WEBVTT
Kind: captions
Language: en

00:00:01.010 --> 00:00:08.150 align:start position:0%
 
[Music]

00:00:08.150 --> 00:00:08.160 align:start position:0%
 
 

00:00:08.160 --> 00:00:11.070 align:start position:0%
 
hi<00:00:08.920><c> everyone</c><00:00:09.920><c> thank</c><00:00:10.160><c> you</c><00:00:10.360><c> very</c><00:00:10.599><c> much</c><00:00:10.800><c> for</c>

00:00:11.070 --> 00:00:11.080 align:start position:0%
hi everyone thank you very much for
 

00:00:11.080 --> 00:00:14.509 align:start position:0%
hi everyone thank you very much for
joining<00:00:11.559><c> our</c><00:00:11.880><c> session</c><00:00:12.679><c> today</c><00:00:13.120><c> is</c><00:00:13.519><c> Wednesday</c>

00:00:14.509 --> 00:00:14.519 align:start position:0%
joining our session today is Wednesday
 

00:00:14.519 --> 00:00:16.670 align:start position:0%
joining our session today is Wednesday
and<00:00:14.719><c> it's</c><00:00:14.879><c> a</c><00:00:15.160><c> perfect</c><00:00:15.599><c> day</c><00:00:15.799><c> for</c><00:00:16.160><c> discussing</c>

00:00:16.670 --> 00:00:16.680 align:start position:0%
and it's a perfect day for discussing
 

00:00:16.680 --> 00:00:21.310 align:start position:0%
and it's a perfect day for discussing
some<00:00:17.000><c> ston</c><00:00:17.480><c> use</c><00:00:17.720><c> and</c><00:00:18.439><c> risk</c><00:00:19.760><c> um</c><00:00:20.760><c> so</c><00:00:21.039><c> this</c><00:00:21.160><c> is</c>

00:00:21.310 --> 00:00:21.320 align:start position:0%
some ston use and risk um so this is
 

00:00:21.320 --> 00:00:24.269 align:start position:0%
some ston use and risk um so this is
going<00:00:21.480><c> to</c><00:00:21.600><c> be</c><00:00:21.760><c> a</c><00:00:21.920><c> 55</c><00:00:22.560><c> minute</c><00:00:23.039><c> session</c><00:00:23.480><c> 45</c>

00:00:24.269 --> 00:00:24.279 align:start position:0%
going to be a 55 minute session 45
 

00:00:24.279 --> 00:00:26.790 align:start position:0%
going to be a 55 minute session 45
minutes<00:00:24.640><c> for</c><00:00:25.400><c> panel</c><00:00:25.800><c> discussion</c><00:00:26.519><c> and</c><00:00:26.640><c> then</c>

00:00:26.790 --> 00:00:26.800 align:start position:0%
minutes for panel discussion and then
 

00:00:26.800 --> 00:00:29.189 align:start position:0%
minutes for panel discussion and then
the<00:00:26.960><c> last</c><00:00:27.199><c> 10</c><00:00:27.439><c> minutes</c><00:00:28.039><c> is</c><00:00:28.199><c> going</c><00:00:28.400><c> to</c><00:00:28.599><c> be</c><00:00:28.840><c> for</c>

00:00:29.189 --> 00:00:29.199 align:start position:0%
the last 10 minutes is going to be for
 

00:00:29.199 --> 00:00:32.870 align:start position:0%
the last 10 minutes is going to be for
Q&amp;A<00:00:30.320><c> uh</c><00:00:30.439><c> the</c><00:00:30.560><c> Q&amp;A</c><00:00:30.960><c> is</c><00:00:31.080><c> only</c><00:00:31.359><c> open</c><00:00:31.759><c> to</c><00:00:32.239><c> audience</c>

00:00:32.870 --> 00:00:32.880 align:start position:0%
Q&amp;A uh the Q&amp;A is only open to audience
 

00:00:32.880 --> 00:00:35.990 align:start position:0%
Q&amp;A uh the Q&amp;A is only open to audience
at<00:00:33.120><c> the</c><00:00:33.920><c> venue</c><00:00:34.600><c> and</c><00:00:35.079><c> I</c><00:00:35.239><c> believe</c><00:00:35.559><c> you</c><00:00:35.719><c> need</c><00:00:35.879><c> to</c>

00:00:35.990 --> 00:00:36.000 align:start position:0%
at the venue and I believe you need to
 

00:00:36.000 --> 00:00:40.910 align:start position:0%
at the venue and I believe you need to
scan<00:00:36.360><c> the</c><00:00:36.559><c> QR</c><00:00:36.960><c> code</c><00:00:37.239><c> here</c><00:00:37.399><c> to</c><00:00:37.559><c> submit</c><00:00:37.960><c> your</c>

00:00:40.910 --> 00:00:40.920 align:start position:0%
 
 

00:00:40.920 --> 00:00:44.630 align:start position:0%
 
question<00:00:41.920><c> um</c><00:00:42.559><c> so</c><00:00:42.840><c> let's</c><00:00:43.079><c> get</c><00:00:43.280><c> started</c><00:00:44.280><c> I</c><00:00:44.399><c> am</c>

00:00:44.630 --> 00:00:44.640 align:start position:0%
question um so let's get started I am
 

00:00:44.640 --> 00:00:47.709 align:start position:0%
question um so let's get started I am
Tammy<00:00:45.640><c> um</c><00:00:45.800><c> I'm</c><00:00:46.079><c> specialized</c><00:00:46.800><c> in</c><00:00:47.120><c> on</c><00:00:47.399><c> chain</c>

00:00:47.709 --> 00:00:47.719 align:start position:0%
Tammy um I'm specialized in on chain
 

00:00:47.719 --> 00:00:50.310 align:start position:0%
Tammy um I'm specialized in on chain
research<00:00:48.559><c> and</c><00:00:48.760><c> then</c><00:00:48.960><c> I'm</c><00:00:49.280><c> passionate</c><00:00:49.879><c> about</c>

00:00:50.310 --> 00:00:50.320 align:start position:0%
research and then I'm passionate about
 

00:00:50.320 --> 00:00:53.189 align:start position:0%
research and then I'm passionate about
stable<00:00:50.760><c> coin</c><00:00:51.440><c> and</c><00:00:51.600><c> stable</c><00:00:51.920><c> coin</c><00:00:52.160><c> risk</c><00:00:52.840><c> so</c><00:00:53.079><c> I</c>

00:00:53.189 --> 00:00:53.199 align:start position:0%
stable coin and stable coin risk so I
 

00:00:53.199 --> 00:00:56.590 align:start position:0%
stable coin and stable coin risk so I
have<00:00:53.359><c> spent</c><00:00:53.719><c> some</c><00:00:54.039><c> time</c><00:00:54.480><c> on</c><00:00:55.120><c> developing</c><00:00:56.120><c> um</c><00:00:56.399><c> a</c>

00:00:56.590 --> 00:00:56.600 align:start position:0%
have spent some time on developing um a
 

00:00:56.600 --> 00:00:58.830 align:start position:0%
have spent some time on developing um a
St<00:00:56.960><c> coin</c><00:00:57.160><c> risk</c><00:00:57.520><c> assessment</c><00:00:57.920><c> framework</c><00:00:58.559><c> that</c>

00:00:58.830 --> 00:00:58.840 align:start position:0%
St coin risk assessment framework that
 

00:00:58.840 --> 00:01:03.630 align:start position:0%
St coin risk assessment framework that
Leverage<00:01:00.239><c> uh</c><00:01:00.920><c> data</c><00:01:01.280><c> driven</c><00:01:02.079><c> metrics</c><00:01:03.079><c> and</c>

00:01:03.630 --> 00:01:03.640 align:start position:0%
Leverage uh data driven metrics and
 

00:01:03.640 --> 00:01:06.190 align:start position:0%
Leverage uh data driven metrics and
today<00:01:04.040><c> I</c><00:01:04.119><c> am</c><00:01:04.280><c> the</c><00:01:04.439><c> moderator</c><00:01:05.000><c> of</c><00:01:05.159><c> the</c><00:01:05.320><c> session</c>

00:01:06.190 --> 00:01:06.200 align:start position:0%
today I am the moderator of the session
 

00:01:06.200 --> 00:01:08.990 align:start position:0%
today I am the moderator of the session
really<00:01:06.520><c> excited</c><00:01:07.080><c> about</c><00:01:07.360><c> our</c><00:01:07.600><c> panel</c><00:01:08.400><c> with</c><00:01:08.720><c> the</c>

00:01:08.990 --> 00:01:09.000 align:start position:0%
really excited about our panel with the
 

00:01:09.000 --> 00:01:10.910 align:start position:0%
really excited about our panel with the
representatives<00:01:09.759><c> coming</c><00:01:10.080><c> from</c><00:01:10.280><c> stable</c><00:01:10.680><c> coin</c>

00:01:10.910 --> 00:01:10.920 align:start position:0%
representatives coming from stable coin
 

00:01:10.920 --> 00:01:13.550 align:start position:0%
representatives coming from stable coin
project<00:01:11.400><c> and</c><00:01:11.600><c> onchain</c><00:01:12.080><c> liquidity</c>

00:01:13.550 --> 00:01:13.560 align:start position:0%
project and onchain liquidity
 

00:01:13.560 --> 00:01:15.950 align:start position:0%
project and onchain liquidity
provider<00:01:14.560><c> how</c><00:01:14.720><c> about</c><00:01:14.920><c> we</c><00:01:15.040><c> start</c><00:01:15.320><c> a</c><00:01:15.479><c> session</c>

00:01:15.950 --> 00:01:15.960 align:start position:0%
provider how about we start a session
 

00:01:15.960 --> 00:01:18.710 align:start position:0%
provider how about we start a session
from<00:01:16.799><c> you</c><00:01:17.080><c> guys</c><00:01:17.360><c> introduce</c><00:01:17.880><c> a</c><00:01:17.960><c> little</c><00:01:18.119><c> bit</c>

00:01:18.710 --> 00:01:18.720 align:start position:0%
from you guys introduce a little bit
 

00:01:18.720 --> 00:01:20.350 align:start position:0%
from you guys introduce a little bit
about<00:01:19.000><c> yourself</c>

00:01:20.350 --> 00:01:20.360 align:start position:0%
about yourself
 

00:01:20.360 --> 00:01:24.230 align:start position:0%
about yourself
um<00:01:21.360><c> yeah</c><00:01:21.720><c> hi</c><00:01:21.960><c> everyone</c><00:01:22.680><c> um</c><00:01:23.079><c> alesandro</c><00:01:23.840><c> I'm</c><00:01:24.079><c> the</c>

00:01:24.230 --> 00:01:24.240 align:start position:0%
um yeah hi everyone um alesandro I'm the
 

00:01:24.240 --> 00:01:27.830 align:start position:0%
um yeah hi everyone um alesandro I'm the
CD<00:01:24.720><c> at</c><00:01:25.079><c> dialectic</c><00:01:26.079><c> um</c><00:01:26.479><c> we</c><00:01:26.640><c> are</c><00:01:27.119><c> a</c><00:01:27.320><c> non-chain</c>

00:01:27.830 --> 00:01:27.840 align:start position:0%
CD at dialectic um we are a non-chain
 

00:01:27.840 --> 00:01:30.350 align:start position:0%
CD at dialectic um we are a non-chain
liquidity<00:01:28.520><c> provider</c><00:01:29.520><c> um</c><00:01:29.920><c> you</c><00:01:30.040><c> can</c><00:01:30.159><c> think</c>

00:01:30.350 --> 00:01:30.360 align:start position:0%
liquidity provider um you can think
 

00:01:30.360 --> 00:01:32.350 align:start position:0%
liquidity provider um you can think
about<00:01:30.640><c> us</c><00:01:30.880><c> as</c><00:01:31.079><c> like</c><00:01:31.280><c> institutional</c><00:01:32.000><c> grade</c>

00:01:32.350 --> 00:01:32.360 align:start position:0%
about us as like institutional grade
 

00:01:32.360 --> 00:01:34.830 align:start position:0%
about us as like institutional grade
yield<00:01:32.640><c> forming</c><00:01:33.240><c> so</c><00:01:33.439><c> we</c><00:01:33.680><c> provide</c><00:01:34.000><c> liquidity</c><00:01:34.600><c> to</c>

00:01:34.830 --> 00:01:34.840 align:start position:0%
yield forming so we provide liquidity to
 

00:01:34.840 --> 00:01:36.710 align:start position:0%
yield forming so we provide liquidity to
anything<00:01:35.320><c> that</c><00:01:35.439><c> is</c><00:01:35.600><c> on</c><00:01:35.799><c> chain</c><00:01:36.280><c> and</c><00:01:36.439><c> and</c><00:01:36.560><c> is</c>

00:01:36.710 --> 00:01:36.720 align:start position:0%
anything that is on chain and and is
 

00:01:36.720 --> 00:01:38.749 align:start position:0%
anything that is on chain and and is
paying<00:01:37.079><c> incentives</c><00:01:38.079><c> so</c><00:01:38.240><c> it's</c><00:01:38.399><c> kind</c><00:01:38.560><c> of</c>

00:01:38.749 --> 00:01:38.759 align:start position:0%
paying incentives so it's kind of
 

00:01:38.759 --> 00:01:42.310 align:start position:0%
paying incentives so it's kind of
liquidity<00:01:39.200><c> as</c><00:01:39.320><c> a</c><00:01:39.520><c> service</c><00:01:40.360><c> as</c><00:01:40.520><c> well</c><00:01:41.119><c> um</c><00:01:42.119><c> and</c>

00:01:42.310 --> 00:01:42.320 align:start position:0%
liquidity as a service as well um and
 

00:01:42.320 --> 00:01:45.069 align:start position:0%
liquidity as a service as well um and
redeploy<00:01:42.880><c> into</c><00:01:43.159><c> stable</c><00:01:43.600><c> coins</c><00:01:44.159><c> and</c><00:01:44.399><c> E</c><00:01:44.840><c> and</c>

00:01:45.069 --> 00:01:45.079 align:start position:0%
redeploy into stable coins and E and
 

00:01:45.079 --> 00:01:47.310 align:start position:0%
redeploy into stable coins and E and
Bitcoin<00:01:45.759><c> yield</c><00:01:46.119><c> opportunities</c><00:01:46.880><c> mainly</c><00:01:47.159><c> on</c>

00:01:47.310 --> 00:01:47.320 align:start position:0%
Bitcoin yield opportunities mainly on
 

00:01:47.320 --> 00:01:50.950 align:start position:0%
Bitcoin yield opportunities mainly on
evm<00:01:48.040><c> chains</c><00:01:49.040><c> and</c><00:01:49.880><c> uh</c><00:01:50.079><c> I'll</c><00:01:50.399><c> probably</c><00:01:50.759><c> be</c>

00:01:50.950 --> 00:01:50.960 align:start position:0%
evm chains and uh I'll probably be
 

00:01:50.960 --> 00:01:54.109 align:start position:0%
evm chains and uh I'll probably be
talking<00:01:51.360><c> mainly</c><00:01:51.719><c> about</c><00:01:52.040><c> risk</c><00:01:52.840><c> uh</c>

00:01:54.109 --> 00:01:54.119 align:start position:0%
talking mainly about risk uh
 

00:01:54.119 --> 00:01:56.469 align:start position:0%
talking mainly about risk uh
today<00:01:55.119><c> um</c><00:01:55.280><c> my</c><00:01:55.399><c> name</c><00:01:55.520><c> is</c><00:01:55.680><c> Colin</c><00:01:56.119><c> I'm</c><00:01:56.240><c> the</c><00:01:56.360><c> head</c>

00:01:56.469 --> 00:01:56.479 align:start position:0%
today um my name is Colin I'm the head
 

00:01:56.479 --> 00:01:59.910 align:start position:0%
today um my name is Colin I'm the head
of<00:01:56.640><c> product</c><00:01:57.000><c> for</c><00:01:57.479><c> uh</c><00:01:57.600><c> liquidy</c><00:01:58.520><c> uh</c><00:01:58.680><c> we</c><00:01:58.840><c> are</c><00:01:59.119><c> a</c>

00:01:59.910 --> 00:01:59.920 align:start position:0%
of product for uh liquidy uh we are a
 

00:01:59.920 --> 00:02:02.190 align:start position:0%
of product for uh liquidy uh we are a
the<00:02:00.039><c> most</c><00:02:00.759><c> uh</c><00:02:00.960><c> decentralized</c><00:02:01.640><c> immutable</c>

00:02:02.190 --> 00:02:02.200 align:start position:0%
the most uh decentralized immutable
 

00:02:02.200 --> 00:02:05.069 align:start position:0%
the most uh decentralized immutable
stable<00:02:02.560><c> coin</c><00:02:02.759><c> that</c><00:02:02.960><c> exists</c><00:02:03.520><c> uh</c><00:02:03.719><c> with</c><00:02:04.000><c> LUSD</c><00:02:05.000><c> uh</c>

00:02:05.069 --> 00:02:05.079 align:start position:0%
stable coin that exists uh with LUSD uh
 

00:02:05.079 --> 00:02:06.950 align:start position:0%
stable coin that exists uh with LUSD uh
and<00:02:05.200><c> I'm</c><00:02:05.320><c> in</c><00:02:05.439><c> charge</c><00:02:05.680><c> of</c><00:02:06.079><c> an</c><00:02:06.200><c> upcoming</c><00:02:06.600><c> product</c>

00:02:06.950 --> 00:02:06.960 align:start position:0%
and I'm in charge of an upcoming product
 

00:02:06.960 --> 00:02:08.669 align:start position:0%
and I'm in charge of an upcoming product
called<00:02:07.159><c> liquidy</c><00:02:07.560><c> V2</c><00:02:08.280><c> and</c><00:02:08.399><c> we'll</c><00:02:08.520><c> have</c><00:02:08.599><c> a</c>

00:02:08.669 --> 00:02:08.679 align:start position:0%
called liquidy V2 and we'll have a
 

00:02:08.679 --> 00:02:10.990 align:start position:0%
called liquidy V2 and we'll have a
stable<00:02:08.959><c> coin</c><00:02:09.239><c> called</c><00:02:09.440><c> bold</c><00:02:10.239><c> um</c><00:02:10.440><c> so</c><00:02:10.640><c> we'll</c><00:02:10.840><c> help</c>

00:02:10.990 --> 00:02:11.000 align:start position:0%
stable coin called bold um so we'll help
 

00:02:11.000 --> 00:02:13.670 align:start position:0%
stable coin called bold um so we'll help
you<00:02:11.120><c> with</c><00:02:11.239><c> the</c><00:02:11.360><c> yield</c><00:02:12.000><c> uh</c><00:02:12.120><c> part</c><00:02:12.239><c> of</c><00:02:12.360><c> this</c>

00:02:13.670 --> 00:02:13.680 align:start position:0%
you with the yield uh part of this
 

00:02:13.680 --> 00:02:17.270 align:start position:0%
you with the yield uh part of this
question<00:02:14.680><c> and</c><00:02:14.959><c> I'm</c><00:02:15.200><c> Ariah</c><00:02:15.879><c> I</c><00:02:16.040><c> a</c><00:02:16.160><c> co-founder</c><00:02:16.760><c> of</c>

00:02:17.270 --> 00:02:17.280 align:start position:0%
question and I'm Ariah I a co-founder of
 

00:02:17.280 --> 00:02:20.030 align:start position:0%
question and I'm Ariah I a co-founder of
gyroscope<00:02:18.280><c> I</c><00:02:18.400><c> also</c><00:02:18.680><c> did</c><00:02:19.000><c> one</c><00:02:19.160><c> of</c><00:02:19.360><c> the</c><00:02:19.760><c> uh</c>

00:02:20.030 --> 00:02:20.040 align:start position:0%
gyroscope I also did one of the uh
 

00:02:20.040 --> 00:02:23.790 align:start position:0%
gyroscope I also did one of the uh
probably<00:02:20.440><c> first</c><00:02:20.840><c> phds</c><00:02:21.760><c> uh</c><00:02:21.959><c> looking</c><00:02:22.519><c> at</c><00:02:22.959><c> uh</c><00:02:23.400><c> at</c>

00:02:23.790 --> 00:02:23.800 align:start position:0%
probably first phds uh looking at uh at
 

00:02:23.800 --> 00:02:28.470 align:start position:0%
probably first phds uh looking at uh at
defi<00:02:24.800><c> uh</c><00:02:25.000><c> back</c><00:02:25.200><c> in</c><00:02:25.840><c> in</c><00:02:26.000><c> about</c><00:02:26.280><c> like</c><00:02:26.440><c> 2018</c><00:02:27.480><c> 2019</c>

00:02:28.470 --> 00:02:28.480 align:start position:0%
defi uh back in in about like 2018 2019
 

00:02:28.480 --> 00:02:31.790 align:start position:0%
defi uh back in in about like 2018 2019
and<00:02:28.680><c> gyroscope</c><00:02:29.599><c> is</c><00:02:30.120><c> a</c><00:02:30.480><c> uh</c><00:02:31.040><c> a</c><00:02:31.160><c> combination</c><00:02:31.599><c> of</c><00:02:31.680><c> a</c>

00:02:31.790 --> 00:02:31.800 align:start position:0%
and gyroscope is a uh a combination of a
 

00:02:31.800 --> 00:02:33.589 align:start position:0%
and gyroscope is a uh a combination of a
decentralized<00:02:32.400><c> stable</c><00:02:32.720><c> coin</c><00:02:32.959><c> and</c><00:02:33.080><c> a</c><00:02:33.239><c> deck</c><00:02:33.480><c> so</c>

00:02:33.589 --> 00:02:33.599 align:start position:0%
decentralized stable coin and a deck so
 

00:02:33.599 --> 00:02:35.790 align:start position:0%
decentralized stable coin and a deck so
it's<00:02:33.720><c> a</c><00:02:33.840><c> little</c><00:02:34.319><c> uh</c><00:02:34.440><c> unique</c><00:02:34.720><c> in</c><00:02:34.879><c> that</c><00:02:35.080><c> regard</c>

00:02:35.790 --> 00:02:35.800 align:start position:0%
it's a little uh unique in that regard
 

00:02:35.800 --> 00:02:37.350 align:start position:0%
it's a little uh unique in that regard
it's<00:02:36.120><c> focused</c><00:02:36.560><c> it's</c><00:02:36.680><c> a</c><00:02:36.800><c> protocol</c><00:02:37.160><c> that's</c>

00:02:37.350 --> 00:02:37.360 align:start position:0%
it's focused it's a protocol that's
 

00:02:37.360 --> 00:02:40.350 align:start position:0%
it's focused it's a protocol that's
focused<00:02:37.800><c> on</c><00:02:38.800><c> uh</c><00:02:38.959><c> risk</c><00:02:39.480><c> and</c><00:02:39.680><c> liquidity</c>

00:02:40.350 --> 00:02:40.360 align:start position:0%
focused on uh risk and liquidity
 

00:02:40.360 --> 00:02:42.550 align:start position:0%
focused on uh risk and liquidity
management<00:02:41.360><c> uh</c><00:02:41.519><c> as</c><00:02:41.680><c> well</c><00:02:41.840><c> as</c><00:02:42.200><c> uh</c><00:02:42.319><c> kind</c><00:02:42.440><c> of</c>

00:02:42.550 --> 00:02:42.560 align:start position:0%
management uh as well as uh kind of
 

00:02:42.560 --> 00:02:44.030 align:start position:0%
management uh as well as uh kind of
generating<00:02:42.920><c> new</c><00:02:43.040><c> yield</c><00:02:43.400><c> opportunities</c>

00:02:44.030 --> 00:02:44.040 align:start position:0%
generating new yield opportunities
 

00:02:44.040 --> 00:02:45.790 align:start position:0%
generating new yield opportunities
around<00:02:44.599><c> uh</c><00:02:44.760><c> specifically</c><00:02:45.200><c> decentralized</c>

00:02:45.790 --> 00:02:45.800 align:start position:0%
around uh specifically decentralized
 

00:02:45.800 --> 00:02:47.550 align:start position:0%
around uh specifically decentralized
stable

00:02:47.550 --> 00:02:47.560 align:start position:0%
stable
 

00:02:47.560 --> 00:02:50.869 align:start position:0%
stable
coins<00:02:48.560><c> um</c><00:02:49.120><c> well</c><00:02:49.360><c> for</c><00:02:49.640><c> the</c><00:02:49.800><c> last</c><00:02:50.040><c> 12</c><00:02:50.360><c> months</c><00:02:50.760><c> we</c>

00:02:50.869 --> 00:02:50.879 align:start position:0%
coins um well for the last 12 months we
 

00:02:50.879 --> 00:02:53.670 align:start position:0%
coins um well for the last 12 months we
have<00:02:51.080><c> seen</c><00:02:51.920><c> the</c><00:02:52.080><c> number</c><00:02:52.599><c> of</c><00:02:52.840><c> new</c><00:02:53.080><c> stable</c><00:02:53.440><c> coin</c>

00:02:53.670 --> 00:02:53.680 align:start position:0%
have seen the number of new stable coin
 

00:02:53.680 --> 00:02:55.630 align:start position:0%
have seen the number of new stable coin
project<00:02:54.200><c> rise</c>

00:02:55.630 --> 00:02:55.640 align:start position:0%
project rise
 

00:02:55.640 --> 00:02:59.470 align:start position:0%
project rise
exponentially<00:02:57.080><c> but</c><00:02:58.080><c> however</c><00:02:58.840><c> I</c><00:02:58.959><c> think</c><00:02:59.200><c> around</c>

00:02:59.470 --> 00:02:59.480 align:start position:0%
exponentially but however I think around
 

00:02:59.480 --> 00:03:02.390 align:start position:0%
exponentially but however I think around
199<00:03:00.000><c> 4%</c><00:03:00.480><c> of</c><00:03:00.640><c> their</c><00:03:00.840><c> stable</c><00:03:01.120><c> coin</c><00:03:01.360><c> market</c><00:03:01.680><c> share</c>

00:03:02.390 --> 00:03:02.400 align:start position:0%
199 4% of their stable coin market share
 

00:03:02.400 --> 00:03:05.630 align:start position:0%
199 4% of their stable coin market share
are<00:03:02.640><c> dominated</c><00:03:03.599><c> by</c><00:03:04.040><c> four</c><00:03:04.720><c> top</c><00:03:04.959><c> stable</c><00:03:05.319><c> coin</c>

00:03:05.630 --> 00:03:05.640 align:start position:0%
are dominated by four top stable coin
 

00:03:05.640 --> 00:03:10.990 align:start position:0%
are dominated by four top stable coin
project<00:03:06.159><c> on</c><00:03:06.519><c> ethereum</c><00:03:07.519><c> so</c><00:03:08.080><c> 58%</c><00:03:08.840><c> by</c><00:03:09.120><c> usdt</c><00:03:10.120><c> 27%</c>

00:03:10.990 --> 00:03:11.000 align:start position:0%
project on ethereum so 58% by usdt 27%
 

00:03:11.000 --> 00:03:15.910 align:start position:0%
project on ethereum so 58% by usdt 27%
by<00:03:11.480><c> usdc</c><00:03:12.480><c> around</c><00:03:13.319><c> 5.6%</c><00:03:14.319><c> by</c><00:03:14.680><c> D</c><00:03:15.159><c> and</c><00:03:15.720><c> the</c>

00:03:15.910 --> 00:03:15.920 align:start position:0%
by usdc around 5.6% by D and the
 

00:03:15.920 --> 00:03:18.670 align:start position:0%
by usdc around 5.6% by D and the
rebranded<00:03:16.519><c> version</c><00:03:17.000><c> usds</c><00:03:18.000><c> and</c><00:03:18.159><c> then</c><00:03:18.440><c> around</c>

00:03:18.670 --> 00:03:18.680 align:start position:0%
rebranded version usds and then around
 

00:03:18.680 --> 00:03:22.309 align:start position:0%
rebranded version usds and then around
3%<00:03:19.360><c> by</c><00:03:19.599><c> USD</c><00:03:20.440><c> which</c><00:03:20.560><c> is</c><00:03:20.760><c> just</c><00:03:21.000><c> launched</c><00:03:21.959><c> last</c>

00:03:22.309 --> 00:03:22.319 align:start position:0%
3% by USD which is just launched last
 

00:03:22.319 --> 00:03:25.830 align:start position:0%
3% by USD which is just launched last
year<00:03:23.159><c> so</c><00:03:23.400><c> at</c><00:03:23.599><c> this</c><00:03:24.040><c> point</c><00:03:25.040><c> it</c><00:03:25.159><c> seems</c><00:03:25.440><c> like</c><00:03:25.640><c> the</c>

00:03:25.830 --> 00:03:25.840 align:start position:0%
year so at this point it seems like the
 

00:03:25.840 --> 00:03:28.710 align:start position:0%
year so at this point it seems like the
main<00:03:26.200><c> way</c><00:03:26.519><c> for</c><00:03:26.799><c> new</c><00:03:27.040><c> cicon</c><00:03:27.560><c> project</c><00:03:27.959><c> to</c>

00:03:28.710 --> 00:03:28.720 align:start position:0%
main way for new cicon project to
 

00:03:28.720 --> 00:03:32.589 align:start position:0%
main way for new cicon project to
compete<00:03:29.519><c> is</c><00:03:30.000><c> on</c><00:03:30.280><c> yield</c><00:03:31.040><c> opportunities</c><00:03:32.040><c> so</c><00:03:32.319><c> my</c>

00:03:32.589 --> 00:03:32.599 align:start position:0%
compete is on yield opportunities so my
 

00:03:32.599 --> 00:03:34.429 align:start position:0%
compete is on yield opportunities so my
first<00:03:32.959><c> question</c><00:03:33.319><c> will</c><00:03:33.519><c> be</c><00:03:33.799><c> at</c><00:03:33.959><c> this</c><00:03:34.120><c> point</c><00:03:34.319><c> in</c>

00:03:34.429 --> 00:03:34.439 align:start position:0%
first question will be at this point in
 

00:03:34.439 --> 00:03:36.830 align:start position:0%
first question will be at this point in
the<00:03:34.599><c> market</c><00:03:35.200><c> uh</c><00:03:35.360><c> sorry</c><00:03:35.799><c> what</c><00:03:35.959><c> yield</c><00:03:36.720><c> what</c>

00:03:36.830 --> 00:03:36.840 align:start position:0%
the market uh sorry what yield what
 

00:03:36.840 --> 00:03:39.910 align:start position:0%
the market uh sorry what yield what
yield<00:03:37.239><c> strategy</c><00:03:38.239><c> do</c><00:03:38.519><c> new</c><00:03:38.760><c> stable</c><00:03:39.159><c> coin</c><00:03:39.400><c> use</c><00:03:39.720><c> to</c>

00:03:39.910 --> 00:03:39.920 align:start position:0%
yield strategy do new stable coin use to
 

00:03:39.920 --> 00:03:42.070 align:start position:0%
yield strategy do new stable coin use to
compete<00:03:40.360><c> and</c><00:03:40.519><c> how</c><00:03:40.640><c> do</c><00:03:40.760><c> you</c><00:03:40.879><c> see</c><00:03:41.200><c> this</c><00:03:41.480><c> evolve</c>

00:03:42.070 --> 00:03:42.080 align:start position:0%
compete and how do you see this evolve
 

00:03:42.080 --> 00:03:44.470 align:start position:0%
compete and how do you see this evolve
over

00:03:44.470 --> 00:03:44.480 align:start position:0%
 
 

00:03:44.480 --> 00:03:47.550 align:start position:0%
 
time<00:03:45.480><c> yeah</c><00:03:45.840><c> so</c><00:03:46.360><c> um</c><00:03:46.599><c> I</c><00:03:46.680><c> think</c><00:03:46.879><c> that's</c><00:03:47.319><c> it's</c><00:03:47.439><c> a</c>

00:03:47.550 --> 00:03:47.560 align:start position:0%
time yeah so um I think that's it's a
 

00:03:47.560 --> 00:03:49.190 align:start position:0%
time yeah so um I think that's it's a
really<00:03:47.760><c> good</c><00:03:47.920><c> point</c><00:03:48.239><c> um</c><00:03:48.319><c> so</c><00:03:48.480><c> yield</c><00:03:48.720><c> is</c><00:03:48.799><c> a</c><00:03:48.959><c> big</c>

00:03:49.190 --> 00:03:49.200 align:start position:0%
really good point um so yield is a big
 

00:03:49.200 --> 00:03:52.750 align:start position:0%
really good point um so yield is a big
big<00:03:49.439><c> aspect</c><00:03:49.760><c> so</c><00:03:50.040><c> our</c><00:03:50.360><c> current</c><00:03:50.920><c> LUSD</c><00:03:51.920><c> um</c><00:03:52.599><c> we</c>

00:03:52.750 --> 00:03:52.760 align:start position:0%
big aspect so our current LUSD um we
 

00:03:52.760 --> 00:03:54.350 align:start position:0%
big aspect so our current LUSD um we
don't<00:03:53.000><c> compete</c><00:03:53.319><c> on</c><00:03:53.439><c> yield</c><00:03:53.760><c> our</c><00:03:53.920><c> yield</c><00:03:54.239><c> right</c>

00:03:54.350 --> 00:03:54.360 align:start position:0%
don't compete on yield our yield right
 

00:03:54.360 --> 00:03:56.990 align:start position:0%
don't compete on yield our yield right
now<00:03:54.560><c> is</c><00:03:54.760><c> is</c><00:03:54.879><c> not</c><00:03:55.079><c> great</c><00:03:55.480><c> it's</c><00:03:55.680><c> 2</c><00:03:55.840><c> or</c><00:03:55.959><c> 3%</c><00:03:56.640><c> where</c>

00:03:56.990 --> 00:03:57.000 align:start position:0%
now is is not great it's 2 or 3% where
 

00:03:57.000 --> 00:03:58.789 align:start position:0%
now is is not great it's 2 or 3% where
most<00:03:57.239><c> other</c><00:03:57.439><c> places</c><00:03:57.640><c> are</c><00:03:57.799><c> paying</c><00:03:58.040><c> much</c><00:03:58.200><c> more</c>

00:03:58.789 --> 00:03:58.799 align:start position:0%
most other places are paying much more
 

00:03:58.799 --> 00:04:00.110 align:start position:0%
most other places are paying much more
we're<00:03:58.959><c> building</c><00:03:59.239><c> a</c><00:03:59.319><c> new</c><00:03:59.480><c> product</c><00:03:59.879><c> should</c><00:04:00.000><c> be</c>

00:04:00.110 --> 00:04:00.120 align:start position:0%
we're building a new product should be
 

00:04:00.120 --> 00:04:02.229 align:start position:0%
we're building a new product should be
no<00:04:00.280><c> surprise</c><00:04:00.760><c> there</c>

00:04:02.229 --> 00:04:02.239 align:start position:0%
no surprise there
 

00:04:02.239 --> 00:04:04.949 align:start position:0%
no surprise there
um<00:04:03.239><c> it's</c><00:04:03.439><c> not</c><00:04:03.599><c> the</c><00:04:03.760><c> whole</c><00:04:04.000><c> story</c><00:04:04.400><c> I</c><00:04:04.439><c> mean</c><00:04:04.640><c> there</c>

00:04:04.949 --> 00:04:04.959 align:start position:0%
um it's not the whole story I mean there
 

00:04:04.959 --> 00:04:06.670 align:start position:0%
um it's not the whole story I mean there
there<00:04:05.040><c> are</c><00:04:05.239><c> different</c><00:04:05.519><c> risks</c><00:04:05.920><c> that</c><00:04:06.040><c> come</c><00:04:06.239><c> in</c>

00:04:06.670 --> 00:04:06.680 align:start position:0%
there are different risks that come in
 

00:04:06.680 --> 00:04:09.030 align:start position:0%
there are different risks that come in
the<00:04:06.799><c> other</c><00:04:07.000><c> half</c><00:04:07.159><c> of</c><00:04:07.400><c> the</c><00:04:07.519><c> the</c><00:04:07.599><c> yield</c><00:04:08.480><c> um</c><00:04:08.680><c> so</c>

00:04:09.030 --> 00:04:09.040 align:start position:0%
the other half of the the yield um so
 

00:04:09.040 --> 00:04:11.589 align:start position:0%
the other half of the the yield um so
Athena<00:04:09.720><c> is</c><00:04:10.040><c> is</c><00:04:10.239><c> kind</c><00:04:10.360><c> of</c><00:04:10.799><c> uh</c><00:04:10.920><c> mentioned</c><00:04:11.439><c> with</c>

00:04:11.589 --> 00:04:11.599 align:start position:0%
Athena is is kind of uh mentioned with
 

00:04:11.599 --> 00:04:13.869 align:start position:0%
Athena is is kind of uh mentioned with
USD<00:04:12.200><c> as</c><00:04:12.360><c> being</c><00:04:12.799><c> one</c><00:04:12.920><c> of</c><00:04:13.040><c> the</c><00:04:13.120><c> higher</c><00:04:13.360><c> yielding</c>

00:04:13.869 --> 00:04:13.879 align:start position:0%
USD as being one of the higher yielding
 

00:04:13.879 --> 00:04:16.270 align:start position:0%
USD as being one of the higher yielding
stable<00:04:14.280><c> coins</c><00:04:15.200><c> um</c><00:04:15.560><c> but</c><00:04:15.680><c> a</c><00:04:15.799><c> lot</c><00:04:15.920><c> of</c><00:04:16.000><c> people</c><00:04:16.160><c> are</c>

00:04:16.270 --> 00:04:16.280 align:start position:0%
stable coins um but a lot of people are
 

00:04:16.280 --> 00:04:18.110 align:start position:0%
stable coins um but a lot of people are
concerned<00:04:16.639><c> about</c><00:04:16.799><c> the</c><00:04:16.919><c> risk</c><00:04:17.680><c> U</c><00:04:17.799><c> one</c><00:04:17.919><c> of</c><00:04:18.000><c> the</c>

00:04:18.110 --> 00:04:18.120 align:start position:0%
concerned about the risk U one of the
 

00:04:18.120 --> 00:04:19.509 align:start position:0%
concerned about the risk U one of the
highest<00:04:18.359><c> yielding</c><00:04:18.720><c> stable</c><00:04:19.040><c> coins</c><00:04:19.280><c> in</c><00:04:19.359><c> the</c>

00:04:19.509 --> 00:04:19.519 align:start position:0%
highest yielding stable coins in the
 

00:04:19.519 --> 00:04:22.510 align:start position:0%
highest yielding stable coins in the
last<00:04:19.720><c> cycle</c><00:04:20.040><c> of</c><00:04:20.160><c> course</c><00:04:20.359><c> was</c><00:04:21.000><c> us</c><00:04:22.000><c> um</c><00:04:22.160><c> which</c><00:04:22.320><c> no</c>

00:04:22.510 --> 00:04:22.520 align:start position:0%
last cycle of course was us um which no
 

00:04:22.520 --> 00:04:25.189 align:start position:0%
last cycle of course was us um which no
longer<00:04:23.040><c> exists</c><00:04:24.040><c> um</c><00:04:24.479><c> so</c><00:04:24.600><c> you</c><00:04:24.680><c> can</c><00:04:24.800><c> kind</c><00:04:24.919><c> of</c><00:04:25.000><c> see</c>

00:04:25.189 --> 00:04:25.199 align:start position:0%
longer exists um so you can kind of see
 

00:04:25.199 --> 00:04:26.909 align:start position:0%
longer exists um so you can kind of see
and<00:04:25.320><c> I'm</c><00:04:25.479><c> not</c><00:04:26.000><c> proposing</c><00:04:26.400><c> that</c><00:04:26.520><c> Athena</c><00:04:26.840><c> is</c>

00:04:26.909 --> 00:04:26.919 align:start position:0%
and I'm not proposing that Athena is
 

00:04:26.919 --> 00:04:28.430 align:start position:0%
and I'm not proposing that Athena is
going<00:04:27.000><c> to</c><00:04:27.120><c> go</c><00:04:27.199><c> down</c><00:04:27.400><c> that</c><00:04:27.520><c> route</c><00:04:27.840><c> at</c><00:04:28.280><c> any</c>

00:04:28.430 --> 00:04:28.440 align:start position:0%
going to go down that route at any
 

00:04:28.440 --> 00:04:30.029 align:start position:0%
going to go down that route at any
stretch<00:04:28.680><c> of</c><00:04:28.720><c> the</c><00:04:28.840><c> imagination</c><00:04:29.720><c> but</c><00:04:29.800><c> there</c><00:04:29.919><c> are</c>

00:04:30.029 --> 00:04:30.039 align:start position:0%
stretch of the imagination but there are
 

00:04:30.039 --> 00:04:31.830 align:start position:0%
stretch of the imagination but there are
people<00:04:30.240><c> that</c><00:04:30.400><c> worry</c><00:04:30.759><c> about</c><00:04:31.280><c> why</c><00:04:31.400><c> am</c><00:04:31.479><c> I</c><00:04:31.600><c> getting</c>

00:04:31.830 --> 00:04:31.840 align:start position:0%
people that worry about why am I getting
 

00:04:31.840 --> 00:04:35.350 align:start position:0%
people that worry about why am I getting
paid<00:04:32.120><c> more</c><00:04:32.560><c> um</c><00:04:32.759><c> because</c><00:04:33.160><c> you</c><00:04:33.520><c> in</c><00:04:33.759><c> finance</c><00:04:34.759><c> uh</c>

00:04:35.350 --> 00:04:35.360 align:start position:0%
paid more um because you in finance uh
 

00:04:35.360 --> 00:04:37.830 align:start position:0%
paid more um because you in finance uh
risk<00:04:36.160><c> and</c><00:04:36.479><c> and</c><00:04:36.600><c> reward</c><00:04:37.080><c> kind</c><00:04:37.160><c> of</c><00:04:37.280><c> go</c><00:04:37.440><c> hand</c><00:04:37.560><c> in</c>

00:04:37.830 --> 00:04:37.840 align:start position:0%
risk and and reward kind of go hand in
 

00:04:37.840 --> 00:04:39.590 align:start position:0%
risk and and reward kind of go hand in
hand<00:04:38.320><c> and</c><00:04:38.440><c> if</c><00:04:38.560><c> you</c><00:04:38.680><c> find</c><00:04:38.840><c> a</c><00:04:39.000><c> way</c><00:04:39.160><c> outside</c><00:04:39.440><c> of</c>

00:04:39.590 --> 00:04:39.600 align:start position:0%
hand and if you find a way outside of
 

00:04:39.600 --> 00:04:40.830 align:start position:0%
hand and if you find a way outside of
that<00:04:39.759><c> you're</c><00:04:39.960><c> either</c><00:04:40.160><c> losing</c><00:04:40.560><c> or</c><00:04:40.680><c> you're</c>

00:04:40.830 --> 00:04:40.840 align:start position:0%
that you're either losing or you're
 

00:04:40.840 --> 00:04:42.670 align:start position:0%
that you're either losing or you're
winning<00:04:41.600><c> um</c><00:04:41.720><c> but</c><00:04:41.880><c> most</c><00:04:42.080><c> people</c><00:04:42.320><c> kind</c><00:04:42.400><c> of</c><00:04:42.560><c> get</c>

00:04:42.670 --> 00:04:42.680 align:start position:0%
winning um but most people kind of get
 

00:04:42.680 --> 00:04:46.230 align:start position:0%
winning um but most people kind of get
it<00:04:42.759><c> in</c><00:04:42.840><c> the</c><00:04:42.919><c> middle</c><00:04:43.840><c> um</c><00:04:44.680><c> but</c><00:04:44.840><c> I</c><00:04:44.960><c> think</c><00:04:45.960><c> you</c><00:04:46.080><c> hit</c>

00:04:46.230 --> 00:04:46.240 align:start position:0%
it in the middle um but I think you hit
 

00:04:46.240 --> 00:04:47.830 align:start position:0%
it in the middle um but I think you hit
on<00:04:46.320><c> a</c><00:04:46.440><c> really</c><00:04:46.600><c> interesting</c><00:04:47.000><c> point</c><00:04:47.240><c> which</c><00:04:47.360><c> is</c>

00:04:47.830 --> 00:04:47.840 align:start position:0%
on a really interesting point which is
 

00:04:47.840 --> 00:04:50.029 align:start position:0%
on a really interesting point which is
how<00:04:47.919><c> do</c><00:04:48.039><c> you</c><00:04:48.320><c> prod</c><00:04:48.759><c> product</c><00:04:49.080><c> segment</c><00:04:49.639><c> uh</c><00:04:49.720><c> using</c>

00:04:50.029 --> 00:04:50.039 align:start position:0%
how do you prod product segment uh using
 

00:04:50.039 --> 00:04:53.230 align:start position:0%
how do you prod product segment uh using
yield<00:04:50.840><c> and</c><00:04:51.039><c> using</c><00:04:51.320><c> your</c><00:04:51.479><c> risk</c><00:04:51.840><c> profile</c><00:04:52.840><c> um</c><00:04:53.120><c> and</c>

00:04:53.230 --> 00:04:53.240 align:start position:0%
yield and using your risk profile um and
 

00:04:53.240 --> 00:04:54.590 align:start position:0%
yield and using your risk profile um and
I<00:04:53.360><c> think</c><00:04:53.800><c> what's</c><00:04:53.960><c> really</c><00:04:54.080><c> interesting</c><00:04:54.400><c> is</c><00:04:54.520><c> if</c>

00:04:54.590 --> 00:04:54.600 align:start position:0%
I think what's really interesting is if
 

00:04:54.600 --> 00:04:56.230 align:start position:0%
I think what's really interesting is if
you<00:04:54.680><c> look</c><00:04:54.800><c> in</c><00:04:54.880><c> the</c><00:04:54.960><c> trafi</c><00:04:55.479><c> sector</c><00:04:55.880><c> we're</c><00:04:56.080><c> just</c>

00:04:56.230 --> 00:04:56.240 align:start position:0%
you look in the trafi sector we're just
 

00:04:56.240 --> 00:04:58.550 align:start position:0%
you look in the trafi sector we're just
kind<00:04:56.320><c> of</c><00:04:56.440><c> across</c><00:04:56.720><c> other</c><00:04:56.880><c> defi</c><00:04:57.280><c> things</c><00:04:58.199><c> um</c>

00:04:58.550 --> 00:04:58.560 align:start position:0%
kind of across other defi things um
 

00:04:58.560 --> 00:05:00.430 align:start position:0%
kind of across other defi things um
everything<00:04:58.880><c> we</c><00:04:59.039><c> label</c><00:04:59.400><c> is</c><00:04:59.520><c> a</c><00:04:59.759><c> stable</c><00:05:00.080><c> coin</c><00:05:00.400><c> I</c>

00:05:00.430 --> 00:05:00.440 align:start position:0%
everything we label is a stable coin I
 

00:05:00.440 --> 00:05:02.469 align:start position:0%
everything we label is a stable coin I
mean<00:05:00.560><c> it's</c><00:05:00.680><c> a</c><00:05:00.840><c> transferable</c><00:05:01.520><c> unit</c><00:05:01.800><c> of</c><00:05:02.039><c> account</c>

00:05:02.469 --> 00:05:02.479 align:start position:0%
mean it's a transferable unit of account
 

00:05:02.479 --> 00:05:03.990 align:start position:0%
mean it's a transferable unit of account
that's<00:05:02.680><c> generally</c><00:05:03.039><c> measured</c><00:05:03.320><c> in</c><00:05:03.520><c> dollars</c><00:05:03.960><c> I</c>

00:05:03.990 --> 00:05:04.000 align:start position:0%
that's generally measured in dollars I
 

00:05:04.000 --> 00:05:05.909 align:start position:0%
that's generally measured in dollars I
mean<00:05:04.120><c> it</c><00:05:04.199><c> could</c><00:05:04.320><c> be</c><00:05:04.440><c> another</c><00:05:04.720><c> currency</c><00:05:05.680><c> um</c><00:05:05.840><c> but</c>

00:05:05.909 --> 00:05:05.919 align:start position:0%
mean it could be another currency um but
 

00:05:05.919 --> 00:05:07.830 align:start position:0%
mean it could be another currency um but
your<00:05:06.080><c> savings</c><00:05:06.520><c> account</c><00:05:06.960><c> at</c><00:05:07.080><c> a</c><00:05:07.240><c> bank</c><00:05:07.440><c> is</c><00:05:07.680><c> as</c>

00:05:07.830 --> 00:05:07.840 align:start position:0%
your savings account at a bank is as
 

00:05:07.840 --> 00:05:09.710 align:start position:0%
your savings account at a bank is as
well<00:05:08.199><c> as</c><00:05:08.360><c> is</c><00:05:08.600><c> your</c><00:05:08.880><c> investment</c><00:05:09.320><c> in</c><00:05:09.479><c> a</c>

00:05:09.710 --> 00:05:09.720 align:start position:0%
well as is your investment in a
 

00:05:09.720 --> 00:05:12.029 align:start position:0%
well as is your investment in a
treasuries<00:05:10.720><c> um</c><00:05:10.919><c> these</c><00:05:11.080><c> are</c><00:05:11.240><c> all</c><00:05:11.560><c> based</c><00:05:11.840><c> on</c>

00:05:12.029 --> 00:05:12.039 align:start position:0%
treasuries um these are all based on
 

00:05:12.039 --> 00:05:14.950 align:start position:0%
treasuries um these are all based on
dollars<00:05:12.560><c> or</c><00:05:13.120><c> in</c><00:05:13.479><c> bot</c><00:05:13.880><c> where</c><00:05:14.039><c> in</c><00:05:14.160><c> Thailand</c><00:05:14.639><c> or</c>

00:05:14.950 --> 00:05:14.960 align:start position:0%
dollars or in bot where in Thailand or
 

00:05:14.960 --> 00:05:16.950 align:start position:0%
dollars or in bot where in Thailand or
Euros<00:05:15.280><c> or</c><00:05:15.400><c> whatever</c><00:05:16.320><c> um</c><00:05:16.520><c> but</c><00:05:16.639><c> they</c><00:05:16.759><c> do</c>

00:05:16.950 --> 00:05:16.960 align:start position:0%
Euros or whatever um but they do
 

00:05:16.960 --> 00:05:18.350 align:start position:0%
Euros or whatever um but they do
different<00:05:17.280><c> things</c><00:05:17.680><c> and</c><00:05:17.840><c> some</c><00:05:17.960><c> of</c><00:05:18.039><c> them</c><00:05:18.199><c> may</c>

00:05:18.350 --> 00:05:18.360 align:start position:0%
different things and some of them may
 

00:05:18.360 --> 00:05:19.590 align:start position:0%
different things and some of them may
require<00:05:18.639><c> you</c><00:05:18.720><c> to</c><00:05:18.840><c> lock</c><00:05:19.080><c> money</c><00:05:19.280><c> up</c><00:05:19.400><c> for</c><00:05:19.520><c> a</c>

00:05:19.590 --> 00:05:19.600 align:start position:0%
require you to lock money up for a
 

00:05:19.600 --> 00:05:21.230 align:start position:0%
require you to lock money up for a
certain<00:05:19.880><c> time</c><00:05:20.440><c> and</c><00:05:20.520><c> for</c><00:05:20.720><c> different</c><00:05:20.960><c> parts</c><00:05:21.160><c> of</c>

00:05:21.230 --> 00:05:21.240 align:start position:0%
certain time and for different parts of
 

00:05:21.240 --> 00:05:22.749 align:start position:0%
certain time and for different parts of
your<00:05:21.360><c> portfolio</c><00:05:21.800><c> that</c><00:05:21.919><c> makes</c><00:05:22.160><c> sense</c><00:05:22.560><c> and</c><00:05:22.680><c> I</c>

00:05:22.749 --> 00:05:22.759 align:start position:0%
your portfolio that makes sense and I
 

00:05:22.759 --> 00:05:23.870 align:start position:0%
your portfolio that makes sense and I
think<00:05:22.880><c> with</c><00:05:23.039><c> stable</c><00:05:23.319><c> coins</c><00:05:23.560><c> we're</c><00:05:23.720><c> going</c><00:05:23.800><c> to</c>

00:05:23.870 --> 00:05:23.880 align:start position:0%
think with stable coins we're going to
 

00:05:23.880 --> 00:05:27.309 align:start position:0%
think with stable coins we're going to
see<00:05:24.360><c> nich</c><00:05:24.720><c> sh</c><00:05:25.080><c> cases</c><00:05:25.560><c> usdc</c><00:05:26.199><c> usdt</c><00:05:26.880><c> work</c><00:05:27.120><c> really</c>

00:05:27.309 --> 00:05:27.319 align:start position:0%
see nich sh cases usdc usdt work really
 

00:05:27.319 --> 00:05:28.790 align:start position:0%
see nich sh cases usdc usdt work really
well<00:05:27.800><c> because</c><00:05:28.000><c> they're</c><00:05:28.120><c> in</c><00:05:28.280><c> centralized</c>

00:05:28.790 --> 00:05:28.800 align:start position:0%
well because they're in centralized
 

00:05:28.800 --> 00:05:30.909 align:start position:0%
well because they're in centralized
exchanges<00:05:29.880><c> uh</c><00:05:30.000><c> they're</c><00:05:30.280><c> very</c><00:05:30.479><c> good</c><00:05:30.600><c> at</c><00:05:30.720><c> on-</c>

00:05:30.909 --> 00:05:30.919 align:start position:0%
exchanges uh they're very good at on-
 

00:05:30.919 --> 00:05:32.510 align:start position:0%
exchanges uh they're very good at on-
ramping<00:05:31.199><c> and</c><00:05:31.319><c> off-</c><00:05:31.520><c> ramping</c><00:05:32.160><c> they</c><00:05:32.280><c> don't</c>

00:05:32.510 --> 00:05:32.520 align:start position:0%
ramping and off- ramping they don't
 

00:05:32.520 --> 00:05:34.870 align:start position:0%
ramping and off- ramping they don't
provide<00:05:32.840><c> yields</c><00:05:33.840><c> Athena</c><00:05:34.240><c> is</c><00:05:34.360><c> the</c><00:05:34.479><c> polar</c>

00:05:34.870 --> 00:05:34.880 align:start position:0%
provide yields Athena is the polar
 

00:05:34.880 --> 00:05:36.749 align:start position:0%
provide yields Athena is the polar
opposite<00:05:35.880><c> so</c><00:05:36.120><c> I</c><00:05:36.199><c> think</c><00:05:36.360><c> that</c><00:05:36.440><c> we're</c><00:05:36.560><c> going</c><00:05:36.680><c> to</c>

00:05:36.749 --> 00:05:36.759 align:start position:0%
opposite so I think that we're going to
 

00:05:36.759 --> 00:05:38.510 align:start position:0%
opposite so I think that we're going to
see<00:05:36.919><c> lots</c><00:05:37.080><c> of</c><00:05:37.199><c> segmentation</c><00:05:37.720><c> around</c><00:05:38.039><c> that</c>

00:05:38.510 --> 00:05:38.520 align:start position:0%
see lots of segmentation around that
 

00:05:38.520 --> 00:05:41.350 align:start position:0%
see lots of segmentation around that
focusing<00:05:38.919><c> on</c><00:05:39.080><c> yield</c><00:05:39.520><c> as</c><00:05:39.639><c> well</c><00:05:39.880><c> as</c><00:05:40.360><c> liquidity</c>

00:05:41.350 --> 00:05:41.360 align:start position:0%
focusing on yield as well as liquidity
 

00:05:41.360 --> 00:05:43.590 align:start position:0%
focusing on yield as well as liquidity
and<00:05:41.560><c> other</c>

00:05:43.590 --> 00:05:43.600 align:start position:0%
and other
 

00:05:43.600 --> 00:05:46.150 align:start position:0%
and other
aspects<00:05:44.600><c> and</c><00:05:45.440><c> yeah</c><00:05:45.600><c> I</c><00:05:45.680><c> would</c><00:05:45.840><c> add</c><00:05:45.960><c> a</c><00:05:46.039><c> little</c>

00:05:46.150 --> 00:05:46.160 align:start position:0%
aspects and yeah I would add a little
 

00:05:46.160 --> 00:05:49.510 align:start position:0%
aspects and yeah I would add a little
bit<00:05:46.280><c> on</c><00:05:46.440><c> top</c><00:05:46.600><c> of</c><00:05:46.800><c> that</c><00:05:47.560><c> uh</c><00:05:47.919><c> in</c><00:05:48.120><c> particular</c><00:05:48.600><c> for</c>

00:05:49.510 --> 00:05:49.520 align:start position:0%
bit on top of that uh in particular for
 

00:05:49.520 --> 00:05:51.189 align:start position:0%
bit on top of that uh in particular for
like<00:05:49.639><c> new</c><00:05:49.880><c> entrance</c><00:05:50.280><c> to</c><00:05:50.440><c> the</c><00:05:50.560><c> stable</c><00:05:50.880><c> coin</c>

00:05:51.189 --> 00:05:51.199 align:start position:0%
like new entrance to the stable coin
 

00:05:51.199 --> 00:05:53.510 align:start position:0%
like new entrance to the stable coin
space<00:05:52.199><c> um</c><00:05:52.680><c> there</c><00:05:52.880><c> is</c><00:05:53.080><c> kind</c><00:05:53.199><c> of</c><00:05:53.319><c> like</c><00:05:53.400><c> a</c>

00:05:53.510 --> 00:05:53.520 align:start position:0%
space um there is kind of like a
 

00:05:53.520 --> 00:05:55.830 align:start position:0%
space um there is kind of like a
spectrum<00:05:54.000><c> of</c><00:05:54.120><c> course</c><00:05:54.360><c> between</c><00:05:54.800><c> like</c><00:05:55.120><c> uh</c><00:05:55.720><c> uh</c>

00:05:55.830 --> 00:05:55.840 align:start position:0%
spectrum of course between like uh uh
 

00:05:55.840 --> 00:05:57.350 align:start position:0%
spectrum of course between like uh uh
how<00:05:56.000><c> much</c><00:05:56.240><c> risk</c><00:05:56.520><c> are</c><00:05:56.639><c> you</c><00:05:56.759><c> taking</c><00:05:57.000><c> on</c><00:05:57.199><c> with</c>

00:05:57.350 --> 00:05:57.360 align:start position:0%
how much risk are you taking on with
 

00:05:57.360 --> 00:05:59.430 align:start position:0%
how much risk are you taking on with
this<00:05:57.520><c> stable</c><00:05:57.880><c> coin</c><00:05:58.120><c> design</c><00:05:58.639><c> and</c><00:05:58.840><c> also</c><00:05:59.160><c> like</c>

00:05:59.430 --> 00:05:59.440 align:start position:0%
this stable coin design and also like
 

00:05:59.440 --> 00:06:01.189 align:start position:0%
this stable coin design and also like
how<00:05:59.680><c> how</c><00:05:59.840><c> much</c><00:06:00.000><c> you</c><00:06:00.160><c> have</c><00:06:00.280><c> to</c><00:06:00.400><c> be</c><00:06:00.600><c> compensated</c>

00:06:01.189 --> 00:06:01.199 align:start position:0%
how how much you have to be compensated
 

00:06:01.199 --> 00:06:03.469 align:start position:0%
how how much you have to be compensated
for<00:06:01.400><c> that</c><00:06:01.600><c> risk</c><00:06:02.160><c> but</c><00:06:02.319><c> at</c><00:06:02.440><c> the</c><00:06:02.520><c> same</c><00:06:02.800><c> time</c><00:06:03.280><c> you</c>

00:06:03.469 --> 00:06:03.479 align:start position:0%
for that risk but at the same time you
 

00:06:03.479 --> 00:06:05.629 align:start position:0%
for that risk but at the same time you
also<00:06:03.680><c> have</c><00:06:03.800><c> to</c><00:06:04.000><c> compete</c><00:06:04.479><c> with</c><00:06:04.720><c> the</c><00:06:05.039><c> uh</c><00:06:05.400><c> the</c>

00:06:05.629 --> 00:06:05.639 align:start position:0%
also have to compete with the uh the
 

00:06:05.639 --> 00:06:07.710 align:start position:0%
also have to compete with the uh the
like<00:06:05.840><c> existing</c><00:06:06.280><c> incumbents</c><00:06:06.919><c> mainly</c><00:06:07.360><c> like</c>

00:06:07.710 --> 00:06:07.720 align:start position:0%
like existing incumbents mainly like
 

00:06:07.720 --> 00:06:11.029 align:start position:0%
like existing incumbents mainly like
usdc<00:06:08.560><c> and</c><00:06:08.720><c> usdt</c><00:06:09.680><c> who</c><00:06:09.880><c> have</c><00:06:10.120><c> very</c><00:06:10.319><c> entrenched</c>

00:06:11.029 --> 00:06:11.039 align:start position:0%
usdc and usdt who have very entrenched
 

00:06:11.039 --> 00:06:13.950 align:start position:0%
usdc and usdt who have very entrenched
uh<00:06:11.160><c> liquidity</c><00:06:12.160><c> and</c><00:06:12.520><c> the</c><00:06:13.080><c> the</c><00:06:13.199><c> usefulness</c><00:06:13.840><c> of</c>

00:06:13.950 --> 00:06:13.960 align:start position:0%
uh liquidity and the the usefulness of
 

00:06:13.960 --> 00:06:16.870 align:start position:0%
uh liquidity and the the usefulness of
your<00:06:14.120><c> stable</c><00:06:14.520><c> coin</c><00:06:15.080><c> really</c><00:06:15.520><c> depends</c><00:06:16.520><c> a</c><00:06:16.639><c> fair</c>

00:06:16.870 --> 00:06:16.880 align:start position:0%
your stable coin really depends a fair
 

00:06:16.880 --> 00:06:19.430 align:start position:0%
your stable coin really depends a fair
amount<00:06:17.160><c> on</c><00:06:17.520><c> how</c><00:06:17.880><c> easy</c><00:06:18.199><c> it</c><00:06:18.319><c> is</c><00:06:18.560><c> to</c><00:06:18.759><c> get</c><00:06:19.039><c> in</c><00:06:19.240><c> and</c>

00:06:19.430 --> 00:06:19.440 align:start position:0%
amount on how easy it is to get in and
 

00:06:19.440 --> 00:06:21.230 align:start position:0%
amount on how easy it is to get in and
out<00:06:19.720><c> of</c><00:06:19.840><c> your</c><00:06:20.000><c> stable</c><00:06:20.360><c> coin</c><00:06:20.680><c> to</c><00:06:20.840><c> to</c><00:06:21.000><c> actually</c>

00:06:21.230 --> 00:06:21.240 align:start position:0%
out of your stable coin to to actually
 

00:06:21.240 --> 00:06:24.029 align:start position:0%
out of your stable coin to to actually
use<00:06:21.440><c> it</c><00:06:21.599><c> for</c><00:06:21.759><c> what</c><00:06:21.880><c> you're</c><00:06:22.280><c> intending</c><00:06:22.720><c> to</c><00:06:23.039><c> use</c>

00:06:24.029 --> 00:06:24.039 align:start position:0%
use it for what you're intending to use
 

00:06:24.039 --> 00:06:27.070 align:start position:0%
use it for what you're intending to use
uh<00:06:24.280><c> and</c><00:06:24.639><c> that</c><00:06:25.000><c> depends</c><00:06:25.520><c> on</c><00:06:26.120><c> like</c><00:06:26.319><c> how</c><00:06:26.520><c> liquid</c>

00:06:27.070 --> 00:06:27.080 align:start position:0%
uh and that depends on like how liquid
 

00:06:27.080 --> 00:06:29.110 align:start position:0%
uh and that depends on like how liquid
your<00:06:27.240><c> your</c><00:06:27.400><c> stable</c><00:06:27.720><c> coin</c><00:06:27.960><c> can</c><00:06:28.120><c> actually</c><00:06:28.440><c> be</c>

00:06:29.110 --> 00:06:29.120 align:start position:0%
your your stable coin can actually be
 

00:06:29.120 --> 00:06:30.790 align:start position:0%
your your stable coin can actually be
and<00:06:29.639><c> kind</c><00:06:29.720><c> of</c><00:06:29.840><c> like</c><00:06:29.919><c> a</c><00:06:30.000><c> chicken</c><00:06:30.199><c> or</c><00:06:30.360><c> the</c><00:06:30.479><c> egg</c>

00:06:30.790 --> 00:06:30.800 align:start position:0%
and kind of like a chicken or the egg
 

00:06:30.800 --> 00:06:32.469 align:start position:0%
and kind of like a chicken or the egg
problem<00:06:31.160><c> even</c><00:06:31.319><c> if</c><00:06:31.440><c> you're</c><00:06:31.680><c> not</c><00:06:32.120><c> like</c>

00:06:32.469 --> 00:06:32.479 align:start position:0%
problem even if you're not like
 

00:06:32.479 --> 00:06:34.749 align:start position:0%
problem even if you're not like
intending<00:06:32.919><c> to</c><00:06:33.120><c> only</c><00:06:33.400><c> be</c><00:06:33.639><c> focused</c><00:06:34.000><c> on</c><00:06:34.160><c> yield</c>

00:06:34.749 --> 00:06:34.759 align:start position:0%
intending to only be focused on yield
 

00:06:34.759 --> 00:06:37.110 align:start position:0%
intending to only be focused on yield
you<00:06:34.919><c> somehow</c><00:06:35.280><c> have</c><00:06:35.400><c> to</c><00:06:35.639><c> like</c><00:06:35.880><c> establish</c><00:06:36.479><c> your</c>

00:06:37.110 --> 00:06:37.120 align:start position:0%
you somehow have to like establish your
 

00:06:37.120 --> 00:06:39.029 align:start position:0%
you somehow have to like establish your
uh<00:06:37.280><c> your</c><00:06:37.560><c> liquidity</c><00:06:38.080><c> and</c><00:06:38.440><c> usually</c><00:06:38.759><c> you</c><00:06:38.919><c> have</c>

00:06:39.029 --> 00:06:39.039 align:start position:0%
uh your liquidity and usually you have
 

00:06:39.039 --> 00:06:40.830 align:start position:0%
uh your liquidity and usually you have
to<00:06:39.440><c> have</c><00:06:39.560><c> to</c><00:06:39.720><c> pay</c><00:06:39.880><c> for</c><00:06:40.039><c> it</c><00:06:40.199><c> and</c><00:06:40.360><c> like</c><00:06:40.479><c> compete</c>

00:06:40.830 --> 00:06:40.840 align:start position:0%
to have to pay for it and like compete
 

00:06:40.840 --> 00:06:43.150 align:start position:0%
to have to pay for it and like compete
with<00:06:40.960><c> the</c><00:06:41.120><c> cost</c><00:06:41.319><c> of</c><00:06:41.520><c> capital</c><00:06:42.000><c> of</c><00:06:42.280><c> uh</c><00:06:42.840><c> of</c><00:06:43.000><c> other</c>

00:06:43.150 --> 00:06:43.160 align:start position:0%
with the cost of capital of uh of other
 

00:06:43.160 --> 00:06:45.350 align:start position:0%
with the cost of capital of uh of other
stable<00:06:43.520><c> coins</c><00:06:44.000><c> which</c><00:06:44.520><c> actually</c><00:06:44.840><c> is</c><00:06:45.039><c> like</c><00:06:45.199><c> an</c>

00:06:45.350 --> 00:06:45.360 align:start position:0%
stable coins which actually is like an
 

00:06:45.360 --> 00:06:48.469 align:start position:0%
stable coins which actually is like an
advantage<00:06:45.840><c> of</c><00:06:46.199><c> usdc</c><00:06:46.840><c> and</c><00:06:46.960><c> usdt</c><00:06:47.440><c> for</c><00:06:47.639><c> them</c><00:06:48.000><c> like</c>

00:06:48.469 --> 00:06:48.479 align:start position:0%
advantage of usdc and usdt for them like
 

00:06:48.479 --> 00:06:50.990 align:start position:0%
advantage of usdc and usdt for them like
they<00:06:48.960><c> don't</c><00:06:49.280><c> have</c><00:06:49.400><c> to</c><00:06:49.599><c> pay</c><00:06:49.759><c> for</c>

00:06:50.990 --> 00:06:51.000 align:start position:0%
they don't have to pay for
 

00:06:51.000 --> 00:06:55.070 align:start position:0%
they don't have to pay for
it<00:06:52.000><c> yeah</c><00:06:52.160><c> and</c><00:06:52.319><c> that</c><00:06:52.720><c> maybe</c><00:06:53.599><c> also</c><00:06:53.960><c> just</c><00:06:54.240><c> like</c>

00:06:55.070 --> 00:06:55.080 align:start position:0%
it yeah and that maybe also just like
 

00:06:55.080 --> 00:06:56.830 align:start position:0%
it yeah and that maybe also just like
the<00:06:55.400><c> the</c><00:06:55.560><c> fact</c><00:06:55.759><c> that</c><00:06:55.960><c> like</c><00:06:56.199><c> most</c><00:06:56.479><c> of</c><00:06:56.639><c> the</c>

00:06:56.830 --> 00:06:56.840 align:start position:0%
the the fact that like most of the
 

00:06:56.840 --> 00:06:58.670 align:start position:0%
the the fact that like most of the
stable<00:06:57.199><c> coin</c><00:06:57.400><c> liquidity</c><00:06:57.879><c> is</c><00:06:58.039><c> actually</c><00:06:58.319><c> not</c><00:06:58.479><c> in</c>

00:06:58.670 --> 00:06:58.680 align:start position:0%
stable coin liquidity is actually not in
 

00:06:58.680 --> 00:07:01.110 align:start position:0%
stable coin liquidity is actually not in
defi<00:06:59.199><c> I</c><00:06:59.240><c> think</c><00:06:59.639><c> like</c><00:06:59.840><c> all</c><00:07:00.000><c> of</c><00:07:00.160><c> us</c><00:07:00.680><c> here</c><00:07:00.840><c> on</c><00:07:00.960><c> the</c>

00:07:01.110 --> 00:07:01.120 align:start position:0%
defi I think like all of us here on the
 

00:07:01.120 --> 00:07:02.629 align:start position:0%
defi I think like all of us here on the
panel<00:07:01.479><c> at</c><00:07:01.599><c> least</c><00:07:01.840><c> are</c><00:07:02.039><c> like</c><00:07:02.240><c> very</c><00:07:02.440><c> much</c>

00:07:02.629 --> 00:07:02.639 align:start position:0%
panel at least are like very much
 

00:07:02.639 --> 00:07:05.150 align:start position:0%
panel at least are like very much
focused<00:07:03.000><c> on</c><00:07:03.120><c> the</c><00:07:03.240><c> def</c><00:07:03.599><c> use</c><00:07:03.960><c> case</c><00:07:04.639><c> but</c><00:07:04.840><c> most</c><00:07:05.039><c> of</c>

00:07:05.150 --> 00:07:05.160 align:start position:0%
focused on the def use case but most of
 

00:07:05.160 --> 00:07:07.670 align:start position:0%
focused on the def use case but most of
the<00:07:05.319><c> supply</c><00:07:05.720><c> of</c><00:07:05.840><c> stable</c><00:07:06.240><c> coins</c><00:07:06.840><c> is</c><00:07:07.120><c> outside</c><00:07:07.479><c> of</c>

00:07:07.670 --> 00:07:07.680 align:start position:0%
the supply of stable coins is outside of
 

00:07:07.680 --> 00:07:09.230 align:start position:0%
the supply of stable coins is outside of
Defi<00:07:08.080><c> and</c><00:07:08.240><c> it's</c><00:07:08.400><c> used</c><00:07:08.599><c> in</c><00:07:08.720><c> centralized</c>

00:07:09.230 --> 00:07:09.240 align:start position:0%
Defi and it's used in centralized
 

00:07:09.240 --> 00:07:12.029 align:start position:0%
Defi and it's used in centralized
exchanges<00:07:09.800><c> it's</c><00:07:09.960><c> used</c><00:07:10.160><c> for</c><00:07:10.560><c> payments</c><00:07:11.560><c> um</c><00:07:11.840><c> and</c>

00:07:12.029 --> 00:07:12.039 align:start position:0%
exchanges it's used for payments um and
 

00:07:12.039 --> 00:07:13.830 align:start position:0%
exchanges it's used for payments um and
there<00:07:12.319><c> that</c><00:07:12.560><c> the</c><00:07:12.680><c> existing</c><00:07:13.080><c> Network</c><00:07:13.520><c> effects</c>

00:07:13.830 --> 00:07:13.840 align:start position:0%
there that the existing Network effects
 

00:07:13.840 --> 00:07:15.710 align:start position:0%
there that the existing Network effects
I<00:07:13.960><c> think</c><00:07:14.120><c> are</c><00:07:14.280><c> very</c><00:07:14.759><c> difficult</c><00:07:15.080><c> for</c>

00:07:15.710 --> 00:07:15.720 align:start position:0%
I think are very difficult for
 

00:07:15.720 --> 00:07:18.150 align:start position:0%
I think are very difficult for
especially<00:07:16.160><c> like</c><00:07:16.400><c> def</c><00:07:17.000><c> focused</c><00:07:17.479><c> stable</c><00:07:17.879><c> coins</c>

00:07:18.150 --> 00:07:18.160 align:start position:0%
especially like def focused stable coins
 

00:07:18.160 --> 00:07:20.430 align:start position:0%
especially like def focused stable coins
to<00:07:18.360><c> compete</c><00:07:18.680><c> with</c><00:07:18.840><c> on</c><00:07:19.000><c> those</c><00:07:19.280><c> use</c><00:07:19.599><c> cases</c><00:07:20.280><c> so</c>

00:07:20.430 --> 00:07:20.440 align:start position:0%
to compete with on those use cases so
 

00:07:20.440 --> 00:07:21.950 align:start position:0%
to compete with on those use cases so
where<00:07:20.599><c> the</c><00:07:20.720><c> defi</c><00:07:21.080><c> stable</c><00:07:21.360><c> coins</c><00:07:21.599><c> are</c><00:07:21.720><c> really</c>

00:07:21.950 --> 00:07:21.960 align:start position:0%
where the defi stable coins are really
 

00:07:21.960 --> 00:07:25.150 align:start position:0%
where the defi stable coins are really
competing<00:07:22.360><c> at</c><00:07:22.599><c> is</c><00:07:22.720><c> in</c><00:07:22.879><c> the</c><00:07:23.240><c> defi</c><00:07:24.240><c> um</c><00:07:24.479><c> ecosystem</c>

00:07:25.150 --> 00:07:25.160 align:start position:0%
competing at is in the defi um ecosystem
 

00:07:25.160 --> 00:07:26.710 align:start position:0%
competing at is in the defi um ecosystem
where<00:07:25.280><c> it's</c><00:07:25.479><c> more</c><00:07:25.720><c> about</c><00:07:26.000><c> using</c><00:07:26.280><c> the</c><00:07:26.440><c> stable</c>

00:07:26.710 --> 00:07:26.720 align:start position:0%
where it's more about using the stable
 

00:07:26.720 --> 00:07:28.469 align:start position:0%
where it's more about using the stable
coins<00:07:27.000><c> as</c><00:07:27.160><c> collateral</c><00:07:27.800><c> it's</c><00:07:27.960><c> using</c><00:07:28.319><c> the</c>

00:07:28.469 --> 00:07:28.479 align:start position:0%
coins as collateral it's using the
 

00:07:28.479 --> 00:07:30.430 align:start position:0%
coins as collateral it's using the
stable<00:07:28.840><c> coins</c><00:07:29.120><c> as</c><00:07:29.280><c> pair</c><00:07:29.759><c> with</c><00:07:29.879><c> other</c><00:07:30.080><c> stable</c>

00:07:30.430 --> 00:07:30.440 align:start position:0%
stable coins as pair with other stable
 

00:07:30.440 --> 00:07:32.469 align:start position:0%
stable coins as pair with other stable
coins<00:07:31.199><c> and</c><00:07:31.400><c> there</c><00:07:31.599><c> the</c><00:07:31.720><c> yield</c><00:07:32.039><c> component</c>

00:07:32.469 --> 00:07:32.479 align:start position:0%
coins and there the yield component
 

00:07:32.479 --> 00:07:34.550 align:start position:0%
coins and there the yield component
becomes<00:07:32.800><c> a</c><00:07:32.919><c> lot</c><00:07:33.080><c> more</c><00:07:33.280><c> important</c><00:07:33.879><c> being</c><00:07:34.240><c> it's</c>

00:07:34.550 --> 00:07:34.560 align:start position:0%
becomes a lot more important being it's
 

00:07:34.560 --> 00:07:36.830 align:start position:0%
becomes a lot more important being it's
it's<00:07:34.919><c> the</c><00:07:35.280><c> one</c><00:07:35.400><c> of</c><00:07:35.560><c> the</c><00:07:35.680><c> big</c><00:07:35.879><c> ways</c><00:07:36.240><c> in</c><00:07:36.440><c> in</c><00:07:36.560><c> which</c>

00:07:36.830 --> 00:07:36.840 align:start position:0%
it's the one of the big ways in in which
 

00:07:36.840 --> 00:07:40.150 align:start position:0%
it's the one of the big ways in in which
the<00:07:37.120><c> different</c><00:07:37.479><c> coins</c><00:07:37.800><c> try</c><00:07:38.000><c> to</c><00:07:38.599><c> try</c><00:07:38.800><c> to</c><00:07:39.800><c> um</c><00:07:40.000><c> get</c>

00:07:40.150 --> 00:07:40.160 align:start position:0%
the different coins try to try to um get
 

00:07:40.160 --> 00:07:42.629 align:start position:0%
the different coins try to try to um get
their<00:07:40.360><c> own</c><00:07:40.520><c> share</c><00:07:40.800><c> of</c><00:07:40.960><c> the</c><00:07:41.080><c> market</c><00:07:41.560><c> now</c><00:07:42.280><c> as</c>

00:07:42.629 --> 00:07:42.639 align:start position:0%
their own share of the market now as
 

00:07:42.639 --> 00:07:44.749 align:start position:0%
their own share of the market now as
calling<00:07:43.319><c> very</c><00:07:43.560><c> correctly</c><00:07:43.960><c> said</c><00:07:44.360><c> it's</c><00:07:44.639><c> it's</c>

00:07:44.749 --> 00:07:44.759 align:start position:0%
calling very correctly said it's it's
 

00:07:44.759 --> 00:07:47.749 align:start position:0%
calling very correctly said it's it's
really<00:07:45.000><c> much</c><00:07:45.240><c> about</c><00:07:45.560><c> risk</c><00:07:45.800><c> adjusted</c><00:07:46.440><c> yield</c><00:07:47.159><c> um</c>

00:07:47.749 --> 00:07:47.759 align:start position:0%
really much about risk adjusted yield um
 

00:07:47.759 --> 00:07:50.469 align:start position:0%
really much about risk adjusted yield um
and<00:07:48.479><c> for</c><00:07:48.720><c> us</c><00:07:48.919><c> as</c><00:07:49.120><c> like</c><00:07:49.280><c> large</c><00:07:49.639><c> scale</c><00:07:49.960><c> liquidity</c>

00:07:50.469 --> 00:07:50.479 align:start position:0%
and for us as like large scale liquidity
 

00:07:50.479 --> 00:07:52.350 align:start position:0%
and for us as like large scale liquidity
providers<00:07:51.080><c> that's</c><00:07:51.280><c> ultimately</c><00:07:51.840><c> what</c><00:07:51.960><c> we</c><00:07:52.120><c> care</c>

00:07:52.350 --> 00:07:52.360 align:start position:0%
providers that's ultimately what we care
 

00:07:52.360 --> 00:07:54.430 align:start position:0%
providers that's ultimately what we care
about<00:07:52.759><c> if</c><00:07:52.840><c> we</c><00:07:52.960><c> can</c><00:07:53.080><c> get</c><00:07:53.240><c> very</c><00:07:53.520><c> high</c><00:07:53.720><c> a</c><00:07:54.159><c> in</c><00:07:54.280><c> a</c>

00:07:54.430 --> 00:07:54.440 align:start position:0%
about if we can get very high a in a
 

00:07:54.440 --> 00:07:56.790 align:start position:0%
about if we can get very high a in a
position<00:07:54.759><c> that's</c><00:07:55.000><c> very</c><00:07:55.319><c> risky</c><00:07:56.319><c> um</c><00:07:56.599><c> then</c>

00:07:56.790 --> 00:07:56.800 align:start position:0%
position that's very risky um then
 

00:07:56.800 --> 00:07:58.350 align:start position:0%
position that's very risky um then
that's<00:07:57.000><c> not</c><00:07:57.199><c> something</c><00:07:57.560><c> that</c><00:07:57.680><c> we</c><00:07:57.800><c> may</c><00:07:57.960><c> do</c><00:07:58.199><c> or</c>

00:07:58.350 --> 00:07:58.360 align:start position:0%
that's not something that we may do or
 

00:07:58.360 --> 00:08:00.469 align:start position:0%
that's not something that we may do or
we<00:07:58.479><c> may</c><00:07:58.680><c> only</c><00:07:58.879><c> do</c><00:07:59.120><c> with</c><00:07:59.240><c> a</c><00:07:59.560><c> very</c><00:07:59.759><c> small</c><00:08:00.080><c> part</c><00:08:00.360><c> of</c>

00:08:00.469 --> 00:08:00.479 align:start position:0%
we may only do with a very small part of
 

00:08:00.479 --> 00:08:02.629 align:start position:0%
we may only do with a very small part of
the<00:08:00.680><c> portfolio</c><00:08:01.639><c> and</c><00:08:01.759><c> then</c><00:08:02.000><c> most</c><00:08:02.199><c> of</c><00:08:02.360><c> the</c>

00:08:02.629 --> 00:08:02.639 align:start position:0%
the portfolio and then most of the
 

00:08:02.639 --> 00:08:05.029 align:start position:0%
the portfolio and then most of the
liquidity<00:08:03.159><c> goes</c><00:08:03.520><c> to</c><00:08:03.960><c> like</c><00:08:04.120><c> lower</c><00:08:04.479><c> yield</c><00:08:04.879><c> but</c>

00:08:05.029 --> 00:08:05.039 align:start position:0%
liquidity goes to like lower yield but
 

00:08:05.039 --> 00:08:07.790 align:start position:0%
liquidity goes to like lower yield but
also<00:08:05.280><c> much</c><00:08:05.479><c> lower</c><00:08:05.800><c> risk</c><00:08:06.120><c> stable</c>

00:08:07.790 --> 00:08:07.800 align:start position:0%
also much lower risk stable
 

00:08:07.800 --> 00:08:11.830 align:start position:0%
also much lower risk stable
coins<00:08:08.800><c> um</c><00:08:09.120><c> so</c><00:08:09.720><c> what</c><00:08:09.840><c> is</c><00:08:10.000><c> the</c><00:08:10.120><c> use</c><00:08:10.599><c> strategy</c><00:08:11.599><c> um</c>

00:08:11.830 --> 00:08:11.840 align:start position:0%
coins um so what is the use strategy um
 

00:08:11.840 --> 00:08:14.510 align:start position:0%
coins um so what is the use strategy um
at<00:08:12.000><c> G</c><00:08:12.440><c> scope</c><00:08:12.840><c> and</c><00:08:13.039><c> liquidy</c><00:08:13.599><c> then</c><00:08:13.800><c> can</c><00:08:13.919><c> you</c><00:08:14.360><c> give</c>

00:08:14.510 --> 00:08:14.520 align:start position:0%
at G scope and liquidy then can you give
 

00:08:14.520 --> 00:08:17.309 align:start position:0%
at G scope and liquidy then can you give
us<00:08:14.720><c> some</c><00:08:14.960><c> details</c><00:08:15.319><c> on</c><00:08:15.639><c> that</c><00:08:16.400><c> I</c><00:08:16.479><c> know</c><00:08:16.720><c> you</c>

00:08:17.309 --> 00:08:17.319 align:start position:0%
us some details on that I know you
 

00:08:17.319 --> 00:08:19.990 align:start position:0%
us some details on that I know you
mentioned<00:08:17.840><c> that</c><00:08:18.120><c> but</c><00:08:18.440><c> like</c><00:08:18.800><c> traditionally</c><00:08:19.800><c> a</c>

00:08:19.990 --> 00:08:20.000 align:start position:0%
mentioned that but like traditionally a
 

00:08:20.000 --> 00:08:21.830 align:start position:0%
mentioned that but like traditionally a
stable<00:08:20.360><c> coin</c><00:08:20.520><c> user</c><00:08:20.840><c> can</c><00:08:20.960><c> earn</c><00:08:21.240><c> use</c><00:08:21.560><c> from</c>

00:08:21.830 --> 00:08:21.840 align:start position:0%
stable coin user can earn use from
 

00:08:21.840 --> 00:08:23.670 align:start position:0%
stable coin user can earn use from
providing<00:08:22.240><c> liquidity</c><00:08:22.759><c> and</c><00:08:22.919><c> now</c><00:08:23.120><c> you</c><00:08:23.280><c> have</c><00:08:23.520><c> a</c>

00:08:23.670 --> 00:08:23.680 align:start position:0%
providing liquidity and now you have a
 

00:08:23.680 --> 00:08:26.550 align:start position:0%
providing liquidity and now you have a
Yi<00:08:23.919><c> bearing</c><00:08:24.720><c> uh</c><00:08:24.840><c> stable</c><00:08:25.199><c> coin</c><00:08:26.000><c> which</c><00:08:26.319><c> is</c>

00:08:26.550 --> 00:08:26.560 align:start position:0%
Yi bearing uh stable coin which is
 

00:08:26.560 --> 00:08:30.749 align:start position:0%
Yi bearing uh stable coin which is
liquidity<00:08:27.080><c> V2</c><00:08:27.759><c> and</c><00:08:28.199><c> dry</c><00:08:28.639><c> scope</c><00:08:28.919><c> has</c><00:08:29.120><c> their</c><00:08:29.879><c> uh</c>

00:08:30.749 --> 00:08:30.759 align:start position:0%
liquidity V2 and dry scope has their uh
 

00:08:30.759 --> 00:08:33.550 align:start position:0%
liquidity V2 and dry scope has their uh
uh<00:08:30.919><c> s</c><00:08:31.400><c> idea</c><00:08:31.720><c> as</c><00:08:31.879><c> well</c><00:08:32.360><c> can</c><00:08:32.519><c> you</c><00:08:32.839><c> give</c><00:08:33.159><c> us</c><00:08:33.360><c> some</c>

00:08:33.550 --> 00:08:33.560 align:start position:0%
uh s idea as well can you give us some
 

00:08:33.560 --> 00:08:35.029 align:start position:0%
uh s idea as well can you give us some
more<00:08:33.800><c> details</c><00:08:34.200><c> on</c>

00:08:35.029 --> 00:08:35.039 align:start position:0%
more details on
 

00:08:35.039 --> 00:08:37.550 align:start position:0%
more details on
that<00:08:36.039><c> yeah</c><00:08:36.159><c> I</c><00:08:36.200><c> can</c><00:08:36.320><c> fill</c><00:08:36.519><c> in</c><00:08:36.640><c> a</c><00:08:36.839><c> bit</c><00:08:37.039><c> about</c><00:08:37.399><c> uh</c>

00:08:37.550 --> 00:08:37.560 align:start position:0%
that yeah I can fill in a bit about uh
 

00:08:37.560 --> 00:08:41.790 align:start position:0%
that yeah I can fill in a bit about uh
gyroscope<00:08:38.320><c> there</c><00:08:39.200><c> um</c><00:08:39.680><c> so</c><00:08:40.680><c> realistically</c><00:08:41.680><c> a</c>

00:08:41.790 --> 00:08:41.800 align:start position:0%
gyroscope there um so realistically a
 

00:08:41.800 --> 00:08:43.909 align:start position:0%
gyroscope there um so realistically a
lot<00:08:41.959><c> of</c><00:08:42.240><c> the</c><00:08:42.680><c> kind</c><00:08:42.800><c> of</c><00:08:43.000><c> early</c><00:08:43.320><c> go</c><00:08:43.519><c> to</c><00:08:43.680><c> market</c>

00:08:43.909 --> 00:08:43.919 align:start position:0%
lot of the kind of early go to market
 

00:08:43.919 --> 00:08:46.990 align:start position:0%
lot of the kind of early go to market
for<00:08:44.159><c> new</c><00:08:44.360><c> stable</c><00:08:44.800><c> coin</c><00:08:45.680><c> does</c><00:08:46.160><c> end</c><00:08:46.360><c> up</c><00:08:46.560><c> focusing</c>

00:08:46.990 --> 00:08:47.000 align:start position:0%
for new stable coin does end up focusing
 

00:08:47.000 --> 00:08:48.990 align:start position:0%
for new stable coin does end up focusing
around<00:08:47.320><c> yield</c><00:08:47.760><c> just</c><00:08:48.120><c> for</c><00:08:48.360><c> this</c><00:08:48.519><c> like</c><00:08:48.720><c> chicken</c>

00:08:48.990 --> 00:08:49.000 align:start position:0%
around yield just for this like chicken
 

00:08:49.000 --> 00:08:50.710 align:start position:0%
around yield just for this like chicken
or<00:08:49.120><c> the</c><00:08:49.240><c> egg</c><00:08:49.600><c> problem</c><00:08:49.880><c> of</c><00:08:50.000><c> you</c><00:08:50.160><c> have</c><00:08:50.279><c> to</c>

00:08:50.710 --> 00:08:50.720 align:start position:0%
or the egg problem of you have to
 

00:08:50.720 --> 00:08:53.150 align:start position:0%
or the egg problem of you have to
establish<00:08:51.720><c> uh</c><00:08:51.959><c> enough</c><00:08:52.240><c> liquidity</c><00:08:52.959><c> that</c>

00:08:53.150 --> 00:08:53.160 align:start position:0%
establish uh enough liquidity that
 

00:08:53.160 --> 00:08:55.990 align:start position:0%
establish uh enough liquidity that
you're<00:08:53.880><c> your</c><00:08:54.200><c> product</c><00:08:54.519><c> is</c><00:08:54.760><c> actually</c><00:08:55.360><c> uh</c>

00:08:55.990 --> 00:08:56.000 align:start position:0%
you're your product is actually uh
 

00:08:56.000 --> 00:08:58.790 align:start position:0%
you're your product is actually uh
useful<00:08:57.000><c> um</c><00:08:57.200><c> and</c><00:08:57.360><c> then</c><00:08:57.800><c> also</c><00:08:58.320><c> like</c>

00:08:58.790 --> 00:08:58.800 align:start position:0%
useful um and then also like
 

00:08:58.800 --> 00:09:00.829 align:start position:0%
useful um and then also like
realistically<00:08:59.560><c> so</c><00:08:59.720><c> a</c><00:08:59.800><c> lot</c><00:08:59.959><c> of</c><00:09:00.240><c> just</c><00:09:00.440><c> stable</c>

00:09:00.829 --> 00:09:00.839 align:start position:0%
realistically so a lot of just stable
 

00:09:00.839 --> 00:09:03.590 align:start position:0%
realistically so a lot of just stable
coins<00:09:01.519><c> get</c><00:09:01.680><c> used</c><00:09:02.079><c> in</c><00:09:02.240><c> Defi</c><00:09:02.720><c> and</c><00:09:02.880><c> then</c><00:09:03.240><c> like</c>

00:09:03.590 --> 00:09:03.600 align:start position:0%
coins get used in Defi and then like
 

00:09:03.600 --> 00:09:05.710 align:start position:0%
coins get used in Defi and then like
become<00:09:03.920><c> ingrained</c><00:09:04.399><c> in</c><00:09:04.600><c> various</c><00:09:05.279><c> yield</c>

00:09:05.710 --> 00:09:05.720 align:start position:0%
become ingrained in various yield
 

00:09:05.720 --> 00:09:08.389 align:start position:0%
become ingrained in various yield
strategies<00:09:06.680><c> and</c><00:09:06.800><c> so</c><00:09:07.240><c> the</c><00:09:07.519><c> actual</c><00:09:07.800><c> usage</c><00:09:08.200><c> of</c>

00:09:08.389 --> 00:09:08.399 align:start position:0%
strategies and so the actual usage of
 

00:09:08.399 --> 00:09:10.350 align:start position:0%
strategies and so the actual usage of
stuff<00:09:08.680><c> at</c><00:09:08.800><c> least</c><00:09:09.079><c> on</c><00:09:09.320><c> chain</c><00:09:09.839><c> ends</c><00:09:10.079><c> up</c>

00:09:10.350 --> 00:09:10.360 align:start position:0%
stuff at least on chain ends up
 

00:09:10.360 --> 00:09:12.590 align:start position:0%
stuff at least on chain ends up
revolving<00:09:10.839><c> quite</c><00:09:11.000><c> a</c><00:09:11.079><c> lot</c><00:09:11.279><c> around</c><00:09:11.720><c> uh</c><00:09:11.880><c> yield</c>

00:09:12.590 --> 00:09:12.600 align:start position:0%
revolving quite a lot around uh yield
 

00:09:12.600 --> 00:09:16.030 align:start position:0%
revolving quite a lot around uh yield
for<00:09:12.959><c> gyroscope</c><00:09:13.760><c> in</c><00:09:13.959><c> particular</c><00:09:14.640><c> we</c><00:09:14.839><c> have</c><00:09:15.800><c> uh</c><00:09:15.959><c> I</c>

00:09:16.030 --> 00:09:16.040 align:start position:0%
for gyroscope in particular we have uh I
 

00:09:16.040 --> 00:09:17.509 align:start position:0%
for gyroscope in particular we have uh I
mentioned<00:09:16.360><c> we</c><00:09:16.440><c> have</c><00:09:16.600><c> kind</c><00:09:16.720><c> of</c><00:09:16.839><c> like</c><00:09:17.000><c> the</c><00:09:17.399><c> a</c>

00:09:17.509 --> 00:09:17.519 align:start position:0%
mentioned we have kind of like the a
 

00:09:17.519 --> 00:09:19.829 align:start position:0%
mentioned we have kind of like the a
unique<00:09:17.880><c> combination</c><00:09:18.440><c> of</c><00:09:18.720><c> a</c><00:09:18.880><c> a</c><00:09:19.040><c> stable</c><00:09:19.399><c> coin</c>

00:09:19.829 --> 00:09:19.839 align:start position:0%
unique combination of a a stable coin
 

00:09:19.839 --> 00:09:22.910 align:start position:0%
unique combination of a a stable coin
that's<00:09:20.480><c> decentralized</c><00:09:21.320><c> and</c><00:09:21.560><c> a</c><00:09:21.880><c> decentralized</c>

00:09:22.910 --> 00:09:22.920 align:start position:0%
that's decentralized and a decentralized
 

00:09:22.920 --> 00:09:25.630 align:start position:0%
that's decentralized and a decentralized
exchange<00:09:23.920><c> uh</c><00:09:24.079><c> we</c><00:09:24.240><c> have</c><00:09:24.640><c> two</c><00:09:24.920><c> main</c><00:09:25.279><c> kind</c><00:09:25.399><c> of</c>

00:09:25.630 --> 00:09:25.640 align:start position:0%
exchange uh we have two main kind of
 

00:09:25.640 --> 00:09:27.790 align:start position:0%
exchange uh we have two main kind of
like<00:09:26.079><c> yield</c><00:09:26.800><c> products</c><00:09:27.160><c> that</c><00:09:27.279><c> are</c><00:09:27.399><c> part</c><00:09:27.519><c> of</c><00:09:27.680><c> the</c>

00:09:27.790 --> 00:09:27.800 align:start position:0%
like yield products that are part of the
 

00:09:27.800 --> 00:09:29.910 align:start position:0%
like yield products that are part of the
the<00:09:27.880><c> go</c><00:09:28.040><c> to</c><00:09:28.200><c> market</c><00:09:28.440><c> I</c><00:09:28.560><c> suppose</c><00:09:28.959><c> one</c><00:09:29.120><c> is</c>

00:09:29.910 --> 00:09:29.920 align:start position:0%
the go to market I suppose one is
 

00:09:29.920 --> 00:09:31.670 align:start position:0%
the go to market I suppose one is
a<00:09:30.000><c> yield</c><00:09:30.279><c> bearing</c><00:09:30.800><c> version</c><00:09:31.079><c> of</c><00:09:31.200><c> the</c><00:09:31.320><c> stable</c>

00:09:31.670 --> 00:09:31.680 align:start position:0%
a yield bearing version of the stable
 

00:09:31.680 --> 00:09:34.590 align:start position:0%
a yield bearing version of the stable
coin<00:09:32.240><c> SG</c><00:09:33.240><c> for</c><00:09:33.640><c> compared</c><00:09:33.920><c> to</c><00:09:34.000><c> the</c><00:09:34.079><c> stable</c><00:09:34.399><c> coin</c>

00:09:34.590 --> 00:09:34.600 align:start position:0%
coin SG for compared to the stable coin
 

00:09:34.600 --> 00:09:39.310 align:start position:0%
coin SG for compared to the stable coin
that's<00:09:34.800><c> non-yielding</c><00:09:35.839><c> G</c><00:09:36.839><c> and</c><00:09:37.640><c> uh</c><00:09:37.959><c> the</c><00:09:38.519><c> what</c><00:09:38.680><c> SG</c>

00:09:39.310 --> 00:09:39.320 align:start position:0%
that's non-yielding G and uh the what SG
 

00:09:39.320 --> 00:09:41.430 align:start position:0%
that's non-yielding G and uh the what SG
does<00:09:39.680><c> is</c><00:09:40.079><c> uh</c><00:09:40.519><c> kind</c><00:09:40.640><c> of</c><00:09:40.760><c> similar</c><00:09:41.040><c> to</c><00:09:41.160><c> some</c><00:09:41.320><c> other</c>

00:09:41.430 --> 00:09:41.440 align:start position:0%
does is uh kind of similar to some other
 

00:09:41.440 --> 00:09:43.509 align:start position:0%
does is uh kind of similar to some other
yield<00:09:41.680><c> bearing</c><00:09:42.000><c> stable</c><00:09:42.279><c> coins</c><00:09:42.560><c> it</c><00:09:42.720><c> takes</c><00:09:43.160><c> the</c>

00:09:43.509 --> 00:09:43.519 align:start position:0%
yield bearing stable coins it takes the
 

00:09:43.519 --> 00:09:46.470 align:start position:0%
yield bearing stable coins it takes the
uh<00:09:44.079><c> uh</c><00:09:44.200><c> the</c><00:09:44.360><c> revenues</c><00:09:44.880><c> that</c><00:09:45.040><c> come</c><00:09:45.200><c> in</c><00:09:45.600><c> from</c><00:09:46.240><c> uh</c>

00:09:46.470 --> 00:09:46.480 align:start position:0%
uh uh the revenues that come in from uh
 

00:09:46.480 --> 00:09:47.829 align:start position:0%
uh uh the revenues that come in from uh
kind<00:09:46.600><c> of</c><00:09:46.720><c> various</c><00:09:47.079><c> aspects</c><00:09:47.360><c> of</c><00:09:47.519><c> how</c><00:09:47.640><c> the</c>

00:09:47.829 --> 00:09:47.839 align:start position:0%
kind of various aspects of how the
 

00:09:47.839 --> 00:09:50.630 align:start position:0%
kind of various aspects of how the
protocol<00:09:48.320><c> works</c><00:09:49.040><c> and</c><00:09:49.200><c> forwards</c><00:09:49.720><c> them</c><00:09:50.000><c> back</c><00:09:50.240><c> to</c>

00:09:50.630 --> 00:09:50.640 align:start position:0%
protocol works and forwards them back to
 

00:09:50.640 --> 00:09:53.829 align:start position:0%
protocol works and forwards them back to
uh<00:09:50.800><c> to</c><00:09:50.959><c> to</c><00:09:51.120><c> users</c><00:09:51.600><c> who</c><00:09:51.880><c> opt</c><00:09:52.160><c> to</c><00:09:52.360><c> hold</c><00:09:52.839><c> sgid</c>

00:09:53.829 --> 00:09:53.839 align:start position:0%
uh to to users who opt to hold sgid
 

00:09:53.839 --> 00:09:57.110 align:start position:0%
uh to to users who opt to hold sgid
instead<00:09:54.120><c> of</c><00:09:54.279><c> using</c><00:09:54.880><c> G</c><00:09:55.480><c> somewhere</c><00:09:55.839><c> else</c><00:09:56.839><c> um</c><00:09:56.959><c> and</c>

00:09:57.110 --> 00:09:57.120 align:start position:0%
instead of using G somewhere else um and
 

00:09:57.120 --> 00:10:00.110 align:start position:0%
instead of using G somewhere else um and
currently<00:09:58.120><c> that</c><00:09:58.240><c> yield</c><00:09:58.600><c> kind</c><00:09:58.720><c> of</c><00:09:58.880><c> averages</c>

00:10:00.110 --> 00:10:00.120 align:start position:0%
currently that yield kind of averages
 

00:10:00.120 --> 00:10:02.870 align:start position:0%
currently that yield kind of averages
kind<00:10:00.240><c> of</c><00:10:00.440><c> between</c><00:10:00.920><c> like</c><00:10:01.320><c> 12</c><00:10:01.640><c> and</c><00:10:01.839><c> 16%</c><00:10:02.720><c> right</c>

00:10:02.870 --> 00:10:02.880 align:start position:0%
kind of between like 12 and 16% right
 

00:10:02.880 --> 00:10:05.310 align:start position:0%
kind of between like 12 and 16% right
now<00:10:03.079><c> in</c><00:10:03.360><c> the</c><00:10:03.560><c> the</c><00:10:03.680><c> current</c><00:10:04.200><c> environment</c><00:10:05.200><c> uh</c>

00:10:05.310 --> 00:10:05.320 align:start position:0%
now in the the current environment uh
 

00:10:05.320 --> 00:10:07.350 align:start position:0%
now in the the current environment uh
and<00:10:05.399><c> then</c><00:10:05.560><c> we</c><00:10:05.720><c> also</c><00:10:06.360><c> have</c><00:10:06.800><c> uh</c><00:10:07.000><c> our</c>

00:10:07.350 --> 00:10:07.360 align:start position:0%
and then we also have uh our
 

00:10:07.360 --> 00:10:09.990 align:start position:0%
and then we also have uh our
decentralized<00:10:08.120><c> exchange</c><00:10:08.640><c> we</c><00:10:08.800><c> have</c><00:10:09.519><c> uh</c><00:10:09.839><c> what</c>

00:10:09.990 --> 00:10:10.000 align:start position:0%
decentralized exchange we have uh what
 

00:10:10.000 --> 00:10:11.949 align:start position:0%
decentralized exchange we have uh what
we<00:10:10.120><c> consider</c><00:10:10.440><c> a</c><00:10:10.560><c> more</c><00:10:10.839><c> efficient</c><00:10:11.519><c> liquidity</c>

00:10:11.949 --> 00:10:11.959 align:start position:0%
we consider a more efficient liquidity
 

00:10:11.959 --> 00:10:14.949 align:start position:0%
we consider a more efficient liquidity
pool<00:10:12.320><c> type</c><00:10:12.760><c> that's</c><00:10:13.000><c> also</c><00:10:13.600><c> more</c><00:10:14.000><c> easy</c><00:10:14.399><c> for</c><00:10:14.800><c> uh</c>

00:10:14.949 --> 00:10:14.959 align:start position:0%
pool type that's also more easy for uh
 

00:10:14.959 --> 00:10:17.829 align:start position:0%
pool type that's also more easy for uh
kind<00:10:15.040><c> of</c><00:10:15.240><c> like</c><00:10:15.480><c> LPS</c><00:10:16.079><c> to</c><00:10:16.279><c> use</c><00:10:17.040><c> uh</c><00:10:17.160><c> it's</c><00:10:17.399><c> focused</c>

00:10:17.829 --> 00:10:17.839 align:start position:0%
kind of like LPS to use uh it's focused
 

00:10:17.839 --> 00:10:20.710 align:start position:0%
kind of like LPS to use uh it's focused
on<00:10:18.440><c> what's</c><00:10:18.839><c> called</c><00:10:19.279><c> asymmetric</c><00:10:20.120><c> concentrated</c>

00:10:20.710 --> 00:10:20.720 align:start position:0%
on what's called asymmetric concentrated
 

00:10:20.720 --> 00:10:22.550 align:start position:0%
on what's called asymmetric concentrated
liquidity<00:10:21.399><c> you</c><00:10:21.480><c> can</c><00:10:21.640><c> think</c><00:10:21.800><c> of</c><00:10:21.920><c> it</c><00:10:22.279><c> it's</c><00:10:22.440><c> kind</c>

00:10:22.550 --> 00:10:22.560 align:start position:0%
liquidity you can think of it it's kind
 

00:10:22.560 --> 00:10:24.150 align:start position:0%
liquidity you can think of it it's kind
of<00:10:22.640><c> a</c><00:10:22.760><c> big</c><00:10:22.920><c> word</c><00:10:23.120><c> but</c><00:10:23.240><c> you</c><00:10:23.640><c> you</c><00:10:23.760><c> can</c><00:10:23.880><c> think</c><00:10:24.040><c> of</c>

00:10:24.150 --> 00:10:24.160 align:start position:0%
of a big word but you you can think of
 

00:10:24.160 --> 00:10:26.190 align:start position:0%
of a big word but you you can think of
it<00:10:24.279><c> as</c><00:10:24.480><c> just</c><00:10:24.839><c> a</c><00:10:25.000><c> way</c><00:10:25.120><c> to</c><00:10:25.279><c> squeeze</c><00:10:25.880><c> more</c>

00:10:26.190 --> 00:10:26.200 align:start position:0%
it as just a way to squeeze more
 

00:10:26.200 --> 00:10:27.990 align:start position:0%
it as just a way to squeeze more
liquidity<00:10:26.880><c> out</c><00:10:27.000><c> of</c><00:10:27.160><c> the</c><00:10:27.279><c> same</c><00:10:27.600><c> assets</c><00:10:27.880><c> that</c>

00:10:27.990 --> 00:10:28.000 align:start position:0%
liquidity out of the same assets that
 

00:10:28.000 --> 00:10:29.829 align:start position:0%
liquidity out of the same assets that
you're<00:10:28.120><c> putting</c><00:10:28.360><c> into</c><00:10:28.600><c> the</c><00:10:28.720><c> pool</c><00:10:29.399><c> by</c><00:10:29.519><c> kind</c><00:10:29.640><c> of</c>

00:10:29.829 --> 00:10:29.839 align:start position:0%
you're putting into the pool by kind of
 

00:10:29.839 --> 00:10:32.030 align:start position:0%
you're putting into the pool by kind of
strategically<00:10:30.839><c> choosing</c><00:10:31.399><c> which</c><00:10:31.640><c> parts</c><00:10:31.920><c> of</c>

00:10:32.030 --> 00:10:32.040 align:start position:0%
strategically choosing which parts of
 

00:10:32.040 --> 00:10:35.190 align:start position:0%
strategically choosing which parts of
the<00:10:32.200><c> pricing</c><00:10:32.600><c> region</c><00:10:33.320><c> you</c><00:10:33.600><c> actually</c><00:10:34.040><c> need</c><00:10:35.040><c> uh</c>

00:10:35.190 --> 00:10:35.200 align:start position:0%
the pricing region you actually need uh
 

00:10:35.200 --> 00:10:36.710 align:start position:0%
the pricing region you actually need uh
and<00:10:35.399><c> tying</c><00:10:35.760><c> that</c><00:10:35.880><c> in</c><00:10:36.040><c> also</c><00:10:36.279><c> with</c><00:10:36.440><c> like</c><00:10:36.560><c> how</c>

00:10:36.710 --> 00:10:36.720 align:start position:0%
and tying that in also with like how
 

00:10:36.720 --> 00:10:39.030 align:start position:0%
and tying that in also with like how
this<00:10:36.920><c> stable</c><00:10:37.320><c> coin</c><00:10:37.480><c> is</c><00:10:37.639><c> actually</c><00:10:37.880><c> designed</c><00:10:38.440><c> so</c>

00:10:39.030 --> 00:10:39.040 align:start position:0%
this stable coin is actually designed so
 

00:10:39.040 --> 00:10:41.470 align:start position:0%
this stable coin is actually designed so
why<00:10:39.200><c> it's</c><00:10:39.600><c> why</c><00:10:39.720><c> we</c><00:10:39.839><c> built</c><00:10:40.040><c> it</c><00:10:40.240><c> actually</c><00:10:40.480><c> for</c><00:10:40.839><c> gy</c>

00:10:41.470 --> 00:10:41.480 align:start position:0%
why it's why we built it actually for gy
 

00:10:41.480 --> 00:10:43.829 align:start position:0%
why it's why we built it actually for gy
is<00:10:41.680><c> that</c><00:10:42.000><c> uh</c><00:10:42.399><c> G</c><00:10:42.920><c> has</c><00:10:43.120><c> like</c><00:10:43.240><c> a</c><00:10:43.320><c> minting</c><00:10:43.680><c> and</c>

00:10:43.829 --> 00:10:43.839 align:start position:0%
is that uh G has like a minting and
 

00:10:43.839 --> 00:10:45.949 align:start position:0%
is that uh G has like a minting and
Redemption<00:10:44.399><c> function</c><00:10:44.839><c> and</c><00:10:45.000><c> we</c><00:10:45.360><c> use</c><00:10:45.639><c> that</c><00:10:45.800><c> to</c>

00:10:45.949 --> 00:10:45.959 align:start position:0%
Redemption function and we use that to
 

00:10:45.959 --> 00:10:48.389 align:start position:0%
Redemption function and we use that to
basically<00:10:46.639><c> say</c><00:10:47.000><c> hey</c><00:10:47.720><c> uh</c><00:10:47.839><c> minting</c><00:10:48.200><c> and</c>

00:10:48.389 --> 00:10:48.399 align:start position:0%
basically say hey uh minting and
 

00:10:48.399 --> 00:10:50.590 align:start position:0%
basically say hey uh minting and
redeeming<00:10:49.200><c> uh</c><00:10:49.480><c> kind</c><00:10:49.600><c> of</c><00:10:49.760><c> takes</c><00:10:50.040><c> care</c><00:10:50.200><c> of</c><00:10:50.399><c> most</c>

00:10:50.590 --> 00:10:50.600 align:start position:0%
redeeming uh kind of takes care of most
 

00:10:50.600 --> 00:10:53.590 align:start position:0%
redeeming uh kind of takes care of most
of<00:10:50.760><c> the</c><00:10:50.920><c> pricing</c><00:10:51.320><c> range</c><00:10:52.279><c> and</c><00:10:53.000><c> you</c><00:10:53.160><c> can</c><00:10:53.399><c> then</c>

00:10:53.590 --> 00:10:53.600 align:start position:0%
of the pricing range and you can then
 

00:10:53.600 --> 00:10:55.269 align:start position:0%
of the pricing range and you can then
make<00:10:53.959><c> uh</c><00:10:54.079><c> kind</c><00:10:54.200><c> of</c><00:10:54.360><c> secondary</c><00:10:54.800><c> markets</c>

00:10:55.269 --> 00:10:55.279 align:start position:0%
make uh kind of secondary markets
 

00:10:55.279 --> 00:10:57.389 align:start position:0%
make uh kind of secondary markets
focused<00:10:55.680><c> on</c><00:10:55.880><c> very</c><00:10:56.200><c> particular</c><00:10:56.680><c> areas</c><00:10:57.079><c> and</c><00:10:57.200><c> so</c>

00:10:57.389 --> 00:10:57.399 align:start position:0%
focused on very particular areas and so
 

00:10:57.399 --> 00:10:59.949 align:start position:0%
focused on very particular areas and so
that's<00:10:57.639><c> like</c><00:10:58.040><c> a</c><00:10:58.160><c> high</c><00:10:58.360><c> level</c><00:10:58.639><c> idea</c><00:10:58.920><c> of</c><00:10:59.079><c> why</c>

00:10:59.949 --> 00:10:59.959 align:start position:0%
that's like a high level idea of why
 

00:10:59.959 --> 00:11:02.110 align:start position:0%
that's like a high level idea of why
uh<00:11:00.200><c> our</c><00:11:00.440><c> decentralized</c><00:11:01.120><c> exchange</c><00:11:01.519><c> is</c><00:11:01.760><c> kind</c><00:11:01.880><c> of</c>

00:11:02.110 --> 00:11:02.120 align:start position:0%
uh our decentralized exchange is kind of
 

00:11:02.120 --> 00:11:05.389 align:start position:0%
uh our decentralized exchange is kind of
more<00:11:02.360><c> more</c><00:11:02.560><c> efficient</c><00:11:03.560><c> uh</c><00:11:03.760><c> but</c><00:11:03.920><c> it</c><00:11:04.720><c> it's</c><00:11:04.959><c> made</c>

00:11:05.389 --> 00:11:05.399 align:start position:0%
more more efficient uh but it it's made
 

00:11:05.399 --> 00:11:07.670 align:start position:0%
more more efficient uh but it it's made
specifically<00:11:06.040><c> for</c><00:11:06.440><c> for</c><00:11:06.639><c> GD</c><00:11:07.279><c> like</c><00:11:07.440><c> that</c><00:11:07.600><c> that</c>

00:11:07.670 --> 00:11:07.680 align:start position:0%
specifically for for GD like that that
 

00:11:07.680 --> 00:11:09.629 align:start position:0%
specifically for for GD like that that
was<00:11:07.959><c> one</c><00:11:08.079><c> of</c><00:11:08.160><c> the</c><00:11:08.279><c> reasons</c><00:11:08.560><c> why</c><00:11:08.680><c> we</c><00:11:08.800><c> built</c><00:11:09.079><c> it</c>

00:11:09.629 --> 00:11:09.639 align:start position:0%
was one of the reasons why we built it
 

00:11:09.639 --> 00:11:11.389 align:start position:0%
was one of the reasons why we built it
and<00:11:09.800><c> so</c><00:11:10.079><c> one</c><00:11:10.200><c> of</c><00:11:10.320><c> the</c><00:11:10.480><c> most</c><00:11:10.720><c> efficient</c><00:11:11.120><c> places</c>

00:11:11.389 --> 00:11:11.399 align:start position:0%
and so one of the most efficient places
 

00:11:11.399 --> 00:11:14.389 align:start position:0%
and so one of the most efficient places
to<00:11:11.600><c> actually</c><00:11:11.880><c> put</c><00:11:12.160><c> GID</c><00:11:12.680><c> to</c><00:11:12.880><c> use</c><00:11:13.279><c> is</c><00:11:13.639><c> using</c><00:11:14.000><c> it</c>

00:11:14.389 --> 00:11:14.399 align:start position:0%
to actually put GID to use is using it
 

00:11:14.399 --> 00:11:16.870 align:start position:0%
to actually put GID to use is using it
uh<00:11:14.519><c> in</c><00:11:14.639><c> our</c><00:11:14.880><c> decentralized</c><00:11:15.600><c> exchange</c><00:11:16.200><c> which</c>

00:11:16.870 --> 00:11:16.880 align:start position:0%
uh in our decentralized exchange which
 

00:11:16.880 --> 00:11:18.870 align:start position:0%
uh in our decentralized exchange which
uh<00:11:17.079><c> also</c><00:11:17.480><c> like</c><00:11:17.600><c> ends</c><00:11:17.800><c> up</c><00:11:18.240><c> grouting</c><00:11:18.680><c> quite</c><00:11:18.800><c> a</c>

00:11:18.870 --> 00:11:18.880 align:start position:0%
uh also like ends up grouting quite a
 

00:11:18.880 --> 00:11:20.870 align:start position:0%
uh also like ends up grouting quite a
lot<00:11:19.000><c> of</c><00:11:19.079><c> volume</c><00:11:19.399><c> these</c><00:11:19.600><c> days</c>

00:11:20.870 --> 00:11:20.880 align:start position:0%
lot of volume these days
 

00:11:20.880 --> 00:11:23.629 align:start position:0%
lot of volume these days
too<00:11:21.880><c> yeah</c><00:11:22.120><c> so</c><00:11:22.519><c> um</c><00:11:23.120><c> I</c><00:11:23.200><c> think</c><00:11:23.320><c> you</c><00:11:23.399><c> made</c><00:11:23.519><c> some</c>

00:11:23.629 --> 00:11:23.639 align:start position:0%
too yeah so um I think you made some
 

00:11:23.639 --> 00:11:26.670 align:start position:0%
too yeah so um I think you made some
really<00:11:23.800><c> good</c><00:11:23.920><c> points</c><00:11:24.120><c> in</c><00:11:24.279><c> there</c><00:11:24.639><c> um</c><00:11:25.279><c> kind</c><00:11:25.680><c> of</c>

00:11:26.670 --> 00:11:26.680 align:start position:0%
really good points in there um kind of
 

00:11:26.680 --> 00:11:28.550 align:start position:0%
really good points in there um kind of
one<00:11:26.839><c> of</c><00:11:27.040><c> the</c><00:11:27.200><c> things</c><00:11:27.560><c> like</c><00:11:27.839><c> when</c><00:11:28.040><c> we</c><00:11:28.200><c> designed</c>

00:11:28.550 --> 00:11:28.560 align:start position:0%
one of the things like when we designed
 

00:11:28.560 --> 00:11:30.389 align:start position:0%
one of the things like when we designed
our<00:11:28.720><c> product</c><00:11:29.399><c> realization</c><00:11:30.000><c> and</c><00:11:30.160><c> kind</c><00:11:30.279><c> of</c>

00:11:30.389 --> 00:11:30.399 align:start position:0%
our product realization and kind of
 

00:11:30.399 --> 00:11:32.750 align:start position:0%
our product realization and kind of
taking<00:11:30.560><c> a</c><00:11:30.680><c> step</c><00:11:30.920><c> back</c><00:11:31.120><c> where</c><00:11:31.760><c> with</c><00:11:31.880><c> our</c><00:11:32.079><c> first</c>

00:11:32.750 --> 00:11:32.760 align:start position:0%
taking a step back where with our first
 

00:11:32.760 --> 00:11:35.430 align:start position:0%
taking a step back where with our first
um<00:11:32.959><c> version</c><00:11:33.440><c> is</c><00:11:33.959><c> there's</c><00:11:34.240><c> actually</c><00:11:34.760><c> unlimited</c>

00:11:35.430 --> 00:11:35.440 align:start position:0%
um version is there's actually unlimited
 

00:11:35.440 --> 00:11:38.110 align:start position:0%
um version is there's actually unlimited
demand<00:11:35.800><c> to</c><00:11:36.079><c> create</c><00:11:36.800><c> stable</c><00:11:37.200><c> coins</c><00:11:37.519><c> I</c><00:11:37.600><c> mean</c><00:11:38.040><c> I</c>

00:11:38.110 --> 00:11:38.120 align:start position:0%
demand to create stable coins I mean I
 

00:11:38.120 --> 00:11:40.470 align:start position:0%
demand to create stable coins I mean I
think<00:11:38.600><c> if</c><00:11:38.760><c> I</c><00:11:38.959><c> did</c><00:11:39.079><c> a</c><00:11:39.200><c> survey</c><00:11:39.600><c> here</c><00:11:39.800><c> and</c><00:11:39.920><c> I</c><00:11:40.000><c> said</c>

00:11:40.470 --> 00:11:40.480 align:start position:0%
think if I did a survey here and I said
 

00:11:40.480 --> 00:11:42.790 align:start position:0%
think if I did a survey here and I said
if<00:11:40.600><c> you</c><00:11:40.720><c> could</c><00:11:40.880><c> mint</c><00:11:41.160><c> a</c><00:11:41.360><c> token</c><00:11:42.360><c> that</c><00:11:42.480><c> was</c><00:11:42.600><c> worth</c>

00:11:42.790 --> 00:11:42.800 align:start position:0%
if you could mint a token that was worth
 

00:11:42.800 --> 00:11:45.750 align:start position:0%
if you could mint a token that was worth
a<00:11:42.959><c> dollar</c><00:11:43.920><c> um</c><00:11:44.240><c> would</c><00:11:44.399><c> you</c><00:11:44.560><c> do</c><00:11:44.720><c> it</c><00:11:45.399><c> and</c><00:11:45.519><c> I</c><00:11:45.600><c> think</c>

00:11:45.750 --> 00:11:45.760 align:start position:0%
a dollar um would you do it and I think
 

00:11:45.760 --> 00:11:46.949 align:start position:0%
a dollar um would you do it and I think
everybody<00:11:46.079><c> would</c><00:11:46.200><c> say</c><00:11:46.440><c> I'll</c><00:11:46.639><c> do</c><00:11:46.760><c> that</c><00:11:46.839><c> in</c>

00:11:46.949 --> 00:11:46.959 align:start position:0%
everybody would say I'll do that in
 

00:11:46.959 --> 00:11:49.310 align:start position:0%
everybody would say I'll do that in
unlimited<00:11:47.519><c> size</c><00:11:48.519><c> the</c><00:11:48.639><c> issue</c><00:11:48.880><c> is</c><00:11:49.000><c> there's</c><00:11:49.160><c> not</c>

00:11:49.310 --> 00:11:49.320 align:start position:0%
unlimited size the issue is there's not
 

00:11:49.320 --> 00:11:51.389 align:start position:0%
unlimited size the issue is there's not
unlimited<00:11:49.800><c> demand</c><00:11:50.160><c> to</c><00:11:50.360><c> hold</c><00:11:50.800><c> your</c><00:11:51.000><c> token</c><00:11:51.279><c> that</c>

00:11:51.389 --> 00:11:51.399 align:start position:0%
unlimited demand to hold your token that
 

00:11:51.399 --> 00:11:53.870 align:start position:0%
unlimited demand to hold your token that
you<00:11:51.519><c> just</c><00:11:51.680><c> Meed</c><00:11:52.680><c> um</c><00:11:53.040><c> we</c><00:11:53.279><c> realized</c><00:11:53.680><c> that</c>

00:11:53.870 --> 00:11:53.880 align:start position:0%
you just Meed um we realized that
 

00:11:53.880 --> 00:11:56.750 align:start position:0%
you just Meed um we realized that
actually<00:11:54.120><c> with</c><00:11:54.279><c> V1</c><00:11:55.079><c> um</c><00:11:55.480><c> because</c><00:11:56.480><c> when</c><00:11:56.639><c> you</c>

00:11:56.750 --> 00:11:56.760 align:start position:0%
actually with V1 um because when you
 

00:11:56.760 --> 00:11:58.870 align:start position:0%
actually with V1 um because when you
would<00:11:56.920><c> mint</c><00:11:57.120><c> it</c><00:11:57.240><c> you'd</c><00:11:57.440><c> pay</c><00:11:57.600><c> a</c><00:11:57.760><c> half%</c><00:11:58.399><c> fee</c><00:11:58.800><c> and</c>

00:11:58.870 --> 00:11:58.880 align:start position:0%
would mint it you'd pay a half% fee and
 

00:11:58.880 --> 00:12:00.829 align:start position:0%
would mint it you'd pay a half% fee and
that<00:11:59.000><c> was</c><00:11:59.079><c> it</c><00:11:59.279><c> it</c><00:11:59.399><c> for</c><00:11:59.480><c> the</c><00:11:59.600><c> rest</c><00:11:59.720><c> of</c><00:11:59.800><c> your</c><00:12:00.000><c> life</c>

00:12:00.829 --> 00:12:00.839 align:start position:0%
that was it it for the rest of your life
 

00:12:00.839 --> 00:12:02.550 align:start position:0%
that was it it for the rest of your life
um<00:12:01.000><c> we</c><00:12:01.120><c> had</c><00:12:01.279><c> some</c><00:12:01.519><c> mechanisms</c><00:12:02.040><c> in</c><00:12:02.200><c> there</c><00:12:02.440><c> which</c>

00:12:02.550 --> 00:12:02.560 align:start position:0%
um we had some mechanisms in there which
 

00:12:02.560 --> 00:12:04.870 align:start position:0%
um we had some mechanisms in there which
ultimately<00:12:02.959><c> kind</c><00:12:03.079><c> of</c><00:12:03.240><c> created</c><00:12:03.560><c> an</c><00:12:03.760><c> issue</c><00:12:04.760><c> with</c>

00:12:04.870 --> 00:12:04.880 align:start position:0%
ultimately kind of created an issue with
 

00:12:04.880 --> 00:12:08.190 align:start position:0%
ultimately kind of created an issue with
our<00:12:05.040><c> V2</c><00:12:06.000><c> um</c><00:12:06.680><c> we</c><00:12:06.880><c> kind</c><00:12:07.000><c> of</c><00:12:07.320><c> understood</c><00:12:07.839><c> that</c>

00:12:08.190 --> 00:12:08.200 align:start position:0%
our V2 um we kind of understood that
 

00:12:08.200 --> 00:12:10.230 align:start position:0%
our V2 um we kind of understood that
everybody<00:12:08.560><c> would</c><00:12:08.760><c> mint</c><00:12:09.320><c> uh</c><00:12:09.440><c> on</c><00:12:09.560><c> an</c><00:12:09.720><c> unlimited</c>

00:12:10.230 --> 00:12:10.240 align:start position:0%
everybody would mint uh on an unlimited
 

00:12:10.240 --> 00:12:14.509 align:start position:0%
everybody would mint uh on an unlimited
amount<00:12:11.480><c> um</c><00:12:12.680><c> but</c><00:12:13.680><c> you</c><00:12:13.959><c> have</c><00:12:14.079><c> to</c><00:12:14.199><c> pay</c><00:12:14.399><c> this</c>

00:12:14.509 --> 00:12:14.519 align:start position:0%
amount um but you have to pay this
 

00:12:14.519 --> 00:12:15.590 align:start position:0%
amount um but you have to pay this
borrowing<00:12:14.880><c> rate</c><00:12:15.040><c> so</c><00:12:15.160><c> we've</c><00:12:15.320><c> been</c><00:12:15.399><c> talking</c>

00:12:15.590 --> 00:12:15.600 align:start position:0%
borrowing rate so we've been talking
 

00:12:15.600 --> 00:12:18.829 align:start position:0%
borrowing rate so we've been talking
about<00:12:15.760><c> yield</c><00:12:16.519><c> um</c><00:12:17.160><c> our</c><00:12:17.480><c> kind</c><00:12:17.600><c> of</c><00:12:18.040><c> USP</c><00:12:18.560><c> is</c><00:12:18.680><c> that</c>

00:12:18.829 --> 00:12:18.839 align:start position:0%
about yield um our kind of USP is that
 

00:12:18.839 --> 00:12:20.870 align:start position:0%
about yield um our kind of USP is that
you<00:12:18.959><c> set</c><00:12:19.240><c> the</c><00:12:19.399><c> rate</c><00:12:19.560><c> you</c><00:12:19.680><c> want</c><00:12:19.839><c> to</c><00:12:20.040><c> pay</c><00:12:20.600><c> uh</c><00:12:20.720><c> you</c>

00:12:20.870 --> 00:12:20.880 align:start position:0%
you set the rate you want to pay uh you
 

00:12:20.880 --> 00:12:22.310 align:start position:0%
you set the rate you want to pay uh you
decide<00:12:21.279><c> what</c><00:12:21.440><c> interest</c><00:12:21.760><c> rate</c><00:12:21.920><c> you</c><00:12:22.040><c> want</c><00:12:22.160><c> to</c>

00:12:22.310 --> 00:12:22.320 align:start position:0%
decide what interest rate you want to
 

00:12:22.320 --> 00:12:24.230 align:start position:0%
decide what interest rate you want to
pay<00:12:22.760><c> for</c><00:12:22.959><c> that</c><00:12:23.199><c> stable</c><00:12:23.440><c> coin</c><00:12:23.639><c> you've</c><00:12:23.800><c> minted</c>

00:12:24.230 --> 00:12:24.240 align:start position:0%
pay for that stable coin you've minted
 

00:12:24.240 --> 00:12:26.350 align:start position:0%
pay for that stable coin you've minted
now<00:12:24.639><c> this</c><00:12:24.839><c> guy</c><00:12:25.040><c> might</c><00:12:25.199><c> choose</c><00:12:25.480><c> 3%</c><00:12:25.920><c> a</c><00:12:26.040><c> year</c><00:12:26.279><c> you</c>

00:12:26.350 --> 00:12:26.360 align:start position:0%
now this guy might choose 3% a year you
 

00:12:26.360 --> 00:12:28.629 align:start position:0%
now this guy might choose 3% a year you
might<00:12:26.519><c> choose</c><00:12:26.839><c> eight</c><00:12:27.680><c> why</c><00:12:27.880><c> would</c><00:12:28.040><c> you</c><00:12:28.360><c> choose</c>

00:12:28.629 --> 00:12:28.639 align:start position:0%
might choose eight why would you choose
 

00:12:28.639 --> 00:12:30.389 align:start position:0%
might choose eight why would you choose
three<00:12:28.839><c> and</c><00:12:28.959><c> you</c><00:12:29.240><c> eight</c><00:12:29.920><c> um</c><00:12:30.079><c> we</c><00:12:30.199><c> have</c><00:12:30.279><c> a</c>

00:12:30.389 --> 00:12:30.399 align:start position:0%
three and you eight um we have a
 

00:12:30.399 --> 00:12:31.870 align:start position:0%
three and you eight um we have a
mechanism<00:12:30.839><c> called</c><00:12:31.120><c> Redemption</c><00:12:31.680><c> and</c>

00:12:31.870 --> 00:12:31.880 align:start position:0%
mechanism called Redemption and
 

00:12:31.880 --> 00:12:34.069 align:start position:0%
mechanism called Redemption and
essentially<00:12:32.600><c> we</c><00:12:32.760><c> are</c><00:12:32.920><c> a</c><00:12:33.000><c> CDP</c><00:12:33.680><c> which</c><00:12:33.800><c> means</c><00:12:33.959><c> you</c>

00:12:34.069 --> 00:12:34.079 align:start position:0%
essentially we are a CDP which means you
 

00:12:34.079 --> 00:12:38.430 align:start position:0%
essentially we are a CDP which means you
put<00:12:34.199><c> in</c><00:12:34.399><c> eth</c><00:12:34.959><c> or</c><00:12:35.480><c> lsts</c><00:12:36.480><c> um</c><00:12:37.320><c> you</c><00:12:37.680><c> paying</c><00:12:38.000><c> three</c>

00:12:38.430 --> 00:12:38.440 align:start position:0%
put in eth or lsts um you paying three
 

00:12:38.440 --> 00:12:40.230 align:start position:0%
put in eth or lsts um you paying three
if<00:12:38.600><c> that</c><00:12:39.199><c> somebody</c><00:12:39.480><c> can</c><00:12:39.680><c> acquire</c><00:12:39.959><c> that</c><00:12:40.079><c> for</c>

00:12:40.230 --> 00:12:40.240 align:start position:0%
if that somebody can acquire that for
 

00:12:40.240 --> 00:12:42.389 align:start position:0%
if that somebody can acquire that for
less<00:12:40.360><c> than</c><00:12:40.519><c> a</c><00:12:40.680><c> dollar</c><00:12:41.639><c> they</c><00:12:41.760><c> can</c><00:12:41.920><c> turn</c><00:12:42.120><c> around</c>

00:12:42.389 --> 00:12:42.399 align:start position:0%
less than a dollar they can turn around
 

00:12:42.399 --> 00:12:44.629 align:start position:0%
less than a dollar they can turn around
take<00:12:42.560><c> that</c><00:12:42.680><c> stable</c><00:12:42.959><c> coin</c><00:12:43.199><c> and</c><00:12:43.360><c> take</c><00:12:43.600><c> your</c><00:12:43.880><c> eth</c>

00:12:44.629 --> 00:12:44.639 align:start position:0%
take that stable coin and take your eth
 

00:12:44.639 --> 00:12:46.590 align:start position:0%
take that stable coin and take your eth
obviously<00:12:45.000><c> you</c><00:12:45.399><c> you</c><00:12:45.639><c> probably</c><00:12:45.959><c> like</c><00:12:46.160><c> eth</c><00:12:46.480><c> I</c>

00:12:46.590 --> 00:12:46.600 align:start position:0%
obviously you you probably like eth I
 

00:12:46.600 --> 00:12:48.350 align:start position:0%
obviously you you probably like eth I
imagine<00:12:46.920><c> most</c><00:12:47.079><c> people</c><00:12:47.240><c> at</c><00:12:47.360><c> Devcon</c><00:12:47.800><c> probably</c>

00:12:48.350 --> 00:12:48.360 align:start position:0%
imagine most people at Devcon probably
 

00:12:48.360 --> 00:12:51.150 align:start position:0%
imagine most people at Devcon probably
are<00:12:48.600><c> constructive</c><00:12:49.040><c> on</c><00:12:49.160><c> the</c><00:12:49.360><c> price</c><00:12:50.360><c> um</c><00:12:50.880><c> depends</c>

00:12:51.150 --> 00:12:51.160 align:start position:0%
are constructive on the price um depends
 

00:12:51.160 --> 00:12:52.509 align:start position:0%
are constructive on the price um depends
on<00:12:51.279><c> the</c><00:12:51.360><c> talks</c><00:12:51.560><c> you</c><00:12:51.680><c> went</c><00:12:51.800><c> to</c><00:12:51.920><c> go</c><00:12:52.040><c> see</c><00:12:52.240><c> before</c>

00:12:52.509 --> 00:12:52.519 align:start position:0%
on the talks you went to go see before
 

00:12:52.519 --> 00:12:55.189 align:start position:0%
on the talks you went to go see before
this<00:12:53.440><c> um</c><00:12:53.959><c> but</c><00:12:54.399><c> if</c><00:12:54.480><c> you</c><00:12:54.639><c> believe</c><00:12:54.880><c> it's</c><00:12:55.040><c> going</c><00:12:55.120><c> to</c>

00:12:55.189 --> 00:12:55.199 align:start position:0%
this um but if you believe it's going to
 

00:12:55.199 --> 00:12:56.750 align:start position:0%
this um but if you believe it's going to
go<00:12:55.320><c> up</c><00:12:55.440><c> over</c><00:12:55.680><c> time</c><00:12:55.880><c> you</c><00:12:56.000><c> don't</c><00:12:56.120><c> want</c><00:12:56.240><c> to</c><00:12:56.360><c> lose</c>

00:12:56.750 --> 00:12:56.760 align:start position:0%
go up over time you don't want to lose
 

00:12:56.760 --> 00:12:58.550 align:start position:0%
go up over time you don't want to lose
that<00:12:57.399><c> uh</c><00:12:57.519><c> and</c><00:12:57.639><c> have</c><00:12:57.760><c> somebody</c><00:12:58.040><c> pay</c><00:12:58.240><c> back</c><00:12:58.399><c> your</c>

00:12:58.550 --> 00:12:58.560 align:start position:0%
that uh and have somebody pay back your
 

00:12:58.560 --> 00:13:00.590 align:start position:0%
that uh and have somebody pay back your
debt<00:12:59.199><c> so</c><00:12:59.320><c> you</c><00:12:59.440><c> might</c><00:12:59.639><c> say</c><00:13:00.120><c> okay</c><00:13:00.320><c> well</c><00:13:00.480><c> I'm</c>

00:13:00.590 --> 00:13:00.600 align:start position:0%
debt so you might say okay well I'm
 

00:13:00.600 --> 00:13:02.670 align:start position:0%
debt so you might say okay well I'm
getting<00:13:00.839><c> 3%</c><00:13:01.279><c> that's</c><00:13:01.399><c> a</c><00:13:01.519><c> great</c><00:13:01.720><c> deal</c><00:13:02.000><c> now</c><00:13:02.519><c> but</c>

00:13:02.670 --> 00:13:02.680 align:start position:0%
getting 3% that's a great deal now but
 

00:13:02.680 --> 00:13:04.590 align:start position:0%
getting 3% that's a great deal now but
if<00:13:02.839><c> I</c><00:13:02.959><c> see</c><00:13:03.279><c> that</c><00:13:03.399><c> I'm</c><00:13:03.639><c> likely</c><00:13:03.959><c> to</c><00:13:04.040><c> be</c><00:13:04.199><c> redeemed</c>

00:13:04.590 --> 00:13:04.600 align:start position:0%
if I see that I'm likely to be redeemed
 

00:13:04.600 --> 00:13:05.710 align:start position:0%
if I see that I'm likely to be redeemed
I'm<00:13:04.639><c> going</c><00:13:04.720><c> to</c><00:13:04.800><c> move</c><00:13:05.000><c> that</c><00:13:05.079><c> up</c><00:13:05.199><c> and</c><00:13:05.320><c> pay</c><00:13:05.480><c> closer</c>

00:13:05.710 --> 00:13:05.720 align:start position:0%
I'm going to move that up and pay closer
 

00:13:05.720 --> 00:13:09.750 align:start position:0%
I'm going to move that up and pay closer
to<00:13:05.959><c> 8%</c><00:13:06.959><c> like</c><00:13:07.360><c> this</c><00:13:07.519><c> person</c><00:13:07.760><c> over</c><00:13:07.959><c> here</c><00:13:08.920><c> um</c><00:13:09.480><c> over</c>

00:13:09.750 --> 00:13:09.760 align:start position:0%
to 8% like this person over here um over
 

00:13:09.760 --> 00:13:12.590 align:start position:0%
to 8% like this person over here um over
time<00:13:10.000><c> what</c><00:13:10.120><c> that</c><00:13:10.240><c> should</c><00:13:10.440><c> yield</c><00:13:11.000><c> is</c><00:13:11.279><c> kind</c><00:13:11.399><c> of</c><00:13:12.399><c> a</c>

00:13:12.590 --> 00:13:12.600 align:start position:0%
time what that should yield is kind of a
 

00:13:12.600 --> 00:13:16.069 align:start position:0%
time what that should yield is kind of a
very<00:13:12.839><c> good</c><00:13:13.120><c> rate</c><00:13:13.680><c> that</c><00:13:13.839><c> is</c><00:13:14.440><c> a</c><00:13:15.079><c> decentralized</c>

00:13:16.069 --> 00:13:16.079 align:start position:0%
very good rate that is a decentralized
 

00:13:16.079 --> 00:13:17.710 align:start position:0%
very good rate that is a decentralized
reference<00:13:16.519><c> rate</c><00:13:16.760><c> is</c><00:13:16.920><c> what</c><00:13:17.000><c> we</c><00:13:17.120><c> referred</c><00:13:17.440><c> to</c><00:13:17.560><c> it</c>

00:13:17.710 --> 00:13:17.720 align:start position:0%
reference rate is what we referred to it
 

00:13:17.720 --> 00:13:19.550 align:start position:0%
reference rate is what we referred to it
as<00:13:18.160><c> in</c><00:13:18.279><c> trafi</c><00:13:18.800><c> we</c><00:13:18.920><c> have</c><00:13:19.040><c> these</c><00:13:19.160><c> reference</c>

00:13:19.550 --> 00:13:19.560 align:start position:0%
as in trafi we have these reference
 

00:13:19.560 --> 00:13:20.750 align:start position:0%
as in trafi we have these reference
rates<00:13:19.839><c> it's</c><00:13:20.040><c> how</c><00:13:20.120><c> much</c><00:13:20.279><c> does</c><00:13:20.399><c> it</c><00:13:20.519><c> cost</c><00:13:20.639><c> to</c>

00:13:20.750 --> 00:13:20.760 align:start position:0%
rates it's how much does it cost to
 

00:13:20.760 --> 00:13:23.430 align:start position:0%
rates it's how much does it cost to
borrow<00:13:21.000><c> a</c><00:13:21.120><c> dollar</c><00:13:22.040><c> if</c><00:13:22.199><c> defi</c><00:13:22.680><c> we</c><00:13:22.800><c> ask</c><00:13:22.959><c> that</c><00:13:23.199><c> same</c>

00:13:23.430 --> 00:13:23.440 align:start position:0%
borrow a dollar if defi we ask that same
 

00:13:23.440 --> 00:13:25.269 align:start position:0%
borrow a dollar if defi we ask that same
question<00:13:24.279><c> we'll</c><00:13:24.480><c> get</c><00:13:24.600><c> like</c><00:13:24.720><c> 18</c><00:13:25.040><c> different</c>

00:13:25.269 --> 00:13:25.279 align:start position:0%
question we'll get like 18 different
 

00:13:25.279 --> 00:13:27.030 align:start position:0%
question we'll get like 18 different
answers<00:13:25.680><c> people</c><00:13:25.880><c> might</c><00:13:26.040><c> reference</c><00:13:26.440><c> trafi</c>

00:13:27.030 --> 00:13:27.040 align:start position:0%
answers people might reference trafi
 

00:13:27.040 --> 00:13:28.430 align:start position:0%
answers people might reference trafi
they<00:13:27.120><c> might</c><00:13:27.279><c> reference</c><00:13:27.600><c> a</c><00:13:28.160><c> they</c><00:13:28.279><c> might</c>

00:13:28.430 --> 00:13:28.440 align:start position:0%
they might reference a they might
 

00:13:28.440 --> 00:13:30.310 align:start position:0%
they might reference a they might
reference<00:13:28.760><c> maker</c><00:13:29.600><c> um</c><00:13:29.720><c> but</c><00:13:29.839><c> there's</c><00:13:30.000><c> no</c><00:13:30.160><c> one</c>

00:13:30.310 --> 00:13:30.320 align:start position:0%
reference maker um but there's no one
 

00:13:30.320 --> 00:13:32.470 align:start position:0%
reference maker um but there's no one
number<00:13:30.920><c> uh</c><00:13:31.000><c> our</c><00:13:31.199><c> goal</c><00:13:31.440><c> is</c><00:13:31.600><c> to</c><00:13:32.040><c> hopefully</c><00:13:32.320><c> get</c>

00:13:32.470 --> 00:13:32.480 align:start position:0%
number uh our goal is to hopefully get
 

00:13:32.480 --> 00:13:34.430 align:start position:0%
number uh our goal is to hopefully get
enough<00:13:32.680><c> liquidity</c><00:13:33.480><c> to</c><00:13:33.639><c> be</c><00:13:33.920><c> part</c><00:13:34.120><c> of</c><00:13:34.279><c> that</c>

00:13:34.430 --> 00:13:34.440 align:start position:0%
enough liquidity to be part of that
 

00:13:34.440 --> 00:13:36.509 align:start position:0%
enough liquidity to be part of that
answer<00:13:35.120><c> uh</c><00:13:35.199><c> and</c><00:13:35.320><c> in</c><00:13:35.480><c> time</c><00:13:35.680><c> we</c><00:13:35.800><c> hope</c><00:13:35.959><c> to</c><00:13:36.120><c> be</c><00:13:36.320><c> that</c>

00:13:36.509 --> 00:13:36.519 align:start position:0%
answer uh and in time we hope to be that
 

00:13:36.519 --> 00:13:38.910 align:start position:0%
answer uh and in time we hope to be that
answer<00:13:37.399><c> uh</c><00:13:37.519><c> overall</c><00:13:38.040><c> medium</c><00:13:38.360><c> to</c><00:13:38.519><c> longterm</c>

00:13:38.910 --> 00:13:38.920 align:start position:0%
answer uh overall medium to longterm
 

00:13:38.920 --> 00:13:39.910 align:start position:0%
answer uh overall medium to longterm
time

00:13:39.910 --> 00:13:39.920 align:start position:0%
time
 

00:13:39.920 --> 00:13:42.470 align:start position:0%
time
frame<00:13:40.920><c> oh</c><00:13:41.160><c> well</c><00:13:41.360><c> since</c><00:13:41.560><c> you</c><00:13:41.839><c> both</c><00:13:42.320><c> we</c>

00:13:42.470 --> 00:13:42.480 align:start position:0%
frame oh well since you both we
 

00:13:42.480 --> 00:13:44.350 align:start position:0%
frame oh well since you both we
mentioned<00:13:42.920><c> the</c><00:13:43.079><c> you</c><00:13:43.320><c> bearing</c><00:13:43.639><c> stable</c><00:13:43.959><c> coin</c>

00:13:44.350 --> 00:13:44.360 align:start position:0%
mentioned the you bearing stable coin
 

00:13:44.360 --> 00:13:47.910 align:start position:0%
mentioned the you bearing stable coin
which<00:13:44.519><c> is</c><00:13:44.880><c> um</c><00:13:45.760><c> it</c><00:13:46.079><c> does</c><00:13:46.320><c> not</c><00:13:46.600><c> only</c><00:13:47.199><c> it</c><00:13:47.320><c> does</c><00:13:47.519><c> not</c>

00:13:47.910 --> 00:13:47.920 align:start position:0%
which is um it does not only it does not
 

00:13:47.920 --> 00:13:50.150 align:start position:0%
which is um it does not only it does not
offer<00:13:48.519><c> only</c><00:13:48.760><c> offer</c><00:13:49.079><c> the</c><00:13:49.240><c> stable</c><00:13:49.639><c> value</c><00:13:49.920><c> but</c>

00:13:50.150 --> 00:13:50.160 align:start position:0%
offer only offer the stable value but
 

00:13:50.160 --> 00:13:53.670 align:start position:0%
offer only offer the stable value but
also<00:13:50.759><c> um</c><00:13:50.880><c> it</c><00:13:51.040><c> gain</c><00:13:51.320><c> Ed</c><00:13:51.720><c> based</c><00:13:51.959><c> on</c><00:13:52.839><c> uh</c><00:13:53.199><c> return</c><00:13:53.440><c> on</c>

00:13:53.670 --> 00:13:53.680 align:start position:0%
also um it gain Ed based on uh return on
 

00:13:53.680 --> 00:13:56.389 align:start position:0%
also um it gain Ed based on uh return on
underlying<00:13:54.160><c> Catal</c><00:13:55.160><c> and</c><00:13:55.279><c> then</c><00:13:55.440><c> it</c><00:13:55.560><c> seems</c><00:13:55.959><c> like</c>

00:13:56.389 --> 00:13:56.399 align:start position:0%
underlying Catal and then it seems like
 

00:13:56.399 --> 00:13:59.110 align:start position:0%
underlying Catal and then it seems like
for<00:13:56.639><c> the</c><00:13:56.839><c> last</c><00:13:57.360><c> 12</c><00:13:57.680><c> months</c><00:13:58.000><c> real</c><00:13:58.360><c> well</c><00:13:58.560><c> asset</c>

00:13:59.110 --> 00:13:59.120 align:start position:0%
for the last 12 months real well asset
 

00:13:59.120 --> 00:14:01.670 align:start position:0%
for the last 12 months real well asset
become<00:13:59.279><c> a</c><00:13:59.519><c> really</c><00:13:59.839><c> popular</c><00:14:00.440><c> choices</c><00:14:01.440><c> what's</c>

00:14:01.670 --> 00:14:01.680 align:start position:0%
become a really popular choices what's
 

00:14:01.680 --> 00:14:03.629 align:start position:0%
become a really popular choices what's
your<00:14:01.920><c> view</c><00:14:02.320><c> on</c>

00:14:03.629 --> 00:14:03.639 align:start position:0%
your view on
 

00:14:03.639 --> 00:14:06.150 align:start position:0%
your view on
this<00:14:04.639><c> what's</c><00:14:04.839><c> your</c><00:14:05.000><c> view</c><00:14:05.240><c> on</c><00:14:05.440><c> this</c><00:14:05.680><c> Mass</c>

00:14:06.150 --> 00:14:06.160 align:start position:0%
this what's your view on this Mass
 

00:14:06.160 --> 00:14:08.590 align:start position:0%
this what's your view on this Mass
adoption<00:14:06.839><c> of</c><00:14:07.120><c> real</c><00:14:07.360><c> world</c><00:14:07.639><c> asset</c><00:14:08.040><c> the</c><00:14:08.279><c> pros</c>

00:14:08.590 --> 00:14:08.600 align:start position:0%
adoption of real world asset the pros
 

00:14:08.600 --> 00:14:10.710 align:start position:0%
adoption of real world asset the pros
and<00:14:08.800><c> con</c><00:14:09.279><c> maybe</c><00:14:09.560><c> Colin</c><00:14:10.040><c> will</c><00:14:10.199><c> be</c><00:14:10.320><c> the</c><00:14:10.440><c> last</c><00:14:10.600><c> one</c>

00:14:10.710 --> 00:14:10.720 align:start position:0%
and con maybe Colin will be the last one
 

00:14:10.720 --> 00:14:12.150 align:start position:0%
and con maybe Colin will be the last one
to<00:14:10.880><c> answer</c><00:14:11.199><c> that</c><00:14:11.360><c> I</c><00:14:11.440><c> know</c><00:14:11.560><c> you</c><00:14:11.680><c> have</c><00:14:11.800><c> a</c><00:14:11.880><c> lot</c><00:14:12.040><c> of</c>

00:14:12.150 --> 00:14:12.160 align:start position:0%
to answer that I know you have a lot of
 

00:14:12.160 --> 00:14:15.870 align:start position:0%
to answer that I know you have a lot of
opinion<00:14:12.759><c> I</c><00:14:12.839><c> mean</c><00:14:13.199><c> um</c><00:14:13.600><c> I</c><00:14:13.720><c> work</c><00:14:13.880><c> in</c><00:14:14.040><c> defi</c><00:14:14.959><c> um</c><00:14:15.399><c> so</c>

00:14:15.870 --> 00:14:15.880 align:start position:0%
opinion I mean um I work in defi um so
 

00:14:15.880 --> 00:14:17.509 align:start position:0%
opinion I mean um I work in defi um so
real<00:14:16.160><c> world</c><00:14:16.440><c> assets</c><00:14:16.800><c> don't</c><00:14:17.000><c> exist</c><00:14:17.240><c> in</c><00:14:17.360><c> my</c>

00:14:17.509 --> 00:14:17.519 align:start position:0%
real world assets don't exist in my
 

00:14:17.519 --> 00:14:20.069 align:start position:0%
real world assets don't exist in my
world<00:14:18.040><c> um</c><00:14:18.160><c> because</c><00:14:18.360><c> they're</c><00:14:18.680><c> not</c><00:14:18.920><c> defi</c><00:14:19.920><c> um</c>

00:14:20.069 --> 00:14:20.079 align:start position:0%
world um because they're not defi um
 

00:14:20.079 --> 00:14:21.310 align:start position:0%
world um because they're not defi um
it's<00:14:20.240><c> great</c><00:14:20.440><c> if</c><00:14:20.560><c> people</c><00:14:20.720><c> want</c><00:14:20.839><c> to</c><00:14:20.959><c> play</c><00:14:21.160><c> with</c>

00:14:21.310 --> 00:14:21.320 align:start position:0%
it's great if people want to play with
 

00:14:21.320 --> 00:14:24.389 align:start position:0%
it's great if people want to play with
them<00:14:22.040><c> um</c><00:14:22.279><c> go</c><00:14:22.399><c> to</c><00:14:22.519><c> Goldman</c><00:14:22.880><c> Sachs</c><00:14:23.120><c> and</c><00:14:23.240><c> do</c>

00:14:24.389 --> 00:14:24.399 align:start position:0%
them um go to Goldman Sachs and do
 

00:14:24.399 --> 00:14:27.110 align:start position:0%
them um go to Goldman Sachs and do
that<00:14:25.399><c> that's</c>

00:14:27.110 --> 00:14:27.120 align:start position:0%
that that's
 

00:14:27.120 --> 00:14:31.150 align:start position:0%
that that's
it<00:14:28.120><c> um</c><00:14:28.600><c> what's</c><00:14:28.800><c> your</c><00:14:29.160><c> opinion</c><00:14:29.560><c> then</c><00:14:30.160><c> Alexandro</c>

00:14:31.150 --> 00:14:31.160 align:start position:0%
it um what's your opinion then Alexandro
 

00:14:31.160 --> 00:14:34.189 align:start position:0%
it um what's your opinion then Alexandro
um<00:14:31.639><c> I</c><00:14:31.720><c> mean</c><00:14:31.920><c> like</c><00:14:32.120><c> it's</c><00:14:32.680><c> for</c><00:14:32.920><c> us</c><00:14:33.120><c> it's</c><00:14:33.279><c> a</c><00:14:33.480><c> very</c>

00:14:34.189 --> 00:14:34.199 align:start position:0%
um I mean like it's for us it's a very
 

00:14:34.199 --> 00:14:36.550 align:start position:0%
um I mean like it's for us it's a very
different<00:14:34.759><c> set</c><00:14:35.000><c> of</c><00:14:35.199><c> risks</c><00:14:35.800><c> where</c><00:14:36.040><c> we</c><00:14:36.160><c> are</c><00:14:36.320><c> very</c>

00:14:36.550 --> 00:14:36.560 align:start position:0%
different set of risks where we are very
 

00:14:36.560 --> 00:14:38.310 align:start position:0%
different set of risks where we are very
specialized<00:14:37.279><c> in</c><00:14:37.800><c> understanding</c><00:14:38.160><c> and</c>

00:14:38.310 --> 00:14:38.320 align:start position:0%
specialized in understanding and
 

00:14:38.320 --> 00:14:40.230 align:start position:0%
specialized in understanding and
measuring<00:14:38.839><c> and</c><00:14:39.000><c> mitigating</c><00:14:39.680><c> risks</c><00:14:40.040><c> of</c>

00:14:40.230 --> 00:14:40.240 align:start position:0%
measuring and mitigating risks of
 

00:14:40.240 --> 00:14:42.310 align:start position:0%
measuring and mitigating risks of
onchain<00:14:40.759><c> things</c><00:14:41.120><c> that</c><00:14:41.240><c> are</c><00:14:41.480><c> transparent</c><00:14:42.199><c> that</c>

00:14:42.310 --> 00:14:42.320 align:start position:0%
onchain things that are transparent that
 

00:14:42.320 --> 00:14:44.870 align:start position:0%
onchain things that are transparent that
we<00:14:42.440><c> can</c><00:14:42.600><c> audit</c><00:14:43.079><c> that</c><00:14:43.240><c> we</c><00:14:43.360><c> can</c><00:14:43.680><c> go</c><00:14:43.920><c> deep</c><00:14:44.399><c> and</c>

00:14:44.870 --> 00:14:44.880 align:start position:0%
we can audit that we can go deep and
 

00:14:44.880 --> 00:14:46.350 align:start position:0%
we can audit that we can go deep and
understand<00:14:45.199><c> like</c><00:14:45.360><c> fundamentally</c><00:14:45.959><c> how</c><00:14:46.160><c> this</c>

00:14:46.350 --> 00:14:46.360 align:start position:0%
understand like fundamentally how this
 

00:14:46.360 --> 00:14:49.189 align:start position:0%
understand like fundamentally how this
mechanisms<00:14:46.959><c> work</c><00:14:47.759><c> we</c><00:14:47.920><c> have</c><00:14:48.120><c> full</c><00:14:48.720><c> onchain</c>

00:14:49.189 --> 00:14:49.199 align:start position:0%
mechanisms work we have full onchain
 

00:14:49.199 --> 00:14:52.269 align:start position:0%
mechanisms work we have full onchain
auditability<00:14:49.959><c> of</c><00:14:50.160><c> what</c><00:14:50.279><c> the</c><00:14:50.399><c> reserves</c><00:14:50.880><c> are</c><00:14:51.639><c> so</c>

00:14:52.269 --> 00:14:52.279 align:start position:0%
auditability of what the reserves are so
 

00:14:52.279 --> 00:14:54.949 align:start position:0%
auditability of what the reserves are so
for<00:14:52.560><c> us</c><00:14:52.959><c> that's</c><00:14:53.360><c> what</c><00:14:53.519><c> we</c><00:14:53.680><c> focus</c><00:14:54.000><c> on</c><00:14:54.320><c> and</c><00:14:54.680><c> it's</c>

00:14:54.949 --> 00:14:54.959 align:start position:0%
for us that's what we focus on and it's
 

00:14:54.959 --> 00:14:57.189 align:start position:0%
for us that's what we focus on and it's
very<00:14:55.759><c> not</c><00:14:56.000><c> not</c><00:14:56.199><c> easy</c><00:14:56.600><c> but</c><00:14:56.759><c> it's</c><00:14:56.959><c> very</c>

00:14:57.189 --> 00:14:57.199 align:start position:0%
very not not easy but it's very
 

00:14:57.199 --> 00:14:59.230 align:start position:0%
very not not easy but it's very
intuitive<00:14:57.680><c> for</c><00:14:57.880><c> us</c><00:14:58.040><c> to</c><00:14:58.240><c> to</c><00:14:58.399><c> think</c><00:14:58.600><c> about</c><00:14:58.800><c> risk</c>

00:14:59.230 --> 00:14:59.240 align:start position:0%
intuitive for us to to think about risk
 

00:14:59.240 --> 00:15:01.509 align:start position:0%
intuitive for us to to think about risk
that<00:14:59.399><c> way</c><00:15:00.000><c> as</c><00:15:00.120><c> soon</c><00:15:00.360><c> as</c><00:15:00.560><c> the</c><00:15:00.759><c> assets</c><00:15:01.079><c> leave</c><00:15:01.360><c> the</c>

00:15:01.509 --> 00:15:01.519 align:start position:0%
that way as soon as the assets leave the
 

00:15:01.519 --> 00:15:03.550 align:start position:0%
that way as soon as the assets leave the
chains<00:15:02.320><c> that</c><00:15:02.560><c> the</c><00:15:02.680><c> set</c><00:15:02.839><c> of</c><00:15:03.000><c> risks</c><00:15:03.320><c> that</c><00:15:03.440><c> you</c>

00:15:03.550 --> 00:15:03.560 align:start position:0%
chains that the set of risks that you
 

00:15:03.560 --> 00:15:05.150 align:start position:0%
chains that the set of risks that you
take<00:15:03.720><c> on</c><00:15:03.920><c> are</c><00:15:04.120><c> very</c><00:15:04.360><c> different</c><00:15:04.720><c> you</c><00:15:04.839><c> need</c><00:15:05.000><c> to</c>

00:15:05.150 --> 00:15:05.160 align:start position:0%
take on are very different you need to
 

00:15:05.160 --> 00:15:07.430 align:start position:0%
take on are very different you need to
look<00:15:05.320><c> at</c><00:15:05.519><c> counterparties</c><00:15:06.360><c> and</c><00:15:06.519><c> jurisdictions</c>

00:15:07.430 --> 00:15:07.440 align:start position:0%
look at counterparties and jurisdictions
 

00:15:07.440 --> 00:15:10.030 align:start position:0%
look at counterparties and jurisdictions
and<00:15:08.000><c> understand</c><00:15:08.800><c> what</c><00:15:09.000><c> the</c><00:15:09.279><c> rights</c><00:15:09.639><c> are</c><00:15:09.839><c> in</c>

00:15:10.030 --> 00:15:10.040 align:start position:0%
and understand what the rights are in
 

00:15:10.040 --> 00:15:13.310 align:start position:0%
and understand what the rights are in
case<00:15:10.199><c> of</c><00:15:10.360><c> bankruptcy</c><00:15:11.079><c> of</c><00:15:11.199><c> the</c><00:15:11.759><c> custodian</c><00:15:12.759><c> and</c>

00:15:13.310 --> 00:15:13.320 align:start position:0%
case of bankruptcy of the custodian and
 

00:15:13.320 --> 00:15:16.230 align:start position:0%
case of bankruptcy of the custodian and
it's<00:15:14.040><c> it</c><00:15:14.199><c> just</c><00:15:14.480><c> adds</c><00:15:15.000><c> like</c><00:15:15.160><c> another</c><00:15:15.639><c> dimension</c>

00:15:16.230 --> 00:15:16.240 align:start position:0%
it's it just adds like another dimension
 

00:15:16.240 --> 00:15:19.350 align:start position:0%
it's it just adds like another dimension
to<00:15:16.519><c> to</c><00:15:16.639><c> the</c><00:15:16.759><c> stable</c><00:15:17.120><c> coin</c><00:15:17.440><c> game</c><00:15:18.440><c> and</c><00:15:19.000><c> I</c><00:15:19.120><c> feel</c>

00:15:19.350 --> 00:15:19.360 align:start position:0%
to to the stable coin game and I feel
 

00:15:19.360 --> 00:15:21.910 align:start position:0%
to to the stable coin game and I feel
like<00:15:19.639><c> over</c><00:15:20.000><c> time</c><00:15:20.279><c> the</c><00:15:20.480><c> decentralized</c><00:15:21.360><c> options</c>

00:15:21.910 --> 00:15:21.920 align:start position:0%
like over time the decentralized options
 

00:15:21.920 --> 00:15:25.749 align:start position:0%
like over time the decentralized options
should<00:15:22.639><c> mirror</c><00:15:23.360><c> the</c><00:15:23.560><c> yields</c><00:15:24.079><c> that</c><00:15:24.279><c> the</c><00:15:24.759><c> rwa</c>

00:15:25.749 --> 00:15:25.759 align:start position:0%
should mirror the yields that the rwa
 

00:15:25.759 --> 00:15:27.949 align:start position:0%
should mirror the yields that the rwa
take<00:15:26.160><c> if</c><00:15:26.320><c> not</c><00:15:26.519><c> more</c><00:15:27.040><c> and</c><00:15:27.279><c> and</c><00:15:27.399><c> also</c><00:15:27.720><c> like</c><00:15:27.839><c> the</c>

00:15:27.949 --> 00:15:27.959 align:start position:0%
take if not more and and also like the
 

00:15:27.959 --> 00:15:30.629 align:start position:0%
take if not more and and also like the
rwa<00:15:29.000><c> yield</c><00:15:29.319><c> on</c><00:15:29.480><c> on</c><00:15:29.639><c> T</c><00:15:29.839><c> builds</c><00:15:30.240><c> which</c><00:15:30.360><c> I</c><00:15:30.480><c> guess</c>

00:15:30.629 --> 00:15:30.639 align:start position:0%
rwa yield on on T builds which I guess
 

00:15:30.639 --> 00:15:32.749 align:start position:0%
rwa yield on on T builds which I guess
is<00:15:30.759><c> the</c><00:15:30.880><c> most</c><00:15:31.120><c> common</c><00:15:31.759><c> asset</c><00:15:32.079><c> to</c><00:15:32.240><c> back</c><00:15:32.480><c> stable</c>

00:15:32.749 --> 00:15:32.759 align:start position:0%
is the most common asset to back stable
 

00:15:32.759 --> 00:15:35.430 align:start position:0%
is the most common asset to back stable
coin<00:15:32.959><c> Swift</c><00:15:33.279><c> these</c><00:15:33.480><c> days</c><00:15:33.800><c> is</c><00:15:34.040><c> is</c><00:15:34.199><c> going</c><00:15:34.519><c> down</c>

00:15:35.430 --> 00:15:35.440 align:start position:0%
coin Swift these days is is going down
 

00:15:35.440 --> 00:15:37.949 align:start position:0%
coin Swift these days is is going down
um<00:15:35.680><c> and</c><00:15:35.880><c> and</c><00:15:36.000><c> depending</c><00:15:36.440><c> on</c><00:15:37.240><c> on</c><00:15:37.560><c> how</c><00:15:37.800><c> the</c>

00:15:37.949 --> 00:15:37.959 align:start position:0%
um and and depending on on how the
 

00:15:37.959 --> 00:15:40.069 align:start position:0%
um and and depending on on how the
economy<00:15:38.360><c> goes</c><00:15:38.639><c> in</c><00:15:38.839><c> in</c><00:15:38.959><c> the</c><00:15:39.120><c> next</c><00:15:39.440><c> year</c><00:15:39.680><c> or</c><00:15:39.839><c> so</c>

00:15:40.069 --> 00:15:40.079 align:start position:0%
economy goes in in the next year or so
 

00:15:40.079 --> 00:15:42.590 align:start position:0%
economy goes in in the next year or so
it's<00:15:40.319><c> expected</c><00:15:40.720><c> to</c><00:15:40.839><c> go</c><00:15:41.000><c> down</c><00:15:41.199><c> even</c><00:15:41.440><c> further</c><00:15:42.240><c> so</c>

00:15:42.590 --> 00:15:42.600 align:start position:0%
it's expected to go down even further so
 

00:15:42.600 --> 00:15:45.309 align:start position:0%
it's expected to go down even further so
I<00:15:42.839><c> I</c><00:15:42.959><c> think</c><00:15:43.440><c> that</c><00:15:43.720><c> the</c><00:15:43.839><c> rwa</c><00:15:44.600><c> push</c><00:15:44.959><c> was</c><00:15:45.120><c> really</c>

00:15:45.309 --> 00:15:45.319 align:start position:0%
I I think that the rwa push was really
 

00:15:45.319 --> 00:15:47.870 align:start position:0%
I I think that the rwa push was really
due<00:15:45.800><c> because</c><00:15:46.480><c> the</c><00:15:46.639><c> yields</c><00:15:46.920><c> were</c><00:15:47.160><c> very</c><00:15:47.440><c> high</c>

00:15:47.870 --> 00:15:47.880 align:start position:0%
due because the yields were very high
 

00:15:47.880 --> 00:15:49.910 align:start position:0%
due because the yields were very high
and<00:15:48.040><c> then</c><00:15:48.199><c> it</c><00:15:48.319><c> makes</c><00:15:48.600><c> sense</c><00:15:48.880><c> for</c><00:15:49.079><c> defi</c><00:15:49.560><c> to</c><00:15:49.680><c> tap</c>

00:15:49.910 --> 00:15:49.920 align:start position:0%
and then it makes sense for defi to tap
 

00:15:49.920 --> 00:15:52.430 align:start position:0%
and then it makes sense for defi to tap
into<00:15:50.120><c> these</c><00:15:50.279><c> yields</c><00:15:50.639><c> but</c><00:15:51.079><c> as</c><00:15:51.199><c> they</c><00:15:51.360><c> go</c><00:15:51.600><c> down</c><00:15:52.319><c> I</c>

00:15:52.430 --> 00:15:52.440 align:start position:0%
into these yields but as they go down I
 

00:15:52.440 --> 00:15:54.470 align:start position:0%
into these yields but as they go down I
believe<00:15:52.800><c> the</c><00:15:53.199><c> the</c><00:15:53.319><c> decentralized</c><00:15:54.040><c> options</c>

00:15:54.470 --> 00:15:54.480 align:start position:0%
believe the the decentralized options
 

00:15:54.480 --> 00:15:56.030 align:start position:0%
believe the the decentralized options
that<00:15:54.600><c> are</c><00:15:54.759><c> Crypton</c><00:15:55.120><c> native</c><00:15:55.560><c> that</c><00:15:55.680><c> are</c><00:15:55.759><c> built</c>

00:15:56.030 --> 00:15:56.040 align:start position:0%
that are Crypton native that are built
 

00:15:56.040 --> 00:15:58.710 align:start position:0%
that are Crypton native that are built
on<00:15:56.240><c> Def</c><00:15:56.639><c> Primitives</c><00:15:57.440><c> will</c><00:15:57.639><c> out</c><00:15:57.959><c> compete</c><00:15:58.519><c> not</c>

00:15:58.710 --> 00:15:58.720 align:start position:0%
on Def Primitives will out compete not
 

00:15:58.720 --> 00:16:01.110 align:start position:0%
on Def Primitives will out compete not
just<00:15:59.360><c> on</c><00:15:59.800><c> on</c><00:15:59.920><c> the</c><00:16:00.040><c> yields</c><00:16:00.440><c> but</c><00:16:00.600><c> also</c><00:16:00.759><c> in</c><00:16:00.880><c> terms</c>

00:16:01.110 --> 00:16:01.120 align:start position:0%
just on on the yields but also in terms
 

00:16:01.120 --> 00:16:03.389 align:start position:0%
just on on the yields but also in terms
of<00:16:01.279><c> transparency</c><00:16:01.920><c> and</c><00:16:02.240><c> auditability</c><00:16:03.240><c> and</c>

00:16:03.389 --> 00:16:03.399 align:start position:0%
of transparency and auditability and
 

00:16:03.399 --> 00:16:07.749 align:start position:0%
of transparency and auditability and
therefore<00:16:03.920><c> in</c><00:16:04.240><c> in</c><00:16:04.440><c> in</c><00:16:04.600><c> terms</c><00:16:04.880><c> of</c><00:16:05.079><c> risk</c><00:16:05.440><c> as</c>

00:16:07.749 --> 00:16:07.759 align:start position:0%
 
 

00:16:07.759 --> 00:16:11.550 align:start position:0%
 
well<00:16:08.759><c> so</c><00:16:09.000><c> I</c><00:16:09.079><c> would</c><00:16:09.360><c> put</c><00:16:10.040><c> uh</c><00:16:10.160><c> real</c><00:16:10.399><c> world</c><00:16:10.800><c> Assets</c>

00:16:11.550 --> 00:16:11.560 align:start position:0%
well so I would put uh real world Assets
 

00:16:11.560 --> 00:16:15.150 align:start position:0%
well so I would put uh real world Assets
in<00:16:12.120><c> kind</c><00:16:12.240><c> of</c><00:16:12.360><c> a</c><00:16:12.519><c> similar</c><00:16:12.880><c> boat</c><00:16:13.519><c> to</c><00:16:14.519><c> uh</c><00:16:14.600><c> to</c><00:16:14.759><c> like</c>

00:16:15.150 --> 00:16:15.160 align:start position:0%
in kind of a similar boat to uh to like
 

00:16:15.160 --> 00:16:19.670 align:start position:0%
in kind of a similar boat to uh to like
usdc<00:16:16.279><c> so</c><00:16:17.279><c> you</c><00:16:17.399><c> can</c><00:16:17.560><c> do</c><00:16:17.800><c> a</c><00:16:17.920><c> lot</c><00:16:18.079><c> of</c><00:16:18.680><c> defi</c><00:16:19.319><c> stuff</c>

00:16:19.670 --> 00:16:19.680 align:start position:0%
usdc so you can do a lot of defi stuff
 

00:16:19.680 --> 00:16:23.990 align:start position:0%
usdc so you can do a lot of defi stuff
with<00:16:20.199><c> usdc</c><00:16:21.199><c> and</c><00:16:21.800><c> rwas</c><00:16:22.800><c> but</c><00:16:23.240><c> that</c><00:16:23.360><c> doesn't</c><00:16:23.639><c> mean</c>

00:16:23.990 --> 00:16:24.000 align:start position:0%
with usdc and rwas but that doesn't mean
 

00:16:24.000 --> 00:16:26.030 align:start position:0%
with usdc and rwas but that doesn't mean
that<00:16:24.199><c> like</c><00:16:24.319><c> a</c><00:16:24.519><c> centralized</c><00:16:25.120><c> stable</c><00:16:25.519><c> coin</c><00:16:25.800><c> or</c>

00:16:26.030 --> 00:16:26.040 align:start position:0%
that like a centralized stable coin or
 

00:16:26.040 --> 00:16:29.350 align:start position:0%
that like a centralized stable coin or
like<00:16:26.240><c> a</c><00:16:26.480><c> an</c><00:16:26.600><c> rwa</c><00:16:27.319><c> is</c><00:16:27.480><c> like</c><00:16:27.639><c> itself</c><00:16:28.360><c> defi</c><00:16:29.240><c> you</c>

00:16:29.350 --> 00:16:29.360 align:start position:0%
like a an rwa is like itself defi you
 

00:16:29.360 --> 00:16:31.189 align:start position:0%
like a an rwa is like itself defi you
can<00:16:29.519><c> use</c><00:16:29.720><c> it</c><00:16:29.920><c> and</c><00:16:30.079><c> you</c><00:16:30.160><c> can</c><00:16:30.279><c> do</c><00:16:30.480><c> interesting</c>

00:16:31.189 --> 00:16:31.199 align:start position:0%
can use it and you can do interesting
 

00:16:31.199 --> 00:16:34.629 align:start position:0%
can use it and you can do interesting
stuff<00:16:31.440><c> on</c><00:16:31.639><c> top</c><00:16:31.800><c> of</c><00:16:31.959><c> it</c><00:16:32.800><c> um</c><00:16:33.480><c> but</c><00:16:34.079><c> yeah</c><00:16:34.319><c> I</c><00:16:34.399><c> mean</c>

00:16:34.629 --> 00:16:34.639 align:start position:0%
stuff on top of it um but yeah I mean
 

00:16:34.639 --> 00:16:37.069 align:start position:0%
stuff on top of it um but yeah I mean
I'm<00:16:34.920><c> pretty</c><00:16:35.199><c> sympathetic</c><00:16:35.839><c> to</c><00:16:36.199><c> uh</c><00:16:36.360><c> to</c><00:16:36.600><c> what</c><00:16:36.920><c> you</c>

00:16:37.069 --> 00:16:37.079 align:start position:0%
I'm pretty sympathetic to uh to what you
 

00:16:37.079 --> 00:16:39.670 align:start position:0%
I'm pretty sympathetic to uh to what you
what<00:16:37.199><c> you</c><00:16:37.279><c> were</c><00:16:37.399><c> saying</c><00:16:37.720><c> Colin</c><00:16:38.120><c> about</c><00:16:38.519><c> like</c><00:16:38.839><c> uh</c>

00:16:39.670 --> 00:16:39.680 align:start position:0%
what you were saying Colin about like uh
 

00:16:39.680 --> 00:16:41.870 align:start position:0%
what you were saying Colin about like uh
uh<00:16:40.199><c> I</c><00:16:40.360><c> I</c><00:16:40.440><c> think</c><00:16:40.639><c> something</c><00:16:40.959><c> that's</c><00:16:41.680><c> like</c>

00:16:41.870 --> 00:16:41.880 align:start position:0%
uh I I think something that's like
 

00:16:41.880 --> 00:16:44.710 align:start position:0%
uh I I think something that's like
vastly<00:16:43.000><c> underappreciated</c><00:16:44.000><c> is</c><00:16:44.240><c> the</c><00:16:44.440><c> just</c><00:16:44.600><c> how</c>

00:16:44.710 --> 00:16:44.720 align:start position:0%
vastly underappreciated is the just how
 

00:16:44.720 --> 00:16:47.670 align:start position:0%
vastly underappreciated is the just how
much<00:16:45.000><c> risk</c><00:16:45.319><c> there</c><00:16:45.560><c> actually</c><00:16:45.839><c> is</c><00:16:46.120><c> in</c><00:16:46.480><c> in</c><00:16:46.680><c> rwas</c>

00:16:47.670 --> 00:16:47.680 align:start position:0%
much risk there actually is in in rwas
 

00:16:47.680 --> 00:16:49.710 align:start position:0%
much risk there actually is in in rwas
even<00:16:47.880><c> to</c><00:16:48.079><c> the</c><00:16:48.240><c> point</c><00:16:48.519><c> where</c><00:16:48.800><c> like</c><00:16:49.199><c> if</c><00:16:49.360><c> your</c>

00:16:49.710 --> 00:16:49.720 align:start position:0%
even to the point where like if your
 

00:16:49.720 --> 00:16:53.230 align:start position:0%
even to the point where like if your
goal<00:16:50.000><c> is</c><00:16:50.120><c> to</c><00:16:50.360><c> hold</c><00:16:50.800><c> like</c><00:16:51.120><c> an</c><00:16:51.680><c> rwa</c><00:16:52.680><c> uh</c><00:16:53.000><c> it</c>

00:16:53.230 --> 00:16:53.240 align:start position:0%
goal is to hold like an rwa uh it
 

00:16:53.240 --> 00:16:54.509 align:start position:0%
goal is to hold like an rwa uh it
doesn't<00:16:53.560><c> really</c><00:16:53.759><c> make</c><00:16:53.920><c> sense</c><00:16:54.160><c> for</c><00:16:54.279><c> you</c><00:16:54.360><c> to</c>

00:16:54.509 --> 00:16:54.519 align:start position:0%
doesn't really make sense for you to
 

00:16:54.519 --> 00:16:56.350 align:start position:0%
doesn't really make sense for you to
hold<00:16:54.759><c> it</c><00:16:55.040><c> like</c><00:16:55.279><c> directly</c><00:16:55.639><c> in</c><00:16:55.800><c> defi</c><00:16:56.199><c> you're</c>

00:16:56.350 --> 00:16:56.360 align:start position:0%
hold it like directly in defi you're
 

00:16:56.360 --> 00:16:58.670 align:start position:0%
hold it like directly in defi you're
choosing<00:16:56.839><c> like</c><00:16:56.959><c> an</c><00:16:57.279><c> inherently</c><00:16:57.880><c> riskier</c><00:16:58.560><c> way</c>

00:16:58.670 --> 00:16:58.680 align:start position:0%
choosing like an inherently riskier way
 

00:16:58.680 --> 00:17:01.550 align:start position:0%
choosing like an inherently riskier way
of<00:16:59.000><c> holding</c><00:16:59.800><c> this</c><00:17:00.120><c> this</c><00:17:00.360><c> asset</c><00:17:01.199><c> um</c><00:17:01.319><c> so</c><00:17:01.440><c> it</c>

00:17:01.550 --> 00:17:01.560 align:start position:0%
of holding this this asset um so it
 

00:17:01.560 --> 00:17:03.069 align:start position:0%
of holding this this asset um so it
really<00:17:01.720><c> only</c><00:17:01.880><c> makes</c><00:17:02.120><c> sense</c><00:17:02.360><c> if</c><00:17:02.560><c> like</c><00:17:02.839><c> it's</c>

00:17:03.069 --> 00:17:03.079 align:start position:0%
really only makes sense if like it's
 

00:17:03.079 --> 00:17:05.590 align:start position:0%
really only makes sense if like it's
useful<00:17:03.639><c> for</c><00:17:04.199><c> something</c><00:17:04.480><c> else</c><00:17:04.679><c> you</c><00:17:04.799><c> want</c><00:17:04.919><c> to</c><00:17:05.079><c> do</c>

00:17:05.590 --> 00:17:05.600 align:start position:0%
useful for something else you want to do
 

00:17:05.600 --> 00:17:08.630 align:start position:0%
useful for something else you want to do
in<00:17:05.799><c> defi</c><00:17:06.280><c> kind</c><00:17:06.400><c> of</c><00:17:06.559><c> like</c><00:17:06.679><c> building</c><00:17:07.079><c> on</c><00:17:07.319><c> top</c><00:17:07.480><c> of</c>

00:17:08.630 --> 00:17:08.640 align:start position:0%
in defi kind of like building on top of
 

00:17:08.640 --> 00:17:13.270 align:start position:0%
in defi kind of like building on top of
it<00:17:09.640><c> and</c><00:17:10.039><c> and</c><00:17:10.280><c> also</c><00:17:10.679><c> what</c><00:17:10.839><c> I</c><00:17:10.959><c> feel</c><00:17:11.280><c> like</c><00:17:11.559><c> is</c><00:17:12.280><c> for</c>

00:17:13.270 --> 00:17:13.280 align:start position:0%
it and and also what I feel like is for
 

00:17:13.280 --> 00:17:14.909 align:start position:0%
it and and also what I feel like is for
um<00:17:13.520><c> when</c><00:17:13.919><c> sometime</c><00:17:14.199><c> when</c><00:17:14.319><c> people</c><00:17:14.520><c> talk</c><00:17:14.679><c> about</c>

00:17:14.909 --> 00:17:14.919 align:start position:0%
um when sometime when people talk about
 

00:17:14.919 --> 00:17:17.110 align:start position:0%
um when sometime when people talk about
tokenized<00:17:15.520><c> real</c><00:17:15.760><c> world</c><00:17:16.039><c> assets</c><00:17:16.520><c> right</c><00:17:16.919><c> they</c>

00:17:17.110 --> 00:17:17.120 align:start position:0%
tokenized real world assets right they
 

00:17:17.120 --> 00:17:19.789 align:start position:0%
tokenized real world assets right they
always<00:17:17.400><c> mention</c><00:17:17.880><c> about</c><00:17:18.199><c> the</c><00:17:18.799><c> transparency</c>

00:17:19.789 --> 00:17:19.799 align:start position:0%
always mention about the transparency
 

00:17:19.799 --> 00:17:22.630 align:start position:0%
always mention about the transparency
but<00:17:20.039><c> it's</c><00:17:20.280><c> not</c><00:17:20.640><c> necessarily</c><00:17:21.160><c> always</c><00:17:21.480><c> true</c><00:17:22.439><c> and</c>

00:17:22.630 --> 00:17:22.640 align:start position:0%
but it's not necessarily always true and
 

00:17:22.640 --> 00:17:25.949 align:start position:0%
but it's not necessarily always true and
then<00:17:23.319><c> for</c><00:17:23.959><c> tokenized</c><00:17:24.600><c> credit</c><00:17:24.919><c> pool</c><00:17:25.600><c> if</c><00:17:25.760><c> they</c>

00:17:25.949 --> 00:17:25.959 align:start position:0%
then for tokenized credit pool if they
 

00:17:25.959 --> 00:17:29.510 align:start position:0%
then for tokenized credit pool if they
went<00:17:26.280><c> bust</c><00:17:27.160><c> the</c><00:17:27.439><c> process</c><00:17:28.160><c> to</c><00:17:28.439><c> recover</c><00:17:29.320><c> the</c>

00:17:29.510 --> 00:17:29.520 align:start position:0%
went bust the process to recover the
 

00:17:29.520 --> 00:17:32.870 align:start position:0%
went bust the process to recover the
asset<00:17:30.280><c> underlying</c><00:17:31.280><c> it's</c><00:17:31.640><c> actually</c><00:17:32.440><c> quite</c>

00:17:32.870 --> 00:17:32.880 align:start position:0%
asset underlying it's actually quite
 

00:17:32.880 --> 00:17:34.510 align:start position:0%
asset underlying it's actually quite
difficult<00:17:33.039><c> to</c><00:17:33.480><c> understand</c><00:17:33.760><c> especially</c><00:17:34.160><c> for</c>

00:17:34.510 --> 00:17:34.520 align:start position:0%
difficult to understand especially for
 

00:17:34.520 --> 00:17:36.230 align:start position:0%
difficult to understand especially for
General

00:17:36.230 --> 00:17:36.240 align:start position:0%
General
 

00:17:36.240 --> 00:17:40.870 align:start position:0%
General
user<00:17:37.559><c> um</c><00:17:38.559><c> we</c><00:17:39.000><c> but</c><00:17:39.520><c> we</c><00:17:39.720><c> know</c><00:17:40.039><c> the</c><00:17:40.280><c> market</c><00:17:40.720><c> is</c>

00:17:40.870 --> 00:17:40.880 align:start position:0%
user um we but we know the market is
 

00:17:40.880 --> 00:17:45.110 align:start position:0%
user um we but we know the market is
driven<00:17:41.280><c> by</c><00:17:41.640><c> youth</c><00:17:42.640><c> um</c><00:17:43.520><c> and</c><00:17:44.320><c> most</c><00:17:44.559><c> of</c><00:17:44.720><c> the</c><00:17:44.880><c> you</c>

00:17:45.110 --> 00:17:45.120 align:start position:0%
driven by youth um and most of the you
 

00:17:45.120 --> 00:17:48.470 align:start position:0%
driven by youth um and most of the you
are<00:17:45.400><c> motivated</c><00:17:46.200><c> by</c><00:17:46.400><c> you</c><00:17:47.320><c> not</c><00:17:47.679><c> all</c><00:17:47.919><c> of</c><00:17:48.080><c> us</c><00:17:48.280><c> want</c>

00:17:48.470 --> 00:17:48.480 align:start position:0%
are motivated by you not all of us want
 

00:17:48.480 --> 00:17:50.590 align:start position:0%
are motivated by you not all of us want
to<00:17:48.640><c> talk</c><00:17:48.840><c> about</c><00:17:49.080><c> the</c>

00:17:50.590 --> 00:17:50.600 align:start position:0%
to talk about the
 

00:17:50.600 --> 00:17:54.190 align:start position:0%
to talk about the
risk<00:17:51.600><c> um</c><00:17:51.960><c> I</c><00:17:52.160><c> once</c><00:17:52.480><c> ask</c><00:17:52.760><c> a</c><00:17:52.919><c> friends</c><00:17:53.559><c> about</c><00:17:53.960><c> how</c>

00:17:54.190 --> 00:17:54.200 align:start position:0%
risk um I once ask a friends about how
 

00:17:54.200 --> 00:17:57.230 align:start position:0%
risk um I once ask a friends about how
he<00:17:54.360><c> choose</c><00:17:55.159><c> a</c><00:17:55.320><c> stable</c><00:17:55.720><c> coin</c><00:17:56.440><c> and</c><00:17:56.600><c> then</c><00:17:56.840><c> he</c><00:17:57.000><c> told</c>

00:17:57.230 --> 00:17:57.240 align:start position:0%
he choose a stable coin and then he told
 

00:17:57.240 --> 00:17:58.909 align:start position:0%
he choose a stable coin and then he told
me<00:17:57.400><c> that</c><00:17:57.559><c> he</c><00:17:57.679><c> feel</c><00:17:57.919><c> pretty</c><00:17:58.159><c> comfortable</c><00:17:58.640><c> if</c><00:17:58.840><c> if</c>

00:17:58.909 --> 00:17:58.919 align:start position:0%
me that he feel pretty comfortable if if
 

00:17:58.919 --> 00:18:01.590 align:start position:0%
me that he feel pretty comfortable if if
the<00:17:59.039><c> yield</c><00:17:59.360><c> is</c><00:17:59.600><c> high</c><00:18:00.280><c> and</c><00:18:00.559><c> if</c><00:18:00.679><c> the</c><00:18:00.840><c> market</c><00:18:01.240><c> cap</c>

00:18:01.590 --> 00:18:01.600 align:start position:0%
the yield is high and if the market cap
 

00:18:01.600 --> 00:18:05.149 align:start position:0%
the yield is high and if the market cap
is<00:18:02.039><c> above</c><00:18:02.840><c> uh100</c><00:18:03.600><c> million</c><00:18:04.600><c> that</c><00:18:04.760><c> sounds</c><00:18:05.000><c> like</c>

00:18:05.149 --> 00:18:05.159 align:start position:0%
is above uh100 million that sounds like
 

00:18:05.159 --> 00:18:06.990 align:start position:0%
is above uh100 million that sounds like
someone<00:18:05.440><c> is</c><00:18:05.559><c> going</c><00:18:05.679><c> to</c><00:18:05.799><c> lose</c><00:18:06.120><c> their</c><00:18:06.280><c> money</c>

00:18:06.990 --> 00:18:07.000 align:start position:0%
someone is going to lose their money
 

00:18:07.000 --> 00:18:10.350 align:start position:0%
someone is going to lose their money
during<00:18:07.520><c> the</c><00:18:08.240><c> uh</c><00:18:08.360><c> Terra</c><00:18:08.840><c> crash</c><00:18:09.840><c> so</c><00:18:10.080><c> I</c><00:18:10.159><c> think</c>

00:18:10.350 --> 00:18:10.360 align:start position:0%
during the uh Terra crash so I think
 

00:18:10.360 --> 00:18:12.149 align:start position:0%
during the uh Terra crash so I think
what<00:18:10.480><c> we</c><00:18:10.559><c> need</c><00:18:10.720><c> to</c><00:18:10.840><c> know</c><00:18:11.120><c> is</c><00:18:11.400><c> a</c><00:18:11.600><c> stable</c><00:18:11.960><c> coin</c>

00:18:12.149 --> 00:18:12.159 align:start position:0%
what we need to know is a stable coin
 

00:18:12.159 --> 00:18:13.830 align:start position:0%
what we need to know is a stable coin
user<00:18:12.520><c> face</c><00:18:12.840><c> different</c><00:18:13.080><c> type</c><00:18:13.280><c> of</c><00:18:13.440><c> risk</c>

00:18:13.830 --> 00:18:13.840 align:start position:0%
user face different type of risk
 

00:18:13.840 --> 00:18:16.310 align:start position:0%
user face different type of risk
depending<00:18:14.159><c> on</c><00:18:14.440><c> how</c><00:18:14.960><c> they</c><00:18:15.159><c> engage</c><00:18:15.600><c> with</c><00:18:15.880><c> stable</c>

00:18:16.310 --> 00:18:16.320 align:start position:0%
depending on how they engage with stable
 

00:18:16.320 --> 00:18:18.590 align:start position:0%
depending on how they engage with stable
coin<00:18:17.159><c> uh</c><00:18:17.320><c> whether</c><00:18:17.559><c> it's</c><00:18:17.799><c> direct</c><00:18:18.120><c> holder</c>

00:18:18.590 --> 00:18:18.600 align:start position:0%
coin uh whether it's direct holder
 

00:18:18.600 --> 00:18:21.549 align:start position:0%
coin uh whether it's direct holder
whether<00:18:18.799><c> it's</c><00:18:18.919><c> a</c><00:18:19.039><c> leverage</c><00:18:19.440><c> user</c><00:18:20.120><c> lender</c><00:18:20.760><c> or</c>

00:18:21.549 --> 00:18:21.559 align:start position:0%
whether it's a leverage user lender or
 

00:18:21.559 --> 00:18:24.350 align:start position:0%
whether it's a leverage user lender or
uh<00:18:21.720><c> whether</c><00:18:22.320><c> it's</c><00:18:22.559><c> liquidity</c><00:18:23.159><c> provider</c><00:18:24.159><c> so</c>

00:18:24.350 --> 00:18:24.360 align:start position:0%
uh whether it's liquidity provider so
 

00:18:24.360 --> 00:18:27.149 align:start position:0%
uh whether it's liquidity provider so
one<00:18:24.520><c> of</c><00:18:24.640><c> the</c><00:18:24.840><c> most</c><00:18:25.159><c> discussed</c><00:18:25.679><c> risk</c><00:18:26.080><c> is</c><00:18:26.400><c> the</c><00:18:27.039><c> uh</c>

00:18:27.149 --> 00:18:27.159 align:start position:0%
one of the most discussed risk is the uh
 

00:18:27.159 --> 00:18:29.950 align:start position:0%
one of the most discussed risk is the uh
St<00:18:27.520><c> coin</c><00:18:27.760><c> deping</c><00:18:28.200><c> risk</c><00:18:28.559><c> where</c><00:18:28.919><c> the</c><00:18:29.000><c> stab</c><00:18:29.520><c> price</c>

00:18:29.950 --> 00:18:29.960 align:start position:0%
St coin deping risk where the stab price
 

00:18:29.960 --> 00:18:32.149 align:start position:0%
St coin deping risk where the stab price
is<00:18:30.480><c> significantly</c><00:18:31.120><c> lower</c><00:18:31.520><c> than</c><00:18:31.720><c> the</c><00:18:31.880><c> pet</c>

00:18:32.149 --> 00:18:32.159 align:start position:0%
is significantly lower than the pet
 

00:18:32.159 --> 00:18:33.549 align:start position:0%
is significantly lower than the pet
value<00:18:32.400><c> or</c><00:18:32.520><c> the</c><00:18:32.640><c> value</c><00:18:32.919><c> they</c><00:18:33.039><c> Tred</c><00:18:33.280><c> to</c>

00:18:33.549 --> 00:18:33.559 align:start position:0%
value or the value they Tred to
 

00:18:33.559 --> 00:18:36.909 align:start position:0%
value or the value they Tred to
stabilize<00:18:34.559><c> so</c><00:18:34.760><c> in</c><00:18:34.880><c> your</c><00:18:35.200><c> view</c><00:18:36.200><c> what</c><00:18:36.400><c> factor</c>

00:18:36.909 --> 00:18:36.919 align:start position:0%
stabilize so in your view what factor
 

00:18:36.919 --> 00:18:39.110 align:start position:0%
stabilize so in your view what factor
may<00:18:37.120><c> cause</c><00:18:37.360><c> the</c><00:18:37.520><c> stable</c><00:18:37.799><c> coin</c><00:18:38.000><c> to</c><00:18:38.200><c> become</c>

00:18:39.110 --> 00:18:39.120 align:start position:0%
may cause the stable coin to become
 

00:18:39.120 --> 00:18:42.430 align:start position:0%
may cause the stable coin to become
insolvent<00:18:40.120><c> or</c><00:18:40.720><c> permanently</c><00:18:41.240><c> lost</c><00:18:41.640><c> part</c><00:18:41.919><c> of</c><00:18:42.320><c> uh</c>

00:18:42.430 --> 00:18:42.440 align:start position:0%
insolvent or permanently lost part of uh
 

00:18:42.440 --> 00:18:43.909 align:start position:0%
insolvent or permanently lost part of uh
its

00:18:43.909 --> 00:18:43.919 align:start position:0%
its
 

00:18:43.919 --> 00:18:46.310 align:start position:0%
its
value<00:18:44.919><c> um</c><00:18:45.240><c> I</c><00:18:45.320><c> mean</c><00:18:45.520><c> there's</c><00:18:45.840><c> like</c><00:18:46.039><c> many</c>

00:18:46.310 --> 00:18:46.320 align:start position:0%
value um I mean there's like many
 

00:18:46.320 --> 00:18:50.029 align:start position:0%
value um I mean there's like many
reasons<00:18:46.720><c> why</c><00:18:46.880><c> stable</c><00:18:47.280><c> coins</c><00:18:47.799><c> deeg</c><00:18:48.799><c> um</c><00:18:49.760><c> in</c>

00:18:50.029 --> 00:18:50.039 align:start position:0%
reasons why stable coins deeg um in
 

00:18:50.039 --> 00:18:52.909 align:start position:0%
reasons why stable coins deeg um in
theory<00:18:50.480><c> if</c><00:18:50.600><c> a</c><00:18:51.159><c> token</c><00:18:51.480><c> is</c><00:18:51.679><c> redeemable</c><00:18:52.360><c> one</c><00:18:52.760><c> to</c>

00:18:52.909 --> 00:18:52.919 align:start position:0%
theory if a token is redeemable one to
 

00:18:52.919 --> 00:18:55.350 align:start position:0%
theory if a token is redeemable one to
one<00:18:53.280><c> against</c><00:18:53.600><c> an</c><00:18:53.840><c> asset</c><00:18:54.320><c> that</c><00:18:54.520><c> has</c><00:18:54.679><c> a</c><00:18:55.000><c> fixed</c>

00:18:55.350 --> 00:18:55.360 align:start position:0%
one against an asset that has a fixed
 

00:18:55.360 --> 00:18:57.470 align:start position:0%
one against an asset that has a fixed
value<00:18:55.600><c> and</c><00:18:55.799><c> has</c><00:18:55.880><c> a</c><00:18:56.000><c> lot</c><00:18:56.159><c> of</c><00:18:56.320><c> liquidity</c><00:18:57.120><c> and</c><00:18:57.360><c> and</c>

00:18:57.470 --> 00:18:57.480 align:start position:0%
value and has a lot of liquidity and and
 

00:18:57.480 --> 00:18:59.710 align:start position:0%
value and has a lot of liquidity and and
you<00:18:57.600><c> can</c><00:18:57.840><c> like</c><00:18:58.039><c> exit</c><00:18:58.320><c> a</c><00:18:58.440><c> position</c><00:18:58.880><c> in</c><00:18:58.960><c> some</c><00:18:59.200><c> way</c>

00:18:59.710 --> 00:18:59.720 align:start position:0%
you can like exit a position in some way
 

00:18:59.720 --> 00:19:02.110 align:start position:0%
you can like exit a position in some way
it<00:18:59.840><c> shouldn't</c><00:19:00.840><c> now</c><00:19:01.360><c> there's</c><00:19:01.679><c> there's</c><00:19:01.880><c> many</c>

00:19:02.110 --> 00:19:02.120 align:start position:0%
it shouldn't now there's there's many
 

00:19:02.120 --> 00:19:04.870 align:start position:0%
it shouldn't now there's there's many
things<00:19:02.320><c> that</c><00:19:02.480><c> go</c><00:19:02.720><c> back</c><00:19:03.400><c> and</c><00:19:03.919><c> it</c><00:19:04.120><c> it</c><00:19:04.360><c> goes</c><00:19:04.600><c> from</c>

00:19:04.870 --> 00:19:04.880 align:start position:0%
things that go back and it it goes from
 

00:19:04.880 --> 00:19:06.669 align:start position:0%
things that go back and it it goes from
like<00:19:05.039><c> smart</c><00:19:05.360><c> contracts</c><00:19:05.799><c> getting</c><00:19:06.120><c> exploited</c>

00:19:06.669 --> 00:19:06.679 align:start position:0%
like smart contracts getting exploited
 

00:19:06.679 --> 00:19:08.950 align:start position:0%
like smart contracts getting exploited
and<00:19:06.880><c> people</c><00:19:07.240><c> minting</c><00:19:07.880><c> more</c><00:19:08.120><c> stable</c><00:19:08.559><c> coins</c>

00:19:08.950 --> 00:19:08.960 align:start position:0%
and people minting more stable coins
 

00:19:08.960 --> 00:19:11.029 align:start position:0%
and people minting more stable coins
than<00:19:09.200><c> what</c><00:19:09.320><c> the</c><00:19:09.480><c> collateral</c><00:19:10.080><c> is</c><00:19:10.440><c> and</c><00:19:10.720><c> and</c><00:19:10.880><c> then</c>

00:19:11.029 --> 00:19:11.039 align:start position:0%
than what the collateral is and and then
 

00:19:11.039 --> 00:19:13.470 align:start position:0%
than what the collateral is and and then
it<00:19:11.200><c> defects</c><00:19:11.640><c> for</c><00:19:11.840><c> that</c><00:19:12.039><c> reason</c><00:19:12.760><c> or</c><00:19:13.000><c> it</c><00:19:13.159><c> is</c>

00:19:13.470 --> 00:19:13.480 align:start position:0%
it defects for that reason or it is
 

00:19:13.480 --> 00:19:15.909 align:start position:0%
it defects for that reason or it is
because<00:19:14.480><c> cicom</c><00:19:15.000><c> Valley</c><00:19:15.240><c> Bank</c><00:19:15.480><c> is</c><00:19:15.640><c> going</c>

00:19:15.909 --> 00:19:15.919 align:start position:0%
because cicom Valley Bank is going
 

00:19:15.919 --> 00:19:18.149 align:start position:0%
because cicom Valley Bank is going
bankrupt<00:19:16.480><c> and</c><00:19:16.600><c> then</c><00:19:16.760><c> usdc</c><00:19:17.360><c> D</c><00:19:17.600><c> pegs</c><00:19:17.960><c> because</c>

00:19:18.149 --> 00:19:18.159 align:start position:0%
bankrupt and then usdc D pegs because
 

00:19:18.159 --> 00:19:19.510 align:start position:0%
bankrupt and then usdc D pegs because
their<00:19:18.320><c> reserves</c><00:19:18.640><c> are</c><00:19:18.799><c> not</c><00:19:18.919><c> on</c><00:19:19.080><c> chain</c><00:19:19.360><c> and</c>

00:19:19.510 --> 00:19:19.520 align:start position:0%
their reserves are not on chain and
 

00:19:19.520 --> 00:19:21.669 align:start position:0%
their reserves are not on chain and
people<00:19:19.760><c> can't</c><00:19:20.039><c> verify</c><00:19:20.919><c> how</c><00:19:21.080><c> much</c><00:19:21.240><c> money</c><00:19:21.480><c> is</c>

00:19:21.669 --> 00:19:21.679 align:start position:0%
people can't verify how much money is
 

00:19:21.679 --> 00:19:24.310 align:start position:0%
people can't verify how much money is
actually<00:19:22.159><c> exposed</c><00:19:23.159><c> um</c><00:19:23.360><c> and</c><00:19:23.520><c> then</c><00:19:23.760><c> in</c><00:19:23.880><c> the</c><00:19:24.080><c> past</c>

00:19:24.310 --> 00:19:24.320 align:start position:0%
actually exposed um and then in the past
 

00:19:24.320 --> 00:19:26.310 align:start position:0%
actually exposed um and then in the past
we'<00:19:24.440><c> have</c><00:19:24.559><c> seen</c><00:19:25.200><c> like</c><00:19:25.360><c> algorithmic</c><00:19:25.960><c> stable</c>

00:19:26.310 --> 00:19:26.320 align:start position:0%
we' have seen like algorithmic stable
 

00:19:26.320 --> 00:19:28.029 align:start position:0%
we' have seen like algorithmic stable
coins<00:19:26.640><c> and</c><00:19:26.799><c> people</c><00:19:27.080><c> have</c><00:19:27.240><c> been</c><00:19:27.400><c> trying</c><00:19:27.799><c> a</c><00:19:27.919><c> lot</c>

00:19:28.029 --> 00:19:28.039 align:start position:0%
coins and people have been trying a lot
 

00:19:28.039 --> 00:19:30.669 align:start position:0%
coins and people have been trying a lot
of<00:19:28.200><c> different</c><00:19:28.400><c> mechan</c><00:19:28.720><c> Mech</c><00:19:28.840><c> isms</c><00:19:29.280><c> to</c><00:19:29.480><c> keep</c><00:19:30.440><c> uh</c>

00:19:30.669 --> 00:19:30.679 align:start position:0%
of different mechan Mech isms to keep uh
 

00:19:30.679 --> 00:19:32.510 align:start position:0%
of different mechan Mech isms to keep uh
pegs<00:19:31.280><c> in</c><00:19:31.400><c> a</c><00:19:31.760><c> way</c><00:19:31.960><c> that</c><00:19:32.120><c> is</c><00:19:32.280><c> under</c>

00:19:32.510 --> 00:19:32.520 align:start position:0%
pegs in a way that is under
 

00:19:32.520 --> 00:19:34.470 align:start position:0%
pegs in a way that is under
collateralized<00:19:33.360><c> and</c><00:19:33.559><c> most</c><00:19:33.720><c> of</c><00:19:33.960><c> those</c><00:19:34.200><c> didn't</c>

00:19:34.470 --> 00:19:34.480 align:start position:0%
collateralized and most of those didn't
 

00:19:34.480 --> 00:19:36.870 align:start position:0%
collateralized and most of those didn't
work<00:19:35.440><c> um</c><00:19:35.799><c> so</c><00:19:35.960><c> so</c><00:19:36.120><c> I</c><00:19:36.200><c> think</c><00:19:36.320><c> it</c><00:19:36.440><c> really</c><00:19:36.640><c> comes</c>

00:19:36.870 --> 00:19:36.880 align:start position:0%
work um so so I think it really comes
 

00:19:36.880 --> 00:19:38.310 align:start position:0%
work um so so I think it really comes
down<00:19:37.039><c> to</c><00:19:37.240><c> like</c><00:19:37.400><c> the</c><00:19:37.520><c> mechanisms</c><00:19:38.000><c> of</c><00:19:38.159><c> the</c>

00:19:38.310 --> 00:19:38.320 align:start position:0%
down to like the mechanisms of the
 

00:19:38.320 --> 00:19:40.789 align:start position:0%
down to like the mechanisms of the
stable<00:19:38.679><c> coin</c><00:19:39.280><c> and</c><00:19:39.600><c> and</c><00:19:39.760><c> ultimately</c><00:19:40.320><c> at</c><00:19:40.480><c> least</c>

00:19:40.789 --> 00:19:40.799 align:start position:0%
stable coin and and ultimately at least
 

00:19:40.799 --> 00:19:43.029 align:start position:0%
stable coin and and ultimately at least
from<00:19:41.400><c> from</c><00:19:41.600><c> what</c><00:19:41.720><c> we've</c><00:19:41.880><c> seen</c><00:19:42.080><c> in</c><00:19:42.240><c> the</c><00:19:42.360><c> market</c>

00:19:43.029 --> 00:19:43.039 align:start position:0%
from from what we've seen in the market
 

00:19:43.039 --> 00:19:45.310 align:start position:0%
from from what we've seen in the market
a<00:19:43.159><c> stable</c><00:19:43.520><c> coin</c><00:19:43.799><c> that</c><00:19:43.919><c> is</c><00:19:44.159><c> not</c><00:19:44.919><c> fully</c>

00:19:45.310 --> 00:19:45.320 align:start position:0%
a stable coin that is not fully
 

00:19:45.320 --> 00:19:47.149 align:start position:0%
a stable coin that is not fully
collateralized<00:19:46.120><c> and</c><00:19:46.320><c> can</c><00:19:46.480><c> be</c><00:19:46.679><c> redeemed</c>

00:19:47.149 --> 00:19:47.159 align:start position:0%
collateralized and can be redeemed
 

00:19:47.159 --> 00:19:49.230 align:start position:0%
collateralized and can be redeemed
against<00:19:47.400><c> some</c><00:19:47.600><c> underlying</c><00:19:48.159><c> assets</c><00:19:48.880><c> is</c><00:19:49.039><c> at</c>

00:19:49.230 --> 00:19:49.240 align:start position:0%
against some underlying assets is at
 

00:19:49.240 --> 00:19:51.470 align:start position:0%
against some underlying assets is at
very<00:19:49.480><c> high</c><00:19:49.760><c> risk</c><00:19:50.120><c> of</c><00:19:50.400><c> of</c><00:19:50.520><c> dep</c><00:19:50.799><c> pegging</c><00:19:51.320><c> and</c>

00:19:51.470 --> 00:19:51.480 align:start position:0%
very high risk of of dep pegging and
 

00:19:51.480 --> 00:19:54.110 align:start position:0%
very high risk of of dep pegging and
it's<00:19:51.640><c> more</c><00:19:51.840><c> a</c><00:19:51.960><c> matter</c><00:19:52.360><c> of</c><00:19:53.360><c> how</c><00:19:53.520><c> many</c><00:19:53.760><c> people</c><00:19:54.000><c> do</c>

00:19:54.110 --> 00:19:54.120 align:start position:0%
it's more a matter of how many people do
 

00:19:54.120 --> 00:19:56.710 align:start position:0%
it's more a matter of how many people do
you<00:19:54.240><c> need</c><00:19:54.400><c> to</c><00:19:54.600><c> withdraw</c><00:19:55.240><c> in</c><00:19:55.520><c> one</c><00:19:55.799><c> moment</c><00:19:56.520><c> for</c>

00:19:56.710 --> 00:19:56.720 align:start position:0%
you need to withdraw in one moment for
 

00:19:56.720 --> 00:19:58.669 align:start position:0%
you need to withdraw in one moment for
there<00:19:56.880><c> to</c><00:19:57.039><c> not</c><00:19:57.200><c> be</c><00:19:57.360><c> enough</c><00:19:57.600><c> liquidity</c><00:19:58.120><c> to</c><00:19:58.320><c> to</c>

00:19:58.669 --> 00:19:58.679 align:start position:0%
there to not be enough liquidity to to
 

00:19:58.679 --> 00:20:01.390 align:start position:0%
there to not be enough liquidity to to
suain<00:19:58.960><c> the</c><00:19:59.120><c> price</c><00:19:59.440><c> and</c><00:19:59.679><c> then</c><00:20:00.200><c> Bank</c><00:20:00.440><c> runs</c><00:20:00.760><c> start</c>

00:20:01.390 --> 00:20:01.400 align:start position:0%
suain the price and then Bank runs start
 

00:20:01.400 --> 00:20:02.909 align:start position:0%
suain the price and then Bank runs start
the<00:20:01.600><c> the</c><00:20:01.720><c> same</c><00:20:01.960><c> way</c><00:20:02.200><c> that</c><00:20:02.360><c> bank</c><00:20:02.559><c> runs</c><00:20:02.840><c> have</c>

00:20:02.909 --> 00:20:02.919 align:start position:0%
the the same way that bank runs have
 

00:20:02.919 --> 00:20:06.390 align:start position:0%
the the same way that bank runs have
started<00:20:03.360><c> for</c><00:20:03.600><c> hundreds</c><00:20:03.960><c> of</c><00:20:04.200><c> years</c><00:20:05.200><c> um</c><00:20:05.919><c> so</c><00:20:06.200><c> so</c>

00:20:06.390 --> 00:20:06.400 align:start position:0%
started for hundreds of years um so so
 

00:20:06.400 --> 00:20:09.190 align:start position:0%
started for hundreds of years um so so
it's<00:20:06.600><c> it's</c><00:20:07.120><c> multifaceted</c><00:20:08.120><c> but</c><00:20:08.600><c> if</c><00:20:08.919><c> if</c><00:20:09.039><c> like</c>

00:20:09.190 --> 00:20:09.200 align:start position:0%
it's it's multifaceted but if if like
 

00:20:09.200 --> 00:20:11.470 align:start position:0%
it's it's multifaceted but if if like
the<00:20:09.360><c> design</c><00:20:09.679><c> is</c><00:20:09.919><c> solid</c><00:20:10.400><c> and</c><00:20:10.760><c> and</c><00:20:10.880><c> if</c><00:20:11.039><c> there</c><00:20:11.200><c> is</c>

00:20:11.470 --> 00:20:11.480 align:start position:0%
the design is solid and and if there is
 

00:20:11.480 --> 00:20:13.590 align:start position:0%
the design is solid and and if there is
actual<00:20:11.799><c> value</c><00:20:12.120><c> backing</c><00:20:12.480><c> the</c><00:20:12.600><c> stable</c><00:20:12.960><c> coins</c>

00:20:13.590 --> 00:20:13.600 align:start position:0%
actual value backing the stable coins
 

00:20:13.600 --> 00:20:15.590 align:start position:0%
actual value backing the stable coins
and<00:20:13.720><c> the</c><00:20:13.919><c> mechanism</c><00:20:14.440><c> to</c><00:20:14.880><c> get</c><00:20:15.039><c> the</c><00:20:15.200><c> stable</c>

00:20:15.590 --> 00:20:15.600 align:start position:0%
and the mechanism to get the stable
 

00:20:15.600 --> 00:20:17.350 align:start position:0%
and the mechanism to get the stable
coins<00:20:16.360><c> um</c><00:20:16.520><c> and</c><00:20:16.720><c> exchange</c><00:20:17.039><c> it</c><00:20:17.159><c> for</c><00:20:17.280><c> the</c>

00:20:17.350 --> 00:20:17.360 align:start position:0%
coins um and exchange it for the
 

00:20:17.360 --> 00:20:20.510 align:start position:0%
coins um and exchange it for the
underlying<00:20:17.840><c> value</c><00:20:18.799><c> then</c><00:20:19.640><c> at</c><00:20:19.799><c> least</c><00:20:20.120><c> in</c><00:20:20.360><c> in</c>

00:20:20.510 --> 00:20:20.520 align:start position:0%
underlying value then at least in in
 

00:20:20.520 --> 00:20:24.630 align:start position:0%
underlying value then at least in in
general<00:20:20.960><c> it</c><00:20:21.440><c> it</c><00:20:21.520><c> should</c><00:20:21.720><c> be</c><00:20:22.000><c> pretty</c>

00:20:24.630 --> 00:20:24.640 align:start position:0%
general it it should be pretty
 

00:20:24.640 --> 00:20:26.590 align:start position:0%
general it it should be pretty
begged<00:20:25.640><c> I</c><00:20:25.799><c> I</c><00:20:25.880><c> think</c><00:20:26.039><c> that</c><00:20:26.120><c> was</c><00:20:26.240><c> a</c><00:20:26.360><c> pretty</c>

00:20:26.590 --> 00:20:26.600 align:start position:0%
begged I I think that was a pretty
 

00:20:26.600 --> 00:20:28.470 align:start position:0%
begged I I think that was a pretty
complete<00:20:27.000><c> yeah</c><00:20:27.159><c> there</c><00:20:27.280><c> are</c><00:20:27.880><c> we've</c><00:20:28.080><c> seen</c><00:20:28.280><c> lots</c>

00:20:28.470 --> 00:20:28.480 align:start position:0%
complete yeah there are we've seen lots
 

00:20:28.480 --> 00:20:30.190 align:start position:0%
complete yeah there are we've seen lots
of<00:20:28.720><c> lots</c><00:20:28.880><c> of</c><00:20:29.000><c> different</c><00:20:29.240><c> reasons</c><00:20:29.760><c> and</c><00:20:29.919><c> I</c><00:20:30.000><c> think</c>

00:20:30.190 --> 00:20:30.200 align:start position:0%
of lots of different reasons and I think
 

00:20:30.200 --> 00:20:32.430 align:start position:0%
of lots of different reasons and I think
you<00:20:30.360><c> you</c><00:20:30.559><c> highlighted</c><00:20:31.039><c> a</c><00:20:31.159><c> lot</c><00:20:31.280><c> of</c><00:20:31.400><c> them</c><00:20:31.600><c> I</c><00:20:31.679><c> mean</c>

00:20:32.430 --> 00:20:32.440 align:start position:0%
you you highlighted a lot of them I mean
 

00:20:32.440 --> 00:20:35.270 align:start position:0%
you you highlighted a lot of them I mean
the<00:20:32.520><c> one</c><00:20:32.640><c> I'd</c><00:20:32.840><c> add</c><00:20:33.080><c> is</c><00:20:33.600><c> poor</c><00:20:33.880><c> mechanism</c><00:20:34.440><c> design</c>

00:20:35.270 --> 00:20:35.280 align:start position:0%
the one I'd add is poor mechanism design
 

00:20:35.280 --> 00:20:38.110 align:start position:0%
the one I'd add is poor mechanism design
um<00:20:35.799><c> is</c><00:20:35.919><c> a</c><00:20:36.200><c> common</c><00:20:36.480><c> thing</c><00:20:37.280><c> um</c><00:20:37.480><c> people</c><00:20:37.799><c> building</c>

00:20:38.110 --> 00:20:38.120 align:start position:0%
um is a common thing um people building
 

00:20:38.120 --> 00:20:40.430 align:start position:0%
um is a common thing um people building
stable<00:20:38.520><c> coins</c><00:20:38.799><c> that</c><00:20:39.080><c> they</c><00:20:39.200><c> need</c><00:20:39.320><c> to</c><00:20:39.559><c> can</c><00:20:40.240><c> have</c>

00:20:40.430 --> 00:20:40.440 align:start position:0%
stable coins that they need to can have
 

00:20:40.440 --> 00:20:42.590 align:start position:0%
stable coins that they need to can have
humans<00:20:40.799><c> that</c><00:20:40.880><c> are</c><00:20:41.039><c> throwing</c><00:20:41.360><c> money</c><00:20:41.640><c> in</c><00:20:41.919><c> to</c><00:20:42.360><c> to</c>

00:20:42.590 --> 00:20:42.600 align:start position:0%
humans that are throwing money in to to
 

00:20:42.600 --> 00:20:44.549 align:start position:0%
humans that are throwing money in to to
keep<00:20:42.840><c> interest</c><00:20:43.120><c> in</c><00:20:43.280><c> it</c><00:20:43.720><c> that</c><00:20:43.919><c> wasn't</c><00:20:44.200><c> designed</c>

00:20:44.549 --> 00:20:44.559 align:start position:0%
keep interest in it that wasn't designed
 

00:20:44.559 --> 00:20:47.110 align:start position:0%
keep interest in it that wasn't designed
inside<00:20:44.799><c> the</c><00:20:45.120><c> mechanism</c><00:20:46.120><c> um</c><00:20:46.559><c> you</c><00:20:46.679><c> know</c><00:20:47.000><c> that</c>

00:20:47.110 --> 00:20:47.120 align:start position:0%
inside the mechanism um you know that
 

00:20:47.120 --> 00:20:49.310 align:start position:0%
inside the mechanism um you know that
runs<00:20:47.360><c> for</c><00:20:47.480><c> a</c><00:20:47.600><c> while</c><00:20:48.120><c> um</c><00:20:48.280><c> eventually</c><00:20:48.720><c> people</c>

00:20:49.310 --> 00:20:49.320 align:start position:0%
runs for a while um eventually people
 

00:20:49.320 --> 00:20:51.190 align:start position:0%
runs for a while um eventually people
realize<00:20:49.799><c> that</c><00:20:50.120><c> they're</c><00:20:50.280><c> throwing</c><00:20:50.799><c> a</c><00:20:50.919><c> lot</c><00:20:51.080><c> of</c>

00:20:51.190 --> 00:20:51.200 align:start position:0%
realize that they're throwing a lot of
 

00:20:51.200 --> 00:20:53.750 align:start position:0%
realize that they're throwing a lot of
money<00:20:51.520><c> in</c><00:20:51.720><c> to</c><00:20:51.919><c> pay</c><00:20:52.159><c> to</c><00:20:52.280><c> keep</c><00:20:52.440><c> it</c><00:20:52.679><c> token</c><00:20:53.000><c> stable</c>

00:20:53.750 --> 00:20:53.760 align:start position:0%
money in to pay to keep it token stable
 

00:20:53.760 --> 00:20:55.230 align:start position:0%
money in to pay to keep it token stable
uh<00:20:53.840><c> and</c><00:20:53.919><c> you</c><00:20:54.000><c> can</c><00:20:54.120><c> only</c><00:20:54.280><c> do</c><00:20:54.440><c> that</c><00:20:54.559><c> for</c><00:20:54.679><c> so</c><00:20:54.880><c> long</c>

00:20:55.230 --> 00:20:55.240 align:start position:0%
uh and you can only do that for so long
 

00:20:55.240 --> 00:20:57.390 align:start position:0%
uh and you can only do that for so long
like<00:20:55.360><c> we</c><00:20:55.520><c> hear</c><00:20:56.039><c> in</c><00:20:56.200><c> trfi</c><00:20:56.720><c> about</c><00:20:56.840><c> a</c><00:20:56.960><c> lender</c><00:20:57.240><c> of</c>

00:20:57.390 --> 00:20:57.400 align:start position:0%
like we hear in trfi about a lender of
 

00:20:57.400 --> 00:20:59.149 align:start position:0%
like we hear in trfi about a lender of
Last<00:20:57.640><c> Resort</c><00:20:58.240><c> essentially</c><00:20:58.799><c> in</c><00:20:58.880><c> a</c><00:20:58.960><c> lot</c><00:20:59.080><c> of</c>

00:20:59.149 --> 00:20:59.159 align:start position:0%
Last Resort essentially in a lot of
 

00:20:59.159 --> 00:21:01.270 align:start position:0%
Last Resort essentially in a lot of
these<00:20:59.280><c> tokens</c><00:20:59.600><c> we</c><00:20:59.720><c> have</c><00:20:59.880><c> you</c><00:20:59.960><c> know</c><00:21:00.679><c> uh</c><00:21:00.919><c> a</c><00:21:01.039><c> bag</c>

00:21:01.270 --> 00:21:01.280 align:start position:0%
these tokens we have you know uh a bag
 

00:21:01.280 --> 00:21:03.430 align:start position:0%
these tokens we have you know uh a bag
holder<00:21:01.440><c> of</c><00:21:01.600><c> Last</c><00:21:01.880><c> Resort</c><00:21:02.799><c> uh</c><00:21:03.039><c> and</c><00:21:03.159><c> that's</c><00:21:03.280><c> when</c>

00:21:03.430 --> 00:21:03.440 align:start position:0%
holder of Last Resort uh and that's when
 

00:21:03.440 --> 00:21:07.270 align:start position:0%
holder of Last Resort uh and that's when
we<00:21:03.600><c> dpeg</c><00:21:04.600><c> um</c><00:21:05.520><c> you</c><00:21:05.640><c> know</c><00:21:06.360><c> we</c><00:21:06.559><c> need</c><00:21:06.679><c> to</c><00:21:06.840><c> find</c><00:21:07.080><c> an</c>

00:21:07.270 --> 00:21:07.280 align:start position:0%
we dpeg um you know we need to find an
 

00:21:07.280 --> 00:21:08.549 align:start position:0%
we dpeg um you know we need to find an
equilibrium<00:21:08.000><c> and</c><00:21:08.080><c> that</c><00:21:08.200><c> needs</c><00:21:08.360><c> to</c><00:21:08.440><c> be</c>

00:21:08.549 --> 00:21:08.559 align:start position:0%
equilibrium and that needs to be
 

00:21:08.559 --> 00:21:11.070 align:start position:0%
equilibrium and that needs to be
designed<00:21:08.880><c> in</c><00:21:09.000><c> the</c><00:21:09.120><c> mechanism</c><00:21:10.120><c> um</c><00:21:10.600><c> obviously</c>

00:21:11.070 --> 00:21:11.080 align:start position:0%
designed in the mechanism um obviously
 

00:21:11.080 --> 00:21:14.029 align:start position:0%
designed in the mechanism um obviously
when<00:21:11.600><c> you</c><00:21:11.720><c> know</c><00:21:12.039><c> we</c><00:21:12.159><c> have</c><00:21:12.320><c> backings</c><00:21:13.200><c> uh</c><00:21:13.919><c> they</c>

00:21:14.029 --> 00:21:14.039 align:start position:0%
when you know we have backings uh they
 

00:21:14.039 --> 00:21:15.390 align:start position:0%
when you know we have backings uh they
should<00:21:14.159><c> be</c><00:21:14.320><c> redeemable</c><00:21:14.840><c> for</c><00:21:15.039><c> something</c>

00:21:15.390 --> 00:21:15.400 align:start position:0%
should be redeemable for something
 

00:21:15.400 --> 00:21:17.350 align:start position:0%
should be redeemable for something
whether<00:21:15.640><c> it's</c><00:21:15.840><c> a</c><00:21:16.000><c> decentralized</c><00:21:16.640><c> asset</c><00:21:16.960><c> or</c><00:21:17.200><c> a</c>

00:21:17.350 --> 00:21:17.360 align:start position:0%
whether it's a decentralized asset or a
 

00:21:17.360 --> 00:21:19.750 align:start position:0%
whether it's a decentralized asset or a
non-<00:21:17.640><c> decentralized</c><00:21:18.240><c> asset</c><00:21:19.240><c> um</c><00:21:19.520><c> and</c><00:21:19.640><c> those</c>

00:21:19.750 --> 00:21:19.760 align:start position:0%
non- decentralized asset um and those
 

00:21:19.760 --> 00:21:22.750 align:start position:0%
non- decentralized asset um and those
are<00:21:19.919><c> pretty</c><00:21:20.159><c> good</c><00:21:20.440><c> ways</c><00:21:20.840><c> but</c><00:21:21.000><c> I</c><00:21:21.120><c> guess</c><00:21:21.679><c> uh</c><00:21:22.559><c> when</c>

00:21:22.750 --> 00:21:22.760 align:start position:0%
are pretty good ways but I guess uh when
 

00:21:22.760 --> 00:21:25.390 align:start position:0%
are pretty good ways but I guess uh when
those<00:21:22.960><c> break</c><00:21:23.640><c> uh</c><00:21:23.760><c> that</c><00:21:23.880><c> becomes</c><00:21:24.120><c> a</c><00:21:24.320><c> problem</c><00:21:25.039><c> um</c>

00:21:25.390 --> 00:21:25.400 align:start position:0%
those break uh that becomes a problem um
 

00:21:25.400 --> 00:21:28.029 align:start position:0%
those break uh that becomes a problem um
but<00:21:25.600><c> just</c><00:21:26.240><c> functionally</c><00:21:27.200><c> um</c><00:21:27.360><c> designing</c><00:21:27.840><c> your</c>

00:21:28.029 --> 00:21:28.039 align:start position:0%
but just functionally um designing your
 

00:21:28.039 --> 00:21:30.230 align:start position:0%
but just functionally um designing your
token<00:21:28.640><c> a</c><00:21:28.720><c> way</c><00:21:28.840><c> that</c><00:21:28.960><c> can</c><00:21:29.240><c> be</c><00:21:29.440><c> sustainable</c><00:21:30.159><c> I</c>

00:21:30.230 --> 00:21:30.240 align:start position:0%
token a way that can be sustainable I
 

00:21:30.240 --> 00:21:32.110 align:start position:0%
token a way that can be sustainable I
think<00:21:30.360><c> is</c><00:21:30.480><c> a</c><00:21:30.600><c> prerequisite</c><00:21:31.360><c> regardless</c><00:21:31.840><c> of</c>

00:21:32.110 --> 00:21:32.120 align:start position:0%
think is a prerequisite regardless of
 

00:21:32.120 --> 00:21:35.190 align:start position:0%
think is a prerequisite regardless of
all<00:21:32.240><c> the</c><00:21:32.360><c> other</c><00:21:32.960><c> questions</c><00:21:33.960><c> so</c><00:21:34.159><c> I</c><00:21:34.240><c> know</c><00:21:34.480><c> arah</c>

00:21:35.190 --> 00:21:35.200 align:start position:0%
all the other questions so I know arah
 

00:21:35.200 --> 00:21:38.669 align:start position:0%
all the other questions so I know arah
actually<00:21:35.760><c> predicted</c><00:21:36.760><c> the</c><00:21:37.320><c> crash</c><00:21:37.640><c> of</c><00:21:37.840><c> Tera</c>

00:21:38.669 --> 00:21:38.679 align:start position:0%
actually predicted the crash of Tera
 

00:21:38.679 --> 00:21:42.870 align:start position:0%
actually predicted the crash of Tera
even<00:21:39.240><c> when</c><00:21:39.480><c> Tera</c><00:21:39.919><c> is</c><00:21:40.120><c> at</c><00:21:40.880><c> is</c><00:21:41.320><c> a</c><00:21:41.760><c> pick</c><00:21:42.520><c> so</c><00:21:42.799><c> I</c>

00:21:42.870 --> 00:21:42.880 align:start position:0%
even when Tera is at is a pick so I
 

00:21:42.880 --> 00:21:45.230 align:start position:0%
even when Tera is at is a pick so I
think<00:21:43.159><c> one</c><00:21:43.360><c> fun</c><00:21:43.679><c> fact</c><00:21:43.960><c> about</c><00:21:44.240><c> him</c><00:21:44.400><c> is</c><00:21:44.720><c> like</c><00:21:45.039><c> a</c>

00:21:45.230 --> 00:21:45.240 align:start position:0%
think one fun fact about him is like a
 

00:21:45.240 --> 00:21:50.310 align:start position:0%
think one fun fact about him is like a
Doan<00:21:45.799><c> K</c><00:21:46.080><c> you</c><00:21:46.840><c> what</c><00:21:47.840><c> a</c><00:21:48.320><c> cockroach</c><00:21:49.320><c> yeah</c><00:21:49.880><c> so</c><00:21:50.159><c> do</c>

00:21:50.310 --> 00:21:50.320 align:start position:0%
Doan K you what a cockroach yeah so do
 

00:21:50.320 --> 00:21:53.029 align:start position:0%
Doan K you what a cockroach yeah so do
you<00:21:50.480><c> think</c><00:21:50.760><c> we</c><00:21:50.919><c> have</c><00:21:51.159><c> learned</c><00:21:52.039><c> from</c><00:21:52.320><c> the</c><00:21:52.559><c> teror</c>

00:21:53.029 --> 00:21:53.039 align:start position:0%
you think we have learned from the teror
 

00:21:53.039 --> 00:21:56.390 align:start position:0%
you think we have learned from the teror
crush<00:21:54.039><c> like</c><00:21:54.480><c> the</c>

00:21:56.390 --> 00:21:56.400 align:start position:0%
crush like the
 

00:21:56.400 --> 00:21:59.390 align:start position:0%
crush like the
market<00:21:57.400><c> I</c><00:21:57.760><c> hope</c><00:21:58.200><c> that</c><00:21:58.799><c> uh</c><00:21:59.039><c> that</c><00:21:59.159><c> there</c><00:21:59.279><c> are</c>

00:21:59.390 --> 00:21:59.400 align:start position:0%
market I hope that uh that there are
 

00:21:59.400 --> 00:22:02.669 align:start position:0%
market I hope that uh that there are
some<00:21:59.640><c> lessons</c><00:22:00.240><c> that</c><00:22:00.600><c> uh</c><00:22:00.960><c> are</c><00:22:01.320><c> learned</c><00:22:02.320><c> uh</c><00:22:02.480><c> by</c>

00:22:02.669 --> 00:22:02.679 align:start position:0%
some lessons that uh are learned uh by
 

00:22:02.679 --> 00:22:05.830 align:start position:0%
some lessons that uh are learned uh by
most<00:22:02.960><c> people</c><00:22:03.919><c> uh</c><00:22:04.039><c> and</c><00:22:04.200><c> I</c><00:22:04.360><c> hope</c><00:22:04.760><c> that</c><00:22:05.400><c> one</c><00:22:05.640><c> of</c>

00:22:05.830 --> 00:22:05.840 align:start position:0%
most people uh and I hope that one of
 

00:22:05.840 --> 00:22:08.470 align:start position:0%
most people uh and I hope that one of
them<00:22:06.120><c> is</c><00:22:06.360><c> like</c><00:22:06.600><c> kind</c><00:22:06.760><c> of</c><00:22:07.080><c> being</c><00:22:07.400><c> cautious</c><00:22:07.960><c> of</c>

00:22:08.470 --> 00:22:08.480 align:start position:0%
them is like kind of being cautious of
 

00:22:08.480 --> 00:22:10.830 align:start position:0%
them is like kind of being cautious of
what's<00:22:09.159><c> what</c><00:22:09.279><c> we've</c><00:22:09.480><c> called</c><00:22:09.720><c> like</c><00:22:09.880><c> endogenous</c>

00:22:10.830 --> 00:22:10.840 align:start position:0%
what's what we've called like endogenous
 

00:22:10.840 --> 00:22:14.870 align:start position:0%
what's what we've called like endogenous
collateral<00:22:11.840><c> something</c><00:22:12.440><c> where</c><00:22:13.440><c> uh</c><00:22:14.080><c> the</c><00:22:14.279><c> value</c>

00:22:14.870 --> 00:22:14.880 align:start position:0%
collateral something where uh the value
 

00:22:14.880 --> 00:22:18.029 align:start position:0%
collateral something where uh the value
of<00:22:15.640><c> where</c><00:22:15.720><c> a</c><00:22:15.840><c> stable</c><00:22:16.159><c> coin</c><00:22:16.520><c> is</c><00:22:16.720><c> backed</c><00:22:17.240><c> by</c><00:22:17.760><c> some</c>

00:22:18.029 --> 00:22:18.039 align:start position:0%
of where a stable coin is backed by some
 

00:22:18.039 --> 00:22:20.190 align:start position:0%
of where a stable coin is backed by some
other<00:22:18.279><c> token</c><00:22:18.760><c> but</c><00:22:18.880><c> where</c><00:22:19.039><c> the</c><00:22:19.240><c> value</c><00:22:19.679><c> of</c><00:22:19.919><c> that</c>

00:22:20.190 --> 00:22:20.200 align:start position:0%
other token but where the value of that
 

00:22:20.200 --> 00:22:22.830 align:start position:0%
other token but where the value of that
token<00:22:20.600><c> is</c><00:22:20.840><c> like</c><00:22:21.200><c> circular</c><00:22:21.919><c> with</c><00:22:22.200><c> the</c><00:22:22.480><c> with</c>

00:22:22.830 --> 00:22:22.840 align:start position:0%
token is like circular with the with
 

00:22:22.840 --> 00:22:25.149 align:start position:0%
token is like circular with the with
with<00:22:23.000><c> the</c><00:22:23.159><c> stable</c><00:22:23.480><c> coin</c><00:22:23.760><c> itself</c><00:22:24.360><c> so</c><00:22:24.600><c> like</c>

00:22:25.149 --> 00:22:25.159 align:start position:0%
with the stable coin itself so like
 

00:22:25.159 --> 00:22:29.350 align:start position:0%
with the stable coin itself so like
terara<00:22:26.159><c> uh</c><00:22:26.600><c> was</c><00:22:26.799><c> backed</c><00:22:27.360><c> by</c><00:22:27.960><c> Luna</c><00:22:28.960><c> well</c><00:22:29.200><c> sort</c>

00:22:29.350 --> 00:22:29.360 align:start position:0%
terara uh was backed by Luna well sort
 

00:22:29.360 --> 00:22:32.950 align:start position:0%
terara uh was backed by Luna well sort
of<00:22:29.640><c> backed</c><00:22:30.520><c> uh</c><00:22:31.039><c> but</c><00:22:31.799><c> like</c><00:22:32.000><c> Luna</c><00:22:32.520><c> really</c><00:22:32.760><c> only</c>

00:22:32.950 --> 00:22:32.960 align:start position:0%
of backed uh but like Luna really only
 

00:22:32.960 --> 00:22:34.470 align:start position:0%
of backed uh but like Luna really only
has<00:22:33.159><c> value</c><00:22:33.520><c> because</c><00:22:33.720><c> people</c><00:22:33.919><c> think</c><00:22:34.080><c> terara</c>

00:22:34.470 --> 00:22:34.480 align:start position:0%
has value because people think terara
 

00:22:34.480 --> 00:22:36.750 align:start position:0%
has value because people think terara
has<00:22:34.679><c> value</c><00:22:35.080><c> and</c><00:22:35.240><c> so</c><00:22:35.720><c> like</c><00:22:35.960><c> there's</c><00:22:36.400><c> just</c><00:22:36.640><c> like</c>

00:22:36.750 --> 00:22:36.760 align:start position:0%
has value and so like there's just like
 

00:22:36.760 --> 00:22:39.110 align:start position:0%
has value and so like there's just like
a<00:22:36.919><c> spiral</c><00:22:37.320><c> to</c><00:22:37.559><c> zero</c><00:22:37.960><c> that's</c><00:22:38.200><c> that's</c><00:22:38.440><c> possible</c>

00:22:39.110 --> 00:22:39.120 align:start position:0%
a spiral to zero that's that's possible
 

00:22:39.120 --> 00:22:44.230 align:start position:0%
a spiral to zero that's that's possible
there<00:22:40.120><c> um</c><00:22:41.039><c> and</c><00:22:42.039><c> if</c><00:22:42.200><c> you</c><00:22:42.480><c> kind</c><00:22:42.600><c> of</c><00:22:43.240><c> disentangle</c>

00:22:44.230 --> 00:22:44.240 align:start position:0%
there um and if you kind of disentangle
 

00:22:44.240 --> 00:22:46.870 align:start position:0%
there um and if you kind of disentangle
the<00:22:44.679><c> how</c><00:22:44.880><c> all</c><00:22:45.000><c> of</c><00:22:45.240><c> that</c><00:22:45.600><c> works</c><00:22:46.159><c> I</c><00:22:46.240><c> mean</c><00:22:46.440><c> it's</c>

00:22:46.870 --> 00:22:46.880 align:start position:0%
the how all of that works I mean it's
 

00:22:46.880 --> 00:22:50.710 align:start position:0%
the how all of that works I mean it's
basically<00:22:47.840><c> equivalent</c><00:22:48.480><c> to</c><00:22:49.159><c> a</c><00:22:49.279><c> Ponzi</c><00:22:49.720><c> scheme</c>

00:22:50.710 --> 00:22:50.720 align:start position:0%
basically equivalent to a Ponzi scheme
 

00:22:50.720 --> 00:22:52.190 align:start position:0%
basically equivalent to a Ponzi scheme
and<00:22:50.840><c> so</c><00:22:51.039><c> it</c><00:22:51.159><c> shouldn't</c><00:22:51.400><c> be</c><00:22:51.520><c> too</c><00:22:51.679><c> surprising</c>

00:22:52.190 --> 00:22:52.200 align:start position:0%
and so it shouldn't be too surprising
 

00:22:52.200 --> 00:22:55.230 align:start position:0%
and so it shouldn't be too surprising
that<00:22:52.320><c> it</c><00:22:52.600><c> just</c><00:22:53.000><c> uh</c><00:22:53.200><c> blows</c><00:22:53.840><c> up</c><00:22:54.840><c> will</c><00:22:55.000><c> we</c><00:22:55.120><c> have</c>

00:22:55.230 --> 00:22:55.240 align:start position:0%
that it just uh blows up will we have
 

00:22:55.240 --> 00:22:56.230 align:start position:0%
that it just uh blows up will we have
another<00:22:55.440><c> one</c><00:22:55.600><c> this</c>

00:22:56.230 --> 00:22:56.240 align:start position:0%
another one this
 

00:22:56.240 --> 00:23:00.710 align:start position:0%
another one this
cycle<00:22:57.240><c> well</c><00:22:57.360><c> that's</c><00:22:57.520><c> what</c><00:22:57.640><c> I</c><00:22:57.799><c> hope</c><00:22:58.000><c> we</c><00:22:58.120><c> don't</c>

00:23:00.710 --> 00:23:00.720 align:start position:0%
 
 

00:23:00.720 --> 00:23:03.070 align:start position:0%
 
well<00:23:01.360><c> as</c><00:23:01.480><c> a</c><00:23:01.679><c> general</c><00:23:02.039><c> stable</c><00:23:02.360><c> coin</c><00:23:02.559><c> user</c><00:23:02.960><c> I</c>

00:23:03.070 --> 00:23:03.080 align:start position:0%
well as a general stable coin user I
 

00:23:03.080 --> 00:23:05.070 align:start position:0%
well as a general stable coin user I
found<00:23:03.360><c> it</c><00:23:03.640><c> I</c><00:23:03.760><c> sometime</c><00:23:04.080><c> do</c><00:23:04.279><c> find</c><00:23:04.520><c> it</c><00:23:04.679><c> very</c>

00:23:05.070 --> 00:23:05.080 align:start position:0%
found it I sometime do find it very
 

00:23:05.080 --> 00:23:06.390 align:start position:0%
found it I sometime do find it very
difficult<00:23:05.200><c> to</c><00:23:05.600><c> understand</c><00:23:05.840><c> because</c><00:23:06.080><c> stable</c>

00:23:06.390 --> 00:23:06.400 align:start position:0%
difficult to understand because stable
 

00:23:06.400 --> 00:23:07.909 align:start position:0%
difficult to understand because stable
coin<00:23:06.600><c> normally</c><00:23:07.000><c> rep</c><00:23:07.400><c> especially</c><00:23:07.760><c> the</c>

00:23:07.909 --> 00:23:07.919 align:start position:0%
coin normally rep especially the
 

00:23:07.919 --> 00:23:10.190 align:start position:0%
coin normally rep especially the
decentralized<00:23:08.559><c> one</c><00:23:08.760><c> rep</c><00:23:09.159><c> underneath</c><00:23:09.880><c> like</c>

00:23:10.190 --> 00:23:10.200 align:start position:0%
decentralized one rep underneath like
 

00:23:10.200 --> 00:23:13.909 align:start position:0%
decentralized one rep underneath like
very<00:23:10.559><c> complex</c><00:23:11.039><c> design</c><00:23:11.799><c> so</c><00:23:11.960><c> I</c><00:23:12.120><c> come</c><00:23:12.320><c> up</c><00:23:12.559><c> with</c><00:23:13.559><c> a</c>

00:23:13.909 --> 00:23:13.919 align:start position:0%
very complex design so I come up with a
 

00:23:13.919 --> 00:23:17.269 align:start position:0%
very complex design so I come up with a
one<00:23:14.360><c> if</c><00:23:14.679><c> statement</c><00:23:15.240><c> to</c><00:23:15.480><c> help</c><00:23:16.000><c> people</c><00:23:16.400><c> to</c><00:23:17.080><c> to</c>

00:23:17.269 --> 00:23:17.279 align:start position:0%
one if statement to help people to to
 

00:23:17.279 --> 00:23:19.789 align:start position:0%
one if statement to help people to to
try<00:23:17.520><c> to</c><00:23:17.880><c> identify</c><00:23:18.640><c> whether</c><00:23:18.919><c> that's</c><00:23:19.080><c> a</c><00:23:19.320><c> Ponzi</c>

00:23:19.789 --> 00:23:19.799 align:start position:0%
try to identify whether that's a Ponzi
 

00:23:19.799 --> 00:23:24.710 align:start position:0%
try to identify whether that's a Ponzi
scheme<00:23:20.720><c> like</c><00:23:21.159><c> if</c><00:23:21.960><c> if</c><00:23:22.159><c> the</c><00:23:22.360><c> St</c><00:23:22.760><c> con</c><00:23:23.679><c> is</c><00:23:23.960><c> back</c>

00:23:24.710 --> 00:23:24.720 align:start position:0%
scheme like if if the St con is back
 

00:23:24.720 --> 00:23:26.950 align:start position:0%
scheme like if if the St con is back
significant<00:23:25.520><c> amount</c><00:23:25.880><c> of</c><00:23:26.159><c> the</c><00:23:26.520><c> significant</c>

00:23:26.950 --> 00:23:26.960 align:start position:0%
significant amount of the significant
 

00:23:26.960 --> 00:23:30.269 align:start position:0%
significant amount of the significant
part<00:23:27.159><c> of</c><00:23:27.279><c> the</c><00:23:27.760><c> St</c><00:23:28.080><c> con</c><00:23:28.320><c> is</c><00:23:28.679><c> back</c><00:23:29.240><c> by</c><00:23:29.679><c> a</c><00:23:29.919><c> asset</c>

00:23:30.269 --> 00:23:30.279 align:start position:0%
part of the St con is back by a asset
 

00:23:30.279 --> 00:23:33.549 align:start position:0%
part of the St con is back by a asset
create<00:23:30.640><c> from</c><00:23:30.960><c> nothing</c><00:23:31.840><c> create</c><00:23:32.240><c> from</c><00:23:32.919><c> with</c><00:23:33.200><c> no</c>

00:23:33.549 --> 00:23:33.559 align:start position:0%
create from nothing create from with no
 

00:23:33.559 --> 00:23:36.110 align:start position:0%
create from nothing create from with no
economic<00:23:34.080><c> value</c><00:23:34.360><c> and</c><00:23:34.520><c> no</c><00:23:34.760><c> other</c><00:23:35.039><c> use</c><00:23:35.440><c> cases</c>

00:23:36.110 --> 00:23:36.120 align:start position:0%
economic value and no other use cases
 

00:23:36.120 --> 00:23:38.630 align:start position:0%
economic value and no other use cases
that<00:23:36.279><c> is</c><00:23:36.480><c> a</c><00:23:36.640><c> Ponzi</c><00:23:37.000><c> scheme</c><00:23:37.480><c> am</c><00:23:37.640><c> I</c><00:23:38.039><c> is</c><00:23:38.159><c> it</c><00:23:38.400><c> fair</c>

00:23:38.630 --> 00:23:38.640 align:start position:0%
that is a Ponzi scheme am I is it fair
 

00:23:38.640 --> 00:23:40.990 align:start position:0%
that is a Ponzi scheme am I is it fair
to<00:23:38.799><c> say</c><00:23:39.039><c> that</c><00:23:39.520><c> I</c><00:23:39.600><c> mean</c><00:23:40.120><c> the</c><00:23:40.279><c> US</c><00:23:40.600><c> dollar</c><00:23:40.880><c> would</c>

00:23:40.990 --> 00:23:41.000 align:start position:0%
to say that I mean the US dollar would
 

00:23:41.000 --> 00:23:43.149 align:start position:0%
to say that I mean the US dollar would
be<00:23:41.120><c> a</c><00:23:41.240><c> Ponzi</c><00:23:41.600><c> by</c><00:23:41.720><c> that</c><00:23:41.880><c> definition</c><00:23:42.799><c> it</c><00:23:42.960><c> has</c>

00:23:43.149 --> 00:23:43.159 align:start position:0%
be a Ponzi by that definition it has
 

00:23:43.159 --> 00:23:45.190 align:start position:0%
be a Ponzi by that definition it has
other

00:23:45.190 --> 00:23:45.200 align:start position:0%
other
 

00:23:45.200 --> 00:23:47.070 align:start position:0%
other
usage

00:23:47.070 --> 00:23:47.080 align:start position:0%
usage
 

00:23:47.080 --> 00:23:48.630 align:start position:0%
usage
um

00:23:48.630 --> 00:23:48.640 align:start position:0%
um
 

00:23:48.640 --> 00:23:52.590 align:start position:0%
um
so<00:23:49.640><c> apart</c><00:23:50.080><c> from</c><00:23:50.440><c> the</c><00:23:50.679><c> deping</c><00:23:51.200><c> RIS</c><00:23:51.520><c> there'll</c><00:23:51.840><c> be</c>

00:23:52.590 --> 00:23:52.600 align:start position:0%
so apart from the deping RIS there'll be
 

00:23:52.600 --> 00:23:54.549 align:start position:0%
so apart from the deping RIS there'll be
what<00:23:52.720><c> are</c><00:23:52.919><c> the</c><00:23:53.039><c> other</c><00:23:53.320><c> risk</c><00:23:53.640><c> that</c><00:23:53.760><c> are</c><00:23:54.000><c> often</c>

00:23:54.549 --> 00:23:54.559 align:start position:0%
what are the other risk that are often
 

00:23:54.559 --> 00:23:57.269 align:start position:0%
what are the other risk that are often
overlooked<00:23:55.559><c> and</c><00:23:55.840><c> stable</c><00:23:56.240><c> coin</c><00:23:56.480><c> user</c><00:23:56.840><c> may</c><00:23:57.039><c> not</c>

00:23:57.269 --> 00:23:57.279 align:start position:0%
overlooked and stable coin user may not
 

00:23:57.279 --> 00:24:00.710 align:start position:0%
overlooked and stable coin user may not
realize<00:23:57.799><c> that</c><00:23:58.080><c> they</c><00:23:58.440><c> two</c><00:23:58.760><c> will</c><00:23:59.320><c> incur</c>

00:24:00.710 --> 00:24:00.720 align:start position:0%
realize that they two will incur
 

00:24:00.720 --> 00:24:04.830 align:start position:0%
realize that they two will incur
loss<00:24:01.720><c> um</c><00:24:02.559><c> yeah</c><00:24:02.760><c> so</c><00:24:03.159><c> like</c><00:24:03.440><c> we</c><00:24:03.720><c> break</c><00:24:04.120><c> down</c><00:24:04.440><c> risk</c>

00:24:04.830 --> 00:24:04.840 align:start position:0%
loss um yeah so like we break down risk
 

00:24:04.840 --> 00:24:08.190 align:start position:0%
loss um yeah so like we break down risk
into<00:24:05.320><c> different</c><00:24:05.880><c> categories</c><00:24:06.880><c> um</c><00:24:07.400><c> the</c><00:24:07.600><c> big</c><00:24:07.799><c> one</c>

00:24:08.190 --> 00:24:08.200 align:start position:0%
into different categories um the big one
 

00:24:08.200 --> 00:24:10.430 align:start position:0%
into different categories um the big one
for<00:24:08.480><c> us</c><00:24:08.840><c> and</c><00:24:09.039><c> also</c><00:24:09.360><c> I</c><00:24:09.520><c> guess</c><00:24:09.720><c> historically</c>

00:24:10.430 --> 00:24:10.440 align:start position:0%
for us and also I guess historically
 

00:24:10.440 --> 00:24:12.990 align:start position:0%
for us and also I guess historically
where<00:24:10.720><c> most</c><00:24:11.080><c> money</c><00:24:11.480><c> was</c><00:24:11.720><c> lost</c><00:24:12.039><c> in</c><00:24:12.240><c> defi</c><00:24:12.840><c> is</c>

00:24:12.990 --> 00:24:13.000 align:start position:0%
where most money was lost in defi is
 

00:24:13.000 --> 00:24:16.310 align:start position:0%
where most money was lost in defi is
smart<00:24:13.320><c> contract</c><00:24:14.039><c> exploits</c><00:24:15.039><c> um</c><00:24:15.559><c> so</c><00:24:15.919><c> that</c><00:24:16.080><c> is</c>

00:24:16.310 --> 00:24:16.320 align:start position:0%
smart contract exploits um so that is
 

00:24:16.320 --> 00:24:18.510 align:start position:0%
smart contract exploits um so that is
all<00:24:16.600><c> about</c><00:24:17.120><c> like</c><00:24:17.440><c> is</c><00:24:17.559><c> it</c><00:24:17.799><c> possible</c><00:24:18.279><c> for</c>

00:24:18.510 --> 00:24:18.520 align:start position:0%
all about like is it possible for
 

00:24:18.520 --> 00:24:20.590 align:start position:0%
all about like is it possible for
someone<00:24:19.000><c> to</c><00:24:19.159><c> use</c><00:24:19.440><c> the</c><00:24:19.600><c> smart</c><00:24:19.919><c> contracts</c><00:24:20.360><c> in</c><00:24:20.440><c> a</c>

00:24:20.590 --> 00:24:20.600 align:start position:0%
someone to use the smart contracts in a
 

00:24:20.600 --> 00:24:22.990 align:start position:0%
someone to use the smart contracts in a
way<00:24:20.799><c> that</c><00:24:20.919><c> the</c><00:24:21.080><c> developer</c><00:24:21.559><c> didn't</c><00:24:21.880><c> intend</c><00:24:22.840><c> and</c>

00:24:22.990 --> 00:24:23.000 align:start position:0%
way that the developer didn't intend and
 

00:24:23.000 --> 00:24:25.230 align:start position:0%
way that the developer didn't intend and
through<00:24:23.320><c> this</c><00:24:23.559><c> unintended</c><00:24:24.240><c> use</c><00:24:24.679><c> take</c><00:24:24.919><c> out</c><00:24:25.120><c> a</c>

00:24:25.230 --> 00:24:25.240 align:start position:0%
through this unintended use take out a
 

00:24:25.240 --> 00:24:26.750 align:start position:0%
through this unintended use take out a
lot<00:24:25.360><c> of</c><00:24:25.480><c> the</c><00:24:25.679><c> value</c><00:24:26.000><c> that</c><00:24:26.120><c> is</c><00:24:26.279><c> backing</c><00:24:26.600><c> the</c>

00:24:26.750 --> 00:24:26.760 align:start position:0%
lot of the value that is backing the
 

00:24:26.760 --> 00:24:28.669 align:start position:0%
lot of the value that is backing the
stable<00:24:27.080><c> coins</c><00:24:27.520><c> that</c><00:24:27.640><c> would</c><00:24:27.840><c> then</c><00:24:28.039><c> lead</c><00:24:28.520><c> the</c>

00:24:28.669 --> 00:24:28.679 align:start position:0%
stable coins that would then lead the
 

00:24:28.679 --> 00:24:32.789 align:start position:0%
stable coins that would then lead the
stable<00:24:29.000><c> coins</c><00:24:29.320><c> to</c><00:24:29.559><c> to</c><00:24:29.960><c> dpeg</c><00:24:30.960><c> um</c><00:24:31.440><c> dead</c><00:24:31.840><c> risk</c><00:24:32.399><c> is</c>

00:24:32.789 --> 00:24:32.799 align:start position:0%
stable coins to to dpeg um dead risk is
 

00:24:32.799 --> 00:24:35.350 align:start position:0%
stable coins to to dpeg um dead risk is
kind<00:24:32.919><c> of</c><00:24:33.159><c> always</c><00:24:33.600><c> there</c><00:24:34.120><c> like</c><00:24:34.520><c> even</c><00:24:34.799><c> protocols</c>

00:24:35.350 --> 00:24:35.360 align:start position:0%
kind of always there like even protocols
 

00:24:35.360 --> 00:24:37.990 align:start position:0%
kind of always there like even protocols
who<00:24:35.480><c> have</c><00:24:35.679><c> done</c><00:24:36.480><c> many</c><00:24:36.720><c> many</c><00:24:37.000><c> security</c><00:24:37.480><c> audits</c>

00:24:37.990 --> 00:24:38.000 align:start position:0%
who have done many many security audits
 

00:24:38.000 --> 00:24:39.710 align:start position:0%
who have done many many security audits
who<00:24:38.200><c> have</c><00:24:38.480><c> some</c><00:24:38.679><c> of</c><00:24:38.799><c> the</c><00:24:38.919><c> smartest</c><00:24:39.399><c> people</c>

00:24:39.710 --> 00:24:39.720 align:start position:0%
who have some of the smartest people
 

00:24:39.720 --> 00:24:42.549 align:start position:0%
who have some of the smartest people
behind<00:24:40.559><c> they</c><00:24:40.720><c> still</c><00:24:41.000><c> get</c><00:24:41.520><c> exploited</c><00:24:42.240><c> it's</c>

00:24:42.549 --> 00:24:42.559 align:start position:0%
behind they still get exploited it's
 

00:24:42.559 --> 00:24:44.510 align:start position:0%
behind they still get exploited it's
it's<00:24:42.799><c> just</c><00:24:43.320><c> the</c><00:24:43.480><c> trade-off</c><00:24:44.120><c> that</c><00:24:44.279><c> that</c><00:24:44.440><c> you</c>

00:24:44.510 --> 00:24:44.520 align:start position:0%
it's just the trade-off that that you
 

00:24:44.520 --> 00:24:46.669 align:start position:0%
it's just the trade-off that that you
need<00:24:44.640><c> to</c><00:24:44.760><c> do</c><00:24:44.960><c> if</c><00:24:45.080><c> you</c><00:24:45.200><c> want</c><00:24:45.399><c> to</c><00:24:45.640><c> be</c><00:24:45.880><c> in</c><00:24:46.039><c> Defi</c><00:24:46.520><c> and</c>

00:24:46.669 --> 00:24:46.679 align:start position:0%
need to do if you want to be in Defi and
 

00:24:46.679 --> 00:24:49.190 align:start position:0%
need to do if you want to be in Defi and
if<00:24:46.799><c> you</c><00:24:46.960><c> want</c><00:24:47.399><c> to</c><00:24:47.640><c> use</c><00:24:48.360><c> protocols</c><00:24:48.919><c> that</c><00:24:49.080><c> are</c>

00:24:49.190 --> 00:24:49.200 align:start position:0%
if you want to use protocols that are
 

00:24:49.200 --> 00:24:51.389 align:start position:0%
if you want to use protocols that are
built<00:24:49.399><c> on</c><00:24:49.520><c> Smart</c><00:24:49.840><c> contracts</c><00:24:50.440><c> and</c><00:24:51.039><c> give</c><00:24:51.200><c> you</c>

00:24:51.389 --> 00:24:51.399 align:start position:0%
built on Smart contracts and give you
 

00:24:51.399 --> 00:24:54.310 align:start position:0%
built on Smart contracts and give you
all<00:24:51.559><c> of</c><00:24:51.840><c> the</c><00:24:52.799><c> um</c><00:24:53.240><c> trust</c><00:24:53.600><c> minimization</c>

00:24:54.310 --> 00:24:54.320 align:start position:0%
all of the um trust minimization
 

00:24:54.320 --> 00:24:57.590 align:start position:0%
all of the um trust minimization
guarantees<00:24:54.960><c> and</c><00:24:55.200><c> security</c><00:24:55.919><c> guarantees</c><00:24:56.919><c> um</c><00:24:57.320><c> so</c>

00:24:57.590 --> 00:24:57.600 align:start position:0%
guarantees and security guarantees um so
 

00:24:57.600 --> 00:24:59.669 align:start position:0%
guarantees and security guarantees um so
so<00:24:57.880><c> so</c><00:24:58.039><c> that's</c><00:24:58.520><c> I</c><00:24:58.640><c> I</c><00:24:58.720><c> think</c><00:24:58.880><c> the</c><00:24:59.039><c> biggest</c><00:24:59.320><c> one</c>

00:24:59.669 --> 00:24:59.679 align:start position:0%
so so that's I I think the biggest one
 

00:24:59.679 --> 00:25:01.789 align:start position:0%
so so that's I I think the biggest one
in<00:24:59.919><c> in</c><00:25:00.039><c> our</c><00:25:00.279><c> view</c><00:25:00.840><c> there's</c><00:25:01.080><c> many</c><00:25:01.279><c> others</c>

00:25:01.789 --> 00:25:01.799 align:start position:0%
in in our view there's many others
 

00:25:01.799 --> 00:25:03.789 align:start position:0%
in in our view there's many others
there's<00:25:02.159><c> things</c><00:25:02.399><c> like</c><00:25:02.640><c> governance</c><00:25:03.159><c> risk</c><00:25:03.559><c> so</c>

00:25:03.789 --> 00:25:03.799 align:start position:0%
there's things like governance risk so
 

00:25:03.799 --> 00:25:05.870 align:start position:0%
there's things like governance risk so
like<00:25:04.000><c> who</c><00:25:04.200><c> can</c><00:25:04.399><c> update</c><00:25:04.760><c> the</c><00:25:04.880><c> smart</c><00:25:05.200><c> contracts</c>

00:25:05.870 --> 00:25:05.880 align:start position:0%
like who can update the smart contracts
 

00:25:05.880 --> 00:25:08.549 align:start position:0%
like who can update the smart contracts
that<00:25:06.159><c> the</c><00:25:06.360><c> stable</c><00:25:06.720><c> coin</c><00:25:07.159><c> is</c><00:25:07.399><c> is</c><00:25:07.559><c> running</c><00:25:07.880><c> on</c>

00:25:08.549 --> 00:25:08.559 align:start position:0%
that the stable coin is is running on
 

00:25:08.559 --> 00:25:10.750 align:start position:0%
that the stable coin is is running on
there<00:25:08.720><c> is</c><00:25:08.919><c> some</c><00:25:09.480><c> like</c><00:25:09.679><c> considerations</c><00:25:10.440><c> around</c>

00:25:10.750 --> 00:25:10.760 align:start position:0%
there is some like considerations around
 

00:25:10.760 --> 00:25:13.470 align:start position:0%
there is some like considerations around
centralization<00:25:11.559><c> around</c><00:25:11.960><c> there</c><00:25:12.760><c> and</c><00:25:13.120><c> and</c><00:25:13.240><c> even</c>

00:25:13.470 --> 00:25:13.480 align:start position:0%
centralization around there and and even
 

00:25:13.480 --> 00:25:16.710 align:start position:0%
centralization around there and and even
if<00:25:13.600><c> it's</c><00:25:13.840><c> not</c><00:25:14.640><c> um</c><00:25:15.399><c> necessarily</c><00:25:16.000><c> malicious</c>

00:25:16.710 --> 00:25:16.720 align:start position:0%
if it's not um necessarily malicious
 

00:25:16.720 --> 00:25:18.789 align:start position:0%
if it's not um necessarily malicious
upgrades<00:25:17.200><c> of</c><00:25:17.360><c> the</c><00:25:17.520><c> contracts</c><00:25:18.360><c> you're</c><00:25:18.559><c> still</c>

00:25:18.789 --> 00:25:18.799 align:start position:0%
upgrades of the contracts you're still
 

00:25:18.799 --> 00:25:21.190 align:start position:0%
upgrades of the contracts you're still
relying<00:25:19.360><c> on</c><00:25:19.600><c> the</c><00:25:19.760><c> operational</c><00:25:20.399><c> security</c><00:25:20.919><c> of</c><00:25:21.039><c> a</c>

00:25:21.190 --> 00:25:21.200 align:start position:0%
relying on the operational security of a
 

00:25:21.200 --> 00:25:22.870 align:start position:0%
relying on the operational security of a
small<00:25:21.480><c> group</c><00:25:21.720><c> of</c><00:25:21.880><c> people</c><00:25:22.159><c> who</c><00:25:22.360><c> have</c><00:25:22.520><c> access</c><00:25:22.760><c> to</c>

00:25:22.870 --> 00:25:22.880 align:start position:0%
small group of people who have access to
 

00:25:22.880 --> 00:25:25.269 align:start position:0%
small group of people who have access to
the<00:25:23.000><c> smart</c><00:25:23.320><c> contract</c><00:25:24.039><c> and</c><00:25:24.200><c> we've</c><00:25:24.399><c> just</c><00:25:24.559><c> seen</c><00:25:25.159><c> a</c>

00:25:25.269 --> 00:25:25.279 align:start position:0%
the smart contract and we've just seen a
 

00:25:25.279 --> 00:25:27.029 align:start position:0%
the smart contract and we've just seen a
couple<00:25:25.480><c> of</c><00:25:25.640><c> weeks</c><00:25:25.919><c> ago</c><00:25:26.360><c> with</c><00:25:26.720><c> with</c><00:25:26.880><c> the</c>

00:25:27.029 --> 00:25:27.039 align:start position:0%
couple of weeks ago with with the
 

00:25:27.039 --> 00:25:30.669 align:start position:0%
couple of weeks ago with with the
exploit<00:25:27.440><c> on</c><00:25:27.600><c> radiant</c><00:25:28.600><c> that</c><00:25:29.360><c> um</c><00:25:29.840><c> that</c><00:25:30.279><c> that</c><00:25:30.480><c> can</c>

00:25:30.669 --> 00:25:30.679 align:start position:0%
exploit on radiant that um that that can
 

00:25:30.679 --> 00:25:32.389 align:start position:0%
exploit on radiant that um that that can
happen<00:25:31.159><c> like</c><00:25:31.279><c> it's</c><00:25:31.480><c> very</c><00:25:31.720><c> sophisticated</c>

00:25:32.389 --> 00:25:32.399 align:start position:0%
happen like it's very sophisticated
 

00:25:32.399 --> 00:25:34.590 align:start position:0%
happen like it's very sophisticated
players<00:25:32.760><c> doing</c><00:25:33.080><c> these</c><00:25:33.279><c> attacks</c><00:25:33.799><c> but</c><00:25:34.200><c> it</c><00:25:34.360><c> can</c>

00:25:34.590 --> 00:25:34.600 align:start position:0%
players doing these attacks but it can
 

00:25:34.600 --> 00:25:37.110 align:start position:0%
players doing these attacks but it can
happen<00:25:34.960><c> that</c><00:25:35.279><c> the</c><00:25:35.880><c> group</c><00:25:36.279><c> of</c><00:25:36.480><c> people</c><00:25:36.760><c> who</c><00:25:36.919><c> has</c>

00:25:37.110 --> 00:25:37.120 align:start position:0%
happen that the group of people who has
 

00:25:37.120 --> 00:25:38.990 align:start position:0%
happen that the group of people who has
right<00:25:37.399><c> to</c><00:25:37.520><c> upgrade</c><00:25:37.880><c> the</c><00:25:38.000><c> smart</c><00:25:38.279><c> contracts</c><00:25:38.720><c> get</c>

00:25:38.990 --> 00:25:39.000 align:start position:0%
right to upgrade the smart contracts get
 

00:25:39.000 --> 00:25:41.510 align:start position:0%
right to upgrade the smart contracts get
compromised<00:25:40.000><c> and</c><00:25:40.200><c> then</c><00:25:40.679><c> that</c><00:25:40.840><c> leads</c><00:25:41.120><c> to</c><00:25:41.360><c> to</c>

00:25:41.510 --> 00:25:41.520 align:start position:0%
compromised and then that leads to to
 

00:25:41.520 --> 00:25:43.029 align:start position:0%
compromised and then that leads to to
the<00:25:41.640><c> smart</c><00:25:41.880><c> contracts</c><00:25:42.320><c> being</c><00:25:42.480><c> changed</c><00:25:42.799><c> in</c><00:25:42.919><c> a</c>

00:25:43.029 --> 00:25:43.039 align:start position:0%
the smart contracts being changed in a
 

00:25:43.039 --> 00:25:45.190 align:start position:0%
the smart contracts being changed in a
malicious<00:25:43.559><c> way</c><00:25:43.880><c> and</c><00:25:44.279><c> a</c><00:25:44.399><c> lot</c><00:25:44.520><c> of</c><00:25:44.640><c> money</c><00:25:44.919><c> being</c>

00:25:45.190 --> 00:25:45.200 align:start position:0%
malicious way and a lot of money being
 

00:25:45.200 --> 00:25:48.830 align:start position:0%
malicious way and a lot of money being
lost<00:25:46.360><c> so</c><00:25:47.360><c> and</c><00:25:47.640><c> and</c><00:25:47.760><c> then</c><00:25:47.880><c> I</c><00:25:48.039><c> guess</c><00:25:48.320><c> the</c><00:25:48.559><c> the</c><00:25:48.720><c> the</c>

00:25:48.830 --> 00:25:48.840 align:start position:0%
lost so and and then I guess the the the
 

00:25:48.840 --> 00:25:50.190 align:start position:0%
lost so and and then I guess the the the
other<00:25:49.080><c> thing</c><00:25:49.240><c> is</c><00:25:49.360><c> mainly</c><00:25:49.679><c> around</c><00:25:50.000><c> like</c>

00:25:50.190 --> 00:25:50.200 align:start position:0%
other thing is mainly around like
 

00:25:50.200 --> 00:25:52.590 align:start position:0%
other thing is mainly around like
economic<00:25:50.760><c> mechanisms</c><00:25:51.760><c> so</c><00:25:52.000><c> many</c><00:25:52.279><c> of</c><00:25:52.399><c> the</c>

00:25:52.590 --> 00:25:52.600 align:start position:0%
economic mechanisms so many of the
 

00:25:52.600 --> 00:25:54.470 align:start position:0%
economic mechanisms so many of the
stable<00:25:52.880><c> coins</c><00:25:53.200><c> all</c><00:25:53.399><c> have</c><00:25:53.600><c> different</c><00:25:53.919><c> ways</c><00:25:54.200><c> to</c>

00:25:54.470 --> 00:25:54.480 align:start position:0%
stable coins all have different ways to
 

00:25:54.480 --> 00:25:56.909 align:start position:0%
stable coins all have different ways to
to<00:25:54.640><c> manage</c><00:25:54.919><c> the</c><00:25:55.080><c> peg</c><00:25:55.840><c> um</c><00:25:56.279><c> and</c><00:25:56.679><c> these</c>

00:25:56.909 --> 00:25:56.919 align:start position:0%
to manage the peg um and these
 

00:25:56.919 --> 00:25:59.590 align:start position:0%
to manage the peg um and these
mechanisms<00:25:57.600><c> need</c><00:25:57.799><c> to</c><00:25:57.919><c> be</c>

00:25:59.590 --> 00:25:59.600 align:start position:0%
mechanisms need to be
 

00:25:59.600 --> 00:26:02.070 align:start position:0%
mechanisms need to be
solid<00:26:00.320><c> and</c><00:26:00.559><c> should</c><00:26:00.799><c> have</c><00:26:00.960><c> been</c><00:26:01.159><c> simulated</c><00:26:01.880><c> in</c>

00:26:02.070 --> 00:26:02.080 align:start position:0%
solid and should have been simulated in
 

00:26:02.080 --> 00:26:03.549 align:start position:0%
solid and should have been simulated in
different<00:26:02.399><c> environments</c><00:26:03.000><c> and</c><00:26:03.159><c> in</c><00:26:03.320><c> different</c>

00:26:03.549 --> 00:26:03.559 align:start position:0%
different environments and in different
 

00:26:03.559 --> 00:26:05.990 align:start position:0%
different environments and in different
market<00:26:04.159><c> conditions</c><00:26:04.640><c> with</c><00:26:04.840><c> volatility</c><00:26:05.760><c> and</c>

00:26:05.990 --> 00:26:06.000 align:start position:0%
market conditions with volatility and
 

00:26:06.000 --> 00:26:09.590 align:start position:0%
market conditions with volatility and
other<00:26:06.360><c> assets</c><00:26:07.279><c> being</c><00:26:08.279><c> liquidation</c><00:26:08.880><c> Cascades</c>

00:26:09.590 --> 00:26:09.600 align:start position:0%
other assets being liquidation Cascades
 

00:26:09.600 --> 00:26:12.110 align:start position:0%
other assets being liquidation Cascades
and<00:26:09.799><c> and</c><00:26:09.919><c> things</c><00:26:10.200><c> like</c><00:26:10.440><c> this</c><00:26:11.120><c> so</c><00:26:11.520><c> I</c><00:26:11.720><c> I</c><00:26:11.880><c> I</c><00:26:11.960><c> think</c>

00:26:12.110 --> 00:26:12.120 align:start position:0%
and and things like this so I I I think
 

00:26:12.120 --> 00:26:14.310 align:start position:0%
and and things like this so I I I think
it's<00:26:12.279><c> really</c><00:26:12.520><c> like</c><00:26:12.640><c> a</c><00:26:13.039><c> multi-dimensional</c><00:26:14.039><c> um</c>

00:26:14.310 --> 00:26:14.320 align:start position:0%
it's really like a multi-dimensional um
 

00:26:14.320 --> 00:26:17.389 align:start position:0%
it's really like a multi-dimensional um
risk<00:26:14.679><c> assessment</c><00:26:15.279><c> that</c><00:26:15.440><c> one</c><00:26:15.600><c> needs</c><00:26:15.840><c> to</c><00:26:16.000><c> do</c><00:26:16.840><c> and</c>

00:26:17.389 --> 00:26:17.399 align:start position:0%
risk assessment that one needs to do and
 

00:26:17.399 --> 00:26:19.590 align:start position:0%
risk assessment that one needs to do and
the<00:26:18.200><c> the</c><00:26:18.440><c> the</c><00:26:18.640><c> nice</c><00:26:18.880><c> thing</c><00:26:19.039><c> is</c><00:26:19.200><c> that</c><00:26:19.360><c> all</c><00:26:19.480><c> of</c>

00:26:19.590 --> 00:26:19.600 align:start position:0%
the the the nice thing is that all of
 

00:26:19.600 --> 00:26:21.149 align:start position:0%
the the the nice thing is that all of
the<00:26:19.720><c> information</c><00:26:20.200><c> is</c><00:26:20.440><c> there</c><00:26:20.679><c> it's</c><00:26:20.799><c> more</c><00:26:21.000><c> a</c>

00:26:21.149 --> 00:26:21.159 align:start position:0%
the information is there it's more a
 

00:26:21.159 --> 00:26:23.029 align:start position:0%
the information is there it's more a
question<00:26:21.559><c> of</c><00:26:21.960><c> going</c><00:26:22.320><c> through</c><00:26:22.520><c> all</c><00:26:22.640><c> of</c><00:26:22.760><c> the</c>

00:26:23.029 --> 00:26:23.039 align:start position:0%
question of going through all of the
 

00:26:23.039 --> 00:26:24.870 align:start position:0%
question of going through all of the
documentation<00:26:24.039><c> going</c><00:26:24.240><c> through</c><00:26:24.440><c> the</c><00:26:24.559><c> smart</c>

00:26:24.870 --> 00:26:24.880 align:start position:0%
documentation going through the smart
 

00:26:24.880 --> 00:26:27.269 align:start position:0%
documentation going through the smart
contracts<00:26:25.279><c> if</c><00:26:25.520><c> needed</c><00:26:26.520><c> um</c><00:26:26.679><c> getting</c><00:26:26.919><c> in</c><00:26:27.080><c> touch</c>

00:26:27.269 --> 00:26:27.279 align:start position:0%
contracts if needed um getting in touch
 

00:26:27.279 --> 00:26:29.350 align:start position:0%
contracts if needed um getting in touch
with<00:26:27.440><c> the</c><00:26:27.600><c> team</c><00:26:28.039><c> getting</c><00:26:28.440><c> a</c><00:26:28.559><c> very</c><00:26:28.720><c> deep</c>

00:26:29.350 --> 00:26:29.360 align:start position:0%
with the team getting a very deep
 

00:26:29.360 --> 00:26:30.590 align:start position:0%
with the team getting a very deep
understanding<00:26:29.760><c> of</c><00:26:29.960><c> what</c><00:26:30.080><c> the</c><00:26:30.240><c> trust</c>

00:26:30.590 --> 00:26:30.600 align:start position:0%
understanding of what the trust
 

00:26:30.600 --> 00:26:32.230 align:start position:0%
understanding of what the trust
assumptions<00:26:31.120><c> are</c><00:26:31.480><c> what</c><00:26:31.600><c> the</c><00:26:31.760><c> security</c>

00:26:32.230 --> 00:26:32.240 align:start position:0%
assumptions are what the security
 

00:26:32.240 --> 00:26:34.310 align:start position:0%
assumptions are what the security
assumptions<00:26:32.760><c> are</c><00:26:33.520><c> and</c><00:26:33.640><c> then</c><00:26:33.799><c> coming</c><00:26:34.039><c> to</c><00:26:34.159><c> a</c>

00:26:34.310 --> 00:26:34.320 align:start position:0%
assumptions are and then coming to a
 

00:26:34.320 --> 00:26:36.110 align:start position:0%
assumptions are and then coming to a
conclusion<00:26:34.880><c> whether</c><00:26:35.080><c> or</c><00:26:35.279><c> not</c><00:26:35.720><c> that</c><00:26:35.880><c> makes</c>

00:26:36.110 --> 00:26:36.120 align:start position:0%
conclusion whether or not that makes
 

00:26:36.120 --> 00:26:38.630 align:start position:0%
conclusion whether or not that makes
sense<00:26:36.640><c> for</c><00:26:37.000><c> the</c><00:26:37.200><c> yield</c><00:26:37.840><c> that</c><00:26:38.080><c> that</c><00:26:38.240><c> is</c><00:26:38.399><c> being</c>

00:26:38.630 --> 00:26:38.640 align:start position:0%
sense for the yield that that is being
 

00:26:38.640 --> 00:26:41.750 align:start position:0%
sense for the yield that that is being
offered<00:26:39.000><c> by</c><00:26:39.120><c> the</c><00:26:39.320><c> protocols</c><00:26:40.320><c> or</c><00:26:40.840><c> if</c><00:26:41.159><c> the</c><00:26:41.600><c> the</c>

00:26:41.750 --> 00:26:41.760 align:start position:0%
offered by the protocols or if the the
 

00:26:41.760 --> 00:26:43.430 align:start position:0%
offered by the protocols or if the the
the<00:26:41.880><c> unique</c><00:26:42.159><c> selling</c><00:26:42.520><c> points</c><00:26:42.799><c> of</c><00:26:42.960><c> the</c><00:26:43.080><c> stable</c>

00:26:43.430 --> 00:26:43.440 align:start position:0%
the unique selling points of the stable
 

00:26:43.440 --> 00:26:45.149 align:start position:0%
the unique selling points of the stable
coin<00:26:43.679><c> in</c><00:26:43.840><c> terms</c><00:26:44.080><c> of</c><00:26:44.320><c> network</c><00:26:44.679><c> effects</c><00:26:45.000><c> and</c>

00:26:45.149 --> 00:26:45.159 align:start position:0%
coin in terms of network effects and
 

00:26:45.159 --> 00:26:47.830 align:start position:0%
coin in terms of network effects and
liquidity<00:26:46.000><c> are</c><00:26:46.240><c> worth</c><00:26:46.679><c> taking</c><00:26:47.080><c> the</c><00:26:47.279><c> risks</c>

00:26:47.830 --> 00:26:47.840 align:start position:0%
liquidity are worth taking the risks
 

00:26:47.840 --> 00:26:49.549 align:start position:0%
liquidity are worth taking the risks
that<00:26:48.200><c> that</c><00:26:48.399><c> come</c><00:26:48.640><c> with</c>

00:26:49.549 --> 00:26:49.559 align:start position:0%
that that come with
 

00:26:49.559 --> 00:26:53.269 align:start position:0%
that that come with
that<00:26:50.559><c> well</c><00:26:51.000><c> um</c><00:26:51.919><c> since</c><00:26:52.159><c> you</c><00:26:52.440><c> just</c><00:26:52.799><c> like</c><00:26:53.080><c> to</c>

00:26:53.269 --> 00:26:53.279 align:start position:0%
that well um since you just like to
 

00:26:53.279 --> 00:26:55.710 align:start position:0%
that well um since you just like to
mention<00:26:53.679><c> the</c><00:26:53.840><c> government</c><00:26:54.279><c> risk</c><00:26:54.600><c> I</c><00:26:54.760><c> would</c><00:26:55.000><c> like</c>

00:26:55.710 --> 00:26:55.720 align:start position:0%
mention the government risk I would like
 

00:26:55.720 --> 00:26:58.750 align:start position:0%
mention the government risk I would like
to<00:26:56.720><c> um</c><00:26:57.559><c> go</c><00:26:57.799><c> deeper</c><00:26:58.080><c> into</c><00:26:58.240><c> into</c><00:26:58.360><c> the</c><00:26:58.440><c> government</c>

00:26:58.750 --> 00:26:58.760 align:start position:0%
to um go deeper into into the government
 

00:26:58.760 --> 00:26:59.870 align:start position:0%
to um go deeper into into the government
risk

00:26:59.870 --> 00:26:59.880 align:start position:0%
risk
 

00:26:59.880 --> 00:27:02.870 align:start position:0%
risk
so<00:27:00.880><c> what</c><00:27:01.039><c> are</c><00:27:01.200><c> the</c><00:27:01.360><c> common</c><00:27:01.679><c> types</c><00:27:02.080><c> maybe</c><00:27:02.440><c> for</c>

00:27:02.870 --> 00:27:02.880 align:start position:0%
so what are the common types maybe for
 

00:27:02.880 --> 00:27:04.950 align:start position:0%
so what are the common types maybe for
Colin<00:27:03.279><c> what</c><00:27:03.399><c> are</c><00:27:03.559><c> the</c><00:27:03.679><c> common</c><00:27:04.000><c> types</c><00:27:04.320><c> of</c><00:27:04.720><c> uh</c>

00:27:04.950 --> 00:27:04.960 align:start position:0%
Colin what are the common types of uh
 

00:27:04.960 --> 00:27:06.470 align:start position:0%
Colin what are the common types of uh
governance<00:27:05.480><c> mechanism</c><00:27:06.000><c> that</c><00:27:06.200><c> have</c><00:27:06.320><c> been</c>

00:27:06.470 --> 00:27:06.480 align:start position:0%
governance mechanism that have been
 

00:27:06.480 --> 00:27:08.230 align:start position:0%
governance mechanism that have been
adopted<00:27:07.000><c> by</c><00:27:07.159><c> most</c><00:27:07.360><c> of</c><00:27:07.520><c> the</c><00:27:07.640><c> stable</c><00:27:08.000><c> coin</c>

00:27:08.230 --> 00:27:08.240 align:start position:0%
adopted by most of the stable coin
 

00:27:08.240 --> 00:27:10.710 align:start position:0%
adopted by most of the stable coin
project<00:27:08.760><c> nowadays</c><00:27:09.760><c> yeah</c><00:27:10.000><c> I</c><00:27:10.039><c> mean</c><00:27:10.240><c> I</c><00:27:10.399><c> I'll</c><00:27:10.520><c> kick</c>

00:27:10.710 --> 00:27:10.720 align:start position:0%
project nowadays yeah I mean I I'll kick
 

00:27:10.720 --> 00:27:12.510 align:start position:0%
project nowadays yeah I mean I I'll kick
that<00:27:10.840><c> off</c><00:27:11.000><c> by</c><00:27:11.120><c> saying</c><00:27:11.520><c> I</c><00:27:11.640><c> agree</c><00:27:11.919><c> governance</c><00:27:12.320><c> is</c>

00:27:12.510 --> 00:27:12.520 align:start position:0%
that off by saying I agree governance is
 

00:27:12.520 --> 00:27:14.549 align:start position:0%
that off by saying I agree governance is
bad<00:27:13.080><c> and</c><00:27:13.320><c> stable</c><00:27:13.679><c> coins</c><00:27:13.919><c> should</c><00:27:14.080><c> have</c><00:27:14.200><c> minimal</c>

00:27:14.549 --> 00:27:14.559 align:start position:0%
bad and stable coins should have minimal
 

00:27:14.559 --> 00:27:16.950 align:start position:0%
bad and stable coins should have minimal
governance<00:27:14.960><c> whenever</c><00:27:15.399><c> possible</c><00:27:16.399><c> um</c><00:27:16.679><c> I</c><00:27:16.720><c> mean</c>

00:27:16.950 --> 00:27:16.960 align:start position:0%
governance whenever possible um I mean
 

00:27:16.960 --> 00:27:19.269 align:start position:0%
governance whenever possible um I mean
the<00:27:17.080><c> big</c><00:27:17.240><c> risk</c><00:27:17.520><c> is</c><00:27:18.399><c> things</c><00:27:18.640><c> can</c><00:27:18.760><c> be</c><00:27:18.880><c> changed</c>

00:27:19.269 --> 00:27:19.279 align:start position:0%
the big risk is things can be changed
 

00:27:19.279 --> 00:27:21.630 align:start position:0%
the big risk is things can be changed
parameters<00:27:19.679><c> can</c><00:27:19.799><c> be</c><00:27:19.919><c> changed</c><00:27:20.919><c> um</c><00:27:21.279><c> a</c><00:27:21.399><c> lot</c><00:27:21.520><c> of</c>

00:27:21.630 --> 00:27:21.640 align:start position:0%
parameters can be changed um a lot of
 

00:27:21.640 --> 00:27:23.470 align:start position:0%
parameters can be changed um a lot of
people<00:27:22.200><c> buy</c><00:27:22.320><c> into</c><00:27:22.520><c> stable</c><00:27:22.840><c> coins</c><00:27:23.279><c> because</c>

00:27:23.470 --> 00:27:23.480 align:start position:0%
people buy into stable coins because
 

00:27:23.480 --> 00:27:24.710 align:start position:0%
people buy into stable coins because
they<00:27:23.600><c> fit</c><00:27:23.760><c> into</c><00:27:23.960><c> a</c><00:27:24.120><c> product</c><00:27:24.399><c> and</c><00:27:24.559><c> and</c>

00:27:24.710 --> 00:27:24.720 align:start position:0%
they fit into a product and and
 

00:27:24.720 --> 00:27:26.470 align:start position:0%
they fit into a product and and
something<00:27:24.960><c> they</c><00:27:25.159><c> like</c><00:27:25.720><c> and</c><00:27:25.799><c> they</c><00:27:25.960><c> may</c><00:27:26.200><c> find</c>

00:27:26.470 --> 00:27:26.480 align:start position:0%
something they like and they may find
 

00:27:26.480 --> 00:27:27.789 align:start position:0%
something they like and they may find
that<00:27:26.600><c> you</c><00:27:26.720><c> know</c><00:27:26.880><c> they</c><00:27:27.039><c> do</c><00:27:27.240><c> this</c><00:27:27.360><c> and</c><00:27:27.520><c> somewhere</c>

00:27:27.789 --> 00:27:27.799 align:start position:0%
that you know they do this and somewhere
 

00:27:27.799 --> 00:27:29.990 align:start position:0%
that you know they do this and somewhere
down<00:27:27.919><c> the</c><00:27:28.000><c> line</c><00:27:28.320><c> somebody</c><00:27:28.600><c> puts</c><00:27:29.080><c> rwas</c><00:27:29.760><c> in</c><00:27:29.880><c> the</c>

00:27:29.990 --> 00:27:30.000 align:start position:0%
down the line somebody puts rwas in the
 

00:27:30.000 --> 00:27:32.269 align:start position:0%
down the line somebody puts rwas in the
back<00:27:30.399><c> or</c><00:27:30.760><c> or</c><00:27:31.039><c> puts</c><00:27:31.279><c> other</c><00:27:31.480><c> things</c><00:27:31.760><c> and</c><00:27:31.840><c> it</c>

00:27:32.269 --> 00:27:32.279 align:start position:0%
back or or puts other things and it
 

00:27:32.279 --> 00:27:33.549 align:start position:0%
back or or puts other things and it
functionally<00:27:32.720><c> becomes</c><00:27:32.960><c> a</c><00:27:33.080><c> very</c><00:27:33.279><c> different</c>

00:27:33.549 --> 00:27:33.559 align:start position:0%
functionally becomes a very different
 

00:27:33.559 --> 00:27:35.950 align:start position:0%
functionally becomes a very different
thing<00:27:33.760><c> than</c><00:27:33.919><c> what</c><00:27:34.039><c> they</c><00:27:34.279><c> expected</c><00:27:35.279><c> um</c>

00:27:35.950 --> 00:27:35.960 align:start position:0%
thing than what they expected um
 

00:27:35.960 --> 00:27:37.669 align:start position:0%
thing than what they expected um
effectively<00:27:36.480><c> just</c><00:27:36.600><c> become</c><00:27:37.240><c> sometimes</c><00:27:37.559><c> a</c>

00:27:37.669 --> 00:27:37.679 align:start position:0%
effectively just become sometimes a
 

00:27:37.679 --> 00:27:40.029 align:start position:0%
effectively just become sometimes a
rapper<00:27:38.039><c> for</c><00:27:38.679><c> a</c><00:27:38.799><c> stable</c><00:27:39.159><c> coin</c><00:27:39.520><c> another</c><00:27:39.720><c> stable</c>

00:27:40.029 --> 00:27:40.039 align:start position:0%
rapper for a stable coin another stable
 

00:27:40.039 --> 00:27:43.509 align:start position:0%
rapper for a stable coin another stable
coin<00:27:40.200><c> like</c><00:27:40.600><c> usdc</c><00:27:41.840><c> um</c><00:27:42.840><c> you</c><00:27:42.960><c> know</c><00:27:43.240><c> that</c><00:27:43.399><c> is</c>

00:27:43.509 --> 00:27:43.519 align:start position:0%
coin like usdc um you know that is
 

00:27:43.519 --> 00:27:45.070 align:start position:0%
coin like usdc um you know that is
useful<00:27:43.840><c> for</c><00:27:43.960><c> a</c><00:27:44.000><c> lot</c><00:27:44.120><c> of</c><00:27:44.279><c> people</c><00:27:44.600><c> they</c><00:27:44.720><c> like</c><00:27:44.880><c> to</c>

00:27:45.070 --> 00:27:45.080 align:start position:0%
useful for a lot of people they like to
 

00:27:45.080 --> 00:27:47.830 align:start position:0%
useful for a lot of people they like to
have<00:27:45.679><c> whatever</c><00:27:46.320><c> but</c><00:27:46.799><c> uh</c><00:27:47.440><c> if</c><00:27:47.559><c> you're</c><00:27:47.720><c> a</c>

00:27:47.830 --> 00:27:47.840 align:start position:0%
have whatever but uh if you're a
 

00:27:47.840 --> 00:27:49.350 align:start position:0%
have whatever but uh if you're a
long-term<00:27:48.279><c> holder</c><00:27:48.640><c> and</c><00:27:48.760><c> some</c><00:27:48.880><c> of</c><00:27:49.039><c> these</c><00:27:49.200><c> need</c>

00:27:49.350 --> 00:27:49.360 align:start position:0%
long-term holder and some of these need
 

00:27:49.360 --> 00:27:50.950 align:start position:0%
long-term holder and some of these need
to<00:27:49.480><c> be</c><00:27:49.679><c> kept</c><00:27:50.039><c> longterm</c><00:27:50.559><c> because</c><00:27:50.799><c> maybe</c>

00:27:50.950 --> 00:27:50.960 align:start position:0%
to be kept longterm because maybe
 

00:27:50.960 --> 00:27:53.110 align:start position:0%
to be kept longterm because maybe
they're<00:27:51.120><c> backing</c><00:27:51.919><c> another</c><00:27:52.320><c> immutable</c><00:27:52.799><c> smart</c>

00:27:53.110 --> 00:27:53.120 align:start position:0%
they're backing another immutable smart
 

00:27:53.120 --> 00:27:54.870 align:start position:0%
they're backing another immutable smart
contract<00:27:53.880><c> it's</c><00:27:54.039><c> very</c><00:27:54.200><c> hard</c><00:27:54.360><c> to</c><00:27:54.480><c> build</c><00:27:54.679><c> your</c>

00:27:54.870 --> 00:27:54.880 align:start position:0%
contract it's very hard to build your
 

00:27:54.880 --> 00:27:57.230 align:start position:0%
contract it's very hard to build your
business<00:27:55.559><c> uh</c><00:27:55.679><c> focused</c><00:27:56.000><c> on</c><00:27:56.240><c> decentralization</c>

00:27:57.230 --> 00:27:57.240 align:start position:0%
business uh focused on decentralization
 

00:27:57.240 --> 00:27:58.870 align:start position:0%
business uh focused on decentralization
if<00:27:57.360><c> somebody's</c><00:27:57.679><c> able</c><00:27:57.840><c> to</c><00:27:58.200><c> change</c><00:27:58.480><c> this</c>

00:27:58.870 --> 00:27:58.880 align:start position:0%
if somebody's able to change this
 

00:27:58.880 --> 00:28:00.750 align:start position:0%
if somebody's able to change this
Downstream<00:27:59.880><c> and</c><00:28:00.039><c> and</c><00:28:00.120><c> we</c><00:28:00.240><c> find</c><00:28:00.440><c> with</c><00:28:00.600><c> our</c>

00:28:00.750 --> 00:28:00.760 align:start position:0%
Downstream and and we find with our
 

00:28:00.760 --> 00:28:03.149 align:start position:0%
Downstream and and we find with our
users<00:28:01.519><c> um</c><00:28:02.080><c> because</c><00:28:02.279><c> we</c><00:28:02.440><c> have</c><00:28:02.559><c> no</c><00:28:02.720><c> governance</c>

00:28:03.149 --> 00:28:03.159 align:start position:0%
users um because we have no governance
 

00:28:03.159 --> 00:28:06.269 align:start position:0%
users um because we have no governance
and<00:28:03.279><c> we</c><00:28:03.360><c> don't</c><00:28:03.559><c> have</c><00:28:03.919><c> proxies</c><00:28:04.919><c> um</c><00:28:05.840><c> that's</c><00:28:06.080><c> not</c>

00:28:06.269 --> 00:28:06.279 align:start position:0%
and we don't have proxies um that's not
 

00:28:06.279 --> 00:28:07.630 align:start position:0%
and we don't have proxies um that's not
the<00:28:06.360><c> main</c><00:28:06.559><c> concern</c><00:28:06.919><c> people</c><00:28:07.120><c> have</c><00:28:07.240><c> it's</c><00:28:07.399><c> smart</c>

00:28:07.630 --> 00:28:07.640 align:start position:0%
the main concern people have it's smart
 

00:28:07.640 --> 00:28:09.909 align:start position:0%
the main concern people have it's smart
contract<00:28:08.000><c> risk</c><00:28:08.279><c> based</c><00:28:08.760><c> or</c><00:28:09.000><c> liquidity</c><00:28:09.440><c> based</c>

00:28:09.909 --> 00:28:09.919 align:start position:0%
contract risk based or liquidity based
 

00:28:09.919 --> 00:28:13.630 align:start position:0%
contract risk based or liquidity based
in<00:28:10.000><c> case</c><00:28:10.159><c> these</c><00:28:10.320><c> guys</c><00:28:10.480><c> don't</c><00:28:10.640><c> show</c><00:28:10.840><c> up</c><00:28:11.720><c> um</c><00:28:12.640><c> but</c>

00:28:13.630 --> 00:28:13.640 align:start position:0%
in case these guys don't show up um but
 

00:28:13.640 --> 00:28:15.470 align:start position:0%
in case these guys don't show up um but
if<00:28:14.159><c> if</c><00:28:14.279><c> you're</c><00:28:14.440><c> trying</c><00:28:14.679><c> to</c><00:28:14.880><c> build</c><00:28:15.200><c> something</c>

00:28:15.470 --> 00:28:15.480 align:start position:0%
if if you're trying to build something
 

00:28:15.480 --> 00:28:16.710 align:start position:0%
if if you're trying to build something
that<00:28:15.559><c> should</c><00:28:15.720><c> be</c><00:28:15.799><c> able</c><00:28:15.960><c> to</c><00:28:16.039><c> stand</c><00:28:16.279><c> the</c><00:28:16.360><c> test</c><00:28:16.559><c> of</c>

00:28:16.710 --> 00:28:16.720 align:start position:0%
that should be able to stand the test of
 

00:28:16.720 --> 00:28:17.990 align:start position:0%
that should be able to stand the test of
time<00:28:16.880><c> you</c><00:28:17.000><c> need</c><00:28:17.120><c> to</c><00:28:17.240><c> build</c><00:28:17.399><c> it</c><00:28:17.519><c> on</c><00:28:17.679><c> top</c><00:28:17.799><c> of</c>

00:28:17.990 --> 00:28:18.000 align:start position:0%
time you need to build it on top of
 

00:28:18.000 --> 00:28:19.909 align:start position:0%
time you need to build it on top of
components<00:28:18.919><c> that</c><00:28:19.039><c> will</c><00:28:19.440><c> remain</c><00:28:19.679><c> in</c><00:28:19.799><c> a</c>

00:28:19.909 --> 00:28:19.919 align:start position:0%
components that will remain in a
 

00:28:19.919 --> 00:28:21.950 align:start position:0%
components that will remain in a
predictable<00:28:20.399><c> Manner</c><00:28:21.240><c> and</c><00:28:21.360><c> some</c><00:28:21.519><c> of</c><00:28:21.640><c> the</c>

00:28:21.950 --> 00:28:21.960 align:start position:0%
predictable Manner and some of the
 

00:28:21.960 --> 00:28:23.990 align:start position:0%
predictable Manner and some of the
biggest<00:28:22.760><c> uh</c><00:28:22.880><c> entities</c><00:28:23.279><c> out</c><00:28:23.519><c> there</c><00:28:23.840><c> that's</c>

00:28:23.990 --> 00:28:24.000 align:start position:0%
biggest uh entities out there that's
 

00:28:24.000 --> 00:28:25.149 align:start position:0%
biggest uh entities out there that's
what<00:28:24.080><c> they're</c><00:28:24.240><c> concerned</c><00:28:24.640><c> with</c><00:28:24.799><c> it's</c><00:28:24.960><c> not</c>

00:28:25.149 --> 00:28:25.159 align:start position:0%
what they're concerned with it's not
 

00:28:25.159 --> 00:28:27.110 align:start position:0%
what they're concerned with it's not
just<00:28:25.640><c> eth</c><00:28:25.919><c> Maxis</c><00:28:26.360><c> that</c><00:28:26.480><c> say</c><00:28:26.640><c> we</c><00:28:26.760><c> love</c>

00:28:27.110 --> 00:28:27.120 align:start position:0%
just eth Maxis that say we love
 

00:28:27.120 --> 00:28:28.470 align:start position:0%
just eth Maxis that say we love
decentralization<00:28:28.120><c> it's</c><00:28:28.200><c> some</c><00:28:28.320><c> of</c><00:28:28.399><c> the</c>

00:28:28.470 --> 00:28:28.480 align:start position:0%
decentralization it's some of the
 

00:28:28.480 --> 00:28:30.909 align:start position:0%
decentralization it's some of the
biggest<00:28:28.720><c> balance</c><00:28:29.000><c> sheets</c><00:28:29.240><c> in</c><00:28:29.559><c> defi</c><00:28:30.559><c> do</c><00:28:30.760><c> not</c>

00:28:30.909 --> 00:28:30.919 align:start position:0%
biggest balance sheets in defi do not
 

00:28:30.919 --> 00:28:32.990 align:start position:0%
biggest balance sheets in defi do not
like<00:28:31.159><c> governance</c><00:28:31.559><c> behind</c><00:28:31.799><c> stable</c><00:28:32.159><c> coins</c><00:28:32.880><c> and</c>

00:28:32.990 --> 00:28:33.000 align:start position:0%
like governance behind stable coins and
 

00:28:33.000 --> 00:28:34.230 align:start position:0%
like governance behind stable coins and
I<00:28:33.120><c> think</c><00:28:33.279><c> that</c><00:28:33.440><c> that's</c><00:28:33.679><c> something</c><00:28:33.919><c> that's</c><00:28:34.080><c> not</c>

00:28:34.230 --> 00:28:34.240 align:start position:0%
I think that that's something that's not
 

00:28:34.240 --> 00:28:36.630 align:start position:0%
I think that that's something that's not
fully<00:28:34.640><c> appreciated</c><00:28:35.640><c> um</c><00:28:35.840><c> because</c><00:28:36.159><c> governance</c>

00:28:36.630 --> 00:28:36.640 align:start position:0%
fully appreciated um because governance
 

00:28:36.640 --> 00:28:39.990 align:start position:0%
fully appreciated um because governance
is<00:28:36.760><c> a</c><00:28:37.080><c> risk</c><00:28:38.080><c> not</c><00:28:38.399><c> just</c><00:28:38.640><c> for</c><00:28:39.159><c> the</c><00:28:39.320><c> average</c><00:28:39.640><c> user</c>

00:28:39.990 --> 00:28:40.000 align:start position:0%
is a risk not just for the average user
 

00:28:40.000 --> 00:28:41.389 align:start position:0%
is a risk not just for the average user
who<00:28:40.159><c> goes</c><00:28:40.440><c> oh</c><00:28:40.640><c> yeah</c><00:28:40.760><c> my</c><00:28:40.880><c> money</c><00:28:41.080><c> might</c><00:28:41.240><c> get</c>

00:28:41.389 --> 00:28:41.399 align:start position:0%
who goes oh yeah my money might get
 

00:28:41.399 --> 00:28:44.310 align:start position:0%
who goes oh yeah my money might get
censored<00:28:41.840><c> that</c><00:28:41.919><c> is</c><00:28:42.039><c> a</c><00:28:42.159><c> huge</c><00:28:42.440><c> risk</c><00:28:43.399><c> um</c><00:28:43.640><c> you</c><00:28:43.760><c> know</c>

00:28:44.310 --> 00:28:44.320 align:start position:0%
censored that is a huge risk um you know
 

00:28:44.320 --> 00:28:48.269 align:start position:0%
censored that is a huge risk um you know
usdc<00:28:45.320><c> can</c><00:28:46.240><c> white</c><00:28:46.519><c> Blacklist</c><00:28:47.279><c> your</c>

00:28:48.269 --> 00:28:48.279 align:start position:0%
usdc can white Blacklist your
 

00:28:48.279 --> 00:28:50.509 align:start position:0%
usdc can white Blacklist your
address<00:28:49.279><c> some</c><00:28:49.440><c> of</c><00:28:49.600><c> these</c><00:28:49.760><c> stable</c><00:28:50.080><c> coins</c><00:28:50.360><c> have</c>

00:28:50.509 --> 00:28:50.519 align:start position:0%
address some of these stable coins have
 

00:28:50.519 --> 00:28:52.870 align:start position:0%
address some of these stable coins have
that<00:28:50.640><c> as</c><00:28:50.840><c> governance</c><00:28:51.640><c> but</c><00:28:51.799><c> that's</c><00:28:52.120><c> not</c><00:28:52.519><c> only</c>

00:28:52.870 --> 00:28:52.880 align:start position:0%
that as governance but that's not only
 

00:28:52.880 --> 00:28:54.230 align:start position:0%
that as governance but that's not only
thing<00:28:53.039><c> that</c><00:28:53.159><c> can</c><00:28:53.360><c> happen</c><00:28:53.640><c> they</c><00:28:53.760><c> can</c><00:28:53.919><c> also</c>

00:28:54.230 --> 00:28:54.240 align:start position:0%
thing that can happen they can also
 

00:28:54.240 --> 00:28:56.430 align:start position:0%
thing that can happen they can also
decide<00:28:55.240><c> um</c><00:28:55.480><c> we're</c><00:28:55.640><c> going</c><00:28:55.760><c> to</c><00:28:55.960><c> completely</c>

00:28:56.430 --> 00:28:56.440 align:start position:0%
decide um we're going to completely
 

00:28:56.440 --> 00:28:57.789 align:start position:0%
decide um we're going to completely
knock<00:28:56.679><c> out</c><00:28:56.840><c> some</c><00:28:56.919><c> of</c><00:28:57.039><c> these</c><00:28:57.240><c> positions</c><00:28:57.679><c> we're</c>

00:28:57.789 --> 00:28:57.799 align:start position:0%
knock out some of these positions we're
 

00:28:57.799 --> 00:28:59.549 align:start position:0%
knock out some of these positions we're
going<00:28:57.880><c> to</c><00:28:58.159><c> add</c><00:28:58.360><c> weird</c><00:28:58.600><c> things</c><00:28:58.840><c> into</c><00:28:59.120><c> it</c><00:28:59.399><c> we're</c>

00:28:59.549 --> 00:28:59.559 align:start position:0%
going to add weird things into it we're
 

00:28:59.559 --> 00:29:00.430 align:start position:0%
going to add weird things into it we're
going<00:28:59.640><c> to</c><00:28:59.760><c> change</c><00:28:59.919><c> it</c><00:29:00.039><c> and</c><00:29:00.159><c> make</c><00:29:00.279><c> it</c>

00:29:00.430 --> 00:29:00.440 align:start position:0%
going to change it and make it
 

00:29:00.440 --> 00:29:02.430 align:start position:0%
going to change it and make it
unrecognizable<00:29:01.440><c> in</c><00:29:01.600><c> some</c><00:29:01.840><c> cases</c><00:29:02.159><c> they</c><00:29:02.279><c> can</c>

00:29:02.430 --> 00:29:02.440 align:start position:0%
unrecognizable in some cases they can
 

00:29:02.440 --> 00:29:03.830 align:start position:0%
unrecognizable in some cases they can
through<00:29:02.640><c> governance</c><00:29:03.080><c> parameters</c><00:29:03.480><c> shut</c><00:29:03.640><c> it</c>

00:29:03.830 --> 00:29:03.840 align:start position:0%
through governance parameters shut it
 

00:29:03.840 --> 00:29:06.430 align:start position:0%
through governance parameters shut it
down<00:29:04.640><c> and</c><00:29:04.760><c> withdraw</c><00:29:05.159><c> collateral</c><00:29:06.159><c> they</c><00:29:06.279><c> tell</c>

00:29:06.430 --> 00:29:06.440 align:start position:0%
down and withdraw collateral they tell
 

00:29:06.440 --> 00:29:08.830 align:start position:0%
down and withdraw collateral they tell
us<00:29:06.559><c> it's</c><00:29:06.720><c> for</c><00:29:07.159><c> safety</c><00:29:08.159><c> but</c><00:29:08.320><c> what</c><00:29:08.440><c> happens</c><00:29:08.720><c> if</c>

00:29:08.830 --> 00:29:08.840 align:start position:0%
us it's for safety but what happens if
 

00:29:08.840 --> 00:29:10.350 align:start position:0%
us it's for safety but what happens if
they're<00:29:08.960><c> asked</c><00:29:09.159><c> to</c><00:29:09.279><c> do</c><00:29:09.399><c> that</c><00:29:09.519><c> by</c><00:29:09.640><c> a</c>

00:29:10.350 --> 00:29:10.360 align:start position:0%
they're asked to do that by a
 

00:29:10.360 --> 00:29:13.789 align:start position:0%
they're asked to do that by a
government<00:29:11.360><c> is</c><00:29:11.440><c> that</c><00:29:11.600><c> still</c>

00:29:13.789 --> 00:29:13.799 align:start position:0%
 
 

00:29:13.799 --> 00:29:17.389 align:start position:0%
 
defi<00:29:14.799><c> what's</c><00:29:15.000><c> your</c><00:29:15.200><c> view</c><00:29:15.360><c> on</c><00:29:15.519><c> that</c>

00:29:17.389 --> 00:29:17.399 align:start position:0%
defi what's your view on that
 

00:29:17.399 --> 00:29:21.149 align:start position:0%
defi what's your view on that
arah<00:29:18.399><c> I</c><00:29:18.559><c> find</c><00:29:18.760><c> it</c><00:29:19.000><c> kind</c><00:29:19.159><c> of</c><00:29:19.640><c> ironic</c><00:29:20.519><c> that</c><00:29:20.919><c> most</c>

00:29:21.149 --> 00:29:21.159 align:start position:0%
arah I find it kind of ironic that most
 

00:29:21.159 --> 00:29:23.350 align:start position:0%
arah I find it kind of ironic that most
people<00:29:21.440><c> don't</c><00:29:21.720><c> care</c><00:29:21.960><c> about</c><00:29:22.279><c> governance</c><00:29:22.840><c> risk</c>

00:29:23.350 --> 00:29:23.360 align:start position:0%
people don't care about governance risk
 

00:29:23.360 --> 00:29:25.870 align:start position:0%
people don't care about governance risk
when<00:29:23.559><c> we</c><00:29:23.799><c> have</c><00:29:24.279><c> a</c><00:29:24.519><c> space</c><00:29:24.880><c> that</c><00:29:25.080><c> has</c><00:29:25.240><c> so</c><00:29:25.519><c> much</c>

00:29:25.870 --> 00:29:25.880 align:start position:0%
when we have a space that has so much
 

00:29:25.880 --> 00:29:29.190 align:start position:0%
when we have a space that has so much
like<00:29:26.240><c> a</c><00:29:26.840><c> uh</c><00:29:26.960><c> rug</c><00:29:27.279><c> poles</c><00:29:27.640><c> in</c><00:29:27.799><c> it</c><00:29:28.200><c> which</c><00:29:28.360><c> is</c>

00:29:29.190 --> 00:29:29.200 align:start position:0%
like a uh rug poles in it which is
 

00:29:29.200 --> 00:29:32.110 align:start position:0%
like a uh rug poles in it which is
governance<00:29:29.799><c> risk</c><00:29:30.799><c> or</c><00:29:31.120><c> like</c><00:29:31.279><c> one</c><00:29:31.480><c> major</c><00:29:31.760><c> form</c>

00:29:32.110 --> 00:29:32.120 align:start position:0%
governance risk or like one major form
 

00:29:32.120 --> 00:29:37.909 align:start position:0%
governance risk or like one major form
of<00:29:32.519><c> it</c><00:29:33.519><c> um</c><00:29:33.919><c> and</c><00:29:35.200><c> uh</c><00:29:36.200><c> I</c><00:29:36.320><c> think</c><00:29:36.640><c> we</c><00:29:37.360><c> most</c><00:29:37.559><c> of</c><00:29:37.679><c> us</c>

00:29:37.909 --> 00:29:37.919 align:start position:0%
of it um and uh I think we most of us
 

00:29:37.919 --> 00:29:40.190 align:start position:0%
of it um and uh I think we most of us
probably<00:29:38.200><c> on</c><00:29:38.399><c> the</c><00:29:38.600><c> stage</c><00:29:39.000><c> here</c><00:29:39.440><c> agree</c><00:29:39.919><c> that</c>

00:29:40.190 --> 00:29:40.200 align:start position:0%
probably on the stage here agree that
 

00:29:40.200 --> 00:29:42.630 align:start position:0%
probably on the stage here agree that
like<00:29:40.720><c> governance</c><00:29:41.240><c> minimization</c><00:29:42.039><c> is</c><00:29:42.279><c> probably</c>

00:29:42.630 --> 00:29:42.640 align:start position:0%
like governance minimization is probably
 

00:29:42.640 --> 00:29:45.029 align:start position:0%
like governance minimization is probably
a<00:29:42.799><c> good</c><00:29:43.039><c> thing</c><00:29:43.720><c> if</c><00:29:43.880><c> not</c><00:29:44.240><c> just</c><00:29:44.480><c> because</c><00:29:44.679><c> it</c><00:29:44.919><c> like</c>

00:29:45.029 --> 00:29:45.039 align:start position:0%
a good thing if not just because it like
 

00:29:45.039 --> 00:29:47.070 align:start position:0%
a good thing if not just because it like
helps<00:29:45.320><c> to</c><00:29:45.480><c> minimize</c><00:29:46.000><c> governance</c><00:29:46.559><c> risk</c><00:29:46.880><c> but</c>

00:29:47.070 --> 00:29:47.080 align:start position:0%
helps to minimize governance risk but
 

00:29:47.080 --> 00:29:50.269 align:start position:0%
helps to minimize governance risk but
also<00:29:47.480><c> like</c><00:29:48.399><c> anytime</c><00:29:49.000><c> you</c><00:29:49.279><c> have</c><00:29:49.720><c> like</c>

00:29:50.269 --> 00:29:50.279 align:start position:0%
also like anytime you have like
 

00:29:50.279 --> 00:29:52.789 align:start position:0%
also like anytime you have like
something<00:29:50.679><c> like</c><00:29:50.799><c> a</c><00:29:51.000><c> dow</c><00:29:51.559><c> running</c><00:29:52.080><c> something</c>

00:29:52.789 --> 00:29:52.799 align:start position:0%
something like a dow running something
 

00:29:52.799 --> 00:29:55.950 align:start position:0%
something like a dow running something
it's<00:29:53.039><c> like</c><00:29:53.200><c> incredibly</c><00:29:53.960><c> inefficient</c><00:29:54.960><c> and</c><00:29:55.440><c> uh</c>

00:29:55.950 --> 00:29:55.960 align:start position:0%
it's like incredibly inefficient and uh
 

00:29:55.960 --> 00:29:59.389 align:start position:0%
it's like incredibly inefficient and uh
a<00:29:56.120><c> bit</c><00:29:56.519><c> scary</c><00:29:57.519><c> uh</c><00:29:57.640><c> so</c><00:29:57.919><c> the</c><00:29:58.159><c> is</c><00:29:58.960><c> where</c><00:29:59.120><c> you</c><00:29:59.200><c> can</c>

00:29:59.389 --> 00:29:59.399 align:start position:0%
a bit scary uh so the is where you can
 

00:29:59.399 --> 00:30:01.669 align:start position:0%
a bit scary uh so the is where you can
minimize<00:30:00.000><c> that</c><00:30:00.159><c> and</c><00:30:00.320><c> make</c><00:30:00.440><c> it</c><00:30:00.600><c> less</c><00:30:00.880><c> scary</c><00:30:01.600><c> I</c>

00:30:01.669 --> 00:30:01.679 align:start position:0%
minimize that and make it less scary I
 

00:30:01.679 --> 00:30:03.029 align:start position:0%
minimize that and make it less scary I
think<00:30:01.880><c> that</c><00:30:02.039><c> makes</c><00:30:02.200><c> a</c><00:30:02.360><c> lot</c><00:30:02.480><c> of</c><00:30:02.600><c> sense</c><00:30:02.880><c> and</c>

00:30:03.029 --> 00:30:03.039 align:start position:0%
think that makes a lot of sense and
 

00:30:03.039 --> 00:30:04.830 align:start position:0%
think that makes a lot of sense and
that's<00:30:03.200><c> kind</c><00:30:03.320><c> of</c><00:30:03.480><c> the</c><00:30:03.600><c> approach</c><00:30:03.960><c> we</c><00:30:04.159><c> also</c><00:30:04.480><c> took</c>

00:30:04.830 --> 00:30:04.840 align:start position:0%
that's kind of the approach we also took
 

00:30:04.840 --> 00:30:08.029 align:start position:0%
that's kind of the approach we also took
with<00:30:05.159><c> h</c><00:30:05.799><c> with</c><00:30:06.120><c> with</c><00:30:06.600><c> gyroscope</c><00:30:07.600><c> uh</c><00:30:07.720><c> although</c><00:30:07.960><c> I</c>

00:30:08.029 --> 00:30:08.039 align:start position:0%
with h with with gyroscope uh although I
 

00:30:08.039 --> 00:30:10.149 align:start position:0%
with h with with gyroscope uh although I
would<00:30:08.399><c> I</c><00:30:08.480><c> would</c><00:30:08.679><c> say</c><00:30:08.880><c> we</c><00:30:09.039><c> took</c><00:30:09.360><c> a</c><00:30:09.559><c> more</c>

00:30:10.149 --> 00:30:10.159 align:start position:0%
would I would say we took a more
 

00:30:10.159 --> 00:30:11.789 align:start position:0%
would I would say we took a more
pragmatic<00:30:10.799><c> approach</c><00:30:11.200><c> we</c><00:30:11.279><c> don't</c><00:30:11.519><c> think</c><00:30:11.679><c> you</c>

00:30:11.789 --> 00:30:11.799 align:start position:0%
pragmatic approach we don't think you
 

00:30:11.799 --> 00:30:13.789 align:start position:0%
pragmatic approach we don't think you
can<00:30:12.039><c> actually</c><00:30:12.399><c> like</c><00:30:12.840><c> remove</c><00:30:13.320><c> governance</c>

00:30:13.789 --> 00:30:13.799 align:start position:0%
can actually like remove governance
 

00:30:13.799 --> 00:30:15.549 align:start position:0%
can actually like remove governance
entirely<00:30:14.399><c> at</c><00:30:14.519><c> least</c><00:30:14.799><c> for</c><00:30:15.000><c> what</c><00:30:15.159><c> we</c><00:30:15.279><c> want</c><00:30:15.399><c> to</c>

00:30:15.549 --> 00:30:15.559 align:start position:0%
entirely at least for what we want to
 

00:30:15.559 --> 00:30:17.710 align:start position:0%
entirely at least for what we want to
build<00:30:16.320><c> which</c><00:30:16.480><c> is</c><00:30:16.760><c> a</c><00:30:16.880><c> bit</c><00:30:17.080><c> different</c><00:30:17.399><c> than</c><00:30:17.600><c> what</c>

00:30:17.710 --> 00:30:17.720 align:start position:0%
build which is a bit different than what
 

00:30:17.720 --> 00:30:20.710 align:start position:0%
build which is a bit different than what
liquidy<00:30:18.159><c> is</c><00:30:18.279><c> building</c><00:30:18.640><c> too</c><00:30:18.960><c> so</c><00:30:19.279><c> fair</c><00:30:19.720><c> enough</c>

00:30:20.710 --> 00:30:20.720 align:start position:0%
liquidy is building too so fair enough
 

00:30:20.720 --> 00:30:22.710 align:start position:0%
liquidy is building too so fair enough
um<00:30:21.039><c> but</c><00:30:21.159><c> for</c><00:30:21.360><c> what</c><00:30:21.480><c> we</c><00:30:21.559><c> want</c><00:30:21.679><c> to</c><00:30:21.799><c> build</c><00:30:22.480><c> that</c>

00:30:22.710 --> 00:30:22.720 align:start position:0%
um but for what we want to build that
 

00:30:22.720 --> 00:30:24.110 align:start position:0%
um but for what we want to build that
you<00:30:23.000><c> you</c><00:30:23.159><c> can't</c><00:30:23.440><c> there</c><00:30:23.519><c> are</c><00:30:23.640><c> some</c><00:30:23.799><c> things</c><00:30:24.000><c> you</c>

00:30:24.110 --> 00:30:24.120 align:start position:0%
you you can't there are some things you
 

00:30:24.120 --> 00:30:26.430 align:start position:0%
you you can't there are some things you
can't<00:30:24.360><c> really</c><00:30:24.679><c> predict</c><00:30:25.600><c> how</c><00:30:26.039><c> it</c><00:30:26.159><c> should</c>

00:30:26.430 --> 00:30:26.440 align:start position:0%
can't really predict how it should
 

00:30:26.440 --> 00:30:28.789 align:start position:0%
can't really predict how it should
change<00:30:26.760><c> in</c><00:30:26.880><c> the</c><00:30:27.039><c> future</c><00:30:27.600><c> in</c><00:30:28.000><c> particular</c><00:30:28.440><c> how</c>

00:30:28.789 --> 00:30:28.799 align:start position:0%
change in the future in particular how
 

00:30:28.799 --> 00:30:30.870 align:start position:0%
change in the future in particular how
like<00:30:29.039><c> the</c><00:30:29.200><c> defi</c><00:30:29.720><c> space</c><00:30:30.039><c> will</c><00:30:30.240><c> evolve</c><00:30:30.600><c> and</c><00:30:30.720><c> how</c>

00:30:30.870 --> 00:30:30.880 align:start position:0%
like the defi space will evolve and how
 

00:30:30.880 --> 00:30:33.710 align:start position:0%
like the defi space will evolve and how
the<00:30:31.080><c> asset</c><00:30:31.480><c> space</c><00:30:31.840><c> in</c><00:30:32.120><c> defi</c><00:30:32.559><c> will</c><00:30:32.799><c> evolve</c><00:30:33.559><c> and</c>

00:30:33.710 --> 00:30:33.720 align:start position:0%
the asset space in defi will evolve and
 

00:30:33.720 --> 00:30:35.669 align:start position:0%
the asset space in defi will evolve and
we<00:30:33.880><c> see</c><00:30:34.200><c> that</c><00:30:34.440><c> like</c><00:30:34.880><c> you</c><00:30:35.080><c> basically</c><00:30:35.440><c> have</c><00:30:35.559><c> to</c>

00:30:35.669 --> 00:30:35.679 align:start position:0%
we see that like you basically have to
 

00:30:35.679 --> 00:30:37.430 align:start position:0%
we see that like you basically have to
have<00:30:35.840><c> something</c><00:30:36.480><c> that</c><00:30:36.640><c> does</c><00:30:36.919><c> some</c><00:30:37.080><c> sort</c><00:30:37.279><c> of</c>

00:30:37.430 --> 00:30:37.440 align:start position:0%
have something that does some sort of
 

00:30:37.440 --> 00:30:38.789 align:start position:0%
have something that does some sort of
governance<00:30:38.039><c> at</c><00:30:38.120><c> least</c><00:30:38.279><c> for</c><00:30:38.480><c> what</c><00:30:38.600><c> we're</c>

00:30:38.789 --> 00:30:38.799 align:start position:0%
governance at least for what we're
 

00:30:38.799 --> 00:30:41.750 align:start position:0%
governance at least for what we're
building<00:30:39.480><c> to</c><00:30:39.760><c> to</c><00:30:39.880><c> be</c><00:30:40.000><c> able</c><00:30:40.200><c> to</c><00:30:40.440><c> adapt</c><00:30:40.799><c> to</c><00:30:41.000><c> that</c>

00:30:41.750 --> 00:30:41.760 align:start position:0%
building to to be able to adapt to that
 

00:30:41.760 --> 00:30:45.669 align:start position:0%
building to to be able to adapt to that
but<00:30:42.360><c> in</c><00:30:42.519><c> our</c><00:30:42.799><c> view</c><00:30:43.440><c> that</c><00:30:43.559><c> is</c><00:30:43.799><c> a</c><00:30:44.080><c> very</c><00:30:44.799><c> uh</c><00:30:45.480><c> that</c>

00:30:45.669 --> 00:30:45.679 align:start position:0%
but in our view that is a very uh that
 

00:30:45.679 --> 00:30:47.509 align:start position:0%
but in our view that is a very uh that
that's<00:30:45.880><c> very</c><00:30:46.120><c> good</c><00:30:46.320><c> to</c><00:30:46.519><c> be</c><00:30:46.919><c> a</c><00:30:47.120><c> ve</c><00:30:47.320><c> a</c>

00:30:47.509 --> 00:30:47.519 align:start position:0%
that's very good to be a ve a
 

00:30:47.519 --> 00:30:49.950 align:start position:0%
that's very good to be a ve a
particularly<00:30:48.120><c> slow</c><00:30:48.760><c> process</c><00:30:49.480><c> and</c><00:30:49.600><c> we</c><00:30:49.720><c> don't</c>

00:30:49.950 --> 00:30:49.960 align:start position:0%
particularly slow process and we don't
 

00:30:49.960 --> 00:30:53.590 align:start position:0%
particularly slow process and we don't
need<00:30:50.440><c> like</c><00:30:51.159><c> Fast</c><00:30:51.559><c> governance</c><00:30:52.240><c> to</c><00:30:52.799><c> to</c><00:30:52.960><c> do</c><00:30:53.159><c> that</c>

00:30:53.590 --> 00:30:53.600 align:start position:0%
need like Fast governance to to do that
 

00:30:53.600 --> 00:30:55.470 align:start position:0%
need like Fast governance to to do that
nor<00:30:53.760><c> do</c><00:30:53.880><c> we</c><00:30:54.039><c> want</c><00:30:54.480><c> fast</c><00:30:54.799><c> governance</c><00:30:55.200><c> to</c><00:30:55.320><c> do</c>

00:30:55.470 --> 00:30:55.480 align:start position:0%
nor do we want fast governance to do
 

00:30:55.480 --> 00:30:57.269 align:start position:0%
nor do we want fast governance to do
that<00:30:55.679><c> because</c><00:30:56.159><c> fast</c><00:30:56.480><c> governance</c><00:30:56.880><c> is</c><00:30:57.000><c> a</c><00:30:57.120><c> lot</c>

00:30:57.269 --> 00:30:57.279 align:start position:0%
that because fast governance is a lot
 

00:30:57.279 --> 00:30:59.789 align:start position:0%
that because fast governance is a lot
riskier<00:30:57.720><c> than</c><00:30:58.240><c> than</c><00:30:58.399><c> slow</c><00:30:58.760><c> governance</c><00:30:59.600><c> if</c><00:30:59.679><c> you</c>

00:30:59.789 --> 00:30:59.799 align:start position:0%
riskier than than slow governance if you
 

00:30:59.799 --> 00:31:02.029 align:start position:0%
riskier than than slow governance if you
have<00:30:59.919><c> slow</c><00:31:00.320><c> governance</c><00:31:01.320><c> uh</c><00:31:01.480><c> and</c><00:31:01.600><c> you're</c><00:31:01.880><c> a</c>

00:31:02.029 --> 00:31:02.039 align:start position:0%
have slow governance uh and you're a
 

00:31:02.039 --> 00:31:04.590 align:start position:0%
have slow governance uh and you're a
user<00:31:02.399><c> of</c><00:31:02.519><c> the</c><00:31:02.720><c> protocol</c><00:31:03.639><c> you</c><00:31:03.880><c> have</c><00:31:04.159><c> time</c><00:31:04.440><c> to</c>

00:31:04.590 --> 00:31:04.600 align:start position:0%
user of the protocol you have time to
 

00:31:04.600 --> 00:31:07.110 align:start position:0%
user of the protocol you have time to
see<00:31:05.200><c> is</c><00:31:05.440><c> something</c><00:31:05.960><c> risky</c><00:31:06.360><c> coming</c><00:31:06.639><c> up</c><00:31:06.840><c> and</c><00:31:07.000><c> am</c>

00:31:07.110 --> 00:31:07.120 align:start position:0%
see is something risky coming up and am
 

00:31:07.120 --> 00:31:09.750 align:start position:0%
see is something risky coming up and am
I<00:31:07.279><c> still</c><00:31:07.559><c> happy</c><00:31:08.080><c> using</c><00:31:08.480><c> this</c><00:31:08.720><c> or</c><00:31:09.000><c> do</c><00:31:09.159><c> I</c><00:31:09.320><c> want</c><00:31:09.480><c> to</c>

00:31:09.750 --> 00:31:09.760 align:start position:0%
I still happy using this or do I want to
 

00:31:09.760 --> 00:31:12.029 align:start position:0%
I still happy using this or do I want to
move<00:31:10.080><c> to</c><00:31:10.399><c> to</c><00:31:10.600><c> something</c><00:31:10.919><c> else</c><00:31:11.320><c> that</c><00:31:11.600><c> uh</c><00:31:11.880><c> that</c>

00:31:12.029 --> 00:31:12.039 align:start position:0%
move to to something else that uh that
 

00:31:12.039 --> 00:31:14.750 align:start position:0%
move to to something else that uh that
isn't<00:31:12.600><c> uh</c><00:31:12.799><c> is</c><00:31:12.960><c> isn't</c><00:31:13.200><c> doing</c><00:31:13.480><c> something</c><00:31:14.240><c> this</c>

00:31:14.750 --> 00:31:14.760 align:start position:0%
isn't uh is isn't doing something this
 

00:31:14.760 --> 00:31:18.669 align:start position:0%
isn't uh is isn't doing something this
risky<00:31:15.760><c> and</c><00:31:16.480><c> to</c><00:31:16.679><c> the</c><00:31:16.840><c> extent</c><00:31:17.440><c> that</c><00:31:17.720><c> like</c><00:31:18.200><c> fast</c>

00:31:18.669 --> 00:31:18.679 align:start position:0%
risky and to the extent that like fast
 

00:31:18.679 --> 00:31:21.070 align:start position:0%
risky and to the extent that like fast
things<00:31:19.039><c> need</c><00:31:19.279><c> to</c><00:31:19.559><c> happen</c><00:31:20.200><c> in</c><00:31:20.440><c> the</c><00:31:20.600><c> protocol</c>

00:31:21.070 --> 00:31:21.080 align:start position:0%
things need to happen in the protocol
 

00:31:21.080 --> 00:31:24.310 align:start position:0%
things need to happen in the protocol
that<00:31:21.279><c> that</c><00:31:21.399><c> we</c><00:31:21.559><c> built</c><00:31:22.360><c> we</c><00:31:22.960><c> automated</c><00:31:23.519><c> it</c><00:31:24.080><c> so</c>

00:31:24.310 --> 00:31:24.320 align:start position:0%
that that we built we automated it so
 

00:31:24.320 --> 00:31:26.110 align:start position:0%
that that we built we automated it so
that<00:31:24.799><c> that</c><00:31:24.919><c> should</c><00:31:25.159><c> happen</c><00:31:25.399><c> automatically</c><00:31:26.000><c> by</c>

00:31:26.110 --> 00:31:26.120 align:start position:0%
that that should happen automatically by
 

00:31:26.120 --> 00:31:28.190 align:start position:0%
that that should happen automatically by
the<00:31:26.279><c> protocol</c><00:31:26.760><c> we</c><00:31:26.840><c> don't</c><00:31:27.039><c> have</c><00:31:27.159><c> to</c><00:31:27.360><c> wait</c><00:31:27.559><c> for</c>

00:31:28.190 --> 00:31:28.200 align:start position:0%
the protocol we don't have to wait for
 

00:31:28.200 --> 00:31:29.789 align:start position:0%
the protocol we don't have to wait for
governance<00:31:28.639><c> to</c><00:31:28.799><c> come</c><00:31:28.960><c> in</c><00:31:29.080><c> and</c><00:31:29.240><c> do</c><00:31:29.360><c> a</c><00:31:29.519><c> quick</c>

00:31:29.789 --> 00:31:29.799 align:start position:0%
governance to come in and do a quick
 

00:31:29.799 --> 00:31:32.070 align:start position:0%
governance to come in and do a quick
action<00:31:30.399><c> and</c><00:31:30.559><c> instead</c><00:31:31.200><c> governance</c><00:31:31.720><c> can</c>

00:31:32.070 --> 00:31:32.080 align:start position:0%
action and instead governance can
 

00:31:32.080 --> 00:31:34.310 align:start position:0%
action and instead governance can
specialize<00:31:32.799><c> in</c><00:31:33.360><c> what</c><00:31:33.519><c> it</c><00:31:33.600><c> should</c><00:31:33.799><c> be</c><00:31:33.960><c> doing</c>

00:31:34.310 --> 00:31:34.320 align:start position:0%
specialize in what it should be doing
 

00:31:34.320 --> 00:31:36.870 align:start position:0%
specialize in what it should be doing
which<00:31:34.440><c> is</c><00:31:34.880><c> just</c><00:31:35.200><c> slow</c><00:31:35.720><c> things</c><00:31:36.159><c> about</c><00:31:36.480><c> how</c><00:31:36.679><c> the</c>

00:31:36.870 --> 00:31:36.880 align:start position:0%
which is just slow things about how the
 

00:31:36.880 --> 00:31:38.909 align:start position:0%
which is just slow things about how the
space<00:31:37.480><c> uh</c><00:31:37.639><c> should</c>

00:31:38.909 --> 00:31:38.919 align:start position:0%
space uh should
 

00:31:38.919 --> 00:31:41.470 align:start position:0%
space uh should
evolve<00:31:39.919><c> do</c><00:31:40.080><c> you</c><00:31:40.279><c> think</c><00:31:40.559><c> you</c><00:31:40.760><c> guys</c><00:31:40.960><c> can</c><00:31:41.159><c> come</c><00:31:41.320><c> up</c>

00:31:41.470 --> 00:31:41.480 align:start position:0%
evolve do you think you guys can come up
 

00:31:41.480 --> 00:31:44.909 align:start position:0%
evolve do you think you guys can come up
with<00:31:41.600><c> a</c><00:31:42.240><c> example</c><00:31:42.840><c> that</c><00:31:43.279><c> laws</c><00:31:43.919><c> has</c><00:31:44.120><c> incurred</c>

00:31:44.909 --> 00:31:44.919 align:start position:0%
with a example that laws has incurred
 

00:31:44.919 --> 00:31:47.269 align:start position:0%
with a example that laws has incurred
because<00:31:45.919><c> because</c><00:31:46.200><c> the</c><00:31:46.399><c> governance</c><00:31:46.880><c> process</c>

00:31:47.269 --> 00:31:47.279 align:start position:0%
because because the governance process
 

00:31:47.279 --> 00:31:52.029 align:start position:0%
because because the governance process
is<00:31:47.480><c> not</c><00:31:48.279><c> optimal</c><00:31:49.279><c> in</c><00:31:49.440><c> the</c><00:31:50.039><c> past</c><00:31:51.039><c> um</c><00:31:51.360><c> I</c><00:31:51.440><c> mean</c><00:31:51.639><c> yes</c>

00:31:52.029 --> 00:31:52.039 align:start position:0%
is not optimal in the past um I mean yes
 

00:31:52.039 --> 00:31:54.110 align:start position:0%
is not optimal in the past um I mean yes
the<00:31:52.360><c> as</c><00:31:52.559><c> as</c><00:31:52.679><c> I</c><00:31:52.799><c> just</c><00:31:53.000><c> mentioned</c><00:31:53.399><c> there</c><00:31:53.519><c> was</c><00:31:53.760><c> a</c>

00:31:54.110 --> 00:31:54.120 align:start position:0%
the as as I just mentioned there was a
 

00:31:54.120 --> 00:31:56.110 align:start position:0%
the as as I just mentioned there was a
there<00:31:54.240><c> was</c><00:31:54.360><c> an</c><00:31:54.559><c> exploit</c><00:31:55.120><c> on</c><00:31:55.360><c> on</c><00:31:55.480><c> a</c><00:31:55.639><c> protocol</c>

00:31:56.110 --> 00:31:56.120 align:start position:0%
there was an exploit on on a protocol
 

00:31:56.120 --> 00:31:59.110 align:start position:0%
there was an exploit on on a protocol
called<00:31:56.360><c> radiant</c><00:31:57.320><c> um</c><00:31:57.960><c> where</c><00:31:58.279><c> the</c><00:31:58.760><c> full</c>

00:31:59.110 --> 00:31:59.120 align:start position:0%
called radiant um where the full
 

00:31:59.120 --> 00:32:01.310 align:start position:0%
called radiant um where the full
protocol<00:31:59.559><c> was</c><00:31:59.720><c> upgradable</c><00:32:00.440><c> by</c><00:32:00.600><c> a</c><00:32:00.720><c> multisig</c>

00:32:01.310 --> 00:32:01.320 align:start position:0%
protocol was upgradable by a multisig
 

00:32:01.320 --> 00:32:03.509 align:start position:0%
protocol was upgradable by a multisig
wallet<00:32:01.720><c> with</c><00:32:01.919><c> three</c><00:32:02.159><c> out</c><00:32:02.360><c> of</c><00:32:02.519><c> 11</c><00:32:02.840><c> signers</c>

00:32:03.509 --> 00:32:03.519 align:start position:0%
wallet with three out of 11 signers
 

00:32:03.519 --> 00:32:05.990 align:start position:0%
wallet with three out of 11 signers
required<00:32:04.000><c> to</c><00:32:04.200><c> to</c><00:32:04.360><c> approve</c><00:32:04.679><c> any</c><00:32:05.000><c> transactions</c>

00:32:05.990 --> 00:32:06.000 align:start position:0%
required to to approve any transactions
 

00:32:06.000 --> 00:32:08.470 align:start position:0%
required to to approve any transactions
and<00:32:06.200><c> those</c><00:32:06.480><c> three</c><00:32:06.760><c> signers</c><00:32:07.320><c> got</c><00:32:07.600><c> compromis</c><00:32:08.240><c> on</c>

00:32:08.470 --> 00:32:08.480 align:start position:0%
and those three signers got compromis on
 

00:32:08.480 --> 00:32:11.710 align:start position:0%
and those three signers got compromis on
their<00:32:09.440><c> computers</c><00:32:10.440><c> um</c><00:32:10.880><c> and</c><00:32:11.120><c> and</c><00:32:11.240><c> someone</c><00:32:11.559><c> was</c>

00:32:11.710 --> 00:32:11.720 align:start position:0%
their computers um and and someone was
 

00:32:11.720 --> 00:32:14.029 align:start position:0%
their computers um and and someone was
able<00:32:12.000><c> to</c><00:32:12.240><c> trick</c><00:32:12.639><c> them</c><00:32:12.919><c> into</c><00:32:13.279><c> approving</c><00:32:13.679><c> a</c>

00:32:14.029 --> 00:32:14.039 align:start position:0%
able to trick them into approving a
 

00:32:14.039 --> 00:32:17.470 align:start position:0%
able to trick them into approving a
transaction<00:32:15.039><c> that</c><00:32:15.279><c> they</c><00:32:15.600><c> didn't</c><00:32:16.159><c> intend</c><00:32:17.000><c> and</c>

00:32:17.470 --> 00:32:17.480 align:start position:0%
transaction that they didn't intend and
 

00:32:17.480 --> 00:32:19.430 align:start position:0%
transaction that they didn't intend and
this<00:32:17.799><c> malicious</c><00:32:18.320><c> transaction</c><00:32:18.799><c> ended</c><00:32:19.120><c> up</c>

00:32:19.430 --> 00:32:19.440 align:start position:0%
this malicious transaction ended up
 

00:32:19.440 --> 00:32:21.029 align:start position:0%
this malicious transaction ended up
introducing<00:32:20.120><c> a</c><00:32:20.279><c> back</c><00:32:20.519><c> door</c><00:32:20.679><c> into</c><00:32:20.880><c> the</c>

00:32:21.029 --> 00:32:21.039 align:start position:0%
introducing a back door into the
 

00:32:21.039 --> 00:32:23.789 align:start position:0%
introducing a back door into the
protocol<00:32:21.960><c> and</c><00:32:22.159><c> around</c><00:32:22.399><c> $50</c><00:32:22.799><c> million</c><00:32:23.440><c> of</c><00:32:23.679><c> of</c>

00:32:23.789 --> 00:32:23.799 align:start position:0%
protocol and around $50 million of of
 

00:32:23.799 --> 00:32:26.789 align:start position:0%
protocol and around $50 million of of
liquidity<00:32:24.279><c> was</c><00:32:24.440><c> stolen</c><00:32:24.960><c> so</c><00:32:25.799><c> um</c><00:32:26.320><c> I</c><00:32:26.440><c> think</c><00:32:26.639><c> this</c>

00:32:26.789 --> 00:32:26.799 align:start position:0%
liquidity was stolen so um I think this
 

00:32:26.799 --> 00:32:29.430 align:start position:0%
liquidity was stolen so um I think this
is<00:32:27.039><c> just</c><00:32:27.240><c> like</c><00:32:27.399><c> the</c><00:32:27.559><c> type</c><00:32:28.000><c> of</c><00:32:28.200><c> exploits</c><00:32:28.960><c> that</c>

00:32:29.430 --> 00:32:29.440 align:start position:0%
is just like the type of exploits that
 

00:32:29.440 --> 00:32:32.669 align:start position:0%
is just like the type of exploits that
that<00:32:29.799><c> can</c><00:32:30.039><c> happen</c><00:32:31.000><c> um</c><00:32:31.639><c> and</c><00:32:32.120><c> that</c><00:32:32.320><c> that's</c><00:32:32.519><c> the</c>

00:32:32.669 --> 00:32:32.679 align:start position:0%
that can happen um and that that's the
 

00:32:32.679 --> 00:32:35.190 align:start position:0%
that can happen um and that that's the
things<00:32:32.919><c> that</c><00:32:33.080><c> we</c><00:32:33.240><c> need</c><00:32:33.440><c> to</c><00:32:33.760><c> protect</c><00:32:34.200><c> against</c>

00:32:35.190 --> 00:32:35.200 align:start position:0%
things that we need to protect against
 

00:32:35.200 --> 00:32:38.669 align:start position:0%
things that we need to protect against
even<00:32:36.000><c> though</c><00:32:36.440><c> we</c><00:32:36.600><c> may</c><00:32:36.880><c> trust</c><00:32:37.519><c> that</c><00:32:37.960><c> the</c><00:32:38.480><c> the</c>

00:32:38.669 --> 00:32:38.679 align:start position:0%
even though we may trust that the the
 

00:32:38.679 --> 00:32:40.230 align:start position:0%
even though we may trust that the the
the<00:32:38.840><c> team</c><00:32:39.120><c> and</c><00:32:39.279><c> if</c><00:32:39.399><c> it's</c><00:32:39.600><c> publicly</c><00:32:39.960><c> known</c>

00:32:40.230 --> 00:32:40.240 align:start position:0%
the team and if it's publicly known
 

00:32:40.240 --> 00:32:41.789 align:start position:0%
the team and if it's publicly known
people<00:32:40.559><c> there's</c><00:32:40.799><c> some</c><00:32:40.960><c> level</c><00:32:41.159><c> of</c><00:32:41.320><c> reputation</c>

00:32:41.789 --> 00:32:41.799 align:start position:0%
people there's some level of reputation
 

00:32:41.799 --> 00:32:44.590 align:start position:0%
people there's some level of reputation
in<00:32:42.039><c> that</c><00:32:42.760><c> but</c><00:32:43.120><c> I</c><00:32:43.320><c> I</c><00:32:43.399><c> think</c><00:32:43.639><c> what</c><00:32:43.880><c> the</c><00:32:44.000><c> Rya</c><00:32:44.320><c> says</c>

00:32:44.590 --> 00:32:44.600 align:start position:0%
in that but I I think what the Rya says
 

00:32:44.600 --> 00:32:46.509 align:start position:0%
in that but I I think what the Rya says
is<00:32:44.840><c> is</c><00:32:45.120><c> really</c><00:32:45.360><c> really</c><00:32:45.600><c> important</c><00:32:46.120><c> where</c><00:32:46.320><c> it's</c>

00:32:46.509 --> 00:32:46.519 align:start position:0%
is is really really important where it's
 

00:32:46.519 --> 00:32:48.909 align:start position:0%
is is really really important where it's
about<00:32:46.799><c> how</c><00:32:47.039><c> quickly</c><00:32:47.480><c> can</c><00:32:47.720><c> bad</c><00:32:48.039><c> decisions</c><00:32:48.559><c> be</c>

00:32:48.909 --> 00:32:48.919 align:start position:0%
about how quickly can bad decisions be
 

00:32:48.919 --> 00:32:52.070 align:start position:0%
about how quickly can bad decisions be
implemented<00:32:49.919><c> so</c><00:32:50.440><c> any</c><00:32:50.679><c> changes</c><00:32:51.120><c> to</c><00:32:51.279><c> a</c><00:32:51.480><c> protocol</c>

00:32:52.070 --> 00:32:52.080 align:start position:0%
implemented so any changes to a protocol
 

00:32:52.080 --> 00:32:53.629 align:start position:0%
implemented so any changes to a protocol
should<00:32:52.360><c> go</c><00:32:52.559><c> through</c><00:32:52.760><c> a</c><00:32:52.919><c> time</c><00:32:53.159><c> lock</c><00:32:53.519><c> they</c>

00:32:53.629 --> 00:32:53.639 align:start position:0%
should go through a time lock they
 

00:32:53.639 --> 00:32:56.269 align:start position:0%
should go through a time lock they
should<00:32:53.840><c> be</c><00:32:54.120><c> publicly</c><00:32:55.120><c> visible</c><00:32:55.679><c> for</c><00:32:55.960><c> some</c>

00:32:56.269 --> 00:32:56.279 align:start position:0%
should be publicly visible for some
 

00:32:56.279 --> 00:32:58.070 align:start position:0%
should be publicly visible for some
period<00:32:56.639><c> of</c><00:32:56.840><c> time</c><00:32:57.159><c> before</c><00:32:57.399><c> they</c><00:32:57.519><c> go</c><00:32:57.679><c> into</c><00:32:57.840><c> into</c>

00:32:58.070 --> 00:32:58.080 align:start position:0%
period of time before they go into into
 

00:32:58.080 --> 00:33:01.110 align:start position:0%
period of time before they go into into
effect<00:32:58.880><c> so</c><00:32:59.120><c> that</c><00:32:59.679><c> first</c><00:32:59.919><c> of</c><00:33:00.080><c> all</c><00:33:00.399><c> users</c><00:33:00.960><c> can</c>

00:33:01.110 --> 00:33:01.120 align:start position:0%
effect so that first of all users can
 

00:33:01.120 --> 00:33:02.789 align:start position:0%
effect so that first of all users can
make<00:33:01.279><c> their</c><00:33:01.440><c> own</c><00:33:01.720><c> decision</c><00:33:02.159><c> whether</c><00:33:02.440><c> they</c><00:33:02.559><c> are</c>

00:33:02.789 --> 00:33:02.799 align:start position:0%
make their own decision whether they are
 

00:33:02.799 --> 00:33:04.830 align:start position:0%
make their own decision whether they are
still<00:33:03.120><c> fine</c><00:33:03.600><c> in</c><00:33:03.760><c> holding</c><00:33:04.080><c> the</c><00:33:04.279><c> exposure</c><00:33:04.679><c> to</c>

00:33:04.830 --> 00:33:04.840 align:start position:0%
still fine in holding the exposure to
 

00:33:04.840 --> 00:33:08.470 align:start position:0%
still fine in holding the exposure to
the<00:33:05.039><c> asset</c><00:33:05.919><c> um</c><00:33:06.120><c> after</c><00:33:06.399><c> the</c><00:33:06.559><c> things</c><00:33:06.840><c> change</c><00:33:07.480><c> or</c>

00:33:08.470 --> 00:33:08.480 align:start position:0%
the asset um after the things change or
 

00:33:08.480 --> 00:33:11.029 align:start position:0%
the asset um after the things change or
um<00:33:09.000><c> even</c><00:33:09.320><c> if</c><00:33:09.440><c> it</c><00:33:09.559><c> is</c><00:33:09.720><c> some</c><00:33:09.919><c> malicious</c><00:33:10.360><c> upgrade</c>

00:33:11.029 --> 00:33:11.039 align:start position:0%
um even if it is some malicious upgrade
 

00:33:11.039 --> 00:33:13.149 align:start position:0%
um even if it is some malicious upgrade
these<00:33:11.399><c> these</c><00:33:11.919><c> changes</c><00:33:12.440><c> can</c><00:33:12.600><c> be</c><00:33:12.760><c> blocked</c>

00:33:13.149 --> 00:33:13.159 align:start position:0%
these these changes can be blocked
 

00:33:13.159 --> 00:33:15.310 align:start position:0%
these these changes can be blocked
before<00:33:13.519><c> they</c><00:33:13.799><c> affect</c><00:33:14.240><c> everyone's</c><00:33:15.159><c> uh</c>

00:33:15.310 --> 00:33:15.320 align:start position:0%
before they affect everyone's uh
 

00:33:15.320 --> 00:33:17.430 align:start position:0%
before they affect everyone's uh
everyone's

00:33:17.430 --> 00:33:17.440 align:start position:0%
everyone's
 

00:33:17.440 --> 00:33:22.269 align:start position:0%
everyone's
assets<00:33:18.600><c> awesome</c><00:33:19.600><c> um</c><00:33:20.440><c> after</c><00:33:20.720><c> the</c><00:33:20.880><c> terror</c><00:33:21.799><c> crash</c>

00:33:22.269 --> 00:33:22.279 align:start position:0%
assets awesome um after the terror crash
 

00:33:22.279 --> 00:33:24.830 align:start position:0%
assets awesome um after the terror crash
many<00:33:22.679><c> entities</c><00:33:23.679><c> have</c><00:33:23.919><c> published</c><00:33:24.360><c> their</c><00:33:24.519><c> own</c>

00:33:24.830 --> 00:33:24.840 align:start position:0%
many entities have published their own
 

00:33:24.840 --> 00:33:27.190 align:start position:0%
many entities have published their own
risk<00:33:25.200><c> assessment</c><00:33:25.639><c> framework</c><00:33:26.279><c> like</c><00:33:26.840><c> you</c><00:33:27.039><c> have</c>

00:33:27.190 --> 00:33:27.200 align:start position:0%
risk assessment framework like you have
 

00:33:27.200 --> 00:33:30.190 align:start position:0%
risk assessment framework like you have
your<00:33:27.360><c> risk</c><00:33:27.559><c> ass</c><00:33:28.000><c> framework</c><00:33:28.399><c> within</c><00:33:29.200><c> dialectic</c>

00:33:30.190 --> 00:33:30.200 align:start position:0%
your risk ass framework within dialectic
 

00:33:30.200 --> 00:33:33.190 align:start position:0%
your risk ass framework within dialectic
um<00:33:30.639><c> some</c><00:33:30.799><c> of</c><00:33:30.960><c> them</c><00:33:31.240><c> even</c><00:33:31.639><c> go</c><00:33:32.120><c> further</c><00:33:32.639><c> to</c>

00:33:33.190 --> 00:33:33.200 align:start position:0%
um some of them even go further to
 

00:33:33.200 --> 00:33:35.430 align:start position:0%
um some of them even go further to
public<00:33:33.679><c> the</c><00:33:33.840><c> final</c><00:33:34.240><c> risk</c><00:33:34.480><c> rating</c><00:33:34.840><c> for</c><00:33:35.120><c> stable</c>

00:33:35.430 --> 00:33:35.440 align:start position:0%
public the final risk rating for stable
 

00:33:35.440 --> 00:33:40.269 align:start position:0%
public the final risk rating for stable
coin<00:33:35.880><c> like</c><00:33:36.120><c> SNP</c><00:33:36.960><c> or</c><00:33:37.960><c> uh</c><00:33:38.279><c> other</c><00:33:38.919><c> agency</c><00:33:39.919><c> what</c><00:33:40.080><c> is</c>

00:33:40.269 --> 00:33:40.279 align:start position:0%
coin like SNP or uh other agency what is
 

00:33:40.279 --> 00:33:42.870 align:start position:0%
coin like SNP or uh other agency what is
the<00:33:40.519><c> best</c><00:33:40.880><c> practice</c><00:33:41.639><c> to</c><00:33:41.919><c> assess</c><00:33:42.240><c> stable</c><00:33:42.600><c> coin</c>

00:33:42.870 --> 00:33:42.880 align:start position:0%
the best practice to assess stable coin
 

00:33:42.880 --> 00:33:46.029 align:start position:0%
the best practice to assess stable coin
risk<00:33:43.639><c> and</c><00:33:44.279><c> do</c><00:33:44.440><c> you</c><00:33:44.600><c> like</c><00:33:44.799><c> the</c><00:33:45.000><c> idea</c><00:33:45.519><c> of</c><00:33:45.799><c> having</c>

00:33:46.029 --> 00:33:46.039 align:start position:0%
risk and do you like the idea of having
 

00:33:46.039 --> 00:33:49.629 align:start position:0%
risk and do you like the idea of having
a<00:33:46.159><c> final</c><00:33:46.519><c> risk</c>

00:33:49.629 --> 00:33:49.639 align:start position:0%
 
 

00:33:49.639 --> 00:33:52.029 align:start position:0%
 
rating<00:33:50.639><c> uh</c><00:33:50.880><c> yeah</c><00:33:51.039><c> I</c><00:33:51.159><c> think</c><00:33:51.279><c> it's</c><00:33:51.440><c> a</c><00:33:51.760><c> really</c>

00:33:52.029 --> 00:33:52.039 align:start position:0%
rating uh yeah I think it's a really
 

00:33:52.039 --> 00:33:54.509 align:start position:0%
rating uh yeah I think it's a really
hard<00:33:52.360><c> question</c><00:33:52.639><c> to</c><00:33:52.840><c> answer</c><00:33:53.639><c> um</c><00:33:54.120><c> people</c><00:33:54.360><c> need</c>

00:33:54.509 --> 00:33:54.519 align:start position:0%
hard question to answer um people need
 

00:33:54.519 --> 00:33:55.830 align:start position:0%
hard question to answer um people need
to<00:33:54.639><c> spend</c><00:33:54.919><c> time</c><00:33:55.080><c> in</c><00:33:55.200><c> kind</c><00:33:55.320><c> of</c><00:33:55.639><c> understanding</c>

00:33:55.830 --> 00:33:55.840 align:start position:0%
to spend time in kind of understanding
 

00:33:55.840 --> 00:33:58.269 align:start position:0%
to spend time in kind of understanding
the<00:33:55.960><c> risk</c><00:33:56.200><c> they're</c><00:33:56.320><c> taking</c><00:33:56.600><c> unfortunately</c><00:33:57.519><c> um</c>

00:33:58.269 --> 00:33:58.279 align:start position:0%
the risk they're taking unfortunately um
 

00:33:58.279 --> 00:33:59.830 align:start position:0%
the risk they're taking unfortunately um
that's<00:33:58.440><c> kind</c><00:33:58.559><c> of</c><00:33:58.639><c> one</c><00:33:58.720><c> of</c><00:33:58.799><c> the</c><00:33:58.919><c> downsides</c><00:33:59.320><c> of</c>

00:33:59.830 --> 00:33:59.840 align:start position:0%
that's kind of one of the downsides of
 

00:33:59.840 --> 00:34:00.909 align:start position:0%
that's kind of one of the downsides of
being

00:34:00.909 --> 00:34:00.919 align:start position:0%
being
 

00:34:00.919 --> 00:34:03.350 align:start position:0%
being
decentralized<00:34:01.919><c> um</c><00:34:02.600><c> I</c><00:34:02.679><c> think</c><00:34:02.799><c> a</c><00:34:02.919><c> lot</c><00:34:03.039><c> of</c><00:34:03.120><c> people</c>

00:34:03.350 --> 00:34:03.360 align:start position:0%
decentralized um I think a lot of people
 

00:34:03.360 --> 00:34:06.190 align:start position:0%
decentralized um I think a lot of people
will<00:34:03.480><c> look</c><00:34:03.600><c> at</c><00:34:03.799><c> things</c><00:34:04.120><c> like</c><00:34:04.840><c> usdc</c><00:34:05.840><c> as</c><00:34:05.960><c> being</c>

00:34:06.190 --> 00:34:06.200 align:start position:0%
will look at things like usdc as being
 

00:34:06.200 --> 00:34:07.669 align:start position:0%
will look at things like usdc as being
kind<00:34:06.320><c> of</c><00:34:06.679><c> a</c><00:34:06.760><c> flag</c><00:34:06.960><c> bear</c><00:34:07.200><c> of</c><00:34:07.279><c> what's</c><00:34:07.480><c> good</c>

00:34:07.669 --> 00:34:07.679 align:start position:0%
kind of a flag bear of what's good
 

00:34:07.679 --> 00:34:09.230 align:start position:0%
kind of a flag bear of what's good
because<00:34:07.880><c> they</c><00:34:08.079><c> trust</c><00:34:08.639><c> that</c><00:34:08.760><c> there's</c><00:34:08.919><c> a</c><00:34:09.040><c> big</c>

00:34:09.230 --> 00:34:09.240 align:start position:0%
because they trust that there's a big
 

00:34:09.240 --> 00:34:12.109 align:start position:0%
because they trust that there's a big
company<00:34:09.599><c> behind</c><00:34:09.879><c> it</c><00:34:10.760><c> that</c><00:34:11.000><c> has</c><00:34:11.399><c> lots</c><00:34:11.599><c> of</c><00:34:11.720><c> rules</c>

00:34:12.109 --> 00:34:12.119 align:start position:0%
company behind it that has lots of rules
 

00:34:12.119 --> 00:34:15.790 align:start position:0%
company behind it that has lots of rules
with<00:34:12.320><c> coinbase</c><00:34:12.760><c> and</c><00:34:12.839><c> circle</c><00:34:13.440><c> notably</c><00:34:14.599><c> um</c><00:34:15.599><c> but</c>

00:34:15.790 --> 00:34:15.800 align:start position:0%
with coinbase and circle notably um but
 

00:34:15.800 --> 00:34:17.909 align:start position:0%
with coinbase and circle notably um but
that<00:34:15.960><c> is</c><00:34:16.359><c> you</c><00:34:16.480><c> know</c><00:34:16.800><c> brings</c><00:34:17.200><c> inherent</c><00:34:17.599><c> risks</c>

00:34:17.909 --> 00:34:17.919 align:start position:0%
that is you know brings inherent risks
 

00:34:17.919 --> 00:34:19.430 align:start position:0%
that is you know brings inherent risks
inside<00:34:18.200><c> of</c><00:34:18.320><c> it</c><00:34:18.480><c> so</c><00:34:18.599><c> if</c><00:34:18.679><c> you're</c><00:34:18.839><c> looking</c><00:34:19.079><c> beyond</c>

00:34:19.430 --> 00:34:19.440 align:start position:0%
inside of it so if you're looking beyond
 

00:34:19.440 --> 00:34:21.109 align:start position:0%
inside of it so if you're looking beyond
that<00:34:19.960><c> the</c><00:34:20.079><c> one</c><00:34:20.200><c> we</c><00:34:20.359><c> hear</c><00:34:20.520><c> a</c><00:34:20.599><c> lot</c><00:34:20.800><c> when</c><00:34:20.879><c> we</c><00:34:21.000><c> talk</c>

00:34:21.109 --> 00:34:21.119 align:start position:0%
that the one we hear a lot when we talk
 

00:34:21.119 --> 00:34:23.069 align:start position:0%
that the one we hear a lot when we talk
to<00:34:21.240><c> our</c><00:34:21.320><c> users</c><00:34:21.599><c> is</c><00:34:21.760><c> a</c><00:34:21.839><c> lindin</c><00:34:22.480><c> of</c><00:34:22.679><c> how</c><00:34:22.800><c> long</c><00:34:22.960><c> a</c>

00:34:23.069 --> 00:34:23.079 align:start position:0%
to our users is a lindin of how long a
 

00:34:23.079 --> 00:34:24.589 align:start position:0%
to our users is a lindin of how long a
token's<00:34:23.399><c> been</c><00:34:23.560><c> around</c><00:34:23.960><c> and</c><00:34:24.119><c> and</c><00:34:24.240><c> proven</c>

00:34:24.589 --> 00:34:24.599 align:start position:0%
token's been around and and proven
 

00:34:24.599 --> 00:34:26.909 align:start position:0%
token's been around and and proven
itself<00:34:25.280><c> how</c><00:34:25.440><c> big</c><00:34:25.599><c> it</c><00:34:25.760><c> is</c><00:34:26.200><c> um</c><00:34:26.399><c> but</c><00:34:26.520><c> that's</c><00:34:26.800><c> kind</c>

00:34:26.909 --> 00:34:26.919 align:start position:0%
itself how big it is um but that's kind
 

00:34:26.919 --> 00:34:29.710 align:start position:0%
itself how big it is um but that's kind
of<00:34:27.040><c> just</c><00:34:27.159><c> an</c><00:34:27.320><c> effect</c><00:34:27.879><c> because</c><00:34:28.879><c> Tera</c><00:34:29.359><c> was</c><00:34:29.520><c> very</c>

00:34:29.710 --> 00:34:29.720 align:start position:0%
of just an effect because Tera was very
 

00:34:29.720 --> 00:34:31.470 align:start position:0%
of just an effect because Tera was very
big<00:34:29.960><c> and</c><00:34:30.159><c> and</c><00:34:30.280><c> was</c><00:34:30.480><c> around</c><00:34:30.720><c> for</c><00:34:30.879><c> a</c><00:34:31.000><c> while</c><00:34:31.200><c> so</c><00:34:31.359><c> it</c>

00:34:31.470 --> 00:34:31.480 align:start position:0%
big and and was around for a while so it
 

00:34:31.480 --> 00:34:33.349 align:start position:0%
big and and was around for a while so it
would<00:34:31.919><c> wouldn't</c><00:34:32.200><c> pass</c><00:34:32.359><c> on</c><00:34:32.560><c> that</c>

00:34:33.349 --> 00:34:33.359 align:start position:0%
would wouldn't pass on that
 

00:34:33.359 --> 00:34:34.829 align:start position:0%
would wouldn't pass on that
understanding<00:34:33.639><c> some</c><00:34:33.760><c> of</c><00:34:33.879><c> the</c><00:34:34.000><c> economics</c><00:34:34.599><c> and</c>

00:34:34.829 --> 00:34:34.839 align:start position:0%
understanding some of the economics and
 

00:34:34.839 --> 00:34:36.869 align:start position:0%
understanding some of the economics and
and<00:34:35.320><c> having</c><00:34:35.720><c> people</c><00:34:35.960><c> that</c><00:34:36.079><c> can</c><00:34:36.240><c> evaluate</c><00:34:36.720><c> that</c>

00:34:36.869 --> 00:34:36.879 align:start position:0%
and having people that can evaluate that
 

00:34:36.879 --> 00:34:38.629 align:start position:0%
and having people that can evaluate that
is<00:34:37.040><c> important</c><00:34:37.599><c> you</c><00:34:37.720><c> mentioned</c><00:34:38.240><c> kind</c><00:34:38.359><c> of</c><00:34:38.440><c> the</c>

00:34:38.629 --> 00:34:38.639 align:start position:0%
is important you mentioned kind of the
 

00:34:38.639 --> 00:34:40.829 align:start position:0%
is important you mentioned kind of the
modeling<00:34:39.639><c> um</c><00:34:40.040><c> there</c><00:34:40.159><c> are</c><00:34:40.359><c> companies</c><00:34:40.679><c> out</c>

00:34:40.829 --> 00:34:40.839 align:start position:0%
modeling um there are companies out
 

00:34:40.839 --> 00:34:41.909 align:start position:0%
modeling um there are companies out
there<00:34:41.000><c> that</c><00:34:41.079><c> are</c><00:34:41.240><c> trying</c><00:34:41.440><c> to</c><00:34:41.560><c> do</c><00:34:41.679><c> some</c><00:34:41.800><c> of</c>

00:34:41.909 --> 00:34:41.919 align:start position:0%
there that are trying to do some of
 

00:34:41.919 --> 00:34:43.310 align:start position:0%
there that are trying to do some of
these<00:34:42.040><c> risk</c><00:34:42.280><c> weightings</c><00:34:42.599><c> and</c><00:34:42.760><c> I'm</c><00:34:42.919><c> I'm</c><00:34:43.040><c> a</c><00:34:43.159><c> big</c>

00:34:43.310 --> 00:34:43.320 align:start position:0%
these risk weightings and I'm I'm a big
 

00:34:43.320 --> 00:34:45.310 align:start position:0%
these risk weightings and I'm I'm a big
fan<00:34:43.480><c> of</c><00:34:43.599><c> it</c><00:34:43.879><c> personally</c><00:34:44.720><c> um</c><00:34:44.839><c> because</c><00:34:45.040><c> I</c><00:34:45.119><c> don't</c>

00:34:45.310 --> 00:34:45.320 align:start position:0%
fan of it personally um because I don't
 

00:34:45.320 --> 00:34:48.349 align:start position:0%
fan of it personally um because I don't
know<00:34:45.480><c> that</c><00:34:45.639><c> everybody</c><00:34:46.119><c> has</c><00:34:46.760><c> uh</c><00:34:46.960><c> the</c><00:34:47.159><c> time</c><00:34:47.599><c> or</c>

00:34:48.349 --> 00:34:48.359 align:start position:0%
know that everybody has uh the time or
 

00:34:48.359 --> 00:34:49.790 align:start position:0%
know that everybody has uh the time or
uh<00:34:48.480><c> the</c><00:34:48.639><c> interest</c><00:34:49.000><c> to</c><00:34:49.159><c> go</c><00:34:49.280><c> through</c><00:34:49.480><c> and</c><00:34:49.599><c> dig</c>

00:34:49.790 --> 00:34:49.800 align:start position:0%
uh the interest to go through and dig
 

00:34:49.800 --> 00:34:50.869 align:start position:0%
uh the interest to go through and dig
through<00:34:49.960><c> that</c><00:34:50.159><c> they</c><00:34:50.280><c> just</c><00:34:50.399><c> say</c><00:34:50.639><c> I</c><00:34:50.720><c> want</c>

00:34:50.869 --> 00:34:50.879 align:start position:0%
through that they just say I want
 

00:34:50.879 --> 00:34:52.149 align:start position:0%
through that they just say I want
something<00:34:51.200><c> that</c><00:34:51.440><c> that's</c><00:34:51.639><c> a</c><00:34:51.760><c> dollar</c><00:34:52.000><c> and</c><00:34:52.079><c> I</c>

00:34:52.149 --> 00:34:52.159 align:start position:0%
something that that's a dollar and I
 

00:34:52.159 --> 00:34:53.829 align:start position:0%
something that that's a dollar and I
want<00:34:52.240><c> it</c><00:34:52.320><c> to</c><00:34:52.399><c> be</c><00:34:52.520><c> a</c><00:34:52.639><c> dollar</c><00:34:53.159><c> today</c><00:34:53.560><c> and</c><00:34:53.679><c> a</c>

00:34:53.829 --> 00:34:53.839 align:start position:0%
want it to be a dollar today and a
 

00:34:53.839 --> 00:34:56.310 align:start position:0%
want it to be a dollar today and a
dollar<00:34:54.079><c> in</c><00:34:54.159><c> the</c><00:34:54.359><c> future</c><00:34:55.359><c> um</c><00:34:55.639><c> so</c><00:34:55.919><c> giving</c><00:34:56.119><c> them</c>

00:34:56.310 --> 00:34:56.320 align:start position:0%
dollar in the future um so giving them
 

00:34:56.320 --> 00:34:58.310 align:start position:0%
dollar in the future um so giving them
tools<00:34:56.720><c> I</c><00:34:56.800><c> think</c><00:34:57.000><c> is</c><00:34:57.240><c> is</c><00:34:57.400><c> a</c><00:34:57.760><c> great</c><00:34:57.920><c> thing</c><00:34:58.119><c> and</c><00:34:58.240><c> I</c>

00:34:58.310 --> 00:34:58.320 align:start position:0%
tools I think is is a great thing and I
 

00:34:58.320 --> 00:35:00.430 align:start position:0%
tools I think is is a great thing and I
would<00:34:58.480><c> challenge</c><00:34:58.880><c> the</c><00:34:59.000><c> community</c><00:35:00.000><c> uh</c><00:35:00.119><c> to</c><00:35:00.280><c> come</c>

00:35:00.430 --> 00:35:00.440 align:start position:0%
would challenge the community uh to come
 

00:35:00.440 --> 00:35:02.109 align:start position:0%
would challenge the community uh to come
up<00:35:00.599><c> with</c><00:35:00.800><c> more</c><00:35:01.040><c> Frameworks</c><00:35:01.560><c> that</c><00:35:01.680><c> we</c><00:35:01.760><c> can</c><00:35:01.960><c> look</c>

00:35:02.109 --> 00:35:02.119 align:start position:0%
up with more Frameworks that we can look
 

00:35:02.119 --> 00:35:04.470 align:start position:0%
up with more Frameworks that we can look
at<00:35:02.920><c> uh</c><00:35:03.040><c> and</c><00:35:03.160><c> hopefully</c><00:35:03.480><c> one</c><00:35:03.599><c> of</c><00:35:03.839><c> those</c><00:35:04.200><c> itself</c>

00:35:04.470 --> 00:35:04.480 align:start position:0%
at uh and hopefully one of those itself
 

00:35:04.480 --> 00:35:06.030 align:start position:0%
at uh and hopefully one of those itself
will<00:35:04.640><c> become</c><00:35:04.839><c> Lindy</c><00:35:05.240><c> so</c><00:35:05.400><c> people</c><00:35:05.560><c> can</c><00:35:05.760><c> look</c><00:35:05.920><c> at</c>

00:35:06.030 --> 00:35:06.040 align:start position:0%
will become Lindy so people can look at
 

00:35:06.040 --> 00:35:08.190 align:start position:0%
will become Lindy so people can look at
it<00:35:06.640><c> uh</c><00:35:06.760><c> and</c><00:35:06.960><c> say</c><00:35:07.320><c> you</c><00:35:07.440><c> know</c><00:35:07.680><c> these</c><00:35:07.800><c> are</c><00:35:07.960><c> some</c><00:35:08.079><c> of</c>

00:35:08.190 --> 00:35:08.200 align:start position:0%
it uh and say you know these are some of
 

00:35:08.200 --> 00:35:09.870 align:start position:0%
it uh and say you know these are some of
the<00:35:08.280><c> Frameworks</c><00:35:08.680><c> that</c><00:35:08.800><c> we</c><00:35:08.920><c> like</c><00:35:09.200><c> best</c><00:35:09.760><c> and</c>

00:35:09.870 --> 00:35:09.880 align:start position:0%
the Frameworks that we like best and
 

00:35:09.880 --> 00:35:11.589 align:start position:0%
the Frameworks that we like best and
hopefully<00:35:10.200><c> those</c><00:35:10.320><c> don't</c><00:35:10.560><c> become</c><00:35:10.839><c> corrupted</c>

00:35:11.589 --> 00:35:11.599 align:start position:0%
hopefully those don't become corrupted
 

00:35:11.599 --> 00:35:13.349 align:start position:0%
hopefully those don't become corrupted
um<00:35:11.760><c> as</c><00:35:11.880><c> we've</c><00:35:12.040><c> seen</c><00:35:12.200><c> with</c><00:35:12.320><c> other</c><00:35:12.440><c> ratings</c>

00:35:13.349 --> 00:35:13.359 align:start position:0%
um as we've seen with other ratings
 

00:35:13.359 --> 00:35:17.270 align:start position:0%
um as we've seen with other ratings
agencies<00:35:14.359><c> I</c><00:35:14.560><c> thought</c><00:35:15.440><c> AR</c><00:35:15.920><c> want</c><00:35:16.040><c> to</c><00:35:16.200><c> add</c><00:35:16.359><c> on</c>

00:35:17.270 --> 00:35:17.280 align:start position:0%
agencies I thought AR want to add on
 

00:35:17.280 --> 00:35:19.550 align:start position:0%
agencies I thought AR want to add on
something<00:35:18.280><c> I</c><00:35:18.400><c> definitely</c><00:35:18.880><c> think</c><00:35:19.240><c> risk</c>

00:35:19.550 --> 00:35:19.560 align:start position:0%
something I definitely think risk
 

00:35:19.560 --> 00:35:22.550 align:start position:0%
something I definitely think risk
Frameworks<00:35:20.200><c> are</c><00:35:20.520><c> like</c><00:35:20.680><c> a</c><00:35:21.079><c> net</c><00:35:21.480><c> positive</c><00:35:22.400><c> the</c>

00:35:22.550 --> 00:35:22.560 align:start position:0%
Frameworks are like a net positive the
 

00:35:22.560 --> 00:35:26.750 align:start position:0%
Frameworks are like a net positive the
one<00:35:23.040><c> beef</c><00:35:23.520><c> I</c><00:35:23.640><c> would</c><00:35:23.920><c> have</c><00:35:24.520><c> is</c><00:35:24.800><c> that</c><00:35:25.800><c> uh</c><00:35:26.640><c> in</c>

00:35:26.750 --> 00:35:26.760 align:start position:0%
one beef I would have is that uh in
 

00:35:26.760 --> 00:35:30.950 align:start position:0%
one beef I would have is that uh in
terms<00:35:27.040><c> of</c><00:35:27.440><c> like</c><00:35:27.760><c> giving</c><00:35:28.079><c> One</c><00:35:28.520><c> summary</c><00:35:29.359><c> stat</c><00:35:30.359><c> uh</c>

00:35:30.950 --> 00:35:30.960 align:start position:0%
terms of like giving One summary stat uh
 

00:35:30.960 --> 00:35:32.990 align:start position:0%
terms of like giving One summary stat uh
it<00:35:31.119><c> is</c><00:35:31.560><c> usually</c><00:35:31.880><c> just</c><00:35:32.040><c> like</c><00:35:32.160><c> a</c><00:35:32.280><c> big</c>

00:35:32.990 --> 00:35:33.000 align:start position:0%
it is usually just like a big
 

00:35:33.000 --> 00:35:34.589 align:start position:0%
it is usually just like a big
oversimplification<00:35:34.000><c> because</c><00:35:34.200><c> there's</c><00:35:34.440><c> so</c>

00:35:34.589 --> 00:35:34.599 align:start position:0%
oversimplification because there's so
 

00:35:34.599 --> 00:35:37.109 align:start position:0%
oversimplification because there's so
many<00:35:35.200><c> different</c><00:35:35.880><c> risks</c><00:35:36.599><c> and</c><00:35:36.720><c> it</c><00:35:36.880><c> really</c>

00:35:37.109 --> 00:35:37.119 align:start position:0%
many different risks and it really
 

00:35:37.119 --> 00:35:39.829 align:start position:0%
many different risks and it really
depends<00:35:37.560><c> on</c><00:35:38.160><c> who</c><00:35:38.400><c> you</c><00:35:38.560><c> are</c><00:35:39.240><c> and</c><00:35:39.440><c> what</c><00:35:39.560><c> you're</c>

00:35:39.829 --> 00:35:39.839 align:start position:0%
depends on who you are and what you're
 

00:35:39.839 --> 00:35:43.829 align:start position:0%
depends on who you are and what you're
using<00:35:40.560><c> the</c><00:35:40.760><c> asset</c><00:35:41.160><c> for</c><00:35:41.960><c> in</c><00:35:42.119><c> terms</c><00:35:42.480><c> of</c><00:35:42.920><c> uh</c><00:35:43.599><c> what</c>

00:35:43.829 --> 00:35:43.839 align:start position:0%
using the asset for in terms of uh what
 

00:35:43.839 --> 00:35:46.550 align:start position:0%
using the asset for in terms of uh what
the<00:35:44.000><c> risks</c><00:35:44.320><c> mean</c><00:35:44.560><c> to</c><00:35:44.760><c> you</c><00:35:45.240><c> and</c><00:35:45.480><c> what</c><00:35:45.680><c> the</c><00:35:45.920><c> like</c>

00:35:46.550 --> 00:35:46.560 align:start position:0%
the risks mean to you and what the like
 

00:35:46.560 --> 00:35:49.390 align:start position:0%
the risks mean to you and what the like
best<00:35:47.440><c> uh</c><00:35:47.760><c> solution</c><00:35:48.280><c> is</c><00:35:48.640><c> actually</c><00:35:49.119><c> actually</c>

00:35:49.390 --> 00:35:49.400 align:start position:0%
best uh solution is actually actually
 

00:35:49.400 --> 00:35:53.309 align:start position:0%
best uh solution is actually actually
for<00:35:49.720><c> you</c><00:35:50.720><c> um</c><00:35:51.000><c> and</c><00:35:51.760><c> depending</c><00:35:52.280><c> on</c><00:35:52.680><c> uh</c><00:35:52.920><c> on</c><00:35:53.160><c> what</c>

00:35:53.309 --> 00:35:53.319 align:start position:0%
for you um and depending on uh on what
 

00:35:53.319 --> 00:35:55.710 align:start position:0%
for you um and depending on uh on what
your<00:35:53.640><c> preferences</c><00:35:54.160><c> are</c><00:35:54.440><c> you</c><00:35:54.599><c> might</c><00:35:54.920><c> prefer</c>

00:35:55.710 --> 00:35:55.720 align:start position:0%
your preferences are you might prefer
 

00:35:55.720 --> 00:35:58.270 align:start position:0%
your preferences are you might prefer
usdc<00:35:56.480><c> it's</c><00:35:56.720><c> a</c><00:35:56.920><c> it's</c><00:35:57.079><c> extremely</c><00:35:57.640><c> liquid</c><00:35:57.960><c> it</c><00:35:58.119><c> has</c>

00:35:58.270 --> 00:35:58.280 align:start position:0%
usdc it's a it's extremely liquid it has
 

00:35:58.280 --> 00:36:01.750 align:start position:0%
usdc it's a it's extremely liquid it has
a<00:35:58.920><c> a</c><00:35:59.160><c> relatively</c><00:35:59.640><c> trusted</c><00:36:00.079><c> company</c><00:36:00.520><c> behind</c><00:36:00.839><c> it</c>

00:36:01.750 --> 00:36:01.760 align:start position:0%
a a relatively trusted company behind it
 

00:36:01.760 --> 00:36:04.390 align:start position:0%
a a relatively trusted company behind it
uh<00:36:02.760><c> I</c><00:36:02.839><c> mean</c><00:36:02.960><c> it</c><00:36:03.119><c> had</c><00:36:03.359><c> ran</c><00:36:03.560><c> into</c><00:36:03.839><c> issues</c><00:36:04.200><c> of</c>

00:36:04.390 --> 00:36:04.400 align:start position:0%
uh I mean it had ran into issues of
 

00:36:04.400 --> 00:36:07.150 align:start position:0%
uh I mean it had ran into issues of
course<00:36:04.720><c> so</c><00:36:05.440><c> that's</c><00:36:06.440><c> probably</c><00:36:06.720><c> shouldn't</c><00:36:07.000><c> have</c>

00:36:07.150 --> 00:36:07.160 align:start position:0%
course so that's probably shouldn't have
 

00:36:07.160 --> 00:36:10.589 align:start position:0%
course so that's probably shouldn't have
happened<00:36:07.520><c> but</c><00:36:07.599><c> it</c><00:36:07.760><c> did</c><00:36:08.160><c> uh</c><00:36:09.119><c> uh</c><00:36:09.359><c> but</c><00:36:10.079><c> they</c><00:36:10.440><c> they</c>

00:36:10.589 --> 00:36:10.599 align:start position:0%
happened but it did uh uh but they they
 

00:36:10.599 --> 00:36:13.670 align:start position:0%
happened but it did uh uh but they they
got<00:36:10.880><c> past</c><00:36:11.119><c> it</c><00:36:11.599><c> uh</c><00:36:12.040><c> it</c><00:36:12.160><c> works</c><00:36:12.440><c> fairly</c><00:36:12.800><c> well</c><00:36:13.520><c> uh</c>

00:36:13.670 --> 00:36:13.680 align:start position:0%
got past it uh it works fairly well uh
 

00:36:13.680 --> 00:36:16.109 align:start position:0%
got past it uh it works fairly well uh
but<00:36:13.800><c> for</c><00:36:14.000><c> other</c><00:36:14.280><c> people</c><00:36:15.040><c> uh</c><00:36:15.200><c> they</c><00:36:15.319><c> may</c><00:36:15.720><c> like</c>

00:36:16.109 --> 00:36:16.119 align:start position:0%
but for other people uh they may like
 

00:36:16.119 --> 00:36:18.630 align:start position:0%
but for other people uh they may like
liquidy<00:36:16.640><c> for</c><00:36:16.800><c> instance</c><00:36:17.680><c> uh</c><00:36:17.800><c> but</c><00:36:17.880><c> liquidy</c><00:36:18.319><c> also</c>

00:36:18.630 --> 00:36:18.640 align:start position:0%
liquidy for instance uh but liquidy also
 

00:36:18.640 --> 00:36:21.270 align:start position:0%
liquidy for instance uh but liquidy also
has<00:36:18.920><c> its</c><00:36:19.079><c> own</c><00:36:19.560><c> risks</c><00:36:20.119><c> one</c><00:36:20.240><c> of</c><00:36:20.400><c> them</c><00:36:20.640><c> being</c><00:36:21.079><c> it's</c>

00:36:21.270 --> 00:36:21.280 align:start position:0%
has its own risks one of them being it's
 

00:36:21.280 --> 00:36:23.829 align:start position:0%
has its own risks one of them being it's
much<00:36:21.480><c> more</c><00:36:21.920><c> price</c><00:36:22.400><c> volatile</c><00:36:23.400><c> uh</c><00:36:23.599><c> and</c>

00:36:23.829 --> 00:36:23.839 align:start position:0%
much more price volatile uh and
 

00:36:23.839 --> 00:36:26.030 align:start position:0%
much more price volatile uh and
inherently<00:36:24.440><c> not</c><00:36:24.599><c> as</c><00:36:24.920><c> liquid</c><00:36:25.319><c> too</c><00:36:25.599><c> because</c><00:36:25.839><c> you</c>

00:36:26.030 --> 00:36:26.040 align:start position:0%
inherently not as liquid too because you
 

00:36:26.040 --> 00:36:28.990 align:start position:0%
inherently not as liquid too because you
have<00:36:26.200><c> to</c><00:36:26.640><c> uh</c><00:36:26.920><c> you</c><00:36:27.040><c> have</c><00:36:27.160><c> to</c><00:36:27.760><c> over</c><00:36:28.000><c> such</c><00:36:28.160><c> a</c><00:36:28.560><c> wider</c>

00:36:28.990 --> 00:36:29.000 align:start position:0%
have to uh you have to over such a wider
 

00:36:29.000 --> 00:36:32.510 align:start position:0%
have to uh you have to over such a wider
wider<00:36:29.520><c> region</c><00:36:30.520><c> um</c><00:36:31.079><c> but</c><00:36:31.280><c> it</c><00:36:31.599><c> like</c><00:36:31.839><c> is</c><00:36:32.079><c> better</c>

00:36:32.510 --> 00:36:32.520 align:start position:0%
wider region um but it like is better
 

00:36:32.520 --> 00:36:34.829 align:start position:0%
wider region um but it like is better
when<00:36:32.640><c> it</c><00:36:32.760><c> comes</c><00:36:33.000><c> to</c><00:36:33.240><c> to</c><00:36:33.400><c> other</c><00:36:33.640><c> risk</c><00:36:33.920><c> factors</c>

00:36:34.829 --> 00:36:34.839 align:start position:0%
when it comes to to other risk factors
 

00:36:34.839 --> 00:36:38.309 align:start position:0%
when it comes to to other risk factors
like<00:36:35.720><c> like</c><00:36:35.880><c> using</c><00:36:36.839><c> purely</c><00:36:37.240><c> decentralized</c>

00:36:38.309 --> 00:36:38.319 align:start position:0%
like like using purely decentralized
 

00:36:38.319 --> 00:36:41.230 align:start position:0%
like like using purely decentralized
collateral<00:36:39.319><c> um</c><00:36:40.040><c> and</c><00:36:40.640><c> there</c><00:36:40.800><c> there's</c><00:36:41.000><c> more</c>

00:36:41.230 --> 00:36:41.240 align:start position:0%
collateral um and there there's more
 

00:36:41.240 --> 00:36:43.390 align:start position:0%
collateral um and there there's more
than<00:36:41.400><c> just</c><00:36:41.599><c> this</c><00:36:41.800><c> too</c><00:36:42.119><c> there's</c><00:36:42.319><c> like</c><00:36:42.520><c> many</c>

00:36:43.390 --> 00:36:43.400 align:start position:0%
than just this too there's like many
 

00:36:43.400 --> 00:36:44.910 align:start position:0%
than just this too there's like many
many<00:36:43.680><c> different</c><00:36:43.920><c> reasons</c><00:36:44.240><c> you</c><00:36:44.400><c> might</c><00:36:44.680><c> even</c>

00:36:44.910 --> 00:36:44.920 align:start position:0%
many different reasons you might even
 

00:36:44.920 --> 00:36:46.710 align:start position:0%
many different reasons you might even
prefer<00:36:45.319><c> other</c><00:36:45.520><c> stable</c><00:36:45.920><c> coins</c><00:36:46.280><c> than</c><00:36:46.520><c> than</c>

00:36:46.710 --> 00:36:46.720 align:start position:0%
prefer other stable coins than than
 

00:36:46.720 --> 00:36:50.630 align:start position:0%
prefer other stable coins than than
these<00:36:47.000><c> two</c><00:36:48.480><c> um</c><00:36:49.480><c> this</c><00:36:49.599><c> was</c><00:36:49.839><c> part</c><00:36:50.000><c> of</c><00:36:50.280><c> also</c><00:36:50.480><c> the</c>

00:36:50.630 --> 00:36:50.640 align:start position:0%
these two um this was part of also the
 

00:36:50.640 --> 00:36:52.990 align:start position:0%
these two um this was part of also the
motivation<00:36:51.079><c> for</c><00:36:51.280><c> why</c><00:36:51.440><c> we</c><00:36:51.640><c> built</c><00:36:52.079><c> gyroscope</c>

00:36:52.990 --> 00:36:53.000 align:start position:0%
motivation for why we built gyroscope
 

00:36:53.000 --> 00:36:54.510 align:start position:0%
motivation for why we built gyroscope
because<00:36:53.359><c> we</c><00:36:53.480><c> wanted</c><00:36:53.760><c> to</c><00:36:53.920><c> make</c><00:36:54.119><c> something</c><00:36:54.400><c> that</c>

00:36:54.510 --> 00:36:54.520 align:start position:0%
because we wanted to make something that
 

00:36:54.520 --> 00:36:56.950 align:start position:0%
because we wanted to make something that
was<00:36:54.760><c> easier</c><00:36:55.240><c> for</c><00:36:55.640><c> for</c><00:36:55.880><c> most</c><00:36:56.200><c> people</c><00:36:56.440><c> to</c><00:36:56.599><c> use</c><00:36:56.800><c> or</c>

00:36:56.950 --> 00:36:56.960 align:start position:0%
was easier for for most people to use or
 

00:36:56.960 --> 00:36:58.950 align:start position:0%
was easier for for most people to use or
what<00:36:57.079><c> we</c><00:36:57.200><c> think</c><00:36:57.640><c> like</c><00:36:57.880><c> most</c><00:36:58.119><c> users</c><00:36:58.480><c> of</c><00:36:58.599><c> stable</c>

00:36:58.950 --> 00:36:58.960 align:start position:0%
what we think like most users of stable
 

00:36:58.960 --> 00:37:01.230 align:start position:0%
what we think like most users of stable
coins<00:36:59.240><c> are</c><00:36:59.880><c> that</c><00:37:00.040><c> can</c><00:37:00.280><c> just</c><00:37:00.440><c> handle</c><00:37:00.800><c> the</c><00:37:00.920><c> risks</c>

00:37:01.230 --> 00:37:01.240 align:start position:0%
coins are that can just handle the risks
 

00:37:01.240 --> 00:37:04.150 align:start position:0%
coins are that can just handle the risks
for<00:37:01.480><c> you</c><00:37:01.720><c> and</c><00:37:01.920><c> kind</c><00:37:02.040><c> of</c><00:37:02.359><c> like</c><00:37:02.680><c> uh</c><00:37:03.200><c> balance</c><00:37:03.760><c> the</c>

00:37:04.150 --> 00:37:04.160 align:start position:0%
for you and kind of like uh balance the
 

00:37:04.160 --> 00:37:06.030 align:start position:0%
for you and kind of like uh balance the
the<00:37:04.280><c> various</c><00:37:04.599><c> different</c><00:37:04.880><c> risks</c><00:37:05.280><c> but</c><00:37:05.560><c> still</c>

00:37:06.030 --> 00:37:06.040 align:start position:0%
the various different risks but still
 

00:37:06.040 --> 00:37:07.510 align:start position:0%
the various different risks but still
you<00:37:06.200><c> might</c><00:37:06.400><c> prefer</c><00:37:06.720><c> kind</c><00:37:06.839><c> of</c><00:37:07.000><c> like</c><00:37:07.119><c> taking</c><00:37:07.319><c> on</c>

00:37:07.510 --> 00:37:07.520 align:start position:0%
you might prefer kind of like taking on
 

00:37:07.520 --> 00:37:09.670 align:start position:0%
you might prefer kind of like taking on
more<00:37:07.720><c> of</c><00:37:07.880><c> one</c><00:37:08.160><c> risk</c><00:37:08.520><c> than</c><00:37:08.760><c> a</c><00:37:08.960><c> gyroscope</c><00:37:09.520><c> would</c>

00:37:09.670 --> 00:37:09.680 align:start position:0%
more of one risk than a gyroscope would
 

00:37:09.680 --> 00:37:12.309 align:start position:0%
more of one risk than a gyroscope would
take<00:37:09.839><c> on</c><00:37:10.040><c> for</c><00:37:10.280><c> you</c><00:37:10.760><c> and</c><00:37:11.000><c> less</c><00:37:11.359><c> of</c><00:37:11.760><c> of</c><00:37:11.920><c> another</c>

00:37:12.309 --> 00:37:12.319 align:start position:0%
take on for you and less of of another
 

00:37:12.319 --> 00:37:14.589 align:start position:0%
take on for you and less of of another
you<00:37:12.440><c> might</c><00:37:12.680><c> not</c><00:37:12.920><c> want</c><00:37:13.160><c> the</c><00:37:13.319><c> balanced</c><00:37:13.760><c> approach</c>

00:37:14.589 --> 00:37:14.599 align:start position:0%
you might not want the balanced approach
 

00:37:14.599 --> 00:37:15.990 align:start position:0%
you might not want the balanced approach
but<00:37:14.720><c> it</c><00:37:14.800><c> sounds</c><00:37:15.040><c> like</c><00:37:15.160><c> you</c><00:37:15.240><c> don't</c><00:37:15.400><c> like</c><00:37:15.720><c> giving</c>

00:37:15.990 --> 00:37:16.000 align:start position:0%
but it sounds like you don't like giving
 

00:37:16.000 --> 00:37:18.069 align:start position:0%
but it sounds like you don't like giving
users<00:37:16.440><c> the</c><00:37:16.599><c> information</c><00:37:17.319><c> of</c><00:37:17.560><c> why</c><00:37:17.760><c> they</c><00:37:17.839><c> should</c>

00:37:18.069 --> 00:37:18.079 align:start position:0%
users the information of why they should
 

00:37:18.079 --> 00:37:19.589 align:start position:0%
users the information of why they should
trust<00:37:18.319><c> you</c><00:37:18.520><c> they</c><00:37:18.599><c> should</c><00:37:18.800><c> just</c><00:37:19.079><c> do</c><00:37:19.280><c> their</c><00:37:19.400><c> own</c>

00:37:19.589 --> 00:37:19.599 align:start position:0%
trust you they should just do their own
 

00:37:19.599 --> 00:37:21.430 align:start position:0%
trust you they should just do their own
research<00:37:20.400><c> and</c><00:37:20.520><c> figure</c><00:37:20.800><c> that</c><00:37:20.960><c> out</c><00:37:21.240><c> you're</c>

00:37:21.430 --> 00:37:21.440 align:start position:0%
research and figure that out you're
 

00:37:21.440 --> 00:37:23.030 align:start position:0%
research and figure that out you're
against<00:37:21.680><c> the</c>

00:37:23.030 --> 00:37:23.040 align:start position:0%
against the
 

00:37:23.040 --> 00:37:24.589 align:start position:0%
against the
simplification

00:37:24.589 --> 00:37:24.599 align:start position:0%
simplification
 

00:37:24.599 --> 00:37:26.309 align:start position:0%
simplification
um<00:37:25.599><c> I</c>

00:37:26.309 --> 00:37:26.319 align:start position:0%
um I
 

00:37:26.319 --> 00:37:28.790 align:start position:0%
um I
would<00:37:27.319><c> I</c><00:37:27.520><c> I</c><00:37:27.599><c> think</c><00:37:28.000><c> having</c><00:37:28.240><c> the</c><00:37:28.400><c> information</c>

00:37:28.790 --> 00:37:28.800 align:start position:0%
would I I think having the information
 

00:37:28.800 --> 00:37:31.470 align:start position:0%
would I I think having the information
out<00:37:29.040><c> there</c><00:37:29.359><c> definitely</c><00:37:30.200><c> net</c><00:37:30.640><c> good</c><00:37:30.920><c> or</c><00:37:31.160><c> all</c>

00:37:31.470 --> 00:37:31.480 align:start position:0%
out there definitely net good or all
 

00:37:31.480 --> 00:37:34.550 align:start position:0%
out there definitely net good or all
good<00:37:32.359><c> um</c><00:37:32.920><c> but</c><00:37:33.599><c> it</c><00:37:33.760><c> feels</c><00:37:34.079><c> like</c><00:37:34.240><c> there</c><00:37:34.359><c> should</c>

00:37:34.550 --> 00:37:34.560 align:start position:0%
good um but it feels like there should
 

00:37:34.560 --> 00:37:38.349 align:start position:0%
good um but it feels like there should
be<00:37:35.240><c> maybe</c><00:37:36.240><c> something</c><00:37:36.560><c> more</c><00:37:36.839><c> connected</c><00:37:37.440><c> with</c>

00:37:38.349 --> 00:37:38.359 align:start position:0%
be maybe something more connected with
 

00:37:38.359 --> 00:37:41.390 align:start position:0%
be maybe something more connected with
like<00:37:39.359><c> uh</c><00:37:39.800><c> what</c><00:37:39.920><c> your</c><00:37:40.079><c> use</c><00:37:40.480><c> case</c><00:37:40.680><c> is</c><00:37:40.920><c> I</c><00:37:41.079><c> guess</c><00:37:41.240><c> in</c>

00:37:41.390 --> 00:37:41.400 align:start position:0%
like uh what your use case is I guess in
 

00:37:41.400 --> 00:37:43.150 align:start position:0%
like uh what your use case is I guess in
terms<00:37:41.640><c> of</c><00:37:41.880><c> like</c><00:37:42.119><c> helping</c><00:37:42.400><c> you</c><00:37:42.599><c> figure</c><00:37:42.880><c> out</c>

00:37:43.150 --> 00:37:43.160 align:start position:0%
terms of like helping you figure out
 

00:37:43.160 --> 00:37:45.030 align:start position:0%
terms of like helping you figure out
what<00:37:43.319><c> the</c><00:37:43.680><c> grade</c><00:37:44.160><c> is</c><00:37:44.400><c> for</c><00:37:44.640><c> for</c><00:37:44.800><c> different</c>

00:37:45.030 --> 00:37:45.040 align:start position:0%
what the grade is for for different
 

00:37:45.040 --> 00:37:46.109 align:start position:0%
what the grade is for for different
stable

00:37:46.109 --> 00:37:46.119 align:start position:0%
stable
 

00:37:46.119 --> 00:37:48.950 align:start position:0%
stable
coins<00:37:47.119><c> I</c><00:37:47.240><c> think</c><00:37:47.560><c> I</c><00:37:47.680><c> can</c><00:37:47.920><c> add</c><00:37:48.119><c> on</c><00:37:48.280><c> to</c><00:37:48.440><c> that</c><00:37:48.640><c> as</c><00:37:48.760><c> a</c>

00:37:48.950 --> 00:37:48.960 align:start position:0%
coins I think I can add on to that as a
 

00:37:48.960 --> 00:37:51.030 align:start position:0%
coins I think I can add on to that as a
user<00:37:49.400><c> and</c><00:37:49.520><c> then</c><00:37:49.839><c> I'm</c><00:37:49.960><c> coming</c><00:37:50.200><c> from</c><00:37:50.319><c> a</c><00:37:50.440><c> credit</c><00:37:50.800><c> R</c>

00:37:51.030 --> 00:37:51.040 align:start position:0%
user and then I'm coming from a credit R
 

00:37:51.040 --> 00:37:54.510 align:start position:0%
user and then I'm coming from a credit R
background<00:37:51.800><c> to</c><00:37:52.040><c> me</c><00:37:52.359><c> a</c><00:37:52.560><c> b</c><00:37:52.760><c> c</c><00:37:53.000><c> and</c><00:37:53.240><c> d</c><00:37:53.800><c> has</c><00:37:54.000><c> its</c><00:37:54.200><c> own</c>

00:37:54.510 --> 00:37:54.520 align:start position:0%
background to me a b c and d has its own
 

00:37:54.520 --> 00:37:57.589 align:start position:0%
background to me a b c and d has its own
meaning<00:37:55.520><c> probability</c><00:37:56.000><c> of</c><00:37:56.200><c> default</c><00:37:57.119><c> but</c><00:37:57.319><c> what</c>

00:37:57.589 --> 00:37:57.599 align:start position:0%
meaning probability of default but what
 

00:37:57.599 --> 00:38:00.230 align:start position:0%
meaning probability of default but what
does<00:37:57.800><c> AB</c><00:37:58.119><c> C</c><00:37:58.319><c> and</c><00:37:58.480><c> D</c><00:37:58.880><c> represent</c><00:37:59.640><c> in</c><00:37:59.880><c> stable</c>

00:38:00.230 --> 00:38:00.240 align:start position:0%
does AB C and D represent in stable
 

00:38:00.240 --> 00:38:03.390 align:start position:0%
does AB C and D represent in stable
coin's<00:38:00.640><c> term</c><00:38:01.599><c> so</c><00:38:02.240><c> that's</c><00:38:02.440><c> the</c><00:38:02.599><c> confusing</c><00:38:03.160><c> part</c>

00:38:03.390 --> 00:38:03.400 align:start position:0%
coin's term so that's the confusing part
 

00:38:03.400 --> 00:38:07.230 align:start position:0%
coin's term so that's the confusing part
quality<00:38:04.240><c> Trend</c><00:38:05.079><c> how</c><00:38:05.359><c> safe</c><00:38:05.680><c> it</c><00:38:05.839><c> is</c><00:38:06.400><c> it's</c><00:38:06.720><c> just</c>

00:38:07.230 --> 00:38:07.240 align:start position:0%
quality Trend how safe it is it's just
 

00:38:07.240 --> 00:38:11.390 align:start position:0%
quality Trend how safe it is it's just
unclear<00:38:08.240><c> so</c><00:38:08.440><c> to</c><00:38:08.640><c> me</c><00:38:09.400><c> the</c><00:38:10.400><c> my</c><00:38:10.720><c> best</c><00:38:11.000><c> practice</c>

00:38:11.390 --> 00:38:11.400 align:start position:0%
unclear so to me the my best practice
 

00:38:11.400 --> 00:38:13.190 align:start position:0%
unclear so to me the my best practice
will<00:38:11.599><c> be</c><00:38:11.839><c> like</c><00:38:12.160><c> the</c><00:38:12.319><c> user</c><00:38:12.640><c> has</c><00:38:12.800><c> to</c><00:38:12.880><c> do</c><00:38:13.040><c> its</c>

00:38:13.190 --> 00:38:13.200 align:start position:0%
will be like the user has to do its
 

00:38:13.200 --> 00:38:15.270 align:start position:0%
will be like the user has to do its
homework<00:38:13.760><c> right</c><00:38:13.920><c> and</c><00:38:14.000><c> then</c><00:38:14.160><c> you</c><00:38:14.359><c> look</c><00:38:14.599><c> at</c><00:38:14.880><c> risk</c>

00:38:15.270 --> 00:38:15.280 align:start position:0%
homework right and then you look at risk
 

00:38:15.280 --> 00:38:17.589 align:start position:0%
homework right and then you look at risk
in<00:38:15.560><c> different</c><00:38:16.000><c> category</c><00:38:16.880><c> and</c><00:38:17.040><c> based</c><00:38:17.280><c> on</c><00:38:17.440><c> their</c>

00:38:17.589 --> 00:38:17.599 align:start position:0%
in different category and based on their
 

00:38:17.599 --> 00:38:21.030 align:start position:0%
in different category and based on their
own<00:38:17.800><c> risk</c><00:38:18.079><c> appetite</c><00:38:19.079><c> they</c><00:38:19.359><c> look</c><00:38:19.880><c> into</c><00:38:20.880><c> the</c>

00:38:21.030 --> 00:38:21.040 align:start position:0%
own risk appetite they look into the
 

00:38:21.040 --> 00:38:22.550 align:start position:0%
own risk appetite they look into the
risk<00:38:21.280><c> rating</c><00:38:21.599><c> or</c><00:38:21.720><c> risk</c><00:38:21.920><c> score</c><00:38:22.160><c> for</c><00:38:22.280><c> each</c>

00:38:22.550 --> 00:38:22.560 align:start position:0%
risk rating or risk score for each
 

00:38:22.560 --> 00:38:24.349 align:start position:0%
risk rating or risk score for each
category<00:38:22.960><c> but</c><00:38:23.119><c> not</c><00:38:23.280><c> have</c><00:38:23.440><c> a</c><00:38:23.640><c> final</c><00:38:24.079><c> risk</c>

00:38:24.349 --> 00:38:24.359 align:start position:0%
category but not have a final risk
 

00:38:24.359 --> 00:38:27.630 align:start position:0%
category but not have a final risk
rating<00:38:24.960><c> been</c><00:38:25.240><c> given</c><00:38:25.960><c> too</c><00:38:26.319><c> handy</c><00:38:26.800><c> for</c><00:38:27.000><c> everyone</c>

00:38:27.630 --> 00:38:27.640 align:start position:0%
rating been given too handy for everyone
 

00:38:27.640 --> 00:38:30.510 align:start position:0%
rating been given too handy for everyone
and<00:38:28.440><c> as</c><00:38:28.599><c> I</c><00:38:28.760><c> say</c><00:38:28.920><c> it's</c><00:38:29.079><c> kind</c><00:38:29.200><c> of</c><00:38:29.440><c> confusing</c><00:38:30.359><c> I</c>

00:38:30.510 --> 00:38:30.520 align:start position:0%
and as I say it's kind of confusing I
 

00:38:30.520 --> 00:38:32.349 align:start position:0%
and as I say it's kind of confusing I
think<00:38:30.680><c> we</c><00:38:30.839><c> have</c><00:38:31.160><c> do</c><00:38:31.280><c> you</c><00:38:31.359><c> want</c><00:38:31.480><c> to</c><00:38:31.640><c> add</c><00:38:32.160><c> yeah</c>

00:38:32.349 --> 00:38:32.359 align:start position:0%
think we have do you want to add yeah
 

00:38:32.359 --> 00:38:35.950 align:start position:0%
think we have do you want to add yeah
just<00:38:32.680><c> also</c><00:38:33.040><c> just</c><00:38:33.280><c> like</c><00:38:33.880><c> um</c><00:38:34.520><c> like</c><00:38:35.240><c> for</c><00:38:35.680><c> some</c>

00:38:35.950 --> 00:38:35.960 align:start position:0%
just also just like um like for some
 

00:38:35.960 --> 00:38:38.069 align:start position:0%
just also just like um like for some
users<00:38:36.440><c> the</c><00:38:36.599><c> biggest</c><00:38:36.960><c> risk</c><00:38:37.319><c> is</c><00:38:37.480><c> still</c><00:38:37.680><c> self-</c>

00:38:38.069 --> 00:38:38.079 align:start position:0%
users the biggest risk is still self-
 

00:38:38.079 --> 00:38:40.390 align:start position:0%
users the biggest risk is still self-
custody<00:38:39.000><c> um</c><00:38:39.319><c> and</c><00:38:39.520><c> and</c><00:38:39.599><c> so</c><00:38:39.800><c> like</c><00:38:39.960><c> even</c><00:38:40.119><c> if</c><00:38:40.280><c> the</c>

00:38:40.390 --> 00:38:40.400 align:start position:0%
custody um and and so like even if the
 

00:38:40.400 --> 00:38:42.470 align:start position:0%
custody um and and so like even if the
stable<00:38:40.760><c> coin</c><00:38:41.040><c> and</c><00:38:41.240><c> everything</c><00:38:41.720><c> is</c><00:38:42.040><c> is</c><00:38:42.200><c> very</c>

00:38:42.470 --> 00:38:42.480 align:start position:0%
stable coin and everything is is very
 

00:38:42.480 --> 00:38:45.030 align:start position:0%
stable coin and everything is is very
safe<00:38:43.400><c> um</c><00:38:43.640><c> there's</c><00:38:43.839><c> like</c><00:38:43.960><c> a</c><00:38:44.079><c> whole</c><00:38:44.440><c> giant</c><00:38:44.839><c> group</c>

00:38:45.030 --> 00:38:45.040 align:start position:0%
safe um there's like a whole giant group
 

00:38:45.040 --> 00:38:46.870 align:start position:0%
safe um there's like a whole giant group
of<00:38:45.200><c> users</c><00:38:45.599><c> for</c><00:38:45.800><c> which</c><00:38:46.000><c> just</c><00:38:46.200><c> the</c><00:38:46.400><c> fact</c><00:38:46.640><c> that</c><00:38:46.760><c> to</c>

00:38:46.870 --> 00:38:46.880 align:start position:0%
of users for which just the fact that to
 

00:38:46.880 --> 00:38:48.430 align:start position:0%
of users for which just the fact that to
hold<00:38:47.040><c> a</c><00:38:47.200><c> stable</c><00:38:47.520><c> coin</c><00:38:47.760><c> you</c><00:38:47.880><c> need</c><00:38:48.040><c> to</c><00:38:48.160><c> have</c><00:38:48.319><c> your</c>

00:38:48.430 --> 00:38:48.440 align:start position:0%
hold a stable coin you need to have your
 

00:38:48.440 --> 00:38:51.550 align:start position:0%
hold a stable coin you need to have your
own<00:38:48.680><c> Keys</c><00:38:49.359><c> is</c><00:38:49.560><c> already</c><00:38:49.920><c> like</c><00:38:50.040><c> a</c><00:38:50.240><c> bis</c><00:38:50.960><c> big</c><00:38:51.160><c> risk</c>

00:38:51.550 --> 00:38:51.560 align:start position:0%
own Keys is already like a bis big risk
 

00:38:51.560 --> 00:38:54.109 align:start position:0%
own Keys is already like a bis big risk
factor<00:38:52.280><c> so</c><00:38:52.640><c> I</c><00:38:52.800><c> I</c><00:38:52.880><c> think</c><00:38:53.040><c> it</c><00:38:53.200><c> really</c><00:38:53.440><c> depends</c><00:38:53.880><c> on</c>

00:38:54.109 --> 00:38:54.119 align:start position:0%
factor so I I think it really depends on
 

00:38:54.119 --> 00:38:57.430 align:start position:0%
factor so I I think it really depends on
on<00:38:54.280><c> the</c><00:38:54.400><c> user</c><00:38:54.960><c> as</c><00:38:55.359><c> as</c><00:38:55.599><c> as</c><00:38:55.720><c> you</c><00:38:55.880><c> said</c><00:38:56.160><c> as</c><00:38:56.280><c> well</c><00:38:57.040><c> um</c>

00:38:57.430 --> 00:38:57.440 align:start position:0%
on the user as as as you said as well um
 

00:38:57.440 --> 00:38:59.870 align:start position:0%
on the user as as as you said as well um
well<00:38:57.560><c> like</c><00:38:57.760><c> different</c><00:38:58.000><c> users</c><00:38:58.640><c> are</c><00:38:58.920><c> fine</c><00:38:59.240><c> with</c>

00:38:59.870 --> 00:38:59.880 align:start position:0%
well like different users are fine with
 

00:38:59.880 --> 00:39:01.550 align:start position:0%
well like different users are fine with
taking<00:39:00.240><c> different</c><00:39:00.520><c> security</c><00:39:01.000><c> assumptions</c>

00:39:01.550 --> 00:39:01.560 align:start position:0%
taking different security assumptions
 

00:39:01.560 --> 00:39:04.069 align:start position:0%
taking different security assumptions
and<00:39:01.760><c> different</c><00:39:02.000><c> users</c><00:39:02.400><c> are</c><00:39:02.640><c> fine</c><00:39:03.079><c> with</c><00:39:03.880><c> um</c>

00:39:04.069 --> 00:39:04.079 align:start position:0%
and different users are fine with um
 

00:39:04.079 --> 00:39:05.910 align:start position:0%
and different users are fine with um
exposing<00:39:04.680><c> themselves</c><00:39:04.920><c> to</c><00:39:05.079><c> different</c><00:39:05.440><c> risks</c>

00:39:05.910 --> 00:39:05.920 align:start position:0%
exposing themselves to different risks
 

00:39:05.920 --> 00:39:07.750 align:start position:0%
exposing themselves to different risks
and<00:39:06.119><c> and</c><00:39:06.240><c> in</c><00:39:06.359><c> the</c><00:39:06.480><c> end</c><00:39:06.760><c> everything</c><00:39:07.200><c> is</c><00:39:07.400><c> risky</c>

00:39:07.750 --> 00:39:07.760 align:start position:0%
and and in the end everything is risky
 

00:39:07.760 --> 00:39:09.430 align:start position:0%
and and in the end everything is risky
to<00:39:07.920><c> some</c><00:39:08.160><c> extent</c><00:39:08.520><c> and</c><00:39:08.680><c> it's</c><00:39:08.880><c> just</c><00:39:09.119><c> different</c>

00:39:09.430 --> 00:39:09.440 align:start position:0%
to some extent and it's just different
 

00:39:09.440 --> 00:39:11.829 align:start position:0%
to some extent and it's just different
types<00:39:09.680><c> of</c><00:39:09.880><c> risks</c><00:39:10.880><c> and</c><00:39:11.200><c> and</c><00:39:11.319><c> it's</c><00:39:11.440><c> up</c><00:39:11.599><c> to</c><00:39:11.720><c> the</c>

00:39:11.829 --> 00:39:11.839 align:start position:0%
types of risks and and it's up to the
 

00:39:11.839 --> 00:39:13.390 align:start position:0%
types of risks and and it's up to the
user<00:39:12.079><c> to</c><00:39:12.240><c> kind</c><00:39:12.359><c> of</c><00:39:12.800><c> understand</c><00:39:13.000><c> them</c><00:39:13.160><c> and</c>

00:39:13.390 --> 00:39:13.400 align:start position:0%
user to kind of understand them and
 

00:39:13.400 --> 00:39:15.069 align:start position:0%
user to kind of understand them and
decide<00:39:13.839><c> what</c><00:39:14.000><c> they</c><00:39:14.119><c> feel</c><00:39:14.359><c> comfortable</c><00:39:14.880><c> with</c>

00:39:15.069 --> 00:39:15.079 align:start position:0%
decide what they feel comfortable with
 

00:39:15.079 --> 00:39:16.390 align:start position:0%
decide what they feel comfortable with
and<00:39:15.280><c> what</c>

00:39:16.390 --> 00:39:16.400 align:start position:0%
and what
 

00:39:16.400 --> 00:39:18.910 align:start position:0%
and what
not<00:39:17.400><c> well</c><00:39:17.560><c> we'll</c><00:39:17.760><c> have</c><00:39:18.000><c> five</c><00:39:18.200><c> minutes</c><00:39:18.560><c> left</c><00:39:18.800><c> in</c>

00:39:18.910 --> 00:39:18.920 align:start position:0%
not well we'll have five minutes left in
 

00:39:18.920 --> 00:39:22.470 align:start position:0%
not well we'll have five minutes left in
the<00:39:19.119><c> panel</c><00:39:19.720><c> so</c><00:39:20.480><c> um</c><00:39:20.720><c> to</c><00:39:20.960><c> wrap</c><00:39:21.280><c> up</c><00:39:21.800><c> what's</c><00:39:22.079><c> next</c>

00:39:22.470 --> 00:39:22.480 align:start position:0%
the panel so um to wrap up what's next
 

00:39:22.480 --> 00:39:24.270 align:start position:0%
the panel so um to wrap up what's next
with<00:39:22.640><c> you</c><00:39:23.000><c> or</c><00:39:23.200><c> with</c><00:39:23.319><c> your</c><00:39:23.560><c> project</c><00:39:23.960><c> and</c><00:39:24.119><c> then</c>

00:39:24.270 --> 00:39:24.280 align:start position:0%
with you or with your project and then
 

00:39:24.280 --> 00:39:27.109 align:start position:0%
with you or with your project and then
do<00:39:24.400><c> you</c><00:39:24.560><c> have</c><00:39:24.800><c> any</c><00:39:25.079><c> advice</c><00:39:25.560><c> for</c><00:39:25.920><c> any</c><00:39:26.599><c> potential</c>

00:39:27.109 --> 00:39:27.119 align:start position:0%
do you have any advice for any potential
 

00:39:27.119 --> 00:39:29.710 align:start position:0%
do you have any advice for any potential
state<00:39:27.599><c> Co</c><00:39:27.839><c> users</c>

00:39:29.710 --> 00:39:29.720 align:start position:0%
state Co users
 

00:39:29.720 --> 00:39:33.910 align:start position:0%
state Co users
here<00:39:30.720><c> uh</c><00:39:31.079><c> yeah</c><00:39:31.280><c> so</c><00:39:31.760><c> we're</c><00:39:31.960><c> launching</c><00:39:32.520><c> V2</c><00:39:33.000><c> soon</c>

00:39:33.910 --> 00:39:33.920 align:start position:0%
here uh yeah so we're launching V2 soon
 

00:39:33.920 --> 00:39:35.870 align:start position:0%
here uh yeah so we're launching V2 soon
um<00:39:34.560><c> we</c><00:39:34.680><c> know</c><00:39:34.839><c> what</c><00:39:34.920><c> that</c><00:39:35.040><c> means</c><00:39:35.480><c> it</c><00:39:35.560><c> will</c><00:39:35.720><c> be</c>

00:39:35.870 --> 00:39:35.880 align:start position:0%
um we know what that means it will be
 

00:39:35.880 --> 00:39:39.910 align:start position:0%
um we know what that means it will be
soon<00:39:36.200><c> though</c><00:39:37.319><c> um</c><00:39:38.319><c> uh</c><00:39:39.119><c> would</c><00:39:39.359><c> welcome</c><00:39:39.680><c> all</c><00:39:39.800><c> of</c>

00:39:39.910 --> 00:39:39.920 align:start position:0%
soon though um uh would welcome all of
 

00:39:39.920 --> 00:39:42.349 align:start position:0%
soon though um uh would welcome all of
you<00:39:40.040><c> checking</c><00:39:40.319><c> it</c><00:39:40.480><c> out</c><00:39:40.839><c> uh</c><00:39:40.960><c> liquid.</c><00:39:41.599><c> org</c><00:39:42.280><c> uh</c>

00:39:42.349 --> 00:39:42.359 align:start position:0%
you checking it out uh liquid. org uh
 

00:39:42.359 --> 00:39:43.349 align:start position:0%
you checking it out uh liquid. org uh
we'll<00:39:42.520><c> be</c><00:39:42.599><c> releasing</c><00:39:42.960><c> a</c><00:39:43.000><c> lot</c><00:39:43.119><c> more</c>

00:39:43.349 --> 00:39:43.359 align:start position:0%
we'll be releasing a lot more
 

00:39:43.359 --> 00:39:45.390 align:start position:0%
we'll be releasing a lot more
information<00:39:43.920><c> here</c><00:39:44.520><c> extremely</c><00:39:45.079><c> soon</c>

00:39:45.390 --> 00:39:45.400 align:start position:0%
information here extremely soon
 

00:39:45.400 --> 00:39:48.230 align:start position:0%
information here extremely soon
including<00:39:45.800><c> test</c><00:39:46.119><c> Nets</c><00:39:46.839><c> uh</c><00:39:47.000><c> very</c><00:39:47.280><c> very</c><00:39:47.480><c> soon</c>

00:39:48.230 --> 00:39:48.240 align:start position:0%
including test Nets uh very very soon
 

00:39:48.240 --> 00:39:49.790 align:start position:0%
including test Nets uh very very soon
I'm<00:39:48.359><c> using</c><00:39:48.640><c> soon</c><00:39:48.920><c> a</c><00:39:49.040><c> lot</c><00:39:49.240><c> so</c><00:39:49.520><c> just</c><00:39:49.599><c> to</c>

00:39:49.790 --> 00:39:49.800 align:start position:0%
I'm using soon a lot so just to
 

00:39:49.800 --> 00:39:52.270 align:start position:0%
I'm using soon a lot so just to
reinforce<00:39:50.400><c> this</c><00:39:51.319><c> um</c><00:39:51.640><c> without</c><00:39:51.839><c> giving</c><00:39:52.119><c> any</c>

00:39:52.270 --> 00:39:52.280 align:start position:0%
reinforce this um without giving any
 

00:39:52.280 --> 00:39:53.910 align:start position:0%
reinforce this um without giving any
numbers<00:39:52.760><c> but</c><00:39:53.119><c> uh</c><00:39:53.280><c> would</c><00:39:53.480><c> love</c><00:39:53.599><c> if</c><00:39:53.720><c> you</c><00:39:53.800><c> could</c>

00:39:53.910 --> 00:39:53.920 align:start position:0%
numbers but uh would love if you could
 

00:39:53.920 --> 00:39:56.950 align:start position:0%
numbers but uh would love if you could
check<00:39:54.079><c> it</c><00:39:54.200><c> out</c><00:39:55.000><c> um</c><00:39:55.680><c> on</c><00:39:55.800><c> the</c><00:39:55.920><c> yield</c><00:39:56.240><c> front</c><00:39:56.800><c> uh</c>

00:39:56.950 --> 00:39:56.960 align:start position:0%
check it out um on the yield front uh
 

00:39:56.960 --> 00:39:58.829 align:start position:0%
check it out um on the yield front uh
borrow<00:39:57.520><c> pay</c><00:39:57.680><c> money</c><00:39:57.880><c> in</c><00:39:58.240><c> 100%</c><00:39:58.560><c> of</c><00:39:58.680><c> that's</c>

00:39:58.829 --> 00:39:58.839 align:start position:0%
borrow pay money in 100% of that's
 

00:39:58.839 --> 00:40:00.870 align:start position:0%
borrow pay money in 100% of that's
passed<00:39:59.119><c> back</c><00:39:59.280><c> out</c><00:39:59.760><c> it</c><00:39:59.880><c> looks</c><00:40:00.119><c> closer</c><00:40:00.480><c> to</c><00:40:00.680><c> a</c>

00:40:00.870 --> 00:40:00.880 align:start position:0%
passed back out it looks closer to a
 

00:40:00.880 --> 00:40:03.710 align:start position:0%
passed back out it looks closer to a
public<00:40:01.160><c> good</c><00:40:01.480><c> than</c><00:40:01.880><c> some</c><00:40:02.079><c> other</c><00:40:02.280><c> things</c><00:40:03.280><c> um</c><00:40:03.560><c> so</c>

00:40:03.710 --> 00:40:03.720 align:start position:0%
public good than some other things um so
 

00:40:03.720 --> 00:40:05.710 align:start position:0%
public good than some other things um so
we're<00:40:03.880><c> very</c><00:40:04.079><c> excited</c><00:40:04.400><c> about</c><00:40:04.599><c> it</c><00:40:05.119><c> um</c><00:40:05.440><c> it</c><00:40:05.560><c> is</c>

00:40:05.710 --> 00:40:05.720 align:start position:0%
we're very excited about it um it is
 

00:40:05.720 --> 00:40:08.190 align:start position:0%
we're very excited about it um it is
true<00:40:05.960><c> Innovation</c><00:40:06.480><c> and</c><00:40:06.720><c> and</c><00:40:06.839><c> it's</c><00:40:07.000><c> truly</c><00:40:07.319><c> defi</c>

00:40:08.190 --> 00:40:08.200 align:start position:0%
true Innovation and and it's truly defi
 

00:40:08.200 --> 00:40:09.950 align:start position:0%
true Innovation and and it's truly defi
uh<00:40:08.319><c> and</c><00:40:08.400><c> we</c><00:40:08.480><c> feel</c><00:40:08.720><c> very</c><00:40:09.040><c> strongly</c><00:40:09.280><c> on</c><00:40:09.440><c> it</c><00:40:09.680><c> and</c>

00:40:09.950 --> 00:40:09.960 align:start position:0%
uh and we feel very strongly on it and
 

00:40:09.960 --> 00:40:12.030 align:start position:0%
uh and we feel very strongly on it and
would<00:40:10.160><c> love</c><00:40:10.319><c> to</c><00:40:10.480><c> hear</c><00:40:10.640><c> from</c><00:40:10.839><c> you</c><00:40:11.520><c> um</c><00:40:11.640><c> so</c><00:40:11.800><c> hit</c><00:40:11.920><c> us</c>

00:40:12.030 --> 00:40:12.040 align:start position:0%
would love to hear from you um so hit us
 

00:40:12.040 --> 00:40:14.109 align:start position:0%
would love to hear from you um so hit us
up<00:40:12.160><c> on</c><00:40:12.280><c> Twitter</c><00:40:13.000><c> uh</c><00:40:13.160><c> hit</c><00:40:13.280><c> us</c><00:40:13.480><c> up</c><00:40:13.800><c> in</c><00:40:13.960><c> our</c>

00:40:14.109 --> 00:40:14.119 align:start position:0%
up on Twitter uh hit us up in our
 

00:40:14.119 --> 00:40:16.829 align:start position:0%
up on Twitter uh hit us up in our
Discord<00:40:14.440><c> and</c><00:40:14.520><c> everywhere</c><00:40:14.800><c> else</c><00:40:15.640><c> um</c><00:40:16.160><c> hopefully</c>

00:40:16.829 --> 00:40:16.839 align:start position:0%
Discord and everywhere else um hopefully
 

00:40:16.839 --> 00:40:18.309 align:start position:0%
Discord and everywhere else um hopefully
everybody<00:40:17.119><c> in</c><00:40:17.240><c> this</c><00:40:17.319><c> room</c><00:40:17.480><c> will</c><00:40:17.599><c> be</c><00:40:17.680><c> a</c><00:40:17.800><c> user</c>

00:40:18.309 --> 00:40:18.319 align:start position:0%
everybody in this room will be a user
 

00:40:18.319 --> 00:40:21.510 align:start position:0%
everybody in this room will be a user
plus<00:40:18.480><c> the</c><00:40:18.599><c> people</c><00:40:18.800><c> listening</c>

00:40:21.510 --> 00:40:21.520 align:start position:0%
 
 

00:40:21.520 --> 00:40:25.630 align:start position:0%
 
online<00:40:22.520><c> for</c><00:40:23.119><c> gyroscope</c><00:40:24.119><c> uh</c><00:40:24.560><c> we've</c><00:40:24.839><c> had</c><00:40:25.040><c> our</c>

00:40:25.630 --> 00:40:25.640 align:start position:0%
online for gyroscope uh we've had our
 

00:40:25.640 --> 00:40:27.990 align:start position:0%
online for gyroscope uh we've had our
main<00:40:26.200><c> product</c><00:40:26.560><c> this</c><00:40:26.760><c> the</c><00:40:26.880><c> stable</c><00:40:27.400><c> coin</c><00:40:27.720><c> out</c>

00:40:27.990 --> 00:40:28.000 align:start position:0%
main product this the stable coin out
 

00:40:28.000 --> 00:40:31.109 align:start position:0%
main product this the stable coin out
for<00:40:28.760><c> coming</c><00:40:29.000><c> up</c><00:40:29.160><c> on</c><00:40:29.400><c> almost</c><00:40:30.079><c> a</c><00:40:30.200><c> year</c><00:40:30.480><c> now</c><00:40:30.839><c> about</c>

00:40:31.109 --> 00:40:31.119 align:start position:0%
for coming up on almost a year now about
 

00:40:31.119 --> 00:40:34.390 align:start position:0%
for coming up on almost a year now about
about<00:40:31.319><c> 11</c><00:40:31.839><c> months</c><00:40:32.839><c> uh</c><00:40:33.400><c> the</c><00:40:33.800><c> it</c><00:40:33.960><c> this</c><00:40:34.079><c> will</c><00:40:34.200><c> be</c>

00:40:34.390 --> 00:40:34.400 align:start position:0%
about 11 months uh the it this will be
 

00:40:34.400 --> 00:40:37.069 align:start position:0%
about 11 months uh the it this will be
followed<00:40:35.280><c> pretty</c><00:40:35.560><c> soon</c><00:40:36.000><c> now</c><00:40:36.400><c> by</c><00:40:36.599><c> the</c><00:40:36.839><c> like</c>

00:40:37.069 --> 00:40:37.079 align:start position:0%
followed pretty soon now by the like
 

00:40:37.079 --> 00:40:39.470 align:start position:0%
followed pretty soon now by the like
actual<00:40:37.680><c> like</c><00:40:38.040><c> governance</c><00:40:38.560><c> token</c><00:40:38.920><c> launch</c><00:40:39.280><c> so</c>

00:40:39.470 --> 00:40:39.480 align:start position:0%
actual like governance token launch so
 

00:40:39.480 --> 00:40:41.630 align:start position:0%
actual like governance token launch so
that's<00:40:39.680><c> something</c><00:40:40.319><c> exciting</c><00:40:40.800><c> to</c><00:40:41.319><c> to</c><00:40:41.480><c> look</c>

00:40:41.630 --> 00:40:41.640 align:start position:0%
that's something exciting to to look
 

00:40:41.640 --> 00:40:45.589 align:start position:0%
that's something exciting to to look
forward<00:40:42.040><c> to</c><00:40:43.040><c> um</c><00:40:43.319><c> we're</c><00:40:43.800><c> also</c><00:40:44.800><c> uh</c><00:40:45.280><c> I'll</c><00:40:45.440><c> be</c>

00:40:45.589 --> 00:40:45.599 align:start position:0%
forward to um we're also uh I'll be
 

00:40:45.599 --> 00:40:48.349 align:start position:0%
forward to um we're also uh I'll be
talking<00:40:45.920><c> actually</c><00:40:46.160><c> on</c><00:40:46.480><c> Friday</c><00:40:47.400><c> about</c><00:40:48.000><c> what</c><00:40:48.160><c> we</c>

00:40:48.349 --> 00:40:48.359 align:start position:0%
talking actually on Friday about what we
 

00:40:48.359 --> 00:40:50.109 align:start position:0%
talking actually on Friday about what we
think<00:40:48.599><c> will</c><00:40:48.800><c> be</c><00:40:48.960><c> the</c><00:40:49.200><c> next</c><00:40:49.640><c> like</c><00:40:49.839><c> actual</c>

00:40:50.109 --> 00:40:50.119 align:start position:0%
think will be the next like actual
 

00:40:50.119 --> 00:40:52.670 align:start position:0%
think will be the next like actual
innovation<00:40:50.760><c> in</c><00:40:51.079><c> uh</c><00:40:51.520><c> in</c><00:40:51.680><c> in</c><00:40:51.839><c> gyroscope</c><00:40:52.440><c> what</c><00:40:52.560><c> we</c>

00:40:52.670 --> 00:40:52.680 align:start position:0%
innovation in uh in in gyroscope what we
 

00:40:52.680 --> 00:40:54.510 align:start position:0%
innovation in uh in in gyroscope what we
think<00:40:52.800><c> will</c><00:40:52.920><c> be</c><00:40:53.079><c> the</c><00:40:53.240><c> next</c><00:40:53.599><c> like</c><00:40:54.079><c> basically</c>

00:40:54.510 --> 00:40:54.520 align:start position:0%
think will be the next like basically
 

00:40:54.520 --> 00:40:57.870 align:start position:0%
think will be the next like basically
70%<00:40:55.359><c> Improvement</c><00:40:55.880><c> on</c><00:40:56.079><c> how</c><00:40:56.280><c> you</c><00:40:56.520><c> can</c><00:40:56.760><c> get</c><00:40:57.640><c> uh</c>

00:40:57.870 --> 00:40:57.880 align:start position:0%
70% Improvement on how you can get uh
 

00:40:57.880 --> 00:41:00.510 align:start position:0%
70% Improvement on how you can get uh
liquidity<00:40:58.599><c> cheaper</c><00:40:59.240><c> for</c><00:40:59.960><c> in</c><00:41:00.119><c> particular</c>

00:41:00.510 --> 00:41:00.520 align:start position:0%
liquidity cheaper for in particular
 

00:41:00.520 --> 00:41:02.270 align:start position:0%
liquidity cheaper for in particular
decentralized<00:41:01.160><c> stable</c><00:41:01.520><c> coins</c><00:41:01.880><c> why</c><00:41:02.040><c> I</c><00:41:02.160><c> think</c>

00:41:02.270 --> 00:41:02.280 align:start position:0%
decentralized stable coins why I think
 

00:41:02.280 --> 00:41:05.630 align:start position:0%
decentralized stable coins why I think
it's<00:41:02.920><c> pretty</c><00:41:03.720><c> exciting</c><00:41:04.160><c> is</c><00:41:04.359><c> that</c><00:41:04.599><c> like</c><00:41:05.200><c> uh</c><00:41:05.440><c> we</c>

00:41:05.630 --> 00:41:05.640 align:start position:0%
it's pretty exciting is that like uh we
 

00:41:05.640 --> 00:41:08.510 align:start position:0%
it's pretty exciting is that like uh we
have<00:41:06.560><c> uh</c><00:41:06.839><c> usdc</c><00:41:07.440><c> and</c><00:41:07.560><c> USD</c><00:41:08.040><c> it</c><00:41:08.160><c> has</c><00:41:08.319><c> very</c>

00:41:08.510 --> 00:41:08.520 align:start position:0%
have uh usdc and USD it has very
 

00:41:08.520 --> 00:41:10.430 align:start position:0%
have uh usdc and USD it has very
entrenched<00:41:09.160><c> liquidity</c><00:41:09.640><c> it's</c><00:41:09.800><c> very</c><00:41:10.000><c> hard</c><00:41:10.240><c> to</c>

00:41:10.430 --> 00:41:10.440 align:start position:0%
entrenched liquidity it's very hard to
 

00:41:10.440 --> 00:41:12.349 align:start position:0%
entrenched liquidity it's very hard to
compete<00:41:10.880><c> with</c><00:41:11.079><c> that</c><00:41:11.680><c> but</c><00:41:11.800><c> there</c><00:41:11.920><c> are</c><00:41:12.079><c> some</c>

00:41:12.349 --> 00:41:12.359 align:start position:0%
compete with that but there are some
 

00:41:12.359 --> 00:41:14.030 align:start position:0%
compete with that but there are some
ways<00:41:12.880><c> which</c><00:41:13.119><c> I'll</c><00:41:13.319><c> be</c><00:41:13.480><c> talking</c><00:41:13.680><c> about</c><00:41:13.880><c> on</c>

00:41:14.030 --> 00:41:14.040 align:start position:0%
ways which I'll be talking about on
 

00:41:14.040 --> 00:41:16.589 align:start position:0%
ways which I'll be talking about on
Friday<00:41:14.960><c> that</c><00:41:15.240><c> decentralized</c><00:41:15.960><c> stable</c><00:41:16.280><c> coins</c>

00:41:16.589 --> 00:41:16.599 align:start position:0%
Friday that decentralized stable coins
 

00:41:16.599 --> 00:41:18.710 align:start position:0%
Friday that decentralized stable coins
in<00:41:16.800><c> particular</c><00:41:17.480><c> have</c><00:41:17.640><c> a</c><00:41:17.800><c> unique</c><00:41:18.119><c> advantage</c>

00:41:18.710 --> 00:41:18.720 align:start position:0%
in particular have a unique advantage
 

00:41:18.720 --> 00:41:20.589 align:start position:0%
in particular have a unique advantage
that<00:41:18.920><c> just</c><00:41:19.240><c> hasn't</c><00:41:19.560><c> really</c><00:41:19.760><c> been</c><00:41:20.040><c> exploited</c>

00:41:20.589 --> 00:41:20.599 align:start position:0%
that just hasn't really been exploited
 

00:41:20.599 --> 00:41:22.870 align:start position:0%
that just hasn't really been exploited
yet<00:41:20.920><c> and</c><00:41:21.480><c> well</c><00:41:21.680><c> we</c><00:41:21.760><c> want</c><00:41:21.880><c> to</c><00:41:22.040><c> build</c><00:41:22.280><c> the</c><00:41:22.440><c> thing</c>

00:41:22.870 --> 00:41:22.880 align:start position:0%
yet and well we want to build the thing
 

00:41:22.880 --> 00:41:25.589 align:start position:0%
yet and well we want to build the thing
that<00:41:23.160><c> uh</c><00:41:23.280><c> that</c><00:41:23.400><c> will</c><00:41:23.599><c> exploit</c><00:41:23.960><c> it</c><00:41:24.280><c> so</c><00:41:25.119><c> uh</c><00:41:25.400><c> come</c>

00:41:25.589 --> 00:41:25.599 align:start position:0%
that uh that will exploit it so uh come
 

00:41:25.599 --> 00:41:28.470 align:start position:0%
that uh that will exploit it so uh come
check<00:41:25.800><c> that</c><00:41:25.920><c> out</c><00:41:26.119><c> if</c><00:41:26.200><c> you're</c><00:41:26.359><c> around</c>

00:41:28.470 --> 00:41:28.480 align:start position:0%
check that out if you're around
 

00:41:28.480 --> 00:41:30.550 align:start position:0%
check that out if you're around
cool<00:41:28.839><c> yeah</c><00:41:29.040><c> and</c><00:41:29.520><c> I</c><00:41:29.560><c> mean</c><00:41:29.720><c> on</c><00:41:29.920><c> my</c><00:41:30.119><c> side</c><00:41:30.319><c> we</c><00:41:30.440><c> are</c>

00:41:30.550 --> 00:41:30.560 align:start position:0%
cool yeah and I mean on my side we are
 

00:41:30.560 --> 00:41:32.910 align:start position:0%
cool yeah and I mean on my side we are
mainly<00:41:31.160><c> like</c><00:41:31.440><c> liquidity</c><00:41:32.040><c> providers</c><00:41:32.560><c> so</c><00:41:32.760><c> we</c>

00:41:32.910 --> 00:41:32.920 align:start position:0%
mainly like liquidity providers so we
 

00:41:32.920 --> 00:41:35.030 align:start position:0%
mainly like liquidity providers so we
get<00:41:33.160><c> excited</c><00:41:33.720><c> whenever</c><00:41:34.200><c> these</c><00:41:34.520><c> guys</c><00:41:34.760><c> build</c>

00:41:35.030 --> 00:41:35.040 align:start position:0%
get excited whenever these guys build
 

00:41:35.040 --> 00:41:37.349 align:start position:0%
get excited whenever these guys build
some<00:41:35.280><c> New</c><00:41:35.440><c> Primitives</c><00:41:36.359><c> um</c><00:41:36.720><c> that</c><00:41:36.920><c> that</c><00:41:37.040><c> we</c><00:41:37.160><c> can</c>

00:41:37.349 --> 00:41:37.359 align:start position:0%
some New Primitives um that that we can
 

00:41:37.359 --> 00:41:41.470 align:start position:0%
some New Primitives um that that we can
play<00:41:37.599><c> with</c><00:41:38.280><c> um</c><00:41:38.760><c> and</c><00:41:39.079><c> generally</c><00:41:39.880><c> like</c><00:41:40.880><c> I</c><00:41:41.079><c> think</c>

00:41:41.470 --> 00:41:41.480 align:start position:0%
play with um and generally like I think
 

00:41:41.480 --> 00:41:44.670 align:start position:0%
play with um and generally like I think
that<00:41:41.720><c> defi</c><00:41:42.359><c> is</c><00:41:42.680><c> is</c><00:41:42.839><c> ready</c><00:41:43.280><c> for</c><00:41:43.520><c> like</c><00:41:43.800><c> a</c><00:41:44.280><c> another</c>

00:41:44.670 --> 00:41:44.680 align:start position:0%
that defi is is ready for like a another
 

00:41:44.680 --> 00:41:47.230 align:start position:0%
that defi is is ready for like a another
summer<00:41:45.040><c> moment</c><00:41:45.920><c> um</c><00:41:46.079><c> so</c><00:41:46.240><c> much</c><00:41:46.440><c> has</c><00:41:46.599><c> been</c><00:41:46.800><c> built</c>

00:41:47.230 --> 00:41:47.240 align:start position:0%
summer moment um so much has been built
 

00:41:47.240 --> 00:41:49.150 align:start position:0%
summer moment um so much has been built
and<00:41:47.480><c> in</c><00:41:47.599><c> the</c><00:41:47.760><c> last</c><00:41:47.960><c> two</c><00:41:48.200><c> three</c><00:41:48.440><c> years</c><00:41:48.760><c> so</c><00:41:48.920><c> many</c>

00:41:49.150 --> 00:41:49.160 align:start position:0%
and in the last two three years so many
 

00:41:49.160 --> 00:41:51.270 align:start position:0%
and in the last two three years so many
of<00:41:49.319><c> The</c><00:41:49.520><c> Primitives</c><00:41:50.079><c> has</c><00:41:50.280><c> taken</c><00:41:50.760><c> so</c><00:41:50.960><c> many</c>

00:41:51.270 --> 00:41:51.280 align:start position:0%
of The Primitives has taken so many
 

00:41:51.280 --> 00:41:53.309 align:start position:0%
of The Primitives has taken so many
steps<00:41:51.520><c> forward</c><00:41:52.280><c> and</c><00:41:52.359><c> so</c><00:41:52.520><c> it's</c><00:41:52.680><c> just</c><00:41:52.880><c> like</c><00:41:53.079><c> very</c>

00:41:53.309 --> 00:41:53.319 align:start position:0%
steps forward and so it's just like very
 

00:41:53.319 --> 00:41:55.069 align:start position:0%
steps forward and so it's just like very
exciting<00:41:53.760><c> time</c><00:41:54.000><c> for</c><00:41:54.280><c> for</c><00:41:54.440><c> us</c><00:41:54.599><c> to</c><00:41:54.720><c> be</c><00:41:54.839><c> in</c><00:41:54.920><c> the</c>

00:41:55.069 --> 00:41:55.079 align:start position:0%
exciting time for for us to be in the
 

00:41:55.079 --> 00:41:56.790 align:start position:0%
exciting time for for us to be in the
market<00:41:55.520><c> and</c><00:41:55.640><c> be</c><00:41:55.800><c> working</c><00:41:56.119><c> with</c><00:41:56.319><c> all</c><00:41:56.440><c> of</c><00:41:56.599><c> these</c>

00:41:56.790 --> 00:41:56.800 align:start position:0%
market and be working with all of these
 

00:41:56.800 --> 00:41:58.670 align:start position:0%
market and be working with all of these
people<00:41:57.359><c> and</c><00:41:57.640><c> and</c><00:41:57.800><c> helping</c><00:41:58.119><c> them</c><00:41:58.280><c> along</c><00:41:58.560><c> the</c>

00:41:58.670 --> 00:41:58.680 align:start position:0%
people and and helping them along the
 

00:41:58.680 --> 00:42:01.230 align:start position:0%
people and and helping them along the
way<00:41:58.960><c> to</c><00:41:59.280><c> to</c><00:41:59.440><c> bootstrap</c><00:41:59.920><c> their</c><00:42:00.079><c> liquidity</c><00:42:01.079><c> and</c>

00:42:01.230 --> 00:42:01.240 align:start position:0%
way to to bootstrap their liquidity and
 

00:42:01.240 --> 00:42:04.309 align:start position:0%
way to to bootstrap their liquidity and
to<00:42:01.560><c> to</c><00:42:01.720><c> get</c><00:42:01.839><c> a</c><00:42:02.040><c> product</c><00:42:02.440><c> to</c><00:42:02.640><c> to</c><00:42:02.800><c> more</c><00:42:03.079><c> users</c><00:42:04.079><c> um</c>

00:42:04.309 --> 00:42:04.319 align:start position:0%
to to get a product to to more users um
 

00:42:04.319 --> 00:42:06.630 align:start position:0%
to to get a product to to more users um
on<00:42:04.480><c> the</c><00:42:04.599><c> dialectic</c><00:42:05.160><c> side</c><00:42:05.400><c> we</c><00:42:05.599><c> also</c><00:42:06.280><c> starting</c>

00:42:06.630 --> 00:42:06.640 align:start position:0%
on the dialectic side we also starting
 

00:42:06.640 --> 00:42:08.309 align:start position:0%
on the dialectic side we also starting
to<00:42:06.839><c> think</c><00:42:07.040><c> about</c><00:42:07.319><c> how</c><00:42:07.440><c> we</c><00:42:07.560><c> can</c><00:42:07.720><c> offer</c><00:42:08.040><c> some</c><00:42:08.200><c> of</c>

00:42:08.309 --> 00:42:08.319 align:start position:0%
to think about how we can offer some of
 

00:42:08.319 --> 00:42:10.589 align:start position:0%
to think about how we can offer some of
our<00:42:08.480><c> yield</c><00:42:08.839><c> strategies</c><00:42:09.400><c> to</c><00:42:09.760><c> more</c><00:42:09.960><c> of</c><00:42:10.079><c> a</c><00:42:10.319><c> public</c>

00:42:10.589 --> 00:42:10.599 align:start position:0%
our yield strategies to more of a public
 

00:42:10.599 --> 00:42:12.589 align:start position:0%
our yield strategies to more of a public
audience<00:42:11.400><c> um</c><00:42:11.560><c> because</c><00:42:11.839><c> right</c><00:42:11.960><c> now</c><00:42:12.119><c> we're</c><00:42:12.359><c> just</c>

00:42:12.589 --> 00:42:12.599 align:start position:0%
audience um because right now we're just
 

00:42:12.599 --> 00:42:15.990 align:start position:0%
audience um because right now we're just
a<00:42:12.839><c> a</c><00:42:13.000><c> private</c><00:42:13.400><c> fund</c><00:42:14.400><c> and</c><00:42:15.000><c> um</c><00:42:15.359><c> yep</c><00:42:15.560><c> stay</c><00:42:15.760><c> tuned</c>

00:42:15.990 --> 00:42:16.000 align:start position:0%
a a private fund and um yep stay tuned
 

00:42:16.000 --> 00:42:17.510 align:start position:0%
a a private fund and um yep stay tuned
for

00:42:17.510 --> 00:42:17.520 align:start position:0%
for
 

00:42:17.520 --> 00:42:20.030 align:start position:0%
for
that<00:42:18.520><c> well</c><00:42:18.680><c> I</c><00:42:18.800><c> think</c><00:42:18.960><c> we</c><00:42:19.119><c> have</c><00:42:19.280><c> two</c><00:42:19.520><c> minutes</c><00:42:19.920><c> I</c>

00:42:20.030 --> 00:42:20.040 align:start position:0%
that well I think we have two minutes I
 

00:42:20.040 --> 00:42:21.230 align:start position:0%
that well I think we have two minutes I
think<00:42:20.319><c> we're</c><00:42:20.520><c> on</c><00:42:20.680><c> time</c><00:42:20.920><c> you're</c><00:42:21.000><c> going</c><00:42:21.079><c> to</c><00:42:21.160><c> tell</c>

00:42:21.230 --> 00:42:21.240 align:start position:0%
think we're on time you're going to tell
 

00:42:21.240 --> 00:42:24.069 align:start position:0%
think we're on time you're going to tell
us<00:42:21.359><c> what</c><00:42:21.440><c> you're</c><00:42:21.599><c> excited</c><00:42:21.920><c> about</c><00:42:22.240><c> oh</c><00:42:22.480><c> mine</c>

00:42:24.069 --> 00:42:24.079 align:start position:0%
us what you're excited about oh mine
 

00:42:24.079 --> 00:42:27.390 align:start position:0%
us what you're excited about oh mine
um<00:42:25.079><c> I</c><00:42:25.520><c> as</c><00:42:25.920><c> I</c><00:42:26.160><c> I</c><00:42:26.240><c> saw</c><00:42:26.480><c> one</c><00:42:26.680><c> question</c><00:42:27.200><c> actually</c>

00:42:27.390 --> 00:42:27.400 align:start position:0%
um I as I I saw one question actually
 

00:42:27.400 --> 00:42:30.270 align:start position:0%
um I as I I saw one question actually
from<00:42:27.520><c> the</c><00:42:27.640><c> audience</c><00:42:28.079><c> talk</c><00:42:28.400><c> about</c><00:42:28.920><c> the</c><00:42:29.720><c> what</c><00:42:29.960><c> is</c>

00:42:30.270 --> 00:42:30.280 align:start position:0%
from the audience talk about the what is
 

00:42:30.280 --> 00:42:33.470 align:start position:0%
from the audience talk about the what is
the<00:42:31.200><c> best</c><00:42:31.480><c> way</c><00:42:31.640><c> to</c><00:42:31.839><c> measure</c><00:42:32.280><c> risk</c><00:42:33.200><c> as</c><00:42:33.319><c> I</c>

00:42:33.470 --> 00:42:33.480 align:start position:0%
the best way to measure risk as I
 

00:42:33.480 --> 00:42:35.549 align:start position:0%
the best way to measure risk as I
mentioned<00:42:33.880><c> I'm</c><00:42:34.040><c> working</c><00:42:34.440><c> on</c><00:42:34.760><c> a</c><00:42:35.160><c> risk</c>

00:42:35.549 --> 00:42:35.559 align:start position:0%
mentioned I'm working on a risk
 

00:42:35.559 --> 00:42:38.309 align:start position:0%
mentioned I'm working on a risk
assessment<00:42:36.000><c> framework</c><00:42:36.520><c> for</c><00:42:36.760><c> stable</c><00:42:37.160><c> coin</c><00:42:38.119><c> and</c>

00:42:38.309 --> 00:42:38.319 align:start position:0%
assessment framework for stable coin and
 

00:42:38.319 --> 00:42:42.390 align:start position:0%
assessment framework for stable coin and
then<00:42:38.720><c> my</c><00:42:38.960><c> goal</c><00:42:39.240><c> is</c><00:42:39.599><c> to</c><00:42:40.599><c> identify</c><00:42:41.200><c> metrics</c><00:42:41.880><c> that</c>

00:42:42.390 --> 00:42:42.400 align:start position:0%
then my goal is to identify metrics that
 

00:42:42.400 --> 00:42:46.549 align:start position:0%
then my goal is to identify metrics that
can<00:42:43.200><c> be</c><00:42:44.200><c> deriv</c><00:42:45.000><c> from</c><00:42:45.480><c> publicly</c><00:42:46.079><c> available</c>

00:42:46.549 --> 00:42:46.559 align:start position:0%
can be deriv from publicly available
 

00:42:46.559 --> 00:42:49.990 align:start position:0%
can be deriv from publicly available
data<00:42:46.839><c> so</c><00:42:47.000><c> it</c><00:42:47.119><c> will</c><00:42:47.280><c> be</c><00:42:47.520><c> like</c><00:42:47.800><c> a</c><00:42:48.599><c> a</c><00:42:48.760><c> method</c><00:42:49.200><c> that</c>

00:42:49.990 --> 00:42:50.000 align:start position:0%
data so it will be like a a method that
 

00:42:50.000 --> 00:42:52.589 align:start position:0%
data so it will be like a a method that
combine<00:42:51.000><c> uh</c><00:42:51.200><c> fundamental</c><00:42:51.680><c> analysis</c><00:42:52.359><c> and</c>

00:42:52.589 --> 00:42:52.599 align:start position:0%
combine uh fundamental analysis and
 

00:42:52.599 --> 00:42:55.069 align:start position:0%
combine uh fundamental analysis and
quantitative<00:42:53.200><c> analysis</c><00:42:53.880><c> to</c><00:42:54.079><c> try</c><00:42:54.280><c> to</c><00:42:54.520><c> be</c><00:42:54.800><c> as</c>

00:42:55.069 --> 00:42:55.079 align:start position:0%
quantitative analysis to try to be as
 

00:42:55.079 --> 00:42:58.510 align:start position:0%
quantitative analysis to try to be as
biased<00:42:55.680><c> as</c><00:42:55.839><c> Fair</c><00:42:56.119><c> as</c><00:42:56.319><c> POS</c><00:42:56.640><c> unbiased</c><00:42:57.400><c> as</c><00:42:57.720><c> fair</c>

00:42:58.510 --> 00:42:58.520 align:start position:0%
biased as Fair as POS unbiased as fair
 

00:42:58.520 --> 00:43:01.349 align:start position:0%
biased as Fair as POS unbiased as fair
and<00:42:58.760><c> fair</c><00:42:59.160><c> as</c><00:42:59.400><c> possible</c><00:43:00.040><c> so</c><00:43:00.599><c> maybe</c><00:43:00.880><c> follow</c><00:43:01.200><c> my</c>

00:43:01.349 --> 00:43:01.359 align:start position:0%
and fair as possible so maybe follow my
 

00:43:01.359 --> 00:43:03.470 align:start position:0%
and fair as possible so maybe follow my
Twitter<00:43:01.760><c> account</c><00:43:02.119><c> and</c><00:43:02.280><c> then</c><00:43:02.480><c> I'll</c><00:43:02.760><c> have</c><00:43:03.119><c> my</c>

00:43:03.470 --> 00:43:03.480 align:start position:0%
Twitter account and then I'll have my
 

00:43:03.480 --> 00:43:05.790 align:start position:0%
Twitter account and then I'll have my
research<00:43:04.000><c> paper</c><00:43:04.599><c> published</c><00:43:05.400><c> uh</c><00:43:05.520><c> become</c>

00:43:05.790 --> 00:43:05.800 align:start position:0%
research paper published uh become
 

00:43:05.800 --> 00:43:08.069 align:start position:0%
research paper published uh become
available<00:43:06.280><c> soon</c><00:43:07.280><c> and</c><00:43:07.440><c> and</c><00:43:07.599><c> can</c><00:43:07.680><c> I</c><00:43:07.800><c> ask</c><00:43:07.960><c> one</c>

00:43:08.069 --> 00:43:08.079 align:start position:0%
available soon and and can I ask one
 

00:43:08.079 --> 00:43:09.349 align:start position:0%
available soon and and can I ask one
more<00:43:08.240><c> question</c><00:43:08.520><c> as</c><00:43:08.640><c> we</c><00:43:08.760><c> still</c><00:43:08.880><c> have</c><00:43:09.000><c> a</c><00:43:09.119><c> minute</c>

00:43:09.349 --> 00:43:09.359 align:start position:0%
more question as we still have a minute
 

00:43:09.359 --> 00:43:12.150 align:start position:0%
more question as we still have a minute
and<00:43:09.480><c> 36</c><00:43:10.079><c> seconds</c><00:43:11.079><c> do</c><00:43:11.200><c> you</c><00:43:11.640><c> this</c><00:43:11.720><c> is</c><00:43:11.800><c> a</c><00:43:11.920><c> question</c>

00:43:12.150 --> 00:43:12.160 align:start position:0%
and 36 seconds do you this is a question
 

00:43:12.160 --> 00:43:13.190 align:start position:0%
and 36 seconds do you this is a question
back<00:43:12.319><c> to</c><00:43:12.359><c> the</c><00:43:12.440><c> moderator</c><00:43:12.800><c> because</c><00:43:12.960><c> you</c><00:43:13.040><c> don't</c>

00:43:13.190 --> 00:43:13.200 align:start position:0%
back to the moderator because you don't
 

00:43:13.200 --> 00:43:16.309 align:start position:0%
back to the moderator because you don't
get<00:43:13.280><c> to</c><00:43:13.359><c> talk</c><00:43:13.520><c> it</c><00:43:13.680><c> off</c><00:43:14.520><c> um</c><00:43:15.520><c> as</c><00:43:15.640><c> you</c><00:43:15.800><c> represent</c><00:43:16.200><c> a</c>

00:43:16.309 --> 00:43:16.319 align:start position:0%
get to talk it off um as you represent a
 

00:43:16.319 --> 00:43:18.270 align:start position:0%
get to talk it off um as you represent a
centralized<00:43:16.880><c> exchange</c><00:43:17.640><c> do</c><00:43:17.800><c> you</c><00:43:17.960><c> think</c><00:43:18.160><c> that</c>

00:43:18.270 --> 00:43:18.280 align:start position:0%
centralized exchange do you think that
 

00:43:18.280 --> 00:43:21.069 align:start position:0%
centralized exchange do you think that
we'll<00:43:18.640><c> see</c><00:43:19.640><c> much</c><00:43:19.920><c> more</c><00:43:20.240><c> stable</c><00:43:20.599><c> coin</c><00:43:20.800><c> listing</c>

00:43:21.069 --> 00:43:21.079 align:start position:0%
we'll see much more stable coin listing
 

00:43:21.079 --> 00:43:23.270 align:start position:0%
we'll see much more stable coin listing
on<00:43:21.240><c> centralized</c><00:43:21.680><c> exchanges</c><00:43:22.200><c> and</c><00:43:22.359><c> if</c><00:43:22.880><c> if</c><00:43:23.000><c> so</c>

00:43:23.270 --> 00:43:23.280 align:start position:0%
on centralized exchanges and if if so
 

00:43:23.280 --> 00:43:25.829 align:start position:0%
on centralized exchanges and if if so
why<00:43:23.480><c> if</c><00:43:23.599><c> not</c><00:43:23.839><c> why</c><00:43:24.240><c> not</c>

00:43:25.829 --> 00:43:25.839 align:start position:0%
why if not why not
 

00:43:25.839 --> 00:43:30.549 align:start position:0%
why if not why not
um<00:43:26.839><c> yes</c><00:43:27.200><c> or</c><00:43:27.480><c> no</c><00:43:28.480><c> yes</c><00:43:28.760><c> for</c><00:43:29.680><c> custodial</c><00:43:30.240><c> stable</c>

00:43:30.549 --> 00:43:30.559 align:start position:0%
um yes or no yes for custodial stable
 

00:43:30.559 --> 00:43:33.549 align:start position:0%
um yes or no yes for custodial stable
cor<00:43:30.920><c> I</c><00:43:31.040><c> think</c><00:43:31.400><c> I</c><00:43:31.599><c> not</c><00:43:31.839><c> representing</c><00:43:32.760><c> anyone</c>

00:43:33.549 --> 00:43:33.559 align:start position:0%
cor I think I not representing anyone
 

00:43:33.559 --> 00:43:36.230 align:start position:0%
cor I think I not representing anyone
here<00:43:33.880><c> but</c><00:43:34.119><c> this</c><00:43:34.240><c> is</c><00:43:34.599><c> what</c><00:43:34.720><c> I</c><00:43:35.160><c> understand</c><00:43:35.880><c> we've</c>

00:43:36.230 --> 00:43:36.240 align:start position:0%
here but this is what I understand we've
 

00:43:36.240 --> 00:43:38.750 align:start position:0%
here but this is what I understand we've
seen<00:43:36.599><c> more</c><00:43:36.839><c> custodia</c><00:43:37.359><c> stable</c><00:43:37.720><c> coin</c><00:43:38.480><c> become</c>

00:43:38.750 --> 00:43:38.760 align:start position:0%
seen more custodia stable coin become
 

00:43:38.760 --> 00:43:41.190 align:start position:0%
seen more custodia stable coin become
available<00:43:39.119><c> in</c><00:43:39.240><c> the</c><00:43:39.440><c> space</c><00:43:40.319><c> and</c><00:43:40.480><c> then</c><00:43:40.720><c> they</c><00:43:40.920><c> can</c>

00:43:41.190 --> 00:43:41.200 align:start position:0%
available in the space and then they can
 

00:43:41.200 --> 00:43:43.910 align:start position:0%
available in the space and then they can
become<00:43:41.480><c> regulated</c><00:43:41.920><c> or</c><00:43:42.079><c> even</c><00:43:42.319><c> been</c><00:43:42.520><c> used</c><00:43:42.920><c> in</c><00:43:43.800><c> uh</c>

00:43:43.910 --> 00:43:43.920 align:start position:0%
become regulated or even been used in uh
 

00:43:43.920 --> 00:43:47.309 align:start position:0%
become regulated or even been used in uh
for<00:43:44.119><c> payment</c><00:43:44.640><c> especially</c><00:43:45.000><c> in</c><00:43:45.520><c> Europe</c><00:43:46.520><c> but</c><00:43:47.000><c> for</c>

00:43:47.309 --> 00:43:47.319 align:start position:0%
for payment especially in Europe but for
 

00:43:47.319 --> 00:43:49.230 align:start position:0%
for payment especially in Europe but for
decentralized<00:43:48.240><c> stable</c><00:43:48.640><c> coin</c><00:43:48.880><c> I</c><00:43:48.960><c> think</c><00:43:49.079><c> it's</c>

00:43:49.230 --> 00:43:49.240 align:start position:0%
decentralized stable coin I think it's
 

00:43:49.240 --> 00:43:51.150 align:start position:0%
decentralized stable coin I think it's
quite<00:43:49.640><c> difficult</c><00:43:49.839><c> though</c><00:43:50.000><c> if</c><00:43:50.079><c> you</c><00:43:50.240><c> look</c><00:43:50.400><c> at</c>

00:43:51.150 --> 00:43:51.160 align:start position:0%
quite difficult though if you look at
 

00:43:51.160 --> 00:43:53.910 align:start position:0%
quite difficult though if you look at
the<00:43:51.440><c> latest</c><00:43:52.040><c> uh</c><00:43:52.160><c> regulatory</c><00:43:52.680><c> framework</c><00:43:53.680><c> by</c>

00:43:53.910 --> 00:43:53.920 align:start position:0%
the latest uh regulatory framework by
 

00:43:53.920 --> 00:43:57.109 align:start position:0%
the latest uh regulatory framework by
Mika<00:43:54.920><c> I</c><00:43:55.040><c> think</c><00:43:55.520><c> they</c><00:43:55.680><c> will</c><00:43:56.079><c> restrict</c>

00:43:57.109 --> 00:43:57.119 align:start position:0%
Mika I think they will restrict
 

00:43:57.119 --> 00:43:58.870 align:start position:0%
Mika I think they will restrict
centralized<00:43:57.559><c> exchange</c><00:43:57.920><c> to</c><00:43:58.119><c> list</c>

00:43:58.870 --> 00:43:58.880 align:start position:0%
centralized exchange to list
 

00:43:58.880 --> 00:44:02.430 align:start position:0%
centralized exchange to list
decentralized<00:43:59.599><c> St</c><00:43:59.960><c> con</c><00:44:00.880><c> so</c><00:44:01.240><c> which</c><00:44:01.440><c> means</c><00:44:01.920><c> that</c>

00:44:02.430 --> 00:44:02.440 align:start position:0%
decentralized St con so which means that
 

00:44:02.440 --> 00:44:04.670 align:start position:0%
decentralized St con so which means that
it<00:44:02.559><c> will</c><00:44:02.800><c> be</c><00:44:03.040><c> quite</c><00:44:03.559><c> difficult</c><00:44:03.760><c> for</c><00:44:03.920><c> you</c><00:44:04.119><c> to</c><00:44:04.400><c> be</c>

00:44:04.670 --> 00:44:04.680 align:start position:0%
it will be quite difficult for you to be
 

00:44:04.680 --> 00:44:06.549 align:start position:0%
it will be quite difficult for you to be
listed<00:44:05.599><c> but</c><00:44:05.760><c> at</c><00:44:05.839><c> the</c><00:44:05.960><c> same</c><00:44:06.160><c> time</c><00:44:06.359><c> your</c>

00:44:06.549 --> 00:44:06.559 align:start position:0%
listed but at the same time your
 

00:44:06.559 --> 00:44:08.790 align:start position:0%
listed but at the same time your
regulator<00:44:07.160><c> risk</c><00:44:07.599><c> should</c><00:44:07.839><c> be</c><00:44:08.040><c> lower</c><00:44:08.520><c> though</c>

00:44:08.790 --> 00:44:08.800 align:start position:0%
regulator risk should be lower though
 

00:44:08.800 --> 00:44:11.470 align:start position:0%
regulator risk should be lower though
because<00:44:09.760><c> um</c><00:44:10.359><c> they</c><00:44:10.480><c> don't</c><00:44:10.760><c> really</c><00:44:11.040><c> have</c><00:44:11.200><c> a</c><00:44:11.359><c> lot</c>

00:44:11.470 --> 00:44:11.480 align:start position:0%
because um they don't really have a lot
 

00:44:11.480 --> 00:44:14.069 align:start position:0%
because um they don't really have a lot
of<00:44:11.640><c> requirement</c><00:44:12.200><c> on</c><00:44:12.440><c> checking</c><00:44:13.079><c> your</c><00:44:13.440><c> reserve</c>

00:44:14.069 --> 00:44:14.079 align:start position:0%
of requirement on checking your reserve
 

00:44:14.079 --> 00:44:16.630 align:start position:0%
of requirement on checking your reserve
for<00:44:14.240><c> example</c><00:44:15.040><c> or</c><00:44:15.280><c> monitoring</c><00:44:15.839><c> your</c><00:44:16.040><c> issurance</c>

00:44:16.630 --> 00:44:16.640 align:start position:0%
for example or monitoring your issurance
 

00:44:16.640 --> 00:44:19.950 align:start position:0%
for example or monitoring your issurance
or<00:44:17.480><c> Redemption</c><00:44:18.480><c> so</c><00:44:18.720><c> it</c><00:44:18.920><c> really</c><00:44:19.200><c> depends</c><00:44:19.599><c> on</c>

00:44:19.950 --> 00:44:19.960 align:start position:0%
or Redemption so it really depends on
 

00:44:19.960 --> 00:44:22.950 align:start position:0%
or Redemption so it really depends on
what<00:44:20.119><c> you</c><00:44:20.319><c> value</c><00:44:20.599><c> the</c><00:44:20.920><c> most</c><00:44:21.920><c> and</c><00:44:22.520><c> do</c><00:44:22.680><c> you</c>

00:44:22.950 --> 00:44:22.960 align:start position:0%
what you value the most and do you
 

00:44:22.960 --> 00:44:24.670 align:start position:0%
what you value the most and do you
really<00:44:23.160><c> need</c><00:44:23.359><c> to</c><00:44:23.480><c> be</c><00:44:23.680><c> listed</c><00:44:24.000><c> on</c><00:44:24.160><c> centralized</c>

00:44:24.670 --> 00:44:24.680 align:start position:0%
really need to be listed on centralized
 

00:44:24.680 --> 00:44:27.109 align:start position:0%
really need to be listed on centralized
exchange<00:44:25.160><c> though</c><00:44:25.960><c> we</c><00:44:26.079><c> don't</c><00:44:26.319><c> necessarily</c><00:44:26.839><c> but</c>

00:44:27.109 --> 00:44:27.119 align:start position:0%
exchange though we don't necessarily but
 

00:44:27.119 --> 00:44:29.750 align:start position:0%
exchange though we don't necessarily but
some<00:44:27.280><c> people</c><00:44:27.559><c> want</c><00:44:27.880><c> that</c><00:44:28.359><c> um</c><00:44:28.720><c> and</c><00:44:29.000><c> one</c><00:44:29.240><c> way</c><00:44:29.480><c> is</c>

00:44:29.750 --> 00:44:29.760 align:start position:0%
some people want that um and one way is
 

00:44:29.760 --> 00:44:32.230 align:start position:0%
some people want that um and one way is
like<00:44:30.040><c> they</c><00:44:30.200><c> use</c><00:44:30.839><c> decentralized</c><00:44:31.480><c> St</c><00:44:31.760><c> coin</c><00:44:32.000><c> on</c>

00:44:32.230 --> 00:44:32.240 align:start position:0%
like they use decentralized St coin on
 

00:44:32.240 --> 00:44:35.390 align:start position:0%
like they use decentralized St coin on
chain<00:44:33.240><c> and</c><00:44:33.440><c> then</c><00:44:33.680><c> if</c><00:44:33.880><c> they</c><00:44:34.000><c> want</c><00:44:34.200><c> to</c><00:44:35.079><c> cash</c><00:44:35.240><c> out</c>

00:44:35.390 --> 00:44:35.400 align:start position:0%
chain and then if they want to cash out
 

00:44:35.400 --> 00:44:37.270 align:start position:0%
chain and then if they want to cash out
on<00:44:35.599><c> centralized</c><00:44:36.160><c> exchange</c><00:44:36.559><c> right</c><00:44:36.760><c> they</c><00:44:36.920><c> can</c>

00:44:37.270 --> 00:44:37.280 align:start position:0%
on centralized exchange right they can
 

00:44:37.280 --> 00:44:39.950 align:start position:0%
on centralized exchange right they can
do<00:44:37.480><c> the</c><00:44:37.599><c> swap</c><00:44:37.960><c> on</c><00:44:38.160><c> tax</c><00:44:39.160><c> and</c><00:44:39.240><c> then</c><00:44:39.400><c> from</c><00:44:39.720><c> there</c>

00:44:39.950 --> 00:44:39.960 align:start position:0%
do the swap on tax and then from there
 

00:44:39.960 --> 00:44:42.270 align:start position:0%
do the swap on tax and then from there
you<00:44:40.319><c> get</c><00:44:40.599><c> something</c><00:44:40.960><c> else</c><00:44:41.240><c> and</c><00:44:41.359><c> then</c><00:44:41.559><c> you</c><00:44:41.720><c> send</c>

00:44:42.270 --> 00:44:42.280 align:start position:0%
you get something else and then you send
 

00:44:42.280 --> 00:44:44.230 align:start position:0%
you get something else and then you send
the<00:44:42.800><c> the</c><00:44:43.079><c> crypto</c><00:44:43.359><c> asset</c><00:44:43.599><c> to</c><00:44:43.760><c> centralized</c>

00:44:44.230 --> 00:44:44.240 align:start position:0%
the the crypto asset to centralized
 

00:44:44.240 --> 00:44:47.390 align:start position:0%
the the crypto asset to centralized
exchange<00:44:44.559><c> for</c>

00:44:47.390 --> 00:44:47.400 align:start position:0%
 
 

00:44:47.400 --> 00:44:51.950 align:start position:0%
 
fat<00:44:48.400><c> Q&amp;A</c>

00:44:51.950 --> 00:44:51.960 align:start position:0%
 
 

00:44:51.960 --> 00:44:53.710 align:start position:0%
 
time<00:44:52.960><c> I</c><00:44:53.040><c> don't</c><00:44:53.119><c> know</c><00:44:53.200><c> if</c><00:44:53.240><c> you</c><00:44:53.319><c> can</c><00:44:53.440><c> see</c><00:44:53.599><c> this</c>

00:44:53.710 --> 00:44:53.720 align:start position:0%
time I don't know if you can see this
 

00:44:53.720 --> 00:44:54.750 align:start position:0%
time I don't know if you can see this
but<00:44:53.800><c> they</c><00:44:53.880><c> have</c><00:44:54.040><c> little</c><00:44:54.160><c> Billboards</c><00:44:54.640><c> that</c>

00:44:54.750 --> 00:44:54.760 align:start position:0%
but they have little Billboards that
 

00:44:54.760 --> 00:44:56.589 align:start position:0%
but they have little Billboards that
they<00:44:54.880><c> hold</c><00:44:55.119><c> up</c><00:44:55.240><c> the</c><00:44:55.359><c> say</c><00:44:55.559><c> Q&amp;A</c><00:44:55.920><c> time</c><00:44:56.319><c> for</c><00:44:56.520><c> the</c>

00:44:56.589 --> 00:44:56.599 align:start position:0%
they hold up the say Q&amp;A time for the
 

00:44:56.599 --> 00:45:00.790 align:start position:0%
they hold up the say Q&amp;A time for the
Q&amp;A<00:44:57.119><c> either</c><00:44:57.359><c> you</c><00:44:57.520><c> do</c><00:44:57.720><c> the</c><00:44:58.280><c> or</c><00:44:58.520><c> I</c><00:44:58.960><c> up</c><00:44:59.119><c> to</c><00:44:59.319><c> you</c><00:45:00.079><c> oh</c>

00:45:00.790 --> 00:45:00.800 align:start position:0%
Q&amp;A either you do the or I up to you oh
 

00:45:00.800 --> 00:45:04.510 align:start position:0%
Q&amp;A either you do the or I up to you oh
okay<00:45:01.800><c> this</c>

00:45:04.510 --> 00:45:04.520 align:start position:0%
okay this
 

00:45:04.520 --> 00:45:07.230 align:start position:0%
okay this
here<00:45:05.520><c> the</c><00:45:05.760><c> first</c><00:45:06.079><c> one</c><00:45:06.480><c> what's</c><00:45:06.720><c> the</c><00:45:06.839><c> stable</c>

00:45:07.230 --> 00:45:07.240 align:start position:0%
here the first one what's the stable
 

00:45:07.240 --> 00:45:09.990 align:start position:0%
here the first one what's the stable
coin<00:45:07.520><c> decide</c><00:45:07.920><c> you</c><00:45:08.040><c> are</c><00:45:08.240><c> most</c><00:45:08.559><c> bullish</c><00:45:09.119><c> about</c>

00:45:09.990 --> 00:45:10.000 align:start position:0%
coin decide you are most bullish about
 

00:45:10.000 --> 00:45:13.430 align:start position:0%
coin decide you are most bullish about
right<00:45:10.200><c> now</c><00:45:10.520><c> and</c><00:45:10.800><c> why</c><00:45:11.599><c> liquidy</c>

00:45:13.430 --> 00:45:13.440 align:start position:0%
right now and why liquidy
 

00:45:13.440 --> 00:45:16.150 align:start position:0%
right now and why liquidy
V2<00:45:14.440><c> uh</c>

00:45:16.150 --> 00:45:16.160 align:start position:0%
V2 uh
 

00:45:16.160 --> 00:45:19.349 align:start position:0%
V2 uh
gyroscope<00:45:17.160><c> um</c><00:45:17.640><c> liquid</c><00:45:18.000><c> TV2</c><00:45:18.440><c> and</c>

00:45:19.349 --> 00:45:19.359 align:start position:0%
gyroscope um liquid TV2 and
 

00:45:19.359 --> 00:45:21.069 align:start position:0%
gyroscope um liquid TV2 and
gyroscope

00:45:21.069 --> 00:45:21.079 align:start position:0%
gyroscope
 

00:45:21.079 --> 00:45:24.549 align:start position:0%
gyroscope
yes<00:45:22.079><c> um</c><00:45:22.720><c> why</c><00:45:22.880><c> do</c><00:45:23.200><c> protocols</c><00:45:23.760><c> with</c><00:45:23.960><c> Y</c><00:45:24.240><c> bearing</c>

00:45:24.549 --> 00:45:24.559 align:start position:0%
yes um why do protocols with Y bearing
 

00:45:24.559 --> 00:45:29.870 align:start position:0%
yes um why do protocols with Y bearing
stable<00:45:24.960><c> coin</c><00:45:25.400><c> also</c><00:45:25.720><c> have</c><00:45:26.000><c> a</c><00:45:26.440><c> governance</c>

00:45:29.870 --> 00:45:29.880 align:start position:0%
 
 

00:45:29.880 --> 00:45:33.349 align:start position:0%
 
token<00:45:31.119><c> um</c><00:45:32.119><c> because</c><00:45:32.400><c> they</c><00:45:32.480><c> can</c><00:45:32.640><c> raise</c><00:45:32.880><c> money</c>

00:45:33.349 --> 00:45:33.359 align:start position:0%
token um because they can raise money
 

00:45:33.359 --> 00:45:35.829 align:start position:0%
token um because they can raise money
with<00:45:33.640><c> uh</c><00:45:33.760><c> governance</c><00:45:34.240><c> tokens</c><00:45:34.800><c> and</c><00:45:35.400><c> attract</c>

00:45:35.829 --> 00:45:35.839 align:start position:0%
with uh governance tokens and attract
 

00:45:35.839 --> 00:45:37.589 align:start position:0%
with uh governance tokens and attract
people<00:45:36.319><c> uh</c><00:45:36.400><c> it's</c><00:45:36.520><c> a</c><00:45:36.800><c> great</c><00:45:37.000><c> bootstrapping</c>

00:45:37.589 --> 00:45:37.599 align:start position:0%
people uh it's a great bootstrapping
 

00:45:37.599 --> 00:45:40.030 align:start position:0%
people uh it's a great bootstrapping
mechanism<00:45:37.960><c> or</c><00:45:38.079><c> it</c><00:45:38.200><c> has</c><00:45:38.359><c> been</c><00:45:39.119><c> um</c><00:45:39.359><c> because</c>

00:45:40.030 --> 00:45:40.040 align:start position:0%
mechanism or it has been um because
 

00:45:40.040 --> 00:45:41.910 align:start position:0%
mechanism or it has been um because
there<00:45:40.160><c> is</c><00:45:40.280><c> a</c><00:45:40.440><c> cost</c><00:45:40.599><c> of</c><00:45:40.720><c> capital</c><00:45:41.079><c> starting</c><00:45:41.680><c> a</c>

00:45:41.910 --> 00:45:41.920 align:start position:0%
there is a cost of capital starting a
 

00:45:41.920 --> 00:45:45.150 align:start position:0%
there is a cost of capital starting a
stable<00:45:42.319><c> coin</c><00:45:43.319><c> um</c><00:45:44.160><c> people</c><00:45:44.359><c> will</c><00:45:44.520><c> buy</c><00:45:44.760><c> volatile</c>

00:45:45.150 --> 00:45:45.160 align:start position:0%
stable coin um people will buy volatile
 

00:45:45.160 --> 00:45:46.349 align:start position:0%
stable coin um people will buy volatile
tokens<00:45:45.559><c> because</c><00:45:45.720><c> they</c><00:45:45.839><c> think</c><00:45:45.960><c> the</c><00:45:46.040><c> price</c><00:45:46.240><c> is</c>

00:45:46.349 --> 00:45:46.359 align:start position:0%
tokens because they think the price is
 

00:45:46.359 --> 00:45:49.190 align:start position:0%
tokens because they think the price is
going<00:45:46.440><c> to</c><00:45:46.559><c> go</c><00:45:46.720><c> up</c><00:45:47.359><c> uh</c><00:45:47.480><c> with</c><00:45:47.559><c> a</c><00:45:47.720><c> stable</c><00:45:48.200><c> coin</c>

00:45:49.190 --> 00:45:49.200 align:start position:0%
going to go up uh with a stable coin
 

00:45:49.200 --> 00:45:50.510 align:start position:0%
going to go up uh with a stable coin
generally<00:45:49.599><c> people</c><00:45:49.760><c> don't</c><00:45:50.000><c> expect</c><00:45:50.240><c> the</c><00:45:50.319><c> price</c>

00:45:50.510 --> 00:45:50.520 align:start position:0%
generally people don't expect the price
 

00:45:50.520 --> 00:45:52.990 align:start position:0%
generally people don't expect the price
to<00:45:50.640><c> go</c><00:45:50.760><c> up</c><00:45:51.760><c> um</c><00:45:52.000><c> so</c><00:45:52.200><c> you</c><00:45:52.359><c> got</c><00:45:52.440><c> to</c><00:45:52.599><c> give</c><00:45:52.760><c> them</c>

00:45:52.990 --> 00:45:53.000 align:start position:0%
to go up um so you got to give them
 

00:45:53.000 --> 00:45:54.510 align:start position:0%
to go up um so you got to give them
something<00:45:53.559><c> and</c><00:45:53.680><c> if</c><00:45:53.800><c> you</c><00:45:53.920><c> don't</c><00:45:54.119><c> have</c><00:45:54.240><c> a</c><00:45:54.319><c> lot</c><00:45:54.440><c> of</c>

00:45:54.510 --> 00:45:54.520 align:start position:0%
something and if you don't have a lot of
 

00:45:54.520 --> 00:45:57.470 align:start position:0%
something and if you don't have a lot of
money<00:45:54.760><c> raised</c><00:45:55.040><c> from</c><00:45:55.119><c> a</c><00:45:55.280><c> VC</c><00:45:56.280><c> um</c><00:45:57.000><c> a</c><00:45:57.119><c> governance</c>

00:45:57.470 --> 00:45:57.480 align:start position:0%
money raised from a VC um a governance
 

00:45:57.480 --> 00:46:00.190 align:start position:0%
money raised from a VC um a governance
token<00:45:58.200><c> solves</c>

00:46:00.190 --> 00:46:00.200 align:start position:0%
token solves
 

00:46:00.200 --> 00:46:04.670 align:start position:0%
token solves
that<00:46:01.200><c> well</c><00:46:01.400><c> the</c><00:46:01.559><c> second</c><00:46:02.280><c> one</c><00:46:03.280><c> four</c><00:46:03.640><c> part</c><00:46:04.240><c> Tessa</c>

00:46:04.670 --> 00:46:04.680 align:start position:0%
that well the second one four part Tessa
 

00:46:04.680 --> 00:46:07.829 align:start position:0%
that well the second one four part Tessa
gets<00:46:04.960><c> shut</c><00:46:05.200><c> down</c><00:46:05.480><c> by</c>

00:46:07.829 --> 00:46:07.839 align:start position:0%
 
 

00:46:07.839 --> 00:46:12.230 align:start position:0%
 
us<00:46:08.839><c> now</c><00:46:09.240><c> after</c><00:46:09.839><c> after</c><00:46:10.440><c> last</c><00:46:10.680><c> week</c><00:46:11.520><c> very</c><00:46:11.760><c> low</c>

00:46:12.230 --> 00:46:12.240 align:start position:0%
us now after after last week very low
 

00:46:12.240 --> 00:46:13.630 align:start position:0%
us now after after last week very low
very<00:46:12.400><c> low</c><00:46:12.640><c> I</c><00:46:12.680><c> mean</c><00:46:12.800><c> it's</c><00:46:12.880><c> not</c><00:46:13.040><c> even</c><00:46:13.200><c> based</c><00:46:13.440><c> in</c>

00:46:13.630 --> 00:46:13.640 align:start position:0%
very low I mean it's not even based in
 

00:46:13.640 --> 00:46:16.510 align:start position:0%
very low I mean it's not even based in
us<00:46:13.920><c> it's</c><00:46:14.079><c> packed</c><00:46:14.319><c> to</c><00:46:14.480><c> US</c><00:46:14.760><c> dollar</c><00:46:15.160><c> right</c><00:46:16.160><c> is</c><00:46:16.280><c> it</c>

00:46:16.510 --> 00:46:16.520 align:start position:0%
us it's packed to US dollar right is it
 

00:46:16.520 --> 00:46:19.589 align:start position:0%
us it's packed to US dollar right is it
like<00:46:16.960><c> the</c><00:46:17.160><c> common</c><00:46:17.559><c> is</c><00:46:17.720><c> in</c><00:46:18.000><c> Cayman</c><00:46:18.400><c> Island</c><00:46:19.400><c> or</c>

00:46:19.589 --> 00:46:19.599 align:start position:0%
like the common is in Cayman Island or
 

00:46:19.599 --> 00:46:22.069 align:start position:0%
like the common is in Cayman Island or
nobody<00:46:19.920><c> knows</c><00:46:20.400><c> Bahama</c><00:46:21.400><c> Switzerland</c>

00:46:22.069 --> 00:46:22.079 align:start position:0%
nobody knows Bahama Switzerland
 

00:46:22.079 --> 00:46:23.349 align:start position:0%
nobody knows Bahama Switzerland
Switzerland

00:46:23.349 --> 00:46:23.359 align:start position:0%
Switzerland
 

00:46:23.359 --> 00:46:26.069 align:start position:0%
Switzerland
oh<00:46:24.359><c> what's</c><00:46:24.520><c> the</c><00:46:24.720><c> next</c><00:46:24.960><c> one</c><00:46:25.400><c> I</c><00:46:25.480><c> mean</c><00:46:25.640><c> there</c><00:46:25.760><c> are</c>

00:46:26.069 --> 00:46:26.079 align:start position:0%
oh what's the next one I mean there are
 

00:46:26.079 --> 00:46:27.829 align:start position:0%
oh what's the next one I mean there are
ways<00:46:26.400><c> that</c><00:46:26.559><c> they</c><00:46:26.760><c> go</c><00:46:26.920><c> government</c><00:46:27.359><c> could</c><00:46:27.640><c> try</c>

00:46:27.829 --> 00:46:27.839 align:start position:0%
ways that they go government could try
 

00:46:27.839 --> 00:46:29.790 align:start position:0%
ways that they go government could try
to<00:46:28.000><c> shut</c><00:46:28.200><c> it</c><00:46:28.440><c> down</c><00:46:29.040><c> I</c><00:46:29.119><c> wouldn't</c><00:46:29.400><c> say</c><00:46:29.559><c> there's</c>

00:46:29.790 --> 00:46:29.800 align:start position:0%
to shut it down I wouldn't say there's
 

00:46:29.800 --> 00:46:33.670 align:start position:0%
to shut it down I wouldn't say there's
no<00:46:30.160><c> risk</c><00:46:30.800><c> but</c><00:46:31.280><c> it</c><00:46:31.400><c> does</c><00:46:31.599><c> seem</c><00:46:31.839><c> like</c>

00:46:33.670 --> 00:46:33.680 align:start position:0%
no risk but it does seem like
 

00:46:33.680 --> 00:46:36.950 align:start position:0%
no risk but it does seem like
less<00:46:34.680><c> next</c><00:46:34.920><c> one</c><00:46:35.160><c> what</c><00:46:35.240><c> do</c><00:46:35.319><c> you</c><00:46:35.480><c> think</c><00:46:35.680><c> of</c><00:46:35.920><c> EA</c><00:46:36.839><c> is</c>

00:46:36.950 --> 00:46:36.960 align:start position:0%
less next one what do you think of EA is
 

00:46:36.960 --> 00:46:38.630 align:start position:0%
less next one what do you think of EA is
it

00:46:38.630 --> 00:46:38.640 align:start position:0%
it
 

00:46:38.640 --> 00:46:41.589 align:start position:0%
it
sustainable<00:46:39.640><c> um</c><00:46:39.920><c> I</c><00:46:40.000><c> mean</c><00:46:40.520><c> I</c><00:46:40.599><c> think</c><00:46:40.800><c> it's</c><00:46:41.520><c> I</c>

00:46:41.589 --> 00:46:41.599 align:start position:0%
sustainable um I mean I think it's I
 

00:46:41.599 --> 00:46:44.750 align:start position:0%
sustainable um I mean I think it's I
think<00:46:41.720><c> it's</c><00:46:41.800><c> a</c><00:46:41.960><c> really</c><00:46:42.200><c> interesting</c><00:46:42.800><c> idea</c><00:46:43.800><c> um</c>

00:46:44.750 --> 00:46:44.760 align:start position:0%
think it's a really interesting idea um
 

00:46:44.760 --> 00:46:46.910 align:start position:0%
think it's a really interesting idea um
I'd<00:46:45.000><c> say</c><00:46:45.480><c> assuming</c><00:46:45.880><c> they</c><00:46:46.119><c> do</c><00:46:46.400><c> what</c><00:46:46.520><c> they</c><00:46:46.640><c> claim</c>

00:46:46.910 --> 00:46:46.920 align:start position:0%
I'd say assuming they do what they claim
 

00:46:46.920 --> 00:46:48.470 align:start position:0%
I'd say assuming they do what they claim
to<00:46:47.000><c> do</c><00:46:47.200><c> it</c><00:46:47.319><c> is</c><00:46:47.559><c> sustainable</c><00:46:48.160><c> because</c><00:46:48.319><c> they're</c>

00:46:48.470 --> 00:46:48.480 align:start position:0%
to do it is sustainable because they're
 

00:46:48.480 --> 00:46:51.030 align:start position:0%
to do it is sustainable because they're
essentially<00:46:49.400><c> doing</c><00:46:49.960><c> a</c><00:46:50.119><c> strategy</c><00:46:50.640><c> that</c><00:46:50.800><c> is</c><00:46:50.920><c> a</c>

00:46:51.030 --> 00:46:51.040 align:start position:0%
essentially doing a strategy that is a
 

00:46:51.040 --> 00:46:52.910 align:start position:0%
essentially doing a strategy that is a
trading<00:46:51.359><c> strategy</c><00:46:51.800><c> and</c><00:46:51.920><c> they're</c><00:46:52.079><c> making</c><00:46:52.400><c> that</c>

00:46:52.910 --> 00:46:52.920 align:start position:0%
trading strategy and they're making that
 

00:46:52.920 --> 00:46:54.990 align:start position:0%
trading strategy and they're making that
tokenized<00:46:53.920><c> um</c><00:46:54.079><c> so</c><00:46:54.280><c> assuming</c><00:46:54.680><c> that's</c><00:46:54.839><c> all</c>

00:46:54.990 --> 00:46:55.000 align:start position:0%
tokenized um so assuming that's all
 

00:46:55.000 --> 00:46:56.549 align:start position:0%
tokenized um so assuming that's all
they're<00:46:55.160><c> doing</c><00:46:55.480><c> and</c><00:46:55.920><c> I</c><00:46:56.000><c> have</c><00:46:56.119><c> no</c><00:46:56.280><c> reason</c><00:46:56.440><c> to</c>

00:46:56.549 --> 00:46:56.559 align:start position:0%
they're doing and I have no reason to
 

00:46:56.559 --> 00:46:58.710 align:start position:0%
they're doing and I have no reason to
believe<00:46:57.160><c> that</c><00:46:57.280><c> they're</c><00:46:57.400><c> doing</c><00:46:57.599><c> anything</c><00:46:57.880><c> else</c>

00:46:58.710 --> 00:46:58.720 align:start position:0%
believe that they're doing anything else
 

00:46:58.720 --> 00:47:00.030 align:start position:0%
believe that they're doing anything else
um<00:46:59.000><c> yeah</c><00:46:59.119><c> that's</c><00:46:59.319><c> sustainable</c><00:46:59.760><c> as</c><00:46:59.839><c> long</c><00:46:59.960><c> as</c>

00:47:00.030 --> 00:47:00.040 align:start position:0%
um yeah that's sustainable as long as
 

00:47:00.040 --> 00:47:01.430 align:start position:0%
um yeah that's sustainable as long as
people<00:47:00.200><c> are</c><00:47:00.280><c> trading</c>

00:47:01.430 --> 00:47:01.440 align:start position:0%
people are trading
 

00:47:01.440 --> 00:47:04.630 align:start position:0%
people are trading
perss<00:47:02.440><c> yeah</c><00:47:02.599><c> I</c><00:47:02.720><c> think</c><00:47:02.880><c> it's</c><00:47:03.280><c> uh</c><00:47:03.720><c> it</c><00:47:03.880><c> makes</c><00:47:04.440><c> like</c>

00:47:04.630 --> 00:47:04.640 align:start position:0%
perss yeah I think it's uh it makes like
 

00:47:04.640 --> 00:47:08.230 align:start position:0%
perss yeah I think it's uh it makes like
economic<00:47:05.400><c> sense</c><00:47:06.400><c> uh</c><00:47:06.599><c> there's</c><00:47:06.880><c> probably</c><00:47:07.240><c> two</c>

00:47:08.230 --> 00:47:08.240 align:start position:0%
economic sense uh there's probably two
 

00:47:08.240 --> 00:47:09.950 align:start position:0%
economic sense uh there's probably two
things<00:47:08.480><c> to</c><00:47:08.680><c> think</c><00:47:08.880><c> about</c><00:47:09.160><c> about</c><00:47:09.520><c> like</c>

00:47:09.950 --> 00:47:09.960 align:start position:0%
things to think about about like
 

00:47:09.960 --> 00:47:14.349 align:start position:0%
things to think about about like
sustainable<00:47:10.720><c> though</c><00:47:10.960><c> I</c><00:47:11.119><c> guess</c><00:47:12.079><c> uh</c><00:47:12.720><c> it</c><00:47:13.599><c> it</c><00:47:13.920><c> has</c>

00:47:14.349 --> 00:47:14.359 align:start position:0%
sustainable though I guess uh it it has
 

00:47:14.359 --> 00:47:16.750 align:start position:0%
sustainable though I guess uh it it has
positive<00:47:14.800><c> rates</c><00:47:15.119><c> in</c><00:47:15.280><c> some</c><00:47:15.559><c> environments</c><00:47:16.480><c> and</c>

00:47:16.750 --> 00:47:16.760 align:start position:0%
positive rates in some environments and
 

00:47:16.760 --> 00:47:18.430 align:start position:0%
positive rates in some environments and
probably<00:47:17.119><c> negative</c><00:47:17.559><c> rates</c><00:47:17.880><c> in</c><00:47:18.079><c> other</c>

00:47:18.430 --> 00:47:18.440 align:start position:0%
probably negative rates in other
 

00:47:18.440 --> 00:47:21.230 align:start position:0%
probably negative rates in other
environments<00:47:19.440><c> and</c><00:47:19.839><c> if</c><00:47:19.960><c> you</c><00:47:20.119><c> have</c><00:47:20.280><c> a</c><00:47:20.440><c> sustained</c>

00:47:21.230 --> 00:47:21.240 align:start position:0%
environments and if you have a sustained
 

00:47:21.240 --> 00:47:23.150 align:start position:0%
environments and if you have a sustained
negative<00:47:21.640><c> rate</c><00:47:21.960><c> environment</c><00:47:22.520><c> in</c><00:47:22.680><c> particular</c>

00:47:23.150 --> 00:47:23.160 align:start position:0%
negative rate environment in particular
 

00:47:23.160 --> 00:47:25.470 align:start position:0%
negative rate environment in particular
when<00:47:23.359><c> people</c><00:47:23.760><c> don't</c><00:47:24.079><c> want</c><00:47:24.280><c> to</c><00:47:24.480><c> take</c><00:47:24.680><c> a</c><00:47:24.839><c> lot</c><00:47:24.960><c> of</c>

00:47:25.470 --> 00:47:25.480 align:start position:0%
when people don't want to take a lot of
 

00:47:25.480 --> 00:47:28.190 align:start position:0%
when people don't want to take a lot of
Leverage<00:47:26.480><c> uh</c><00:47:26.680><c> which</c><00:47:27.280><c> happens</c><00:47:27.760><c> during</c><00:47:28.040><c> like</c>

00:47:28.190 --> 00:47:28.200 align:start position:0%
Leverage uh which happens during like
 

00:47:28.200 --> 00:47:30.309 align:start position:0%
Leverage uh which happens during like
deep<00:47:28.480><c> bare</c><00:47:28.800><c> markets</c><00:47:29.599><c> you</c><00:47:29.760><c> may</c><00:47:29.920><c> just</c><00:47:30.079><c> have</c><00:47:30.200><c> a</c>

00:47:30.309 --> 00:47:30.319 align:start position:0%
deep bare markets you may just have a
 

00:47:30.319 --> 00:47:33.349 align:start position:0%
deep bare markets you may just have a
natural<00:47:30.760><c> unwinding</c><00:47:31.720><c> of</c><00:47:32.040><c> the</c><00:47:32.200><c> system</c><00:47:33.040><c> at</c><00:47:33.160><c> least</c>

00:47:33.349 --> 00:47:33.359 align:start position:0%
natural unwinding of the system at least
 

00:47:33.359 --> 00:47:36.150 align:start position:0%
natural unwinding of the system at least
how<00:47:33.599><c> how</c><00:47:33.720><c> it's</c><00:47:33.880><c> set</c><00:47:34.040><c> up</c><00:47:34.280><c> right</c><00:47:34.440><c> now</c><00:47:35.079><c> and</c><00:47:35.839><c> maybe</c>

00:47:36.150 --> 00:47:36.160 align:start position:0%
how how it's set up right now and maybe
 

00:47:36.160 --> 00:47:38.910 align:start position:0%
how how it's set up right now and maybe
even

00:47:38.910 --> 00:47:38.920 align:start position:0%
 
 

00:47:38.920 --> 00:47:42.670 align:start position:0%
 
disappear<00:47:40.040><c> anything</c><00:47:41.040><c> um</c><00:47:41.640><c> no</c><00:47:41.839><c> I</c><00:47:41.920><c> mean</c><00:47:42.200><c> like</c><00:47:42.480><c> as</c>

00:47:42.670 --> 00:47:42.680 align:start position:0%
disappear anything um no I mean like as
 

00:47:42.680 --> 00:47:44.589 align:start position:0%
disappear anything um no I mean like as
all<00:47:43.040><c> trading</c><00:47:43.480><c> strategy</c><00:47:44.000><c> there</c><00:47:44.119><c> is</c><00:47:44.319><c> some</c>

00:47:44.589 --> 00:47:44.599 align:start position:0%
all trading strategy there is some
 

00:47:44.599 --> 00:47:47.710 align:start position:0%
all trading strategy there is some
limitations<00:47:45.160><c> on</c><00:47:45.480><c> capacity</c><00:47:46.280><c> so</c><00:47:47.079><c> you</c><00:47:47.359><c> you</c><00:47:47.480><c> can't</c>

00:47:47.710 --> 00:47:47.720 align:start position:0%
limitations on capacity so you you can't
 

00:47:47.720 --> 00:47:50.190 align:start position:0%
limitations on capacity so you you can't
run<00:47:48.000><c> the</c><00:47:48.119><c> same</c><00:47:48.359><c> strategy</c><00:47:49.000><c> with</c><00:47:49.319><c> 10</c><00:47:49.599><c> or</c><00:47:49.920><c> 100</c>

00:47:50.190 --> 00:47:50.200 align:start position:0%
run the same strategy with 10 or 100
 

00:47:50.200 --> 00:47:53.470 align:start position:0%
run the same strategy with 10 or 100
times<00:47:50.599><c> the</c><00:47:51.119><c> the</c><00:47:51.599><c> the</c><00:47:51.800><c> capital</c><00:47:52.240><c> so</c><00:47:52.480><c> like</c><00:47:52.960><c> it</c><00:47:53.200><c> can</c>

00:47:53.470 --> 00:47:53.480 align:start position:0%
times the the the capital so like it can
 

00:47:53.480 --> 00:47:55.990 align:start position:0%
times the the the capital so like it can
scale<00:47:53.880><c> forever</c><00:47:54.559><c> but</c><00:47:54.760><c> at</c><00:47:54.880><c> the</c><00:47:55.079><c> size</c><00:47:55.359><c> it's</c><00:47:55.599><c> now</c>

00:47:55.990 --> 00:47:56.000 align:start position:0%
scale forever but at the size it's now
 

00:47:56.000 --> 00:47:58.829 align:start position:0%
scale forever but at the size it's now
and<00:47:56.280><c> and</c><00:47:56.400><c> as</c><00:47:56.520><c> the</c><00:47:56.839><c> Market</c><00:47:57.319><c> is</c><00:47:57.839><c> is</c><00:47:58.079><c> is</c><00:47:58.319><c> right</c><00:47:58.480><c> now</c>

00:47:58.829 --> 00:47:58.839 align:start position:0%
and and as the Market is is is right now
 

00:47:58.839 --> 00:48:01.950 align:start position:0%
and and as the Market is is is right now
it's<00:47:59.359><c> it</c><00:47:59.640><c> it</c><00:47:59.760><c> should</c><00:48:00.000><c> be</c>

00:48:01.950 --> 00:48:01.960 align:start position:0%
it's it it should be
 

00:48:01.960 --> 00:48:04.430 align:start position:0%
it's it it should be
good<00:48:02.960><c> well</c><00:48:03.200><c> the</c><00:48:03.400><c> LA</c><00:48:03.599><c> the</c><00:48:03.720><c> next</c><00:48:03.920><c> one</c><00:48:04.079><c> will</c><00:48:04.200><c> be</c>

00:48:04.430 --> 00:48:04.440 align:start position:0%
good well the LA the next one will be
 

00:48:04.440 --> 00:48:08.150 align:start position:0%
good well the LA the next one will be
why<00:48:04.599><c> don't</c><00:48:05.160><c> protocols</c><00:48:05.720><c> use</c><00:48:06.079><c> vaults</c><00:48:06.559><c> ERC</c><00:48:07.160><c> 4626</c>

00:48:08.150 --> 00:48:08.160 align:start position:0%
why don't protocols use vaults ERC 4626
 

00:48:08.160 --> 00:48:10.710 align:start position:0%
why don't protocols use vaults ERC 4626
instead<00:48:08.480><c> of</c><00:48:08.640><c> a</c><00:48:08.800><c> stable</c><00:48:09.359><c> coin</c><00:48:10.359><c> don't</c><00:48:10.599><c> they</c>

00:48:10.710 --> 00:48:10.720 align:start position:0%
instead of a stable coin don't they
 

00:48:10.720 --> 00:48:12.710 align:start position:0%
instead of a stable coin don't they
serve<00:48:11.040><c> the</c><00:48:11.160><c> same</c><00:48:11.480><c> purpose</c><00:48:11.960><c> without</c><00:48:12.280><c> the</c><00:48:12.400><c> RIS</c>

00:48:12.710 --> 00:48:12.720 align:start position:0%
serve the same purpose without the RIS
 

00:48:12.720 --> 00:48:15.349 align:start position:0%
serve the same purpose without the RIS
of<00:48:12.920><c> maintaining</c><00:48:13.440><c> a</c><00:48:13.599><c> stable</c>

00:48:15.349 --> 00:48:15.359 align:start position:0%
of maintaining a stable
 

00:48:15.359 --> 00:48:19.190 align:start position:0%
of maintaining a stable
coin<00:48:16.359><c> uh</c><00:48:17.000><c> I</c><00:48:17.079><c> think</c><00:48:17.319><c> most</c><00:48:17.520><c> people</c><00:48:17.760><c> like</c>

00:48:19.190 --> 00:48:19.200 align:start position:0%
coin uh I think most people like
 

00:48:19.200 --> 00:48:21.390 align:start position:0%
coin uh I think most people like
tokens<00:48:20.200><c> that's</c><00:48:20.440><c> my</c><00:48:20.640><c> my</c><00:48:20.800><c> short</c><00:48:21.000><c> answer</c>

00:48:21.390 --> 00:48:21.400 align:start position:0%
tokens that's my my short answer
 

00:48:21.400 --> 00:48:24.390 align:start position:0%
tokens that's my my short answer
Humanity<00:48:22.079><c> I</c><00:48:22.240><c> mean</c><00:48:23.240><c> if</c><00:48:23.319><c> you</c><00:48:23.480><c> get</c><00:48:23.599><c> a</c><00:48:23.800><c> token</c>

00:48:24.390 --> 00:48:24.400 align:start position:0%
Humanity I mean if you get a token
 

00:48:24.400 --> 00:48:25.670 align:start position:0%
Humanity I mean if you get a token
something<00:48:24.720><c> that's</c><00:48:24.920><c> just</c><00:48:25.079><c> like</c><00:48:25.319><c> oh</c><00:48:25.480><c> yeah</c><00:48:25.559><c> I'll</c>

00:48:25.670 --> 00:48:25.680 align:start position:0%
something that's just like oh yeah I'll
 

00:48:25.680 --> 00:48:27.150 align:start position:0%
something that's just like oh yeah I'll
be<00:48:25.800><c> able</c><00:48:25.960><c> to</c><00:48:26.040><c> put</c><00:48:26.200><c> this</c><00:48:26.319><c> in</c><00:48:26.480><c> and</c><00:48:26.640><c> get</c><00:48:26.839><c> a</c><00:48:26.960><c> dollar</c>

00:48:27.150 --> 00:48:27.160 align:start position:0%
be able to put this in and get a dollar
 

00:48:27.160 --> 00:48:29.470 align:start position:0%
be able to put this in and get a dollar
is<00:48:27.280><c> worth</c><00:48:27.559><c> out</c><00:48:27.960><c> of</c><00:48:28.240><c> let's</c><00:48:28.400><c> say</c><00:48:28.599><c> eth</c><00:48:29.119><c> a</c><00:48:29.240><c> dollar</c>

00:48:29.470 --> 00:48:29.480 align:start position:0%
is worth out of let's say eth a dollar
 

00:48:29.480 --> 00:48:32.430 align:start position:0%
is worth out of let's say eth a dollar
in<00:48:29.680><c> today</c><00:48:29.960><c> a</c><00:48:30.119><c> dollar</c><00:48:30.319><c> out</c><00:48:30.520><c> later</c><00:48:31.520><c> uh</c><00:48:31.680><c> sure</c><00:48:32.280><c> why</c>

00:48:32.430 --> 00:48:32.440 align:start position:0%
in today a dollar out later uh sure why
 

00:48:32.440 --> 00:48:34.109 align:start position:0%
in today a dollar out later uh sure why
not<00:48:32.920><c> um</c><00:48:33.200><c> but</c><00:48:33.319><c> I</c><00:48:33.400><c> think</c><00:48:33.520><c> most</c><00:48:33.680><c> people</c><00:48:33.880><c> like</c><00:48:34.000><c> to</c>

00:48:34.109 --> 00:48:34.119 align:start position:0%
not um but I think most people like to
 

00:48:34.119 --> 00:48:36.030 align:start position:0%
not um but I think most people like to
do<00:48:34.359><c> stuff</c><00:48:34.599><c> with</c><00:48:34.760><c> that</c><00:48:34.960><c> dollar</c><00:48:35.280><c> value</c><00:48:35.839><c> like</c>

00:48:36.030 --> 00:48:36.040 align:start position:0%
do stuff with that dollar value like
 

00:48:36.040 --> 00:48:39.190 align:start position:0%
do stuff with that dollar value like
yield<00:48:36.400><c> Farm</c><00:48:37.000><c> or</c><00:48:37.559><c> whatever</c><00:48:38.440><c> um</c><00:48:38.599><c> so</c><00:48:38.800><c> that's</c><00:48:39.119><c> I</c>

00:48:39.190 --> 00:48:39.200 align:start position:0%
yield Farm or whatever um so that's I
 

00:48:39.200 --> 00:48:41.510 align:start position:0%
yield Farm or whatever um so that's I
think<00:48:39.400><c> generally</c><00:48:40.280><c> why</c><00:48:40.720><c> users</c><00:48:41.079><c> have</c><00:48:41.240><c> not</c><00:48:41.359><c> been</c>

00:48:41.510 --> 00:48:41.520 align:start position:0%
think generally why users have not been
 

00:48:41.520 --> 00:48:43.910 align:start position:0%
think generally why users have not been
overly<00:48:41.800><c> interested</c><00:48:42.280><c> but</c><00:48:42.559><c> maybe</c><00:48:42.839><c> I'm</c><00:48:42.920><c> missing</c>

00:48:43.910 --> 00:48:43.920 align:start position:0%
overly interested but maybe I'm missing
 

00:48:43.920 --> 00:48:45.750 align:start position:0%
overly interested but maybe I'm missing
something<00:48:44.920><c> yeah</c><00:48:45.040><c> I</c><00:48:45.079><c> mean</c><00:48:45.240><c> I</c><00:48:45.359><c> guess</c><00:48:45.480><c> to</c><00:48:45.599><c> some</c>

00:48:45.750 --> 00:48:45.760 align:start position:0%
something yeah I mean I guess to some
 

00:48:45.760 --> 00:48:50.510 align:start position:0%
something yeah I mean I guess to some
extent<00:48:46.040><c> 4626</c><00:48:46.880><c> is</c><00:48:47.040><c> also</c><00:48:47.440><c> tokenized</c><00:48:48.440><c> um</c><00:48:49.240><c> but</c><00:48:50.200><c> uh</c>

00:48:50.510 --> 00:48:50.520 align:start position:0%
extent 4626 is also tokenized um but uh
 

00:48:50.520 --> 00:48:51.990 align:start position:0%
extent 4626 is also tokenized um but uh
I<00:48:50.599><c> guess</c><00:48:50.799><c> there</c><00:48:51.079><c> just</c><00:48:51.280><c> like</c><00:48:51.520><c> some</c>

00:48:51.990 --> 00:48:52.000 align:start position:0%
I guess there just like some
 

00:48:52.000 --> 00:48:53.670 align:start position:0%
I guess there just like some
composability<00:48:52.480><c> that</c><00:48:52.960><c> comes</c><00:48:53.280><c> with</c><00:48:53.480><c> just</c>

00:48:53.670 --> 00:48:53.680 align:start position:0%
composability that comes with just
 

00:48:53.680 --> 00:48:55.150 align:start position:0%
composability that comes with just
having<00:48:53.880><c> a</c><00:48:54.040><c> token</c><00:48:54.440><c> that</c><00:48:54.559><c> you</c><00:48:54.640><c> can</c><00:48:54.799><c> use</c><00:48:54.960><c> as</c>

00:48:55.150 --> 00:48:55.160 align:start position:0%
having a token that you can use as
 

00:48:55.160 --> 00:48:56.950 align:start position:0%
having a token that you can use as
collateral<00:48:55.799><c> that</c><00:48:55.920><c> you</c><00:48:56.000><c> can</c><00:48:56.200><c> pair</c><00:48:56.400><c> with</c><00:48:56.839><c> the</c>

00:48:56.950 --> 00:48:56.960 align:start position:0%
collateral that you can pair with the
 

00:48:56.960 --> 00:48:59.630 align:start position:0%
collateral that you can pair with the
tokens<00:48:57.400><c> to</c><00:48:57.599><c> provide</c><00:48:57.880><c> liquidity</c><00:48:58.319><c> and</c><00:48:58.640><c> pools</c>

00:48:59.630 --> 00:48:59.640 align:start position:0%
tokens to provide liquidity and pools
 

00:48:59.640 --> 00:49:01.510 align:start position:0%
tokens to provide liquidity and pools
and<00:48:59.960><c> it's</c><00:49:00.160><c> just</c><00:49:00.359><c> like</c><00:49:00.480><c> the</c><00:49:00.599><c> mental</c><00:49:00.960><c> model</c><00:49:01.319><c> that</c>

00:49:01.510 --> 00:49:01.520 align:start position:0%
and it's just like the mental model that
 

00:49:01.520 --> 00:49:03.349 align:start position:0%
and it's just like the mental model that
people<00:49:01.839><c> have</c><00:49:02.079><c> is</c><00:49:02.240><c> still</c><00:49:02.559><c> very</c><00:49:02.760><c> much</c><00:49:03.000><c> token</c>

00:49:03.349 --> 00:49:03.359 align:start position:0%
people have is still very much token
 

00:49:03.359 --> 00:49:05.870 align:start position:0%
people have is still very much token
focused<00:49:03.880><c> and</c><00:49:04.079><c> not</c><00:49:04.920><c> like</c><00:49:05.079><c> Vault</c><00:49:05.599><c> account</c>

00:49:05.870 --> 00:49:05.880 align:start position:0%
focused and not like Vault account
 

00:49:05.880 --> 00:49:07.870 align:start position:0%
focused and not like Vault account
obstruction

00:49:07.870 --> 00:49:07.880 align:start position:0%
obstruction
 

00:49:07.880 --> 00:49:10.230 align:start position:0%
obstruction
focused<00:49:08.880><c> well</c><00:49:09.079><c> the</c><00:49:09.280><c> next</c><00:49:09.559><c> question</c><00:49:09.839><c> will</c><00:49:10.000><c> be</c>

00:49:10.230 --> 00:49:10.240 align:start position:0%
focused well the next question will be
 

00:49:10.240 --> 00:49:12.630 align:start position:0%
focused well the next question will be
is<00:49:10.359><c> there</c><00:49:10.640><c> decentralized</c><00:49:11.319><c> stable</c><00:49:11.720><c> coin</c><00:49:12.480><c> that</c>

00:49:12.630 --> 00:49:12.640 align:start position:0%
is there decentralized stable coin that
 

00:49:12.640 --> 00:49:14.270 align:start position:0%
is there decentralized stable coin that
can<00:49:12.880><c> take</c><00:49:13.119><c> over</c><00:49:13.400><c> the</c>

00:49:14.270 --> 00:49:14.280 align:start position:0%
can take over the
 

00:49:14.280 --> 00:49:20.510 align:start position:0%
can take over the
usdc<00:49:15.280><c> in</c><00:49:15.520><c> defi</c><00:49:16.440><c> ours</c><00:49:17.440><c> yeah</c><00:49:18.440><c> I</c><00:49:18.599><c> I</c><00:49:18.839><c> mean</c><00:49:19.839><c> it's</c><00:49:20.240><c> uh</c>

00:49:20.510 --> 00:49:20.520 align:start position:0%
usdc in defi ours yeah I I mean it's uh
 

00:49:20.520 --> 00:49:22.069 align:start position:0%
usdc in defi ours yeah I I mean it's uh
I<00:49:20.599><c> think</c><00:49:20.760><c> it's</c><00:49:20.880><c> like</c><00:49:21.000><c> we</c><00:49:21.079><c> were</c><00:49:21.200><c> saying</c><00:49:21.480><c> like</c>

00:49:22.069 --> 00:49:22.079 align:start position:0%
I think it's like we were saying like
 

00:49:22.079 --> 00:49:23.630 align:start position:0%
I think it's like we were saying like
tokens<00:49:22.520><c> will</c><00:49:22.680><c> address</c><00:49:23.000><c> different</c><00:49:23.240><c> things</c><00:49:23.480><c> and</c>

00:49:23.630 --> 00:49:23.640 align:start position:0%
tokens will address different things and
 

00:49:23.640 --> 00:49:26.190 align:start position:0%
tokens will address different things and
a<00:49:23.760><c> big</c><00:49:23.920><c> use</c><00:49:24.200><c> case</c><00:49:24.400><c> of</c><00:49:24.720><c> of</c><00:49:24.960><c> stable</c><00:49:25.359><c> coins</c><00:49:25.599><c> is</c><00:49:25.960><c> on</c>

00:49:26.190 --> 00:49:26.200 align:start position:0%
a big use case of of stable coins is on
 

00:49:26.200 --> 00:49:30.430 align:start position:0%
a big use case of of stable coins is on
R<00:49:26.440><c> and</c><00:49:26.559><c> off</c><00:49:26.880><c> ramp</c><00:49:27.839><c> um</c><00:49:28.520><c> as</c><00:49:28.680><c> long</c><00:49:28.920><c> as</c><00:49:29.559><c> coinbase</c><00:49:30.160><c> is</c>

00:49:30.430 --> 00:49:30.440 align:start position:0%
R and off ramp um as long as coinbase is
 

00:49:30.440 --> 00:49:32.870 align:start position:0%
R and off ramp um as long as coinbase is
is<00:49:30.559><c> a</c><00:49:30.760><c> big</c><00:49:31.079><c> way</c><00:49:31.200><c> to</c><00:49:31.359><c> get</c><00:49:31.480><c> in</c><00:49:31.599><c> and</c><00:49:31.760><c> out</c><00:49:32.359><c> I</c><00:49:32.480><c> think</c>

00:49:32.870 --> 00:49:32.880 align:start position:0%
is a big way to get in and out I think
 

00:49:32.880 --> 00:49:36.030 align:start position:0%
is a big way to get in and out I think
usdc<00:49:33.880><c> and</c><00:49:34.040><c> tether</c><00:49:34.640><c> uh</c><00:49:34.839><c> as</c><00:49:35.000><c> well</c><00:49:35.480><c> will</c><00:49:35.680><c> be</c><00:49:35.839><c> very</c>

00:49:36.030 --> 00:49:36.040 align:start position:0%
usdc and tether uh as well will be very
 

00:49:36.040 --> 00:49:38.309 align:start position:0%
usdc and tether uh as well will be very
important<00:49:36.799><c> um</c><00:49:37.359><c> basically</c><00:49:37.760><c> both</c><00:49:37.960><c> of</c><00:49:38.119><c> those</c>

00:49:38.309 --> 00:49:38.319 align:start position:0%
important um basically both of those
 

00:49:38.319 --> 00:49:40.990 align:start position:0%
important um basically both of those
coins<00:49:39.000><c> extend</c><00:49:39.440><c> US</c><00:49:39.720><c> dollar</c><00:49:39.960><c> banking</c><00:49:40.440><c> to</c>

00:49:40.990 --> 00:49:41.000 align:start position:0%
coins extend US dollar banking to
 

00:49:41.000 --> 00:49:43.710 align:start position:0%
coins extend US dollar banking to
unbankable<00:49:42.000><c> uh</c><00:49:42.119><c> offshore</c><00:49:42.480><c> exchanges</c><00:49:43.000><c> as</c><00:49:43.160><c> well</c>

00:49:43.710 --> 00:49:43.720 align:start position:0%
unbankable uh offshore exchanges as well
 

00:49:43.720 --> 00:49:45.309 align:start position:0%
unbankable uh offshore exchanges as well
um<00:49:43.839><c> so</c><00:49:43.960><c> you</c><00:49:44.079><c> see</c><00:49:44.280><c> some</c><00:49:44.400><c> of</c><00:49:44.520><c> the</c><00:49:44.760><c> the</c><00:49:44.880><c> biggest</c>

00:49:45.309 --> 00:49:45.319 align:start position:0%
um so you see some of the the biggest
 

00:49:45.319 --> 00:49:47.109 align:start position:0%
um so you see some of the the biggest
exchanges<00:49:46.200><c> you're</c><00:49:46.359><c> not</c><00:49:46.520><c> able</c><00:49:46.720><c> to</c><00:49:46.799><c> trade</c><00:49:47.000><c> in</c>

00:49:47.109 --> 00:49:47.119 align:start position:0%
exchanges you're not able to trade in
 

00:49:47.119 --> 00:49:49.069 align:start position:0%
exchanges you're not able to trade in
dollars<00:49:47.520><c> but</c><00:49:47.640><c> you</c><00:49:47.720><c> can</c><00:49:47.880><c> trade</c><00:49:48.119><c> against</c><00:49:48.319><c> a</c><00:49:48.480><c> usdt</c>

00:49:49.069 --> 00:49:49.079 align:start position:0%
dollars but you can trade against a usdt
 

00:49:49.079 --> 00:49:52.309 align:start position:0%
dollars but you can trade against a usdt
pair<00:49:49.920><c> um</c><00:49:50.240><c> as</c><00:49:50.359><c> long</c><00:49:50.480><c> as</c><00:49:50.680><c> that</c><00:49:50.799><c> is</c><00:49:51.000><c> still</c><00:49:51.319><c> exist</c>

00:49:52.309 --> 00:49:52.319 align:start position:0%
pair um as long as that is still exist
 

00:49:52.319 --> 00:49:53.589 align:start position:0%
pair um as long as that is still exist
uh<00:49:52.480><c> it's</c><00:49:52.640><c> hard</c><00:49:52.799><c> to</c><00:49:52.960><c> say</c><00:49:53.200><c> if</c><00:49:53.280><c> we</c><00:49:53.440><c> just</c>

00:49:53.589 --> 00:49:53.599 align:start position:0%
uh it's hard to say if we just
 

00:49:53.599 --> 00:49:55.870 align:start position:0%
uh it's hard to say if we just
restricted<00:49:54.040><c> to</c><00:49:54.200><c> defi</c><00:49:55.119><c> I</c><00:49:55.280><c> personally</c><00:49:55.680><c> would</c>

00:49:55.870 --> 00:49:55.880 align:start position:0%
restricted to defi I personally would
 

00:49:55.880 --> 00:49:58.710 align:start position:0%
restricted to defi I personally would
love<00:49:56.079><c> to</c><00:49:56.240><c> see</c><00:49:56.799><c> decentralized</c><00:49:57.680><c> stable</c><00:49:58.079><c> coins</c>

00:49:58.710 --> 00:49:58.720 align:start position:0%
love to see decentralized stable coins
 

00:49:58.720 --> 00:50:00.750 align:start position:0%
love to see decentralized stable coins
become<00:49:59.079><c> the</c><00:49:59.200><c> main</c><00:49:59.400><c> things</c><00:49:59.599><c> to</c><00:49:59.760><c> do</c><00:49:59.880><c> it</c><00:50:00.000><c> in</c><00:50:00.640><c> uh</c>

00:50:00.750 --> 00:50:00.760 align:start position:0%
become the main things to do it in uh
 

00:50:00.760 --> 00:50:02.390 align:start position:0%
become the main things to do it in uh
there<00:50:00.839><c> are</c><00:50:01.160><c> tax</c><00:50:01.400><c> incentives</c><00:50:01.839><c> at</c><00:50:01.920><c> least</c><00:50:02.119><c> within</c>

00:50:02.390 --> 00:50:02.400 align:start position:0%
there are tax incentives at least within
 

00:50:02.400 --> 00:50:04.670 align:start position:0%
there are tax incentives at least within
Europe<00:50:02.680><c> of</c><00:50:02.920><c> why</c><00:50:03.119><c> that</c><00:50:03.240><c> might</c><00:50:03.400><c> be</c><00:50:03.599><c> better</c><00:50:04.359><c> maybe</c>

00:50:04.670 --> 00:50:04.680 align:start position:0%
Europe of why that might be better maybe
 

00:50:04.680 --> 00:50:06.230 align:start position:0%
Europe of why that might be better maybe
that<00:50:04.760><c> will</c><00:50:04.880><c> drive</c><00:50:05.119><c> some</c><00:50:05.319><c> things</c><00:50:05.680><c> but</c><00:50:05.960><c> again</c>

00:50:06.230 --> 00:50:06.240 align:start position:0%
that will drive some things but again
 

00:50:06.240 --> 00:50:08.150 align:start position:0%
that will drive some things but again
we're<00:50:06.440><c> Europeans</c><00:50:07.000><c> we're</c><00:50:07.240><c> we're</c><00:50:07.440><c> poor</c><00:50:07.920><c> so</c>

00:50:08.150 --> 00:50:08.160 align:start position:0%
we're Europeans we're we're poor so
 

00:50:08.160 --> 00:50:09.349 align:start position:0%
we're Europeans we're we're poor so
maybe

00:50:09.349 --> 00:50:09.359 align:start position:0%
maybe
 

00:50:09.359 --> 00:50:12.309 align:start position:0%
maybe
not<00:50:10.359><c> another</c><00:50:10.680><c> thing</c><00:50:10.880><c> is</c><00:50:11.079><c> that</c><00:50:11.880><c> uh</c>

00:50:12.309 --> 00:50:12.319 align:start position:0%
not another thing is that uh
 

00:50:12.319 --> 00:50:14.150 align:start position:0%
not another thing is that uh
historically<00:50:12.960><c> at</c><00:50:13.079><c> least</c><00:50:13.440><c> decentralized</c>

00:50:14.150 --> 00:50:14.160 align:start position:0%
historically at least decentralized
 

00:50:14.160 --> 00:50:15.990 align:start position:0%
historically at least decentralized
stable<00:50:14.520><c> coins</c><00:50:14.960><c> have</c><00:50:15.160><c> suffered</c><00:50:15.799><c> like</c>

00:50:15.990 --> 00:50:16.000 align:start position:0%
stable coins have suffered like
 

00:50:16.000 --> 00:50:17.750 align:start position:0%
stable coins have suffered like
liquidity<00:50:16.559><c> challenges</c><00:50:17.200><c> compared</c><00:50:17.559><c> to</c>

00:50:17.750 --> 00:50:17.760 align:start position:0%
liquidity challenges compared to
 

00:50:17.760 --> 00:50:22.109 align:start position:0%
liquidity challenges compared to
centralized<00:50:18.480><c> stable</c><00:50:19.040><c> coins</c><00:50:20.040><c> um</c><00:50:21.040><c> but</c><00:50:21.839><c> I</c><00:50:21.920><c> mean</c>

00:50:22.109 --> 00:50:22.119 align:start position:0%
centralized stable coins um but I mean
 

00:50:22.119 --> 00:50:23.549 align:start position:0%
centralized stable coins um but I mean
there<00:50:22.200><c> are</c><00:50:22.359><c> actually</c><00:50:22.599><c> some</c><00:50:22.839><c> ways</c><00:50:23.160><c> to</c><00:50:23.319><c> turn</c>

00:50:23.549 --> 00:50:23.559 align:start position:0%
there are actually some ways to turn
 

00:50:23.559 --> 00:50:25.670 align:start position:0%
there are actually some ways to turn
this<00:50:23.799><c> around</c><00:50:24.440><c> which</c><00:50:24.599><c> is</c><00:50:25.000><c> what</c><00:50:25.240><c> I'm</c><00:50:25.400><c> planning</c>

00:50:25.670 --> 00:50:25.680 align:start position:0%
this around which is what I'm planning
 

00:50:25.680 --> 00:50:27.829 align:start position:0%
this around which is what I'm planning
to<00:50:25.839><c> talk</c><00:50:26.079><c> about</c><00:50:26.319><c> on</c><00:50:26.720><c> on</c><00:50:26.880><c> Friday</c><00:50:27.440><c> and</c><00:50:27.599><c> some</c>

00:50:27.829 --> 00:50:27.839 align:start position:0%
to talk about on on Friday and some
 

00:50:27.839 --> 00:50:31.750 align:start position:0%
to talk about on on Friday and some
advantages<00:50:28.760><c> that</c><00:50:29.720><c> uh</c><00:50:30.319><c> I</c><00:50:30.400><c> mean</c><00:50:31.119><c> decentralized</c>

00:50:31.750 --> 00:50:31.760 align:start position:0%
advantages that uh I mean decentralized
 

00:50:31.760 --> 00:50:33.670 align:start position:0%
advantages that uh I mean decentralized
stable<00:50:32.079><c> coins</c><00:50:32.440><c> have</c><00:50:32.599><c> some</c><00:50:32.799><c> flexibilities</c>

00:50:33.670 --> 00:50:33.680 align:start position:0%
stable coins have some flexibilities
 

00:50:33.680 --> 00:50:36.069 align:start position:0%
stable coins have some flexibilities
that<00:50:34.000><c> centralized</c><00:50:34.520><c> stable</c><00:50:34.880><c> coins</c><00:50:35.200><c> don't</c><00:50:35.960><c> that</c>

00:50:36.069 --> 00:50:36.079 align:start position:0%
that centralized stable coins don't that
 

00:50:36.079 --> 00:50:38.190 align:start position:0%
that centralized stable coins don't that
you<00:50:36.160><c> can</c><00:50:36.400><c> actually</c><00:50:37.240><c> potentially</c><00:50:37.720><c> make</c><00:50:37.920><c> them</c>

00:50:38.190 --> 00:50:38.200 align:start position:0%
you can actually potentially make them
 

00:50:38.200 --> 00:50:39.510 align:start position:0%
you can actually potentially make them
actually<00:50:38.440><c> much</c><00:50:38.640><c> more</c><00:50:38.880><c> efficient</c><00:50:39.280><c> when</c><00:50:39.359><c> it</c>

00:50:39.510 --> 00:50:39.520 align:start position:0%
actually much more efficient when it
 

00:50:39.520 --> 00:50:41.870 align:start position:0%
actually much more efficient when it
comes<00:50:39.760><c> to</c><00:50:40.160><c> uh</c><00:50:40.319><c> to</c><00:50:40.559><c> to</c>

00:50:41.870 --> 00:50:41.880 align:start position:0%
comes to uh to to
 

00:50:41.880 --> 00:50:43.910 align:start position:0%
comes to uh to to
liquidity<00:50:42.880><c> yeah</c><00:50:43.079><c> I</c><00:50:43.200><c> agree</c><00:50:43.520><c> I</c><00:50:43.599><c> mean</c><00:50:43.720><c> there's</c>

00:50:43.910 --> 00:50:43.920 align:start position:0%
liquidity yeah I agree I mean there's
 

00:50:43.920 --> 00:50:46.670 align:start position:0%
liquidity yeah I agree I mean there's
some<00:50:44.880><c> advantages</c><00:50:45.480><c> in</c><00:50:45.680><c> having</c><00:50:45.960><c> like</c><00:50:46.160><c> instant</c>

00:50:46.670 --> 00:50:46.680 align:start position:0%
some advantages in having like instant
 

00:50:46.680 --> 00:50:48.630 align:start position:0%
some advantages in having like instant
anatomic<00:50:47.280><c> redemptions</c><00:50:47.720><c> in</c><00:50:47.920><c> stable</c><00:50:48.240><c> coin</c><00:50:48.480><c> for</c>

00:50:48.630 --> 00:50:48.640 align:start position:0%
anatomic redemptions in stable coin for
 

00:50:48.640 --> 00:50:50.309 align:start position:0%
anatomic redemptions in stable coin for
example<00:50:49.079><c> for</c><00:50:49.359><c> for</c><00:50:49.559><c> people</c><00:50:49.799><c> doing</c><00:50:50.160><c> like</c>

00:50:50.309 --> 00:50:50.319 align:start position:0%
example for for people doing like
 

00:50:50.319 --> 00:50:52.789 align:start position:0%
example for for people doing like
Arbitrage<00:50:51.160><c> and</c><00:50:51.359><c> and</c><00:50:51.480><c> doing</c><00:50:52.000><c> those</c><00:50:52.160><c> sorts</c><00:50:52.400><c> of</c>

00:50:52.789 --> 00:50:52.799 align:start position:0%
Arbitrage and and doing those sorts of
 

00:50:52.799 --> 00:50:55.349 align:start position:0%
Arbitrage and and doing those sorts of
strategies<00:50:53.799><c> um</c><00:50:54.240><c> it</c><00:50:54.559><c> I</c><00:50:54.720><c> I</c><00:50:54.799><c> think</c><00:50:55.000><c> to</c><00:50:55.160><c> some</c>

00:50:55.349 --> 00:50:55.359 align:start position:0%
strategies um it I I think to some
 

00:50:55.359 --> 00:50:56.670 align:start position:0%
strategies um it I I think to some
extent<00:50:55.599><c> it</c><00:50:55.720><c> comes</c><00:50:55.880><c> down</c><00:50:56.040><c> to</c><00:50:56.200><c> network</c><00:50:56.480><c> if</c>

00:50:56.670 --> 00:50:56.680 align:start position:0%
extent it comes down to network if
 

00:50:56.680 --> 00:50:59.430 align:start position:0%
extent it comes down to network if
effects<00:50:57.119><c> and</c><00:50:57.359><c> and</c><00:50:57.520><c> usdc</c><00:50:58.319><c> especially</c><00:50:58.760><c> and</c><00:50:58.960><c> defi</c>

00:50:59.430 --> 00:50:59.440 align:start position:0%
effects and and usdc especially and defi
 

00:50:59.440 --> 00:51:01.390 align:start position:0%
effects and and usdc especially and defi
has<00:50:59.640><c> just</c><00:50:59.839><c> huge</c><00:51:00.160><c> Network</c><00:51:00.599><c> effects</c><00:51:01.000><c> it's</c><00:51:01.200><c> the</c>

00:51:01.390 --> 00:51:01.400 align:start position:0%
has just huge Network effects it's the
 

00:51:01.400 --> 00:51:04.030 align:start position:0%
has just huge Network effects it's the
most<00:51:02.280><c> it's</c><00:51:02.440><c> the</c><00:51:02.599><c> most</c><00:51:02.799><c> liquid</c><00:51:03.240><c> asset</c><00:51:03.559><c> to</c><00:51:03.680><c> swap</c>

00:51:04.030 --> 00:51:04.040 align:start position:0%
most it's the most liquid asset to swap
 

00:51:04.040 --> 00:51:06.230 align:start position:0%
most it's the most liquid asset to swap
against<00:51:04.359><c> eth</c><00:51:04.599><c> and</c><00:51:04.799><c> Bitcoin</c><00:51:05.319><c> and</c><00:51:05.599><c> against</c><00:51:06.000><c> many</c>

00:51:06.230 --> 00:51:06.240 align:start position:0%
against eth and Bitcoin and against many
 

00:51:06.240 --> 00:51:07.950 align:start position:0%
against eth and Bitcoin and against many
of<00:51:06.400><c> the</c><00:51:06.520><c> other</c><00:51:06.799><c> assets</c><00:51:07.240><c> it's</c><00:51:07.480><c> the</c><00:51:07.599><c> cheapest</c>

00:51:07.950 --> 00:51:07.960 align:start position:0%
of the other assets it's the cheapest
 

00:51:07.960 --> 00:51:12.069 align:start position:0%
of the other assets it's the cheapest
one<00:51:08.119><c> to</c><00:51:08.280><c> bridge</c><00:51:08.760><c> it's</c><00:51:09.079><c> the</c><00:51:10.359><c> um</c><00:51:11.359><c> quickest</c><00:51:11.760><c> one</c>

00:51:12.069 --> 00:51:12.079 align:start position:0%
one to bridge it's the um quickest one
 

00:51:12.079 --> 00:51:14.589 align:start position:0%
one to bridge it's the um quickest one
to<00:51:12.359><c> bridge</c><00:51:12.720><c> to</c><00:51:12.880><c> a</c><00:51:13.000><c> centralized</c><00:51:13.559><c> exchange</c><00:51:14.119><c> and</c>

00:51:14.589 --> 00:51:14.599 align:start position:0%
to bridge to a centralized exchange and
 

00:51:14.599 --> 00:51:16.950 align:start position:0%
to bridge to a centralized exchange and
I<00:51:14.680><c> feel</c><00:51:14.960><c> those</c><00:51:15.200><c> Network</c><00:51:15.680><c> effects</c><00:51:16.119><c> are</c><00:51:16.520><c> very</c>

00:51:16.950 --> 00:51:16.960 align:start position:0%
I feel those Network effects are very
 

00:51:16.960 --> 00:51:19.270 align:start position:0%
I feel those Network effects are very
strong<00:51:17.640><c> and</c><00:51:18.160><c> and</c><00:51:18.319><c> there</c><00:51:18.440><c> needs</c><00:51:18.720><c> to</c><00:51:18.920><c> be</c>

00:51:19.270 --> 00:51:19.280 align:start position:0%
strong and and there needs to be
 

00:51:19.280 --> 00:51:21.390 align:start position:0%
strong and and there needs to be
something<00:51:19.839><c> that</c><00:51:20.040><c> is</c><00:51:20.760><c> given</c><00:51:21.079><c> by</c><00:51:21.240><c> the</c>

00:51:21.390 --> 00:51:21.400 align:start position:0%
something that is given by the
 

00:51:21.400 --> 00:51:23.549 align:start position:0%
something that is given by the
decentralized<00:51:22.040><c> versions</c><00:51:22.720><c> like</c><00:51:23.119><c> yield</c>

00:51:23.549 --> 00:51:23.559 align:start position:0%
decentralized versions like yield
 

00:51:23.559 --> 00:51:26.270 align:start position:0%
decentralized versions like yield
bearing<00:51:24.559><c> um</c><00:51:24.880><c> that</c><00:51:25.079><c> that</c><00:51:25.200><c> usdc</c><00:51:25.760><c> doesn't</c><00:51:26.040><c> have</c>

00:51:26.270 --> 00:51:26.280 align:start position:0%
bearing um that that usdc doesn't have
 

00:51:26.280 --> 00:51:28.349 align:start position:0%
bearing um that that usdc doesn't have
that<00:51:26.680><c> really</c><00:51:26.920><c> like</c><00:51:27.040><c> a</c><00:51:27.280><c> strong</c><00:51:27.480><c> use</c><00:51:27.839><c> case</c><00:51:28.040><c> to</c><00:51:28.240><c> to</c>

00:51:28.349 --> 00:51:28.359 align:start position:0%
that really like a strong use case to to
 

00:51:28.359 --> 00:51:29.789 align:start position:0%
that really like a strong use case to to
win<00:51:28.559><c> the</c><00:51:28.680><c> users</c>

00:51:29.789 --> 00:51:29.799 align:start position:0%
win the users
 

00:51:29.799 --> 00:51:32.190 align:start position:0%
win the users
over<00:51:30.799><c> I</c><00:51:30.920><c> think</c><00:51:31.200><c> we</c><00:51:31.440><c> we</c><00:51:31.520><c> should</c><00:51:31.799><c> have</c><00:51:32.000><c> a</c>

00:51:32.190 --> 00:51:32.200 align:start position:0%
over I think we we should have a
 

00:51:32.200 --> 00:51:34.510 align:start position:0%
over I think we we should have a
healthier<00:51:32.839><c> competition</c><00:51:33.480><c> in</c><00:51:33.680><c> the</c><00:51:33.880><c> sector</c><00:51:34.319><c> I</c>

00:51:34.510 --> 00:51:34.520 align:start position:0%
healthier competition in the sector I
 

00:51:34.520 --> 00:51:37.109 align:start position:0%
healthier competition in the sector I
like<00:51:34.680><c> 94%</c><00:51:35.400><c> dominated</c><00:51:36.040><c> by</c><00:51:36.200><c> four</c><00:51:36.599><c> stable</c><00:51:36.880><c> coin</c>

00:51:37.109 --> 00:51:37.119 align:start position:0%
like 94% dominated by four stable coin
 

00:51:37.119 --> 00:51:39.589 align:start position:0%
like 94% dominated by four stable coin
is<00:51:37.280><c> just</c><00:51:38.079><c> way</c><00:51:38.400><c> too</c><00:51:38.640><c> high</c><00:51:38.839><c> and</c><00:51:38.960><c> doesn't</c><00:51:39.200><c> sound</c>

00:51:39.589 --> 00:51:39.599 align:start position:0%
is just way too high and doesn't sound
 

00:51:39.599 --> 00:51:43.309 align:start position:0%
is just way too high and doesn't sound
very<00:51:39.880><c> healthy</c><00:51:40.839><c> so</c><00:51:41.520><c> as</c><00:51:41.720><c> user</c><00:51:42.319><c> that</c><00:51:42.480><c> we</c><00:51:42.640><c> should</c>

00:51:43.309 --> 00:51:43.319 align:start position:0%
very healthy so as user that we should
 

00:51:43.319 --> 00:51:45.549 align:start position:0%
very healthy so as user that we should
just<00:51:43.920><c> actively</c><00:51:44.480><c> explore</c><00:51:45.000><c> what</c><00:51:45.160><c> are</c><00:51:45.359><c> the</c>

00:51:45.549 --> 00:51:45.559 align:start position:0%
just actively explore what are the
 

00:51:45.559 --> 00:51:48.190 align:start position:0%
just actively explore what are the
options<00:51:46.040><c> there</c><00:51:46.319><c> as</c><00:51:47.240><c> like</c><00:51:47.480><c> you</c><00:51:47.680><c> guys</c><00:51:47.880><c> have</c>

00:51:48.190 --> 00:51:48.200 align:start position:0%
options there as like you guys have
 

00:51:48.200 --> 00:51:50.349 align:start position:0%
options there as like you guys have
mentioned<00:51:49.200><c> centralized</c><00:51:49.720><c> stable</c><00:51:50.000><c> coin</c><00:51:50.200><c> and</c>

00:51:50.349 --> 00:51:50.359 align:start position:0%
mentioned centralized stable coin and
 

00:51:50.359 --> 00:51:52.109 align:start position:0%
mentioned centralized stable coin and
decentralized<00:51:50.880><c> B</c><00:51:51.240><c> they</c><00:51:51.400><c> offer</c><00:51:51.760><c> different</c>

00:51:52.109 --> 00:51:52.119 align:start position:0%
decentralized B they offer different
 

00:51:52.119 --> 00:51:55.990 align:start position:0%
decentralized B they offer different
sets<00:51:52.400><c> of</c><00:51:52.960><c> benefits</c><00:51:53.960><c> um</c><00:51:54.200><c> the</c><00:51:54.440><c> next</c><00:51:54.839><c> one</c><00:51:55.160><c> will</c><00:51:55.400><c> be</c>

00:51:55.990 --> 00:51:56.000 align:start position:0%
sets of benefits um the next one will be
 

00:51:56.000 --> 00:51:58.309 align:start position:0%
sets of benefits um the next one will be
do<00:51:56.160><c> you</c><00:51:56.280><c> think</c><00:51:56.680><c> will</c><00:51:56.880><c> ever</c><00:51:57.119><c> get</c><00:51:57.280><c> a</c><00:51:57.480><c> world</c><00:51:58.040><c> where</c>

00:51:58.309 --> 00:51:58.319 align:start position:0%
do you think will ever get a world where
 

00:51:58.319 --> 00:52:02.190 align:start position:0%
do you think will ever get a world where
there<00:51:58.440><c> are</c><00:51:58.760><c> no</c><00:51:59.680><c> stable</c><00:52:00.079><c> coin</c><00:52:00.400><c> back</c><00:52:00.640><c> by</c><00:52:00.839><c> the</c><00:52:01.200><c> USD</c>

00:52:02.190 --> 00:52:02.200 align:start position:0%
there are no stable coin back by the USD
 

00:52:02.200 --> 00:52:04.270 align:start position:0%
there are no stable coin back by the USD
instead<00:52:02.680><c> there</c><00:52:02.880><c> is</c><00:52:03.319><c> single</c><00:52:03.760><c> Global</c>

00:52:04.270 --> 00:52:04.280 align:start position:0%
instead there is single Global
 

00:52:04.280 --> 00:52:06.150 align:start position:0%
instead there is single Global
inflationary

00:52:06.150 --> 00:52:06.160 align:start position:0%
inflationary
 

00:52:06.160 --> 00:52:09.309 align:start position:0%
inflationary
currency<00:52:07.160><c> I</c><00:52:07.440><c> do</c><00:52:07.760><c> hope</c><00:52:08.319><c> that</c><00:52:08.520><c> we</c><00:52:08.760><c> get</c><00:52:08.920><c> to</c><00:52:09.040><c> see</c>

00:52:09.309 --> 00:52:09.319 align:start position:0%
currency I do hope that we get to see
 

00:52:09.319 --> 00:52:11.069 align:start position:0%
currency I do hope that we get to see
that<00:52:09.559><c> I</c><00:52:09.640><c> do</c><00:52:09.839><c> hope</c><00:52:10.040><c> that</c><00:52:10.160><c> we</c><00:52:10.319><c> get</c><00:52:10.440><c> to</c><00:52:10.520><c> see</c><00:52:10.720><c> stable</c>

00:52:11.069 --> 00:52:11.079 align:start position:0%
that I do hope that we get to see stable
 

00:52:11.079 --> 00:52:13.150 align:start position:0%
that I do hope that we get to see stable
coins<00:52:11.520><c> that</c><00:52:11.640><c> are</c><00:52:11.799><c> backed</c><00:52:12.160><c> by</c><00:52:12.319><c> all</c><00:52:12.640><c> sorts</c><00:52:12.920><c> of</c>

00:52:13.150 --> 00:52:13.160 align:start position:0%
coins that are backed by all sorts of
 

00:52:13.160 --> 00:52:14.670 align:start position:0%
coins that are backed by all sorts of
assets<00:52:13.839><c> um</c><00:52:14.000><c> because</c><00:52:14.240><c> that's</c><00:52:14.440><c> just</c>

00:52:14.670 --> 00:52:14.680 align:start position:0%
assets um because that's just
 

00:52:14.680 --> 00:52:16.789 align:start position:0%
assets um because that's just
diversification<00:52:15.599><c> and</c><00:52:15.760><c> it</c><00:52:15.920><c> reduces</c><00:52:16.319><c> the</c><00:52:16.520><c> risk</c>

00:52:16.789 --> 00:52:16.799 align:start position:0%
diversification and it reduces the risk
 

00:52:16.799 --> 00:52:19.870 align:start position:0%
diversification and it reduces the risk
on<00:52:16.960><c> the</c><00:52:17.119><c> space</c><00:52:17.520><c> and</c><00:52:17.720><c> on</c><00:52:17.960><c> defi</c><00:52:18.400><c> in</c><00:52:18.640><c> general</c><00:52:19.640><c> um</c>

00:52:19.870 --> 00:52:19.880 align:start position:0%
on the space and on defi in general um
 

00:52:19.880 --> 00:52:22.430 align:start position:0%
on the space and on defi in general um
I'd<00:52:20.040><c> love</c><00:52:20.240><c> to</c><00:52:20.359><c> see</c><00:52:21.040><c> more</c><00:52:21.440><c> stable</c><00:52:21.839><c> coins</c><00:52:22.240><c> be</c>

00:52:22.430 --> 00:52:22.440 align:start position:0%
I'd love to see more stable coins be
 

00:52:22.440 --> 00:52:25.030 align:start position:0%
I'd love to see more stable coins be
backed<00:52:22.960><c> by</c><00:52:23.520><c> by</c><00:52:23.720><c> assets</c><00:52:24.040><c> that</c><00:52:24.160><c> are</c><00:52:24.280><c> not</c><00:52:24.440><c> USD</c>

00:52:25.030 --> 00:52:25.040 align:start position:0%
backed by by assets that are not USD
 

00:52:25.040 --> 00:52:26.990 align:start position:0%
backed by by assets that are not USD
about<00:52:25.280><c> a</c><00:52:25.440><c> single</c><00:52:25.799><c> Global</c><00:52:26.200><c> inflation</c><00:52:26.720><c> ER</c><00:52:26.880><c> Rec</c>

00:52:26.990 --> 00:52:27.000 align:start position:0%
about a single Global inflation ER Rec
 

00:52:27.000 --> 00:52:29.390 align:start position:0%
about a single Global inflation ER Rec
currency<00:52:27.799><c> I</c><00:52:28.160><c> I</c><00:52:28.280><c> think</c><00:52:28.520><c> that's</c><00:52:28.880><c> what</c><00:52:29.040><c> we</c><00:52:29.200><c> got</c>

00:52:29.390 --> 00:52:29.400 align:start position:0%
currency I I think that's what we got
 

00:52:29.400 --> 00:52:32.870 align:start position:0%
currency I I think that's what we got
with<00:52:29.520><c> the</c><00:52:29.920><c> USD</c><00:52:30.920><c> um</c><00:52:31.440><c> and</c><00:52:32.319><c> yeah</c><00:52:32.480><c> and</c><00:52:32.599><c> we</c><00:52:32.720><c> should</c>

00:52:32.870 --> 00:52:32.880 align:start position:0%
with the USD um and yeah and we should
 

00:52:32.880 --> 00:52:35.670 align:start position:0%
with the USD um and yeah and we should
use<00:52:33.119><c> eth</c><00:52:33.400><c> as</c><00:52:33.520><c> collateral</c><00:52:34.119><c> more</c><00:52:35.119><c> yeah</c><00:52:35.400><c> I</c><00:52:35.559><c> I</c>

00:52:35.670 --> 00:52:35.680 align:start position:0%
use eth as collateral more yeah I I
 

00:52:35.680 --> 00:52:38.109 align:start position:0%
use eth as collateral more yeah I I
agree<00:52:36.040><c> eth</c><00:52:36.319><c> is</c><00:52:36.400><c> a</c><00:52:36.559><c> pretty</c><00:52:36.760><c> good</c><00:52:37.160><c> like</c><00:52:37.440><c> non</c><00:52:37.760><c> USD</c>

00:52:38.109 --> 00:52:38.119 align:start position:0%
agree eth is a pretty good like non USD
 

00:52:38.119 --> 00:52:40.549 align:start position:0%
agree eth is a pretty good like non USD
back<00:52:38.319><c> stable</c><00:52:38.640><c> coin</c><00:52:39.079><c> it's</c><00:52:39.520><c> one</c><00:52:39.720><c> eth</c><00:52:40.079><c> Bitcoin</c><00:52:40.440><c> as</c>

00:52:40.549 --> 00:52:40.559 align:start position:0%
back stable coin it's one eth Bitcoin as
 

00:52:40.559 --> 00:52:44.870 align:start position:0%
back stable coin it's one eth Bitcoin as
well<00:52:41.160><c> Bitcoin</c><00:52:41.480><c> is</c><00:52:41.599><c> one</c>

00:52:44.870 --> 00:52:44.880 align:start position:0%
 
 

00:52:44.880 --> 00:52:47.829 align:start position:0%
 
Bitcoin<00:52:45.880><c> yeah</c><00:52:46.480><c> uh</c><00:52:46.720><c> I</c><00:52:46.799><c> think</c><00:52:47.160><c> the</c><00:52:47.319><c> reality</c><00:52:47.680><c> is</c>

00:52:47.829 --> 00:52:47.839 align:start position:0%
Bitcoin yeah uh I think the reality is
 

00:52:47.839 --> 00:52:49.789 align:start position:0%
Bitcoin yeah uh I think the reality is
today<00:52:48.200><c> everybody</c><00:52:48.520><c> wants</c><00:52:48.760><c> to</c><00:52:48.920><c> use</c><00:52:49.319><c> like</c>

00:52:49.789 --> 00:52:49.799 align:start position:0%
today everybody wants to use like
 

00:52:49.799 --> 00:52:52.470 align:start position:0%
today everybody wants to use like
dollars<00:52:50.359><c> for</c><00:52:50.599><c> most</c><00:52:50.880><c> things</c><00:52:51.359><c> but</c><00:52:51.880><c> that</c><00:52:52.040><c> may</c><00:52:52.240><c> not</c>

00:52:52.470 --> 00:52:52.480 align:start position:0%
dollars for most things but that may not
 

00:52:52.480 --> 00:52:56.190 align:start position:0%
dollars for most things but that may not
always<00:52:52.799><c> be</c><00:52:52.960><c> the</c><00:52:53.160><c> case</c><00:52:53.839><c> and</c><00:52:54.280><c> uh</c><00:52:55.280><c> uh</c><00:52:55.599><c> defi</c><00:52:56.079><c> should</c>

00:52:56.190 --> 00:52:56.200 align:start position:0%
always be the case and uh uh defi should
 

00:52:56.200 --> 00:52:59.030 align:start position:0%
always be the case and uh uh defi should
be<00:52:56.640><c> ready</c><00:52:57.240><c> and</c><00:52:57.680><c> prepared</c><00:52:58.119><c> to</c><00:52:58.280><c> do</c><00:52:58.599><c> other</c><00:52:58.839><c> things</c>

00:52:59.030 --> 00:52:59.040 align:start position:0%
be ready and prepared to do other things
 

00:52:59.040 --> 00:53:01.230 align:start position:0%
be ready and prepared to do other things
than<00:52:59.280><c> just</c><00:52:59.480><c> dollars</c><00:52:59.920><c> at</c><00:53:00.040><c> some</c><00:53:00.240><c> point</c>

00:53:01.230 --> 00:53:01.240 align:start position:0%
than just dollars at some point
 

00:53:01.240 --> 00:53:04.470 align:start position:0%
than just dollars at some point
too<00:53:02.240><c> oh</c><00:53:02.520><c> this</c><00:53:02.720><c> question</c><00:53:03.040><c> is</c><00:53:03.160><c> to</c>

00:53:04.470 --> 00:53:04.480 align:start position:0%
too oh this question is to
 

00:53:04.480 --> 00:53:07.829 align:start position:0%
too oh this question is to
Colin<00:53:05.480><c> will</c><00:53:05.799><c> bold</c><00:53:06.440><c> be</c><00:53:06.680><c> you</c><00:53:06.960><c> bearing</c><00:53:07.520><c> also</c>

00:53:07.829 --> 00:53:07.839 align:start position:0%
Colin will bold be you bearing also
 

00:53:07.839 --> 00:53:11.630 align:start position:0%
Colin will bold be you bearing also
immutable<00:53:08.480><c> like</c><00:53:08.760><c> liquid</c><00:53:09.319><c> liquid</c><00:53:10.200><c> liquid</c><00:53:10.680><c> V1</c>

00:53:11.630 --> 00:53:11.640 align:start position:0%
immutable like liquid liquid liquid V1
 

00:53:11.640 --> 00:53:14.069 align:start position:0%
immutable like liquid liquid liquid V1
uh

00:53:14.069 --> 00:53:14.079 align:start position:0%
 
 

00:53:14.079 --> 00:53:16.589 align:start position:0%
 
yes<00:53:15.079><c> so</c><00:53:15.480><c> we</c><00:53:15.599><c> have</c><00:53:15.799><c> room</c><00:53:16.000><c> for</c><00:53:16.200><c> one</c><00:53:16.359><c> more</c>

00:53:16.589 --> 00:53:16.599 align:start position:0%
yes so we have room for one more
 

00:53:16.599 --> 00:53:19.349 align:start position:0%
yes so we have room for one more
question<00:53:17.599><c> ultimately</c><00:53:18.280><c> are</c><00:53:18.520><c> stable</c><00:53:18.839><c> coin</c><00:53:19.079><c> use</c>

00:53:19.349 --> 00:53:19.359 align:start position:0%
question ultimately are stable coin use
 

00:53:19.359 --> 00:53:21.470 align:start position:0%
question ultimately are stable coin use
in<00:53:19.480><c> the</c><00:53:19.599><c> crypto</c><00:53:19.960><c> Market</c><00:53:20.319><c> simply</c><00:53:20.760><c> a</c><00:53:20.960><c> game</c><00:53:21.200><c> of</c>

00:53:21.470 --> 00:53:21.480 align:start position:0%
in the crypto Market simply a game of
 

00:53:21.480 --> 00:53:23.430 align:start position:0%
in the crypto Market simply a game of
musical

00:53:23.430 --> 00:53:23.440 align:start position:0%
musical
 

00:53:23.440 --> 00:53:26.750 align:start position:0%
musical
chair<00:53:24.599><c> um</c><00:53:25.599><c> there's</c><00:53:25.839><c> kind</c><00:53:25.960><c> of</c><00:53:26.079><c> two</c><00:53:26.240><c> types</c><00:53:26.640><c> of</c>

00:53:26.750 --> 00:53:26.760 align:start position:0%
chair um there's kind of two types of
 

00:53:26.760 --> 00:53:28.549 align:start position:0%
chair um there's kind of two types of
yields<00:53:27.319><c> that</c><00:53:27.520><c> that</c><00:53:27.640><c> you</c><00:53:27.720><c> can</c><00:53:27.880><c> get</c><00:53:28.000><c> on</c><00:53:28.200><c> stable</c>

00:53:28.549 --> 00:53:28.559 align:start position:0%
yields that that you can get on stable
 

00:53:28.559 --> 00:53:31.190 align:start position:0%
yields that that you can get on stable
coins<00:53:29.079><c> one</c><00:53:29.720><c> is</c><00:53:30.079><c> what</c><00:53:30.200><c> we</c><00:53:30.359><c> would</c><00:53:30.559><c> call</c><00:53:30.799><c> organic</c>

00:53:31.190 --> 00:53:31.200 align:start position:0%
coins one is what we would call organic
 

00:53:31.200 --> 00:53:32.789 align:start position:0%
coins one is what we would call organic
yields<00:53:31.559><c> so</c><00:53:31.799><c> that's</c><00:53:32.040><c> anything</c><00:53:32.480><c> that's</c>

00:53:32.789 --> 00:53:32.799 align:start position:0%
yields so that's anything that's
 

00:53:32.799 --> 00:53:34.670 align:start position:0%
yields so that's anything that's
interested<00:53:33.280><c> you're</c><00:53:33.599><c> on</c><00:53:33.799><c> Ling</c><00:53:34.119><c> markets</c>

00:53:34.670 --> 00:53:34.680 align:start position:0%
interested you're on Ling markets
 

00:53:34.680 --> 00:53:36.069 align:start position:0%
interested you're on Ling markets
because<00:53:34.960><c> people</c><00:53:35.160><c> are</c><00:53:35.319><c> actually</c><00:53:35.640><c> borrowing</c>

00:53:36.069 --> 00:53:36.079 align:start position:0%
because people are actually borrowing
 

00:53:36.079 --> 00:53:38.470 align:start position:0%
because people are actually borrowing
your<00:53:36.280><c> stable</c><00:53:36.680><c> coins</c><00:53:37.559><c> um</c><00:53:37.799><c> there's</c><00:53:38.040><c> things</c><00:53:38.280><c> like</c>

00:53:38.470 --> 00:53:38.480 align:start position:0%
your stable coins um there's things like
 

00:53:38.480 --> 00:53:40.870 align:start position:0%
your stable coins um there's things like
trading<00:53:38.799><c> fees</c><00:53:39.280><c> if</c><00:53:39.400><c> you're</c><00:53:39.839><c> deploying</c><00:53:40.480><c> stable</c>

00:53:40.870 --> 00:53:40.880 align:start position:0%
trading fees if you're deploying stable
 

00:53:40.880 --> 00:53:43.750 align:start position:0%
trading fees if you're deploying stable
coins<00:53:41.240><c> into</c><00:53:41.480><c> a</c><00:53:41.599><c> stable</c><00:53:41.920><c> coin</c><00:53:42.119><c> pair</c><00:53:42.400><c> on</c><00:53:42.799><c> Deck</c><00:53:43.480><c> so</c>

00:53:43.750 --> 00:53:43.760 align:start position:0%
coins into a stable coin pair on Deck so
 

00:53:43.760 --> 00:53:45.390 align:start position:0%
coins into a stable coin pair on Deck so
those<00:53:44.160><c> I</c><00:53:44.280><c> think</c><00:53:44.440><c> will</c><00:53:44.640><c> always</c><00:53:44.920><c> be</c><00:53:45.160><c> there</c>

00:53:45.390 --> 00:53:45.400 align:start position:0%
those I think will always be there
 

00:53:45.400 --> 00:53:47.349 align:start position:0%
those I think will always be there
that's<00:53:45.680><c> just</c><00:53:45.960><c> like</c><00:53:46.440><c> the</c><00:53:46.680><c> cost</c><00:53:47.000><c> of</c><00:53:47.160><c> the</c>

00:53:47.349 --> 00:53:47.359 align:start position:0%
that's just like the cost of the
 

00:53:47.359 --> 00:53:50.630 align:start position:0%
that's just like the cost of the
protocols<00:53:47.880><c> and</c><00:53:48.079><c> the</c><00:53:48.200><c> cost</c><00:53:48.400><c> of</c><00:53:48.920><c> liquidity</c><00:53:49.920><c> um</c>

00:53:50.630 --> 00:53:50.640 align:start position:0%
protocols and the cost of liquidity um
 

00:53:50.640 --> 00:53:52.829 align:start position:0%
protocols and the cost of liquidity um
but<00:53:51.119><c> well</c><00:53:51.359><c> what</c><00:53:51.520><c> like</c><00:53:51.839><c> most</c><00:53:52.119><c> of</c><00:53:52.280><c> the</c><00:53:52.400><c> yield</c><00:53:52.680><c> in</c>

00:53:52.829 --> 00:53:52.839 align:start position:0%
but well what like most of the yield in
 

00:53:52.839 --> 00:53:56.630 align:start position:0%
but well what like most of the yield in
defi<00:53:53.280><c> is</c><00:53:53.559><c> is</c><00:53:53.799><c> is</c><00:53:54.000><c> protocol</c><00:53:54.839><c> incentives</c><00:53:55.839><c> and</c>

00:53:56.630 --> 00:53:56.640 align:start position:0%
defi is is is protocol incentives and
 

00:53:56.640 --> 00:53:59.190 align:start position:0%
defi is is is protocol incentives and
and<00:53:57.000><c> I</c><00:53:57.119><c> don't</c><00:53:57.319><c> know</c><00:53:58.040><c> if</c><00:53:58.319><c> that</c><00:53:58.680><c> is</c><00:53:58.839><c> something</c>

00:53:59.190 --> 00:53:59.200 align:start position:0%
and I don't know if that is something
 

00:53:59.200 --> 00:54:01.470 align:start position:0%
and I don't know if that is something
that<00:53:59.359><c> will</c><00:53:59.720><c> be</c><00:53:59.920><c> going</c><00:54:00.160><c> on</c><00:54:00.359><c> forever</c><00:54:01.000><c> but</c><00:54:01.359><c> the</c>

00:54:01.470 --> 00:54:01.480 align:start position:0%
that will be going on forever but the
 

00:54:01.480 --> 00:54:04.589 align:start position:0%
that will be going on forever but the
same<00:54:01.760><c> way</c><00:54:02.040><c> that</c><00:54:02.480><c> web</c><00:54:02.720><c> 2</c><00:54:03.000><c> companies</c><00:54:03.559><c> have</c><00:54:03.880><c> huge</c>

00:54:04.589 --> 00:54:04.599 align:start position:0%
same way that web 2 companies have huge
 

00:54:04.599 --> 00:54:07.309 align:start position:0%
same way that web 2 companies have huge
us<00:54:05.000><c> acquisition</c><00:54:05.559><c> costs</c><00:54:06.040><c> I</c><00:54:06.160><c> think</c><00:54:07.079><c> um</c>

00:54:07.309 --> 00:54:07.319 align:start position:0%
us acquisition costs I think um
 

00:54:07.319 --> 00:54:09.150 align:start position:0%
us acquisition costs I think um
liquidity<00:54:07.839><c> incentives</c><00:54:08.319><c> are</c><00:54:08.640><c> like</c><00:54:08.760><c> a</c><00:54:08.920><c> very</c>

00:54:09.150 --> 00:54:09.160 align:start position:0%
liquidity incentives are like a very
 

00:54:09.160 --> 00:54:11.549 align:start position:0%
liquidity incentives are like a very
similar<00:54:09.680><c> parallel</c><00:54:10.160><c> for</c><00:54:10.400><c> defi</c><00:54:10.920><c> where</c><00:54:11.119><c> any</c><00:54:11.319><c> new</c>

00:54:11.549 --> 00:54:11.559 align:start position:0%
similar parallel for defi where any new
 

00:54:11.559 --> 00:54:13.829 align:start position:0%
similar parallel for defi where any new
protocol<00:54:12.000><c> needs</c><00:54:12.480><c> to</c><00:54:12.920><c> solve</c><00:54:13.280><c> the</c><00:54:13.400><c> chicken</c><00:54:13.680><c> and</c>

00:54:13.829 --> 00:54:13.839 align:start position:0%
protocol needs to solve the chicken and
 

00:54:13.839 --> 00:54:17.150 align:start position:0%
protocol needs to solve the chicken and
neck<00:54:14.119><c> problem</c><00:54:15.119><c> um</c><00:54:15.640><c> and</c><00:54:15.960><c> and</c><00:54:16.480><c> just</c><00:54:16.680><c> paying</c>

00:54:17.150 --> 00:54:17.160 align:start position:0%
neck problem um and and just paying
 

00:54:17.160 --> 00:54:18.990 align:start position:0%
neck problem um and and just paying
yield<00:54:17.680><c> and</c><00:54:17.839><c> and</c><00:54:18.000><c> governance</c><00:54:18.440><c> token</c><00:54:18.760><c> is</c><00:54:18.880><c> a</c>

00:54:18.990 --> 00:54:19.000 align:start position:0%
yield and and governance token is a
 

00:54:19.000 --> 00:54:22.030 align:start position:0%
yield and and governance token is a
great<00:54:19.240><c> mechanism</c><00:54:19.680><c> to</c><00:54:19.839><c> do</c><00:54:20.480><c> that</c><00:54:21.480><c> to</c><00:54:21.720><c> add</c><00:54:21.920><c> a</c>

00:54:22.030 --> 00:54:22.040 align:start position:0%
great mechanism to do that to add a
 

00:54:22.040 --> 00:54:24.309 align:start position:0%
great mechanism to do that to add a
little<00:54:22.240><c> more</c><00:54:22.440><c> to</c><00:54:22.640><c> that</c><00:54:22.920><c> there</c><00:54:23.400><c> we</c><00:54:23.599><c> have</c><00:54:23.839><c> some</c>

00:54:24.309 --> 00:54:24.319 align:start position:0%
little more to that there we have some
 

00:54:24.319 --> 00:54:27.190 align:start position:0%
little more to that there we have some
liquidity<00:54:24.839><c> pools</c><00:54:25.480><c> that</c><00:54:25.720><c> uh</c>

00:54:27.190 --> 00:54:27.200 align:start position:0%
liquidity pools that uh
 

00:54:27.200 --> 00:54:30.950 align:start position:0%
liquidity pools that uh
from<00:54:27.480><c> organic</c><00:54:27.960><c> yields</c><00:54:28.520><c> earn</c><00:54:29.040><c> like</c><00:54:29.400><c> 10</c><00:54:29.720><c> to</c><00:54:29.960><c> 15%</c>

00:54:30.950 --> 00:54:30.960 align:start position:0%
from organic yields earn like 10 to 15%
 

00:54:30.960 --> 00:54:33.589 align:start position:0%
from organic yields earn like 10 to 15%
so<00:54:31.400><c> they</c><00:54:31.599><c> do</c><00:54:31.920><c> exist</c><00:54:32.880><c> uh</c><00:54:33.000><c> but</c><00:54:33.160><c> yeah</c><00:54:33.280><c> a</c><00:54:33.359><c> lot</c><00:54:33.480><c> of</c>

00:54:33.589 --> 00:54:33.599 align:start position:0%
so they do exist uh but yeah a lot of
 

00:54:33.599 --> 00:54:35.670 align:start position:0%
so they do exist uh but yeah a lot of
defi<00:54:34.000><c> yields</c><00:54:34.359><c> end</c><00:54:34.520><c> up</c><00:54:34.720><c> also</c><00:54:34.960><c> coming</c><00:54:35.280><c> from</c><00:54:35.520><c> like</c>

00:54:35.670 --> 00:54:35.680 align:start position:0%
defi yields end up also coming from like
 

00:54:35.680 --> 00:54:37.430 align:start position:0%
defi yields end up also coming from like
token<00:54:36.079><c> incentives</c><00:54:36.599><c> there's</c><00:54:36.960><c> many</c><00:54:37.200><c> different</c>

00:54:37.430 --> 00:54:37.440 align:start position:0%
token incentives there's many different
 

00:54:37.440 --> 00:54:40.309 align:start position:0%
token incentives there's many different
flavors<00:54:37.960><c> I</c><00:54:38.599><c> guess</c><00:54:39.599><c> you</c><00:54:39.720><c> guys</c><00:54:39.880><c> said</c><00:54:40.079><c> everything</c>

00:54:40.309 --> 00:54:40.319 align:start position:0%
flavors I guess you guys said everything
 

00:54:40.319 --> 00:54:41.390 align:start position:0%
flavors I guess you guys said everything
so<00:54:40.440><c> I'm</c><00:54:40.520><c> going</c><00:54:40.599><c> to</c><00:54:40.680><c> skip</c><00:54:40.839><c> to</c><00:54:40.960><c> the</c><00:54:41.119><c> last</c>

00:54:41.390 --> 00:54:41.400 align:start position:0%
so I'm going to skip to the last
 

00:54:41.400 --> 00:54:42.710 align:start position:0%
so I'm going to skip to the last
question<00:54:41.920><c> that's</c><00:54:42.040><c> what</c><00:54:42.160><c> we</c><00:54:42.359><c> build</c><00:54:42.559><c> is</c>

00:54:42.710 --> 00:54:42.720 align:start position:0%
question that's what we build is
 

00:54:42.720 --> 00:54:45.109 align:start position:0%
question that's what we build is
immutable<00:54:43.200><c> contracts</c><00:54:44.200><c> uh</c><00:54:44.319><c> it's</c><00:54:44.520><c> Frontier</c><00:54:45.000><c> but</c>

00:54:45.109 --> 00:54:45.119 align:start position:0%
immutable contracts uh it's Frontier but
 

00:54:45.119 --> 00:54:46.589 align:start position:0%
immutable contracts uh it's Frontier but
everybody<00:54:45.400><c> should</c><00:54:45.599><c> do</c><00:54:45.720><c> it</c><00:54:45.880><c> that</c>

00:54:46.589 --> 00:54:46.599 align:start position:0%
everybody should do it that
 

00:54:46.599 --> 00:54:50.430 align:start position:0%
everybody should do it that
way<00:54:47.599><c> well</c><00:54:47.839><c> the</c><00:54:48.079><c> music</c><00:54:48.599><c> is</c><00:54:48.799><c> up</c><00:54:49.640><c> so</c><00:54:50.119><c> I</c><00:54:50.280><c> think</c>

00:54:50.430 --> 00:54:50.440 align:start position:0%
way well the music is up so I think
 

00:54:50.440 --> 00:54:52.190 align:start position:0%
way well the music is up so I think
we've<00:54:50.559><c> got</c><00:54:50.680><c> to</c><00:54:50.880><c> go</c><00:54:51.160><c> thank</c><00:54:51.280><c> you</c><00:54:51.480><c> very</c><00:54:51.720><c> much</c><00:54:51.960><c> for</c>

00:54:52.190 --> 00:54:52.200 align:start position:0%
we've got to go thank you very much for
 

00:54:52.200 --> 00:54:54.390 align:start position:0%
we've got to go thank you very much for
joining<00:54:52.559><c> the</c>

00:54:54.390 --> 00:54:54.400 align:start position:0%
joining the
 

00:54:54.400 --> 00:54:57.190 align:start position:0%
joining the
panel<00:54:55.400><c> yeah</c><00:54:55.640><c> thank</c><00:54:55.799><c> you</c><00:54:55.920><c> so</c><00:54:56.079><c> much</c><00:54:56.520><c> Alexandro</c>

00:54:57.190 --> 00:54:57.200 align:start position:0%
panel yeah thank you so much Alexandro
 

00:54:57.200 --> 00:54:59.150 align:start position:0%
panel yeah thank you so much Alexandro
Aria<00:54:57.680><c> colen</c><00:54:58.000><c> and</c><00:54:58.160><c> Tommy</c><00:54:58.480><c> for</c><00:54:58.680><c> this</c><00:54:58.880><c> very</c>

00:54:59.150 --> 00:54:59.160 align:start position:0%
Aria colen and Tommy for this very
 

00:54:59.160 --> 00:55:04.400 align:start position:0%
Aria colen and Tommy for this very
insightful<00:55:00.319><c> panel</c><00:55:01.319><c> um</c><00:55:01.680><c> I</c><00:55:01.799><c> learned</c><00:55:02.079><c> a</c><00:55:02.160><c> lot</c>