WEBVTT Kind: captions Language: en 00:00:00.440 --> 00:00:01.709 align:start position:0% don't<00:00:00.599> forget<00:00:00.840> everybody<00:00:01.160> to<00:00:01.360> make<00:00:01.480> sure<00:00:01.599> you 00:00:01.709 --> 00:00:01.719 align:start position:0% don't forget everybody to make sure you 00:00:01.719 --> 00:00:04.550 align:start position:0% don't forget everybody to make sure you scan<00:00:01.959> the<00:00:02.080> QR<00:00:02.360> code<00:00:02.720> and<00:00:03.040> uh<00:00:03.919> and<00:00:04.160> uh<00:00:04.279> get<00:00:04.400> your 00:00:04.550 --> 00:00:04.560 align:start position:0% scan the QR code and uh and uh get your 00:00:04.560 --> 00:00:05.970 align:start position:0% scan the QR code and uh and uh get your questions<00:00:05.120> ready<00:00:05.240> for<00:00:05.400> the<00:00:05.480> panel 00:00:05.970 --> 00:00:05.980 align:start position:0% questions ready for the panel 00:00:05.980 --> 00:00:17.390 align:start position:0% questions ready for the panel [Music] 00:00:17.390 --> 00:00:17.400 align:start position:0% 00:00:17.400 --> 00:00:20.150 align:start position:0% afterwards<00:00:18.400> hey<00:00:18.560> everyone<00:00:19.560> um<00:00:19.800> Welcome<00:00:20.039> to 00:00:20.150 --> 00:00:20.160 align:start position:0% afterwards hey everyone um Welcome to 00:00:20.160 --> 00:00:21.950 align:start position:0% afterwards hey everyone um Welcome to our<00:00:20.320> panel<00:00:21.000> So<00:00:21.279> today<00:00:21.519> we're<00:00:21.640> going<00:00:21.720> to<00:00:21.800> be 00:00:21.950 --> 00:00:21.960 align:start position:0% our panel So today we're going to be 00:00:21.960 --> 00:00:25.230 align:start position:0% our panel So today we're going to be talking<00:00:22.199> about<00:00:22.760> the<00:00:23.000> fixed<00:00:23.320> rate<00:00:24.000> flywheel<00:00:25.000> um 00:00:25.230 --> 00:00:25.240 align:start position:0% talking about the fixed rate flywheel um 00:00:25.240 --> 00:00:26.630 align:start position:0% talking about the fixed rate flywheel um which<00:00:25.320> is<00:00:25.439> a<00:00:25.599> concept<00:00:25.960> that<00:00:26.039> we've<00:00:26.240> developed 00:00:26.630 --> 00:00:26.640 align:start position:0% which is a concept that we've developed 00:00:26.640 --> 00:00:29.150 align:start position:0% which is a concept that we've developed about<00:00:26.840> how<00:00:27.039> fixed<00:00:27.320> rate<00:00:27.560> markets<00:00:28.519> can<00:00:28.679> fuel 00:00:29.150 --> 00:00:29.160 align:start position:0% about how fixed rate markets can fuel 00:00:29.160 --> 00:00:30.589 align:start position:0% about how fixed rate markets can fuel variable<00:00:29.519> rate<00:00:29.640> markets 00:00:30.589 --> 00:00:30.599 align:start position:0% variable rate markets 00:00:30.599 --> 00:00:32.590 align:start position:0% variable rate markets and<00:00:30.800> this<00:00:30.960> creates<00:00:31.320> kind<00:00:31.400> of<00:00:31.519> a<00:00:31.599> virtuous 00:00:32.590 --> 00:00:32.600 align:start position:0% and this creates kind of a virtuous 00:00:32.600 --> 00:00:35.389 align:start position:0% and this creates kind of a virtuous cycle<00:00:33.600> um<00:00:33.840> so<00:00:34.120> I'm<00:00:34.239> joined<00:00:34.520> today<00:00:35.000> by<00:00:35.280> my 00:00:35.389 --> 00:00:35.399 align:start position:0% cycle um so I'm joined today by my 00:00:35.399 --> 00:00:38.709 align:start position:0% cycle um so I'm joined today by my fellow<00:00:36.160> panelists<00:00:37.160> uh<00:00:37.320> Lucas<00:00:37.640> manwell<00:00:38.520> uh<00:00:38.600> the 00:00:38.709 --> 00:00:38.719 align:start position:0% fellow panelists uh Lucas manwell uh the 00:00:38.719 --> 00:00:42.750 align:start position:0% fellow panelists uh Lucas manwell uh the co-founder<00:00:39.200> of<00:00:39.280> Phoenix<00:00:39.920> Labs<00:00:40.920> Violet<00:00:41.760> venage 00:00:42.750 --> 00:00:42.760 align:start position:0% co-founder of Phoenix Labs Violet venage 00:00:42.760 --> 00:00:44.549 align:start position:0% co-founder of Phoenix Labs Violet venage um<00:00:42.960> Twitter<00:00:43.360> personality<00:00:44.239> and<00:00:44.399> just 00:00:44.549 --> 00:00:44.559 align:start position:0% um Twitter personality and just 00:00:44.559 --> 00:00:47.549 align:start position:0% um Twitter personality and just allaround<00:00:45.039> defi<00:00:45.920> expert<00:00:46.920> uh<00:00:47.039> and<00:00:47.199> Merlin 00:00:47.549 --> 00:00:47.559 align:start position:0% allaround defi expert uh and Merlin 00:00:47.559 --> 00:00:51.670 align:start position:0% allaround defi expert uh and Merlin eagley<00:00:48.559> uh<00:00:48.680> the<00:00:48.800> co-found<00:00:49.199> morphol<00:00:50.039> labs<00:00:51.039> um 00:00:51.670 --> 00:00:51.680 align:start position:0% eagley uh the co-found morphol labs um 00:00:51.680 --> 00:00:56.310 align:start position:0% eagley uh the co-found morphol labs um so<00:00:52.079> yeah<00:00:52.359> let's<00:00:52.559> get<00:00:53.039> started<00:00:54.039> um<00:00:54.520> so<00:00:54.960> first 00:00:56.310 --> 00:00:56.320 align:start position:0% so yeah let's get started um so first 00:00:56.320 --> 00:01:00.990 align:start position:0% so yeah let's get started um so first up<00:00:57.320> okay<00:00:57.719> great<00:00:58.920> um<00:01:00.000> I<00:01:00.120> just<00:01:00.480> uh<00:01:00.680> I<00:01:00.760> want<00:01:00.840> to 00:01:00.990 --> 00:01:01.000 align:start position:0% up okay great um I just uh I want to 00:01:01.000 --> 00:01:03.110 align:start position:0% up okay great um I just uh I want to give<00:01:01.359> people<00:01:01.600> a<00:01:01.840> quick<00:01:02.079> primer<00:01:02.600> on<00:01:02.719> the<00:01:02.840> fixed 00:01:03.110 --> 00:01:03.120 align:start position:0% give people a quick primer on the fixed 00:01:03.120 --> 00:01:05.509 align:start position:0% give people a quick primer on the fixed weight<00:01:03.600> on<00:01:03.719> the<00:01:03.800> fix<00:01:04.040> straight<00:01:04.280> flywheel<00:01:05.199> and 00:01:05.509 --> 00:01:05.519 align:start position:0% weight on the fix straight flywheel and 00:01:05.519 --> 00:01:07.550 align:start position:0% weight on the fix straight flywheel and just<00:01:05.640> to<00:01:05.799> get<00:01:05.960> started<00:01:06.680> I<00:01:06.760> want<00:01:06.880> to<00:01:07.080> give<00:01:07.400> a 00:01:07.550 --> 00:01:07.560 align:start position:0% just to get started I want to give a 00:01:07.560 --> 00:01:10.109 align:start position:0% just to get started I want to give a primer<00:01:07.840> on<00:01:08.040> fixed<00:01:08.280> rate<00:01:08.680> markets<00:01:09.680> so<00:01:09.960> for 00:01:10.109 --> 00:01:10.119 align:start position:0% primer on fixed rate markets so for 00:01:10.119 --> 00:01:12.590 align:start position:0% primer on fixed rate markets so for those<00:01:10.280> who<00:01:10.400> are<00:01:10.520> not<00:01:10.920> familiar<00:01:11.920> um<00:01:12.119> fixed<00:01:12.400> rate 00:01:12.590 --> 00:01:12.600 align:start position:0% those who are not familiar um fixed rate 00:01:12.600 --> 00:01:14.830 align:start position:0% those who are not familiar um fixed rate markets<00:01:12.840> on<00:01:13.000> ethereum<00:01:13.920> have<00:01:14.400> already<00:01:14.640> been 00:01:14.830 --> 00:01:14.840 align:start position:0% markets on ethereum have already been 00:01:14.840 --> 00:01:17.429 align:start position:0% markets on ethereum have already been deployed<00:01:15.680> they're<00:01:16.040> already<00:01:16.360> scaling<00:01:17.280> there's 00:01:17.429 --> 00:01:17.439 align:start position:0% deployed they're already scaling there's 00:01:17.439 --> 00:01:18.710 align:start position:0% deployed they're already scaling there's a<00:01:17.560> good<00:01:17.680> amount<00:01:17.840> of<00:01:17.960> liquidity<00:01:18.400> on<00:01:18.520> some<00:01:18.640> of 00:01:18.710 --> 00:01:18.720 align:start position:0% a good amount of liquidity on some of 00:01:18.720 --> 00:01:20.749 align:start position:0% a good amount of liquidity on some of the<00:01:18.880> markets<00:01:19.880> um<00:01:20.000> but<00:01:20.119> just<00:01:20.200> to<00:01:20.600> understand 00:01:20.749 --> 00:01:20.759 align:start position:0% the markets um but just to understand 00:01:20.759 --> 00:01:23.310 align:start position:0% the markets um but just to understand the<00:01:20.920> basic<00:01:21.600> mechanism<00:01:22.600> um<00:01:22.759> we'll<00:01:22.960> talk<00:01:23.119> about 00:01:23.310 --> 00:01:23.320 align:start position:0% the basic mechanism um we'll talk about 00:01:23.320 --> 00:01:25.069 align:start position:0% the basic mechanism um we'll talk about how<00:01:23.479> we<00:01:23.640> actually<00:01:23.960> get<00:01:24.200> fixed<00:01:24.520> rates<00:01:24.840> from 00:01:25.069 --> 00:01:25.079 align:start position:0% how we actually get fixed rates from 00:01:25.079 --> 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position:0% deposit you know let's say one usdc into a<00:01:35.280> lending<00:01:35.640> market<00:01:36.320> and<00:01:36.439> you'll<00:01:36.640> earn 00:01:36.950 --> 00:01:36.960 align:start position:0% a lending market and you'll earn 00:01:36.960 --> 00:01:40.550 align:start position:0% a lending market and you'll earn variable<00:01:37.280> rate<00:01:37.560> interest<00:01:38.040> over<00:01:38.560> time<00:01:39.560> so<00:01:40.439> you 00:01:40.550 --> 00:01:40.560 align:start position:0% variable rate interest over time so you 00:01:40.560 --> 00:01:42.469 align:start position:0% variable rate interest over time so you know<00:01:40.920> this<00:01:41.040> is<00:01:41.240> great<00:01:41.799> we<00:01:41.920> have<00:01:42.079> variable 00:01:42.469 --> 00:01:42.479 align:start position:0% know this is great we have variable 00:01:42.479 --> 00:01:44.749 align:start position:0% know this is great we have variable rates<00:01:43.439> but<00:01:43.600> how<00:01:43.720> do<00:01:43.840> we<00:01:43.920> turn<00:01:44.119> this<00:01:44.240> into<00:01:44.479> fixed 00:01:44.749 --> 00:01:44.759 align:start position:0% rates but how do we turn this into fixed 00:01:44.759 --> 00:01:47.429 align:start position:0% rates but how do we turn this into fixed rates<00:01:45.680> so<00:01:46.079> the<00:01:46.200> way<00:01:46.320> that<00:01:46.439> we<00:01:46.560> do<00:01:46.840> that<00:01:47.200> is<00:01:47.320> we 00:01:47.429 --> 00:01:47.439 align:start position:0% rates so the way that we do that is we 00:01:47.439 --> 00:01:50.190 align:start position:0% rates so the way that we do that is we create<00:01:47.680> a<00:01:47.840> separate<00:01:48.159> smart<00:01:48.960> contract<00:01:49.960> um 00:01:50.190 --> 00:01:50.200 align:start position:0% create a separate smart contract um 00:01:50.200 --> 00:01:51.830 align:start position:0% create a separate smart contract um which<00:01:50.320> will<00:01:50.520> basically<00:01:50.920> lock<00:01:51.200> up<00:01:51.399> this<00:01:51.560> one 00:01:51.830 --> 00:01:51.840 align:start position:0% which will basically lock up this one 00:01:51.840 --> 00:01:55.749 align:start position:0% which will basically lock up this one usdc<00:01:52.840> for<00:01:53.079> a<00:01:53.200> period<00:01:53.439> of<00:01:53.640> time<00:01:54.640> so<00:01:55.200> let's<00:01:55.439> say 00:01:55.749 --> 00:01:55.759 align:start position:0% usdc for a period of time so let's say 00:01:55.759 --> 00:01:58.029 align:start position:0% usdc for a period of time so let's say that<00:01:56.079> you<00:01:56.159> know<00:01:56.320> we<00:01:56.439> deploy<00:01:56.759> the<00:01:56.840> one<00:01:57.039> usdc 00:01:58.029 --> 00:01:58.039 align:start position:0% that you know we deploy the one usdc 00:01:58.039 --> 00:02:00.630 align:start position:0% that you know we deploy the one usdc into<00:01:58.280> a<00:01:58.399> lending<00:01:58.719> market<00:01:59.039> like<00:01:59.200> a 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first thing that we do is we create 00:02:07.680 --> 00:02:11.790 align:start position:0% the first thing that we do is we create two<00:02:08.080> tokens<00:02:09.080> a<00:02:09.280> PT<00:02:09.679> and<00:02:09.800> a<00:02:10.319> YT<00:02:11.319> so<00:02:11.599> the 00:02:11.790 --> 00:02:11.800 align:start position:0% two tokens a PT and a YT so the 00:02:11.800 --> 00:02:15.750 align:start position:0% two tokens a PT and a YT so the principal<00:02:12.200> token<00:02:13.120> will<00:02:13.599> own<00:02:14.599> uh<00:02:15.239> basically<00:02:15.640> it 00:02:15.750 --> 00:02:15.760 align:start position:0% principal token will own uh basically it 00:02:15.760 --> 00:02:17.949 align:start position:0% principal token will own uh basically it can<00:02:15.920> be<00:02:16.040> redeemed<00:02:16.400> at<00:02:16.560> maturity<00:02:17.560> for<00:02:17.800> the 00:02:17.949 --> 00:02:17.959 align:start position:0% can be redeemed at maturity for the 00:02:17.959 --> 00:02:19.830 align:start position:0% can be redeemed at maturity for the principle<00:02:18.680> that<00:02:18.800> was<00:02:19.000> deposited<00:02:19.480> into<00:02:19.680> the 00:02:19.830 --> 00:02:19.840 align:start position:0% principle that was deposited into the 00:02:19.840 --> 00:02:22.550 align:start position:0% principle that was deposited into the position<00:02:20.720> so<00:02:20.959> that's<00:02:21.160> just<00:02:21.280> one<00:02:21.480> usdc<00:02:22.080> in<00:02:22.200> this 00:02:22.550 --> 00:02:22.560 align:start position:0% position so that's just one usdc in this 00:02:22.560 --> 00:02:26.550 align:start position:0% position so that's just one usdc in this case<00:02:23.560> um<00:02:23.959> the<00:02:24.400> YT<00:02:25.200> the<00:02:25.280> yield<00:02:25.640> token<00:02:26.360> will 00:02:26.550 --> 00:02:26.560 align:start position:0% case um the YT the yield token will 00:02:26.560 --> 00:02:28.589 align:start position:0% case um the YT the yield token will receive<00:02:26.920> all<00:02:27.160> the<00:02:27.280> interest<00:02:27.599> that<00:02:27.760> occured 00:02:28.589 --> 00:02:28.599 align:start position:0% receive all the interest that occured 00:02:28.599 --> 00:02:31.550 align:start position:0% receive all the interest that occured over<00:02:28.800> the<00:02:28.959> term<00:02:30.040> so<00:02:30.720> how<00:02:30.879> does<00:02:31.040> this<00:02:31.160> create<00:02:31.440> a 00:02:31.550 --> 00:02:31.560 align:start position:0% over the term so how does this create a 00:02:31.560 --> 00:02:34.630 align:start position:0% over the term so how does this create a fixed<00:02:31.840> rate<00:02:32.680> well<00:02:33.040> because<00:02:33.280> the<00:02:33.440> PT<00:02:34.120> only<00:02:34.480> can 00:02:34.630 --> 00:02:34.640 align:start position:0% fixed rate well because the PT only can 00:02:34.640 --> 00:02:37.430 align:start position:0% fixed rate well because the PT only can be<00:02:34.760> redeemed<00:02:35.160> for<00:02:35.280> one<00:02:35.480> usdc<00:02:36.319> at<00:02:36.519> maturity 00:02:37.430 --> 00:02:37.440 align:start position:0% be redeemed for one usdc at maturity 00:02:37.440 --> 00:02:39.710 align:start position:0% be redeemed for one usdc at maturity you're<00:02:37.599> not<00:02:37.720> going<00:02:37.840> to<00:02:38.000> buy<00:02:38.120> it<00:02:38.200> for<00:02:38.360> one<00:02:38.720> usdc 00:02:39.710 --> 00:02:39.720 align:start position:0% you're not going to buy it for one usdc 00:02:39.720 --> 00:02:40.869 align:start position:0% you're not going to buy it for one usdc because<00:02:39.879> you<00:02:40.000> can't<00:02:40.159> do<00:02:40.360> anything<00:02:40.640> with<00:02:40.760> the 00:02:40.869 --> 00:02:40.879 align:start position:0% because you can't do anything with the 00:02:40.879 --> 00:02:43.790 align:start position:0% because you can't do anything with the funds<00:02:41.360> that<00:02:41.440> are<00:02:41.599> locked<00:02:41.920> up<00:02:42.879> so<00:02:43.200> you<00:02:43.400> can't 00:02:43.790 --> 00:02:43.800 align:start position:0% funds that are locked up so you can't 00:02:43.800 --> 00:02:45.350 align:start position:0% funds that are locked up so you can't Supply<00:02:44.159> them<00:02:44.239> to<00:02:44.360> a<00:02:44.440> lending<00:02:44.760> Market<00:02:45.239> you 00:02:45.350 --> 00:02:45.360 align:start position:0% Supply them to a lending Market you 00:02:45.360 --> 00:02:47.509 align:start position:0% Supply them to a lending Market you can't<00:02:45.519> use<00:02:45.720> them<00:02:45.879> in<00:02:45.920> a<00:02:46.000> yield<00:02:46.280> Farm<00:02:47.200> it's<00:02:47.400> just 00:02:47.509 --> 00:02:47.519 align:start position:0% can't use them in a yield Farm it's just 00:02:47.519 --> 00:02:50.149 align:start position:0% can't use them in a yield Farm it's just sitting<00:02:47.920> there<00:02:48.800> so<00:02:49.200> because<00:02:49.400> of<00:02:49.640> this<00:02:50.000> you're 00:02:50.149 --> 00:02:50.159 align:start position:0% sitting there so because of this you're 00:02:50.159 --> 00:02:52.750 align:start position:0% sitting there so because of this you're going<00:02:50.280> to<00:02:50.400> buy<00:02:50.560> it<00:02:50.640> at<00:02:50.760> a<00:02:51.239> discount<00:02:52.239> and<00:02:52.480> so 00:02:52.750 --> 00:02:52.760 align:start position:0% going to buy it at a discount and so 00:02:52.760 --> 00:02:55.550 align:start position:0% going to buy it at a discount and so this<00:02:52.879> could<00:02:53.040> look<00:02:53.239> like<00:02:53.440> buying<00:02:53.959> one<00:02:54.319> usdc<00:02:55.319> six 00:02:55.550 --> 00:02:55.560 align:start position:0% this could look like buying one usdc six 00:02:55.560 --> 00:03:00.350 align:start position:0% this could look like buying one usdc six months<00:02:55.840> from<00:02:56.000> now<00:02:56.599> for<00:02:56.840> say<00:02:57.080> 95<00:02:58.080> cents<00:02:58.519> of<00:02:58.680> usdc 00:03:00.350 --> 00:03:00.360 align:start position:0% months from now for say 95 cents of usdc 00:03:00.360 --> 00:03:02.710 align:start position:0% months from now for say 95 cents of usdc so<00:03:00.480> if<00:03:00.560> you<00:03:00.720> do<00:03:00.959> that<00:03:01.560> you'll<00:03:01.800> pay<00:03:01.959> 95<00:03:02.400> cents<00:03:02.599> of 00:03:02.710 --> 00:03:02.720 align:start position:0% so if you do that you'll pay 95 cents of 00:03:02.720 --> 00:03:05.190 align:start position:0% so if you do that you'll pay 95 cents of usdc<00:03:03.280> today<00:03:04.239> 6<00:03:04.440> months<00:03:04.680> from<00:03:04.840> now<00:03:05.000> you'll 00:03:05.190 --> 00:03:05.200 align:start position:0% usdc today 6 months from now you'll 00:03:05.200 --> 00:03:08.350 align:start position:0% usdc today 6 months from now you'll redeem<00:03:05.519> it<00:03:05.640> for<00:03:05.840> one<00:03:06.280> usdc<00:03:07.280> and<00:03:07.400> you'll<00:03:07.640> get 00:03:08.350 --> 00:03:08.360 align:start position:0% redeem it for one usdc and you'll get 00:03:08.360 --> 00:03:10.710 align:start position:0% redeem it for one usdc and you'll get what<00:03:08.680> amounts<00:03:09.000> to<00:03:09.400> a<00:03:09.519> 10%<00:03:10.080> fixed<00:03:10.360> rate<00:03:10.480> of 00:03:10.710 --> 00:03:10.720 align:start position:0% what amounts to a 10% fixed rate of 00:03:10.720 --> 00:03:14.190 align:start position:0% what amounts to a 10% fixed rate of return<00:03:11.599> so<00:03:12.040> it's<00:03:12.319> a<00:03:12.480> zero<00:03:12.760> coupon<00:03:13.080> Bond<00:03:14.080> and 00:03:14.190 --> 00:03:14.200 align:start position:0% return so it's a zero coupon Bond and 00:03:14.200 --> 00:03:16.309 align:start position:0% return so it's a zero coupon Bond and then<00:03:14.319> on<00:03:14.400> the<00:03:14.560> YT<00:03:15.080> side<00:03:15.840> you're<00:03:16.000> just<00:03:16.120> going<00:03:16.239> to 00:03:16.309 --> 00:03:16.319 align:start position:0% then on the YT side you're just going to 00:03:16.319 --> 00:03:17.789 align:start position:0% then on the YT side you're just going to be<00:03:16.400> earning<00:03:16.720> the<00:03:16.840> interest<00:03:17.120> that<00:03:17.239> acrs<00:03:17.640> over 00:03:17.789 --> 00:03:17.799 align:start position:0% be earning the interest that acrs over 00:03:17.799 --> 00:03:21.470 align:start position:0% be earning the interest that acrs over the<00:03:17.920> term<00:03:18.879> so<00:03:19.200> the<00:03:19.319> idea<00:03:19.560> is<00:03:19.720> pretty<00:03:20.159> simple<00:03:21.159> um 00:03:21.470 --> 00:03:21.480 align:start position:0% the term so the idea is pretty simple um 00:03:21.480 --> 00:03:22.910 align:start position:0% the term so the idea is pretty simple um but<00:03:21.599> this<00:03:21.720> drives<00:03:22.040> some<00:03:22.239> interesting<00:03:22.599> market 00:03:22.910 --> 00:03:22.920 align:start position:0% but this drives some interesting market 00:03:22.920 --> 00:03:24.910 align:start position:0% but this drives some interesting market dynamics<00:03:23.519> and<00:03:23.640> has<00:03:23.799> some<00:03:24.000> interesting 00:03:24.910 --> 00:03:24.920 align:start position:0% dynamics and has some interesting 00:03:24.920 --> 00:03:27.550 align:start position:0% dynamics and has some interesting applications<00:03:25.959> so<00:03:26.959> um<00:03:27.120> the<00:03:27.200> first<00:03:27.400> thing 00:03:27.550 --> 00:03:27.560 align:start position:0% applications so um the first thing 00:03:27.560 --> 00:03:29.750 align:start position:0% applications so um the first thing that's<00:03:27.720> worth<00:03:27.959> noting<00:03:28.280> is<00:03:28.480> that<00:03:29.159> all<00:03:29.319> of<00:03:29.480> these 00:03:29.750 --> 00:03:29.760 align:start position:0% that's worth noting is that all of these 00:03:29.760 --> 00:03:31.190 align:start position:0% that's worth noting is that all of these fixed<00:03:30.000> rate<00:03:30.159> markets<00:03:30.400> are<00:03:30.519> built<00:03:30.760> on<00:03:30.920> top<00:03:31.080> of 00:03:31.190 --> 00:03:31.200 align:start position:0% fixed rate markets are built on top of 00:03:31.200 --> 00:03:33.509 align:start position:0% fixed rate markets are built on top of variable<00:03:31.560> rate<00:03:31.879> markets<00:03:32.879> so<00:03:33.200> you<00:03:33.280> know<00:03:33.400> we 00:03:33.509 --> 00:03:33.519 align:start position:0% variable rate markets so you know we 00:03:33.519 --> 00:03:35.470 align:start position:0% variable rate markets so you know we have<00:03:33.599> a<00:03:33.680> couple<00:03:33.959> panelists<00:03:34.599> that<00:03:35.120> work<00:03:35.319> at 00:03:35.470 --> 00:03:35.480 align:start position:0% have a couple panelists that work at 00:03:35.480 --> 00:03:37.149 align:start position:0% have a couple panelists that work at companies<00:03:35.920> that<00:03:36.080> are<00:03:36.439> such<00:03:36.640> variable<00:03:36.959> rate 00:03:37.149 --> 00:03:37.159 align:start position:0% companies that are such variable rate 00:03:37.159 --> 00:03:40.149 align:start position:0% companies that are such variable rate markets<00:03:37.599> like<00:03:38.080> you<00:03:38.200> know<00:03:38.360> Phoenix<00:03:38.959> spark<00:03:39.680> and 00:03:40.149 --> 00:03:40.159 align:start position:0% markets like you know Phoenix spark and 00:03:40.159 --> 00:03:41.070 align:start position:0% markets like you know Phoenix spark and you<00:03:40.280> know 00:03:41.070 --> 00:03:41.080 align:start position:0% you know 00:03:41.080 --> 00:03:45.190 align:start position:0% you know Moro<00:03:42.080> um<00:03:42.519> these<00:03:43.159> markets<00:03:44.159> power<00:03:44.640> the<00:03:44.760> variable 00:03:45.190 --> 00:03:45.200 align:start position:0% Moro um these markets power the variable 00:03:45.200 --> 00:03:47.030 align:start position:0% Moro um these markets power the variable rate<00:03:45.680> that<00:03:45.879> ultimately<00:03:46.319> leads<00:03:46.599> to<00:03:46.760> having<00:03:46.959> a 00:03:47.030 --> 00:03:47.040 align:start position:0% rate that ultimately leads to having a 00:03:47.040 --> 00:03:50.429 align:start position:0% rate that ultimately leads to having a healthy<00:03:47.319> fixed<00:03:47.599> rate<00:03:48.040> Market<00:03:49.040> um<00:03:49.599> so<00:03:50.080> every 00:03:50.429 --> 00:03:50.439 align:start position:0% healthy fixed rate Market um so every 00:03:50.439 --> 00:03:52.030 align:start position:0% healthy fixed rate Market um so every dollar<00:03:50.799> that's<00:03:51.000> put<00:03:51.159> into<00:03:51.400> the<00:03:51.519> fixed<00:03:51.799> rate 00:03:52.030 --> 00:03:52.040 align:start position:0% dollar that's put into the fixed rate 00:03:52.040 --> 00:03:54.229 align:start position:0% dollar that's put into the fixed rate Market<00:03:52.840> either<00:03:53.079> invested<00:03:53.480> through<00:03:53.640> the<00:03:53.799> PT<00:03:54.120> or 00:03:54.229 --> 00:03:54.239 align:start position:0% Market either invested through the PT or 00:03:54.239 --> 00:03:56.630 align:start position:0% Market either invested through the PT or the<00:03:54.439> YT<00:03:55.439> is<00:03:55.720> immediately<00:03:56.200> going<00:03:56.400> into<00:03:56.560> the 00:03:56.630 --> 00:03:56.640 align:start position:0% the YT is immediately going into the 00:03:56.640 --> 00:03:59.190 align:start position:0% the YT is immediately going into the lending<00:03:57.000> market<00:03:57.920> so<00:03:58.280> as<00:03:58.400> we<00:03:58.519> get<00:03:58.680> usage<00:03:59.000> on<00:03:59.079> the 00:03:59.190 --> 00:03:59.200 align:start position:0% lending market so as we get usage on the 00:03:59.200 --> 00:04:01.190 align:start position:0% lending market so as we get usage on the fixed<00:03:59.400> rate<00:03:59.560> Market<00:03:59.799> Market<00:04:00.480> it's<00:04:00.720> actually 00:04:01.190 --> 00:04:01.200 align:start position:0% fixed rate Market Market it's actually 00:04:01.200 --> 00:04:02.550 align:start position:0% fixed rate Market Market it's actually supplying<00:04:01.680> liquidity<00:04:02.079> to<00:04:02.200> The<00:04:02.280> Lending 00:04:02.550 --> 00:04:02.560 align:start position:0% supplying liquidity to The Lending 00:04:02.560 --> 00:04:04.750 align:start position:0% supplying liquidity to The Lending Market<00:04:02.840> as<00:04:03.000> well<00:04:03.840> so<00:04:04.159> even<00:04:04.319> though<00:04:04.439> the<00:04:04.519> fixed 00:04:04.750 --> 00:04:04.760 align:start position:0% Market as well so even though the fixed 00:04:04.760 --> 00:04:06.030 align:start position:0% Market as well so even though the fixed rate<00:04:04.959> Market<00:04:05.280> might<00:04:05.480> have<00:04:05.640> very<00:04:05.799> different 00:04:06.030 --> 00:04:06.040 align:start position:0% rate Market might have very different 00:04:06.040 --> 00:04:08.149 align:start position:0% rate Market might have very different users<00:04:06.439> from<00:04:06.560> The<00:04:06.680> Lending<00:04:07.000> Market<00:04:07.920> it's 00:04:08.149 --> 00:04:08.159 align:start position:0% users from The Lending Market it's 00:04:08.159 --> 00:04:10.030 align:start position:0% users from The Lending Market it's actually<00:04:08.480> still<00:04:09.120> Pro<00:04:09.519> you<00:04:09.640> know<00:04:09.840> it's 00:04:10.030 --> 00:04:10.040 align:start position:0% actually still Pro you know it's 00:04:10.040 --> 00:04:11.750 align:start position:0% actually still Pro you know it's actually<00:04:10.239> still<00:04:10.480> helping<00:04:10.720> to<00:04:10.879> grow<00:04:11.239> that<00:04:11.640> that 00:04:11.750 --> 00:04:11.760 align:start position:0% actually still helping to grow that that 00:04:11.760 --> 00:04:14.110 align:start position:0% actually still helping to grow that that variable<00:04:12.120> rate<00:04:12.319> lending<00:04:12.680> market<00:04:13.680> and<00:04:13.799> then 00:04:14.110 --> 00:04:14.120 align:start position:0% variable rate lending market and then 00:04:14.120 --> 00:04:16.870 align:start position:0% variable rate lending market and then the<00:04:14.280> interesting<00:04:14.799> thing<00:04:15.280> is<00:04:15.519> that<00:04:16.519> activity 00:04:16.870 --> 00:04:16.880 align:start position:0% the interesting thing is that activity 00:04:16.880 --> 00:04:18.870 align:start position:0% the interesting thing is that activity on<00:04:17.000> the<00:04:17.120> variable<00:04:17.919> variable<00:04:18.320> rate<00:04:18.479> markets 00:04:18.870 --> 00:04:18.880 align:start position:0% on the variable variable rate markets 00:04:18.880 --> 00:04:20.670 align:start position:0% on the variable variable rate markets can<00:04:19.079> actually<00:04:19.320> drive<00:04:19.680> growth<00:04:20.160> on<00:04:20.280> the<00:04:20.400> fixed 00:04:20.670 --> 00:04:20.680 align:start position:0% can actually drive growth on the fixed 00:04:20.680 --> 00:04:24.270 align:start position:0% can actually drive growth on the fixed rate<00:04:20.919> market<00:04:21.880> so<00:04:22.479> recently<00:04:23.440> um<00:04:23.560> at<00:04:23.759> Deltech<00:04:24.160> we 00:04:24.270 --> 00:04:24.280 align:start position:0% rate market so recently um at Deltech we 00:04:24.280 --> 00:04:26.550 align:start position:0% rate market so recently um at Deltech we built<00:04:24.479> a<00:04:24.600> product<00:04:24.840> called<00:04:25.040> Fix<00:04:25.240> rate<00:04:25.560> borrow 00:04:26.550 --> 00:04:26.560 align:start position:0% built a product called Fix rate borrow 00:04:26.560 --> 00:04:28.469 align:start position:0% built a product called Fix rate borrow which<00:04:26.720> basically<00:04:27.080> allows<00:04:27.320> you<00:04:27.440> to<00:04:27.600> convert<00:04:28.320> uh 00:04:28.469 --> 00:04:28.479 align:start position:0% which basically allows you to convert uh 00:04:28.479 --> 00:04:31.270 align:start position:0% which basically allows you to convert uh a<00:04:28.639> position<00:04:28.919> on<00:04:29.080> Moro<00:04:30.080> into<00:04:30.360> a<00:04:30.479> fixed<00:04:30.800> rate 00:04:31.270 --> 00:04:31.280 align:start position:0% a position on Moro into a fixed rate 00:04:31.280 --> 00:04:34.270 align:start position:0% a position on Moro into a fixed rate position<00:04:32.280> the<00:04:32.400> way<00:04:32.560> that<00:04:32.720> this<00:04:32.880> works<00:04:33.800> is<00:04:34.000> that 00:04:34.270 --> 00:04:34.280 align:start position:0% position the way that this works is that 00:04:34.280 --> 00:04:36.710 align:start position:0% position the way that this works is that you'll<00:04:34.680> open<00:04:34.880> a<00:04:35.000> borrow<00:04:35.320> position<00:04:35.560> on<00:04:35.720> Moro 00:04:36.710 --> 00:04:36.720 align:start position:0% you'll open a borrow position on Moro 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position:0% course of your of your loan that will actually<00:04:44.080> offset<00:04:44.759> the<00:04:44.919> variable<00:04:45.280> rate<00:04:45.520> debt 00:04:45.909 --> 00:04:45.919 align:start position:0% actually offset the variable rate debt 00:04:45.919 --> 00:04:49.749 align:start position:0% actually offset the variable rate debt cost<00:04:46.400> that<00:04:46.479> you're<00:04:46.639> recuring<00:04:47.000> on<00:04:47.360> Moro<00:04:48.639> so<00:04:49.639> you 00:04:49.749 --> 00:04:49.759 align:start position:0% cost that you're recuring on Moro so you 00:04:49.759 --> 00:04:52.029 align:start position:0% cost that you're recuring on Moro so you know<00:04:50.000> as<00:04:50.199> more<00:04:50.400> people<00:04:50.600> are<00:04:50.720> using<00:04:51.000> Moro<00:04:51.919> some 00:04:52.029 --> 00:04:52.039 align:start position:0% know as more people are using Moro some 00:04:52.039 --> 00:04:53.950 align:start position:0% know as more people are using Moro some of<00:04:52.160> them<00:04:52.360> might<00:04:52.520> choose<00:04:52.840> to<00:04:53.280> open<00:04:53.479> a<00:04:53.680> fixed 00:04:53.950 --> 00:04:53.960 align:start position:0% of them might choose to open a fixed 00:04:53.960 --> 00:04:56.590 align:start position:0% of them might choose to open a fixed rate<00:04:54.560> loan<00:04:55.560> this<00:04:55.680> will<00:04:55.840> in<00:04:55.960> turn<00:04:56.240> Drive 00:04:56.590 --> 00:04:56.600 align:start position:0% rate loan this will in turn Drive 00:04:56.600 --> 00:04:59.230 align:start position:0% rate loan this will in turn Drive activity<00:04:57.000> to<00:04:57.240> the<00:04:57.360> fixed<00:04:57.639> rate<00:04:57.960> protocol<00:04:58.960> and 00:04:59.230 --> 00:04:59.240 align:start position:0% activity to the fixed rate protocol and 00:04:59.240 --> 00:05:00.230 align:start position:0% activity to the fixed rate protocol and every 00:05:00.230 --> 00:05:00.240 align:start position:0% every 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about<00:05:06.600> so<00:05:06.919> now<00:05:07.080> that<00:05:07.160> we've<00:05:07.320> kind<00:05:07.440> of 00:05:07.550 --> 00:05:07.560 align:start position:0% about so now that we've kind of 00:05:07.560 --> 00:05:09.230 align:start position:0% about so now that we've kind of established<00:05:07.960> what<00:05:08.039> the<00:05:08.120> fix<00:05:08.320> rate<00:05:08.479> F<00:05:08.680> wheel<00:05:08.960> is 00:05:09.230 --> 00:05:09.240 align:start position:0% established what the fix rate F wheel is 00:05:09.240 --> 00:05:10.550 align:start position:0% established what the fix rate F wheel is and<00:05:09.400> talked<00:05:09.600> a<00:05:09.680> little<00:05:09.840> bit<00:05:09.960> about<00:05:10.120> fixed<00:05:10.360> rate 00:05:10.550 --> 00:05:10.560 align:start position:0% and talked a little bit about fixed rate 00:05:10.560 --> 00:05:12.310 align:start position:0% and talked a little bit about fixed rate markets<00:05:11.520> um<00:05:11.639> we're<00:05:11.759> going<00:05:11.840> to<00:05:11.919> get<00:05:12.039> into<00:05:12.160> our 00:05:12.310 --> 00:05:12.320 align:start position:0% markets um we're going to get into our 00:05:12.320 --> 00:05:14.990 align:start position:0% markets um we're going to get into our panel<00:05:12.800> discussion<00:05:13.800> so<00:05:14.240> just<00:05:14.440> just<00:05:14.520> to<00:05:14.720> start 00:05:14.990 --> 00:05:15.000 align:start position:0% panel discussion so just just to start 00:05:15.000 --> 00:05:16.110 align:start position:0% panel discussion so just just to start off<00:05:15.280> we're<00:05:15.400> going<00:05:15.520> to<00:05:15.680> talk<00:05:15.840> about<00:05:16.000> the 00:05:16.110 --> 00:05:16.120 align:start position:0% off we're going to talk about the 00:05:16.120 --> 00:05:19.430 align:start position:0% off we're going to talk about the current<00:05:16.919> um<00:05:17.160> fixed<00:05:17.440> tra 00:05:19.430 --> 00:05:19.440 align:start position:0% current um fixed tra 00:05:19.440 --> 00:05:22.550 align:start position:0% current um fixed tra Market<00:05:20.639> okay<00:05:21.639> yeah<00:05:21.840> so<00:05:22.080> I'll<00:05:22.199> start<00:05:22.400> with 00:05:22.550 --> 00:05:22.560 align:start position:0% Market okay yeah so I'll start with 00:05:22.560 --> 00:05:25.990 align:start position:0% Market okay yeah so I'll start with Lucas<00:05:23.560> um<00:05:24.160> so<00:05:24.400> spark<00:05:24.759> was<00:05:24.919> built<00:05:25.280> in<00:05:25.400> the<00:05:25.520> bare 00:05:25.990 --> 00:05:26.000 align:start position:0% Lucas um so spark was built in the bare 00:05:26.000 --> 00:05:29.150 align:start position:0% Lucas um so spark was built in the bare market<00:05:27.000> and<00:05:27.479> has<00:05:27.639> achieved<00:05:28.120> massive<00:05:28.479> growth 00:05:29.150 --> 00:05:29.160 align:start position:0% market and has achieved massive growth 00:05:29.160 --> 00:05:31.189 align:start position:0% market and has achieved massive growth like<00:05:29.319> going<00:05:29.479> into<00:05:29.759> the<00:05:29.840> bull<00:05:30.000> market<00:05:30.919> how<00:05:31.039> is 00:05:31.189 --> 00:05:31.199 align:start position:0% like going into the bull market how is 00:05:31.199 --> 00:05:33.390 align:start position:0% like going into the bull market how is spark<00:05:31.919> you<00:05:32.039> know<00:05:32.479> uh<00:05:32.560> how<00:05:32.680> has<00:05:32.840> spark<00:05:33.080> achieve 00:05:33.390 --> 00:05:33.400 align:start position:0% spark you know uh how has spark achieve 00:05:33.400 --> 00:05:34.550 align:start position:0% spark you know uh how has spark achieve this<00:05:33.560> adoption<00:05:33.960> and<00:05:34.080> what<00:05:34.160> are<00:05:34.280> some<00:05:34.360> of<00:05:34.479> the 00:05:34.550 --> 00:05:34.560 align:start position:0% this adoption and what are some of the 00:05:34.560 --> 00:05:36.710 align:start position:0% this adoption and what are some of the main<00:05:34.800> takeaways<00:05:35.280> that<00:05:35.360> you<00:05:35.600> have<00:05:35.880> from<00:05:36.600> the 00:05:36.710 --> 00:05:36.720 align:start position:0% main takeaways that you have from the 00:05:36.720 --> 00:05:38.150 align:start position:0% main takeaways that you have from the user<00:05:37.080> side<00:05:37.280> from<00:05:37.400> going<00:05:37.560> to<00:05:37.680> the<00:05:37.759> bar<00:05:37.919> Market 00:05:38.150 --> 00:05:38.160 align:start position:0% user side from going to the bar Market 00:05:38.160 --> 00:05:41.029 align:start position:0% user side from going to the bar Market to<00:05:38.280> the<00:05:38.400> bull<00:05:39.080> market<00:05:40.080> yeah<00:05:40.280> so<00:05:40.600> just<00:05:40.680> to<00:05:40.880> give 00:05:41.029 --> 00:05:41.039 align:start position:0% to the bull market yeah so just to give 00:05:41.039 --> 00:05:44.029 align:start position:0% to the bull market yeah so just to give everyone<00:05:41.400> some<00:05:41.680> context<00:05:42.280> on<00:05:42.600> what<00:05:42.759> spark<00:05:43.280> is 00:05:44.029 --> 00:05:44.039 align:start position:0% everyone some context on what spark is 00:05:44.039 --> 00:05:47.670 align:start position:0% everyone some context on what spark is um<00:05:44.600> maker<00:05:45.199> has<00:05:45.400> recently<00:05:45.919> rebranded<00:05:46.600> to 00:05:47.670 --> 00:05:47.680 align:start position:0% um maker has recently rebranded to 00:05:47.680 --> 00:05:51.029 align:start position:0% um maker has recently rebranded to Sky<00:05:48.680> um<00:05:49.120> and<00:05:49.280> Sky<00:05:49.639> will<00:05:49.880> allocate<00:05:50.360> liquidity 00:05:51.029 --> 00:05:51.039 align:start position:0% Sky um and Sky will allocate liquidity 00:05:51.039 --> 00:05:55.110 align:start position:0% Sky um and Sky will allocate liquidity to<00:05:51.400> us<00:05:51.880> spark<00:05:52.720> as<00:05:52.840> a<00:05:53.039> dow<00:05:53.440> to<00:05:54.080> um<00:05:54.639> to<00:05:54.840> manage 00:05:55.110 --> 00:05:55.120 align:start position:0% to us spark as a dow to um to manage 00:05:55.120 --> 00:05:56.670 align:start position:0% to us spark as a dow to um to manage that<00:05:55.240> liquidity<00:05:55.600> and<00:05:55.720> allocate<00:05:56.080> it<00:05:56.199> to<00:05:56.440> to 00:05:56.670 --> 00:05:56.680 align:start position:0% that liquidity and allocate it to to 00:05:56.680 --> 00:05:58.950 align:start position:0% that liquidity and allocate it to to different<00:05:57.199> uh<00:05:57.360> things<00:05:57.639> one<00:05:57.759> of<00:05:57.960> those<00:05:58.160> things 00:05:58.950 --> 00:05:58.960 align:start position:0% different uh things one of those things 00:05:58.960 --> 00:06:01.710 align:start position:0% different uh things one of those things uh<00:05:59.120> has<00:05:59.280> been<00:05:59.960> sparland<00:06:00.960> uh<00:06:01.080> which<00:06:01.199> is<00:06:01.280> a<00:06:01.440> fork 00:06:01.710 --> 00:06:01.720 align:start position:0% uh has been sparland uh which is a fork 00:06:01.720 --> 00:06:07.309 align:start position:0% uh has been sparland uh which is a fork of<00:06:02.360> av3<00:06:03.360> that<00:06:04.080> allows<00:06:05.080> users<00:06:05.520> to<00:06:05.800> borrow<00:06:06.759> um 00:06:07.309 --> 00:06:07.319 align:start position:0% of av3 that allows users to borrow um 00:06:07.319 --> 00:06:10.950 align:start position:0% of av3 that allows users to borrow um die<00:06:07.759> or<00:06:08.280> usds<00:06:09.319> at<00:06:10.319> I<00:06:10.479> I'm<00:06:10.560> not<00:06:10.639> going<00:06:10.759> to<00:06:10.840> call 00:06:10.950 --> 00:06:10.960 align:start position:0% die or usds at I I'm not going to call 00:06:10.960 --> 00:06:13.070 align:start position:0% die or usds at I I'm not going to call it<00:06:11.039> a<00:06:11.160> fixed<00:06:11.479> rate<00:06:11.960> because<00:06:12.280> it's<00:06:12.479> not<00:06:12.840> it's 00:06:13.070 --> 00:06:13.080 align:start position:0% it a fixed rate because it's not it's 00:06:13.080 --> 00:06:15.950 align:start position:0% it a fixed rate because it's not it's more<00:06:13.280> of<00:06:13.479> a<00:06:13.720> a<00:06:13.919> stable<00:06:14.400> rate<00:06:15.199> um<00:06:15.360> it's<00:06:15.479> a<00:06:15.680> rate 00:06:15.950 --> 00:06:15.960 align:start position:0% more of a a stable rate um it's a rate 00:06:15.960 --> 00:06:19.790 align:start position:0% more of a a stable rate um it's a rate that's<00:06:16.199> set<00:06:16.759> by<00:06:17.080> Sky<00:06:17.960> governance<00:06:18.960> um<00:06:19.319> so<00:06:19.639> the 00:06:19.790 --> 00:06:19.800 align:start position:0% that's set by Sky governance um so the 00:06:19.800 --> 00:06:23.110 align:start position:0% that's set by Sky governance um so the value<00:06:20.120> proposition<00:06:20.560> of<00:06:20.800> this<00:06:21.319> is<00:06:21.800> as<00:06:21.919> a<00:06:22.120> user 00:06:23.110 --> 00:06:23.120 align:start position:0% value proposition of this is as a user 00:06:23.120 --> 00:06:26.589 align:start position:0% value proposition of this is as a user you<00:06:23.240> can<00:06:23.639> get<00:06:24.199> the<00:06:24.479> benefits<00:06:25.400> of<00:06:25.720> A's<00:06:26.319> you<00:06:26.440> know 00:06:26.589 --> 00:06:26.599 align:start position:0% you can get the benefits of A's you know 00:06:26.599 --> 00:06:29.189 align:start position:0% you can get the benefits of A's you know rehypothecation<00:06:27.440> of<00:06:27.680> collateral<00:06:28.680> and<00:06:28.919> cross 00:06:29.189 --> 00:06:29.199 align:start position:0% rehypothecation of collateral and cross 00:06:29.199 --> 00:06:30.909 align:start position:0% rehypothecation of collateral and cross collateral<00:06:29.759> ization<00:06:30.120> across<00:06:30.440> borrow 00:06:30.909 --> 00:06:30.919 align:start position:0% collateral ization across borrow 00:06:30.919 --> 00:06:34.150 align:start position:0% collateral ization across borrow positions<00:06:31.919> without<00:06:32.720> the<00:06:33.120> uh<00:06:33.280> the<00:06:33.400> algorithmic 00:06:34.150 --> 00:06:34.160 align:start position:0% positions without the uh the algorithmic 00:06:34.160 --> 00:06:35.589 align:start position:0% positions without the uh the algorithmic variable<00:06:34.560> interest<00:06:34.840> rate 00:06:35.589 --> 00:06:35.599 align:start position:0% variable interest rate 00:06:35.599 --> 00:06:37.990 align:start position:0% variable interest rate model<00:06:36.599> um<00:06:36.919> so<00:06:37.039> you<00:06:37.160> can<00:06:37.400> you<00:06:37.440> can<00:06:37.599> borrow<00:06:37.840> with 00:06:37.990 --> 00:06:38.000 align:start position:0% model um so you can you can borrow with 00:06:38.000 --> 00:06:39.790 align:start position:0% model um so you can you can borrow with that<00:06:38.360> so<00:06:38.560> basically<00:06:38.960> what<00:06:39.120> I'm<00:06:39.240> saying<00:06:39.560> here 00:06:39.790 --> 00:06:39.800 align:start position:0% that so basically what I'm saying here 00:06:39.800 --> 00:06:41.749 align:start position:0% that so basically what I'm saying here is<00:06:40.000> that<00:06:40.240> there<00:06:40.560> there<00:06:40.720> definitely<00:06:41.160> is<00:06:41.520> a 00:06:41.749 --> 00:06:41.759 align:start position:0% is that there there definitely is a 00:06:41.759 --> 00:06:45.150 align:start position:0% is that there there definitely is a demand<00:06:42.440> for<00:06:42.800> more<00:06:43.280> stable<00:06:43.680> borrow<00:06:44.039> rates<00:06:45.039> uh 00:06:45.150 --> 00:06:45.160 align:start position:0% demand for more stable borrow rates uh 00:06:45.160 --> 00:06:46.990 align:start position:0% demand for more stable borrow rates uh which<00:06:45.280> is<00:06:45.400> part<00:06:45.560> of<00:06:45.680> this<00:06:45.800> broader<00:06:46.160> discussion 00:06:46.990 --> 00:06:47.000 align:start position:0% which is part of this broader discussion 00:06:47.000 --> 00:06:49.029 align:start position:0% which is part of this broader discussion this<00:06:47.160> was<00:06:47.360> one<00:06:47.599> approach<00:06:47.919> to<00:06:48.120> it<00:06:48.400> which<00:06:48.639> was 00:06:49.029 --> 00:06:49.039 align:start position:0% this was one approach to it which was 00:06:49.039 --> 00:06:52.830 align:start position:0% this was one approach to it which was having<00:06:49.479> a<00:06:49.680> more<00:06:50.599> sort<00:06:50.840> of<00:06:51.599> predictable<00:06:52.599> uh 00:06:52.830 --> 00:06:52.840 align:start position:0% having a more sort of predictable uh 00:06:52.840 --> 00:06:54.950 align:start position:0% having a more sort of predictable uh rate<00:06:53.360> where<00:06:54.000> you<00:06:54.120> could<00:06:54.280> see<00:06:54.560> that<00:06:54.680> the<00:06:54.800> rate 00:06:54.950 --> 00:06:54.960 align:start position:0% rate where you could see that the rate 00:06:54.960 --> 00:06:57.270 align:start position:0% rate where you could see that the rate would<00:06:55.120> be<00:06:55.280> changing<00:06:56.280> uh<00:06:56.440> ahead<00:06:56.639> of<00:06:56.879> time<00:06:57.120> so 00:06:57.270 --> 00:06:57.280 align:start position:0% would be changing uh ahead of time so 00:06:57.280 --> 00:06:59.950 align:start position:0% would be changing uh ahead of time so you<00:06:57.360> can<00:06:57.639> adjust<00:06:57.960> your<00:06:58.120> rates<00:06:58.840> or<00:06:59.039> adjust<00:06:59.280> your 00:06:59.950 --> 00:06:59.960 align:start position:0% you can adjust your rates or adjust your 00:06:59.960 --> 00:07:03.110 align:start position:0% you can adjust your rates or adjust your position<00:07:00.960> um<00:07:01.720> and<00:07:01.840> so<00:07:02.160> that<00:07:02.400> that<00:07:02.520> was<00:07:02.720> proven 00:07:03.110 --> 00:07:03.120 align:start position:0% position um and so that that was proven 00:07:03.120 --> 00:07:07.430 align:start position:0% position um and so that that was proven out<00:07:03.639> during<00:07:04.199> this<00:07:04.960> uh<00:07:05.319> last<00:07:05.639> year<00:07:06.400> and<00:07:06.560> a<00:07:06.759> bit 00:07:07.430 --> 00:07:07.440 align:start position:0% out during this uh last year and a bit 00:07:07.440 --> 00:07:09.029 align:start position:0% out during this uh last year and a bit um<00:07:07.639> where<00:07:07.759> we've<00:07:07.919> got<00:07:08.080> a<00:07:08.160> lot<00:07:08.280> of 00:07:09.029 --> 00:07:09.039 align:start position:0% um where we've got a lot of 00:07:09.039 --> 00:07:12.869 align:start position:0% um where we've got a lot of adoption<00:07:10.039> um<00:07:10.319> and<00:07:10.560> another<00:07:11.440> big<00:07:12.280> um<00:07:12.720> thing 00:07:12.869 --> 00:07:12.879 align:start position:0% adoption um and another big um thing 00:07:12.879 --> 00:07:14.710 align:start position:0% adoption um and another big um thing that<00:07:13.039> we've<00:07:13.240> noticed<00:07:13.840> is<00:07:14.120> there's<00:07:14.319> been<00:07:14.479> a<00:07:14.599> lot 00:07:14.710 --> 00:07:14.720 align:start position:0% that we've noticed is there's been a lot 00:07:14.720 --> 00:07:18.469 align:start position:0% that we've noticed is there's been a lot of<00:07:14.919> demand<00:07:15.400> for<00:07:15.879> leveraging<00:07:16.639> on<00:07:17.400> um<00:07:18.080> Pendle 00:07:18.469 --> 00:07:18.479 align:start position:0% of demand for leveraging on um Pendle 00:07:18.479 --> 00:07:21.629 align:start position:0% of demand for leveraging on um Pendle principal<00:07:18.879> tokens<00:07:19.440> of<00:07:19.680> Sude<00:07:20.680> through<00:07:20.879> Athena 00:07:21.629 --> 00:07:21.639 align:start position:0% principal tokens of Sude through Athena 00:07:21.639 --> 00:07:24.790 align:start position:0% principal tokens of Sude through Athena uh<00:07:21.759> through<00:07:22.199> Moro<00:07:23.199> um<00:07:23.560> so<00:07:23.919> spark<00:07:24.400> has<00:07:24.560> been 00:07:24.790 --> 00:07:24.800 align:start position:0% uh through Moro um so spark has been 00:07:24.800 --> 00:07:27.830 align:start position:0% uh through Moro um so spark has been allocating<00:07:25.360> D<00:07:25.720> into<00:07:26.080> Moro<00:07:26.599> markets<00:07:27.360> to<00:07:27.560> allow 00:07:27.830 --> 00:07:27.840 align:start position:0% allocating D into Moro markets to allow 00:07:27.840 --> 00:07:30.749 align:start position:0% allocating D into Moro markets to allow people<00:07:28.160> to<00:07:28.560> borrow<00:07:28.960> against<00:07:29.199> their<00:07:29.759> um<00:07:30.560> their 00:07:30.749 --> 00:07:30.759 align:start position:0% people to borrow against their um their 00:07:30.759 --> 00:07:32.710 align:start position:0% people to borrow against their um their principal<00:07:31.120> token<00:07:31.639> uh<00:07:31.759> yield<00:07:32.120> positions 00:07:32.710 --> 00:07:32.720 align:start position:0% principal token uh yield positions 00:07:32.720 --> 00:07:35.790 align:start position:0% principal token uh yield positions inthena<00:07:33.720> um<00:07:34.000> these<00:07:34.160> users<00:07:34.520> are<00:07:34.720> able<00:07:35.039> to<00:07:35.479> lock 00:07:35.790 --> 00:07:35.800 align:start position:0% inthena um these users are able to lock 00:07:35.800 --> 00:07:38.350 align:start position:0% inthena um these users are able to lock in<00:07:36.240> these<00:07:36.560> you<00:07:36.680> know<00:07:37.319> quite<00:07:37.680> high<00:07:37.879> yields<00:07:38.280> that 00:07:38.350 --> 00:07:38.360 align:start position:0% in these you know quite high yields that 00:07:38.360 --> 00:07:40.110 align:start position:0% in these you know quite high yields that we're<00:07:38.560> getting<00:07:39.039> from<00:07:39.440> Athena<00:07:39.879> that<00:07:39.960> we're 00:07:40.110 --> 00:07:40.120 align:start position:0% we're getting from Athena that we're 00:07:40.120 --> 00:07:42.749 align:start position:0% we're getting from Athena that we're seeing<00:07:40.919> uh<00:07:41.160> without<00:07:41.599> the<00:07:41.800> sort<00:07:42.000> of 00:07:42.749 --> 00:07:42.759 align:start position:0% seeing uh without the sort of 00:07:42.759 --> 00:07:44.710 align:start position:0% seeing uh without the sort of variability<00:07:43.400> in<00:07:43.599> these<00:07:43.759> apys<00:07:44.360> that<00:07:44.479> could 00:07:44.710 --> 00:07:44.720 align:start position:0% variability in these apys that could 00:07:44.720 --> 00:07:47.189 align:start position:0% variability in these apys that could affect<00:07:45.400> the<00:07:45.759> safety<00:07:46.319> of<00:07:46.479> their<00:07:46.680> position<00:07:47.000> it's 00:07:47.189 --> 00:07:47.199 align:start position:0% affect the safety of their position it's 00:07:47.199 --> 00:07:49.469 align:start position:0% affect the safety of their position it's just<00:07:47.479> it's<00:07:47.720> overall<00:07:48.199> a<00:07:48.319> lot<00:07:48.560> more<00:07:49.240> uh 00:07:49.469 --> 00:07:49.479 align:start position:0% just it's overall a lot more uh 00:07:49.479 --> 00:07:52.469 align:start position:0% just it's overall a lot more uh predictable<00:07:50.479> um<00:07:50.720> of<00:07:50.840> a<00:07:51.000> way<00:07:51.280> to<00:07:51.879> to<00:07:52.080> borrow 00:07:52.469 --> 00:07:52.479 align:start position:0% predictable um of a way to to borrow 00:07:52.479 --> 00:07:54.550 align:start position:0% predictable um of a way to to borrow against<00:07:52.680> the<00:07:52.879> position<00:07:53.840> so<00:07:54.120> both<00:07:54.280> of<00:07:54.440> those 00:07:54.550 --> 00:07:54.560 align:start position:0% against the position so both of those 00:07:54.560 --> 00:07:55.950 align:start position:0% against the position so both of those have<00:07:54.720> been<00:07:55.000> quite<00:07:55.240> successful<00:07:55.639> and<00:07:55.759> they're 00:07:55.950 --> 00:07:55.960 align:start position:0% have been quite successful and they're 00:07:55.960 --> 00:07:58.029 align:start position:0% have been quite successful and they're both<00:07:56.240> based<00:07:56.520> off<00:07:56.639> of<00:07:56.800> this<00:07:57.000> principle<00:07:57.800> of 00:07:58.029 --> 00:07:58.039 align:start position:0% both based off of this principle of 00:07:58.039 --> 00:07:59.869 align:start position:0% both based off of this principle of having<00:07:58.360> like<00:07:58.599> predictable<00:07:59.039> interest<00:07:59.520> rates 00:07:59.869 --> 00:07:59.879 align:start position:0% having like predictable interest rates 00:07:59.879 --> 00:08:01.029 align:start position:0% having like predictable interest rates for 00:08:01.029 --> 00:08:01.039 align:start position:0% for 00:08:01.039 --> 00:08:03.670 align:start position:0% for users<00:08:02.039> awesome<00:08:02.800> um<00:08:03.080> yeah<00:08:03.199> I<00:08:03.240> mean<00:08:03.400> going<00:08:03.560> to 00:08:03.670 --> 00:08:03.680 align:start position:0% users awesome um yeah I mean going to 00:08:03.680 --> 00:08:06.350 align:start position:0% users awesome um yeah I mean going to you<00:08:03.840> Merlin<00:08:04.479> so<00:08:04.800> moro's<00:08:05.319> also<00:08:05.520> grown<00:08:06.120> like<00:08:06.240> a 00:08:06.350 --> 00:08:06.360 align:start position:0% you Merlin so moro's also grown like a 00:08:06.360 --> 00:08:07.990 align:start position:0% you Merlin so moro's also grown like a tremendous<00:08:06.840> amount<00:08:07.199> going<00:08:07.400> into<00:08:07.599> this<00:08:07.720> bull 00:08:07.990 --> 00:08:08.000 align:start position:0% tremendous amount going into this bull 00:08:08.000 --> 00:08:10.230 align:start position:0% tremendous amount going into this bull market<00:08:09.000> um<00:08:09.440> like<00:08:09.599> what<00:08:09.680> have<00:08:09.840> been<00:08:09.960> some<00:08:10.080> big 00:08:10.230 --> 00:08:10.240 align:start position:0% market um like what have been some big 00:08:10.240 --> 00:08:12.550 align:start position:0% market um like what have been some big takeaways<00:08:10.639> from<00:08:10.879> you<00:08:11.440> like<00:08:11.879> you<00:08:12.000> know<00:08:12.360> on<00:08:12.479> the 00:08:12.550 --> 00:08:12.560 align:start position:0% takeaways from you like you know on the 00:08:12.560 --> 00:08:16.430 align:start position:0% takeaways from you like you know on the user<00:08:12.879> demand<00:08:13.479> side<00:08:14.479> right<00:08:14.919> um<00:08:15.199> so<00:08:15.919> as<00:08:16.039> you<00:08:16.159> say 00:08:16.430 --> 00:08:16.440 align:start position:0% user demand side right um so as you say 00:08:16.440 --> 00:08:19.430 align:start position:0% user demand side right um so as you say like<00:08:16.720> Moro<00:08:17.240> is<00:08:17.560> um<00:08:18.240> like<00:08:18.400> a<00:08:18.599> a<00:08:18.759> prim<00:08:19.080> Landing 00:08:19.430 --> 00:08:19.440 align:start position:0% like Moro is um like a a prim Landing 00:08:19.440 --> 00:08:21.550 align:start position:0% like Moro is um like a a prim Landing primitive<00:08:20.319> uh<00:08:20.400> on<00:08:20.639> which<00:08:20.919> like<00:08:21.319> some 00:08:21.550 --> 00:08:21.560 align:start position:0% primitive uh on which like some 00:08:21.560 --> 00:08:23.830 align:start position:0% primitive uh on which like some solutions<00:08:22.080> for<00:08:22.400> fixed<00:08:22.720> rate<00:08:23.000> Market<00:08:23.520> are 00:08:23.830 --> 00:08:23.840 align:start position:0% solutions for fixed rate Market are 00:08:23.840 --> 00:08:26.550 align:start position:0% solutions for fixed rate Market are being<00:08:24.080> built<00:08:24.720> so<00:08:25.400> on<00:08:25.560> Moro<00:08:26.080> you<00:08:26.199> have<00:08:26.400> like 00:08:26.550 --> 00:08:26.560 align:start position:0% being built so on Moro you have like 00:08:26.560 --> 00:08:28.830 align:start position:0% being built so on Moro you have like only<00:08:27.280> interest<00:08:27.680> rate<00:08:27.879> model<00:08:28.400> that<00:08:28.520> are 00:08:28.830 --> 00:08:28.840 align:start position:0% only interest rate model that are 00:08:28.840 --> 00:08:32.269 align:start position:0% only interest rate model that are providing<00:08:29.240> like<00:08:29.639> V<00:08:29.879> variable<00:08:30.400> rates<00:08:31.039> for<00:08:31.280> now 00:08:32.269 --> 00:08:32.279 align:start position:0% providing like V variable rates for now 00:08:32.279 --> 00:08:35.790 align:start position:0% providing like V variable rates for now um<00:08:33.000> and<00:08:33.479> uh<00:08:33.800> but<00:08:34.760> we<00:08:34.919> have<00:08:35.080> more<00:08:35.320> and<00:08:35.479> more 00:08:35.790 --> 00:08:35.800 align:start position:0% um and uh but we have more and more 00:08:35.800 --> 00:08:39.509 align:start position:0% um and uh but we have more and more Demand<00:08:36.519> on<00:08:36.919> like<00:08:37.360> uh<00:08:37.560> funds<00:08:38.080> or<00:08:38.519> arbitragers 00:08:39.509 --> 00:08:39.519 align:start position:0% Demand on like uh funds or arbitragers 00:08:39.519 --> 00:08:42.070 align:start position:0% Demand on like uh funds or arbitragers or<00:08:39.880> like<00:08:40.440> strategist<00:08:41.440> uh<00:08:41.599> they<00:08:41.719> want 00:08:42.070 --> 00:08:42.080 align:start position:0% or like strategist uh they want 00:08:42.080 --> 00:08:44.470 align:start position:0% or like strategist uh they want predictability<00:08:42.880> on<00:08:43.080> their<00:08:43.320> rates<00:08:43.919> because 00:08:44.470 --> 00:08:44.480 align:start position:0% predictability on their rates because 00:08:44.480 --> 00:08:46.590 align:start position:0% predictability on their rates because they<00:08:44.600> want<00:08:44.920> like<00:08:45.120> to<00:08:45.480> to<00:08:45.680> form<00:08:46.120> use<00:08:46.399> their 00:08:46.590 --> 00:08:46.600 align:start position:0% they want like to to form use their 00:08:46.600 --> 00:08:49.269 align:start position:0% they want like to to form use their funds<00:08:47.040> like<00:08:47.680> they<00:08:47.800> borrow<00:08:48.160> usdc<00:08:48.839> they<00:08:48.959> want<00:08:49.120> to 00:08:49.269 --> 00:08:49.279 align:start position:0% funds like they borrow usdc they want to 00:08:49.279 --> 00:08:52.070 align:start position:0% funds like they borrow usdc they want to use<00:08:49.560> them<00:08:50.040> on<00:08:50.279> over<00:08:50.640> protocols<00:08:51.640> if<00:08:51.760> you<00:08:51.839> don't 00:08:52.070 --> 00:08:52.080 align:start position:0% use them on over protocols if you don't 00:08:52.080 --> 00:08:53.670 align:start position:0% use them on over protocols if you don't have<00:08:52.279> like<00:08:52.480> produc<00:08:52.839> ability<00:08:53.200> on<00:08:53.399> like<00:08:53.560> the 00:08:53.670 --> 00:08:53.680 align:start position:0% have like produc ability on like the 00:08:53.680 --> 00:08:55.870 align:start position:0% have like produc ability on like the borrow<00:08:54.000> rate<00:08:54.360> like<00:08:54.640> you<00:08:55.040> you'll<00:08:55.240> need<00:08:55.519> at<00:08:55.640> some 00:08:55.870 --> 00:08:55.880 align:start position:0% borrow rate like you you'll need at some 00:08:55.880 --> 00:08:58.509 align:start position:0% borrow rate like you you'll need at some point<00:08:56.120> maybe<00:08:56.360> to<00:08:56.519> unwind<00:08:57.120> your<00:08:57.519> position<00:08:58.240> and 00:08:58.509 --> 00:08:58.519 align:start position:0% point maybe to unwind your position and 00:08:58.519 --> 00:09:02.190 align:start position:0% point maybe to unwind your position and like<00:08:58.880> uh<00:08:59.000> face<00:08:59.480> like<00:08:59.640> some<00:08:59.800> Sage<00:09:00.480> Etc<00:09:01.200> so<00:09:01.600> to 00:09:02.190 --> 00:09:02.200 align:start position:0% like uh face like some Sage Etc so to 00:09:02.200 --> 00:09:04.630 align:start position:0% like uh face like some Sage Etc so to protect<00:09:02.600> you<00:09:03.000> against<00:09:03.480> that<00:09:03.920> like<00:09:04.200> you<00:09:04.360> need 00:09:04.630 --> 00:09:04.640 align:start position:0% protect you against that like you need 00:09:04.640 --> 00:09:07.389 align:start position:0% protect you against that like you need to<00:09:05.560> um<00:09:05.800> to<00:09:05.959> find<00:09:06.279> like<00:09:06.399> some<00:09:06.680> fixed<00:09:07.040> rate 00:09:07.389 --> 00:09:07.399 align:start position:0% to um to find like some fixed rate 00:09:07.399 --> 00:09:10.350 align:start position:0% to um to find like some fixed rate Solutions<00:09:08.079> and<00:09:08.360> like<00:09:08.720> Solutions<00:09:09.279> like<00:09:09.600> Del 00:09:10.350 --> 00:09:10.360 align:start position:0% Solutions and like Solutions like Del 00:09:10.360 --> 00:09:13.750 align:start position:0% Solutions and like Solutions like Del like<00:09:10.519> are<00:09:11.240> um<00:09:11.440> like<00:09:11.720> ideal<00:09:12.240> Solutions<00:09:13.240> and 00:09:13.750 --> 00:09:13.760 align:start position:0% like are um like ideal Solutions and 00:09:13.760 --> 00:09:16.949 align:start position:0% like are um like ideal Solutions and more<00:09:13.959> and<00:09:14.120> more<00:09:14.399> we<00:09:14.519> have<00:09:14.760> that<00:09:15.720> um<00:09:16.720> that 00:09:16.949 --> 00:09:16.959 align:start position:0% more and more we have that um that 00:09:16.959 --> 00:09:21.509 align:start position:0% more and more we have that um that demand<00:09:17.480> mostly<00:09:17.839> from<00:09:18.120> like<00:09:18.279> a<00:09:19.000> more<00:09:20.000> um<00:09:20.519> Mator 00:09:21.509 --> 00:09:21.519 align:start position:0% demand mostly from like a more um Mator 00:09:21.519 --> 00:09:27.630 align:start position:0% demand mostly from like a more um Mator and<00:09:22.279> um<00:09:23.279> uh<00:09:23.720> I<00:09:23.800> would<00:09:24.000> say<00:09:24.320> like<00:09:25.360> um<00:09:26.360> um<00:09:27.279> like 00:09:27.630 --> 00:09:27.640 align:start position:0% and um uh I would say like um um like 00:09:27.640 --> 00:09:30.310 align:start position:0% and um uh I would say like um um like more<00:09:27.959> educated<00:09:28.640> players<00:09:29.120> in<00:09:29.440> the<00:09:29.600> space<00:09:30.240> uh 00:09:30.310 --> 00:09:30.320 align:start position:0% more educated players in the space uh 00:09:30.320 --> 00:09:32.069 align:start position:0% more educated players in the space uh for<00:09:30.640> those<00:09:30.839> kind<00:09:31.000> of<00:09:31.200> things<00:09:31.720> that<00:09:31.839> are 00:09:32.069 --> 00:09:32.079 align:start position:0% for those kind of things that are 00:09:32.079 --> 00:09:35.269 align:start position:0% for those kind of things that are entering<00:09:32.600> the<00:09:32.800> space<00:09:33.200> now<00:09:33.560> that<00:09:34.399> uh<00:09:34.800> that<00:09:35.120> like 00:09:35.269 --> 00:09:35.279 align:start position:0% entering the space now that uh that like 00:09:35.279 --> 00:09:39.550 align:start position:0% entering the space now that uh that like D5<00:09:36.000> is<00:09:36.200> being<00:09:36.720> integrated<00:09:37.720> at<00:09:37.920> the<00:09:38.839> um<00:09:39.160> like 00:09:39.550 --> 00:09:39.560 align:start position:0% D5 is being integrated at the um like 00:09:39.560 --> 00:09:41.389 align:start position:0% D5 is being integrated at the um like institutional 00:09:41.389 --> 00:09:41.399 align:start position:0% institutional 00:09:41.399 --> 00:09:43.949 align:start position:0% institutional level<00:09:42.399> yeah<00:09:42.600> I<00:09:42.680> guess<00:09:42.880> just<00:09:43.000> a<00:09:43.279> brief<00:09:43.560> followup 00:09:43.949 --> 00:09:43.959 align:start position:0% level yeah I guess just a brief followup 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rates like which users<00:09:50.839> want<00:09:51.600> each<00:09:51.839> one<00:09:52.760> right<00:09:53.200> um<00:09:53.560> I<00:09:53.640> think 00:09:53.870 --> 00:09:53.880 align:start position:0% users want each one right um I think 00:09:53.880 --> 00:09:57.750 align:start position:0% users want each one right um I think like<00:09:54.240> we've<00:09:54.440> been<00:09:54.640> used<00:09:56.040> uh<00:09:57.040> uh<00:09:57.360> we've<00:09:57.560> been 00:09:57.750 --> 00:09:57.760 align:start position:0% like we've been used uh uh we've been 00:09:57.760 --> 00:10:00.150 align:start position:0% like we've been used uh uh we've been used<00:09:58.120> with<00:09:58.440> um<00:09:58.880> valuable<00:09:59.440> rate<00:09:59.720> since<00:10:00.000> the 00:10:00.150 --> 00:10:00.160 align:start position:0% used with um valuable rate since the 00:10:00.160 --> 00:10:02.350 align:start position:0% used with um valuable rate since the beginning<00:10:00.480> of<00:10:00.640> D5<00:10:01.160> because<00:10:01.399> it<00:10:01.560> has<00:10:01.760> been<00:10:02.040> like 00:10:02.350 --> 00:10:02.360 align:start position:0% beginning of D5 because it has been like 00:10:02.360 --> 00:10:05.750 align:start position:0% beginning of D5 because it has been like so<00:10:02.680> we<00:10:02.920> had<00:10:03.160> like<00:10:03.480> e<00:10:04.399> uh<00:10:04.519> the<00:10:04.640> beginning<00:10:04.920> of<00:10:05.120> a 00:10:05.750 --> 00:10:05.760 align:start position:0% so we had like e uh the beginning of a 00:10:05.760 --> 00:10:07.590 align:start position:0% so we had like e uh the beginning of a where<00:10:05.959> you<00:10:06.120> had<00:10:06.320> like<00:10:06.480> a<00:10:06.760> fixed<00:10:07.040> rate<00:10:07.279> but<00:10:07.519> it 00:10:07.590 --> 00:10:07.600 align:start position:0% where you had like a fixed rate but it 00:10:07.600 --> 00:10:09.790 align:start position:0% where you had like a fixed rate but it was<00:10:07.760> like<00:10:07.959> hard<00:10:08.160> to<00:10:08.320> manage<00:10:08.680> on<00:10:08.880> chain<00:10:09.200> it<00:10:09.360> was 00:10:09.790 --> 00:10:09.800 align:start position:0% was like hard to manage on chain it was 00:10:09.800 --> 00:10:12.710 align:start position:0% was like hard to manage on chain it was difficult<00:10:10.800> um<00:10:11.040> so<00:10:11.480> everyone<00:10:11.920> like<00:10:12.079> turned<00:10:12.440> to 00:10:12.710 --> 00:10:12.720 align:start position:0% difficult um so everyone like turned to 00:10:12.720 --> 00:10:15.670 align:start position:0% difficult um so everyone like turned to like<00:10:12.880> more<00:10:13.800> algorithmic<00:10:14.800> uh<00:10:15.040> interest<00:10:15.480> rate 00:10:15.670 --> 00:10:15.680 align:start position:0% like more algorithmic uh interest rate 00:10:15.680 --> 00:10:19.230 align:start position:0% like more algorithmic uh interest rate model<00:10:16.079> because<00:10:16.560> it's<00:10:16.760> much<00:10:16.920> more<00:10:17.519> scalable<00:10:18.519> um 00:10:19.230 --> 00:10:19.240 align:start position:0% model because it's much more scalable um 00:10:19.240 --> 00:10:23.069 align:start position:0% model because it's much more scalable um so<00:10:19.720> like<00:10:20.040> everyone<00:10:20.640> in<00:10:20.880> defi<00:10:21.440> is<00:10:21.760> like<00:10:22.440> uh<00:10:22.800> okay 00:10:23.069 --> 00:10:23.079 align:start position:0% so like everyone in defi is like uh okay 00:10:23.079 --> 00:10:25.870 align:start position:0% so like everyone in defi is like uh okay with<00:10:23.680> uh<00:10:23.880> variable<00:10:24.440> rate<00:10:24.760> and<00:10:24.920> it's<00:10:25.200> like<00:10:25.519> uh 00:10:25.870 --> 00:10:25.880 align:start position:0% with uh variable rate and it's like uh 00:10:25.880 --> 00:10:27.949 align:start position:0% with uh variable rate and it's like uh it's<00:10:26.079> like<00:10:26.240> in<00:10:26.399> their<00:10:26.600> zone<00:10:26.880> of<00:10:27.079> comfort<00:10:27.760> but 00:10:27.949 --> 00:10:27.959 align:start position:0% it's like in their zone of comfort but 00:10:27.959 --> 00:10:30.550 align:start position:0% it's like in their zone of comfort but like<00:10:28.120> from<00:10:28.440> people<00:10:29.040> uh<00:10:29.320> coming<00:10:29.560> from<00:10:29.800> trfi 00:10:30.550 --> 00:10:30.560 align:start position:0% like from people uh coming from trfi 00:10:30.560 --> 00:10:33.310 align:start position:0% like from people uh coming from trfi where<00:10:31.000> like<00:10:31.519> a<00:10:31.680> fixed<00:10:31.959> rate<00:10:32.200> is<00:10:32.279> a<00:10:32.480> norm<00:10:33.000> like 00:10:33.310 --> 00:10:33.320 align:start position:0% where like a fixed rate is a norm like 00:10:33.320 --> 00:10:36.629 align:start position:0% where like a fixed rate is a norm like you<00:10:33.440> have<00:10:33.680> Z<00:10:34.120> zero<00:10:34.440> coupon<00:10:34.839> Bond<00:10:35.639> everywhere 00:10:36.629 --> 00:10:36.639 align:start position:0% you have Z zero coupon Bond everywhere 00:10:36.639 --> 00:10:38.590 align:start position:0% you have Z zero coupon Bond everywhere uh<00:10:36.959> it<00:10:37.120> does<00:10:37.360> not<00:10:37.639> really<00:10:37.839> make<00:10:38.040> sense<00:10:38.240> to<00:10:38.399> have 00:10:38.590 --> 00:10:38.600 align:start position:0% uh it does not really make sense to have 00:10:38.600 --> 00:10:40.590 align:start position:0% uh it does not really make sense to have like<00:10:38.839> variable<00:10:39.320> rates<00:10:39.800> I<00:10:39.920> think<00:10:40.160> it<00:10:40.279> will 00:10:40.590 --> 00:10:40.600 align:start position:0% like variable rates I think it will 00:10:40.600 --> 00:10:43.389 align:start position:0% like variable rates I think it will change<00:10:41.120> like<00:10:41.600> uh<00:10:41.720> in<00:10:41.880> the<00:10:42.079> coming<00:10:42.480> year<00:10:43.040> coming 00:10:43.389 --> 00:10:43.399 align:start position:0% change like uh in the coming year coming 00:10:43.399 --> 00:10:46.870 align:start position:0% change like uh in the coming year coming years<00:10:44.000> like<00:10:44.720> uh<00:10:44.920> I<00:10:45.079> really<00:10:45.399> think<00:10:45.760> that<00:10:46.440> the 00:10:46.870 --> 00:10:46.880 align:start position:0% years like uh I really think that the 00:10:46.880 --> 00:10:49.710 align:start position:0% years like uh I really think that the the<00:10:47.040> the<00:10:47.120> fixed<00:10:47.440> rate<00:10:47.720> will<00:10:47.959> be<00:10:48.200> like<00:10:48.680> the<00:10:48.839> base 00:10:49.710 --> 00:10:49.720 align:start position:0% the the fixed rate will be like the base 00:10:49.720 --> 00:10:52.350 align:start position:0% the the fixed rate will be like the base uh<00:10:49.920> of<00:10:50.160> like<00:10:50.519> lending<00:10:51.200> and<00:10:51.800> everything<00:10:52.160> on 00:10:52.350 --> 00:10:52.360 align:start position:0% uh of like lending and everything on 00:10:52.360 --> 00:10:55.230 align:start position:0% uh of like lending and everything on chain<00:10:53.000> but<00:10:53.160> it's<00:10:53.440> just<00:10:53.680> like<00:10:54.320> uh<00:10:54.680> we<00:10:55.040> it 00:10:55.230 --> 00:10:55.240 align:start position:0% chain but it's just like uh we it 00:10:55.240 --> 00:10:57.389 align:start position:0% chain but it's just like uh we it requires<00:10:55.800> like<00:10:55.920> a<00:10:56.079> more<00:10:56.360> much<00:10:56.560> more<00:10:56.959> like 00:10:57.389 --> 00:10:57.399 align:start position:0% requires like a more much more like 00:10:57.399 --> 00:10:59.829 align:start position:0% requires like a more much more like complexity<00:10:58.120> of<00:10:58.480> managing<00:10:58.920> those<00:10:59.360> rates<00:10:59.639> like 00:10:59.829 --> 00:10:59.839 align:start position:0% complexity of managing those rates like 00:10:59.839 --> 00:11:03.430 align:start position:0% complexity of managing those rates like order<00:11:00.240> books<00:11:01.200> uh<00:11:01.320> managing<00:11:01.720> order<00:11:02.040> books<00:11:02.800> uh 00:11:03.430 --> 00:11:03.440 align:start position:0% order books uh managing order books uh 00:11:03.440 --> 00:11:07.310 align:start position:0% order books uh managing order books uh it's<00:11:03.760> like<00:11:04.200> we<00:11:04.360> are<00:11:04.720> closer<00:11:05.120> to<00:11:05.399> Market<00:11:06.000> making 00:11:07.310 --> 00:11:07.320 align:start position:0% it's like we are closer to Market making 00:11:07.320 --> 00:11:11.150 align:start position:0% it's like we are closer to Market making um<00:11:08.320> uh<00:11:08.639> Quant<00:11:09.040> Quant<00:11:09.360> trading<00:11:10.320> if<00:11:10.519> you<00:11:10.880> really 00:11:11.150 --> 00:11:11.160 align:start position:0% um uh Quant Quant trading if you really 00:11:11.160 --> 00:11:13.389 align:start position:0% um uh Quant Quant trading if you really want<00:11:11.360> to<00:11:11.560> have<00:11:11.760> like<00:11:11.959> an<00:11:12.200> efficient<00:11:12.639> market<00:11:13.120> of 00:11:13.389 --> 00:11:13.399 align:start position:0% want to have like an efficient market of 00:11:13.399 --> 00:11:16.030 align:start position:0% want to have like an efficient market of like<00:11:13.800> uh<00:11:14.240> of<00:11:14.440> fixed<00:11:14.760> rates<00:11:15.320> and<00:11:15.480> we<00:11:15.600> are<00:11:15.720> not 00:11:16.030 --> 00:11:16.040 align:start position:0% like uh of fixed rates and we are not 00:11:16.040 --> 00:11:19.990 align:start position:0% like uh of fixed rates and we are not there<00:11:16.560> yet<00:11:17.519> uh<00:11:17.800> but<00:11:18.160> uh<00:11:18.399> but<00:11:18.760> having<00:11:19.240> both<00:11:19.720> like 00:11:19.990 --> 00:11:20.000 align:start position:0% there yet uh but uh but having both like 00:11:20.000 --> 00:11:22.550 align:start position:0% there yet uh but uh but having both like both<00:11:20.399> Solutions<00:11:21.399> right<00:11:21.560> now<00:11:21.720> is<00:11:21.920> like<00:11:22.040> a<00:11:22.279> good 00:11:22.550 --> 00:11:22.560 align:start position:0% both Solutions right now is like a good 00:11:22.560 --> 00:11:25.150 align:start position:0% both Solutions right now is like a good way<00:11:22.720> to<00:11:22.959> Ard<00:11:23.480> like<00:11:23.880> those<00:11:24.279> that<00:11:24.440> are<00:11:24.720> asking 00:11:25.150 --> 00:11:25.160 align:start position:0% way to Ard like those that are asking 00:11:25.160 --> 00:11:28.629 align:start position:0% way to Ard like those that are asking for<00:11:26.000> uh<00:11:26.120> fixed<00:11:26.399> rat<00:11:26.800> that<00:11:26.959> are<00:11:27.399> more<00:11:27.760> coming<00:11:28.079> to 00:11:28.629 --> 00:11:28.639 align:start position:0% for uh fixed rat that are more coming to 00:11:28.639 --> 00:11:30.750 align:start position:0% for uh fixed rat that are more coming to uh<00:11:28.720> from<00:11:28.920> the<00:11:29.399> tra<00:11:29.880> EOS 00:11:30.750 --> 00:11:30.760 align:start position:0% uh from the tra EOS 00:11:30.760 --> 00:11:33.629 align:start position:0% uh from the tra EOS system<00:11:31.760> yeah<00:11:32.079> that<00:11:32.200> makes<00:11:32.440> sense<00:11:33.320> I<00:11:33.399> guess 00:11:33.629 --> 00:11:33.639 align:start position:0% system yeah that makes sense I guess 00:11:33.639 --> 00:11:35.190 align:start position:0% system yeah that makes sense I guess just<00:11:33.720> to<00:11:34.079> talk<00:11:34.240> a<00:11:34.360> little<00:11:34.519> bit<00:11:34.760> more<00:11:35.000> more 00:11:35.190 --> 00:11:35.200 align:start position:0% just to talk a little bit more more 00:11:35.200 --> 00:11:38.230 align:start position:0% just to talk a little bit more more about<00:11:35.480> the<00:11:35.839> uh<00:11:36.600> more<00:11:37.000> the<00:11:37.120> D<00:11:37.600> sort<00:11:37.760> of<00:11:37.920> things 00:11:38.230 --> 00:11:38.240 align:start position:0% about the uh more the D sort of things 00:11:38.240 --> 00:11:39.790 align:start position:0% about the uh more the D sort of things like<00:11:38.399> the<00:11:38.560> kind<00:11:38.680> of<00:11:38.800> crypto<00:11:39.120> native<00:11:39.399> defi 00:11:39.790 --> 00:11:39.800 align:start position:0% like the kind of crypto native defi 00:11:39.800 --> 00:11:43.110 align:start position:0% like the kind of crypto native defi users<00:11:40.800> so<00:11:41.000> one<00:11:41.120> of<00:11:41.240> the<00:11:41.360> biggest<00:11:42.160> um<00:11:42.440> use<00:11:42.800> cases 00:11:43.110 --> 00:11:43.120 align:start position:0% users so one of the biggest um use cases 00:11:43.120 --> 00:11:46.350 align:start position:0% users so one of the biggest um use cases for<00:11:43.639> fixed<00:11:43.959> rate<00:11:44.240> Protocols<00:11:44.680> of<00:11:44.839> late<00:11:45.839> is 00:11:46.350 --> 00:11:46.360 align:start position:0% for fixed rate Protocols of late is 00:11:46.360 --> 00:11:48.949 align:start position:0% for fixed rate Protocols of late is points<00:11:46.760> trading<00:11:47.760> so<00:11:48.000> we've<00:11:48.160> seen<00:11:48.399> Pendle 00:11:48.949 --> 00:11:48.959 align:start position:0% points trading so we've seen Pendle 00:11:48.959 --> 00:11:52.350 align:start position:0% points trading so we've seen Pendle achieve<00:11:49.399> massive<00:11:49.760> success<00:11:50.519> trading<00:11:51.360> points 00:11:52.350 --> 00:11:52.360 align:start position:0% achieve massive success trading points 00:11:52.360 --> 00:11:53.949 align:start position:0% achieve massive success trading points um<00:11:52.519> and<00:11:52.639> the<00:11:52.720> reason<00:11:52.959> for<00:11:53.120> this<00:11:53.360> is<00:11:53.560> that<00:11:53.800> it's 00:11:53.949 --> 00:11:53.959 align:start position:0% um and the reason for this is that it's 00:11:53.959 --> 00:11:55.310 align:start position:0% um and the reason for this is that it's really<00:11:54.160> the<00:11:54.279> only<00:11:54.480> venue<00:11:54.760> where<00:11:54.880> you<00:11:54.959> can<00:11:55.120> do 00:11:55.310 --> 00:11:55.320 align:start position:0% really the only venue where you can do 00:11:55.320 --> 00:11:57.389 align:start position:0% really the only venue where you can do that<00:11:56.000> I<00:11:56.120> guess<00:11:56.320> a<00:11:56.440> question<00:11:56.639> for<00:11:56.800> you<00:11:57.000> Violet 00:11:57.389 --> 00:11:57.399 align:start position:0% that I guess a question for you Violet 00:11:57.399 --> 00:11:59.829 align:start position:0% that I guess a question for you Violet is<00:11:58.079> do<00:11:58.200> you<00:11:58.360> see<00:11:58.600> this<00:11:58.800> as<00:11:59.040> a<00:11:59.279> form<00:11:59.440> of<00:11:59.600> product 00:11:59.829 --> 00:11:59.839 align:start position:0% is do you see this as a form of product 00:11:59.839 --> 00:12:01.870 align:start position:0% is do you see this as a form of product Market<00:12:00.120> fit<00:12:00.880> or<00:12:01.000> do<00:12:01.120> you<00:12:01.200> think<00:12:01.320> it's<00:12:01.480> more<00:12:01.639> of 00:12:01.870 --> 00:12:01.880 align:start position:0% Market fit or do you think it's more of 00:12:01.880 --> 00:12:04.509 align:start position:0% Market fit or do you think it's more of a<00:12:02.120> a<00:12:02.279> passing<00:12:02.600> fat<00:12:02.920> in<00:12:03.040> the 00:12:04.509 --> 00:12:04.519 align:start position:0% a a passing fat in the 00:12:04.519 --> 00:12:06.030 align:start position:0% a a passing fat in the industry 00:12:06.030 --> 00:12:06.040 align:start position:0% industry 00:12:06.040 --> 00:12:08.829 align:start position:0% industry uh<00:12:07.040> yes<00:12:07.360> this<00:12:07.480> is<00:12:07.720> very<00:12:08.000> obviously<00:12:08.519> product 00:12:08.829 --> 00:12:08.839 align:start position:0% uh yes this is very obviously product 00:12:08.839 --> 00:12:12.829 align:start position:0% uh yes this is very obviously product Market<00:12:09.240> fit<00:12:10.240> because<00:12:11.200> buying<00:12:11.839> cryptocurrency 00:12:12.829 --> 00:12:12.839 align:start position:0% Market fit because buying cryptocurrency 00:12:12.839 --> 00:12:14.949 align:start position:0% Market fit because buying cryptocurrency and<00:12:13.000> then<00:12:13.199> gambling<00:12:13.680> on<00:12:13.839> the<00:12:14.000> price<00:12:14.199> of<00:12:14.360> the 00:12:14.949 --> 00:12:14.959 align:start position:0% and then gambling on the price of the 00:12:14.959 --> 00:12:17.110 align:start position:0% and then gambling on the price of the cryptocurrency<00:12:15.959> has<00:12:16.279> incredible<00:12:16.839> product 00:12:17.110 --> 00:12:17.120 align:start position:0% cryptocurrency has incredible product 00:12:17.120 --> 00:12:19.990 align:start position:0% cryptocurrency has incredible product Market<00:12:17.440> fit<00:12:18.040> and<00:12:18.279> has<00:12:18.639> like<00:12:18.920> sustained<00:12:19.399> a<00:12:19.720> huge 00:12:19.990 --> 00:12:20.000 align:start position:0% Market fit and has like sustained a huge 00:12:20.000 --> 00:12:23.350 align:start position:0% Market fit and has like sustained a huge amount<00:12:20.199> of<00:12:20.399> usage<00:12:21.120> for<00:12:21.480> the<00:12:21.680> past<00:12:22.040> 20<00:12:22.959> for<00:12:23.199> the 00:12:23.350 --> 00:12:23.360 align:start position:0% amount of usage for the past 20 for the 00:12:23.360 --> 00:12:26.189 align:start position:0% amount of usage for the past 20 for the past<00:12:23.680> years<00:12:24.519> and<00:12:24.880> even<00:12:25.120> if<00:12:25.199> you<00:12:25.360> look<00:12:25.760> further 00:12:26.189 --> 00:12:26.199 align:start position:0% past years and even if you look further 00:12:26.199 --> 00:12:28.750 align:start position:0% past years and even if you look further back<00:12:26.600> through<00:12:27.079> history<00:12:27.800> gambling<00:12:28.199> has<00:12:28.399> always 00:12:28.750 --> 00:12:28.760 align:start position:0% back through history gambling has always 00:12:28.760 --> 00:12:30.870 align:start position:0% back through history gambling has always had<00:12:29.000> like<00:12:29.399> a<00:12:29.519> fairly<00:12:29.959> huge<00:12:30.199> amount<00:12:30.399> of<00:12:30.600> product 00:12:30.870 --> 00:12:30.880 align:start position:0% had like a fairly huge amount of product 00:12:30.880 --> 00:12:34.389 align:start position:0% had like a fairly huge amount of product Market<00:12:31.279> fit<00:12:32.120> the<00:12:32.399> real<00:12:32.720> question<00:12:33.279> to<00:12:33.480> me<00:12:33.800> isn't 00:12:34.389 --> 00:12:34.399 align:start position:0% Market fit the real question to me isn't 00:12:34.399 --> 00:12:36.670 align:start position:0% Market fit the real question to me isn't if<00:12:34.600> this<00:12:34.800> Behavior<00:12:35.399> where<00:12:35.720> you<00:12:36.040> are<00:12:36.279> seeing 00:12:36.670 --> 00:12:36.680 align:start position:0% if this Behavior where you are seeing 00:12:36.680 --> 00:12:39.030 align:start position:0% if this Behavior where you are seeing people<00:12:36.959> effectively<00:12:37.440> trading<00:12:38.040> the 00:12:39.030 --> 00:12:39.040 align:start position:0% people effectively trading the 00:12:39.040 --> 00:12:43.069 align:start position:0% people effectively trading the underlying<00:12:40.040> uh<00:12:40.480> future<00:12:41.079> token<00:12:41.800> rights<00:12:42.800> is 00:12:43.069 --> 00:12:43.079 align:start position:0% underlying uh future token rights is 00:12:43.079 --> 00:12:45.870 align:start position:0% underlying uh future token rights is product<00:12:43.360> Market<00:12:43.680> fit<00:12:44.519> the<00:12:44.680> real<00:12:44.959> question<00:12:45.760> I 00:12:45.870 --> 00:12:45.880 align:start position:0% product Market fit the real question I 00:12:45.880 --> 00:12:50.990 align:start position:0% product Market fit the real question I think<00:12:46.480> is<00:12:46.920> is<00:12:47.120> this<00:12:47.440> fixed<00:12:48.120> rates<00:12:49.120> like<00:12:50.000> if<00:12:50.160> you 00:12:50.990 --> 00:12:51.000 align:start position:0% think is is this fixed rates like if you 00:12:51.000 --> 00:12:53.829 align:start position:0% think is is this fixed rates like if you ask<00:12:51.360> somebody<00:12:52.079> from<00:12:52.480> sort<00:12:52.720> of<00:12:53.000> like<00:12:53.320> any<00:12:53.519> other 00:12:53.829 --> 00:12:53.839 align:start position:0% ask somebody from sort of like any other 00:12:53.839 --> 00:12:57.790 align:start position:0% ask somebody from sort of like any other Financial<00:12:54.399> spere<00:12:55.440> oh<00:12:56.440> purchasing<00:12:57.360> the<00:12:57.600> sort 00:12:57.790 --> 00:12:57.800 align:start position:0% Financial spere oh purchasing the sort 00:12:57.800 --> 00:12:59.670 align:start position:0% Financial spere oh purchasing the sort of<00:12:58.040> like<00:12:58.279> future<00:12:58.760> stock 00:12:59.670 --> 00:12:59.680 align:start position:0% of like future stock 00:12:59.680 --> 00:13:03.269 align:start position:0% of like future stock issuance<00:13:00.320> of<00:13:00.440> a<00:13:01.079> company<00:13:02.079> is<00:13:02.320> that<00:13:02.519> fixed<00:13:02.880> rate 00:13:03.269 --> 00:13:03.279 align:start position:0% issuance of a company is that fixed rate 00:13:03.279 --> 00:13:05.310 align:start position:0% issuance of a company is that fixed rate trading<00:13:04.279> I<00:13:04.480> I<00:13:04.560> would<00:13:04.760> say<00:13:04.959> they<00:13:05.079> would 00:13:05.310 --> 00:13:05.320 align:start position:0% trading I I would say they would 00:13:05.320 --> 00:13:07.230 align:start position:0% trading I I would say they would probably<00:13:05.720> say<00:13:05.959> that<00:13:06.120> that<00:13:06.279> is<00:13:06.440> not<00:13:06.680> fixed<00:13:06.959> rate 00:13:07.230 --> 00:13:07.240 align:start position:0% probably say that that is not fixed rate 00:13:07.240 --> 00:13:09.829 align:start position:0% probably say that that is not fixed rate trading<00:13:08.240> so<00:13:08.760> I<00:13:08.839> think<00:13:09.000> this<00:13:09.160> has<00:13:09.360> incredible 00:13:09.829 --> 00:13:09.839 align:start position:0% trading so I think this has incredible 00:13:09.839 --> 00:13:11.430 align:start position:0% trading so I think this has incredible product<00:13:10.079> Market<00:13:10.399> fit<00:13:10.800> because<00:13:11.000> it<00:13:11.120> lets<00:13:11.279> you 00:13:11.430 --> 00:13:11.440 align:start position:0% product Market fit because it lets you 00:13:11.440 --> 00:13:14.269 align:start position:0% product Market fit because it lets you do<00:13:11.680> something<00:13:12.199> that<00:13:12.760> many<00:13:13.040> of<00:13:13.240> the<00:13:13.399> most<00:13:13.800> defi 00:13:14.269 --> 00:13:14.279 align:start position:0% do something that many of the most defi 00:13:14.279 --> 00:13:16.310 align:start position:0% do something that many of the most defi native<00:13:14.560> people<00:13:14.720> want<00:13:14.839> to<00:13:15.000> do<00:13:15.440> which<00:13:15.639> is 00:13:16.310 --> 00:13:16.320 align:start position:0% native people want to do which is 00:13:16.320 --> 00:13:18.189 align:start position:0% native people want to do which is speculate<00:13:16.920> on<00:13:17.160> these<00:13:17.320> sort<00:13:17.519> of<00:13:17.720> upcoming 00:13:18.189 --> 00:13:18.199 align:start position:0% speculate on these sort of upcoming 00:13:18.199 --> 00:13:22.030 align:start position:0% speculate on these sort of upcoming token<00:13:18.800> launches<00:13:20.120> however<00:13:21.120> this<00:13:21.440> like<00:13:21.760> class 00:13:22.030 --> 00:13:22.040 align:start position:0% token launches however this like class 00:13:22.040 --> 00:13:25.150 align:start position:0% token launches however this like class of<00:13:22.240> users<00:13:22.800> is<00:13:23.079> entirely<00:13:23.760> separate<00:13:24.680> from<00:13:25.040> the 00:13:25.150 --> 00:13:25.160 align:start position:0% of users is entirely separate from the 00:13:25.160 --> 00:13:27.310 align:start position:0% of users is entirely separate from the sort<00:13:25.360> of<00:13:25.600> like<00:13:25.800> people<00:13:26.040> who<00:13:26.160> are<00:13:26.399> interested 00:13:27.310 --> 00:13:27.320 align:start position:0% sort of like people who are interested 00:13:27.320 --> 00:13:30.629 align:start position:0% sort of like people who are interested in<00:13:27.519> maintaining<00:13:28.199> like<00:13:28.880> uh<00:13:29.600> predictable<00:13:30.160> loan 00:13:30.629 --> 00:13:30.639 align:start position:0% in maintaining like uh predictable loan 00:13:30.639 --> 00:13:33.990 align:start position:0% in maintaining like uh predictable loan positions<00:13:31.639> or<00:13:32.240> financing<00:13:33.240> uh<00:13:33.440> various 00:13:33.990 --> 00:13:34.000 align:start position:0% positions or financing uh various 00:13:34.000 --> 00:13:36.910 align:start position:0% positions or financing uh various projects<00:13:34.639> or<00:13:35.160> even<00:13:35.480> going<00:13:36.240> even<00:13:36.480> getting<00:13:36.720> sort 00:13:36.910 --> 00:13:36.920 align:start position:0% projects or even going even getting sort 00:13:36.920 --> 00:13:39.430 align:start position:0% projects or even going even getting sort of<00:13:37.079> predictable<00:13:37.600> rates<00:13:37.880> for<00:13:38.040> their<00:13:38.440> leverage 00:13:39.430 --> 00:13:39.440 align:start position:0% of predictable rates for their leverage 00:13:39.440 --> 00:13:42.870 align:start position:0% of predictable rates for their leverage so<00:13:39.880> I<00:13:40.000> think<00:13:40.360> that<00:13:41.120> while<00:13:41.440> it<00:13:41.680> has<00:13:41.880> been<00:13:42.560> highly 00:13:42.870 --> 00:13:42.880 align:start position:0% so I think that while it has been highly 00:13:42.880 --> 00:13:45.509 align:start position:0% so I think that while it has been highly successful<00:13:43.720> and<00:13:43.839> it<00:13:43.959> is<00:13:44.240> like<00:13:44.760> undoubtedly<00:13:45.399> a 00:13:45.509 --> 00:13:45.519 align:start position:0% successful and it is like undoubtedly a 00:13:45.519 --> 00:13:47.189 align:start position:0% successful and it is like undoubtedly a form<00:13:45.720> of<00:13:45.920> product<00:13:46.199> Market<00:13:46.480> fit<00:13:46.680> to<00:13:46.800> be<00:13:46.880> able<00:13:47.079> to 00:13:47.189 --> 00:13:47.199 align:start position:0% form of product Market fit to be able to 00:13:47.199 --> 00:13:50.189 align:start position:0% form of product Market fit to be able to trade<00:13:47.519> these<00:13:47.800> cryptocurrency<00:13:48.760> tokens<00:13:49.760> before 00:13:50.189 --> 00:13:50.199 align:start position:0% trade these cryptocurrency tokens before 00:13:50.199 --> 00:13:53.550 align:start position:0% trade these cryptocurrency tokens before they<00:13:50.839> exist<00:13:51.839> um<00:13:52.399> I<00:13:52.519> don't<00:13:52.759> really<00:13:53.160> consider 00:13:53.550 --> 00:13:53.560 align:start position:0% they exist um I don't really consider 00:13:53.560 --> 00:13:56.189 align:start position:0% they exist um I don't really consider this<00:13:53.759> Behavior<00:13:54.240> as<00:13:54.480> fixed<00:13:54.839> rates<00:13:55.600> instead<00:13:56.079> I 00:13:56.189 --> 00:13:56.199 align:start position:0% this Behavior as fixed rates instead I 00:13:56.199 --> 00:13:58.310 align:start position:0% this Behavior as fixed rates instead I think<00:13:56.440> this<00:13:56.560> is<00:13:56.759> sort<00:13:56.959> of<00:13:57.279> like<00:13:57.880> the<00:13:58.040> most 00:13:58.310 --> 00:13:58.320 align:start position:0% think this is sort of like the most 00:13:58.320 --> 00:14:01.949 align:start position:0% think this is sort of like the most convenient<00:13:58.759> lead<00:13:59.480> way<00:14:00.199> to<00:14:00.920> trade<00:14:01.560> future 00:14:01.949 --> 00:14:01.959 align:start position:0% convenient lead way to trade future 00:14:01.959 --> 00:14:04.389 align:start position:0% convenient lead way to trade future issuance<00:14:02.440> of<00:14:03.120> cryptocurrencies<00:14:04.120> with<00:14:04.279> the 00:14:04.389 --> 00:14:04.399 align:start position:0% issuance of cryptocurrencies with the 00:14:04.399 --> 00:14:07.310 align:start position:0% issuance of cryptocurrencies with the sort<00:14:04.560> of<00:14:04.800> wink<00:14:05.199> wink<00:14:05.600> nod<00:14:05.959> nod<00:14:06.399> of<00:14:06.680> like<00:14:06.759> a<00:14:06.920> B 00:14:07.310 --> 00:14:07.320 align:start position:0% sort of wink wink nod nod of like a B 00:14:07.320 --> 00:14:10.069 align:start position:0% sort of wink wink nod nod of like a B Team<00:14:07.720> telling<00:14:08.079> you<00:14:08.839> oh<00:14:09.160> the<00:14:09.279> tokens<00:14:09.680> will<00:14:09.880> be 00:14:10.069 --> 00:14:10.079 align:start position:0% Team telling you oh the tokens will be 00:14:10.079 --> 00:14:11.829 align:start position:0% Team telling you oh the tokens will be there<00:14:10.279> in<00:14:10.399> the 00:14:11.829 --> 00:14:11.839 align:start position:0% there in the 00:14:11.839 --> 00:14:13.910 align:start position:0% there in the future<00:14:12.839> I<00:14:12.959> guess<00:14:13.120> just<00:14:13.240> to<00:14:13.440> push<00:14:13.680> back 00:14:13.910 --> 00:14:13.920 align:start position:0% future I guess just to push back 00:14:13.920 --> 00:14:18.110 align:start position:0% future I guess just to push back slightly<00:14:14.279> on<00:14:14.519> that<00:14:15.560> um<00:14:16.560> the<00:14:17.560> there<00:14:17.720> are<00:14:17.920> still 00:14:18.110 --> 00:14:18.120 align:start position:0% slightly on that um the there are still 00:14:18.120 --> 00:14:19.949 align:start position:0% slightly on that um the there are still fixed<00:14:18.440> rates<00:14:18.680> going<00:14:18.800> on<00:14:18.920> in<00:14:19.040> these<00:14:19.240> markets 00:14:19.949 --> 00:14:19.959 align:start position:0% fixed rates going on in these markets 00:14:19.959 --> 00:14:21.430 align:start position:0% fixed rates going on in these markets because<00:14:20.480> people<00:14:20.720> that<00:14:20.839> are<00:14:21.079> buying<00:14:21.360> the 00:14:21.430 --> 00:14:21.440 align:start position:0% because people that are buying the 00:14:21.440 --> 00:14:23.430 align:start position:0% because people that are buying the future<00:14:21.800> issuance<00:14:22.240> are<00:14:22.399> buying<00:14:22.680> the<00:14:22.839> yts 00:14:23.430 --> 00:14:23.440 align:start position:0% future issuance are buying the yts 00:14:23.440 --> 00:14:25.550 align:start position:0% future issuance are buying the yts typically<00:14:24.440> so<00:14:24.759> and<00:14:24.880> this<00:14:25.000> is<00:14:25.160> pushing<00:14:25.440> the 00:14:25.550 --> 00:14:25.560 align:start position:0% typically so and this is pushing the 00:14:25.560 --> 00:14:27.590 align:start position:0% typically so and this is pushing the rates<00:14:25.920> up<00:14:26.360> which<00:14:26.480> is<00:14:27.079> like<00:14:27.199> creating 00:14:27.590 --> 00:14:27.600 align:start position:0% rates up which is like creating 00:14:27.600 --> 00:14:31.509 align:start position:0% rates up which is like creating opportunities<00:14:28.320> for<00:14:29.199> really<00:14:29.480> high<00:14:29.720> yield<00:14:30.519> pts 00:14:31.509 --> 00:14:31.519 align:start position:0% opportunities for really high yield pts 00:14:31.519 --> 00:14:34.150 align:start position:0% opportunities for really high yield pts so<00:14:32.240> I<00:14:32.360> guess<00:14:32.880> maybe<00:14:33.440> uh<00:14:33.600> maybe<00:14:33.800> if<00:14:33.839> you<00:14:33.959> want<00:14:34.040> to 00:14:34.150 --> 00:14:34.160 align:start position:0% so I guess maybe uh maybe if you want to 00:14:34.160 --> 00:14:35.310 align:start position:0% so I guess maybe uh maybe if you want to elaborate<00:14:34.560> a<00:14:34.600> little<00:14:34.759> bit<00:14:34.880> more<00:14:35.000> on<00:14:35.160> that 00:14:35.310 --> 00:14:35.320 align:start position:0% elaborate a little bit more on that 00:14:35.320 --> 00:14:37.069 align:start position:0% elaborate a little bit more on that dichotomy<00:14:35.880> that<00:14:35.959> would<00:14:36.079> be 00:14:37.069 --> 00:14:37.079 align:start position:0% dichotomy that would be 00:14:37.079 --> 00:14:39.670 align:start position:0% dichotomy that would be good<00:14:38.079> yeah<00:14:38.360> obviously<00:14:38.839> this<00:14:39.000> also<00:14:39.240> creates<00:14:39.560> a 00:14:39.670 --> 00:14:39.680 align:start position:0% good yeah obviously this also creates a 00:14:39.680 --> 00:14:41.509 align:start position:0% good yeah obviously this also creates a good<00:14:39.839> deal<00:14:40.160> for<00:14:40.440> the<00:14:40.560> sort<00:14:40.720> of<00:14:40.920> capital 00:14:41.509 --> 00:14:41.519 align:start position:0% good deal for the sort of capital 00:14:41.519 --> 00:14:43.829 align:start position:0% good deal for the sort of capital providers<00:14:42.519> and<00:14:42.759> it<00:14:42.920> makes<00:14:43.160> it<00:14:43.440> sort<00:14:43.600> of 00:14:43.829 --> 00:14:43.839 align:start position:0% providers and it makes it sort of 00:14:43.839 --> 00:14:45.870 align:start position:0% providers and it makes it sort of explicit<00:14:44.399> the<00:14:44.519> deal<00:14:44.800> that<00:14:45.000> has<00:14:45.199> been<00:14:45.440> sort<00:14:45.639> of 00:14:45.870 --> 00:14:45.880 align:start position:0% explicit the deal that has been sort of 00:14:45.880 --> 00:14:48.910 align:start position:0% explicit the deal that has been sort of implicit<00:14:46.560> through<00:14:46.759> the<00:14:46.959> history<00:14:47.639> of<00:14:48.480> many<00:14:48.759> of 00:14:48.910 --> 00:14:48.920 align:start position:0% implicit through the history of many of 00:14:48.920 --> 00:14:51.389 align:start position:0% implicit through the history of many of the<00:14:49.040> launches<00:14:49.399> of<00:14:49.519> defi<00:14:49.959> protocols<00:14:50.519> which<00:14:50.680> is 00:14:51.389 --> 00:14:51.399 align:start position:0% the launches of defi protocols which is 00:14:51.399 --> 00:14:54.069 align:start position:0% the launches of defi protocols which is that<00:14:51.720> we<00:14:51.920> will<00:14:52.240> pay<00:14:52.440> you<00:14:52.600> a<00:14:52.800> high<00:14:53.440> percentage 00:14:54.069 --> 00:14:54.079 align:start position:0% that we will pay you a high percentage 00:14:54.079 --> 00:14:56.269 align:start position:0% that we will pay you a high percentage interest<00:14:54.800> rate<00:14:55.480> like<00:14:55.600> a<00:14:55.759> very<00:14:56.040> high 00:14:56.269 --> 00:14:56.279 align:start position:0% interest rate like a very high 00:14:56.279 --> 00:14:59.310 align:start position:0% interest rate like a very high percentage<00:14:56.759> interest<00:14:57.120> rate<00:14:57.839> in<00:14:58.279> tokens<00:14:59.040> in 00:14:59.310 --> 00:14:59.320 align:start position:0% percentage interest rate in tokens in 00:14:59.320 --> 00:15:02.030 align:start position:0% percentage interest rate in tokens in sort<00:14:59.480> of<00:14:59.639> future<00:15:00.160> expected<00:15:00.680> value<00:15:01.680> of<00:15:01.880> the 00:15:02.030 --> 00:15:02.040 align:start position:0% sort of future expected value of the 00:15:02.040 --> 00:15:05.110 align:start position:0% sort of future expected value of the cryptocurrency<00:15:02.680> tokens<00:15:03.560> and<00:15:04.000> normally<00:15:04.920> no 00:15:05.110 --> 00:15:05.120 align:start position:0% cryptocurrency tokens and normally no 00:15:05.120 --> 00:15:07.030 align:start position:0% cryptocurrency tokens and normally no protocol<00:15:05.519> can<00:15:05.680> ever<00:15:05.839> say<00:15:06.079> that<00:15:06.199> to<00:15:06.360> you 00:15:07.030 --> 00:15:07.040 align:start position:0% protocol can ever say that to you 00:15:07.040 --> 00:15:10.150 align:start position:0% protocol can ever say that to you because<00:15:08.040> uh<00:15:08.440> the<00:15:08.560> lawyer<00:15:09.079> would<00:15:09.440> like<00:15:09.720> tackle 00:15:10.150 --> 00:15:10.160 align:start position:0% because uh the lawyer would like tackle 00:15:10.160 --> 00:15:13.749 align:start position:0% because uh the lawyer would like tackle the<00:15:10.639> CEO<00:15:11.639> and<00:15:12.279> just<00:15:12.480> force<00:15:12.800> them<00:15:12.959> to<00:15:13.199> SP<00:15:13.519> stop 00:15:13.749 --> 00:15:13.759 align:start position:0% the CEO and just force them to SP stop 00:15:13.759 --> 00:15:15.350 align:start position:0% the CEO and just force them to SP stop speaking<00:15:14.199> because<00:15:14.440> this<00:15:14.560> is<00:15:14.680> sort<00:15:14.839> of<00:15:15.079> like<00:15:15.160> a 00:15:15.350 --> 00:15:15.360 align:start position:0% speaking because this is sort of like a 00:15:15.360 --> 00:15:18.470 align:start position:0% speaking because this is sort of like a comically<00:15:15.920> legal<00:15:16.320> thing<00:15:16.480> to<00:15:16.639> say<00:15:16.920> to<00:15:17.360> people 00:15:18.470 --> 00:15:18.480 align:start position:0% comically legal thing to say to people 00:15:18.480 --> 00:15:21.310 align:start position:0% comically legal thing to say to people uh<00:15:19.480> unless<00:15:19.839> the<00:15:20.040> regulatory<00:15:20.600> regime<00:15:20.920> changes 00:15:21.310 --> 00:15:21.320 align:start position:0% uh unless the regulatory regime changes 00:15:21.320 --> 00:15:24.269 align:start position:0% uh unless the regulatory regime changes in<00:15:21.440> a<00:15:21.560> dramatic<00:15:22.000> way<00:15:22.120> for<00:15:22.279> some<00:15:22.680> reason 00:15:24.269 --> 00:15:24.279 align:start position:0% in a dramatic way for some reason 00:15:24.279 --> 00:15:28.990 align:start position:0% in a dramatic way for some reason the<00:15:25.279> but<00:15:25.560> it<00:15:25.680> does<00:15:25.959> produce<00:15:26.959> it<00:15:27.480> like<00:15:28.480> the 00:15:28.990 --> 00:15:29.000 align:start position:0% the but it does produce it like the 00:15:29.000 --> 00:15:32.069 align:start position:0% the but it does produce it like the product<00:15:29.279> here<00:15:29.519> adds<00:15:30.319> legibility<00:15:31.319> to<00:15:31.720> the<00:15:31.880> sort 00:15:32.069 --> 00:15:32.079 align:start position:0% product here adds legibility to the sort 00:15:32.079 --> 00:15:35.189 align:start position:0% product here adds legibility to the sort of<00:15:32.440> market<00:15:33.440> and<00:15:34.319> I<00:15:34.399> don't<00:15:34.639> think<00:15:34.839> that<00:15:35.000> people 00:15:35.189 --> 00:15:35.199 align:start position:0% of market and I don't think that people 00:15:35.199 --> 00:15:37.749 align:start position:0% of market and I don't think that people are<00:15:35.399> buying<00:15:35.800> High<00:15:36.120> interest<00:15:36.440> rate<00:15:36.759> bonds 00:15:37.749 --> 00:15:37.759 align:start position:0% are buying High interest rate bonds 00:15:37.759 --> 00:15:40.230 align:start position:0% are buying High interest rate bonds because<00:15:38.279> the<00:15:38.440> rate<00:15:38.639> is<00:15:38.839> fixed<00:15:39.199> but<00:15:39.440> rather<00:15:39.800> but 00:15:40.230 --> 00:15:40.240 align:start position:0% because the rate is fixed but rather but 00:15:40.240 --> 00:15:42.590 align:start position:0% because the rate is fixed but rather but because<00:15:40.720> the<00:15:40.880> interest<00:15:41.199> rate<00:15:41.399> is<00:15:41.680> high<00:15:42.199> and 00:15:42.590 --> 00:15:42.600 align:start position:0% because the interest rate is high and 00:15:42.600 --> 00:15:44.110 align:start position:0% because the interest rate is high and this<00:15:42.720> has<00:15:42.880> sort<00:15:43.040> of<00:15:43.199> always<00:15:43.440> been<00:15:43.600> the<00:15:43.759> reason 00:15:44.110 --> 00:15:44.120 align:start position:0% this has sort of always been the reason 00:15:44.120 --> 00:15:46.790 align:start position:0% this has sort of always been the reason that<00:15:44.319> they<00:15:44.519> put<00:15:44.720> money<00:15:45.199> into<00:15:45.680> sort<00:15:45.880> of<00:15:46.399> Novel 00:15:46.790 --> 00:15:46.800 align:start position:0% that they put money into sort of Novel 00:15:46.800 --> 00:15:49.269 align:start position:0% that they put money into sort of Novel def<00:15:47.240> products<00:15:48.040> which<00:15:48.240> they<00:15:48.440> expected<00:15:48.759> to<00:15:49.040> have 00:15:49.269 --> 00:15:49.279 align:start position:0% def products which they expected to have 00:15:49.279 --> 00:15:51.430 align:start position:0% def products which they expected to have sort<00:15:49.480> of<00:15:49.639> future<00:15:49.959> issuance<00:15:50.399> of<00:15:50.600> tokens<00:15:51.240> to 00:15:51.430 --> 00:15:51.440 align:start position:0% sort of future issuance of tokens to 00:15:51.440 --> 00:15:53.790 align:start position:0% sort of future issuance of tokens to give<00:15:51.600> them<00:15:51.800> high<00:15:52.160> interest 00:15:53.790 --> 00:15:53.800 align:start position:0% give them high interest 00:15:53.800 --> 00:15:56.189 align:start position:0% give them high interest so<00:15:54.800> yes<00:15:55.120> it<00:15:55.240> does<00:15:55.480> create<00:15:55.800> a<00:15:55.959> really 00:15:56.189 --> 00:15:56.199 align:start position:0% so yes it does create a really 00:15:56.199 --> 00:15:58.150 align:start position:0% so yes it does create a really interesting<00:15:56.560> fix<00:15:56.880> rate<00:15:57.199> product<00:15:57.639> and<00:15:57.720> it<00:15:57.880> does 00:15:58.150 --> 00:15:58.160 align:start position:0% interesting fix rate product and it does 00:15:58.160 --> 00:15:59.509 align:start position:0% interesting fix rate product and it does drisk 00:15:59.509 --> 00:15:59.519 align:start position:0% drisk 00:15:59.519 --> 00:16:01.550 align:start position:0% drisk the<00:15:59.680> sort<00:15:59.839> of<00:16:00.120> like<00:16:00.360> allocation<00:16:00.839> of<00:16:01.079> capital 00:16:01.550 --> 00:16:01.560 align:start position:0% the sort of like allocation of capital 00:16:01.560 --> 00:16:03.990 align:start position:0% the sort of like allocation of capital into<00:16:01.800> sort<00:16:01.959> of<00:16:02.120> Novel<00:16:02.440> defi<00:16:02.959> products<00:16:03.880> and 00:16:03.990 --> 00:16:04.000 align:start position:0% into sort of Novel defi products and 00:16:04.000 --> 00:16:05.710 align:start position:0% into sort of Novel defi products and this<00:16:04.120> is<00:16:04.319> useful<00:16:04.680> for<00:16:04.839> the 00:16:05.710 --> 00:16:05.720 align:start position:0% this is useful for the 00:16:05.720 --> 00:16:08.110 align:start position:0% this is useful for the protocols<00:16:06.720> um<00:16:07.319> but<00:16:07.519> I<00:16:07.639> don't<00:16:07.839> think<00:16:07.959> it 00:16:08.110 --> 00:16:08.120 align:start position:0% protocols um but I don't think it 00:16:08.120 --> 00:16:10.470 align:start position:0% protocols um but I don't think it displays<00:16:08.480> a<00:16:08.720> product<00:16:08.959> Market<00:16:09.279> fit<00:16:09.600> for 00:16:10.470 --> 00:16:10.480 align:start position:0% displays a product Market fit for 00:16:10.480 --> 00:16:13.829 align:start position:0% displays a product Market fit for bonds<00:16:11.480> uh<00:16:11.800> that<00:16:11.920> are<00:16:12.120> sort<00:16:12.279> of<00:16:12.399> fixed<00:16:12.839> rate 00:16:13.829 --> 00:16:13.839 align:start position:0% bonds uh that are sort of fixed rate 00:16:13.839 --> 00:16:16.189 align:start position:0% bonds uh that are sort of fixed rate instead<00:16:14.199> it<00:16:14.399> just<00:16:14.720> displays<00:16:15.240> the<00:16:15.440> appetite 00:16:16.189 --> 00:16:16.199 align:start position:0% instead it just displays the appetite 00:16:16.199 --> 00:16:19.590 align:start position:0% instead it just displays the appetite for<00:16:17.199> uh<00:16:17.440> Capital<00:16:17.920> to<00:16:18.680> get<00:16:19.040> high<00:16:19.240> interest 00:16:19.590 --> 00:16:19.600 align:start position:0% for uh Capital to get high interest 00:16:19.600 --> 00:16:21.829 align:start position:0% for uh Capital to get high interest rates<00:16:19.839> from<00:16:20.079> deploying<00:16:20.560> to<00:16:20.880> sort<00:16:21.079> of 00:16:21.829 --> 00:16:21.839 align:start position:0% rates from deploying to sort of 00:16:21.839 --> 00:16:24.949 align:start position:0% rates from deploying to sort of high-risk<00:16:22.839> uh<00:16:23.240> new<00:16:23.560> def5 00:16:24.949 --> 00:16:24.959 align:start position:0% high-risk uh new def5 00:16:24.959 --> 00:16:27.910 align:start position:0% high-risk uh new def5 protocols<00:16:25.959> yeah<00:16:26.240> I<00:16:26.319> think<00:16:26.480> that's<00:16:26.680> fair<00:16:27.480> and 00:16:27.910 --> 00:16:27.920 align:start position:0% protocols yeah I think that's fair and 00:16:27.920 --> 00:16:30.110 align:start position:0% protocols yeah I think that's fair and uh<00:16:28.279> yeah<00:16:28.440> I<00:16:28.560> guess<00:16:29.079> going<00:16:29.279> to<00:16:29.440> the<00:16:29.560> next 00:16:30.110 --> 00:16:30.120 align:start position:0% uh yeah I guess going to the next 00:16:30.120 --> 00:16:32.829 align:start position:0% uh yeah I guess going to the next section<00:16:31.120> um<00:16:32.079> we're<00:16:32.240> going<00:16:32.360> to<00:16:32.480> talk<00:16:32.639> a<00:16:32.720> little 00:16:32.829 --> 00:16:32.839 align:start position:0% section um we're going to talk a little 00:16:32.839 --> 00:16:34.269 align:start position:0% section um we're going to talk a little bit<00:16:33.000> more<00:16:33.120> about<00:16:33.319> integration<00:16:33.800> and<00:16:33.959> market 00:16:34.269 --> 00:16:34.279 align:start position:0% bit more about integration and market 00:16:34.279 --> 00:16:37.269 align:start position:0% bit more about integration and market dynamics<00:16:35.519> for<00:16:36.519> like<00:16:36.639> more<00:16:36.880> of<00:16:37.079> the 00:16:37.269 --> 00:16:37.279 align:start position:0% dynamics for like more of the 00:16:37.279 --> 00:16:39.389 align:start position:0% dynamics for like more of the traditional<00:16:37.759> side<00:16:37.959> of<00:16:38.120> things<00:16:39.000> which<00:16:39.199> to 00:16:39.389 --> 00:16:39.399 align:start position:0% traditional side of things which to 00:16:39.399 --> 00:16:42.629 align:start position:0% traditional side of things which to Violet<00:16:39.800> Point<00:16:40.360> has<00:16:40.600> lower<00:16:40.959> rates<00:16:41.839> and<00:16:42.000> is<00:16:42.160> used 00:16:42.629 --> 00:16:42.639 align:start position:0% Violet Point has lower rates and is used 00:16:42.639 --> 00:16:45.910 align:start position:0% Violet Point has lower rates and is used in<00:16:42.959> pretty<00:16:43.240> different<00:16:43.839> ways<00:16:44.839> um<00:16:45.440> so<00:16:45.639> starting 00:16:45.910 --> 00:16:45.920 align:start position:0% in pretty different ways um so starting 00:16:45.920 --> 00:16:47.509 align:start position:0% in pretty different ways um so starting with<00:16:46.040> you<00:16:46.240> Violet<00:16:47.000> you<00:16:47.079> know<00:16:47.240> you've<00:16:47.399> been 00:16:47.509 --> 00:16:47.519 align:start position:0% with you Violet you know you've been 00:16:47.519 --> 00:16:48.910 align:start position:0% with you Violet you know you've been involved<00:16:47.800> in<00:16:47.880> fixed<00:16:48.160> rate<00:16:48.360> markets<00:16:48.639> since<00:16:48.800> the 00:16:48.910 --> 00:16:48.920 align:start position:0% involved in fixed rate markets since the 00:16:48.920 --> 00:16:50.749 align:start position:0% involved in fixed rate markets since the beginning<00:16:49.839> like<00:16:50.040> what<00:16:50.160> are<00:16:50.279> some<00:16:50.440> things<00:16:50.639> that 00:16:50.749 --> 00:16:50.759 align:start position:0% beginning like what are some things that 00:16:50.759 --> 00:16:52.069 align:start position:0% beginning like what are some things that people<00:16:50.959> should<00:16:51.160> be<00:16:51.279> mindful<00:16:51.639> of<00:16:51.800> when<00:16:51.920> they're 00:16:52.069 --> 00:16:52.079 align:start position:0% people should be mindful of when they're 00:16:52.079 --> 00:16:54.509 align:start position:0% people should be mindful of when they're managing<00:16:52.440> risks<00:16:52.720> in<00:16:52.920> these 00:16:54.509 --> 00:16:54.519 align:start position:0% managing risks in these 00:16:54.519 --> 00:16:57.790 align:start position:0% managing risks in these markets<00:16:55.959> um<00:16:56.959> I<00:16:57.040> think<00:16:57.199> that<00:16:57.360> there<00:16:57.440> are<00:16:57.600> two 00:16:57.790 --> 00:16:57.800 align:start position:0% markets um I think that there are two 00:16:57.800 --> 00:16:59.629 align:start position:0% markets um I think that there are two things<00:16:58.000> that<00:16:58.079> are<00:16:58.199> kind<00:16:58.319> of<00:16:58.440> under<00:16:58.920> explored 00:16:59.629 --> 00:16:59.639 align:start position:0% things that are kind of under explored 00:16:59.639 --> 00:17:01.670 align:start position:0% things that are kind of under explored the<00:16:59.759> first<00:17:00.000> is<00:17:00.199> that<00:17:00.399> as<00:17:00.560> you<00:17:00.959> have<00:17:01.160> more<00:17:01.440> real 00:17:01.670 --> 00:17:01.680 align:start position:0% the first is that as you have more real 00:17:01.680 --> 00:17:05.230 align:start position:0% the first is that as you have more real world<00:17:02.440> assets<00:17:03.440> um<00:17:04.120> many<00:17:04.360> of<00:17:04.520> these<00:17:04.720> real<00:17:04.919> world 00:17:05.230 --> 00:17:05.240 align:start position:0% world assets um many of these real world 00:17:05.240 --> 00:17:07.270 align:start position:0% world assets um many of these real world assets<00:17:05.559> even<00:17:05.720> if<00:17:05.959> they<00:17:06.240> pay<00:17:06.520> variable<00:17:07.079> or 00:17:07.270 --> 00:17:07.280 align:start position:0% assets even if they pay variable or 00:17:07.280 --> 00:17:09.470 align:start position:0% assets even if they pay variable or fixed<00:17:07.679> rates<00:17:08.120> may<00:17:08.280> not<00:17:08.600> have<00:17:08.880> like<00:17:09.039> the 00:17:09.470 --> 00:17:09.480 align:start position:0% fixed rates may not have like the 00:17:09.480 --> 00:17:13.630 align:start position:0% fixed rates may not have like the expected<00:17:10.480> um<00:17:11.199> risk<00:17:11.520> profiles<00:17:12.079> in<00:17:12.280> fact<00:17:13.079> uh 00:17:13.630 --> 00:17:13.640 align:start position:0% expected um risk profiles in fact uh 00:17:13.640 --> 00:17:15.710 align:start position:0% expected um risk profiles in fact uh there<00:17:13.839> have<00:17:14.000> been<00:17:14.280> a<00:17:14.439> recent<00:17:14.880> string<00:17:15.360> of 00:17:15.710 --> 00:17:15.720 align:start position:0% there have been a recent string of 00:17:15.720 --> 00:17:18.309 align:start position:0% there have been a recent string of defaults<00:17:16.280> occurring<00:17:16.640> in<00:17:16.760> the<00:17:16.839> maker<00:17:17.319> system 00:17:18.309 --> 00:17:18.319 align:start position:0% defaults occurring in the maker system 00:17:18.319 --> 00:17:20.510 align:start position:0% defaults occurring in the maker system in<00:17:18.559> their<00:17:18.720> sort<00:17:18.919> of<00:17:19.039> real<00:17:19.319> world<00:17:19.640> asset<00:17:19.959> vaults 00:17:20.510 --> 00:17:20.520 align:start position:0% in their sort of real world asset vaults 00:17:20.520 --> 00:17:22.590 align:start position:0% in their sort of real world asset vaults because<00:17:21.120> provisioning<00:17:21.679> credit<00:17:22.000> is<00:17:22.360> like<00:17:22.480> a 00:17:22.590 --> 00:17:22.600 align:start position:0% because provisioning credit is like a 00:17:22.600 --> 00:17:26.789 align:start position:0% because provisioning credit is like a very<00:17:23.000> challenging<00:17:24.439> behavior<00:17:25.439> um<00:17:26.280> and<00:17:26.439> I<00:17:26.520> think 00:17:26.789 --> 00:17:26.799 align:start position:0% very challenging behavior um and I think 00:17:26.799 --> 00:17:28.189 align:start position:0% very challenging behavior um and I think sort<00:17:26.959> of<00:17:27.120> like<00:17:27.240> the<00:17:27.400> default<00:17:27.760> Assumption<00:17:28.079> of 00:17:28.189 --> 00:17:28.199 align:start position:0% sort of like the default Assumption of 00:17:28.199 --> 00:17:29.710 align:start position:0% sort of like the default Assumption of the<00:17:28.280> defi<00:17:28.600> industry<00:17:29.120> is<00:17:29.240> that<00:17:29.360> they<00:17:29.440> will<00:17:29.600> be 00:17:29.710 --> 00:17:29.720 align:start position:0% the defi industry is that they will be 00:17:29.720 --> 00:17:32.549 align:start position:0% the defi industry is that they will be able<00:17:29.960> to<00:17:30.160> sort<00:17:30.360> of<00:17:31.080> copy<00:17:31.640> this<00:17:31.840> behavior<00:17:32.320> from 00:17:32.549 --> 00:17:32.559 align:start position:0% able to sort of copy this behavior from 00:17:32.559 --> 00:17:34.750 align:start position:0% able to sort of copy this behavior from the<00:17:32.679> sort<00:17:32.840> of<00:17:33.200> trafi<00:17:34.200> the<00:17:34.320> traditional 00:17:34.750 --> 00:17:34.760 align:start position:0% the sort of trafi the traditional 00:17:34.760 --> 00:17:38.390 align:start position:0% the sort of trafi the traditional financial<00:17:35.440> institutions<00:17:36.440> but<00:17:36.919> that<00:17:37.080> is<00:17:37.400> like 00:17:38.390 --> 00:17:38.400 align:start position:0% financial institutions but that is like 00:17:38.400 --> 00:17:40.270 align:start position:0% financial institutions but that is like the<00:17:39.000> the<00:17:39.160> sort<00:17:39.320> of<00:17:39.480> like<00:17:39.640> pricing<00:17:39.960> of<00:17:40.120> this 00:17:40.270 --> 00:17:40.280 align:start position:0% the the sort of like pricing of this 00:17:40.280 --> 00:17:43.110 align:start position:0% the the sort of like pricing of this risk<00:17:40.600> is<00:17:40.799> like<00:17:41.360> not<00:17:41.640> actually<00:17:42.240> a<00:17:42.520> tremendously 00:17:43.110 --> 00:17:43.120 align:start position:0% risk is like not actually a tremendously 00:17:43.120 --> 00:17:45.190 align:start position:0% risk is like not actually a tremendously easy<00:17:43.559> process<00:17:44.160> and<00:17:44.320> many<00:17:44.559> people<00:17:44.880> who<00:17:45.000> have 00:17:45.190 --> 00:17:45.200 align:start position:0% easy process and many people who have 00:17:45.200 --> 00:17:48.789 align:start position:0% easy process and many people who have tried<00:17:45.559> in<00:17:45.679> the<00:17:45.799> def5<00:17:46.240> space<00:17:47.240> um<00:17:47.960> have<00:17:48.240> like<00:17:48.480> run 00:17:48.789 --> 00:17:48.799 align:start position:0% tried in the def5 space um have like run 00:17:48.799 --> 00:17:51.029 align:start position:0% tried in the def5 space um have like run into<00:17:49.039> major<00:17:49.520> problems<00:17:50.280> and<00:17:50.520> we're<00:17:50.679> seeing 00:17:51.029 --> 00:17:51.039 align:start position:0% into major problems and we're seeing 00:17:51.039 --> 00:17:53.909 align:start position:0% into major problems and we're seeing some<00:17:51.320> defaults<00:17:52.000> now<00:17:53.000> in<00:17:53.160> addition<00:17:53.440> to<00:17:53.600> this<00:17:53.840> I 00:17:53.909 --> 00:17:53.919 align:start position:0% some defaults now in addition to this I 00:17:53.919 --> 00:17:56.029 align:start position:0% some defaults now in addition to this I think<00:17:54.360> you<00:17:54.640> add<00:17:54.799> in<00:17:55.080> like<00:17:55.240> another<00:17:55.520> layer<00:17:55.799> of 00:17:56.029 --> 00:17:56.039 align:start position:0% think you add in like another layer of 00:17:56.039 --> 00:17:58.990 align:start position:0% think you add in like another layer of risk<00:17:57.000> um<00:17:57.280> which<00:17:57.400> is<00:17:57.520> the<00:17:57.640> Smart<00:17:58.000> contract<00:17:58.440> risk 00:17:58.990 --> 00:17:59.000 align:start position:0% risk um which is the Smart contract risk 00:17:59.000 --> 00:18:00.669 align:start position:0% risk um which is the Smart contract risk whenever<00:17:59.280> you're<00:17:59.440> shipping<00:18:00.039> like<00:18:00.480> two 00:18:00.669 --> 00:18:00.679 align:start position:0% whenever you're shipping like two 00:18:00.679 --> 00:18:03.909 align:start position:0% whenever you're shipping like two Integrations<00:18:01.240> a<00:18:01.440> week<00:18:02.080> for<00:18:02.679> months<00:18:02.960> at<00:18:03.039> a<00:18:03.280> time 00:18:03.909 --> 00:18:03.919 align:start position:0% Integrations a week for months at a time 00:18:03.919 --> 00:18:08.110 align:start position:0% Integrations a week for months at a time the<00:18:04.919> the<00:18:05.360> chances<00:18:05.720> of<00:18:05.840> a<00:18:06.039> large<00:18:06.320> issue<00:18:06.679> go<00:18:07.000> up 00:18:08.110 --> 00:18:08.120 align:start position:0% the the chances of a large issue go up 00:18:08.120 --> 00:18:10.830 align:start position:0% the the chances of a large issue go up um<00:18:09.120> and<00:18:09.240> I<00:18:09.360> think<00:18:09.559> that<00:18:09.760> this<00:18:09.880> is<00:18:10.159> like<00:18:10.520> a<00:18:10.679> type 00:18:10.830 --> 00:18:10.840 align:start position:0% um and I think that this is like a type 00:18:10.840 --> 00:18:14.270 align:start position:0% um and I think that this is like a type of<00:18:11.000> risk<00:18:11.400> that<00:18:11.840> is<00:18:12.039> important<00:18:12.360> to<00:18:12.840> quantify 00:18:14.270 --> 00:18:14.280 align:start position:0% of risk that is important to quantify 00:18:14.280 --> 00:18:16.430 align:start position:0% of risk that is important to quantify because<00:18:15.280> like<00:18:15.559> when<00:18:15.720> you're<00:18:15.919> bringing<00:18:16.280> these 00:18:16.430 --> 00:18:16.440 align:start position:0% because like when you're bringing these 00:18:16.440 --> 00:18:18.310 align:start position:0% because like when you're bringing these products<00:18:16.760> to<00:18:16.880> more<00:18:17.120> institutional<00:18:17.720> investors 00:18:18.310 --> 00:18:18.320 align:start position:0% products to more institutional investors 00:18:18.320 --> 00:18:19.590 align:start position:0% products to more institutional investors I<00:18:18.400> think<00:18:18.559> this<00:18:18.679> is<00:18:18.799> the<00:18:18.919> thing<00:18:19.080> that<00:18:19.200> they're 00:18:19.590 --> 00:18:19.600 align:start position:0% I think this is the thing that they're 00:18:19.600 --> 00:18:21.549 align:start position:0% I think this is the thing that they're the<00:18:19.720> least<00:18:19.960> familiar<00:18:20.400> with<00:18:20.640> actually<00:18:21.320> is<00:18:21.480> how 00:18:21.549 --> 00:18:21.559 align:start position:0% the least familiar with actually is how 00:18:21.559 --> 00:18:23.590 align:start position:0% the least familiar with actually is how to<00:18:21.760> quantify<00:18:22.280> the<00:18:22.440> sort<00:18:22.600> of<00:18:22.799> smart<00:18:23.120> contract 00:18:23.590 --> 00:18:23.600 align:start position:0% to quantify the sort of smart contract 00:18:23.600 --> 00:18:25.630 align:start position:0% to quantify the sort of smart contract risk<00:18:23.960> of<00:18:24.159> having<00:18:24.559> many<00:18:24.799> Integrations<00:18:25.480> and 00:18:25.630 --> 00:18:25.640 align:start position:0% risk of having many Integrations and 00:18:25.640 --> 00:18:29.350 align:start position:0% risk of having many Integrations and having<00:18:25.919> many<00:18:26.280> like<00:18:26.880> of<00:18:27.080> these<00:18:27.720> problems<00:18:28.600> and 00:18:29.350 --> 00:18:29.360 align:start position:0% having many like of these problems and 00:18:29.360 --> 00:18:32.990 align:start position:0% having many like of these problems and so<00:18:30.360> I<00:18:30.480> think<00:18:30.960> those<00:18:31.159> are<00:18:31.480> the<00:18:31.720> the 00:18:32.990 --> 00:18:33.000 align:start position:0% so I think those are the the 00:18:33.000 --> 00:18:36.310 align:start position:0% so I think those are the the risks<00:18:34.000> yeah<00:18:34.280> that<00:18:34.400> makes<00:18:34.600> sense<00:18:35.280> um<00:18:35.600> so<00:18:35.880> Lucas 00:18:36.310 --> 00:18:36.320 align:start position:0% risks yeah that makes sense um so Lucas 00:18:36.320 --> 00:18:37.669 align:start position:0% risks yeah that makes sense um so Lucas you<00:18:36.400> know<00:18:36.559> SAR<00:18:36.880> has<00:18:37.000> started<00:18:37.200> to<00:18:37.320> integrate 00:18:37.669 --> 00:18:37.679 align:start position:0% you know SAR has started to integrate 00:18:37.679 --> 00:18:39.669 align:start position:0% you know SAR has started to integrate with<00:18:37.760> more<00:18:37.880> of<00:18:38.000> these<00:18:38.120> fixed<00:18:38.400> rate<00:18:38.679> protocols 00:18:39.669 --> 00:18:39.679 align:start position:0% with more of these fixed rate protocols 00:18:39.679 --> 00:18:41.070 align:start position:0% with more of these fixed rate protocols so<00:18:39.799> you've<00:18:40.000> been<00:18:40.360> kind<00:18:40.440> of<00:18:40.600> trying<00:18:40.760> to<00:18:40.880> wrap 00:18:41.070 --> 00:18:41.080 align:start position:0% so you've been kind of trying to wrap 00:18:41.080 --> 00:18:43.350 align:start position:0% so you've been kind of trying to wrap your<00:18:41.200> head<00:18:41.360> around<00:18:41.559> a<00:18:41.679> lot<00:18:41.799> of<00:18:41.919> these<00:18:42.360> issues 00:18:43.350 --> 00:18:43.360 align:start position:0% your head around a lot of these issues 00:18:43.360 --> 00:18:45.310 align:start position:0% your head around a lot of these issues um<00:18:43.559> what<00:18:43.679> have<00:18:43.840> been<00:18:43.960> some<00:18:44.159> surprises<00:18:44.600> for<00:18:44.799> you 00:18:45.310 --> 00:18:45.320 align:start position:0% um what have been some surprises for you 00:18:45.320 --> 00:18:48.590 align:start position:0% um what have been some surprises for you as<00:18:45.440> you're<00:18:45.960> doing<00:18:46.280> those 00:18:48.590 --> 00:18:48.600 align:start position:0% 00:18:48.600 --> 00:18:51.430 align:start position:0% Integrations<00:18:49.600> um<00:18:50.360> yeah<00:18:50.520> so<00:18:50.760> the<00:18:50.919> main 00:18:51.430 --> 00:18:51.440 align:start position:0% Integrations um yeah so the main 00:18:51.440 --> 00:18:54.270 align:start position:0% Integrations um yeah so the main integration<00:18:52.000> that<00:18:52.120> we've<00:18:52.320> done<00:18:52.480> so<00:18:52.799> far<00:18:53.320> is<00:18:54.080> uh 00:18:54.270 --> 00:18:54.280 align:start position:0% integration that we've done so far is uh 00:18:54.280 --> 00:18:56.950 align:start position:0% integration that we've done so far is uh the<00:18:54.440> Morpho<00:18:54.840> integration<00:18:55.640> with<00:18:55.799> the<00:18:56.120> Pendle 00:18:56.950 --> 00:18:56.960 align:start position:0% the Morpho integration with the Pendle 00:18:56.960 --> 00:18:59.390 align:start position:0% the Morpho integration with the Pendle Athena<00:18:57.840> uh<00:18:57.960> PTS 00:18:59.390 --> 00:18:59.400 align:start position:0% Athena uh PTS 00:18:59.400 --> 00:19:01.710 align:start position:0% Athena uh PTS um<00:18:59.880> and<00:19:00.000> so<00:19:00.280> an<00:19:00.440> interesting<00:19:00.960> problem<00:19:01.200> for<00:19:01.400> us 00:19:01.710 --> 00:19:01.720 align:start position:0% um and so an interesting problem for us 00:19:01.720 --> 00:19:05.590 align:start position:0% um and so an interesting problem for us to<00:19:02.679> solve<00:19:03.280> and<00:19:03.400> to<00:19:03.600> iterate<00:19:04.000> on<00:19:04.480> has<00:19:04.720> been<00:19:05.400> uh 00:19:05.590 --> 00:19:05.600 align:start position:0% to solve and to iterate on has been uh 00:19:05.600 --> 00:19:09.270 align:start position:0% to solve and to iterate on has been uh pricing<00:19:06.559> these<00:19:06.960> tokens<00:19:07.400> on<00:19:07.679> chain<00:19:08.679> uh<00:19:08.840> so<00:19:09.039> we 00:19:09.270 --> 00:19:09.280 align:start position:0% pricing these tokens on chain uh so we 00:19:09.280 --> 00:19:13.190 align:start position:0% pricing these tokens on chain uh so we started<00:19:10.240> with<00:19:10.520> a<00:19:10.679> fixed<00:19:11.080> price<00:19:11.360> Oracle<00:19:12.200> at<00:19:12.320> $1 00:19:13.190 --> 00:19:13.200 align:start position:0% started with a fixed price Oracle at $1 00:19:13.200 --> 00:19:16.070 align:start position:0% started with a fixed price Oracle at $1 and<00:19:13.360> then<00:19:13.520> we<00:19:13.679> would<00:19:14.280> um<00:19:14.840> adjust<00:19:15.520> the<00:19:15.880> uh<00:19:16.000> the 00:19:16.070 --> 00:19:16.080 align:start position:0% and then we would um adjust the uh the 00:19:16.080 --> 00:19:18.870 align:start position:0% and then we would um adjust the uh the maximum<00:19:16.480> loan<00:19:16.679> to<00:19:16.919> value<00:19:17.520> parameters<00:19:18.360> to 00:19:18.870 --> 00:19:18.880 align:start position:0% maximum loan to value parameters to 00:19:18.880 --> 00:19:21.830 align:start position:0% maximum loan to value parameters to basically<00:19:19.760> uh<00:19:19.919> account<00:19:20.200> for<00:19:20.400> that<00:19:20.559> risk<00:19:21.520> um 00:19:21.830 --> 00:19:21.840 align:start position:0% basically uh account for that risk um 00:19:21.840 --> 00:19:25.909 align:start position:0% basically uh account for that risk um we've<00:19:22.159> updated<00:19:23.080> those<00:19:23.480> oracles<00:19:24.120> recently<00:19:24.919> to 00:19:25.909 --> 00:19:25.919 align:start position:0% we've updated those oracles recently to 00:19:25.919 --> 00:19:29.230 align:start position:0% we've updated those oracles recently to basically<00:19:26.440> dynamically<00:19:27.159> price<00:19:27.919> the<00:19:28.159> PTS 00:19:29.230 --> 00:19:29.240 align:start position:0% basically dynamically price the PTS 00:19:29.240 --> 00:19:31.630 align:start position:0% basically dynamically price the PTS uh<00:19:29.400> based<00:19:29.640> on<00:19:29.880> how<00:19:30.080> long<00:19:30.320> they've<00:19:30.559> existed<00:19:31.440> and 00:19:31.630 --> 00:19:31.640 align:start position:0% uh based on how long they've existed and 00:19:31.640 --> 00:19:33.549 align:start position:0% uh based on how long they've existed and basically<00:19:32.039> the<00:19:32.159> point<00:19:32.400> on<00:19:32.559> the<00:19:32.720> line<00:19:33.159> of<00:19:33.360> that 00:19:33.549 --> 00:19:33.559 align:start position:0% basically the point on the line of that 00:19:33.559 --> 00:19:37.149 align:start position:0% basically the point on the line of that of<00:19:33.720> that<00:19:34.360> discount<00:19:35.360> um<00:19:36.120> what<00:19:36.520> is<00:19:36.960> an 00:19:37.149 --> 00:19:37.159 align:start position:0% of that discount um what is an 00:19:37.159 --> 00:19:39.510 align:start position:0% of that discount um what is an interesting<00:19:37.840> thing<00:19:38.039> to<00:19:38.240> think<00:19:38.480> about<00:19:39.000> is<00:19:39.360> if 00:19:39.510 --> 00:19:39.520 align:start position:0% interesting thing to think about is if 00:19:39.520 --> 00:19:42.950 align:start position:0% interesting thing to think about is if the<00:19:39.760> fixed<00:19:40.200> rate<00:19:40.600> Market<00:19:41.200> changes<00:19:42.200> and<00:19:42.760> uh<00:19:42.880> the 00:19:42.950 --> 00:19:42.960 align:start position:0% the fixed rate Market changes and uh the 00:19:42.960 --> 00:19:45.630 align:start position:0% the fixed rate Market changes and uh the fixed<00:19:43.240> rate<00:19:43.720> increases<00:19:44.720> um<00:19:45.039> and<00:19:45.200> for<00:19:45.400> some 00:19:45.630 --> 00:19:45.640 align:start position:0% fixed rate increases um and for some 00:19:45.640 --> 00:19:48.470 align:start position:0% fixed rate increases um and for some reason<00:19:45.960> a<00:19:46.080> user's<00:19:46.480> position<00:19:46.799> goes<00:19:47.480> underwater 00:19:48.470 --> 00:19:48.480 align:start position:0% reason a user's position goes underwater 00:19:48.480 --> 00:19:52.390 align:start position:0% reason a user's position goes underwater um<00:19:48.919> liquidating<00:19:49.919> those<00:19:50.720> uh<00:19:50.880> pts<00:19:51.400> on<00:19:51.559> the<00:19:51.679> open 00:19:52.390 --> 00:19:52.400 align:start position:0% um liquidating those uh pts on the open 00:19:52.400 --> 00:19:55.270 align:start position:0% um liquidating those uh pts on the open market<00:19:53.400> will<00:19:53.679> actually<00:19:54.000> yield<00:19:54.480> like<00:19:54.760> a<00:19:54.880> lower 00:19:55.270 --> 00:19:55.280 align:start position:0% market will actually yield like a lower 00:19:55.280 --> 00:19:56.990 align:start position:0% market will actually yield like a lower price<00:19:55.559> because<00:19:55.799> people<00:19:56.039> don't<00:19:56.200> want<00:19:56.400> to<00:19:56.640> buy 00:19:56.990 --> 00:19:57.000 align:start position:0% price because people don't want to buy 00:19:57.000 --> 00:20:00.029 align:start position:0% price because people don't want to buy that<00:19:57.919> um<00:19:58.720> that<00:19:58.880> token<00:19:59.240> at<00:19:59.440> that<00:19:59.600> price<00:19:59.799> if<00:19:59.960> they 00:20:00.029 --> 00:20:00.039 align:start position:0% that um that token at that price if they 00:20:00.039 --> 00:20:02.070 align:start position:0% that um that token at that price if they can<00:20:00.159> get<00:20:00.280> a<00:20:00.400> better<00:20:00.760> opportunity<00:20:01.760> uh<00:20:01.880> with 00:20:02.070 --> 00:20:02.080 align:start position:0% can get a better opportunity uh with 00:20:02.080 --> 00:20:05.070 align:start position:0% can get a better opportunity uh with another<00:20:02.520> principal<00:20:03.159> token<00:20:04.159> um<00:20:04.520> so<00:20:04.880> what's 00:20:05.070 --> 00:20:05.080 align:start position:0% another principal token um so what's 00:20:05.080 --> 00:20:06.950 align:start position:0% another principal token um so what's been<00:20:05.280> interesting<00:20:05.640> to<00:20:05.880> think<00:20:06.080> about<00:20:06.440> is<00:20:06.760> in 00:20:06.950 --> 00:20:06.960 align:start position:0% been interesting to think about is in 00:20:06.960 --> 00:20:09.789 align:start position:0% been interesting to think about is in that<00:20:07.400> situation<00:20:08.400> uh<00:20:08.520> maker<00:20:08.960> would<00:20:09.159> have<00:20:09.280> to 00:20:09.789 --> 00:20:09.799 align:start position:0% that situation uh maker would have to 00:20:09.799 --> 00:20:13.830 align:start position:0% that situation uh maker would have to purchase<00:20:10.799> um<00:20:11.480> those<00:20:12.120> pts<00:20:13.120> and<00:20:13.360> essentially 00:20:13.830 --> 00:20:13.840 align:start position:0% purchase um those pts and essentially 00:20:13.840 --> 00:20:17.310 align:start position:0% purchase um those pts and essentially hold<00:20:14.240> them<00:20:14.679> to<00:20:14.960> their<00:20:15.280> duration<00:20:16.280> and<00:20:16.600> so<00:20:17.080> what 00:20:17.310 --> 00:20:17.320 align:start position:0% hold them to their duration and so what 00:20:17.320 --> 00:20:20.870 align:start position:0% hold them to their duration and so what happens<00:20:17.840> there<00:20:18.640> is<00:20:19.640> um<00:20:20.400> instead<00:20:20.720> of 00:20:20.870 --> 00:20:20.880 align:start position:0% happens there is um instead of 00:20:20.880 --> 00:20:22.549 align:start position:0% happens there is um instead of liquidating<00:20:21.400> them<00:20:21.559> on<00:20:21.679> the<00:20:21.840> open<00:20:22.080> market<00:20:22.400> and 00:20:22.549 --> 00:20:22.559 align:start position:0% liquidating them on the open market and 00:20:22.559 --> 00:20:25.270 align:start position:0% liquidating them on the open market and having<00:20:22.880> that<00:20:23.080> immediate<00:20:23.760> liquidity<00:20:24.760> instead 00:20:25.270 --> 00:20:25.280 align:start position:0% having that immediate liquidity instead 00:20:25.280 --> 00:20:28.029 align:start position:0% having that immediate liquidity instead what's<00:20:25.520> happening<00:20:26.200> is<00:20:26.679> uh<00:20:26.799> maker<00:20:27.240> is<00:20:27.600> holding 00:20:28.029 --> 00:20:28.039 align:start position:0% what's happening is uh maker is holding 00:20:28.039 --> 00:20:30.230 align:start position:0% what's happening is uh maker is holding them<00:20:28.240> to<00:20:28.720> maturity<00:20:29.600> still<00:20:29.840> getting<00:20:30.120> that 00:20:30.230 --> 00:20:30.240 align:start position:0% them to maturity still getting that 00:20:30.240 --> 00:20:34.110 align:start position:0% them to maturity still getting that yield<00:20:30.840> this<00:20:31.120> value<00:20:31.440> is<00:20:31.640> still<00:20:32.159> there<00:20:33.159> um<00:20:33.799> but 00:20:34.110 --> 00:20:34.120 align:start position:0% yield this value is still there um but 00:20:34.120 --> 00:20:36.990 align:start position:0% yield this value is still there um but the<00:20:34.559> the<00:20:34.799> underlying<00:20:35.400> liquidity<00:20:36.000> has<00:20:36.120> to<00:20:36.320> be 00:20:36.990 --> 00:20:37.000 align:start position:0% the the underlying liquidity has to be 00:20:37.000 --> 00:20:39.190 align:start position:0% the the underlying liquidity has to be um<00:20:37.360> redeemed<00:20:37.799> at<00:20:37.880> a<00:20:38.000> later<00:20:38.240> date<00:20:38.440> so<00:20:38.559> there<00:20:38.679> is 00:20:39.190 --> 00:20:39.200 align:start position:0% um redeemed at a later date so there is 00:20:39.200 --> 00:20:40.950 align:start position:0% um redeemed at a later date so there is duration<00:20:39.840> risk<00:20:40.280> that<00:20:40.440> needs<00:20:40.640> to<00:20:40.760> be 00:20:40.950 --> 00:20:40.960 align:start position:0% duration risk that needs to be 00:20:40.960 --> 00:20:42.950 align:start position:0% duration risk that needs to be considered<00:20:41.440> when<00:20:41.600> onboarding<00:20:42.240> these 00:20:42.950 --> 00:20:42.960 align:start position:0% considered when onboarding these 00:20:42.960 --> 00:20:45.110 align:start position:0% considered when onboarding these different<00:20:43.960> uh<00:20:44.159> collateral<00:20:44.720> types<00:20:45.000> these 00:20:45.110 --> 00:20:45.120 align:start position:0% different uh collateral types these 00:20:45.120 --> 00:20:48.630 align:start position:0% different uh collateral types these novel<00:20:45.440> collateral<00:20:45.880> types<00:20:46.840> um<00:20:47.679> so<00:20:47.919> we're 00:20:48.630 --> 00:20:48.640 align:start position:0% novel collateral types um so we're 00:20:48.640 --> 00:20:50.669 align:start position:0% novel collateral types um so we're conservatively<00:20:49.640> adjusting<00:20:50.240> the<00:20:50.400> risk 00:20:50.669 --> 00:20:50.679 align:start position:0% conservatively adjusting the risk 00:20:50.679 --> 00:20:52.590 align:start position:0% conservatively adjusting the risk parameters<00:20:51.240> to<00:20:51.559> account<00:20:51.840> for<00:20:52.080> these 00:20:52.590 --> 00:20:52.600 align:start position:0% parameters to account for these 00:20:52.600 --> 00:20:54.669 align:start position:0% parameters to account for these situations<00:20:53.600> uh<00:20:53.720> making<00:20:53.960> sure<00:20:54.200> that<00:20:54.320> we're<00:20:54.480> not 00:20:54.669 --> 00:20:54.679 align:start position:0% situations uh making sure that we're not 00:20:54.679 --> 00:20:58.669 align:start position:0% situations uh making sure that we're not getting<00:20:55.280> into<00:20:56.280> uh<00:20:56.440> any<00:20:56.640> sort<00:20:56.840> of<00:20:57.200> real<00:20:57.840> trouble 00:20:58.669 --> 00:20:58.679 align:start position:0% getting into uh any sort of real trouble 00:20:58.679 --> 00:21:01.710 align:start position:0% getting into uh any sort of real trouble um<00:20:58.799> by<00:20:58.919> onboarding<00:20:59.480> these<00:21:00.480> um<00:21:01.039> but<00:21:01.240> it's<00:21:01.520> it's 00:21:01.710 --> 00:21:01.720 align:start position:0% um by onboarding these um but it's it's 00:21:01.720 --> 00:21:03.870 align:start position:0% um by onboarding these um but it's it's definitely<00:21:02.080> an<00:21:02.280> interesting<00:21:02.960> new<00:21:03.720> uh 00:21:03.870 --> 00:21:03.880 align:start position:0% definitely an interesting new uh 00:21:03.880 --> 00:21:06.470 align:start position:0% definitely an interesting new uh primitive<00:21:04.720> and<00:21:05.039> it's<00:21:05.440> it's<00:21:05.640> exciting<00:21:06.200> and<00:21:06.320> I 00:21:06.470 --> 00:21:06.480 align:start position:0% primitive and it's it's exciting and I 00:21:06.480 --> 00:21:08.710 align:start position:0% primitive and it's it's exciting and I think<00:21:06.679> there's<00:21:06.840> a<00:21:07.039> lot<00:21:07.280> of<00:21:07.840> uh<00:21:08.360> additional 00:21:08.710 --> 00:21:08.720 align:start position:0% think there's a lot of uh additional 00:21:08.720 --> 00:21:09.710 align:start position:0% think there's a lot of uh additional work<00:21:08.880> to<00:21:09.000> be 00:21:09.710 --> 00:21:09.720 align:start position:0% work to be 00:21:09.720 --> 00:21:12.350 align:start position:0% work to be done<00:21:10.720> yeah<00:21:11.000> that<00:21:11.120> makes<00:21:11.360> sense<00:21:11.919> so<00:21:12.159> I<00:21:12.240> mean 00:21:12.350 --> 00:21:12.360 align:start position:0% done yeah that makes sense so I mean 00:21:12.360 --> 00:21:13.549 align:start position:0% done yeah that makes sense so I mean Merlin<00:21:12.799> I<00:21:12.880> think<00:21:12.960> you're<00:21:13.120> in<00:21:13.240> kind<00:21:13.360> of<00:21:13.440> a 00:21:13.549 --> 00:21:13.559 align:start position:0% Merlin I think you're in kind of a 00:21:13.559 --> 00:21:15.630 align:start position:0% Merlin I think you're in kind of a similar<00:21:13.960> position<00:21:14.880> you<00:21:15.080> guys<00:21:15.200> have<00:21:15.320> started 00:21:15.630 --> 00:21:15.640 align:start position:0% similar position you guys have started 00:21:15.640 --> 00:21:17.430 align:start position:0% similar position you guys have started integrating<00:21:16.120> with<00:21:16.279> fixed<00:21:16.559> rates<00:21:17.000> like<00:21:17.320> you 00:21:17.430 --> 00:21:17.440 align:start position:0% integrating with fixed rates like you 00:21:17.440 --> 00:21:19.510 align:start position:0% integrating with fixed rates like you know<00:21:17.600> these<00:21:17.720> Pendle<00:21:18.159> positions<00:21:19.159> but<00:21:19.279> you're 00:21:19.510 --> 00:21:19.520 align:start position:0% know these Pendle positions but you're 00:21:19.520 --> 00:21:20.950 align:start position:0% know these Pendle positions but you're also<00:21:19.799> looking<00:21:20.039> at<00:21:20.159> things<00:21:20.360> like<00:21:20.480> fixed<00:21:20.760> rate 00:21:20.950 --> 00:21:20.960 align:start position:0% also looking at things like fixed rate 00:21:20.960 --> 00:21:22.990 align:start position:0% also looking at things like fixed rate borrow<00:21:21.840> which<00:21:21.960> is<00:21:22.120> kind<00:21:22.200> of<00:21:22.320> attacking<00:21:22.799> this 00:21:22.990 --> 00:21:23.000 align:start position:0% borrow which is kind of attacking this 00:21:23.000 --> 00:21:25.269 align:start position:0% borrow which is kind of attacking this from<00:21:23.159> the<00:21:23.320> opposite<00:21:23.919> direction<00:21:24.919> um<00:21:25.080> I<00:21:25.120> mean 00:21:25.269 --> 00:21:25.279 align:start position:0% from the opposite direction um I mean 00:21:25.279 --> 00:21:26.549 align:start position:0% from the opposite direction um I mean what<00:21:25.400> have<00:21:25.559> been<00:21:25.679> some<00:21:25.880> big<00:21:26.000> learnings<00:21:26.360> for 00:21:26.549 --> 00:21:26.559 align:start position:0% what have been some big learnings for 00:21:26.559 --> 00:21:28.269 align:start position:0% what have been some big learnings for you<00:21:27.039> and<00:21:27.279> you<00:21:27.360> know<00:21:27.480> how<00:21:27.600> do<00:21:27.720> you<00:21:28.000> deal<00:21:28.159> with 00:21:28.269 --> 00:21:28.279 align:start position:0% you and you know how do you deal with 00:21:28.279 --> 00:21:31.269 align:start position:0% you and you know how do you deal with things<00:21:28.880> liquidations<00:21:29.880> right<00:21:30.320> um<00:21:30.720> so<00:21:30.919> coming 00:21:31.269 --> 00:21:31.279 align:start position:0% things liquidations right um so coming 00:21:31.279 --> 00:21:33.789 align:start position:0% things liquidations right um so coming back<00:21:31.440> to<00:21:31.880> uh<00:21:32.039> what<00:21:32.159> Lucas<00:21:32.720> was<00:21:33.200> was<00:21:33.360> saying<00:21:33.600> is 00:21:33.789 --> 00:21:33.799 align:start position:0% back to uh what Lucas was was saying is 00:21:33.799 --> 00:21:37.230 align:start position:0% back to uh what Lucas was was saying is like<00:21:34.159> uh<00:21:34.440> liquidating<00:21:34.960> a<00:21:35.159> pte<00:21:35.799> token<00:21:36.520> uh<00:21:36.840> is 00:21:37.230 --> 00:21:37.240 align:start position:0% like uh liquidating a pte token uh is 00:21:37.240 --> 00:21:40.390 align:start position:0% like uh liquidating a pte token uh is much<00:21:37.440> more<00:21:38.360> complex<00:21:38.960> first<00:21:39.480> on<00:21:39.840> like<00:21:40.200> just 00:21:40.390 --> 00:21:40.400 align:start position:0% much more complex first on like just 00:21:40.400 --> 00:21:43.149 align:start position:0% much more complex first on like just like<00:21:40.679> selling<00:21:41.039> the<00:21:41.240> token<00:21:41.960> but<00:21:42.559> if<00:21:42.720> you<00:21:42.919> can't 00:21:43.149 --> 00:21:43.159 align:start position:0% like selling the token but if you can't 00:21:43.159 --> 00:21:45.390 align:start position:0% like selling the token but if you can't sell<00:21:43.480> it<00:21:43.799> like<00:21:43.919> you<00:21:44.039> need<00:21:44.200> to<00:21:44.320> keep<00:21:44.600> it<00:21:44.919> so<00:21:45.200> that 00:21:45.390 --> 00:21:45.400 align:start position:0% sell it like you need to keep it so that 00:21:45.400 --> 00:21:48.950 align:start position:0% sell it like you need to keep it so that requires<00:21:46.200> capital<00:21:46.840> and<00:21:47.080> like<00:21:47.840> no<00:21:48.279> not<00:21:48.600> all 00:21:48.950 --> 00:21:48.960 align:start position:0% requires capital and like no not all 00:21:48.960 --> 00:21:52.190 align:start position:0% requires capital and like no not all Liquidators<00:21:49.880> can<00:21:50.080> do<00:21:50.400> that<00:21:50.840> so<00:21:51.720> uh<00:21:51.960> the<00:21:52.120> the 00:21:52.190 --> 00:21:52.200 align:start position:0% Liquidators can do that so uh the the 00:21:52.200 --> 00:21:54.870 align:start position:0% Liquidators can do that so uh the the pull<00:21:52.480> of<00:21:53.000> potential<00:21:53.640> Liquidators<00:21:54.640> is 00:21:54.870 --> 00:21:54.880 align:start position:0% pull of potential Liquidators is 00:21:54.880 --> 00:21:58.110 align:start position:0% pull of potential Liquidators is obviously<00:21:55.440> like<00:21:55.760> um<00:21:56.640> uh<00:21:56.960> has<00:21:57.159> a<00:21:57.320> constraint 00:21:58.110 --> 00:21:58.120 align:start position:0% obviously like um uh has a constraint 00:21:58.120 --> 00:22:00.870 align:start position:0% obviously like um uh has a constraint and<00:21:58.720> uh<00:21:58.880> that<00:21:59.039> can<00:21:59.240> be<00:21:59.600> like<00:22:00.000> end<00:22:00.240> up<00:22:00.440> with<00:22:00.640> bad 00:22:00.870 --> 00:22:00.880 align:start position:0% and uh that can be like end up with bad 00:22:00.880 --> 00:22:04.470 align:start position:0% and uh that can be like end up with bad debt<00:22:01.200> if<00:22:01.360> it's<00:22:01.720> like<00:22:02.120> if<00:22:02.240> you<00:22:02.400> have<00:22:02.880> too<00:22:03.880> uh<00:22:04.120> too 00:22:04.470 --> 00:22:04.480 align:start position:0% debt if it's like if you have too uh too 00:22:04.480 --> 00:22:08.269 align:start position:0% debt if it's like if you have too uh too high<00:22:04.880> like<00:22:05.080> LL<00:22:05.480> TVs<00:22:06.159> that<00:22:06.360> do<00:22:06.919> do<00:22:07.400> that<00:22:07.640> do<00:22:07.840> not 00:22:08.269 --> 00:22:08.279 align:start position:0% high like LL TVs that do do that do not 00:22:08.279 --> 00:22:11.070 align:start position:0% high like LL TVs that do do that do not account<00:22:08.679> for<00:22:09.080> those<00:22:09.320> kind<00:22:09.440> of<00:22:09.679> issues<00:22:10.480> so<00:22:10.760> it's 00:22:11.070 --> 00:22:11.080 align:start position:0% account for those kind of issues so it's 00:22:11.080 --> 00:22:14.870 align:start position:0% account for those kind of issues so it's definitely<00:22:11.640> something<00:22:12.159> that<00:22:12.600> um<00:22:13.640> um<00:22:14.640> that 00:22:14.870 --> 00:22:14.880 align:start position:0% definitely something that um um that 00:22:14.880 --> 00:22:17.470 align:start position:0% definitely something that um um that needs<00:22:15.200> to<00:22:15.400> be<00:22:15.919> uh<00:22:16.120> taken<00:22:16.520> into<00:22:16.919> account<00:22:17.279> by 00:22:17.470 --> 00:22:17.480 align:start position:0% needs to be uh taken into account by 00:22:17.480 --> 00:22:21.070 align:start position:0% needs to be uh taken into account by risk<00:22:17.880> creators<00:22:18.880> uh<00:22:19.200> or<00:22:19.559> like<00:22:19.960> any<00:22:20.679> people 00:22:21.070 --> 00:22:21.080 align:start position:0% risk creators uh or like any people 00:22:21.080 --> 00:22:23.230 align:start position:0% risk creators uh or like any people building<00:22:21.679> and<00:22:21.880> creating<00:22:22.240> markets<00:22:22.760> on<00:22:22.960> top<00:22:23.120> of 00:22:23.230 --> 00:22:23.240 align:start position:0% building and creating markets on top of 00:22:23.240 --> 00:22:26.230 align:start position:0% building and creating markets on top of Moro<00:22:23.720> that<00:22:23.840> are<00:22:23.960> using<00:22:24.320> like<00:22:24.480> PT<00:22:24.840> tokens<00:22:25.640> as 00:22:26.230 --> 00:22:26.240 align:start position:0% Moro that are using like PT tokens as 00:22:26.240 --> 00:22:29.029 align:start position:0% Moro that are using like PT tokens as collateral<00:22:27.240> um<00:22:27.679> on<00:22:27.840> the<00:22:27.960> Bor<00:22:28.320> side<00:22:28.640> it's<00:22:28.799> quite 00:22:29.029 --> 00:22:29.039 align:start position:0% collateral um on the Bor side it's quite 00:22:29.039 --> 00:22:32.350 align:start position:0% collateral um on the Bor side it's quite recent<00:22:29.840> uh<00:22:29.960> with<00:22:30.200> the<00:22:30.400> the<00:22:31.039> hyperdrive<00:22:32.039> I<00:22:32.080> mean 00:22:32.350 --> 00:22:32.360 align:start position:0% recent uh with the the hyperdrive I mean 00:22:32.360 --> 00:22:36.990 align:start position:0% recent uh with the the hyperdrive I mean Del<00:22:33.000> uh<00:22:33.600> integration<00:22:34.600> um<00:22:35.320> we<00:22:35.600> we<00:22:35.919> have<00:22:36.240> like<00:22:36.799> uh 00:22:36.990 --> 00:22:37.000 align:start position:0% Del uh integration um we we have like uh 00:22:37.000 --> 00:22:39.630 align:start position:0% Del uh integration um we we have like uh some<00:22:37.320> requests<00:22:38.240> uh<00:22:38.360> to<00:22:38.600> to<00:22:38.799> you<00:22:39.039> that<00:22:39.440> it's 00:22:39.630 --> 00:22:39.640 align:start position:0% some requests uh to to you that it's 00:22:39.640 --> 00:22:42.430 align:start position:0% some requests uh to to you that it's quite<00:22:39.880> interesting<00:22:40.480> to<00:22:40.919> to<00:22:41.080> see<00:22:41.440> how<00:22:41.679> will<00:22:42.240> he 00:22:42.430 --> 00:22:42.440 align:start position:0% quite interesting to to see how will he 00:22:42.440 --> 00:22:45.710 align:start position:0% quite interesting to to see how will he will<00:22:42.960> uh<00:22:43.159> will<00:22:43.279> it<00:22:43.480> go<00:22:44.039> into<00:22:45.039> uh<00:22:45.200> during<00:22:45.520> the 00:22:45.710 --> 00:22:45.720 align:start position:0% will uh will it go into uh during the 00:22:45.720 --> 00:22:50.230 align:start position:0% will uh will it go into uh during the next<00:22:46.240> uh<00:22:46.440> few<00:22:46.840> months<00:22:47.919> um<00:22:48.919> for<00:22:49.200> now<00:22:49.600> I<00:22:49.880> I<00:22:50.000> don't 00:22:50.230 --> 00:22:50.240 align:start position:0% next uh few months um for now I I don't 00:22:50.240 --> 00:22:53.830 align:start position:0% next uh few months um for now I I don't think<00:22:50.679> we<00:22:50.840> have<00:22:51.120> enough<00:22:51.559> data<00:22:52.159> to<00:22:52.880> like<00:22:53.320> say 00:22:53.830 --> 00:22:53.840 align:start position:0% think we have enough data to like say 00:22:53.840 --> 00:22:56.630 align:start position:0% think we have enough data to like say anything<00:22:54.279> on<00:22:54.480> that<00:22:54.720> use<00:22:55.080> case<00:22:55.960> uh<00:22:56.240> but<00:22:56.520> uh 00:22:56.630 --> 00:22:56.640 align:start position:0% anything on that use case uh but uh 00:22:56.640 --> 00:22:58.669 align:start position:0% anything on that use case uh but uh we're<00:22:56.919> definitely<00:22:57.360> Keen<00:22:57.640> to<00:22:58.039> to<00:22:58.159> see<00:22:58.559> what 00:22:58.669 --> 00:22:58.679 align:start position:0% we're definitely Keen to to see what 00:22:58.679 --> 00:23:01.310 align:start position:0% we're definitely Keen to to see what will<00:22:58.880> happen<00:22:59.440> what<00:22:59.840> what<00:23:00.000> has<00:23:00.159> been<00:23:00.919> um<00:23:01.200> what 00:23:01.310 --> 00:23:01.320 align:start position:0% will happen what what has been um what 00:23:01.320 --> 00:23:03.990 align:start position:0% will happen what what has been um what has<00:23:01.480> surprised<00:23:01.919> me<00:23:02.080> is<00:23:02.279> like<00:23:02.760> so<00:23:03.320> Del<00:23:03.679> is<00:23:03.880> like 00:23:03.990 --> 00:23:04.000 align:start position:0% has surprised me is like so Del is like 00:23:04.000 --> 00:23:06.830 align:start position:0% has surprised me is like so Del is like fully<00:23:04.360> onchain<00:23:05.360> uh<00:23:05.600> systems<00:23:06.279> and<00:23:06.480> there<00:23:06.600> are 00:23:06.830 --> 00:23:06.840 align:start position:0% fully onchain uh systems and there are 00:23:06.840 --> 00:23:10.029 align:start position:0% fully onchain uh systems and there are over<00:23:07.840> system<00:23:08.279> that<00:23:08.400> are<00:23:08.640> like<00:23:09.120> kind<00:23:09.279> of<00:23:09.520> like 00:23:10.029 --> 00:23:10.039 align:start position:0% over system that are like kind of like 00:23:10.039 --> 00:23:12.630 align:start position:0% over system that are like kind of like doing<00:23:10.679> fixed<00:23:11.080> rate<00:23:11.520> but<00:23:11.840> offchain<00:23:12.360> and 00:23:12.630 --> 00:23:12.640 align:start position:0% doing fixed rate but offchain and 00:23:12.640 --> 00:23:14.590 align:start position:0% doing fixed rate but offchain and onchain<00:23:13.120> settlement<00:23:13.840> like<00:23:14.000> I'm<00:23:14.159> I'm<00:23:14.279> thinking 00:23:14.590 --> 00:23:14.600 align:start position:0% onchain settlement like I'm I'm thinking 00:23:14.600 --> 00:23:16.710 align:start position:0% onchain settlement like I'm I'm thinking about<00:23:14.919> pwn<00:23:15.559> for<00:23:15.720> instance<00:23:16.360> and<00:23:16.480> they're 00:23:16.710 --> 00:23:16.720 align:start position:0% about pwn for instance and they're 00:23:16.720 --> 00:23:19.190 align:start position:0% about pwn for instance and they're looking<00:23:17.039> into<00:23:17.360> integrating<00:23:18.240> uh<00:23:18.360> integrating 00:23:19.190 --> 00:23:19.200 align:start position:0% looking into integrating uh integrating 00:23:19.200 --> 00:23:21.990 align:start position:0% looking into integrating uh integrating Moro<00:23:20.200> and<00:23:20.520> uh<00:23:20.679> the<00:23:20.919> the<00:23:21.080> interesting<00:23:21.880> uh 00:23:21.990 --> 00:23:22.000 align:start position:0% Moro and uh the the interesting uh 00:23:22.000 --> 00:23:24.390 align:start position:0% Moro and uh the the interesting uh interesting<00:23:22.720> thing<00:23:23.080> is<00:23:23.320> like<00:23:23.640> they<00:23:23.880> could<00:23:24.080> use 00:23:24.390 --> 00:23:24.400 align:start position:0% interesting thing is like they could use 00:23:24.400 --> 00:23:27.029 align:start position:0% interesting thing is like they could use the<00:23:24.640> same<00:23:25.120> exact<00:23:25.480> same<00:23:25.760> Market<00:23:26.240> with<00:23:26.520> variable 00:23:27.029 --> 00:23:27.039 align:start position:0% the same exact same Market with variable 00:23:27.039 --> 00:23:29.149 align:start position:0% the same exact same Market with variable rate<00:23:27.440> but<00:23:27.640> end<00:23:27.799> up<00:23:28.000> like<00:23:28.120> sharing<00:23:28.760> like 00:23:29.149 --> 00:23:29.159 align:start position:0% rate but end up like sharing like 00:23:29.159 --> 00:23:33.590 align:start position:0% rate but end up like sharing like liquidity<00:23:30.159> and<00:23:31.240> um<00:23:32.240> uh<00:23:32.559> to<00:23:32.960> together<00:23:33.400> like 00:23:33.590 --> 00:23:33.600 align:start position:0% liquidity and um uh to together like 00:23:33.600 --> 00:23:36.950 align:start position:0% liquidity and um uh to together like with<00:23:33.760> Moro<00:23:34.480> with<00:23:34.679> pwn<00:23:35.240> with<00:23:35.880> uh<00:23:36.039> Del<00:23:36.559> and<00:23:36.840> that 00:23:36.950 --> 00:23:36.960 align:start position:0% with Moro with pwn with uh Del and that 00:23:36.960 --> 00:23:39.750 align:start position:0% with Moro with pwn with uh Del and that will<00:23:37.200> nourish<00:23:37.720> like<00:23:38.000> the<00:23:38.559> the<00:23:38.919> moros<00:23:39.400> network 00:23:39.750 --> 00:23:39.760 align:start position:0% will nourish like the the moros network 00:23:39.760 --> 00:23:42.590 align:start position:0% will nourish like the the moros network effect<00:23:40.080> but<00:23:40.279> also<00:23:40.679> like<00:23:41.159> uh<00:23:41.440> the<00:23:41.799> the<00:23:42.120> markets 00:23:42.590 --> 00:23:42.600 align:start position:0% effect but also like uh the the markets 00:23:42.600 --> 00:23:44.789 align:start position:0% effect but also like uh the the markets liquidity<00:23:43.080> so<00:23:43.240> I'm<00:23:43.440> curious<00:23:43.760> to<00:23:44.039> to<00:23:44.159> see<00:23:44.480> how 00:23:44.789 --> 00:23:44.799 align:start position:0% liquidity so I'm curious to to see how 00:23:44.799 --> 00:23:47.269 align:start position:0% liquidity so I'm curious to to see how it<00:23:45.520> uh<00:23:45.679> what<00:23:45.799> will<00:23:46.039> happen<00:23:46.400> in<00:23:46.640> the<00:23:46.960> the<00:23:47.080> next 00:23:47.269 --> 00:23:47.279 align:start position:0% it uh what will happen in the the next 00:23:47.279 --> 00:23:48.269 align:start position:0% it uh what will happen in the the next few 00:23:48.269 --> 00:23:48.279 align:start position:0% few 00:23:48.279 --> 00:23:51.909 align:start position:0% few month<00:23:49.279> yeah<00:23:49.440> me<00:23:49.679> too<00:23:50.679> I<00:23:50.840> guess<00:23:51.240> um<00:23:51.400> Lucas<00:23:51.840> just 00:23:51.909 --> 00:23:51.919 align:start position:0% month yeah me too I guess um Lucas just 00:23:51.919 --> 00:23:54.710 align:start position:0% month yeah me too I guess um Lucas just to<00:23:52.120> double<00:23:52.360> down<00:23:52.600> on<00:23:52.760> that<00:23:52.880> point<00:23:53.080> on<00:23:53.720> oracles 00:23:54.710 --> 00:23:54.720 align:start position:0% to double down on that point on oracles 00:23:54.720 --> 00:23:56.310 align:start position:0% to double down on that point on oracles um<00:23:54.960> you<00:23:55.080> know<00:23:55.279> looking<00:23:55.679> looking<00:23:55.919> a<00:23:56.000> little<00:23:56.159> bit 00:23:56.310 --> 00:23:56.320 align:start position:0% um you know looking looking a little bit 00:23:56.320 --> 00:23:57.909 align:start position:0% um you know looking looking a little bit ahead<00:23:56.559> into<00:23:56.720> the<00:23:56.880> future<00:23:57.240> maybe<00:23:57.679> over<00:23:57.799> the 00:23:57.909 --> 00:23:57.919 align:start position:0% ahead into the future maybe over the 00:23:57.919 --> 00:23:59.310 align:start position:0% ahead into the future maybe over the course<00:23:58.080> of<00:23:58.159> the<00:23:58.200> next<00:23:58.559> like<00:23:58.720> six<00:23:58.919> months<00:23:59.200> to 00:23:59.310 --> 00:23:59.320 align:start position:0% course of the next like six months to 00:23:59.320 --> 00:24:01.430 align:start position:0% course of the next like six months to one<00:23:59.520> year<00:24:00.360> you<00:24:00.480> know<00:24:00.799> what<00:24:00.919> would<00:24:01.039> you<00:24:01.159> like<00:24:01.279> to 00:24:01.430 --> 00:24:01.440 align:start position:0% one year you know what would you like to 00:24:01.440 --> 00:24:05.590 align:start position:0% one year you know what would you like to see<00:24:01.840> on<00:24:01.960> the<00:24:02.080> Oracle<00:24:02.559> side<00:24:02.880> from<00:24:03.159> fixed<00:24:03.400> rate 00:24:05.590 --> 00:24:05.600 align:start position:0% see on the Oracle side from fixed rate 00:24:05.600 --> 00:24:07.909 align:start position:0% see on the Oracle side from fixed rate protocols<00:24:06.600> yeah<00:24:06.840> it's<00:24:07.000> an<00:24:07.279> interesting 00:24:07.909 --> 00:24:07.919 align:start position:0% protocols yeah it's an interesting 00:24:07.919 --> 00:24:09.470 align:start position:0% protocols yeah it's an interesting question<00:24:08.360> because<00:24:08.600> there's<00:24:09.039> yeah<00:24:09.240> there's 00:24:09.470 --> 00:24:09.480 align:start position:0% question because there's yeah there's 00:24:09.480 --> 00:24:11.950 align:start position:0% question because there's yeah there's like<00:24:09.760> the<00:24:10.440> the<00:24:10.640> theoretical<00:24:11.279> price<00:24:11.679> of<00:24:11.799> the 00:24:11.950 --> 00:24:11.960 align:start position:0% like the the theoretical price of the 00:24:11.960 --> 00:24:14.070 align:start position:0% like the the theoretical price of the token<00:24:12.640> based<00:24:12.960> off<00:24:13.080> of<00:24:13.240> the<00:24:13.400> discount<00:24:13.799> and<00:24:13.960> the 00:24:14.070 --> 00:24:14.080 align:start position:0% token based off of the discount and the 00:24:14.080 --> 00:24:16.669 align:start position:0% token based off of the discount and the time<00:24:14.240> that's<00:24:14.559> passed<00:24:15.200> but<00:24:15.360> then<00:24:15.520> there's<00:24:15.799> also 00:24:16.669 --> 00:24:16.679 align:start position:0% time that's passed but then there's also 00:24:16.679 --> 00:24:19.830 align:start position:0% time that's passed but then there's also the<00:24:16.919> reality<00:24:17.880> of<00:24:18.159> the<00:24:18.360> secondary<00:24:18.840> markets<00:24:19.600> and 00:24:19.830 --> 00:24:19.840 align:start position:0% the reality of the secondary markets and 00:24:19.840 --> 00:24:22.630 align:start position:0% the reality of the secondary markets and for<00:24:20.080> something<00:24:20.880> you<00:24:21.000> know<00:24:21.360> as<00:24:21.520> deep<00:24:21.840> as<00:24:22.080> like 00:24:22.630 --> 00:24:22.640 align:start position:0% for something you know as deep as like 00:24:22.640 --> 00:24:26.070 align:start position:0% for something you know as deep as like us<00:24:23.120> treasuries<00:24:24.120> uh<00:24:24.240> you<00:24:24.360> can<00:24:24.679> really<00:24:25.480> base<00:24:25.880> the 00:24:26.070 --> 00:24:26.080 align:start position:0% us treasuries uh you can really base the 00:24:26.080 --> 00:24:28.430 align:start position:0% us treasuries uh you can really base the value<00:24:26.480> of<00:24:26.720> these<00:24:27.000> bonds<00:24:27.880> uh<00:24:28.000> based<00:24:28.200> on 00:24:28.430 --> 00:24:28.440 align:start position:0% value of these bonds uh based on 00:24:28.440 --> 00:24:29.830 align:start position:0% value of these bonds uh based on secondary<00:24:28.799> Market<00:24:29.080> but<00:24:29.159> the<00:24:29.279> reality<00:24:29.600> of<00:24:29.720> the 00:24:29.830 --> 00:24:29.840 align:start position:0% secondary Market but the reality of the 00:24:29.840 --> 00:24:32.230 align:start position:0% secondary Market but the reality of the situation<00:24:30.399> is<00:24:31.000> in<00:24:31.159> defi<00:24:31.640> we<00:24:31.760> have<00:24:32.000> like 00:24:32.230 --> 00:24:32.240 align:start position:0% situation is in defi we have like 00:24:32.240 --> 00:24:34.669 align:start position:0% situation is in defi we have like nowhere<00:24:32.720> close<00:24:33.279> to<00:24:33.559> that<00:24:34.159> uh<00:24:34.279> level<00:24:34.520> of 00:24:34.669 --> 00:24:34.679 align:start position:0% nowhere close to that uh level of 00:24:34.679 --> 00:24:39.510 align:start position:0% nowhere close to that uh level of liquidity<00:24:35.320> yet<00:24:36.399> um<00:24:37.399> down<00:24:37.640> the<00:24:37.799> road<00:24:38.200> if<00:24:38.320> we<00:24:38.520> do 00:24:39.510 --> 00:24:39.520 align:start position:0% liquidity yet um down the road if we do 00:24:39.520 --> 00:24:41.830 align:start position:0% liquidity yet um down the road if we do um<00:24:40.120> maybe<00:24:40.440> we<00:24:40.559> can<00:24:40.799> consider<00:24:41.279> starting<00:24:41.600> to 00:24:41.830 --> 00:24:41.840 align:start position:0% um maybe we can consider starting to 00:24:41.840 --> 00:24:44.350 align:start position:0% um maybe we can consider starting to base<00:24:42.240> these<00:24:42.399> oracles<00:24:43.039> more<00:24:43.240> on<00:24:43.480> secondary 00:24:44.350 --> 00:24:44.360 align:start position:0% base these oracles more on secondary 00:24:44.360 --> 00:24:46.870 align:start position:0% base these oracles more on secondary markets<00:24:45.360> um<00:24:45.960> and<00:24:46.120> maybe<00:24:46.360> there's<00:24:46.600> some<00:24:46.760> kind 00:24:46.870 --> 00:24:46.880 align:start position:0% markets um and maybe there's some kind 00:24:46.880 --> 00:24:48.430 align:start position:0% markets um and maybe there's some kind of<00:24:47.080> hybrid<00:24:47.440> solution<00:24:48.000> that<00:24:48.120> we<00:24:48.240> could 00:24:48.430 --> 00:24:48.440 align:start position:0% of hybrid solution that we could 00:24:48.440 --> 00:24:51.389 align:start position:0% of hybrid solution that we could investigate<00:24:49.440> uh<00:24:49.600> this<00:24:49.720> is<00:24:49.960> definitely<00:24:50.520> a<00:24:50.720> new 00:24:51.389 --> 00:24:51.399 align:start position:0% investigate uh this is definitely a new 00:24:51.399 --> 00:24:53.190 align:start position:0% investigate uh this is definitely a new new<00:24:51.679> area<00:24:51.919> to<00:24:52.080> focus<00:24:52.440> on<00:24:52.640> so<00:24:52.760> we're<00:24:52.880> definitely 00:24:53.190 --> 00:24:53.200 align:start position:0% new area to focus on so we're definitely 00:24:53.200 --> 00:24:55.870 align:start position:0% new area to focus on so we're definitely open<00:24:53.480> to<00:24:53.840> a<00:24:53.919> lot<00:24:54.039> of<00:24:54.200> different<00:24:54.679> approaches<00:24:55.679> um 00:24:55.870 --> 00:24:55.880 align:start position:0% open to a lot of different approaches um 00:24:55.880 --> 00:24:59.310 align:start position:0% open to a lot of different approaches um right<00:24:56.039> now<00:24:56.320> but<00:24:56.480> it<00:24:56.720> seems<00:24:57.279> like<00:24:58.600> the<00:24:58.840> way<00:24:59.159> that 00:24:59.310 --> 00:24:59.320 align:start position:0% right now but it seems like the way that 00:24:59.320 --> 00:25:01.350 align:start position:0% right now but it seems like the way that we're<00:24:59.679> thinking<00:25:00.000> about<00:25:00.320> this<00:25:00.559> now<00:25:01.080> we're 00:25:01.350 --> 00:25:01.360 align:start position:0% we're thinking about this now we're 00:25:01.360 --> 00:25:03.630 align:start position:0% we're thinking about this now we're we're<00:25:01.520> pretty<00:25:01.799> comfortable<00:25:02.480> with<00:25:02.919> this<00:25:03.520> you 00:25:03.630 --> 00:25:03.640 align:start position:0% we're pretty comfortable with this you 00:25:03.640 --> 00:25:06.110 align:start position:0% we're pretty comfortable with this you know<00:25:03.960> theoretical<00:25:04.559> pricing<00:25:04.919> Oracle<00:25:05.559> with<00:25:05.960> we 00:25:06.110 --> 00:25:06.120 align:start position:0% know theoretical pricing Oracle with we 00:25:06.120 --> 00:25:09.190 align:start position:0% know theoretical pricing Oracle with we are<00:25:06.480> querying<00:25:07.120> the<00:25:07.480> um<00:25:08.279> the<00:25:08.480> underlying 00:25:09.190 --> 00:25:09.200 align:start position:0% are querying the um the underlying 00:25:09.200 --> 00:25:12.310 align:start position:0% are querying the um the underlying assets<00:25:09.760> price<00:25:10.760> um<00:25:11.279> and<00:25:11.440> then<00:25:11.679> yeah<00:25:11.880> like<00:25:12.000> using 00:25:12.310 --> 00:25:12.320 align:start position:0% assets price um and then yeah like using 00:25:12.320 --> 00:25:16.149 align:start position:0% assets price um and then yeah like using this<00:25:12.840> theoretical<00:25:13.360> value<00:25:14.679> um<00:25:15.679> and<00:25:15.840> then<00:25:16.039> you 00:25:16.149 --> 00:25:16.159 align:start position:0% this theoretical value um and then you 00:25:16.159 --> 00:25:18.549 align:start position:0% this theoretical value um and then you know<00:25:16.399> adjusting<00:25:16.880> the<00:25:17.039> lltv<00:25:18.000> to<00:25:18.200> make<00:25:18.360> sure 00:25:18.549 --> 00:25:18.559 align:start position:0% know adjusting the lltv to make sure 00:25:18.559 --> 00:25:21.190 align:start position:0% know adjusting the lltv to make sure that<00:25:18.720> we're<00:25:19.159> still<00:25:19.919> conservative<00:25:20.679> so<00:25:20.919> that<00:25:21.080> if 00:25:21.190 --> 00:25:21.200 align:start position:0% that we're still conservative so that if 00:25:21.200 --> 00:25:24.389 align:start position:0% that we're still conservative so that if we're<00:25:21.919> ever<00:25:22.720> liquidating<00:25:23.279> a<00:25:23.440> user<00:25:24.000> we<00:25:24.120> can 00:25:24.389 --> 00:25:24.399 align:start position:0% we're ever liquidating a user we can 00:25:24.399 --> 00:25:27.190 align:start position:0% we're ever liquidating a user we can hold<00:25:24.760> this<00:25:24.919> token<00:25:25.240> to<00:25:25.440> maturity<00:25:26.240> and<00:25:26.399> it<00:25:26.520> won't 00:25:27.190 --> 00:25:27.200 align:start position:0% hold this token to maturity and it won't 00:25:27.200 --> 00:25:29.669 align:start position:0% hold this token to maturity and it won't uh<00:25:27.360> hurt<00:25:27.559> the<00:25:27.720> protocol<00:25:28.120> and<00:25:28.399> any<00:25:28.720> significant 00:25:29.669 --> 00:25:29.679 align:start position:0% uh hurt the protocol and any significant 00:25:29.679 --> 00:25:32.590 align:start position:0% uh hurt the protocol and any significant way<00:25:30.679> yeah<00:25:30.840> that<00:25:30.960> makes<00:25:31.159> sense<00:25:31.840> um<00:25:32.200> do<00:25:32.320> you<00:25:32.440> see 00:25:32.590 --> 00:25:32.600 align:start position:0% way yeah that makes sense um do you see 00:25:32.600 --> 00:25:34.830 align:start position:0% way yeah that makes sense um do you see that<00:25:32.720> in<00:25:32.799> a<00:25:32.919> similar<00:25:33.200> way<00:25:33.360> Merlin<00:25:34.279> um<00:25:34.559> or<00:25:34.720> do 00:25:34.830 --> 00:25:34.840 align:start position:0% that in a similar way Merlin um or do 00:25:34.840 --> 00:25:36.389 align:start position:0% that in a similar way Merlin um or do you<00:25:34.919> have<00:25:35.039> any<00:25:35.200> other<00:25:35.600> kind<00:25:35.720> of<00:25:35.840> takes<00:25:36.080> on<00:25:36.200> that 00:25:36.389 --> 00:25:36.399 align:start position:0% you have any other kind of takes on that 00:25:36.399 --> 00:25:39.149 align:start position:0% you have any other kind of takes on that issue<00:25:37.279> I<00:25:37.440> definitely<00:25:37.880> agree<00:25:38.279> that<00:25:38.600> like<00:25:39.039> uh 00:25:39.149 --> 00:25:39.159 align:start position:0% issue I definitely agree that like uh 00:25:39.159 --> 00:25:42.669 align:start position:0% issue I definitely agree that like uh taking<00:25:39.640> the<00:25:40.399> market<00:25:40.799> price<00:25:41.360> like<00:25:41.679> is<00:25:41.880> not<00:25:42.480> is 00:25:42.669 --> 00:25:42.679 align:start position:0% taking the market price like is not is 00:25:42.679 --> 00:25:44.669 align:start position:0% taking the market price like is not is clearly<00:25:43.000> not<00:25:43.320> ideal<00:25:43.760> because<00:25:44.000> it's<00:25:44.279> like<00:25:44.520> you 00:25:44.669 --> 00:25:44.679 align:start position:0% clearly not ideal because it's like you 00:25:44.679 --> 00:25:48.470 align:start position:0% clearly not ideal because it's like you could<00:25:45.000> like<00:25:45.200> manipulate<00:25:45.760> it<00:25:46.240> very<00:25:46.919> easily<00:25:47.919> uh 00:25:48.470 --> 00:25:48.480 align:start position:0% could like manipulate it very easily uh 00:25:48.480 --> 00:25:52.230 align:start position:0% could like manipulate it very easily uh and<00:25:48.880> like<00:25:49.440> um<00:25:50.440> yeah<00:25:50.679> I<00:25:50.840> I<00:25:51.039> deeply<00:25:51.480> think<00:25:51.840> that 00:25:52.230 --> 00:25:52.240 align:start position:0% and like um yeah I I deeply think that 00:25:52.240 --> 00:25:55.870 align:start position:0% and like um yeah I I deeply think that uh<00:25:52.679> you<00:25:52.880> you<00:25:53.000> need<00:25:53.200> to<00:25:53.880> just<00:25:54.120> like<00:25:54.520> use<00:25:55.520> um 00:25:55.870 --> 00:25:55.880 align:start position:0% uh you you need to just like use um 00:25:55.880 --> 00:25:59.950 align:start position:0% uh you you need to just like use um maybe<00:25:56.840> uh<00:25:57.840> like<00:25:58.360> I<00:25:58.520> I<00:25:58.600> think<00:25:58.840> the<00:25:59.120> the<00:25:59.440> the<00:25:59.640> last 00:25:59.950 --> 00:25:59.960 align:start position:0% maybe uh like I I think the the the last 00:25:59.960 --> 00:26:01.990 align:start position:0% maybe uh like I I think the the the last latest<00:26:00.360> version<00:26:00.679> of<00:26:00.799> the<00:26:00.919> Oracle<00:26:01.559> that<00:26:01.720> is 00:26:01.990 --> 00:26:02.000 align:start position:0% latest version of the Oracle that is 00:26:02.000 --> 00:26:06.029 align:start position:0% latest version of the Oracle that is like<00:26:02.399> um<00:26:02.840> trying<00:26:03.240> to<00:26:04.080> uh<00:26:04.399> approximate<00:26:05.200> like<00:26:05.640> uh 00:26:06.029 --> 00:26:06.039 align:start position:0% like um trying to uh approximate like uh 00:26:06.039 --> 00:26:09.070 align:start position:0% like um trying to uh approximate like uh the<00:26:07.039> the<00:26:07.279> price<00:26:07.640> depending<00:26:08.039> on<00:26:08.240> like<00:26:08.720> the<00:26:08.880> time 00:26:09.070 --> 00:26:09.080 align:start position:0% the the price depending on like the time 00:26:09.080 --> 00:26:12.149 align:start position:0% the the price depending on like the time to<00:26:09.279> matur<00:26:09.600> it<00:26:09.799> is<00:26:10.120> like<00:26:10.799> a<00:26:11.039> good<00:26:11.600> good<00:26:11.799> first 00:26:12.149 --> 00:26:12.159 align:start position:0% to matur it is like a good good first 00:26:12.159 --> 00:26:15.950 align:start position:0% to matur it is like a good good first step<00:26:12.480> and<00:26:12.640> to<00:26:12.840> have<00:26:13.080> like<00:26:13.200> a<00:26:13.320> more<00:26:13.600> visil<00:26:14.200> arle 00:26:15.950 --> 00:26:15.960 align:start position:0% step and to have like a more visil arle 00:26:15.960 --> 00:26:18.990 align:start position:0% step and to have like a more visil arle I<00:26:16.960> I'm<00:26:17.200> I'm<00:26:17.279> sure<00:26:17.640> there's<00:26:18.039> better<00:26:18.399> way<00:26:18.640> to<00:26:18.840> do 00:26:18.990 --> 00:26:19.000 align:start position:0% I I'm I'm sure there's better way to do 00:26:19.000 --> 00:26:21.230 align:start position:0% I I'm I'm sure there's better way to do it<00:26:19.240> but<00:26:19.399> it's<00:26:19.600> more<00:26:20.120> it's<00:26:20.279> better<00:26:20.600> than<00:26:20.840> like 00:26:21.230 --> 00:26:21.240 align:start position:0% it but it's more it's better than like 00:26:21.240 --> 00:26:23.909 align:start position:0% it but it's more it's better than like having<00:26:21.520> like<00:26:21.640> a<00:26:21.760> fixed<00:26:22.120> price<00:26:22.559> and<00:26:22.720> it's<00:26:23.440> uh 00:26:23.909 --> 00:26:23.919 align:start position:0% having like a fixed price and it's uh 00:26:23.919 --> 00:26:25.549 align:start position:0% having like a fixed price and it's uh it's<00:26:24.200> it's<00:26:24.360> clearly<00:26:24.720> better<00:26:25.039> than<00:26:25.200> like<00:26:25.360> a 00:26:25.549 --> 00:26:25.559 align:start position:0% it's it's clearly better than like a 00:26:25.559 --> 00:26:26.990 align:start position:0% it's it's clearly better than like a market 00:26:26.990 --> 00:26:27.000 align:start position:0% market 00:26:27.000 --> 00:26:30.149 align:start position:0% market price<00:26:28.000> yeah<00:26:28.360> that<00:26:28.480> makes<00:26:28.679> sense<00:26:29.279> so<00:26:29.840> I<00:26:29.919> mean 00:26:30.149 --> 00:26:30.159 align:start position:0% price yeah that makes sense so I mean 00:26:30.159 --> 00:26:31.350 align:start position:0% price yeah that makes sense so I mean now<00:26:30.279> that<00:26:30.399> we've<00:26:30.559> kind<00:26:30.640> of<00:26:30.799> discussed<00:26:31.159> some<00:26:31.279> of 00:26:31.350 --> 00:26:31.360 align:start position:0% now that we've kind of discussed some of 00:26:31.360 --> 00:26:34.190 align:start position:0% now that we've kind of discussed some of the<00:26:31.480> challenges<00:26:32.360> in<00:26:32.480> the<00:26:32.600> current<00:26:33.000> market<00:26:34.000> um 00:26:34.190 --> 00:26:34.200 align:start position:0% the challenges in the current market um 00:26:34.200 --> 00:26:35.909 align:start position:0% the challenges in the current market um let's<00:26:34.360> shift<00:26:34.559> our<00:26:34.679> attention<00:26:34.960> to<00:26:35.120> the<00:26:35.240> Future 00:26:35.909 --> 00:26:35.919 align:start position:0% let's shift our attention to the Future 00:26:35.919 --> 00:26:38.830 align:start position:0% let's shift our attention to the Future Market<00:26:36.919> um<00:26:37.159> so<00:26:37.320> starting<00:26:37.600> with<00:26:37.720> you<00:26:37.919> Violet<00:26:38.720> I 00:26:38.830 --> 00:26:38.840 align:start position:0% Market um so starting with you Violet I 00:26:38.840 --> 00:26:40.990 align:start position:0% Market um so starting with you Violet I mean<00:26:39.240> you're<00:26:39.799> you<00:26:39.919> know<00:26:40.360> an<00:26:40.520> expert<00:26:40.799> in<00:26:40.880> the 00:26:40.990 --> 00:26:41.000 align:start position:0% mean you're you know an expert in the 00:26:41.000 --> 00:26:43.029 align:start position:0% mean you're you know an expert in the space<00:26:41.200> of<00:26:41.360> privacy<00:26:41.880> and<00:26:42.159> zero<00:26:42.440> knowledge 00:26:43.029 --> 00:26:43.039 align:start position:0% space of privacy and zero knowledge 00:26:43.039 --> 00:26:45.430 align:start position:0% space of privacy and zero knowledge proofs<00:26:44.039> um<00:26:44.360> it<00:26:44.480> sounds<00:26:44.720> to<00:26:44.880> me<00:26:45.039> like<00:26:45.159> a<00:26:45.240> lot<00:26:45.360> of 00:26:45.430 --> 00:26:45.440 align:start position:0% proofs um it sounds to me like a lot of 00:26:45.440 --> 00:26:47.870 align:start position:0% proofs um it sounds to me like a lot of these<00:26:45.600> issues<00:26:46.360> involving<00:26:46.960> oracles 00:26:47.870 --> 00:26:47.880 align:start position:0% these issues involving oracles 00:26:47.880 --> 00:26:51.110 align:start position:0% these issues involving oracles liquidation<00:26:48.919> Etc<00:26:49.919> could<00:26:50.120> be<00:26:50.720> perhaps 00:26:51.110 --> 00:26:51.120 align:start position:0% liquidation Etc could be perhaps 00:26:51.120 --> 00:26:54.510 align:start position:0% liquidation Etc could be perhaps benefited<00:26:51.679> by<00:26:51.840> scaling<00:26:52.760> Solutions<00:26:53.760> um<00:26:54.399> I 00:26:54.510 --> 00:26:54.520 align:start position:0% benefited by scaling Solutions um I 00:26:54.520 --> 00:26:55.830 align:start position:0% benefited by scaling Solutions um I guess<00:26:54.840> I'd<00:26:54.960> like<00:26:55.080> to<00:26:55.159> hear<00:26:55.320> you<00:26:55.440> talk<00:26:55.600> about 00:26:55.830 --> 00:26:55.840 align:start position:0% guess I'd like to hear you talk about 00:26:55.840 --> 00:26:57.789 align:start position:0% guess I'd like to hear you talk about that<00:26:56.039> but<00:26:56.240> also<00:26:56.880> are<00:26:57.039> there<00:26:57.159> any<00:26:57.320> other<00:26:57.559> areas 00:26:57.789 --> 00:26:57.799 align:start position:0% that but also are there any other areas 00:26:57.799 --> 00:26:59.750 align:start position:0% that but also are there any other areas of<00:26:57.919> overlap<00:26:58.480> that<00:26:58.559> you<00:26:58.640> see<00:26:59.000> with<00:26:59.520> like<00:26:59.640> the 00:26:59.750 --> 00:26:59.760 align:start position:0% of overlap that you see with like the 00:26:59.760 --> 00:27:01.310 align:start position:0% of overlap that you see with like the future<00:27:00.000> of<00:27:00.159> privacy<00:27:00.440> and<00:27:00.559> scaling<00:27:00.919> Solutions 00:27:01.310 --> 00:27:01.320 align:start position:0% future of privacy and scaling Solutions 00:27:01.320 --> 00:27:03.190 align:start position:0% future of privacy and scaling Solutions in<00:27:01.480> these 00:27:03.190 --> 00:27:03.200 align:start position:0% in these 00:27:03.200 --> 00:27:08.269 align:start position:0% in these markets<00:27:04.200> yeah<00:27:04.440> I<00:27:04.600> think<00:27:05.559> um<00:27:06.559> the<00:27:06.960> impact<00:27:07.760> of 00:27:08.269 --> 00:27:08.279 align:start position:0% markets yeah I think um the impact of 00:27:08.279 --> 00:27:10.190 align:start position:0% markets yeah I think um the impact of sort<00:27:08.480> of<00:27:08.600> scaling<00:27:09.080> Solutions<00:27:09.760> on<00:27:10.039> the 00:27:10.190 --> 00:27:10.200 align:start position:0% sort of scaling Solutions on the 00:27:10.200 --> 00:27:11.630 align:start position:0% sort of scaling Solutions on the liquidation<00:27:10.679> of<00:27:10.840> these 00:27:11.630 --> 00:27:11.640 align:start position:0% liquidation of these 00:27:11.640 --> 00:27:15.549 align:start position:0% liquidation of these markets<00:27:12.640> uh<00:27:13.320> will<00:27:13.919> be<00:27:14.279> primarily<00:27:14.840> driven<00:27:15.399> by 00:27:15.549 --> 00:27:15.559 align:start position:0% markets uh will be primarily driven by 00:27:15.559 --> 00:27:17.710 align:start position:0% markets uh will be primarily driven by the<00:27:15.679> sort<00:27:15.880> of<00:27:16.120> increase<00:27:16.919> in<00:27:17.120> the<00:27:17.240> sort<00:27:17.440> of 00:27:17.710 --> 00:27:17.720 align:start position:0% the sort of increase in the sort of 00:27:17.720 --> 00:27:20.950 align:start position:0% the sort of increase in the sort of depth<00:27:18.440> and<00:27:19.279> like<00:27:19.640> breadth<00:27:20.200> of<00:27:20.440> the<00:27:20.600> sort<00:27:20.799> of 00:27:20.950 --> 00:27:20.960 align:start position:0% depth and like breadth of the sort of 00:27:20.960 --> 00:27:21.990 align:start position:0% depth and like breadth of the sort of financial 00:27:21.990 --> 00:27:22.000 align:start position:0% financial 00:27:22.000 --> 00:27:25.070 align:start position:0% financial institutions<00:27:23.000> who<00:27:23.720> are<00:27:23.960> able<00:27:24.200> to<00:27:24.399> use<00:27:24.720> these 00:27:25.070 --> 00:27:25.080 align:start position:0% institutions who are able to use these 00:27:25.080 --> 00:27:28.909 align:start position:0% institutions who are able to use these well<00:27:25.880> because<00:27:26.440> I<00:27:26.760> think<00:27:27.760> if<00:27:27.880> you<00:27:28.279> have<00:27:28.559> like 00:27:28.909 --> 00:27:28.919 align:start position:0% well because I think if you have like 00:27:28.919 --> 00:27:33.909 align:start position:0% well because I think if you have like very<00:27:29.159> longtail<00:27:30.080> assets<00:27:31.200> like<00:27:32.320> um<00:27:33.320> call<00:27:33.520> it 00:27:33.909 --> 00:27:33.919 align:start position:0% very longtail assets like um call it 00:27:33.919 --> 00:27:39.110 align:start position:0% very longtail assets like um call it like<00:27:34.799> Pendle<00:27:35.600> on<00:27:36.240> corn<00:27:36.720> farm<00:27:37.480> dated<00:27:37.919> to<00:27:38.480> July 00:27:39.110 --> 00:27:39.120 align:start position:0% like Pendle on corn farm dated to July 00:27:39.120 --> 00:27:40.590 align:start position:0% like Pendle on corn farm dated to July of 00:27:40.590 --> 00:27:40.600 align:start position:0% of 00:27:40.600 --> 00:27:43.549 align:start position:0% of 2025<00:27:41.600> and<00:27:41.760> not<00:27:42.080> Pendle<00:27:42.480> on<00:27:42.679> corn<00:27:43.000> farm<00:27:43.240> dated 00:27:43.549 --> 00:27:43.559 align:start position:0% 2025 and not Pendle on corn farm dated 00:27:43.559 --> 00:27:46.909 align:start position:0% 2025 and not Pendle on corn farm dated to<00:27:44.080> July<00:27:45.080> uh<00:27:45.320> 15th<00:27:46.080> of 00:27:46.909 --> 00:27:46.919 align:start position:0% to July uh 15th of 00:27:46.919 --> 00:27:49.789 align:start position:0% to July uh 15th of 2025<00:27:47.919> you<00:27:48.159> you're<00:27:48.440> always<00:27:48.720> going<00:27:48.919> to<00:27:49.240> I<00:27:49.360> think 00:27:49.789 --> 00:27:49.799 align:start position:0% 2025 you you're always going to I think 00:27:49.799 --> 00:27:53.630 align:start position:0% 2025 you you're always going to I think have<00:27:50.880> difficulty<00:27:51.880> um<00:27:52.600> pricing<00:27:53.039> this<00:27:53.320> well 00:27:53.630 --> 00:27:53.640 align:start position:0% have difficulty um pricing this well 00:27:53.640 --> 00:27:58.269 align:start position:0% have difficulty um pricing this well until<00:27:53.960> you<00:27:54.240> get<00:27:54.880> really<00:27:55.519> good<00:27:56.519> uh<00:27:56.919> and<00:27:57.440> like 00:27:58.269 --> 00:27:58.279 align:start position:0% until you get really good uh and like 00:27:58.279 --> 00:28:00.230 align:start position:0% until you get really good uh and like competent<00:27:58.880> financial<00:27:59.320> institutions<00:27:59.919> trading 00:28:00.230 --> 00:28:00.240 align:start position:0% competent financial institutions trading 00:28:00.240 --> 00:28:02.750 align:start position:0% competent financial institutions trading on<00:28:00.440> train<00:28:01.000> and<00:28:01.679> these<00:28:01.880> people<00:28:02.200> will<00:28:02.480> have<00:28:02.600> to 00:28:02.750 --> 00:28:02.760 align:start position:0% on train and these people will have to 00:28:02.760 --> 00:28:06.310 align:start position:0% on train and these people will have to be<00:28:03.000> much<00:28:03.200> more<00:28:03.640> like<00:28:04.640> um<00:28:05.640> will<00:28:05.840> have<00:28:05.919> to<00:28:06.039> be 00:28:06.310 --> 00:28:06.320 align:start position:0% be much more like um will have to be 00:28:06.320 --> 00:28:10.110 align:start position:0% be much more like um will have to be much<00:28:06.720> more<00:28:07.720> like<00:28:08.240> Savvy<00:28:08.840> and<00:28:09.039> regular<00:28:09.440> Traders 00:28:10.110 --> 00:28:10.120 align:start position:0% much more like Savvy and regular Traders 00:28:10.120 --> 00:28:12.269 align:start position:0% much more like Savvy and regular Traders than<00:28:10.279> sort<00:28:10.480> of<00:28:10.720> your<00:28:11.120> normal<00:28:12.120> like 00:28:12.269 --> 00:28:12.279 align:start position:0% than sort of your normal like 00:28:12.279 --> 00:28:13.909 align:start position:0% than sort of your normal like Liquidators<00:28:12.880> in<00:28:12.960> the<00:28:13.039> cryptocurrency<00:28:13.679> market 00:28:13.909 --> 00:28:13.919 align:start position:0% Liquidators in the cryptocurrency market 00:28:13.919 --> 00:28:15.470 align:start position:0% Liquidators in the cryptocurrency market who<00:28:14.000> are<00:28:14.159> looking<00:28:14.360> to<00:28:14.519> dump<00:28:14.799> these<00:28:14.960> things 00:28:15.470 --> 00:28:15.480 align:start position:0% who are looking to dump these things 00:28:15.480 --> 00:28:17.630 align:start position:0% who are looking to dump these things into<00:28:15.760> the<00:28:15.919> liquid<00:28:16.320> space<00:28:17.000> as<00:28:17.120> quickly<00:28:17.440> as 00:28:17.630 --> 00:28:17.640 align:start position:0% into the liquid space as quickly as 00:28:17.640 --> 00:28:20.350 align:start position:0% into the liquid space as quickly as possible<00:28:18.480> or<00:28:18.720> you<00:28:18.840> need<00:28:19.000> to<00:28:19.159> start<00:28:19.880> uh<00:28:20.120> having 00:28:20.350 --> 00:28:20.360 align:start position:0% possible or you need to start uh having 00:28:20.360 --> 00:28:24.950 align:start position:0% possible or you need to start uh having yield<00:28:20.640> sources<00:28:21.039> which<00:28:21.159> are<00:28:21.360> more<00:28:21.919> like<00:28:22.919> um 00:28:24.950 --> 00:28:24.960 align:start position:0% yield sources which are more like um 00:28:24.960 --> 00:28:27.470 align:start position:0% yield sources which are more like um legible<00:28:25.960> uh<00:28:26.200> and<00:28:26.360> so<00:28:26.640> I<00:28:26.760> do<00:28:26.919> think<00:28:27.200> that 00:28:27.470 --> 00:28:27.480 align:start position:0% legible uh and so I do think that 00:28:27.480 --> 00:28:29.789 align:start position:0% legible uh and so I do think that scaling<00:28:28.120> Solutions<00:28:28.519> will<00:28:28.720> help<00:28:29.240> with<00:28:29.440> this 00:28:29.789 --> 00:28:29.799 align:start position:0% scaling Solutions will help with this 00:28:29.799 --> 00:28:31.389 align:start position:0% scaling Solutions will help with this because<00:28:30.080> they<00:28:30.200> will<00:28:30.399> drive<00:28:30.760> sort<00:28:30.919> of<00:28:31.120> more 00:28:31.389 --> 00:28:31.399 align:start position:0% because they will drive sort of more 00:28:31.399 --> 00:28:33.990 align:start position:0% because they will drive sort of more institutional<00:28:32.120> adoption<00:28:33.120> and<00:28:33.320> sort<00:28:33.480> of<00:28:33.679> more 00:28:33.990 --> 00:28:34.000 align:start position:0% institutional adoption and sort of more 00:28:34.000 --> 00:28:38.430 align:start position:0% institutional adoption and sort of more traditional<00:28:34.480> Financial<00:28:35.880> systems<00:28:36.880> uh<00:28:37.200> and<00:28:38.200> so 00:28:38.430 --> 00:28:38.440 align:start position:0% traditional Financial systems uh and so 00:28:38.440 --> 00:28:40.830 align:start position:0% traditional Financial systems uh and so I<00:28:38.519> do<00:28:38.679> think<00:28:38.840> that's<00:28:38.960> a<00:28:39.240> connection<00:28:40.240> but<00:28:40.720> I 00:28:40.830 --> 00:28:40.840 align:start position:0% I do think that's a connection but I 00:28:40.840 --> 00:28:43.269 align:start position:0% I do think that's a connection but I think<00:28:41.159> that<00:28:41.480> what<00:28:41.600> is<00:28:41.880> like<00:28:42.840> much<00:28:43.080> more 00:28:43.269 --> 00:28:43.279 align:start position:0% think that what is like much more 00:28:43.279 --> 00:28:44.789 align:start position:0% think that what is like much more important<00:28:43.720> potentially<00:28:44.240> is<00:28:44.399> actually<00:28:44.640> the 00:28:44.789 --> 00:28:44.799 align:start position:0% important potentially is actually the 00:28:44.799 --> 00:28:49.590 align:start position:0% important potentially is actually the Privacy<00:28:45.200> component<00:28:45.519> of<00:28:45.640> ZK<00:28:46.640> which<00:28:46.960> is<00:28:48.399> um<00:28:49.399> like 00:28:49.590 --> 00:28:49.600 align:start position:0% Privacy component of ZK which is um like 00:28:49.600 --> 00:28:50.830 align:start position:0% Privacy component of ZK which is um like if<00:28:49.720> you<00:28:49.840> look<00:28:49.960> at<00:28:50.039> the<00:28:50.159> sort<00:28:50.279> of<00:28:50.440> traditional 00:28:50.830 --> 00:28:50.840 align:start position:0% if you look at the sort of traditional 00:28:50.840 --> 00:28:53.789 align:start position:0% if you look at the sort of traditional Financial<00:28:51.559> system<00:28:52.559> fixed<00:28:52.880> rate<00:28:53.120> loans<00:28:53.679> kind 00:28:53.789 --> 00:28:53.799 align:start position:0% Financial system fixed rate loans kind 00:28:53.799 --> 00:28:56.430 align:start position:0% Financial system fixed rate loans kind of<00:28:54.000> didn't<00:28:54.320> happen<00:28:54.600> in<00:28:54.760> this<00:28:55.120> direction<00:28:56.120> right 00:28:56.430 --> 00:28:56.440 align:start position:0% of didn't happen in this direction right 00:28:56.440 --> 00:28:58.909 align:start position:0% of didn't happen in this direction right like<00:28:56.720> you<00:28:57.640> started<00:28:58.240> with<00:28:58.360> the<00:28:58.440> fixed<00:28:58.720> rate 00:28:58.909 --> 00:28:58.919 align:start position:0% like you started with the fixed rate 00:28:58.919 --> 00:29:01.149 align:start position:0% like you started with the fixed rate loan<00:28:59.480> because<00:28:59.960> these<00:29:00.120> were<00:29:00.360> easy<00:29:00.679> contracts 00:29:01.149 --> 00:29:01.159 align:start position:0% loan because these were easy contracts 00:29:01.159 --> 00:29:02.789 align:start position:0% loan because these were easy contracts to<00:29:01.279> make<00:29:01.519> between<00:29:01.840> various 00:29:02.789 --> 00:29:02.799 align:start position:0% to make between various 00:29:02.799 --> 00:29:07.710 align:start position:0% to make between various parties<00:29:03.799> um<00:29:04.600> and<00:29:04.799> I<00:29:04.919> think<00:29:05.559> still<00:29:06.320> there<00:29:07.320> lack 00:29:07.710 --> 00:29:07.720 align:start position:0% parties um and I think still there lack 00:29:07.720 --> 00:29:09.549 align:start position:0% parties um and I think still there lack like<00:29:07.840> there's<00:29:08.039> still<00:29:08.240> a<00:29:08.480> huge<00:29:08.960> gap<00:29:09.279> in<00:29:09.399> the 00:29:09.549 --> 00:29:09.559 align:start position:0% like there's still a huge gap in the 00:29:09.559 --> 00:29:11.990 align:start position:0% like there's still a huge gap in the sort<00:29:09.720> of<00:29:10.000> like<00:29:10.519> fixed<00:29:10.919> rate<00:29:11.399> lending 00:29:11.990 --> 00:29:12.000 align:start position:0% sort of like fixed rate lending 00:29:12.000 --> 00:29:15.190 align:start position:0% sort of like fixed rate lending ecosystem<00:29:12.720> of<00:29:13.200> ethereum<00:29:14.200> and<00:29:14.440> defi<00:29:14.960> in 00:29:15.190 --> 00:29:15.200 align:start position:0% ecosystem of ethereum and defi in 00:29:15.200 --> 00:29:18.230 align:start position:0% ecosystem of ethereum and defi in general<00:29:16.200> where<00:29:16.880> you<00:29:17.080> don't<00:29:17.440> generally<00:29:17.960> have 00:29:18.230 --> 00:29:18.240 align:start position:0% general where you don't generally have 00:29:18.240 --> 00:29:20.669 align:start position:0% general where you don't generally have people<00:29:18.880> just<00:29:19.039> sort<00:29:19.200> of<00:29:19.440> making<00:29:19.880> lending<00:29:20.320> deals 00:29:20.669 --> 00:29:20.679 align:start position:0% people just sort of making lending deals 00:29:20.679 --> 00:29:24.029 align:start position:0% people just sort of making lending deals to<00:29:20.880> each<00:29:21.039> other<00:29:21.760> on<00:29:22.120> chain<00:29:22.480> in<00:29:22.600> a<00:29:22.720> legible<00:29:23.279> way 00:29:24.029 --> 00:29:24.039 align:start position:0% to each other on chain in a legible way 00:29:24.039 --> 00:29:27.350 align:start position:0% to each other on chain in a legible way and<00:29:24.240> I<00:29:24.760> think<00:29:25.760> what<00:29:25.919> you<00:29:26.120> might<00:29:26.640> start<00:29:26.840> to<00:29:27.039> see 00:29:27.350 --> 00:29:27.360 align:start position:0% and I think what you might start to see 00:29:27.360 --> 00:29:31.509 align:start position:0% and I think what you might start to see as<00:29:27.480> sort<00:29:27.640> of<00:29:27.760> the<00:29:28.120> next<00:29:28.559> wave<00:29:29.559> is<00:29:30.519> uh<00:29:30.720> ZK 00:29:31.509 --> 00:29:31.519 align:start position:0% as sort of the next wave is uh ZK 00:29:31.519 --> 00:29:34.630 align:start position:0% as sort of the next wave is uh ZK enabled<00:29:32.519> private<00:29:33.000> lending<00:29:33.679> contracts<00:29:34.519> that 00:29:34.630 --> 00:29:34.640 align:start position:0% enabled private lending contracts that 00:29:34.640 --> 00:29:37.190 align:start position:0% enabled private lending contracts that are<00:29:34.840> sort<00:29:35.000> of<00:29:35.640> automatically<00:29:36.399> executed<00:29:37.000> by 00:29:37.190 --> 00:29:37.200 align:start position:0% are sort of automatically executed by 00:29:37.200 --> 00:29:39.789 align:start position:0% are sort of automatically executed by ethereum<00:29:37.840> which<00:29:38.000> use<00:29:38.360> fixed<00:29:38.720> rates<00:29:39.519> and<00:29:39.640> which 00:29:39.789 --> 00:29:39.799 align:start position:0% ethereum which use fixed rates and which 00:29:39.799 --> 00:29:44.149 align:start position:0% ethereum which use fixed rates and which use<00:29:40.080> ZK<00:29:40.720> to<00:29:41.559> prove<00:29:41.960> various<00:29:42.480> properties<00:29:43.240> about 00:29:44.149 --> 00:29:44.159 align:start position:0% use ZK to prove various properties about 00:29:44.159 --> 00:29:46.389 align:start position:0% use ZK to prove various properties about their<00:29:44.519> like<00:29:44.760> Originators<00:29:45.679> their<00:29:45.840> lenders 00:29:46.389 --> 00:29:46.399 align:start position:0% their like Originators their lenders 00:29:46.399 --> 00:29:47.470 align:start position:0% their like Originators their lenders their<00:29:46.600> interest<00:29:46.960> rates<00:29:47.360> the 00:29:47.470 --> 00:29:47.480 align:start position:0% their interest rates the 00:29:47.480 --> 00:29:50.230 align:start position:0% their interest rates the collateralization<00:29:48.480> ratios<00:29:49.480> if<00:29:49.640> you<00:29:49.960> can 00:29:50.230 --> 00:29:50.240 align:start position:0% collateralization ratios if you can 00:29:50.240 --> 00:29:52.669 align:start position:0% collateralization ratios if you can prove<00:29:50.760> compliance<00:29:51.760> of<00:29:52.080> the<00:29:52.200> sort<00:29:52.360> of<00:29:52.480> like 00:29:52.669 --> 00:29:52.679 align:start position:0% prove compliance of the sort of like 00:29:52.679 --> 00:29:55.149 align:start position:0% prove compliance of the sort of like institutional<00:29:53.640> Investors<00:29:54.640> Auto<00:29:54.960> by 00:29:55.149 --> 00:29:55.159 align:start position:0% institutional Investors Auto by 00:29:55.159 --> 00:29:58.149 align:start position:0% institutional Investors Auto by automatically<00:29:56.159> executing<00:29:56.880> their<00:29:57.360> loans<00:29:57.720> on 00:29:58.149 --> 00:29:58.159 align:start position:0% automatically executing their loans on 00:29:58.159 --> 00:30:00.470 align:start position:0% automatically executing their loans on chain<00:29:58.600> and<00:29:58.799> by<00:29:59.000> proving<00:29:59.440> various<00:29:59.919> details 00:30:00.470 --> 00:30:00.480 align:start position:0% chain and by proving various details 00:30:00.480 --> 00:30:02.350 align:start position:0% chain and by proving various details about<00:30:00.799> them<00:30:01.519> without<00:30:01.720> leaking<00:30:02.120> this 00:30:02.350 --> 00:30:02.360 align:start position:0% about them without leaking this 00:30:02.360 --> 00:30:03.750 align:start position:0% about them without leaking this information<00:30:02.840> to<00:30:03.000> the<00:30:03.120> public<00:30:03.440> you<00:30:03.600> might 00:30:03.750 --> 00:30:03.760 align:start position:0% information to the public you might 00:30:03.760 --> 00:30:07.470 align:start position:0% information to the public you might start<00:30:03.960> to<00:30:04.120> see<00:30:04.480> like<00:30:05.320> uh<00:30:05.480> better<00:30:05.760> quality<00:30:06.480> and 00:30:07.470 --> 00:30:07.480 align:start position:0% start to see like uh better quality and 00:30:07.480 --> 00:30:10.350 align:start position:0% start to see like uh better quality and larger<00:30:07.919> lending<00:30:08.480> desks<00:30:09.000> making<00:30:09.399> sort<00:30:09.600> of<00:30:10.200> the 00:30:10.350 --> 00:30:10.360 align:start position:0% larger lending desks making sort of the 00:30:10.360 --> 00:30:13.149 align:start position:0% larger lending desks making sort of the actual<00:30:10.720> fixed<00:30:11.039> rate<00:30:11.480> loans<00:30:12.240> that<00:30:12.480> you<00:30:12.679> see<00:30:13.000> in 00:30:13.149 --> 00:30:13.159 align:start position:0% actual fixed rate loans that you see in 00:30:13.159 --> 00:30:15.950 align:start position:0% actual fixed rate loans that you see in trafi<00:30:13.760> that<00:30:13.880> sort<00:30:14.120> of<00:30:14.600> are<00:30:15.120> backbone<00:30:15.679> of<00:30:15.840> the 00:30:15.950 --> 00:30:15.960 align:start position:0% trafi that sort of are backbone of the 00:30:15.960 --> 00:30:18.909 align:start position:0% trafi that sort of are backbone of the trafi<00:30:16.799> lending<00:30:17.360> ecosystem<00:30:18.200> and<00:30:18.640> you<00:30:18.760> could 00:30:18.909 --> 00:30:18.919 align:start position:0% trafi lending ecosystem and you could 00:30:18.919 --> 00:30:20.590 align:start position:0% trafi lending ecosystem and you could start<00:30:19.080> to<00:30:19.200> see<00:30:19.399> real<00:30:19.679> bonds<00:30:20.120> and<00:30:20.279> these<00:30:20.440> could 00:30:20.590 --> 00:30:20.600 align:start position:0% start to see real bonds and these could 00:30:20.600 --> 00:30:23.029 align:start position:0% start to see real bonds and these could be<00:30:20.760> assembled<00:30:21.240> into<00:30:21.720> like<00:30:22.000> real<00:30:22.320> products 00:30:23.029 --> 00:30:23.039 align:start position:0% be assembled into like real products 00:30:23.039 --> 00:30:26.110 align:start position:0% be assembled into like real products using<00:30:23.399> the<00:30:23.559> proofs<00:30:23.840> of<00:30:24.240> validity<00:30:25.240> that<00:30:25.720> ensure 00:30:26.110 --> 00:30:26.120 align:start position:0% using the proofs of validity that ensure 00:30:26.120 --> 00:30:29.230 align:start position:0% using the proofs of validity that ensure that<00:30:26.279> you<00:30:26.640> have<00:30:26.960> like<00:30:28.120> like<00:30:28.320> bonds<00:30:28.760> that<00:30:28.919> meet 00:30:29.230 --> 00:30:29.240 align:start position:0% that you have like like bonds that meet 00:30:29.240 --> 00:30:32.630 align:start position:0% that you have like like bonds that meet certain<00:30:29.840> criteria<00:30:30.840> and<00:30:30.960> so<00:30:31.200> I<00:30:31.440> think<00:30:32.440> the 00:30:32.630 --> 00:30:32.640 align:start position:0% certain criteria and so I think the 00:30:32.640 --> 00:30:35.190 align:start position:0% certain criteria and so I think the privacy<00:30:33.200> and<00:30:33.360> validity<00:30:33.840> components<00:30:34.279> of<00:30:34.440> ZK<00:30:35.039> in 00:30:35.190 --> 00:30:35.200 align:start position:0% privacy and validity components of ZK in 00:30:35.200 --> 00:30:37.830 align:start position:0% privacy and validity components of ZK in this<00:30:35.360> use<00:30:35.679> case<00:30:35.960> are<00:30:36.200> very<00:30:36.440> important<00:30:37.440> and<00:30:37.760> I 00:30:37.830 --> 00:30:37.840 align:start position:0% this use case are very important and I 00:30:37.840 --> 00:30:41.430 align:start position:0% this use case are very important and I think<00:30:38.039> that<00:30:38.320> they<00:30:39.039> will<00:30:39.320> help<00:30:40.320> bring<00:30:41.000> the<00:30:41.200> sort 00:30:41.430 --> 00:30:41.440 align:start position:0% think that they will help bring the sort 00:30:41.440 --> 00:30:44.950 align:start position:0% think that they will help bring the sort of<00:30:41.760> like<00:30:42.039> missing<00:30:42.760> component<00:30:43.760> of<00:30:44.440> like<00:30:44.640> actual 00:30:44.950 --> 00:30:44.960 align:start position:0% of like missing component of like actual 00:30:44.960 --> 00:30:48.750 align:start position:0% of like missing component of like actual fix<00:30:45.200> rate<00:30:45.760> agreements<00:30:46.760> out<00:30:46.919> of<00:30:47.080> traight<00:30:47.799> into 00:30:48.750 --> 00:30:48.760 align:start position:0% fix rate agreements out of traight into 00:30:48.760 --> 00:30:51.509 align:start position:0% fix rate agreements out of traight into Defi<00:30:49.720> and<00:30:50.039> this<00:30:50.159> may<00:30:50.320> not<00:30:50.600> look<00:30:50.799> like<00:30:51.000> defi<00:30:51.399> as 00:30:51.509 --> 00:30:51.519 align:start position:0% Defi and this may not look like defi as 00:30:51.519 --> 00:30:53.950 align:start position:0% Defi and this may not look like defi as it<00:30:51.679> exists<00:30:52.240> now<00:30:52.640> because<00:30:53.320> these<00:30:53.519> sort<00:30:53.679> of 00:30:53.950 --> 00:30:53.960 align:start position:0% it exists now because these sort of 00:30:53.960 --> 00:30:55.750 align:start position:0% it exists now because these sort of automatically<00:30:54.640> executing<00:30:55.200> Agreements<00:30:55.600> are 00:30:55.750 --> 00:30:55.760 align:start position:0% automatically executing Agreements are 00:30:55.760 --> 00:30:58.950 align:start position:0% automatically executing Agreements are not<00:30:56.000> really<00:30:56.679> like<00:30:56.880> over<00:30:57.200> collateralized 00:30:58.950 --> 00:30:58.960 align:start position:0% not really like over collateralized 00:30:58.960 --> 00:31:01.870 align:start position:0% not really like over collateralized necessarily<00:31:00.039> but<00:31:01.039> I<00:31:01.159> think<00:31:01.399> this<00:31:01.559> is<00:31:01.720> the 00:31:01.870 --> 00:31:01.880 align:start position:0% necessarily but I think this is the 00:31:01.880 --> 00:31:05.269 align:start position:0% necessarily but I think this is the future<00:31:02.279> if<00:31:02.480> for<00:31:02.840> fixed<00:31:03.200> rates<00:31:03.600> is<00:31:03.880> like<00:31:04.679> that 00:31:05.269 --> 00:31:05.279 align:start position:0% future if for fixed rates is like that 00:31:05.279 --> 00:31:07.310 align:start position:0% future if for fixed rates is like that the<00:31:05.440> difference<00:31:05.840> between<00:31:06.159> trafi<00:31:06.760> and<00:31:06.880> defi 00:31:07.310 --> 00:31:07.320 align:start position:0% the difference between trafi and defi 00:31:07.320 --> 00:31:10.990 align:start position:0% the difference between trafi and defi will<00:31:07.519> start<00:31:07.840> to<00:31:08.919> evaporate<00:31:09.919> as<00:31:10.080> we<00:31:10.360> get<00:31:10.799> good 00:31:10.990 --> 00:31:11.000 align:start position:0% will start to evaporate as we get good 00:31:11.000 --> 00:31:15.269 align:start position:0% will start to evaporate as we get good tools<00:31:11.399> to<00:31:11.600> bring<00:31:12.399> offchain<00:31:13.399> and<00:31:13.760> semi<00:31:14.279> onchain 00:31:15.269 --> 00:31:15.279 align:start position:0% tools to bring offchain and semi onchain 00:31:15.279 --> 00:31:17.629 align:start position:0% tools to bring offchain and semi onchain financial<00:31:15.799> instruments<00:31:16.799> to<00:31:17.000> sort<00:31:17.159> of<00:31:17.440> like 00:31:17.629 --> 00:31:17.639 align:start position:0% financial instruments to sort of like 00:31:17.639 --> 00:31:19.070 align:start position:0% financial instruments to sort of like production<00:31:18.039> grade<00:31:18.320> on 00:31:19.070 --> 00:31:19.080 align:start position:0% production grade on 00:31:19.080 --> 00:31:21.629 align:start position:0% production grade on ethereum<00:31:20.080> yeah<00:31:20.279> I<00:31:20.399> just<00:31:20.600> want<00:31:20.720> to<00:31:20.919> Echo<00:31:21.240> that<00:31:21.480> I 00:31:21.629 --> 00:31:21.639 align:start position:0% ethereum yeah I just want to Echo that I 00:31:21.639 --> 00:31:25.110 align:start position:0% ethereum yeah I just want to Echo that I I<00:31:21.760> completely<00:31:22.320> agree<00:31:22.919> I<00:31:23.279> think<00:31:24.279> uh<00:31:24.679> that's<00:31:24.960> the 00:31:25.110 --> 00:31:25.120 align:start position:0% I completely agree I think uh that's the 00:31:25.120 --> 00:31:28.789 align:start position:0% I completely agree I think uh that's the sort<00:31:25.360> of<00:31:25.960> Next<00:31:26.399> Step<00:31:27.360> that<00:31:27.480> I<00:31:27.600> see 00:31:28.789 --> 00:31:28.799 align:start position:0% sort of Next Step that I see 00:31:28.799 --> 00:31:31.509 align:start position:0% sort of Next Step that I see is<00:31:29.080> is<00:31:29.399> totally<00:31:29.840> necessary<00:31:30.399> to<00:31:30.639> get<00:31:30.960> big 00:31:31.509 --> 00:31:31.519 align:start position:0% is is totally necessary to get big 00:31:31.519 --> 00:31:33.669 align:start position:0% is is totally necessary to get big institutional<00:31:32.519> traditional<00:31:32.960> Financial 00:31:33.669 --> 00:31:33.679 align:start position:0% institutional traditional Financial 00:31:33.679 --> 00:31:36.389 align:start position:0% institutional traditional Financial involvement<00:31:34.679> uh<00:31:34.799> is<00:31:35.080> having<00:31:35.399> these<00:31:36.080> uh<00:31:36.200> things 00:31:36.389 --> 00:31:36.399 align:start position:0% involvement uh is having these uh things 00:31:36.399 --> 00:31:38.789 align:start position:0% involvement uh is having these uh things like<00:31:36.600> privacy<00:31:36.960> and<00:31:37.120> zero<00:31:37.519> knowledge<00:31:38.519> uh 00:31:38.789 --> 00:31:38.799 align:start position:0% like privacy and zero knowledge uh 00:31:38.799 --> 00:31:41.509 align:start position:0% like privacy and zero knowledge uh privacy<00:31:39.519> pools<00:31:40.519> uh<00:31:40.639> to<00:31:40.840> allow<00:31:41.080> for<00:31:41.279> these 00:31:41.509 --> 00:31:41.519 align:start position:0% privacy pools uh to allow for these 00:31:41.519 --> 00:31:44.430 align:start position:0% privacy pools uh to allow for these institutions<00:31:42.120> to<00:31:42.320> be<00:31:43.039> provably<00:31:43.880> compliant 00:31:44.430 --> 00:31:44.440 align:start position:0% institutions to be provably compliant 00:31:44.440 --> 00:31:46.789 align:start position:0% institutions to be provably compliant without<00:31:45.080> doxing<00:31:45.760> themselves<00:31:46.399> I<00:31:46.480> think<00:31:46.600> is 00:31:46.789 --> 00:31:46.799 align:start position:0% without doxing themselves I think is 00:31:46.799 --> 00:31:49.029 align:start position:0% without doxing themselves I think is also<00:31:47.039> going<00:31:47.120> to<00:31:47.279> be<00:31:47.519> like<00:31:47.679> a<00:31:48.039> massive 00:31:49.029 --> 00:31:49.039 align:start position:0% also going to be like a massive 00:31:49.039 --> 00:31:50.789 align:start position:0% also going to be like a massive necessary<00:31:49.720> step<00:31:50.039> that<00:31:50.159> we<00:31:50.279> have<00:31:50.399> to<00:31:50.519> take<00:31:50.679> as 00:31:50.789 --> 00:31:50.799 align:start position:0% necessary step that we have to take as 00:31:50.799 --> 00:31:54.149 align:start position:0% necessary step that we have to take as an<00:31:51.200> industry<00:31:52.200> uh<00:31:52.320> to<00:31:52.600> get<00:31:53.200> more<00:31:53.440> of<00:31:53.720> these<00:31:54.039> you 00:31:54.149 --> 00:31:54.159 align:start position:0% an industry uh to get more of these you 00:31:54.159 --> 00:31:56.629 align:start position:0% an industry uh to get more of these you know<00:31:54.480> hedge<00:31:54.760> funds<00:31:55.240> and<00:31:55.440> and<00:31:55.639> big<00:31:56.039> you<00:31:56.120> know 00:31:56.629 --> 00:31:56.639 align:start position:0% know hedge funds and and big you know 00:31:56.639 --> 00:31:59.310 align:start position:0% know hedge funds and and big you know trafi<00:31:57.320> institutions<00:31:58.039> on<00:31:58.200> chain<00:31:58.600> and<00:31:58.840> doing 00:31:59.310 --> 00:31:59.320 align:start position:0% trafi institutions on chain and doing 00:31:59.320 --> 00:32:02.190 align:start position:0% trafi institutions on chain and doing regular<00:31:59.960> Financial<00:32:00.880> transactions<00:32:01.880> um 00:32:02.190 --> 00:32:02.200 align:start position:0% regular Financial transactions um 00:32:02.200 --> 00:32:04.350 align:start position:0% regular Financial transactions um that'll<00:32:02.480> just<00:32:02.679> be<00:32:03.200> a<00:32:03.440> necessary<00:32:03.880> step<00:32:04.120> for<00:32:04.240> us 00:32:04.350 --> 00:32:04.360 align:start position:0% that'll just be a necessary step for us 00:32:04.360 --> 00:32:05.149 align:start position:0% that'll just be a necessary step for us to 00:32:05.149 --> 00:32:05.159 align:start position:0% to 00:32:05.159 --> 00:32:08.230 align:start position:0% to take<00:32:06.159> yeah<00:32:06.480> totally<00:32:06.799> agree<00:32:07.039> too<00:32:07.760> um<00:32:07.960> I<00:32:08.080> guess 00:32:08.230 --> 00:32:08.240 align:start position:0% take yeah totally agree too um I guess 00:32:08.240 --> 00:32:09.909 align:start position:0% take yeah totally agree too um I guess in<00:32:08.360> that<00:32:08.559> vein<00:32:08.799> you<00:32:08.880> know<00:32:09.039> Merlin<00:32:09.679> you<00:32:09.799> guys 00:32:09.909 --> 00:32:09.919 align:start position:0% in that vein you know Merlin you guys 00:32:09.919 --> 00:32:11.470 align:start position:0% in that vein you know Merlin you guys have<00:32:10.039> started<00:32:10.279> to<00:32:10.440> work<00:32:10.679> recently<00:32:11.120> with<00:32:11.360> uh 00:32:11.470 --> 00:32:11.480 align:start position:0% have started to work recently with uh 00:32:11.480 --> 00:32:13.269 align:start position:0% have started to work recently with uh Swiss<00:32:11.799> board<00:32:12.639> so<00:32:12.799> I<00:32:12.880> think<00:32:12.960> we're<00:32:13.120> really 00:32:13.269 --> 00:32:13.279 align:start position:0% Swiss board so I think we're really 00:32:13.279 --> 00:32:14.909 align:start position:0% Swiss board so I think we're really starting<00:32:13.519> to<00:32:13.639> see<00:32:14.000> institutions<00:32:14.600> come<00:32:14.720> on 00:32:14.909 --> 00:32:14.919 align:start position:0% starting to see institutions come on 00:32:14.919 --> 00:32:18.710 align:start position:0% starting to see institutions come on chain<00:32:15.679> yeah<00:32:16.039> um<00:32:16.399> so<00:32:17.000> swissborg<00:32:17.720> was<00:32:18.360> a<00:32:18.480> first 00:32:18.710 --> 00:32:18.720 align:start position:0% chain yeah um so swissborg was a first 00:32:18.720 --> 00:32:20.629 align:start position:0% chain yeah um so swissborg was a first step<00:32:19.000> in<00:32:19.159> that<00:32:19.360> direction<00:32:19.880> and<00:32:20.080> like<00:32:20.399> we<00:32:20.519> are 00:32:20.629 --> 00:32:20.639 align:start position:0% step in that direction and like we are 00:32:20.639 --> 00:32:24.310 align:start position:0% step in that direction and like we are talking<00:32:20.880> to<00:32:21.080> other<00:32:21.679> uh<00:32:22.039> fintex<00:32:23.039> um<00:32:23.840> one<00:32:24.039> cool 00:32:24.310 --> 00:32:24.320 align:start position:0% talking to other uh fintex um one cool 00:32:24.320 --> 00:32:26.669 align:start position:0% talking to other uh fintex um one cool thing<00:32:24.480> about<00:32:24.760> m<00:32:25.080> is<00:32:25.279> like<00:32:25.639> um<00:32:26.200> you<00:32:26.320> have<00:32:26.519> like 00:32:26.669 --> 00:32:26.679 align:start position:0% thing about m is like um you have like 00:32:26.679 --> 00:32:29.230 align:start position:0% thing about m is like um you have like Market<00:32:27.120> that<00:32:27.240> are<00:32:27.440> isolated<00:32:28.200> and<00:32:28.440> like<00:32:28.880> per 00:32:29.230 --> 00:32:29.240 align:start position:0% Market that are isolated and like per 00:32:29.240 --> 00:32:31.509 align:start position:0% Market that are isolated and like per permission<00:32:30.080> like<00:32:30.440> the<00:32:30.600> creation<00:32:31.000> of<00:32:31.200> Market 00:32:31.509 --> 00:32:31.519 align:start position:0% permission like the creation of Market 00:32:31.519 --> 00:32:32.230 align:start position:0% permission like the creation of Market is 00:32:32.230 --> 00:32:32.240 align:start position:0% is 00:32:32.240 --> 00:32:34.669 align:start position:0% is permissionless<00:32:33.240> what<00:32:33.399> that<00:32:33.600> that<00:32:33.799> mean<00:32:34.480> what 00:32:34.669 --> 00:32:34.679 align:start position:0% permissionless what that that mean what 00:32:34.679 --> 00:32:37.509 align:start position:0% permissionless what that that mean what that<00:32:34.840> means<00:32:35.200> for<00:32:35.840> institutions<00:32:36.840> is<00:32:37.120> like<00:32:37.320> you 00:32:37.509 --> 00:32:37.519 align:start position:0% that means for institutions is like you 00:32:37.519 --> 00:32:39.909 align:start position:0% that means for institutions is like you can<00:32:37.960> create<00:32:38.320> like<00:32:38.519> whatever<00:32:38.919> Market<00:32:39.320> you<00:32:39.480> want 00:32:39.909 --> 00:32:39.919 align:start position:0% can create like whatever Market you want 00:32:39.919 --> 00:32:43.190 align:start position:0% can create like whatever Market you want and<00:32:40.159> gate<00:32:40.919> uh<00:32:41.039> the<00:32:41.200> market<00:32:41.679> if<00:32:41.960> you<00:32:42.960> if<00:32:43.080> you 00:32:43.190 --> 00:32:43.200 align:start position:0% and gate uh the market if you if you 00:32:43.200 --> 00:32:45.830 align:start position:0% and gate uh the market if you if you want<00:32:43.360> to<00:32:43.519> be<00:32:43.799> compliant<00:32:44.639> you<00:32:44.760> can<00:32:45.039> gate<00:32:45.639> the 00:32:45.830 --> 00:32:45.840 align:start position:0% want to be compliant you can gate the 00:32:45.840 --> 00:32:49.029 align:start position:0% want to be compliant you can gate the the<00:32:46.000> market<00:32:46.480> and<00:32:46.799> require<00:32:47.200> a<00:32:47.360> kyc<00:32:47.919> for<00:32:48.120> users 00:32:49.029 --> 00:32:49.039 align:start position:0% the market and require a kyc for users 00:32:49.039 --> 00:32:51.430 align:start position:0% the market and require a kyc for users uh<00:32:49.200> what<00:32:49.320> you<00:32:49.440> can<00:32:49.639> do<00:32:49.799> is<00:32:50.159> also<00:32:50.960> uh<00:32:51.080> maybe<00:32:51.320> you 00:32:51.430 --> 00:32:51.440 align:start position:0% uh what you can do is also uh maybe you 00:32:51.440 --> 00:32:54.070 align:start position:0% uh what you can do is also uh maybe you don't<00:32:51.639> care<00:32:51.919> about<00:32:52.200> K<00:32:52.840> but<00:32:52.960> you<00:32:53.080> want<00:32:53.279> to<00:32:53.600> get 00:32:54.070 --> 00:32:54.080 align:start position:0% don't care about K but you want to get 00:32:54.080 --> 00:32:57.190 align:start position:0% don't care about K but you want to get gate<00:32:54.399> The<00:32:54.559> Vault<00:32:55.559> uh<00:32:55.760> that<00:32:55.880> is<00:32:56.080> managing<00:32:56.639> your 00:32:57.190 --> 00:32:57.200 align:start position:0% gate The Vault uh that is managing your 00:32:57.200 --> 00:33:01.310 align:start position:0% gate The Vault uh that is managing your uh<00:32:57.480> your<00:32:58.000> funds<00:32:58.760> and<00:32:59.320> like<00:33:00.240> uh<00:33:00.679> but<00:33:00.919> and<00:33:01.120> you 00:33:01.310 --> 00:33:01.320 align:start position:0% uh your funds and like uh but and you 00:33:01.320 --> 00:33:05.750 align:start position:0% uh your funds and like uh but and you want<00:33:01.840> to<00:33:02.840> um<00:33:03.120> have<00:33:03.240> an<00:33:03.480> exposure<00:33:04.000> to<00:33:04.639> a<00:33:04.880> given 00:33:05.750 --> 00:33:05.760 align:start position:0% want to um have an exposure to a given 00:33:05.760 --> 00:33:09.590 align:start position:0% want to um have an exposure to a given um<00:33:06.240> basket<00:33:06.679> of<00:33:07.159> assets<00:33:08.159> uh<00:33:08.360> this<00:33:08.480> is<00:33:08.960> and<00:33:09.200> and 00:33:09.590 --> 00:33:09.600 align:start position:0% um basket of assets uh this is and and 00:33:09.600 --> 00:33:11.710 align:start position:0% um basket of assets uh this is and and like<00:33:09.919> institutions<00:33:10.919> like<00:33:11.240> because<00:33:11.480> it's 00:33:11.710 --> 00:33:11.720 align:start position:0% like institutions like because it's 00:33:11.720 --> 00:33:14.990 align:start position:0% like institutions like because it's fully<00:33:12.080> IM<00:33:12.200> mutable<00:33:12.639> and<00:33:12.760> UNC<00:33:13.039> consal<00:33:13.600> they<00:33:14.000> own 00:33:14.990 --> 00:33:15.000 align:start position:0% fully IM mutable and UNC consal they own 00:33:15.000 --> 00:33:17.750 align:start position:0% fully IM mutable and UNC consal they own the<00:33:15.200> whole<00:33:15.840> stack<00:33:16.639> and<00:33:16.760> I<00:33:16.880> think<00:33:17.120> this<00:33:17.240> is<00:33:17.480> very 00:33:17.750 --> 00:33:17.760 align:start position:0% the whole stack and I think this is very 00:33:17.760 --> 00:33:20.549 align:start position:0% the whole stack and I think this is very important<00:33:18.360> to<00:33:18.559> have<00:33:18.799> this<00:33:19.159> and<00:33:19.799> it's<00:33:20.120> like<00:33:20.399> one 00:33:20.549 --> 00:33:20.559 align:start position:0% important to have this and it's like one 00:33:20.559 --> 00:33:22.430 align:start position:0% important to have this and it's like one of<00:33:20.760> the 00:33:22.430 --> 00:33:22.440 align:start position:0% of the 00:33:22.440 --> 00:33:26.110 align:start position:0% of the um<00:33:23.440> one<00:33:23.559> of<00:33:23.720> the<00:33:23.919> most<00:33:24.240> important<00:33:25.240> uh<00:33:25.399> argument 00:33:26.110 --> 00:33:26.120 align:start position:0% um one of the most important uh argument 00:33:26.120 --> 00:33:27.789 align:start position:0% um one of the most important uh argument when<00:33:26.360> they<00:33:26.480> want<00:33:26.679> to<00:33:26.840> integrate<00:33:27.240> a<00:33:27.360> landing 00:33:27.789 --> 00:33:27.799 align:start position:0% when they want to integrate a landing 00:33:27.799 --> 00:33:30.590 align:start position:0% when they want to integrate a landing protocal<00:33:28.279> is<00:33:28.519> like<00:33:28.960> do<00:33:29.200> we<00:33:29.399> own<00:33:29.960> everything 00:33:30.590 --> 00:33:30.600 align:start position:0% protocal is like do we own everything 00:33:30.600 --> 00:33:34.470 align:start position:0% protocal is like do we own everything from<00:33:31.039> like<00:33:31.679> uh<00:33:32.320> of<00:33:32.519> the<00:33:32.720> stack<00:33:33.440> or<00:33:33.919> who<00:33:34.080> are<00:33:34.240> we 00:33:34.470 --> 00:33:34.480 align:start position:0% from like uh of the stack or who are we 00:33:34.480 --> 00:33:37.549 align:start position:0% from like uh of the stack or who are we trusting<00:33:35.399> are<00:33:35.559> we<00:33:35.760> trusting<00:33:36.080> a<00:33:36.320> governance<00:33:37.320> uh 00:33:37.549 --> 00:33:37.559 align:start position:0% trusting are we trusting a governance uh 00:33:37.559 --> 00:33:41.549 align:start position:0% trusting are we trusting a governance uh body<00:33:37.919> a<00:33:38.120> third<00:33:38.639> party<00:33:39.639> um<00:33:40.320> uh<00:33:40.600> with<00:33:40.880> who<00:33:41.240> we<00:33:41.399> are 00:33:41.549 --> 00:33:41.559 align:start position:0% body a third party um uh with who we are 00:33:41.559 --> 00:33:44.470 align:start position:0% body a third party um uh with who we are dealing<00:33:42.000> with<00:33:42.600> and<00:33:43.360> I<00:33:43.519> think<00:33:43.960> like<00:33:44.120> having 00:33:44.470 --> 00:33:44.480 align:start position:0% dealing with and I think like having 00:33:44.480 --> 00:33:47.470 align:start position:0% dealing with and I think like having immutable<00:33:45.399> non<00:33:46.039> upgradable<00:33:47.039> governance 00:33:47.470 --> 00:33:47.480 align:start position:0% immutable non upgradable governance 00:33:47.480 --> 00:33:49.789 align:start position:0% immutable non upgradable governance minimized<00:33:48.039> protocol<00:33:48.639> like<00:33:48.760> so<00:33:49.279> the<00:33:49.440> the<00:33:49.559> issue 00:33:49.789 --> 00:33:49.799 align:start position:0% minimized protocol like so the the issue 00:33:49.799 --> 00:33:52.590 align:start position:0% minimized protocol like so the the issue of<00:33:50.000> like<00:33:50.159> are<00:33:50.320> we<00:33:50.480> owning<00:33:50.840> the<00:33:51.000> stack<00:33:52.000> but 00:33:52.590 --> 00:33:52.600 align:start position:0% of like are we owning the stack but 00:33:52.600 --> 00:33:54.629 align:start position:0% of like are we owning the stack but everything<00:33:53.080> that<00:33:53.200> is<00:33:53.399> related<00:33:53.840> to<00:33:54.080> how<00:33:54.320> we 00:33:54.629 --> 00:33:54.639 align:start position:0% everything that is related to how we 00:33:54.639 --> 00:33:57.789 align:start position:0% everything that is related to how we compliant<00:33:55.639> uh<00:33:55.799> are<00:33:56.000> we<00:33:56.200> gating<00:33:56.600> Etc<00:33:57.120> is<00:33:57.480> you 00:33:57.789 --> 00:33:57.799 align:start position:0% compliant uh are we gating Etc is you 00:33:57.799 --> 00:34:02.310 align:start position:0% compliant uh are we gating Etc is you using<00:33:59.000> attestations<00:34:00.000> and<00:34:00.240> hopefully<00:34:00.919> like<00:34:01.919> uh 00:34:02.310 --> 00:34:02.320 align:start position:0% using attestations and hopefully like uh 00:34:02.320 --> 00:34:05.350 align:start position:0% using attestations and hopefully like uh in<00:34:02.440> the<00:34:02.600> future<00:34:03.600> um<00:34:04.039> Z<00:34:04.480> proof<00:34:04.799> as<00:34:04.919> much<00:34:05.120> as 00:34:05.350 --> 00:34:05.360 align:start position:0% in the future um Z proof as much as 00:34:05.360 --> 00:34:08.109 align:start position:0% in the future um Z proof as much as possible<00:34:06.320> uh<00:34:06.440> so<00:34:06.639> that<00:34:06.880> like<00:34:07.159> any<00:34:07.399> users<00:34:07.840> could 00:34:08.109 --> 00:34:08.119 align:start position:0% possible uh so that like any users could 00:34:08.119 --> 00:34:10.430 align:start position:0% possible uh so that like any users could like<00:34:08.399> prove<00:34:08.720> that<00:34:09.000> they<00:34:09.280> they've<00:34:09.480> done<00:34:09.720> a<00:34:09.879> kyc 00:34:10.430 --> 00:34:10.440 align:start position:0% like prove that they they've done a kyc 00:34:10.440 --> 00:34:13.950 align:start position:0% like prove that they they've done a kyc without<00:34:10.760> revealing<00:34:11.399> their<00:34:12.119> um<00:34:13.119> uh<00:34:13.280> their 00:34:13.950 --> 00:34:13.960 align:start position:0% without revealing their um uh their 00:34:13.960 --> 00:34:17.909 align:start position:0% without revealing their um uh their identity<00:34:14.960> um<00:34:15.839> this<00:34:15.960> is<00:34:16.200> already<00:34:16.560> the<00:34:16.760> case<00:34:16.960> for 00:34:17.909 --> 00:34:17.919 align:start position:0% identity um this is already the case for 00:34:17.919 --> 00:34:21.030 align:start position:0% identity um this is already the case for KC<00:34:18.520> but<00:34:18.639> you<00:34:18.760> can<00:34:18.919> still<00:34:19.200> track<00:34:19.960> asset<00:34:20.639> uh 00:34:21.030 --> 00:34:21.040 align:start position:0% KC but you can still track asset uh 00:34:21.040 --> 00:34:23.589 align:start position:0% KC but you can still track asset uh sorry<00:34:21.399> addresses<00:34:22.040> Etc<00:34:22.679> it's<00:34:22.960> clearly<00:34:23.320> not 00:34:23.589 --> 00:34:23.599 align:start position:0% sorry addresses Etc it's clearly not 00:34:23.599 --> 00:34:26.829 align:start position:0% sorry addresses Etc it's clearly not ideal<00:34:24.359> and<00:34:24.800> it's<00:34:25.440> uh<00:34:25.679> the<00:34:25.960> the<00:34:26.320> right<00:34:26.480> now<00:34:26.720> the 00:34:26.829 --> 00:34:26.839 align:start position:0% ideal and it's uh the the right now the 00:34:26.839 --> 00:34:30.349 align:start position:0% ideal and it's uh the the right now the experience<00:34:27.280> is<00:34:27.480> like<00:34:28.040> uh<00:34:28.520> it's<00:34:29.000> cumbersome<00:34:29.960> so 00:34:30.349 --> 00:34:30.359 align:start position:0% experience is like uh it's cumbersome so 00:34:30.359 --> 00:34:34.710 align:start position:0% experience is like uh it's cumbersome so like<00:34:30.639> not<00:34:30.879> not<00:34:31.119> everyone<00:34:31.440> is<00:34:31.599> doing<00:34:32.200> it<00:34:33.560> so<00:34:34.560> we 00:34:34.710 --> 00:34:34.720 align:start position:0% like not not everyone is doing it so we 00:34:34.720 --> 00:34:39.149 align:start position:0% like not not everyone is doing it so we are<00:34:34.839> talking<00:34:35.200> with<00:34:35.359> a<00:34:35.480> lot<00:34:35.879> of<00:34:36.599> um<00:34:37.599> of<00:34:37.760> inex<00:34:38.639> and 00:34:39.149 --> 00:34:39.159 align:start position:0% are talking with a lot of um of inex and 00:34:39.159 --> 00:34:41.790 align:start position:0% are talking with a lot of um of inex and uh<00:34:39.560> this<00:34:40.079> problematic<00:34:40.679> is<00:34:40.879> like<00:34:41.280> one<00:34:41.440> of<00:34:41.599> the 00:34:41.790 --> 00:34:41.800 align:start position:0% uh this problematic is like one of the 00:34:41.800 --> 00:34:43.909 align:start position:0% uh this problematic is like one of the top<00:34:42.040> one<00:34:42.560> that<00:34:42.679> we<00:34:42.839> need<00:34:43.040> we<00:34:43.159> need<00:34:43.320> to<00:34:43.440> solve 00:34:43.909 --> 00:34:43.919 align:start position:0% top one that we need we need to solve 00:34:43.919 --> 00:34:46.669 align:start position:0% top one that we need we need to solve like<00:34:44.280> as<00:34:44.599> like<00:34:45.040> a<00:34:45.240> global<00:34:45.679> ecosystem<00:34:46.520> but 00:34:46.669 --> 00:34:46.679 align:start position:0% like as like a global ecosystem but 00:34:46.679 --> 00:34:50.030 align:start position:0% like as like a global ecosystem but we're<00:34:46.879> not<00:34:47.079> there<00:34:47.320> yet<00:34:47.720> I<00:34:48.280> think<00:34:49.280> yeah<00:34:49.679> totally 00:34:50.030 --> 00:34:50.040 align:start position:0% we're not there yet I think yeah totally 00:34:50.040 --> 00:34:51.990 align:start position:0% we're not there yet I think yeah totally agree<00:34:50.800> um<00:34:50.960> we're<00:34:51.119> seeing<00:34:51.359> the<00:34:51.480> same<00:34:51.720> thing<00:34:51.879> on 00:34:51.990 --> 00:34:52.000 align:start position:0% agree um we're seeing the same thing on 00:34:52.000 --> 00:34:54.109 align:start position:0% agree um we're seeing the same thing on the<00:34:52.119> fixed<00:34:52.399> Market<00:34:52.720> side<00:34:52.879> of<00:34:53.040> things<00:34:53.399> where 00:34:54.109 --> 00:34:54.119 align:start position:0% the fixed Market side of things where 00:34:54.119 --> 00:34:56.069 align:start position:0% the fixed Market side of things where you<00:34:54.240> know<00:34:54.440> institutions<00:34:55.399> want<00:34:55.520> to<00:34:55.760> own<00:34:55.960> the 00:34:56.069 --> 00:34:56.079 align:start position:0% you know institutions want to own the 00:34:56.079 --> 00:34:57.430 align:start position:0% you know institutions want to own the whole<00:34:56.320> stack<00:34:56.639> and<00:34:56.760> make<00:34:56.879> sure<00:34:57.040> their<00:34:57.200> funds 00:34:57.430 --> 00:34:57.440 align:start position:0% whole stack and make sure their funds 00:34:57.440 --> 00:35:00.349 align:start position:0% whole stack and make sure their funds aren't<00:34:57.800> mixed<00:34:58.680> I<00:34:58.839> guess<00:34:59.520> Lucas<00:35:00.000> I<00:35:00.079> feel<00:35:00.200> like 00:35:00.349 --> 00:35:00.359 align:start position:0% aren't mixed I guess Lucas I feel like 00:35:00.359 --> 00:35:01.990 align:start position:0% aren't mixed I guess Lucas I feel like at<00:35:00.480> spark<00:35:00.960> you<00:35:01.119> guys<00:35:01.240> have<00:35:01.359> taken<00:35:01.560> a<00:35:01.680> slightly 00:35:01.990 --> 00:35:02.000 align:start position:0% at spark you guys have taken a slightly 00:35:02.000 --> 00:35:04.230 align:start position:0% at spark you guys have taken a slightly different<00:35:02.280> approach<00:35:03.280> where<00:35:03.760> you<00:35:03.920> know 00:35:04.230 --> 00:35:04.240 align:start position:0% different approach where you know 00:35:04.240 --> 00:35:06.910 align:start position:0% different approach where you know instead<00:35:04.560> of<00:35:05.079> a<00:35:05.280> huge<00:35:05.680> institution<00:35:06.440> backing 00:35:06.910 --> 00:35:06.920 align:start position:0% instead of a huge institution backing 00:35:06.920 --> 00:35:09.310 align:start position:0% instead of a huge institution backing you<00:35:07.920> um<00:35:08.160> you're<00:35:08.400> working<00:35:08.680> very<00:35:08.839> closely<00:35:09.160> with 00:35:09.310 --> 00:35:09.320 align:start position:0% you um you're working very closely with 00:35:09.320 --> 00:35:12.390 align:start position:0% you um you're working very closely with maker<00:35:10.320> I<00:35:10.480> guess<00:35:11.240> um<00:35:11.680> what<00:35:11.760> are<00:35:12.000> what<00:35:12.079> are<00:35:12.200> some 00:35:12.390 --> 00:35:12.400 align:start position:0% maker I guess um what are what are some 00:35:12.400 --> 00:35:14.190 align:start position:0% maker I guess um what are what are some differences<00:35:12.920> in<00:35:13.560> you<00:35:13.680> know<00:35:13.839> working<00:35:14.079> with 00:35:14.190 --> 00:35:14.200 align:start position:0% differences in you know working with 00:35:14.200 --> 00:35:16.510 align:start position:0% differences in you know working with large<00:35:14.520> protocols<00:35:15.200> instead<00:35:15.520> of<00:35:16.079> uh 00:35:16.510 --> 00:35:16.520 align:start position:0% large protocols instead of uh 00:35:16.520 --> 00:35:18.349 align:start position:0% large protocols instead of uh institutions<00:35:17.240> and<00:35:17.839> how's<00:35:18.079> that<00:35:18.160> going<00:35:18.280> to 00:35:18.349 --> 00:35:18.359 align:start position:0% institutions and how's that going to 00:35:18.359 --> 00:35:20.310 align:start position:0% institutions and how's that going to change<00:35:18.560> the<00:35:18.680> onboarding 00:35:20.310 --> 00:35:20.320 align:start position:0% change the onboarding 00:35:20.320 --> 00:35:23.310 align:start position:0% change the onboarding process<00:35:21.320> yeah<00:35:21.560> so<00:35:21.920> it's<00:35:22.280> a<00:35:22.640> pretty 00:35:23.310 --> 00:35:23.320 align:start position:0% process yeah so it's a pretty 00:35:23.320 --> 00:35:26.589 align:start position:0% process yeah so it's a pretty interesting<00:35:23.880> situation<00:35:24.680> to<00:35:24.920> be<00:35:25.680> partnered 00:35:26.589 --> 00:35:26.599 align:start position:0% interesting situation to be partnered 00:35:26.599 --> 00:35:32.190 align:start position:0% interesting situation to be partnered with<00:35:27.240> uh<00:35:27.440> with<00:35:27.760> Sky<00:35:28.520> maker<00:35:29.520> um<00:35:30.800> because<00:35:31.800> uh 00:35:32.190 --> 00:35:32.200 align:start position:0% with uh with Sky maker um because uh 00:35:32.200 --> 00:35:34.910 align:start position:0% with uh with Sky maker um because uh with<00:35:32.400> that<00:35:32.599> we<00:35:32.800> have<00:35:33.240> a<00:35:33.480> really<00:35:34.200> large 00:35:34.910 --> 00:35:34.920 align:start position:0% with that we have a really large 00:35:34.920 --> 00:35:36.630 align:start position:0% with that we have a really large liquidity<00:35:35.400> provider<00:35:35.920> that's<00:35:36.200> completely 00:35:36.630 --> 00:35:36.640 align:start position:0% liquidity provider that's completely 00:35:36.640 --> 00:35:40.390 align:start position:0% liquidity provider that's completely defi<00:35:37.320> native<00:35:38.320> um<00:35:39.280> and<00:35:39.480> so<00:35:39.800> with<00:35:40.000> that<00:35:40.160> it's<00:35:40.280> a 00:35:40.390 --> 00:35:40.400 align:start position:0% defi native um and so with that it's a 00:35:40.400 --> 00:35:42.550 align:start position:0% defi native um and so with that it's a pretty<00:35:40.599> unique<00:35:40.920> opportunity<00:35:41.680> to<00:35:42.040> be<00:35:42.200> able<00:35:42.359> to 00:35:42.550 --> 00:35:42.560 align:start position:0% pretty unique opportunity to be able to 00:35:42.560 --> 00:35:44.190 align:start position:0% pretty unique opportunity to be able to evaluate<00:35:43.000> all<00:35:43.200> these<00:35:43.359> different<00:35:43.680> defi 00:35:44.190 --> 00:35:44.200 align:start position:0% evaluate all these different defi 00:35:44.200 --> 00:35:46.910 align:start position:0% evaluate all these different defi protocols<00:35:45.200> basically<00:35:45.680> just<00:35:45.920> purely<00:35:46.359> on<00:35:46.720> their 00:35:46.910 --> 00:35:46.920 align:start position:0% protocols basically just purely on their 00:35:46.920 --> 00:35:49.829 align:start position:0% protocols basically just purely on their Merit<00:35:47.520> and<00:35:47.720> their<00:35:47.920> economical<00:35:48.839> opportunities 00:35:49.829 --> 00:35:49.839 align:start position:0% Merit and their economical opportunities 00:35:49.839 --> 00:35:53.750 align:start position:0% Merit and their economical opportunities uh<00:35:49.960> we're<00:35:50.160> not<00:35:50.319> as<00:35:50.480> held<00:35:50.760> up<00:35:51.000> by<00:35:51.920> um<00:35:52.880> you<00:35:53.040> know 00:35:53.750 --> 00:35:53.760 align:start position:0% uh we're not as held up by um you know 00:35:53.760 --> 00:35:55.870 align:start position:0% uh we're not as held up by um you know uh<00:35:53.960> regulatory<00:35:54.520> red<00:35:54.800> tape<00:35:55.200> at<00:35:55.359> this<00:35:55.520> point<00:35:55.760> in 00:35:55.870 --> 00:35:55.880 align:start position:0% uh regulatory red tape at this point in 00:35:55.880 --> 00:35:58.069 align:start position:0% uh regulatory red tape at this point in terms<00:35:56.079> of<00:35:56.280> allocating<00:35:56.760> funds<00:35:57.200> into<00:35:57.720> def5 00:35:58.069 --> 00:35:58.079 align:start position:0% terms of allocating funds into def5 00:35:58.079 --> 00:36:02.030 align:start position:0% terms of allocating funds into def5 protocols<00:35:59.240> specifically<00:36:00.240> um<00:36:00.920> so<00:36:01.319> it<00:36:01.560> it<00:36:01.680> is<00:36:01.800> a 00:36:02.030 --> 00:36:02.040 align:start position:0% protocols specifically um so it it is a 00:36:02.040 --> 00:36:04.790 align:start position:0% protocols specifically um so it it is a cool<00:36:02.880> um<00:36:03.280> opportunity 00:36:04.790 --> 00:36:04.800 align:start position:0% cool um opportunity 00:36:04.800 --> 00:36:08.230 align:start position:0% cool um opportunity are<00:36:05.800> experiencing<00:36:06.760> you<00:36:06.920> know<00:36:07.319> similar<00:36:07.800> things 00:36:08.230 --> 00:36:08.240 align:start position:0% are experiencing you know similar things 00:36:08.240 --> 00:36:12.470 align:start position:0% are experiencing you know similar things with<00:36:08.839> uh<00:36:09.200> allocating<00:36:09.800> funds<00:36:10.599> into<00:36:11.599> like<00:36:11.920> into 00:36:12.470 --> 00:36:12.480 align:start position:0% with uh allocating funds into like into 00:36:12.480 --> 00:36:15.190 align:start position:0% with uh allocating funds into like into institutions<00:36:13.480> um<00:36:14.040> like<00:36:14.560> more<00:36:14.720> of<00:36:14.839> our<00:36:15.000> real 00:36:15.190 --> 00:36:15.200 align:start position:0% institutions um like more of our real 00:36:15.200 --> 00:36:17.030 align:start position:0% institutions um like more of our real world<00:36:15.560> assets<00:36:16.079> side<00:36:16.280> of<00:36:16.440> things<00:36:16.720> but<00:36:16.880> that's 00:36:17.030 --> 00:36:17.040 align:start position:0% world assets side of things but that's 00:36:17.040 --> 00:36:18.790 align:start position:0% world assets side of things but that's sort<00:36:17.200> of<00:36:17.400> the<00:36:17.800> the<00:36:17.960> other<00:36:18.200> side<00:36:18.359> of<00:36:18.440> it<00:36:18.599> it's 00:36:18.790 --> 00:36:18.800 align:start position:0% sort of the the other side of it it's 00:36:18.800 --> 00:36:20.309 align:start position:0% sort of the the other side of it it's it's<00:36:18.960> taking<00:36:19.200> funds<00:36:19.520> offchain<00:36:20.000> rather<00:36:20.200> than 00:36:20.309 --> 00:36:20.319 align:start position:0% it's taking funds offchain rather than 00:36:20.319 --> 00:36:24.030 align:start position:0% it's taking funds offchain rather than bringing<00:36:20.599> them<00:36:21.200> um<00:36:21.800> onchain<00:36:22.800> um<00:36:23.400> but<00:36:23.520> it<00:36:23.680> is<00:36:23.920> it 00:36:24.030 --> 00:36:24.040 align:start position:0% bringing them um onchain um but it is it 00:36:24.040 --> 00:36:25.790 align:start position:0% bringing them um onchain um but it is it is<00:36:24.160> a<00:36:24.319> different<00:36:24.720> sort<00:36:24.960> of<00:36:25.079> Paradigm<00:36:25.520> to<00:36:25.640> be 00:36:25.790 --> 00:36:25.800 align:start position:0% is a different sort of Paradigm to be 00:36:25.800 --> 00:36:27.870 align:start position:0% is a different sort of Paradigm to be working<00:36:26.119> with<00:36:26.240> a<00:36:26.480> with<00:36:26.599> a<00:36:26.720> defi<00:36:27.119> native<00:36:27.720> uh 00:36:27.870 --> 00:36:27.880 align:start position:0% working with a with a defi native uh 00:36:27.880 --> 00:36:29.270 align:start position:0% working with a with a defi native uh large 00:36:29.270 --> 00:36:29.280 align:start position:0% large 00:36:29.280 --> 00:36:33.750 align:start position:0% large LP<00:36:30.280> yeah<00:36:30.599> that<00:36:30.720> makes<00:36:31.319> sense<00:36:32.319> um<00:36:32.800> I<00:36:32.960> guess<00:36:33.680> I 00:36:33.750 --> 00:36:33.760 align:start position:0% LP yeah that makes sense um I guess I 00:36:33.760 --> 00:36:36.470 align:start position:0% LP yeah that makes sense um I guess I think<00:36:33.880> we<00:36:34.000> can<00:36:34.280> transition<00:36:34.800> a<00:36:34.960> bit<00:36:35.760> so<00:36:36.359> um 00:36:36.470 --> 00:36:36.480 align:start position:0% think we can transition a bit so um 00:36:36.480 --> 00:36:37.630 align:start position:0% think we can transition a bit so um we're<00:36:36.599> going<00:36:36.680> to<00:36:36.760> be<00:36:36.839> taking<00:36:37.040> some<00:36:37.200> audience 00:36:37.630 --> 00:36:37.640 align:start position:0% we're going to be taking some audience 00:36:37.640 --> 00:36:40.270 align:start position:0% we're going to be taking some audience Q&A<00:36:38.240> but<00:36:38.400> just<00:36:38.760> before<00:36:38.960> we<00:36:39.119> get<00:36:39.280> started<00:36:40.160> kind 00:36:40.270 --> 00:36:40.280 align:start position:0% Q&A but just before we get started kind 00:36:40.280 --> 00:36:42.030 align:start position:0% Q&A but just before we get started kind of<00:36:40.359> wanted<00:36:40.560> to<00:36:40.960> uh<00:36:41.200> summarize<00:36:41.720> some<00:36:41.839> of<00:36:41.960> the 00:36:42.030 --> 00:36:42.040 align:start position:0% of wanted to uh summarize some of the 00:36:42.040 --> 00:36:43.470 align:start position:0% of wanted to uh summarize some of the panel<00:36:42.359> discussion<00:36:42.720> and<00:36:42.880> see<00:36:43.000> if<00:36:43.119> anyone<00:36:43.319> had 00:36:43.470 --> 00:36:43.480 align:start position:0% panel discussion and see if anyone had 00:36:43.480 --> 00:36:46.950 align:start position:0% panel discussion and see if anyone had any<00:36:43.680> hot<00:36:44.040> takes<00:36:45.040> so<00:36:45.839> um<00:36:46.160> Violet<00:36:46.560> I<00:36:46.640> think<00:36:46.760> you 00:36:46.950 --> 00:36:46.960 align:start position:0% any hot takes so um Violet I think you 00:36:46.960 --> 00:36:48.270 align:start position:0% any hot takes so um Violet I think you had<00:36:47.119> one<00:36:47.520> if<00:36:47.599> you<00:36:47.680> want<00:36:47.800> to<00:36:47.920> go<00:36:48.040> ahead<00:36:48.200> and 00:36:48.270 --> 00:36:48.280 align:start position:0% had one if you want to go ahead and 00:36:48.280 --> 00:36:49.069 align:start position:0% had one if you want to go ahead and share 00:36:49.069 --> 00:36:49.079 align:start position:0% share 00:36:49.079 --> 00:36:53.270 align:start position:0% share it<00:36:50.079> uh<00:36:50.800> yeah<00:36:51.000> I<00:36:51.119> would<00:36:51.319> say<00:36:51.839> my<00:36:52.040> hot<00:36:52.319> take<00:36:52.920> is 00:36:53.270 --> 00:36:53.280 align:start position:0% it uh yeah I would say my hot take is 00:36:53.280 --> 00:36:58.030 align:start position:0% it uh yeah I would say my hot take is that<00:36:54.400> defi<00:36:55.400> is<00:36:55.720> going<00:36:56.079> to<00:36:57.000> not<00:36:57.240> be<00:36:57.640> become 00:36:58.030 --> 00:36:58.040 align:start position:0% that defi is going to not be become 00:36:58.040 --> 00:37:01.190 align:start position:0% that defi is going to not be become Finance<00:36:58.400> isn't<00:36:58.640> going<00:36:58.760> to<00:36:58.920> become<00:36:59.720> defi<00:37:00.720> defi 00:37:01.190 --> 00:37:01.200 align:start position:0% Finance isn't going to become defi defi 00:37:01.200 --> 00:37:02.790 align:start position:0% Finance isn't going to become defi defi is<00:37:01.400> going<00:37:01.560> to<00:37:01.760> become 00:37:02.790 --> 00:37:02.800 align:start position:0% is going to become 00:37:02.800 --> 00:37:05.870 align:start position:0% is going to become finance<00:37:03.800> and<00:37:04.240> I<00:37:04.400> think<00:37:04.920> in<00:37:05.160> that<00:37:05.359> way<00:37:05.640> you<00:37:05.720> will 00:37:05.870 --> 00:37:05.880 align:start position:0% finance and I think in that way you will 00:37:05.880 --> 00:37:09.190 align:start position:0% finance and I think in that way you will see<00:37:06.200> like<00:37:06.400> many<00:37:07.040> more<00:37:08.040> like<00:37:08.400> products<00:37:08.920> that 00:37:09.190 --> 00:37:09.200 align:start position:0% see like many more like products that 00:37:09.200 --> 00:37:13.069 align:start position:0% see like many more like products that kind<00:37:09.319> of<00:37:09.560> do<00:37:09.720> not<00:37:09.960> align<00:37:10.480> with<00:37:11.000> the<00:37:11.319> most<00:37:12.200> um 00:37:13.069 --> 00:37:13.079 align:start position:0% kind of do not align with the most um 00:37:13.079 --> 00:37:15.790 align:start position:0% kind of do not align with the most um cyber<00:37:13.599> Punk<00:37:13.920> definitions<00:37:14.720> of<00:37:15.000> like<00:37:15.280> what<00:37:15.640> a 00:37:15.790 --> 00:37:15.800 align:start position:0% cyber Punk definitions of like what a 00:37:15.800 --> 00:37:18.309 align:start position:0% cyber Punk definitions of like what a lending<00:37:16.319> protocol<00:37:16.839> should<00:37:17.200> be<00:37:18.040> you'll 00:37:18.309 --> 00:37:18.319 align:start position:0% lending protocol should be you'll 00:37:18.319 --> 00:37:20.990 align:start position:0% lending protocol should be you'll probably<00:37:18.599> see<00:37:19.480> more<00:37:20.160> just<00:37:20.359> like<00:37:20.560> legal 00:37:20.990 --> 00:37:21.000 align:start position:0% probably see more just like legal 00:37:21.000 --> 00:37:22.589 align:start position:0% probably see more just like legal agreements<00:37:21.560> that<00:37:21.680> are<00:37:21.960> executed 00:37:22.589 --> 00:37:22.599 align:start position:0% agreements that are executed 00:37:22.599 --> 00:37:26.190 align:start position:0% agreements that are executed automatically<00:37:23.160> on<00:37:23.400> chain<00:37:24.280> you'll<00:37:24.480> see<00:37:25.400> more 00:37:26.190 --> 00:37:26.200 align:start position:0% automatically on chain you'll see more 00:37:26.200 --> 00:37:30.109 align:start position:0% automatically on chain you'll see more trusted<00:37:26.800> parties<00:37:27.960> like<00:37:28.480> and<00:37:28.800> this<00:37:29.800> will 00:37:30.109 --> 00:37:30.119 align:start position:0% trusted parties like and this will 00:37:30.119 --> 00:37:32.750 align:start position:0% trusted parties like and this will probably<00:37:30.560> be<00:37:30.760> the<00:37:30.920> way<00:37:31.119> that<00:37:31.319> defi<00:37:31.839> will<00:37:32.119> scale 00:37:32.750 --> 00:37:32.760 align:start position:0% probably be the way that defi will scale 00:37:32.760 --> 00:37:34.790 align:start position:0% probably be the way that defi will scale that<00:37:32.880> it<00:37:32.960> will<00:37:33.119> be<00:37:33.359> accessed<00:37:33.720> by<00:37:33.839> millions<00:37:34.160> of 00:37:34.790 --> 00:37:34.800 align:start position:0% that it will be accessed by millions of 00:37:34.800 --> 00:37:36.349 align:start position:0% that it will be accessed by millions of people 00:37:36.349 --> 00:37:36.359 align:start position:0% people 00:37:36.359 --> 00:37:39.150 align:start position:0% people and<00:37:37.359> uh<00:37:37.599> the<00:37:37.720> sort<00:37:37.880> of<00:37:38.000> defi<00:37:38.440> protocols<00:37:39.000> that 00:37:39.150 --> 00:37:39.160 align:start position:0% and uh the sort of defi protocols that 00:37:39.160 --> 00:37:41.550 align:start position:0% and uh the sort of defi protocols that we<00:37:39.319> love<00:37:39.680> that<00:37:39.800> we're<00:37:40.119> passionate<00:37:40.599> about<00:37:41.319> will 00:37:41.550 --> 00:37:41.560 align:start position:0% we love that we're passionate about will 00:37:41.560 --> 00:37:43.990 align:start position:0% we love that we're passionate about will grow<00:37:41.880> much<00:37:42.040> more<00:37:42.359> slowly 00:37:43.990 --> 00:37:44.000 align:start position:0% grow much more slowly 00:37:44.000 --> 00:37:46.430 align:start position:0% grow much more slowly because<00:37:45.000> it<00:37:45.119> will<00:37:45.319> be<00:37:45.480> much<00:37:45.720> easier<00:37:46.119> for 00:37:46.430 --> 00:37:46.440 align:start position:0% because it will be much easier for 00:37:46.440 --> 00:37:49.430 align:start position:0% because it will be much easier for normal<00:37:46.800> people<00:37:47.160> to<00:37:48.040> access<00:37:48.720> institutional 00:37:49.430 --> 00:37:49.440 align:start position:0% normal people to access institutional 00:37:49.440 --> 00:37:53.349 align:start position:0% normal people to access institutional grade<00:37:50.160> defi<00:37:51.160> than<00:37:52.079> to<00:37:52.319> be<00:37:52.520> sort<00:37:52.680> of<00:37:52.839> defi 00:37:53.349 --> 00:37:53.359 align:start position:0% grade defi than to be sort of defi 00:37:53.359 --> 00:37:58.069 align:start position:0% grade defi than to be sort of defi pilled<00:37:53.800> on<00:37:54.760> the<00:37:55.040> like<00:37:55.280> most<00:37:55.960> cyberpunk<00:37:56.960> ride 00:37:58.069 --> 00:37:58.079 align:start position:0% pilled on the like most cyberpunk ride 00:37:58.079 --> 00:38:00.230 align:start position:0% pilled on the like most cyberpunk ride like<00:37:58.280> automated<00:37:58.920> controllers<00:37:59.680> automated 00:38:00.230 --> 00:38:00.240 align:start position:0% like automated controllers automated 00:38:00.240 --> 00:38:04.309 align:start position:0% like automated controllers automated Market<00:38:00.680> make<00:38:01.200> makers<00:38:02.160> or<00:38:03.160> with<00:38:03.440> like 00:38:04.309 --> 00:38:04.319 align:start position:0% Market make makers or with like 00:38:04.319 --> 00:38:07.750 align:start position:0% Market make makers or with like completely<00:38:05.319> decentralized<00:38:06.440> systems<00:38:07.440> then<00:38:07.599> it 00:38:07.750 --> 00:38:07.760 align:start position:0% completely decentralized systems then it 00:38:07.760 --> 00:38:11.990 align:start position:0% completely decentralized systems then it will<00:38:07.960> be<00:38:08.359> for<00:38:08.800> like<00:38:09.200> someone<00:38:09.640> to<00:38:10.640> be<00:38:11.000> using 00:38:11.990 --> 00:38:12.000 align:start position:0% will be for like someone to be using 00:38:12.000 --> 00:38:15.030 align:start position:0% will be for like someone to be using like<00:38:12.480> maker<00:38:12.960> to<00:38:13.160> get<00:38:13.280> a<00:38:13.480> car<00:38:13.720> loan<00:38:14.480> like<00:38:14.920> we 00:38:15.030 --> 00:38:15.040 align:start position:0% like maker to get a car loan like we 00:38:15.040 --> 00:38:15.829 align:start position:0% like maker to get a car loan like we will 00:38:15.829 --> 00:38:15.839 align:start position:0% will 00:38:15.839 --> 00:38:20.910 align:start position:0% will see<00:38:16.839> like<00:38:17.040> defi<00:38:17.680> become<00:38:18.599> Finance<00:38:19.599> not<00:38:19.920> because 00:38:20.910 --> 00:38:20.920 align:start position:0% see like defi become Finance not because 00:38:20.920 --> 00:38:23.589 align:start position:0% see like defi become Finance not because finance<00:38:21.560> will<00:38:21.720> become<00:38:22.160> decentralized<00:38:23.160> but<00:38:23.400> be 00:38:23.589 --> 00:38:23.599 align:start position:0% finance will become decentralized but be 00:38:23.599 --> 00:38:25.390 align:start position:0% finance will become decentralized but be instead<00:38:24.040> because<00:38:24.240> these<00:38:24.400> tools<00:38:24.680> will<00:38:24.839> be<00:38:25.000> used 00:38:25.390 --> 00:38:25.400 align:start position:0% instead because these tools will be used 00:38:25.400 --> 00:38:28.470 align:start position:0% instead because these tools will be used in<00:38:25.560> new<00:38:25.839> ways<00:38:26.599> that<00:38:27.079> many<00:38:27.640> us<00:38:27.839> will<00:38:28.000> not<00:38:28.200> like 00:38:28.470 --> 00:38:28.480 align:start position:0% in new ways that many us will not like 00:38:28.480 --> 00:38:29.349 align:start position:0% in new ways that many us will not like very 00:38:29.349 --> 00:38:29.359 align:start position:0% very 00:38:29.359 --> 00:38:31.550 align:start position:0% very much<00:38:30.359> yeah<00:38:30.520> I<00:38:30.680> actually<00:38:30.839> want<00:38:30.960> to<00:38:31.119> follow<00:38:31.400> up 00:38:31.550 --> 00:38:31.560 align:start position:0% much yeah I actually want to follow up 00:38:31.560 --> 00:38:34.870 align:start position:0% much yeah I actually want to follow up on<00:38:31.680> that<00:38:31.880> cuz<00:38:32.119> like<00:38:33.119> I<00:38:33.440> I<00:38:33.640> agree<00:38:34.440> I<00:38:34.520> think<00:38:34.720> there 00:38:34.870 --> 00:38:34.880 align:start position:0% on that cuz like I I agree I think there 00:38:34.880 --> 00:38:37.990 align:start position:0% on that cuz like I I agree I think there will<00:38:35.319> definitely<00:38:35.960> be<00:38:36.319> a<00:38:36.520> faction<00:38:37.200> of<00:38:37.400> defi 00:38:37.990 --> 00:38:38.000 align:start position:0% will definitely be a faction of defi 00:38:38.000 --> 00:38:40.150 align:start position:0% will definitely be a faction of defi that<00:38:38.119> will<00:38:38.319> be<00:38:39.040> you<00:38:39.200> know<00:38:39.520> for<00:38:39.800> the<00:38:39.960> cyppher 00:38:40.150 --> 00:38:40.160 align:start position:0% that will be you know for the cyppher 00:38:40.160 --> 00:38:42.390 align:start position:0% that will be you know for the cyppher punks<00:38:40.720> and<00:38:40.839> it<00:38:40.960> will<00:38:41.119> be<00:38:41.319> available<00:38:42.000> but<00:38:42.240> I 00:38:42.390 --> 00:38:42.400 align:start position:0% punks and it will be available but I 00:38:42.400 --> 00:38:45.990 align:start position:0% punks and it will be available but I think<00:38:43.000> I<00:38:43.079> think<00:38:43.200> it<00:38:43.319> is<00:38:43.960> exciting<00:38:44.839> that<00:38:45.040> we<00:38:45.240> are 00:38:45.990 --> 00:38:46.000 align:start position:0% think I think it is exciting that we are 00:38:46.000 --> 00:38:47.870 align:start position:0% think I think it is exciting that we are actually<00:38:46.800> moving<00:38:47.160> in<00:38:47.280> a<00:38:47.440> direction<00:38:47.760> where 00:38:47.870 --> 00:38:47.880 align:start position:0% actually moving in a direction where 00:38:47.880 --> 00:38:51.349 align:start position:0% actually moving in a direction where we're<00:38:48.040> bringing<00:38:49.000> Real<00:38:49.359> World<00:38:49.880> Finance<00:38:50.880> um<00:38:51.079> on 00:38:51.349 --> 00:38:51.359 align:start position:0% we're bringing Real World Finance um on 00:38:51.359 --> 00:38:53.510 align:start position:0% we're bringing Real World Finance um on chain<00:38:51.880> and<00:38:52.000> using<00:38:52.280> ethereum<00:38:53.000> I<00:38:53.079> think<00:38:53.280> that's 00:38:53.510 --> 00:38:53.520 align:start position:0% chain and using ethereum I think that's 00:38:53.520 --> 00:38:55.630 align:start position:0% chain and using ethereum I think that's like<00:38:54.319> kind<00:38:54.440> of<00:38:54.560> the<00:38:54.680> dream<00:38:54.920> that<00:38:55.040> a<00:38:55.160> lot<00:38:55.280> of<00:38:55.400> us 00:38:55.630 --> 00:38:55.640 align:start position:0% like kind of the dream that a lot of us 00:38:55.640 --> 00:38:57.550 align:start position:0% like kind of the dream that a lot of us have<00:38:55.880> is<00:38:56.040> to<00:38:56.400> is<00:38:56.560> to<00:38:56.680> move<00:38:56.880> the<00:38:57.000> economy<00:38:57.280> out 00:38:57.550 --> 00:38:57.560 align:start position:0% have is to is to move the economy out 00:38:57.560 --> 00:38:58.710 align:start position:0% have is to is to move the economy out chain<00:38:57.760> and<00:38:57.920> like<00:38:58.040> one<00:38:58.160> of<00:38:58.240> the<00:38:58.319> things<00:38:58.520> that 00:38:58.710 --> 00:38:58.720 align:start position:0% chain and like one of the things that 00:38:58.720 --> 00:39:02.550 align:start position:0% chain and like one of the things that really<00:38:58.960> excites<00:38:59.480> me<00:39:00.400> personally<00:39:01.400> about<00:39:02.359> uh 00:39:02.550 --> 00:39:02.560 align:start position:0% really excites me personally about uh 00:39:02.560 --> 00:39:06.589 align:start position:0% really excites me personally about uh spark<00:39:03.119> and<00:39:03.640> sky<00:39:04.640> is<00:39:05.040> the<00:39:05.280> idea<00:39:06.160> that<00:39:06.400> with 00:39:06.589 --> 00:39:06.599 align:start position:0% spark and sky is the idea that with 00:39:06.599 --> 00:39:08.270 align:start position:0% spark and sky is the idea that with these<00:39:06.800> new<00:39:07.040> instruments<00:39:07.720> and<00:39:07.880> with<00:39:08.079> this 00:39:08.270 --> 00:39:08.280 align:start position:0% these new instruments and with this 00:39:08.280 --> 00:39:10.270 align:start position:0% these new instruments and with this increased<00:39:08.880> institutional 00:39:10.270 --> 00:39:10.280 align:start position:0% increased institutional 00:39:10.280 --> 00:39:14.589 align:start position:0% increased institutional adoption<00:39:11.280> um<00:39:12.000> we're<00:39:12.319> able<00:39:12.760> to<00:39:13.599> bring<00:39:14.079> back 00:39:14.589 --> 00:39:14.599 align:start position:0% adoption um we're able to bring back 00:39:14.599 --> 00:39:18.430 align:start position:0% adoption um we're able to bring back these<00:39:14.839> yield<00:39:15.359> opportunities<00:39:16.359> to<00:39:17.240> um<00:39:18.040> the<00:39:18.160> end 00:39:18.430 --> 00:39:18.440 align:start position:0% these yield opportunities to um the end 00:39:18.440 --> 00:39:20.990 align:start position:0% these yield opportunities to um the end user<00:39:18.920> really<00:39:19.160> easily<00:39:19.599> through<00:39:19.960> savings<00:39:20.440> usds 00:39:20.990 --> 00:39:21.000 align:start position:0% user really easily through savings usds 00:39:21.000 --> 00:39:23.510 align:start position:0% user really easily through savings usds through<00:39:21.200> this<00:39:21.520> the<00:39:21.680> sky<00:39:21.960> savings<00:39:22.359> rate<00:39:23.240> uh<00:39:23.359> all 00:39:23.510 --> 00:39:23.520 align:start position:0% through this the sky savings rate uh all 00:39:23.520 --> 00:39:26.270 align:start position:0% through this the sky savings rate uh all the<00:39:23.720> revenue<00:39:24.480> that<00:39:24.640> sky<00:39:25.000> is<00:39:25.200> generating<00:39:26.000> by 00:39:26.270 --> 00:39:26.280 align:start position:0% the revenue that sky is generating by 00:39:26.280 --> 00:39:28.630 align:start position:0% the revenue that sky is generating by allocating<00:39:26.920> into<00:39:27.520> these<00:39:28.040> different<00:39:28.359> yield 00:39:28.630 --> 00:39:28.640 align:start position:0% allocating into these different yield 00:39:28.640 --> 00:39:30.470 align:start position:0% allocating into these different yield bearing<00:39:29.000> strategies<00:39:29.520> that<00:39:29.640> are<00:39:29.880> increasingly 00:39:30.470 --> 00:39:30.480 align:start position:0% bearing strategies that are increasingly 00:39:30.480 --> 00:39:32.270 align:start position:0% bearing strategies that are increasingly going<00:39:30.599> to<00:39:30.800> get<00:39:31.000> more<00:39:31.200> into<00:39:31.520> traditional 00:39:32.270 --> 00:39:32.280 align:start position:0% going to get more into traditional 00:39:32.280 --> 00:39:34.710 align:start position:0% going to get more into traditional Finance<00:39:33.280> uh<00:39:33.400> we<00:39:33.480> can<00:39:33.680> actually<00:39:34.040> bring<00:39:34.400> that 00:39:34.710 --> 00:39:34.720 align:start position:0% Finance uh we can actually bring that 00:39:34.720 --> 00:39:37.750 align:start position:0% Finance uh we can actually bring that back<00:39:35.400> to<00:39:35.560> the<00:39:35.680> end<00:39:36.040> user<00:39:37.040> uh<00:39:37.160> with<00:39:37.280> the<00:39:37.400> sky 00:39:37.750 --> 00:39:37.760 align:start position:0% back to the end user uh with the sky 00:39:37.760 --> 00:39:39.990 align:start position:0% back to the end user uh with the sky savings<00:39:38.119> rate<00:39:38.359> so<00:39:38.480> it's<00:39:38.800> basically<00:39:39.800> like<00:39:39.920> if 00:39:39.990 --> 00:39:40.000 align:start position:0% savings rate so it's basically like if 00:39:40.000 --> 00:39:41.750 align:start position:0% savings rate so it's basically like if you<00:39:40.119> go<00:39:40.240> to<00:39:40.359> a<00:39:40.480> traditional<00:39:40.960> financial<00:39:41.400> bank 00:39:41.750 --> 00:39:41.760 align:start position:0% you go to a traditional financial bank 00:39:41.760 --> 00:39:43.230 align:start position:0% you go to a traditional financial bank and<00:39:41.920> you<00:39:42.160> deposit<00:39:42.560> into<00:39:42.760> their<00:39:42.880> savings 00:39:43.230 --> 00:39:43.240 align:start position:0% and you deposit into their savings 00:39:43.240 --> 00:39:46.829 align:start position:0% and you deposit into their savings account<00:39:43.560> you're<00:39:43.680> going<00:39:43.760> to<00:39:43.960> get<00:39:44.440> a<00:39:44.800> pretty<00:39:45.800> low 00:39:46.829 --> 00:39:46.839 align:start position:0% account you're going to get a pretty low 00:39:46.839 --> 00:39:50.470 align:start position:0% account you're going to get a pretty low yield<00:39:47.839> uh<00:39:48.040> that<00:39:48.200> is<00:39:48.640> you<00:39:48.760> know<00:39:49.680> not<00:39:49.920> even<00:39:50.200> close 00:39:50.470 --> 00:39:50.480 align:start position:0% yield uh that is you know not even close 00:39:50.480 --> 00:39:52.950 align:start position:0% yield uh that is you know not even close to<00:39:50.760> anything<00:39:51.400> that<00:39:51.560> you<00:39:51.680> would<00:39:51.839> see<00:39:52.280> in<00:39:52.400> defi 00:39:52.950 --> 00:39:52.960 align:start position:0% to anything that you would see in defi 00:39:52.960 --> 00:39:55.150 align:start position:0% to anything that you would see in defi but<00:39:53.240> what's<00:39:53.560> really<00:39:53.800> nice<00:39:54.000> about<00:39:54.160> maker<00:39:54.680> is 00:39:55.150 --> 00:39:55.160 align:start position:0% but what's really nice about maker is 00:39:55.160 --> 00:39:57.349 align:start position:0% but what's really nice about maker is you<00:39:55.280> can<00:39:55.440> just<00:39:55.640> deposit<00:39:56.040> your<00:39:56.240> usds<00:39:56.839> into<00:39:57.000> the 00:39:57.349 --> 00:39:57.359 align:start position:0% you can just deposit your usds into the 00:39:57.359 --> 00:39:59.550 align:start position:0% you can just deposit your usds into the savings<00:39:57.720> rate<00:39:58.359> and<00:39:58.640> right<00:39:58.839> now<00:39:59.119> it's<00:39:59.359> it's 00:39:59.550 --> 00:39:59.560 align:start position:0% savings rate and right now it's it's 00:39:59.560 --> 00:40:02.309 align:start position:0% savings rate and right now it's it's going<00:39:59.800> up<00:39:59.960> from<00:40:00.160> 6.5<00:40:00.760> to<00:40:01.000> 88.5%<00:40:02.000> and<00:40:02.079> you<00:40:02.200> can 00:40:02.309 --> 00:40:02.319 align:start position:0% going up from 6.5 to 88.5% and you can 00:40:02.319 --> 00:40:04.349 align:start position:0% going up from 6.5 to 88.5% and you can just<00:40:02.480> park<00:40:02.680> your<00:40:02.800> funds<00:40:03.200> there<00:40:03.880> and<00:40:04.040> let<00:40:04.200> them 00:40:04.349 --> 00:40:04.359 align:start position:0% just park your funds there and let them 00:40:04.359 --> 00:40:06.710 align:start position:0% just park your funds there and let them sit<00:40:04.680> and<00:40:04.839> that's<00:40:05.480> available<00:40:05.880> to<00:40:06.119> anyone<00:40:06.480> that 00:40:06.710 --> 00:40:06.720 align:start position:0% sit and that's available to anyone that 00:40:06.720 --> 00:40:08.670 align:start position:0% sit and that's available to anyone that has<00:40:07.079> an<00:40:07.240> internet<00:40:07.760> connection<00:40:08.359> and<00:40:08.480> is 00:40:08.670 --> 00:40:08.680 align:start position:0% has an internet connection and is 00:40:08.680 --> 00:40:10.190 align:start position:0% has an internet connection and is completely 00:40:10.190 --> 00:40:10.200 align:start position:0% completely 00:40:10.200 --> 00:40:12.510 align:start position:0% completely permissionless<00:40:11.200> all<00:40:11.359> right<00:40:11.720> uh<00:40:11.920> come<00:40:12.200> coming 00:40:12.510 --> 00:40:12.520 align:start position:0% permissionless all right uh come coming 00:40:12.520 --> 00:40:15.349 align:start position:0% permissionless all right uh come coming back<00:40:12.680> to<00:40:12.880> fix<00:40:13.200> rate<00:40:13.920> um<00:40:14.280> I<00:40:14.359> think<00:40:14.560> one<00:40:14.800> hot<00:40:15.079> take 00:40:15.349 --> 00:40:15.359 align:start position:0% back to fix rate um I think one hot take 00:40:15.359 --> 00:40:17.670 align:start position:0% back to fix rate um I think one hot take is<00:40:15.640> like<00:40:16.160> right<00:40:16.319> now<00:40:16.560> lending<00:40:17.240> uh<00:40:17.319> lending 00:40:17.670 --> 00:40:17.680 align:start position:0% is like right now lending uh lending 00:40:17.680 --> 00:40:19.550 align:start position:0% is like right now lending uh lending Primitives<00:40:18.160> are<00:40:18.520> based<00:40:18.800> on<00:40:18.960> like<00:40:19.119> variable 00:40:19.550 --> 00:40:19.560 align:start position:0% Primitives are based on like variable 00:40:19.560 --> 00:40:21.750 align:start position:0% Primitives are based on like variable rates<00:40:20.079> I<00:40:20.160> think<00:40:20.359> long<00:40:20.599> term<00:40:20.920> it<00:40:21.000> will<00:40:21.160> be<00:40:21.440> the 00:40:21.750 --> 00:40:21.760 align:start position:0% rates I think long term it will be the 00:40:21.760 --> 00:40:24.589 align:start position:0% rates I think long term it will be the the<00:40:22.240> opposite<00:40:23.240> uh<00:40:23.520> like<00:40:23.800> every<00:40:24.119> primitive 00:40:24.589 --> 00:40:24.599 align:start position:0% the opposite uh like every primitive 00:40:24.599 --> 00:40:29.150 align:start position:0% the opposite uh like every primitive will<00:40:24.960> use<00:40:25.880> like<00:40:26.880> um<00:40:27.560> like<00:40:27.720> fixed<00:40:28.079> rates<00:40:28.839> and 00:40:29.150 --> 00:40:29.160 align:start position:0% will use like um like fixed rates and 00:40:29.160 --> 00:40:31.069 align:start position:0% will use like um like fixed rates and you'll<00:40:29.440> have<00:40:29.800> variable<00:40:30.280> rates<00:40:30.760> because 00:40:31.069 --> 00:40:31.079 align:start position:0% you'll have variable rates because 00:40:31.079 --> 00:40:32.910 align:start position:0% you'll have variable rates because you'll<00:40:31.319> be<00:40:31.960> like<00:40:32.160> there<00:40:32.280> will<00:40:32.440> be<00:40:32.640> like 00:40:32.910 --> 00:40:32.920 align:start position:0% you'll be like there will be like 00:40:32.920 --> 00:40:35.349 align:start position:0% you'll be like there will be like onchain<00:40:33.480> matching<00:40:34.000> of<00:40:34.280> like<00:40:34.880> you'll<00:40:35.119> have 00:40:35.349 --> 00:40:35.359 align:start position:0% onchain matching of like you'll have 00:40:35.359 --> 00:40:39.230 align:start position:0% onchain matching of like you'll have like<00:40:35.480> a<00:40:35.800> market<00:40:36.240> for<00:40:36.760> bonds<00:40:37.760> uh<00:40:38.040> and<00:40:38.440> and<00:40:38.760> like 00:40:39.230 --> 00:40:39.240 align:start position:0% like a market for bonds uh and and like 00:40:39.240 --> 00:40:41.430 align:start position:0% like a market for bonds uh and and like as<00:40:39.359> a<00:40:39.520> user<00:40:40.040> you<00:40:40.160> want<00:40:40.359> a<00:40:40.520> passive<00:40:40.920> experience 00:40:41.430 --> 00:40:41.440 align:start position:0% as a user you want a passive experience 00:40:41.440 --> 00:40:43.349 align:start position:0% as a user you want a passive experience and<00:40:41.599> like<00:40:41.800> someone<00:40:42.200> will<00:40:42.520> like<00:40:42.720> manage<00:40:43.079> your 00:40:43.349 --> 00:40:43.359 align:start position:0% and like someone will like manage your 00:40:43.359 --> 00:40:45.910 align:start position:0% and like someone will like manage your fund<00:40:43.839> and<00:40:44.000> like<00:40:44.200> much<00:40:44.440> of<00:40:44.680> those<00:40:44.880> orders<00:40:45.760> and 00:40:45.910 --> 00:40:45.920 align:start position:0% fund and like much of those orders and 00:40:45.920 --> 00:40:48.550 align:start position:0% fund and like much of those orders and you'll<00:40:46.599> basically<00:40:47.000> have<00:40:47.280> like<00:40:47.920> um<00:40:48.200> Market 00:40:48.550 --> 00:40:48.560 align:start position:0% you'll basically have like um Market 00:40:48.560 --> 00:40:51.510 align:start position:0% you'll basically have like um Market making<00:40:49.079> on<00:40:49.560> chain<00:40:50.560> uh<00:40:50.760> that<00:40:50.839> will<00:40:51.079> abstract 00:40:51.510 --> 00:40:51.520 align:start position:0% making on chain uh that will abstract 00:40:51.520 --> 00:40:53.950 align:start position:0% making on chain uh that will abstract the<00:40:51.640> complexity<00:40:52.160> of<00:40:52.359> like<00:40:52.520> dealing<00:40:52.920> with<00:40:53.160> like 00:40:53.950 --> 00:40:53.960 align:start position:0% the complexity of like dealing with like 00:40:53.960 --> 00:40:56.430 align:start position:0% the complexity of like dealing with like various<00:40:54.319> bonds<00:40:54.760> of<00:40:55.119> with<00:40:55.359> different<00:40:55.680> rates<00:40:56.319> I 00:40:56.430 --> 00:40:56.440 align:start position:0% various bonds of with different rates I 00:40:56.440 --> 00:40:58.470 align:start position:0% various bonds of with different rates I think<00:40:56.720> this<00:40:56.839> is<00:40:57.000> where<00:40:57.319> we<00:40:57.400> are<00:40:57.520> going<00:40:58.079> and 00:40:58.470 --> 00:40:58.480 align:start position:0% think this is where we are going and 00:40:58.480 --> 00:41:02.790 align:start position:0% think this is where we are going and just<00:40:58.720> like<00:40:59.000> this<00:40:59.200> requires<00:40:59.760> the<00:41:00.240> the<00:41:01.560> um<00:41:02.560> uh 00:41:02.790 --> 00:41:02.800 align:start position:0% just like this requires the the um uh 00:41:02.800 --> 00:41:05.670 align:start position:0% just like this requires the the um uh the<00:41:03.000> the<00:41:03.200> ecosystem<00:41:03.760> to<00:41:03.920> mat<00:41:04.480> and<00:41:04.680> to<00:41:05.400> uh<00:41:05.520> to 00:41:05.670 --> 00:41:05.680 align:start position:0% the the ecosystem to mat and to uh to 00:41:05.680 --> 00:41:09.589 align:start position:0% the the ecosystem to mat and to uh to have<00:41:05.880> like<00:41:06.040> more<00:41:07.200> expert<00:41:08.200> um<00:41:09.040> uh<00:41:09.280> like<00:41:09.440> a 00:41:09.589 --> 00:41:09.599 align:start position:0% have like more expert um uh like a 00:41:09.599 --> 00:41:11.829 align:start position:0% have like more expert um uh like a financial<00:41:10.160> expert<00:41:10.560> to<00:41:10.839> to<00:41:11.000> enter<00:41:11.440> the<00:41:11.680> the 00:41:11.829 --> 00:41:11.839 align:start position:0% financial expert to to enter the the 00:41:11.839 --> 00:41:14.910 align:start position:0% financial expert to to enter the the space<00:41:12.440> and<00:41:12.599> this<00:41:12.760> will<00:41:13.040> occur<00:41:13.960> um<00:41:14.400> thanks<00:41:14.680> to 00:41:14.910 --> 00:41:14.920 align:start position:0% space and this will occur um thanks to 00:41:14.920 --> 00:41:18.150 align:start position:0% space and this will occur um thanks to like<00:41:15.400> spark<00:41:16.400> for<00:41:16.560> for<00:41:16.800> instance<00:41:17.640> uh<00:41:17.880> like 00:41:18.150 --> 00:41:18.160 align:start position:0% like spark for for instance uh like 00:41:18.160 --> 00:41:21.270 align:start position:0% like spark for for instance uh like bringing<00:41:18.560> more<00:41:18.960> institutions<00:41:19.920> on 00:41:21.270 --> 00:41:21.280 align:start position:0% bringing more institutions on 00:41:21.280 --> 00:41:24.630 align:start position:0% bringing more institutions on chain<00:41:22.280> yeah<00:41:22.560> that<00:41:22.640> makes<00:41:22.880> sense<00:41:23.520> um<00:41:24.319> I<00:41:24.400> think 00:41:24.630 --> 00:41:24.640 align:start position:0% chain yeah that makes sense um I think 00:41:24.640 --> 00:41:26.150 align:start position:0% chain yeah that makes sense um I think kind<00:41:24.720> of<00:41:24.839> piggybacking<00:41:25.359> on<00:41:25.599> that<00:41:25.839> one<00:41:25.960> of<00:41:26.079> the 00:41:26.150 --> 00:41:26.160 align:start position:0% kind of piggybacking on that one of the 00:41:26.160 --> 00:41:28.150 align:start position:0% kind of piggybacking on that one of the hot<00:41:26.359> takes<00:41:26.599> that<00:41:26.720> I<00:41:26.800> would<00:41:26.920> have<00:41:27.040> is<00:41:27.400> that<00:41:28.079> I 00:41:28.150 --> 00:41:28.160 align:start position:0% hot takes that I would have is that I 00:41:28.160 --> 00:41:30.430 align:start position:0% hot takes that I would have is that I think<00:41:28.400> that<00:41:28.560> the<00:41:28.680> fixed<00:41:28.960> rate<00:41:29.200> markets<00:41:30.079> um<00:41:30.240> are 00:41:30.430 --> 00:41:30.440 align:start position:0% think that the fixed rate markets um are 00:41:30.440 --> 00:41:31.910 align:start position:0% think that the fixed rate markets um are making<00:41:30.680> the<00:41:30.760> lending<00:41:31.079> markets<00:41:31.480> look<00:41:31.599> a<00:41:31.760> lot 00:41:31.910 --> 00:41:31.920 align:start position:0% making the lending markets look a lot 00:41:31.920 --> 00:41:34.150 align:start position:0% making the lending markets look a lot more<00:41:32.480> like<00:41:33.079> what<00:41:33.240> happened<00:41:33.480> in<00:41:33.599> decentralized 00:41:34.150 --> 00:41:34.160 align:start position:0% more like what happened in decentralized 00:41:34.160 --> 00:41:37.349 align:start position:0% more like what happened in decentralized exchange<00:41:34.480> a<00:41:34.560> few<00:41:34.720> years<00:41:35.040> ago<00:41:36.040> so<00:41:36.640> you<00:41:36.760> know 00:41:37.349 --> 00:41:37.359 align:start position:0% exchange a few years ago so you know 00:41:37.359 --> 00:41:39.109 align:start position:0% exchange a few years ago so you know dex's<00:41:38.119> kind<00:41:38.240> of<00:41:38.359> started<00:41:38.680> off<00:41:38.839> with<00:41:38.960> there 00:41:39.109 --> 00:41:39.119 align:start position:0% dex's kind of started off with there 00:41:39.119 --> 00:41:41.630 align:start position:0% dex's kind of started off with there being<00:41:39.280> a<00:41:39.400> bunch<00:41:39.560> of<00:41:39.680> different<00:41:39.920> Silo<00:41:40.440> dexes<00:41:41.000> so 00:41:41.630 --> 00:41:41.640 align:start position:0% being a bunch of different Silo dexes so 00:41:41.640 --> 00:41:44.190 align:start position:0% being a bunch of different Silo dexes so we<00:41:41.760> had<00:41:41.920> zerx<00:41:42.520> we<00:41:42.640> had<00:41:42.760> Unis<00:41:43.119> Swap<00:41:43.920> and<00:41:44.000> then<00:41:44.119> we 00:41:44.190 --> 00:41:44.200 align:start position:0% we had zerx we had Unis Swap and then we 00:41:44.200 --> 00:41:46.829 align:start position:0% we had zerx we had Unis Swap and then we saw<00:41:44.440> this<00:41:44.599> layer<00:41:44.800> of<00:41:44.960> aggregators<00:41:45.520> emerge<00:41:46.520> so 00:41:46.829 --> 00:41:46.839 align:start position:0% saw this layer of aggregators emerge so 00:41:46.839 --> 00:41:50.510 align:start position:0% saw this layer of aggregators emerge so that<00:41:47.000> was<00:41:47.240> like<00:41:47.920> you<00:41:48.040> know<00:41:48.200> matcha<00:41:49.000> 1<00:41:49.240> in<00:41:50.040> Paras 00:41:50.510 --> 00:41:50.520 align:start position:0% that was like you know matcha 1 in Paras 00:41:50.520 --> 00:41:54.430 align:start position:0% that was like you know matcha 1 in Paras swap<00:41:50.880> etc<00:41:52.000> etc<00:41:53.000> then<00:41:53.160> we<00:41:53.359> had<00:41:53.760> aggregators<00:41:54.240> of 00:41:54.430 --> 00:41:54.440 align:start position:0% swap etc etc then we had aggregators of 00:41:54.440 --> 00:41:57.550 align:start position:0% swap etc etc then we had aggregators of aggregators<00:41:55.160> with<00:41:55.359> metamask<00:41:56.040> Swap<00:41:57.040> and<00:41:57.400> it's 00:41:57.550 --> 00:41:57.560 align:start position:0% aggregators with metamask Swap and it's 00:41:57.560 --> 00:42:01.270 align:start position:0% aggregators with metamask Swap and it's just<00:41:57.720> become<00:41:58.359> increasingly<00:41:59.480> clear<00:42:00.480> that<00:42:01.160> like 00:42:01.270 --> 00:42:01.280 align:start position:0% just become increasingly clear that like 00:42:01.280 --> 00:42:03.190 align:start position:0% just become increasingly clear that like the<00:42:01.440> base<00:42:01.680> level<00:42:02.000> exchange<00:42:02.440> is<00:42:02.640> not<00:42:02.920> actually 00:42:03.190 --> 00:42:03.200 align:start position:0% the base level exchange is not actually 00:42:03.200 --> 00:42:05.550 align:start position:0% the base level exchange is not actually what<00:42:03.319> users<00:42:03.640> are<00:42:03.760> going<00:42:03.880> to<00:42:04.000> interact<00:42:04.560> with 00:42:05.550 --> 00:42:05.560 align:start position:0% what users are going to interact with 00:42:05.560 --> 00:42:07.390 align:start position:0% what users are going to interact with and<00:42:05.800> I<00:42:05.920> think<00:42:06.079> we're<00:42:06.599> we're<00:42:06.800> not<00:42:07.040> quite<00:42:07.280> there 00:42:07.390 --> 00:42:07.400 align:start position:0% and I think we're we're not quite there 00:42:07.400 --> 00:42:09.190 align:start position:0% and I think we're we're not quite there in<00:42:07.599> fixed<00:42:07.920> rates<00:42:08.359> because<00:42:08.560> I<00:42:08.640> think<00:42:08.800> it's<00:42:09.079> it's 00:42:09.190 --> 00:42:09.200 align:start position:0% in fixed rates because I think it's it's 00:42:09.200 --> 00:42:11.030 align:start position:0% in fixed rates because I think it's it's a<00:42:09.280> bit<00:42:09.440> more<00:42:09.680> complicated<00:42:10.680> kind<00:42:10.800> of<00:42:10.920> like 00:42:11.030 --> 00:42:11.040 align:start position:0% a bit more complicated kind of like 00:42:11.040 --> 00:42:12.510 align:start position:0% a bit more complicated kind of like we've<00:42:11.240> talked<00:42:11.440> about<00:42:11.680> I<00:42:11.760> think<00:42:11.920> that<00:42:12.160> there 00:42:12.510 --> 00:42:12.520 align:start position:0% we've talked about I think that there 00:42:12.520 --> 00:42:14.349 align:start position:0% we've talked about I think that there there<00:42:12.599> are<00:42:12.760> some<00:42:12.920> issues<00:42:13.400> integrating<00:42:14.079> fixed 00:42:14.349 --> 00:42:14.359 align:start position:0% there are some issues integrating fixed 00:42:14.359 --> 00:42:16.109 align:start position:0% there are some issues integrating fixed rate<00:42:14.560> protocols<00:42:14.920> with<00:42:15.040> variable<00:42:15.400> rate 00:42:16.109 --> 00:42:16.119 align:start position:0% rate protocols with variable rate 00:42:16.119 --> 00:42:18.309 align:start position:0% rate protocols with variable rate protocols<00:42:17.119> um<00:42:17.359> you<00:42:17.480> know<00:42:17.599> it's<00:42:17.680> a<00:42:17.800> collateral 00:42:18.309 --> 00:42:18.319 align:start position:0% protocols um you know it's a collateral 00:42:18.319 --> 00:42:21.309 align:start position:0% protocols um you know it's a collateral type<00:42:18.640> that<00:42:19.000> we<00:42:19.160> haven't<00:42:20.000> completely<00:42:20.839> solved 00:42:21.309 --> 00:42:21.319 align:start position:0% type that we haven't completely solved 00:42:21.319 --> 00:42:23.670 align:start position:0% type that we haven't completely solved the<00:42:21.400> issue<00:42:21.599> of<00:42:21.720> integrating<00:42:22.160> with<00:42:23.160> but<00:42:23.559> I 00:42:23.670 --> 00:42:23.680 align:start position:0% the issue of integrating with but I 00:42:23.680 --> 00:42:26.069 align:start position:0% the issue of integrating with but I think<00:42:23.920> that's<00:42:24.119> where<00:42:24.280> it's<00:42:24.520> going<00:42:25.520> and<00:42:25.880> I<00:42:26.000> I 00:42:26.069 --> 00:42:26.079 align:start position:0% think that's where it's going and I I 00:42:26.079 --> 00:42:27.910 align:start position:0% think that's where it's going and I I think<00:42:26.200> I<00:42:26.359> agree<00:42:26.640> with<00:42:26.760> you<00:42:27.559> like<00:42:27.680> we're<00:42:27.839> going 00:42:27.910 --> 00:42:27.920 align:start position:0% think I agree with you like we're going 00:42:27.920 --> 00:42:30.030 align:start position:0% think I agree with you like we're going to<00:42:28.040> start<00:42:28.200> to<00:42:28.319> see<00:42:28.480> a<00:42:28.640> lot<00:42:28.839> more<00:42:29.680> you<00:42:29.800> know 00:42:30.030 --> 00:42:30.040 align:start position:0% to start to see a lot more you know 00:42:30.040 --> 00:42:32.109 align:start position:0% to start to see a lot more you know aggregated<00:42:30.599> approaches<00:42:31.160> where<00:42:31.760> you're<00:42:31.920> not 00:42:32.109 --> 00:42:32.119 align:start position:0% aggregated approaches where you're not 00:42:32.119 --> 00:42:33.589 align:start position:0% aggregated approaches where you're not necessarily<00:42:32.599> buying<00:42:32.800> a<00:42:32.920> fixed<00:42:33.240> rate<00:42:33.400> from<00:42:33.520> a 00:42:33.589 --> 00:42:33.599 align:start position:0% necessarily buying a fixed rate from a 00:42:33.599 --> 00:42:35.430 align:start position:0% necessarily buying a fixed rate from a single<00:42:33.839> protocol<00:42:34.640> you're<00:42:34.839> buying<00:42:35.040> a<00:42:35.200> basket 00:42:35.430 --> 00:42:35.440 align:start position:0% single protocol you're buying a basket 00:42:35.440 --> 00:42:36.990 align:start position:0% single protocol you're buying a basket of<00:42:35.559> fixed<00:42:35.839> rate<00:42:36.119> from<00:42:36.359> a<00:42:36.440> bunch<00:42:36.599> of<00:42:36.720> different 00:42:36.990 --> 00:42:37.000 align:start position:0% of fixed rate from a bunch of different 00:42:37.000 --> 00:42:38.910 align:start position:0% of fixed rate from a bunch of different protocols<00:42:38.000> potentially<00:42:38.400> like<00:42:38.520> the<00:42:38.599> ones<00:42:38.760> that 00:42:38.910 --> 00:42:38.920 align:start position:0% protocols potentially like the ones that 00:42:38.920 --> 00:42:40.950 align:start position:0% protocols potentially like the ones that Violet's<00:42:39.359> talking<00:42:39.640> about<00:42:40.359> you<00:42:40.480> know<00:42:40.720> where 00:42:40.950 --> 00:42:40.960 align:start position:0% Violet's talking about you know where 00:42:40.960 --> 00:42:42.309 align:start position:0% Violet's talking about you know where they're<00:42:41.119> not<00:42:41.280> even<00:42:41.440> originating<00:42:42.040> from<00:42:42.160> a 00:42:42.309 --> 00:42:42.319 align:start position:0% they're not even originating from a 00:42:42.319 --> 00:42:44.870 align:start position:0% they're not even originating from a variable<00:42:42.640> rate<00:42:43.079> protocol<00:42:44.079> and<00:42:44.559> that's<00:42:44.760> going 00:42:44.870 --> 00:42:44.880 align:start position:0% variable rate protocol and that's going 00:42:44.880 --> 00:42:46.230 align:start position:0% variable rate protocol and that's going to<00:42:45.040> become<00:42:45.359> more<00:42:45.559> of<00:42:45.680> what<00:42:45.800> users<00:42:46.079> are 00:42:46.230 --> 00:42:46.240 align:start position:0% to become more of what users are 00:42:46.240 --> 00:42:48.309 align:start position:0% to become more of what users are interacting<00:42:46.800> with<00:42:47.240> because<00:42:48.040> that's<00:42:48.200> like 00:42:48.309 --> 00:42:48.319 align:start position:0% interacting with because that's like 00:42:48.319 --> 00:42:49.750 align:start position:0% interacting with because that's like your<00:42:48.440> money<00:42:48.720> market<00:42:49.240> you<00:42:49.359> know<00:42:49.480> your<00:42:49.599> high 00:42:49.750 --> 00:42:49.760 align:start position:0% your money market you know your high 00:42:49.760 --> 00:42:52.390 align:start position:0% your money market you know your high yield<00:42:50.040> savings<00:42:50.480> account<00:42:51.160> Etc<00:42:52.079> and<00:42:52.240> that's 00:42:52.390 --> 00:42:52.400 align:start position:0% yield savings account Etc and that's 00:42:52.400 --> 00:42:55.030 align:start position:0% yield savings account Etc and that's ultimately<00:42:53.000> what<00:42:53.280> I<00:42:53.400> think<00:42:53.640> institutions<00:42:54.400> and 00:42:55.030 --> 00:42:55.040 align:start position:0% ultimately what I think institutions and 00:42:55.040 --> 00:42:56.829 align:start position:0% ultimately what I think institutions and even<00:42:55.359> large<00:42:55.800> you<00:42:55.880> know<00:42:56.040> D5<00:42:56.400> protocols<00:42:56.760> like 00:42:56.829 --> 00:42:56.839 align:start position:0% even large you know D5 protocols like 00:42:56.839 --> 00:43:00.750 align:start position:0% even large you know D5 protocols like maker<00:42:57.400> want<00:42:58.400> but<00:42:59.119> um<00:43:00.040> yeah<00:43:00.160> I<00:43:00.240> mean<00:43:00.400> if<00:43:00.520> anyone 00:43:00.750 --> 00:43:00.760 align:start position:0% maker want but um yeah I mean if anyone 00:43:00.760 --> 00:43:02.390 align:start position:0% maker want but um yeah I mean if anyone else<00:43:01.000> wants<00:43:01.280> to<00:43:01.680> uh<00:43:01.800> share<00:43:02.040> any<00:43:02.240> other 00:43:02.390 --> 00:43:02.400 align:start position:0% else wants to uh share any other 00:43:02.400 --> 00:43:03.309 align:start position:0% else wants to uh share any other thoughts<00:43:02.640> I<00:43:02.720> think<00:43:02.839> we<00:43:02.920> have<00:43:03.000> a<00:43:03.079> couple 00:43:03.309 --> 00:43:03.319 align:start position:0% thoughts I think we have a couple 00:43:03.319 --> 00:43:08.670 align:start position:0% thoughts I think we have a couple minutes<00:43:04.280> otherwise<00:43:04.640> we<00:43:04.720> can<00:43:04.839> move<00:43:05.040> to<00:43:05.440> uh 00:43:08.670 --> 00:43:08.680 align:start position:0% 00:43:08.680 --> 00:43:10.280 align:start position:0% Q&A<00:43:09.680> cool 00:43:10.280 --> 00:43:10.290 align:start position:0% Q&A cool 00:43:10.290 --> 00:43:19.030 align:start position:0% Q&A cool [Music] 00:43:19.030 --> 00:43:19.040 align:start position:0% 00:43:19.040 --> 00:43:22.710 align:start position:0% Q&A<00:43:20.440> um 00:43:22.710 --> 00:43:22.720 align:start position:0% Q&A um 00:43:22.720 --> 00:43:25.510 align:start position:0% Q&A um okay<00:43:23.720> there<00:43:23.839> we 00:43:25.510 --> 00:43:25.520 align:start position:0% okay there we 00:43:25.520 --> 00:43:30.670 align:start position:0% okay there we go<00:43:26.520> um<00:43:26.960> okay<00:43:27.200> okay<00:43:27.640> so<00:43:28.160> starting<00:43:28.599> off<00:43:29.559> um<00:43:30.559> is 00:43:30.670 --> 00:43:30.680 align:start position:0% go um okay okay so starting off um is 00:43:30.680 --> 00:43:32.510 align:start position:0% go um okay okay so starting off um is there<00:43:30.800> a<00:43:30.960> role<00:43:31.160> for<00:43:31.400> auction<00:43:31.839> priced<00:43:32.240> fixed 00:43:32.510 --> 00:43:32.520 align:start position:0% there a role for auction priced fixed 00:43:32.520 --> 00:43:35.190 align:start position:0% there a role for auction priced fixed rate<00:43:32.720> lending<00:43:33.240> I.E<00:43:33.559> term<00:43:33.880> Finance<00:43:34.800> or<00:43:35.000> is<00:43:35.119> the 00:43:35.190 --> 00:43:35.200 align:start position:0% rate lending I.E term Finance or is the 00:43:35.200 --> 00:43:39.710 align:start position:0% rate lending I.E term Finance or is the way<00:43:35.599> forward<00:43:36.319> YTP<00:43:37.160> for<00:43:37.720> fixed<00:43:38.400> lending<00:43:39.400> um 00:43:39.710 --> 00:43:39.720 align:start position:0% way forward YTP for fixed lending um 00:43:39.720 --> 00:43:42.790 align:start position:0% way forward YTP for fixed lending um does<00:43:39.880> anyone<00:43:40.160> want<00:43:40.280> to<00:43:40.400> take 00:43:42.790 --> 00:43:42.800 align:start position:0% 00:43:42.800 --> 00:43:48.950 align:start position:0% that<00:43:44.200> yeah<00:43:45.200> uh<00:43:45.720> yeah<00:43:46.480> definitely<00:43:47.480> I<00:43:47.960> think 00:43:48.950 --> 00:43:48.960 align:start position:0% that yeah uh yeah definitely I think 00:43:48.960 --> 00:43:51.510 align:start position:0% that yeah uh yeah definitely I think yeah<00:43:49.160> almost<00:43:49.480> certainly<00:43:50.319> you<00:43:50.559> will<00:43:51.119> have 00:43:51.510 --> 00:43:51.520 align:start position:0% yeah almost certainly you will have 00:43:51.520 --> 00:43:54.750 align:start position:0% yeah almost certainly you will have institutions<00:43:52.200> who<00:43:52.319> are<00:43:52.520> willing<00:43:53.200> to<00:43:54.200> price 00:43:54.750 --> 00:43:54.760 align:start position:0% institutions who are willing to price 00:43:54.760 --> 00:43:57.270 align:start position:0% institutions who are willing to price their<00:43:55.000> sort<00:43:55.240> of<00:43:55.520> like<00:43:55.640> loans<00:43:56.000> in<00:43:56.200> this<00:43:56.400> way<00:43:57.119> or 00:43:57.270 --> 00:43:57.280 align:start position:0% their sort of like loans in this way or 00:43:57.280 --> 00:43:58.990 align:start position:0% their sort of like loans in this way or you'll<00:43:57.599> have<00:43:58.079> aggregated<00:43:58.599> Market 00:43:58.990 --> 00:43:59.000 align:start position:0% you'll have aggregated Market 00:43:59.000 --> 00:44:00.670 align:start position:0% you'll have aggregated Market information<00:43:59.520> coming<00:43:59.800> from<00:44:00.040> many<00:44:00.319> sort<00:44:00.520> of 00:44:00.670 --> 00:44:00.680 align:start position:0% information coming from many sort of 00:44:00.680 --> 00:44:02.790 align:start position:0% information coming from many sort of fixed<00:44:00.960> rate<00:44:01.200> loans<00:44:01.520> that<00:44:01.599> are<00:44:01.880> met<00:44:02.160> made<00:44:02.480> ad 00:44:02.790 --> 00:44:02.800 align:start position:0% fixed rate loans that are met made ad 00:44:02.800 --> 00:44:06.030 align:start position:0% fixed rate loans that are met made ad hoc<00:44:03.520> and<00:44:03.640> then<00:44:03.880> getting<00:44:04.319> like<00:44:05.040> publicized 00:44:06.030 --> 00:44:06.040 align:start position:0% hoc and then getting like publicized 00:44:06.040 --> 00:44:09.109 align:start position:0% hoc and then getting like publicized into<00:44:06.319> the<00:44:06.440> sort<00:44:06.599> of<00:44:06.760> normal<00:44:07.160> market<00:44:08.000> and<00:44:08.920> like 00:44:09.109 --> 00:44:09.119 align:start position:0% into the sort of normal market and like 00:44:09.119 --> 00:44:10.670 align:start position:0% into the sort of normal market and like you<00:44:09.280> might<00:44:09.480> get<00:44:09.640> something<00:44:09.960> like<00:44:10.079> a<00:44:10.240> defi 00:44:10.670 --> 00:44:10.680 align:start position:0% you might get something like a defi 00:44:10.680 --> 00:44:12.870 align:start position:0% you might get something like a defi liore<00:44:11.359> which<00:44:11.480> is<00:44:11.640> setting<00:44:12.079> like<00:44:12.240> the 00:44:12.870 --> 00:44:12.880 align:start position:0% liore which is setting like the 00:44:12.880 --> 00:44:15.870 align:start position:0% liore which is setting like the mid-market<00:44:13.880> price<00:44:14.680> and<00:44:14.880> then<00:44:15.280> you<00:44:15.400> could<00:44:15.640> have 00:44:15.870 --> 00:44:15.880 align:start position:0% mid-market price and then you could have 00:44:15.880 --> 00:44:17.910 align:start position:0% mid-market price and then you could have batch<00:44:16.200> auctions<00:44:16.599> around<00:44:16.880> it<00:44:17.440> I<00:44:17.559> think<00:44:17.720> in 00:44:17.910 --> 00:44:17.920 align:start position:0% batch auctions around it I think in 00:44:17.920 --> 00:44:21.870 align:start position:0% batch auctions around it I think in general<00:44:18.760> I<00:44:19.280> don't<00:44:19.559> believe<00:44:19.960> that<00:44:20.480> YT<00:44:21.280> PT<00:44:21.680> is 00:44:21.870 --> 00:44:21.880 align:start position:0% general I don't believe that YT PT is 00:44:21.880 --> 00:44:25.109 align:start position:0% general I don't believe that YT PT is going<00:44:22.040> to<00:44:22.240> be<00:44:23.119> the<00:44:23.240> sort<00:44:23.400> of<00:44:23.599> core<00:44:23.960> Paradigm<00:44:24.920> of 00:44:25.109 --> 00:44:25.119 align:start position:0% going to be the sort of core Paradigm of 00:44:25.119 --> 00:44:27.589 align:start position:0% going to be the sort of core Paradigm of fix<00:44:25.440> rate<00:44:25.800> in<00:44:25.960> the<00:44:26.119> future<00:44:27.079> instead<00:44:27.359> this<00:44:27.440> is 00:44:27.589 --> 00:44:27.599 align:start position:0% fix rate in the future instead this is 00:44:27.599 --> 00:44:30.910 align:start position:0% fix rate in the future instead this is just<00:44:27.720> a<00:44:27.920> very<00:44:28.520> convenient<00:44:29.520> um<00:44:30.400> abstraction 00:44:30.910 --> 00:44:30.920 align:start position:0% just a very convenient um abstraction 00:44:30.920 --> 00:44:33.150 align:start position:0% just a very convenient um abstraction for<00:44:31.119> the<00:44:31.280> smart<00:44:31.640> contracts<00:44:32.240> to<00:44:32.400> be<00:44:32.559> able<00:44:32.800> to 00:44:33.150 --> 00:44:33.160 align:start position:0% for the smart contracts to be able to 00:44:33.160 --> 00:44:35.549 align:start position:0% for the smart contracts to be able to integrate<00:44:33.680> with<00:44:33.839> the<00:44:33.960> variable<00:44:34.359> rate<00:44:34.599> markets 00:44:35.549 --> 00:44:35.559 align:start position:0% integrate with the variable rate markets 00:44:35.559 --> 00:44:39.030 align:start position:0% integrate with the variable rate markets and<00:44:35.800> yeah<00:44:36.160> I<00:44:36.640> think<00:44:37.640> the<00:44:38.480> auction-based 00:44:39.030 --> 00:44:39.040 align:start position:0% and yeah I think the auction-based 00:44:39.040 --> 00:44:41.710 align:start position:0% and yeah I think the auction-based priced<00:44:40.000> lending<00:44:40.839> with<00:44:41.040> many<00:44:41.319> different 00:44:41.710 --> 00:44:41.720 align:start position:0% priced lending with many different 00:44:41.720 --> 00:44:43.870 align:start position:0% priced lending with many different actors<00:44:42.440> all<00:44:42.640> following<00:44:43.079> the<00:44:43.160> same<00:44:43.359> rules<00:44:43.720> is 00:44:43.870 --> 00:44:43.880 align:start position:0% actors all following the same rules is 00:44:43.880 --> 00:44:46.109 align:start position:0% actors all following the same rules is almost<00:44:44.119> certainly<00:44:44.480> going<00:44:44.640> to<00:44:44.800> be<00:44:45.240> very 00:44:46.109 --> 00:44:46.119 align:start position:0% almost certainly going to be very 00:44:46.119 --> 00:44:49.710 align:start position:0% almost certainly going to be very relevant<00:44:47.119> yeah<00:44:47.640> I<00:44:47.760> I<00:44:47.880> think<00:44:48.680> um<00:44:49.160> I<00:44:49.319> I<00:44:49.400> totally 00:44:49.710 --> 00:44:49.720 align:start position:0% relevant yeah I I think um I I totally 00:44:49.720 --> 00:44:50.910 align:start position:0% relevant yeah I I think um I I totally agree<00:44:49.920> with<00:44:50.079> that<00:44:50.200> I<00:44:50.280> guess<00:44:50.480> another<00:44:50.720> thing<00:44:50.839> I 00:44:50.910 --> 00:44:50.920 align:start position:0% agree with that I guess another thing I 00:44:50.920 --> 00:44:53.549 align:start position:0% agree with that I guess another thing I would<00:44:51.119> say<00:44:51.319> is<00:44:51.800> you<00:44:52.000> can<00:44:52.200> do<00:44:52.400> auction<00:44:52.839> PR<00:44:53.440> uh 00:44:53.549 --> 00:44:53.559 align:start position:0% would say is you can do auction PR uh 00:44:53.559 --> 00:44:55.750 align:start position:0% would say is you can do auction PR uh auction<00:44:53.920> price<00:44:54.160> fixed<00:44:54.400> rate<00:44:54.599> lending<00:44:55.559> with 00:44:55.750 --> 00:44:55.760 align:start position:0% auction price fixed rate lending with 00:44:55.760 --> 00:44:57.829 align:start position:0% auction price fixed rate lending with the<00:44:55.920> YT<00:44:56.319> PT<00:44:56.680> model 00:44:57.829 --> 00:44:57.839 align:start position:0% the YT PT model 00:44:57.839 --> 00:44:59.349 align:start position:0% the YT PT model um<00:44:58.079> we're<00:44:58.280> already<00:44:58.480> starting<00:44:58.760> to<00:44:58.880> see<00:44:59.160> this 00:44:59.349 --> 00:44:59.359 align:start position:0% um we're already starting to see this 00:44:59.359 --> 00:45:02.109 align:start position:0% um we're already starting to see this where<00:44:59.599> people<00:44:59.839> are<00:45:00.480> trading<00:45:00.880> yts<00:45:01.240> and<00:45:01.359> PTs<00:45:01.880> off 00:45:02.109 --> 00:45:02.119 align:start position:0% where people are trading yts and PTs off 00:45:02.119 --> 00:45:05.270 align:start position:0% where people are trading yts and PTs off amm<00:45:02.800> and<00:45:02.960> doing<00:45:03.440> like<00:45:03.599> OTC<00:45:04.119> deals<00:45:05.040> you<00:45:05.160> can 00:45:05.270 --> 00:45:05.280 align:start position:0% amm and doing like OTC deals you can 00:45:05.280 --> 00:45:07.790 align:start position:0% amm and doing like OTC deals you can also<00:45:05.440> do<00:45:05.599> that<00:45:05.720> with<00:45:06.079> auctions<00:45:07.079> so<00:45:07.400> basically 00:45:07.790 --> 00:45:07.800 align:start position:0% also do that with auctions so basically 00:45:07.800 --> 00:45:10.150 align:start position:0% also do that with auctions so basically instead<00:45:08.040> of<00:45:08.200> having<00:45:08.520> a<00:45:08.839> an<00:45:09.000> LP<00:45:09.319> in<00:45:09.400> the<00:45:09.520> middle 00:45:10.150 --> 00:45:10.160 align:start position:0% instead of having a an LP in the middle 00:45:10.160 --> 00:45:12.750 align:start position:0% instead of having a an LP in the middle you<00:45:10.280> can<00:45:10.440> just<00:45:10.640> directly<00:45:11.079> match<00:45:11.559> these<00:45:11.760> funds 00:45:12.750 --> 00:45:12.760 align:start position:0% you can just directly match these funds 00:45:12.760 --> 00:45:15.390 align:start position:0% you can just directly match these funds because<00:45:13.040> fundamentally<00:45:13.839> a<00:45:14.000> YT<00:45:14.559> plus<00:45:14.720> a<00:45:14.880> PT<00:45:15.240> is 00:45:15.390 --> 00:45:15.400 align:start position:0% because fundamentally a YT plus a PT is 00:45:15.400 --> 00:45:18.390 align:start position:0% because fundamentally a YT plus a PT is just<00:45:15.520> equal<00:45:15.720> to<00:45:15.880> one<00:45:16.079> base<00:45:16.480> token<00:45:17.480> so<00:45:18.160> as<00:45:18.280> long 00:45:18.390 --> 00:45:18.400 align:start position:0% just equal to one base token so as long 00:45:18.400 --> 00:45:19.670 align:start position:0% just equal to one base token so as long as<00:45:18.520> you<00:45:18.599> have<00:45:18.760> people<00:45:18.960> on<00:45:19.160> either<00:45:19.400> side<00:45:19.559> of 00:45:19.670 --> 00:45:19.680 align:start position:0% as you have people on either side of 00:45:19.680 --> 00:45:22.470 align:start position:0% as you have people on either side of that<00:45:19.920> trade<00:45:20.920> they<00:45:21.079> can<00:45:21.240> put<00:45:21.400> the<00:45:21.480> one<00:45:21.720> PT<00:45:22.240> or 00:45:22.470 --> 00:45:22.480 align:start position:0% that trade they can put the one PT or 00:45:22.480 --> 00:45:24.670 align:start position:0% that trade they can put the one PT or sorry<00:45:22.760> the<00:45:22.839> one<00:45:23.000> base<00:45:23.319> token<00:45:24.119> into<00:45:24.319> the<00:45:24.440> fix 00:45:24.670 --> 00:45:24.680 align:start position:0% sorry the one base token into the fix 00:45:24.680 --> 00:45:28.309 align:start position:0% sorry the one base token into the fix rate<00:45:24.960> protocol<00:45:25.880> and<00:45:26.000> mint<00:45:26.280> the<00:45:26.400> YT<00:45:26.680> and<00:45:26.760> the 00:45:28.309 --> 00:45:28.319 align:start position:0% rate protocol and mint the YT and the 00:45:28.319 --> 00:45:29.990 align:start position:0% rate protocol and mint the YT and the um<00:45:28.640> but<00:45:28.800> yeah<00:45:29.000> so<00:45:29.200> I<00:45:29.280> think<00:45:29.400> the<00:45:29.559> next<00:45:29.760> question 00:45:29.990 --> 00:45:30.000 align:start position:0% um but yeah so I think the next question 00:45:30.000 --> 00:45:32.109 align:start position:0% um but yeah so I think the next question is<00:45:30.200> people<00:45:30.400> say<00:45:30.599> rwa<00:45:31.119> and<00:45:31.240> trafi<00:45:31.720> on<00:45:31.839> chain 00:45:32.109 --> 00:45:32.119 align:start position:0% is people say rwa and trafi on chain 00:45:32.119 --> 00:45:34.309 align:start position:0% is people say rwa and trafi on chain will<00:45:32.280> make<00:45:32.400> it<00:45:32.520> more<00:45:32.760> accessible<00:45:33.760> but<00:45:33.920> so<00:45:34.119> far 00:45:34.309 --> 00:45:34.319 align:start position:0% will make it more accessible but so far 00:45:34.319 --> 00:45:36.510 align:start position:0% will make it more accessible but so far that's<00:45:34.480> not<00:45:34.599> been<00:45:34.720> the<00:45:35.119> case<00:45:36.119> uh<00:45:36.240> only 00:45:36.510 --> 00:45:36.520 align:start position:0% that's not been the case uh only 00:45:36.520 --> 00:45:39.150 align:start position:0% that's not been the case uh only approved<00:45:36.880> users<00:45:37.200> are<00:45:37.359> allowed<00:45:37.640> to<00:45:37.760> do<00:45:37.960> so<00:45:38.960> um 00:45:39.150 --> 00:45:39.160 align:start position:0% approved users are allowed to do so um 00:45:39.160 --> 00:45:41.790 align:start position:0% approved users are allowed to do so um why<00:45:39.240> are<00:45:39.440> we<00:45:39.720> why<00:45:39.800> are<00:45:39.880> we<00:45:40.000> bullish<00:45:40.280> on 00:45:41.790 --> 00:45:41.800 align:start position:0% why are we why are we bullish on 00:45:41.800 --> 00:45:46.390 align:start position:0% why are we why are we bullish on it<00:45:42.800> um<00:45:43.280> so<00:45:43.599> only<00:45:43.880> approved<00:45:44.319> users<00:45:45.319> uh<00:45:45.839> so<00:45:46.319> there 00:45:46.390 --> 00:45:46.400 align:start position:0% it um so only approved users uh so there 00:45:46.400 --> 00:45:49.950 align:start position:0% it um so only approved users uh so there are<00:45:46.680> still<00:45:47.000> like<00:45:47.160> a<00:45:47.960> um<00:45:48.839> per<00:45:49.200> permissionless 00:45:49.950 --> 00:45:49.960 align:start position:0% are still like a um per permissionless 00:45:49.960 --> 00:45:52.589 align:start position:0% are still like a um per permissionless Market<00:45:50.359> on<00:45:50.559> mofo<00:45:51.119> with<00:45:51.319> hward<00:45:51.800> as<00:45:52.000> at<00:45:52.119> as 00:45:52.589 --> 00:45:52.599 align:start position:0% Market on mofo with hward as at as 00:45:52.599 --> 00:45:56.349 align:start position:0% Market on mofo with hward as at as collateral<00:45:53.599> um<00:45:54.079> so<00:45:54.440> that's<00:45:55.240> still<00:45:56.040> possible 00:45:56.349 --> 00:45:56.359 align:start position:0% collateral um so that's still possible 00:45:56.359 --> 00:45:59.670 align:start position:0% collateral um so that's still possible to<00:45:56.559> access<00:45:57.240> uh<00:45:57.400> even<00:45:57.760> like<00:45:58.760> it's<00:45:58.960> not<00:45:59.240> g 00:45:59.670 --> 00:45:59.680 align:start position:0% to access uh even like it's not g 00:45:59.680 --> 00:46:02.829 align:start position:0% to access uh even like it's not g markets<00:46:00.599> um<00:46:00.920> but<00:46:01.319> um<00:46:01.559> but 00:46:02.829 --> 00:46:02.839 align:start position:0% markets um but um but 00:46:02.839 --> 00:46:06.069 align:start position:0% markets um but um but uh<00:46:03.839> that's<00:46:04.079> true<00:46:04.400> why<00:46:04.640> bullish<00:46:05.200> it's<00:46:05.520> because 00:46:06.069 --> 00:46:06.079 align:start position:0% uh that's true why bullish it's because 00:46:06.079 --> 00:46:10.710 align:start position:0% uh that's true why bullish it's because like<00:46:06.559> um<00:46:06.960> for<00:46:07.240> instance<00:46:08.119> um<00:46:09.000> there's<00:46:09.440> um<00:46:10.119> rate 00:46:10.710 --> 00:46:10.720 align:start position:0% like um for instance um there's um rate 00:46:10.720 --> 00:46:12.950 align:start position:0% like um for instance um there's um rate like<00:46:10.880> in<00:46:11.079> Bur<00:46:11.359> Market<00:46:11.880> that<00:46:12.040> is<00:46:12.280> like<00:46:12.599> uh<00:46:12.800> the 00:46:12.950 --> 00:46:12.960 align:start position:0% like in Bur Market that is like uh the 00:46:12.960 --> 00:46:14.829 align:start position:0% like in Bur Market that is like uh the the<00:46:13.079> one<00:46:13.240> of<00:46:13.400> the<00:46:13.599> financial<00:46:14.119> system<00:46:14.480> so<00:46:14.680> you 00:46:14.829 --> 00:46:14.839 align:start position:0% the one of the financial system so you 00:46:14.839 --> 00:46:17.109 align:start position:0% the one of the financial system so you still<00:46:15.119> have<00:46:15.319> like<00:46:15.559> a<00:46:16.079> a<00:46:16.160> lower<00:46:16.520> Bond<00:46:16.800> on<00:46:16.960> the 00:46:17.109 --> 00:46:17.119 align:start position:0% still have like a a lower Bond on the 00:46:17.119 --> 00:46:19.230 align:start position:0% still have like a a lower Bond on the rate<00:46:17.400> that<00:46:17.520> you<00:46:17.640> can<00:46:17.800> earn<00:46:18.359> so<00:46:18.559> it<00:46:18.720> can<00:46:19.079> like 00:46:19.230 --> 00:46:19.240 align:start position:0% rate that you can earn so it can like 00:46:19.240 --> 00:46:21.990 align:start position:0% rate that you can earn so it can like drive<00:46:19.559> more<00:46:19.800> liquidity<00:46:20.359> into<00:46:20.960> more<00:46:21.240> flow<00:46:21.559> of 00:46:21.990 --> 00:46:22.000 align:start position:0% drive more liquidity into more flow of 00:46:22.000 --> 00:46:25.510 align:start position:0% drive more liquidity into more flow of liquidity<00:46:23.000> uh<00:46:23.119> onto<00:46:23.599> like<00:46:23.960> Landing<00:46:24.680> protocols 00:46:25.510 --> 00:46:25.520 align:start position:0% liquidity uh onto like Landing protocols 00:46:25.520 --> 00:46:27.190 align:start position:0% liquidity uh onto like Landing protocols and<00:46:25.640> one<00:46:25.839> cool<00:46:26.119> thing<00:46:26.400> with<00:46:26.559> more<00:46:27.079> for 00:46:27.190 --> 00:46:27.200 align:start position:0% and one cool thing with more for 00:46:27.200 --> 00:46:29.990 align:start position:0% and one cool thing with more for instance<00:46:27.559> is<00:46:27.800> like<00:46:28.200> if<00:46:28.400> the<00:46:28.640> liquidity<00:46:29.640> is<00:46:29.800> not 00:46:29.990 --> 00:46:30.000 align:start position:0% instance is like if the liquidity is not 00:46:30.000 --> 00:46:33.150 align:start position:0% instance is like if the liquidity is not used<00:46:30.280> on<00:46:30.520> like<00:46:30.839> this<00:46:31.000> real<00:46:31.280> world<00:46:31.599> asset<00:46:32.599> um 00:46:33.150 --> 00:46:33.160 align:start position:0% used on like this real world asset um 00:46:33.160 --> 00:46:36.990 align:start position:0% used on like this real world asset um market<00:46:33.720> and<00:46:33.960> there's<00:46:34.319> like<00:46:34.640> another<00:46:35.640> um<00:46:36.440> good 00:46:36.990 --> 00:46:37.000 align:start position:0% market and there's like another um good 00:46:37.000 --> 00:46:40.549 align:start position:0% market and there's like another um good opportunity<00:46:38.000> that<00:46:38.160> is<00:46:38.280> more<00:46:38.920> definative<00:46:39.920> they 00:46:40.549 --> 00:46:40.559 align:start position:0% opportunity that is more definative they 00:46:40.559 --> 00:46:42.390 align:start position:0% opportunity that is more definative they those<00:46:40.760> Market<00:46:41.160> can<00:46:41.280> share<00:46:41.640> liquidity<00:46:42.200> and 00:46:42.390 --> 00:46:42.400 align:start position:0% those Market can share liquidity and 00:46:42.400 --> 00:46:44.069 align:start position:0% those Market can share liquidity and like<00:46:42.880> the<00:46:43.040> the<00:46:43.160> liquidity<00:46:43.640> can<00:46:43.800> be 00:46:44.069 --> 00:46:44.079 align:start position:0% like the the liquidity can be 00:46:44.079 --> 00:46:47.069 align:start position:0% like the the liquidity can be reallocated<00:46:45.079> like<00:46:45.400> in<00:46:45.680> time<00:46:46.559> uh<00:46:46.680> when<00:46:46.839> it's 00:46:47.069 --> 00:46:47.079 align:start position:0% reallocated like in time uh when it's 00:46:47.079 --> 00:46:50.069 align:start position:0% reallocated like in time uh when it's needed<00:46:47.880> so<00:46:48.359> I<00:46:48.480> think<00:46:48.720> like<00:46:48.920> why<00:46:49.200> bullish<00:46:49.760> is 00:46:50.069 --> 00:46:50.079 align:start position:0% needed so I think like why bullish is 00:46:50.079 --> 00:46:52.309 align:start position:0% needed so I think like why bullish is like<00:46:50.440> you<00:46:50.599> have<00:46:50.800> that<00:46:51.000> lower<00:46:51.280> bound<00:46:51.599> of<00:46:51.800> rates 00:46:52.309 --> 00:46:52.319 align:start position:0% like you have that lower bound of rates 00:46:52.319 --> 00:46:54.589 align:start position:0% like you have that lower bound of rates that<00:46:52.440> is<00:46:52.599> driving<00:46:53.000> more<00:46:53.200> liquidity<00:46:53.640> on<00:46:53.839> chain 00:46:54.589 --> 00:46:54.599 align:start position:0% that is driving more liquidity on chain 00:46:54.599 --> 00:46:57.309 align:start position:0% that is driving more liquidity on chain and<00:46:54.760> that<00:46:54.880> will<00:46:55.119> be<00:46:55.280> useful<00:46:55.760> for<00:46:56.400> uh<00:46:56.599> def 00:46:57.309 --> 00:46:57.319 align:start position:0% and that will be useful for uh def 00:46:57.319 --> 00:47:00.430 align:start position:0% and that will be useful for uh def native 00:47:00.430 --> 00:47:00.440 align:start position:0% 00:47:00.440 --> 00:47:03.069 align:start position:0% markets<00:47:01.440> yeah<00:47:01.599> I<00:47:01.720> think<00:47:02.040> just<00:47:02.400> also<00:47:02.880> in 00:47:03.069 --> 00:47:03.079 align:start position:0% markets yeah I think just also in 00:47:03.079 --> 00:47:05.670 align:start position:0% markets yeah I think just also in general<00:47:03.880> it<00:47:04.119> there<00:47:04.319> is<00:47:04.559> going<00:47:04.640> to<00:47:04.880> be<00:47:05.359> a<00:47:05.480> sort 00:47:05.670 --> 00:47:05.680 align:start position:0% general it there is going to be a sort 00:47:05.680 --> 00:47:09.870 align:start position:0% general it there is going to be a sort of<00:47:06.079> spectrum<00:47:07.000> of<00:47:07.280> how<00:47:08.119> restricted<00:47:09.119> um<00:47:09.559> certain 00:47:09.870 --> 00:47:09.880 align:start position:0% of spectrum of how restricted um certain 00:47:09.880 --> 00:47:12.870 align:start position:0% of spectrum of how restricted um certain Protocols<00:47:10.400> are<00:47:11.280> and<00:47:11.480> I<00:47:11.599> think<00:47:11.880> the<00:47:12.119> general 00:47:12.870 --> 00:47:12.880 align:start position:0% Protocols are and I think the general 00:47:12.880 --> 00:47:15.790 align:start position:0% Protocols are and I think the general idea<00:47:13.359> of<00:47:13.520> bringing<00:47:13.960> more<00:47:14.280> liquidity<00:47:14.880> on<00:47:15.160> chain 00:47:15.790 --> 00:47:15.800 align:start position:0% idea of bringing more liquidity on chain 00:47:15.800 --> 00:47:18.349 align:start position:0% idea of bringing more liquidity on chain is<00:47:16.000> just<00:47:16.280> always<00:47:16.559> a<00:47:16.760> good<00:47:16.960> thing<00:47:17.839> uh<00:47:18.000> markets 00:47:18.349 --> 00:47:18.359 align:start position:0% is just always a good thing uh markets 00:47:18.359 --> 00:47:20.950 align:start position:0% is just always a good thing uh markets will<00:47:18.520> get<00:47:18.680> more<00:47:19.160> efficient<00:47:20.160> uh<00:47:20.280> more<00:47:20.559> products 00:47:20.950 --> 00:47:20.960 align:start position:0% will get more efficient uh more products 00:47:20.960 --> 00:47:23.470 align:start position:0% will get more efficient uh more products will<00:47:21.119> get<00:47:21.280> used<00:47:21.720> wider<00:47:22.040> usage<00:47:23.040> and<00:47:23.160> there<00:47:23.280> will 00:47:23.470 --> 00:47:23.480 align:start position:0% will get used wider usage and there will 00:47:23.480 --> 00:47:26.150 align:start position:0% will get used wider usage and there will be<00:47:23.720> these<00:47:23.880> sort<00:47:24.079> of<00:47:24.599> uh<00:47:24.800> Hybrid<00:47:25.160> models<00:47:25.599> like<00:47:26.040> a 00:47:26.150 --> 00:47:26.160 align:start position:0% be these sort of uh Hybrid models like a 00:47:26.160 --> 00:47:28.670 align:start position:0% be these sort of uh Hybrid models like a good<00:47:26.319> example<00:47:26.640> of<00:47:26.960> this<00:47:27.040> is<00:47:27.240> actually<00:47:27.960> um 00:47:28.670 --> 00:47:28.680 align:start position:0% good example of this is actually um 00:47:28.680 --> 00:47:32.990 align:start position:0% good example of this is actually um Maple<00:47:29.119> Finance<00:47:30.000> uh<00:47:30.119> with<00:47:30.280> syrup<00:47:31.040> usdc<00:47:32.040> uh<00:47:32.319> they 00:47:32.990 --> 00:47:33.000 align:start position:0% Maple Finance uh with syrup usdc uh they 00:47:33.000 --> 00:47:36.870 align:start position:0% Maple Finance uh with syrup usdc uh they are<00:47:34.000> allowing<00:47:34.480> for<00:47:34.720> users<00:47:35.440> to<00:47:36.160> uh<00:47:36.319> deposit 00:47:36.870 --> 00:47:36.880 align:start position:0% are allowing for users to uh deposit 00:47:36.880 --> 00:47:38.790 align:start position:0% are allowing for users to uh deposit into<00:47:37.160> a<00:47:37.280> lending<00:47:37.599> pool<00:47:37.880> that's<00:47:38.079> lent<00:47:38.319> out<00:47:38.520> to 00:47:38.790 --> 00:47:38.800 align:start position:0% into a lending pool that's lent out to 00:47:38.800 --> 00:47:41.750 align:start position:0% into a lending pool that's lent out to institutional<00:47:39.880> borrowers<00:47:40.880> um<00:47:41.079> but<00:47:41.200> it's<00:47:41.400> done 00:47:41.750 --> 00:47:41.760 align:start position:0% institutional borrowers um but it's done 00:47:41.760 --> 00:47:45.109 align:start position:0% institutional borrowers um but it's done in<00:47:41.960> such<00:47:42.119> a<00:47:42.319> way<00:47:43.119> um<00:47:43.640> where<00:47:44.400> they're<00:47:44.800> you<00:47:44.920> know 00:47:45.109 --> 00:47:45.119 align:start position:0% in such a way um where they're you know 00:47:45.119 --> 00:47:46.750 align:start position:0% in such a way um where they're you know not<00:47:45.319> allowing<00:47:45.680> certain<00:47:45.960> jurisdictions<00:47:46.599> like 00:47:46.750 --> 00:47:46.760 align:start position:0% not allowing certain jurisdictions like 00:47:46.760 --> 00:47:49.829 align:start position:0% not allowing certain jurisdictions like the<00:47:46.880> US<00:47:47.319> to<00:47:47.559> to<00:47:47.880> remain<00:47:48.079> regulatory<00:47:48.839> compliant 00:47:49.829 --> 00:47:49.839 align:start position:0% the US to to remain regulatory compliant 00:47:49.839 --> 00:47:51.710 align:start position:0% the US to to remain regulatory compliant U<00:47:49.960> but<00:47:50.079> it<00:47:50.200> is<00:47:50.440> this<00:47:50.559> sort<00:47:50.760> of<00:47:51.040> hybrid<00:47:51.359> solution 00:47:51.710 --> 00:47:51.720 align:start position:0% U but it is this sort of hybrid solution 00:47:51.720 --> 00:47:53.630 align:start position:0% U but it is this sort of hybrid solution where<00:47:51.839> you're<00:47:51.960> seeing<00:47:52.480> retail<00:47:52.920> users<00:47:53.359> get 00:47:53.630 --> 00:47:53.640 align:start position:0% where you're seeing retail users get 00:47:53.640 --> 00:47:56.150 align:start position:0% where you're seeing retail users get access<00:47:54.160> to<00:47:54.760> uh<00:47:54.880> yield<00:47:55.280> that's<00:47:55.520> generated<00:47:56.000> by 00:47:56.150 --> 00:47:56.160 align:start position:0% access to uh yield that's generated by 00:47:56.160 --> 00:47:58.470 align:start position:0% access to uh yield that's generated by institutional<00:47:56.640> bar 00:47:58.470 --> 00:47:58.480 align:start position:0% institutional bar 00:47:58.480 --> 00:48:00.990 align:start position:0% institutional bar borrowers<00:47:59.480> yep<00:47:59.920> I<00:48:00.000> think<00:48:00.119> it<00:48:00.240> makes<00:48:00.480> sense<00:48:00.920> I 00:48:00.990 --> 00:48:01.000 align:start position:0% borrowers yep I think it makes sense I 00:48:01.000 --> 00:48:02.270 align:start position:0% borrowers yep I think it makes sense I mean<00:48:01.240> I<00:48:01.280> think<00:48:01.440> the<00:48:01.559> only<00:48:01.880> other<00:48:02.079> thing<00:48:02.200> I 00:48:02.270 --> 00:48:02.280 align:start position:0% mean I think the only other thing I 00:48:02.280 --> 00:48:04.390 align:start position:0% mean I think the only other thing I would<00:48:02.440> say<00:48:02.680> here<00:48:02.880> is<00:48:03.240> the<00:48:03.400> question<00:48:03.760> says<00:48:04.119> only 00:48:04.390 --> 00:48:04.400 align:start position:0% would say here is the question says only 00:48:04.400 --> 00:48:08.109 align:start position:0% would say here is the question says only approved<00:48:04.800> users<00:48:05.800> US<00:48:06.119> citizens<00:48:06.520> only<00:48:07.240> or<00:48:07.520> such 00:48:08.109 --> 00:48:08.119 align:start position:0% approved users US citizens only or such 00:48:08.119 --> 00:48:10.910 align:start position:0% approved users US citizens only or such conditions<00:48:09.119> I'd<00:48:09.280> say<00:48:09.480> that<00:48:10.119> um<00:48:10.520> you<00:48:10.640> know 00:48:10.910 --> 00:48:10.920 align:start position:0% conditions I'd say that um you know 00:48:10.920 --> 00:48:13.430 align:start position:0% conditions I'd say that um you know right<00:48:11.160> now<00:48:11.599> most<00:48:11.839> eii<00:48:12.640> products<00:48:13.079> can<00:48:13.240> actually 00:48:13.430 --> 00:48:13.440 align:start position:0% right now most eii products can actually 00:48:13.440 --> 00:48:17.230 align:start position:0% right now most eii products can actually be<00:48:13.599> used<00:48:14.359> more<00:48:14.599> easily<00:48:15.000> outside<00:48:15.319> of<00:48:15.440> the<00:48:15.880> US<00:48:16.880> um 00:48:17.230 --> 00:48:17.240 align:start position:0% be used more easily outside of the US um 00:48:17.240 --> 00:48:19.190 align:start position:0% be used more easily outside of the US um and<00:48:17.359> I<00:48:17.480> think<00:48:17.720> that<00:48:17.960> generally<00:48:18.400> speaking<00:48:19.079> you 00:48:19.190 --> 00:48:19.200 align:start position:0% and I think that generally speaking you 00:48:19.200 --> 00:48:21.790 align:start position:0% and I think that generally speaking you know<00:48:19.359> there's<00:48:20.200> you<00:48:20.359> know<00:48:20.960> trafi<00:48:21.520> in<00:48:21.640> other 00:48:21.790 --> 00:48:21.800 align:start position:0% know there's you know trafi in other 00:48:21.800 --> 00:48:24.309 align:start position:0% know there's you know trafi in other countries<00:48:22.200> as<00:48:22.359> well<00:48:23.200> so<00:48:23.520> I<00:48:23.599> think<00:48:23.760> trafi<00:48:24.240> and 00:48:24.309 --> 00:48:24.319 align:start position:0% countries as well so I think trafi and 00:48:24.319 --> 00:48:27.030 align:start position:0% countries as well so I think trafi and rwa<00:48:24.800> is<00:48:24.880> coming<00:48:25.040> on<00:48:25.200> chain<00:48:26.200> May<00:48:26.440> right<00:48:26.599> now<00:48:26.839> now 00:48:27.030 --> 00:48:27.040 align:start position:0% rwa is coming on chain May right now now 00:48:27.040 --> 00:48:28.829 align:start position:0% rwa is coming on chain May right now now look<00:48:27.280> pretty<00:48:27.520> us-centric<00:48:28.119> that<00:48:28.440> doesn't 00:48:28.829 --> 00:48:28.839 align:start position:0% look pretty us-centric that doesn't 00:48:28.839 --> 00:48:30.390 align:start position:0% look pretty us-centric that doesn't necessarily<00:48:29.240> mean<00:48:29.480> that's<00:48:29.680> the<00:48:29.800> case<00:48:30.119> long 00:48:30.390 --> 00:48:30.400 align:start position:0% necessarily mean that's the case long 00:48:30.400 --> 00:48:33.270 align:start position:0% necessarily mean that's the case long term<00:48:31.400> so<00:48:32.079> I<00:48:32.200> think<00:48:32.400> just<00:48:32.559> like<00:48:32.720> we're<00:48:32.880> seeing 00:48:33.270 --> 00:48:33.280 align:start position:0% term so I think just like we're seeing 00:48:33.280 --> 00:48:36.109 align:start position:0% term so I think just like we're seeing things<00:48:33.520> that<00:48:33.640> can<00:48:33.760> only<00:48:33.960> be<00:48:34.040> used<00:48:34.359> by<00:48:34.520> US<00:48:35.440> ecps 00:48:36.109 --> 00:48:36.119 align:start position:0% things that can only be used by US ecps 00:48:36.119 --> 00:48:37.950 align:start position:0% things that can only be used by US ecps and<00:48:36.319> stuff<00:48:36.559> like<00:48:36.760> that<00:48:37.559> uh<00:48:37.640> we're<00:48:37.760> going<00:48:37.880> to 00:48:37.950 --> 00:48:37.960 align:start position:0% and stuff like that uh we're going to 00:48:37.960 --> 00:48:39.190 align:start position:0% and stuff like that uh we're going to see<00:48:38.119> the<00:48:38.240> same<00:48:38.400> thing<00:48:38.520> in<00:48:38.640> other<00:48:38.839> countries 00:48:39.190 --> 00:48:39.200 align:start position:0% see the same thing in other countries 00:48:39.200 --> 00:48:40.430 align:start position:0% see the same thing in other countries and<00:48:39.319> we're<00:48:39.440> also<00:48:39.559> going<00:48:39.680> to<00:48:39.760> see<00:48:39.920> these<00:48:40.040> defi 00:48:40.430 --> 00:48:40.440 align:start position:0% and we're also going to see these defi 00:48:40.440 --> 00:48:43.349 align:start position:0% and we're also going to see these defi native<00:48:41.079> Solutions<00:48:42.079> Ju<00:48:42.400> Just<00:48:42.559> wanted<00:48:43.000> to<00:48:43.200> to 00:48:43.349 --> 00:48:43.359 align:start position:0% native Solutions Ju Just wanted to to 00:48:43.359 --> 00:48:45.470 align:start position:0% native Solutions Ju Just wanted to to add<00:48:43.720> something<00:48:44.119> on<00:48:44.559> on<00:48:44.720> that<00:48:44.880> lower<00:48:45.200> Bond 00:48:45.470 --> 00:48:45.480 align:start position:0% add something on on that lower Bond 00:48:45.480 --> 00:48:47.430 align:start position:0% add something on on that lower Bond rates<00:48:45.760> is<00:48:46.040> like<00:48:46.359> okay<00:48:46.520> maybe<00:48:46.800> the<00:48:46.920> real<00:48:47.119> world 00:48:47.430 --> 00:48:47.440 align:start position:0% rates is like okay maybe the real world 00:48:47.440 --> 00:48:50.109 align:start position:0% rates is like okay maybe the real world asset<00:48:47.720> is<00:48:48.160> permission<00:48:48.839> but<00:48:49.160> like<00:48:49.319> on<00:48:49.440> the<00:48:49.599> loan 00:48:50.109 --> 00:48:50.119 align:start position:0% asset is permission but like on the loan 00:48:50.119 --> 00:48:54.150 align:start position:0% asset is permission but like on the loan side<00:48:51.119> uh<00:48:51.280> you<00:48:51.400> can<00:48:51.559> have<00:48:51.799> like<00:48:52.000> usdc<00:48:52.720> or<00:48:53.160> usds 00:48:54.150 --> 00:48:54.160 align:start position:0% side uh you can have like usdc or usds 00:48:54.160 --> 00:48:57.030 align:start position:0% side uh you can have like usdc or usds that<00:48:54.280> is<00:48:54.440> totally<00:48:54.960> like<00:48:55.480> um<00:48:56.200> permissionless 00:48:57.030 --> 00:48:57.040 align:start position:0% that is totally like um permissionless 00:48:57.040 --> 00:48:59.950 align:start position:0% that is totally like um permissionless and<00:48:57.160> you<00:48:57.240> can<00:48:57.720> come<00:48:58.720> uh<00:48:58.880> deposit<00:48:59.280> liquidity<00:48:59.760> to 00:48:59.950 --> 00:48:59.960 align:start position:0% and you can come uh deposit liquidity to 00:48:59.960 --> 00:49:03.069 align:start position:0% and you can come uh deposit liquidity to earn<00:49:00.319> an<00:49:01.119> interest<00:49:01.520> on<00:49:01.760> this<00:49:02.079> and<00:49:02.359> like<00:49:02.920> kind 00:49:03.069 --> 00:49:03.079 align:start position:0% earn an interest on this and like kind 00:49:03.079 --> 00:49:05.829 align:start position:0% earn an interest on this and like kind of<00:49:03.440> get<00:49:03.799> exposure<00:49:04.319> to<00:49:04.599> that<00:49:04.920> realwood<00:49:05.480> asset 00:49:05.829 --> 00:49:05.839 align:start position:0% of get exposure to that realwood asset 00:49:05.839 --> 00:49:08.789 align:start position:0% of get exposure to that realwood asset rates<00:49:06.520> without<00:49:07.040> like<00:49:07.440> have<00:49:08.040> but<00:49:08.359> still 00:49:08.789 --> 00:49:08.799 align:start position:0% rates without like have but still 00:49:08.799 --> 00:49:12.270 align:start position:0% rates without like have but still keeping<00:49:09.200> like<00:49:09.440> a<00:49:10.400> um<00:49:11.000> like<00:49:11.280> a<00:49:11.839> without 00:49:12.270 --> 00:49:12.280 align:start position:0% keeping like a um like a without 00:49:12.280 --> 00:49:15.910 align:start position:0% keeping like a um like a without requiring<00:49:12.960> any<00:49:13.520> kyc<00:49:14.359> I<00:49:14.599> just<00:49:14.760> wanted<00:49:15.040> to<00:49:15.200> say 00:49:15.910 --> 00:49:15.920 align:start position:0% requiring any kyc I just wanted to say 00:49:15.920 --> 00:49:18.670 align:start position:0% requiring any kyc I just wanted to say that<00:49:16.920> yeah<00:49:17.119> that<00:49:17.280> makes<00:49:17.480> sense<00:49:18.000> um<00:49:18.359> so<00:49:18.559> the 00:49:18.670 --> 00:49:18.680 align:start position:0% that yeah that makes sense um so the 00:49:18.680 --> 00:49:19.990 align:start position:0% that yeah that makes sense um so the next<00:49:18.839> question<00:49:19.079> is<00:49:19.200> who<00:49:19.319> is<00:49:19.440> the<00:49:19.559> customer<00:49:19.880> for 00:49:19.990 --> 00:49:20.000 align:start position:0% next question is who is the customer for 00:49:20.000 --> 00:49:22.630 align:start position:0% next question is who is the customer for fixed<00:49:20.280> rate<00:49:20.720> loans<00:49:21.720> um<00:49:21.880> Merlin<00:49:22.319> I<00:49:22.400> think<00:49:22.480> you 00:49:22.630 --> 00:49:22.640 align:start position:0% fixed rate loans um Merlin I think you 00:49:22.640 --> 00:49:24.910 align:start position:0% fixed rate loans um Merlin I think you already<00:49:22.799> kind<00:49:22.920> of<00:49:23.079> answered<00:49:23.480> this<00:49:24.119> but<00:49:24.680> yeah 00:49:24.910 --> 00:49:24.920 align:start position:0% already kind of answered this but yeah 00:49:24.920 --> 00:49:28.030 align:start position:0% already kind of answered this but yeah so<00:49:25.680> um<00:49:26.000> you<00:49:26.119> say<00:49:26.400> it<00:49:26.839> I<00:49:27.000> I<00:49:27.079> think<00:49:27.359> like<00:49:27.680> uh 00:49:28.030 --> 00:49:28.040 align:start position:0% so um you say it I I think like uh 00:49:28.040 --> 00:49:31.109 align:start position:0% so um you say it I I think like uh there's<00:49:28.280> two<00:49:28.480> types<00:49:28.839> like<00:49:29.079> the<00:49:29.599> D<00:49:30.599> forming 00:49:31.109 --> 00:49:31.119 align:start position:0% there's two types like the D forming 00:49:31.119 --> 00:49:34.309 align:start position:0% there's two types like the D forming points<00:49:31.520> and<00:49:31.880> like<00:49:32.880> band<00:49:33.319> PT<00:49:33.640> tokens<00:49:34.040> as 00:49:34.309 --> 00:49:34.319 align:start position:0% points and like band PT tokens as 00:49:34.319 --> 00:49:37.230 align:start position:0% points and like band PT tokens as collateral<00:49:35.160> and<00:49:35.319> looping<00:49:35.760> like<00:49:35.960> crazy<00:49:36.680> and<00:49:37.040> um 00:49:37.230 --> 00:49:37.240 align:start position:0% collateral and looping like crazy and um 00:49:37.240 --> 00:49:43.069 align:start position:0% collateral and looping like crazy and um they<00:49:37.520> also<00:49:37.920> like<00:49:38.040> a<00:49:38.440> more<00:49:39.440> um<00:49:40.200> like<00:49:40.480> a<00:49:41.280> try<00:49:42.119> in 00:49:43.069 --> 00:49:43.079 align:start position:0% they also like a more um like a try in 00:49:43.079 --> 00:49:46.190 align:start position:0% they also like a more um like a try in institutional<00:49:44.079> uh<00:49:44.240> players<00:49:45.000> that<00:49:45.119> are<00:49:45.280> used 00:49:46.190 --> 00:49:46.200 align:start position:0% institutional uh players that are used 00:49:46.200 --> 00:49:48.710 align:start position:0% institutional uh players that are used uh<00:49:46.400> to<00:49:46.760> fix<00:49:47.119> rate<00:49:47.520> and<00:49:47.760> they<00:49:48.200> they<00:49:48.319> want<00:49:48.520> to 00:49:48.710 --> 00:49:48.720 align:start position:0% uh to fix rate and they they want to 00:49:48.720 --> 00:49:51.309 align:start position:0% uh to fix rate and they they want to enter<00:49:49.160> the<00:49:49.520> device<00:49:50.160> and<00:49:50.359> like<00:49:50.520> do<00:49:50.760> some 00:49:51.309 --> 00:49:51.319 align:start position:0% enter the device and like do some 00:49:51.319 --> 00:49:53.510 align:start position:0% enter the device and like do some complex<00:49:51.720> strategies<00:49:52.359> or<00:49:52.640> things<00:49:52.920> like<00:49:53.119> that 00:49:53.510 --> 00:49:53.520 align:start position:0% complex strategies or things like that 00:49:53.520 --> 00:49:55.270 align:start position:0% complex strategies or things like that or<00:49:53.680> retrieve<00:49:54.240> just<00:49:54.480> like<00:49:54.839> what<00:49:54.960> they<00:49:55.079> are 00:49:55.270 --> 00:49:55.280 align:start position:0% or retrieve just like what they are 00:49:55.280 --> 00:49:58.069 align:start position:0% or retrieve just like what they are familiar<00:49:55.799> with<00:49:56.400> and<00:49:56.720> they<00:49:56.839> are<00:49:57.240> asking<00:49:57.599> for 00:49:58.069 --> 00:49:58.079 align:start position:0% familiar with and they are asking for 00:49:58.079 --> 00:50:00.750 align:start position:0% familiar with and they are asking for those<00:49:58.359> kind<00:49:58.559> of 00:50:00.750 --> 00:50:00.760 align:start position:0% those kind of 00:50:00.760 --> 00:50:02.950 align:start position:0% those kind of product<00:50:01.760> all<00:50:01.880> right<00:50:02.079> Violet<00:50:02.599> looks<00:50:02.760> like<00:50:02.880> you 00:50:02.950 --> 00:50:02.960 align:start position:0% product all right Violet looks like you 00:50:02.960 --> 00:50:06.430 align:start position:0% product all right Violet looks like you have<00:50:03.079> a<00:50:03.559> question<00:50:04.559> um<00:50:05.280> due<00:50:05.440> to<00:50:05.599> the<00:50:05.760> terms<00:50:06.040> and 00:50:06.430 --> 00:50:06.440 align:start position:0% have a question um due to the terms and 00:50:06.440 --> 00:50:09.150 align:start position:0% have a question um due to the terms and conditions<00:50:06.880> of<00:50:07.079> my<00:50:07.319> advisor<00:50:07.839> ship<00:50:08.160> to<00:50:08.680> Wild 00:50:09.150 --> 00:50:09.160 align:start position:0% conditions of my advisor ship to Wild 00:50:09.160 --> 00:50:10.069 align:start position:0% conditions of my advisor ship to Wild cap 00:50:10.069 --> 00:50:10.079 align:start position:0% cap 00:50:10.079 --> 00:50:14.030 align:start position:0% cap Finance<00:50:11.079> I<00:50:11.280> uh<00:50:11.480> I'm<00:50:11.720> obligated<00:50:12.200> to<00:50:12.280> shill<00:50:12.760> them 00:50:14.030 --> 00:50:14.040 align:start position:0% Finance I uh I'm obligated to shill them 00:50:14.040 --> 00:50:17.630 align:start position:0% Finance I uh I'm obligated to shill them instead<00:50:15.040> thank 00:50:17.630 --> 00:50:17.640 align:start position:0% 00:50:17.640 --> 00:50:19.390 align:start position:0% you<00:50:18.640> no 00:50:19.390 --> 00:50:19.400 align:start position:0% you no 00:50:19.400 --> 00:50:21.910 align:start position:0% you no comment<00:50:20.400> all<00:50:20.559> right<00:50:21.160> uh<00:50:21.359> how<00:50:21.440> to<00:50:21.599> deal<00:50:21.760> with 00:50:21.910 --> 00:50:21.920 align:start position:0% comment all right uh how to deal with 00:50:21.920 --> 00:50:24.030 align:start position:0% comment all right uh how to deal with privacy<00:50:22.319> versus<00:50:22.640> efficiency<00:50:23.640> uh<00:50:23.760> a<00:50:23.880> good 00:50:24.030 --> 00:50:24.040 align:start position:0% privacy versus efficiency uh a good 00:50:24.040 --> 00:50:26.309 align:start position:0% privacy versus efficiency uh a good example<00:50:24.440> in<00:50:24.599> Trad<00:50:25.240> Iceberg<00:50:25.640> order<00:50:25.920> that<00:50:26.079> hides 00:50:26.309 --> 00:50:26.319 align:start position:0% example in Trad Iceberg order that hides 00:50:26.319 --> 00:50:28.230 align:start position:0% example in Trad Iceberg order that hides the<00:50:26.400> Quant<00:50:26.920> being<00:50:27.040> traded<00:50:27.400> but<00:50:27.559> has<00:50:27.720> less 00:50:28.230 --> 00:50:28.240 align:start position:0% the Quant being traded but has less 00:50:28.240 --> 00:50:33.030 align:start position:0% the Quant being traded but has less priority<00:50:29.240> um<00:50:29.440> what<00:50:29.599> about<00:50:29.839> double<00:50:30.119> bid<00:50:30.559> sealed 00:50:33.030 --> 00:50:33.040 align:start position:0% 00:50:33.040 --> 00:50:35.109 align:start position:0% auctions 00:50:35.109 --> 00:50:35.119 align:start position:0% auctions 00:50:35.119 --> 00:50:38.510 align:start position:0% auctions um<00:50:36.119> uh<00:50:36.319> very<00:50:36.520> good<00:50:36.880> question<00:50:37.880> I 00:50:38.510 --> 00:50:38.520 align:start position:0% um uh very good question I 00:50:38.520 --> 00:50:42.990 align:start position:0% um uh very good question I think<00:50:39.520> you<00:50:39.640> will<00:50:39.880> actually<00:50:40.160> see<00:50:40.640> ZK<00:50:41.240> making<00:50:42.240> um 00:50:42.990 --> 00:50:43.000 align:start position:0% think you will actually see ZK making um 00:50:43.000 --> 00:50:45.829 align:start position:0% think you will actually see ZK making um privacy<00:50:43.440> more<00:50:43.720> accessible<00:50:44.119> in<00:50:44.280> trafi<00:50:44.839> as<00:50:45.000> well 00:50:45.829 --> 00:50:45.839 align:start position:0% privacy more accessible in trafi as well 00:50:45.839 --> 00:50:48.950 align:start position:0% privacy more accessible in trafi as well because<00:50:46.839> uh<00:50:47.440> currently<00:50:48.040> it's<00:50:48.240> more<00:50:48.799> difficult 00:50:48.950 --> 00:50:48.960 align:start position:0% because uh currently it's more difficult 00:50:48.960 --> 00:50:51.190 align:start position:0% because uh currently it's more difficult in<00:50:49.119> trafi<00:50:49.640> to<00:50:49.920> sort<00:50:50.079> of<00:50:50.280> guarantee<00:50:50.920> that<00:50:51.040> the 00:50:51.190 --> 00:50:51.200 align:start position:0% in trafi to sort of guarantee that the 00:50:51.200 --> 00:50:53.150 align:start position:0% in trafi to sort of guarantee that the parties<00:50:51.599> who<00:50:51.760> are<00:50:52.000> doing<00:50:52.559> these<00:50:52.760> types<00:50:52.960> of 00:50:53.150 --> 00:50:53.160 align:start position:0% parties who are doing these types of 00:50:53.160 --> 00:50:54.670 align:start position:0% parties who are doing these types of behaviors<00:50:53.640> where<00:50:53.799> they're<00:50:54.000> hiding<00:50:54.319> some 00:50:54.670 --> 00:50:54.680 align:start position:0% behaviors where they're hiding some 00:50:54.680 --> 00:50:56.710 align:start position:0% behaviors where they're hiding some proportions<00:50:55.119> of<00:50:55.319> their<00:50:55.559> like<00:50:55.760> order<00:50:56.400> or<00:50:56.640> or 00:50:56.710 --> 00:50:56.720 align:start position:0% proportions of their like order or or 00:50:56.720 --> 00:50:57.990 align:start position:0% proportions of their like order or or doing<00:50:56.960> other<00:50:57.119> types<00:50:57.319> of<00:50:57.440> things<00:50:57.599> are<00:50:57.799> actually 00:50:57.990 --> 00:50:58.000 align:start position:0% doing other types of things are actually 00:50:58.000 --> 00:50:59.870 align:start position:0% doing other types of things are actually being<00:50:58.200> fully<00:50:58.559> honest<00:50:58.960> about<00:50:59.200> it<00:50:59.640> or<00:50:59.760> that 00:50:59.870 --> 00:50:59.880 align:start position:0% being fully honest about it or that 00:50:59.880 --> 00:51:03.470 align:start position:0% being fully honest about it or that they're<00:51:00.040> following<00:51:00.480> certain<00:51:01.319> rules<00:51:02.319> um<00:51:03.319> and 00:51:03.470 --> 00:51:03.480 align:start position:0% they're following certain rules um and 00:51:03.480 --> 00:51:04.870 align:start position:0% they're following certain rules um and of<00:51:03.599> course<00:51:03.799> you<00:51:03.920> can<00:51:04.040> enforce<00:51:04.359> this<00:51:04.520> via 00:51:04.870 --> 00:51:04.880 align:start position:0% of course you can enforce this via 00:51:04.880 --> 00:51:08.230 align:start position:0% of course you can enforce this via regulation<00:51:05.880> but<00:51:06.599> um<00:51:07.160> this<00:51:07.280> maybe<00:51:07.599> come<00:51:07.839> to<00:51:08.119> as 00:51:08.230 --> 00:51:08.240 align:start position:0% regulation but um this maybe come to as 00:51:08.240 --> 00:51:10.349 align:start position:0% regulation but um this maybe come to as a<00:51:08.319> shock<00:51:08.559> to<00:51:08.720> people<00:51:09.559> sometimes<00:51:09.880> people<00:51:10.119> don't 00:51:10.349 --> 00:51:10.359 align:start position:0% a shock to people sometimes people don't 00:51:10.359 --> 00:51:12.670 align:start position:0% a shock to people sometimes people don't follow<00:51:10.839> regulations<00:51:11.839> and<00:51:12.200> sometimes<00:51:12.520> they 00:51:12.670 --> 00:51:12.680 align:start position:0% follow regulations and sometimes they 00:51:12.680 --> 00:51:15.349 align:start position:0% follow regulations and sometimes they commit<00:51:13.040> fraud<00:51:14.040> um<00:51:14.599> and<00:51:14.680> so<00:51:14.839> I<00:51:14.960> think<00:51:15.079> it<00:51:15.160> will 00:51:15.349 --> 00:51:15.359 align:start position:0% commit fraud um and so I think it will 00:51:15.359 --> 00:51:18.270 align:start position:0% commit fraud um and so I think it will actually<00:51:15.640> be<00:51:16.079> easier<00:51:16.720> in<00:51:16.960> trafi<00:51:17.680> you<00:51:17.799> might 00:51:18.270 --> 00:51:18.280 align:start position:0% actually be easier in trafi you might 00:51:18.280 --> 00:51:21.990 align:start position:0% actually be easier in trafi you might have<00:51:18.520> trafi<00:51:19.359> applications<00:51:20.359> of<00:51:20.680> ZK<00:51:21.400> which<00:51:21.520> is 00:51:21.990 --> 00:51:22.000 align:start position:0% have trafi applications of ZK which is 00:51:22.000 --> 00:51:23.510 align:start position:0% have trafi applications of ZK which is which<00:51:22.119> are<00:51:22.280> completely<00:51:22.680> independent<00:51:23.119> of 00:51:23.510 --> 00:51:23.520 align:start position:0% which are completely independent of 00:51:23.520 --> 00:51:25.950 align:start position:0% which are completely independent of blockchain<00:51:24.520> which<00:51:24.720> bring<00:51:25.079> more<00:51:25.359> privacy<00:51:25.760> to 00:51:25.950 --> 00:51:25.960 align:start position:0% blockchain which bring more privacy to 00:51:25.960 --> 00:51:29.470 align:start position:0% blockchain which bring more privacy to more<00:51:26.119> types<00:51:26.319> of 00:51:29.470 --> 00:51:29.480 align:start position:0% 00:51:29.480 --> 00:51:31.990 align:start position:0% transactions<00:51:30.480> okay<00:51:30.960> cool<00:51:31.400> um<00:51:31.559> we<00:51:31.640> can<00:51:31.760> go<00:51:31.880> to 00:51:31.990 --> 00:51:32.000 align:start position:0% transactions okay cool um we can go to 00:51:32.000 --> 00:51:33.950 align:start position:0% transactions okay cool um we can go to the<00:51:32.119> next<00:51:32.359> question<00:51:33.000> why<00:51:33.200> traditional<00:51:33.720> can't 00:51:33.950 --> 00:51:33.960 align:start position:0% the next question why traditional can't 00:51:33.960 --> 00:51:36.750 align:start position:0% the next question why traditional can't offer<00:51:34.319> High<00:51:34.599> fixed<00:51:34.839> rate<00:51:35.839> uh<00:51:36.160> High<00:51:36.319> fixed<00:51:36.599> rate 00:51:36.750 --> 00:51:36.760 align:start position:0% offer High fixed rate uh High fixed rate 00:51:36.760 --> 00:51:39.510 align:start position:0% offer High fixed rate uh High fixed rate yields<00:51:37.760> like 00:51:39.510 --> 00:51:39.520 align:start position:0% yields like 00:51:39.520 --> 00:51:42.230 align:start position:0% yields like defi<00:51:40.520> uh<00:51:41.200> because<00:51:41.960> when<00:51:42.119> the 00:51:42.230 --> 00:51:42.240 align:start position:0% defi uh because when the 00:51:42.240 --> 00:51:45.150 align:start position:0% defi uh because when the cryptocurrencies<00:51:43.200> go<00:51:43.559> up<00:51:44.559> and<00:51:44.680> they<00:51:44.880> pay<00:51:45.040> you 00:51:45.150 --> 00:51:45.160 align:start position:0% cryptocurrencies go up and they pay you 00:51:45.160 --> 00:51:47.510 align:start position:0% cryptocurrencies go up and they pay you in<00:51:45.839> cryptocurrencies<00:51:46.839> the<00:51:46.960> interest<00:51:47.280> rates 00:51:47.510 --> 00:51:47.520 align:start position:0% in cryptocurrencies the interest rates 00:51:47.520 --> 00:51:52.109 align:start position:0% in cryptocurrencies the interest rates are 00:51:52.109 --> 00:51:52.119 align:start position:0% 00:51:52.119 --> 00:51:55.510 align:start position:0% high<00:51:53.119> pretty<00:51:53.319> much<00:51:54.280> I<00:51:54.400> just<00:51:54.520> want<00:51:54.680> to<00:51:54.880> add<00:51:55.079> like 00:51:55.510 --> 00:51:55.520 align:start position:0% high pretty much I just want to add like 00:51:55.520 --> 00:51:57.950 align:start position:0% high pretty much I just want to add like I<00:51:55.720> I<00:51:55.920> I<00:51:56.000> deeply<00:51:56.319> think<00:51:56.880> you<00:51:57.040> can<00:51:57.319> still<00:51:57.720> like 00:51:57.950 --> 00:51:57.960 align:start position:0% I I I deeply think you can still like 00:51:57.960 --> 00:52:00.150 align:start position:0% I I I deeply think you can still like get<00:51:58.200> like<00:51:58.400> very<00:51:58.680> high<00:51:58.960> rate<00:51:59.280> in<00:51:59.400> the<00:51:59.520> TR<00:51:59.839> F 00:52:00.150 --> 00:52:00.160 align:start position:0% get like very high rate in the TR F 00:52:00.160 --> 00:52:02.589 align:start position:0% get like very high rate in the TR F ecosystem<00:52:00.720> it's<00:52:00.920> just<00:52:01.119> like<00:52:01.319> you<00:52:01.880> as<00:52:02.000> a<00:52:02.119> retail 00:52:02.589 --> 00:52:02.599 align:start position:0% ecosystem it's just like you as a retail 00:52:02.599 --> 00:52:04.670 align:start position:0% ecosystem it's just like you as a retail you<00:52:02.720> can't<00:52:03.000> access<00:52:03.319> it<00:52:03.640> and<00:52:04.040> this<00:52:04.200> goes<00:52:04.400> back 00:52:04.670 --> 00:52:04.680 align:start position:0% you can't access it and this goes back 00:52:04.680 --> 00:52:07.309 align:start position:0% you can't access it and this goes back to<00:52:05.119> what<00:52:05.280> Lucas<00:52:05.720> was<00:52:05.880> saying<00:52:06.160> is<00:52:06.400> like<00:52:07.200> uh 00:52:07.309 --> 00:52:07.319 align:start position:0% to what Lucas was saying is like uh 00:52:07.319 --> 00:52:10.190 align:start position:0% to what Lucas was saying is like uh spark<00:52:07.760> is<00:52:07.960> like<00:52:08.440> um<00:52:08.760> and<00:52:08.960> like<00:52:09.400> any<00:52:09.720> D5 00:52:10.190 --> 00:52:10.200 align:start position:0% spark is like um and like any D5 00:52:10.200 --> 00:52:13.349 align:start position:0% spark is like um and like any D5 Protocols<00:52:10.680> are<00:52:11.240> just<00:52:11.559> about<00:52:11.960> like<00:52:12.440> providing 00:52:13.349 --> 00:52:13.359 align:start position:0% Protocols are just about like providing 00:52:13.359 --> 00:52:16.549 align:start position:0% Protocols are just about like providing the<00:52:14.280> the<00:52:14.480> the<00:52:14.640> good<00:52:14.920> rates<00:52:15.319> to<00:52:15.599> end<00:52:15.920> users 00:52:16.549 --> 00:52:16.559 align:start position:0% the the the good rates to end users 00:52:16.559 --> 00:52:18.470 align:start position:0% the the the good rates to end users which<00:52:16.680> is<00:52:16.880> like<00:52:17.119> something<00:52:17.559> that<00:52:17.720> is<00:52:18.319> uh 00:52:18.470 --> 00:52:18.480 align:start position:0% which is like something that is uh 00:52:18.480 --> 00:52:22.069 align:start position:0% which is like something that is uh completely<00:52:18.920> gated<00:52:19.319> into<00:52:19.599> the<00:52:19.839> tri<00:52:21.079> ecosystem 00:52:22.069 --> 00:52:22.079 align:start position:0% completely gated into the tri ecosystem 00:52:22.079 --> 00:52:24.510 align:start position:0% completely gated into the tri ecosystem um<00:52:22.359> so<00:52:22.520> it's<00:52:22.720> just<00:52:22.960> like<00:52:23.240> I<00:52:23.319> think<00:52:23.520> it's<00:52:23.799> just 00:52:24.510 --> 00:52:24.520 align:start position:0% um so it's just like I think it's just 00:52:24.520 --> 00:52:28.069 align:start position:0% um so it's just like I think it's just hidden<00:52:25.359> uh<00:52:25.480> and<00:52:25.599> you<00:52:25.760> can't<00:52:25.960> see<00:52:26.160> it<00:52:26.760> and<00:52:27.200> um 00:52:28.069 --> 00:52:28.079 align:start position:0% hidden uh and you can't see it and um 00:52:28.079 --> 00:52:30.750 align:start position:0% hidden uh and you can't see it and um but<00:52:28.480> and<00:52:28.720> and<00:52:28.920> yeah<00:52:29.559> after<00:52:29.960> like<00:52:30.160> you<00:52:30.280> can<00:52:30.480> also 00:52:30.750 --> 00:52:30.760 align:start position:0% but and and yeah after like you can also 00:52:30.760 --> 00:52:33.829 align:start position:0% but and and yeah after like you can also have<00:52:30.920> like<00:52:31.119> very<00:52:31.400> very<00:52:31.720> crazy<00:52:32.319> defy<00:52:32.960> rates 00:52:33.829 --> 00:52:33.839 align:start position:0% have like very very crazy defy rates 00:52:33.839 --> 00:52:37.069 align:start position:0% have like very very crazy defy rates that<00:52:34.319> might<00:52:34.599> not<00:52:35.040> appear<00:52:35.520> in<00:52:35.680> the<00:52:36.040> Trad<00:52:36.400> V 00:52:37.069 --> 00:52:37.079 align:start position:0% that might not appear in the Trad V 00:52:37.079 --> 00:52:39.270 align:start position:0% that might not appear in the Trad V ecosystem<00:52:37.720> but<00:52:38.200> because<00:52:38.520> like<00:52:38.839> you<00:52:39.040> don't 00:52:39.270 --> 00:52:39.280 align:start position:0% ecosystem but because like you don't 00:52:39.280 --> 00:52:41.910 align:start position:0% ecosystem but because like you don't have<00:52:39.440> like<00:52:39.599> smart<00:52:39.960> contract<00:52:40.400> risk<00:52:41.240> and<00:52:41.599> uh<00:52:41.760> you 00:52:41.910 --> 00:52:41.920 align:start position:0% have like smart contract risk and uh you 00:52:41.920 --> 00:52:44.990 align:start position:0% have like smart contract risk and uh you have<00:52:42.400> there<00:52:42.640> perhaps<00:52:43.559> less<00:52:43.920> mem<00:52:44.280> coins<00:52:44.599> or 00:52:44.990 --> 00:52:45.000 align:start position:0% have there perhaps less mem coins or 00:52:45.000 --> 00:52:47.990 align:start position:0% have there perhaps less mem coins or those<00:52:45.280> kind<00:52:45.440> of<00:52:45.599> things<00:52:46.319> because<00:52:46.559> it's<00:52:46.799> a<00:52:46.920> bit 00:52:47.990 --> 00:52:48.000 align:start position:0% those kind of things because it's a bit 00:52:48.000 --> 00:52:49.829 align:start position:0% those kind of things because it's a bit holder<00:52:49.000> yeah<00:52:49.119> I<00:52:49.200> just<00:52:49.280> want<00:52:49.400> to<00:52:49.520> Echo<00:52:49.720> what 00:52:49.829 --> 00:52:49.839 align:start position:0% holder yeah I just want to Echo what 00:52:49.839 --> 00:52:51.470 align:start position:0% holder yeah I just want to Echo what Merlin<00:52:50.160> was<00:52:50.280> saying<00:52:50.559> I<00:52:50.680> think<00:52:50.920> the<00:52:51.079> biggest 00:52:51.470 --> 00:52:51.480 align:start position:0% Merlin was saying I think the biggest 00:52:51.480 --> 00:52:53.190 align:start position:0% Merlin was saying I think the biggest thing<00:52:51.680> is<00:52:51.880> that<00:52:52.040> you<00:52:52.160> don't<00:52:52.520> you<00:52:52.599> don't<00:52:52.880> hear 00:52:53.190 --> 00:52:53.200 align:start position:0% thing is that you don't you don't hear 00:52:53.200 --> 00:52:57.030 align:start position:0% thing is that you don't you don't hear about<00:52:53.520> these<00:52:54.200> large<00:52:54.680> yields<00:52:55.680> um<00:52:56.119> as<00:52:56.520> you<00:52:56.599> know 00:52:57.030 --> 00:52:57.040 align:start position:0% about these large yields um as you know 00:52:57.040 --> 00:53:01.549 align:start position:0% about these large yields um as you know retail<00:52:57.760> users<00:52:58.760> uh<00:52:58.920> in<00:52:59.160> in<00:52:59.480> trafi<00:53:00.480> but<00:53:00.640> they<00:53:00.799> are 00:53:01.549 --> 00:53:01.559 align:start position:0% retail users uh in in trafi but they are 00:53:01.559 --> 00:53:03.990 align:start position:0% retail users uh in in trafi but they are available<00:53:02.559> uh<00:53:02.760> to<00:53:03.400> you<00:53:03.520> know<00:53:03.720> big 00:53:03.990 --> 00:53:04.000 align:start position:0% available uh to you know big 00:53:04.000 --> 00:53:05.870 align:start position:0% available uh to you know big institutional<00:53:04.680> players<00:53:05.359> accredited 00:53:05.870 --> 00:53:05.880 align:start position:0% institutional players accredited 00:53:05.880 --> 00:53:07.910 align:start position:0% institutional players accredited investors<00:53:06.520> there's<00:53:07.079> there's<00:53:07.319> gatekeeping 00:53:07.910 --> 00:53:07.920 align:start position:0% investors there's there's gatekeeping 00:53:07.920 --> 00:53:08.990 align:start position:0% investors there's there's gatekeeping that<00:53:08.040> happens<00:53:08.319> in<00:53:08.440> the<00:53:08.559> traditional 00:53:08.990 --> 00:53:09.000 align:start position:0% that happens in the traditional 00:53:09.000 --> 00:53:12.270 align:start position:0% that happens in the traditional Financial<00:53:09.480> system<00:53:10.200> and<00:53:10.720> uh<00:53:11.200> through<00:53:11.440> defi<00:53:12.160> you 00:53:12.270 --> 00:53:12.280 align:start position:0% Financial system and uh through defi you 00:53:12.280 --> 00:53:14.190 align:start position:0% Financial system and uh through defi you can<00:53:12.720> you<00:53:12.799> can<00:53:13.119> pass<00:53:13.359> these<00:53:13.520> yields<00:53:13.920> back<00:53:14.040> to 00:53:14.190 --> 00:53:14.200 align:start position:0% can you can pass these yields back to 00:53:14.200 --> 00:53:17.670 align:start position:0% can you can pass these yields back to the<00:53:14.440> user<00:53:15.440> um<00:53:15.599> more<00:53:15.880> easily<00:53:16.880> but<00:53:17.359> another 00:53:17.670 --> 00:53:17.680 align:start position:0% the user um more easily but another 00:53:17.680 --> 00:53:21.150 align:start position:0% the user um more easily but another thing<00:53:17.880> on<00:53:18.119> top<00:53:18.319> of<00:53:18.559> that<00:53:18.880> is<00:53:19.200> the<00:53:19.720> vast<00:53:20.680> uh 00:53:21.150 --> 00:53:21.160 align:start position:0% thing on top of that is the vast uh 00:53:21.160 --> 00:53:23.829 align:start position:0% thing on top of that is the vast uh efficiencies<00:53:22.160> of<00:53:22.400> using<00:53:23.040> something<00:53:23.359> like 00:53:23.829 --> 00:53:23.839 align:start position:0% efficiencies of using something like 00:53:23.839 --> 00:53:26.109 align:start position:0% efficiencies of using something like defi<00:53:24.839> uh<00:53:25.000> again<00:53:25.160> to<00:53:25.280> bring<00:53:25.440> it<00:53:25.559> back<00:53:25.680> to<00:53:25.799> Maple 00:53:26.109 --> 00:53:26.119 align:start position:0% defi uh again to bring it back to Maple 00:53:26.119 --> 00:53:30.390 align:start position:0% defi uh again to bring it back to Maple Finance<00:53:26.559> it's<00:53:26.799> like<00:53:27.280> you<00:53:27.920> know<00:53:29.400> getting 00:53:30.390 --> 00:53:30.400 align:start position:0% Finance it's like you know getting 00:53:30.400 --> 00:53:32.349 align:start position:0% Finance it's like you know getting theoretically<00:53:31.079> hundreds<00:53:31.440> or<00:53:31.720> thousands<00:53:32.160> of 00:53:32.349 --> 00:53:32.359 align:start position:0% theoretically hundreds or thousands of 00:53:32.359 --> 00:53:33.829 align:start position:0% theoretically hundreds or thousands of liquidity<00:53:32.839> providers<00:53:33.240> in<00:53:33.480> different 00:53:33.829 --> 00:53:33.839 align:start position:0% liquidity providers in different 00:53:33.839 --> 00:53:36.390 align:start position:0% liquidity providers in different countries<00:53:34.680> to<00:53:34.839> lend<00:53:35.160> into<00:53:35.440> one<00:53:35.680> pool<00:53:36.040> and<00:53:36.200> that 00:53:36.390 --> 00:53:36.400 align:start position:0% countries to lend into one pool and that 00:53:36.400 --> 00:53:39.270 align:start position:0% countries to lend into one pool and that pool<00:53:36.640> lending<00:53:36.960> out<00:53:37.200> to<00:53:37.920> many<00:53:38.359> institutions 00:53:39.270 --> 00:53:39.280 align:start position:0% pool lending out to many institutions 00:53:39.280 --> 00:53:40.910 align:start position:0% pool lending out to many institutions and<00:53:39.400> then<00:53:39.640> collecting<00:53:40.040> the<00:53:40.200> interest<00:53:40.559> and<00:53:40.720> R 00:53:40.910 --> 00:53:40.920 align:start position:0% and then collecting the interest and R 00:53:40.920 --> 00:53:43.510 align:start position:0% and then collecting the interest and R Distributing<00:53:41.480> that<00:53:41.680> to<00:53:41.839> all<00:53:42.000> the<00:53:42.240> LPS<00:53:43.240> if<00:53:43.400> that 00:53:43.510 --> 00:53:43.520 align:start position:0% Distributing that to all the LPS if that 00:53:43.520 --> 00:53:45.309 align:start position:0% Distributing that to all the LPS if that was<00:53:43.680> done<00:53:43.880> in<00:53:44.000> the<00:53:44.200> traditional<00:53:44.760> Financial 00:53:45.309 --> 00:53:45.319 align:start position:0% was done in the traditional Financial 00:53:45.319 --> 00:53:48.309 align:start position:0% was done in the traditional Financial system<00:53:46.040> with<00:53:46.280> wire<00:53:46.599> transfers<00:53:47.280> and<00:53:47.440> manual 00:53:48.309 --> 00:53:48.319 align:start position:0% system with wire transfers and manual 00:53:48.319 --> 00:53:50.549 align:start position:0% system with wire transfers and manual reconciliation<00:53:49.319> all<00:53:49.480> of<00:53:49.640> the<00:53:49.799> administrative 00:53:50.549 --> 00:53:50.559 align:start position:0% reconciliation all of the administrative 00:53:50.559 --> 00:53:52.549 align:start position:0% reconciliation all of the administrative costs<00:53:51.040> and<00:53:51.200> the<00:53:51.359> settlement<00:53:51.839> time<00:53:52.079> to<00:53:52.240> do<00:53:52.440> with 00:53:52.549 --> 00:53:52.559 align:start position:0% costs and the settlement time to do with 00:53:52.559 --> 00:53:54.470 align:start position:0% costs and the settlement time to do with that<00:53:52.720> is<00:53:52.880> just<00:53:53.040> like<00:53:53.160> an<00:53:53.559> absolute 00:53:54.470 --> 00:53:54.480 align:start position:0% that is just like an absolute 00:53:54.480 --> 00:53:56.150 align:start position:0% that is just like an absolute inconceivable<00:53:55.240> nightmare<00:53:55.760> you<00:53:55.880> know<00:53:55.960> what<00:53:56.079> I 00:53:56.150 --> 00:53:56.160 align:start position:0% inconceivable nightmare you know what I 00:53:56.160 --> 00:53:58.190 align:start position:0% inconceivable nightmare you know what I mean<00:53:56.480> especially<00:53:56.839> for<00:53:57.119> like<00:53:57.359> low<00:53:57.799> amounts 00:53:58.190 --> 00:53:58.200 align:start position:0% mean especially for like low amounts 00:53:58.200 --> 00:54:00.470 align:start position:0% mean especially for like low amounts like<00:53:58.319> if<00:53:58.440> people<00:53:58.640> are<00:53:58.799> depositing<00:53:59.480> $100 00:54:00.470 --> 00:54:00.480 align:start position:0% like if people are depositing $100 00:54:00.480 --> 00:54:03.470 align:start position:0% like if people are depositing $100 $1,000<00:54:01.040> doll<00:54:02.040> um<00:54:02.319> but<00:54:02.480> with<00:54:02.640> smart<00:54:02.960> contracts 00:54:03.470 --> 00:54:03.480 align:start position:0% $1,000 doll um but with smart contracts 00:54:03.480 --> 00:54:05.549 align:start position:0% $1,000 doll um but with smart contracts as<00:54:03.599> soon<00:54:03.760> as<00:54:03.920> one<00:54:04.200> borrower<00:54:04.680> makes<00:54:04.839> a<00:54:05.040> payment 00:54:05.549 --> 00:54:05.559 align:start position:0% as soon as one borrower makes a payment 00:54:05.559 --> 00:54:07.230 align:start position:0% as soon as one borrower makes a payment that<00:54:05.760> interest<00:54:06.160> is<00:54:06.400> you<00:54:06.480> know<00:54:06.680> automatically 00:54:07.230 --> 00:54:07.240 align:start position:0% that interest is you know automatically 00:54:07.240 --> 00:54:09.109 align:start position:0% that interest is you know automatically distributed<00:54:07.720> to<00:54:07.839> all<00:54:08.000> the<00:54:08.079> LPS<00:54:08.920> uh 00:54:09.109 --> 00:54:09.119 align:start position:0% distributed to all the LPS uh 00:54:09.119 --> 00:54:11.789 align:start position:0% distributed to all the LPS uh immediately<00:54:10.119> so<00:54:10.559> the<00:54:10.680> amount<00:54:10.880> of<00:54:11.160> efficiency 00:54:11.789 --> 00:54:11.799 align:start position:0% immediately so the amount of efficiency 00:54:11.799 --> 00:54:13.750 align:start position:0% immediately so the amount of efficiency that<00:54:11.880> you<00:54:12.040> gain<00:54:12.400> with<00:54:12.559> that<00:54:12.760> you<00:54:12.960> really<00:54:13.280> can 00:54:13.750 --> 00:54:13.760 align:start position:0% that you gain with that you really can 00:54:13.760 --> 00:54:16.549 align:start position:0% that you gain with that you really can pass<00:54:13.960> on<00:54:14.240> these<00:54:14.440> yields<00:54:15.200> back<00:54:15.359> to<00:54:15.520> the<00:54:15.640> users 00:54:16.549 --> 00:54:16.559 align:start position:0% pass on these yields back to the users 00:54:16.559 --> 00:54:19.670 align:start position:0% pass on these yields back to the users uh<00:54:16.680> in<00:54:16.799> a<00:54:17.000> in<00:54:17.079> a<00:54:17.240> much<00:54:17.400> better<00:54:17.920> way<00:54:18.920> well<00:54:19.119> listen 00:54:19.670 --> 00:54:19.680 align:start position:0% uh in a in a much better way well listen 00:54:19.680 --> 00:54:21.349 align:start position:0% uh in a in a much better way well listen sorry<00:54:20.280> uh<00:54:20.440> thanks<00:54:20.640> for<00:54:20.799> million<00:54:21.079> guys<00:54:21.280> that 00:54:21.349 --> 00:54:21.359 align:start position:0% sorry uh thanks for million guys that 00:54:21.359 --> 00:54:23.670 align:start position:0% sorry uh thanks for million guys that was<00:54:21.520> a<00:54:21.680> a<00:54:21.799> really<00:54:22.240> insightful<00:54:22.720> panel<00:54:23.440> uh<00:54:23.559> I'd 00:54:23.670 --> 00:54:23.680 align:start position:0% was a a really insightful panel uh I'd 00:54:23.680 --> 00:54:24.910 align:start position:0% was a a really insightful panel uh I'd like<00:54:23.799> to<00:54:23.960> give<00:54:24.040> a<00:54:24.119> shout<00:54:24.280> out<00:54:24.400> to<00:54:24.520> inventive 00:54:24.910 --> 00:54:24.920 align:start position:0% like to give a shout out to inventive 00:54:24.920 --> 00:54:27.789 align:start position:0% like to give a shout out to inventive for<00:54:25.880> providing<00:54:26.520> 95%<00:54:27.240> of<00:54:27.359> the<00:54:27.440> questions 00:54:27.789 --> 00:54:27.799 align:start position:0% for providing 95% of the questions 00:54:27.799 --> 00:54:29.829 align:start position:0% for providing 95% of the questions there<00:54:27.960> that<00:54:28.079> was<00:54:28.440> really<00:54:28.599> thanks<00:54:28.839> a<00:54:28.960> lot 00:54:29.829 --> 00:54:29.839 align:start position:0% there that was really thanks a lot 00:54:29.839 --> 00:54:31.030 align:start position:0% there that was really thanks a lot thanks<00:54:30.000> again<00:54:30.119> to<00:54:30.200> Our<00:54:30.319> panelist<00:54:30.760> Round<00:54:30.920> of 00:54:31.030 --> 00:54:31.040 align:start position:0% thanks again to Our panelist Round of 00:54:31.040 --> 00:54:34.040 align:start position:0% thanks again to Our panelist Round of Applause