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 --> 00:00:09.150 align:start position:0% [Music] 00:00:09.150 --> 00:00:09.160 align:start position:0% [Music] 00:00:09.160 --> 00:00:12.390 align:start position:0% [Music] hi<00:00:09.320> everybody<00:00:09.840> I'm<00:00:10.080> Mariah<00:00:10.799> clausman<00:00:11.799> I<00:00:11.920> am<00:00:12.160> a 00:00:12.390 --> 00:00:12.400 align:start position:0% hi everybody I'm Mariah clausman I am a 00:00:12.400 --> 00:00:14.509 align:start position:0% hi everybody I'm Mariah clausman I am a co-founder<00:00:13.040> of<00:00:13.240> gyroscope<00:00:14.000> which<00:00:14.120> is<00:00:14.280> a 00:00:14.509 --> 00:00:14.519 align:start position:0% co-founder of gyroscope which is a 00:00:14.519 --> 00:00:16.630 align:start position:0% co-founder of gyroscope which is a decentralized<00:00:15.320> stable<00:00:15.679> cone<00:00:16.000> protocol<00:00:16.440> and 00:00:16.630 --> 00:00:16.640 align:start position:0% decentralized stable cone protocol and 00:00:16.640 --> 00:00:18.830 align:start position:0% decentralized stable cone protocol and liquidity<00:00:17.279> protocol<00:00:18.279> uh<00:00:18.359> and<00:00:18.480> today<00:00:18.760> I'm 00:00:18.830 --> 00:00:18.840 align:start position:0% liquidity protocol uh and today I'm 00:00:18.840 --> 00:00:21.269 align:start position:0% liquidity protocol uh and today I'm going<00:00:18.920> to<00:00:19.119> talk<00:00:19.279> a<00:00:19.439> bit<00:00:19.680> about<00:00:20.600> uh<00:00:20.720> how<00:00:20.840> to<00:00:21.000> make 00:00:21.269 --> 00:00:21.279 align:start position:0% going to talk a bit about uh how to make 00:00:21.279 --> 00:00:23.550 align:start position:0% going to talk a bit about uh how to make decentralized<00:00:21.960> stable<00:00:22.320> coins<00:00:22.800> more<00:00:23.199> Super 00:00:23.550 --> 00:00:23.560 align:start position:0% decentralized stable coins more Super 00:00:23.560 --> 00:00:25.470 align:start position:0% decentralized stable coins more Super liquid<00:00:24.480> and<00:00:24.599> this<00:00:24.760> talk<00:00:24.920> is<00:00:25.039> going<00:00:25.119> to<00:00:25.240> be<00:00:25.320> a 00:00:25.470 --> 00:00:25.480 align:start position:0% liquid and this talk is going to be a 00:00:25.480 --> 00:00:27.950 align:start position:0% liquid and this talk is going to be a mix<00:00:25.800> of<00:00:26.160> uh<00:00:26.599> our<00:00:26.800> work<00:00:27.199> building<00:00:27.560> out 00:00:27.950 --> 00:00:27.960 align:start position:0% mix of uh our work building out 00:00:27.960 --> 00:00:30.349 align:start position:0% mix of uh our work building out gyroscope<00:00:28.679> as<00:00:28.800> well<00:00:29.000> as<00:00:29.400> a<00:00:29.560> background<00:00:30.199> of 00:00:30.349 --> 00:00:30.359 align:start position:0% gyroscope as well as a background of 00:00:30.359 --> 00:00:33.830 align:start position:0% gyroscope as well as a background of academic<00:00:30.840> work<00:00:31.480> uh<00:00:31.599> coming<00:00:31.960> from<00:00:32.480> our<00:00:32.680> phds<00:00:33.640> uh 00:00:33.830 --> 00:00:33.840 align:start position:0% academic work uh coming from our phds uh 00:00:33.840 --> 00:00:34.990 align:start position:0% academic work uh coming from our phds uh that<00:00:33.960> went<00:00:34.200> into<00:00:34.480> actually<00:00:34.640> building 00:00:34.990 --> 00:00:35.000 align:start position:0% that went into actually building 00:00:35.000 --> 00:00:37.190 align:start position:0% that went into actually building gyroscope<00:00:35.960> and<00:00:36.040> it's<00:00:36.200> going<00:00:36.280> to<00:00:36.399> be<00:00:36.559> a<00:00:36.760> largely 00:00:37.190 --> 00:00:37.200 align:start position:0% gyroscope and it's going to be a largely 00:00:37.200 --> 00:00:39.350 align:start position:0% gyroscope and it's going to be a largely high<00:00:37.440> level<00:00:37.719> talk<00:00:38.520> uh<00:00:38.680> focusing<00:00:39.040> on<00:00:39.200> the 00:00:39.350 --> 00:00:39.360 align:start position:0% high level talk uh focusing on the 00:00:39.360 --> 00:00:41.590 align:start position:0% high level talk uh focusing on the concepts<00:00:40.000> but<00:00:40.160> also<00:00:40.360> trying<00:00:40.559> to<00:00:40.760> ground<00:00:41.039> it<00:00:41.399> in 00:00:41.590 --> 00:00:41.600 align:start position:0% concepts but also trying to ground it in 00:00:41.600 --> 00:00:44.310 align:start position:0% concepts but also trying to ground it in some<00:00:41.879> uh<00:00:42.000> some<00:00:42.160> real 00:00:44.310 --> 00:00:44.320 align:start position:0% some uh some real 00:00:44.320 --> 00:00:47.430 align:start position:0% some uh some real examples<00:00:45.320> so<00:00:45.640> let's<00:00:46.079> uh<00:00:46.280> let's<00:00:46.719> take<00:00:46.960> stock<00:00:47.280> of 00:00:47.430 --> 00:00:47.440 align:start position:0% examples so let's uh let's take stock of 00:00:47.440 --> 00:00:49.150 align:start position:0% examples so let's uh let's take stock of the<00:00:47.520> stable<00:00:47.879> coin<00:00:48.120> space<00:00:48.640> and<00:00:48.760> kind<00:00:48.879> of<00:00:48.960> start 00:00:49.150 --> 00:00:49.160 align:start position:0% the stable coin space and kind of start 00:00:49.160 --> 00:00:51.310 align:start position:0% the stable coin space and kind of start at<00:00:49.280> the<00:00:49.440> top<00:00:50.079> so<00:00:50.559> there's<00:00:50.800> something<00:00:51.079> like<00:00:51.199> a 00:00:51.310 --> 00:00:51.320 align:start position:0% at the top so there's something like a 00:00:51.320 --> 00:00:53.630 align:start position:0% at the top so there's something like a stable<00:00:51.640> coin<00:00:51.840> Renaissance<00:00:52.440> right<00:00:52.600> now<00:00:53.320> uh<00:00:53.480> but 00:00:53.630 --> 00:00:53.640 align:start position:0% stable coin Renaissance right now uh but 00:00:53.640 --> 00:00:57.189 align:start position:0% stable coin Renaissance right now uh but at<00:00:53.800> the<00:00:53.960> same<00:00:54.320> time<00:00:55.160> uh<00:00:55.280> usdc<00:00:56.199> and<00:00:56.320> usdt<00:00:57.000> are 00:00:57.189 --> 00:00:57.199 align:start position:0% at the same time uh usdc and usdt are 00:00:57.199 --> 00:01:00.590 align:start position:0% at the same time uh usdc and usdt are largely<00:00:57.719> dominating<00:00:58.719> uh<00:00:58.920> the<00:00:59.120> the<00:00:59.239> the<00:00:59.399> space 00:01:00.590 --> 00:01:00.600 align:start position:0% largely dominating uh the the the space 00:01:00.600 --> 00:01:02.990 align:start position:0% largely dominating uh the the the space and<00:01:01.280> uh<00:01:01.399> what<00:01:01.519> we<00:01:01.640> see<00:01:01.800> is<00:01:01.920> there's<00:01:02.079> a<00:01:02.199> surge 00:01:02.990 --> 00:01:03.000 align:start position:0% and uh what we see is there's a surge 00:01:03.000 --> 00:01:05.189 align:start position:0% and uh what we see is there's a surge particularly<00:01:03.640> in<00:01:04.080> centralized<00:01:04.600> stable<00:01:04.920> coins 00:01:05.189 --> 00:01:05.199 align:start position:0% particularly in centralized stable coins 00:01:05.199 --> 00:01:06.950 align:start position:0% particularly in centralized stable coins coming<00:01:05.400> to<00:01:05.600> Market<00:01:06.159> so<00:01:06.320> this<00:01:06.439> is<00:01:06.600> like<00:01:06.760> new 00:01:06.950 --> 00:01:06.960 align:start position:0% coming to Market so this is like new 00:01:06.960 --> 00:01:10.310 align:start position:0% coming to Market so this is like new contenders<00:01:07.600> like<00:01:07.840> payal's<00:01:08.840> PUSD<00:01:09.840> uh<00:01:09.960> as<00:01:10.119> well 00:01:10.310 --> 00:01:10.320 align:start position:0% contenders like payal's PUSD uh as well 00:01:10.320 --> 00:01:12.429 align:start position:0% contenders like payal's PUSD uh as well as<00:01:10.759> Athena<00:01:11.240> which<00:01:11.360> is<00:01:11.439> a<00:01:11.720> delta<00:01:12.040> neutral 00:01:12.429 --> 00:01:12.439 align:start position:0% as Athena which is a delta neutral 00:01:12.439 --> 00:01:15.350 align:start position:0% as Athena which is a delta neutral stable<00:01:12.799> coin<00:01:13.560> and<00:01:14.040> other<00:01:14.360> real<00:01:14.600> world<00:01:14.960> assets 00:01:15.350 --> 00:01:15.360 align:start position:0% stable coin and other real world assets 00:01:15.360 --> 00:01:19.030 align:start position:0% stable coin and other real world assets mainly<00:01:15.680> backed<00:01:16.080> by<00:01:16.320> by<00:01:16.439> T<00:01:17.000> bills<00:01:18.000> um<00:01:18.439> and<00:01:18.920> at 00:01:19.030 --> 00:01:19.040 align:start position:0% mainly backed by by T bills um and at 00:01:19.040 --> 00:01:20.670 align:start position:0% mainly backed by by T bills um and at the<00:01:19.119> same<00:01:19.320> time<00:01:19.479> there's<00:01:19.680> also<00:01:19.880> an<00:01:20.040> increasing 00:01:20.670 --> 00:01:20.680 align:start position:0% the same time there's also an increasing 00:01:20.680 --> 00:01:23.109 align:start position:0% the same time there's also an increasing maturity<00:01:21.680> uh<00:01:21.799> in<00:01:22.079> decentralized<00:01:22.799> stable 00:01:23.109 --> 00:01:23.119 align:start position:0% maturity uh in decentralized stable 00:01:23.119 --> 00:01:26.109 align:start position:0% maturity uh in decentralized stable coins<00:01:24.000> so<00:01:24.320> one<00:01:24.560> example<00:01:24.920> is<00:01:25.119> there's<00:01:25.680> no<00:01:25.840> more 00:01:26.109 --> 00:01:26.119 align:start position:0% coins so one example is there's no more 00:01:26.119 --> 00:01:29.749 align:start position:0% coins so one example is there's no more Tera<00:01:26.759> there's<00:01:27.040> there's<00:01:27.240> no<00:01:27.360> more<00:01:27.759> Fay<00:01:28.759> uh<00:01:29.560> and 00:01:29.749 --> 00:01:29.759 align:start position:0% Tera there's there's no more Fay uh and 00:01:29.759 --> 00:01:31.590 align:start position:0% Tera there's there's no more Fay uh and there<00:01:29.920> there's<00:01:30.320> new<00:01:30.560> Innovative<00:01:31.040> mechanisms 00:01:31.590 --> 00:01:31.600 align:start position:0% there there's new Innovative mechanisms 00:01:31.600 --> 00:01:33.469 align:start position:0% there there's new Innovative mechanisms that<00:01:31.720> are<00:01:31.840> coming<00:01:32.040> to<00:01:32.280> Market<00:01:32.799> things<00:01:33.079> like 00:01:33.469 --> 00:01:33.479 align:start position:0% that are coming to Market things like 00:01:33.479 --> 00:01:36.910 align:start position:0% that are coming to Market things like curve<00:01:33.880> USD<00:01:34.880> uh<00:01:35.079> gyroscopes<00:01:35.799> guid<00:01:36.560> which<00:01:36.799> which 00:01:36.910 --> 00:01:36.920 align:start position:0% curve USD uh gyroscopes guid which which 00:01:36.920 --> 00:01:40.510 align:start position:0% curve USD uh gyroscopes guid which which we<00:01:37.040> built<00:01:37.360> obviously<00:01:38.360> uh<00:01:38.560> and<00:01:38.920> several<00:01:39.240> more 00:01:40.510 --> 00:01:40.520 align:start position:0% we built obviously uh and several more 00:01:40.520 --> 00:01:43.630 align:start position:0% we built obviously uh and several more examples<00:01:41.520> but<00:01:41.840> as<00:01:41.920> a<00:01:42.159> category<00:01:43.040> decentralized 00:01:43.630 --> 00:01:43.640 align:start position:0% examples but as a category decentralized 00:01:43.640 --> 00:01:46.270 align:start position:0% examples but as a category decentralized stable<00:01:44.000> coins<00:01:44.439> haven't<00:01:44.680> really<00:01:44.920> grown<00:01:45.640> in<00:01:46.119> the 00:01:46.270 --> 00:01:46.280 align:start position:0% stable coins haven't really grown in the 00:01:46.280 --> 00:01:47.910 align:start position:0% stable coins haven't really grown in the last<00:01:46.479> two<00:01:46.719> years<00:01:47.040> and<00:01:47.320> in<00:01:47.439> fact<00:01:47.640> they've<00:01:47.840> kind 00:01:47.910 --> 00:01:47.920 align:start position:0% last two years and in fact they've kind 00:01:47.920 --> 00:01:52.069 align:start position:0% last two years and in fact they've kind of<00:01:48.000> shrunk<00:01:48.360> in<00:01:48.520> that<00:01:48.880> time<00:01:50.280> um<00:01:51.280> so<00:01:51.680> the<00:01:51.799> main 00:01:52.069 --> 00:01:52.079 align:start position:0% of shrunk in that time um so the main 00:01:52.079 --> 00:01:55.310 align:start position:0% of shrunk in that time um so the main question<00:01:52.399> we<00:01:52.520> want<00:01:52.600> to<00:01:52.840> ask<00:01:53.119> is<00:01:53.399> is<00:01:53.719> why<00:01:54.719> and<00:01:55.159> at 00:01:55.310 --> 00:01:55.320 align:start position:0% question we want to ask is is why and at 00:01:55.320 --> 00:01:58.190 align:start position:0% question we want to ask is is why and at least<00:01:55.759> one<00:01:56.079> reason<00:01:56.880> uh<00:01:57.039> which<00:01:57.680> is<00:01:57.799> the<00:01:57.920> focus 00:01:58.190 --> 00:01:58.200 align:start position:0% least one reason uh which is the focus 00:01:58.200 --> 00:02:01.310 align:start position:0% least one reason uh which is the focus of<00:01:58.360> this<00:01:58.560> talk<00:01:59.399> is<00:01:59.600> that<00:02:00.000> scaling<00:02:00.600> liquidity 00:02:01.310 --> 00:02:01.320 align:start position:0% of this talk is that scaling liquidity 00:02:01.320 --> 00:02:04.469 align:start position:0% of this talk is that scaling liquidity at<00:02:01.600> Peg<00:02:02.240> is<00:02:02.640> is<00:02:02.840> very<00:02:03.079> hard<00:02:03.759> and<00:02:03.960> actually<00:02:04.240> this 00:02:04.469 --> 00:02:04.479 align:start position:0% at Peg is is very hard and actually this 00:02:04.479 --> 00:02:07.310 align:start position:0% at Peg is is very hard and actually this applies<00:02:04.840> to<00:02:05.159> to<00:02:05.399> any<00:02:05.600> stable<00:02:06.000> coin<00:02:07.000> uh<00:02:07.119> but 00:02:07.310 --> 00:02:07.320 align:start position:0% applies to to any stable coin uh but 00:02:07.320 --> 00:02:08.869 align:start position:0% applies to to any stable coin uh but particularly<00:02:07.799> to<00:02:07.960> decentralized<00:02:08.560> stable 00:02:08.869 --> 00:02:08.879 align:start position:0% particularly to decentralized stable 00:02:08.879 --> 00:02:11.510 align:start position:0% particularly to decentralized stable coins<00:02:09.360> as<00:02:09.520> they're<00:02:09.720> set<00:02:09.920> up 00:02:11.510 --> 00:02:11.520 align:start position:0% coins as they're set up 00:02:11.520 --> 00:02:15.309 align:start position:0% coins as they're set up now<00:02:12.520> so<00:02:12.959> one<00:02:13.319> primary<00:02:13.760> challenge<00:02:14.720> is 00:02:15.309 --> 00:02:15.319 align:start position:0% now so one primary challenge is 00:02:15.319 --> 00:02:17.150 align:start position:0% now so one primary challenge is attracting<00:02:15.800> any<00:02:16.080> liquidity<00:02:16.560> in<00:02:16.680> the<00:02:16.840> first 00:02:17.150 --> 00:02:17.160 align:start position:0% attracting any liquidity in the first 00:02:17.160 --> 00:02:22.110 align:start position:0% attracting any liquidity in the first place<00:02:18.160> and<00:02:19.120> uh<00:02:20.120> basically<00:02:20.519> new<00:02:20.760> stable<00:02:21.160> coins 00:02:22.110 --> 00:02:22.120 align:start position:0% place and uh basically new stable coins 00:02:22.120 --> 00:02:24.150 align:start position:0% place and uh basically new stable coins they<00:02:22.280> have<00:02:22.360> to<00:02:22.519> attract<00:02:22.840> new<00:02:23.040> liquidity<00:02:24.040> uh 00:02:24.150 --> 00:02:24.160 align:start position:0% they have to attract new liquidity uh 00:02:24.160 --> 00:02:26.630 align:start position:0% they have to attract new liquidity uh and<00:02:24.280> it<00:02:24.440> Compares<00:02:24.879> with<00:02:25.080> like<00:02:25.200> usdc<00:02:25.840> and<00:02:26.000> usdt 00:02:26.630 --> 00:02:26.640 align:start position:0% and it Compares with like usdc and usdt 00:02:26.640 --> 00:02:28.470 align:start position:0% and it Compares with like usdc and usdt in<00:02:26.760> many<00:02:27.000> ways<00:02:27.200> it's<00:02:27.360> like<00:02:27.480> an<00:02:27.599> inherent 00:02:28.470 --> 00:02:28.480 align:start position:0% in many ways it's like an inherent 00:02:28.480 --> 00:02:31.430 align:start position:0% in many ways it's like an inherent disadvantage<00:02:29.480> uh<00:02:29.599> because<00:02:30.160> usdc<00:02:30.720> and<00:02:30.840> usdt 00:02:31.430 --> 00:02:31.440 align:start position:0% disadvantage uh because usdc and usdt 00:02:31.440 --> 00:02:34.070 align:start position:0% disadvantage uh because usdc and usdt have<00:02:31.760> entrenched<00:02:32.239> use<00:02:32.599> cases<00:02:33.200> and<00:02:33.360> a<00:02:33.480> lot<00:02:33.640> of 00:02:34.070 --> 00:02:34.080 align:start position:0% have entrenched use cases and a lot of 00:02:34.080 --> 00:02:37.270 align:start position:0% have entrenched use cases and a lot of natural<00:02:34.480> trading<00:02:35.440> uh<00:02:35.599> demand<00:02:36.200> and<00:02:36.400> pairings 00:02:37.270 --> 00:02:37.280 align:start position:0% natural trading uh demand and pairings 00:02:37.280 --> 00:02:39.470 align:start position:0% natural trading uh demand and pairings which<00:02:37.480> basically<00:02:37.920> means<00:02:38.280> that<00:02:38.560> uh<00:02:38.800> usdc<00:02:39.360> and 00:02:39.470 --> 00:02:39.480 align:start position:0% which basically means that uh usdc and 00:02:39.480 --> 00:02:43.149 align:start position:0% which basically means that uh usdc and usdt<00:02:40.440> LPS<00:02:41.440> are<00:02:41.800> independently<00:02:42.519> profitable 00:02:43.149 --> 00:02:43.159 align:start position:0% usdt LPS are independently profitable 00:02:43.159 --> 00:02:45.110 align:start position:0% usdt LPS are independently profitable from<00:02:43.480> from<00:02:43.640> trading<00:02:44.040> volume<00:02:44.800> but<00:02:44.920> when<00:02:45.040> you 00:02:45.110 --> 00:02:45.120 align:start position:0% from from trading volume but when you 00:02:45.120 --> 00:02:46.589 align:start position:0% from from trading volume but when you start<00:02:45.280> a<00:02:45.400> new<00:02:45.519> stable<00:02:45.920> coin<00:02:46.280> you<00:02:46.400> have<00:02:46.519> to 00:02:46.589 --> 00:02:46.599 align:start position:0% start a new stable coin you have to 00:02:46.599 --> 00:02:48.390 align:start position:0% start a new stable coin you have to start<00:02:46.840> from<00:02:47.080> zero<00:02:47.480> you<00:02:47.560> don't<00:02:47.800> you<00:02:47.920> don't<00:02:48.120> have 00:02:48.390 --> 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cost to attract stable 00:02:55.599 --> 00:02:58.149 align:start position:0% because the the cost to attract stable coin<00:02:55.840> capital<00:02:56.239> is<00:02:56.680> basically<00:02:57.080> between<00:02:57.599> 15<00:02:58.000> and 00:02:58.149 --> 00:02:58.159 align:start position:0% coin capital is basically between 15 and 00:02:58.159 --> 00:03:01.229 align:start position:0% coin capital is basically between 15 and 30%<00:02:58.920> these<00:02:59.159> days<00:03:00.159> uh<00:03:00.280> and<00:03:00.480> also<00:03:00.760> borrowing 00:03:01.229 --> 00:03:01.239 align:start position:0% 30% these days uh and also borrowing 00:03:01.239 --> 00:03:07.070 align:start position:0% 30% these days uh and also borrowing stable<00:03:01.680> coins<00:03:02.480> uh<00:03:02.599> is<00:03:02.760> also<00:03:03.040> similarly 00:03:07.070 --> 00:03:07.080 align:start position:0% 00:03:07.080 --> 00:03:08.990 align:start position:0% expensive<00:03:08.080> the<00:03:08.280> second<00:03:08.599> part<00:03:08.720> of<00:03:08.840> the 00:03:08.990 --> 00:03:09.000 align:start position:0% expensive the second part of the 00:03:09.000 --> 00:03:11.229 align:start position:0% expensive the second part of the challenge<00:03:09.680> is<00:03:10.000> competing<00:03:10.440> with<00:03:10.640> entrenched 00:03:11.229 --> 00:03:11.239 align:start position:0% challenge is competing with entrenched 00:03:11.239 --> 00:03:14.630 align:start position:0% challenge is competing with entrenched liquidity<00:03:11.840> that's<00:03:12.519> that's<00:03:12.720> at<00:03:13.239> Peg<00:03:14.239> and<00:03:14.519> uh 00:03:14.630 --> 00:03:14.640 align:start position:0% liquidity that's that's at Peg and uh 00:03:14.640 --> 00:03:16.789 align:start position:0% liquidity that's that's at Peg and uh the<00:03:14.720> scope<00:03:15.000> of<00:03:15.120> the<00:03:15.319> problem<00:03:15.920> becomes<00:03:16.560> pretty 00:03:16.789 --> 00:03:16.799 align:start position:0% the scope of the problem becomes pretty 00:03:16.799 --> 00:03:17.949 align:start position:0% the scope of the problem becomes pretty clear<00:03:17.040> when<00:03:17.159> you<00:03:17.239> start<00:03:17.480> looking<00:03:17.720> at 00:03:17.949 --> 00:03:17.959 align:start position:0% clear when you start looking at 00:03:17.959 --> 00:03:20.550 align:start position:0% clear when you start looking at historical<00:03:18.519> price<00:03:19.120> deviations<00:03:20.120> uh<00:03:20.360> and<00:03:20.480> this 00:03:20.550 --> 00:03:20.560 align:start position:0% historical price deviations uh and this 00:03:20.560 --> 00:03:21.990 align:start position:0% historical price deviations uh and this is<00:03:20.680> something<00:03:20.920> that<00:03:21.040> also<00:03:21.280> affects<00:03:21.640> all<00:03:21.799> new 00:03:21.990 --> 00:03:22.000 align:start position:0% is something that also affects all new 00:03:22.000 --> 00:03:24.390 align:start position:0% is something that also affects all new stable<00:03:22.400> coins<00:03:23.239> so<00:03:23.599> the<00:03:23.799> chart<00:03:24.080> here<00:03:24.239> is 00:03:24.390 --> 00:03:24.400 align:start position:0% stable coins so the chart here is 00:03:24.400 --> 00:03:26.470 align:start position:0% stable coins so the chart here is showing<00:03:25.040> new<00:03:25.280> centralized<00:03:25.879> stable<00:03:26.200> coins 00:03:26.470 --> 00:03:26.480 align:start position:0% showing new centralized stable coins 00:03:26.480 --> 00:03:28.350 align:start position:0% showing new centralized stable coins that<00:03:26.560> have<00:03:26.720> come<00:03:26.840> to<00:03:27.040> Market<00:03:27.440> and<00:03:27.840> showing<00:03:28.159> a 00:03:28.350 --> 00:03:28.360 align:start position:0% that have come to Market and showing a 00:03:28.360 --> 00:03:31.229 align:start position:0% that have come to Market and showing a histogram<00:03:29.080> of<00:03:29.439> uh<00:03:29.959> price<00:03:30.239> deviations<00:03:30.959> from 00:03:31.229 --> 00:03:31.239 align:start position:0% histogram of uh price deviations from 00:03:31.239 --> 00:03:33.350 align:start position:0% histogram of uh price deviations from Peg<00:03:31.680> for<00:03:32.040> for<00:03:32.280> those<00:03:32.439> new<00:03:32.560> stable<00:03:32.920> coins<00:03:33.239> and 00:03:33.350 --> 00:03:33.360 align:start position:0% Peg for for those new stable coins and 00:03:33.360 --> 00:03:35.190 align:start position:0% Peg for for those new stable coins and these<00:03:33.480> are<00:03:33.760> pretty<00:03:33.959> major<00:03:34.280> players<00:03:34.760> including 00:03:35.190 --> 00:03:35.200 align:start position:0% these are pretty major players including 00:03:35.200 --> 00:03:38.910 align:start position:0% these are pretty major players including like<00:03:35.599> Pi<00:03:35.879> USD<00:03:36.439> and<00:03:36.640> and<00:03:37.280> Athena<00:03:38.280> uh<00:03:38.439> and<00:03:38.760> and 00:03:38.910 --> 00:03:38.920 align:start position:0% like Pi USD and and Athena uh and and 00:03:38.920 --> 00:03:41.750 align:start position:0% like Pi USD and and Athena uh and and one<00:03:39.120> thing<00:03:39.239> to<00:03:39.400> note<00:03:39.640> is<00:03:39.840> just<00:03:40.200> uh<00:03:41.080> how<00:03:41.319> regular 00:03:41.750 --> 00:03:41.760 align:start position:0% one thing to note is just uh how regular 00:03:41.760 --> 00:03:43.830 align:start position:0% one thing to note is just uh how regular the<00:03:41.879> deviations<00:03:42.439> of<00:03:42.640> like<00:03:42.760> 20<00:03:43.040> Basin<00:03:43.519> points 00:03:43.830 --> 00:03:43.840 align:start position:0% the deviations of like 20 Basin points 00:03:43.840 --> 00:03:46.990 align:start position:0% the deviations of like 20 Basin points of<00:03:44.120> or<00:03:44.439> more<00:03:45.439> uh<00:03:45.680> actually<00:03:46.000> occurs<00:03:46.400> for<00:03:46.640> these 00:03:46.990 --> 00:03:47.000 align:start position:0% of or more uh actually occurs for these 00:03:47.000 --> 00:03:48.869 align:start position:0% of or more uh actually occurs for these pretty<00:03:47.200> major<00:03:47.480> stable<00:03:47.879> coins<00:03:48.480> which<00:03:48.640> adds 00:03:48.869 --> 00:03:48.879 align:start position:0% pretty major stable coins which adds 00:03:48.879 --> 00:03:50.229 align:start position:0% pretty major stable coins which adds quite<00:03:49.040> a<00:03:49.120> lot<00:03:49.200> of<00:03:49.280> friction<00:03:49.599> in<00:03:49.720> terms<00:03:49.959> of<00:03:50.120> the 00:03:50.229 --> 00:03:50.239 align:start position:0% quite a lot of friction in terms of the 00:03:50.239 --> 00:03:52.550 align:start position:0% quite a lot of friction in terms of the usability<00:03:50.760> of<00:03:50.920> these<00:03:51.120> systems<00:03:51.680> so<00:03:52.239> from<00:03:52.400> the 00:03:52.550 --> 00:03:52.560 align:start position:0% usability of these systems so from the 00:03:52.560 --> 00:03:55.550 align:start position:0% usability of these systems so from the usability<00:03:53.200> angle<00:03:54.159> uh<00:03:54.599> it<00:03:55.040> one<00:03:55.239> thing<00:03:55.360> that's 00:03:55.550 --> 00:03:55.560 align:start position:0% usability angle uh it one thing that's 00:03:55.560 --> 00:03:57.509 align:start position:0% usability angle uh it one thing that's very<00:03:55.760> important<00:03:56.159> is<00:03:56.439> how<00:03:56.599> easy<00:03:56.840> it<00:03:56.920> is<00:03:57.040> to<00:03:57.200> move 00:03:57.509 --> 00:03:57.519 align:start position:0% very important is how easy it is to move 00:03:57.519 --> 00:03:59.309 align:start position:0% very important is how easy it is to move in<00:03:57.640> and<00:03:57.799> out<00:03:57.959> of<00:03:58.079> a<00:03:58.159> new<00:03:58.360> stable<00:03:58.720> coin 00:03:59.309 --> 00:03:59.319 align:start position:0% in and out of a new stable coin 00:03:59.319 --> 00:04:01.350 align:start position:0% in and out of a new stable coin especially<00:03:59.920> with<00:04:00.239> with<00:04:00.360> low<00:04:00.560> slippage<00:04:01.079> being 00:04:01.350 --> 00:04:01.360 align:start position:0% especially with with low slippage being 00:04:01.360 --> 00:04:03.550 align:start position:0% especially with with low slippage being very<00:04:01.560> important<00:04:02.239> and<00:04:02.360> so<00:04:02.560> 20<00:04:02.959> basis<00:04:03.319> point 00:04:03.550 --> 00:04:03.560 align:start position:0% very important and so 20 basis point 00:04:03.560 --> 00:04:06.309 align:start position:0% very important and so 20 basis point deviations<00:04:04.079> or<00:04:04.280> more<00:04:04.879> can<00:04:05.079> be<00:04:05.480> uh<00:04:05.920> make<00:04:06.079> it<00:04:06.200> a 00:04:06.309 --> 00:04:06.319 align:start position:0% deviations or more can be uh make it a 00:04:06.319 --> 00:04:08.190 align:start position:0% deviations or more can be uh make it a lot<00:04:06.519> more<00:04:06.920> difficult<00:04:07.079> to<00:04:07.319> actually<00:04:07.799> use<00:04:08.079> the 00:04:08.190 --> 00:04:08.200 align:start position:0% lot more difficult to actually use the 00:04:08.200 --> 00:04:11.229 align:start position:0% lot more difficult to actually use the stable 00:04:11.229 --> 00:04:11.239 align:start position:0% 00:04:11.239 --> 00:04:13.710 align:start position:0% coin<00:04:12.239> uh<00:04:12.400> this<00:04:12.480> is<00:04:12.640> how<00:04:12.799> decentralized<00:04:13.439> stable 00:04:13.710 --> 00:04:13.720 align:start position:0% coin uh this is how decentralized stable 00:04:13.720 --> 00:04:16.270 align:start position:0% coin uh this is how decentralized stable coins<00:04:14.079> compare<00:04:14.599> so<00:04:15.159> actually<00:04:15.799> you<00:04:15.920> see<00:04:16.079> a<00:04:16.160> lot 00:04:16.270 --> 00:04:16.280 align:start position:0% coins compare so actually you see a lot 00:04:16.280 --> 00:04:18.670 align:start position:0% coins compare so actually you see a lot of<00:04:16.400> similar<00:04:16.799> problems<00:04:17.199> with<00:04:17.320> a<00:04:17.479> lot<00:04:17.600> of<00:04:18.000> uh<00:04:18.519> uh 00:04:18.670 --> 00:04:18.680 align:start position:0% of similar problems with a lot of uh uh 00:04:18.680 --> 00:04:21.670 align:start position:0% of similar problems with a lot of uh uh kind<00:04:18.759> of<00:04:18.919> like<00:04:19.079> spread<00:04:19.440> out<00:04:19.919> pricing<00:04:20.919> uh<00:04:21.160> but 00:04:21.670 --> 00:04:21.680 align:start position:0% kind of like spread out pricing uh but 00:04:21.680 --> 00:04:23.430 align:start position:0% kind of like spread out pricing uh but something<00:04:22.000> that's<00:04:22.400> uh<00:04:22.600> that's<00:04:22.960> that<00:04:23.080> Sparks 00:04:23.430 --> 00:04:23.440 align:start position:0% something that's uh that's that Sparks 00:04:23.440 --> 00:04:24.390 align:start position:0% something that's uh that's that Sparks some 00:04:24.390 --> 00:04:24.400 align:start position:0% some 00:04:24.400 --> 00:04:27.110 align:start position:0% some optimism<00:04:25.400> is<00:04:25.639> that<00:04:26.440> uh<00:04:26.680> there<00:04:26.759> are<00:04:26.919> actually 00:04:27.110 --> 00:04:27.120 align:start position:0% optimism is that uh there are actually 00:04:27.120 --> 00:04:29.749 align:start position:0% optimism is that uh there are actually two<00:04:27.360> decentralized<00:04:28.120> exceptions<00:04:28.680> here<00:04:29.280> um<00:04:29.400> so 00:04:29.749 --> 00:04:29.759 align:start position:0% two decentralized exceptions here um so 00:04:29.759 --> 00:04:33.749 align:start position:0% two decentralized exceptions here um so there's<00:04:30.199> both<00:04:30.479> D<00:04:31.000> and<00:04:31.520> gyroscopes<00:04:32.280> gyd<00:04:33.280> um<00:04:33.680> I 00:04:33.749 --> 00:04:33.759 align:start position:0% there's both D and gyroscopes gyd um I 00:04:33.759 --> 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align:start position:0% similarly um uh and this basically just presents<00:04:41.639> some<00:04:42.600> some<00:04:42.800> ideas<00:04:43.320> that<00:04:43.680> maybe<00:04:43.960> you 00:04:44.110 --> 00:04:44.120 align:start position:0% presents some some ideas that maybe you 00:04:44.120 --> 00:04:46.070 align:start position:0% presents some some ideas that maybe you can<00:04:44.360> actually<00:04:44.600> do<00:04:44.840> better<00:04:45.360> by<00:04:45.520> using<00:04:45.880> some 00:04:46.070 --> 00:04:46.080 align:start position:0% can actually do better by using some 00:04:46.080 --> 00:04:51.510 align:start position:0% can actually do better by using some advantages<00:04:46.720> of<00:04:47.039> of<00:04:47.240> of<00:04:47.360> decentralized<00:04:48.000> stable 00:04:51.510 --> 00:04:51.520 align:start position:0% 00:04:51.520 --> 00:04:53.390 align:start position:0% coins<00:04:52.520> and<00:04:52.639> then<00:04:52.759> the<00:04:52.840> third<00:04:53.039> part<00:04:53.199> of<00:04:53.280> the 00:04:53.390 --> 00:04:53.400 align:start position:0% coins and then the third part of the 00:04:53.400 --> 00:04:55.749 align:start position:0% coins and then the third part of the challenge<00:04:54.160> is<00:04:54.400> that<00:04:54.880> it's<00:04:55.080> just<00:04:55.280> very 00:04:55.749 --> 00:04:55.759 align:start position:0% challenge is that it's just very 00:04:55.759 --> 00:04:57.830 align:start position:0% challenge is that it's just very difficult<00:04:56.240> technically<00:04:57.240> especially<00:04:57.600> for 00:04:57.830 --> 00:04:57.840 align:start position:0% difficult technically especially for 00:04:57.840 --> 00:04:59.950 align:start position:0% difficult technically especially for decentralized<00:04:58.520> stable<00:04:58.840> coins<00:04:59.400> and<00:04:59.800> walk 00:04:59.950 --> 00:04:59.960 align:start position:0% decentralized stable coins and walk 00:04:59.960 --> 00:05:03.749 align:start position:0% decentralized stable coins and walk through<00:05:00.520> a<00:05:00.600> few<00:05:00.759> of<00:05:00.880> these<00:05:01.320> reasons<00:05:02.320> um<00:05:03.280> when 00:05:03.749 --> 00:05:03.759 align:start position:0% through a few of these reasons um when 00:05:03.759 --> 00:05:05.790 align:start position:0% through a few of these reasons um when when<00:05:03.880> a<00:05:04.000> stable<00:05:04.280> coin's<00:05:04.639> price<00:05:05.160> is<00:05:05.400> expected 00:05:05.790 --> 00:05:05.800 align:start position:0% when a stable coin's price is expected 00:05:05.800 --> 00:05:08.950 align:start position:0% when a stable coin's price is expected to<00:05:05.960> move<00:05:06.400> around<00:05:07.400> uh<00:05:08.000> it<00:05:08.160> becomes<00:05:08.520> harder<00:05:08.800> to 00:05:08.950 --> 00:05:08.960 align:start position:0% to move around uh it becomes harder to 00:05:08.960 --> 00:05:10.990 align:start position:0% to move around uh it becomes harder to get<00:05:09.080> deep<00:05:09.320> liquidity<00:05:09.720> for<00:05:09.919> it<00:05:10.520> and<00:05:10.639> this<00:05:10.759> is 00:05:10.990 --> 00:05:11.000 align:start position:0% get deep liquidity for it and this is 00:05:11.000 --> 00:05:13.430 align:start position:0% get deep liquidity for it and this is just<00:05:11.120> a<00:05:11.360> practical<00:05:12.039> consequence<00:05:13.039> uh<00:05:13.160> you<00:05:13.280> need 00:05:13.430 --> 00:05:13.440 align:start position:0% just a practical consequence uh you need 00:05:13.440 --> 00:05:16.670 align:start position:0% just a practical consequence uh you need to<00:05:13.600> spread<00:05:14.000> liquidity<00:05:14.680> over<00:05:14.919> more<00:05:15.400> prices<00:05:16.400> um 00:05:16.670 --> 00:05:16.680 align:start position:0% to spread liquidity over more prices um 00:05:16.680 --> 00:05:18.110 align:start position:0% to spread liquidity over more prices um and<00:05:16.800> and<00:05:16.880> you<00:05:17.000> need<00:05:17.120> to<00:05:17.240> convince<00:05:17.600> people<00:05:17.840> to 00:05:18.110 --> 00:05:18.120 align:start position:0% and and you need to convince people to 00:05:18.120 --> 00:05:19.710 align:start position:0% and and you need to convince people to to<00:05:18.280> do<00:05:18.440> that<00:05:18.600> and<00:05:18.720> take<00:05:18.880> the<00:05:19.039> risks<00:05:19.280> of<00:05:19.440> Market 00:05:19.710 --> 00:05:19.720 align:start position:0% to do that and take the risks of Market 00:05:19.720 --> 00:05:22.950 align:start position:0% to do that and take the risks of Market making<00:05:19.960> over<00:05:20.199> that<00:05:20.440> range<00:05:20.639> of<00:05:21.039> prices<00:05:22.039> um<00:05:22.360> and 00:05:22.950 --> 00:05:22.960 align:start position:0% making over that range of prices um and 00:05:22.960 --> 00:05:25.390 align:start position:0% making over that range of prices um and why<00:05:23.199> does<00:05:23.440> this<00:05:23.840> does<00:05:24.000> this<00:05:24.240> happen<00:05:25.240> it 00:05:25.390 --> 00:05:25.400 align:start position:0% why does this does this happen it 00:05:25.400 --> 00:05:26.990 align:start position:0% why does this does this happen it usually<00:05:25.720> comes<00:05:26.000> down<00:05:26.199> to<00:05:26.360> frictions<00:05:26.840> about 00:05:26.990 --> 00:05:27.000 align:start position:0% usually comes down to frictions about 00:05:27.000 --> 00:05:29.110 align:start position:0% usually comes down to frictions about the<00:05:27.120> stable<00:05:27.400> coin<00:05:27.639> design<00:05:28.000> itself<00:05:28.680> so<00:05:28.960> for 00:05:29.110 --> 00:05:29.120 align:start position:0% the stable coin design itself so for 00:05:29.120 --> 00:05:31.629 align:start position:0% the stable coin design itself so for instance<00:05:30.120> in<00:05:30.479> minting<00:05:30.800> or<00:05:30.960> redeeming<00:05:31.400> or 00:05:31.629 --> 00:05:31.639 align:start position:0% instance in minting or redeeming or 00:05:31.639 --> 00:05:34.230 align:start position:0% instance in minting or redeeming or otherwise<00:05:32.080> issuing<00:05:32.560> the<00:05:32.759> the<00:05:32.880> stable<00:05:33.240> coin<00:05:34.120> uh 00:05:34.230 --> 00:05:34.240 align:start position:0% otherwise issuing the the stable coin uh 00:05:34.240 --> 00:05:36.150 align:start position:0% otherwise issuing the the stable coin uh which<00:05:34.440> can<00:05:34.600> come<00:05:34.800> down<00:05:34.960> to<00:05:35.160> things<00:05:35.400> like<00:05:35.600> fees 00:05:36.150 --> 00:05:36.160 align:start position:0% which can come down to things like fees 00:05:36.160 --> 00:05:38.469 align:start position:0% which can come down to things like fees and<00:05:36.479> speed<00:05:36.759> of<00:05:36.919> settlement<00:05:37.919> uh<00:05:38.039> one<00:05:38.199> thing<00:05:38.319> to 00:05:38.469 --> 00:05:38.479 align:start position:0% and speed of settlement uh one thing to 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often be<00:05:44.240> very<00:05:44.440> slow<00:05:44.960> as<00:05:45.240> can<00:05:45.680> kind<00:05:45.800> of<00:05:46.000> cross<00:05:46.319> chain 00:05:46.909 --> 00:05:46.919 align:start position:0% be very slow as can kind of cross chain 00:05:46.919 --> 00:05:48.710 align:start position:0% be very slow as can kind of cross chain uh<00:05:47.199> kind<00:05:47.360> of<00:05:47.520> mechanisms<00:05:48.120> where<00:05:48.280> maybe<00:05:48.520> if<00:05:48.600> you 00:05:48.710 --> 00:05:48.720 align:start position:0% uh kind of mechanisms where maybe if you 00:05:48.720 --> 00:05:50.990 align:start position:0% uh kind of mechanisms where maybe if you mint<00:05:48.960> on<00:05:49.160> one<00:05:49.360> chain<00:05:50.039> but<00:05:50.160> you<00:05:50.280> have<00:05:50.400> to<00:05:50.680> bridge 00:05:50.990 --> 00:05:51.000 align:start position:0% mint on one chain but you have to bridge 00:05:51.000 --> 00:05:52.510 align:start position:0% mint on one chain but you have to bridge to<00:05:51.199> another<00:05:51.440> chain<00:05:51.800> that<00:05:51.919> can<00:05:52.039> lead<00:05:52.240> to<00:05:52.400> kind 00:05:52.510 --> 00:05:52.520 align:start position:0% to another chain that can lead to kind 00:05:52.520 --> 00:05:55.270 align:start position:0% to another chain that can lead to kind of<00:05:52.680> delays<00:05:53.600> uh<00:05:53.919> in<00:05:54.160> the<00:05:54.280> worst<00:05:54.639> case<00:05:54.919> up<00:05:55.039> to 00:05:55.270 --> 00:05:55.280 align:start position:0% of delays uh in the worst case up to 00:05:55.280 --> 00:05:56.550 align:start position:0% of delays uh in the worst case up to like<00:05:55.479> possibly<00:05:55.840> a 00:05:56.550 --> 00:05:56.560 align:start position:0% like possibly a 00:05:56.560 --> 00:05:59.309 align:start position:0% like possibly a week<00:05:57.560> uh<00:05:57.800> another<00:05:58.360> another<00:05:58.840> thing<00:05:59.000> that<00:05:59.160> comes 00:05:59.309 --> 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position:0% uh between uh for a leverage market for 00:06:07.199 --> 00:06:08.990 align:start position:0% uh between uh for a leverage market for for<00:06:07.360> when<00:06:07.479> you<00:06:07.639> issue<00:06:07.880> stable<00:06:08.240> coins<00:06:08.560> in<00:06:08.759> in<00:06:08.880> a 00:06:08.990 --> 00:06:09.000 align:start position:0% for when you issue stable coins in in a 00:06:09.000 --> 00:06:11.629 align:start position:0% for when you issue stable coins in in a borrow<00:06:09.639> Market<00:06:10.639> uh<00:06:10.759> and<00:06:10.919> the<00:06:11.120> the<00:06:11.240> reason<00:06:11.520> here 00:06:11.629 --> 00:06:11.639 align:start position:0% borrow Market uh and the the reason here 00:06:11.639 --> 00:06:14.110 align:start position:0% borrow Market uh and the the reason here is<00:06:11.720> that<00:06:11.840> the<00:06:11.960> main<00:06:12.160> use<00:06:12.560> case<00:06:13.199> is<00:06:13.520> leverage 00:06:14.110 --> 00:06:14.120 align:start position:0% is that the main use case is leverage 00:06:14.120 --> 00:06:16.270 align:start position:0% is that the main use case is leverage for<00:06:14.319> for<00:06:14.479> these<00:06:14.639> sort<00:06:14.800> of<00:06:14.960> markets<00:06:15.880> uh<00:06:16.000> people 00:06:16.270 --> 00:06:16.280 align:start position:0% for for these sort of markets uh people 00:06:16.280 --> 00:06:18.270 align:start position:0% for for these sort of markets uh people usually<00:06:16.759> borrow<00:06:17.120> the<00:06:17.280> stable<00:06:17.639> coin<00:06:17.960> and<00:06:18.080> then 00:06:18.270 --> 00:06:18.280 align:start position:0% usually borrow the stable coin and then 00:06:18.280 --> 00:06:21.070 align:start position:0% usually borrow the stable coin and then sell<00:06:18.639> the<00:06:18.800> stable<00:06:19.160> coin<00:06:20.080> uh<00:06:20.280> and<00:06:20.599> the<00:06:20.720> interest 00:06:21.070 --> 00:06:21.080 align:start position:0% sell the stable coin uh and the interest 00:06:21.080 --> 00:06:23.510 align:start position:0% sell the stable coin uh and the interest rate<00:06:21.319> basically<00:06:21.759> has<00:06:21.919> to<00:06:22.599> keep<00:06:22.919> the<00:06:23.160> stable 00:06:23.510 --> 00:06:23.520 align:start position:0% rate basically has to keep the stable 00:06:23.520 --> 00:06:25.830 align:start position:0% rate basically has to keep the stable coin<00:06:23.720> on<00:06:23.919> Peg<00:06:24.319> by<00:06:24.560> balancing<00:06:25.120> the<00:06:25.280> supply<00:06:25.680> and 00:06:25.830 --> 00:06:25.840 align:start position:0% coin on Peg by balancing the supply and 00:06:25.840 --> 00:06:27.909 align:start position:0% coin on Peg by balancing the supply and the<00:06:25.960> demand<00:06:26.400> in<00:06:26.759> in<00:06:26.919> that<00:06:27.080> market<00:06:27.400> or<00:06:27.560> else<00:06:27.759> the 00:06:27.909 --> 00:06:27.919 align:start position:0% the demand in in that market or else the 00:06:27.919 --> 00:06:30.670 align:start position:0% the demand in in that market or else the stable<00:06:28.280> coin<00:06:28.520> D<00:06:28.800> pegs<00:06:30.039> uh<00:06:30.280> and<00:06:30.400> then<00:06:30.479> you<00:06:30.560> can 00:06:30.670 --> 00:06:30.680 align:start position:0% stable coin D pegs uh and then you can 00:06:30.680 --> 00:06:31.909 align:start position:0% stable coin D pegs uh and then you can also<00:06:30.880> have<00:06:31.039> kind<00:06:31.160> of<00:06:31.280> like<00:06:31.400> shocks<00:06:31.759> to 00:06:31.909 --> 00:06:31.919 align:start position:0% also have kind of like shocks to 00:06:31.919 --> 00:06:34.670 align:start position:0% also have kind of like shocks to underlying<00:06:32.440> assets<00:06:32.919> and<00:06:33.240> uh<00:06:33.440> various<00:06:33.840> risks 00:06:34.670 --> 00:06:34.680 align:start position:0% underlying assets and uh various risks 00:06:34.680 --> 00:06:35.990 align:start position:0% underlying assets and uh various risks uh<00:06:34.880> that<00:06:35.039> we<00:06:35.160> actually<00:06:35.360> did<00:06:35.520> quite<00:06:35.680> a<00:06:35.759> lot<00:06:35.880> of 00:06:35.990 --> 00:06:36.000 align:start position:0% uh that we actually did quite a lot of 00:06:36.000 --> 00:06:38.469 align:start position:0% uh that we actually did quite a lot of work<00:06:36.240> in<00:06:36.720> in<00:06:36.840> our<00:06:37.240> in<00:06:37.360> our<00:06:37.560> research<00:06:38.039> on<00:06:38.240> on 00:06:38.469 --> 00:06:38.479 align:start position:0% work in in our in our research on on 00:06:38.479 --> 00:06:40.070 align:start position:0% work in in our in our research on on this<00:06:38.880> uh<00:06:39.000> but<00:06:39.240> but<00:06:39.360> that's<00:06:39.599> kind<00:06:39.720> of<00:06:39.840> not<00:06:39.960> the 00:06:40.070 --> 00:06:40.080 align:start position:0% this uh but but that's kind of not the 00:06:40.080 --> 00:06:41.990 align:start position:0% this uh but but that's kind of not the focus<00:06:40.319> of<00:06:40.520> this<00:06:40.720> talk<00:06:41.000> so<00:06:41.560> uh<00:06:41.639> we'll<00:06:41.800> kind<00:06:41.880> of 00:06:41.990 --> 00:06:42.000 align:start position:0% focus of this talk so uh we'll kind of 00:06:42.000 --> 00:06:44.350 align:start position:0% focus of this talk so uh we'll kind of leave<00:06:42.319> that<00:06:42.720> to<00:06:43.440> there's<00:06:43.639> another<00:06:43.919> good<00:06:44.120> talk 00:06:44.350 --> 00:06:44.360 align:start position:0% leave that to there's another good talk 00:06:44.360 --> 00:06:46.270 align:start position:0% leave that to there's another good talk at<00:06:44.720> at<00:06:44.800> previous<00:06:45.120> deves<00:06:45.720> actually<00:06:46.000> if<00:06:46.080> you're 00:06:46.270 --> 00:06:46.280 align:start position:0% at at previous deves actually if you're 00:06:46.280 --> 00:06:48.790 align:start position:0% at at previous deves actually if you're if<00:06:46.360> you're<00:06:46.520> interested<00:06:46.880> in<00:06:47.520> that<00:06:48.520> but<00:06:48.639> let's 00:06:48.790 --> 00:06:48.800 align:start position:0% if you're interested in that but let's 00:06:48.800 --> 00:06:50.589 align:start position:0% if you're interested in that but let's walk<00:06:48.960> through<00:06:49.160> one<00:06:49.360> example<00:06:49.840> here<00:06:50.199> so<00:06:50.440> this<00:06:50.520> is 00:06:50.589 --> 00:06:50.599 align:start position:0% walk through one example here so this is 00:06:50.599 --> 00:06:52.830 align:start position:0% walk through one example here so this is a<00:06:50.759> case<00:06:50.960> study<00:06:51.319> of<00:06:51.599> go<00:06:52.080> which<00:06:52.240> illustrates 00:06:52.830 --> 00:06:52.840 align:start position:0% a case study of go which illustrates 00:06:52.840 --> 00:06:54.469 align:start position:0% a case study of go which illustrates both<00:06:53.039> of<00:06:53.199> these<00:06:53.400> kind<00:06:53.560> of<00:06:53.680> frictions<00:06:54.199> coming 00:06:54.469 --> 00:06:54.479 align:start position:0% both of these kind of frictions coming 00:06:54.479 --> 00:06:56.550 align:start position:0% both of these kind of frictions coming to<00:06:54.880> uh<00:06:55.360> uh<00:06:55.440> coming<00:06:55.639> to<00:06:55.759> fruition<00:06:56.160> at<00:06:56.319> different 00:06:56.550 --> 00:06:56.560 align:start position:0% to uh uh coming to fruition at different 00:06:56.560 --> 00:06:59.790 align:start position:0% to uh uh coming to fruition at different points<00:06:57.560> so<00:06:58.039> the<00:06:58.319> price<00:06:58.560> of<00:06:58.759> go<00:06:59.120> has<00:06:59.280> been 00:06:59.790 --> 00:06:59.800 align:start position:0% points so the price of go has been 00:06:59.800 --> 00:07:01.230 align:start position:0% points so the price of go has been pretty<00:07:00.080> volatile<00:07:00.599> since<00:07:00.800> it<00:07:00.960> since<00:07:01.120> it 00:07:01.230 --> 00:07:01.240 align:start position:0% pretty volatile since it since it 00:07:01.240 --> 00:07:02.909 align:start position:0% pretty volatile since it since it launched<00:07:01.720> this<00:07:01.840> is<00:07:02.039> the<00:07:02.199> the<00:07:02.319> pricing<00:07:02.720> from 00:07:02.909 --> 00:07:02.919 align:start position:0% launched this is the the pricing from 00:07:02.919 --> 00:07:05.550 align:start position:0% launched this is the the pricing from this<00:07:03.120> year<00:07:04.120> um<00:07:04.440> and<00:07:04.879> there<00:07:05.000> are<00:07:05.160> two<00:07:05.319> main 00:07:05.550 --> 00:07:05.560 align:start position:0% this year um and there are two main 00:07:05.560 --> 00:07:08.189 align:start position:0% this year um and there are two main reasons<00:07:05.919> to<00:07:06.199> this<00:07:07.199> the<00:07:07.360> first<00:07:07.680> reason<00:07:07.919> is<00:07:08.080> that 00:07:08.189 --> 00:07:08.199 align:start position:0% reasons to this the first reason is that 00:07:08.199 --> 00:07:10.710 align:start position:0% reasons to this the first reason is that in<00:07:08.360> the<00:07:08.520> the<00:07:08.639> first<00:07:08.879> part<00:07:09.039> of<00:07:09.160> this<00:07:09.400> chart<00:07:10.400> uh 00:07:10.710 --> 00:07:10.720 align:start position:0% in the the first part of this chart uh 00:07:10.720 --> 00:07:12.189 align:start position:0% in the the first part of this chart uh basically<00:07:11.080> there<00:07:11.199> were<00:07:11.440> frictions<00:07:11.879> to<00:07:12.039> the 00:07:12.189 --> 00:07:12.199 align:start position:0% basically there were frictions to the 00:07:12.199 --> 00:07:15.550 align:start position:0% basically there were frictions to the interest<00:07:12.560> rate<00:07:13.039> borrowing<00:07:13.759> the<00:07:14.080> the<00:07:14.560> the 00:07:15.550 --> 00:07:15.560 align:start position:0% interest rate borrowing the the the 00:07:15.560 --> 00:07:17.749 align:start position:0% interest rate borrowing the the the balancing<00:07:15.919> the<00:07:16.039> borrow<00:07:16.400> Market<00:07:17.319> uh<00:07:17.440> basically 00:07:17.749 --> 00:07:17.759 align:start position:0% balancing the borrow Market uh basically 00:07:17.759 --> 00:07:20.629 align:start position:0% balancing the borrow Market uh basically the<00:07:17.879> go<00:07:18.039> to<00:07:18.160> market<00:07:18.479> strategy<00:07:19.440> uh<00:07:19.560> relied<00:07:20.000> on 00:07:20.629 --> 00:07:20.639 align:start position:0% the go to market strategy uh relied on 00:07:20.639 --> 00:07:23.710 align:start position:0% the go to market strategy uh relied on providing<00:07:21.240> below<00:07:22.160> uh<00:07:22.599> below<00:07:22.879> equilibrium 00:07:23.710 --> 00:07:23.720 align:start position:0% providing below uh below equilibrium 00:07:23.720 --> 00:07:25.070 align:start position:0% providing below uh below equilibrium interest<00:07:24.080> rates<00:07:24.440> to<00:07:24.680> kind<00:07:24.759> of<00:07:24.919> like 00:07:25.070 --> 00:07:25.080 align:start position:0% interest rates to kind of like 00:07:25.080 --> 00:07:27.830 align:start position:0% interest rates to kind of like incentivize<00:07:26.039> Supply<00:07:27.039> uh<00:07:27.160> but<00:07:27.319> that<00:07:27.440> basically 00:07:27.830 --> 00:07:27.840 align:start position:0% incentivize Supply uh but that basically 00:07:27.840 --> 00:07:29.189 align:start position:0% incentivize Supply uh but that basically means<00:07:28.160> that<00:07:28.280> there<00:07:28.360> are<00:07:28.479> too<00:07:28.639> many<00:07:28.879> people 00:07:29.189 --> 00:07:29.199 align:start position:0% means that there are too many people 00:07:29.199 --> 00:07:31.150 align:start position:0% means that there are too many people trying<00:07:29.639> to<00:07:29.759> leverage<00:07:30.120> and<00:07:30.319> sell<00:07:30.759> and<00:07:30.840> you<00:07:31.000> end 00:07:31.150 --> 00:07:31.160 align:start position:0% trying to leverage and sell and you end 00:07:31.160 --> 00:07:33.710 align:start position:0% trying to leverage and sell and you end up<00:07:31.360> just<00:07:31.639> with<00:07:31.919> a<00:07:32.440> with<00:07:32.840> without<00:07:33.080> a<00:07:33.199> balanced 00:07:33.710 --> 00:07:33.720 align:start position:0% up just with a with without a balanced 00:07:33.720 --> 00:07:35.990 align:start position:0% up just with a with without a balanced market<00:07:34.720> and<00:07:34.879> then<00:07:35.039> the<00:07:35.160> later<00:07:35.479> part<00:07:35.639> of<00:07:35.800> this 00:07:35.990 --> 00:07:36.000 align:start position:0% market and then the later part of this 00:07:36.000 --> 00:07:38.990 align:start position:0% market and then the later part of this chart<00:07:36.879> uh<00:07:37.120> is<00:07:37.319> is<00:07:37.520> another<00:07:37.879> problem<00:07:38.319> so<00:07:38.599> they 00:07:38.990 --> 00:07:39.000 align:start position:0% chart uh is is another problem so they 00:07:39.000 --> 00:07:41.469 align:start position:0% chart uh is is another problem so they they<00:07:39.199> they<00:07:39.319> fixed<00:07:40.039> uh<00:07:40.319> the<00:07:40.919> the<00:07:41.080> the<00:07:41.199> interest 00:07:41.469 --> 00:07:41.479 align:start position:0% they they fixed uh the the the interest 00:07:41.479 --> 00:07:43.469 align:start position:0% they they fixed uh the the the interest rate<00:07:41.680> sort<00:07:41.800> of<00:07:41.919> issue<00:07:42.160> and<00:07:42.319> go<00:07:42.599> or<00:07:42.759> or<00:07:42.879> changed 00:07:43.469 --> 00:07:43.479 align:start position:0% rate sort of issue and go or or changed 00:07:43.479 --> 00:07:47.869 align:start position:0% rate sort of issue and go or or changed the<00:07:43.960> the<00:07:44.199> rates<00:07:45.199> uh<00:07:45.360> but<00:07:46.280> uh<00:07:47.199> there<00:07:47.319> was<00:07:47.560> a<00:07:47.759> kind 00:07:47.869 --> 00:07:47.879 align:start position:0% the the rates uh but uh there was a kind 00:07:47.879 --> 00:07:50.510 align:start position:0% the the rates uh but uh there was a kind of<00:07:48.080> an<00:07:48.360> excess<00:07:48.720> of<00:07:48.879> incentives<00:07:49.400> at<00:07:49.560> one<00:07:49.759> point 00:07:50.510 --> 00:07:50.520 align:start position:0% of an excess of incentives at one point 00:07:50.520 --> 00:07:52.749 align:start position:0% of an excess of incentives at one point uh<00:07:50.639> they<00:07:50.759> did<00:07:51.080> have<00:07:51.560> a<00:07:51.800> like<00:07:52.000> onetoone 00:07:52.749 --> 00:07:52.759 align:start position:0% uh they did have a like onetoone 00:07:52.759 --> 00:07:55.149 align:start position:0% uh they did have a like onetoone mechanism<00:07:53.319> to<00:07:53.599> to<00:07:53.759> Mint<00:07:54.039> new<00:07:54.360> go<00:07:54.639> against<00:07:55.000> like 00:07:55.149 --> 00:07:55.159 align:start position:0% mechanism to to Mint new go against like 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position:0% of like above uh above Peg happening uh in<00:08:03.479> that<00:08:03.639> realm<00:08:04.000> but<00:08:04.120> then<00:08:04.319> they<00:08:04.520> they<00:08:04.639> fix 00:08:04.950 --> 00:08:04.960 align:start position:0% in that realm but then they they fix 00:08:04.960 --> 00:08:06.149 align:start position:0% in that realm but then they they fix that<00:08:05.159> problem<00:08:05.639> but<00:08:05.800> this<00:08:05.919> kind<00:08:06.039> of 00:08:06.149 --> 00:08:06.159 align:start position:0% that problem but this kind of 00:08:06.159 --> 00:08:08.390 align:start position:0% that problem but this kind of illustrates<00:08:07.080> like<00:08:07.280> where<00:08:07.919> some<00:08:08.039> of<00:08:08.199> these 00:08:08.390 --> 00:08:08.400 align:start position:0% illustrates like where some of these 00:08:08.400 --> 00:08:10.950 align:start position:0% illustrates like where some of these pricing<00:08:08.800> issues<00:08:09.159> can<00:08:09.360> come 00:08:10.950 --> 00:08:10.960 align:start position:0% pricing issues can come 00:08:10.960 --> 00:08:13.670 align:start position:0% pricing issues can come up<00:08:11.960> okay<00:08:12.080> let's<00:08:12.280> take<00:08:12.479> one<00:08:12.919> step<00:08:13.240> back<00:08:13.479> before 00:08:13.670 --> 00:08:13.680 align:start position:0% up okay let's take one step back before 00:08:13.680 --> 00:08:15.950 align:start position:0% up okay let's take one step back before we<00:08:13.800> go<00:08:13.960> any<00:08:14.120> further<00:08:14.759> which<00:08:14.919> is<00:08:15.520> why<00:08:15.639> should<00:08:15.840> we 00:08:15.950 --> 00:08:15.960 align:start position:0% we go any further which is why should we 00:08:15.960 --> 00:08:18.029 align:start position:0% we go any further which is why should we care<00:08:16.199> about<00:08:16.400> decentralized<00:08:17.000> stable<00:08:17.280> coins 00:08:18.029 --> 00:08:18.039 align:start position:0% care about decentralized stable coins 00:08:18.039 --> 00:08:22.189 align:start position:0% care about decentralized stable coins anyways<00:08:19.039> um<00:08:19.520> so<00:08:20.440> I<00:08:20.680> mean<00:08:21.680> first<00:08:21.919> you<00:08:22.000> should 00:08:22.189 --> 00:08:22.199 align:start position:0% anyways um so I mean first you should 00:08:22.199 --> 00:08:23.950 align:start position:0% anyways um so I mean first you should think<00:08:22.400> about<00:08:22.680> like<00:08:22.800> from<00:08:23.000> fundamentals<00:08:23.879> I 00:08:23.950 --> 00:08:23.960 align:start position:0% think about like from fundamentals I 00:08:23.960 --> 00:08:25.670 align:start position:0% think about like from fundamentals I think<00:08:24.080> a<00:08:24.199> lot<00:08:24.319> of<00:08:24.479> us<00:08:24.639> here<00:08:24.879> care<00:08:25.159> about 00:08:25.670 --> 00:08:25.680 align:start position:0% think a lot of us here care about 00:08:25.680 --> 00:08:27.589 align:start position:0% think a lot of us here care about actually<00:08:26.080> like<00:08:26.360> building<00:08:26.800> decentralized 00:08:27.589 --> 00:08:27.599 align:start position:0% actually like building decentralized 00:08:27.599 --> 00:08:30.189 align:start position:0% actually like building decentralized things<00:08:28.159> we<00:08:28.360> care<00:08:28.599> about<00:08:29.280> uh<00:08:29.720> bringing<00:08:30.039> too 00:08:30.189 --> 00:08:30.199 align:start position:0% things we care about uh bringing too 00:08:30.199 --> 00:08:32.110 align:start position:0% things we care about uh bringing too much<00:08:30.360> counterparty<00:08:30.960> risk<00:08:31.199> in<00:08:31.360> or<00:08:31.520> censorship 00:08:32.110 --> 00:08:32.120 align:start position:0% much counterparty risk in or censorship 00:08:32.120 --> 00:08:34.389 align:start position:0% much counterparty risk in or censorship risk<00:08:32.360> or<00:08:32.519> Geographic<00:08:33.240> risk<00:08:33.719> or<00:08:33.919> kind<00:08:34.039> of<00:08:34.240> like 00:08:34.389 --> 00:08:34.399 align:start position:0% risk or Geographic risk or kind of like 00:08:34.399 --> 00:08:37.029 align:start position:0% risk or Geographic risk or kind of like tying<00:08:34.719> to<00:08:35.440> particular<00:08:35.919> custodians<00:08:36.599> or<00:08:36.919> kind 00:08:37.029 --> 00:08:37.039 align:start position:0% tying to particular custodians or kind 00:08:37.039 --> 00:08:38.909 align:start position:0% tying to particular custodians or kind of<00:08:37.159> blocking<00:08:37.599> into<00:08:37.919> particular 00:08:38.909 --> 00:08:38.919 align:start position:0% of blocking into particular 00:08:38.919 --> 00:08:41.909 align:start position:0% of blocking into particular vendors<00:08:39.919> and<00:08:40.680> uh<00:08:40.800> this<00:08:40.919> is<00:08:41.039> a<00:08:41.200> risk<00:08:41.479> if<00:08:41.599> you<00:08:41.719> use 00:08:41.909 --> 00:08:41.919 align:start position:0% vendors and uh this is a risk if you use 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Defi<00:08:48.160> and<00:08:48.360> what<00:08:48.480> wasn't<00:08:48.720> the<00:08:48.839> point<00:08:49.040> of<00:08:49.160> defi 00:08:49.910 --> 00:08:49.920 align:start position:0% Defi and what wasn't the point of defi 00:08:49.920 --> 00:08:50.949 align:start position:0% Defi and what wasn't the point of defi basically<00:08:50.240> to<00:08:50.399> make<00:08:50.600> things<00:08:50.800> as 00:08:50.949 --> 00:08:50.959 align:start position:0% basically to make things as 00:08:50.959 --> 00:08:52.829 align:start position:0% basically to make things as decentralized<00:08:51.680> as 00:08:52.829 --> 00:08:52.839 align:start position:0% decentralized as 00:08:52.839 --> 00:08:54.590 align:start position:0% decentralized as possible<00:08:53.839> but<00:08:53.959> if<00:08:54.040> you're<00:08:54.200> still<00:08:54.399> not 00:08:54.590 --> 00:08:54.600 align:start position:0% possible but if you're still not 00:08:54.600 --> 00:08:56.430 align:start position:0% possible but if you're still not convinced<00:08:55.160> then<00:08:55.279> you<00:08:55.360> can<00:08:55.560> just<00:08:55.880> also<00:08:56.160> take 00:08:56.430 --> 00:08:56.440 align:start position:0% convinced then you can just also take 00:08:56.440 --> 00:08:59.269 align:start position:0% convinced then you can just also take the<00:08:56.680> uh<00:08:56.800> the<00:08:56.959> Practical<00:08:57.399> Viewpoint<00:08:58.399> which<00:08:59.000> uh 00:08:59.269 --> 00:08:59.279 align:start position:0% the uh the Practical Viewpoint which uh 00:08:59.279 --> 00:09:00.829 align:start position:0% the uh the Practical Viewpoint which uh there<00:08:59.440> there's<00:08:59.560> a<00:08:59.640> very<00:08:59.800> good<00:09:00.000> example<00:09:00.680> when 00:09:00.829 --> 00:09:00.839 align:start position:0% there there's a very good example when 00:09:00.839 --> 00:09:03.790 align:start position:0% there there's a very good example when usdc<00:09:01.480> deeg<00:09:02.000> in<00:09:02.120> the<00:09:02.240> svb<00:09:02.839> crisis<00:09:03.200> it<00:09:03.399> basically 00:09:03.790 --> 00:09:03.800 align:start position:0% usdc deeg in the svb crisis it basically 00:09:03.800 --> 00:09:05.949 align:start position:0% usdc deeg in the svb crisis it basically took<00:09:04.000> down<00:09:04.240> defi<00:09:04.760> for<00:09:05.120> for<00:09:05.279> a<00:09:05.399> few<00:09:05.640> days 00:09:05.949 --> 00:09:05.959 align:start position:0% took down defi for for a few days 00:09:05.959 --> 00:09:08.110 align:start position:0% took down defi for for a few days because<00:09:06.360> this<00:09:06.480> is<00:09:06.600> how<00:09:06.760> defi<00:09:07.240> was<00:09:07.640> uh<00:09:07.920> was 00:09:08.110 --> 00:09:08.120 align:start position:0% because this is how defi was uh was 00:09:08.120 --> 00:09:11.630 align:start position:0% because this is how defi was uh was constructed<00:09:08.600> at<00:09:08.720> the<00:09:09.200> time<00:09:10.200> um<00:09:10.839> and<00:09:11.440> in 00:09:11.630 --> 00:09:11.640 align:start position:0% constructed at the time um and in 00:09:11.640 --> 00:09:14.150 align:start position:0% constructed at the time um and in principle<00:09:12.440> we<00:09:12.560> can<00:09:12.720> build<00:09:13.040> things<00:09:13.480> that<00:09:13.839> uh 00:09:14.150 --> 00:09:14.160 align:start position:0% principle we can build things that uh 00:09:14.160 --> 00:09:16.030 align:start position:0% principle we can build things that uh that<00:09:14.279> don't<00:09:14.519> have<00:09:14.680> this<00:09:14.839> susceptibility<00:09:15.640> and 00:09:16.030 --> 00:09:16.040 align:start position:0% that don't have this susceptibility and 00:09:16.040 --> 00:09:17.310 align:start position:0% that don't have this susceptibility and and<00:09:16.200> that's<00:09:16.360> another<00:09:16.640> reason<00:09:16.880> to<00:09:17.040> kind<00:09:17.160> of 00:09:17.310 --> 00:09:17.320 align:start position:0% and that's another reason to kind of 00:09:17.320 --> 00:09:19.509 align:start position:0% and that's another reason to kind of like<00:09:17.480> build<00:09:18.040> decentralized<00:09:18.800> protocols<00:09:19.399> that 00:09:19.509 --> 00:09:19.519 align:start position:0% like build decentralized protocols that 00:09:19.519 --> 00:09:21.710 align:start position:0% like build decentralized protocols that can<00:09:19.800> manage<00:09:20.160> the<00:09:20.320> risks<00:09:20.720> in<00:09:20.839> a<00:09:20.959> decentralized 00:09:21.710 --> 00:09:21.720 align:start position:0% can manage the risks in a decentralized 00:09:21.720 --> 00:09:24.310 align:start position:0% can manage the risks in a decentralized way<00:09:21.959> without<00:09:22.480> relying<00:09:22.959> on<00:09:23.200> a<00:09:23.560> a<00:09:23.720> centralized 00:09:24.310 --> 00:09:24.320 align:start position:0% way without relying on a a centralized 00:09:24.320 --> 00:09:26.269 align:start position:0% way without relying on a a centralized institution<00:09:24.760> to<00:09:24.920> do 00:09:26.269 --> 00:09:26.279 align:start position:0% institution to do 00:09:26.279 --> 00:09:28.710 align:start position:0% institution to do it<00:09:27.279> okay<00:09:27.399> so<00:09:27.640> the<00:09:27.760> rest<00:09:27.920> of<00:09:28.079> this<00:09:28.279> talk<00:09:28.480> is 00:09:28.710 --> 00:09:28.720 align:start position:0% it okay so the rest of this talk is 00:09:28.720 --> 00:09:30.750 align:start position:0% it okay so the rest of this talk is going<00:09:28.800> to<00:09:28.959> go<00:09:29.120> through<00:09:29.480> a<00:09:29.600> bit<00:09:29.839> of<00:09:30.120> uh<00:09:30.519> how<00:09:30.680> do 00:09:30.750 --> 00:09:30.760 align:start position:0% going to go through a bit of uh how do 00:09:30.760 --> 00:09:33.150 align:start position:0% going to go through a bit of uh how do we<00:09:30.959> make<00:09:31.320> decentralized<00:09:31.959> stable<00:09:32.279> coins<00:09:32.800> uh 00:09:33.150 --> 00:09:33.160 align:start position:0% we make decentralized stable coins uh 00:09:33.160 --> 00:09:34.870 align:start position:0% we make decentralized stable coins uh super<00:09:33.480> liquid<00:09:34.200> and<00:09:34.279> we're<00:09:34.440> going<00:09:34.519> to<00:09:34.640> run 00:09:34.870 --> 00:09:34.880 align:start position:0% super liquid and we're going to run 00:09:34.880 --> 00:09:36.350 align:start position:0% super liquid and we're going to run through<00:09:35.160> quickly<00:09:35.920> what<00:09:36.079> the 00:09:36.350 --> 00:09:36.360 align:start position:0% through quickly what the 00:09:36.360 --> 00:09:38.069 align:start position:0% through quickly what the state-of-the-art<00:09:37.079> is<00:09:37.480> including<00:09:37.839> some 00:09:38.069 --> 00:09:38.079 align:start position:0% state-of-the-art is including some 00:09:38.079 --> 00:09:40.829 align:start position:0% state-of-the-art is including some examples<00:09:38.519> of<00:09:38.720> what<00:09:38.880> doesn't<00:09:39.279> work<00:09:40.279> and<00:09:40.440> then 00:09:40.829 --> 00:09:40.839 align:start position:0% examples of what doesn't work and then 00:09:40.839 --> 00:09:42.829 align:start position:0% examples of what doesn't work and then go<00:09:41.120> through<00:09:41.839> uh<00:09:41.959> what<00:09:42.079> we<00:09:42.200> think<00:09:42.320> is<00:09:42.440> a<00:09:42.560> better 00:09:42.829 --> 00:09:42.839 align:start position:0% go through uh what we think is a better 00:09:42.839 --> 00:09:45.509 align:start position:0% go through uh what we think is a better way<00:09:43.079> actually<00:09:43.480> to<00:09:43.880> to<00:09:44.120> to<00:09:44.279> solve 00:09:45.509 --> 00:09:45.519 align:start position:0% way actually to to to solve 00:09:45.519 --> 00:09:48.110 align:start position:0% way actually to to to solve this<00:09:46.519> so<00:09:46.760> the<00:09:46.920> the<00:09:47.000> current<00:09:47.240> state-of-the-art 00:09:48.110 --> 00:09:48.120 align:start position:0% this so the the current state-of-the-art 00:09:48.120 --> 00:09:50.550 align:start position:0% this so the the current state-of-the-art focuses<00:09:48.519> on<00:09:48.680> two<00:09:48.920> parts<00:09:49.240> the<00:09:49.399> first<00:09:49.800> is<00:09:50.000> around 00:09:50.550 --> 00:09:50.560 align:start position:0% focuses on two parts the first is around 00:09:50.560 --> 00:09:52.630 align:start position:0% focuses on two parts the first is around designing<00:09:51.079> primary<00:09:51.519> markets<00:09:51.959> for<00:09:52.160> the<00:09:52.399> for 00:09:52.630 --> 00:09:52.640 align:start position:0% designing primary markets for the for 00:09:52.640 --> 00:09:54.389 align:start position:0% designing primary markets for the for for<00:09:52.760> a<00:09:52.880> new<00:09:53.000> stable 00:09:54.389 --> 00:09:54.399 align:start position:0% for a new stable 00:09:54.399 --> 00:09:56.790 align:start position:0% for a new stable coin<00:09:55.399> uh<00:09:55.519> and<00:09:55.640> so<00:09:55.839> primary<00:09:56.160> Market<00:09:56.480> basically 00:09:56.790 --> 00:09:56.800 align:start position:0% coin uh and so primary Market basically 00:09:56.800 --> 00:09:58.750 align:start position:0% coin uh and so primary Market basically means<00:09:57.120> minting<00:09:57.519> and<00:09:57.680> redeeming<00:09:58.440> uh<00:09:58.519> for<00:09:58.640> a 00:09:58.750 --> 00:09:58.760 align:start position:0% means minting and redeeming uh for a 00:09:58.760 --> 00:10:00.590 align:start position:0% means minting and redeeming uh for a decentralized<00:09:59.399> stable<00:09:59.640> coin<00:09:59.880> in<00:10:00.000> particular 00:10:00.590 --> 00:10:00.600 align:start position:0% decentralized stable coin in particular 00:10:00.600 --> 00:10:03.550 align:start position:0% decentralized stable coin in particular onchain<00:10:01.120> mint<00:10:01.320> and<00:10:01.800> redeem<00:10:02.800> um<00:10:02.959> and<00:10:03.160> one 00:10:03.550 --> 00:10:03.560 align:start position:0% onchain mint and redeem um and one 00:10:03.560 --> 00:10:05.269 align:start position:0% onchain mint and redeem um and one benefit<00:10:03.880> to<00:10:04.079> these<00:10:04.360> decentralized<00:10:05.000> stable 00:10:05.269 --> 00:10:05.279 align:start position:0% benefit to these decentralized stable 00:10:05.279 --> 00:10:07.630 align:start position:0% benefit to these decentralized stable coins<00:10:05.560> here<00:10:05.680> is<00:10:06.000> they<00:10:06.120> can<00:10:06.240> do<00:10:06.440> this<00:10:06.640> onchain 00:10:07.630 --> 00:10:07.640 align:start position:0% coins here is they can do this onchain 00:10:07.640 --> 00:10:09.190 align:start position:0% coins here is they can do this onchain which<00:10:07.839> means<00:10:08.120> that<00:10:08.279> there's<00:10:08.760> potentially<00:10:09.120> a 00:10:09.190 --> 00:10:09.200 align:start position:0% which means that there's potentially a 00:10:09.200 --> 00:10:10.550 align:start position:0% which means that there's potentially a lot<00:10:09.360> lower<00:10:09.640> frictions<00:10:10.160> than<00:10:10.279> for<00:10:10.440> a 00:10:10.550 --> 00:10:10.560 align:start position:0% lot lower frictions than for a 00:10:10.560 --> 00:10:12.949 align:start position:0% lot lower frictions than for a centralized<00:10:11.079> stable<00:10:11.399> coin<00:10:12.200> so<00:10:12.480> in<00:10:12.600> particular 00:10:12.949 --> 00:10:12.959 align:start position:0% centralized stable coin so in particular 00:10:12.959 --> 00:10:15.069 align:start position:0% centralized stable coin so in particular you<00:10:13.040> can<00:10:13.120> do<00:10:13.240> mint<00:10:13.440> and<00:10:13.560> or<00:10:13.760> de<00:10:14.200> atomically<00:10:14.959> so 00:10:15.069 --> 00:10:15.079 align:start position:0% you can do mint and or de atomically so 00:10:15.079 --> 00:10:16.910 align:start position:0% you can do mint and or de atomically so you<00:10:15.200> can<00:10:15.399> actually<00:10:15.839> like<00:10:16.120> uh<00:10:16.240> kind<00:10:16.360> of<00:10:16.519> balance 00:10:16.910 --> 00:10:16.920 align:start position:0% you can actually like uh kind of balance 00:10:16.920 --> 00:10:19.509 align:start position:0% you can actually like uh kind of balance markets<00:10:17.360> using<00:10:17.680> flesh<00:10:18.040> loans<00:10:18.760> instead<00:10:19.079> of 00:10:19.509 --> 00:10:19.519 align:start position:0% markets using flesh loans instead of 00:10:19.519 --> 00:10:21.829 align:start position:0% markets using flesh loans instead of requiring<00:10:20.040> market<00:10:20.320> makers<00:10:20.720> to<00:10:20.959> take 00:10:21.829 --> 00:10:21.839 align:start position:0% requiring market makers to take 00:10:21.839 --> 00:10:24.150 align:start position:0% requiring market makers to take inventory<00:10:22.839> uh<00:10:22.959> and<00:10:23.040> this<00:10:23.160> is<00:10:23.360> actually<00:10:23.720> why 00:10:24.150 --> 00:10:24.160 align:start position:0% inventory uh and this is actually why 00:10:24.160 --> 00:10:26.110 align:start position:0% inventory uh and this is actually why gyd<00:10:24.680> and<00:10:24.880> D<00:10:25.160> in<00:10:25.320> in<00:10:25.440> one<00:10:25.519> of<00:10:25.640> the<00:10:25.720> earlier 00:10:26.110 --> 00:10:26.120 align:start position:0% gyd and D in in one of the earlier 00:10:26.120 --> 00:10:28.069 align:start position:0% gyd and D in in one of the earlier pictures<00:10:27.000> uh<00:10:27.120> was<00:10:27.360> actually<00:10:27.600> achieving<00:10:27.959> a 00:10:28.069 --> 00:10:28.079 align:start position:0% pictures uh was actually achieving a 00:10:28.079 --> 00:10:30.150 align:start position:0% pictures uh was actually achieving a much<00:10:28.279> tighter<00:10:28.640> pricing<00:10:29.079> than<00:10:29.440> than<00:10:29.600> even<00:10:29.880> Pi 00:10:30.150 --> 00:10:30.160 align:start position:0% much tighter pricing than than even Pi 00:10:30.160 --> 00:10:32.470 align:start position:0% much tighter pricing than than even Pi USD<00:10:30.920> because<00:10:31.120> it<00:10:31.279> has<00:10:31.519> these<00:10:31.720> advantages<00:10:32.279> in 00:10:32.470 --> 00:10:32.480 align:start position:0% USD because it has these advantages in 00:10:32.480 --> 00:10:35.590 align:start position:0% USD because it has these advantages in its<00:10:32.959> effectively<00:10:33.360> mint<00:10:33.600> and<00:10:33.720> redeem<00:10:34.600> market 00:10:35.590 --> 00:10:35.600 align:start position:0% its effectively mint and redeem market 00:10:35.600 --> 00:10:37.110 align:start position:0% its effectively mint and redeem market and<00:10:35.760> another<00:10:36.040> idea<00:10:36.279> is<00:10:36.440> you<00:10:36.560> can<00:10:36.720> actually 00:10:37.110 --> 00:10:37.120 align:start position:0% and another idea is you can actually 00:10:37.120 --> 00:10:39.829 align:start position:0% and another idea is you can actually segment<00:10:37.959> the<00:10:38.320> uh<00:10:38.680> uh<00:10:39.200> uh<00:10:39.360> where<00:10:39.480> you<00:10:39.600> need 00:10:39.829 --> 00:10:39.839 align:start position:0% segment the uh uh uh where you need 00:10:39.839 --> 00:10:42.230 align:start position:0% segment the uh uh uh where you need liquidity<00:10:40.639> using<00:10:40.920> mint<00:10:41.120> and<00:10:41.279> redeem<00:10:41.959> you<00:10:42.079> can 00:10:42.230 --> 00:10:42.240 align:start position:0% liquidity using mint and redeem you can 00:10:42.240 --> 00:10:44.829 align:start position:0% liquidity using mint and redeem you can basically<00:10:42.639> let<00:10:42.880> the<00:10:43.279> primary<00:10:43.720> Market<00:10:44.440> handle 00:10:44.829 --> 00:10:44.839 align:start position:0% basically let the primary Market handle 00:10:44.839 --> 00:10:46.790 align:start position:0% basically let the primary Market handle the<00:10:44.959> extremities<00:10:45.519> of<00:10:45.639> the<00:10:45.760> pricing<00:10:46.120> region 00:10:46.790 --> 00:10:46.800 align:start position:0% the extremities of the pricing region 00:10:46.800 --> 00:10:48.550 align:start position:0% the extremities of the pricing region and<00:10:46.920> then<00:10:47.040> you<00:10:47.160> can<00:10:47.399> concentrate<00:10:48.320> uh<00:10:48.440> the 00:10:48.550 --> 00:10:48.560 align:start position:0% and then you can concentrate uh the 00:10:48.560 --> 00:10:50.430 align:start position:0% and then you can concentrate uh the secondary<00:10:49.000> markets<00:10:49.360> on<00:10:49.639> the<00:10:49.880> the<00:10:50.000> areas<00:10:50.360> that 00:10:50.430 --> 00:10:50.440 align:start position:0% secondary markets on the the areas that 00:10:50.440 --> 00:10:52.750 align:start position:0% secondary markets on the the areas that are<00:10:50.800> most<00:10:51.040> important<00:10:51.800> within<00:10:52.440> kind<00:10:52.560> of<00:10:52.639> the 00:10:52.750 --> 00:10:52.760 align:start position:0% are most important within kind of the 00:10:52.760 --> 00:10:56.069 align:start position:0% are most important within kind of the minting<00:10:53.279> Redemption 00:10:56.069 --> 00:10:56.079 align:start position:0% 00:10:56.079 --> 00:10:58.550 align:start position:0% bounds<00:10:57.079> uh<00:10:57.200> a<00:10:57.320> slight<00:10:57.639> caution<00:10:58.120> here<00:10:58.320> is<00:10:58.440> that 00:10:58.550 --> 00:10:58.560 align:start position:0% bounds uh a slight caution here is that 00:10:58.560 --> 00:11:00.470 align:start position:0% bounds uh a slight caution here is that there's<00:10:58.720> a<00:10:58.800> lot<00:10:58.920> of<00:10:59.000> risk<00:10:59.639> to<00:10:59.880> to<00:11:00.079> primary 00:11:00.470 --> 00:11:00.480 align:start position:0% there's a lot of risk to to primary 00:11:00.480 --> 00:11:02.069 align:start position:0% there's a lot of risk to to primary markets<00:11:01.079> and<00:11:01.240> and<00:11:01.360> building<00:11:01.680> them<00:11:01.800> in<00:11:01.920> the 00:11:02.069 --> 00:11:02.079 align:start position:0% markets and and building them in the 00:11:02.079 --> 00:11:04.350 align:start position:0% markets and and building them in the right<00:11:02.279> way<00:11:02.680> and<00:11:02.839> this<00:11:03.040> came<00:11:03.240> about<00:11:03.959> as<00:11:04.120> as<00:11:04.200> an 00:11:04.350 --> 00:11:04.360 align:start position:0% right way and this came about as as an 00:11:04.360 --> 00:11:08.230 align:start position:0% right way and this came about as as an example<00:11:04.800> also<00:11:05.079> in<00:11:05.279> like<00:11:05.399> the<00:11:05.519> svb<00:11:06.440> crisis<00:11:07.440> um 00:11:08.230 --> 00:11:08.240 align:start position:0% example also in like the svb crisis um 00:11:08.240 --> 00:11:09.750 align:start position:0% example also in like the svb crisis um there's<00:11:08.399> a<00:11:08.519> whole<00:11:08.680> other<00:11:08.839> Devcon<00:11:09.360> talk<00:11:09.560> from 00:11:09.750 --> 00:11:09.760 align:start position:0% there's a whole other Devcon talk from 00:11:09.760 --> 00:11:11.910 align:start position:0% there's a whole other Devcon talk from last<00:11:09.959> year<00:11:10.279> actually<00:11:10.680> about<00:11:11.120> how<00:11:11.279> do<00:11:11.399> we<00:11:11.560> build 00:11:11.910 --> 00:11:11.920 align:start position:0% last year actually about how do we build 00:11:11.920 --> 00:11:14.030 align:start position:0% last year actually about how do we build these<00:11:12.320> uh<00:11:12.440> in<00:11:12.560> the<00:11:12.720> best<00:11:13.000> way<00:11:13.720> uh<00:11:13.839> so<00:11:13.959> I 00:11:14.030 --> 00:11:14.040 align:start position:0% these uh in the best way uh so I 00:11:14.040 --> 00:11:16.470 align:start position:0% these uh in the best way uh so I encourage<00:11:14.360> you<00:11:14.440> to<00:11:14.560> check<00:11:14.800> that<00:11:14.920> out<00:11:15.839> um<00:11:16.120> but 00:11:16.470 --> 00:11:16.480 align:start position:0% encourage you to check that out um but 00:11:16.480 --> 00:11:17.949 align:start position:0% encourage you to check that out um but but<00:11:16.600> yeah<00:11:16.760> we'll<00:11:16.880> just<00:11:17.000> kind<00:11:17.120> of<00:11:17.279> give<00:11:17.639> a<00:11:17.760> quick 00:11:17.949 --> 00:11:17.959 align:start position:0% but yeah we'll just kind of give a quick 00:11:17.959 --> 00:11:20.389 align:start position:0% but yeah we'll just kind of give a quick nod<00:11:18.320> to<00:11:18.839> to<00:11:19.040> that<00:11:19.279> here<00:11:19.800> uh<00:11:20.040> you<00:11:20.120> should<00:11:20.279> of 00:11:20.389 --> 00:11:20.399 align:start position:0% nod to to that here uh you should of 00:11:20.399 --> 00:11:21.790 align:start position:0% nod to to that here uh you should of course<00:11:20.600> be<00:11:20.800> conscious<00:11:21.160> of<00:11:21.279> the<00:11:21.440> risks<00:11:21.720> that 00:11:21.790 --> 00:11:21.800 align:start position:0% course be conscious of the risks that 00:11:21.800 --> 00:11:23.790 align:start position:0% course be conscious of the risks that you're<00:11:21.959> building<00:11:22.240> into<00:11:22.519> these 00:11:23.790 --> 00:11:23.800 align:start position:0% you're building into these 00:11:23.800 --> 00:11:25.949 align:start position:0% you're building into these systems<00:11:24.800> and<00:11:24.959> one<00:11:25.160> other<00:11:25.399> topic<00:11:25.680> about 00:11:25.949 --> 00:11:25.959 align:start position:0% systems and one other topic about 00:11:25.959 --> 00:11:27.790 align:start position:0% systems and one other topic about primary<00:11:26.279> markets<00:11:26.639> that<00:11:26.720> I<00:11:26.800> want<00:11:26.880> to<00:11:27.000> touch<00:11:27.240> on 00:11:27.790 --> 00:11:27.800 align:start position:0% primary markets that I want to touch on 00:11:27.800 --> 00:11:29.750 align:start position:0% primary markets that I want to touch on is<00:11:28.519> uh<00:11:28.720> what's 00:11:29.750 --> 00:11:29.760 align:start position:0% is uh what's 00:11:29.760 --> 00:11:31.670 align:start position:0% is uh what's another<00:11:30.079> version<00:11:30.440> another<00:11:30.680> flavor<00:11:31.079> of<00:11:31.279> them 00:11:31.670 --> 00:11:31.680 align:start position:0% another version another flavor of them 00:11:31.680 --> 00:11:34.910 align:start position:0% another version another flavor of them that's<00:11:31.920> called<00:11:32.360> Os<00:11:32.959> or<00:11:33.560> poos<00:11:34.560> meaning 00:11:34.910 --> 00:11:34.920 align:start position:0% that's called Os or poos meaning 00:11:34.920 --> 00:11:37.430 align:start position:0% that's called Os or poos meaning algorithmic<00:11:35.560> market<00:11:35.920> operations<00:11:36.760> and<00:11:36.920> P 00:11:37.430 --> 00:11:37.440 align:start position:0% algorithmic market operations and P 00:11:37.440 --> 00:11:39.629 align:start position:0% algorithmic market operations and P meaning<00:11:37.760> protocol<00:11:38.160> owned<00:11:38.440> liquidity<00:11:39.440> so 00:11:39.629 --> 00:11:39.639 align:start position:0% meaning protocol owned liquidity so 00:11:39.639 --> 00:11:42.550 align:start position:0% meaning protocol owned liquidity so these<00:11:39.760> are<00:11:40.279> effectively<00:11:41.279> uh<00:11:41.800> where<00:11:41.959> you<00:11:42.200> have 00:11:42.550 --> 00:11:42.560 align:start position:0% these are effectively uh where you have 00:11:42.560 --> 00:11:44.670 align:start position:0% these are effectively uh where you have something<00:11:42.880> that's<00:11:43.040> like<00:11:43.160> a<00:11:43.360> pre<00:11:43.720> mined<00:11:44.040> or<00:11:44.320> not 00:11:44.670 --> 00:11:44.680 align:start position:0% something that's like a pre mined or not 00:11:44.680 --> 00:11:47.990 align:start position:0% something that's like a pre mined or not yet<00:11:44.880> issued<00:11:45.639> uh<00:11:45.760> stable<00:11:46.200> coin<00:11:46.880> that's<00:11:47.160> been<00:11:47.760> uh 00:11:47.990 --> 00:11:48.000 align:start position:0% yet issued uh stable coin that's been uh 00:11:48.000 --> 00:11:50.870 align:start position:0% yet issued uh stable coin that's been uh deposited<00:11:49.000> into<00:11:49.279> a<00:11:49.399> liquidity<00:11:49.839> pool<00:11:50.720> and 00:11:50.870 --> 00:11:50.880 align:start position:0% deposited into a liquidity pool and 00:11:50.880 --> 00:11:53.350 align:start position:0% deposited into a liquidity pool and basically<00:11:51.240> somebody<00:11:51.639> can<00:11:52.120> issue<00:11:52.839> the<00:11:53.079> uh<00:11:53.200> the 00:11:53.350 --> 00:11:53.360 align:start position:0% basically somebody can issue the uh the 00:11:53.360 --> 00:11:54.790 align:start position:0% basically somebody can issue the uh the stable<00:11:53.680> coin<00:11:53.920> by<00:11:54.079> buying<00:11:54.360> it<00:11:54.519> from<00:11:54.639> the 00:11:54.790 --> 00:11:54.800 align:start position:0% stable coin by buying it from the 00:11:54.800 --> 00:11:58.230 align:start position:0% stable coin by buying it from the liquidity<00:11:55.720> pool<00:11:56.720> um<00:11:57.120> and<00:11:57.560> this<00:11:57.680> is<00:11:57.880> basically 00:11:58.230 --> 00:11:58.240 align:start position:0% liquidity pool um and this is basically 00:11:58.240 --> 00:12:00.629 align:start position:0% liquidity pool um and this is basically equivalent<00:11:58.880> to<00:11:59.480> a<00:11:59.600> mint<00:11:59.800> and<00:11:59.959> redeem<00:12:00.320> sort<00:12:00.519> of 00:12:00.629 --> 00:12:00.639 align:start position:0% equivalent to a mint and redeem sort of 00:12:00.639 --> 00:12:03.670 align:start position:0% equivalent to a mint and redeem sort of flow<00:12:01.120> but<00:12:01.360> where<00:12:01.800> the<00:12:01.959> amm<00:12:02.519> price<00:12:03.320> uh<00:12:03.560> the 00:12:03.670 --> 00:12:03.680 align:start position:0% flow but where the amm price uh the 00:12:03.680 --> 00:12:05.470 align:start position:0% flow but where the amm price uh the price<00:12:03.959> curve<00:12:04.320> is<00:12:04.519> actually<00:12:04.800> providing<00:12:05.279> the 00:12:05.470 --> 00:12:05.480 align:start position:0% price curve is actually providing the 00:12:05.480 --> 00:12:07.430 align:start position:0% price curve is actually providing the the<00:12:05.680> the<00:12:05.760> pricing<00:12:06.160> for<00:12:06.360> for<00:12:06.519> mint<00:12:06.720> and 00:12:07.430 --> 00:12:07.440 align:start position:0% the the pricing for for mint and 00:12:07.440 --> 00:12:10.629 align:start position:0% the the pricing for for mint and redeem<00:12:08.440> and<00:12:09.360> uh<00:12:09.680> it<00:12:09.839> also<00:12:10.000> has<00:12:10.120> the<00:12:10.240> benefit<00:12:10.519> of 00:12:10.629 --> 00:12:10.639 align:start position:0% redeem and uh it also has the benefit of 00:12:10.639 --> 00:12:11.949 align:start position:0% redeem and uh it also has the benefit of being<00:12:10.839> able<00:12:11.000> to<00:12:11.120> kind<00:12:11.200> of<00:12:11.320> bootstrap 00:12:11.949 --> 00:12:11.959 align:start position:0% being able to kind of bootstrap 00:12:11.959 --> 00:12:13.990 align:start position:0% being able to kind of bootstrap secondary<00:12:12.440> markets<00:12:12.959> because<00:12:13.440> uh<00:12:13.760> you're 00:12:13.990 --> 00:12:14.000 align:start position:0% secondary markets because uh you're 00:12:14.000 --> 00:12:15.550 align:start position:0% secondary markets because uh you're basically<00:12:14.360> depositing<00:12:14.839> into<00:12:15.040> something<00:12:15.399> that 00:12:15.550 --> 00:12:15.560 align:start position:0% basically depositing into something that 00:12:15.560 --> 00:12:17.430 align:start position:0% basically depositing into something that gets<00:12:15.760> blended<00:12:16.240> with<00:12:16.399> secondary<00:12:16.839> Market 00:12:17.430 --> 00:12:17.440 align:start position:0% gets blended with secondary Market 00:12:17.440 --> 00:12:20.030 align:start position:0% gets blended with secondary Market liquidity<00:12:18.440> and<00:12:18.920> how<00:12:19.079> does<00:12:19.360> this<00:12:19.560> affect 00:12:20.030 --> 00:12:20.040 align:start position:0% liquidity and how does this affect 00:12:20.040 --> 00:12:22.110 align:start position:0% liquidity and how does this affect liquidity<00:12:20.480> at<00:12:20.639> Peg<00:12:21.440> well<00:12:21.639> actually<00:12:21.800> it<00:12:21.920> comes 00:12:22.110 --> 00:12:22.120 align:start position:0% liquidity at Peg well actually it comes 00:12:22.120 --> 00:12:24.230 align:start position:0% liquidity at Peg well actually it comes down<00:12:22.440> quite<00:12:22.600> a<00:12:22.680> lot<00:12:22.880> about<00:12:23.600> specifically<00:12:24.120> how 00:12:24.230 --> 00:12:24.240 align:start position:0% down quite a lot about specifically how 00:12:24.240 --> 00:12:25.629 align:start position:0% down quite a lot about specifically how it's<00:12:24.440> implemented<00:12:24.920> and<00:12:25.040> the<00:12:25.160> mechanism 00:12:25.629 --> 00:12:25.639 align:start position:0% it's implemented and the mechanism 00:12:25.639 --> 00:12:28.389 align:start position:0% it's implemented and the mechanism design<00:12:26.040> around<00:12:26.279> it<00:12:26.959> uh<00:12:27.079> for<00:12:27.360> for<00:12:27.560> gyd<00:12:28.240> it 00:12:28.389 --> 00:12:28.399 align:start position:0% design around it uh for for gyd it 00:12:28.399 --> 00:12:29.949 align:start position:0% design around it uh for for gyd it actually<00:12:28.639> works<00:12:28.959> very<00:12:29.360> well<00:12:29.480> and<00:12:29.600> there's<00:12:29.760> an 00:12:29.949 --> 00:12:29.959 align:start position:0% actually works very well and there's an 00:12:29.959 --> 00:12:32.230 align:start position:0% actually works very well and there's an example<00:12:30.399> here<00:12:30.560> in<00:12:30.800> this<00:12:31.120> uh<00:12:31.720> uh<00:12:32.079> an 00:12:32.230 --> 00:12:32.240 align:start position:0% example here in this uh uh an 00:12:32.240 --> 00:12:34.310 align:start position:0% example here in this uh uh an illustration<00:12:32.839> here<00:12:33.519> uh<00:12:33.639> it's<00:12:33.839> able<00:12:34.000> to<00:12:34.120> help 00:12:34.310 --> 00:12:34.320 align:start position:0% illustration here uh it's able to help 00:12:34.320 --> 00:12:37.269 align:start position:0% illustration here uh it's able to help bootstrap<00:12:34.800> liquidity<00:12:35.199> at<00:12:35.440> Peg<00:12:36.040> very<00:12:36.279> well<00:12:37.079> um 00:12:37.269 --> 00:12:37.279 align:start position:0% bootstrap liquidity at Peg very well um 00:12:37.279 --> 00:12:38.629 align:start position:0% bootstrap liquidity at Peg very well um but<00:12:37.360> there<00:12:37.480> are<00:12:37.600> also<00:12:37.839> cases<00:12:38.199> where<00:12:38.480> this 00:12:38.629 --> 00:12:38.639 align:start position:0% but there are also cases where this 00:12:38.639 --> 00:12:40.189 align:start position:0% but there are also cases where this doesn't<00:12:38.959> work<00:12:39.199> very<00:12:39.399> well<00:12:39.560> and<00:12:39.680> it<00:12:39.800> comes<00:12:40.040> down 00:12:40.189 --> 00:12:40.199 align:start position:0% doesn't work very well and it comes down 00:12:40.199 --> 00:12:42.509 align:start position:0% doesn't work very well and it comes down to<00:12:40.399> a<00:12:40.560> bit<00:12:40.839> about<00:12:41.360> either<00:12:41.639> bad<00:12:41.920> design<00:12:42.279> or 00:12:42.509 --> 00:12:42.519 align:start position:0% to a bit about either bad design or 00:12:42.519 --> 00:12:44.389 align:start position:0% to a bit about either bad design or possibly<00:12:43.000> kind<00:12:43.120> of<00:12:43.279> like<00:12:43.440> miscalibration 00:12:44.389 --> 00:12:44.399 align:start position:0% possibly kind of like miscalibration 00:12:44.399 --> 00:12:46.670 align:start position:0% possibly kind of like miscalibration about<00:12:44.720> exactly<00:12:45.160> how<00:12:45.360> the<00:12:45.600> how<00:12:45.720> the<00:12:45.839> flow 00:12:46.670 --> 00:12:46.680 align:start position:0% about exactly how the how the flow 00:12:46.680 --> 00:12:49.069 align:start position:0% about exactly how the how the flow Works<00:12:47.680> um<00:12:47.800> so<00:12:47.920> a<00:12:48.040> quick<00:12:48.320> case<00:12:48.519> study<00:12:48.839> about 00:12:49.069 --> 00:12:49.079 align:start position:0% Works um so a quick case study about 00:12:49.079 --> 00:12:51.189 align:start position:0% Works um so a quick case study about that<00:12:49.199> is<00:12:49.399> basically<00:12:49.880> digging<00:12:50.199> into<00:12:51.000> what 00:12:51.189 --> 00:12:51.199 align:start position:0% that is basically digging into what 00:12:51.199 --> 00:12:52.509 align:start position:0% that is basically digging into what happens<00:12:51.480> in 00:12:52.509 --> 00:12:52.519 align:start position:0% happens in 00:12:52.519 --> 00:12:55.990 align:start position:0% happens in fraxos<00:12:53.519> so<00:12:53.760> in<00:12:53.880> a<00:12:54.000> frax<00:12:54.320> Amo<00:12:55.120> uh<00:12:55.279> there's<00:12:55.680> some 00:12:55.990 --> 00:12:56.000 align:start position:0% fraxos so in a frax Amo uh there's some 00:12:56.000 --> 00:12:58.829 align:start position:0% fraxos so in a frax Amo uh there's some injection<00:12:56.519> of<00:12:56.760> like<00:12:56.920> this<00:12:57.160> printed<00:12:57.800> frax<00:12:58.399> into 00:12:58.829 --> 00:12:58.839 align:start position:0% injection of like this printed frax into 00:12:58.839 --> 00:12:59.629 align:start position:0% injection of like this printed frax into curve 00:12:59.629 --> 00:12:59.639 align:start position:0% curve 00:12:59.639 --> 00:13:03.710 align:start position:0% curve pools<00:13:00.639> um<00:13:01.120> but<00:13:01.440> frax<00:13:02.000> tends<00:13:02.399> to<00:13:02.920> trade<00:13:03.320> below 00:13:03.710 --> 00:13:03.720 align:start position:0% pools um but frax tends to trade below 00:13:03.720 --> 00:13:05.910 align:start position:0% pools um but frax tends to trade below Peg<00:13:04.519> like<00:13:04.639> kind<00:13:04.720> of<00:13:04.880> despite<00:13:05.279> this<00:13:05.440> mechanism 00:13:05.910 --> 00:13:05.920 align:start position:0% Peg like kind of despite this mechanism 00:13:05.920 --> 00:13:08.269 align:start position:0% Peg like kind of despite this mechanism trying<00:13:06.199> to<00:13:06.519> to<00:13:06.680> support<00:13:06.959> it<00:13:07.519> and<00:13:07.800> what<00:13:07.920> you<00:13:08.079> end 00:13:08.269 --> 00:13:08.279 align:start position:0% trying to to support it and what you end 00:13:08.279 --> 00:13:10.430 align:start position:0% trying to to support it and what you end up<00:13:08.519> is<00:13:08.800> with<00:13:08.959> is<00:13:09.199> basically<00:13:09.959> pools<00:13:10.320> that 00:13:10.430 --> 00:13:10.440 align:start position:0% up is with is basically pools that 00:13:10.440 --> 00:13:12.629 align:start position:0% up is with is basically pools that aren't<00:13:10.760> optimized<00:13:11.399> for<00:13:11.760> kind<00:13:11.880> of<00:13:12.040> the<00:13:12.160> pricing 00:13:12.629 --> 00:13:12.639 align:start position:0% aren't optimized for kind of the pricing 00:13:12.639 --> 00:13:14.829 align:start position:0% aren't optimized for kind of the pricing of<00:13:12.880> of<00:13:13.000> fracks<00:13:13.600> which<00:13:13.800> you<00:13:13.920> can<00:13:14.040> see<00:13:14.360> here<00:13:14.720> you 00:13:14.829 --> 00:13:14.839 align:start position:0% of of fracks which you can see here you 00:13:14.839 --> 00:13:16.990 align:start position:0% of of fracks which you can see here you can<00:13:14.959> see<00:13:15.279> something<00:13:15.639> about<00:13:15.920> like<00:13:16.279> the<00:13:16.480> density 00:13:16.990 --> 00:13:17.000 align:start position:0% can see something about like the density 00:13:17.000 --> 00:13:19.189 align:start position:0% can see something about like the density of<00:13:17.320> uh<00:13:17.639> liquidity<00:13:18.199> in<00:13:18.480> in<00:13:18.639> these<00:13:18.800> liquidity 00:13:19.189 --> 00:13:19.199 align:start position:0% of uh liquidity in in these liquidity 00:13:19.199 --> 00:13:21.710 align:start position:0% of uh liquidity in in these liquidity pools<00:13:19.600> versus<00:13:20.519> uh<00:13:20.680> the<00:13:20.800> actual<00:13:21.120> histogram<00:13:21.560> of 00:13:21.710 --> 00:13:21.720 align:start position:0% pools versus uh the actual histogram of 00:13:21.720 --> 00:13:26.069 align:start position:0% pools versus uh the actual histogram of where<00:13:21.920> prices<00:13:22.360> are<00:13:22.600> are 00:13:26.069 --> 00:13:26.079 align:start position:0% 00:13:26.079 --> 00:13:28.550 align:start position:0% trading<00:13:27.079> the<00:13:27.240> other<00:13:27.440> side<00:13:27.680> here<00:13:27.880> is<00:13:28.079> secondary 00:13:28.550 --> 00:13:28.560 align:start position:0% trading the other side here is secondary 00:13:28.560 --> 00:13:30.110 align:start position:0% trading the other side here is secondary markets 00:13:30.110 --> 00:13:30.120 align:start position:0% markets 00:13:30.120 --> 00:13:31.470 align:start position:0% markets and<00:13:30.360> I'm<00:13:30.480> kind<00:13:30.600> of<00:13:30.720> going<00:13:30.800> to<00:13:30.920> Breeze<00:13:31.279> through 00:13:31.470 --> 00:13:31.480 align:start position:0% and I'm kind of going to Breeze through 00:13:31.480 --> 00:13:34.870 align:start position:0% and I'm kind of going to Breeze through this<00:13:31.639> a<00:13:31.800> bit<00:13:32.360> um<00:13:33.079> but<00:13:33.959> the<00:13:34.079> main<00:13:34.320> idea<00:13:34.639> is<00:13:34.760> that 00:13:34.870 --> 00:13:34.880 align:start position:0% this a bit um but the main idea is that 00:13:34.880 --> 00:13:37.509 align:start position:0% this a bit um but the main idea is that you<00:13:35.040> can<00:13:35.480> kind<00:13:35.600> of<00:13:35.839> optimize<00:13:36.720> liquidity 00:13:37.509 --> 00:13:37.519 align:start position:0% you can kind of optimize liquidity 00:13:37.519 --> 00:13:40.470 align:start position:0% you can kind of optimize liquidity density<00:13:38.519> um<00:13:38.920> by<00:13:39.240> instead<00:13:39.480> of<00:13:39.639> picking<00:13:40.000> default 00:13:40.470 --> 00:13:40.480 align:start position:0% density um by instead of picking default 00:13:40.480 --> 00:13:42.910 align:start position:0% density um by instead of picking default calibrations<00:13:41.199> for<00:13:41.440> a<00:13:41.600> liquidity<00:13:42.040> pool<00:13:42.600> making 00:13:42.910 --> 00:13:42.920 align:start position:0% calibrations for a liquidity pool making 00:13:42.920 --> 00:13:44.670 align:start position:0% calibrations for a liquidity pool making something<00:13:43.199> that's<00:13:43.399> much<00:13:43.560> more<00:13:43.800> customized 00:13:44.670 --> 00:13:44.680 align:start position:0% something that's much more customized 00:13:44.680 --> 00:13:46.550 align:start position:0% something that's much more customized for<00:13:44.920> the<00:13:45.079> actual<00:13:45.399> prices<00:13:45.839> that<00:13:45.959> you<00:13:46.120> want<00:13:46.279> to 00:13:46.550 --> 00:13:46.560 align:start position:0% for the actual prices that you want to 00:13:46.560 --> 00:13:49.269 align:start position:0% for the actual prices that you want to incentivize<00:13:47.560> as<00:13:47.639> a<00:13:47.800> stable<00:13:48.160> coin<00:13:48.920> and<00:13:49.120> the 00:13:49.269 --> 00:13:49.279 align:start position:0% incentivize as a stable coin and the 00:13:49.279 --> 00:13:50.710 align:start position:0% incentivize as a stable coin and the graphic<00:13:49.639> here<00:13:49.839> kind<00:13:49.959> of<00:13:50.079> illustrates<00:13:50.560> the 00:13:50.710 --> 00:13:50.720 align:start position:0% graphic here kind of illustrates the 00:13:50.720 --> 00:13:52.710 align:start position:0% graphic here kind of illustrates the concept<00:13:51.199> that<00:13:51.320> if<00:13:51.680> if<00:13:51.839> you<00:13:52.000> can<00:13:52.440> that<00:13:52.519> you<00:13:52.639> can 00:13:52.710 --> 00:13:52.720 align:start position:0% concept that if if you can that you can 00:13:52.720 --> 00:13:54.430 align:start position:0% concept that if if you can that you can basically<00:13:53.120> squeeze<00:13:53.519> more<00:13:53.759> liquidity<00:13:54.199> out<00:13:54.320> of 00:13:54.430 --> 00:13:54.440 align:start position:0% basically squeeze more liquidity out of 00:13:54.440 --> 00:13:56.710 align:start position:0% basically squeeze more liquidity out of your<00:13:54.600> liquidity<00:13:55.000> pools<00:13:55.839> if<00:13:55.959> you<00:13:56.120> can<00:13:56.480> uh<00:13:56.600> kind 00:13:56.710 --> 00:13:56.720 align:start position:0% your liquidity pools if you can uh kind 00:13:56.720 --> 00:13:59.189 align:start position:0% your liquidity pools if you can uh kind of<00:13:56.880> identify<00:13:57.519> the<00:13:57.720> right<00:13:57.959> bounds<00:13:58.639> and<00:13:58.759> also 00:13:59.189 --> 00:13:59.199 align:start position:0% of identify the right bounds and also 00:13:59.199 --> 00:14:02.269 align:start position:0% of identify the right bounds and also like<00:13:59.399> focus<00:13:59.880> in<00:14:00.079> the<00:14:00.279> right<00:14:00.480> ways<00:14:01.399> um<00:14:01.839> and 00:14:02.269 --> 00:14:02.279 align:start position:0% like focus in the right ways um and 00:14:02.279 --> 00:14:04.310 align:start position:0% like focus in the right ways um and we've<00:14:02.480> done<00:14:02.680> this<00:14:02.880> quite<00:14:03.000> a<00:14:03.160> bit<00:14:03.480> as<00:14:03.680> part<00:14:03.920> of 00:14:04.310 --> 00:14:04.320 align:start position:0% we've done this quite a bit as part of 00:14:04.320 --> 00:14:06.269 align:start position:0% we've done this quite a bit as part of of<00:14:04.480> gyroscope<00:14:05.199> there<00:14:05.600> there<00:14:05.720> are<00:14:05.839> a<00:14:05.920> few 00:14:06.269 --> 00:14:06.279 align:start position:0% of gyroscope there there are a few 00:14:06.279 --> 00:14:08.430 align:start position:0% of gyroscope there there are a few examples<00:14:07.279> um<00:14:07.440> but<00:14:07.519> I'll<00:14:07.720> Mo<00:14:07.880> mostly<00:14:08.160> leave 00:14:08.430 --> 00:14:08.440 align:start position:0% examples um but I'll Mo mostly leave 00:14:08.440 --> 00:14:10.189 align:start position:0% examples um but I'll Mo mostly leave these<00:14:08.600> here<00:14:08.759> for<00:14:09.040> for<00:14:09.240> later<00:14:09.519> reference<00:14:10.000> this 00:14:10.189 --> 00:14:10.199 align:start position:0% these here for for later reference this 00:14:10.199 --> 00:14:12.509 align:start position:0% these here for for later reference this these<00:14:10.360> came<00:14:10.600> about<00:14:10.959> from<00:14:11.320> uh<00:14:11.880> uh<00:14:12.000> our<00:14:12.199> work 00:14:12.509 --> 00:14:12.519 align:start position:0% these came about from uh uh our work 00:14:12.519 --> 00:14:14.790 align:start position:0% these came about from uh uh our work calibrating<00:14:13.040> gyro<00:14:13.440> pools<00:14:14.279> um<00:14:14.440> but<00:14:14.600> there's 00:14:14.790 --> 00:14:14.800 align:start position:0% calibrating gyro pools um but there's 00:14:14.800 --> 00:14:16.150 align:start position:0% calibrating gyro pools um but there's many<00:14:15.079> examples<00:14:15.440> where<00:14:15.560> you<00:14:15.639> can<00:14:15.759> just<00:14:15.880> get<00:14:16.040> a 00:14:16.150 --> 00:14:16.160 align:start position:0% many examples where you can just get a 00:14:16.160 --> 00:14:18.749 align:start position:0% many examples where you can just get a lot<00:14:16.360> better<00:14:16.759> kind<00:14:16.880> of<00:14:17.040> liquidity<00:14:17.639> profile<00:14:18.639> uh 00:14:18.749 --> 00:14:18.759 align:start position:0% lot better kind of liquidity profile uh 00:14:18.759 --> 00:14:21.069 align:start position:0% lot better kind of liquidity profile uh by<00:14:18.880> making<00:14:19.120> a<00:14:19.279> much<00:14:19.440> more<00:14:19.639> customized<00:14:20.240> pool 00:14:21.069 --> 00:14:21.079 align:start position:0% by making a much more customized pool 00:14:21.079 --> 00:14:23.310 align:start position:0% by making a much more customized pool than<00:14:21.600> by<00:14:21.759> using<00:14:22.279> kind<00:14:22.399> of<00:14:22.560> like 00:14:23.310 --> 00:14:23.320 align:start position:0% than by using kind of like 00:14:23.320 --> 00:14:26.670 align:start position:0% than by using kind of like a<00:14:24.320> a<00:14:24.440> default<00:14:24.839> stable<00:14:25.199> swap 00:14:26.670 --> 00:14:26.680 align:start position:0% a a default stable swap 00:14:26.680 --> 00:14:28.829 align:start position:0% a a default stable swap pool<00:14:27.680> and<00:14:27.839> this<00:14:27.959> chart<00:14:28.240> also<00:14:28.440> kind<00:14:28.519> of<00:14:28.639> walks 00:14:28.829 --> 00:14:28.839 align:start position:0% pool and this chart also kind of walks 00:14:28.839 --> 00:14:29.629 align:start position:0% pool and this chart also kind of walks through 00:14:29.629 --> 00:14:29.639 align:start position:0% through 00:14:29.639 --> 00:14:31.350 align:start position:0% through that<00:14:29.920> it<00:14:30.079> actually<00:14:30.360> works<00:14:30.800> by<00:14:30.959> kind<00:14:31.079> of<00:14:31.240> like 00:14:31.350 --> 00:14:31.360 align:start position:0% that it actually works by kind of like 00:14:31.360 --> 00:14:33.430 align:start position:0% that it actually works by kind of like comparing<00:14:31.839> Capital<00:14:32.240> efficiencies<00:14:32.959> but<00:14:33.199> we'll 00:14:33.430 --> 00:14:33.440 align:start position:0% comparing Capital efficiencies but we'll 00:14:33.440 --> 00:14:35.389 align:start position:0% comparing Capital efficiencies but we'll also<00:14:33.680> leave<00:14:33.959> this<00:14:34.480> uh<00:14:34.560> you<00:14:34.680> can<00:14:34.800> check<00:14:35.079> out 00:14:35.389 --> 00:14:35.399 align:start position:0% also leave this uh you can check out 00:14:35.399 --> 00:14:38.350 align:start position:0% also leave this uh you can check out check<00:14:35.880> uh<00:14:36.079> check<00:14:36.240> on<00:14:36.360> it<00:14:36.519> later<00:14:36.800> if<00:14:37.160> if<00:14:37.240> you're 00:14:38.350 --> 00:14:38.360 align:start position:0% check uh check on it later if if you're 00:14:38.360 --> 00:14:40.189 align:start position:0% check uh check on it later if if you're interested<00:14:39.360> what<00:14:39.480> I<00:14:39.560> want<00:14:39.639> to<00:14:39.720> spend<00:14:39.959> the<00:14:40.040> rest 00:14:40.189 --> 00:14:40.199 align:start position:0% interested what I want to spend the rest 00:14:40.199 --> 00:14:42.430 align:start position:0% interested what I want to spend the rest of<00:14:40.279> the<00:14:40.440> presentation<00:14:41.000> on<00:14:41.680> then<00:14:42.000> is<00:14:42.160> what<00:14:42.320> we 00:14:42.430 --> 00:14:42.440 align:start position:0% of the presentation on then is what we 00:14:42.440 --> 00:14:44.269 align:start position:0% of the presentation on then is what we think<00:14:42.600> is<00:14:42.720> a<00:14:42.880> new<00:14:43.120> way<00:14:43.440> to<00:14:43.639> solve 00:14:44.269 --> 00:14:44.279 align:start position:0% think is a new way to solve 00:14:44.279 --> 00:14:46.629 align:start position:0% think is a new way to solve decentralized<00:14:44.959> stablecoin 00:14:46.629 --> 00:14:46.639 align:start position:0% decentralized stablecoin 00:14:46.639 --> 00:14:48.829 align:start position:0% decentralized stablecoin liquidity<00:14:47.639> and<00:14:47.959> kind<00:14:48.040> of<00:14:48.160> the<00:14:48.279> motivation 00:14:48.829 --> 00:14:48.839 align:start position:0% liquidity and kind of the motivation 00:14:48.839 --> 00:14:51.629 align:start position:0% liquidity and kind of the motivation here<00:14:49.320> is<00:14:49.560> that<00:14:49.880> there's<00:14:50.040> a<00:14:50.920> there's<00:14:51.079> a<00:14:51.240> unique 00:14:51.629 --> 00:14:51.639 align:start position:0% here is that there's a there's a unique 00:14:51.639 --> 00:14:54.230 align:start position:0% here is that there's a there's a unique ability<00:14:52.120> to<00:14:52.279> decentralize<00:14:52.920> stable<00:14:53.320> coins<00:14:54.079> and 00:14:54.230 --> 00:14:54.240 align:start position:0% ability to decentralize stable coins and 00:14:54.240 --> 00:14:57.269 align:start position:0% ability to decentralize stable coins and it's<00:14:54.440> that<00:14:54.560> you<00:14:54.680> can<00:14:54.959> issue<00:14:55.720> in<00:14:55.920> new<00:14:56.199> ways<00:14:57.000> that 00:14:57.269 --> 00:14:57.279 align:start position:0% it's that you can issue in new ways that 00:14:57.279 --> 00:14:58.629 align:start position:0% it's that you can issue in new ways that wouldn't<00:14:57.600> really<00:14:57.759> have<00:14:57.920> been<00:14:58.160> possible<00:14:58.480> in 00:14:58.629 --> 00:14:58.639 align:start position:0% wouldn't really have been possible in 00:14:58.639 --> 00:15:01.389 align:start position:0% wouldn't really have been possible in central<00:14:59.240> stable<00:14:59.560> coins<00:15:00.160> and<00:15:00.279> so<00:15:00.720> the<00:15:01.000> classic 00:15:01.389 --> 00:15:01.399 align:start position:0% central stable coins and so the classic 00:15:01.399 --> 00:15:03.230 align:start position:0% central stable coins and so the classic example<00:15:01.800> here<00:15:01.959> is<00:15:02.279> something<00:15:02.560> we<00:15:02.720> just<00:15:02.880> saw 00:15:03.230 --> 00:15:03.240 align:start position:0% example here is something we just saw 00:15:03.240 --> 00:15:05.189 align:start position:0% example here is something we just saw actually<00:15:04.120> uh<00:15:04.240> for<00:15:04.480> like<00:15:04.600> protocol<00:15:05.000> owned 00:15:05.189 --> 00:15:05.199 align:start position:0% actually uh for like protocol owned 00:15:05.199 --> 00:15:08.069 align:start position:0% actually uh for like protocol owned liquidity<00:15:05.759> and<00:15:06.360> andos<00:15:07.360> uh<00:15:07.480> a<00:15:07.600> centralized 00:15:08.069 --> 00:15:08.079 align:start position:0% liquidity and andos uh a centralized 00:15:08.079 --> 00:15:09.870 align:start position:0% liquidity and andos uh a centralized stable<00:15:08.399> coin<00:15:08.839> just<00:15:09.000> can't<00:15:09.199> do<00:15:09.360> this<00:15:09.519> it<00:15:09.680> can't 00:15:09.870 --> 00:15:09.880 align:start position:0% stable coin just can't do this it can't 00:15:09.880 --> 00:15:12.389 align:start position:0% stable coin just can't do this it can't issue<00:15:10.440> new<00:15:10.639> stable<00:15:11.040> coins<00:15:11.440> in<00:15:11.600> this<00:15:11.800> printed 00:15:12.389 --> 00:15:12.399 align:start position:0% issue new stable coins in this printed 00:15:12.399 --> 00:15:15.189 align:start position:0% issue new stable coins in this printed sort<00:15:12.560> of<00:15:12.800> way<00:15:13.680> uh<00:15:13.800> so<00:15:14.000> so<00:15:14.160> that<00:15:14.279> shows<00:15:14.680> that<00:15:14.959> uh 00:15:15.189 --> 00:15:15.199 align:start position:0% sort of way uh so so that shows that uh 00:15:15.199 --> 00:15:17.269 align:start position:0% sort of way uh so so that shows that uh that<00:15:15.320> it<00:15:15.519> exists<00:15:16.320> but<00:15:16.480> the<00:15:16.600> idea<00:15:16.880> we<00:15:17.000> want<00:15:17.120> to 00:15:17.269 --> 00:15:17.279 align:start position:0% that it exists but the idea we want to 00:15:17.279 --> 00:15:19.230 align:start position:0% that it exists but the idea we want to pursue<00:15:17.720> is<00:15:17.959> like<00:15:18.360> can<00:15:18.480> you<00:15:18.639> build<00:15:18.880> on<00:15:19.040> this 00:15:19.230 --> 00:15:19.240 align:start position:0% pursue is like can you build on this 00:15:19.240 --> 00:15:22.189 align:start position:0% pursue is like can you build on this flexibility<00:15:19.880> in<00:15:20.000> a<00:15:20.160> new<00:15:20.440> way<00:15:20.800> that<00:15:21.759> might<00:15:21.959> be 00:15:22.189 --> 00:15:22.199 align:start position:0% flexibility in a new way that might be 00:15:22.199 --> 00:15:25.949 align:start position:0% flexibility in a new way that might be more<00:15:22.440> efficient<00:15:22.800> and<00:15:23.040> might<00:15:23.240> also<00:15:23.440> be 00:15:25.949 --> 00:15:25.959 align:start position:0% 00:15:25.959 --> 00:15:29.030 align:start position:0% safer<00:15:26.959> and<00:15:27.360> so<00:15:27.639> this<00:15:27.800> is<00:15:28.480> where<00:15:28.600> we<00:15:28.720> want<00:15:28.839> to 00:15:29.030 --> 00:15:29.040 align:start position:0% safer and so this is where we want to 00:15:29.040 --> 00:15:30.590 align:start position:0% safer and so this is where we want to announce<00:15:29.600> what<00:15:29.759> we're<00:15:30.000> actually<00:15:30.240> building 00:15:30.590 --> 00:15:30.600 align:start position:0% announce what we're actually building 00:15:30.600 --> 00:15:34.470 align:start position:0% announce what we're actually building next<00:15:30.839> in<00:15:31.000> gyroscope<00:15:31.959> uh<00:15:32.639> our<00:15:33.079> V2<00:15:34.079> um<00:15:34.240> this<00:15:34.319> is 00:15:34.470 --> 00:15:34.480 align:start position:0% next in gyroscope uh our V2 um this is 00:15:34.480 --> 00:15:35.550 align:start position:0% next in gyroscope uh our V2 um this is actually<00:15:34.639> the<00:15:34.759> first<00:15:34.959> time<00:15:35.120> we're<00:15:35.279> talking 00:15:35.550 --> 00:15:35.560 align:start position:0% actually the first time we're talking 00:15:35.560 --> 00:15:37.990 align:start position:0% actually the first time we're talking about<00:15:35.800> this<00:15:35.959> mechanism<00:15:36.600> so<00:15:36.839> you<00:15:37.720> kind<00:15:37.839> of 00:15:37.990 --> 00:15:38.000 align:start position:0% about this mechanism so you kind of 00:15:38.000 --> 00:15:39.590 align:start position:0% about this mechanism so you kind of follow<00:15:38.279> us<00:15:38.480> if<00:15:38.560> you<00:15:38.680> want<00:15:38.800> to<00:15:38.959> hear<00:15:39.279> kind<00:15:39.399> of 00:15:39.590 --> 00:15:39.600 align:start position:0% follow us if you want to hear kind of 00:15:39.600 --> 00:15:41.550 align:start position:0% follow us if you want to hear kind of more<00:15:39.880> about<00:15:40.040> where<00:15:40.240> this<00:15:40.360> is<00:15:40.560> going<00:15:41.360> uh<00:15:41.480> but 00:15:41.550 --> 00:15:41.560 align:start position:0% more about where this is going uh but 00:15:41.560 --> 00:15:42.870 align:start position:0% more about where this is going uh but I'll<00:15:41.680> try<00:15:41.800> to<00:15:41.920> give<00:15:42.000> you<00:15:42.079> a<00:15:42.160> little<00:15:42.319> flavor 00:15:42.870 --> 00:15:42.880 align:start position:0% I'll try to give you a little flavor 00:15:42.880 --> 00:15:46.189 align:start position:0% I'll try to give you a little flavor quickly<00:15:43.880> so<00:15:44.759> uh<00:15:45.120> it<00:15:45.240> builds<00:15:45.560> on<00:15:45.680> a<00:15:45.839> concept 00:15:46.189 --> 00:15:46.199 align:start position:0% quickly so uh it builds on a concept 00:15:46.199 --> 00:15:48.790 align:start position:0% quickly so uh it builds on a concept that<00:15:46.319> we<00:15:46.480> call<00:15:47.040> duplex<00:15:47.639> yield<00:15:48.519> and<00:15:48.639> I'll 00:15:48.790 --> 00:15:48.800 align:start position:0% that we call duplex yield and I'll 00:15:48.800 --> 00:15:50.509 align:start position:0% that we call duplex yield and I'll illustrate<00:15:49.240> this<00:15:49.519> what<00:15:49.639> this<00:15:49.759> means<00:15:50.160> in<00:15:50.399> in 00:15:50.509 --> 00:15:50.519 align:start position:0% illustrate this what this means in in 00:15:50.519 --> 00:15:52.990 align:start position:0% illustrate this what this means in in the<00:15:50.680> next<00:15:51.160> couple<00:15:51.360> of<00:15:51.560> slides<00:15:52.360> but<00:15:52.519> this<00:15:52.639> slide 00:15:52.990 --> 00:15:53.000 align:start position:0% the next couple of slides but this slide 00:15:53.000 --> 00:15:55.110 align:start position:0% the next couple of slides but this slide gives<00:15:53.240> a<00:15:53.560> general<00:15:53.959> overview<00:15:54.399> about<00:15:54.680> like<00:15:54.920> what 00:15:55.110 --> 00:15:55.120 align:start position:0% gives a general overview about like what 00:15:55.120 --> 00:15:57.710 align:start position:0% gives a general overview about like what sort<00:15:55.279> of<00:15:55.480> Market<00:15:55.880> is<00:15:56.120> is<00:15:56.279> being<00:15:56.519> set<00:15:56.720> up<00:15:57.360> so<00:15:57.560> on 00:15:57.710 --> 00:15:57.720 align:start position:0% sort of Market is is being set up so on 00:15:57.720 --> 00:15:59.749 align:start position:0% sort of Market is is being set up so on one<00:15:57.920> side<00:15:58.040> of<00:15:58.160> the<00:15:58.279> market<00:15:59.000> we<00:15:59.160> have<00:15:59.399> idle 00:15:59.749 --> 00:15:59.759 align:start position:0% one side of the market we have idle 00:15:59.759 --> 00:16:01.829 align:start position:0% one side of the market we have idle asset<00:16:00.040> holders<00:16:00.759> so<00:16:00.959> this<00:16:01.079> could<00:16:01.240> be<00:16:01.560> something 00:16:01.829 --> 00:16:01.839 align:start position:0% asset holders so this could be something 00:16:01.839 --> 00:16:04.910 align:start position:0% asset holders so this could be something like<00:16:02.120> Bitcoin<00:16:02.519> holders<00:16:03.279> lrts<00:16:04.279> uh<00:16:04.399> or<00:16:04.600> other 00:16:04.910 --> 00:16:04.920 align:start position:0% like Bitcoin holders lrts uh or other 00:16:04.920 --> 00:16:07.110 align:start position:0% like Bitcoin holders lrts uh or other kind<00:16:05.040> of<00:16:05.160> like<00:16:05.360> top<00:16:05.680> yield<00:16:06.079> bearing<00:16:06.519> positions 00:16:07.110 --> 00:16:07.120 align:start position:0% kind of like top yield bearing positions 00:16:07.120 --> 00:16:09.189 align:start position:0% kind of like top yield bearing positions already<00:16:08.120> these<00:16:08.279> are<00:16:08.440> earning<00:16:08.880> what<00:16:09.000> we're 00:16:09.189 --> 00:16:09.199 align:start position:0% already these are earning what we're 00:16:09.199 --> 00:16:11.470 align:start position:0% already these are earning what we're calling<00:16:09.560> this<00:16:09.880> duplex<00:16:10.399> yield<00:16:10.880> and<00:16:11.000> it<00:16:11.199> can<00:16:11.360> be 00:16:11.470 --> 00:16:11.480 align:start position:0% calling this duplex yield and it can be 00:16:11.480 --> 00:16:13.590 align:start position:0% calling this duplex yield and it can be also<00:16:11.639> be<00:16:11.720> earned<00:16:12.000> on<00:16:12.199> top<00:16:12.319> of<00:16:12.480> other<00:16:12.680> yields 00:16:13.590 --> 00:16:13.600 align:start position:0% also be earned on top of other yields 00:16:13.600 --> 00:16:16.150 align:start position:0% also be earned on top of other yields the<00:16:13.759> other<00:16:14.000> side<00:16:14.160> of<00:16:14.279> the<00:16:14.440> market<00:16:14.759> here<00:16:15.519> is<00:16:15.920> uh 00:16:16.150 --> 00:16:16.160 align:start position:0% the other side of the market here is uh 00:16:16.160 --> 00:16:19.150 align:start position:0% the other side of the market here is uh asset<00:16:16.600> asset<00:16:16.839> issuance<00:16:17.319> protocols<00:16:18.000> so<00:16:18.759> stable 00:16:19.150 --> 00:16:19.160 align:start position:0% asset asset issuance protocols so stable 00:16:19.160 --> 00:16:21.150 align:start position:0% asset asset issuance protocols so stable coin<00:16:19.360> issuers<00:16:19.800> being<00:16:20.000> one<00:16:20.240> example<00:16:20.880> you<00:16:21.000> could 00:16:21.150 --> 00:16:21.160 align:start position:0% coin issuers being one example you could 00:16:21.160 --> 00:16:23.269 align:start position:0% coin issuers being one example you could also<00:16:21.440> consider<00:16:22.040> like<00:16:22.240> LST 00:16:23.269 --> 00:16:23.279 align:start position:0% also consider like LST 00:16:23.279 --> 00:16:25.309 align:start position:0% also consider like LST issuers<00:16:24.279> uh<00:16:24.480> and<00:16:24.680> what<00:16:24.800> they're<00:16:25.000> trying<00:16:25.199> to 00:16:25.309 --> 00:16:25.319 align:start position:0% issuers uh and what they're trying to 00:16:25.319 --> 00:16:26.870 align:start position:0% issuers uh and what they're trying to get<00:16:25.440> out<00:16:25.519> of<00:16:25.680> this<00:16:25.800> mechanism<00:16:26.240> is<00:16:26.480> cheap 00:16:26.870 --> 00:16:26.880 align:start position:0% get out of this mechanism is cheap 00:16:26.880 --> 00:16:29.309 align:start position:0% get out of this mechanism is cheap scalable<00:16:27.440> liquidity<00:16:27.880> for<00:16:28.040> their<00:16:28.279> assets<00:16:29.160> uh 00:16:29.309 --> 00:16:29.319 align:start position:0% scalable liquidity for their assets uh 00:16:29.319 --> 00:16:30.990 align:start position:0% scalable liquidity for their assets uh and<00:16:29.600> possibly<00:16:29.959> also<00:16:30.199> unlocking<00:16:30.680> a<00:16:30.800> new 00:16:30.990 --> 00:16:31.000 align:start position:0% and possibly also unlocking a new 00:16:31.000 --> 00:16:34.189 align:start position:0% and possibly also unlocking a new Revenue<00:16:31.920> line<00:16:32.920> um<00:16:33.480> but<00:16:33.600> an<00:16:33.759> important<00:16:34.079> thing 00:16:34.189 --> 00:16:34.199 align:start position:0% Revenue line um but an important thing 00:16:34.199 --> 00:16:35.910 align:start position:0% Revenue line um but an important thing at<00:16:34.319> the<00:16:34.440> same<00:16:34.680> time<00:16:35.040> is<00:16:35.199> that<00:16:35.319> you<00:16:35.480> also<00:16:35.720> have 00:16:35.910 --> 00:16:35.920 align:start position:0% at the same time is that you also have 00:16:35.920 --> 00:16:37.710 align:start position:0% at the same time is that you also have this<00:16:36.120> third<00:16:36.399> group<00:16:37.000> actual<00:16:37.279> people<00:16:37.480> who<00:16:37.600> are 00:16:37.710 --> 00:16:37.720 align:start position:0% this third group actual people who are 00:16:37.720 --> 00:16:39.629 align:start position:0% this third group actual people who are using<00:16:38.000> your<00:16:38.160> stable<00:16:38.560> coin<00:16:39.199> and<00:16:39.279> we<00:16:39.399> want<00:16:39.519> to 00:16:39.629 --> 00:16:39.639 align:start position:0% using your stable coin and we want to 00:16:39.639 --> 00:16:41.749 align:start position:0% using your stable coin and we want to make<00:16:39.759> sure<00:16:39.920> they're<00:16:40.079> shielded<00:16:40.560> from<00:16:40.839> risks<00:16:41.399> we 00:16:41.749 --> 00:16:41.759 align:start position:0% make sure they're shielded from risks we 00:16:41.759 --> 00:16:44.030 align:start position:0% make sure they're shielded from risks we uh<00:16:42.120> and<00:16:42.399> and<00:16:42.639> this<00:16:42.759> is<00:16:43.120> through<00:16:43.240> an<00:16:43.399> idea<00:16:43.959> that 00:16:44.030 --> 00:16:44.040 align:start position:0% uh and and this is through an idea that 00:16:44.040 --> 00:16:47.629 align:start position:0% uh and and this is through an idea that we<00:16:44.199> call<00:16:44.440> duplex 00:16:47.629 --> 00:16:47.639 align:start position:0% 00:16:47.639 --> 00:16:49.670 align:start position:0% collateralization<00:16:48.639> so<00:16:48.920> let's<00:16:49.160> dig<00:16:49.360> into<00:16:49.560> a 00:16:49.670 --> 00:16:49.680 align:start position:0% collateralization so let's dig into a 00:16:49.680 --> 00:16:51.110 align:start position:0% collateralization so let's dig into a little<00:16:49.839> bit<00:16:50.000> about<00:16:50.240> what<00:16:50.360> this<00:16:50.480> means<00:16:51.000> I'll 00:16:51.110 --> 00:16:51.120 align:start position:0% little bit about what this means I'll 00:16:51.120 --> 00:16:53.949 align:start position:0% little bit about what this means I'll give<00:16:51.240> you<00:16:51.319> a<00:16:51.399> little<00:16:51.600> intuition<00:16:52.680> so<00:16:53.680> uh<00:16:53.800> the 00:16:53.949 --> 00:16:53.959 align:start position:0% give you a little intuition so uh the 00:16:53.959 --> 00:16:56.670 align:start position:0% give you a little intuition so uh the most<00:16:54.240> efficient<00:16:54.720> way<00:16:55.120> to<00:16:55.360> Market<00:16:55.759> make<00:16:56.480> is 00:16:56.670 --> 00:16:56.680 align:start position:0% most efficient way to Market make is 00:16:56.680 --> 00:16:58.870 align:start position:0% most efficient way to Market make is often<00:16:56.880> to<00:16:57.120> borrow<00:16:57.560> assets<00:16:58.120> as<00:16:58.240> opposed<00:16:58.519> to 00:16:58.870 --> 00:16:58.880 align:start position:0% often to borrow assets as opposed to 00:16:58.880 --> 00:17:01.749 align:start position:0% often to borrow assets as opposed to holding<00:16:59.160> assets<00:16:59.440> on<00:16:59.600> the<00:16:59.920> book<00:17:00.920> and<00:17:01.279> duplex 00:17:01.749 --> 00:17:01.759 align:start position:0% holding assets on the book and duplex 00:17:01.759 --> 00:17:04.069 align:start position:0% holding assets on the book and duplex yield<00:17:02.519> essentially<00:17:03.000> is<00:17:03.120> coming<00:17:03.519> from<00:17:03.680> a<00:17:03.839> more 00:17:04.069 --> 00:17:04.079 align:start position:0% yield essentially is coming from a more 00:17:04.079 --> 00:17:06.470 align:start position:0% yield essentially is coming from a more efficient<00:17:04.600> way<00:17:05.199> of<00:17:05.480> Market<00:17:05.799> making<00:17:06.120> stable 00:17:06.470 --> 00:17:06.480 align:start position:0% efficient way of Market making stable 00:17:06.480 --> 00:17:09.069 align:start position:0% efficient way of Market making stable coins<00:17:07.319> through<00:17:07.600> kind<00:17:07.720> of<00:17:07.880> like<00:17:08.000> an<00:17:08.199> optimized 00:17:09.069 --> 00:17:09.079 align:start position:0% coins through kind of like an optimized 00:17:09.079 --> 00:17:10.949 align:start position:0% coins through kind of like an optimized borrow<00:17:09.640> like<00:17:09.880> mechanism<00:17:10.439> instead<00:17:10.720> of 00:17:10.949 --> 00:17:10.959 align:start position:0% borrow like mechanism instead of 00:17:10.959 --> 00:17:13.829 align:start position:0% borrow like mechanism instead of requiring<00:17:11.439> LPS<00:17:11.919> to<00:17:12.039> hold<00:17:12.240> it<00:17:12.360> on<00:17:12.480> the<00:17:12.720> book<00:17:13.720> and 00:17:13.829 --> 00:17:13.839 align:start position:0% requiring LPS to hold it on the book and 00:17:13.839 --> 00:17:15.110 align:start position:0% requiring LPS to hold it on the book and it<00:17:13.959> works<00:17:14.240> through<00:17:14.400> something<00:17:14.640> we<00:17:14.760> call<00:17:14.959> a 00:17:15.110 --> 00:17:15.120 align:start position:0% it works through something we call a 00:17:15.120 --> 00:17:18.270 align:start position:0% it works through something we call a secured<00:17:15.520> swap<00:17:16.039> line<00:17:17.039> um<00:17:17.160> so<00:17:17.319> this<00:17:17.520> creates 00:17:18.270 --> 00:17:18.280 align:start position:0% secured swap line um so this creates 00:17:18.280 --> 00:17:20.390 align:start position:0% secured swap line um so this creates basically<00:17:18.880> an<00:17:19.039> ability<00:17:19.319> to<00:17:19.520> exchange<00:17:20.160> one 00:17:20.390 --> 00:17:20.400 align:start position:0% basically an ability to exchange one 00:17:20.400 --> 00:17:23.630 align:start position:0% basically an ability to exchange one stable<00:17:21.000> for<00:17:21.280> another<00:17:22.039> and<00:17:22.160> it's<00:17:22.360> insured<00:17:23.240> with 00:17:23.630 --> 00:17:23.640 align:start position:0% stable for another and it's insured with 00:17:23.640 --> 00:17:26.390 align:start position:0% stable for another and it's insured with with<00:17:23.720> a<00:17:23.839> collateral<00:17:24.799> position<00:17:25.799> and<00:17:26.039> the<00:17:26.160> idea 00:17:26.390 --> 00:17:26.400 align:start position:0% with a collateral position and the idea 00:17:26.400 --> 00:17:27.949 align:start position:0% with a collateral position and the idea of<00:17:26.520> where<00:17:26.679> lower<00:17:27.000> cost<00:17:27.240> is<00:17:27.400> coming<00:17:27.640> from<00:17:27.839> here 00:17:27.949 --> 00:17:27.959 align:start position:0% of where lower cost is coming from here 00:17:27.959 --> 00:17:30.110 align:start position:0% of where lower cost is coming from here and<00:17:28.160> efficiency<00:17:28.600> is<00:17:28.960> that<00:17:29.559> uh<00:17:29.760> you<00:17:29.880> can 00:17:30.110 --> 00:17:30.120 align:start position:0% and efficiency is that uh you can 00:17:30.120 --> 00:17:32.470 align:start position:0% and efficiency is that uh you can actually<00:17:31.080> through<00:17:31.320> this<00:17:31.480> mechanism<00:17:32.240> use 00:17:32.470 --> 00:17:32.480 align:start position:0% actually through this mechanism use 00:17:32.480 --> 00:17:34.270 align:start position:0% actually through this mechanism use something<00:17:32.799> like<00:17:33.000> Bitcoin<00:17:33.679> which<00:17:33.799> has<00:17:33.919> a<00:17:34.080> much 00:17:34.270 --> 00:17:34.280 align:start position:0% something like Bitcoin which has a much 00:17:34.280 --> 00:17:36.549 align:start position:0% something like Bitcoin which has a much lower<00:17:34.600> hurdle<00:17:34.960> rate<00:17:35.240> lower<00:17:35.559> cost<00:17:35.760> of<00:17:35.960> capital 00:17:36.549 --> 00:17:36.559 align:start position:0% lower hurdle rate lower cost of capital 00:17:36.559 --> 00:17:40.310 align:start position:0% lower hurdle rate lower cost of capital something<00:17:36.799> like<00:17:37.039> three<00:17:37.240> to<00:17:37.840> 5%<00:17:38.840> uh<00:17:39.679> in<00:17:40.000> to<00:17:40.160> to 00:17:40.310 --> 00:17:40.320 align:start position:0% something like three to 5% uh in to to 00:17:40.320 --> 00:17:42.470 align:start position:0% something like three to 5% uh in to to Market<00:17:40.640> make<00:17:40.799> stable<00:17:41.160> coins<00:17:41.720> instead<00:17:42.039> of 00:17:42.470 --> 00:17:42.480 align:start position:0% Market make stable coins instead of 00:17:42.480 --> 00:17:45.510 align:start position:0% Market make stable coins instead of requiring<00:17:43.160> the<00:17:43.679> uh<00:17:44.240> the<00:17:44.320> hurdle<00:17:44.600> rates<00:17:44.919> of<00:17:45.160> 15 00:17:45.510 --> 00:17:45.520 align:start position:0% requiring the uh the hurdle rates of 15 00:17:45.520 --> 00:17:47.190 align:start position:0% requiring the uh the hurdle rates of 15 to<00:17:45.679> 30%<00:17:46.320> if<00:17:46.400> you're<00:17:46.600> actually<00:17:46.760> holding<00:17:47.080> the 00:17:47.190 --> 00:17:47.200 align:start position:0% to 30% if you're actually holding the 00:17:47.200 --> 00:17:49.390 align:start position:0% to 30% if you're actually holding the stable<00:17:47.520> coins<00:17:48.120> on<00:17:48.280> the<00:17:48.400> book<00:17:49.000> and<00:17:49.120> you<00:17:49.200> can 00:17:49.390 --> 00:17:49.400 align:start position:0% stable coins on the book and you can 00:17:49.400 --> 00:17:51.150 align:start position:0% stable coins on the book and you can stack<00:17:49.760> these<00:17:49.919> yields<00:17:50.280> on<00:17:50.440> top<00:17:50.600> of<00:17:50.720> each<00:17:50.880> other 00:17:51.150 --> 00:17:51.160 align:start position:0% stack these yields on top of each other 00:17:51.160 --> 00:17:53.310 align:start position:0% stack these yields on top of each other so<00:17:51.640> we<00:17:51.840> actually<00:17:52.120> think<00:17:52.400> the<00:17:52.600> future<00:17:53.000> yield 00:17:53.310 --> 00:17:53.320 align:start position:0% so we actually think the future yield 00:17:53.320 --> 00:17:55.430 align:start position:0% so we actually think the future yield stack<00:17:53.640> will<00:17:53.799> look<00:17:54.120> something<00:17:54.440> like<00:17:54.679> this<00:17:55.240> you 00:17:55.430 --> 00:17:55.440 align:start position:0% stack will look something like this you 00:17:55.440 --> 00:17:57.630 align:start position:0% stack will look something like this you have<00:17:55.720> all<00:17:55.880> of<00:17:56.080> these<00:17:56.280> different<00:17:56.760> uh<00:17:56.880> staking 00:17:57.630 --> 00:17:57.640 align:start position:0% have all of these different uh staking 00:17:57.640 --> 00:18:00.070 align:start position:0% have all of these different uh staking yields<00:17:58.080> already<00:17:59.039> and<00:17:59.280> the<00:17:59.440> most<00:17:59.720> effective 00:18:00.070 --> 00:18:00.080 align:start position:0% yields already and the most effective 00:18:00.080 --> 00:18:02.149 align:start position:0% yields already and the most effective yield<00:18:00.400> we<00:18:00.559> think<00:18:00.720> will<00:18:01.360> add<00:18:01.600> this<00:18:01.720> duplex 00:18:02.149 --> 00:18:02.159 align:start position:0% yield we think will add this duplex 00:18:02.159 --> 00:18:03.789 align:start position:0% yield we think will add this duplex yield<00:18:02.679> this<00:18:02.799> Market<00:18:03.080> making<00:18:03.280> sort<00:18:03.440> of<00:18:03.520> yield 00:18:03.789 --> 00:18:03.799 align:start position:0% yield this Market making sort of yield 00:18:03.799 --> 00:18:04.909 align:start position:0% yield this Market making sort of yield on 00:18:04.909 --> 00:18:04.919 align:start position:0% on 00:18:04.919 --> 00:18:08.510 align:start position:0% on top<00:18:05.919> and<00:18:06.360> so<00:18:06.559> the<00:18:06.720> idea<00:18:07.559> is<00:18:07.919> uh<00:18:08.080> I<00:18:08.159> mean<00:18:08.320> being 00:18:08.510 --> 00:18:08.520 align:start position:0% top and so the idea is uh I mean being 00:18:08.520 --> 00:18:10.270 align:start position:0% top and so the idea is uh I mean being more<00:18:08.919> specific<00:18:09.280> than<00:18:09.400> the<00:18:09.520> intuition<00:18:09.960> is<00:18:10.080> to 00:18:10.270 --> 00:18:10.280 align:start position:0% more specific than the intuition is to 00:18:10.280 --> 00:18:13.470 align:start position:0% more specific than the intuition is to streamline<00:18:11.240> a<00:18:11.400> sort<00:18:11.559> of<00:18:11.720> borrowing<00:18:12.480> mechanism 00:18:13.470 --> 00:18:13.480 align:start position:0% streamline a sort of borrowing mechanism 00:18:13.480 --> 00:18:15.750 align:start position:0% streamline a sort of borrowing mechanism uh<00:18:13.600> that<00:18:13.720> is<00:18:13.919> restricted<00:18:14.520> to<00:18:14.799> codified<00:18:15.280> Market 00:18:15.750 --> 00:18:15.760 align:start position:0% uh that is restricted to codified Market 00:18:15.760 --> 00:18:18.710 align:start position:0% uh that is restricted to codified Market making<00:18:16.760> um<00:18:17.320> main<00:18:17.600> idea<00:18:17.960> here<00:18:18.080> is<00:18:18.200> that<00:18:18.320> you<00:18:18.440> can 00:18:18.710 --> 00:18:18.720 align:start position:0% making um main idea here is that you can 00:18:18.720 --> 00:18:21.669 align:start position:0% making um main idea here is that you can basically<00:18:19.720> uh<00:18:19.960> price<00:18:20.320> discriminate<00:18:21.120> between 00:18:21.669 --> 00:18:21.679 align:start position:0% basically uh price discriminate between 00:18:21.679 --> 00:18:24.430 align:start position:0% basically uh price discriminate between the<00:18:21.919> leverage<00:18:22.360> Market<00:18:23.240> which<00:18:23.919> uh<00:18:24.039> ends<00:18:24.240> up 00:18:24.430 --> 00:18:24.440 align:start position:0% the leverage Market which uh ends up 00:18:24.440 --> 00:18:26.270 align:start position:0% the leverage Market which uh ends up having<00:18:24.720> very<00:18:24.960> high<00:18:25.159> borrow<00:18:25.600> costs<00:18:25.960> because<00:18:26.159> it 00:18:26.270 --> 00:18:26.280 align:start position:0% having very high borrow costs because it 00:18:26.280 --> 00:18:28.310 align:start position:0% having very high borrow costs because it has<00:18:26.440> to<00:18:26.679> as<00:18:26.799> we<00:18:27.039> saw<00:18:27.240> in<00:18:27.320> the<00:18:27.480> previous<00:18:27.799> slide 00:18:28.310 --> 00:18:28.320 align:start position:0% has to as we saw in the previous slide 00:18:28.320 --> 00:18:30.310 align:start position:0% has to as we saw in the previous slide it<00:18:28.440> has<00:18:28.559> to<00:18:28.840> balance<00:18:29.240> the<00:18:29.400> supply<00:18:29.720> and<00:18:29.919> demand 00:18:30.310 --> 00:18:30.320 align:start position:0% it has to balance the supply and demand 00:18:30.320 --> 00:18:32.110 align:start position:0% it has to balance the supply and demand of<00:18:30.559> the<00:18:31.000> of<00:18:31.080> the<00:18:31.200> leverage<00:18:31.520> Market<00:18:31.840> there's<00:18:31.960> a 00:18:32.110 --> 00:18:32.120 align:start position:0% of the of the leverage Market there's a 00:18:32.120 --> 00:18:34.789 align:start position:0% of the of the leverage Market there's a lot<00:18:32.240> of<00:18:32.400> demand<00:18:32.720> for<00:18:33.400> leverage<00:18:34.400> um<00:18:34.600> but<00:18:34.720> you 00:18:34.789 --> 00:18:34.799 align:start position:0% lot of demand for leverage um but you 00:18:34.799 --> 00:18:36.909 align:start position:0% lot of demand for leverage um but you can<00:18:35.000> price<00:18:35.320> discriminate<00:18:36.320> uh<00:18:36.440> between<00:18:36.760> this 00:18:36.909 --> 00:18:36.919 align:start position:0% can price discriminate uh between this 00:18:36.919 --> 00:18:39.029 align:start position:0% can price discriminate uh between this leverage<00:18:37.320> market<00:18:37.880> and<00:18:38.080> other<00:18:38.320> markets<00:18:38.840> like 00:18:39.029 --> 00:18:39.039 align:start position:0% leverage market and other markets like 00:18:39.039 --> 00:18:41.430 align:start position:0% leverage market and other markets like this<00:18:39.280> uh<00:18:39.400> sort<00:18:39.520> of<00:18:39.640> Market<00:18:39.919> making<00:18:40.280> market<00:18:41.280> and 00:18:41.430 --> 00:18:41.440 align:start position:0% this uh sort of Market making market and 00:18:41.440 --> 00:18:43.110 align:start position:0% this uh sort of Market making market and that<00:18:41.559> a<00:18:41.679> decentralized<00:18:42.280> stable<00:18:42.600> coin<00:18:42.799> can<00:18:42.960> do 00:18:43.110 --> 00:18:43.120 align:start position:0% that a decentralized stable coin can do 00:18:43.120 --> 00:18:44.830 align:start position:0% that a decentralized stable coin can do this<00:18:43.240> in<00:18:43.320> a<00:18:43.520> uniquely<00:18:43.960> low<00:18:44.280> way<00:18:44.480> because<00:18:44.679> it 00:18:44.830 --> 00:18:44.840 align:start position:0% this in a uniquely low way because it 00:18:44.840 --> 00:18:46.909 align:start position:0% this in a uniquely low way because it has<00:18:45.039> this<00:18:45.200> flexibility<00:18:46.159> about<00:18:46.559> uh<00:18:46.679> about 00:18:46.909 --> 00:18:46.919 align:start position:0% has this flexibility about uh about 00:18:46.919 --> 00:18:49.070 align:start position:0% has this flexibility about uh about issuance<00:18:47.640> and<00:18:47.799> also<00:18:48.080> wants<00:18:48.320> to<00:18:48.640> Foster 00:18:49.070 --> 00:18:49.080 align:start position:0% issuance and also wants to Foster 00:18:49.080 --> 00:18:52.870 align:start position:0% issuance and also wants to Foster liquidity<00:18:49.520> for<00:18:49.679> the 00:18:52.870 --> 00:18:52.880 align:start position:0% 00:18:52.880 --> 00:18:55.549 align:start position:0% asset<00:18:53.880> so<00:18:54.240> this<00:18:54.400> slide<00:18:54.720> walks<00:18:55.039> through<00:18:55.440> kind 00:18:55.549 --> 00:18:55.559 align:start position:0% asset so this slide walks through kind 00:18:55.559 --> 00:18:58.110 align:start position:0% asset so this slide walks through kind of<00:18:55.840> how<00:18:56.320> a<00:18:56.440> secured<00:18:56.880> swap<00:18:57.280> line<00:18:57.760> actually 00:18:58.110 --> 00:18:58.120 align:start position:0% of how a secured swap line actually 00:18:58.120 --> 00:18:59.310 align:start position:0% of how a secured swap line actually works 00:18:59.310 --> 00:18:59.320 align:start position:0% works 00:18:59.320 --> 00:19:00.830 align:start position:0% works um<00:18:59.559> I'll<00:18:59.720> only<00:19:00.000> be<00:19:00.080> able<00:19:00.240> to<00:19:00.360> give<00:19:00.480> a<00:19:00.600> quick 00:19:00.830 --> 00:19:00.840 align:start position:0% um I'll only be able to give a quick 00:19:00.840 --> 00:19:02.909 align:start position:0% um I'll only be able to give a quick flavor<00:19:01.640> um<00:19:01.760> but<00:19:01.880> you<00:19:01.960> can<00:19:02.080> check<00:19:02.360> back<00:19:02.640> in<00:19:02.760> on 00:19:02.909 --> 00:19:02.919 align:start position:0% flavor um but you can check back in on 00:19:02.919 --> 00:19:03.870 align:start position:0% flavor um but you can check back in on it<00:19:03.039> later<00:19:03.280> and<00:19:03.400> there'll<00:19:03.559> be<00:19:03.679> more 00:19:03.870 --> 00:19:03.880 align:start position:0% it later and there'll be more 00:19:03.880 --> 00:19:06.549 align:start position:0% it later and there'll be more information<00:19:04.400> coming<00:19:04.640> out<00:19:04.840> as<00:19:05.280> well<00:19:06.280> um 00:19:06.549 --> 00:19:06.559 align:start position:0% information coming out as well um 00:19:06.559 --> 00:19:08.590 align:start position:0% information coming out as well um there's<00:19:06.760> kind<00:19:06.880> of<00:19:07.000> like<00:19:07.159> three<00:19:07.400> stages<00:19:07.799> to<00:19:08.000> it 00:19:08.590 --> 00:19:08.600 align:start position:0% there's kind of like three stages to it 00:19:08.600 --> 00:19:11.390 align:start position:0% there's kind of like three stages to it you<00:19:08.880> start<00:19:09.360> with<00:19:09.960> the<00:19:10.080> idle<00:19:10.480> asset<00:19:10.960> that<00:19:11.240> uh 00:19:11.390 --> 00:19:11.400 align:start position:0% you start with the idle asset that uh 00:19:11.400 --> 00:19:12.909 align:start position:0% you start with the idle asset that uh that<00:19:11.480> you<00:19:11.559> want<00:19:11.679> to<00:19:11.760> earn<00:19:11.960> a<00:19:12.039> yield<00:19:12.320> on<00:19:12.720> so 00:19:12.909 --> 00:19:12.919 align:start position:0% that you want to earn a yield on so 00:19:12.919 --> 00:19:14.549 align:start position:0% that you want to earn a yield on so something<00:19:13.240> like 00:19:14.549 --> 00:19:14.559 align:start position:0% something like 00:19:14.559 --> 00:19:17.270 align:start position:0% something like Bitcoin<00:19:15.559> you<00:19:15.840> have<00:19:16.039> stable<00:19:16.400> coin<00:19:16.600> issuers<00:19:17.039> who 00:19:17.270 --> 00:19:17.280 align:start position:0% Bitcoin you have stable coin issuers who 00:19:17.280 --> 00:19:20.070 align:start position:0% Bitcoin you have stable coin issuers who jointly<00:19:17.760> issue<00:19:18.360> against<00:19:18.840> this 00:19:20.070 --> 00:19:20.080 align:start position:0% jointly issue against this 00:19:20.080 --> 00:19:24.310 align:start position:0% jointly issue against this Vault<00:19:21.080> so<00:19:21.880> uh<00:19:22.799> these<00:19:23.159> issuers<00:19:23.760> May<00:19:23.960> set<00:19:24.200> their 00:19:24.310 --> 00:19:24.320 align:start position:0% Vault so uh these issuers May set their 00:19:24.320 --> 00:19:26.070 align:start position:0% Vault so uh these issuers May set their own<00:19:24.520> interest<00:19:24.840> rates<00:19:25.200> possibly<00:19:25.559> zero<00:19:25.880> if<00:19:25.960> they 00:19:26.070 --> 00:19:26.080 align:start position:0% own interest rates possibly zero if they 00:19:26.080 --> 00:19:27.870 align:start position:0% own interest rates possibly zero if they want<00:19:26.200> to<00:19:26.320> incentivize<00:19:26.919> or<00:19:27.120> possibly<00:19:27.480> not<00:19:27.760> if 00:19:27.870 --> 00:19:27.880 align:start position:0% want to incentivize or possibly not if 00:19:27.880 --> 00:19:30.830 align:start position:0% want to incentivize or possibly not if they<00:19:28.000> want<00:19:28.159> to<00:19:28.799> uh<00:19:28.919> kind<00:19:29.039> of<00:19:29.200> risk 00:19:30.830 --> 00:19:30.840 align:start position:0% they want to uh kind of risk 00:19:30.840 --> 00:19:33.789 align:start position:0% they want to uh kind of risk control<00:19:31.840> and<00:19:32.520> uh<00:19:32.679> B<00:19:32.919> could<00:19:33.080> also<00:19:33.280> be<00:19:33.400> borrowed 00:19:33.789 --> 00:19:33.799 align:start position:0% control and uh B could also be borrowed 00:19:33.799 --> 00:19:34.990 align:start position:0% control and uh B could also be borrowed elsewhere<00:19:34.200> by<00:19:34.280> the<00:19:34.360> way<00:19:34.480> so<00:19:34.600> you<00:19:34.679> could<00:19:34.799> also 00:19:34.990 --> 00:19:35.000 align:start position:0% elsewhere by the way so you could also 00:19:35.000 --> 00:19:36.549 align:start position:0% elsewhere by the way so you could also pair<00:19:35.240> with<00:19:35.360> usdc<00:19:35.919> you<00:19:36.039> just<00:19:36.120> don't<00:19:36.320> get<00:19:36.440> as 00:19:36.549 --> 00:19:36.559 align:start position:0% pair with usdc you just don't get as 00:19:36.559 --> 00:19:38.029 align:start position:0% pair with usdc you just don't get as many 00:19:38.029 --> 00:19:38.039 align:start position:0% many 00:19:38.039 --> 00:19:40.310 align:start position:0% many advantages<00:19:39.039> and<00:19:39.240> then<00:19:39.640> effectively<00:19:40.080> what's 00:19:40.310 --> 00:19:40.320 align:start position:0% advantages and then effectively what's 00:19:40.320 --> 00:19:42.789 align:start position:0% advantages and then effectively what's happening<00:19:40.880> is<00:19:41.120> that<00:19:41.720> the<00:19:41.919> these<00:19:42.120> A<00:19:42.280> and<00:19:42.480> B<00:19:42.640> are 00:19:42.789 --> 00:19:42.799 align:start position:0% happening is that the these A and B are 00:19:42.799 --> 00:19:44.630 align:start position:0% happening is that the these A and B are being<00:19:43.080> provided<00:19:43.440> in<00:19:43.600> a<00:19:43.760> secondary<00:19:44.240> Market 00:19:44.630 --> 00:19:44.640 align:start position:0% being provided in a secondary Market 00:19:44.640 --> 00:19:47.510 align:start position:0% being provided in a secondary Market people<00:19:44.880> can<00:19:45.159> swap<00:19:45.720> through<00:19:46.039> this<00:19:46.880> um<00:19:47.159> and<00:19:47.400> at 00:19:47.510 --> 00:19:47.520 align:start position:0% people can swap through this um and at 00:19:47.520 --> 00:19:49.270 align:start position:0% people can swap through this um and at the<00:19:47.640> point<00:19:47.880> where<00:19:48.039> somebody<00:19:48.360> is<00:19:48.480> swapping<00:19:49.039> one 00:19:49.270 --> 00:19:49.280 align:start position:0% the point where somebody is swapping one 00:19:49.280 --> 00:19:51.549 align:start position:0% the point where somebody is swapping one asset<00:19:49.520> for<00:19:49.720> another<00:19:50.679> uh<00:19:50.880> these<00:19:51.039> sort<00:19:51.240> of<00:19:51.360> like 00:19:51.549 --> 00:19:51.559 align:start position:0% asset for another uh these sort of like 00:19:51.559 --> 00:19:53.750 align:start position:0% asset for another uh these sort of like printed<00:19:52.080> stable<00:19:52.480> coins<00:19:52.880> get<00:19:53.039> backed<00:19:53.440> by<00:19:53.559> the 00:19:53.750 --> 00:19:53.760 align:start position:0% printed stable coins get backed by the 00:19:53.760 --> 00:19:55.789 align:start position:0% printed stable coins get backed by the asset<00:19:54.039> that's<00:19:54.200> swapped<00:19:54.679> into<00:19:54.919> the<00:19:55.039> pool<00:19:55.679> but 00:19:55.789 --> 00:19:55.799 align:start position:0% asset that's swapped into the pool but 00:19:55.799 --> 00:19:59.029 align:start position:0% asset that's swapped into the pool but they're<00:19:56.000> also<00:19:56.280> backed<00:19:56.559> by<00:19:56.679> the<00:19:56.840> collateral 00:19:59.029 --> 00:19:59.039 align:start position:0% they're also backed by the collateral 00:19:59.039 --> 00:20:01.190 align:start position:0% they're also backed by the collateral and<00:19:59.760> uh<00:19:59.880> the<00:20:00.039> collateral<00:20:00.480> provider<00:20:00.799> is<00:20:00.960> being 00:20:01.190 --> 00:20:01.200 align:start position:0% and uh the collateral provider is being 00:20:01.200 --> 00:20:02.710 align:start position:0% and uh the collateral provider is being paid<00:20:01.440> for<00:20:01.640> this<00:20:01.840> which<00:20:01.960> is<00:20:02.080> where<00:20:02.240> this<00:20:02.400> yield 00:20:02.710 --> 00:20:02.720 align:start position:0% paid for this which is where this yield 00:20:02.720 --> 00:20:04.750 align:start position:0% paid for this which is where this yield is<00:20:02.840> coming<00:20:03.159> from<00:20:03.919> and<00:20:04.080> the<00:20:04.159> market<00:20:04.480> making 00:20:04.750 --> 00:20:04.760 align:start position:0% is coming from and the market making 00:20:04.760 --> 00:20:06.990 align:start position:0% is coming from and the market making losses<00:20:05.360> basically<00:20:05.880> are<00:20:06.120> being<00:20:06.320> insured<00:20:06.880> by 00:20:06.990 --> 00:20:07.000 align:start position:0% losses basically are being insured by 00:20:07.000 --> 00:20:09.350 align:start position:0% losses basically are being insured by the<00:20:07.159> collateral<00:20:08.159> uh<00:20:08.240> and<00:20:08.320> so<00:20:08.520> not<00:20:08.720> taken<00:20:08.960> on<00:20:09.240> by 00:20:09.350 --> 00:20:09.360 align:start position:0% the collateral uh and so not taken on by 00:20:09.360 --> 00:20:10.390 align:start position:0% the collateral uh and so not taken on by the 00:20:10.390 --> 00:20:10.400 align:start position:0% the 00:20:10.400 --> 00:20:12.350 align:start position:0% the protocol<00:20:11.400> and<00:20:11.480> then<00:20:11.640> there's<00:20:12.159> this<00:20:12.240> is 00:20:12.350 --> 00:20:12.360 align:start position:0% protocol and then there's this is 00:20:12.360 --> 00:20:14.590 align:start position:0% protocol and then there's this is enforced<00:20:12.760> by<00:20:13.280> liquidations<00:20:14.280> and<00:20:14.400> then<00:20:14.480> there 00:20:14.590 --> 00:20:14.600 align:start position:0% enforced by liquidations and then there 00:20:14.600 --> 00:20:17.909 align:start position:0% enforced by liquidations and then there are<00:20:14.760> various<00:20:15.120> properties<00:20:15.520> you<00:20:15.600> can<00:20:15.799> get<00:20:16.440> um<00:20:17.039> so 00:20:17.909 --> 00:20:17.919 align:start position:0% are various properties you can get um so 00:20:17.919 --> 00:20:20.350 align:start position:0% are various properties you can get um so uh<00:20:18.720> one<00:20:18.919> nice<00:20:19.200> thing<00:20:19.360> is<00:20:19.520> that<00:20:19.679> you<00:20:19.840> get<00:20:20.039> all<00:20:20.159> of 00:20:20.350 --> 00:20:20.360 align:start position:0% uh one nice thing is that you get all of 00:20:20.360 --> 00:20:22.350 align:start position:0% uh one nice thing is that you get all of this<00:20:20.760> uh<00:20:20.960> efficient<00:20:21.320> liquidity<00:20:22.159> but<00:20:22.240> you 00:20:22.350 --> 00:20:22.360 align:start position:0% this uh efficient liquidity but you 00:20:22.360 --> 00:20:24.149 align:start position:0% this uh efficient liquidity but you don't<00:20:22.520> have<00:20:22.640> to<00:20:22.799> trust<00:20:23.280> kind<00:20:23.400> of<00:20:23.600> each<00:20:23.720> other's 00:20:24.149 --> 00:20:24.159 align:start position:0% don't have to trust kind of each other's 00:20:24.159 --> 00:20:26.789 align:start position:0% don't have to trust kind of each other's assets<00:20:24.640> as<00:20:24.880> like<00:20:25.080> stable<00:20:25.480> coin<00:20:25.720> issuers<00:20:26.720> and 00:20:26.789 --> 00:20:26.799 align:start position:0% assets as like stable coin issuers and 00:20:26.799 --> 00:20:27.950 align:start position:0% assets as like stable coin issuers and you<00:20:26.919> also<00:20:27.080> don't<00:20:27.200> have<00:20:27.320> to<00:20:27.400> trust<00:20:27.679> market 00:20:27.950 --> 00:20:27.960 align:start position:0% you also don't have to trust market 00:20:27.960 --> 00:20:29.870 align:start position:0% you also don't have to trust market makers<00:20:29.039> uh<00:20:29.159> and<00:20:29.280> you<00:20:29.360> can<00:20:29.520> also<00:20:29.720> get 00:20:29.870 --> 00:20:29.880 align:start position:0% makers uh and you can also get 00:20:29.880 --> 00:20:32.430 align:start position:0% makers uh and you can also get conceivably<00:20:30.480> very<00:20:30.720> high<00:20:31.000> Capital<00:20:31.440> efficiency 00:20:32.430 --> 00:20:32.440 align:start position:0% conceivably very high Capital efficiency 00:20:32.440 --> 00:20:35.230 align:start position:0% conceivably very high Capital efficiency um<00:20:32.679> so<00:20:33.039> up<00:20:33.159> to<00:20:33.240> $20<00:20:33.919> of<00:20:34.080> liquidity<00:20:34.480> for<00:20:34.600> $1<00:20:35.120> of 00:20:35.230 --> 00:20:35.240 align:start position:0% um so up to $20 of liquidity for $1 of 00:20:35.240 --> 00:20:37.029 align:start position:0% um so up to $20 of liquidity for $1 of tvl<00:20:35.799> basically<00:20:36.200> if<00:20:36.280> you<00:20:36.360> want<00:20:36.480> to<00:20:36.679> take<00:20:36.840> on 00:20:37.029 --> 00:20:37.039 align:start position:0% tvl basically if you want to take on 00:20:37.039 --> 00:20:38.789 align:start position:0% tvl basically if you want to take on that<00:20:37.200> risk<00:20:37.480> and<00:20:37.600> if<00:20:37.679> you<00:20:37.840> don't<00:20:38.240> a<00:20:38.400> protocol 00:20:38.789 --> 00:20:38.799 align:start position:0% that risk and if you don't a protocol 00:20:38.799 --> 00:20:41.029 align:start position:0% that risk and if you don't a protocol can<00:20:38.919> set<00:20:39.080> it<00:20:39.200> up 00:20:41.029 --> 00:20:41.039 align:start position:0% can set it up 00:20:41.039 --> 00:20:43.350 align:start position:0% can set it up differently<00:20:42.039> so<00:20:42.360> that<00:20:42.520> brings<00:20:42.760> us<00:20:43.000> to<00:20:43.159> kind<00:20:43.280> of 00:20:43.350 --> 00:20:43.360 align:start position:0% differently so that brings us to kind of 00:20:43.360 --> 00:20:45.510 align:start position:0% differently so that brings us to kind of the<00:20:43.440> end<00:20:43.559> of<00:20:43.679> the<00:20:43.840> talk<00:20:44.559> um<00:20:44.960> there's<00:20:45.159> kind<00:20:45.280> of<00:20:45.400> a 00:20:45.510 --> 00:20:45.520 align:start position:0% the end of the talk um there's kind of a 00:20:45.520 --> 00:20:48.430 align:start position:0% the end of the talk um there's kind of a few<00:20:45.720> main<00:20:46.039> takeaways<00:20:46.640> here<00:20:47.600> um<00:20:47.960> but<00:20:48.080> I'll<00:20:48.240> just 00:20:48.430 --> 00:20:48.440 align:start position:0% few main takeaways here um but I'll just 00:20:48.440 --> 00:20:50.950 align:start position:0% few main takeaways here um but I'll just leave<00:20:48.799> this<00:20:49.000> up<00:20:49.559> and<00:20:49.960> uh<00:20:50.240> we<00:20:50.360> can<00:20:50.520> open<00:20:50.720> it<00:20:50.840> up 00:20:50.950 --> 00:20:50.960 align:start position:0% leave this up and uh we can open it up 00:20:50.960 --> 00:20:59.590 align:start position:0% leave this up and uh we can open it up for<00:20:51.159> questions 00:20:59.590 --> 00:20:59.600 align:start position:0% 00:20:59.600 --> 00:21:03.830 align:start position:0% okay<00:21:00.600> how<00:21:01.600> Okay<00:21:01.960> so<00:21:02.400> for<00:21:02.640> our<00:21:03.240> favorite<00:21:03.679> and 00:21:03.830 --> 00:21:03.840 align:start position:0% okay how Okay so for our favorite and 00:21:03.840 --> 00:21:05.950 align:start position:0% okay how Okay so for our favorite and the<00:21:04.000> most<00:21:04.280> important<00:21:04.640> part<00:21:05.000> Q&A<00:21:05.520> please<00:21:05.760> use 00:21:05.950 --> 00:21:05.960 align:start position:0% the most important part Q&A please use 00:21:05.960 --> 00:21:10.510 align:start position:0% the most important part Q&A please use the<00:21:06.120> QR<00:21:06.400> code<00:21:06.720> and<00:21:06.799> you<00:21:06.919> can<00:21:07.120> also<00:21:07.679> upvote<00:21:08.159> the 00:21:10.510 --> 00:21:10.520 align:start position:0% 00:21:10.520 --> 00:21:12.750 align:start position:0% questions<00:21:11.520> okay<00:21:11.760> the<00:21:11.919> first<00:21:12.120> one<00:21:12.279> will<00:21:12.440> be 00:21:12.750 --> 00:21:12.760 align:start position:0% questions okay the first one will be 00:21:12.760 --> 00:21:14.830 align:start position:0% questions okay the first one will be will<00:21:12.919> fully<00:21:13.320> algorithmic<00:21:13.960> stable<00:21:14.360> coins 00:21:14.830 --> 00:21:14.840 align:start position:0% will fully algorithmic stable coins 00:21:14.840 --> 00:21:16.669 align:start position:0% will fully algorithmic stable coins possible<00:21:15.320> in<00:21:15.440> the 00:21:16.669 --> 00:21:16.679 align:start position:0% possible in the 00:21:16.679 --> 00:21:19.110 align:start position:0% possible in the future<00:21:17.679> so<00:21:17.960> I<00:21:18.080> think<00:21:18.279> here<00:21:18.400> it<00:21:18.559> depends<00:21:19.000> what 00:21:19.110 --> 00:21:19.120 align:start position:0% future so I think here it depends what 00:21:19.120 --> 00:21:21.470 align:start position:0% future so I think here it depends what you<00:21:19.240> mean<00:21:19.760> by<00:21:20.000> algorithmic<00:21:20.880> a<00:21:20.960> lot<00:21:21.080> of<00:21:21.240> people 00:21:21.470 --> 00:21:21.480 align:start position:0% you mean by algorithmic a lot of people 00:21:21.480 --> 00:21:24.909 align:start position:0% you mean by algorithmic a lot of people mean<00:21:21.880> algorithmic<00:21:22.679> to<00:21:22.840> be<00:21:23.679> unbacked<00:21:24.679> uh<00:21:24.799> which 00:21:24.909 --> 00:21:24.919 align:start position:0% mean algorithmic to be unbacked uh which 00:21:24.919 --> 00:21:26.549 align:start position:0% mean algorithmic to be unbacked uh which is<00:21:25.080> not<00:21:25.320> the<00:21:25.600> kind<00:21:25.720> of<00:21:25.840> stance<00:21:26.159> we<00:21:26.279> want<00:21:26.360> to 00:21:26.549 --> 00:21:26.559 align:start position:0% is not the kind of stance we want to 00:21:26.559 --> 00:21:29.950 align:start position:0% is not the kind of stance we want to take<00:21:27.440> um<00:21:27.720> we<00:21:27.840> think<00:21:28.000> a<00:21:28.120> stable<00:21:28.880> should<00:21:29.080> be 00:21:29.950 --> 00:21:29.960 align:start position:0% take um we think a stable should be 00:21:29.960 --> 00:21:32.430 align:start position:0% take um we think a stable should be backed<00:21:30.440> and<00:21:30.640> and<00:21:30.799> fully<00:21:31.159> backed<00:21:32.159> uh<00:21:32.279> but<00:21:32.360> if 00:21:32.430 --> 00:21:32.440 align:start position:0% backed and and fully backed uh but if 00:21:32.440 --> 00:21:33.789 align:start position:0% backed and and fully backed uh but if you<00:21:32.520> mean<00:21:32.720> algorithmic<00:21:33.279> in<00:21:33.360> the<00:21:33.440> sense<00:21:33.640> of 00:21:33.789 --> 00:21:33.799 align:start position:0% you mean algorithmic in the sense of 00:21:33.799 --> 00:21:36.070 align:start position:0% you mean algorithmic in the sense of being<00:21:34.039> automated<00:21:35.039> then<00:21:35.320> we<00:21:35.440> think<00:21:35.720> yes<00:21:35.960> and 00:21:36.070 --> 00:21:36.080 align:start position:0% being automated then we think yes and 00:21:36.080 --> 00:21:38.310 align:start position:0% being automated then we think yes and that's<00:21:36.240> how<00:21:36.320> we<00:21:36.559> designed<00:21:37.240> gyroscope<00:21:37.799> to<00:21:37.960> be 00:21:38.310 --> 00:21:38.320 align:start position:0% that's how we designed gyroscope to be 00:21:38.320 --> 00:21:40.310 align:start position:0% that's how we designed gyroscope to be basically<00:21:38.679> as<00:21:38.799> automated<00:21:39.240> as<00:21:39.400> possible<00:21:40.200> but 00:21:40.310 --> 00:21:40.320 align:start position:0% basically as automated as possible but 00:21:40.320 --> 00:21:42.830 align:start position:0% basically as automated as possible but yeah<00:21:40.440> I<00:21:40.520> wouldn't<00:21:40.720> be<00:21:40.919> very<00:21:41.360> bullish<00:21:41.840> about<00:21:42.679> uh 00:21:42.830 --> 00:21:42.840 align:start position:0% yeah I wouldn't be very bullish about uh 00:21:42.840 --> 00:21:45.269 align:start position:0% yeah I wouldn't be very bullish about uh algorithmic<00:21:43.480> in<00:21:43.600> the<00:21:43.760> sense<00:21:44.039> of<00:21:44.400> uh<00:21:44.760> being<00:21:45.000> un 00:21:45.269 --> 00:21:45.279 align:start position:0% algorithmic in the sense of uh being un 00:21:45.279 --> 00:21:47.110 align:start position:0% algorithmic in the sense of uh being un asset-backed<00:21:45.799> I<00:21:46.080> mean<00:21:46.240> I<00:21:46.320> think<00:21:46.799> especially 00:21:47.110 --> 00:21:47.120 align:start position:0% asset-backed I mean I think especially 00:21:47.120 --> 00:21:49.710 align:start position:0% asset-backed I mean I think especially after<00:21:47.320> Tera<00:21:47.919> that's<00:21:48.080> just<00:21:48.279> obviously<00:21:48.600> a<00:21:48.760> bad 00:21:49.710 --> 00:21:49.720 align:start position:0% after Tera that's just obviously a bad 00:21:49.720 --> 00:21:52.269 align:start position:0% after Tera that's just obviously a bad idea<00:21:50.720> okay<00:21:50.960> next<00:21:51.240> question<00:21:51.679> why<00:21:51.880> so<00:21:52.080> much 00:21:52.269 --> 00:21:52.279 align:start position:0% idea okay next question why so much 00:21:52.279 --> 00:21:54.310 align:start position:0% idea okay next question why so much hyper<00:21:52.679> around<00:21:52.880> Athena<00:21:53.640> could<00:21:53.799> you<00:21:53.960> explain 00:21:54.310 --> 00:21:54.320 align:start position:0% hyper around Athena could you explain 00:21:54.320 --> 00:21:55.669 align:start position:0% hyper around Athena could you explain what<00:21:54.440> Athena 00:21:55.669 --> 00:21:55.679 align:start position:0% what Athena 00:21:55.679 --> 00:21:59.230 align:start position:0% what Athena is<00:21:56.679> yeah<00:21:56.919> so<00:21:57.279> Athena<00:21:58.039> is<00:21:58.200> basically 00:21:59.230 --> 00:21:59.240 align:start position:0% is yeah so Athena is basically 00:21:59.240 --> 00:22:01.310 align:start position:0% is yeah so Athena is basically a<00:21:59.400> tokenized<00:22:00.320> what's<00:22:00.520> called<00:22:00.720> like<00:22:00.799> a<00:22:00.960> carry 00:22:01.310 --> 00:22:01.320 align:start position:0% a tokenized what's called like a carry 00:22:01.320 --> 00:22:04.549 align:start position:0% a tokenized what's called like a carry trade<00:22:01.720> so<00:22:01.880> you're<00:22:02.360> kind<00:22:02.520> of<00:22:02.960> taking<00:22:03.679> a<00:22:03.880> hedged 00:22:04.549 --> 00:22:04.559 align:start position:0% trade so you're kind of taking a hedged 00:22:04.559 --> 00:22:08.110 align:start position:0% trade so you're kind of taking a hedged position<00:22:05.559> um<00:22:06.080> and<00:22:06.240> it<00:22:07.000> it<00:22:07.240> it<00:22:07.480> takes<00:22:07.840> kind<00:22:07.960> of 00:22:08.110 --> 00:22:08.120 align:start position:0% position um and it it it takes kind of 00:22:08.120 --> 00:22:10.830 align:start position:0% position um and it it it takes kind of two<00:22:08.400> sides<00:22:08.799> to<00:22:09.279> to<00:22:09.520> to<00:22:09.679> a<00:22:09.799> leverage<00:22:10.159> market<00:22:10.720> and 00:22:10.830 --> 00:22:10.840 align:start position:0% two sides to to to a leverage market and 00:22:10.840 --> 00:22:12.789 align:start position:0% two sides to to to a leverage market and it's<00:22:11.080> the<00:22:11.200> leverage<00:22:11.520> Market<00:22:11.799> on<00:22:12.159> centralized 00:22:12.789 --> 00:22:12.799 align:start position:0% it's the leverage Market on centralized 00:22:12.799 --> 00:22:14.870 align:start position:0% it's the leverage Market on centralized exchanges<00:22:13.360> which<00:22:13.559> get<00:22:13.840> like<00:22:13.960> a<00:22:14.080> lot<00:22:14.200> of 00:22:14.870 --> 00:22:14.880 align:start position:0% exchanges which get like a lot of 00:22:14.880 --> 00:22:18.110 align:start position:0% exchanges which get like a lot of demand<00:22:15.880> and<00:22:16.000> you're<00:22:16.240> basically<00:22:17.240> earning<00:22:17.919> a 00:22:18.110 --> 00:22:18.120 align:start position:0% demand and you're basically earning a 00:22:18.120 --> 00:22:21.350 align:start position:0% demand and you're basically earning a yield<00:22:18.600> through<00:22:18.919> Athena<00:22:19.919> when<00:22:20.400> there's<00:22:20.919> excess 00:22:21.350 --> 00:22:21.360 align:start position:0% yield through Athena when there's excess 00:22:21.360 --> 00:22:22.909 align:start position:0% yield through Athena when there's excess demand<00:22:21.679> for<00:22:21.880> leverage<00:22:22.400> and<00:22:22.520> you're<00:22:22.679> kind<00:22:22.799> of 00:22:22.909 --> 00:22:22.919 align:start position:0% demand for leverage and you're kind of 00:22:22.919 --> 00:22:26.110 align:start position:0% demand for leverage and you're kind of helping<00:22:23.200> to<00:22:23.480> facilitate<00:22:24.400> that<00:22:25.000> leverage<00:22:26.000> uh 00:22:26.110 --> 00:22:26.120 align:start position:0% helping to facilitate that leverage uh 00:22:26.120 --> 00:22:27.990 align:start position:0% helping to facilitate that leverage uh and<00:22:26.240> so<00:22:26.440> Athena<00:22:26.799> yields<00:22:27.080> can<00:22:27.200> be<00:22:27.360> very<00:22:27.600> good 00:22:27.990 --> 00:22:28.000 align:start position:0% and so Athena yields can be very good 00:22:28.000 --> 00:22:29.990 align:start position:0% and so Athena yields can be very good when<00:22:28.559> there's<00:22:29.039> really<00:22:29.320> high<00:22:29.520> demand<00:22:29.799> for 00:22:29.990 --> 00:22:30.000 align:start position:0% when there's really high demand for 00:22:30.000 --> 00:22:32.029 align:start position:0% when there's really high demand for leverage<00:22:30.679> but<00:22:30.799> they<00:22:30.919> can<00:22:31.080> also<00:22:31.279> be<00:22:31.480> low<00:22:31.799> or 00:22:32.029 --> 00:22:32.039 align:start position:0% leverage but they can also be low or 00:22:32.039 --> 00:22:34.470 align:start position:0% leverage but they can also be low or possibly<00:22:32.520> negative<00:22:33.440> when<00:22:33.960> the<00:22:34.120> the<00:22:34.240> demand 00:22:34.470 --> 00:22:34.480 align:start position:0% possibly negative when the the demand 00:22:34.480 --> 00:22:36.830 align:start position:0% possibly negative when the the demand for<00:22:34.640> leverage<00:22:35.039> goes<00:22:35.320> down<00:22:35.520> a 00:22:36.830 --> 00:22:36.840 align:start position:0% for leverage goes down a 00:22:36.840 --> 00:22:40.230 align:start position:0% for leverage goes down a lot<00:22:37.840> okay<00:22:38.080> and<00:22:38.279> then<00:22:38.720> when<00:22:38.960> issuing<00:22:39.360> a<00:22:39.559> printed 00:22:40.230 --> 00:22:40.240 align:start position:0% lot okay and then when issuing a printed 00:22:40.240 --> 00:22:42.710 align:start position:0% lot okay and then when issuing a printed way<00:22:40.600> it's<00:22:40.919> like<00:22:41.200> latent<00:22:41.679> liquidity<00:22:42.400> meaning 00:22:42.710 --> 00:22:42.720 align:start position:0% way it's like latent liquidity meaning 00:22:42.720 --> 00:22:45.110 align:start position:0% way it's like latent liquidity meaning you<00:22:42.919> stock<00:22:43.240> up<00:22:43.480> the<00:22:43.679> place<00:22:44.039> smart<00:22:44.480> contract 00:22:45.110 --> 00:22:45.120 align:start position:0% you stock up the place smart contract 00:22:45.120 --> 00:22:47.390 align:start position:0% you stock up the place smart contract with<00:22:45.320> the<00:22:45.520> tokens<00:22:46.000> that<00:22:46.120> once<00:22:46.440> bought<00:22:47.039> by<00:22:47.240> a 00:22:47.390 --> 00:22:47.400 align:start position:0% with the tokens that once bought by a 00:22:47.400 --> 00:22:50.149 align:start position:0% with the tokens that once bought by a user<00:22:48.200> become 00:22:50.149 --> 00:22:50.159 align:start position:0% user become 00:22:50.159 --> 00:22:55.990 align:start position:0% user become real<00:22:51.159> so<00:22:51.919> the<00:22:52.120> preting<00:22:53.159> idea<00:22:54.159> is<00:22:54.640> uh<00:22:55.600> basically 00:22:55.990 --> 00:22:56.000 align:start position:0% real so the preting idea is uh basically 00:22:56.000 --> 00:22:59.710 align:start position:0% real so the preting idea is uh basically an<00:22:56.159> extension<00:22:56.760> of<00:22:57.080> how<00:22:57.960> uh<00:22:58.760> how<00:22:58.960> Amo<00:22:59.480> work 00:22:59.710 --> 00:22:59.720 align:start position:0% an extension of how uh how Amo work 00:22:59.720 --> 00:23:03.549 align:start position:0% an extension of how uh how Amo work today<00:23:00.039> I<00:23:00.200> suppose<00:23:00.960> you<00:23:01.120> can<00:23:01.279> fill<00:23:01.600> a<00:23:01.880> pool<00:23:02.880> um 00:23:03.549 --> 00:23:03.559 align:start position:0% today I suppose you can fill a pool um 00:23:03.559 --> 00:23:05.750 align:start position:0% today I suppose you can fill a pool um with<00:23:04.039> basically<00:23:04.480> UNC<00:23:04.760> circulating<00:23:05.360> stable 00:23:05.750 --> 00:23:05.760 align:start position:0% with basically UNC circulating stable 00:23:05.760 --> 00:23:08.190 align:start position:0% with basically UNC circulating stable coins<00:23:06.760> and<00:23:07.159> the<00:23:07.279> idea<00:23:07.559> is<00:23:07.720> that<00:23:07.880> they<00:23:08.000> would 00:23:08.190 --> 00:23:08.200 align:start position:0% coins and the idea is that they would 00:23:08.200 --> 00:23:10.430 align:start position:0% coins and the idea is that they would enter<00:23:08.640> circulation<00:23:09.400> when<00:23:09.600> somebody<00:23:10.000> actually 00:23:10.430 --> 00:23:10.440 align:start position:0% enter circulation when somebody actually 00:23:10.440 --> 00:23:12.310 align:start position:0% enter circulation when somebody actually buys<00:23:10.840> them<00:23:11.039> from<00:23:11.200> the<00:23:11.320> pool<00:23:11.919> which<00:23:12.039> is<00:23:12.200> why 00:23:12.310 --> 00:23:12.320 align:start position:0% buys them from the pool which is why 00:23:12.320 --> 00:23:13.870 align:start position:0% buys them from the pool which is why it's<00:23:12.440> kind<00:23:12.559> of<00:23:12.760> parallel<00:23:13.200> to<00:23:13.400> like<00:23:13.520> a<00:23:13.760> a 00:23:13.870 --> 00:23:13.880 align:start position:0% it's kind of parallel to like a a 00:23:13.880 --> 00:23:16.549 align:start position:0% it's kind of parallel to like a a minting<00:23:14.880> mechanism<00:23:15.880> and<00:23:16.000> can<00:23:16.120> be<00:23:16.240> thought<00:23:16.440> of 00:23:16.549 --> 00:23:16.559 align:start position:0% minting mechanism and can be thought of 00:23:16.559 --> 00:23:21.669 align:start position:0% minting mechanism and can be thought of as<00:23:16.640> a<00:23:16.760> minting<00:23:17.640> mechanism<00:23:18.640> um<00:23:19.400> but<00:23:20.400> uh<00:23:21.279> you<00:23:21.520> get 00:23:21.669 --> 00:23:21.679 align:start position:0% as a minting mechanism um but uh you get 00:23:21.679 --> 00:23:23.190 align:start position:0% as a minting mechanism um but uh you get kind<00:23:21.760> of<00:23:21.880> the<00:23:22.039> efficiencies<00:23:22.600> of<00:23:22.799> of<00:23:22.919> being<00:23:23.080> on 00:23:23.190 --> 00:23:23.200 align:start position:0% kind of the efficiencies of of being on 00:23:23.200 --> 00:23:26.350 align:start position:0% kind of the efficiencies of of being on a<00:23:23.320> secondary<00:23:23.919> Market<00:23:24.919> um<00:23:25.400> I<00:23:25.919> I<00:23:26.000> hope<00:23:26.200> that 00:23:26.350 --> 00:23:26.360 align:start position:0% a secondary Market um I I hope that 00:23:26.360 --> 00:23:30.230 align:start position:0% a secondary Market um I I hope that answered<00:23:26.760> the<00:23:27.120> the<00:23:27.320> question 00:23:30.230 --> 00:23:30.240 align:start position:0% answered the the question 00:23:30.240 --> 00:23:32.510 align:start position:0% answered the the question okay<00:23:30.480> and<00:23:31.279> who<00:23:31.440> are<00:23:31.600> the<00:23:31.760> issuers<00:23:32.320> what 00:23:32.510 --> 00:23:32.520 align:start position:0% okay and who are the issuers what 00:23:32.520 --> 00:23:34.029 align:start position:0% okay and who are the issuers what capital<00:23:32.960> they 00:23:34.029 --> 00:23:34.039 align:start position:0% capital they 00:23:34.039 --> 00:23:37.230 align:start position:0% capital they need<00:23:35.039> so<00:23:35.240> the<00:23:35.400> target<00:23:35.799> issuers<00:23:36.480> for<00:23:37.080> the 00:23:37.230 --> 00:23:37.240 align:start position:0% need so the target issuers for the 00:23:37.240 --> 00:23:40.630 align:start position:0% need so the target issuers for the mechanism<00:23:37.679> we're<00:23:37.840> building<00:23:38.120> for<00:23:38.279> gyro<00:23:38.919> V2<00:23:39.919> is 00:23:40.630 --> 00:23:40.640 align:start position:0% mechanism we're building for gyro V2 is 00:23:40.640 --> 00:23:42.990 align:start position:0% mechanism we're building for gyro V2 is decentralized<00:23:41.360> stable<00:23:41.720> coin<00:23:42.159> protocols<00:23:42.840> so 00:23:42.990 --> 00:23:43.000 align:start position:0% decentralized stable coin protocols so 00:23:43.000 --> 00:23:45.110 align:start position:0% decentralized stable coin protocols so the<00:23:43.120> issuer<00:23:43.520> is<00:23:43.799> really<00:23:44.080> like<00:23:44.320> the<00:23:44.679> the<00:23:44.799> smart 00:23:45.110 --> 00:23:45.120 align:start position:0% the issuer is really like the the smart 00:23:45.120 --> 00:23:47.710 align:start position:0% the issuer is really like the the smart contracts<00:23:45.880> or<00:23:46.320> people<00:23:46.840> like<00:23:47.000> are<00:23:47.120> free<00:23:47.320> to 00:23:47.710 --> 00:23:47.720 align:start position:0% contracts or people like are free to 00:23:47.720 --> 00:23:49.430 align:start position:0% contracts or people like are free to almost<00:23:48.000> issue<00:23:48.520> themselves<00:23:48.880> by<00:23:49.039> using<00:23:49.320> the 00:23:49.430 --> 00:23:49.440 align:start position:0% almost issue themselves by using the 00:23:49.440 --> 00:23:52.750 align:start position:0% almost issue themselves by using the smart<00:23:50.039> contracts<00:23:51.039> um<00:23:51.720> it's<00:23:52.039> possible<00:23:52.520> that<00:23:52.640> it 00:23:52.750 --> 00:23:52.760 align:start position:0% smart contracts um it's possible that it 00:23:52.760 --> 00:23:54.390 align:start position:0% smart contracts um it's possible that it could<00:23:52.919> also<00:23:53.080> be<00:23:53.240> used<00:23:53.600> by<00:23:53.760> like<00:23:53.919> some<00:23:54.159> other 00:23:54.390 --> 00:23:54.400 align:start position:0% could also be used by like some other 00:23:54.400 --> 00:23:57.149 align:start position:0% could also be used by like some other issuers<00:23:55.279> it's<00:23:55.480> just<00:23:55.679> that<00:23:55.919> like<00:23:56.360> centralized 00:23:57.149 --> 00:23:57.159 align:start position:0% issuers it's just that like centralized 00:23:57.159 --> 00:23:58.830 align:start position:0% issuers it's just that like centralized uh<00:23:57.279> stable<00:23:57.600> coins<00:23:57.840> in<00:23:57.960> particular<00:23:58.480> usually 00:23:58.830 --> 00:23:58.840 align:start position:0% uh stable coins in particular usually 00:23:58.840 --> 00:24:01.149 align:start position:0% uh stable coins in particular usually don't<00:23:59.120> have<00:23:59.400> this<00:23:59.559> flexibility<00:24:00.559> and<00:24:00.720> so<00:24:01.039> they 00:24:01.149 --> 00:24:01.159 align:start position:0% don't have this flexibility and so they 00:24:01.159 --> 00:24:03.630 align:start position:0% don't have this flexibility and so they may<00:24:01.279> not<00:24:01.400> even<00:24:01.559> be<00:24:01.640> able<00:24:01.760> to<00:24:01.880> entertain<00:24:02.480> it<00:24:03.480> um 00:24:03.630 --> 00:24:03.640 align:start position:0% may not even be able to entertain it um 00:24:03.640 --> 00:24:05.789 align:start position:0% may not even be able to entertain it um but<00:24:03.840> then<00:24:04.360> the<00:24:04.720> stablecoin<00:24:05.720> the 00:24:05.789 --> 00:24:05.799 align:start position:0% but then the stablecoin the 00:24:05.799 --> 00:24:07.950 align:start position:0% but then the stablecoin the decentralized<00:24:06.400> stable<00:24:06.679> coin<00:24:06.880> issuers<00:24:07.799> what 00:24:07.950 --> 00:24:07.960 align:start position:0% decentralized stable coin issuers what 00:24:07.960 --> 00:24:10.190 align:start position:0% decentralized stable coin issuers what they<00:24:08.159> really<00:24:08.480> want<00:24:08.919> is<00:24:09.039> to<00:24:09.279> like<00:24:09.760> get<00:24:10.000> very 00:24:10.190 --> 00:24:10.200 align:start position:0% they really want is to like get very 00:24:10.200 --> 00:24:12.350 align:start position:0% they really want is to like get very good<00:24:10.400> liquidity<00:24:11.039> without<00:24:11.679> taking<00:24:11.960> on<00:24:12.080> a<00:24:12.200> bunch 00:24:12.350 --> 00:24:12.360 align:start position:0% good liquidity without taking on a bunch 00:24:12.360 --> 00:24:15.470 align:start position:0% good liquidity without taking on a bunch of<00:24:12.559> risk<00:24:13.000> for<00:24:13.480> for<00:24:13.720> their<00:24:14.240> protocols<00:24:15.240> uh<00:24:15.360> which 00:24:15.470 --> 00:24:15.480 align:start position:0% of risk for for their protocols uh which 00:24:15.480 --> 00:24:17.750 align:start position:0% of risk for for their protocols uh which is<00:24:15.760> why<00:24:16.120> we<00:24:16.480> kind<00:24:16.600> of<00:24:16.720> made<00:24:16.919> this<00:24:17.080> like<00:24:17.240> duplex 00:24:17.750 --> 00:24:17.760 align:start position:0% is why we kind of made this like duplex 00:24:17.760 --> 00:24:19.909 align:start position:0% is why we kind of made this like duplex collateralization<00:24:18.640> mechanism<00:24:19.600> where<00:24:19.799> the 00:24:19.909 --> 00:24:19.919 align:start position:0% collateralization mechanism where the 00:24:19.919 --> 00:24:21.870 align:start position:0% collateralization mechanism where the aim<00:24:20.120> is<00:24:20.279> to<00:24:20.559> get<00:24:20.919> kind<00:24:21.039> of<00:24:21.159> like<00:24:21.279> the<00:24:21.440> very<00:24:21.640> good 00:24:21.870 --> 00:24:21.880 align:start position:0% aim is to get kind of like the very good 00:24:21.880 --> 00:24:23.510 align:start position:0% aim is to get kind of like the very good properties<00:24:22.279> you<00:24:22.440> might<00:24:22.559> be<00:24:22.640> able<00:24:22.799> to<00:24:22.960> get<00:24:23.200> from 00:24:23.510 --> 00:24:23.520 align:start position:0% properties you might be able to get from 00:24:23.520 --> 00:24:25.590 align:start position:0% properties you might be able to get from something<00:24:23.840> like<00:24:24.080> OS<00:24:24.640> and<00:24:24.960> protocol<00:24:25.360> own 00:24:25.590 --> 00:24:25.600 align:start position:0% something like OS and protocol own 00:24:25.600 --> 00:24:27.750 align:start position:0% something like OS and protocol own liquidity<00:24:26.320> even<00:24:26.520> if<00:24:26.640> it's<00:24:26.799> on<00:24:27.320> much<00:24:27.520> more 00:24:27.750 --> 00:24:27.760 align:start position:0% liquidity even if it's on much more 00:24:27.760 --> 00:24:28.909 align:start position:0% liquidity even if it's on much more risky<00:24:28.120> pairs 00:24:28.909 --> 00:24:28.919 align:start position:0% risky pairs 00:24:28.919 --> 00:24:30.389 align:start position:0% risky pairs but<00:24:29.080> where<00:24:29.240> the<00:24:29.360> protocol<00:24:29.840> and<00:24:30.039> the<00:24:30.240> the 00:24:30.389 --> 00:24:30.399 align:start position:0% but where the protocol and the the 00:24:30.399 --> 00:24:32.350 align:start position:0% but where the protocol and the the normal<00:24:30.720> users<00:24:31.000> of<00:24:31.159> stable<00:24:31.520> coins<00:24:32.080> get<00:24:32.240> an 00:24:32.350 --> 00:24:32.360 align:start position:0% normal users of stable coins get an 00:24:32.360 --> 00:24:34.750 align:start position:0% normal users of stable coins get an extra<00:24:32.679> layer<00:24:32.919> of<00:24:33.240> protection<00:24:34.240> um<00:24:34.480> and<00:24:34.600> if 00:24:34.750 --> 00:24:34.760 align:start position:0% extra layer of protection um and if 00:24:34.760 --> 00:24:37.630 align:start position:0% extra layer of protection um and if something<00:24:35.320> happens<00:24:36.039> uh<00:24:36.159> it's<00:24:36.880> uh<00:24:37.080> insurance 00:24:37.630 --> 00:24:37.640 align:start position:0% something happens uh it's uh insurance 00:24:37.640 --> 00:24:40.630 align:start position:0% something happens uh it's uh insurance that<00:24:37.799> kind<00:24:37.880> of<00:24:38.039> like<00:24:38.159> covers<00:24:38.520> the 00:24:40.630 --> 00:24:40.640 align:start position:0% that kind of like covers the 00:24:40.640 --> 00:24:43.310 align:start position:0% that kind of like covers the costs<00:24:41.640> okay<00:24:41.840> so<00:24:42.000> our<00:24:42.240> last<00:24:42.520> question<00:24:42.919> will 00:24:43.310 --> 00:24:43.320 align:start position:0% costs okay so our last question will 00:24:43.320 --> 00:24:45.549 align:start position:0% costs okay so our last question will spin<00:24:43.840> your<00:24:44.039> government<00:24:44.679> governance<00:24:45.120> token 00:24:45.549 --> 00:24:45.559 align:start position:0% spin your government governance token 00:24:45.559 --> 00:24:46.830 align:start position:0% spin your government governance token ear<00:24:45.919> part<00:24:46.080> of 00:24:46.830 --> 00:24:46.840 align:start position:0% ear part of 00:24:46.840 --> 00:24:49.110 align:start position:0% ear part of fees<00:24:47.840> that's<00:24:48.000> the<00:24:48.120> killer<00:24:48.440> question<00:24:48.760> I<00:24:48.919> guess 00:24:49.110 --> 00:24:49.120 align:start position:0% fees that's the killer question I guess 00:24:49.120 --> 00:24:52.149 align:start position:0% fees that's the killer question I guess isn't<00:24:49.360> it<00:24:50.320> um<00:24:50.760> and<00:24:51.320> there<00:24:51.480> are<00:24:51.679> routes<00:24:52.039> I 00:24:52.149 --> 00:24:52.159 align:start position:0% isn't it um and there are routes I 00:24:52.159 --> 00:24:54.510 align:start position:0% isn't it um and there are routes I suppose<00:24:52.559> to<00:24:52.679> doing<00:24:53.000> this<00:24:53.720> uh<00:24:53.840> but<00:24:53.960> it<00:24:54.080> depends 00:24:54.510 --> 00:24:54.520 align:start position:0% suppose to doing this uh but it depends 00:24:54.520 --> 00:24:56.789 align:start position:0% suppose to doing this uh but it depends on<00:24:55.159> kind<00:24:55.279> of<00:24:55.399> governance<00:24:55.840> selecting<00:24:56.640> the 00:24:56.789 --> 00:24:56.799 align:start position:0% on kind of governance selecting the 00:24:56.799 --> 00:25:00.590 align:start position:0% on kind of governance selecting the right<00:24:57.000> route 00:25:00.590 --> 00:25:00.600 align:start position:0% 00:25:00.600 --> 00:25:02.230 align:start position:0% okay<00:25:00.880> we<00:25:01.080> have<00:25:01.320> 10<00:25:01.520> more<00:25:01.720> seconds<00:25:02.039> do<00:25:02.120> you 00:25:02.230 --> 00:25:02.240 align:start position:0% okay we have 10 more seconds do you 00:25:02.240 --> 00:25:06.110 align:start position:0% okay we have 10 more seconds do you think<00:25:02.399> CX<00:25:03.000> integration<00:25:04.000> in<00:25:04.399> cctp<00:25:05.120> like 00:25:06.110 --> 00:25:06.120 align:start position:0% think CX integration in cctp like 00:25:06.120 --> 00:25:08.950 align:start position:0% think CX integration in cctp like mechanisms<00:25:06.760> will<00:25:07.520> help<00:25:07.799> adap<00:25:08.200> and<00:25:08.559> stability 00:25:08.950 --> 00:25:08.960 align:start position:0% mechanisms will help adap and stability 00:25:08.960 --> 00:25:11.590 align:start position:0% mechanisms will help adap and stability of<00:25:09.080> decentralize<00:25:09.760> bit<00:25:10.000> coins<00:25:10.679> yes<00:25:11.000> uh<00:25:11.080> so<00:25:11.320> sex 00:25:11.590 --> 00:25:11.600 align:start position:0% of decentralize bit coins yes uh so sex 00:25:11.600 --> 00:25:12.990 align:start position:0% of decentralize bit coins yes uh so sex Integrations<00:25:12.120> I<00:25:12.240> think<00:25:12.360> will<00:25:12.520> be<00:25:12.679> very<00:25:12.840> good 00:25:12.990 --> 00:25:13.000 align:start position:0% Integrations I think will be very good 00:25:13.000 --> 00:25:15.230 align:start position:0% Integrations I think will be very good in<00:25:13.120> terms<00:25:13.360> of<00:25:13.520> sourcing<00:25:14.200> new<00:25:14.480> users<00:25:14.960> because 00:25:15.230 --> 00:25:15.240 align:start position:0% in terms of sourcing new users because 00:25:15.240 --> 00:25:23.149 align:start position:0% in terms of sourcing new users because people<00:25:15.480> come<00:25:15.720> through<00:25:16.000> Sexes<00:25:17.000> and 00:25:23.149 --> 00:25:23.159 align:start position:0% 00:25:23.159 --> 00:25:26.510 align:start position:0% CCT<00:25:24.159> across<00:25:24.600> chain<00:25:25.320> uh<00:25:25.480> easily<00:25:26.240> because<00:25:26.399> it's 00:25:26.510 --> 00:25:26.520 align:start position:0% CCT across chain uh easily because it's 00:25:26.520 --> 00:25:28.110 align:start position:0% CCT across chain uh easily because it's a<00:25:26.679> kind<00:25:26.760> of<00:25:26.840> an<00:25:26.960> issue<00:25:27.200> if<00:25:27.279> you<00:25:27.399> have<00:25:27.480> to<00:25:27.600> wait<00:25:28.000> a 00:25:28.110 --> 00:25:28.120 align:start position:0% a kind of an issue if you have to wait a 00:25:28.120 --> 00:25:29.990 align:start position:0% a kind of an issue if you have to wait a month<00:25:28.360> month<00:25:28.760> or<00:25:29.000> sorry<00:25:29.200> a<00:25:29.320> week<00:25:29.520> all<00:25:29.640> the<00:25:29.760> time 00:25:29.990 --> 00:25:30.000 align:start position:0% month month or sorry a week all the time 00:25:30.000 --> 00:25:31.590 align:start position:0% month month or sorry a week all the time to<00:25:30.120> kind<00:25:30.240> of<00:25:30.399> like 00:25:31.590 --> 00:25:31.600 align:start position:0% to kind of like 00:25:31.600 --> 00:25:35.880 align:start position:0% to kind of like Bridge<00:25:32.600> okay<00:25:32.840> thank<00:25:32.960> you<00:25:33.159> very<00:25:33.320> much<00:25:33.520> Ari