 00:00:22.230 align:start position:0% also going to talk about decentralized exchanges<00:00:20.320> um<00:00:20.560> I<00:00:20.640> want<00:00:20.840> to<00:00:21.160> kind<00:00:21.279> of<00:00:21.840> focus 00:00:22.230 --> 00:00:22.240 align:start position:0% exchanges um I want to kind of focus 00:00:22.240 --> 00:00:24.150 align:start position:0% exchanges um I want to kind of focus this<00:00:22.400> conversation<00:00:23.199> around<00:00:23.519> the<00:00:23.640> liquidity 00:00:24.150 --> 00:00:24.160 align:start position:0% this conversation around the liquidity 00:00:24.160 --> 00:00:25.870 align:start position:0% this conversation around the liquidity providers<00:00:24.960> and<00:00:25.119> this<00:00:25.279> talk<00:00:25.480> is<00:00:25.599> really<00:00:25.760> going 00:00:25.870 --> 00:00:25.880 align:start position:0% providers and this talk is really going 00:00:25.880 --> 00:00:28.390 align:start position:0% providers and this talk is really going to<00:00:25.960> be<00:00:26.080> a<00:00:26.160> call<00:00:26.359> to<00:00:26.560> action<00:00:26.960> for<00:00:27.199> some<00:00:27.920> research 00:00:28.390 --> 00:00:28.400 align:start position:0% to be a call to action for some research 00:00:28.400 --> 00:00:30.109 align:start position:0% to be a call to action for some research and<00:00:28.519> then<00:00:28.720> also<00:00:29.160> product<00:00:29.439> development<00:00:30.039> I 00:00:30.109 --> 00:00:30.119 align:start position:0% and then also product development I 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that<00:00:39.000> we<00:00:39.239> have<00:00:39.680> two<00:00:40.000> assets<00:00:40.480> one 00:00:40.630 --> 00:00:40.640 align:start position:0% going to say that we have two assets one 00:00:40.640 --> 00:00:43.270 align:start position:0% going to say that we have two assets one is<00:00:40.760> a<00:00:40.879> numerar<00:00:41.640> and<00:00:41.800> the<00:00:41.960> other<00:00:42.239> is<00:00:42.640> some<00:00:42.920> asset 00:00:43.270 --> 00:00:43.280 align:start position:0% is a numerar and the other is some asset 00:00:43.280 --> 00:00:46.310 align:start position:0% is a numerar and the other is some asset whatever<00:00:43.559> you<00:00:43.680> want<00:00:44.399> with<00:00:44.680> Price<00:00:45.039> p<00:00:45.640> valued<00:00:46.199> in 00:00:46.310 --> 00:00:46.320 align:start position:0% whatever you want with Price p valued in 00:00:46.320 --> 00:00:48.069 align:start position:0% whatever you want with Price p valued in terms<00:00:46.520> of<00:00:46.640> the<00:00:46.760> numerar<00:00:47.360> so<00:00:47.480> you<00:00:47.559> can<00:00:47.719> think<00:00:47.879> of 00:00:48.069 --> 00:00:48.079 align:start position:0% terms of the numerar so you can think of 00:00:48.079 --> 00:00:50.389 align:start position:0% terms of the numerar so you can think of maybe<00:00:48.520> the<00:00:48.680> first<00:00:49.000> asset<00:00:49.239> is<00:00:49.399> ethereum<00:00:50.280> the 00:00:50.389 --> 00:00:50.399 align:start position:0% maybe the first asset is ethereum the 00:00:50.399 --> 00:00:53.349 align:start position:0% maybe the first asset is ethereum the second<00:00:50.760> asset<00:00:51.239> is<00:00:51.840> uh<00:00:52.039> some<00:00:52.280> other<00:00:53.000> uh<00:00:53.160> some 00:00:53.349 --> 00:00:53.359 align:start position:0% second asset is uh some other uh some 00:00:53.359 --> 00:00:55.950 align:start position:0% second asset is uh some other uh some other<00:00:53.600> token<00:00:54.440> and<00:00:54.680> P<00:00:54.960> is<00:00:55.120> the<00:00:55.280> price<00:00:55.640> of<00:00:55.800> that 00:00:55.950 --> 00:00:55.960 align:start position:0% other token and P is the price of that 00:00:55.960 --> 00:00:59.310 align:start position:0% other token and P is the price of that other<00:00:56.199> token<00:00:56.559> in<00:00:56.680> terms<00:00:56.920> of<00:00:57.519> ethereum<00:00:58.519> and<00:00:59.079> uh 00:00:59.310 --> 00:00:59.320 align:start position:0% other token in terms of ethereum and uh 00:00:59.320 --> 00:01:01.470 align:start position:0% other token in terms of ethereum and uh this<00:00:59.519> amm<00:01:00.079> has<00:01:00.199> a<00:01:00.280> set<00:01:00.440> of<00:01:00.559> allowable<00:01:01.079> States 00:01:01.470 --> 00:01:01.480 align:start position:0% this amm has a set of allowable States 00:01:01.480 --> 00:01:03.349 align:start position:0% this amm has a set of allowable States so<00:01:01.600> we<00:01:01.680> can<00:01:01.840> think<00:01:02.039> about<00:01:02.399> it<00:01:02.640> as<00:01:02.879> having<00:01:03.160> some 00:01:03.349 --> 00:01:03.359 align:start position:0% so we can think about it as having some 00:01:03.359 --> 00:01:05.350 align:start position:0% so we can think about it as having some set<00:01:03.519> of<00:01:03.680> reserves<00:01:04.439> and<00:01:04.559> it<00:01:04.680> says<00:01:05.000> I<00:01:05.080> will<00:01:05.239> let 00:01:05.350 --> 00:01:05.360 align:start position:0% set of reserves and it says I will let 00:01:05.360 --> 00:01:08.230 align:start position:0% set of reserves and it says I will let the<00:01:05.519> reserves<00:01:06.040> change<00:01:06.439> in<00:01:06.760> particular<00:01:07.280> ways 00:01:08.230 --> 00:01:08.240 align:start position:0% the reserves change in particular ways 00:01:08.240 --> 00:01:10.550 align:start position:0% the reserves change in particular ways so<00:01:08.439> what's<00:01:08.680> the<00:01:08.880> value<00:01:09.720> of<00:01:09.920> the<00:01:10.080> liquidity 00:01:10.550 --> 00:01:10.560 align:start position:0% so what's the value of the liquidity 00:01:10.560 --> 00:01:12.350 align:start position:0% so what's the value of the liquidity provider<00:01:11.040> position<00:01:11.600> well<00:01:11.759> if<00:01:11.880> we<00:01:12.040> assume 00:01:12.350 --> 00:01:12.360 align:start position:0% provider position well if we assume 00:01:12.360 --> 00:01:14.149 align:start position:0% provider position well if we assume there's<00:01:12.600> one<00:01:12.799> Arbitrage<00:01:13.320> or<00:01:13.680> at<00:01:13.799> least<00:01:14.000> one 00:01:14.149 --> 00:01:14.159 align:start position:0% there's one Arbitrage or at least one 00:01:14.159 --> 00:01:15.590 align:start position:0% there's one Arbitrage or at least one arbitrageur<00:01:14.840> who's<00:01:15.000> going<00:01:15.119> to<00:01:15.240> try<00:01:15.400> to 00:01:15.590 --> 00:01:15.600 align:start position:0% arbitrageur who's going to try to 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essentially<00:01:23.360> says<00:01:23.680> the<00:01:23.840> value 00:01:24.310 --> 00:01:24.320 align:start position:0% problem which essentially says the value 00:01:24.320 --> 00:01:27.670 align:start position:0% problem which essentially says the value of<00:01:24.439> an<00:01:24.560> LP<00:01:24.960> position<00:01:25.880> is<00:01:26.119> the<00:01:26.320> minimum<00:01:26.799> value 00:01:27.670 --> 00:01:27.680 align:start position:0% of an LP position is the minimum value 00:01:27.680 --> 00:01:29.590 align:start position:0% of an LP position is the minimum value uh<00:01:27.840> among<00:01:28.280> all<00:01:28.560> the<00:01:28.720> sets<00:01:29.040> of<00:01:29.200> allowable 00:01:29.590 --> 00:01:29.600 align:start position:0% uh among all the sets of allowable 00:01:29.600 --> 00:01:32.950 align:start position:0% uh among all the sets of allowable Reserves<00:01:30.119> reses<00:01:31.119> so<00:01:31.479> for<00:01:32.040> what's<00:01:32.320> most<00:01:32.560> common 00:01:32.950 --> 00:01:32.960 align:start position:0% Reserves reses so for what's most common 00:01:32.960 --> 00:01:34.190 align:start position:0% Reserves reses so for what's most common which<00:01:33.040> is<00:01:33.159> the<00:01:33.320> constant<00:01:33.640> function<00:01:33.920> market 00:01:34.190 --> 00:01:34.200 align:start position:0% which is the constant function market 00:01:34.200 --> 00:01:36.789 align:start position:0% which is the constant function market makers<00:01:35.079> that<00:01:35.320> set<00:01:35.520> of<00:01:35.680> allowable<00:01:36.200> reserves<00:01:36.640> is 00:01:36.789 --> 00:01:36.799 align:start position:0% makers that set of allowable reserves is 00:01:36.799 --> 00:01:38.550 align:start position:0% makers that set of allowable reserves is just<00:01:36.960> going<00:01:37.159> to<00:01:37.280> be<00:01:37.479> essentially<00:01:37.960> some 00:01:38.550 --> 00:01:38.560 align:start position:0% just going to be essentially some 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just to make this very concrete<00:01:47.119> with<00:01:47.240> an<00:01:47.439> example<00:01:47.960> let's<00:01:48.159> take<00:01:48.280> a 00:01:48.429 --> 00:01:48.439 align:start position:0% concrete with an example let's take a 00:01:48.439 --> 00:01:50.350 align:start position:0% concrete with an example let's take a constant<00:01:48.840> product<00:01:49.159> amm<00:01:49.799> uh<00:01:49.880> so<00:01:50.040> things<00:01:50.240> like 00:01:50.350 --> 00:01:50.360 align:start position:0% constant product amm uh so things like 00:01:50.360 --> 00:01:52.990 align:start position:0% constant product amm uh so things like Unis<00:01:50.719> swap<00:01:50.960> V2<00:01:51.960> and<00:01:52.159> for<00:01:52.399> that<00:01:52.600> we're<00:01:52.759> going<00:01:52.880> to 00:01:52.990 --> 00:01:53.000 align:start position:0% Unis swap V2 and for that we're going to 00:01:53.000 --> 00:01:55.429 align:start position:0% Unis swap V2 and for that we're going to have<00:01:53.159> this<00:01:53.320> square<00:01:53.600> root<00:01:53.799> in<00:01:54.000> variant<00:01:54.880> if<00:01:55.079> we 00:01:55.429 --> 00:01:55.439 align:start position:0% have this square root in variant if we 00:01:55.439 --> 00:01:56.910 align:start position:0% have this square root in variant if we plug<00:01:55.719> this<00:01:55.880> in<00:01:56.079> and<00:01:56.240> kind<00:01:56.360> of<00:01:56.479> go<00:01:56.680> through 00:01:56.910 --> 00:01:56.920 align:start position:0% plug this in and kind of go through 00:01:56.920 --> 00:01:58.510 align:start position:0% plug this in and kind of go through everything<00:01:57.399> we<00:01:57.520> get<00:01:57.680> the<00:01:57.840> value<00:01:58.119> of<00:01:58.280> the 00:01:58.510 --> 00:01:58.520 align:start position:0% everything we get the value of the 00:01:58.520 --> 00:02:01.469 align:start position:0% everything we get the value of the liquidity<00:01:58.960> provider<00:01:59.399> position<00:02:00.200> at<00:02:00.439> time<00:02:00.680> T<00:02:01.159> So 00:02:01.469 --> 00:02:01.479 align:start position:0% liquidity provider position at time T So 00:02:01.479 --> 00:02:04.029 align:start position:0% liquidity provider position at time T So at<00:02:01.759> t<00:02:02.560> uh<00:02:02.719> amount<00:02:02.920> of<00:02:03.200> time<00:02:03.560> after<00:02:03.840> this 00:02:04.029 --> 00:02:04.039 align:start position:0% at t uh amount of time after this 00:02:04.039 --> 00:02:06.270 align:start position:0% at t uh amount of time after this position<00:02:04.360> was<00:02:04.520> opened<00:02:05.520> is<00:02:05.759> essentially 00:02:06.270 --> 00:02:06.280 align:start position:0% position was opened is essentially 00:02:06.280 --> 00:02:08.309 align:start position:0% position was opened is essentially proportional<00:02:06.880> to<00:02:07.079> the<00:02:07.200> square<00:02:07.560> root<00:02:08.000> of<00:02:08.160> the 00:02:08.309 --> 00:02:08.319 align:start position:0% proportional to the square root of the 00:02:08.319 --> 00:02:10.670 align:start position:0% proportional to the square root of the price<00:02:09.160> plus<00:02:09.360> a<00:02:09.520> term<00:02:09.840> that<00:02:10.000> depends<00:02:10.360> on<00:02:10.479> the 00:02:10.670 --> 00:02:10.680 align:start position:0% price plus a term that depends on the 00:02:10.680 --> 00:02:13.070 align:start position:0% price plus a term that depends on the fees<00:02:11.680> so<00:02:11.879> we<00:02:12.040> look<00:02:12.160> at<00:02:12.360> this<00:02:12.520> and<00:02:12.800> there's<00:02:12.959> a 00:02:13.070 --> 00:02:13.080 align:start position:0% fees so we look at this and there's a 00:02:13.080 --> 00:02:14.869 align:start position:0% fees so we look at this and there's a few<00:02:13.360> questions<00:02:13.800> that<00:02:13.959> one<00:02:14.160> might<00:02:14.400> ask<00:02:14.640> or<00:02:14.800> a 00:02:14.869 --> 00:02:14.879 align:start position:0% few questions that one might ask or a 00:02:14.879 --> 00:02:17.470 align:start position:0% few questions that one might ask or a few<00:02:15.080> kind<00:02:15.200> of<00:02:15.760> considerations<00:02:16.760> uh<00:02:16.959> first<00:02:17.239> is 00:02:17.470 --> 00:02:17.480 align:start position:0% few kind of considerations uh first is 00:02:17.480 --> 00:02:19.670 align:start position:0% few kind of considerations uh first is do<00:02:17.640> I<00:02:17.760> want<00:02:18.000> this<00:02:18.160> derivative<00:02:19.000> uh<00:02:19.160> do<00:02:19.319> I<00:02:19.440> want 00:02:19.670 --> 00:02:19.680 align:start position:0% do I want this derivative uh do I want 00:02:19.680 --> 00:02:22.750 align:start position:0% do I want this derivative uh do I want this<00:02:20.200> product<00:02:21.200> second<00:02:21.560> is<00:02:21.800> what<00:02:22.000> rebalancing 00:02:22.750 --> 00:02:22.760 align:start position:0% this product second is what rebalancing 00:02:22.760 --> 00:02:25.630 align:start position:0% this product second is what rebalancing cost<00:02:23.120> am<00:02:23.239> I<00:02:23.319> going<00:02:23.440> to<00:02:23.560> pay<00:02:23.800> Arbitrage<00:02:24.360> ORS<00:02:25.040> to 00:02:25.630 --> 00:02:25.640 align:start position:0% cost am I going to pay Arbitrage ORS to 00:02:25.640 --> 00:02:29.630 align:start position:0% cost am I going to pay Arbitrage ORS to maintain<00:02:26.440> this<00:02:27.200> uh<00:02:27.400> position's<00:02:27.920> value<00:02:28.280> for<00:02:28.640> me 00:02:29.630 --> 00:02:29.640 align:start position:0% maintain this uh position's value for me 00:02:29.640 --> 00:02:31.550 align:start position:0% maintain this uh position's value for me and<00:02:29.959> then<00:02:30.120> third<00:02:30.400> is<00:02:30.599> can<00:02:30.720> I<00:02:30.879> hedge<00:02:31.160> the<00:02:31.319> price 00:02:31.550 --> 00:02:31.560 align:start position:0% and then third is can I hedge the price 00:02:31.560 --> 00:02:33.470 align:start position:0% and then third is can I hedge the price movement<00:02:32.000> let's<00:02:32.160> say<00:02:32.360> I<00:02:32.519> just<00:02:32.640> want<00:02:32.879> fees<00:02:33.360> I 00:02:33.470 --> 00:02:33.480 align:start position:0% movement let's say I just want fees I 00:02:33.480 --> 00:02:34.910 align:start position:0% movement let's say I just want fees I just<00:02:33.599> want<00:02:33.800> fees<00:02:34.080> for<00:02:34.400> providing<00:02:34.760> my 00:02:34.910 --> 00:02:34.920 align:start position:0% just want fees for providing my 00:02:34.920 --> 00:02:36.790 align:start position:0% just want fees for providing my liquidity<00:02:35.720> I<00:02:35.800> don't<00:02:35.920> want<00:02:36.040> to<00:02:36.160> be<00:02:36.360> exposed<00:02:36.720> to 00:02:36.790 --> 00:02:36.800 align:start position:0% liquidity I don't want to be exposed to 00:02:36.800 --> 00:02:39.270 align:start position:0% liquidity I don't want to be exposed to the<00:02:36.920> price<00:02:37.160> movement<00:02:37.599> how<00:02:37.800> easy<00:02:38.720> is<00:02:38.840> it<00:02:39.080> to 00:02:39.270 --> 00:02:39.280 align:start position:0% the price movement how easy is it to 00:02:39.280 --> 00:02:42.550 align:start position:0% the price movement how easy is it to hedge<00:02:39.640> this<00:02:40.599> so<00:02:41.080> I'll<00:02:41.680> review<00:02:42.080> some<00:02:42.280> of<00:02:42.440> the 00:02:42.550 --> 00:02:42.560 align:start position:0% hedge this so I'll review some of the 00:02:42.560 --> 00:02:44.309 align:start position:0% hedge this so I'll review some of the current<00:02:42.920> research<00:02:43.360> which<00:02:43.480> is<00:02:43.640> mostly<00:02:43.959> on<00:02:44.159> this 00:02:44.309 --> 00:02:44.319 align:start position:0% current research which is mostly on this 00:02:44.319 --> 00:02:46.630 align:start position:0% current research which is mostly on this first<00:02:44.680> question<00:02:45.040> do<00:02:45.200> I<00:02:45.319> want<00:02:45.480> this<00:02:45.640> derivative 00:02:46.630 --> 00:02:46.640 align:start position:0% first question do I want this derivative 00:02:46.640 --> 00:02:48.430 align:start position:0% first question do I want this derivative and<00:02:46.800> there<00:02:46.959> the<00:02:47.080> question<00:02:47.319> is<00:02:47.640> okay<00:02:48.040> well 00:02:48.430 --> 00:02:48.440 align:start position:0% and there the question is okay well 00:02:48.440 --> 00:02:49.949 align:start position:0% and there the question is okay well let's<00:02:48.599> say<00:02:48.800> there's<00:02:49.000> something<00:02:49.319> I<00:02:49.440> want<00:02:49.680> so 00:02:49.949 --> 00:02:49.959 align:start position:0% let's say there's something I want so 00:02:49.959 --> 00:02:52.990 align:start position:0% let's say there's something I want so some<00:02:50.760> portfolio<00:02:51.360> value<00:02:51.680> V<00:02:52.000> that<00:02:52.159> I<00:02:52.280> want<00:02:52.879> how 00:02:52.990 --> 00:02:53.000 align:start position:0% some portfolio value V that I want how 00:02:53.000 --> 00:02:55.309 align:start position:0% some portfolio value V that I want how do<00:02:53.159> I<00:02:53.280> get<00:02:53.440> to<00:02:53.599> an<00:02:53.760> invariant<00:02:54.560> for<00:02:54.800> a<00:02:54.959> constant 00:02:55.309 --> 00:02:55.319 align:start position:0% do I get to an invariant for a constant 00:02:55.319 --> 00:02:57.350 align:start position:0% do I get to an invariant for a constant function<00:02:55.640> Market<00:02:55.920> maker<00:02:56.280> that<00:02:56.440> gives<00:02:56.640> me<00:02:56.920> said 00:02:57.350 --> 00:02:57.360 align:start position:0% function Market maker that gives me said 00:02:57.360 --> 00:03:00.350 align:start position:0% function Market maker that gives me said value<00:02:58.360> um<00:02:59.040> we<00:02:59.159> see<00:02:59.360> some<00:02:59.519> examp<00:02:59.840> examples<00:03:00.159> in 00:03:00.350 --> 00:03:00.360 align:start position:0% value um we see some examp examples in 00:03:00.360 --> 00:03:03.309 align:start position:0% value um we see some examp examples in practice<00:03:01.000> I'm<00:03:01.239> using<00:03:01.519> this<00:03:01.760> Loosely<00:03:02.760> but<00:03:03.120> uh 00:03:03.309 --> 00:03:03.319 align:start position:0% practice I'm using this Loosely but uh 00:03:03.319 --> 00:03:05.750 align:start position:0% practice I'm using this Loosely but uh things<00:03:03.799> like<00:03:04.400> zero<00:03:04.799> coupon<00:03:05.200> bonds<00:03:05.599> at 00:03:05.750 --> 00:03:05.760 align:start position:0% things like zero coupon bonds at 00:03:05.760 --> 00:03:07.789 align:start position:0% things like zero coupon bonds at maturity<00:03:06.360> some<00:03:06.519> of<00:03:06.640> the<00:03:06.799> yield<00:03:07.120> token<00:03:07.440> pools 00:03:07.789 --> 00:03:07.799 align:start position:0% maturity some of the yield token pools 00:03:07.799 --> 00:03:10.830 align:start position:0% maturity some of the yield token pools look<00:03:08.040> kind<00:03:08.200> of<00:03:08.360> like<00:03:08.640> this<00:03:09.440> uh<00:03:09.560> we<00:03:09.720> also<00:03:09.920> see 00:03:10.830 --> 00:03:10.840 align:start position:0% look kind of like this uh we also see 00:03:10.840 --> 00:03:13.470 align:start position:0% look kind of like this uh we also see things<00:03:11.840> like<00:03:12.040> weighted<00:03:12.440> portfolios<00:03:13.159> so 00:03:13.470 --> 00:03:13.480 align:start position:0% things like weighted portfolios so 00:03:13.480 --> 00:03:15.149 align:start position:0% things like weighted portfolios so things<00:03:13.720> like<00:03:13.920> balancer<00:03:14.400> pools<00:03:14.760> geometric 00:03:15.149 --> 00:03:15.159 align:start position:0% things like balancer pools geometric 00:03:15.159 --> 00:03:16.869 align:start position:0% things like balancer pools geometric mean<00:03:15.440> market<00:03:15.720> makers<00:03:16.400> uh<00:03:16.519> some<00:03:16.640> of<00:03:16.760> the 00:03:16.869 --> 00:03:16.879 align:start position:0% mean market makers uh some of the 00:03:16.879 --> 00:03:18.910 align:start position:0% mean market makers uh some of the Perpetual<00:03:17.319> exchange<00:03:17.720> lending<00:03:18.080> pools<00:03:18.720> look 00:03:18.910 --> 00:03:18.920 align:start position:0% Perpetual exchange lending pools look 00:03:18.920 --> 00:03:21.270 align:start position:0% Perpetual exchange lending pools look kind<00:03:19.040> of<00:03:19.159> like<00:03:19.319> these<00:03:19.480> weighted<00:03:20.280> portfolios 00:03:21.270 --> 00:03:21.280 align:start position:0% kind of like these weighted portfolios 00:03:21.280 --> 00:03:23.149 align:start position:0% kind of like these weighted portfolios uh<00:03:21.400> we've<00:03:21.560> seen<00:03:21.879> covered<00:03:22.200> calls<00:03:22.480> on<00:03:22.680> chain<00:03:22.959> and 00:03:23.149 --> 00:03:23.159 align:start position:0% uh we've seen covered calls on chain and 00:03:23.159 --> 00:03:26.589 align:start position:0% uh we've seen covered calls on chain and other<00:03:23.440> people<00:03:23.840> build<00:03:24.239> options<00:03:24.799> on<00:03:25.000> top<00:03:25.159> of<00:03:25.599> amm 00:03:26.589 --> 00:03:26.599 align:start position:0% other people build options on top of amm 00:03:26.599 --> 00:03:27.910 align:start position:0% other people build options on top of amm and<00:03:26.720> then<00:03:26.879> we've<00:03:27.080> also<00:03:27.280> seen<00:03:27.519> recent 00:03:27.910 --> 00:03:27.920 align:start position:0% and then we've also seen recent 00:03:27.920 --> 00:03:30.350 align:start position:0% and then we've also seen recent proposals<00:03:28.760> uh<00:03:28.840> for<00:03:29.159> things<00:03:29.599> like<00:03:29.959> prediction 00:03:30.350 --> 00:03:30.360 align:start position:0% proposals uh for things like prediction 00:03:30.360 --> 00:03:32.750 align:start position:0% proposals uh for things like prediction Market<00:03:30.799> amms<00:03:31.599> there's<00:03:31.720> a<00:03:31.840> recent<00:03:32.159> blog<00:03:32.480> post 00:03:32.750 --> 00:03:32.760 align:start position:0% Market amms there's a recent blog post 00:03:32.760 --> 00:03:36.030 align:start position:0% Market amms there's a recent blog post from<00:03:32.959> Dan<00:03:33.159> and<00:03:33.280> CMAC<00:03:33.840> on<00:03:34.400> that<00:03:35.400> the<00:03:35.599> general 00:03:36.030 --> 00:03:36.040 align:start position:0% from Dan and CMAC on that the general 00:03:36.040 --> 00:03:38.869 align:start position:0% from Dan and CMAC on that the general theory<00:03:36.840> for<00:03:37.159> the<00:03:37.400> static<00:03:37.879> case<00:03:38.239> so<00:03:38.480> for<00:03:38.640> the 00:03:38.869 --> 00:03:38.879 align:start position:0% theory for the static case so for the 00:03:38.879 --> 00:03:41.830 align:start position:0% theory for the static case so for the case<00:03:39.280> where<00:03:39.720> the<00:03:39.920> time<00:03:40.239> te<00:03:40.680> doesn't<00:03:41.040> matter<00:03:41.680> uh 00:03:41.830 --> 00:03:41.840 align:start position:0% case where the time te doesn't matter uh 00:03:41.840 --> 00:03:44.270 align:start position:0% case where the time te doesn't matter uh from<00:03:42.159> replicating<00:03:42.720> market<00:03:43.000> makers<00:03:43.360> papers<00:03:43.959> in 00:03:44.270 --> 00:03:44.280 align:start position:0% from replicating market makers papers in 00:03:44.280 --> 00:03:48.030 align:start position:0% from replicating market makers papers in uh<00:03:44.400> 2021<00:03:45.400> 2023<00:03:46.400> says<00:03:46.799> that<00:03:47.080> if<00:03:47.239> that<00:03:47.400> portfolio 00:03:48.030 --> 00:03:48.040 align:start position:0% uh 2021 2023 says that if that portfolio 00:03:48.040 --> 00:03:50.390 align:start position:0% uh 2021 2023 says that if that portfolio value<00:03:48.400> function<00:03:49.280> is<00:03:49.480> some<00:03:49.879> concave 00:03:50.390 --> 00:03:50.400 align:start position:0% value function is some concave 00:03:50.400 --> 00:03:52.470 align:start position:0% value function is some concave homogeneous<00:03:50.920> increasing<00:03:51.439> function<00:03:52.159> we<00:03:52.280> could 00:03:52.470 --> 00:03:52.480 align:start position:0% homogeneous increasing function we could 00:03:52.480 --> 00:03:57.350 align:start position:0% homogeneous increasing function we could figure<00:03:52.760> out<00:03:53.040> the<00:03:53.200> cfmm<00:03:54.200> that<00:03:54.400> gives<00:03:54.680> us<00:03:55.079> said 00:03:57.350 --> 00:03:57.360 align:start position:0% figure out the cfmm that gives us said 00:03:57.360 --> 00:03:59.789 align:start position:0% figure out the cfmm that gives us said function<00:03:58.360> however<00:03:58.920> this<00:03:59.079> doesn't<00:03:59.360> really 00:03:59.789 --> 00:03:59.799 align:start position:0% function however this doesn't really 00:03:59.799 --> 00:04:01.990 align:start position:0% function however this doesn't really tell<00:04:00.000> us<00:04:00.400> why<00:04:00.799> some<00:04:00.959> of<00:04:01.079> this<00:04:01.239> stuff<00:04:01.480> works<00:04:01.760> in 00:04:01.990 --> 00:04:02.000 align:start position:0% tell us why some of this stuff works in 00:04:02.000 --> 00:04:03.750 align:start position:0% tell us why some of this stuff works in practice<00:04:02.480> some<00:04:02.599> of<00:04:02.760> the<00:04:02.920> stuff<00:04:03.239> doesn't<00:04:03.560> seem 00:04:03.750 --> 00:04:03.760 align:start position:0% practice some of the stuff doesn't seem 00:04:03.760 --> 00:04:05.830 align:start position:0% practice some of the stuff doesn't seem to<00:04:03.920> have<00:04:04.040> worked<00:04:04.360> in<00:04:04.599> practice<00:04:05.319> how<00:04:05.439> do<00:04:05.560> we<00:04:05.720> do 00:04:05.830 --> 00:04:05.840 align:start position:0% to have worked in practice how do we do 00:04:05.840 --> 00:04:07.630 align:start position:0% to have worked in practice how do we do it<00:04:05.959> in<00:04:06.079> the<00:04:06.239> dynamic<00:04:06.760> case<00:04:07.079> that<00:04:07.200> was<00:04:07.319> only<00:04:07.519> in 00:04:07.630 --> 00:04:07.640 align:start position:0% it in the dynamic case that was only in 00:04:07.640 --> 00:04:09.630 align:start position:0% it in the dynamic case that was only in the<00:04:07.840> static<00:04:08.239> case<00:04:08.760> and<00:04:08.840> there's<00:04:09.040> a<00:04:09.159> few<00:04:09.400> things 00:04:09.630 --> 00:04:09.640 align:start position:0% the static case and there's a few things 00:04:09.640 --> 00:04:12.670 align:start position:0% the static case and there's a few things that<00:04:09.879> I<00:04:10.000> think<00:04:10.200> at<00:04:10.319> least<00:04:10.480> are<00:04:10.760> key<00:04:11.040> factors 00:04:12.670 --> 00:04:12.680 align:start position:0% that I think at least are key factors 00:04:12.680 --> 00:04:15.869 align:start position:0% that I think at least are key factors here<00:04:13.680> for<00:04:14.000> that<00:04:14.840> uh<00:04:15.000> I<00:04:15.079> think<00:04:15.280> the<00:04:15.400> ease<00:04:15.760> of 00:04:15.869 --> 00:04:15.879 align:start position:0% here for that uh I think the ease of 00:04:15.879 --> 00:04:18.509 align:start position:0% here for that uh I think the ease of hedging<00:04:16.199> the<00:04:16.359> price<00:04:16.799> movement<00:04:17.799> essentially 00:04:18.509 --> 00:04:18.519 align:start position:0% hedging the price movement essentially 00:04:18.519 --> 00:04:20.629 align:start position:0% hedging the price movement essentially if<00:04:18.720> LPS<00:04:19.280> desire<00:04:19.680> some<00:04:19.880> delta<00:04:20.199> neutral 00:04:20.629 --> 00:04:20.639 align:start position:0% if LPS desire some delta neutral 00:04:20.639 --> 00:04:23.230 align:start position:0% if LPS desire some delta neutral strategy<00:04:21.079> so<00:04:21.239> they're<00:04:21.440> not<00:04:21.720> taking<00:04:22.479> uh<00:04:22.759> risk 00:04:23.230 --> 00:04:23.240 align:start position:0% strategy so they're not taking uh risk 00:04:23.240 --> 00:04:25.430 align:start position:0% strategy so they're not taking uh risk on<00:04:23.400> the<00:04:23.520> price<00:04:23.840> of<00:04:23.960> the<00:04:24.040> underlying<00:04:24.600> asset<00:04:25.320> how 00:04:25.430 --> 00:04:25.440 align:start position:0% on the price of the underlying asset how 00:04:25.440 --> 00:04:27.510 align:start position:0% on the price of the underlying asset how do<00:04:25.600> they<00:04:25.759> do<00:04:25.960> that<00:04:26.160> with<00:04:26.280> an<00:04:26.440> amm<00:04:26.919> so<00:04:27.120> they<00:04:27.320> just 00:04:27.510 --> 00:04:27.520 align:start position:0% do they do that with an amm so they just 00:04:27.520 --> 00:04:28.990 align:start position:0% do they do that with an amm so they just essentially<00:04:27.960> want<00:04:28.160> the<00:04:28.320> exposure<00:04:28.680> to<00:04:28.800> the 00:04:28.990 --> 00:04:29.000 align:start position:0% essentially want the exposure to the 00:04:29.000 --> 00:04:31.430 align:start position:0% essentially want the exposure to the trading<00:04:29.280> fees 00:04:31.430 --> 00:04:31.440 align:start position:0% trading fees 00:04:31.440 --> 00:04:33.230 align:start position:0% trading fees second<00:04:31.960> is<00:04:32.120> the<00:04:32.280> amount<00:04:32.639> extracted<00:04:33.120> by 00:04:33.230 --> 00:04:33.240 align:start position:0% second is the amount extracted by 00:04:33.240 --> 00:04:35.029 align:start position:0% second is the amount extracted by Arbitrage<00:04:33.880> so<00:04:34.000> if<00:04:34.080> you've<00:04:34.280> heard<00:04:34.680> lever 00:04:35.029 --> 00:04:35.039 align:start position:0% Arbitrage so if you've heard lever 00:04:35.039 --> 00:04:36.430 align:start position:0% Arbitrage so if you've heard lever thrown<00:04:35.360> around<00:04:35.560> or<00:04:35.720> we<00:04:35.800> can<00:04:35.960> think<00:04:36.080> of<00:04:36.280> these 00:04:36.430 --> 00:04:36.440 align:start position:0% thrown around or we can think of these 00:04:36.440 --> 00:04:38.230 align:start position:0% thrown around or we can think of these as<00:04:36.639> rebalancing<00:04:37.240> fees<00:04:37.600> that<00:04:37.759> you<00:04:37.880> have<00:04:37.960> to<00:04:38.080> pay 00:04:38.230 --> 00:04:38.240 align:start position:0% as rebalancing fees that you have to pay 00:04:38.240 --> 00:04:40.629 align:start position:0% as rebalancing fees that you have to pay to<00:04:38.360> Arbitrage<00:04:38.840> ORS<00:04:39.520> how<00:04:39.680> much<00:04:39.880> is<00:04:40.120> that<00:04:40.440> and 00:04:40.629 --> 00:04:40.639 align:start position:0% to Arbitrage ORS how much is that and 00:04:40.639 --> 00:04:42.270 align:start position:0% to Arbitrage ORS how much is that and like<00:04:40.759> essentially<00:04:41.199> how<00:04:41.320> much<00:04:41.520> leakage<00:04:42.080> is 00:04:42.270 --> 00:04:42.280 align:start position:0% like essentially how much leakage is 00:04:42.280 --> 00:04:46.150 align:start position:0% like essentially how much leakage is there<00:04:42.919> from<00:04:43.440> uh<00:04:43.600> my<00:04:43.800> portfolio<00:04:44.840> value<00:04:45.840> third 00:04:46.150 --> 00:04:46.160 align:start position:0% there from uh my portfolio value third 00:04:46.160 --> 00:04:48.430 align:start position:0% there from uh my portfolio value third is<00:04:46.360> just<00:04:46.680> how<00:04:46.880> useful<00:04:47.320> is<00:04:47.440> it<00:04:47.600> to<00:04:47.840> have<00:04:48.120> one<00:04:48.280> of 00:04:48.430 --> 00:04:48.440 align:start position:0% is just how useful is it to have one of 00:04:48.440 --> 00:04:50.749 align:start position:0% is just how useful is it to have one of these<00:04:48.720> custom<00:04:49.360> portfolio<00:04:49.960> value<00:04:50.240> functions 00:04:50.749 --> 00:04:50.759 align:start position:0% these custom portfolio value functions 00:04:50.759 --> 00:04:52.310 align:start position:0% these custom portfolio value functions like<00:04:50.960> what<00:04:51.080> are<00:04:51.280> essentially<00:04:51.759> derivatives 00:04:52.310 --> 00:04:52.320 align:start position:0% like what are essentially derivatives 00:04:52.320 --> 00:04:53.870 align:start position:0% like what are essentially derivatives that<00:04:52.440> I<00:04:52.560> might<00:04:52.720> want<00:04:52.840> to<00:04:53.080> have<00:04:53.560> is<00:04:53.759> the 00:04:53.870 --> 00:04:53.880 align:start position:0% that I might want to have is the 00:04:53.880 --> 00:04:56.670 align:start position:0% that I might want to have is the portfolio<00:04:54.440> value<00:04:54.840> actually<00:04:55.120> useful<00:04:55.600> or 00:04:56.670 --> 00:04:56.680 align:start position:0% portfolio value actually useful or 00:04:56.680 --> 00:04:59.310 align:start position:0% portfolio value actually useful or not<00:04:57.680> so<00:04:58.080> the<00:04:58.199> reason<00:04:58.520> that<00:04:58.639> I<00:04:58.759> think<00:04:59.039> that 00:04:59.310 --> 00:04:59.320 align:start position:0% not so the reason that I think that 00:04:59.320 --> 00:05:01.390 align:start position:0% not so the reason that I think that looking<00:04:59.800> at<00:04:59.919> this<00:05:00.039> is<00:05:00.199> exciting<00:05:00.680> is<00:05:00.840> there's 00:05:01.390 --> 00:05:01.400 align:start position:0% looking at this is exciting is there's 00:05:01.400 --> 00:05:03.749 align:start position:0% looking at this is exciting is there's over<00:05:01.680> 10<00:05:02.000> trillion<00:05:02.759> dollars<00:05:03.080> of<00:05:03.320> Assets<00:05:03.600> in 00:05:03.749 --> 00:05:03.759 align:start position:0% over 10 trillion dollars of Assets in 00:05:03.759 --> 00:05:05.830 align:start position:0% over 10 trillion dollars of Assets in ETFs<00:05:04.360> there's<00:05:04.520> a<00:05:04.680> lot<00:05:04.840> of<00:05:05.039> passive<00:05:05.360> liquidity 00:05:05.830 --> 00:05:05.840 align:start position:0% ETFs there's a lot of passive liquidity 00:05:05.840 --> 00:05:08.230 align:start position:0% ETFs there's a lot of passive liquidity out<00:05:06.080> there<00:05:06.400> clearly<00:05:06.759> people<00:05:06.960> are<00:05:07.120> doing<00:05:07.440> stuff 00:05:08.230 --> 00:05:08.240 align:start position:0% out there clearly people are doing stuff 00:05:08.240 --> 00:05:10.590 align:start position:0% out there clearly people are doing stuff in<00:05:08.520> kind<00:05:08.639> of<00:05:08.840> the<00:05:08.960> financial<00:05:09.479> world<00:05:09.960> with<00:05:10.160> this 00:05:10.590 --> 00:05:10.600 align:start position:0% in kind of the financial world with this 00:05:10.600 --> 00:05:12.270 align:start position:0% in kind of the financial world with this and<00:05:10.800> I<00:05:10.880> think<00:05:11.039> there's<00:05:11.280> a<00:05:11.400> lot<00:05:11.520> of<00:05:11.680> opportunity 00:05:12.270 --> 00:05:12.280 align:start position:0% and I think there's a lot of opportunity 00:05:12.280 --> 00:05:15.150 align:start position:0% and I think there's a lot of opportunity to<00:05:12.479> bring<00:05:13.120> this<00:05:13.320> liquidity<00:05:13.720> on<00:05:13.919> chain<00:05:14.800> so<00:05:15.039> if 00:05:15.150 --> 00:05:15.160 align:start position:0% to bring this liquidity on chain so if 00:05:15.160 --> 00:05:16.390 align:start position:0% to bring this liquidity on chain so if you're<00:05:15.280> interested<00:05:15.600> in<00:05:15.759> collaborating<00:05:16.240> on 00:05:16.390 --> 00:05:16.400 align:start position:0% you're interested in collaborating on 00:05:16.400 --> 00:05:17.950 align:start position:0% you're interested in collaborating on these<00:05:16.560> types<00:05:16.759> of<00:05:16.919> questions<00:05:17.360> on<00:05:17.479> the<00:05:17.600> research 00:05:17.950 --> 00:05:17.960 align:start position:0% these types of questions on the research 00:05:17.960 --> 00:05:19.390 align:start position:0% these types of questions on the research side<00:05:18.120> or<00:05:18.240> on<00:05:18.319> the<00:05:18.479> Practical<00:05:18.880> side<00:05:19.160> please 00:05:19.390 --> 00:05:19.400 align:start position:0% side or on the Practical side please 00:05:19.400 --> 00:05:23.990 align:start position:0% side or on the Practical side please reach<00:05:19.560> out<00:05:19.960> thank 00:05:23.990 --> 00:05:24.000 align:start position:0% 00:05:24.000 --> 00:05:31.950 align:start position:0% you<00:05:25.000> thank<00:05:25.319> you<00:05:26.319> so<00:05:26.560> are<00:05:26.759> there<00:05:26.919> any<00:05:27.400> questions 00:05:31.950 --> 00:05:31.960 align:start position:0% 00:05:31.960 --> 00:05:34.629 align:start position:0% no<00:05:32.199> questions<00:05:32.919> raise<00:05:33.120> your<00:05:33.280> hand<00:05:33.560> so<00:05:33.720> I 00:05:34.629 --> 00:05:34.639 align:start position:0% no questions raise your hand so I 00:05:34.639 --> 00:05:38.469 align:start position:0% no questions raise your hand so I can<00:05:35.639> send<00:05:35.919> you<00:05:36.120> the 00:05:38.469 --> 00:05:38.479 align:start position:0% 00:05:38.479 --> 00:05:40.550 align:start position:0% mic 00:05:40.550 --> 00:05:40.560 align:start position:0% mic 00:05:40.560 --> 00:05:43.749 align:start position:0% mic okay<00:05:41.560> okay<00:05:41.840> all 00:05:43.749 --> 00:05:43.759 align:start position:0% okay okay all 00:05:43.759 --> 00:05:46.189 align:start position:0% okay okay all clear<00:05:44.759> H<00:05:44.960> there's<00:05:45.120> a<00:05:45.280> question 00:05:46.189 --> 00:05:46.199 align:start position:0% clear H there's a question 00:05:46.199 --> 00:05:47.909 align:start position:0% clear H there's a question here 00:05:47.909 --> 00:05:47.919 align:start position:0% here 00:05:47.919 --> 00:05:51.990 align:start position:0% here yep<00:05:48.919> uh<00:05:49.360> you<00:05:49.520> didn't<00:05:49.840> talk<00:05:50.400> uh<00:05:51.080> uh<00:05:51.199> you<00:05:51.360> didn't 00:05:51.990 --> 00:05:52.000 align:start position:0% yep uh you didn't talk uh uh you didn't 00:05:52.000 --> 00:05:55.590 align:start position:0% yep uh you didn't talk uh uh you didn't expand<00:05:52.440> in<00:05:52.680> detail<00:05:53.360> but<00:05:53.680> uh<00:05:54.479> um<00:05:54.800> can<00:05:54.960> you<00:05:55.319> uh<00:05:55.440> is 00:05:55.590 --> 00:05:55.600 align:start position:0% expand in detail but uh um can you uh is 00:05:55.600 --> 00:05:59.469 align:start position:0% expand in detail but uh um can you uh is there<00:05:56.600> um<00:05:57.000> a<00:05:57.479> brief<00:05:58.240> uh<00:05:58.479> introduction<00:05:59.120> about 00:05:59.469 --> 00:05:59.479 align:start position:0% there um a brief uh introduction about 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a<00:06:09.160> issue<00:06:09.440> in<00:06:09.560> a<00:06:09.680> lot<00:06:09.800> of<00:06:09.919> amms<00:06:10.639> because 00:06:10.909 --> 00:06:10.919 align:start position:0% kind of a issue in a lot of amms because 00:06:10.919 --> 00:06:13.830 align:start position:0% kind of a issue in a lot of amms because for<00:06:11.080> instance<00:06:11.960> if<00:06:12.039> you<00:06:12.199> wanted<00:06:12.520> to<00:06:13.160> uh<00:06:13.400> hedge 00:06:13.830 --> 00:06:13.840 align:start position:0% for instance if you wanted to uh hedge 00:06:13.840 --> 00:06:16.230 align:start position:0% for instance if you wanted to uh hedge like<00:06:14.000> say<00:06:14.280> a<00:06:14.800> like<00:06:15.360> a<00:06:15.479> constant<00:06:15.880> product 00:06:16.230 --> 00:06:16.240 align:start position:0% like say a like a constant product 00:06:16.240 --> 00:06:19.070 align:start position:0% like say a like a constant product position<00:06:17.120> you<00:06:17.319> have<00:06:17.520> that<00:06:17.759> square<00:06:18.160> root<00:06:18.919> uh 00:06:19.070 --> 00:06:19.080 align:start position:0% position you have that square root uh 00:06:19.080 --> 00:06:20.870 align:start position:0% position you have that square root uh function<00:06:19.479> that's<00:06:19.639> your<00:06:19.880> long<00:06:20.240> exposure<00:06:20.680> to 00:06:20.870 --> 00:06:20.880 align:start position:0% function that's your long exposure to 00:06:20.880 --> 00:06:23.150 align:start position:0% function that's your long exposure to the<00:06:21.039> asset<00:06:21.720> and<00:06:21.919> most<00:06:22.160> places<00:06:22.479> to<00:06:22.639> get<00:06:22.800> short 00:06:23.150 --> 00:06:23.160 align:start position:0% the asset and most places to get short 00:06:23.160 --> 00:06:24.950 align:start position:0% the asset and most places to get short exposure<00:06:23.599> are<00:06:23.759> giving<00:06:23.960> you<00:06:24.080> a<00:06:24.199> linear<00:06:24.560> short 00:06:24.950 --> 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position:0% asset is going to change as the price 00:06:32.160 --> 00:06:34.830 align:start position:0% asset is going to change as the price changes<00:06:33.160> um<00:06:33.360> and<00:06:33.560> that<00:06:33.840> makes<00:06:34.080> it<00:06:34.360> very 00:06:34.830 --> 00:06:34.840 align:start position:0% changes um and that makes it very 00:06:34.840 --> 00:06:36.110 align:start position:0% changes um and that makes it very difficult<00:06:35.039> because<00:06:35.240> you<00:06:35.360> have<00:06:35.440> to<00:06:35.639> constantly 00:06:36.110 --> 00:06:36.120 align:start position:0% difficult because you have to constantly 00:06:36.120 --> 00:06:39.029 align:start position:0% difficult because you have to constantly be<00:06:36.360> managing<00:06:37.280> this<00:06:37.560> uh<00:06:37.960> the<00:06:38.120> short<00:06:38.520> position 00:06:39.029 --> 00:06:39.039 align:start position:0% be managing this uh the short position 00:06:39.039 --> 00:06:41.189 align:start position:0% be managing this uh the short position the<00:06:39.199> hedge<00:06:39.400> of<00:06:39.520> the<00:06:39.599> short<00:06:39.919> position<00:06:40.919> um<00:06:41.080> which 00:06:41.189 --> 00:06:41.199 align:start position:0% the hedge of the short position um which 00:06:41.199 --> 00:06:43.749 align:start position:0% the hedge of the short position um which means<00:06:41.520> that<00:06:41.639> it's<00:06:41.840> like<00:06:42.080> no<00:06:42.280> no<00:06:42.479> longer<00:06:43.240> uh 00:06:43.749 --> 00:06:43.759 align:start position:0% means that it's like no no longer uh 00:06:43.759 --> 00:06:45.469 align:start position:0% means that it's like no no longer uh passively<00:06:44.199> providing<00:06:44.560> liquidity<00:06:45.319> and 00:06:45.469 --> 00:06:45.479 align:start position:0% passively providing liquidity and 00:06:45.479 --> 00:06:46.670 align:start position:0% passively providing liquidity and there's<00:06:45.759> um<00:06:45.919> there's<00:06:46.039> a<00:06:46.160> number<00:06:46.319> of<00:06:46.440> blog 00:06:46.670 --> 00:06:46.680 align:start position:0% there's um there's a number of blog 00:06:46.680 --> 00:06:49.110 align:start position:0% there's um there's a number of blog posts<00:06:46.960> if<00:06:47.120> you<00:06:47.680> um<00:06:47.960> message<00:06:48.319> me<00:06:48.520> I<00:06:48.599> can<00:06:48.880> send 00:06:49.110 --> 00:06:49.120 align:start position:0% posts if you um message me I can send 00:06:49.120 --> 00:06:50.830 align:start position:0% posts if you um message me I can send you<00:06:49.319> from<00:06:49.599> kind<00:06:49.720> of<00:06:49.880> a<00:06:50.000> few<00:06:50.160> years<00:06:50.400> ago<00:06:50.680> that 00:06:50.830 --> 00:06:50.840 align:start position:0% you from kind of a few years ago that 00:06:50.840 --> 00:06:53.150 align:start position:0% you from kind of a few years ago that talk<00:06:51.080> about<00:06:51.360> this<00:06:51.919> but<00:06:52.120> in<00:06:52.639> terms<00:06:52.919> of<00:06:53.039> the 00:06:53.150 --> 00:06:53.160 align:start position:0% talk about this but in terms of the 00:06:53.160 --> 00:06:54.790 align:start position:0% talk about this but in terms of the question<00:06:53.440> of<00:06:53.680> like<00:06:54.000> how<00:06:54.120> do<00:06:54.280> I<00:06:54.400> design<00:06:54.639> a 00:06:54.790 --> 00:06:54.800 align:start position:0% question of like how do I design a 00:06:54.800 --> 00:06:57.189 align:start position:0% question of like how do I design a portfolio<00:06:55.319> value<00:06:55.639> that<00:06:55.759> is<00:06:55.879> easy<00:06:56.120> to<00:06:56.319> hedge<00:06:56.879> um 00:06:57.189 --> 00:06:57.199 align:start position:0% portfolio value that is easy to hedge um 00:06:57.199 --> 00:07:00.150 align:start position:0% portfolio value that is easy to hedge um I<00:06:58.199> I<00:06:58.360> I<00:06:58.440> think<00:06:58.639> this<00:06:58.759> is<00:06:58.879> a<00:06:59.080> pretty<00:06:59.639> interesting 00:07:00.150 --> 00:07:00.160 align:start position:0% I I I think this is a pretty interesting 00:07:00.160 --> 00:07:01.749 align:start position:0% I I I think this is a pretty interesting area<00:07:00.440> of<00:07:00.560> research<00:07:00.919> moving<00:07:01.240> forward 00:07:01.749 --> 00:07:01.759 align:start position:0% area of research moving forward 00:07:01.759 --> 00:07:03.150 align:start position:0% area of research moving forward especially<00:07:02.120> the<00:07:02.240> dynamic<00:07:02.720> case<00:07:02.919> where<00:07:03.080> the 00:07:03.150 --> 00:07:03.160 align:start position:0% especially the dynamic case where the 00:07:03.160 --> 00:07:05.749 align:start position:0% especially the dynamic case where the cfmm<00:07:04.080> or<00:07:04.280> the<00:07:04.400> aade<00:07:04.879> market<00:07:05.160> maker<00:07:05.479> might<00:07:05.599> be 00:07:05.749 --> 00:07:05.759 align:start position:0% cfmm or the aade market maker might be 00:07:05.759 --> 00:07:11.350 align:start position:0% cfmm or the aade market maker might be changing<00:07:06.199> over 00:07:11.350 --> 00:07:11.360 align:start position:0% 00:07:11.360 --> 00:07:14.070 align:start position:0% time<00:07:12.360> there's<00:07:12.599> another<00:07:12.919> question<00:07:13.120> over<00:07:13.400> there 00:07:14.070 --> 00:07:14.080 align:start position:0% time there's another question over there 00:07:14.080 --> 00:07:17.189 align:start position:0% time there's another question over there in<00:07:14.199> the<00:07:14.680> center<00:07:15.680> how<00:07:15.800> do<00:07:15.879> you<00:07:16.840> how<00:07:16.960> do<00:07:17.080> you 00:07:17.189 --> 00:07:17.199 align:start position:0% in the center how do you how do you 00:07:17.199 --> 00:07:19.469 align:start position:0% in the center how do you how do you think<00:07:17.440> about<00:07:18.319> concentrated<00:07:19.000> liquidity 00:07:19.469 --> 00:07:19.479 align:start position:0% think about concentrated liquidity 00:07:19.479 --> 00:07:21.150 align:start position:0% think about concentrated liquidity provision<00:07:19.960> in<00:07:20.199> particularly<00:07:20.639> regards<00:07:20.919> to 00:07:21.150 --> 00:07:21.160 align:start position:0% provision in particularly regards to 00:07:21.160 --> 00:07:23.350 align:start position:0% provision in particularly regards to hedging<00:07:21.520> as<00:07:21.639> you<00:07:21.840> described<00:07:22.319> so<00:07:22.479> if<00:07:22.599> I'm<00:07:22.720> an<00:07:22.919> LP 00:07:23.350 --> 00:07:23.360 align:start position:0% hedging as you described so if I'm an LP 00:07:23.360 --> 00:07:25.070 align:start position:0% hedging as you described so if I'm an LP and<00:07:23.560> I<00:07:23.680> want<00:07:23.840> to<00:07:24.120> you<00:07:24.199> know<00:07:24.479> only<00:07:24.759> provide 00:07:25.070 --> 00:07:25.080 align:start position:0% and I want to you know only provide 00:07:25.080 --> 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also<00:07:31.720> actually<00:07:32.039> do<00:07:32.319> fit<00:07:32.560> in<00:07:32.800> kind<00:07:32.960> of 00:07:33.350 --> 00:07:33.360 align:start position:0% um those also actually do fit in kind of 00:07:33.360 --> 00:07:35.629 align:start position:0% um those also actually do fit in kind of the<00:07:34.160> standard<00:07:34.680> constant<00:07:35.000> function<00:07:35.319> Market 00:07:35.629 --> 00:07:35.639 align:start position:0% the standard constant function Market 00:07:35.639 --> 00:07:37.469 align:start position:0% the standard constant function Market maker<00:07:36.160> framework<00:07:36.800> even<00:07:36.960> the<00:07:37.120> constant 00:07:37.469 --> 00:07:37.479 align:start position:0% maker framework even the constant 00:07:37.479 --> 00:07:40.350 align:start position:0% maker framework even the constant liquidity<00:07:37.879> pools<00:07:38.599> um<00:07:39.240> there's<00:07:39.639> a<00:07:39.919> there's<00:07:40.120> a 00:07:40.350 --> 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function market makers that shows<00:07:44.919> that<00:07:45.039> connection<00:07:45.840> um<00:07:46.319> essentially<00:07:46.840> the 00:07:47.029 --> 00:07:47.039 align:start position:0% shows that connection um essentially the 00:07:47.039 --> 00:07:49.830 align:start position:0% shows that connection um essentially the the<00:07:47.159> high<00:07:47.360> level<00:07:47.639> idea<00:07:48.080> is<00:07:49.039> one<00:07:49.280> way<00:07:49.400> to<00:07:49.599> think 00:07:49.830 --> 00:07:49.840 align:start position:0% the high level idea is one way to think 00:07:49.840 --> 00:07:51.629 align:start position:0% the high level idea is one way to think about<00:07:50.199> all<00:07:50.360> of<00:07:50.560> these<00:07:50.759> things<00:07:51.120> is<00:07:51.319> there's 00:07:51.629 --> 00:07:51.639 align:start position:0% about all of these things is there's 00:07:51.639 --> 00:07:54.270 align:start position:0% about all of these things is there's like<00:07:51.960> some<00:07:52.960> set<00:07:53.199> of<00:07:53.479> reserves<00:07:54.080> that's 00:07:54.270 --> 00:07:54.280 align:start position:0% like some set of reserves that's 00:07:54.280 --> 00:07:56.070 align:start position:0% like some set of reserves that's allowable<00:07:55.000> kind<00:07:55.120> of<00:07:55.280> that<00:07:55.440> first<00:07:55.639> slide<00:07:55.919> that 00:07:56.070 --> 00:07:56.080 align:start position:0% allowable kind of that first slide that 00:07:56.080 --> 00:07:58.550 align:start position:0% allowable kind of that first slide that I<00:07:56.240> had<00:07:56.919> and<00:07:57.120> that<00:07:57.280> set<00:07:57.599> has<00:07:58.039> particular 00:07:58.550 --> 00:07:58.560 align:start position:0% I had and that set has particular 00:07:58.560 --> 00:08:01.149 align:start position:0% I had and that set has particular properties<00:07:59.080> for<00:07:59.800> let's<00:08:00.000> say<00:08:00.319> like<00:08:00.759> the<00:08:00.919> things 00:08:01.149 --> 00:08:01.159 align:start position:0% properties for let's say like the things 00:08:01.159 --> 00:08:03.510 align:start position:0% properties for let's say like the things that<00:08:01.280> you<00:08:01.440> want<00:08:01.639> to<00:08:01.840> hold<00:08:02.240> so<00:08:02.479> even<00:08:03.039> say<00:08:03.280> a 00:08:03.510 --> 00:08:03.520 align:start position:0% that you want to hold so even say a 00:08:03.520 --> 00:08:05.430 align:start position:0% that you want to hold so even say a concentrated<00:08:04.039> liquidity<00:08:04.440> position<00:08:05.159> whether 00:08:05.430 --> 00:08:05.440 align:start position:0% concentrated liquidity position whether 00:08:05.440 --> 00:08:08.550 align:start position:0% concentrated liquidity position whether that's<00:08:05.720> like<00:08:05.960> the<00:08:06.400> Unis<00:08:06.759> swap<00:08:06.960> V3<00:08:07.759> hyperbolic 00:08:08.550 --> 00:08:08.560 align:start position:0% that's like the Unis swap V3 hyperbolic 00:08:08.560 --> 00:08:10.710 align:start position:0% that's like the Unis swap V3 hyperbolic type<00:08:08.800> concentrated<00:08:09.360> liquidity<00:08:10.080> or<00:08:10.199> if<00:08:10.319> it's<00:08:10.560> a 00:08:10.710 --> 00:08:10.720 align:start position:0% type concentrated liquidity or if it's a 00:08:10.720 --> 00:08:12.430 align:start position:0% type concentrated liquidity or if it's a linear<00:08:11.199> concentrated<00:08:11.720> liquidity<00:08:12.159> you<00:08:12.240> can 00:08:12.430 --> 00:08:12.440 align:start position:0% linear concentrated liquidity you can 00:08:12.440 --> 00:08:14.589 align:start position:0% linear concentrated liquidity you can even<00:08:12.639> in<00:08:12.759> some<00:08:12.960> ways<00:08:13.199> think<00:08:13.319> of<00:08:13.440> an<00:08:13.560> order<00:08:13.879> book 00:08:14.589 --> 00:08:14.599 align:start position:0% even in some ways think of an order book 00:08:14.599 --> 00:08:16.390 align:start position:0% even in some ways think of an order book as<00:08:14.759> linear<00:08:15.240> concentrated<00:08:15.879> liquidity 00:08:16.390 --> 00:08:16.400 align:start position:0% as linear concentrated liquidity 00:08:16.400 --> 00:08:18.710 align:start position:0% as linear concentrated liquidity positions<00:08:17.400> uh<00:08:17.560> because<00:08:17.800> for<00:08:18.000> whatever<00:08:18.319> you're 00:08:18.710 --> 00:08:18.720 align:start position:0% positions uh because for whatever you're 00:08:18.720 --> 00:08:20.430 align:start position:0% positions uh because for whatever you're selling<00:08:19.240> it's<00:08:19.479> just<00:08:19.639> kind<00:08:19.759> of<00:08:19.840> a<00:08:20.000> linear 00:08:20.430 --> 00:08:20.440 align:start position:0% selling it's just kind of a linear 00:08:20.440 --> 00:08:23.070 align:start position:0% selling it's just kind of a linear amount<00:08:21.400> um<00:08:21.520> so<00:08:21.720> this<00:08:21.840> all<00:08:22.000> falls<00:08:22.319> into<00:08:22.720> similar 00:08:23.070 --> 00:08:23.080 align:start position:0% amount um so this all falls into similar 00:08:23.080 --> 00:08:24.589 align:start position:0% amount um so this all falls into similar framework<00:08:23.639> and<00:08:23.840> actually<00:08:24.080> I<00:08:24.159> think<00:08:24.360> that's 00:08:24.589 --> 00:08:24.599 align:start position:0% framework and actually I think that's 00:08:24.599 --> 00:08:26.589 align:start position:0% framework and actually I think that's one<00:08:24.720> of<00:08:24.879> the<00:08:25.039> things<00:08:25.360> where<00:08:25.639> kind<00:08:25.759> of<00:08:26.240> the<00:08:26.360> more 00:08:26.589 --> 00:08:26.599 align:start position:0% one of the things where kind of the more 00:08:26.599 --> 00:08:28.430 align:start position:0% one of the things where kind of the more we<00:08:26.680> can<00:08:27.039> bring<00:08:27.319> this<00:08:27.479> all<00:08:27.680> into<00:08:28.000> a<00:08:28.159> common 00:08:28.430 --> 00:08:28.440 align:start position:0% we can bring this all into a common 00:08:28.440 --> 00:08:30.629 align:start position:0% we can bring this all into a common framework<00:08:28.919> we<00:08:29.000> can<00:08:29.120> start<00:08:29.520> to<00:08:29.720> use<00:08:30.440> more 00:08:30.629 --> 00:08:30.639 align:start position:0% framework we can start to use more 00:08:30.639 --> 00:08:32.509 align:start position:0% framework we can start to use more interesting<00:08:31.080> mathematics<00:08:31.720> and<00:08:31.879> then<00:08:32.120> really 00:08:32.509 --> 00:08:32.519 align:start position:0% interesting mathematics and then really 00:08:32.519 --> 00:08:35.110 align:start position:0% interesting mathematics and then really push<00:08:32.800> forward<00:08:33.680> um<00:08:34.000> our<00:08:34.200> ability<00:08:34.519> to<00:08:34.719> like 00:08:35.110 --> 00:08:35.120 align:start position:0% push forward um our ability to like 00:08:35.120 --> 00:08:36.909 align:start position:0% push forward um our ability to like understand<00:08:35.320> the<00:08:35.479> stuff<00:08:35.680> and<00:08:35.800> build<00:08:36.080> end 00:08:36.909 --> 00:08:36.919 align:start position:0% understand the stuff and build end 00:08:36.919 --> 00:08:39.070 align:start position:0% understand the stuff and build end products<00:08:37.919> happy<00:08:38.120> to<00:08:38.240> talk<00:08:38.440> more<00:08:38.640> offline 00:08:39.070 --> 00:08:39.080 align:start position:0% products happy to talk more offline 00:08:39.080 --> 00:08:40.430 align:start position:0% products happy to talk more offline thank<00:08:39.200> you<00:08:39.279> for<00:08:39.399> the 00:08:40.430 --> 00:08:40.440 align:start position:0% thank you for the 00:08:40.440 --> 00:08:43.829 align:start position:0% thank you for the question<00:08:41.440> there's<00:08:41.680> time<00:08:41.839> for<00:08:42.320> one<00:08:42.599> final 00:08:43.829 --> 00:08:43.839 align:start position:0% question there's time for one final 00:08:43.839 --> 00:08:51.350 align:start position:0% question there's time for one final question<00:08:44.839> over 00:08:51.350 --> 00:08:51.360 align:start position:0% 00:08:51.360 --> 00:08:53.750 align:start position:0% here<00:08:52.360> what<00:08:52.560> do<00:08:52.640> you<00:08:52.760> think<00:08:52.880> is<00:08:53.120> like<00:08:53.320> the<00:08:53.560> the 00:08:53.750 --> 00:08:53.760 align:start position:0% here what do you think is like the the 00:08:53.760 --> 00:08:55.550 align:start position:0% here what do you think is like the the right<00:08:54.000> way<00:08:54.240> of<00:08:54.760> thinking<00:08:55.080> about<00:08:55.320> these 00:08:55.550 --> 00:08:55.560 align:start position:0% right way of thinking about these 00:08:55.560 --> 00:08:57.790 align:start position:0% right way of thinking about these portfolios<00:08:56.120> for<00:08:56.320> users<00:08:56.760> because<00:08:57.279> crypto<00:08:57.600> is 00:08:57.790 --> 00:08:57.800 align:start position:0% portfolios for users because crypto is 00:08:57.800 --> 00:08:59.870 align:start position:0% portfolios for users because crypto is quite<00:08:58.079> quite<00:08:58.200> a<00:08:58.320> unique<00:08:58.720> place<00:08:59.519> you<00:08:59.600> need<00:08:59.760> to 00:08:59.870 --> 00:08:59.880 align:start position:0% quite quite a unique place you need to 00:08:59.880 --> 00:09:03.269 align:start position:0% quite quite a unique place you need to put<00:09:00.120> like<00:09:00.360> these<00:09:00.560> two<00:09:00.760> tokens<00:09:01.320> in<00:09:01.600> in<00:09:02.079> the<00:09:02.279> AML 00:09:03.269 --> 00:09:03.279 align:start position:0% put like these two tokens in in the AML 00:09:03.279 --> 00:09:04.990 align:start position:0% put like these two tokens in in the AML and<00:09:03.480> traditional<00:09:03.880> Market<00:09:04.160> making<00:09:04.720> market 00:09:04.990 --> 00:09:05.000 align:start position:0% and traditional Market making market 00:09:05.000 --> 00:09:08.310 align:start position:0% and traditional Market making market makers<00:09:05.320> are<00:09:05.640> looking<00:09:05.959> for<00:09:06.399> optimizing<00:09:07.200> USD<00:09:08.200> do 00:09:08.310 --> 00:09:08.320 align:start position:0% makers are looking for optimizing USD do 00:09:08.320 --> 00:09:10.670 align:start position:0% makers are looking for optimizing USD do you<00:09:08.519> think<00:09:08.880> we<00:09:09.000> are<00:09:09.279> looking<00:09:09.600> at<00:09:09.920> maybe<00:09:10.200> the<00:09:10.399> WR 00:09:10.670 --> 00:09:10.680 align:start position:0% you think we are looking at maybe the WR 00:09:10.680 --> 00:09:13.670 align:start position:0% you think we are looking at maybe the WR metrics<00:09:11.680> when<00:09:11.839> we<00:09:11.959> are<00:09:12.839> measuring<00:09:13.360> this<00:09:13.519> kind 00:09:13.670 --> 00:09:13.680 align:start position:0% metrics when we are measuring this kind 00:09:13.680 --> 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if<00:09:21.240> I<00:09:21.560> understand<00:09:21.680> the<00:09:21.800> question 00:09:22.069 --> 00:09:22.079 align:start position:0% sorry if I understand the question 00:09:22.079 --> 00:09:24.110 align:start position:0% sorry if I understand the question correctly<00:09:22.480> it's<00:09:22.720> like<00:09:23.120> what<00:09:23.680> types<00:09:23.920> of 00:09:24.110 --> 00:09:24.120 align:start position:0% correctly it's like what types of 00:09:24.120 --> 00:09:25.990 align:start position:0% correctly it's like what types of portfolios<00:09:24.680> should<00:09:24.880> we<00:09:25.040> be<00:09:25.560> what<00:09:25.760> what<00:09:25.880> kind 00:09:25.990 --> 00:09:26.000 align:start position:0% portfolios should we be what what kind 00:09:26.000 --> 00:09:27.990 align:start position:0% portfolios should we be what what kind of<00:09:26.120> products<00:09:26.480> are<00:09:26.600> we<00:09:26.720> trying<00:09:26.959> to<00:09:27.120> design<00:09:27.760> I<00:09:27.920> I 00:09:27.990 --> 00:09:28.000 align:start position:0% of products are we trying to design I I 00:09:28.000 --> 00:09:29.790 align:start position:0% of products are we trying to design I I think<00:09:28.160> that's<00:09:28.279> a<00:09:28.399> good<00:09:28.600> question<00:09:29.120> I<00:09:29.519> I<00:09:29.600> think 00:09:29.790 --> 00:09:29.800 align:start position:0% think that's a good question I I think 00:09:29.800 --> 00:09:32.710 align:start position:0% think that's a good question I I think right<00:09:30.000> now<00:09:30.279> there's<00:09:30.920> the<00:09:31.480> the<00:09:31.680> first<00:09:32.360> kind<00:09:32.519> of 00:09:32.710 --> 00:09:32.720 align:start position:0% right now there's the the first kind of 00:09:32.720 --> 00:09:34.509 align:start position:0% right now there's the the first kind of step<00:09:33.040> to<00:09:33.279> answering<00:09:33.720> that<00:09:33.920> question<00:09:34.240> is<00:09:34.360> to 00:09:34.509 --> 00:09:34.519 align:start position:0% step to answering that question is to 00:09:34.519 --> 00:09:37.150 align:start position:0% step to answering that question is to figure<00:09:34.839> out<00:09:35.440> you<00:09:35.600> know<00:09:36.120> what<00:09:36.519> might<00:09:36.720> we<00:09:36.920> care 00:09:37.150 --> 00:09:37.160 align:start position:0% figure out you know what might we care 00:09:37.160 --> 00:09:39.190 align:start position:0% figure out you know what might we care about<00:09:37.680> and<00:09:37.800> then<00:09:37.959> how<00:09:38.079> do<00:09:38.200> we<00:09:38.360> design<00:09:38.839> for 00:09:39.190 --> 00:09:39.200 align:start position:0% about and then how do we design for 00:09:39.200 --> 00:09:42.590 align:start position:0% about and then how do we design for those<00:09:39.519> types<00:09:39.839> of<00:09:40.399> uh<00:09:40.519> for<00:09:40.800> those<00:09:41.600> metrics<00:09:42.399> I<00:09:42.519> I 00:09:42.590 --> 00:09:42.600 align:start position:0% those types of uh for those metrics I I 00:09:42.600 --> 00:09:43.870 align:start position:0% those types of uh for those metrics I I think<00:09:42.720> there's<00:09:42.880> a<00:09:43.079> question<00:09:43.320> of<00:09:43.440> to<00:09:43.600> like<00:09:43.760> what 00:09:43.870 --> 00:09:43.880 align:start position:0% think there's a question of to like what 00:09:43.880 --> 00:09:46.069 align:start position:0% think there's a question of to like what the<00:09:44.000> metric<00:09:44.360> should<00:09:44.600> even<00:09:44.839> be<00:09:45.480> and<00:09:45.600> then<00:09:45.800> after 00:09:46.069 --> 00:09:46.079 align:start position:0% the metric should even be and then after 00:09:46.079 --> 00:09:49.310 align:start position:0% the metric should even be and then after that<00:09:46.279> we<00:09:46.360> can<00:09:46.560> kind<00:09:46.720> of<00:09:47.399> you<00:09:47.560> know<00:09:48.240> look<00:09:48.480> into 00:09:49.310 --> 00:09:49.320 align:start position:0% that we can kind of you know look into 00:09:49.320 --> 00:09:51.269 align:start position:0% that we can kind of you know look into what<00:09:49.600> actually<00:09:50.320> how<00:09:50.440> to<00:09:50.640> actually<00:09:50.880> construct 00:09:51.269 --> 00:09:51.279 align:start position:0% what actually how to actually construct 00:09:51.279 --> 00:09:53.670 align:start position:0% what actually how to actually construct those<00:09:51.600> portfolios<00:09:52.600> um<00:09:52.959> but<00:09:53.120> that<00:09:53.279> I<00:09:53.360> think<00:09:53.560> the 00:09:53.670 --> 00:09:53.680 align:start position:0% those portfolios um but that I think the 00:09:53.680 --> 00:09:55.069 align:start position:0% those portfolios um but that I think the exciting<00:09:54.040> part<00:09:54.200> is<00:09:54.320> the<00:09:54.440> design<00:09:54.720> space<00:09:54.959> is 00:09:55.069 --> 00:09:55.079 align:start position:0% exciting part is the design space is 00:09:55.079 --> 00:09:57.069 align:start position:0% exciting part is the design space is pretty<00:09:55.320> wide<00:09:55.519> open<00:09:55.839> right<00:09:56.000> now<00:09:56.519> and<00:09:56.720> of<00:09:56.839> course 00:09:57.069 --> 00:09:57.079 align:start position:0% pretty wide open right now and of course 00:09:57.079 --> 00:09:59.829 align:start position:0% pretty wide open right now and of course we<00:09:57.200> can<00:09:57.360> look<00:09:57.600> to<00:09:58.600> finances<00:09:59.079> along<00:09:59.519> history 00:09:59.829 --> 00:09:59.839 align:start position:0% we can look to finances along history 00:09:59.839 --> 00:10:01.750 align:start position:0% we can look to finances along history that<00:09:59.920> we<00:10:00.000> can<00:10:00.120> look<00:10:00.240> for<00:10:00.440> inspiration<00:10:00.959> to 00:10:01.750 --> 00:10:01.760 align:start position:0% that we can look for inspiration to 00:10:01.760 --> 00:10:02.910 align:start position:0% that we can look for inspiration to thank 00:10:02.910 --> 00:10:02.920 align:start position:0% thank 00:10:02.920 --> 00:10:06.190 align:start position:0% thank you<00:10:03.920> well<00:10:04.079> thank<00:10:04.200> you<00:10:04.399> very<00:10:04.839> much<00:10:05.839> please<00:10:06.079> have 00:10:06.190 --> 00:10:06.200 align:start position:0% you well thank you very much please have 00:10:06.200 --> 00:10:10.760 align:start position:0% you well thank you very much please have a<00:10:06.399> nice<00:10:06.600> round<00:10:06.839> of<00:10:06.959> app<00:10:07.120> place<00:10:07.760> for<00:10:08.079> you