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the<00:00:09.639><c> stage</c><00:00:09.920><c> is</c>

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the stage is
 

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the stage is
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yours<00:00:15.280><c> thank</c><00:00:15.440><c> you</c><00:00:15.599><c> and</c><00:00:15.759><c> welcome</c><00:00:16.080><c> to</c><00:00:16.240><c> this</c>

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yours thank you and welcome to this
 

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yours thank you and welcome to this
presentation<00:00:17.160><c> of</c><00:00:17.279><c> a</c><00:00:17.520><c> practical</c><00:00:17.920><c> endgame</c><00:00:18.480><c> on</c>

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presentation of a practical endgame on
 

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presentation of a practical endgame on
Ison<00:00:19.640><c> policy</c><00:00:20.640><c> which</c><00:00:20.760><c> is</c><00:00:21.000><c> also</c><00:00:21.600><c> the</c><00:00:21.800><c> title</c><00:00:22.199><c> of</c>

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Ison policy which is also the title of
 

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Ison policy which is also the title of
my<00:00:23.119><c> recent</c><00:00:23.480><c> East</c><00:00:23.800><c> research</c>

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my recent East research
 

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my recent East research
post<00:00:26.279><c> and</c><00:00:26.400><c> we</c><00:00:26.599><c> begin</c><00:00:27.039><c> in</c><00:00:27.240><c> a</c><00:00:28.199><c> hypothetical</c>

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post and we begin in a hypothetical
 

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post and we begin in a hypothetical
future<00:00:29.199><c> scenario</c><00:00:30.160><c> a</c><00:00:30.240><c> decade</c><00:00:30.519><c> from</c><00:00:30.720><c> now</c><00:00:31.400><c> where</c>

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future scenario a decade from now where
 

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future scenario a decade from now where
the<00:00:31.759><c> cost</c><00:00:31.960><c> of</c><00:00:32.119><c> staking</c><00:00:32.640><c> has</c><00:00:32.920><c> come</c><00:00:33.200><c> down</c><00:00:33.920><c> and</c>

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the cost of staking has come down and
 

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the cost of staking has come down and
staking<00:00:34.520><c> frictions</c><00:00:34.960><c> have</c><00:00:35.079><c> been</c>

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staking frictions have been
 

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staking frictions have been
overcome<00:00:37.399><c> now</c><00:00:37.600><c> people</c><00:00:37.960><c> still</c><00:00:38.120><c> have</c><00:00:38.280><c> different</c>

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overcome now people still have different
 

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overcome now people still have different
perspectives<00:00:39.360><c> of</c><00:00:39.760><c> the</c><00:00:39.960><c> cost</c><00:00:40.200><c> of</c><00:00:40.320><c> staking</c><00:00:41.039><c> and</c>

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perspectives of the cost of staking and
 

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perspectives of the cost of staking and
Stak<00:00:41.520><c> under</c><00:00:41.760><c> varing</c><00:00:42.280><c> conditions</c><00:00:42.640><c> so</c><00:00:42.840><c> there's</c>

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Stak under varing conditions so there's
 

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Stak under varing conditions so there's
really<00:00:43.440><c> no</c><00:00:43.680><c> agreement</c><00:00:44.120><c> on</c><00:00:44.480><c> the</c><00:00:44.680><c> exact</c><00:00:45.039><c> yield</c>

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really no agreement on the exact yield
 

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really no agreement on the exact yield
that<00:00:45.680><c> is</c><00:00:45.840><c> sufficient</c><00:00:46.360><c> for</c>

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that is sufficient for
 

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that is sufficient for
staking<00:00:48.360><c> people</c><00:00:48.680><c> have</c><00:00:48.960><c> different</c>

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staking people have different
 

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staking people have different
reservation<00:00:50.600><c> yields</c><00:00:51.280><c> that</c><00:00:51.440><c> is</c><00:00:51.879><c> the</c><00:00:52.039><c> lowest</c>

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reservation yields that is the lowest
 

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reservation yields that is the lowest
yield<00:00:52.840><c> they</c><00:00:53.000><c> find</c><00:00:53.520><c> acceptable</c><00:00:54.199><c> for</c><00:00:54.399><c> staking</c>

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yield they find acceptable for staking
 

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yield they find acceptable for staking
they<00:00:55.520><c> are</c><00:00:55.680><c> at</c><00:00:55.840><c> this</c><00:00:56.039><c> point</c><00:00:56.399><c> indifferent</c><00:00:56.960><c> to</c>

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they are at this point indifferent to
 

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they are at this point indifferent to
staking<00:00:57.719><c> or</c><00:00:57.879><c> holding</c><00:00:58.320><c> the</c><00:00:58.480><c> token</c>

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staking or holding the token
 

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staking or holding the token
let's<00:01:00.920><c> plot</c><00:01:01.160><c> the</c><00:01:01.359><c> hypothe</c><00:01:02.359><c> hypothetical</c>

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let's plot the hypothe hypothetical
 

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let's plot the hypothe hypothetical
distribution<00:01:03.320><c> of</c><00:01:03.480><c> reservation</c><00:01:03.920><c> yields</c><00:01:04.839><c> we</c>

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distribution of reservation yields we
 

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distribution of reservation yields we
see<00:01:05.280><c> here</c><00:01:05.799><c> we</c><00:01:05.960><c> have</c><00:01:06.320><c> Stak</c><00:01:06.680><c> in</c><00:01:06.920><c> yield</c><00:01:07.520><c> on</c><00:01:07.720><c> the</c>

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see here we have Stak in yield on the
 

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see here we have Stak in yield on the
x-axis<00:01:08.680><c> and</c><00:01:08.799><c> we</c><00:01:08.920><c> have</c><00:01:09.200><c> amount</c><00:01:09.520><c> of</c><00:01:09.680><c> stake</c><00:01:10.040><c> on</c>

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x-axis and we have amount of stake on
 

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x-axis and we have amount of stake on
the<00:01:10.360><c> y-</c>

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axis<00:01:14.040><c> a</c><00:01:14.159><c> few</c><00:01:14.439><c> might</c><00:01:14.560><c> be</c><00:01:14.680><c> willing</c><00:01:14.920><c> to</c><00:01:15.000><c> stake</c><00:01:15.280><c> at</c>

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axis a few might be willing to stake at
 

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axis a few might be willing to stake at
the<00:01:15.560><c> negative</c><00:01:16.040><c> yield</c><00:01:16.600><c> perhaps</c><00:01:16.920><c> to</c><00:01:17.280><c> attack</c><00:01:17.600><c> or</c>

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the negative yield perhaps to attack or
 

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the negative yield perhaps to attack or
defend<00:01:18.280><c> etherum</c><00:01:19.280><c> many</c><00:01:19.520><c> more</c><00:01:19.720><c> are</c><00:01:19.880><c> willing</c><00:01:20.119><c> to</c>

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defend etherum many more are willing to
 

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defend etherum many more are willing to
stake<00:01:20.520><c> as</c><00:01:20.640><c> the</c><00:01:20.759><c> yield</c><00:01:21.040><c> becomes</c><00:01:21.439><c> positive</c><00:01:22.360><c> and</c>

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stake as the yield becomes positive and
 

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stake as the yield becomes positive and
at<00:01:22.759><c> 1%</c><00:01:23.640><c> staking</c><00:01:24.079><c> yield</c><00:01:24.479><c> perhaps</c><00:01:24.880><c> a</c><00:01:25.000><c> lot</c><00:01:25.119><c> of</c>

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at 1% staking yield perhaps a lot of
 

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at 1% staking yield perhaps a lot of
token<00:01:26.040><c> holders</c><00:01:26.799><c> rushing</c><00:01:27.799><c> in</c><00:01:27.960><c> this</c>

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token holders rushing in this
 

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token holders rushing in this
hypothetical<00:01:28.799><c> scenario</c><00:01:29.280><c> at</c><00:01:29.600><c> two</c><00:01:30.040><c> 2.5%</c><00:01:31.040><c> half</c>

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hypothetical scenario at two 2.5% half
 

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hypothetical scenario at two 2.5% half
the<00:01:31.400><c> E</c><00:01:31.600><c> is</c><00:01:31.759><c> St</c><00:01:32.479><c> and</c><00:01:32.600><c> as</c><00:01:32.759><c> the</c><00:01:32.840><c> yield</c><00:01:33.119><c> reaches</c>

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the E is St and as the yield reaches
 

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the E is St and as the yield reaches
beond<00:01:34.040><c> 4</c><00:01:34.920><c> 5</c><00:01:35.439><c> or</c>

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beond 4 5 or
 

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beond 4 5 or
6%<00:01:37.560><c> not</c><00:01:37.799><c> much</c><00:01:38.000><c> more</c><00:01:38.200><c> steak</c><00:01:38.479><c> comes</c><00:01:38.680><c> in</c><00:01:38.920><c> because</c>

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6% not much more steak comes in because
 

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6% not much more steak comes in because
almost<00:01:39.520><c> all</c><00:01:39.799><c> e</c><00:01:40.079><c> is</c><00:01:40.240><c> already</c>

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almost all e is already
 

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almost all e is already
staked<00:01:42.280><c> and</c><00:01:42.399><c> we</c><00:01:42.479><c> can</c><00:01:42.640><c> explore</c><00:01:43.000><c> this</c><00:01:43.159><c> further</c>

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staked and we can explore this further
 

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staked and we can explore this further
by<00:01:44.079><c> Computing</c><00:01:44.600><c> the</c><00:01:44.920><c> cumulative</c><00:01:45.479><c> steak</c><00:01:45.799><c> here</c>

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by Computing the cumulative steak here
 

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by Computing the cumulative steak here
in<00:01:46.079><c> blue</c><00:01:46.479><c> as</c><00:01:46.560><c> it</c><00:01:46.759><c> raes</c><00:01:47.320><c> to</c>

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in blue as it raes to
 

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in blue as it raes to
one<00:01:49.200><c> the</c><00:01:49.399><c> cumulative</c><00:01:49.920><c> stake</c><00:01:50.360><c> can</c><00:01:50.479><c> be</c><00:01:50.640><c> referred</c>

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one the cumulative stake can be referred
 

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one the cumulative stake can be referred
to<00:01:51.200><c> as</c><00:01:51.759><c> the</c><00:01:52.520><c> deposit</c><00:01:53.079><c> Dru</c><00:01:53.880><c> that</c><00:01:54.000><c> is</c><00:01:54.159><c> the</c>

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to as the deposit Dru that is the
 

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to as the deposit Dru that is the
proportion<00:01:55.040><c> of</c><00:01:55.159><c> all</c><00:01:55.479><c> steak</c><00:01:55.799><c> that</c><00:01:55.920><c> is</c>

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proportion of all steak that is
 

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proportion of all steak that is
deposited<00:01:56.600><c> for</c>

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deposited for
 

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deposited for
steaking<00:01:58.640><c> and</c><00:01:58.759><c> we</c><00:01:58.840><c> can</c><00:01:59.000><c> also</c><00:01:59.240><c> call</c><00:01:59.399><c> it</c><00:01:59.640><c> the</c>

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steaking and we can also call it the
 

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steaking and we can also call it the
deposit<00:02:00.479><c> size</c><00:02:01.000><c> then</c><00:02:01.159><c> we</c><00:02:01.240><c> are</c><00:02:01.360><c> referring</c><00:02:01.759><c> to</c>

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deposit size then we are referring to
 

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deposit size then we are referring to
the<00:02:02.200><c> quantity</c><00:02:02.799><c> of</c><00:02:02.960><c> steak</c><00:02:03.560><c> the</c><00:02:03.799><c> total</c><00:02:04.360><c> reaching</c>

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the quantity of steak the total reaching
 

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the quantity of steak the total reaching
120<00:02:05.479><c> million</c><00:02:05.799><c> if</c><00:02:05.960><c> all</c><00:02:06.159><c> eat</c><00:02:06.399><c> the</c>

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120 million if all eat the
 

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120 million if all eat the
steak<00:02:08.440><c> now</c><00:02:08.759><c> let's</c><00:02:09.160><c> remove</c><00:02:09.560><c> the</c><00:02:10.000><c> negative</c><00:02:10.479><c> part</c>

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steak now let's remove the negative part
 

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steak now let's remove the negative part
of<00:02:11.000><c> the</c><00:02:11.080><c> yield</c><00:02:11.560><c> and</c><00:02:11.720><c> flip</c><00:02:12.200><c> AIS</c><00:02:13.120><c> and</c><00:02:13.239><c> we</c><00:02:13.360><c> have</c>

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of the yield and flip AIS and we have
 

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of the yield and flip AIS and we have
now<00:02:13.680><c> created</c><00:02:14.239><c> from</c><00:02:14.680><c> a</c><00:02:14.879><c> distribution</c><00:02:15.319><c> of</c>

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now created from a distribution of
 

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now created from a distribution of
reservation<00:02:15.959><c> un</c><00:02:16.319><c> what</c><00:02:16.440><c> we</c><00:02:16.560><c> generally</c><00:02:16.879><c> refer</c>

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reservation un what we generally refer
 

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reservation un what we generally refer
to<00:02:17.720><c> as</c><00:02:17.920><c> the</c><00:02:18.200><c> stake</c><00:02:18.760><c> supply</c>

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to as the stake supply
 

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to as the stake supply
curve<00:02:21.239><c> so</c><00:02:21.400><c> if</c><00:02:21.480><c> you</c><00:02:21.640><c> remember</c><00:02:22.360><c> at</c><00:02:22.560><c> the</c><00:02:23.040><c> 2.5%</c>

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curve so if you remember at the 2.5%
 

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curve so if you remember at the 2.5%
yeld<00:02:24.959><c> half</c><00:02:25.239><c> the</c><00:02:25.400><c> it</c><00:02:25.680><c> gets</c>

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yeld half the it gets
 

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yeld half the it gets
St<00:02:27.879><c> we</c><00:02:28.080><c> add</c><00:02:28.319><c> also</c><00:02:28.560><c> the</c><00:02:28.720><c> demand</c><00:02:29.160><c> curve</c><00:02:29.440><c> specific</c>

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St we add also the demand curve specific
 

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St we add also the demand curve specific
by<00:02:30.200><c> the</c>

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by the
 

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by the
protocol<00:02:32.200><c> and</c><00:02:32.599><c> let's</c><00:02:32.879><c> add</c>

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protocol and let's add
 

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protocol and let's add
also<00:02:34.840><c> 300K</c><00:02:35.480><c> of</c><00:02:35.640><c> Mev</c><00:02:36.000><c> each</c><00:02:36.200><c> year</c><00:02:36.879><c> we</c><00:02:37.080><c> then</c><00:02:37.280><c> reach</c>

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also 300K of Mev each year we then reach
 

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also 300K of Mev each year we then reach
at<00:02:38.239><c> the</c><00:02:38.400><c> intersection</c><00:02:38.959><c> of</c><00:02:39.200><c> demand</c><00:02:39.519><c> and</c><00:02:39.720><c> Supply</c>

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at the intersection of demand and Supply
 

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at the intersection of demand and Supply
what<00:02:40.280><c> we</c><00:02:40.680><c> refer</c><00:02:40.959><c> to</c><00:02:41.200><c> as</c><00:02:41.400><c> the</c><00:02:42.040><c> stake</c><00:02:42.560><c> in</c>

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what we refer to as the stake in
 

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what we refer to as the stake in
equilibrium<00:02:44.080><c> at</c><00:02:44.239><c> the</c><00:02:44.400><c> black</c>

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equilibrium at the black
 

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equilibrium at the black
square<00:02:46.920><c> but</c><00:02:47.080><c> currently</c><00:02:47.480><c> we</c><00:02:47.560><c> are</c><00:02:47.800><c> here</c><00:02:48.599><c> and</c>

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square but currently we are here and
 

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square but currently we are here and
this<00:02:49.000><c> blacker</c><00:02:49.519><c> isn't</c><00:02:49.920><c> exactly</c><00:02:50.280><c> known</c><00:02:50.560><c> to</c><00:02:50.720><c> us</c>

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this blacker isn't exactly known to us
 

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this blacker isn't exactly known to us
so<00:02:51.560><c> that's</c><00:02:51.720><c> the</c><00:02:52.280><c> situation</c><00:02:52.760><c> we</c><00:02:52.879><c> have</c><00:02:53.120><c> right</c>

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so that's the situation we have right
 

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so that's the situation we have right
now<00:02:54.680><c> we</c><00:02:54.760><c> are</c><00:02:54.920><c> now</c><00:02:55.159><c> ready</c><00:02:55.400><c> to</c><00:02:55.599><c> discuss</c><00:02:56.000><c> the</c>

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now we are now ready to discuss the
 

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now we are now ready to discuss the
motivation<00:02:56.760><c> for</c><00:02:56.920><c> a</c><00:02:57.080><c> reduction</c><00:02:57.560><c> ini</c><00:02:57.760><c> ISS</c>

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if<00:03:02.840><c> you</c><00:03:03.480><c> note</c><00:03:03.879><c> that</c><00:03:04.080><c> over</c><00:03:04.440><c> half</c><00:03:04.840><c> circulating</c>

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if you note that over half circulating
 

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if you note that over half circulating
Supply<00:03:06.280><c> could</c><00:03:06.480><c> be</c><00:03:06.640><c> sted</c><00:03:07.360><c> in</c><00:03:07.920><c> a</c><00:03:08.159><c> a</c><00:03:08.319><c> plausible</c>

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Supply could be sted in a a plausible
 

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Supply could be sted in a a plausible
scenario<00:03:10.200><c> but</c><00:03:10.879><c> it's</c><00:03:11.159><c> this</c><00:03:11.360><c> General</c><00:03:11.720><c> agreement</c>

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scenario but it's this General agreement
 

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scenario but it's this General agreement
amongst<00:03:12.440><c> researches</c><00:03:13.360><c> that</c><00:03:13.760><c> 30</c><00:03:14.120><c> million</c><00:03:14.440><c> e</c><00:03:14.720><c> is</c>

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amongst researches that 30 million e is
 

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amongst researches that 30 million e is
perfectly<00:03:15.480><c> sufficient</c><00:03:16.280><c> for</c><00:03:16.560><c> retaining</c>

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perfectly sufficient for retaining
 

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perfectly sufficient for retaining
security<00:03:18.159><c> and</c><00:03:18.360><c> here</c><00:03:18.519><c> we</c><00:03:18.599><c> would</c><00:03:18.840><c> be</c><00:03:19.280><c> at</c><00:03:19.760><c> more</c>

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security and here we would be at more
 

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security and here we would be at more
than<00:03:20.200><c> twice</c><00:03:20.640><c> of</c><00:03:21.040><c> that</c><00:03:22.040><c> so</c><00:03:22.400><c> in</c><00:03:22.519><c> on</c><00:03:22.760><c> this</c><00:03:22.920><c> range</c>

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than twice of that so in on this range
 

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than twice of that so in on this range
here<00:03:23.599><c> what's</c><00:03:23.799><c> the</c><00:03:24.040><c> cost</c><00:03:24.400><c> why</c><00:03:24.519><c> don't</c><00:03:24.680><c> we</c><00:03:24.799><c> want</c>

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here what's the cost why don't we want
 

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here what's the cost why don't we want
to<00:03:25.040><c> pay</c><00:03:25.200><c> more</c><00:03:25.319><c> for</c><00:03:25.560><c> security</c><00:03:26.080><c> than</c><00:03:26.239><c> what</c><00:03:26.360><c> is</c>

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to pay more for security than what is
 

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to pay more for security than what is
strictly<00:03:27.480><c> needed</c><00:03:28.480><c> well</c><00:03:28.640><c> for</c><00:03:28.799><c> one</c><00:03:28.959><c> we</c><00:03:29.040><c> can</c>

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strictly needed well for one we can
 

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strictly needed well for one we can
approach<00:03:29.519><c> cost</c><00:03:30.120><c> rather</c><00:03:30.400><c> generally</c><00:03:30.959><c> speaking</c>

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approach cost rather generally speaking
 

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approach cost rather generally speaking
of<00:03:31.400><c> you</c><00:03:31.519><c> know</c><00:03:31.720><c> the</c><00:03:31.879><c> hardware</c><00:03:32.400><c> that</c><00:03:32.519><c> you</c><00:03:32.640><c> need</c>

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of you know the hardware that you need
 

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of you know the hardware that you need
to<00:03:33.040><c> pay</c><00:03:34.000><c> uh</c><00:03:34.239><c> the</c><00:03:34.480><c> taxes</c><00:03:34.879><c> you</c><00:03:35.000><c> need</c><00:03:35.159><c> to</c><00:03:35.360><c> pay</c><00:03:35.920><c> for</c>

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to pay uh the taxes you need to pay for
 

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to pay uh the taxes you need to pay for
you<00:03:36.439><c> know</c><00:03:36.720><c> you</c><00:03:36.959><c> you</c><00:03:37.080><c> have</c><00:03:37.239><c> a</c><00:03:37.439><c> liquidity</c><00:03:38.439><c> you</c>

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you know you you have a liquidity you
 

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you know you you have a liquidity you
need<00:03:38.760><c> to</c><00:03:39.480><c> finance</c><00:03:39.920><c> the</c><00:03:40.080><c> upkeep</c><00:03:40.680><c> of</c><00:03:40.840><c> of</c><00:03:40.959><c> your</c>

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need to finance the upkeep of of your
 

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need to finance the upkeep of of your
software<00:03:41.799><c> Etc</c><00:03:42.799><c> and</c><00:03:42.920><c> it's</c><00:03:43.080><c> then</c><00:03:43.280><c> natural</c><00:03:43.640><c> to</c>

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software Etc and it's then natural to
 

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software Etc and it's then natural to
approach<00:03:44.519><c> the</c><00:03:44.720><c> cost</c><00:03:45.080><c> as</c><00:03:45.360><c> the</c><00:03:45.480><c> reservation</c>

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approach the cost as the reservation
 

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approach the cost as the reservation
yield<00:03:46.720><c> if</c><00:03:46.840><c> you</c><00:03:46.959><c> remember</c><00:03:47.400><c> that's</c><00:03:47.599><c> the</c><00:03:47.799><c> lowest</c>

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yield if you remember that's the lowest
 

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yield if you remember that's the lowest
yield<00:03:48.599><c> at</c><00:03:48.799><c> which</c><00:03:48.920><c> you</c><00:03:49.000><c> are</c><00:03:49.120><c> willing</c><00:03:49.400><c> to</c>

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yield at which you are willing to
 

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yield at which you are willing to
stti<00:03:51.640><c> and</c><00:03:51.840><c> then</c><00:03:52.040><c> since</c><00:03:52.280><c> the</c><00:03:52.439><c> supply</c><00:03:52.840><c> curve</c>

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stti and then since the supply curve
 

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stti and then since the supply curve
captures<00:03:53.560><c> the</c><00:03:53.760><c> marginal</c><00:03:54.319><c> reservation</c><00:03:54.840><c> yields</c>

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captures the marginal reservation yields
 

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captures the marginal reservation yields
as<00:03:55.439><c> shown</c><00:03:55.959><c> previously</c><00:03:56.959><c> you</c><00:03:57.120><c> can</c><00:03:57.599><c> compute</c><00:03:58.120><c> the</c>

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as shown previously you can compute the
 

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as shown previously you can compute the
total<00:03:58.840><c> cost</c><00:03:59.079><c> for</c><00:03:59.239><c> staking</c><00:03:59.799><c> in</c><00:04:00.000><c> aggate</c><00:04:00.519><c> for</c><00:04:00.720><c> the</c>

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total cost for staking in aggate for the
 

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total cost for staking in aggate for the
protocol<00:04:01.799><c> as</c><00:04:02.000><c> the</c><00:04:02.280><c> integral</c><00:04:03.079><c> of</c><00:04:03.239><c> the</c><00:04:03.400><c> supply</c>

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protocol as the integral of the supply
 

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protocol as the integral of the supply
curve<00:04:06.000><c> and</c><00:04:06.120><c> so</c><00:04:06.360><c> in</c><00:04:06.560><c> this</c><00:04:06.720><c> scenario</c><00:04:07.239><c> oh</c><00:04:07.920><c> there</c><00:04:08.040><c> a</c>

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curve and so in this scenario oh there a
 

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curve and so in this scenario oh there a
picture<00:04:10.040><c> can</c><00:04:10.120><c> I</c><00:04:10.280><c> remove</c><00:04:10.959><c> this</c><00:04:11.959><c> yeah</c><00:04:12.319><c> and</c><00:04:12.439><c> so</c><00:04:12.640><c> in</c>

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picture can I remove this yeah and so in
 

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picture can I remove this yeah and so in
this

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this
 

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this
scenario<00:04:14.959><c> the</c><00:04:15.200><c> the</c><00:04:15.360><c> total</c><00:04:15.760><c> cost</c><00:04:15.920><c> of</c><00:04:16.040><c> taking</c>

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scenario the the total cost of taking
 

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scenario the the total cost of taking
becomes<00:04:16.959><c> $</c><00:04:17.440><c> 820,000</c>

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becomes $ 820,000
 

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becomes $ 820,000
e<00:04:20.040><c> for</c><00:04:20.400><c> this</c><00:04:20.720><c> specific</c><00:04:21.079><c> supply</c><00:04:21.519><c> curve</c><00:04:22.120><c> that's</c>

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e for this specific supply curve that's
 

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e for this specific supply curve that's
$2.6

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$2.6
 

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$2.6
billion<00:04:24.680><c> there's</c><00:04:24.919><c> also</c><00:04:25.120><c> a</c>

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billion there's also a
 

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billion there's also a
surplus<00:04:27.120><c> uh</c><00:04:28.120><c> above</c><00:04:28.400><c> the</c><00:04:28.520><c> supply</c><00:04:28.919><c> Cod</c><00:04:29.479><c> so</c><00:04:29.720><c> so</c>

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surplus uh above the supply Cod so so
 

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surplus uh above the supply Cod so so
the<00:04:29.880><c> marginal</c><00:04:30.280><c> Staker</c><00:04:30.680><c> with</c><00:04:30.800><c> a</c><00:04:30.919><c> low</c>

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the marginal Staker with a low
 

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the marginal Staker with a low
reservation<00:04:31.680><c> Shield</c><00:04:32.280><c> will</c><00:04:32.440><c> have</c><00:04:32.600><c> a</c><00:04:32.800><c> high</c>

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reservation Shield will have a high
 

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reservation Shield will have a high
Surplus<00:04:34.120><c> and</c><00:04:34.800><c> uh</c><00:04:34.960><c> the</c><00:04:35.080><c> marginal</c><00:04:35.479><c> Stak</c><00:04:35.919><c> will</c>

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Surplus and uh the marginal Stak will
 

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Surplus and uh the marginal Stak will
have<00:04:37.039><c> with</c><00:04:37.240><c> with</c><00:04:37.360><c> a</c><00:04:37.520><c> high</c><00:04:38.000><c> reservation</c><00:04:38.520><c> yield</c>

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have with with a high reservation yield
 

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have with with a high reservation yield
will<00:04:38.960><c> have</c><00:04:39.240><c> no</c><00:04:39.479><c> no</c><00:04:39.639><c> Surplus</c><00:04:40.080><c> at</c>

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all<00:04:43.560><c> let's</c><00:04:43.840><c> now</c><00:04:44.240><c> reduce</c><00:04:44.840><c> isance</c><00:04:45.840><c> with</c><00:04:45.960><c> the</c><00:04:46.120><c> red</c>

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all let's now reduce isance with the red
 

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all let's now reduce isance with the red
reward<00:04:46.720><c> curve</c><00:04:47.560><c> this</c><00:04:47.759><c> then</c><00:04:48.080><c> pushes</c><00:04:48.520><c> down</c><00:04:48.880><c> the</c>

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reward curve this then pushes down the
 

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reward curve this then pushes down the
staking<00:04:49.440><c> equilibrium</c><00:04:50.199><c> down</c><00:04:50.360><c> to</c><00:04:50.600><c> the</c><00:04:50.759><c> red</c>

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staking equilibrium down to the red
 

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staking equilibrium down to the red
circle

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circle
 

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circle
here<00:04:53.280><c> this</c><00:04:53.440><c> gives</c><00:04:53.720><c> us</c><00:04:53.919><c> a</c><00:04:54.120><c> cost</c><00:04:54.440><c> reduction</c>

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here this gives us a cost reduction
 

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here this gives us a cost reduction
benefiting<00:04:55.600><c> all</c><00:04:55.880><c> token</c><00:04:56.639><c> holders</c><00:04:57.639><c> uh</c><00:04:57.840><c> so</c><00:04:58.000><c> we're</c>

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benefiting all token holders uh so we're
 

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benefiting all token holders uh so we're
removing<00:04:58.720><c> essentially</c><00:04:59.720><c> hard</c><00:05:00.120><c> cost</c><00:05:00.360><c> you</c><00:05:00.440><c> know</c>

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removing essentially hard cost you know
 

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removing essentially hard cost you know
taxes<00:05:01.440><c> we're</c><00:05:01.639><c> removing</c><00:05:02.479><c> liquidity</c><00:05:03.000><c> for</c><00:05:03.199><c> users</c>

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taxes we're removing liquidity for users
 

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taxes we're removing liquidity for users
and<00:05:03.720><c> the</c><00:05:03.840><c> risk</c><00:05:04.320><c> premium</c><00:05:05.320><c> and</c><00:05:06.280><c> benefiting</c><00:05:06.800><c> all</c>

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and the risk premium and benefiting all
 

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and the risk premium and benefiting all
token<00:05:07.320><c> holders</c><00:05:07.680><c> in</c><00:05:07.800><c> the</c><00:05:07.960><c> form</c><00:05:08.240><c> of</c><00:05:09.000><c> a</c><00:05:09.199><c> lower</c>

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token holders in the form of a lower
 

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token holders in the form of a lower
amount<00:05:10.479><c> of</c><00:05:10.680><c> newly</c><00:05:11.080><c> mined</c>

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amount of newly mined
 

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amount of newly mined
eat<00:05:13.840><c> and</c><00:05:14.000><c> that's</c><00:05:14.199><c> around</c><00:05:14.440><c> $1.4</c><00:05:15.280><c> billion</c><00:05:15.960><c> at</c>

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eat and that's around $1.4 billion at
 

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eat and that's around $1.4 billion at
the<00:05:16.199><c> current</c><00:05:16.479><c> token</c><00:05:16.800><c> price</c><00:05:17.120><c> we</c><00:05:17.199><c> would</c><00:05:17.360><c> save</c><00:05:17.600><c> in</c>

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the current token price we would save in
 

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the current token price we would save in
this<00:05:17.880><c> hypothetical</c><00:05:18.800><c> scenario</c><00:05:19.800><c> there's</c><00:05:20.000><c> also</c>

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this hypothetical scenario there's also
 

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this hypothetical scenario there's also
serface<00:05:20.720><c> shift</c><00:05:21.479><c> from</c><00:05:22.319><c> stakers</c><00:05:22.960><c> to</c><00:05:23.160><c> allil</c>

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serface shift from stakers to allil
 

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serface shift from stakers to allil
Holders<00:05:24.280><c> but</c><00:05:24.440><c> this</c><00:05:24.639><c> just</c><00:05:24.919><c> shifts</c><00:05:25.360><c> value</c><00:05:25.639><c> run</c>

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Holders but this just shifts value run
 

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Holders but this just shifts value run
from<00:05:26.160><c> one</c><00:05:26.319><c> set</c><00:05:26.479><c> of</c><00:05:26.600><c> juices</c><00:05:26.919><c> to</c><00:05:27.080><c> another</c><00:05:27.600><c> the</c>

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from one set of juices to another the
 

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from one set of juices to another the
cost<00:05:28.039><c> reduction</c><00:05:28.520><c> that's</c><00:05:28.680><c> the</c><00:05:28.840><c> welfare</c><00:05:29.160><c> gain</c>

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for<00:05:33.080><c> and</c><00:05:33.160><c> there</c><00:05:33.319><c> a</c><00:05:33.440><c> wonderful</c><00:05:33.800><c> opportunity</c><00:05:34.280><c> we</c>

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for and there a wonderful opportunity we
 

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for and there a wonderful opportunity we
have<00:05:34.600><c> here</c><00:05:34.720><c> to</c><00:05:34.840><c> reduce</c><00:05:35.160><c> the</c><00:05:35.319><c> cost</c><00:05:35.520><c> of</c><00:05:35.639><c> our</c><00:05:35.800><c> uses</c>

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have here to reduce the cost of our uses
 

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have here to reduce the cost of our uses
you<00:05:36.360><c> know</c><00:05:36.840><c> uh</c><00:05:37.120><c> a</c><00:05:37.400><c> simple</c><00:05:37.759><c> way</c><00:05:37.880><c> to</c><00:05:37.960><c> frame</c><00:05:38.199><c> it</c>

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you know uh a simple way to frame it
 

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you know uh a simple way to frame it
would<00:05:38.520><c> be</c><00:05:39.080><c> don't</c><00:05:39.400><c> buy</c><00:05:39.639><c> things</c><00:05:39.840><c> you</c><00:05:39.960><c> don't</c><00:05:40.199><c> need</c>

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would be don't buy things you don't need
 

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would be don't buy things you don't need
you<00:05:40.600><c> know</c><00:05:40.880><c> this</c><00:05:41.000><c> is</c><00:05:41.120><c> not</c><00:05:41.280><c> a</c><00:05:41.440><c> sustainable</c>

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you know this is not a sustainable
 

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you know this is not a sustainable
model<00:05:44.039><c> and</c><00:05:44.199><c> we</c><00:05:44.400><c> of</c><00:05:44.479><c> course</c><00:05:44.680><c> need</c><00:05:44.800><c> to</c><00:05:44.960><c> focus</c><00:05:45.160><c> on</c>

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model and we of course need to focus on
 

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model and we of course need to focus on
facilitating<00:05:46.199><c> sustainable</c><00:05:46.919><c> economic</c>

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facilitating sustainable economic
 

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facilitating sustainable economic
activity<00:05:49.000><c> then</c><00:05:49.199><c> some</c><00:05:49.360><c> people</c><00:05:49.680><c> say</c><00:05:50.000><c> well</c><00:05:50.319><c> the</c>

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activity then some people say well the
 

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activity then some people say well the
yield<00:05:50.800><c> makes</c><00:05:51.160><c> ethereum</c><00:05:52.160><c> attractive</c><00:05:52.639><c> you</c><00:05:52.800><c> know</c>

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yield makes ethereum attractive you know
 

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yield makes ethereum attractive you know
it's<00:05:53.240><c> fun</c><00:05:53.520><c> to</c>

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it's fun to
 

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it's fun to
stake<00:05:56.000><c> but</c><00:05:56.160><c> we</c><00:05:56.280><c> have</c><00:05:56.400><c> to</c><00:05:56.600><c> remember</c><00:05:57.600><c> that</c><00:05:57.919><c> all</c>

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stake but we have to remember that all
 

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stake but we have to remember that all
eat<00:05:59.039><c> that</c><00:05:59.160><c> is</c><00:05:59.319><c> issu</c><00:05:59.919><c> we</c><00:06:00.080><c> also</c><00:06:00.319><c> dute</c><00:06:00.759><c> the</c><00:06:00.919><c> token</c>

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eat that is issu we also dute the token
 

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eat that is issu we also dute the token
holders<00:06:01.639><c> so</c><00:06:01.800><c> there's</c><00:06:01.960><c> nothing</c><00:06:02.280><c> gained</c><00:06:02.560><c> you</c>

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holders so there's nothing gained you
 

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holders so there's nothing gained you
know<00:06:02.800><c> in</c><00:06:03.240><c> aggregate</c><00:06:04.240><c> we</c><00:06:04.319><c> shouldn't</c><00:06:04.600><c> try</c><00:06:04.759><c> to</c>

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know in aggregate we shouldn't try to
 

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know in aggregate we shouldn't try to
trick<00:06:05.240><c> our</c><00:06:05.360><c> users</c><00:06:05.759><c> into</c><00:06:06.000><c> believing</c><00:06:06.400><c> so</c><00:06:06.919><c> we</c>

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trick our users into believing so we
 

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trick our users into believing so we
need<00:06:07.160><c> to</c><00:06:07.280><c> focus</c><00:06:07.599><c> on</c><00:06:08.000><c> facilitating</c>

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need to focus on facilitating
 

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need to focus on facilitating
sustainable<00:06:09.720><c> economic</c>

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sustainable economic
 

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sustainable economic
activity<00:06:12.960><c> or</c><00:06:13.160><c> some</c><00:06:13.360><c> people</c><00:06:13.560><c> say</c><00:06:13.840><c> well</c><00:06:13.960><c> we</c><00:06:14.120><c> need</c>

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activity or some people say well we need
 

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activity or some people say well we need
inflation<00:06:15.000><c> otherwise</c><00:06:15.360><c> people</c><00:06:15.639><c> just</c><00:06:15.840><c> hoard</c>

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inflation otherwise people just hoard
 

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inflation otherwise people just hoard
the

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the
 

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the
tokens<00:06:18.919><c> well</c><00:06:19.080><c> that's</c><00:06:19.240><c> not</c><00:06:19.400><c> true</c><00:06:19.759><c> first</c><00:06:19.919><c> of</c><00:06:20.080><c> all</c>

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tokens well that's not true first of all
 

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tokens well that's not true first of all
consider<00:06:21.080><c> the</c><00:06:21.240><c> fact</c><00:06:21.479><c> that</c><00:06:22.319><c> if</c><00:06:22.479><c> you</c><00:06:22.759><c> issue</c><00:06:23.160><c> a</c>

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consider the fact that if you issue a
 

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consider the fact that if you issue a
high<00:06:23.759><c> amount</c><00:06:24.000><c> of</c><00:06:24.160><c> token</c><00:06:24.599><c> then</c><00:06:24.759><c> you</c><00:06:25.000><c> compel</c>

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high amount of token then you compel
 

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high amount of token then you compel
users<00:06:25.880><c> to</c><00:06:26.080><c> lock</c><00:06:26.400><c> up</c><00:06:26.599><c> the</c><00:06:26.759><c> token</c><00:06:27.199><c> staking</c>

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users to lock up the token staking
 

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users to lock up the token staking
instead<00:06:28.520><c> of</c><00:06:28.680><c> having</c><00:06:28.919><c> them</c><00:06:29.120><c> available</c><00:06:29.759><c> had</c><00:06:29.960><c> you</c>

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instead of having them available had you
 

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instead of having them available had you
know<00:06:30.199><c> for</c><00:06:30.360><c> paying</c><00:06:30.599><c> your</c>

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know for paying your
 

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know for paying your
transactions<00:06:32.960><c> furthermore</c><00:06:33.919><c> consider</c><00:06:34.400><c> the</c>

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transactions furthermore consider the
 

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transactions furthermore consider the
fact<00:06:34.840><c> that</c><00:06:35.639><c> of</c><00:06:35.800><c> course</c><00:06:36.199><c> if</c><00:06:36.400><c> you</c><00:06:36.720><c> if</c>

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fact that of course if you if
 

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fact that of course if you if
you<00:06:38.880><c> if</c><00:06:38.960><c> you</c><00:06:39.160><c> focus</c><00:06:39.440><c> on</c><00:06:39.680><c> what</c><00:06:39.800><c> we're</c><00:06:40.000><c> trying</c><00:06:40.199><c> to</c>

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you if you focus on what we're trying to
 

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you if you focus on what we're trying to
do<00:06:40.639><c> you</c><00:06:40.759><c> know</c><00:06:41.360><c> the</c><00:06:41.680><c> the</c><00:06:41.880><c> the</c><00:06:42.000><c> need</c><00:06:42.680><c> to</c><00:06:42.880><c> transact</c>

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do you know the the the need to transact
 

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do you know the the the need to transact
is<00:06:43.560><c> universal</c><00:06:44.360><c> it's</c><00:06:44.520><c> not</c><00:06:44.680><c> really</c>

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is universal it's not really
 

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is universal it's not really
affected<00:06:46.759><c> and</c><00:06:47.039><c> if</c><00:06:47.800><c> we</c><00:06:48.800><c> ensure</c><00:06:49.280><c> that</c><00:06:49.479><c> ethereum</c>

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affected and if we ensure that ethereum
 

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affected and if we ensure that ethereum
facilitates<00:06:50.680><c> sustainable</c><00:06:51.400><c> economic</c>

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facilitates sustainable economic
 

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facilitates sustainable economic
activity<00:06:52.639><c> and</c><00:06:52.800><c> that</c><00:06:53.039><c> e</c><00:06:53.520><c> remain</c><00:06:53.800><c> sound</c><00:06:54.639><c> then</c>

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activity and that e remain sound then
 

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activity and that e remain sound then
the<00:06:55.280><c> best</c><00:06:55.599><c> option</c><00:06:55.879><c> ofil</c><00:06:56.319><c> producers</c><00:06:56.879><c> is</c><00:06:57.000><c> to</c><00:06:57.160><c> be</c>

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the best option ofil producers is to be
 

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the best option ofil producers is to be
on<00:06:57.800><c> ethereum</c><00:06:58.560><c> transacting</c><00:06:59.120><c> using</c>

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on ethereum transacting using
 

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on ethereum transacting using
e<00:07:01.319><c> and</c><00:07:01.440><c> so</c><00:07:01.680><c> that's</c><00:07:01.879><c> what</c><00:07:02.000><c> we</c><00:07:02.160><c> have</c><00:07:02.280><c> to</c><00:07:02.400><c> strive</c>

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e and so that's what we have to strive
 

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e and so that's what we have to strive
for<00:07:03.800><c> and</c><00:07:03.919><c> then</c><00:07:04.039><c> some</c><00:07:04.199><c> people</c><00:07:04.440><c> say</c><00:07:04.680><c> well</c><00:07:04.879><c> apps</c>

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for and then some people say well apps
 

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for and then some people say well apps
rely<00:07:05.599><c> on</c><00:07:05.720><c> the</c><00:07:05.879><c> Yi</c><00:07:06.120><c> you</c><00:07:06.240><c> know</c><00:07:06.680><c> framing</c><00:07:07.120><c> the</c>

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rely on the Yi you know framing the
 

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rely on the Yi you know framing the
yield<00:07:07.400><c> as</c><00:07:07.599><c> somehow</c><00:07:08.400><c> productive</c><00:07:09.400><c> it's</c><00:07:09.639><c> not</c><00:07:10.599><c> and</c>

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yield as somehow productive it's not and
 

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yield as somehow productive it's not and
it's<00:07:10.960><c> not</c><00:07:11.199><c> our</c><00:07:11.479><c> role</c><00:07:12.319><c> unfortunately</c><00:07:13.319><c> to</c>

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it's not our role unfortunately to
 

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it's not our role unfortunately to
support<00:07:14.639><c> applications</c><00:07:15.440><c> that</c><00:07:15.639><c> do</c><00:07:15.759><c> not</c>

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support applications that do not
 

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support applications that do not
facilitate<00:07:17.000><c> sustainable</c><00:07:17.919><c> economic</c>

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activity<00:07:21.560><c> that's</c><00:07:21.759><c> not</c><00:07:21.960><c> our</c><00:07:22.240><c> job</c><00:07:22.759><c> and</c><00:07:23.080><c> if</c><00:07:23.199><c> we</c><00:07:23.360><c> do</c>

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activity that's not our job and if we do
 

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activity that's not our job and if we do
so<00:07:24.080><c> you</c><00:07:24.240><c> know</c><00:07:24.400><c> a</c><00:07:24.520><c> high</c><00:07:24.720><c> isance</c><00:07:25.160><c> would</c><00:07:25.360><c> always</c>

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so you know a high isance would always
 

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so you know a high isance would always
over<00:07:25.919><c> time</c><00:07:26.160><c> turn</c><00:07:26.440><c> into</c><00:07:26.720><c> perverse</c><00:07:27.199><c> subsidies</c>

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over time turn into perverse subsidies
 

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over time turn into perverse subsidies
there's<00:07:30.240><c> also</c><00:07:30.440><c> a</c><00:07:30.520><c> macro</c><00:07:30.879><c> perspective</c><00:07:31.280><c> to</c>

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there's also a macro perspective to
 

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there's also a macro perspective to
consider<00:07:32.160><c> High</c><00:07:32.360><c> s</c><00:07:32.639><c> participation</c><00:07:33.479><c> puts</c>

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consider High s participation puts
 

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consider High s participation puts
pressure<00:07:34.240><c> on</c><00:07:34.400><c> the</c><00:07:34.520><c> consensus</c><00:07:34.960><c> layer</c><00:07:35.680><c> here</c><00:07:35.800><c> we</c>

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pressure on the consensus layer here we
 

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pressure on the consensus layer here we
have<00:07:36.039><c> the</c><00:07:36.160><c> current</c><00:07:36.639><c> scenario</c><00:07:37.639><c> around</c><00:07:37.919><c> 35</c>

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have the current scenario around 35
 

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have the current scenario around 35
million<00:07:38.560><c> e</c><00:07:38.759><c> St</c><00:07:39.400><c> but</c><00:07:39.599><c> imagine</c><00:07:39.879><c> a</c><00:07:40.000><c> scenario</c>

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million e St but imagine a scenario
 

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million e St but imagine a scenario
where<00:07:40.560><c> almost</c><00:07:40.879><c> all</c><00:07:41.160><c> e</c><00:07:41.400><c> is</c><00:07:41.560><c> sted</c><00:07:42.120><c> and</c><00:07:42.240><c> then</c>

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where almost all e is sted and then
 

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where almost all e is sted and then
something<00:07:42.759><c> breaks</c><00:07:43.599><c> say</c><00:07:43.840><c> there's</c><00:07:44.120><c> a</c>

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something breaks say there's a
 

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something breaks say there's a
discouragement<00:07:45.080><c> attack</c><00:07:45.879><c> the</c><00:07:46.039><c> censorship</c><00:07:46.639><c> or</c>

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discouragement attack the censorship or
 

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discouragement attack the censorship or
there's<00:07:47.400><c> U</c><00:07:48.120><c> some</c><00:07:48.319><c> client</c><00:07:48.639><c> BG</c><00:07:49.000><c> anything</c><00:07:49.639><c> else</c>

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there's U some client BG anything else
 

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there's U some client BG anything else
in<00:07:50.840><c> this</c><00:07:51.000><c> scenario</c><00:07:52.000><c> ethereum</c><00:07:52.479><c> relies</c><00:07:52.879><c> on</c><00:07:53.280><c> the</c>

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in this scenario ethereum relies on the
 

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in this scenario ethereum relies on the
social<00:07:54.039><c> layer</c><00:07:54.479><c> as</c><00:07:54.599><c> a</c><00:07:54.800><c> final</c><00:07:55.639><c> recourse</c><00:07:56.639><c> but</c>

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social layer as a final recourse but
 

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social layer as a final recourse but
what<00:07:57.120><c> happens</c><00:07:58.120><c> if</c><00:07:58.720><c> the</c><00:07:58.879><c> social</c><00:07:59.199><c> layer</c>

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what happens if the social layer
 

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what happens if the social layer
is<00:08:00.120><c> sort</c><00:08:00.319><c> of</c><00:08:00.639><c> wrapped</c><00:08:01.080><c> up</c><00:08:01.360><c> everyone</c><00:08:01.759><c> has</c><00:08:01.919><c> stake</c>

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is sort of wrapped up everyone has stake
 

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is sort of wrapped up everyone has stake
in<00:08:02.440><c> a</c><00:08:02.840><c> game</c><00:08:03.840><c> well</c><00:08:04.039><c> in</c><00:08:04.199><c> this</c><00:08:04.360><c> case</c><00:08:04.680><c> the</c><00:08:04.840><c> social</c>

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in a game well in this case the social
 

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in a game well in this case the social
layer<00:08:05.479><c> sort</c><00:08:05.639><c> of</c><00:08:05.800><c> becomes</c>

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layer sort of becomes
 

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layer sort of becomes
overloaded<00:08:08.560><c> and</c><00:08:08.680><c> we</c><00:08:08.800><c> have</c><00:08:09.000><c> come</c><00:08:09.199><c> to</c><00:08:09.360><c> a</c><00:08:09.520><c> point</c>

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overloaded and we have come to a point
 

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overloaded and we have come to a point
you<00:08:09.879><c> know</c><00:08:10.560><c> where</c><00:08:11.039><c> we</c><00:08:11.199><c> can</c><00:08:11.479><c> lead</c><00:08:11.680><c> to</c><00:08:11.919><c> very</c>

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you know where we can lead to very
 

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you know where we can lead to very
aggregated<00:08:12.800><c> failure</c><00:08:13.479><c> modes</c><00:08:14.479><c> we</c><00:08:14.560><c> would</c><00:08:14.840><c> then</c>

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aggregated failure modes we would then
 

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aggregated failure modes we would then
very<00:08:15.240><c> much</c><00:08:15.560><c> prefer</c><00:08:16.240><c> the</c><00:08:16.680><c> bottom</c><00:08:16.960><c> scenario</c>

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very much prefer the bottom scenario
 

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very much prefer the bottom scenario
where<00:08:17.520><c> we</c><00:08:17.680><c> have</c><00:08:17.879><c> a</c><00:08:18.159><c> neutral</c><00:08:18.800><c> social</c><00:08:19.319><c> layer</c>

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available<00:08:23.599><c> highest</c><00:08:23.879><c> St</c><00:08:24.120><c> position</c><00:08:24.599><c> also</c><00:08:25.039><c> can</c>

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available highest St position also can
 

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available highest St position also can
lead<00:08:25.599><c> to</c><00:08:25.919><c> of</c><00:08:26.039><c> course</c><00:08:26.440><c> higher</c><00:08:26.720><c> attestation</c>

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lead to of course higher attestation
 

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lead to of course higher attestation
load<00:08:28.360><c> and</c><00:08:29.159><c> further</c><00:08:29.759><c> more</c><00:08:30.560><c> it</c><00:08:31.080><c> you</c><00:08:31.240><c> know</c><00:08:32.039><c> if</c><00:08:32.560><c> uh</c>

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load and further more it you know if uh
 

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load and further more it you know if uh
it<00:08:33.919><c> put</c><00:08:34.200><c> pressure</c><00:08:34.479><c> on</c><00:08:34.640><c> the</c><00:08:34.800><c> app</c><00:08:35.080><c> layer</c><00:08:35.680><c> when</c>

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it put pressure on the app layer when
 

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it put pressure on the app layer when
one<00:08:36.159><c> or</c><00:08:36.440><c> or</c><00:08:36.599><c> few</c><00:08:36.800><c> lsds</c><00:08:37.200><c> comes</c><00:08:37.360><c> to</c><00:08:37.560><c> dominate</c>

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one or or few lsds comes to dominate
 

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one or or few lsds comes to dominate
this

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this
 

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this
money<00:08:40.519><c> ethereum</c><00:08:41.000><c> then</c><00:08:41.120><c> is</c><00:08:41.320><c> deprived</c><00:08:41.880><c> of</c><00:08:42.320><c> uh</c><00:08:42.560><c> a</c>

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money ethereum then is deprived of uh a
 

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money ethereum then is deprived of uh a
trustless<00:08:43.320><c> sound</c><00:08:43.760><c> assets</c><00:08:44.200><c> which</c><00:08:44.320><c> is</c><00:08:44.600><c> one</c><00:08:44.720><c> of</c>

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trustless sound assets which is one of
 

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trustless sound assets which is one of
the<00:08:45.000><c> most</c><00:08:45.200><c> important</c><00:08:45.800><c> crucial</c><00:08:46.240><c> features</c><00:08:46.760><c> of</c>

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the most important crucial features of
 

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the most important crucial features of
the<00:08:47.200><c> Central</c><00:08:48.080><c> blockchain</c><00:08:49.080><c> and</c><00:08:49.279><c> and</c><00:08:49.399><c> you</c><00:08:49.519><c> can</c>

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the Central blockchain and and you can
 

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the Central blockchain and and you can
imagine<00:08:50.200><c> if</c><00:08:51.200><c> if</c><00:08:51.320><c> you</c><00:08:52.080><c> have</c><00:08:52.279><c> control</c><00:08:52.680><c> of</c><00:08:52.880><c> the</c>

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imagine if if you have control of the
 

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imagine if if you have control of the
money<00:08:54.000><c> you</c><00:08:54.160><c> sort</c><00:08:54.360><c> of</c><00:08:54.519><c> can</c><00:08:54.959><c> control</c><00:08:55.600><c> uses</c><00:08:56.120><c> and</c>

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money you sort of can control uses and
 

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money you sort of can control uses and
apps<00:08:56.680><c> in</c><00:08:56.920><c> in</c><00:08:57.160><c> various</c><00:08:57.519><c> ways</c><00:08:57.880><c> that</c><00:08:58.279><c> we</c><00:08:58.440><c> wouldn't</c>

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apps in in various ways that we wouldn't
 

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apps in in various ways that we wouldn't
really<00:08:59.040><c> like</c><00:08:59.920><c> furthermore</c><00:09:00.399><c> consider</c><00:09:00.760><c> the</c>

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really like furthermore consider the
 

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really like furthermore consider the
fact<00:09:01.160><c> that</c><00:09:01.920><c> if</c><00:09:02.160><c> apps</c><00:09:02.519><c> build</c><00:09:03.120><c> on</c><00:09:03.360><c> top</c><00:09:03.560><c> of</c><00:09:03.720><c> the</c>

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fact that if apps build on top of the
 

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fact that if apps build on top of the
LSD<00:09:04.279><c> and</c><00:09:04.440><c> then</c><00:09:04.640><c> apps</c><00:09:04.920><c> build</c><00:09:05.200><c> on</c><00:09:05.399><c> top</c><00:09:05.560><c> of</c><00:09:05.680><c> the</c>

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LSD and then apps build on top of the
 

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LSD and then apps build on top of the
apps<00:09:06.120><c> building</c><00:09:06.440><c> on</c><00:09:06.600><c> top</c><00:09:06.760><c> of</c><00:09:06.839><c> the</c><00:09:06.959><c> LSD</c><00:09:07.320><c> and</c>

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apps building on top of the LSD and
 

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apps building on top of the LSD and
you're<00:09:07.519><c> creating</c><00:09:07.920><c> this</c><00:09:08.040><c> sort</c><00:09:08.200><c> of</c><00:09:08.320><c> mono</c><00:09:09.240><c> and</c>

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you're creating this sort of mono and
 

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you're creating this sort of mono and
then<00:09:09.640><c> something</c><00:09:10.360><c> breaks</c><00:09:11.360><c> then</c><00:09:11.640><c> you</c><00:09:11.760><c> are</c><00:09:12.320><c> sort</c>

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then something breaks then you are sort
 

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then something breaks then you are sort
of<00:09:12.720><c> threatening</c><00:09:13.600><c> you</c><00:09:13.720><c> know</c><00:09:13.920><c> the</c><00:09:14.079><c> whole</c><00:09:14.640><c> the</c>

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of threatening you know the whole the
 

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of threatening you know the whole the
whole<00:09:15.680><c> system</c><00:09:16.120><c> here</c><00:09:16.360><c> which</c><00:09:16.480><c> is</c><00:09:16.640><c> something</c><00:09:17.360><c> we</c>

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whole system here which is something we
 

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whole system here which is something we
really<00:09:17.760><c> would</c><00:09:17.920><c> like</c><00:09:18.040><c> to</c>

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really would like to
 

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really would like to
avoid<00:09:19.839><c> so</c><00:09:20.000><c> in</c><00:09:20.120><c> conclusion</c><00:09:20.640><c> even</c><00:09:20.880><c> though</c>

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avoid so in conclusion even though
 

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avoid so in conclusion even though
nominally<00:09:22.200><c> the</c><00:09:22.399><c> protocol</c><00:09:23.040><c> might</c><00:09:23.200><c> seem</c>

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nominally the protocol might seem
 

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nominally the protocol might seem
maximally<00:09:24.399><c> secure</c><00:09:24.839><c> if</c><00:09:25.000><c> everyone</c><00:09:25.279><c> is</c><00:09:25.440><c> taking</c>

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maximally secure if everyone is taking
 

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maximally secure if everyone is taking
it<00:09:26.320><c> turns</c><00:09:26.680><c> out</c><00:09:27.160><c> that</c><00:09:27.480><c> it's</c><00:09:27.720><c> actually</c><00:09:28.160><c> a</c><00:09:28.320><c> bit</c>

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it turns out that it's actually a bit
 

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it turns out that it's actually a bit
insecure<00:09:29.800><c> both</c><00:09:30.079><c> at</c><00:09:30.240><c> the</c><00:09:30.440><c> consensus</c><00:09:31.000><c> layer</c><00:09:31.959><c> and</c>

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insecure both at the consensus layer and
 

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insecure both at the consensus layer and
at<00:09:32.560><c> the</c><00:09:32.680><c> up</c><00:09:32.920><c> layer</c><00:09:33.680><c> and</c><00:09:33.800><c> we</c><00:09:33.920><c> would</c><00:09:34.120><c> prefer</c><00:09:34.480><c> the</c>

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at the up layer and we would prefer the
 

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at the up layer and we would prefer the
bottom<00:09:34.880><c> scenario</c>

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bottom scenario
 

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bottom scenario
here<00:09:38.200><c> however</c><00:09:38.440><c> there</c><00:09:38.560><c> was</c><00:09:38.720><c> a</c><00:09:38.880><c> potential</c>

00:09:39.310 --> 00:09:39.320 align:start position:0%
here however there was a potential
 

00:09:39.320 --> 00:09:41.110 align:start position:0%
here however there was a potential
downside<00:09:39.800><c> for</c><00:09:39.959><c> adduction</c><00:09:40.360><c> initials</c><00:09:40.959><c> for</c>

00:09:41.110 --> 00:09:41.120 align:start position:0%
downside for adduction initials for
 

00:09:41.120 --> 00:09:42.509 align:start position:0%
downside for adduction initials for
example<00:09:41.440><c> sud</c><00:09:41.760><c> stakers</c><00:09:42.040><c> do</c><00:09:42.160><c> not</c><00:09:42.279><c> have</c><00:09:42.399><c> the</c>

00:09:42.509 --> 00:09:42.519 align:start position:0%
example sud stakers do not have the
 

00:09:42.519 --> 00:09:44.550 align:start position:0%
example sud stakers do not have the
economic<00:09:42.959><c> of</c><00:09:43.120><c> scales</c><00:09:43.720><c> of</c><00:09:43.880><c> large</c><00:09:44.160><c> staking</c>

00:09:44.550 --> 00:09:44.560 align:start position:0%
economic of scales of large staking
 

00:09:44.560 --> 00:09:46.750 align:start position:0%
economic of scales of large staking
service<00:09:44.920><c> provider</c><00:09:45.880><c> so</c><00:09:46.040><c> it's</c><00:09:46.240><c> perfectly</c>

00:09:46.750 --> 00:09:46.760 align:start position:0%
service provider so it's perfectly
 

00:09:46.760 --> 00:09:49.509 align:start position:0%
service provider so it's perfectly
possible<00:09:47.560><c> that</c><00:09:47.800><c> a</c><00:09:48.120><c> relatively</c><00:09:48.720><c> fewer</c><00:09:49.160><c> solar</c>

00:09:49.509 --> 00:09:49.519 align:start position:0%
possible that a relatively fewer solar
 

00:09:49.519 --> 00:09:52.269 align:start position:0%
possible that a relatively fewer solar
stakers<00:09:50.120><c> might</c><00:09:50.360><c> be</c><00:09:50.519><c> willing</c><00:09:50.800><c> to</c><00:09:50.959><c> stake</c><00:09:51.880><c> in</c><00:09:52.079><c> the</c>

00:09:52.269 --> 00:09:52.279 align:start position:0%
stakers might be willing to stake in the
 

00:09:52.279 --> 00:09:54.389 align:start position:0%
stakers might be willing to stake in the
scenario<00:09:52.760><c> where</c><00:09:52.920><c> the</c><00:09:53.079><c> is</c><00:09:53.880><c> where</c><00:09:54.040><c> the</c><00:09:54.160><c> yield</c>

00:09:54.389 --> 00:09:54.399 align:start position:0%
scenario where the is where the yield
 

00:09:54.399 --> 00:09:56.110 align:start position:0%
scenario where the is where the yield
Falls<00:09:54.760><c> very</c><00:09:55.000><c> low</c><00:09:55.399><c> there</c><00:09:55.480><c> are</c><00:09:55.640><c> arguments</c><00:09:56.000><c> in</c>

00:09:56.110 --> 00:09:56.120 align:start position:0%
Falls very low there are arguments in
 

00:09:56.120 --> 00:09:57.790 align:start position:0%
Falls very low there are arguments in
the<00:09:56.200><c> other</c><00:09:56.399><c> directions</c><00:09:56.720><c> as</c><00:09:56.880><c> well</c><00:09:57.120><c> but</c><00:09:57.519><c> still</c>

00:09:57.790 --> 00:09:57.800 align:start position:0%
the other directions as well but still
 

00:09:57.800 --> 00:10:00.150 align:start position:0%
the other directions as well but still
let's<00:09:58.000><c> explore</c><00:09:58.360><c> this</c><00:09:58.560><c> a</c><00:09:58.680><c> little</c><00:09:58.880><c> bit</c>

00:10:00.150 --> 00:10:00.160 align:start position:0%
let's explore this a little bit
 

00:10:00.160 --> 00:10:01.790 align:start position:0%
let's explore this a little bit
so<00:10:00.360><c> we</c><00:10:00.519><c> go</c><00:10:00.760><c> back</c><00:10:00.920><c> to</c><00:10:01.040><c> the</c><00:10:01.160><c> first</c><00:10:01.399><c> plot</c><00:10:01.680><c> of</c>

00:10:01.790 --> 00:10:01.800 align:start position:0%
so we go back to the first plot of
 

00:10:01.800 --> 00:10:03.030 align:start position:0%
so we go back to the first plot of
reservation

00:10:03.030 --> 00:10:03.040 align:start position:0%
reservation
 

00:10:03.040 --> 00:10:05.389 align:start position:0%
reservation
yields<00:10:04.040><c> and</c><00:10:04.279><c> let's</c><00:10:04.640><c> split</c><00:10:05.000><c> up</c><00:10:05.240><c> these</c>

00:10:05.389 --> 00:10:05.399 align:start position:0%
yields and let's split up these
 

00:10:05.399 --> 00:10:07.110 align:start position:0%
yields and let's split up these
reservation<00:10:05.839><c> yields</c><00:10:06.200><c> into</c><00:10:06.399><c> two</c><00:10:06.600><c> classes</c><00:10:07.040><c> we</c>

00:10:07.110 --> 00:10:07.120 align:start position:0%
reservation yields into two classes we
 

00:10:07.120 --> 00:10:09.750 align:start position:0%
reservation yields into two classes we
have<00:10:07.440><c> delegate</c><00:10:07.959><c> Stiers</c><00:10:08.720><c> and</c><00:10:08.880><c> we</c><00:10:09.040><c> have</c><00:10:09.360><c> solar</c>

00:10:09.750 --> 00:10:09.760 align:start position:0%
have delegate Stiers and we have solar
 

00:10:09.760 --> 00:10:12.310 align:start position:0%
have delegate Stiers and we have solar
sters<00:10:10.360><c> so</c><00:10:10.640><c> loosely</c><00:10:11.160><c> defined</c><00:10:11.560><c> here</c><00:10:12.040><c> now</c><00:10:12.240><c> there</c>

00:10:12.310 --> 00:10:12.320 align:start position:0%
sters so loosely defined here now there
 

00:10:12.320 --> 00:10:14.069 align:start position:0%
sters so loosely defined here now there
are<00:10:12.519><c> more</c><00:10:12.800><c> delegated</c><00:10:13.360><c> Stiers</c><00:10:13.680><c> than</c><00:10:13.800><c> solar</c>

00:10:14.069 --> 00:10:14.079 align:start position:0%
are more delegated Stiers than solar
 

00:10:14.079 --> 00:10:15.870 align:start position:0%
are more delegated Stiers than solar
Stiers<00:10:14.399><c> so</c><00:10:14.519><c> I'm</c><00:10:14.680><c> just</c><00:10:14.839><c> normalizing</c><00:10:15.560><c> these</c><00:10:15.680><c> two</c>

00:10:15.870 --> 00:10:15.880 align:start position:0%
Stiers so I'm just normalizing these two
 

00:10:15.880 --> 00:10:19.230 align:start position:0%
Stiers so I'm just normalizing these two
plots<00:10:16.160><c> as</c><00:10:16.680><c> well</c><00:10:17.680><c> so</c><00:10:17.920><c> one</c><00:10:18.200><c> scenario</c><00:10:18.760><c> is</c><00:10:18.920><c> that</c><00:10:19.120><c> if</c>

00:10:19.230 --> 00:10:19.240 align:start position:0%
plots as well so one scenario is that if
 

00:10:19.240 --> 00:10:21.509 align:start position:0%
plots as well so one scenario is that if
we<00:10:19.399><c> lean</c><00:10:19.680><c> on</c><00:10:19.839><c> economical</c><00:10:20.440><c> scale</c><00:10:20.680><c> is</c><00:10:20.880><c> that</c><00:10:21.360><c> the</c>

00:10:21.509 --> 00:10:21.519 align:start position:0%
we lean on economical scale is that the
 

00:10:21.519 --> 00:10:23.910 align:start position:0%
we lean on economical scale is that the
resolation<00:10:22.160><c> yield</c><00:10:22.480><c> among</c><00:10:22.800><c> delegated</c><00:10:23.440><c> St</c>

00:10:23.910 --> 00:10:23.920 align:start position:0%
resolation yield among delegated St
 

00:10:23.920 --> 00:10:26.509 align:start position:0%
resolation yield among delegated St
might<00:10:24.160><c> have</c><00:10:24.279><c> a</c><00:10:24.519><c> peak</c><00:10:24.760><c> in</c><00:10:25.399><c> distribution</c><00:10:26.200><c> a</c><00:10:26.360><c> bit</c>

00:10:26.509 --> 00:10:26.519 align:start position:0%
might have a peak in distribution a bit
 

00:10:26.519 --> 00:10:29.550 align:start position:0%
might have a peak in distribution a bit
lower<00:10:26.920><c> say</c><00:10:27.160><c> at</c><00:10:27.720><c> 1%</c><00:10:28.720><c> whereas</c><00:10:28.959><c> the</c><00:10:29.079><c> peak</c><00:10:29.320><c> equal</c>

00:10:29.550 --> 00:10:29.560 align:start position:0%
lower say at 1% whereas the peak equal
 

00:10:29.560 --> 00:10:33.590 align:start position:0%
lower say at 1% whereas the peak equal
solar<00:10:29.880><c> stakers</c><00:10:30.680><c> is</c><00:10:30.880><c> at</c><00:10:31.519><c> 2%</c><00:10:32.519><c> well</c><00:10:32.800><c> in</c><00:10:33.040><c> this</c><00:10:33.279><c> case</c>

00:10:33.590 --> 00:10:33.600 align:start position:0%
solar stakers is at 2% well in this case
 

00:10:33.600 --> 00:10:35.910 align:start position:0%
solar stakers is at 2% well in this case
we<00:10:33.720><c> would</c><00:10:33.959><c> indeed</c><00:10:34.560><c> see</c><00:10:34.880><c> that</c><00:10:35.040><c> the</c><00:10:35.240><c> proportion</c>

00:10:35.910 --> 00:10:35.920 align:start position:0%
we would indeed see that the proportion
 

00:10:35.920 --> 00:10:38.629 align:start position:0%
we would indeed see that the proportion
of<00:10:36.200><c> solar</c><00:10:36.639><c> stakers</c><00:10:37.079><c> at</c><00:10:37.279><c> the</c><00:10:37.399><c> lower</c><00:10:37.680><c> isi</c><00:10:38.480><c> will</c>

00:10:38.629 --> 00:10:38.639 align:start position:0%
of solar stakers at the lower isi will
 

00:10:38.639 --> 00:10:41.190 align:start position:0%
of solar stakers at the lower isi will
be<00:10:38.959><c> slightly</c>

00:10:41.190 --> 00:10:41.200 align:start position:0%
be slightly
 

00:10:41.200 --> 00:10:43.269 align:start position:0%
be slightly
lower<00:10:42.200><c> the</c><00:10:42.320><c> argument</c><00:10:42.760><c> in</c><00:10:42.880><c> the</c><00:10:43.000><c> other</c>

00:10:43.269 --> 00:10:43.279 align:start position:0%
lower the argument in the other
 

00:10:43.279 --> 00:10:46.750 align:start position:0%
lower the argument in the other
direction<00:10:44.200><c> is</c><00:10:44.480><c> that</c><00:10:45.480><c> at</c><00:10:45.680><c> a</c><00:10:45.880><c> very</c><00:10:46.160><c> high</c><00:10:46.440><c> stake</c>

00:10:46.750 --> 00:10:46.760 align:start position:0%
direction is that at a very high stake
 

00:10:46.760 --> 00:10:48.590 align:start position:0%
direction is that at a very high stake
partici<00:10:47.160><c> position</c><00:10:47.560><c> and</c><00:10:47.720><c> LSD</c><00:10:48.160><c> comes</c><00:10:48.360><c> to</c>

00:10:48.590 --> 00:10:48.600 align:start position:0%
partici position and LSD comes to
 

00:10:48.600 --> 00:10:50.990 align:start position:0%
partici position and LSD comes to
dominated<00:10:49.200><c> money</c><00:10:49.519><c> so</c><00:10:49.680><c> there's</c><00:10:50.519><c> you</c><00:10:50.639><c> know</c><00:10:50.839><c> no</c>

00:10:50.990 --> 00:10:51.000 align:start position:0%
dominated money so there's you know no
 

00:10:51.000 --> 00:10:53.470 align:start position:0%
dominated money so there's you know no
loss<00:10:51.240><c> in</c><00:10:51.440><c> liquidity</c><00:10:52.160><c> if</c><00:10:52.320><c> you</c><00:10:52.480><c> own</c><00:10:52.720><c> the</c>

00:10:53.470 --> 00:10:53.480 align:start position:0%
loss in liquidity if you own the
 

00:10:53.480 --> 00:10:56.710 align:start position:0%
loss in liquidity if you own the
LSD<00:10:54.480><c> big</c><00:10:54.680><c> seconding</c><00:10:55.040><c> surface</c><00:10:55.440><c> providers</c><00:10:56.120><c> also</c>

00:10:56.710 --> 00:10:56.720 align:start position:0%
LSD big seconding surface providers also
 

00:10:56.720 --> 00:10:59.750 align:start position:0%
LSD big seconding surface providers also
get<00:10:57.160><c> better</c><00:10:57.519><c> economic</c><00:10:57.959><c> of</c><00:10:58.160><c> scale</c><00:10:58.920><c> and</c><00:10:59.600><c> you</c>

00:10:59.750 --> 00:10:59.760 align:start position:0%
get better economic of scale and you
 

00:10:59.760 --> 00:11:02.670 align:start position:0%
get better economic of scale and you
know<00:11:00.200><c> it</c><00:11:00.320><c> may</c><00:11:01.200><c> be</c><00:11:01.480><c> perceived</c><00:11:02.040><c> as</c><00:11:02.320><c> that</c><00:11:02.480><c> the</c>

00:11:02.670 --> 00:11:02.680 align:start position:0%
know it may be perceived as that the
 

00:11:02.680 --> 00:11:04.990 align:start position:0%
know it may be perceived as that the
risk<00:11:03.000><c> of</c><00:11:03.120><c> staking</c><00:11:03.560><c> with</c><00:11:03.720><c> them</c><00:11:03.920><c> Falls</c><00:11:04.720><c> because</c>

00:11:04.990 --> 00:11:05.000 align:start position:0%
risk of staking with them Falls because
 

00:11:05.000 --> 00:11:07.670 align:start position:0%
risk of staking with them Falls because
they<00:11:05.160><c> become</c><00:11:05.480><c> you</c><00:11:05.600><c> know</c><00:11:05.920><c> too</c><00:11:06.200><c> big</c><00:11:06.399><c> to</c><00:11:06.680><c> fail</c>

00:11:07.670 --> 00:11:07.680 align:start position:0%
they become you know too big to fail
 

00:11:07.680 --> 00:11:10.949 align:start position:0%
they become you know too big to fail
there's<00:11:07.920><c> no</c><00:11:08.160><c> social</c><00:11:08.560><c> layer</c><00:11:09.120><c> there</c><00:11:09.760><c> anymore</c><00:11:10.760><c> so</c>

00:11:10.949 --> 00:11:10.959 align:start position:0%
there's no social layer there anymore so
 

00:11:10.959 --> 00:11:12.470 align:start position:0%
there's no social layer there anymore so
that's<00:11:11.079><c> a</c><00:11:11.240><c> counterargument</c><00:11:11.959><c> and</c><00:11:12.160><c> that</c><00:11:12.279><c> could</c>

00:11:12.470 --> 00:11:12.480 align:start position:0%
that's a counterargument and that could
 

00:11:12.480 --> 00:11:14.590 align:start position:0%
that's a counterargument and that could
happen<00:11:12.760><c> at</c><00:11:12.920><c> any</c><00:11:13.240><c> year</c><00:11:13.519><c> depending</c><00:11:13.880><c> on</c><00:11:14.399><c> the</c>

00:11:14.590 --> 00:11:14.600 align:start position:0%
happen at any year depending on the
 

00:11:14.600 --> 00:11:17.870 align:start position:0%
happen at any year depending on the
exact<00:11:14.959><c> shape</c><00:11:15.320><c> and</c><00:11:15.480><c> slope</c><00:11:15.720><c> of</c><00:11:15.839><c> the</c><00:11:16.000><c> supply</c>

00:11:17.870 --> 00:11:17.880 align:start position:0%
exact shape and slope of the supply
 

00:11:17.880 --> 00:11:20.350 align:start position:0%
exact shape and slope of the supply
curve<00:11:18.880><c> M</c><00:11:19.200><c> also</c><00:11:19.399><c> becomes</c><00:11:19.680><c> a</c><00:11:19.880><c> much</c><00:11:20.079><c> bigger</c>

00:11:20.350 --> 00:11:20.360 align:start position:0%
curve M also becomes a much bigger
 

00:11:20.360 --> 00:11:21.990 align:start position:0%
curve M also becomes a much bigger
concern<00:11:20.680><c> for</c><00:11:20.839><c> us</c><00:11:21.040><c> as</c><00:11:21.160><c> lower</c>

00:11:21.990 --> 00:11:22.000 align:start position:0%
concern for us as lower
 

00:11:22.000 --> 00:11:24.670 align:start position:0%
concern for us as lower
ISS<00:11:23.000><c> it</c><00:11:23.200><c> increases</c><00:11:23.639><c> solar</c><00:11:23.959><c> Stak</c><00:11:24.200><c> is</c><00:11:24.360><c> relative</c>

00:11:24.670 --> 00:11:24.680 align:start position:0%
ISS it increases solar Stak is relative
 

00:11:24.680 --> 00:11:26.190 align:start position:0%
ISS it increases solar Stak is relative
yield

00:11:26.190 --> 00:11:26.200 align:start position:0%
yield
 

00:11:26.200 --> 00:11:28.230 align:start position:0%
yield
viability<00:11:27.200><c> H</c><00:11:27.320><c> you</c><00:11:27.440><c> know</c><00:11:27.639><c> because</c><00:11:27.839><c> they</c><00:11:27.959><c> cannot</c>

00:11:28.230 --> 00:11:28.240 align:start position:0%
viability H you know because they cannot
 

00:11:28.240 --> 00:11:31.269 align:start position:0%
viability H you know because they cannot
effortly<00:11:28.800><c> pull</c><00:11:29.120><c> the</c><00:11:29.720><c> rewards</c><00:11:30.720><c> furthermore</c><00:11:31.160><c> it</c>

00:11:31.269 --> 00:11:31.279 align:start position:0%
effortly pull the rewards furthermore it
 

00:11:31.279 --> 00:11:32.829 align:start position:0%
effortly pull the rewards furthermore it
degrades<00:11:31.720><c> the</c><00:11:31.880><c> incentive</c><00:11:32.279><c> to</c><00:11:32.440><c> attest</c>

00:11:32.829 --> 00:11:32.839 align:start position:0%
degrades the incentive to attest
 

00:11:32.839 --> 00:11:34.829 align:start position:0%
degrades the incentive to attest
properly<00:11:33.320><c> since</c><00:11:33.560><c> me</c><00:11:33.880><c> will</c><00:11:34.000><c> be</c><00:11:34.200><c> the</c><00:11:34.360><c> only</c><00:11:34.600><c> thing</c>

00:11:34.829 --> 00:11:34.839 align:start position:0%
properly since me will be the only thing
 

00:11:34.839 --> 00:11:35.790 align:start position:0%
properly since me will be the only thing
that

00:11:35.790 --> 00:11:35.800 align:start position:0%
that
 

00:11:35.800 --> 00:11:39.350 align:start position:0%
that
counts<00:11:37.200><c> so</c><00:11:38.200><c> there's</c><00:11:38.360><c> a</c><00:11:38.560><c> lack</c><00:11:38.720><c> of</c><00:11:38.880><c> incentives</c>

00:11:39.350 --> 00:11:39.360 align:start position:0%
counts so there's a lack of incentives
 

00:11:39.360 --> 00:11:41.110 align:start position:0%
counts so there's a lack of incentives
to<00:11:39.760><c> attest</c><00:11:40.200><c> and</c><00:11:40.279><c> we</c><00:11:40.399><c> can</c><00:11:40.519><c> then</c><00:11:40.680><c> consider</c>

00:11:41.110 --> 00:11:41.120 align:start position:0%
to attest and we can then consider
 

00:11:41.120 --> 00:11:42.750 align:start position:0%
to attest and we can then consider
various<00:11:41.399><c> way</c><00:11:41.760><c> how</c><00:11:41.880><c> to</c><00:11:42.040><c> resolve</c><00:11:42.399><c> this</c><00:11:42.519><c> you</c><00:11:42.639><c> know</c>

00:11:42.750 --> 00:11:42.760 align:start position:0%
various way how to resolve this you know
 

00:11:42.760 --> 00:11:44.750 align:start position:0%
various way how to resolve this you know
we<00:11:42.880><c> can</c><00:11:43.240><c> try</c><00:11:43.399><c> to</c><00:11:43.600><c> increase</c><00:11:44.000><c> the</c><00:11:44.160><c> attestation</c>

00:11:44.750 --> 00:11:44.760 align:start position:0%
we can try to increase the attestation
 

00:11:44.760 --> 00:11:46.590 align:start position:0%
we can try to increase the attestation
penalties<00:11:45.600><c> all</c><00:11:45.720><c> right</c><00:11:45.880><c> so</c><00:11:46.000><c> now</c><00:11:46.120><c> we</c><00:11:46.279><c> increase</c>

00:11:46.590 --> 00:11:46.600 align:start position:0%
penalties all right so now we increase
 

00:11:46.600 --> 00:11:48.870 align:start position:0%
penalties all right so now we increase
the<00:11:46.720><c> attestation</c><00:11:47.240><c> penalties</c><00:11:48.040><c> but</c><00:11:48.240><c> then</c><00:11:48.760><c> if</c>

00:11:48.870 --> 00:11:48.880 align:start position:0%
the attestation penalties but then if
 

00:11:48.880 --> 00:11:51.389 align:start position:0%
the attestation penalties but then if
you<00:11:49.040><c> are</c><00:11:49.560><c> staking</c><00:11:50.160><c> service</c><00:11:50.519><c> provider</c><00:11:51.000><c> and</c><00:11:51.160><c> you</c>

00:11:51.389 --> 00:11:51.399 align:start position:0%
you are staking service provider and you
 

00:11:51.399 --> 00:11:54.670 align:start position:0%
you are staking service provider and you
drop<00:11:52.120><c> attestation</c><00:11:52.920><c> of</c><00:11:53.079><c> your</c><00:11:53.680><c> competitors</c>

00:11:54.670 --> 00:11:54.680 align:start position:0%
drop attestation of your competitors
 

00:11:54.680 --> 00:11:57.509 align:start position:0%
drop attestation of your competitors
then<00:11:55.440><c> then</c><00:11:56.000><c> you</c><00:11:56.200><c> can</c><00:11:56.480><c> you</c><00:11:56.600><c> can</c><00:11:56.760><c> sort</c><00:11:56.959><c> of</c><00:11:57.120><c> force</c>

00:11:57.509 --> 00:11:57.519 align:start position:0%
then then you can you can sort of force
 

00:11:57.519 --> 00:11:58.790 align:start position:0%
then then you can you can sort of force
them<00:11:57.720><c> out</c><00:11:57.920><c> so</c><00:11:58.079><c> then</c><00:11:58.200><c> we</c><00:11:58.320><c> have</c><00:11:58.440><c> to</c><00:11:58.560><c> have</c>

00:11:58.790 --> 00:11:58.800 align:start position:0%
them out so then we have to have
 

00:11:58.800 --> 00:12:01.030 align:start position:0%
them out so then we have to have
proposed<00:11:59.399><c> penalties</c><00:11:59.800><c> as</c><00:11:59.959><c> well</c><00:12:00.600><c> all</c><00:12:00.720><c> right</c><00:12:00.920><c> now</c>

00:12:01.030 --> 00:12:01.040 align:start position:0%
proposed penalties as well all right now
 

00:12:01.040 --> 00:12:02.710 align:start position:0%
proposed penalties as well all right now
we<00:12:01.200><c> added</c><00:12:01.519><c> proposed</c><00:12:01.959><c> penalties</c><00:12:02.399><c> but</c><00:12:02.519><c> then</c><00:12:02.639><c> if</c>

00:12:02.710 --> 00:12:02.720 align:start position:0%
we added proposed penalties but then if
 

00:12:02.720 --> 00:12:05.310 align:start position:0%
we added proposed penalties but then if
you're<00:12:02.839><c> a</c><00:12:02.959><c> soul</c><00:12:03.240><c> ster</c><00:12:04.040><c> and</c><00:12:04.120><c> you</c><00:12:04.320><c> make</c><00:12:04.720><c> one</c><00:12:05.079><c> bad</c>

00:12:05.310 --> 00:12:05.320 align:start position:0%
you're a soul ster and you make one bad
 

00:12:05.320 --> 00:12:07.710 align:start position:0%
you're a soul ster and you make one bad
proposal<00:12:06.279><c> you</c><00:12:06.399><c> can</c><00:12:06.600><c> get</c><00:12:06.880><c> punish</c><00:12:07.320><c> very</c><00:12:07.440><c> hard</c>

00:12:07.710 --> 00:12:07.720 align:start position:0%
proposal you can get punish very hard
 

00:12:07.720 --> 00:12:09.470 align:start position:0%
proposal you can get punish very hard
because<00:12:07.880><c> we</c><00:12:08.000><c> have</c><00:12:08.200><c> low</c><00:12:08.519><c> additions</c><00:12:09.160><c> as</c><00:12:09.279><c> well</c>

00:12:09.470 --> 00:12:09.480 align:start position:0%
because we have low additions as well
 

00:12:09.480 --> 00:12:11.870 align:start position:0%
because we have low additions as well
you<00:12:09.600><c> know</c><00:12:10.279><c> and</c><00:12:10.800><c> you</c><00:12:10.959><c> might</c><00:12:11.120><c> be</c><00:12:11.279><c> in</c><00:12:11.399><c> the</c><00:12:11.519><c> red</c><00:12:11.720><c> for</c>

00:12:11.870 --> 00:12:11.880 align:start position:0%
you know and you might be in the red for
 

00:12:11.880 --> 00:12:13.590 align:start position:0%
you know and you might be in the red for
several

00:12:13.590 --> 00:12:13.600 align:start position:0%
several
 

00:12:13.600 --> 00:12:16.150 align:start position:0%
several
years<00:12:14.600><c> all</c><00:12:14.760><c> right</c><00:12:15.440><c> and</c><00:12:15.519><c> so</c><00:12:15.760><c> then</c><00:12:15.920><c> there</c><00:12:16.000><c> are</c>

00:12:16.150 --> 00:12:16.160 align:start position:0%
years all right and so then there are
 

00:12:16.160 --> 00:12:18.030 align:start position:0%
years all right and so then there are
ways<00:12:16.360><c> to</c><00:12:16.480><c> try</c><00:12:16.639><c> to</c><00:12:16.800><c> soften</c><00:12:17.199><c> this</c><00:12:17.440><c> but</c><00:12:17.760><c> there's</c><00:12:17.920><c> a</c>

00:12:18.030 --> 00:12:18.040 align:start position:0%
ways to try to soften this but there's a
 

00:12:18.040 --> 00:12:19.590 align:start position:0%
ways to try to soften this but there's a
lot<00:12:18.160><c> of</c><00:12:18.279><c> things</c><00:12:18.480><c> going</c><00:12:18.680><c> on</c><00:12:18.839><c> at</c><00:12:18.959><c> the</c><00:12:19.079><c> same</c><00:12:19.320><c> time</c>

00:12:19.590 --> 00:12:19.600 align:start position:0%
lot of things going on at the same time
 

00:12:19.600 --> 00:12:21.670 align:start position:0%
lot of things going on at the same time
here<00:12:19.800><c> that</c><00:12:19.920><c> we're</c><00:12:20.079><c> working</c><00:12:20.360><c> on</c><00:12:21.040><c> and</c><00:12:21.240><c> it</c><00:12:21.480><c> also</c>

00:12:21.670 --> 00:12:21.680 align:start position:0%
here that we're working on and it also
 

00:12:21.680 --> 00:12:23.550 align:start position:0%
here that we're working on and it also
further<00:12:22.000><c> complicates</c><00:12:22.440><c> the</c><00:12:22.560><c> design</c><00:12:22.920><c> of</c><00:12:23.199><c> orbit</c>

00:12:23.550 --> 00:12:23.560 align:start position:0%
further complicates the design of orbit
 

00:12:23.560 --> 00:12:25.550 align:start position:0%
further complicates the design of orbit
as<00:12:23.720><c> a</c><00:12:24.160><c> you</c><00:12:24.240><c> know</c><00:12:24.399><c> the</c><00:12:24.519><c> sing</c><00:12:24.839><c> slot</c><00:12:25.079><c> finality</c>

00:12:25.550 --> 00:12:25.560 align:start position:0%
as a you know the sing slot finality
 

00:12:25.560 --> 00:12:28.230 align:start position:0%
as a you know the sing slot finality
design<00:12:26.160><c> because</c><00:12:26.440><c> then</c><00:12:26.839><c> there's</c><00:12:27.079><c> also</c><00:12:27.519><c> a</c><00:12:27.800><c> way</c>

00:12:28.230 --> 00:12:28.240 align:start position:0%
design because then there's also a way
 

00:12:28.240 --> 00:12:29.790 align:start position:0%
design because then there's also a way
for<00:12:28.399><c> stakers</c><00:12:28.839><c> to</c><00:12:28.959><c> avoid</c><00:12:29.199><c> void</c><00:12:29.440><c> having</c><00:12:29.600><c> to</c>

00:12:29.790 --> 00:12:29.800 align:start position:0%
for stakers to avoid void having to
 

00:12:29.800 --> 00:12:31.870 align:start position:0%
for stakers to avoid void having to
attest<00:12:30.199><c> as</c><00:12:30.360><c> much</c><00:12:30.720><c> as</c><00:12:30.839><c> possible</c><00:12:31.199><c> taking</c><00:12:31.480><c> as</c><00:12:31.639><c> low</c>

00:12:31.870 --> 00:12:31.880 align:start position:0%
attest as much as possible taking as low
 

00:12:31.880 --> 00:12:33.470 align:start position:0%
attest as much as possible taking as low
risk<00:12:32.160><c> as</c>

00:12:33.470 --> 00:12:33.480 align:start position:0%
risk as
 

00:12:33.480 --> 00:12:36.750 align:start position:0%
risk as
possible<00:12:34.480><c> and</c><00:12:34.639><c> so</c><00:12:35.240><c> the</c><00:12:35.440><c> lack</c><00:12:35.680><c> of</c><00:12:35.880><c> incentive</c><00:12:36.560><c> to</c>

00:12:36.750 --> 00:12:36.760 align:start position:0%
possible and so the lack of incentive to
 

00:12:36.760 --> 00:12:39.790 align:start position:0%
possible and so the lack of incentive to
attest<00:12:37.560><c> can</c><00:12:37.839><c> then</c><00:12:37.959><c> lead</c><00:12:38.240><c> the</c><00:12:38.399><c> S</c><00:12:38.720><c> to</c>

00:12:39.790 --> 00:12:39.800 align:start position:0%
attest can then lead the S to
 

00:12:39.800 --> 00:12:42.430 align:start position:0%
attest can then lead the S to
deconsolidate<00:12:40.800><c> and</c><00:12:40.959><c> then</c><00:12:41.120><c> we</c><00:12:41.240><c> need</c><00:12:41.399><c> to</c><00:12:42.079><c> raise</c>

00:12:42.430 --> 00:12:42.440 align:start position:0%
deconsolidate and then we need to raise
 

00:12:42.440 --> 00:12:44.590 align:start position:0%
deconsolidate and then we need to raise
the<00:12:42.639><c> consolidation</c><00:12:43.399><c> incentives</c><00:12:44.320><c> and</c><00:12:44.440><c> this</c>

00:12:44.590 --> 00:12:44.600 align:start position:0%
the consolidation incentives and this
 

00:12:44.600 --> 00:12:47.189 align:start position:0%
the consolidation incentives and this
can<00:12:44.880><c> of</c><00:12:45.000><c> course</c><00:12:45.279><c> further</c><00:12:45.680><c> raise</c><00:12:46.199><c> fairness</c>

00:12:47.189 --> 00:12:47.199 align:start position:0%
can of course further raise fairness
 

00:12:47.199 --> 00:12:49.310 align:start position:0%
can of course further raise fairness
concerns<00:12:48.199><c> and</c><00:12:48.399><c> what</c><00:12:48.519><c> we</c><00:12:48.639><c> would</c><00:12:48.800><c> like</c><00:12:48.920><c> to</c><00:12:49.040><c> ship</c>

00:12:49.310 --> 00:12:49.320 align:start position:0%
concerns and what we would like to ship
 

00:12:49.320 --> 00:12:51.710 align:start position:0%
concerns and what we would like to ship
is<00:12:49.519><c> murn</c><00:12:50.360><c> because</c><00:12:50.639><c> this</c><00:12:50.880><c> reduces</c><00:12:51.360><c> all</c><00:12:51.560><c> these</c>

00:12:51.710 --> 00:12:51.720 align:start position:0%
is murn because this reduces all these
 

00:12:51.720 --> 00:12:52.550 align:start position:0%
is murn because this reduces all these
Tre

00:12:52.550 --> 00:12:52.560 align:start position:0%
Tre
 

00:12:52.560 --> 00:12:55.189 align:start position:0%
Tre
issues<00:12:53.560><c> so</c><00:12:53.800><c> that's</c><00:12:54.000><c> something</c><00:12:54.440><c> that</c><00:12:54.920><c> that</c><00:12:55.040><c> is</c>

00:12:55.189 --> 00:12:55.199 align:start position:0%
issues so that's something that that is
 

00:12:55.199 --> 00:12:56.550 align:start position:0%
issues so that's something that that is
really<00:12:55.440><c> important</c><00:12:55.760><c> for</c><00:12:55.920><c> etherum</c><00:12:56.279><c> but</c><00:12:56.399><c> we</c>

00:12:56.550 --> 00:12:56.560 align:start position:0%
really important for etherum but we
 

00:12:56.560 --> 00:12:57.870 align:start position:0%
really important for etherum but we
don't<00:12:56.760><c> have</c><00:12:56.920><c> it</c><00:12:57.120><c> and</c><00:12:57.279><c> we</c><00:12:57.399><c> have</c><00:12:57.519><c> to</c><00:12:57.600><c> deal</c><00:12:57.800><c> with</c>

00:12:57.870 --> 00:12:57.880 align:start position:0%
don't have it and we have to deal with
 

00:12:57.880 --> 00:13:00.590 align:start position:0%
don't have it and we have to deal with
the<00:12:58.000><c> S</c><00:12:58.320><c> we</c><00:12:58.480><c> have</c><00:12:59.560><c> we're</c><00:12:59.760><c> now</c><00:12:59.920><c> ready</c><00:13:00.120><c> to</c><00:13:00.320><c> discuss</c>

00:13:00.590 --> 00:13:00.600 align:start position:0%
the S we have we're now ready to discuss
 

00:13:00.600 --> 00:13:03.350 align:start position:0%
the S we have we're now ready to discuss
a<00:13:00.800><c> practical</c><00:13:01.199><c> endgame</c><00:13:01.760><c> on</c><00:13:01.920><c> isan's</c>

00:13:03.350 --> 00:13:03.360 align:start position:0%
a practical endgame on isan's
 

00:13:03.360 --> 00:13:05.269 align:start position:0%
a practical endgame on isan's
policy<00:13:04.360><c> so</c><00:13:04.560><c> here</c><00:13:04.680><c> we</c><00:13:04.800><c> have</c><00:13:04.920><c> the</c><00:13:05.000><c> current</c>

00:13:05.269 --> 00:13:05.279 align:start position:0%
policy so here we have the current
 

00:13:05.279 --> 00:13:07.430 align:start position:0%
policy so here we have the current
reward<00:13:05.600><c> curve</c><00:13:06.199><c> with</c><00:13:06.360><c> isan</c><00:13:06.800><c> Rising</c><00:13:07.240><c> all</c><00:13:07.360><c> the</c>

00:13:07.430 --> 00:13:07.440 align:start position:0%
reward curve with isan Rising all the
 

00:13:07.440 --> 00:13:10.230 align:start position:0%
reward curve with isan Rising all the
way<00:13:07.600><c> up</c><00:13:07.720><c> to</c><00:13:08.040><c> 8</c><00:13:08.399><c> 1.8</c><00:13:08.959><c> million</c><00:13:09.320><c> e</c><00:13:09.920><c> uh</c><00:13:10.000><c> with</c><00:13:10.120><c> the</c>

00:13:10.230 --> 00:13:10.240 align:start position:0%
way up to 8 1.8 million e uh with the
 

00:13:10.240 --> 00:13:11.829 align:start position:0%
way up to 8 1.8 million e uh with the
current<00:13:10.560><c> reward</c>

00:13:11.829 --> 00:13:11.839 align:start position:0%
current reward
 

00:13:11.839 --> 00:13:14.670 align:start position:0%
current reward
curve<00:13:12.839><c> here</c><00:13:13.040><c> we</c><00:13:13.160><c> have</c><00:13:13.320><c> the</c><00:13:13.480><c> redward</c><00:13:14.360><c> curve</c>

00:13:14.670 --> 00:13:14.680 align:start position:0%
curve here we have the redward curve
 

00:13:14.680 --> 00:13:17.470 align:start position:0%
curve here we have the redward curve
shown<00:13:14.959><c> earlier</c><00:13:15.959><c> it</c><00:13:16.120><c> forms</c><00:13:16.560><c> by</c><00:13:16.720><c> taking</c><00:13:17.320><c> the</c>

00:13:17.470 --> 00:13:17.480 align:start position:0%
shown earlier it forms by taking the
 

00:13:17.480 --> 00:13:19.069 align:start position:0%
shown earlier it forms by taking the
equation<00:13:17.800><c> for</c><00:13:18.040><c> the</c><00:13:18.160><c> current</c><00:13:18.480><c> word</c><00:13:18.720><c> curve</c><00:13:18.959><c> and</c>

00:13:19.069 --> 00:13:19.079 align:start position:0%
equation for the current word curve and
 

00:13:19.079 --> 00:13:22.910 align:start position:0%
equation for the current word curve and
adding<00:13:19.440><c> the</c><00:13:19.600><c> cube</c><00:13:19.920><c> deposit</c><00:13:20.360><c> size</c><00:13:20.800><c> to</c><00:13:20.959><c> the</c>

00:13:22.910 --> 00:13:22.920 align:start position:0%
adding the cube deposit size to the
 

00:13:22.920 --> 00:13:25.590 align:start position:0%
adding the cube deposit size to the
denominator<00:13:23.920><c> and</c><00:13:24.560><c> I</c><00:13:24.720><c> refer</c><00:13:25.000><c> to</c><00:13:25.120><c> this</c><00:13:25.279><c> as</c><00:13:25.360><c> a</c>

00:13:25.590 --> 00:13:25.600 align:start position:0%
denominator and I refer to this as a
 

00:13:25.600 --> 00:13:29.110 align:start position:0%
denominator and I refer to this as a
practical<00:13:26.000><c> end</c><00:13:26.760><c> game</c><00:13:27.760><c> it's</c><00:13:28.120><c> practical</c>

00:13:29.110 --> 00:13:29.120 align:start position:0%
practical end game it's practical
 

00:13:29.120 --> 00:13:30.389 align:start position:0%
practical end game it's practical
because<00:13:29.320><c> it's</c><00:13:29.480><c> something</c><00:13:29.760><c> we</c><00:13:29.839><c> can</c><00:13:30.000><c> strive</c>

00:13:30.389 --> 00:13:30.399 align:start position:0%
because it's something we can strive
 

00:13:30.399 --> 00:13:33.110 align:start position:0%
because it's something we can strive
toward<00:13:30.560><c> watch</c><00:13:30.880><c> without</c><00:13:31.240><c> murn</c><00:13:32.240><c> it's</c><00:13:32.519><c> practical</c>

00:13:33.110 --> 00:13:33.120 align:start position:0%
toward watch without murn it's practical
 

00:13:33.120 --> 00:13:34.670 align:start position:0%
toward watch without murn it's practical
because<00:13:33.440><c> we</c><00:13:33.560><c> should</c><00:13:33.800><c> be</c><00:13:33.920><c> able</c><00:13:34.120><c> to</c><00:13:34.279><c> guarantee</c>

00:13:34.670 --> 00:13:34.680 align:start position:0%
because we should be able to guarantee
 

00:13:34.680 --> 00:13:37.150 align:start position:0%
because we should be able to guarantee
Sol<00:13:35.040><c> stakers</c><00:13:35.680><c> to</c><00:13:35.839><c> not</c><00:13:36.040><c> have</c><00:13:36.199><c> to</c><00:13:36.480><c> pay</c><00:13:36.800><c> for</c>

00:13:37.150 --> 00:13:37.160 align:start position:0%
Sol stakers to not have to pay for
 

00:13:37.160 --> 00:13:39.470 align:start position:0%
Sol stakers to not have to pay for
staking<00:13:38.160><c> and</c><00:13:38.279><c> it's</c><00:13:38.519><c> practical</c><00:13:39.040><c> because</c><00:13:39.279><c> it</c>

00:13:39.470 --> 00:13:39.480 align:start position:0%
staking and it's practical because it
 

00:13:39.480 --> 00:13:41.710 align:start position:0%
staking and it's practical because it
allows<00:13:39.800><c> us</c><00:13:39.920><c> to</c><00:13:40.160><c> design</c><00:13:40.600><c> consensus</c><00:13:41.240><c> incentives</c>

00:13:41.710 --> 00:13:41.720 align:start position:0%
allows us to design consensus incentives
 

00:13:41.720 --> 00:13:45.189 align:start position:0%
allows us to design consensus incentives
in<00:13:41.839><c> an</c><00:13:41.959><c> easy</c><00:13:42.760><c> way</c><00:13:43.760><c> and</c><00:13:44.639><c> and</c><00:13:44.760><c> it's</c><00:13:44.880><c> also</c>

00:13:45.189 --> 00:13:45.199 align:start position:0%
in an easy way and and it's also
 

00:13:45.199 --> 00:13:47.150 align:start position:0%
in an easy way and and it's also
practical<00:13:45.639><c> and</c><00:13:45.760><c> it's</c><00:13:45.880><c> an</c><00:13:46.079><c> end</c><00:13:46.360><c> game</c><00:13:46.720><c> because</c>

00:13:47.150 --> 00:13:47.160 align:start position:0%
practical and it's an end game because
 

00:13:47.160 --> 00:13:49.750 align:start position:0%
practical and it's an end game because
it<00:13:47.279><c> allows</c><00:13:47.600><c> us</c><00:13:47.760><c> to</c><00:13:48.240><c> probabilistically</c><00:13:49.240><c> stop</c>

00:13:49.750 --> 00:13:49.760 align:start position:0%
it allows us to probabilistically stop
 

00:13:49.760 --> 00:13:52.230 align:start position:0%
it allows us to probabilistically stop
the<00:13:49.920><c> grow</c><00:13:50.240><c> in</c><00:13:50.399><c> stake</c><00:13:51.120><c> so</c><00:13:51.320><c> that's</c><00:13:51.519><c> why</c><00:13:51.639><c> I</c><00:13:51.800><c> favor</c>

00:13:52.230 --> 00:13:52.240 align:start position:0%
the grow in stake so that's why I favor
 

00:13:52.240 --> 00:13:54.189 align:start position:0%
the grow in stake so that's why I favor
the<00:13:52.639><c> red</c><00:13:52.880><c> reward</c><00:13:53.240><c> cover</c><00:13:53.560><c> or</c><00:13:53.680><c> something</c><00:13:53.959><c> close</c>

00:13:54.189 --> 00:13:54.199 align:start position:0%
the red reward cover or something close
 

00:13:54.199 --> 00:13:57.030 align:start position:0%
the red reward cover or something close
to<00:13:54.360><c> it</c><00:13:54.880><c> this</c><00:13:55.000><c> shaded</c><00:13:55.480><c> range</c><00:13:55.800><c> is</c><00:13:56.399><c> approximately</c>

00:13:57.030 --> 00:13:57.040 align:start position:0%
to it this shaded range is approximately
 

00:13:57.040 --> 00:13:59.590 align:start position:0%
to it this shaded range is approximately
where<00:13:57.160><c> I</c><00:13:57.240><c> would</c><00:13:57.399><c> like</c><00:13:57.519><c> to</c><00:13:57.920><c> be</c><00:13:58.920><c> then</c><00:13:59.279><c> gives</c><00:13:59.440><c> us</c>

00:13:59.590 --> 00:13:59.600 align:start position:0%
where I would like to be then gives us
 

00:13:59.600 --> 00:14:01.710 align:start position:0%
where I would like to be then gives us
room<00:13:59.800><c> for</c><00:13:59.920><c> a</c><00:14:00.079><c> higher</c><00:14:00.680><c> or</c><00:14:00.800><c> a</c><00:14:00.920><c> lower</c><00:14:01.240><c> worker</c>

00:14:01.710 --> 00:14:01.720 align:start position:0%
room for a higher or a lower worker
 

00:14:01.720 --> 00:14:03.590 align:start position:0%
room for a higher or a lower worker
depending<00:14:02.040><c> on</c><00:14:02.199><c> you</c><00:14:02.320><c> know</c><00:14:02.880><c> how</c><00:14:03.079><c> the</c><00:14:03.240><c> design</c>

00:14:03.590 --> 00:14:03.600 align:start position:0%
depending on you know how the design
 

00:14:03.600 --> 00:14:04.749 align:start position:0%
depending on you know how the design
works<00:14:03.839><c> out</c><00:14:04.040><c> and</c><00:14:04.160><c> feedback</c><00:14:04.480><c> from</c><00:14:04.600><c> the</c>

00:14:04.749 --> 00:14:04.759 align:start position:0%
works out and feedback from the
 

00:14:04.759 --> 00:14:06.590 align:start position:0%
works out and feedback from the
community<00:14:05.759><c> others</c><00:14:06.079><c> might</c><00:14:06.320><c> prefer</c>

00:14:06.590 --> 00:14:06.600 align:start position:0%
community others might prefer
 

00:14:06.600 --> 00:14:08.749 align:start position:0%
community others might prefer
differentes<00:14:07.240><c> for</c><00:14:07.800><c> focusing</c><00:14:08.160><c> on</c><00:14:08.360><c> stopping</c><00:14:08.680><c> the</c>

00:14:08.749 --> 00:14:08.759 align:start position:0%
differentes for focusing on stopping the
 

00:14:08.759 --> 00:14:10.910 align:start position:0%
differentes for focusing on stopping the
grow<00:14:08.959><c> in</c><00:14:09.120><c> Stak</c><00:14:09.800><c> or</c><00:14:10.000><c> increasing</c><00:14:10.480><c> the</c><00:14:10.600><c> yield</c><00:14:10.800><c> for</c>

00:14:10.910 --> 00:14:10.920 align:start position:0%
grow in Stak or increasing the yield for
 

00:14:10.920 --> 00:14:13.350 align:start position:0%
grow in Stak or increasing the yield for
solar<00:14:11.240><c> St</c><00:14:11.839><c> and</c><00:14:12.000><c> this</c><00:14:12.160><c> can</c><00:14:12.320><c> be</c>

00:14:13.350 --> 00:14:13.360 align:start position:0%
solar St and this can be
 

00:14:13.360 --> 00:14:16.430 align:start position:0%
solar St and this can be
discussed<00:14:14.360><c> but</c><00:14:14.480><c> you</c><00:14:14.600><c> know</c><00:14:14.839><c> if</c><00:14:15.079><c> we</c><00:14:15.240><c> go</c><00:14:15.440><c> too</c><00:14:15.759><c> high</c>

00:14:16.430 --> 00:14:16.440 align:start position:0%
discussed but you know if we go too high
 

00:14:16.440 --> 00:14:19.189 align:start position:0%
discussed but you know if we go too high
you<00:14:16.560><c> can</c><00:14:16.759><c> imagine</c><00:14:17.240><c> if</c><00:14:17.399><c> we</c><00:14:17.600><c> say</c><00:14:17.839><c> go</c><00:14:18.040><c> to</c><00:14:18.440><c> 110</c>

00:14:19.189 --> 00:14:19.199 align:start position:0%
you can imagine if we say go to 110
 

00:14:19.199 --> 00:14:22.150 align:start position:0%
you can imagine if we say go to 110
million<00:14:19.480><c> each</c><00:14:20.120><c> state</c><00:14:21.120><c> and</c><00:14:21.480><c> provide</c><00:14:21.839><c> anything</c>

00:14:22.150 --> 00:14:22.160 align:start position:0%
million each state and provide anything
 

00:14:22.160 --> 00:14:24.310 align:start position:0%
million each state and provide anything
about<00:14:22.399><c> the</c><00:14:22.639><c> bare</c><00:14:22.880><c> minimum</c><00:14:23.440><c> to</c><00:14:23.639><c> avoid</c><00:14:23.920><c> Sol</c>

00:14:24.310 --> 00:14:24.320 align:start position:0%
about the bare minimum to avoid Sol
 

00:14:24.320 --> 00:14:26.910 align:start position:0%
about the bare minimum to avoid Sol
sters<00:14:24.759><c> pay</c><00:14:25.000><c> you</c><00:14:25.160><c> know</c><00:14:25.920><c> then</c><00:14:26.240><c> this</c><00:14:26.360><c> would</c><00:14:26.639><c> feel</c>

00:14:26.910 --> 00:14:26.920 align:start position:0%
sters pay you know then this would feel
 

00:14:26.920 --> 00:14:29.310 align:start position:0%
sters pay you know then this would feel
like<00:14:27.079><c> a</c><00:14:27.600><c> misbalance</c><00:14:28.600><c> of</c><00:14:28.759><c> this</c><00:14:29.120><c> different</c>

00:14:29.310 --> 00:14:29.320 align:start position:0%
like a misbalance of this different
 

00:14:29.320 --> 00:14:32.110 align:start position:0%
like a misbalance of this different
Traders<00:14:29.800><c> we're</c><00:14:29.959><c> trying</c><00:14:30.279><c> to</c><00:14:30.600><c> to</c><00:14:30.880><c> to</c><00:14:31.120><c> balance</c>

00:14:32.110 --> 00:14:32.120 align:start position:0%
Traders we're trying to to to balance
 

00:14:32.120 --> 00:14:33.310 align:start position:0%
Traders we're trying to to to balance
and<00:14:32.240><c> then</c><00:14:32.399><c> there</c><00:14:32.519><c> might</c><00:14:32.680><c> be</c><00:14:32.759><c> a</c><00:14:32.839><c> movement</c><00:14:33.120><c> to</c>

00:14:33.310 --> 00:14:33.320 align:start position:0%
and then there might be a movement to
 

00:14:33.320 --> 00:14:35.470 align:start position:0%
and then there might be a movement to
further<00:14:33.680><c> redu</c><00:14:34.000><c> ISS</c><00:14:34.839><c> and</c><00:14:34.920><c> we</c><00:14:35.040><c> would</c><00:14:35.199><c> like</c><00:14:35.360><c> to</c>

00:14:35.470 --> 00:14:35.480 align:start position:0%
further redu ISS and we would like to
 

00:14:35.480 --> 00:14:38.189 align:start position:0%
further redu ISS and we would like to
make<00:14:35.639><c> a</c><00:14:35.920><c> One</c><00:14:36.279><c> Singular</c><00:14:36.720><c> change</c><00:14:37.480><c> to</c><00:14:37.680><c> isan's</c>

00:14:38.189 --> 00:14:38.199 align:start position:0%
make a One Singular change to isan's
 

00:14:38.199 --> 00:14:41.710 align:start position:0%
make a One Singular change to isan's
policy<00:14:39.360><c> and</c><00:14:40.360><c> that's</c><00:14:40.680><c> why</c><00:14:41.040><c> I</c><00:14:41.160><c> find</c><00:14:41.399><c> that</c><00:14:41.600><c> this</c>

00:14:41.710 --> 00:14:41.720 align:start position:0%
policy and that's why I find that this
 

00:14:41.720 --> 00:14:44.590 align:start position:0%
policy and that's why I find that this
will<00:14:41.920><c> be</c><00:14:42.120><c> slightly</c><00:14:42.560><c> above</c><00:14:42.880><c> where</c><00:14:43.000><c> we</c><00:14:43.160><c> want</c><00:14:43.320><c> to</c>

00:14:44.590 --> 00:14:44.600 align:start position:0%
will be slightly above where we want to
 

00:14:44.600 --> 00:14:47.470 align:start position:0%
will be slightly above where we want to
be<00:14:45.600><c> and</c><00:14:45.720><c> you</c><00:14:45.880><c> note</c><00:14:46.320><c> that</c><00:14:46.759><c> none</c><00:14:46.959><c> of</c><00:14:47.120><c> the</c><00:14:47.199><c> reward</c>

00:14:47.470 --> 00:14:47.480 align:start position:0%
be and you note that none of the reward
 

00:14:47.480 --> 00:14:48.949 align:start position:0%
be and you note that none of the reward
cures<00:14:47.720><c> nor</c><00:14:47.880><c> the</c><00:14:47.920><c> Shaded</c><00:14:48.240><c> range</c><00:14:48.480><c> goes</c><00:14:48.680><c> above</c><00:14:48.839><c> an</c>

00:14:48.949 --> 00:14:48.959 align:start position:0%
cures nor the Shaded range goes above an
 

00:14:48.959 --> 00:14:50.389 align:start position:0%
cures nor the Shaded range goes above an
interest<00:14:49.279><c> rate</c><00:14:49.440><c> of</c>

00:14:50.389 --> 00:14:50.399 align:start position:0%
interest rate of
 

00:14:50.399 --> 00:14:53.590 align:start position:0%
interest rate of
0.5%<00:14:51.399><c> that's</c><00:14:51.839><c> sufficient</c><00:14:52.399><c> to</c><00:14:52.600><c> ignore</c>

00:14:53.590 --> 00:14:53.600 align:start position:0%
0.5% that's sufficient to ignore
 

00:14:53.600 --> 00:14:57.310 align:start position:0%
0.5% that's sufficient to ignore
security<00:14:54.600><c> to</c><00:14:54.959><c> to</c><00:14:55.120><c> ensure</c><00:14:55.440><c> security</c><00:14:56.000><c> and</c><00:14:56.440><c> it's</c>

00:14:57.310 --> 00:14:57.320 align:start position:0%
security to to ensure security and it's
 

00:14:57.320 --> 00:14:59.069 align:start position:0%
security to to ensure security and it's
at<00:14:57.440><c> the</c><00:14:57.560><c> upand</c><00:14:57.959><c> of</c><00:14:58.160><c> any</c><00:14:58.399><c> tradeoff</c><00:14:58.839><c> I</c><00:14:58.920><c> think</c>

00:14:59.069 --> 00:14:59.079 align:start position:0%
at the upand of any tradeoff I think
 

00:14:59.079 --> 00:15:01.150 align:start position:0%
at the upand of any tradeoff I think
think<00:14:59.199><c> we</c><00:14:59.279><c> should</c><00:14:59.519><c> ever</c><00:14:59.920><c> consider</c><00:15:00.920><c> so</c>

00:15:01.150 --> 00:15:01.160 align:start position:0%
think we should ever consider so
 

00:15:01.160 --> 00:15:03.150 align:start position:0%
think we should ever consider so
regardless<00:15:01.600><c> of</c><00:15:01.759><c> the</c><00:15:01.959><c> exact</c><00:15:02.279><c> end</c><00:15:02.600><c> game</c><00:15:02.920><c> that</c><00:15:03.040><c> we</c>

00:15:03.150 --> 00:15:03.160 align:start position:0%
regardless of the exact end game that we
 

00:15:03.160 --> 00:15:04.990 align:start position:0%
regardless of the exact end game that we
choose<00:15:03.680><c> we</c><00:15:03.839><c> could</c><00:15:04.040><c> safely</c><00:15:04.399><c> commit</c><00:15:04.639><c> to</c><00:15:04.800><c> never</c>

00:15:04.990 --> 00:15:05.000 align:start position:0%
choose we could safely commit to never
 

00:15:05.000 --> 00:15:06.310 align:start position:0%
choose we could safely commit to never
issuing<00:15:05.320><c> more</c><00:15:05.480><c> than</c>

00:15:06.310 --> 00:15:06.320 align:start position:0%
issuing more than
 

00:15:06.320 --> 00:15:09.710 align:start position:0%
issuing more than
0.5%<00:15:07.320><c> of</c><00:15:07.720><c> the</c><00:15:07.920><c> circul</c><00:15:08.480><c> supply</c><00:15:08.880><c> each</c><00:15:09.040><c> year</c><00:15:09.600><c> it</c>

00:15:09.710 --> 00:15:09.720 align:start position:0%
0.5% of the circul supply each year it
 

00:15:09.720 --> 00:15:11.350 align:start position:0%
0.5% of the circul supply each year it
feels<00:15:09.959><c> like</c><00:15:10.120><c> a</c><00:15:10.320><c> rather</c><00:15:10.680><c> attractive</c>

00:15:11.350 --> 00:15:11.360 align:start position:0%
feels like a rather attractive
 

00:15:11.360 --> 00:15:13.590 align:start position:0%
feels like a rather attractive
proposition<00:15:11.880><c> you</c><00:15:12.000><c> know</c><00:15:12.519><c> tell</c><00:15:12.800><c> your</c><00:15:12.959><c> friends</c>

00:15:13.590 --> 00:15:13.600 align:start position:0%
proposition you know tell your friends
 

00:15:13.600 --> 00:15:16.150 align:start position:0%
proposition you know tell your friends
shoose<00:15:14.079><c> ethereum</c><00:15:14.680><c> shoose</c><00:15:15.160><c> e</c><00:15:15.839><c> there</c><00:15:15.959><c> will</c>

00:15:16.150 --> 00:15:16.160 align:start position:0%
shoose ethereum shoose e there will
 

00:15:16.160 --> 00:15:18.389 align:start position:0%
shoose ethereum shoose e there will
never<00:15:16.399><c> be</c><00:15:16.560><c> more</c><00:15:16.759><c> than</c><00:15:17.120><c> 0.5%</c><00:15:18.120><c> of</c><00:15:18.240><c> the</c>

00:15:18.389 --> 00:15:18.399 align:start position:0%
never be more than 0.5% of the
 

00:15:18.399 --> 00:15:20.829 align:start position:0%
never be more than 0.5% of the
circulating<00:15:19.000><c> Supply</c><00:15:19.399><c> issued</c><00:15:19.759><c> each</c><00:15:20.000><c> year</c><00:15:20.720><c> and</c>

00:15:20.829 --> 00:15:20.839 align:start position:0%
circulating Supply issued each year and
 

00:15:20.839 --> 00:15:23.269 align:start position:0%
circulating Supply issued each year and
a<00:15:21.040><c> cap</c><00:15:21.199><c> on</c><00:15:21.320><c> ISS</c><00:15:21.920><c> it's</c><00:15:22.279><c> perfectly</c><00:15:22.759><c> viable</c><00:15:23.120><c> or</c>

00:15:23.269 --> 00:15:23.279 align:start position:0%
a cap on ISS it's perfectly viable or
 

00:15:23.279 --> 00:15:25.230 align:start position:0%
a cap on ISS it's perfectly viable or
Insurance<00:15:23.680><c> security</c><00:15:24.399><c> whereas</c><00:15:24.639><c> a</c><00:15:24.800><c> cap</c><00:15:25.040><c> on</c><00:15:25.120><c> the</c>

00:15:25.230 --> 00:15:25.240 align:start position:0%
Insurance security whereas a cap on the
 

00:15:25.240 --> 00:15:27.590 align:start position:0%
Insurance security whereas a cap on the
circulating<00:15:25.800><c> Supply</c><00:15:26.240><c> is</c><00:15:26.440><c> not</c><00:15:27.040><c> regardless</c><00:15:27.440><c> of</c>

00:15:27.590 --> 00:15:27.600 align:start position:0%
circulating Supply is not regardless of
 

00:15:27.600 --> 00:15:30.189 align:start position:0%
circulating Supply is not regardless of
you<00:15:27.680><c> are</c><00:15:27.800><c> in</c><00:15:28.000><c> proof</c><00:15:28.240><c> of</c><00:15:28.360><c> stake</c><00:15:28.560><c> or</c><00:15:28.680><c> proof</c><00:15:28.839><c> of</c>

00:15:30.189 --> 00:15:30.199 align:start position:0%
you are in proof of stake or proof of
 

00:15:30.199 --> 00:15:32.790 align:start position:0%
you are in proof of stake or proof of
work<00:15:31.199><c> and</c><00:15:31.360><c> from</c><00:15:31.519><c> my</c><00:15:32.120><c> perspective</c><00:15:32.480><c> we</c><00:15:32.600><c> could</c>

00:15:32.790 --> 00:15:32.800 align:start position:0%
work and from my perspective we could
 

00:15:32.800 --> 00:15:36.550 align:start position:0%
work and from my perspective we could
just<00:15:33.000><c> ship</c><00:15:33.440><c> you</c><00:15:33.560><c> know</c><00:15:34.040><c> 0.5%</c><00:15:35.040><c> cap</c><00:15:35.759><c> solidifying</c>

00:15:36.550 --> 00:15:36.560 align:start position:0%
just ship you know 0.5% cap solidifying
 

00:15:36.560 --> 00:15:38.710 align:start position:0%
just ship you know 0.5% cap solidifying
it<00:15:37.079><c> and</c><00:15:37.240><c> then</c><00:15:37.639><c> come</c><00:15:37.839><c> back</c><00:15:37.959><c> to</c><00:15:38.120><c> addition</c><00:15:38.399><c> a</c><00:15:38.519><c> few</c>

00:15:38.710 --> 00:15:38.720 align:start position:0%
it and then come back to addition a few
 

00:15:38.720 --> 00:15:40.990 align:start position:0%
it and then come back to addition a few
years<00:15:39.199><c> but</c><00:15:40.040><c> there</c><00:15:40.160><c> seems</c><00:15:40.360><c> to</c><00:15:40.519><c> be</c><00:15:40.720><c> from</c><00:15:40.880><c> the</c>

00:15:40.990 --> 00:15:41.000 align:start position:0%
years but there seems to be from the
 

00:15:41.000 --> 00:15:43.829 align:start position:0%
years but there seems to be from the
community<00:15:41.519><c> ASP</c><00:15:41.959><c> we</c><00:15:42.079><c> want</c><00:15:42.360><c> one</c><00:15:42.759><c> single</c><00:15:43.160><c> change</c>

00:15:43.829 --> 00:15:43.839 align:start position:0%
community ASP we want one single change
 

00:15:43.839 --> 00:15:45.870 align:start position:0%
community ASP we want one single change
so<00:15:44.000><c> that's</c><00:15:44.199><c> not</c><00:15:44.360><c> something</c><00:15:44.600><c> I</c><00:15:44.680><c> would</c><00:15:44.839><c> push</c>

00:15:45.870 --> 00:15:45.880 align:start position:0%
so that's not something I would push
 

00:15:45.880 --> 00:15:48.030 align:start position:0%
so that's not something I would push
for<00:15:46.880><c> there</c><00:15:46.959><c> are</c><00:15:47.079><c> other</c><00:15:47.279><c> ways</c><00:15:47.440><c> to</c><00:15:47.560><c> construct</c><00:15:47.920><c> a</c>

00:15:48.030 --> 00:15:48.040 align:start position:0%
for there are other ways to construct a
 

00:15:48.040 --> 00:15:50.230 align:start position:0%
for there are other ways to construct a
reward<00:15:48.319><c> curve</c><00:15:48.639><c> I'm</c><00:15:48.759><c> showing</c><00:15:49.120><c> here</c><00:15:49.839><c> other</c>

00:15:50.230 --> 00:15:50.240 align:start position:0%
reward curve I'm showing here other
 

00:15:50.240 --> 00:15:52.949 align:start position:0%
reward curve I'm showing here other
other<00:15:50.720><c> Alternatives</c><00:15:51.480><c> in</c><00:15:51.759><c> in</c><00:15:51.959><c> the</c><00:15:52.240><c> it</c><00:15:52.519><c> research</c>

00:15:52.949 --> 00:15:52.959 align:start position:0%
other Alternatives in in the it research
 

00:15:52.959 --> 00:15:56.350 align:start position:0%
other Alternatives in in the it research
post<00:15:53.720><c> like</c><00:15:53.920><c> sigo</c><00:15:54.519><c> shapes</c><00:15:54.880><c> for</c><00:15:55.160><c> example</c><00:15:56.160><c> uh</c>

00:15:56.350 --> 00:15:56.360 align:start position:0%
post like sigo shapes for example uh
 

00:15:56.360 --> 00:15:59.150 align:start position:0%
post like sigo shapes for example uh
with<00:15:56.480><c> the</c><00:15:56.600><c> equation</c><00:15:57.040><c> prided</c><00:15:57.480><c> there</c>

00:15:59.150 --> 00:15:59.160 align:start position:0%
with the equation prided there
 

00:15:59.160 --> 00:16:00.990 align:start position:0%
with the equation prided there
let's<00:15:59.399><c> now</c><00:15:59.560><c> look</c><00:15:59.720><c> at</c><00:15:59.880><c> the</c><00:16:00.079><c> impact</c><00:16:00.680><c> of</c><00:16:00.839><c> an</c>

00:16:00.990 --> 00:16:01.000 align:start position:0%
let's now look at the impact of an
 

00:16:01.000 --> 00:16:02.749 align:start position:0%
let's now look at the impact of an
insurance<00:16:01.440><c> reduction</c><00:16:01.880><c> on</c>

00:16:02.749 --> 00:16:02.759 align:start position:0%
insurance reduction on
 

00:16:02.759 --> 00:16:04.949 align:start position:0%
insurance reduction on
stakers<00:16:03.759><c> we</c><00:16:03.880><c> have</c><00:16:04.040><c> here</c><00:16:04.240><c> the</c><00:16:04.319><c> staking</c><00:16:04.639><c> yield</c>

00:16:04.949 --> 00:16:04.959 align:start position:0%
stakers we have here the staking yield
 

00:16:04.959 --> 00:16:06.990 align:start position:0%
stakers we have here the staking yield
and<00:16:05.079><c> we</c><00:16:05.160><c> see</c><00:16:05.440><c> that</c><00:16:06.000><c> we</c>

00:16:06.990 --> 00:16:07.000 align:start position:0%
and we see that we
 

00:16:07.000 --> 00:16:11.389 align:start position:0%
and we see that we
are<00:16:08.000><c> uh</c><00:16:08.680><c> showing</c><00:16:09.079><c> it</c><00:16:09.279><c> with</c><00:16:09.839><c> Mev</c><00:16:10.839><c> now</c><00:16:11.079><c> we</c><00:16:11.240><c> add</c>

00:16:11.389 --> 00:16:11.399 align:start position:0%
are uh showing it with Mev now we add
 

00:16:11.399 --> 00:16:13.150 align:start position:0%
are uh showing it with Mev now we add
the<00:16:11.519><c> supply</c><00:16:11.920><c> curve</c><00:16:12.240><c> and</c><00:16:12.399><c> we</c><00:16:12.480><c> are</c><00:16:12.639><c> able</c><00:16:12.920><c> to</c>

00:16:13.150 --> 00:16:13.160 align:start position:0%
the supply curve and we are able to
 

00:16:13.160 --> 00:16:16.670 align:start position:0%
the supply curve and we are able to
reduce<00:16:13.759><c> the</c><00:16:13.920><c> equum</c><00:16:14.560><c> from</c><00:16:15.160><c> 60</c><00:16:15.560><c> million</c><00:16:16.360><c> down</c><00:16:16.519><c> to</c>

00:16:16.670 --> 00:16:16.680 align:start position:0%
reduce the equum from 60 million down to
 

00:16:16.680 --> 00:16:18.269 align:start position:0%
reduce the equum from 60 million down to
around<00:16:16.959><c> 40</c><00:16:17.319><c> million</c>

00:16:18.269 --> 00:16:18.279 align:start position:0%
around 40 million
 

00:16:18.279 --> 00:16:21.350 align:start position:0%
around 40 million
state<00:16:19.279><c> but</c><00:16:19.399><c> of</c><00:16:19.519><c> course</c><00:16:19.720><c> we</c><00:16:19.800><c> are</c><00:16:20.040><c> here</c><00:16:20.279><c> and</c><00:16:20.440><c> so</c>

00:16:21.350 --> 00:16:21.360 align:start position:0%
state but of course we are here and so
 

00:16:21.360 --> 00:16:23.670 align:start position:0%
state but of course we are here and so
given<00:16:21.600><c> some</c><00:16:21.839><c> reason</c><00:16:22.839><c> we</c><00:16:23.040><c> might</c><00:16:23.199><c> end</c><00:16:23.319><c> up</c><00:16:23.519><c> in</c>

00:16:23.670 --> 00:16:23.680 align:start position:0%
given some reason we might end up in
 

00:16:23.680 --> 00:16:24.790 align:start position:0%
given some reason we might end up in
this<00:16:23.839><c> region</c>

00:16:24.790 --> 00:16:24.800 align:start position:0%
this region
 

00:16:24.800 --> 00:16:27.670 align:start position:0%
this region
here<00:16:25.800><c> we</c><00:16:25.920><c> must</c><00:16:26.120><c> also</c><00:16:26.399><c> consider</c><00:16:27.000><c> a</c><00:16:27.199><c> very</c><00:16:27.399><c> low</c>

00:16:27.670 --> 00:16:27.680 align:start position:0%
here we must also consider a very low
 

00:16:27.680 --> 00:16:29.350 align:start position:0%
here we must also consider a very low
supply<00:16:28.120><c> curve</c><00:16:28.360><c> and</c><00:16:28.519><c> what</c><00:16:28.639><c> would</c><00:16:28.959><c> happen</c><00:16:29.199><c> in</c>

00:16:29.350 --> 00:16:29.360 align:start position:0%
supply curve and what would happen in
 

00:16:29.360 --> 00:16:31.829 align:start position:0%
supply curve and what would happen in
this<00:16:29.480><c> scenario</c><00:16:30.319><c> and</c><00:16:30.480><c> here</c><00:16:30.639><c> we</c><00:16:30.759><c> have</c><00:16:31.000><c> that</c><00:16:31.360><c> bad</c>

00:16:31.829 --> 00:16:31.839 align:start position:0%
this scenario and here we have that bad
 

00:16:31.839 --> 00:16:34.389 align:start position:0%
this scenario and here we have that bad
situation<00:16:32.279><c> for</c><00:16:32.519><c> the</c><00:16:32.680><c> M</c><00:16:33.160><c> micro</c><00:16:33.519><c> perp</c><00:16:34.040><c> when</c><00:16:34.240><c> all</c>

00:16:34.389 --> 00:16:34.399 align:start position:0%
situation for the M micro perp when all
 

00:16:34.399 --> 00:16:36.710 align:start position:0%
situation for the M micro perp when all
almost<00:16:34.600><c> all</c><00:16:34.759><c> it</c><00:16:34.959><c> is</c><00:16:35.160><c> St</c><00:16:36.120><c> and</c><00:16:36.240><c> we</c><00:16:36.360><c> could</c><00:16:36.519><c> then</c>

00:16:36.710 --> 00:16:36.720 align:start position:0%
almost all it is St and we could then
 

00:16:36.720 --> 00:16:39.910 align:start position:0%
almost all it is St and we could then
bring<00:16:37.040><c> it</c><00:16:37.279><c> down</c><00:16:37.839><c> to</c><00:16:38.279><c> around</c><00:16:38.680><c> 65</c><00:16:39.199><c> million</c><00:16:39.519><c> e</c>

00:16:39.910 --> 00:16:39.920 align:start position:0%
bring it down to around 65 million e
 

00:16:39.920 --> 00:16:41.829 align:start position:0%
bring it down to around 65 million e
with<00:16:40.040><c> the</c><00:16:40.199><c> red</c><00:16:40.399><c> reward</c><00:16:40.720><c> C</c><00:16:40.920><c> in</c><00:16:41.079><c> this</c>

00:16:41.829 --> 00:16:41.839 align:start position:0%
with the red reward C in this
 

00:16:41.839 --> 00:16:44.670 align:start position:0%
with the red reward C in this
scenario<00:16:42.839><c> and</c><00:16:43.000><c> of</c><00:16:43.120><c> course</c><00:16:43.560><c> shiping</c><00:16:44.040><c> meone</c><00:16:44.519><c> as</c>

00:16:44.670 --> 00:16:44.680 align:start position:0%
scenario and of course shiping meone as
 

00:16:44.680 --> 00:16:48.749 align:start position:0%
scenario and of course shiping meone as
well<00:16:45.079><c> we</c><00:16:45.279><c> come</c><00:16:45.600><c> down</c><00:16:45.839><c> to</c><00:16:46.040><c> almost</c><00:16:46.360><c> 50</c><00:16:46.680><c> million</c><00:16:47.000><c> e</c>

00:16:48.749 --> 00:16:48.759 align:start position:0%
well we come down to almost 50 million e
 

00:16:48.759 --> 00:16:51.230 align:start position:0%
well we come down to almost 50 million e
State<00:16:49.759><c> and</c><00:16:50.120><c> it</c><00:16:50.279><c> might</c><00:16:50.440><c> seem</c><00:16:50.680><c> like</c><00:16:50.800><c> a</c><00:16:51.000><c> bad</c>

00:16:51.230 --> 00:16:51.240 align:start position:0%
State and it might seem like a bad
 

00:16:51.240 --> 00:16:54.470 align:start position:0%
State and it might seem like a bad
scenario<00:16:51.880><c> but</c><00:16:52.360><c> it</c><00:16:52.480><c> turns</c><00:16:52.800><c> out</c><00:16:53.240><c> that</c><00:16:54.240><c> it's</c>

00:16:54.470 --> 00:16:54.480 align:start position:0%
scenario but it turns out that it's
 

00:16:54.480 --> 00:16:57.189 align:start position:0%
scenario but it turns out that it's
actually<00:16:55.279><c> better</c><00:16:55.600><c> for</c><00:16:55.800><c> SE</c><00:16:56.199><c> to</c><00:16:56.319><c> be</c><00:16:56.399><c> at</c><00:16:56.519><c> the</c><00:16:56.759><c> Red</c>

00:16:57.189 --> 00:16:57.199 align:start position:0%
actually better for SE to be at the Red
 

00:16:57.199 --> 00:16:59.990 align:start position:0%
actually better for SE to be at the Red
Square<00:16:57.680><c> there</c><00:16:58.240><c> than</c><00:16:58.480><c> at</c><00:16:58.639><c> the</c><00:16:58.920><c> black</c><00:16:59.160><c> square</c>

00:16:59.990 --> 00:17:00.000 align:start position:0%
Square there than at the black square
 

00:17:00.000 --> 00:17:02.110 align:start position:0%
Square there than at the black square
and<00:17:00.199><c> that</c><00:17:00.319><c> happens</c>

00:17:02.110 --> 00:17:02.120 align:start position:0%
and that happens
 

00:17:02.120 --> 00:17:05.309 align:start position:0%
and that happens
because<00:17:03.120><c> of</c><00:17:03.360><c> this</c><00:17:03.600><c> equation</c><00:17:04.600><c> uh</c><00:17:04.679><c> it's</c><00:17:04.839><c> from</c><00:17:05.079><c> my</c>

00:17:05.309 --> 00:17:05.319 align:start position:0%
because of this equation uh it's from my
 

00:17:05.319 --> 00:17:07.309 align:start position:0%
because of this equation uh it's from my
post<00:17:05.679><c> minimum</c><00:17:06.360><c> viation</c><00:17:06.919><c> that</c><00:17:07.039><c> sort</c><00:17:07.199><c> of</c>

00:17:07.309 --> 00:17:07.319 align:start position:0%
post minimum viation that sort of
 

00:17:07.319 --> 00:17:09.549 align:start position:0%
post minimum viation that sort of
started<00:17:07.799><c> this</c><00:17:07.919><c> whole</c><00:17:08.280><c> conversation</c><00:17:09.280><c> and</c><00:17:09.400><c> it</c>

00:17:09.549 --> 00:17:09.559 align:start position:0%
started this whole conversation and it
 

00:17:09.559 --> 00:17:11.510 align:start position:0%
started this whole conversation and it
captures<00:17:10.039><c> the</c><00:17:10.240><c> attainable</c><00:17:10.880><c> change</c><00:17:11.199><c> in</c><00:17:11.319><c> the</c>

00:17:11.510 --> 00:17:11.520 align:start position:0%
captures the attainable change in the
 

00:17:11.520 --> 00:17:14.429 align:start position:0%
captures the attainable change in the
proportion<00:17:12.319><c> of</c><00:17:12.439><c> the</c><00:17:12.559><c> circulating</c>

00:17:14.429 --> 00:17:14.439 align:start position:0%
proportion of the circulating
 

00:17:14.439 --> 00:17:16.549 align:start position:0%
proportion of the circulating
Supply<00:17:15.439><c> so</c><00:17:15.600><c> it's</c><00:17:15.720><c> sort</c><00:17:15.919><c> of</c><00:17:16.240><c> like</c><00:17:16.360><c> a</c>

00:17:16.549 --> 00:17:16.559 align:start position:0%
Supply so it's sort of like a
 

00:17:16.559 --> 00:17:18.029 align:start position:0%
Supply so it's sort of like a
proportional<00:17:17.079><c> yield</c><00:17:17.319><c> or</c><00:17:17.439><c> it's</c><00:17:17.559><c> been</c><00:17:17.760><c> referred</c>

00:17:18.029 --> 00:17:18.039 align:start position:0%
proportional yield or it's been referred
 

00:17:18.039 --> 00:17:21.189 align:start position:0%
proportional yield or it's been referred
to<00:17:18.120><c> as</c><00:17:18.240><c> the</c><00:17:18.400><c> real</c><00:17:18.720><c> yield</c><00:17:19.319><c> or</c><00:17:19.559><c> the</c><00:17:20.160><c> change</c><00:17:20.559><c> in</c>

00:17:21.189 --> 00:17:21.199 align:start position:0%
to as the real yield or the change in
 

00:17:21.199 --> 00:17:23.630 align:start position:0%
to as the real yield or the change in
ownership<00:17:22.199><c> we</c><00:17:22.360><c> have</c><00:17:22.919><c> the</c><00:17:23.039><c> yield</c><00:17:23.400><c> that</c><00:17:23.480><c> you</c>

00:17:23.630 --> 00:17:23.640 align:start position:0%
ownership we have the yield that you
 

00:17:23.640 --> 00:17:25.470 align:start position:0%
ownership we have the yield that you
attain<00:17:24.120><c> on</c><00:17:24.280><c> top</c><00:17:24.400><c> of</c><00:17:24.480><c> the</c><00:17:24.600><c> fraction</c><00:17:24.919><c> line</c><00:17:25.360><c> and</c>

00:17:25.470 --> 00:17:25.480 align:start position:0%
attain on top of the fraction line and
 

00:17:25.480 --> 00:17:27.909 align:start position:0%
attain on top of the fraction line and
we<00:17:25.600><c> had</c><00:17:25.720><c> the</c><00:17:26.000><c> inflation</c><00:17:26.559><c> rate</c><00:17:27.360><c> at</c><00:17:27.520><c> the</c><00:17:27.640><c> bottom</c>

00:17:27.909 --> 00:17:27.919 align:start position:0%
we had the inflation rate at the bottom
 

00:17:27.919 --> 00:17:30.150 align:start position:0%
we had the inflation rate at the bottom
of<00:17:28.240><c> the</c><00:17:28.679><c> the</c>

00:17:30.150 --> 00:17:30.160 align:start position:0%
of the the
 

00:17:30.160 --> 00:17:32.630 align:start position:0%
of the the
uh<00:17:30.280><c> fraction</c><00:17:30.720><c> line</c><00:17:31.480><c> that</c><00:17:31.720><c> could</c><00:17:31.880><c> be</c><00:17:32.200><c> negative</c>

00:17:32.630 --> 00:17:32.640 align:start position:0%
uh fraction line that could be negative
 

00:17:32.640 --> 00:17:34.870 align:start position:0%
uh fraction line that could be negative
you<00:17:32.760><c> know</c><00:17:33.039><c> if</c><00:17:33.240><c> there's</c><00:17:33.480><c> a</c><00:17:34.280><c> if</c><00:17:34.440><c> there's</c><00:17:34.600><c> a</c><00:17:34.720><c> high</c>

00:17:34.870 --> 00:17:34.880 align:start position:0%
you know if there's a if there's a high
 

00:17:34.880 --> 00:17:37.510 align:start position:0%
you know if there's a if there's a high
burn<00:17:35.200><c> rate</c><00:17:35.440><c> but</c><00:17:35.760><c> otherwise</c>

00:17:37.510 --> 00:17:37.520 align:start position:0%
burn rate but otherwise
 

00:17:37.520 --> 00:17:39.870 align:start position:0%
burn rate but otherwise
positive<00:17:38.520><c> and</c><00:17:38.640><c> we</c><00:17:38.720><c> can</c><00:17:38.840><c> use</c><00:17:39.080><c> this</c><00:17:39.240><c> equation</c><00:17:39.559><c> to</c>

00:17:39.870 --> 00:17:39.880 align:start position:0%
positive and we can use this equation to
 

00:17:39.880 --> 00:17:43.070 align:start position:0%
positive and we can use this equation to
draw<00:17:40.880><c> uh</c><00:17:41.080><c> something</c><00:17:41.760><c> I</c><00:17:41.880><c> refer</c><00:17:42.160><c> to</c><00:17:42.320><c> as</c><00:17:42.600><c> isopr</c>

00:17:43.070 --> 00:17:43.080 align:start position:0%
draw uh something I refer to as isopr
 

00:17:43.080 --> 00:17:45.990 align:start position:0%
draw uh something I refer to as isopr
proportional<00:17:43.640><c> lines</c><00:17:44.640><c> and</c><00:17:45.120><c> at</c><00:17:45.360><c> these</c><00:17:45.600><c> lines</c>

00:17:45.990 --> 00:17:46.000 align:start position:0%
proportional lines and at these lines
 

00:17:46.000 --> 00:17:48.510 align:start position:0%
proportional lines and at these lines
across<00:17:46.360><c> these</c><00:17:46.559><c> lines</c><00:17:47.520><c> the</c><00:17:47.919><c> proportion</c><00:17:48.280><c> of</c><00:17:48.400><c> the</c>

00:17:48.510 --> 00:17:48.520 align:start position:0%
across these lines the proportion of the
 

00:17:48.520 --> 00:17:50.350 align:start position:0%
across these lines the proportion of the
circulating<00:17:49.120><c> Supply</c><00:17:49.480><c> that</c><00:17:49.559><c> you</c><00:17:49.720><c> attain</c>

00:17:50.350 --> 00:17:50.360 align:start position:0%
circulating Supply that you attain
 

00:17:50.360 --> 00:17:52.470 align:start position:0%
circulating Supply that you attain
remains<00:17:50.840><c> constant</c><00:17:51.640><c> so</c><00:17:51.799><c> it</c><00:17:51.880><c> doesn't</c><00:17:52.160><c> matter</c><00:17:52.400><c> if</c>

00:17:52.470 --> 00:17:52.480 align:start position:0%
remains constant so it doesn't matter if
 

00:17:52.480 --> 00:17:56.669 align:start position:0%
remains constant so it doesn't matter if
you're<00:17:52.640><c> at</c><00:17:52.880><c> 1</c><00:17:53.679><c> 1.5%</c><00:17:54.480><c> yield</c><00:17:54.919><c> 2.5%</c><00:17:55.799><c> yield</c><00:17:56.360><c> or</c>

00:17:56.669 --> 00:17:56.679 align:start position:0%
you're at 1 1.5% yield 2.5% yield or
 

00:17:56.679 --> 00:17:59.909 align:start position:0%
you're at 1 1.5% yield 2.5% yield or
3.5%<00:17:57.679><c> yield</c><00:17:58.360><c> from</c><00:17:58.600><c> the</c><00:17:58.919><c> perspective</c><00:17:59.640><c> of</c><00:17:59.760><c> the</c>

00:17:59.909 --> 00:17:59.919 align:start position:0%
3.5% yield from the perspective of the
 

00:17:59.919 --> 00:18:02.549 align:start position:0%
3.5% yield from the perspective of the
stakers<00:18:00.640><c> once</c><00:18:00.960><c> you</c><00:18:01.240><c> account</c><00:18:01.600><c> for</c><00:18:02.000><c> delusion</c>

00:18:02.549 --> 00:18:02.559 align:start position:0%
stakers once you account for delusion
 

00:18:02.559 --> 00:18:05.310 align:start position:0%
stakers once you account for delusion
effect<00:18:03.200><c> if</c><00:18:03.440><c> everyone</c><00:18:03.880><c> almost</c><00:18:04.280><c> Stakes</c><00:18:04.960><c> you</c><00:18:05.120><c> get</c>

00:18:05.310 --> 00:18:05.320 align:start position:0%
effect if everyone almost Stakes you get
 

00:18:05.320 --> 00:18:06.950 align:start position:0%
effect if everyone almost Stakes you get
the<00:18:05.520><c> same</c><00:18:05.799><c> proportion</c><00:18:06.159><c> of</c><00:18:06.280><c> the</c><00:18:06.360><c> circular</c><00:18:06.799><c> the</c>

00:18:06.950 --> 00:18:06.960 align:start position:0%
the same proportion of the circular the
 

00:18:06.960 --> 00:18:09.310 align:start position:0%
the same proportion of the circular the
supply<00:18:07.960><c> let's</c><00:18:08.159><c> draw</c><00:18:08.400><c> more</c><00:18:08.520><c> of</c><00:18:08.679><c> these</c><00:18:08.840><c> lines</c>

00:18:09.310 --> 00:18:09.320 align:start position:0%
supply let's draw more of these lines
 

00:18:09.320 --> 00:18:11.430 align:start position:0%
supply let's draw more of these lines
it's<00:18:09.520><c> like</c><00:18:09.640><c> a</c><00:18:09.840><c> topographical</c><00:18:10.720><c> map</c><00:18:11.120><c> you</c><00:18:11.240><c> know</c>

00:18:11.430 --> 00:18:11.440 align:start position:0%
it's like a topographical map you know
 

00:18:11.440 --> 00:18:14.710 align:start position:0%
it's like a topographical map you know
with<00:18:11.679><c> counter</c><00:18:12.120><c> lines</c><00:18:12.679><c> indicating</c><00:18:13.320><c> equal</c>

00:18:14.710 --> 00:18:14.720 align:start position:0%
with counter lines indicating equal
 

00:18:14.720 --> 00:18:18.190 align:start position:0%
with counter lines indicating equal
elevation<00:18:15.760><c> so</c><00:18:16.760><c> at</c><00:18:17.000><c> this</c><00:18:17.200><c> map</c><00:18:17.440><c> you</c><00:18:17.600><c> want</c><00:18:17.840><c> as</c><00:18:18.000><c> a</c>

00:18:18.190 --> 00:18:18.200 align:start position:0%
elevation so at this map you want as a
 

00:18:18.200 --> 00:18:21.149 align:start position:0%
elevation so at this map you want as a
St<00:18:18.480><c> to</c><00:18:18.559><c> be</c><00:18:18.679><c> as</c><00:18:18.799><c> a</c><00:18:19.000><c> high</c><00:18:19.280><c> elevation</c><00:18:19.799><c> as</c><00:18:20.159><c> possible</c>

00:18:21.149 --> 00:18:21.159 align:start position:0%
St to be as a high elevation as possible
 

00:18:21.159 --> 00:18:24.310 align:start position:0%
St to be as a high elevation as possible
this<00:18:21.679><c> equium</c><00:18:22.240><c> at</c><00:18:22.400><c> the</c><00:18:22.640><c> red</c><00:18:23.280><c> uh</c><00:18:23.440><c> area</c><00:18:23.919><c> is</c><00:18:24.000><c> not</c><00:18:24.120><c> so</c>

00:18:24.310 --> 00:18:24.320 align:start position:0%
this equium at the red uh area is not so
 

00:18:24.320 --> 00:18:25.870 align:start position:0%
this equium at the red uh area is not so
good<00:18:24.520><c> even</c><00:18:24.679><c> though</c><00:18:24.799><c> the</c><00:18:24.919><c> yield</c><00:18:25.240><c> is</c><00:18:25.440><c> high</c>

00:18:25.870 --> 00:18:25.880 align:start position:0%
good even though the yield is high
 

00:18:25.880 --> 00:18:27.750 align:start position:0%
good even though the yield is high
because<00:18:26.039><c> you're</c><00:18:26.200><c> at</c><00:18:26.400><c> low</c>

00:18:27.750 --> 00:18:27.760 align:start position:0%
because you're at low
 

00:18:27.760 --> 00:18:31.029 align:start position:0%
because you're at low
elevation<00:18:28.840><c> any</c><00:18:29.559><c> equium</c><00:18:30.159><c> above</c><00:18:30.480><c> the</c><00:18:30.640><c> dashed</c>

00:18:31.029 --> 00:18:31.039 align:start position:0%
elevation any equium above the dashed
 

00:18:31.039 --> 00:18:34.149 align:start position:0%
elevation any equium above the dashed
curve<00:18:31.440><c> is</c><00:18:31.559><c> at</c><00:18:31.720><c> a</c><00:18:32.039><c> better</c><00:18:32.760><c> higher</c><00:18:33.080><c> elevation</c><00:18:33.640><c> so</c>

00:18:34.149 --> 00:18:34.159 align:start position:0%
curve is at a better higher elevation so
 

00:18:34.159 --> 00:18:36.310 align:start position:0%
curve is at a better higher elevation so
the<00:18:34.400><c> orange</c><00:18:34.840><c> area</c><00:18:35.240><c> here</c><00:18:35.600><c> is</c><00:18:35.799><c> better</c><00:18:36.039><c> for</c><00:18:36.159><c> you</c>

00:18:36.310 --> 00:18:36.320 align:start position:0%
the orange area here is better for you
 

00:18:36.320 --> 00:18:41.350 align:start position:0%
the orange area here is better for you
as<00:18:36.400><c> a</c><00:18:36.520><c> ster</c><00:18:37.240><c> even</c><00:18:37.600><c> though</c><00:18:38.000><c> the</c><00:18:38.159><c> yield</c><00:18:38.960><c> is</c>

00:18:41.350 --> 00:18:41.360 align:start position:0%
as a ster even though the yield is
 

00:18:41.360 --> 00:18:43.750 align:start position:0%
as a ster even though the yield is
lower<00:18:42.360><c> and</c><00:18:42.559><c> here</c><00:18:42.679><c> we</c><00:18:42.840><c> have</c><00:18:43.000><c> the</c><00:18:43.120><c> supply</c><00:18:43.520><c> curve</c>

00:18:43.750 --> 00:18:43.760 align:start position:0%
lower and here we have the supply curve
 

00:18:43.760 --> 00:18:46.029 align:start position:0%
lower and here we have the supply curve
from<00:18:43.919><c> previously</c><00:18:44.919><c> and</c><00:18:45.039><c> we</c><00:18:45.159><c> see</c><00:18:45.440><c> that</c><00:18:45.679><c> if</c><00:18:45.799><c> you</c>

00:18:46.029 --> 00:18:46.039 align:start position:0%
from previously and we see that if you
 

00:18:46.039 --> 00:18:48.110 align:start position:0%
from previously and we see that if you
start<00:18:46.520><c> here</c><00:18:46.640><c> at</c><00:18:46.799><c> the</c><00:18:47.000><c> black</c>

00:18:48.110 --> 00:18:48.120 align:start position:0%
start here at the black
 

00:18:48.120 --> 00:18:50.950 align:start position:0%
start here at the black
Square<00:18:49.120><c> you</c><00:18:49.280><c> have</c><00:18:49.600><c> 110</c><00:18:50.120><c> million</c><00:18:50.360><c> each</c><00:18:50.640><c> Stak</c>

00:18:50.950 --> 00:18:50.960 align:start position:0%
Square you have 110 million each Stak
 

00:18:50.960 --> 00:18:52.350 align:start position:0%
Square you have 110 million each Stak
than<00:18:51.360><c> say</c><00:18:51.559><c> a</c>

00:18:52.350 --> 00:18:52.360 align:start position:0%
than say a
 

00:18:52.360 --> 00:18:55.510 align:start position:0%
than say a
1.8%<00:18:53.360><c> Stak</c><00:18:53.799><c> yield</c><00:18:54.520><c> well</c><00:18:54.679><c> it</c><00:18:54.840><c> might</c><00:18:55.039><c> feel</c><00:18:55.360><c> good</c>

00:18:55.510 --> 00:18:55.520 align:start position:0%
1.8% Stak yield well it might feel good
 

00:18:55.520 --> 00:18:57.909 align:start position:0%
1.8% Stak yield well it might feel good
as<00:18:55.600><c> a</c><00:18:55.720><c> Staker</c><00:18:56.520><c> but</c><00:18:56.720><c> you</c><00:18:56.960><c> follow</c><00:18:57.400><c> this</c><00:18:57.559><c> is</c><00:18:57.679><c> a</c>

00:18:57.909 --> 00:18:57.919 align:start position:0%
as a Staker but you follow this is a
 

00:18:57.919 --> 00:18:59.470 align:start position:0%
as a Staker but you follow this is a
proportion<00:18:58.360><c> line</c><00:18:58.880><c> the</c><00:18:58.960><c> way</c><00:18:59.080><c> to</c><00:18:59.200><c> the</c><00:18:59.280><c> other</c>

00:18:59.470 --> 00:18:59.480 align:start position:0%
proportion line the way to the other
 

00:18:59.480 --> 00:19:01.950 align:start position:0%
proportion line the way to the other
equum<00:18:59.960><c> that's</c><00:19:00.280><c> possible</c><00:19:00.640><c> on</c><00:19:00.799><c> the</c><00:19:00.919><c> disip</c><00:19:01.480><c> curve</c>

00:19:01.950 --> 00:19:01.960 align:start position:0%
equum that's possible on the disip curve
 

00:19:01.960 --> 00:19:04.070 align:start position:0%
equum that's possible on the disip curve
and<00:19:02.039><c> you</c><00:19:02.159><c> see</c><00:19:02.440><c> that</c><00:19:02.799><c> you're</c><00:19:03.159><c> equally</c><00:19:03.679><c> well</c><00:19:03.880><c> off</c>

00:19:04.070 --> 00:19:04.080 align:start position:0%
and you see that you're equally well off
 

00:19:04.080 --> 00:19:08.789 align:start position:0%
and you see that you're equally well off
as<00:19:04.159><c> a</c><00:19:04.320><c> ster</c><00:19:05.200><c> at</c><00:19:05.440><c> a</c><00:19:06.039><c> you</c><00:19:06.200><c> know</c><00:19:07.159><c> 0.25%</c><00:19:08.159><c> is</c><00:19:08.400><c> on</c><00:19:08.559><c> SE</c>

00:19:08.789 --> 00:19:08.799 align:start position:0%
as a ster at a you know 0.25% is on SE
 

00:19:08.799 --> 00:19:11.110 align:start position:0%
as a ster at a you know 0.25% is on SE
and<00:19:08.960><c> 20</c><00:19:09.280><c> million</c><00:19:09.640><c> State</c><00:19:10.520><c> because</c><00:19:10.720><c> you</c><00:19:10.960><c> not</c>

00:19:11.110 --> 00:19:11.120 align:start position:0%
and 20 million State because you not
 

00:19:11.120 --> 00:19:12.830 align:start position:0%
and 20 million State because you not
suffering<00:19:11.480><c> from</c>

00:19:12.830 --> 00:19:12.840 align:start position:0%
suffering from
 

00:19:12.840 --> 00:19:15.630 align:start position:0%
suffering from
delusion<00:19:13.840><c> and</c><00:19:14.400><c> the</c><00:19:14.559><c> optimal</c><00:19:15.039><c> situation</c><00:19:15.480><c> here</c>

00:19:15.630 --> 00:19:15.640 align:start position:0%
delusion and the optimal situation here
 

00:19:15.640 --> 00:19:19.350 align:start position:0%
delusion and the optimal situation here
is<00:19:15.840><c> actually</c><00:19:16.200><c> at</c><00:19:16.520><c> this</c><00:19:17.280><c> at</c><00:19:17.480><c> this</c><00:19:18.039><c> red</c><00:19:18.480><c> square</c>

00:19:19.350 --> 00:19:19.360 align:start position:0%
is actually at this at this red square
 

00:19:19.360 --> 00:19:21.029 align:start position:0%
is actually at this at this red square
here<00:19:19.559><c> where</c><00:19:19.679><c> you</c><00:19:19.799><c> at</c><00:19:20.000><c> the</c><00:19:20.200><c> highest</c><00:19:20.600><c> elevation</c>

00:19:21.029 --> 00:19:21.039 align:start position:0%
here where you at the highest elevation
 

00:19:21.039 --> 00:19:23.710 align:start position:0%
here where you at the highest elevation
is<00:19:21.320><c> possible</c><00:19:22.159><c> on</c><00:19:22.640><c> the</c>

00:19:23.710 --> 00:19:23.720 align:start position:0%
is possible on the
 

00:19:23.720 --> 00:19:26.230 align:start position:0%
is possible on the
map<00:19:24.720><c> but</c><00:19:24.840><c> this</c><00:19:24.960><c> is</c><00:19:25.080><c> just</c><00:19:25.280><c> Surplus</c><00:19:25.840><c> shifting</c>

00:19:26.230 --> 00:19:26.240 align:start position:0%
map but this is just Surplus shifting
 

00:19:26.240 --> 00:19:27.590 align:start position:0%
map but this is just Surplus shifting
around<00:19:26.559><c> you</c><00:19:26.679><c> know</c><00:19:26.799><c> it's</c><00:19:26.919><c> not</c><00:19:27.039><c> the</c><00:19:27.159><c> motivation</c>

00:19:27.590 --> 00:19:27.600 align:start position:0%
around you know it's not the motivation
 

00:19:27.600 --> 00:19:30.870 align:start position:0%
around you know it's not the motivation
forance<00:19:28.559><c> the</c><00:19:28.720><c> the</c><00:19:28.840><c> motivation</c><00:19:29.480><c> is</c><00:19:30.240><c> for</c><00:19:30.440><c> inance</c>

00:19:30.870 --> 00:19:30.880 align:start position:0%
forance the the motivation is for inance
 

00:19:30.880 --> 00:19:33.190 align:start position:0%
forance the the motivation is for inance
reduction<00:19:31.240><c> the</c><00:19:31.360><c> motivation</c><00:19:31.919><c> is</c><00:19:32.280><c> the</c><00:19:32.520><c> cost</c>

00:19:33.190 --> 00:19:33.200 align:start position:0%
reduction the motivation is the cost
 

00:19:33.200 --> 00:19:35.430 align:start position:0%
reduction the motivation is the cost
reduction<00:19:34.200><c> but</c><00:19:34.320><c> it's</c><00:19:34.520><c> important</c><00:19:34.960><c> to</c>

00:19:35.430 --> 00:19:35.440 align:start position:0%
reduction but it's important to
 

00:19:35.440 --> 00:19:36.549 align:start position:0%
reduction but it's important to
understand<00:19:35.720><c> this</c><00:19:35.880><c> as</c><00:19:36.039><c> well</c><00:19:36.200><c> it's</c><00:19:36.360><c> very</c>

00:19:36.549 --> 00:19:36.559 align:start position:0%
understand this as well it's very
 

00:19:36.559 --> 00:19:38.590 align:start position:0%
understand this as well it's very
important<00:19:36.919><c> to</c><00:19:37.080><c> emphasize</c>

00:19:38.590 --> 00:19:38.600 align:start position:0%
important to emphasize
 

00:19:38.600 --> 00:19:41.590 align:start position:0%
important to emphasize
this<00:19:39.600><c> and</c><00:19:39.799><c> just</c><00:19:40.320><c> as</c><00:19:40.440><c> a</c><00:19:40.600><c> concluding</c><00:19:41.039><c> remark</c><00:19:41.440><c> a</c>

00:19:41.590 --> 00:19:41.600 align:start position:0%
this and just as a concluding remark a
 

00:19:41.600 --> 00:19:43.710 align:start position:0%
this and just as a concluding remark a
checklist<00:19:42.480><c> on</c><00:19:42.600><c> the</c><00:19:42.799><c> Practical</c><00:19:43.440><c> and</c><00:19:43.559><c> what</c>

00:19:43.710 --> 00:19:43.720 align:start position:0%
checklist on the Practical and what
 

00:19:43.720 --> 00:19:45.270 align:start position:0%
checklist on the Practical and what
needs<00:19:43.880><c> to</c><00:19:44.000><c> be</c><00:19:44.080><c> done</c><00:19:44.280><c> there</c><00:19:44.400><c> needs</c><00:19:44.559><c> to</c><00:19:44.720><c> be</c><00:19:44.799><c> a</c>

00:19:45.270 --> 00:19:45.280 align:start position:0%
needs to be done there needs to be a
 

00:19:45.280 --> 00:19:47.669 align:start position:0%
needs to be done there needs to be a
theoretical<00:19:46.280><c> uh</c><00:19:46.760><c> foundation</c><00:19:47.320><c> and</c><00:19:47.440><c> we</c><00:19:47.559><c> have</c>

00:19:47.669 --> 00:19:47.679 align:start position:0%
theoretical uh foundation and we have
 

00:19:47.679 --> 00:19:51.350 align:start position:0%
theoretical uh foundation and we have
shipped<00:19:48.000><c> it</c><00:19:49.000><c> there's</c><00:19:49.200><c> a</c><00:19:49.400><c> cost</c><00:19:49.799><c> reduction</c><00:19:50.799><c> and</c>

00:19:51.350 --> 00:19:51.360 align:start position:0%
shipped it there's a cost reduction and
 

00:19:51.360 --> 00:19:54.190 align:start position:0%
shipped it there's a cost reduction and
there's<00:19:51.840><c> the</c><00:19:51.960><c> macro</c><00:19:52.760><c> perspective</c><00:19:53.760><c> we</c><00:19:53.919><c> need</c><00:19:54.039><c> to</c>

00:19:54.190 --> 00:19:54.200 align:start position:0%
there's the macro perspective we need to
 

00:19:54.200 --> 00:19:56.149 align:start position:0%
there's the macro perspective we need to
have<00:19:54.360><c> curve</c><00:19:54.840><c> parameterizations</c><00:19:55.840><c> and</c><00:19:55.960><c> they're</c>

00:19:56.149 --> 00:19:56.159 align:start position:0%
have curve parameterizations and they're
 

00:19:56.159 --> 00:20:00.070 align:start position:0%
have curve parameterizations and they're
available<00:19:57.120><c> in</c><00:19:57.280><c> the</c><00:19:57.440><c> post</c><00:19:57.799><c> and</c><00:19:58.000><c> elsewhere</c>

00:20:00.070 --> 00:20:00.080 align:start position:0%
available in the post and elsewhere
 

00:20:00.080 --> 00:20:01.830 align:start position:0%
available in the post and elsewhere
uh<00:20:00.240><c> we</c><00:20:00.320><c> need</c><00:20:00.440><c> to</c><00:20:00.600><c> design</c><00:20:00.960><c> orbit</c><00:20:01.280><c> ssf</c>

00:20:01.830 --> 00:20:01.840 align:start position:0%
uh we need to design orbit ssf
 

00:20:01.840 --> 00:20:04.669 align:start position:0%
uh we need to design orbit ssf
consolidation<00:20:02.679><c> incentives</c><00:20:03.679><c> and</c><00:20:03.919><c> I</c><00:20:04.120><c> I</c><00:20:04.280><c> posted</c>

00:20:04.669 --> 00:20:04.679 align:start position:0%
consolidation incentives and I I posted
 

00:20:04.679 --> 00:20:07.990 align:start position:0%
consolidation incentives and I I posted
yesterday<00:20:05.400><c> uh</c><00:20:05.520><c> a</c><00:20:05.760><c> post</c><00:20:06.000><c> on</c><00:20:06.360><c> that</c><00:20:07.360><c> so</c><00:20:07.720><c> I</c><00:20:07.799><c> would</c>

00:20:07.990 --> 00:20:08.000 align:start position:0%
yesterday uh a post on that so I would
 

00:20:08.000 --> 00:20:09.990 align:start position:0%
yesterday uh a post on that so I would
put<00:20:08.120><c> it</c><00:20:08.520><c> as</c><00:20:08.760><c> yellow</c><00:20:09.159><c> because</c><00:20:09.320><c> it's</c><00:20:09.440><c> a</c><00:20:09.600><c> draft</c>

00:20:09.990 --> 00:20:10.000 align:start position:0%
put it as yellow because it's a draft
 

00:20:10.000 --> 00:20:12.110 align:start position:0%
put it as yellow because it's a draft
post<00:20:10.360><c> but</c><00:20:10.559><c> it's</c><00:20:10.720><c> sort</c><00:20:10.919><c> of</c><00:20:11.120><c> outlines</c>

00:20:12.110 --> 00:20:12.120 align:start position:0%
post but it's sort of outlines
 

00:20:12.120 --> 00:20:14.830 align:start position:0%
post but it's sort of outlines
approximately<00:20:12.720><c> where</c><00:20:12.840><c> we</c><00:20:12.919><c> would</c><00:20:13.080><c> like</c><00:20:13.200><c> to</c><00:20:13.840><c> be</c>

00:20:14.830 --> 00:20:14.840 align:start position:0%
approximately where we would like to be
 

00:20:14.840 --> 00:20:17.110 align:start position:0%
approximately where we would like to be
we<00:20:14.960><c> also</c><00:20:15.200><c> need</c><00:20:15.360><c> to</c><00:20:15.600><c> redesign</c><00:20:16.120><c> eum's</c><00:20:16.640><c> consensus</c>

00:20:17.110 --> 00:20:17.120 align:start position:0%
we also need to redesign eum's consensus
 

00:20:17.120 --> 00:20:19.549 align:start position:0%
we also need to redesign eum's consensus
incentives<00:20:17.600><c> a</c><00:20:17.720><c> bit</c><00:20:18.039><c> if</c><00:20:18.159><c> we</c><00:20:18.400><c> push</c><00:20:18.679><c> is</c><00:20:19.320><c> down</c>

00:20:19.549 --> 00:20:19.559 align:start position:0%
incentives a bit if we push is down
 

00:20:19.559 --> 00:20:22.149 align:start position:0%
incentives a bit if we push is down
close<00:20:19.840><c> to</c><00:20:20.039><c> Zer</c><00:20:21.039><c> and</c><00:20:21.240><c> we</c><00:20:21.360><c> have</c><00:20:21.520><c> been</c><00:20:21.760><c> working</c><00:20:22.000><c> on</c>

00:20:22.149 --> 00:20:22.159 align:start position:0%
close to Zer and we have been working on
 

00:20:22.159 --> 00:20:24.149 align:start position:0%
close to Zer and we have been working on
this<00:20:22.320><c> a</c><00:20:22.440><c> bit</c><00:20:22.720><c> but</c><00:20:23.159><c> as</c><00:20:23.280><c> you</c><00:20:23.440><c> noted</c><00:20:24.000><c> the</c>

00:20:24.149 --> 00:20:24.159 align:start position:0%
this a bit but as you noted the
 

00:20:24.159 --> 00:20:25.710 align:start position:0%
this a bit but as you noted the
discussion<00:20:24.520><c> about</c><00:20:24.720><c> this</c><00:20:24.919><c> R</c><00:20:25.159><c> senses</c><00:20:25.600><c> but</c>

00:20:25.710 --> 00:20:25.720 align:start position:0%
discussion about this R senses but
 

00:20:25.720 --> 00:20:28.270 align:start position:0%
discussion about this R senses but
there's<00:20:26.039><c> a</c><00:20:26.200><c> few</c><00:20:26.600><c> things</c><00:20:27.000><c> quirks</c><00:20:27.320><c> to</c><00:20:27.440><c> work</c><00:20:27.640><c> out</c>

00:20:28.270 --> 00:20:28.280 align:start position:0%
there's a few things quirks to work out
 

00:20:28.280 --> 00:20:31.070 align:start position:0%
there's a few things quirks to work out
so<00:20:28.400><c> I</c><00:20:28.520><c> put</c><00:20:28.720><c> at</c><00:20:28.840><c> the</c><00:20:29.200><c> orange</c><00:20:30.200><c> if</c><00:20:30.360><c> we</c><00:20:30.520><c> push</c><00:20:30.799><c> met</c>

00:20:31.070 --> 00:20:31.080 align:start position:0%
so I put at the orange if we push met
 

00:20:31.080 --> 00:20:33.029 align:start position:0%
so I put at the orange if we push met
Buton<00:20:31.600><c> both</c><00:20:31.760><c> of</c><00:20:31.960><c> these</c><00:20:32.120><c> becomes</c><00:20:32.559><c> Greener</c>

00:20:33.029 --> 00:20:33.039 align:start position:0%
Buton both of these becomes Greener
 

00:20:33.039 --> 00:20:35.110 align:start position:0%
Buton both of these becomes Greener
because<00:20:33.280><c> you</c><00:20:33.440><c> know</c><00:20:33.960><c> then</c><00:20:34.320><c> the</c><00:20:34.440><c> issue</c><00:20:34.720><c> isn't</c>

00:20:35.110 --> 00:20:35.120 align:start position:0%
because you know then the issue isn't
 

00:20:35.120 --> 00:20:36.470 align:start position:0%
because you know then the issue isn't
that<00:20:35.320><c> big</c>

00:20:36.470 --> 00:20:36.480 align:start position:0%
that big
 

00:20:36.480 --> 00:20:38.390 align:start position:0%
that big
anymore<00:20:37.480><c> I</c><00:20:37.640><c> also</c><00:20:37.840><c> working</c><00:20:38.120><c> on</c><00:20:38.240><c> a</c>

00:20:38.390 --> 00:20:38.400 align:start position:0%
anymore I also working on a
 

00:20:38.400 --> 00:20:40.630 align:start position:0%
anymore I also working on a
probabilistic<00:20:39.039><c> equ</c><00:20:39.600><c> analysis</c><00:20:40.159><c> that</c><00:20:40.280><c> I</c><00:20:40.360><c> will</c>

00:20:40.630 --> 00:20:40.640 align:start position:0%
probabilistic equ analysis that I will
 

00:20:40.640 --> 00:20:43.029 align:start position:0%
probabilistic equ analysis that I will
post<00:20:41.320><c> uh</c><00:20:41.440><c> in</c><00:20:41.559><c> the</c><00:20:41.760><c> first</c><00:20:42.120><c> quarter</c><00:20:42.559><c> of</c><00:20:42.799><c> next</c>

00:20:43.029 --> 00:20:43.039 align:start position:0%
post uh in the first quarter of next
 

00:20:43.039 --> 00:20:46.549 align:start position:0%
post uh in the first quarter of next
year<00:20:43.799><c> and</c><00:20:44.000><c> that</c><00:20:44.159><c> will</c><00:20:44.919><c> uh</c><00:20:45.679><c> I</c><00:20:45.919><c> so</c><00:20:46.080><c> I</c><00:20:46.159><c> will</c><00:20:46.280><c> put</c><00:20:46.440><c> it</c>

00:20:46.549 --> 00:20:46.559 align:start position:0%
year and that will uh I so I will put it
 

00:20:46.559 --> 00:20:48.350 align:start position:0%
year and that will uh I so I will put it
at<00:20:46.720><c> Orange</c><00:20:47.440><c> and</c><00:20:47.600><c> that</c><00:20:47.720><c> would</c><00:20:47.880><c> be</c><00:20:48.120><c> like</c><00:20:48.240><c> a</c>

00:20:48.350 --> 00:20:48.360 align:start position:0%
at Orange and that would be like a
 

00:20:48.360 --> 00:20:50.430 align:start position:0%
at Orange and that would be like a
foundation<00:20:48.760><c> for</c><00:20:49.000><c> my</c><00:20:49.200><c> perspective</c><00:20:49.600><c> of</c><00:20:49.840><c> why</c><00:20:50.280><c> we</c>

00:20:50.430 --> 00:20:50.440 align:start position:0%
foundation for my perspective of why we
 

00:20:50.440 --> 00:20:52.310 align:start position:0%
foundation for my perspective of why we
can<00:20:50.640><c> do</c><00:20:50.840><c> it</c>

00:20:52.310 --> 00:20:52.320 align:start position:0%
can do it
 

00:20:52.320 --> 00:20:56.350 align:start position:0%
can do it
uh<00:20:53.320><c> from</c><00:20:53.520><c> the</c><00:20:53.679><c> perspective</c><00:20:54.159><c> of</c><00:20:54.320><c> you</c><00:20:54.440><c> know</c>

00:20:56.350 --> 00:20:56.360 align:start position:0%
uh from the perspective of you know
 

00:20:56.360 --> 00:20:57.990 align:start position:0%
uh from the perspective of you know
decentralization<00:20:57.360><c> and</c><00:20:57.480><c> we</c><00:20:57.600><c> also</c><00:20:57.760><c> need</c><00:20:57.880><c> to</c>

00:20:57.990 --> 00:20:58.000 align:start position:0%
decentralization and we also need to
 

00:20:58.000 --> 00:20:59.710 align:start position:0%
decentralization and we also need to
build<00:20:58.240><c> community</c><00:20:58.799><c> support</c><00:20:59.200><c> and</c><00:20:59.320><c> I'll</c><00:20:59.520><c> put</c><00:20:59.640><c> it</c>

00:20:59.710 --> 00:20:59.720 align:start position:0%
build community support and I'll put it
 

00:20:59.720 --> 00:21:03.029 align:start position:0%
build community support and I'll put it
at<00:21:00.400><c> Yellow</c><00:21:01.400><c> by</c><00:21:01.720><c> turning</c><00:21:02.159><c> the</c><00:21:02.360><c> other</c><00:21:02.679><c> check</c>

00:21:03.029 --> 00:21:03.039 align:start position:0%
at Yellow by turning the other check
 

00:21:03.039 --> 00:21:05.590 align:start position:0%
at Yellow by turning the other check
marks<00:21:03.480><c> green</c><00:21:04.000><c> we</c><00:21:04.159><c> can</c><00:21:04.360><c> also</c><00:21:04.600><c> build</c><00:21:04.960><c> community</c>

00:21:05.590 --> 00:21:05.600 align:start position:0%
marks green we can also build community
 

00:21:05.600 --> 00:21:07.950 align:start position:0%
marks green we can also build community
support<00:21:06.039><c> better</c><00:21:06.799><c> you</c><00:21:06.919><c> know</c><00:21:07.360><c> and</c><00:21:07.480><c> we</c><00:21:07.640><c> build</c>

00:21:07.950 --> 00:21:07.960 align:start position:0%
support better you know and we build
 

00:21:07.960 --> 00:21:09.630 align:start position:0%
support better you know and we build
community<00:21:08.440><c> support</c><00:21:08.799><c> of</c><00:21:08.919><c> course</c><00:21:09.159><c> by</c><00:21:09.280><c> striving</c>

00:21:09.630 --> 00:21:09.640 align:start position:0%
community support of course by striving
 

00:21:09.640 --> 00:21:11.789 align:start position:0%
community support of course by striving
for<00:21:10.039><c> an</c><00:21:10.159><c> ethereum</c><00:21:10.600><c> that</c><00:21:11.159><c> facilitates</c>

00:21:11.789 --> 00:21:11.799 align:start position:0%
for an ethereum that facilitates
 

00:21:11.799 --> 00:21:14.909 align:start position:0%
for an ethereum that facilitates
sustainable<00:21:12.559><c> economic</c><00:21:13.679><c> activity</c><00:21:14.679><c> that</c><00:21:14.799><c> is</c>

00:21:14.909 --> 00:21:14.919 align:start position:0%
sustainable economic activity that is
 

00:21:14.919 --> 00:21:16.470 align:start position:0%
sustainable economic activity that is
what<00:21:15.039><c> we're</c><00:21:15.200><c> working</c><00:21:15.480><c> on</c><00:21:15.679><c> in</c><00:21:15.919><c> all</c><00:21:16.240><c> these</c>

00:21:16.470 --> 00:21:16.480 align:start position:0%
what we're working on in all these
 

00:21:16.480 --> 00:21:18.990 align:start position:0%
what we're working on in all these
different<00:21:16.880><c> parts</c><00:21:17.360><c> of</c><00:21:17.480><c> the</c><00:21:17.640><c> roadm</c><00:21:18.640><c> that</c><00:21:18.760><c> is</c><00:21:18.880><c> how</c>

00:21:18.990 --> 00:21:19.000 align:start position:0%
different parts of the roadm that is how
 

00:21:19.000 --> 00:21:21.669 align:start position:0%
different parts of the roadm that is how
we<00:21:19.159><c> strengthen</c><00:21:19.720><c> e</c><00:21:20.039><c> and</c><00:21:20.200><c> ethereum</c><00:21:21.120><c> and</c><00:21:21.360><c> that</c><00:21:21.480><c> is</c>

00:21:21.669 --> 00:21:21.679 align:start position:0%
we strengthen e and ethereum and that is
 

00:21:21.679 --> 00:21:24.350 align:start position:0%
we strengthen e and ethereum and that is
a<00:21:21.880><c> suitable</c><00:21:22.640><c> North</c><00:21:23.080><c> Star</c><00:21:23.520><c> in</c><00:21:23.640><c> my</c><00:21:23.799><c> opinion</c>

00:21:24.350 --> 00:21:24.360 align:start position:0%
a suitable North Star in my opinion
 

00:21:24.360 --> 00:21:25.850 align:start position:0%
a suitable North Star in my opinion
thank<00:21:24.520><c> you</c>

00:21:25.850 --> 00:21:25.860 align:start position:0%
thank you
 

00:21:25.860 --> 00:21:26.450 align:start position:0%
thank you
[Music]

00:21:26.450 --> 00:21:26.460 align:start position:0%
[Music]
 

00:21:26.460 --> 00:21:33.310 align:start position:0%
[Music]
[Applause]

00:21:33.310 --> 00:21:33.320 align:start position:0%
[Applause]
 

00:21:33.320 --> 00:21:37.149 align:start position:0%
[Applause]
thank<00:21:33.480><c> you</c><00:21:33.600><c> so</c><00:21:33.799><c> much</c><00:21:34.360><c> endis</c><00:21:35.360><c> now</c><00:21:35.640><c> time</c><00:21:35.840><c> for</c>

00:21:37.149 --> 00:21:37.159 align:start position:0%
thank you so much endis now time for
 

00:21:37.159 --> 00:21:39.350 align:start position:0%
thank you so much endis now time for
questions<00:21:38.159><c> first</c><00:21:38.400><c> one</c><00:21:38.640><c> what</c><00:21:38.760><c> do</c><00:21:38.880><c> you</c><00:21:39.039><c> think</c>

00:21:39.350 --> 00:21:39.360 align:start position:0%
questions first one what do you think
 

00:21:39.360 --> 00:21:43.230 align:start position:0%
questions first one what do you think
about<00:21:39.720><c> reward</c><00:21:40.240><c> corbs</c><00:21:40.760><c> with</c><00:21:41.039><c> Dynamic</c>

00:21:43.230 --> 00:21:43.240 align:start position:0%
about reward corbs with Dynamic
 

00:21:43.240 --> 00:21:46.190 align:start position:0%
about reward corbs with Dynamic
parameters<00:21:44.240><c> yes</c><00:21:44.799><c> uh</c><00:21:45.039><c> I</c><00:21:45.200><c> I</c><00:21:45.279><c> have</c><00:21:45.600><c> written</c><00:21:46.000><c> about</c>

00:21:46.190 --> 00:21:46.200 align:start position:0%
parameters yes uh I I have written about
 

00:21:46.200 --> 00:21:48.070 align:start position:0%
parameters yes uh I I have written about
this<00:21:46.400><c> actually</c><00:21:46.679><c> there's</c><00:21:46.840><c> a</c>

00:21:48.070 --> 00:21:48.080 align:start position:0%
this actually there's a
 

00:21:48.080 --> 00:21:52.750 align:start position:0%
this actually there's a
fq<00:21:49.080><c> and</c><00:21:50.000><c> I</c><00:21:50.200><c> talk</c><00:21:50.520><c> about</c><00:21:50.960><c> the</c><00:21:51.200><c> issue</c><00:21:52.159><c> if</c><00:21:52.400><c> if</c><00:21:52.600><c> the</c>

00:21:52.750 --> 00:21:52.760 align:start position:0%
fq and I talk about the issue if if the
 

00:21:52.760 --> 00:21:54.310 align:start position:0%
fq and I talk about the issue if if the
question<00:21:53.080><c> relates</c><00:21:53.440><c> to</c><00:21:53.600><c> the</c><00:21:53.720><c> issue</c><00:21:53.919><c> of</c><00:21:54.080><c> trying</c>

00:21:54.310 --> 00:21:54.320 align:start position:0%
question relates to the issue of trying
 

00:21:54.320 --> 00:21:57.750 align:start position:0%
question relates to the issue of trying
to<00:21:54.480><c> know</c><00:21:54.880><c> dynamically</c><00:21:55.559><c> I</c><00:21:56.240><c> adjust</c><00:21:56.640><c> the</c><00:21:56.840><c> work</c>

00:21:57.750 --> 00:21:57.760 align:start position:0%
to know dynamically I adjust the work
 

00:21:57.760 --> 00:22:00.549 align:start position:0%
to know dynamically I adjust the work
the<00:21:57.919><c> point</c><00:21:58.159><c> is</c><00:21:58.360><c> that</c><00:21:58.799><c> it's</c><00:21:59.000><c> not</c><00:21:59.440><c> a</c><00:21:59.640><c> way</c><00:21:59.840><c> to</c><00:22:00.240><c> to</c>

00:22:00.549 --> 00:22:00.559 align:start position:0%
the point is that it's not a way to to
 

00:22:00.559 --> 00:22:02.269 align:start position:0%
the point is that it's not a way to to
address<00:22:01.000><c> the</c><00:22:01.120><c> issues</c><00:22:01.480><c> that</c><00:22:01.640><c> we</c><00:22:01.799><c> have</c><00:22:02.039><c> in</c><00:22:02.159><c> the</c>

00:22:02.269 --> 00:22:02.279 align:start position:0%
address the issues that we have in the
 

00:22:02.279 --> 00:22:04.590 align:start position:0%
address the issues that we have in the
long<00:22:02.520><c> term</c><00:22:03.520><c> in</c><00:22:03.640><c> the</c><00:22:03.760><c> long</c><00:22:03.960><c> term</c><00:22:04.200><c> it</c><00:22:04.320><c> doesn't</c>

00:22:04.590 --> 00:22:04.600 align:start position:0%
long term in the long term it doesn't
 

00:22:04.600 --> 00:22:06.870 align:start position:0%
long term in the long term it doesn't
matter<00:22:04.840><c> you</c><00:22:04.960><c> know</c><00:22:05.360><c> we</c><00:22:05.480><c> need</c><00:22:05.640><c> to</c><00:22:05.880><c> focus</c><00:22:06.200><c> on</c><00:22:06.679><c> the</c>

00:22:06.870 --> 00:22:06.880 align:start position:0%
matter you know we need to focus on the
 

00:22:06.880 --> 00:22:09.350 align:start position:0%
matter you know we need to focus on the
one<00:22:07.520><c> reward</c><00:22:07.919><c> curve</c><00:22:08.440><c> because</c><00:22:08.720><c> that's</c><00:22:08.919><c> how</c><00:22:09.120><c> we</c>

00:22:09.350 --> 00:22:09.360 align:start position:0%
one reward curve because that's how we
 

00:22:09.360 --> 00:22:11.909 align:start position:0%
one reward curve because that's how we
prioritize<00:22:10.240><c> this</c><00:22:10.559><c> these</c><00:22:10.919><c> different</c><00:22:11.480><c> aspects</c>

00:22:11.909 --> 00:22:11.919 align:start position:0%
prioritize this these different aspects
 

00:22:11.919 --> 00:22:14.990 align:start position:0%
prioritize this these different aspects
you<00:22:12.080><c> know</c><00:22:12.720><c> so</c><00:22:13.559><c> I</c><00:22:13.679><c> think</c><00:22:13.960><c> that</c><00:22:14.200><c> there's</c><00:22:14.640><c> there's</c>

00:22:14.990 --> 00:22:15.000 align:start position:0%
you know so I think that there's there's
 

00:22:15.000 --> 00:22:16.990 align:start position:0%
you know so I think that there's there's
the<00:22:15.159><c> idea</c><00:22:15.400><c> of</c><00:22:15.520><c> you</c><00:22:15.640><c> know</c><00:22:15.799><c> having</c><00:22:16.000><c> some</c><00:22:16.360><c> Dynamic</c>

00:22:16.990 --> 00:22:17.000 align:start position:0%
the idea of you know having some Dynamic
 

00:22:17.000 --> 00:22:19.230 align:start position:0%
the idea of you know having some Dynamic
solution<00:22:18.000><c> there's</c><00:22:18.400><c> there's</c><00:22:18.799><c> there's</c><00:22:18.960><c> a</c>

00:22:19.230 --> 00:22:19.240 align:start position:0%
solution there's there's there's a
 

00:22:19.240 --> 00:22:21.190 align:start position:0%
solution there's there's there's a
threat<00:22:19.679><c> in</c><00:22:19.840><c> it</c><00:22:20.279><c> that</c><00:22:20.400><c> you</c><00:22:20.600><c> think</c><00:22:20.880><c> that</c><00:22:21.000><c> you're</c>

00:22:21.190 --> 00:22:21.200 align:start position:0%
threat in it that you think that you're
 

00:22:21.200 --> 00:22:22.909 align:start position:0%
threat in it that you think that you're
solving<00:22:21.640><c> something</c><00:22:22.000><c> but</c><00:22:22.120><c> you're</c><00:22:22.240><c> not</c><00:22:22.559><c> solving</c>

00:22:22.909 --> 00:22:22.919 align:start position:0%
solving something but you're not solving
 

00:22:22.919 --> 00:22:24.990 align:start position:0%
solving something but you're not solving
it<00:22:23.240><c> you're</c><00:22:23.400><c> not</c><00:22:23.559><c> solving</c><00:22:23.880><c> it</c><00:22:23.960><c> in</c><00:22:24.080><c> the</c><00:22:24.200><c> run</c><00:22:24.440><c> run</c>

00:22:24.990 --> 00:22:25.000 align:start position:0%
it you're not solving it in the run run
 

00:22:25.000 --> 00:22:26.750 align:start position:0%
it you're not solving it in the run run
the<00:22:25.200><c> only</c><00:22:25.640><c> reason</c><00:22:26.080><c> why</c><00:22:26.240><c> we</c><00:22:26.320><c> would</c><00:22:26.520><c> like</c><00:22:26.640><c> to</c>

00:22:26.750 --> 00:22:26.760 align:start position:0%
the only reason why we would like to
 

00:22:26.760 --> 00:22:29.870 align:start position:0%
the only reason why we would like to
have<00:22:26.919><c> a</c><00:22:27.200><c> dynamic</c><00:22:27.799><c> curve</c><00:22:28.600><c> is</c><00:22:28.799><c> if</c><00:22:29.120><c> we</c><00:22:29.320><c> have</c><00:22:29.600><c> if</c><00:22:29.720><c> we</c>

00:22:29.870 --> 00:22:29.880 align:start position:0%
have a dynamic curve is if we have if we
 

00:22:29.880 --> 00:22:33.110 align:start position:0%
have a dynamic curve is if we have if we
go<00:22:30.120><c> back</c><00:22:30.360><c> here</c><00:22:31.279><c> oh</c><00:22:31.440><c> I</c><00:22:31.559><c> can</c><00:22:32.320><c> yeah</c><00:22:32.600><c> but</c><00:22:32.760><c> if</c><00:22:32.880><c> you</c>

00:22:33.110 --> 00:22:33.120 align:start position:0%
go back here oh I can yeah but if you
 

00:22:33.120 --> 00:22:35.029 align:start position:0%
go back here oh I can yeah but if you
have<00:22:33.640><c> an</c><00:22:33.799><c> equilibrium</c><00:22:34.440><c> where</c><00:22:34.559><c> you</c><00:22:34.799><c> have</c><00:22:34.919><c> to</c>

00:22:35.029 --> 00:22:35.039 align:start position:0%
have an equilibrium where you have to
 

00:22:35.039 --> 00:22:37.549 align:start position:0%
have an equilibrium where you have to
lower<00:22:35.440><c> the</c><00:22:35.559><c> isan</c><00:22:35.880><c> yield</c><00:22:36.480><c> so</c><00:22:36.760><c> much</c><00:22:36.960><c> in</c><00:22:37.080><c> the</c>

00:22:37.549 --> 00:22:37.559 align:start position:0%
lower the isan yield so much in the
 

00:22:37.559 --> 00:22:39.909 align:start position:0%
lower the isan yield so much in the
beginning<00:22:38.559><c> then</c><00:22:39.039><c> of</c><00:22:39.159><c> course</c><00:22:39.360><c> and</c><00:22:39.480><c> I</c><00:22:39.640><c> describe</c>

00:22:39.909 --> 00:22:39.919 align:start position:0%
beginning then of course and I describe
 

00:22:39.919 --> 00:22:42.110 align:start position:0%
beginning then of course and I describe
it<00:22:40.000><c> a</c><00:22:40.080><c> bit</c><00:22:40.240><c> in</c><00:22:40.360><c> fq</c><00:22:41.159><c> then</c><00:22:41.360><c> of</c><00:22:41.640><c> of</c><00:22:41.760><c> course</c><00:22:41.960><c> you</c>

00:22:42.110 --> 00:22:42.120 align:start position:0%
it a bit in fq then of of course you
 

00:22:42.120 --> 00:22:44.549 align:start position:0%
it a bit in fq then of of course you
could<00:22:42.480><c> consider</c><00:22:43.080><c> a</c><00:22:43.279><c> scenario</c><00:22:44.000><c> where</c><00:22:44.120><c> you</c><00:22:44.279><c> have</c>

00:22:44.549 --> 00:22:44.559 align:start position:0%
could consider a scenario where you have
 

00:22:44.559 --> 00:22:46.990 align:start position:0%
could consider a scenario where you have
like<00:22:44.760><c> you</c><00:22:45.000><c> tick</c><00:22:45.440><c> down</c><00:22:45.720><c> the</c><00:22:45.919><c> reward</c><00:22:46.279><c> curve</c>

00:22:46.990 --> 00:22:47.000 align:start position:0%
like you tick down the reward curve
 

00:22:47.000 --> 00:22:49.630 align:start position:0%
like you tick down the reward curve
gradually<00:22:47.520><c> over</c><00:22:47.799><c> a</c><00:22:48.000><c> year</c><00:22:48.440><c> you</c><00:22:48.600><c> know</c><00:22:49.159><c> so</c><00:22:49.440><c> that</c>

00:22:49.630 --> 00:22:49.640 align:start position:0%
gradually over a year you know so that
 

00:22:49.640 --> 00:22:54.549 align:start position:0%
gradually over a year you know so that
you<00:22:49.799><c> don't</c><00:22:50.799><c> make</c><00:22:51.320><c> people</c><00:22:52.320><c> uh</c><00:22:52.640><c> get</c><00:22:53.000><c> to</c><00:22:53.159><c> lose</c><00:22:53.760><c> uh</c>

00:22:54.549 --> 00:22:54.559 align:start position:0%
you don't make people uh get to lose uh
 

00:22:54.559 --> 00:22:57.510 align:start position:0%
you don't make people uh get to lose uh
the<00:22:54.679><c> staking</c><00:22:55.279><c> so</c><00:22:55.480><c> quickly</c><00:22:56.279><c> making</c><00:22:57.000><c> like</c><00:22:57.320><c> it</c>

00:22:57.510 --> 00:22:57.520 align:start position:0%
the staking so quickly making like it
 

00:22:57.520 --> 00:22:59.269 align:start position:0%
the staking so quickly making like it
becomes<00:22:57.919><c> like</c><00:22:58.080><c> very</c><00:22:58.279><c> bad</c><00:22:58.559><c> B</c><00:22:58.760><c> effects</c><00:22:59.080><c> on</c>

00:22:59.269 --> 00:22:59.279 align:start position:0%
becomes like very bad B effects on
 

00:22:59.279 --> 00:23:01.590 align:start position:0%
becomes like very bad B effects on
everyone<00:22:59.840><c> if</c><00:22:59.919><c> you</c><00:23:00.120><c> just</c><00:23:00.400><c> shook</c><00:23:00.799><c> it</c><00:23:01.279><c> because</c>

00:23:01.590 --> 00:23:01.600 align:start position:0%
everyone if you just shook it because
 

00:23:01.600 --> 00:23:03.350 align:start position:0%
everyone if you just shook it because
otherwise<00:23:02.320><c> the</c><00:23:02.520><c> assumption</c><00:23:02.919><c> is</c><00:23:03.080><c> of</c><00:23:03.200><c> course</c>

00:23:03.350 --> 00:23:03.360 align:start position:0%
otherwise the assumption is of course
 

00:23:03.360 --> 00:23:04.950 align:start position:0%
otherwise the assumption is of course
that<00:23:03.520><c> some</c><00:23:03.720><c> are</c><00:23:03.840><c> going</c><00:23:03.919><c> to</c><00:23:04.039><c> leave</c><00:23:04.440><c> so</c><00:23:04.600><c> the</c><00:23:04.720><c> yeld</c>

00:23:04.950 --> 00:23:04.960 align:start position:0%
that some are going to leave so the yeld
 

00:23:04.960 --> 00:23:07.149 align:start position:0%
that some are going to leave so the yeld
is<00:23:05.080><c> going</c><00:23:05.200><c> to</c><00:23:05.320><c> go</c><00:23:05.520><c> up</c><00:23:05.799><c> again</c><00:23:06.320><c> but</c><00:23:06.679><c> but</c><00:23:06.919><c> but</c><00:23:07.080><c> if</c>

00:23:07.149 --> 00:23:07.159 align:start position:0%
is going to go up again but but but if
 

00:23:07.159 --> 00:23:10.110 align:start position:0%
is going to go up again but but but if
you<00:23:07.320><c> shook</c><00:23:07.679><c> it</c><00:23:07.880><c> down</c><00:23:08.600><c> and</c><00:23:08.799><c> then</c><00:23:09.600><c> uh</c><00:23:09.720><c> the</c><00:23:09.880><c> year</c>

00:23:10.110 --> 00:23:10.120 align:start position:0%
you shook it down and then uh the year
 

00:23:10.120 --> 00:23:11.789 align:start position:0%
you shook it down and then uh the year
becomes<00:23:10.480><c> very</c><00:23:10.679><c> low</c><00:23:11.000><c> there's</c><00:23:11.159><c> a</c><00:23:11.320><c> risk</c><00:23:11.559><c> that</c><00:23:11.679><c> the</c>

00:23:11.789 --> 00:23:11.799 align:start position:0%
becomes very low there's a risk that the
 

00:23:11.799 --> 00:23:13.990 align:start position:0%
becomes very low there's a risk that the
solar<00:23:12.240><c> Stiers</c><00:23:12.799><c> are</c><00:23:12.919><c> going</c><00:23:13.039><c> to</c><00:23:13.159><c> live</c><00:23:13.760><c> before</c>

00:23:13.990 --> 00:23:14.000 align:start position:0%
solar Stiers are going to live before
 

00:23:14.000 --> 00:23:16.190 align:start position:0%
solar Stiers are going to live before
the<00:23:14.120><c> year</c><00:23:14.360><c> comes</c><00:23:14.559><c> up</c>

00:23:16.190 --> 00:23:16.200 align:start position:0%
the year comes up
 

00:23:16.200 --> 00:23:19.990 align:start position:0%
the year comes up
again<00:23:17.200><c> next</c><00:23:17.559><c> one</c><00:23:18.559><c> how</c><00:23:18.799><c> does</c><00:23:19.000><c> the</c><00:23:19.159><c> beam</c><00:23:19.440><c> chain</c>

00:23:19.990 --> 00:23:20.000 align:start position:0%
again next one how does the beam chain
 

00:23:20.000 --> 00:23:22.710 align:start position:0%
again next one how does the beam chain
proposed<00:23:20.559><c> road</c><00:23:20.919><c> map</c><00:23:21.559><c> affects</c><00:23:22.039><c> progress</c><00:23:22.520><c> on</c>

00:23:22.710 --> 00:23:22.720 align:start position:0%
proposed road map affects progress on
 

00:23:22.720 --> 00:23:25.310 align:start position:0%
proposed road map affects progress on
issuance<00:23:23.600><c> policy</c><00:23:24.600><c> well</c><00:23:24.799><c> so</c><00:23:25.120><c> my</c>

00:23:25.310 --> 00:23:25.320 align:start position:0%
issuance policy well so my
 

00:23:25.320 --> 00:23:28.269 align:start position:0%
issuance policy well so my
interpretation<00:23:26.039><c> of</c><00:23:26.520><c> uh</c><00:23:27.279><c> how</c><00:23:27.480><c> how</c><00:23:27.600><c> it</c><00:23:27.799><c> affects</c>

00:23:28.269 --> 00:23:28.279 align:start position:0%
interpretation of uh how how it affects
 

00:23:28.279 --> 00:23:32.310 align:start position:0%
interpretation of uh how how it affects
is<00:23:28.640><c> that</c><00:23:28.840><c> is</c><00:23:29.360><c> it's</c><00:23:29.919><c> essentially</c><00:23:30.919><c> um</c><00:23:31.919><c> something</c>

00:23:32.310 --> 00:23:32.320 align:start position:0%
is that is it's essentially um something
 

00:23:32.320 --> 00:23:35.269 align:start position:0%
is that is it's essentially um something
that<00:23:32.440><c> is</c><00:23:32.640><c> sort</c><00:23:32.840><c> of</c><00:23:33.840><c> part</c><00:23:34.080><c> of</c><00:23:34.200><c> the</c><00:23:34.360><c> idea</c><00:23:34.640><c> is</c><00:23:34.840><c> that</c>

00:23:35.269 --> 00:23:35.279 align:start position:0%
that is sort of part of the idea is that
 

00:23:35.279 --> 00:23:37.830 align:start position:0%
that is sort of part of the idea is that
we<00:23:35.440><c> we</c><00:23:35.559><c> try</c><00:23:35.760><c> to</c><00:23:35.840><c> ship</c><00:23:36.159><c> asan</c><00:23:36.640><c> policy</c><00:23:37.080><c> as</c><00:23:37.480><c> one</c><00:23:37.640><c> of</c>

00:23:37.830 --> 00:23:37.840 align:start position:0%
we we try to ship asan policy as one of
 

00:23:37.840 --> 00:23:40.470 align:start position:0%
we we try to ship asan policy as one of
these<00:23:38.159><c> gradual</c><00:23:38.640><c> improvements</c><00:23:39.640><c> it's</c><00:23:39.840><c> not</c><00:23:40.320><c> it's</c>

00:23:40.470 --> 00:23:40.480 align:start position:0%
these gradual improvements it's not it's
 

00:23:40.480 --> 00:23:43.029 align:start position:0%
these gradual improvements it's not it's
not<00:23:40.760><c> like</c><00:23:41.440><c> part</c><00:23:41.640><c> of</c><00:23:41.760><c> the</c><00:23:41.919><c> beam</c><00:23:42.240><c> Fork</c><00:23:42.840><c> it's</c>

00:23:43.029 --> 00:23:43.039 align:start position:0%
not like part of the beam Fork it's
 

00:23:43.039 --> 00:23:44.310 align:start position:0%
not like part of the beam Fork it's
supposed<00:23:43.320><c> to</c><00:23:43.400><c> be</c><00:23:43.520><c> done</c>

00:23:44.310 --> 00:23:44.320 align:start position:0%
supposed to be done
 

00:23:44.320 --> 00:23:47.590 align:start position:0%
supposed to be done
earlier<00:23:45.320><c> so</c><00:23:45.559><c> I</c><00:23:45.640><c> would</c><00:23:45.840><c> say</c><00:23:46.080><c> that</c><00:23:46.240><c> it's</c><00:23:46.480><c> sort</c><00:23:46.720><c> of</c>

00:23:47.590 --> 00:23:47.600 align:start position:0%
earlier so I would say that it's sort of
 

00:23:47.600 --> 00:23:50.909 align:start position:0%
earlier so I would say that it's sort of
part<00:23:47.840><c> of</c><00:23:48.000><c> the</c><00:23:48.200><c> overall</c><00:23:48.919><c> role</c><00:23:49.279><c> map</c><00:23:49.559><c> there</c>

00:23:50.909 --> 00:23:50.919 align:start position:0%
part of the overall role map there
 

00:23:50.919 --> 00:23:53.750 align:start position:0%
part of the overall role map there
yeah<00:23:51.919><c> thank</c>

00:23:53.750 --> 00:23:53.760 align:start position:0%
yeah thank
 

00:23:53.760 --> 00:23:56.590 align:start position:0%
yeah thank
you<00:23:54.760><c> what</c><00:23:55.039><c> would</c><00:23:55.480><c> what</c><00:23:55.640><c> would</c><00:23:55.840><c> you</c><00:23:56.000><c> say</c><00:23:56.240><c> is</c><00:23:56.400><c> a</c>

00:23:56.590 --> 00:23:56.600 align:start position:0%
you what would what would you say is a
 

00:23:56.600 --> 00:23:59.149 align:start position:0%
you what would what would you say is a
good<00:23:56.880><c> governance</c><00:23:57.559><c> process</c><00:23:58.039><c> to</c><00:23:58.480><c> agree</c><00:23:58.799><c> on</c><00:23:58.919><c> a</c>

00:23:59.149 --> 00:23:59.159 align:start position:0%
good governance process to agree on a
 

00:23:59.159 --> 00:24:06.710 align:start position:0%
good governance process to agree on a
new<00:23:59.520><c> issuance</c><00:24:00.400><c> curve</c><00:24:01.400><c> uh</c><00:24:01.640><c> rough</c>

00:24:06.710 --> 00:24:06.720 align:start position:0%
 
 

00:24:06.720 --> 00:24:09.549 align:start position:0%
 
consensus<00:24:07.720><c> that</c><00:24:07.880><c> was</c><00:24:08.000><c> a</c><00:24:08.159><c> quick</c>

00:24:09.549 --> 00:24:09.559 align:start position:0%
consensus that was a quick
 

00:24:09.559 --> 00:24:11.350 align:start position:0%
consensus that was a quick
one

00:24:11.350 --> 00:24:11.360 align:start position:0%
one
 

00:24:11.360 --> 00:24:16.390 align:start position:0%
one
um<00:24:12.360><c> why</c><00:24:12.600><c> does</c><00:24:13.000><c> me</c><00:24:14.000><c> burn</c><00:24:14.760><c> affect</c><00:24:15.159><c> our</c><00:24:15.480><c> needs</c><00:24:16.000><c> for</c>

00:24:16.390 --> 00:24:16.400 align:start position:0%
um why does me burn affect our needs for
 

00:24:16.400 --> 00:24:21.750 align:start position:0%
um why does me burn affect our needs for
consolidation<00:24:17.360><c> incentives</c><00:24:18.039><c> in</c><00:24:18.559><c> orbit</c><00:24:19.720><c> S</c><00:24:20.760><c> ssf</c>

00:24:21.750 --> 00:24:21.760 align:start position:0%
consolidation incentives in orbit S ssf
 

00:24:21.760 --> 00:24:25.750 align:start position:0%
consolidation incentives in orbit S ssf
no<00:24:22.200><c> it's</c><00:24:22.400><c> not</c><00:24:22.760><c> M</c><00:24:23.200><c> burn</c><00:24:23.559><c> that</c><00:24:23.760><c> effect</c><00:24:24.200><c> it's</c><00:24:24.559><c> m</c><00:24:25.559><c> so</c>

00:24:25.750 --> 00:24:25.760 align:start position:0%
no it's not M burn that effect it's m so
 

00:24:25.760 --> 00:24:29.590 align:start position:0%
no it's not M burn that effect it's m so
if<00:24:25.840><c> you</c><00:24:26.200><c> design</c><00:24:26.600><c> orbit</c><00:24:27.240><c> s</c><00:24:28.080><c> like</c><00:24:28.559><c> a</c><00:24:28.760><c> Bas</c><00:24:29.159><c> basic</c>

00:24:29.590 --> 00:24:29.600 align:start position:0%
if you design orbit s like a Bas basic
 

00:24:29.600 --> 00:24:32.470 align:start position:0%
if you design orbit s like a Bas basic
idea<00:24:29.880><c> of</c><00:24:30.080><c> how</c><00:24:30.279><c> you</c><00:24:30.399><c> can</c><00:24:30.679><c> design</c><00:24:30.960><c> orbit</c><00:24:31.360><c> ssf</c><00:24:32.279><c> is</c>

00:24:32.470 --> 00:24:32.480 align:start position:0%
idea of how you can design orbit ssf is
 

00:24:32.480 --> 00:24:35.230 align:start position:0%
idea of how you can design orbit ssf is
that<00:24:32.640><c> you</c><00:24:33.600><c> push</c><00:24:33.880><c> out</c><00:24:34.279><c> smaller</c><00:24:34.640><c> stakers</c><00:24:35.080><c> so</c>

00:24:35.230 --> 00:24:35.240 align:start position:0%
that you push out smaller stakers so
 

00:24:35.240 --> 00:24:37.870 align:start position:0%
that you push out smaller stakers so
that<00:24:35.600><c> they</c><00:24:35.720><c> don't</c><00:24:36.039><c> attest</c><00:24:36.520><c> as</c>

00:24:37.870 --> 00:24:37.880 align:start position:0%
that they don't attest as
 

00:24:37.880 --> 00:24:39.990 align:start position:0%
that they don't attest as
frequently<00:24:38.880><c> while</c><00:24:39.120><c> you</c><00:24:39.279><c> at</c><00:24:39.399><c> the</c><00:24:39.520><c> same</c><00:24:39.760><c> time</c>

00:24:39.990 --> 00:24:40.000 align:start position:0%
frequently while you at the same time
 

00:24:40.000 --> 00:24:42.110 align:start position:0%
frequently while you at the same time
give<00:24:40.200><c> them</c><00:24:40.440><c> the</c><00:24:40.559><c> same</c><00:24:40.840><c> yield</c><00:24:41.440><c> so</c><00:24:41.679><c> that's</c><00:24:41.960><c> it's</c>

00:24:42.110 --> 00:24:42.120 align:start position:0%
give them the same yield so that's it's
 

00:24:42.120 --> 00:24:45.430 align:start position:0%
give them the same yield so that's it's
sort<00:24:42.399><c> of</c><00:24:42.600><c> fairness</c><00:24:43.080><c> still</c><00:24:43.960><c> but</c><00:24:44.840><c> the</c><00:24:45.000><c> situation</c>

00:24:45.430 --> 00:24:45.440 align:start position:0%
sort of fairness still but the situation
 

00:24:45.440 --> 00:24:48.470 align:start position:0%
sort of fairness still but the situation
is<00:24:45.640><c> such</c><00:24:45.960><c> that</c><00:24:46.279><c> if</c><00:24:46.440><c> you</c><00:24:46.720><c> push</c><00:24:47.159><c> out</c><00:24:48.159><c> them</c><00:24:48.320><c> from</c>

00:24:48.470 --> 00:24:48.480 align:start position:0%
is such that if you push out them from
 

00:24:48.480 --> 00:24:50.669 align:start position:0%
is such that if you push out them from
attesting<00:24:49.279><c> you</c><00:24:49.480><c> cannot</c><00:24:49.840><c> at</c><00:24:49.960><c> the</c><00:24:50.080><c> same</c><00:24:50.279><c> time</c>

00:24:50.669 --> 00:24:50.679 align:start position:0%
attesting you cannot at the same time
 

00:24:50.679 --> 00:24:52.230 align:start position:0%
attesting you cannot at the same time
push<00:24:50.919><c> them</c><00:24:51.080><c> out</c><00:24:51.279><c> from</c>

00:24:52.230 --> 00:24:52.240 align:start position:0%
push them out from
 

00:24:52.240 --> 00:24:54.750 align:start position:0%
push them out from
proposing<00:24:53.240><c> that's</c><00:24:53.640><c> a</c><00:24:53.840><c> a</c><00:24:54.120><c> a</c><00:24:54.200><c> lot</c><00:24:54.320><c> of</c><00:24:54.480><c> bigger</c>

00:24:54.750 --> 00:24:54.760 align:start position:0%
proposing that's a a a lot of bigger
 

00:24:54.760 --> 00:24:57.630 align:start position:0%
proposing that's a a a lot of bigger
concern<00:24:55.200><c> because</c><00:24:55.440><c> if</c><00:24:55.600><c> we</c><00:24:55.760><c> still</c><00:24:56.000><c> have</c><00:24:56.480><c> me</c><00:24:57.480><c> in</c>

00:24:57.630 --> 00:24:57.640 align:start position:0%
concern because if we still have me in
 

00:24:57.640 --> 00:24:59.269 align:start position:0%
concern because if we still have me in
the<00:24:57.760><c> situation</c><00:24:58.200><c> then</c><00:24:58.440><c> we</c><00:24:58.559><c> cannot</c><00:24:58.960><c> make</c><00:24:59.080><c> it</c>

00:24:59.269 --> 00:24:59.279 align:start position:0%
the situation then we cannot make it
 

00:24:59.279 --> 00:25:03.110 align:start position:0%
the situation then we cannot make it
fair<00:24:59.960><c> if</c><00:25:00.039><c> we</c><00:25:00.279><c> push</c><00:25:00.559><c> down</c><00:25:00.840><c> the</c><00:25:01.039><c> ISS</c><00:25:02.039><c> and</c><00:25:02.240><c> then</c>

00:25:03.110 --> 00:25:03.120 align:start position:0%
fair if we push down the ISS and then
 

00:25:03.120 --> 00:25:05.510 align:start position:0%
fair if we push down the ISS and then
you<00:25:03.399><c> still</c><00:25:03.880><c> gain</c><00:25:04.159><c> a</c><00:25:04.320><c> lot</c><00:25:04.480><c> of</c><00:25:04.679><c> the</c><00:25:04.840><c> value</c><00:25:05.159><c> you</c>

00:25:05.510 --> 00:25:05.520 align:start position:0%
you still gain a lot of the value you
 

00:25:05.520 --> 00:25:07.789 align:start position:0%
you still gain a lot of the value you
gain<00:25:05.760><c> almost</c><00:25:06.000><c> all</c><00:25:06.240><c> the</c><00:25:06.399><c> value</c><00:25:06.640><c> from</c><00:25:06.880><c> proposing</c>

00:25:07.789 --> 00:25:07.799 align:start position:0%
gain almost all the value from proposing
 

00:25:07.799 --> 00:25:09.830 align:start position:0%
gain almost all the value from proposing
and<00:25:08.159><c> attaining</c><00:25:08.640><c> this</c><00:25:08.840><c> me</c><00:25:09.360><c> you</c><00:25:09.440><c> know</c><00:25:09.679><c> there's</c>

00:25:09.830 --> 00:25:09.840 align:start position:0%
and attaining this me you know there's
 

00:25:09.840 --> 00:25:13.110 align:start position:0%
and attaining this me you know there's
no<00:25:09.960><c> M</c><00:25:10.240><c> burn</c><00:25:10.440><c> in</c><00:25:10.600><c> place</c><00:25:11.559><c> then</c><00:25:12.279><c> everyone</c><00:25:12.880><c> would</c>

00:25:13.110 --> 00:25:13.120 align:start position:0%
no M burn in place then everyone would
 

00:25:13.120 --> 00:25:15.710 align:start position:0%
no M burn in place then everyone would
like<00:25:13.279><c> to</c><00:25:13.440><c> be</c><00:25:13.799><c> deconsolidated</c><00:25:14.799><c> to</c><00:25:14.960><c> remove</c><00:25:15.279><c> risk</c>

00:25:15.710 --> 00:25:15.720 align:start position:0%
like to be deconsolidated to remove risk
 

00:25:15.720 --> 00:25:17.789 align:start position:0%
like to be deconsolidated to remove risk
but<00:25:15.880><c> they</c><00:25:16.000><c> still</c><00:25:16.240><c> get</c><00:25:16.399><c> to</c><00:25:16.640><c> propose</c><00:25:17.159><c> as</c><00:25:17.360><c> often</c>

00:25:17.789 --> 00:25:17.799 align:start position:0%
but they still get to propose as often
 

00:25:17.799 --> 00:25:20.549 align:start position:0%
but they still get to propose as often
as<00:25:18.000><c> today</c><00:25:18.880><c> and</c><00:25:18.960><c> so</c><00:25:19.200><c> that's</c><00:25:19.399><c> an</c>

00:25:20.549 --> 00:25:20.559 align:start position:0%
as today and so that's an
 

00:25:20.559 --> 00:25:24.230 align:start position:0%
as today and so that's an
issue<00:25:21.559><c> great</c><00:25:21.840><c> thank</c><00:25:21.960><c> you</c><00:25:22.080><c> so</c><00:25:22.279><c> much</c><00:25:23.279><c> the</c><00:25:23.440><c> next</c>

00:25:24.230 --> 00:25:24.240 align:start position:0%
issue great thank you so much the next
 

00:25:24.240 --> 00:25:27.190 align:start position:0%
issue great thank you so much the next
we<00:25:24.520><c> still</c><00:25:24.760><c> got</c><00:25:24.960><c> more</c><00:25:25.200><c> time</c><00:25:25.679><c> is</c><00:25:25.840><c> there</c><00:25:26.200><c> yield</c>

00:25:27.190 --> 00:25:27.200 align:start position:0%
we still got more time is there yield
 

00:25:27.200 --> 00:25:29.310 align:start position:0%
we still got more time is there yield
where<00:25:27.440><c> you</c><00:25:27.640><c> might</c><00:25:27.960><c> expect</c><00:25:28.520><c> institution</c><00:25:29.080><c> to</c>

00:25:29.310 --> 00:25:29.320 align:start position:0%
where you might expect institution to
 

00:25:29.320 --> 00:25:32.070 align:start position:0%
where you might expect institution to
lose<00:25:29.760><c> interest</c><00:25:30.159><c> in</c><00:25:30.360><c> staking</c><00:25:31.240><c> or</c><00:25:31.520><c> might</c><00:25:31.720><c> find</c>

00:25:32.070 --> 00:25:32.080 align:start position:0%
lose interest in staking or might find
 

00:25:32.080 --> 00:25:34.630 align:start position:0%
lose interest in staking or might find
alternatives<00:25:32.760><c> to</c><00:25:33.039><c> generate</c>

00:25:34.630 --> 00:25:34.640 align:start position:0%
alternatives to generate
 

00:25:34.640 --> 00:25:38.070 align:start position:0%
alternatives to generate
yield<00:25:35.640><c> long</c><00:25:35.919><c> question</c><00:25:36.360><c> does</c><00:25:36.520><c> it</c><00:25:36.880><c> compete</c><00:25:37.880><c> with</c>

00:25:38.070 --> 00:25:38.080 align:start position:0%
yield long question does it compete with
 

00:25:38.080 --> 00:25:40.110 align:start position:0%
yield long question does it compete with
some<00:25:38.399><c> traditional</c><00:25:39.000><c> Financial</c><00:25:39.559><c> yield</c>

00:25:40.110 --> 00:25:40.120 align:start position:0%
some traditional Financial yield
 

00:25:40.120 --> 00:25:42.310 align:start position:0%
some traditional Financial yield
threshold<00:25:41.120><c> I</c><00:25:41.159><c> mean</c><00:25:41.360><c> the</c><00:25:41.480><c> beauty</c><00:25:41.799><c> of</c><00:25:41.960><c> having</c><00:25:42.159><c> a</c>

00:25:42.310 --> 00:25:42.320 align:start position:0%
threshold I mean the beauty of having a
 

00:25:42.320 --> 00:25:45.789 align:start position:0%
threshold I mean the beauty of having a
reward<00:25:42.640><c> curve</c><00:25:43.039><c> is</c><00:25:43.640><c> that</c><00:25:44.640><c> if</c><00:25:45.080><c> there's</c><00:25:45.320><c> a</c><00:25:45.520><c> loss</c>

00:25:45.789 --> 00:25:45.799 align:start position:0%
reward curve is that if there's a loss
 

00:25:45.799 --> 00:25:47.909 align:start position:0%
reward curve is that if there's a loss
in<00:25:46.039><c> interest</c><00:25:46.360><c> in</c><00:25:46.480><c> staking</c><00:25:46.960><c> in</c><00:25:47.159><c> general</c><00:25:47.760><c> the</c>

00:25:47.909 --> 00:25:47.919 align:start position:0%
in interest in staking in general the
 

00:25:47.919 --> 00:25:50.669 align:start position:0%
in interest in staking in general the
yield<00:25:48.279><c> goes</c><00:25:48.520><c> up</c><00:25:48.880><c> you</c><00:25:49.000><c> know</c><00:25:49.840><c> that's</c><00:25:50.039><c> the</c><00:25:50.159><c> whole</c>

00:25:50.669 --> 00:25:50.679 align:start position:0%
yield goes up you know that's the whole
 

00:25:50.679 --> 00:25:53.710 align:start position:0%
yield goes up you know that's the whole
principle<00:25:51.679><c> so</c><00:25:52.399><c> I</c><00:25:52.480><c> mean</c><00:25:52.760><c> it's</c><00:25:52.960><c> hard</c><00:25:53.159><c> for</c><00:25:53.320><c> me</c><00:25:53.480><c> to</c>

00:25:53.710 --> 00:25:53.720 align:start position:0%
principle so I mean it's hard for me to
 

00:25:53.720 --> 00:25:55.830 align:start position:0%
principle so I mean it's hard for me to
cons<00:25:54.120><c> the</c><00:25:54.440><c> the</c><00:25:54.600><c> option</c><00:25:54.919><c> would</c><00:25:55.039><c> be</c><00:25:55.240><c> here</c><00:25:55.520><c> maybe</c>

00:25:55.830 --> 00:25:55.840 align:start position:0%
cons the the option would be here maybe
 

00:25:55.840 --> 00:25:59.190 align:start position:0%
cons the the option would be here maybe
implic<00:25:56.640><c> implied</c><00:25:57.080><c> is</c><00:25:57.279><c> that</c><00:25:57.919><c> that</c>

00:25:59.190 --> 00:25:59.200 align:start position:0%
implic implied is that that
 

00:25:59.200 --> 00:26:01.230 align:start position:0%
implic implied is that that
everyone<00:25:59.600><c> wants</c><00:25:59.799><c> to</c><00:25:59.960><c> stake</c><00:26:00.720><c> but</c><00:26:00.960><c> no</c>

00:26:01.230 --> 00:26:01.240 align:start position:0%
everyone wants to stake but no
 

00:26:01.240 --> 00:26:03.590 align:start position:0%
everyone wants to stake but no
institution<00:26:02.039><c> other</c><00:26:02.279><c> than</c><00:26:02.480><c> one</c><00:26:02.720><c> or</c><00:26:02.840><c> a</c><00:26:02.960><c> few</c><00:26:03.399><c> are</c>

00:26:03.590 --> 00:26:03.600 align:start position:0%
institution other than one or a few are
 

00:26:03.600 --> 00:26:06.190 align:start position:0%
institution other than one or a few are
still<00:26:03.799><c> willing</c><00:26:04.120><c> to</c><00:26:04.320><c> provide</c><00:26:04.679><c> services</c><00:26:05.679><c> and</c><00:26:06.039><c> I</c>

00:26:06.190 --> 00:26:06.200 align:start position:0%
still willing to provide services and I
 

00:26:06.200 --> 00:26:09.070 align:start position:0%
still willing to provide services and I
find<00:26:06.440><c> it</c><00:26:06.880><c> a</c><00:26:07.039><c> bit</c><00:26:07.520><c> perhaps</c><00:26:08.279><c> tricky</c><00:26:08.679><c> to</c>

00:26:09.070 --> 00:26:09.080 align:start position:0%
find it a bit perhaps tricky to
 

00:26:09.080 --> 00:26:11.510 align:start position:0%
find it a bit perhaps tricky to
contemplate<00:26:09.840><c> that</c><00:26:10.080><c> this</c><00:26:10.200><c> would</c><00:26:10.399><c> be</c><00:26:10.559><c> the</c><00:26:10.720><c> case</c>

00:26:11.510 --> 00:26:11.520 align:start position:0%
contemplate that this would be the case
 

00:26:11.520 --> 00:26:14.750 align:start position:0%
contemplate that this would be the case
but<00:26:12.520><c> of</c><00:26:12.640><c> course</c><00:26:13.000><c> we</c><00:26:13.200><c> we</c><00:26:13.320><c> have</c><00:26:13.440><c> to</c><00:26:13.640><c> allow</c>

00:26:14.750 --> 00:26:14.760 align:start position:0%
but of course we we have to allow
 

00:26:14.760 --> 00:26:17.470 align:start position:0%
but of course we we have to allow
various<00:26:15.760><c> institutions</c><00:26:16.440><c> to</c><00:26:16.679><c> compete</c><00:26:17.080><c> you</c><00:26:17.200><c> know</c>

00:26:17.470 --> 00:26:17.480 align:start position:0%
various institutions to compete you know
 

00:26:17.480 --> 00:26:19.389 align:start position:0%
various institutions to compete you know
we<00:26:17.640><c> we</c><00:26:17.760><c> cannot</c><00:26:18.159><c> avoid</c><00:26:18.760><c> that</c><00:26:19.000><c> there's</c><00:26:19.200><c> going</c><00:26:19.279><c> to</c>

00:26:19.389 --> 00:26:19.399 align:start position:0%
we we cannot avoid that there's going to
 

00:26:19.399 --> 00:26:22.909 align:start position:0%
we we cannot avoid that there's going to
be<00:26:19.520><c> a</c><00:26:19.760><c> comp</c><00:26:20.279><c> competition</c><00:26:21.279><c> it's</c><00:26:21.840><c> we</c><00:26:22.000><c> would</c><00:26:22.279><c> like</c>

00:26:22.909 --> 00:26:22.919 align:start position:0%
be a comp competition it's we would like
 

00:26:22.919 --> 00:26:25.510 align:start position:0%
be a comp competition it's we would like
of<00:26:23.080><c> course</c><00:26:23.840><c> for</c><00:26:24.480><c> for</c><00:26:24.720><c> there</c><00:26:24.840><c> to</c><00:26:25.000><c> not</c><00:26:25.159><c> be</c><00:26:25.399><c> but</c>

00:26:25.510 --> 00:26:25.520 align:start position:0%
of course for for there to not be but
 

00:26:25.520 --> 00:26:29.350 align:start position:0%
of course for for there to not be but
it's<00:26:25.679><c> not</c><00:26:25.840><c> something</c><00:26:26.080><c> we</c><00:26:26.200><c> can</c><00:26:26.360><c> avoid</c>

00:26:29.350 --> 00:26:29.360 align:start position:0%
it's not something we can avoid
 

00:26:29.360 --> 00:26:31.029 align:start position:0%
it's not something we can avoid
should<00:26:29.600><c> we</c><00:26:29.760><c> go</c><00:26:29.880><c> for</c><00:26:30.039><c> the</c><00:26:30.200><c> last</c><00:26:30.399><c> one</c><00:26:30.679><c> there's</c><00:26:30.840><c> no</c>

00:26:31.029 --> 00:26:31.039 align:start position:0%
should we go for the last one there's no
 

00:26:31.039 --> 00:26:33.350 align:start position:0%
should we go for the last one there's no
V<00:26:31.320><c> but</c><00:26:31.480><c> I</c><00:26:31.600><c> think</c><00:26:31.799><c> since</c><00:26:32.120><c> it's</c><00:26:32.360><c> already</c><00:26:32.799><c> here</c>

00:26:33.350 --> 00:26:33.360 align:start position:0%
V but I think since it's already here
 

00:26:33.360 --> 00:26:35.389 align:start position:0%
V but I think since it's already here
let's<00:26:33.640><c> answer</c><00:26:33.960><c> it</c><00:26:34.399><c> there's</c><00:26:34.679><c> already</c><00:26:34.960><c> so</c><00:26:35.159><c> much</c>

00:26:35.389 --> 00:26:35.399 align:start position:0%
let's answer it there's already so much
 

00:26:35.399 --> 00:26:37.630 align:start position:0%
let's answer it there's already so much
Financial<00:26:35.880><c> investment</c><00:26:36.399><c> by</c><00:26:36.600><c> influential</c><00:26:37.240><c> VC</c>

00:26:37.630 --> 00:26:37.640 align:start position:0%
Financial investment by influential VC
 

00:26:37.640 --> 00:26:40.950 align:start position:0%
Financial investment by influential VC
funded<00:26:38.559><c> actors</c><00:26:39.559><c> even</c><00:26:39.880><c> at</c><00:26:40.120><c> current</c><00:26:40.440><c> levels</c><00:26:40.840><c> do</c>

00:26:40.950 --> 00:26:40.960 align:start position:0%
funded actors even at current levels do
 

00:26:40.960 --> 00:26:43.070 align:start position:0%
funded actors even at current levels do
you<00:26:41.120><c> think</c><00:26:41.440><c> it's</c><00:26:41.720><c> possible</c><00:26:42.200><c> to</c><00:26:42.360><c> make</c><00:26:42.559><c> a</c><00:26:42.720><c> change</c>

00:26:43.070 --> 00:26:43.080 align:start position:0%
you think it's possible to make a change
 

00:26:43.080 --> 00:26:46.350 align:start position:0%
you think it's possible to make a change
that<00:26:43.320><c> drastically</c><00:26:44.120><c> affects</c><00:26:44.600><c> the</c><00:26:44.880><c> bottom</c>

00:26:46.350 --> 00:26:46.360 align:start position:0%
that drastically affects the bottom
 

00:26:46.360 --> 00:26:48.510 align:start position:0%
that drastically affects the bottom
line

00:26:48.510 --> 00:26:48.520 align:start position:0%
line
 

00:26:48.520 --> 00:26:52.070 align:start position:0%
line
yes<00:26:49.520><c> okay</c><00:26:50.080><c> do</c><00:26:50.240><c> you</c><00:26:50.600><c> can</c><00:26:50.760><c> you</c><00:26:50.840><c> a</c><00:26:50.960><c> little</c><00:26:51.919><c> bit</c>

00:26:52.070 --> 00:26:52.080 align:start position:0%
yes okay do you can you a little bit
 

00:26:52.080 --> 00:26:55.389 align:start position:0%
yes okay do you can you a little bit
more<00:26:52.399><c> about</c><00:26:52.640><c> the</c><00:26:52.840><c> yes</c><00:26:53.520><c> uh</c><00:26:53.919><c> why</c><00:26:54.320><c> do</c><00:26:54.399><c> you</c><00:26:54.600><c> think</c>

00:26:55.389 --> 00:26:55.399 align:start position:0%
more about the yes uh why do you think
 

00:26:55.399 --> 00:26:57.350 align:start position:0%
more about the yes uh why do you think
well<00:26:55.600><c> I</c><00:26:55.679><c> don't</c><00:26:55.880><c> know</c><00:26:56.120><c> I</c><00:26:56.200><c> don't</c><00:26:56.399><c> think</c><00:26:56.640><c> that</c><00:26:56.880><c> VC</c>

00:26:57.350 --> 00:26:57.360 align:start position:0%
well I don't know I don't think that VC
 

00:26:57.360 --> 00:26:59.510 align:start position:0%
well I don't know I don't think that VC
funded<00:26:57.760><c> actors</c><00:26:58.120><c> is</c><00:26:58.279><c> is</c><00:26:58.399><c> like</c><00:26:58.600><c> the</c><00:26:58.760><c> biggest</c>

00:26:59.510 --> 00:26:59.520 align:start position:0%
funded actors is is like the biggest
 

00:26:59.520 --> 00:27:02.350 align:start position:0%
funded actors is is like the biggest
issue<00:26:59.799><c> for</c><00:27:00.000><c> us</c><00:27:01.000><c> it's</c><00:27:01.600><c> I</c><00:27:01.679><c> mean</c><00:27:01.919><c> the</c><00:27:02.039><c> biggest</c>

00:27:02.350 --> 00:27:02.360 align:start position:0%
issue for us it's I mean the biggest
 

00:27:02.360 --> 00:27:04.430 align:start position:0%
issue for us it's I mean the biggest
issue<00:27:02.640><c> of</c><00:27:02.760><c> course</c><00:27:03.000><c> is</c><00:27:03.320><c> if</c><00:27:03.480><c> solo</c><00:27:03.880><c> stakers</c><00:27:04.279><c> would</c>

00:27:04.430 --> 00:27:04.440 align:start position:0%
issue of course is if solo stakers would
 

00:27:04.440 --> 00:27:07.470 align:start position:0%
issue of course is if solo stakers would
feel<00:27:05.360><c> like</c><00:27:05.799><c> it's</c><00:27:06.039><c> it's</c><00:27:06.200><c> a</c><00:27:06.640><c> disappointment</c><00:27:07.279><c> for</c>

00:27:07.470 --> 00:27:07.480 align:start position:0%
feel like it's it's a disappointment for
 

00:27:07.480 --> 00:27:10.029 align:start position:0%
feel like it's it's a disappointment for
them<00:27:08.080><c> so</c><00:27:08.480><c> Visa</c><00:27:08.799><c> funded</c><00:27:09.120><c> actors</c><00:27:09.440><c> is</c><00:27:09.640><c> the</c><00:27:09.760><c> least</c>

00:27:10.029 --> 00:27:10.039 align:start position:0%
them so Visa funded actors is the least
 

00:27:10.039 --> 00:27:12.510 align:start position:0%
them so Visa funded actors is the least
of<00:27:10.320><c> our</c><00:27:10.559><c> concerns</c><00:27:11.000><c> I</c><00:27:11.080><c> would</c><00:27:11.279><c> say</c><00:27:11.640><c> in</c>

00:27:12.510 --> 00:27:12.520 align:start position:0%
of our concerns I would say in
 

00:27:12.520 --> 00:27:15.549 align:start position:0%
of our concerns I would say in
this<00:27:13.520><c> great</c><00:27:13.960><c> our</c><00:27:14.279><c> time</c><00:27:14.440><c> is</c><00:27:14.640><c> up</c><00:27:14.919><c> now</c><00:27:15.279><c> thank</c><00:27:15.440><c> you</c>

00:27:15.549 --> 00:27:15.559 align:start position:0%
this great our time is up now thank you
 

00:27:15.559 --> 00:27:18.080 align:start position:0%
this great our time is up now thank you
so<00:27:15.720><c> much</c>