{"id":"KERDJC7A9y4","title":"Future of DeFi — Panel | NY Blockchain Week","description":"The Future of DeFi Panel was conducted during the New York Blockchain Week in New York featuring:  \n\nMakerDAO, Compound, Uniswap, Synthetix, and Balance.\n\nOn the Panel:\nCalvin Liu, Strategy Lead at Compound\nMariano Conti, Head of Backend services at MakerDAO\nHayden Adams, Founder at Uniswap\nRichard Burton, Founder at Balance.io\nKavin Warwick, Founder at Synthetix.io\n\nThe panel was hosted and moderated by Illia Polosukhin, Co-founder and CTO at NEAR Protocol.\n\nThe likes of Compound, Maker, Uniswap, Synthetix, and Balance.io are some of the largest DeFi projects to date. In this panel, we discussed their journeys up to this point, what is the focus for each project for 2019 and beyond, and what is required to get to mass adoption of Open Finance.\n\nLocation: NomadWorks, New York, NY\n\nFollow the latest from NEAR Protocol on, \n\nDiscord: https://near.ai/discord\nMedium: https://near.ai/medium\nTwitter: https://near.ai/twitter\nGitHub: https://near.ai/github\n\n#Blockchain #DeFi #FutureIsNEAR","channel_name":"NEAR Protocol","published_at":"2019-06-06T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/KERDJC7A9y4/hqdefault.jpg","transcript_text":"I'll just start with a quick word about new protocol we are pretty much a layer one blockchain and our main focus is pretty much bringing blockchain to everybody I think it's usable scalable pretty much every developer being able to build on the decentralized future and every single customer in the world pretty much converted and like I'm really excited to kind of hear how so far the project's presented here have been evolving as well as what they looking forward in the future so without further ado please like few words of introductions and we can dive into questions if you have some more questions we will use a waiter hi I'm Richard working on a project called balance and then we have a web user interface that people use to interact with their etherium based tokens the innovation that I was just showing you your token balances it's turned out to be a lot more challenging than we expected and recently been focusing much more on a mobile tracker for all of the interactions that your wallet to make with the centralized finance after talking to lots of users discovered that most people are kind of doing these big trades on the desktop or using a hardware wallet but they'd like to keep track of them on their phone so those are the two products that balance has in the market right now came from synthetics we're a synthetic asset trading platform so we've got assets like synthetic BTC synthetic B and B inverse assets etc so we basically allow people to have exposure on aetherium to assets that are trading on appearing my name is Mariana I work at maker we developed the dice table coin and we're essentially one of the backbones of TFI now it's dye is not the biggest coin in terms of supply we're right now maybe eighty to you well after this last rally we may be at 84 yeah 84 million and which is not a lot if you compare it to other tokens maybe like tether that it's been up to like two billion but one of the things key issues that I think we saw this decentralization and we considered I the most decentralized stable coin in the ecosystem and yeah we'll talk more about it Calvin I'm the head of strategy at compound which broadly means I focus on business growth I compound is a etherium based lending protocol so we create on chain liquidity pools that are openly accessible and programmatically accessible for lending and borrowing etherium based crypto assets you know to kind of keep you guys were what's your customer right now and what do you think is your ideal customer yes so today I think is the 10,000 people tweeting about defy it's a very small audience and I paid quite a bit of attention to the number of people who are actively using dye on a weekly basis and you know we're kind of just under we're under 20,000 there so it's an incredibly narrow customer base but I'm optimistic that's going to expand and sure these folks have different approaches yeah I think at the moment you know most of the defy users are kind of decentralization Maximus or people that are you know ideologically aligned to decentralization because there's a lot of trade offs so you know our user base is pretty small right now but you know hope is that as all of these different protocols kind of come together and enable you use cases like you know compound and maker working together etc and you know better interfaces to kind of interact with these protocols that will be able to bring more mainstream adoption more you know average users into space so we usually divide our user base in two and there's more but essentially die creators and die holders die creators are the people who speculate right they open up a CDP they're power users they want to maybe expose themselves to more risk by leveraging the die to buy more ether or you know they want to take out a loan for something and the die holder is someone who may not be that savvy and all they want to do is hold the stable asset and so that's those are the two main ones and even though there's some overlap there they're so different that it essentially requires two different strategies altogether because some of them really want power tools to create CBP's to interact with the system and other people they just want to see a number that actually doesn't change over time this much we have lenders and borrowers at this point most of the people who hold a lot of crypto over the past over the bear market over the past twelve or eighteen months or whatever are pretty much long for a long time so the value proposition to lenders is pretty simple and I think it can be anybody if you are long crypto long crypto and you can earn any percentage of yield even if it's 1% 2% 3% it's pretty attractive on the borrowing side it's a it's more complex there's a few reasons people borrow people borrowed to lever up people borrow to short and people borrow for basically working capital those are three of the primary reasons so that encompasses miners for working capital market makers for for working capital and funds to either lever up or short today in compound most of our users are really crypto savvy like really kind of like decentralized ideal types of crypto investors who are willing to spend the time to use learn how to use a protocol like compound or even understand how aetherium works but we think the product has value for the biggest funds and institutions and that's where we're trying to build bridges to connect something like compound to those types of users so it's interesting because pretty much you're saying right now so yeah criticize people people already only wanna crypto people who want to have crypto holdings but don't want you know thing to change or wanted to grow it ideally so the question is given that what is the metric that you optimize it for right what is actually the goal for your protocol or application would be right because like maybe it's not mass adoption or like how do you compare that in most option for like every custom of the world yeah I think it's what I like about die is that because it's become the the kind of base currency for this decentralized finance movement tracking its progress is and the impact that you have on that progress for a full four balance could be like one way of looking at it and so if we're in this phase of tens of thousands what gets us another zero will will be something that you can focus on now and then once we're there it's probably a different set of things that you where you get to add another zero to that number so I'm thinking really just about the next arrow and I don't know where I'll go after that but if you're curious to hear how we get from kind of really 10,000 monthly active users of this system to kind of a hundred thousand and then then onwards I mean the main the main use case of our protocol at the moment is through synthetics exchange which is a Dex so you know trading volume is obviously something that we're tracking so on Friday we did about four hundred thousand dollars in trading volume which also was coincidentally the largest a four bit max which is like the most centralized competitive vows that did about ten billion so we're a little a little ways away from them and still a ways to go but you know it's a huge market in trading so you know that's one thing that we watch really closely is just trading volume and growth but also we watched like daily active users as well right because someone can come in and do a big block trade of a hundred grand but you could also have 50 people coming in and trading you know 100 200 dollars and that's just as important because we want not just a few large whales trading but actually you know user growth as well because that kind of helps to spread the message so those are the kind of the two main metrics will be follow I would say 1 billion die that's talking about like adding an extra an extra zero it's that's like that's that's personal that's that's like my metric that's what I would like to see I think there is internally at maker a number maybe not necessarily related to the actual supply but for me would it would really be a billion diet that would mean that depending it's almost impossible to do right now just with single collateral dive right because I'm not going to do the math here but at the moment we have almost two percent of all ether locked up in the system right and there's only so much if that you can lock up so essentially we need to come out with multi collateral die and have that die be created by borrowing from other assets right but that is that is the metric that I that I would like to see and then right now the other ones that which I guess amount of active dye holders internal volume the other day we had almost a hundred million dye moved around in 24 hours it's difficult to check how much of that is actual wash Trading widget there's probably a lot of it but even then I don't think we've had ever hit 100 million dyed moved transfer in 24 hours so those are the big ones what we care about is borrowing we have about 40 million dollars of assets in the protocol across five markets and we have about five and a half million dollars of open borrowing right now borrowing makes everything work if there's no borrowing there's no interest rate there's not no interest rate people aren't going to supply any capital so while like supplied assets is a nice number kind of for news or Twitter or to spread because AUM is a large number borrowing is much less than a um but it's what we care about the most and I would just say like the capabilities that I think blockchain enables for this type of borrowing like basically it's always on and always accessible and everything settles every 15 seconds on the ethereum blockchain you can't do that in traditional securities lending things settle like midday or once a day so there's a lot of potential for interesting borrowing functionality that doesn't exist today but that's what we care about great metrics which are pretty low right now and you aspiring for more so the question is what is actually you know stopping to have that extra zero on their wheels those metrics and like is this you know there's different levels right actually the vertical level like your application level or there is like generally like people are not aware of it you know I spend a lot of time talking to if you have to crypto on-ramps I really think that the more of those of the better I'm pretty excited about one project in Eastern Europe called ramp that's doing kind of swaps so you can do from your bank account into in script a really excited about wire and then move to a kind of Fiat to crypto API but I can't want to see like a thousand competitors go after this cuz quickly shut down their API or change the terms of it and so it's not really become a piece of infrastructure that you can rely on so yeah I think more people competing on these smooth you have to crypto on ramps in every single country in the world is gonna help people slide over to these assets a lot more easily I mean I think just you know generally in the space usability is one of the kind of most difficult aspects of adoption you know you need some level of sophistication right now to be able to use these platforms and these gaps but you know it's gotten a lot better in the last year so you know I think we're seeing a movement towards better user experience and more accessibility but there's obviously other things as well like you know scalability is is a pretty important thing particularly for Dex's and you know trading platforms you know less so for lightning I think but you know for us we you know we want people to be able to have the exact same experience on our platform on chain with you know without having a custodian of their assets as they have on something like bid mechs so then get to that point and you know once you've got that kind of equal utility then people will start to shift over so that's that's kind of the goal so in our case one of the things is of course that single collateral die was always meant to be like a beta version of the final product right multi collateral dies the idea realized of everything with being working for so one of the things we have is a debt ceiling of 100 million so we would never go above that amount and the people at the beginning they they started using it without actually considering the that this was never supposed to grow as big as it did and so a lot of projects for example auger never introduced dye into the system just because they said none of a less wave for MCD let's wait for EM City and I think that's probably one of the platforms that could actually give another use to the to the token that's not mostly for speculation so that's probably one of the big ones there's there's a few projects that we talked with that they just didn't want to do the work to include dye as cities and so that well if you are calling this a beta then we just cannot wait for you to build a the finished product right the the way I kind of think about it it's like we started on a theorem and then we built like the comment protocol on top of a theorem it's kind of one layer above the largest funds and institutions are somewhere like what they're used to using are like they don't care if the solution is decentralized or not they only care about if it offers interesting functionality that they couldn't achieve before and I think that most of the largest funds institutions who have the most money and also are sophisticated enough to borrow they don't even have the right good infrastructure today to trade in a centralized trade well in a centralized manner so like there's a lot of people developing centralized trading solutions for funds and institutions there's a lot of people developing kind of like decentralized solutions and somewhere they're gonna have to meet in the middle like whether it's up to someone that compound to build the tools that abstract away what compound really is at the etherium layer until it shows up in like you know there Schwab calm or whatever or if it's the responsibility if someone who's building portfolio management tools for funds to eventually integrate d5 solutions I don't know I think both attempts are gonna happen but I think we're gonna have to meet somewhere in the middle there I mean I kind of can't good question I have no idea what it was I'm happy to start with the next one or you can yeah my name is Hayden Adams I created a project called unit swap it's a a decentralized exchange protocol built on top of etherium yeah the new emerging behavior is specifically onion swap or in general yeah I think that you know swap into the new emerging behaviors I mean definitely like front-running in arbitrage are two things that I guess I mean it's not that new maybe I guess it's not new at all but maybe everyone being able to compete to do it right now I guess you have to have this hardware setup I don't know I mean you swap it's kind of cool because it allows you to do fully decentralized fully censorship resistant trading which is not something that really existed before in the markets so I think that's cool I don't know is that I'm a little out of breath because I ran here I was like half an hour away yeah when I realized I supposed to be here yeah not sure I think you know socks are super cool and like emerging you know socks you socks that exchange a dynamically price sock you can every sock you buy increases the price of the next one and then you can sell it back into the market or you can burn them to redeem them for a pair of socks and we'll mail them to you anywhere in the world doesn't matter shipping tax is included yeah you don't think that that was doable before what I think we're for comment like we care about assets on what will we want to build so that assets gets trapped in the compound and I think something like you know socks this mechanism has the potential to bring on new types of assets on chain that aren't on chain today like socks but but anyways what like the two things that come to mind when you ask that question or number one the arbitrage doing of yield across different types of products so now you could stake liquidity aren't you in a swap or like there's like many places you can seek yield either through proof of stake protocols or different types of lending protocols and people will arbitrage those rates and the other thing that I was thinking about anyone sigh oh yeah the people borrowing for governance so like before realistically like you should be borrowing assets not only to lever up short or for working capital but to use them and but like none of these assets have had any actual use and they're starting to be I think one of the first use cases of many of these tokens that actually don't have like an intrinsic utility is that you can use them to vote so there have been votes like zero X related votes or maker votes potentially where someone could borrow maker to vote or are go to voters zero X to vote and I think that's a interesting emerging behavior well there's there's this term I've heard I don't know if comes from David Hoffman someone else they call it money Legos it's just the it's grabbing everything that everybody here is building on and just creating something new putting one on top of the other one next to the other something that we've seen is a lot of projects are now paying their employees and I if possible there's people in projects that actually requested that because they were getting paid a nice maybe and in 2017 it was probably like a very good thing and then in 2018 they figured not so much right and one of the cool things that I see is streaming salaries I don't know if you've seen it there's like if you work for 30 days then five or ten or fifteen days later after the the month and that you get paid it's like why can I not be paid per second and if 10 days have passed I have already 10 days of my salary that I can that I can take out but that's not even the best thing it's like how about you start paying me my money the moment it's happening but then instead of just putting it there how about you lend it lend some of it on compound or put it in a in like liquidity pool or even do some trading if you want to like get whiskey with the money that is just coming in and eventually controlling everything via like a mobile wallet that's that I think it's pretty much like what this talks about the future of defy that's that's what I wanted I think one of the things we've seen recently I'm certainly with eunuch swaps probably the best example of it is this idea of like pooled liquidity or like peer to contract trading you know we've got a similar model although the limitations are slightly different but the idea is that anyone can turn up with this contract and interact with it right and not having order matching not having to find a counterparty means that you know for the average user it's a lot more usable and you don't need the bootstrapping network effects in the same way so you know when you start a kind of peer-to-peer trading exchange you know built on 0x something like radar for example if you have a new token that's listed and there's no liquidity the average user who turns up who wants to trade it on that market is going to have you know a pretty bad experience whereas with you know you nice well people can kind of dump all their tokens in there they can do that over the course of like a week or two weeks or whatever and then every time a user turns up to trade there's a market that's automatically there doesn't need even matched and I think that that's something that's kind of routing around the limitations of a decentralized system where you know arbitrage and front-running and all those problems kind of exist and obviously we still have front-running and you swap that it's a different kind of front running and I think that that those sorts of solutions where instead of just trying to replicate an existing system and say let's just try and you know replicate finance but on chain or whatever we're just done to see kind of experimentation and iteration and you know finding a little bit better fit so for me those kinds of unique solutions that work with decentralization rather than trying to fight against it I think are going to be what kind of gets us a lot more utility over the next 12 to 18 months yeah just curious how many people here everyone I'm raising a hand have like tried of opening a CDP or like a Hornet ok cool so that's the bath bed of the room and then and the bees I had was with adding CDP tracking to the mobile app that we were working on just increased usage but like a hundred times over like a month so people are checking their CDP religiously because a lot of them are running it right to the wire and so like and so that was a really cool insight and make it has like a very mature set of API is that take the data from the etherion blockchain and then present an API that I could design a user interface for and my natural inclination is then to go through as many of the decentralized financial products as possible and to kind of craft other interfaces that will allow people to check other things but that is where I've run into a few issues and I'm kind of going down the rabbit hole is is accurately reflecting the state of the blockchain is quite difficult and so different projects have stood up their own api's where they're kind of ingesting data from a theory and then presenting an endpoint but sometimes actually those endpoints are incorrect and so the balances are out of sync the tokens aren't matching and then we're all going back to ether scan for the data and so my fear here is just is just giving people wrong information and and it can be quite challenging and that bad is really what I'm hoping to do with balances is find the the kind of best data sources and present the kind of clearest data to people before this decentralized financial movement but there already is that you're kind of extremely dependent on centralized services to ingest the data and present you with an API so that's been my my biggest insight is that what is in your wallet is way beyond a set of tokens now it's a kind of set of relationships with different contracts expressing that with a crystal clear user interfaces is tricky especially when the data quality is still not great so that's what I've been learning oh can I have one thing notice I when you were saying I was remembering something that happened with the CD piece and this was totally nothing that we planned but we eventually wanted to have like a secondary market of CDP's that where people would sell off if they couldn't pay out their debt or anything but before that even came out people started trading their CD piece because of their ID number and I remember telling you about CDP 4:20 yes it's his charity seriously before 20 and the the guys from insted app are here and they actually used I don't know if they still do it because the feast right now are a little bit high but they opened the CDP and they had a bottom where anybody could could pay out some of their debt as a as a contribution for making the site and and I know that a few people started doing this because almost nobody knew that you can pay out anybody step right only the owner of the CDP can actually create that but anybody can pay it and when when they instead of guys they they put out about and saying like pay paid I for any CBP some of the most well known ones that always like to have like round numbers people were paying out like cents or like point zero zero zero like one way of died and messing up the whole numbers and then they would be like okay they would draw again like one way and then they would do it again it was it was kind of crazy awesome so like you guys build you know interfaces protocols exchanges what do you think is missing in defi space like what do you think like what would be one ads that you would like oh yeah we use it today and you know it will pretty much improves ecosystem times probably help with bringing more people more the creatives market yeah um I think we have to offer things that are just not possible and and that are enabled by a protocol or a blockchain and that might look like kind of better savings rate on your on your die or your dollars wherever it's just kind of beats anyone else in the market but it probably also involves I think is some level of access I think one of the things that is very exciting to me about this entire movement I spend a little bit of time as stripe and I really only think it could have been the Collison's that built that company because to get the keys to the kingdom right to get access to the ftp servers for the banks to issue the payments and charge the cards and and kind of manage Wells Fargo's relationship that was a master class in negotiation for some early 20 year olds and absolutely incredible and than that and that really speaks to how hard it is to access a kind of close source financial system which is kind of deeply ingrained by very very few institutions what excites me here is that everyone gets to play with this stuff and just as Linux found kind of product market fit with the Internet my hope is the etherium and other protocols and this kind of open source financial system finds product market fit in places that are not not being served by traditional financial institutions and that that trend is that they're kind of gonna play out over the next 20 years I mean I fit in you know I want to say better interfaces and mobile interfaces and things like that but I think that you know what we've sort of seen as adoption has grown over the last say month even right as we've added new assets and people started trading more is that there's still a lot of friction even in like you know error generation for example right like transaction goes wrong like literally the other day and I'll blame sleep deprivation but it was probably a bit of idiocy it took me seven transactions to actually send some tokens to someone because they were locked they were I had debt against them and it like just I kept getting like it was like out of gas and I was like more gas than it was you know through just a random error I mean I had to like go back and work out and this is the thing that like I hope to build right so you know I think we we can kind of say let's build better interfaces but if the interface just throws a generic sorry air at you you know it makes it really hard for the average user who's coming in who maybe doesn't quite understand exactly what the interaction is you know so I think that there's even some like very low level infrastructure things that are still missing that we need to be able to pass a barrier reporting and error messages and you know really kind of graceful errors which sounds like obvious but it's still a pretty big problem I think Mike is I think one of the things I would like to see is better on off ramps into and out of Fiat my case I've been getting paid in that like I said for pretty much two years now ever since we released the alpha version so if the current die the scene collateral dies the beta sigh was the Alpha there was no market for it it was just the foundation would trade you back ether when when you needed it right but even before then living in Argentina with inflation of almost 50% and I always chose crypto to get paid ever since I think maybe 2013 so started being Bitcoin then the knee third and I and always like trying to convert that into into fear it was always a problem I I'm not that idealistic to think that it's kind of like today when we pay for our coffee with with Bitcoin or with any other token I know that it can be done but I don't think that that's one of the major concerns for example for me it's been fine just trading crypto once a month it's like I get my paycheck I changed some into argentine pesos to pay my rent groceries everything and then whatever else I either I I'll own it on compound and arm on dy/dx I I buy a little bit of crypto just to speculate but for me that that's been good enough just doing like one off-ramp interfere per month but I think there's still a lot of ways we can do better even here in the states that there's pretty much only only wire or going to Kanye's and trading into USD seeing to die and I think if we can somewhat figure out how to get like lower fees and that we can also maybe increase adoption for it I think for compound one thing that would be two things that would be super meaningful to us one is cross chain asset transfers we can only support etherium based assets like you go down coin market cap on tokens not very far and you start getting a pretty small cap very illiquid assets so being able to support the more liquid biggest assets would be huge also privacy there's lots of different approaches now to solve in privacy foreign transactions but that would also be really huge for onboarding lots of different types of users I think do have a rep BTC we don't support it yet we said that we would add it we have version two coming out in a matter of weeks and we said we would add it when rob BTC reaches two million dollars oh right but it hasn't reached it because more assets have been tokenized they reached him he has a Bitcoin Keys going up you value but yeah we want to I mean we hope that's a success we're certainly cheering for it hello okay yeah I'm pretty happy with the state of ethereum I think that there's been a lot of good progress I think some of our biggest issues right now are probably related to UX it's not that expensive to make a transaction on aetherium right we can't write on you know swap is two cents opening up CBP is probably a few cents so I think I'm excited to see people continue to push the boundaries of UX I don't think that probably includes like account management and private key management I guess another area I think that we probably need a killer dab you know kind of like when encrypted kitties came out and kind of took over the network and everything kind of all the gas prices went up really high I think we need another one of those but probably on a layer to solution so people have assets in this in some sort of game or some sort of dab but it's running on a LT solute solution and it's like has like the UX of a you know a really like high quality website today the other thing another thing that I'm really hoping for and actually something I'm working on is price circles just sort of improving right I want to improve you know swap as a price Oracle so that you know people can I kind of trust it you know right now you can check the price on you know swap but you don't really know how reliable it is or how that ways into like a historical like you there's no history to it it's just like what's the current price and you don't know if a miner just manipulated it or not so I think price articles as well I think I'm very hesitant so I think a lot of project implemented governance solutions I was very very very hesitant to implement any go anything governance related into you as well because I felt like I I don't like I don't know I don't know offense to any projects that exist I just I don't really know if just like voting with money is the best way and not it's not to say that it's necessarily a horrible way I think for example in a proof of stake it makes sense because you put money you stake it and then you can get slashed you can get penalized and you need but you kind of need some sort of like punishable offense I don't know I'm still the way I did governance in you know swap is basically I can deploy I can propose a new version and if people think it's better they can migrate their liquidity over there's some problems there which is that it's a little bit difficult to upgrade so if I could you know if I could if I want you like rapidly iterate maybe it's a little bit more difficult but then the other trade-off there and I know actually compound has been kind of weighing the same trade-off but I guess the the other side of that is that you know if you're creating an open to US financial system and it's people are trusting it with their money and they're locking up money in it you know maybe it shouldn't be something that can be upgraded that fast maybe I should require people that really opt into it and choose to move over yeah I don't know it's kind of a difficult topic something I'm still sort of thinking about a lot but don't have any like end-all solutions yeah I know I think minimizing the need for governance is the best move until we figure out better ways to do it I think that's a fair assessment yeah I don't think anyone has really carved out a path towards what to me is really compelling on chain governance of a protocol yes I think the ideal of decentralized on chain governance is so compelling that people should definitely keep working on it but I don't know what the right answers for compound one of the interesting things that we do think about for far into the future at least on the timeframe of years is if like each market that we support if the suppliers of assets to those markets could basically use their stake of supply as voting power to decide like the interest rate models or the collateral ratios or collateral factors or what they'll take as collateral or how much people can borrow things like that so then owners of that asset could control that interest rate market on compound and make decisions around it but certainly like we'll probably you know getting there like will decide what could what constraints can be voted upon things like that it's really hard to to get a full decentralized entren governance so maker governance right yeah so yeah we've been doing on chain governance for year-and-a-half right and I mean it's had its ups and downs we're there's still a lot of people that own a lot of nkr so we saw that the other day I think with an Oregon vote as well it's like Wales can influence this kind of votes the good thing we have with the the nkr holders is that most of them that that do participate they do so religiously it's like lately for the past few months once we actually started looking at modifying the interest rates the stability fee per week which is something we had to do to to protect the peg to like get back to $1.00 there's like almost 200 people that are very active they participate in the community they they propose new things but still in the end the the barrier to actually vote on chain is still pretty complicated you have to have control of your asset you have to lock it up in a country then last week we actually we had a vulnerability on our voting contract the good thing is that since only like 200 people vote and they're very active we have close to 200 K and K are locked up in the voting contract and in a matter of maybe 24 hours 98% of it was removed in a good way to second people freed up their assets and they moved to the new contract right we still have a couple of stragglers there but and now we have to like get people to trust the counter again right so we had that audit of the once again we disclose the vulnerability and now we're back on track right we had to miss one one whole week of governance the good thing is that we had the rally we had the stability fee high enough and the peg was pretty much 1:1 so there was not a lot of need to to actually influence the system but one of the things we're coming up for the next version is so timed governance vote so there's gonna be certain things in the system that cannot change until certain time has passed and I don't want to get too into the specifics of it but I think you can look at maker governance as like I'm not gonna say a success it's it's one of the big projects doing it like out in the open and anybody with any amount of MKR can can come to the the governance meetings every Thursday and participate and even if they don't have enough polling power themselves they can try to rally the community around a proposal so eventually getting new tokens into multiple lateral die or if you think the the stability fee is way too high okay why is it and do you have data to back it and maybe you can get the big whales they're voting in your favor the governance is like actually one of the coolest things even if it even if it's now kind of like a dirty word right yeah I mean on some level it's pretty simple right we just wait for real-world governance to become a solved problem and then so you know that's that's kind of our plan at the moment our governance model is very much like a stock you know we I was we were chatting you know we're obviously a much smaller scale than maker and a lot of the projects out there so you know it's still very experimental and that gives us a lot of leeway to kind of be experimental about how we do things and you know iterate and kind of move as quickly as possible and so the approach that we've taken is you know we're a start-up we debate things internally we debate things externally with some of our stakeholders but you know we haven't implemented any kind of on chain governance but you know that's not I guess sustainable in the long term so at some point you need to make a decision and start to cut some bridges right so you know there's certain things that we can upgrade in the contracts that we want to not be able to upgrade there's certain things like the Articles that we want to decentralize so as soon as we have you know viable decentralized solutions we'll move to that so I think for us it's kind of an iterative process of trying to kind of move away from centralization but you know you need to balance it with usability and if we had just put out the first version of the contracts and said we're done you know that would have been a pretty object failure so okay so something that I have to focus on with with this stage of my project except but one thing I've been curious about is is what when that identity piece will start to kick off you know Facebook identity to the web and I think that that was a help to you to kind of link one person to kind of one account largely and and what is going to bring kind of the notion of a person into all of these protocols such that you can have kind of one person one vote will there be some kind of combination of the way you speak the way you type the way you look the way you walk generating some kind of kind of essence of your digital self and that will allow you to kind of communicate to that to a protocol and honestly I'm not sure what that looks like but it strikes me that without identity most governances as a plutocracy and they're super rich you can sway the vote and as we've read in history that bureaucracies generally don't pan out that well over time so those are some observations but not something I'm focused on right now you know I'm thinking we're trying to figure out this can we pretty much combine photography and very talk receiving panel one system where forget the autocracy provides like foresight over a very talker see which like you would think right now if you miss meritocracy though there's no like clear guidelines how it works and there's no like oversight from kind of okay people who actually are heavily invested in you and Mexican there does not have any medalist on that would like figuring out in mechanics comes like merges two things I think like a maker in kind of doing that but like having major Duncan owners and then make her company or companies providing input to the stockholders which is like what is they think is the reason so like combining two things I think it's very important so actually do we have any questions in the audience does anybody want to ask this very knowledgeable yeah I have one more question what are the hats that you've done pretty much to work around infrastructure failures and you know this is very like I have deep - to us this so yeah so I'm pertaining to the problem I was bringing up earlier I'm really excited about graph protocol because they kind of camel inside that the state of etherium maybe kind of tens of gigabytes but the amount of data that people might want out of that state could run to go many terabytes so a good example of this is ether scan which is a kind of central point of failure in the protocol it has the list of all the token addresses the token names the token logos and it has ingested the etherion blockchain step through all the state transitions and come up with token balances and this turns out to be like a really really difficult problem but there's also similar problems for lots of other protocols where you're wishing to kind of understand the underlying state of etherium by knowing what's on the blockchain and knowing what changed and then presenting that data to an application and so just there have been lots of kind of hacks and little things that I've used to get access to data but but I'm very excited about the graph protocol team specifically because that is they're kind of raised on the edge with others their focus which is how can we allow developers to and people to see what's going on I think that's pretty exciting this is actually something we're planning Tim's mates so we're talking to scale about essentially using like an l2 chain to push Oracle information into the chain as a way of you know not having I guess fairly high latency for the number of ticks at the moment price feed updates kind of once every three to five minutes and so we wanted to do is is push kind of sub second price ticks into an l2 chain which then can be right off the main chain which will make kind of the granularity of pricing a lot better so that's something we're planning to do that you know obviously is kind of necessitated by just block times right and block propagation so hacks I cannot remember any I will tell you that since somebody mentioned crypto kiddies back when I was still writing the Oracle software I think I had put a hard cap of no more than maybe 40 gear away per transaction just because there was this method where if the transaction would not go through after a couple of minutes then they would try again with higher gas higher gas and then I said I'm gonna put a hard cap on it just because I don't know something could happen and I want to eventually send all the ether in the account to pay for gas right and then one day the Oracle stopped like the individual feed stopped working and they were going down one by one and what happened is that cryptic alias was Island then we started seeing gas prices in the hundreds of Giveaways something that I thought was never gonna be it's like I thought okay for the Giga way there's gonna be enough for everybody right and just we started modifying the software as we essentially all we did was add an extra zero to it and say okay maybe 400 get away it's gonna be enough for everybody right and trying to get everybody on the phone like people from all around the world there are the Oracle providers to update the system before enough of the feeds went down so that the price was wouldn't be inaccessible because if it is then you really cannot do any operation on the system you cannot draw a dial you cannot pay back just because we don't know what the price of the collateral is right so I just remember that when it's also one of the things that it's gonna be most interesting in the future than the future of the Oracles and on chain only information may be William I swap I think we're still a little bit off there but no no there was something there they I think it happened to somebody using Newell that they had they had put an option or something for I think was a link token and they got liquidated because it's not a very powerful on chain Oracle right now no exactly right now because because there's not enough volume and not enough liquidity you can you can actually swing the prices for very little money but the guys from Marble Protocol they built Polaris that it has like checkpoints it's better than just using the rock contracts but hopefully what I'm gonna be working on will make it even better haven't read anything the the class of problems that that come to mind when you ask that question for us are mostly also Oracle issues I think so I agree with everything that's been said here one thing that that doesn't directly answer your question but I'm really excited about is in version 2 of compound oh yeah no matter of weeks keep your eye out one thing we're doing is today you supply ether into compound and you're either sending interest you can withdraw it whenever you want in version 2 you get compound ether or calling sea ether which represents your balance in compound and now you could move this to cold storage you could split among split it amongst many other assets many other wallets you could use it to create a liquidity pool on your swap you can start to rehypothecation called like super liquid collateral around two different systems while continuing there an interest in compound and I think this is kind of like a hack on the collateral system that could get really interesting I would avoid using the word rehypothecation but um yeah so I think that you know it's a little bit of a different answer here but I don't really see any infrastructure failure I think that's like the the fact that you know swap exists and the fact that I was able to create it it's kind of a testament to like the incredible power of a cerium and not really I don't know it doesn't feel like a failure it feels like an incredible success I don't know yeah you guys think about smart contract waste accounts as years just having driving I think they're pretty cool I think that you know I think no safe is the first I think they're pretty cool oh right what do we think what do we think of smart contract based accounts instead of you know just user-generated accounts well you know in aetherium 2.0 there'll be a count of struction it will all be the same where you will be able to make your accounts have code arbitrary code in them but up until then on the current system and it will it's unclear exactly how it will be implemented so it might be any way but for now I do think that they're great I think that noses safe is a cool start I've heard of some others that are coming out yeah I think they're cool yeah thinking about what we're we are building right now most of the the new system for MCD is pretty much gonna have to be used via proxies just because there's there's so much stuff and it's not you don't want to do anything you want to do everything atomically right now it's like you want to put it there and you want to open a CDP and you want to draw the eye and you want to put that into some other defy project you want to do everything atomically so you pretty much need proxies for that and then just one step further you want to have that be controlled by probably a smart contract account that can do that and a lot more so I think we're gonna see that happening I need like right now even in this version the current version of SCD that we have I think like 80 percent maybe more or four-cd piece are actually owned by proxies and not like individual accounts the thing is that that also leads to a little bit of a UI problem sometimes sometimes it's not as simple as using software with meta masks maybe so create some another level of indirection but at least if we can get a little bit better of that I do think that everything eventually is going to be a like you said of once we have I thought there was gonna be a kind of abstraction in if you're in one I think you know to add to what Hayden said it's easy to kind of complain about some of the rough edges over theorem you know I mean it's it's not done yet but if you use it regularly you know if you're if you're interacting with the theorem and various protocols you know on a daily basis it's amazing like the fact that it even exists at all is like incredible like every day I'm like doing something and I'm just astounded right that it's even a thing that exists in the world so you know it's easy to kind of look at some of the the issues that we see but you know the the things that are already there and the things that are going to to kind of emerge over the next few years are just kind of astounding so you know I think we need to be sort of measured in what we say about about things and you know just kind of be careful about trying to poke too many holes because you know there's a lot there's a lot to be happy about as well yeah just for folks who may not be aware of what kind of smile contract was or a basic wallet this is something I've been researching an awful lot so a typical wallet is when you download got a piece of software and you have your public key and your private key so so meta mask might be an example where the private key is hidden away from you encrypted by a password or you say a wallet like trust wallet where you're given a kind of password and the private key again is stored on the phone public key is there a smart wallet is is this idea that what you're going to engage in is I'm gonna store my funds in a smart contract that is living on a theory and so that this small contract will be the kind of holder of my funds and and then I can assign keys to different devices so one give your phone one could be a web-based it could be a browser and this is a kind of next step in in wallet technology in there it's gonna give people more options so to the the companies that are pushing on this really hard enosis who've done a kind of formally verified set of smart contracts they're open source and they built client apps for Android iOS and and chrome and then there's a company called argent Europe based they were also doing a slightly different design of smart contract based wallet and so the the the the kind of number one support complaint that my ether wallet trust and my crypto have gone through is is how do I reset my password and so obviously that's a huge issue in terms of usability in terms of people there are a lot of people have lost access to their money or they bought tokens particularly this bullet at Bull Run is returning you're starting to see people wanting to get access those funds again I'll see what they're worth and they're going to be sorely disappointed because they will have forgotten their password and that will be that and and if that's gonna be the state of aetherium and continuing forwards it means that kind of capital is gonna accrue and pull in centralized services like coin base which server a great role which basically allowed my dad to unlock the Bitcoin that I sent him six years ago so you know I'm extremely appreciative for coinbase because you know really happy about that but smart contract Willits point to a direction I'm really excited about which is that we can have password recovery systems that can be reasonably solid for different levels of capital so if someone just has a thousand dollars there's a certain level of security there's $10,000 there's more security there's $100,000 honestly you can jog on a loan to use a ledger but like like my point is is that the direction of smart wallets is very exciting to me because it points to a place where lots of people can access financial services they don't have to become super experts on managing personal security they can have some kind of reset mechanism which isn't dependent on a company and that I think is you know great infrastructure that over time could really help a lot of people hold charge of their funds and that's yeah does the trend I'm seeing and so I'm investigating a lot yeah we're actually building this kind of stuff on the protocol level where all accounts are contracts all contracts are accounts and all access is done through access keys so you can like always have every move program that etc and yeah like we actually have a blog post about this idea of a progressive security where you start was like well I've actually cared SEC $2 cryptic et like why do I need to deal with all this like blockchain that's crazy but then yes then you like move into you know cold storage you just swap the keys you know you remove old one plug-in you want it cetera so all right well it was an awesome panel I mean please give a round of applause for our","transcript_synced_at":"2026-11-04T04:30:11.262Z","segments":[{"start_seconds":3,"text":"I'll just start with a quick word about new protocol we are pretty much a layer one blockchain and our main focus is","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3s"},{"start_seconds":13,"text":"pretty much bringing blockchain to everybody I think it's usable scalable pretty much every developer being able to build on the decentralized future and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=13s"},{"start_seconds":22,"text":"every single customer in the world pretty much converted and like I'm really excited to kind of hear how so","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=22s"},{"start_seconds":30,"text":"far the project's presented here have been evolving as well as what they looking forward in the future so without further ado please like few words of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=30s"},{"start_seconds":39,"text":"introductions and we can dive into questions if you have some more questions we will use a waiter hi I'm","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=39s"},{"start_seconds":48,"text":"Richard working on a project called balance and then we have a web user interface that people use to interact","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=48s"},{"start_seconds":55,"text":"with their etherium based tokens the innovation that I was just showing you your token balances it's turned out to be a lot more challenging than we","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=55s"},{"start_seconds":62,"text":"expected and recently been focusing much more on a mobile tracker for all of the interactions that your wallet to make","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=62s"},{"start_seconds":71,"text":"with the centralized finance after talking to lots of users discovered that most people are kind of doing these big trades on the desktop or using a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=71s"},{"start_seconds":79,"text":"hardware wallet but they'd like to keep track of them on their phone so those are the two products that balance has in","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=79s"},{"start_seconds":86,"text":"the market right now came from synthetics we're a synthetic asset trading platform so we've got assets","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=86s"},{"start_seconds":95,"text":"like synthetic BTC synthetic B and B inverse assets etc so we basically allow","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=95s"},{"start_seconds":102,"text":"people to have exposure on aetherium to assets that are trading on appearing my","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=102s"},{"start_seconds":111,"text":"name is Mariana I work at maker we developed the dice table coin and we're essentially one of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=111s"},{"start_seconds":121,"text":"the backbones of TFI now it's dye is not the biggest coin in","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=121s"},{"start_seconds":130,"text":"terms of supply we're right now maybe eighty to you well after this last rally","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=130s"},{"start_seconds":136,"text":"we may be at 84 yeah 84 million and which is not a lot if you compare it to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=136s"},{"start_seconds":144,"text":"other tokens maybe like tether that it's been up to like two billion but one of the things key issues that I think we","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=144s"},{"start_seconds":152,"text":"saw this decentralization and we considered I the most decentralized stable coin in the ecosystem and yeah","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=152s"},{"start_seconds":162,"text":"we'll talk more about it Calvin I'm the head of strategy at compound which broadly means I focus on business growth","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=162s"},{"start_seconds":171,"text":"I compound is a etherium based lending","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=171s"},{"start_seconds":178,"text":"protocol so we create on chain liquidity pools that are openly accessible and programmatically accessible for lending","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=178s"},{"start_seconds":185,"text":"and borrowing etherium based crypto","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=185s"},{"start_seconds":187,"text":"assets you know to kind of keep you guys","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=187s"},{"start_seconds":200,"text":"were what's your customer right now and what do you think is your ideal customer","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=200s"},{"start_seconds":208,"text":"yes so today I think is the 10,000 people tweeting about defy it's a very","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=208s"},{"start_seconds":214,"text":"small audience and I paid quite a bit of attention to the number of people who are actively using dye on a weekly basis and you know we're kind of just under","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=214s"},{"start_seconds":223,"text":"we're under 20,000 there so it's an incredibly narrow customer base but I'm optimistic that's going to expand and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=223s"},{"start_seconds":231,"text":"sure these folks have different approaches yeah I think at the moment you know most of the defy users are kind","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=231s"},{"start_seconds":238,"text":"of decentralization Maximus or people that are you know ideologically aligned to decentralization because there's a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=238s"},{"start_seconds":245,"text":"lot of trade offs so you know our user base is pretty small right now but you know hope is that as all of these different protocols kind of come together and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=245s"},{"start_seconds":253,"text":"enable you use cases like you know compound and maker working together etc and you know better interfaces to kind of interact with these protocols that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=253s"},{"start_seconds":262,"text":"will be able to bring more mainstream adoption more you know average users","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=262s"},{"start_seconds":267,"text":"into space so we usually divide our user base in two and there's more but","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=267s"},{"start_seconds":275,"text":"essentially die creators and die holders die creators are the people who speculate right they open up a CDP","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=275s"},{"start_seconds":285,"text":"they're power users they want to maybe expose themselves to more risk by","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=285s"},{"start_seconds":291,"text":"leveraging the die to buy more ether or you know they want to take out a loan","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=291s"},{"start_seconds":297,"text":"for something and the die holder is someone who may not be that savvy and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=297s"},{"start_seconds":305,"text":"all they want to do is hold the stable asset and so that's those are the two","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=305s"},{"start_seconds":312,"text":"main ones and even though there's some overlap there they're so different that it essentially requires two different","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=312s"},{"start_seconds":319,"text":"strategies altogether because some of them really want power tools to create CBP's to interact with the system and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=319s"},{"start_seconds":328,"text":"other people they just want to see a number that actually doesn't change over time this much we have lenders and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=328s"},{"start_seconds":338,"text":"borrowers at this point most of the people who hold a lot of crypto over the past over the bear market over the past twelve or eighteen months or whatever","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=338s"},{"start_seconds":346,"text":"are pretty much long for a long time so the value proposition to lenders is pretty simple and I think it can be","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=346s"},{"start_seconds":353,"text":"anybody if you are long crypto long crypto and you can earn any percentage of yield even if it's 1% 2% 3% it's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=353s"},{"start_seconds":360,"text":"pretty attractive on the borrowing side it's a it's more complex there's a few reasons people borrow people borrowed to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=360s"},{"start_seconds":366,"text":"lever up people borrow to short and people borrow for basically working capital those are three of the primary","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=366s"},{"start_seconds":373,"text":"reasons so that encompasses miners for working capital market makers for for working capital and funds to either","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=373s"},{"start_seconds":382,"text":"lever up or short today in compound most of our users are really crypto savvy","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=382s"},{"start_seconds":389,"text":"like really kind of like decentralized ideal types of crypto investors who are","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=389s"},{"start_seconds":397,"text":"willing to spend the time to use learn how to use a protocol like compound or even understand how aetherium works but","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=397s"},{"start_seconds":406,"text":"we think the product has value for the biggest funds and institutions and that's where we're trying to build bridges to connect something like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=406s"},{"start_seconds":412,"text":"compound to those types of users so it's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=412s"},{"start_seconds":420,"text":"interesting because pretty much you're saying right now so yeah criticize people people already only wanna crypto people who want to have crypto holdings","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=420s"},{"start_seconds":430,"text":"but don't want you know thing to change or wanted to grow it ideally so the question is given that what is the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=430s"},{"start_seconds":438,"text":"metric that you optimize it for right what is actually the goal for your protocol or application would be right","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=438s"},{"start_seconds":445,"text":"because like maybe it's not mass adoption or like how do you compare that in most option for like every custom of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=445s"},{"start_seconds":453,"text":"the world yeah I think it's what I like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=453s"},{"start_seconds":463,"text":"about die is that because it's become the the kind of base currency for this decentralized finance movement tracking its progress is and the impact that you","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=463s"},{"start_seconds":471,"text":"have on that progress for a full four balance could be like one way of looking at it and so if we're in this phase of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=471s"},{"start_seconds":479,"text":"tens of thousands what gets us another zero will will be something that you can focus on now and then once we're there","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=479s"},{"start_seconds":487,"text":"it's probably a different set of things that you where you get to add another zero to that number so I'm thinking really just about the next arrow","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=487s"},{"start_seconds":495,"text":"and I don't know where I'll go after that but if you're curious to hear how we get from kind of really 10,000 monthly active users of this system to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=495s"},{"start_seconds":503,"text":"kind of a hundred thousand and then then onwards I mean the main the main use","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=503s"},{"start_seconds":510,"text":"case of our protocol at the moment is through synthetics exchange which is a Dex so you know trading volume is obviously something that we're tracking so on","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=510s"},{"start_seconds":518,"text":"Friday we did about four hundred thousand dollars in trading volume which also was coincidentally the largest a four bit max which is like the most","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=518s"},{"start_seconds":527,"text":"centralized competitive vows that did about ten billion so we're a little a little ways away from them and still a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=527s"},{"start_seconds":534,"text":"ways to go but you know it's a huge market in trading so you know that's one thing that we watch really closely is just trading volume and growth but also","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=534s"},{"start_seconds":543,"text":"we watched like daily active users as well right because someone can come in and do a big block trade of a hundred grand but you could also have 50 people","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=543s"},{"start_seconds":550,"text":"coming in and trading you know 100 200 dollars and that's just as important because we want not just a few large whales trading but actually you know user growth as well because that kind of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=550s"},{"start_seconds":559,"text":"helps to spread the message so those are the kind of the two main metrics will be follow I would say 1 billion die that's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=559s"},{"start_seconds":571,"text":"talking about like adding an extra an extra zero it's that's like that's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=571s"},{"start_seconds":578,"text":"that's personal that's that's like my metric that's what I would like to see I think there is internally at maker a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=578s"},{"start_seconds":585,"text":"number maybe not necessarily related to the actual supply but for me would it","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=585s"},{"start_seconds":592,"text":"would really be a billion diet that would mean that depending it's almost","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=592s"},{"start_seconds":601,"text":"impossible to do right now just with single collateral dive right because I'm not going to do the math here but at the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=601s"},{"start_seconds":608,"text":"moment we have almost two percent of all ether locked up in the system right and there's only so much if that you can","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=608s"},{"start_seconds":616,"text":"lock up so essentially we need to come out with multi collateral die and have that die be created by borrowing from","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=616s"},{"start_seconds":625,"text":"other assets right but that is that is the metric that I that I would like to see and then right now the other ones that which I guess","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=625s"},{"start_seconds":633,"text":"amount of active dye holders internal volume the other day we had almost a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=633s"},{"start_seconds":641,"text":"hundred million dye moved around in 24 hours it's difficult to check how much of that is actual wash Trading widget","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=641s"},{"start_seconds":650,"text":"there's probably a lot of it but even then I don't think we've had ever hit 100 million dyed moved transfer in 24","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=650s"},{"start_seconds":657,"text":"hours so those are the big ones what we care about is borrowing we have about 40","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=657s"},{"start_seconds":666,"text":"million dollars of assets in the protocol across five markets and we have about five and a half million dollars of open borrowing right now borrowing makes","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=666s"},{"start_seconds":675,"text":"everything work if there's no borrowing there's no interest rate there's not no interest rate people aren't going to supply any capital so while like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=675s"},{"start_seconds":683,"text":"supplied assets is a nice number kind of for news or Twitter or to spread because AUM is a large number borrowing is much","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=683s"},{"start_seconds":691,"text":"less than a um but it's what we care about the most and I would just say like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=691s"},{"start_seconds":698,"text":"the capabilities that I think blockchain enables for this type of borrowing like basically it's always on and always accessible and everything settles every","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=698s"},{"start_seconds":706,"text":"15 seconds on the ethereum blockchain you can't do that in traditional securities lending things settle like midday or once a day so there's a lot of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=706s"},{"start_seconds":716,"text":"potential for interesting borrowing functionality that doesn't exist today","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=716s"},{"start_seconds":723,"text":"but that's what we care about great","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=723s"},{"start_seconds":734,"text":"metrics which are pretty low right now and you aspiring for more so the question is what is actually you know stopping to have that extra zero on","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=734s"},{"start_seconds":744,"text":"their wheels those metrics and like is this you know there's different levels right actually the vertical level like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=744s"},{"start_seconds":752,"text":"your application level or there is like generally like people are not aware of it","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=752s"},{"start_seconds":761,"text":"you know I spend a lot of time talking to if you have to crypto on-ramps I really think that the more of those of the better I'm pretty excited about one","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=761s"},{"start_seconds":769,"text":"project in Eastern Europe called ramp that's doing kind of swaps so you can do from your bank account into in script a really excited about wire and then move","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=769s"},{"start_seconds":778,"text":"to a kind of Fiat to crypto API but I can't want to see like a thousand competitors go after this cuz quickly","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=778s"},{"start_seconds":786,"text":"shut down their API or change the terms of it and so it's not really become a piece of infrastructure that you can rely on so yeah I think more people","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=786s"},{"start_seconds":794,"text":"competing on these smooth you have to crypto on ramps in every single country in the world is gonna help people slide","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=794s"},{"start_seconds":801,"text":"over to these assets a lot more easily I mean I think just you know generally in the space usability is one of the kind","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=801s"},{"start_seconds":809,"text":"of most difficult aspects of adoption you know you need some level of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=809s"},{"start_seconds":817,"text":"sophistication right now to be able to use these platforms and these gaps but you know it's gotten a lot better in the last year so you know I think we're","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=817s"},{"start_seconds":826,"text":"seeing a movement towards better user experience and more accessibility but there's obviously other things as well like you know scalability is is a pretty","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=826s"},{"start_seconds":834,"text":"important thing particularly for Dex's and you know trading platforms you know less so for lightning I think but you","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=834s"},{"start_seconds":842,"text":"know for us we you know we want people to be able to have the exact same experience on our platform on chain with you know without having a custodian of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=842s"},{"start_seconds":850,"text":"their assets as they have on something like bid mechs so then get to that point and you know once you've got that kind of equal utility then people will start","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=850s"},{"start_seconds":859,"text":"to shift over so that's that's kind of the goal so in our case one of the things is of course that single","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=859s"},{"start_seconds":867,"text":"collateral die was always meant to be like a beta version of the final product right multi collateral dies the idea","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=867s"},{"start_seconds":875,"text":"realized of everything with being working for so one of the things we have is a debt ceiling of 100 million so we","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=875s"},{"start_seconds":883,"text":"would never go above that amount and the people at the beginning they","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=883s"},{"start_seconds":891,"text":"they started using it without actually considering the that this was never","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=891s"},{"start_seconds":899,"text":"supposed to grow as big as it did and so a lot of projects for example auger","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=899s"},{"start_seconds":907,"text":"never introduced dye into the system just because they said none of a less wave for MCD let's wait for EM City and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=907s"},{"start_seconds":915,"text":"I think that's probably one of the platforms that could actually give another use to the to the token that's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=915s"},{"start_seconds":923,"text":"not mostly for speculation so that's probably one of the big ones there's there's a few projects that we talked","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=923s"},{"start_seconds":932,"text":"with that they just didn't want to do the work to include dye as cities and so","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=932s"},{"start_seconds":939,"text":"that well if you are calling this a beta then we just cannot wait for you to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=939s"},{"start_seconds":943,"text":"build a the finished product right the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=943s"},{"start_seconds":953,"text":"the way I kind of think about it it's like we started on a theorem and then we built like the comment protocol on top of a theorem it's kind of one layer","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=953s"},{"start_seconds":961,"text":"above the largest funds and institutions are somewhere like what they're used to using are like they don't care if the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=961s"},{"start_seconds":969,"text":"solution is decentralized or not they only care about if it offers interesting functionality that they couldn't achieve before and I think that most of the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=969s"},{"start_seconds":979,"text":"largest funds institutions who have the most money and also are sophisticated enough to borrow they don't even have the right good infrastructure today to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=979s"},{"start_seconds":987,"text":"trade in a centralized trade well in a centralized manner so like there's a lot of people developing centralized trading","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=987s"},{"start_seconds":995,"text":"solutions for funds and institutions there's a lot of people developing kind of like decentralized solutions and somewhere they're gonna have to meet in","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=995s"},{"start_seconds":1004,"text":"the middle like whether it's up to someone that compound to build the tools that abstract away what compound really","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1004s"},{"start_seconds":1011,"text":"is at the etherium layer until it shows up in like you know there Schwab calm or whatever or if it's the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1011s"},{"start_seconds":1019,"text":"responsibility if someone who's building portfolio management tools for funds to eventually integrate d5 solutions I don't know I think both attempts are","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1019s"},{"start_seconds":1027,"text":"gonna happen but I think we're gonna have to meet somewhere in the middle there I mean I kind of can't good","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1027s"},{"start_seconds":1033,"text":"question I have no idea what it was I'm happy to start with the next one or you can yeah my name is Hayden Adams I","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1033s"},{"start_seconds":1041,"text":"created a project called unit swap it's a a decentralized exchange protocol","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1041s"},{"start_seconds":1046,"text":"built on top of etherium yeah the new","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1046s"},{"start_seconds":1068,"text":"emerging behavior is specifically onion swap or in general yeah I think that you","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1068s"},{"start_seconds":1075,"text":"know swap into the new emerging behaviors I mean definitely like front-running in arbitrage are two things that I guess I mean it's not that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1075s"},{"start_seconds":1083,"text":"new maybe I guess it's not new at all but maybe everyone being able to compete to do it right now I guess you have to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1083s"},{"start_seconds":1091,"text":"have this hardware setup I don't know I mean you swap it's kind of cool because it allows you to do fully decentralized","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1091s"},{"start_seconds":1098,"text":"fully censorship resistant trading which is not something that really existed before in the markets so I think that's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1098s"},{"start_seconds":1106,"text":"cool I don't know is that I'm a little out of breath because I ran here I was","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1106s"},{"start_seconds":1113,"text":"like half an hour away yeah when I realized I supposed to be here yeah not","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1113s"},{"start_seconds":1120,"text":"sure I think you know socks are super cool","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1120s"},{"start_seconds":1126,"text":"and like emerging you know socks you socks that exchange a dynamically price","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1126s"},{"start_seconds":1133,"text":"sock you can every sock you buy increases the price of the next one and then you can sell it back into the market or you can burn them to redeem","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1133s"},{"start_seconds":1140,"text":"them for a pair of socks and we'll mail them to you anywhere in the world doesn't matter shipping tax is included yeah you don't think that that was","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1140s"},{"start_seconds":1148,"text":"doable before what I think we're for","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1148s"},{"start_seconds":1156,"text":"comment like we care about assets on what will we want to build so that assets gets trapped in the compound and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1156s"},{"start_seconds":1164,"text":"I think something like you know socks this mechanism has the potential to bring on new types of assets on chain that aren't on chain today like socks","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1164s"},{"start_seconds":1173,"text":"but but anyways what like the two things that come to mind when you ask that question or number one the arbitrage doing of yield across different types of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1173s"},{"start_seconds":1182,"text":"products so now you could stake liquidity aren't you in a swap or like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1182s"},{"start_seconds":1190,"text":"there's like many places you can seek yield either through proof of stake protocols or different types of lending protocols and people will arbitrage","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1190s"},{"start_seconds":1197,"text":"those rates and the other thing that I","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1197s"},{"start_seconds":1204,"text":"was thinking about anyone sigh oh yeah","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1204s"},{"start_seconds":1212,"text":"the people borrowing for governance so like before realistically like you should be borrowing assets not only to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1212s"},{"start_seconds":1219,"text":"lever up short or for working capital but to use them and but like none of these assets have had any actual use and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1219s"},{"start_seconds":1227,"text":"they're starting to be I think one of the first use cases of many of these tokens that actually don't have like an intrinsic utility is that you can use","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1227s"},{"start_seconds":1235,"text":"them to vote so there have been votes like zero X related votes or maker votes potentially where someone could borrow","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1235s"},{"start_seconds":1242,"text":"maker to vote or are go to voters zero X to vote and I think that's a interesting emerging behavior","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1242s"},{"start_seconds":1253,"text":"well there's there's this term I've heard I don't know if comes from David Hoffman someone else they call it money","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1253s"},{"start_seconds":1262,"text":"Legos it's just the it's grabbing everything that everybody here is building on and just creating something","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1262s"},{"start_seconds":1271,"text":"new putting one on top of the other one next to the other something that we've seen is a lot of projects are now paying","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1271s"},{"start_seconds":1278,"text":"their employees and I if possible there's people in projects that actually requested that because they were getting","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1278s"},{"start_seconds":1287,"text":"paid a nice maybe and in 2017 it was probably like a very good thing and then in 2018 they figured not so much right","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1287s"},{"start_seconds":1296,"text":"and one of the cool things that I see is streaming salaries I don't know if","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1296s"},{"start_seconds":1303,"text":"you've seen it there's like if you work for 30 days then five or ten or fifteen","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1303s"},{"start_seconds":1312,"text":"days later after the the month and that you get paid it's like why can I not be paid per second and if 10 days have","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1312s"},{"start_seconds":1322,"text":"passed I have already 10 days of my salary that I can that I can take out but that's not even the best thing it's like how about","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1322s"},{"start_seconds":1329,"text":"you start paying me my money the moment it's happening but then instead of just putting it there how about you lend it","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1329s"},{"start_seconds":1338,"text":"lend some of it on compound or put it in a in like liquidity pool or even do some","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1338s"},{"start_seconds":1346,"text":"trading if you want to like get whiskey with the money that is just coming in and eventually controlling everything","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1346s"},{"start_seconds":1354,"text":"via like a mobile wallet that's that I think it's pretty much like what this","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1354s"},{"start_seconds":1362,"text":"talks about the future of defy that's that's what I wanted I think one of the things we've seen recently I'm certainly","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1362s"},{"start_seconds":1370,"text":"with eunuch swaps probably the best example of it is this idea of like pooled liquidity or like peer to contract trading you know we've got a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1370s"},{"start_seconds":1379,"text":"similar model although the limitations are slightly different but the idea is that anyone can turn up with this contract and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1379s"},{"start_seconds":1386,"text":"interact with it right and not having order matching not having to find a counterparty means that you know for the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1386s"},{"start_seconds":1394,"text":"average user it's a lot more usable and you don't need the bootstrapping network effects in the same way so you know when","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1394s"},{"start_seconds":1400,"text":"you start a kind of peer-to-peer trading exchange you know built on 0x something like radar for example if you have a new","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1400s"},{"start_seconds":1409,"text":"token that's listed and there's no liquidity the average user who turns up who wants to trade it on that market is going to have you know a pretty bad","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1409s"},{"start_seconds":1416,"text":"experience whereas with you know you nice well people can kind of dump all their tokens in there they can do that over the course of like a week or two","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1416s"},{"start_seconds":1424,"text":"weeks or whatever and then every time a user turns up to trade there's a market that's automatically there doesn't need even matched and I think that that's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1424s"},{"start_seconds":1431,"text":"something that's kind of routing around the limitations of a decentralized system where you know arbitrage and front-running and all those problems","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1431s"},{"start_seconds":1439,"text":"kind of exist and obviously we still have front-running and you swap that it's a different kind of front running and I think that that those sorts of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1439s"},{"start_seconds":1447,"text":"solutions where instead of just trying to replicate an existing system and say let's just try and you know replicate finance but on chain or whatever we're","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1447s"},{"start_seconds":1456,"text":"just done to see kind of experimentation and iteration and you know finding a little bit better fit so for me those kinds of unique solutions that work with","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1456s"},{"start_seconds":1465,"text":"decentralization rather than trying to fight against it I think are going to be what kind of gets us a lot more utility","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1465s"},{"start_seconds":1471,"text":"over the next 12 to 18 months yeah just curious how many people here everyone I'm raising a hand have like tried of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1471s"},{"start_seconds":1479,"text":"opening a CDP or like a Hornet ok cool so that's the bath bed of the room and then and the bees I had was with adding","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1479s"},{"start_seconds":1489,"text":"CDP tracking to the mobile app that we were working on just increased usage but like a hundred times over like a month","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1489s"},{"start_seconds":1497,"text":"so people are checking their CDP religiously because a lot of them are running it","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1497s"},{"start_seconds":1503,"text":"right to the wire and so like and so that was a really cool insight and make it has like a very mature set of API is","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1503s"},{"start_seconds":1511,"text":"that take the data from the etherion blockchain and then present an API that I could design a user interface for and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1511s"},{"start_seconds":1519,"text":"my natural inclination is then to go through as many of the decentralized financial products as possible and to kind of craft other interfaces that will","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1519s"},{"start_seconds":1527,"text":"allow people to check other things but that is where I've run into a few issues and I'm kind of going down the rabbit","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1527s"},{"start_seconds":1534,"text":"hole is is accurately reflecting the state of the blockchain is quite difficult and so different projects have","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1534s"},{"start_seconds":1543,"text":"stood up their own api's where they're kind of ingesting data from a theory and then presenting an endpoint but sometimes actually those endpoints are incorrect and so the balances are out of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1543s"},{"start_seconds":1551,"text":"sync the tokens aren't matching and then we're all going back to ether scan for the data and so my fear here is just is","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1551s"},{"start_seconds":1559,"text":"just giving people wrong information and and it can be quite challenging and that bad is really what I'm hoping to do with","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1559s"},{"start_seconds":1566,"text":"balances is find the the kind of best data sources and present the kind of clearest data to people before this","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1566s"},{"start_seconds":1573,"text":"decentralized financial movement but there already is that you're kind of extremely dependent on centralized services to ingest the data and present","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1573s"},{"start_seconds":1582,"text":"you with an API so that's been my my biggest insight is that what is in your wallet is way beyond a set of tokens now it's a kind of set of relationships with","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1582s"},{"start_seconds":1589,"text":"different contracts expressing that with a crystal clear user interfaces is tricky especially when the data quality","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1589s"},{"start_seconds":1596,"text":"is still not great so that's what I've been learning oh can I have one thing","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1596s"},{"start_seconds":1603,"text":"notice I when you were saying I was remembering something that happened with the CD piece and this was totally","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1603s"},{"start_seconds":1610,"text":"nothing that we planned but we eventually wanted to have like a secondary market of CDP's that where","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1610s"},{"start_seconds":1617,"text":"people would sell off if they couldn't pay out their debt or anything but before that even came out people started","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1617s"},{"start_seconds":1625,"text":"trading their CD piece because of their ID number and I remember telling you about","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1625s"},{"start_seconds":1633,"text":"CDP 4:20 yes it's his charity seriously before 20 and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1633s"},{"start_seconds":1642,"text":"the the guys from insted app are here and they actually used I don't know if","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1642s"},{"start_seconds":1649,"text":"they still do it because the feast right now are a little bit high but they opened the CDP and they had a bottom","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1649s"},{"start_seconds":1657,"text":"where anybody could could pay out some of their debt as a as a contribution for making the site and and I know that a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1657s"},{"start_seconds":1667,"text":"few people started doing this because almost nobody knew that you can pay out anybody step right only the owner of the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1667s"},{"start_seconds":1674,"text":"CDP can actually create that but anybody can pay it and when when they instead of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1674s"},{"start_seconds":1681,"text":"guys they they put out about and saying like pay paid I for any CBP some of the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1681s"},{"start_seconds":1688,"text":"most well known ones that always like to have like round numbers people were paying out like cents or like point zero","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1688s"},{"start_seconds":1696,"text":"zero zero like one way of died and messing up the whole numbers and then they would be like okay they would draw","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1696s"},{"start_seconds":1705,"text":"again like one way and then they would do it again it was it was kind of crazy","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1705s"},{"start_seconds":1715,"text":"awesome so like you guys build you know interfaces protocols exchanges what do","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1715s"},{"start_seconds":1723,"text":"you think is missing in defi space like what do you think like what would be one ads that you would like oh yeah we use it today and you know it will pretty","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1723s"},{"start_seconds":1730,"text":"much improves ecosystem times probably help with bringing more people more the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1730s"},{"start_seconds":1736,"text":"creatives market yeah um I think we have","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1736s"},{"start_seconds":1744,"text":"to offer things that are just not possible and and that are enabled by a protocol or a blockchain and that might","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1744s"},{"start_seconds":1754,"text":"look like kind of better savings rate on your on your die or your dollars wherever it's just kind of beats anyone else in the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1754s"},{"start_seconds":1762,"text":"market but it probably also involves I think is some level of access I think","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1762s"},{"start_seconds":1770,"text":"one of the things that is very exciting to me about this entire movement I spend a little bit of time as stripe and I really only think it could have","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1770s"},{"start_seconds":1779,"text":"been the Collison's that built that company because to get the keys to the kingdom right to get access to the ftp servers for the banks to issue the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1779s"},{"start_seconds":1788,"text":"payments and charge the cards and and kind of manage Wells Fargo's relationship that was a master class in negotiation for some early 20 year olds","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1788s"},{"start_seconds":1797,"text":"and absolutely incredible and than that and that really speaks to how hard it is to access a kind of close source","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1797s"},{"start_seconds":1805,"text":"financial system which is kind of deeply ingrained by very very few institutions what excites me here is that everyone","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1805s"},{"start_seconds":1814,"text":"gets to play with this stuff and just as Linux found kind of product market fit with the Internet my hope is the etherium and other protocols and this kind of open source","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1814s"},{"start_seconds":1823,"text":"financial system finds product market fit in places that are not not being served by traditional financial institutions and that that trend is that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1823s"},{"start_seconds":1831,"text":"they're kind of gonna play out over the next 20 years I mean I fit in you know I want to say better interfaces and mobile","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1831s"},{"start_seconds":1840,"text":"interfaces and things like that but I think that you know what we've sort of seen as adoption has grown over the last say month even right as we've added new","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1840s"},{"start_seconds":1849,"text":"assets and people started trading more is that there's still a lot of friction even in like you know error generation","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1849s"},{"start_seconds":1856,"text":"for example right like transaction goes wrong like literally the other day and I'll blame sleep deprivation but it was probably a bit of idiocy it took me seven transactions to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1856s"},{"start_seconds":1865,"text":"actually send some tokens to someone because they were locked they were I had debt against them and it like just I","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1865s"},{"start_seconds":1872,"text":"kept getting like it was like out of gas and I was like more gas than it was you know through just a random error I mean I had to like go back and work out and this is the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1872s"},{"start_seconds":1880,"text":"thing that like I hope to build right so you know I think we we can kind of say let's build better interfaces but if the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1880s"},{"start_seconds":1888,"text":"interface just throws a generic sorry air at you you know it makes it really hard for the average user who's coming in who maybe doesn't quite understand","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1888s"},{"start_seconds":1896,"text":"exactly what the interaction is you know so I think that there's even some like very low level infrastructure things that are still missing that we need to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1896s"},{"start_seconds":1904,"text":"be able to pass a barrier reporting and error messages and you know really kind of graceful errors which sounds like obvious but it's still a pretty big","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1904s"},{"start_seconds":1912,"text":"problem I think Mike is I think one of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1912s"},{"start_seconds":1920,"text":"the things I would like to see is better on off ramps into and out of Fiat my","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1920s"},{"start_seconds":1929,"text":"case I've been getting paid in that like I said for pretty much two years now ever since we released the alpha version","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1929s"},{"start_seconds":1936,"text":"so if the current die the scene collateral dies the beta sigh was the Alpha there was no market for it","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1936s"},{"start_seconds":1944,"text":"it was just the foundation would trade you back ether when when you needed it right but even before then living in","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1944s"},{"start_seconds":1954,"text":"Argentina with inflation of almost 50% and I always chose crypto to get paid","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1954s"},{"start_seconds":1961,"text":"ever since I think maybe 2013 so started being Bitcoin then the knee third and I and always like trying to convert that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1961s"},{"start_seconds":1971,"text":"into into fear it was always a problem I I'm not that idealistic to think that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1971s"},{"start_seconds":1979,"text":"it's kind of like today when we pay for our coffee with with Bitcoin or with any other token I know that it can be done","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1979s"},{"start_seconds":1988,"text":"but I don't think that that's one of the major concerns for example for me it's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1988s"},{"start_seconds":1995,"text":"been fine just trading crypto once a month it's like I get my paycheck I changed some into argentine pesos to pay","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=1995s"},{"start_seconds":2004,"text":"my rent groceries everything and then whatever else I either I I'll own it on","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2004s"},{"start_seconds":2010,"text":"compound and arm on dy/dx I I buy a little bit of crypto just to speculate","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2010s"},{"start_seconds":2016,"text":"but for me that that's been good enough just doing like one off-ramp interfere","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2016s"},{"start_seconds":2025,"text":"per month but I think there's still a lot of ways we can do better even here in the states that there's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2025s"},{"start_seconds":2034,"text":"pretty much only only wire or going to Kanye's and trading into USD seeing to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2034s"},{"start_seconds":2040,"text":"die and I think if we can somewhat figure out how to get like lower fees","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2040s"},{"start_seconds":2047,"text":"and that we can also maybe increase adoption for it I think for compound one","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2047s"},{"start_seconds":2056,"text":"thing that would be two things that would be super meaningful to us one is cross chain asset transfers we can only","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2056s"},{"start_seconds":2063,"text":"support etherium based assets like you go down coin market cap on tokens not very far and you start getting a pretty","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2063s"},{"start_seconds":2071,"text":"small cap very illiquid assets so being able to support the more liquid biggest","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2071s"},{"start_seconds":2077,"text":"assets would be huge also privacy there's lots of different approaches now to solve in privacy foreign transactions","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2077s"},{"start_seconds":2086,"text":"but that would also be really huge for onboarding lots of different types of users I think","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2086s"},{"start_seconds":2093,"text":"do have a rep BTC we don't support it yet we said that we would add it we have version two coming out in a matter of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2093s"},{"start_seconds":2101,"text":"weeks and we said we would add it when rob BTC reaches two million dollars oh right but it hasn't reached it because","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2101s"},{"start_seconds":2108,"text":"more assets have been tokenized they reached him he has a Bitcoin Keys going up you value but yeah we want to I mean we","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2108s"},{"start_seconds":2116,"text":"hope that's a success we're certainly cheering for it hello okay yeah I'm pretty happy with the state of ethereum I think that there's been a lot of good","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2116s"},{"start_seconds":2125,"text":"progress I think some of our biggest issues right now are probably related to UX it's not that expensive to make a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2125s"},{"start_seconds":2132,"text":"transaction on aetherium right we can't write on you know swap is two cents opening up CBP is probably a few cents so I think I'm excited to see people","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2132s"},{"start_seconds":2140,"text":"continue to push the boundaries of UX I don't think that probably includes like account management and private key","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2140s"},{"start_seconds":2147,"text":"management I guess another area I think that we probably need a killer dab you know kind of like when encrypted kitties","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2147s"},{"start_seconds":2156,"text":"came out and kind of took over the network and everything kind of all the gas prices went up really high I think we need another one of those but","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2156s"},{"start_seconds":2164,"text":"probably on a layer to solution so people have assets in this in some sort of game or some sort of dab but it's running on a LT solute solution and it's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2164s"},{"start_seconds":2173,"text":"like has like the UX of a you know a really like high quality website today the other thing another thing that I'm","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2173s"},{"start_seconds":2182,"text":"really hoping for and actually something I'm working on is price circles just sort of improving right I want to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2182s"},{"start_seconds":2190,"text":"improve you know swap as a price Oracle so that you know people can I kind of trust it you know right now you can check the price on you know swap but you","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2190s"},{"start_seconds":2198,"text":"don't really know how reliable it is or how that ways into like a historical like you there's no history to it it's just like what's the current price and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2198s"},{"start_seconds":2206,"text":"you don't know if a miner just manipulated it or not","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2206s"},{"start_seconds":2208,"text":"so I think price articles as well I","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2208s"},{"start_seconds":2229,"text":"think I'm very hesitant so I think a lot of project implemented governance solutions I was very very very hesitant","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2229s"},{"start_seconds":2238,"text":"to implement any go anything governance related into you as well because I felt like I I don't like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2238s"},{"start_seconds":2246,"text":"I don't know I don't know offense to any projects that exist I just I don't really know if just like voting with","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2246s"},{"start_seconds":2252,"text":"money is the best way and not it's not to say that it's necessarily a horrible way I think for example in a proof of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2252s"},{"start_seconds":2260,"text":"stake it makes sense because you put money you stake it and then you can get slashed you can get penalized and you need but you kind of need some sort of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2260s"},{"start_seconds":2267,"text":"like punishable offense I don't know I'm still the way I did governance in you","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2267s"},{"start_seconds":2274,"text":"know swap is basically I can deploy I can propose a new version and if people think it's better they can migrate their","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2274s"},{"start_seconds":2281,"text":"liquidity over there's some problems there which is that it's a little bit difficult to upgrade so if I could you know if I could if I want you like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2281s"},{"start_seconds":2289,"text":"rapidly iterate maybe it's a little bit more difficult but then the other trade-off there and I know actually compound has been kind of weighing the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2289s"},{"start_seconds":2298,"text":"same trade-off but I guess the the other side of that is that you know if you're creating an open to US financial system and it's people are trusting it with","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2298s"},{"start_seconds":2306,"text":"their money and they're locking up money in it you know maybe it shouldn't be something that can be upgraded that fast maybe I should require people that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2306s"},{"start_seconds":2313,"text":"really opt into it and choose to move over yeah I don't know it's kind of a difficult topic something I'm still sort","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2313s"},{"start_seconds":2320,"text":"of thinking about a lot but don't have any like end-all solutions yeah I know I think minimizing the need","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2320s"},{"start_seconds":2328,"text":"for governance is the best move until we figure out better ways to do it I think","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2328s"},{"start_seconds":2336,"text":"that's a fair assessment yeah I don't think anyone has really carved out a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2336s"},{"start_seconds":2343,"text":"path towards what to me is really compelling on chain governance of a protocol yes I think the ideal of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2343s"},{"start_seconds":2352,"text":"decentralized on chain governance is so compelling that people should definitely keep working on it but I don't know what","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2352s"},{"start_seconds":2359,"text":"the right answers for compound one of the interesting things that we do think about for far into the future at least","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2359s"},{"start_seconds":2368,"text":"on the timeframe of years is if like each market that we support if the suppliers of assets to those","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2368s"},{"start_seconds":2376,"text":"markets could basically use their stake of supply as voting power to decide like the interest rate models or the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2376s"},{"start_seconds":2385,"text":"collateral ratios or collateral factors or what they'll take as collateral or how much people can borrow things like that so then owners of that asset could","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2385s"},{"start_seconds":2393,"text":"control that interest rate market on compound and make decisions around it but certainly like we'll probably you","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2393s"},{"start_seconds":2400,"text":"know getting there like will decide what could what constraints can be voted upon things like that it's really hard to to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2400s"},{"start_seconds":2409,"text":"get a full decentralized entren governance so maker governance right","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2409s"},{"start_seconds":2416,"text":"yeah so yeah we've been doing on chain","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2416s"},{"start_seconds":2424,"text":"governance for year-and-a-half right and I mean it's had its ups and downs","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2424s"},{"start_seconds":2430,"text":"we're there's still a lot of people that own a lot of nkr so we saw that the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2430s"},{"start_seconds":2439,"text":"other day I think with an Oregon vote as well it's like Wales can influence this","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2439s"},{"start_seconds":2447,"text":"kind of votes the good thing we have with the the nkr holders is that most of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2447s"},{"start_seconds":2454,"text":"them that that do participate they do so religiously it's like lately for the past few months once we actually started","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2454s"},{"start_seconds":2462,"text":"looking at modifying the interest rates the stability fee per week which is something we had to do to to protect the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2462s"},{"start_seconds":2470,"text":"peg to like get back to $1.00 there's like almost 200 people that are very","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2470s"},{"start_seconds":2481,"text":"active they participate in the community they they propose new things but still","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2481s"},{"start_seconds":2487,"text":"in the end the the barrier to actually vote on chain is still pretty","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2487s"},{"start_seconds":2495,"text":"complicated you have to have control of your asset you have to lock it up in a country then last week we actually we had a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2495s"},{"start_seconds":2502,"text":"vulnerability on our voting contract the good thing is that since only like 200","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2502s"},{"start_seconds":2509,"text":"people vote and they're very active we have close to 200 K and K are locked up in the voting contract and in a matter","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2509s"},{"start_seconds":2518,"text":"of maybe 24 hours 98% of it was removed","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2518s"},{"start_seconds":2525,"text":"in a good way to second people freed up their assets and they moved to the new","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2525s"},{"start_seconds":2533,"text":"contract right we still have a couple of stragglers there but and now we have to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2533s"},{"start_seconds":2540,"text":"like get people to trust the counter again right so we had that audit of the once again we disclose the vulnerability","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2540s"},{"start_seconds":2549,"text":"and now we're back on track right we had to miss one one whole week of governance the good thing is that we had the rally","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2549s"},{"start_seconds":2558,"text":"we had the stability fee high enough and the peg was pretty much 1:1 so there was","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2558s"},{"start_seconds":2565,"text":"not a lot of need to to actually influence the system but one of the things we're coming up for the next","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2565s"},{"start_seconds":2572,"text":"version is so timed governance vote so there's gonna be certain things in the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2572s"},{"start_seconds":2581,"text":"system that cannot change until certain time has passed and I don't want to get too into the specifics of it but I think","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2581s"},{"start_seconds":2591,"text":"you can look at maker governance as like I'm not gonna say a success it's it's one of the big projects doing","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2591s"},{"start_seconds":2600,"text":"it like out in the open and anybody with any amount of MKR can can come to the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2600s"},{"start_seconds":2607,"text":"the governance meetings every Thursday and participate and even if they don't have enough polling power themselves they can try to rally the community","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2607s"},{"start_seconds":2615,"text":"around a proposal so eventually getting new tokens into multiple lateral die or if you think the the stability fee is","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2615s"},{"start_seconds":2623,"text":"way too high okay why is it and do you have data to back it and maybe you can get the big whales they're voting in your","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2623s"},{"start_seconds":2631,"text":"favor the governance is like actually one of the coolest things even if it even if it's now kind of like a dirty","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2631s"},{"start_seconds":2640,"text":"word right yeah I mean on some level it's pretty simple right we just wait","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2640s"},{"start_seconds":2647,"text":"for real-world governance to become a solved problem and then so you know","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2647s"},{"start_seconds":2654,"text":"that's that's kind of our plan at the moment our governance model is very much like a stock you know we I was we were","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2654s"},{"start_seconds":2663,"text":"chatting you know we're obviously a much smaller scale than maker and a lot of the projects out there so you know it's still very experimental and that gives","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2663s"},{"start_seconds":2672,"text":"us a lot of leeway to kind of be experimental about how we do things and you know iterate and kind of move as quickly as possible and so the approach that we've taken is you know we're a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2672s"},{"start_seconds":2681,"text":"start-up we debate things internally we debate things externally with some of our stakeholders but you know we haven't implemented any kind of on chain","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2681s"},{"start_seconds":2687,"text":"governance but you know that's not I guess sustainable in the long term so at some point you need to make a decision and start to cut some bridges","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2687s"},{"start_seconds":2695,"text":"right so you know there's certain things that we can upgrade in the contracts that we want to not be able to upgrade there's certain things like the Articles that we want to decentralize so as soon","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2695s"},{"start_seconds":2704,"text":"as we have you know viable decentralized solutions we'll move to that so I think for us it's kind of an iterative process of trying to kind of move away from","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2704s"},{"start_seconds":2713,"text":"centralization but you know you need to balance it with usability and if we had just put out the first version of the contracts and said we're done you know","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2713s"},{"start_seconds":2722,"text":"that would have been a pretty object failure so okay so something that I have","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2722s"},{"start_seconds":2729,"text":"to focus on with with this stage of my project except but one thing I've been curious about is is what when that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2729s"},{"start_seconds":2736,"text":"identity piece will start to kick off you know Facebook identity to the web and I think that that was a help to you","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2736s"},{"start_seconds":2745,"text":"to kind of link one person to kind of one account largely and and what is","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2745s"},{"start_seconds":2753,"text":"going to bring kind of the notion of a person into all of these protocols such that you can have kind of one person one vote will there be some","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2753s"},{"start_seconds":2761,"text":"kind of combination of the way you speak the way you type the way you look the way you walk generating some kind of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2761s"},{"start_seconds":2768,"text":"kind of essence of your digital self and that will allow you to kind of communicate to that to a protocol and honestly I'm not sure what that looks","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2768s"},{"start_seconds":2776,"text":"like but it strikes me that without identity most governances as a plutocracy and they're super rich you can sway the vote and as we've read in","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2776s"},{"start_seconds":2785,"text":"history that bureaucracies generally don't pan out that well over time so those are some observations but not","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2785s"},{"start_seconds":2792,"text":"something I'm focused on right now you know I'm thinking we're trying to figure out this can we pretty much combine","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2792s"},{"start_seconds":2800,"text":"photography and very talk receiving panel one system where forget the autocracy provides like foresight over a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2800s"},{"start_seconds":2808,"text":"very talker see which like you would think right now if you miss meritocracy though there's no like clear guidelines how it works and there's no like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2808s"},{"start_seconds":2816,"text":"oversight from kind of okay people who actually are heavily invested in you and Mexican there does not have any medalist","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2816s"},{"start_seconds":2824,"text":"on that would like figuring out in mechanics comes like merges two things I think like a maker in kind of doing that but like having major Duncan owners and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2824s"},{"start_seconds":2832,"text":"then make her company or companies providing input to the stockholders which is like what is they think is the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2832s"},{"start_seconds":2840,"text":"reason so like combining two things I think it's very important so actually do","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2840s"},{"start_seconds":2847,"text":"we have any questions in the audience does anybody want to ask this very","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2847s"},{"start_seconds":2853,"text":"knowledgeable yeah I have one more question what are the hats that you've","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2853s"},{"start_seconds":2862,"text":"done pretty much to work around infrastructure failures and you know this is very like I have deep - to us","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2862s"},{"start_seconds":2869,"text":"this so yeah so I'm pertaining to the problem I was bringing up earlier I'm","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2869s"},{"start_seconds":2877,"text":"really excited about graph protocol because they kind of camel inside that the state of etherium maybe","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2877s"},{"start_seconds":2884,"text":"kind of tens of gigabytes but the amount of data that people might want out of that state could run to go many","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2884s"},{"start_seconds":2892,"text":"terabytes so a good example of this is ether scan which is a kind of central point of failure in the protocol it has the list of all the token addresses the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2892s"},{"start_seconds":2900,"text":"token names the token logos and it has ingested the etherion blockchain step through all the state transitions and come up with token balances and this","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2900s"},{"start_seconds":2909,"text":"turns out to be like a really really difficult problem but there's also similar problems for lots of other protocols where you're wishing to kind of understand the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2909s"},{"start_seconds":2918,"text":"underlying state of etherium by knowing what's on the blockchain and knowing what changed and then presenting that data to an application and so just there","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2918s"},{"start_seconds":2927,"text":"have been lots of kind of hacks and little things that I've used to get access to data but but I'm very excited about the graph protocol team specifically because that is they're","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2927s"},{"start_seconds":2935,"text":"kind of raised on the edge with others their focus which is how can we allow developers to and people to see what's going on I think that's pretty exciting","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2935s"},{"start_seconds":2945,"text":"this is actually something we're planning Tim's mates so we're talking to scale about essentially using like an l2","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2945s"},{"start_seconds":2953,"text":"chain to push Oracle information into the chain as a way of you know not having I guess fairly high latency for","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2953s"},{"start_seconds":2961,"text":"the number of ticks at the moment price feed updates kind of once every three to five minutes and so we wanted to do is","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2961s"},{"start_seconds":2968,"text":"is push kind of sub second price ticks into an l2 chain which then can be right off the main chain which will make kind","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2968s"},{"start_seconds":2977,"text":"of the granularity of pricing a lot better so that's something we're planning to do that you know obviously is kind of necessitated by just block","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2977s"},{"start_seconds":2985,"text":"times right and block propagation so hacks","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2985s"},{"start_seconds":2991,"text":"I cannot remember any I will tell you that since somebody mentioned crypto","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2991s"},{"start_seconds":2998,"text":"kiddies back when I was still writing the Oracle software I think I had put a","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=2998s"},{"start_seconds":3006,"text":"hard cap of no more than maybe 40 gear away per transaction just because there was this method where","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3006s"},{"start_seconds":3014,"text":"if the transaction would not go through after a couple of minutes then they would try again with higher gas higher gas and then I said I'm gonna put a hard","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3014s"},{"start_seconds":3022,"text":"cap on it just because I don't know something could happen and I want to eventually send all the ether in the account to pay for gas right and then","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3022s"},{"start_seconds":3031,"text":"one day the Oracle stopped like the individual feed stopped working and they","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3031s"},{"start_seconds":3040,"text":"were going down one by one and what happened is that cryptic alias was Island then we started seeing gas prices in the hundreds of Giveaways something","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3040s"},{"start_seconds":3047,"text":"that I thought was never gonna be it's like I thought okay for the Giga way there's gonna be enough for everybody right and just we started modifying the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3047s"},{"start_seconds":3057,"text":"software as we essentially all we did was add an extra zero to it and say okay maybe 400 get away it's gonna be enough","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3057s"},{"start_seconds":3066,"text":"for everybody right and trying to get everybody on the phone like people from all around the world there are the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3066s"},{"start_seconds":3073,"text":"Oracle providers to update the system before enough of the feeds went down so that the price was wouldn't be","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3073s"},{"start_seconds":3081,"text":"inaccessible because if it is then you really cannot do any operation on the system you cannot draw a dial you cannot pay back just because we don't know what","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3081s"},{"start_seconds":3089,"text":"the price of the collateral is right so I just remember that when it's also one of the things that it's gonna be most","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3089s"},{"start_seconds":3097,"text":"interesting in the future than the future of the Oracles and on chain only information may be William I swap I","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3097s"},{"start_seconds":3106,"text":"think we're still a little bit off there but no","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3106s"},{"start_seconds":3112,"text":"no there was something there they I think it happened to somebody using Newell that they had they had put an","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3112s"},{"start_seconds":3122,"text":"option or something for I think was a link token and they got liquidated","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3122s"},{"start_seconds":3128,"text":"because it's not a very powerful on chain Oracle right now no exactly right now because because there's not enough","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3128s"},{"start_seconds":3137,"text":"volume and not enough liquidity you can you can actually swing the prices for very","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3137s"},{"start_seconds":3144,"text":"little money but the guys from Marble Protocol they built Polaris that it has like checkpoints it's better than just","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3144s"},{"start_seconds":3152,"text":"using the rock contracts but hopefully what I'm gonna be working on will make it even better haven't read anything the","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3152s"},{"start_seconds":3162,"text":"the class of problems that that come to mind when you ask that question for us are mostly also Oracle issues I think so","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3162s"},{"start_seconds":3173,"text":"I agree with everything that's been said here one thing that that doesn't directly answer your question but I'm really excited about is in version 2 of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3173s"},{"start_seconds":3181,"text":"compound oh yeah no matter of weeks keep your eye out one thing we're doing is today you supply ether into compound and you're","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3181s"},{"start_seconds":3189,"text":"either sending interest you can withdraw it whenever you want in version 2 you get compound ether or calling sea ether which represents your balance in","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3189s"},{"start_seconds":3198,"text":"compound and now you could move this to cold storage you could split among split it amongst many other assets many other","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3198s"},{"start_seconds":3207,"text":"wallets you could use it to create a liquidity pool on your swap you can start to rehypothecation called like","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3207s"},{"start_seconds":3215,"text":"super liquid collateral around two different systems while continuing there an interest in compound and I think this is kind of like a hack on the collateral","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3215s"},{"start_seconds":3224,"text":"system that could get really interesting I would avoid using the word rehypothecation but um yeah so I think","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3224s"},{"start_seconds":3234,"text":"that you know it's a little bit of a different answer here but I don't really see any infrastructure failure I think that's like the the fact that you know","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3234s"},{"start_seconds":3243,"text":"swap exists and the fact that I was able to create it it's kind of a testament to like the incredible power of a cerium","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3243s"},{"start_seconds":3250,"text":"and not really I don't know it doesn't feel like a failure it feels like an incredible success I don't know yeah","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3250s"},{"start_seconds":3262,"text":"you guys think about smart contract waste accounts as years just having driving I think they're pretty cool I","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3262s"},{"start_seconds":3270,"text":"think that you know I think no safe is the first I think they're pretty cool oh","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3270s"},{"start_seconds":3278,"text":"right what do we think what do we think of smart contract based accounts instead","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3278s"},{"start_seconds":3285,"text":"of you know just user-generated accounts well you know in aetherium 2.0 there'll be a count of struction it will all be the same","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3285s"},{"start_seconds":3293,"text":"where you will be able to make your accounts have code arbitrary code in them but up until then on the current system and it will it's unclear exactly","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3293s"},{"start_seconds":3302,"text":"how it will be implemented so it might be any way but for now I do think that they're great I think that noses safe is","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3302s"},{"start_seconds":3309,"text":"a cool start I've heard of some others that are coming out yeah I think they're cool","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3309s"},{"start_seconds":3319,"text":"yeah thinking about what we're we are building right now most of the the new","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3319s"},{"start_seconds":3325,"text":"system for MCD is pretty much gonna have to be used via proxies just because there's there's so much stuff and it's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3325s"},{"start_seconds":3334,"text":"not you don't want to do anything you want to do everything atomically right","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3334s"},{"start_seconds":3341,"text":"now it's like you want to put it there and you want to open a CDP and you want to draw the eye and you want to put that into some other defy project you want to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3341s"},{"start_seconds":3351,"text":"do everything atomically so you pretty much need proxies for that and then just one step further you want to have that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3351s"},{"start_seconds":3359,"text":"be controlled by probably a smart contract account that can do that and a lot more so I think we're gonna see that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3359s"},{"start_seconds":3369,"text":"happening I need like right now even in this version the current version of SCD that we have I think like 80 percent","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3369s"},{"start_seconds":3378,"text":"maybe more or four-cd piece are actually owned by proxies and not like individual accounts the thing is that that also","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3378s"},{"start_seconds":3386,"text":"leads to a little bit of a UI problem sometimes sometimes it's not as simple as using","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3386s"},{"start_seconds":3394,"text":"software with meta masks maybe so create some another level of indirection but at least if we can get a little bit better","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3394s"},{"start_seconds":3402,"text":"of that I do think that everything eventually is going to be a like you said of once we have I thought there was","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3402s"},{"start_seconds":3410,"text":"gonna be a kind of abstraction in if you're in one I think you know to add to","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3410s"},{"start_seconds":3424,"text":"what Hayden said it's easy to kind of complain about some of the rough edges over theorem you know I mean it's it's","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3424s"},{"start_seconds":3431,"text":"not done yet but if you use it regularly you know if you're if you're interacting with the theorem and various protocols","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3431s"},{"start_seconds":3439,"text":"you know on a daily basis it's amazing like the fact that it even exists at all is like incredible like every day I'm like doing something and","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3439s"},{"start_seconds":3447,"text":"I'm just astounded right that it's even a thing that exists in the world so you know it's easy to kind of look at some of the the issues that we see but you","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3447s"},{"start_seconds":3456,"text":"know the the things that are already there and the things that are going to to kind of emerge over the next few years are just kind of astounding so you","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3456s"},{"start_seconds":3466,"text":"know I think we need to be sort of measured in what we say about about things and you know just kind of be careful about trying to poke too many","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3466s"},{"start_seconds":3474,"text":"holes because you know there's a lot there's a lot to be happy about as well yeah just for folks who may not be aware","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3474s"},{"start_seconds":3481,"text":"of what kind of smile contract was or a basic wallet this is something I've been researching an awful lot so a typical","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3481s"},{"start_seconds":3488,"text":"wallet is when you download got a piece of software and you have your public key and your private key so so meta mask might be an example where the private","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3488s"},{"start_seconds":3496,"text":"key is hidden away from you encrypted by a password or you say a wallet like trust wallet where you're given a kind","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3496s"},{"start_seconds":3505,"text":"of password and the private key again is stored on the phone public key is there a smart wallet is is this idea that","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3505s"},{"start_seconds":3512,"text":"what you're going to engage in is I'm gonna store my funds in a smart contract that is living on a theory and so that this small contract will be the kind of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3512s"},{"start_seconds":3520,"text":"holder of my funds and and then I can assign keys to different devices so one give your phone one could be a web-based","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3520s"},{"start_seconds":3528,"text":"it could be a browser and this is a kind of next step in in wallet technology in there it's gonna give people more","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3528s"},{"start_seconds":3537,"text":"options so to the the companies that are pushing on this really hard enosis who've done a kind of formally verified set of smart contracts they're open","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3537s"},{"start_seconds":3546,"text":"source and they built client apps for Android iOS and and chrome and then there's a company called argent Europe","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3546s"},{"start_seconds":3554,"text":"based they were also doing a slightly different design of smart contract based wallet and so the the the the kind of number one support complaint that my","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3554s"},{"start_seconds":3562,"text":"ether wallet trust and my crypto have gone through is is how do I reset my password and so obviously that's a huge","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3562s"},{"start_seconds":3570,"text":"issue in terms of usability in terms of people there are a lot of people have lost access to their money or they bought tokens particularly this bullet at Bull Run is returning you're starting","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3570s"},{"start_seconds":3579,"text":"to see people wanting to get access those funds again I'll see what they're worth and they're going to be sorely disappointed because they will have","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3579s"},{"start_seconds":3586,"text":"forgotten their password and that will be that and and if that's gonna be the state of aetherium and continuing forwards it means that kind of capital","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3586s"},{"start_seconds":3594,"text":"is gonna accrue and pull in centralized services like coin base which server a great role which basically allowed my","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3594s"},{"start_seconds":3600,"text":"dad to unlock the Bitcoin that I sent him six years ago so you know I'm extremely appreciative for coinbase because you know","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3600s"},{"start_seconds":3609,"text":"really happy about that but smart contract Willits point to a direction I'm really excited about which is that we can have password recovery systems","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3609s"},{"start_seconds":3617,"text":"that can be reasonably solid for different levels of capital so if someone just has a thousand dollars there's a certain level of security there's $10,000 there's more security","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3617s"},{"start_seconds":3625,"text":"there's $100,000 honestly you can jog on a loan to use a ledger but like like my point is is that the direction of smart","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3625s"},{"start_seconds":3633,"text":"wallets is very exciting to me because it points to a place where lots of people can access financial services they don't have to become super experts","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3633s"},{"start_seconds":3641,"text":"on managing personal security they can have some kind of reset mechanism which isn't dependent on a company and that I think is you know great infrastructure","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3641s"},{"start_seconds":3650,"text":"that over time could really help a lot of people hold charge of their funds and that's yeah does the trend I'm seeing","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3650s"},{"start_seconds":3656,"text":"and so I'm investigating a lot yeah we're actually building this kind of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3656s"},{"start_seconds":3663,"text":"stuff on the protocol level where all accounts are contracts all contracts are accounts and all access is done through access keys so you can like always have","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3663s"},{"start_seconds":3672,"text":"every move program that etc and yeah like we actually have a blog post about this idea of a progressive security where you start was like well I've","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3672s"},{"start_seconds":3680,"text":"actually cared SEC $2 cryptic et like why do I need to deal with all this like blockchain that's crazy","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3680s"},{"start_seconds":3691,"text":"but then yes then you like move into you know cold storage you just swap the keys you know you remove old one plug-in you want it cetera","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3691s"},{"start_seconds":3698,"text":"so all right well it was an awesome panel I mean please give a round of","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3698s"},{"start_seconds":3706,"text":"applause for our","url":"https://www.youtube.com/watch?v=KERDJC7A9y4&t=3706s"}],"youtube_url":"https://youtube.com/watch?v=KERDJC7A9y4","url":"https://near-pedia.xyz/videos/KERDJC7A9y4"}