{"id":"pFmvfy7r7RU","title":"DeFi Survival Kit for Bear Market - Panel - Near Day at ETHDenver 2023","description":"Join NEAR's community:\nWebsite: https://near.org/\nReddit:   / nearprotocol  \nDiscord: https://near.chat/\nMedium:   / nearprotocol  \nBlog: https://near.org/blog/\nTwitter:   / nearprotocol  \nGitHub: https://github.com/near  https://github.com/nearprotocol\nDev Docs: https://docs.near.org/\nCreate a wallet: https://wallet.near.org/create\nApps on NEAR: https://awesomenear.com/\nLearn to Build On NEAR: https://www.near.university/\nGrants & Funding: https://near.org/grants/\n#Blockchain #FutureisNEAR #NEAR #nearprotocol\n#nft #dao","channel_name":"NEAR Protocol","published_at":"2023-03-17T00:00:00.000Z","thumbnail_url":"https://img.youtube.com/vi/pFmvfy7r7RU/hqdefault.jpg","transcript_text":"all right look guys I I know that we uh we have a lot to talk about and we don't have that much time to talk about it and I'm going to be perfectly honest with every single person in this room I'm under prepared so if it's a shit show well there's nothing you can do about it because you can't get signal in here anyway and there's no Wi-fi so hey we're gonna be fine um for those of you who don't know what my name is is David Morrison as you can see I'm on the screen right behind you I do all things social media and Beyond at the near Foundation but it's not about me it's about these wonderful folks here so guys and Mona would you please go ahead and introduce yourself the project that you represent and what you're all about cool I'll start so my name is Mona I got into the space in 2016 founded um one of the early D5 protocols it was known as melon protocol at the time and it has since been rebranded to enzyme it was the first on-chain Asset Management protocol um and yeah and I'll stop there because I know where on time hello everybody my name is Claudio I'm co-founder of medical the first and leading liquid staking Solution on nier in Aurora and yeah we've been on mainnet for around 19 months and yeah Alive and Kicking so I can't complain about that hey everyone my name is Kendall I'm one of the co-founders of proximity and we just try to help talented Founders like these guys be as successful as possible building the D5 ecosystem on air hi everyone I'm Rand co-founder of orderly Network we are a decentralized order book infrastructure powered by near and we want to power the next generation of D5 applications and any apps that have trading needs to power to use orderly brilliant well thank you so much nothing less than an honor to be here with you all um let's kick it off with something bad 2022 that was shit wasn't it for crypto the world of web 3 but I think I speak for everyone in this room when I say that you know D5 kind of proved itself there how did divide change over those 12 months and I guess in the first quarter of 2023 if it did at all and what lessons can you take out of it for surviving things like what happened in 2022 okay cool I'll kick off then um yeah so I think 2022 oh let's start with 2021 there was a lot of hype 2020 2021 there was a lot of hype there was this movement called D5 2.0 there was a lot of fast projects they were quick to Market they were maybe not following all your typical procedures auditing Etc rushing stuff out and it was all about yield D5 became about yield which is you know what it's not really what D5 is all about so um 2022 that all came crashing down and I think going forward you know going forward Came Crashing Down because people took too much risk people cut Corners people um were not as transparent as they should have been and also investors got a bit greedy um and I I'd like to think that 2023 in the recovery from that is actually going back to the D5 1.0 values which were built on transparency decentralization easy access and cheaper access and I think that's something that near can really bring to the table especially the last two yeah for us is we're liquid sticking derivative uh on near in Aurora yeah we saw like this explosive growth uh based on The Narrative of like cheap transactions fast protocol and and we we understood those were some of the fundamentals of why we built on near in Aurora but then again like the market shifted right the liquidity went out right and there's a couple of rug pools and bad situations the Bad actors got weeded out right hopefully um and for us the big learning is how do we go to fundamentals right uh for us uh we provide a liquid sticking derivative which is esteneer it's a yield bearing asset it is the less risky asset right now on D5 and then it's understanding who you partner with and how do you provide value and stay true to the ethers of decentralization how can you build protocols that are running on Dows if if that can be achieved or not right and so we'll continue building on top of it and we're bullish on it we're bullish on year on Aurora we understand also that it's a multi-chain world and it's building those bridges and understanding how do you bring value to normal users and more importantly how do you bring that big opportunity of participating in D5 protocols without paying 50 60 of transactions for those fees I think near brings that and now we're back to the fundamentals of understanding how do we bring in Mass adoption into D5 for us the big opportunity is going to be emergent markets and so that's where we cut our bread and butter we're a team that is based in Mexico Argentina Ecuador and so we understand the pain points there and so that's where where we're building our future growth yeah I mean I think you know both of you really nailed it it's it's very much you know this returned return of Sanity a return to a Roots a return to fundamentals and it returned to building these resilient accessible systems and I think what was really positive about 2022 as you kind of alluded to is that a lot of projects died and blew out fantastically um but a lot of even maybe not more projects but certainly many projects actually the right didn't Thrive but they survived and they were incredibly resilient in front of a pretty insane set of circumstances with like one of the largest exchanges blowing up overnight with Regulators you know stinking their teeth into as many projects as they can and a lot of these projects particularly the D5 1.0 and some of these fundamentally driven projects are still here aren't as strong I would say even stronger than ever because now we know they can handle even the harshest of circumstances and I think what's now returned for us looking forward is people are really thinking about how they can build systems that can actually withstand those extremely harsh Market circumstances and most importantly provide new access to net new people which is really what D5 is kind of all about absolutely brand anything you want to add yeah I think you guys covered um most of everything I started my career in C and C5 traffic back in 06 during the financial crisis I was at Freddie Mac center of the financial crisis and um what happened recently with FTX is also a C5 crisis reminded me very much of what happened back in 0608 it's no different it's a centralized failure it's not it's not a cause of D5 it's not due to the blockchain I think D5 survived very well if you look at all the protocols in D5 you know they survived so I think that proves that defy and we strongly believe that D5 is the future first to replace well to take market share from C5 and then perhaps traffic that's something that we we very much believe in D5 is very early the user experience the UI ux is not good it will improve its missing order books and that's why you know we're building orderly so we are very bullish on D5 and defy on near awesome guys thanks so much um let's talk about LSD or lsds liquid sticking derivatives I think we've seen a lot of hype around these over the past few months particularly in the ethereum ecosystem and certainly uh Beyond but what role do you guys think that they play in the realm of D5 particularly when we're in a bear Market trying to push the ball the other way right now for us we understood last year um that there needed to be a middle ground between institutional retail right and so we started onboarding custodial Services we announced last year at near con to support for fire blocks uh then at staking Summit it was finoa now we're uh announcing that we're supporting Credo as well and we got a another Ace of our sleeves but then that that'll leap for consensus sorry no Alpha today David um and the reason for this is that we feel that there's still a lot of the the tokenomics around proof of stake Protocols are with institutional investors and so that's why we supported uh custodial services and we believe also that this is a good way to also bridge between um Web 2.0 or fintech applications that want to have access to liquid staking derivatives but they have regulations that they have to comply to and this is where a solution such as fire blocks creditor finoa can really become that bridge into web3 and also in web 2 applications on the financial side so so that's that's at least uh our take on it and and it's just and that's everything right we're Alpha Beta Testing assumptions we're trying to make educated bets into understanding how do we unlock liquidity in this proof of stake protocols and and having near as the underlying infrastructure to build these Solutions makes it all the while better yeah yeah and we've also been very focused last year using leveraging the bear Market to bring the Best of Both Worlds together um and the you know enzyme is in the asset management space which is very heavily regulated whether it's on chain or off chain and um finding that bridge is really where we've been the focus like we believe that as these guys alluded to you know the future is more D5 not more C5 because we've seen from this bear Market that Defy is you know came out of this relatively unscathed um but in order for a defy to be scalable and the next bull market I really believe that the next wave up will be from institutions and new players that we haven't seen before and for that the infrastructure needs a little bit more work and that's you know what people like metapol ourselves and some others have been working on yeah absolutely um that's an interesting point that you raise money and it leads on to my next question uh feel free to chime in if you want to answer it but Kendall ran the you guys are pretty well equipped for it for those in the room who don't know can you explain a little bit about the differences between the D5 ecosystem within Nia and then perhaps some other trends that people are more familiar with and if there is any major differences how can people really leverage these in turbulent times like today yeah happy happy to kick that one off well I think what's interesting about the near defy ecosystem is that it started to kind of coalesce around some areas that other ecosystems haven't been as focused on and and my personal favorite one to talk about is order books like the the guys that orderly are building um and the reason that we're so excited about it is because if you look at the majority of price discovery that happens on the most liquid markets period and that this includes crypto by the way that happens on order books and I think what's really fascinating about you know near and some of these higher throughput changes that we can actually finally build these protocols on these chains whereas we couldn't on base layer Reef now some of the l2s maybe but certainly not base Larry and so what's interesting is we're starting to see near be less about kind of copy like nearly D5 be less about kind of like looking at what worked on ethereum and some of the design decisions that were made for protocols in ethereum and they're starting actually lean into the things that near enables they weren't actually possible on those other ecosystems and you know specifically this is something like order books and so I think we're really excited to see how the entirety of the near Dave hike system but even beyond that starts to evolve around these kind of New Primitives yeah I'll just um uh at one point uh so just with the building um we took us you know we were on near for about a year building orderly it's live for three months on mainnet um you know six pairs listen not much yet but a lot more perps coming uh very soon three big Integrations with uis with a lot of users uh coming this month and the next that whole process has been really smooth and here's the account system is actually very good for exchanges that's one point that a lot of other chains do not have I mean the fast finality time the cheap transaction costs is really good for order books which are very high latency High TPS kind of systems that require you know the fees are too expensive it just doesn't work but it's working properly now we don't have a ton of volumes yet but we can we can really see a scale in an effective way that doesn't you know clog up the system or become too costly all right brilliant um got a couple more questions guys I know we do want to keep it tight uh stable coins that's a Hot Topic right especially in the near ecosystem perhaps um I think some people consider them somewhat a safe haven particularly in turbulent times and bear markets but how can you best utilize stable coins to make sure you come out of a bear Market on the other side um a little bit better than when you went in and if your answer is just leave them and don't fucking touch them then that's fine too I'm actually in the camp that right now this is not investment advice you shouldn't be holding you shouldn't be doing anything with your stable coins because the yield in D5 is so low that it's just not worth any of the smart contract risk um however I do think it's interesting times to start getting like for companies that have a substantial Runway and that can take a little bit more risk I think it's an interesting time to start getting into sort of a little bit more volatile assets as long as you can maintain like a healthy Runway because for me the interesting thing is that since November 11th when FTX filed for bankruptcy we've had so much bad news in the space and all we've seen is the crypto space drift higher which for me tells me that the Leverage is out of the system and anyone who is going to sell has sold now and so it could be the basis of us bottoming out and maybe this is the time to start accumulating more higher beta stuff again and then putting that to work where the yields are more exciting there things like yeah I'm not going to name stuff because that is investment advice um so my two cents on stable coins and and I believe here like just a show of hands who lives in an Emerging Market Argentina Mexico no no show hands okay just one there and and this is a big thing right most of you don't feel the pain of inflation most of you do not know what 300 inflation means so for you stable coins are right now at a bird market like like um she said it's like it's it's useless right it's that don't don't go there but in Argentina it's a safe heaven Safe Haven why because in this I'm going to quote my my co-founder Lucio when this bear Market started he said why are people so so nervous about I live in a country which has a shit coin as a fiat currency like why why is everybody worrying right and of course yes I I went there two weeks ago and they understood the value of a stable coin so there are illegal money exchanges that trade Bitcoin ease usdc usdt for Argentinian Pesos and and likewise as well and it brings a ton of value to emergent markets because it's the way that you hatch inflation uh we're doing a um early POC with cressi.io it's a crypto credit card in Mexico and so what we're doing with them is that we're allowing people to collaterize near and they grab a loan in pesos but behind it on the on on on the back channel is or sorry on the smart contract it's usdc usdt so that way you're hatching the the Crest is doing a great job there because they're hitching against inflation they know that they did an emission on Mexican pesos and so they're they're making a business out of that right so there are a lot of opportunities in emerging markets for stable coins so we're bullish on it but we understand that there's also a lot of risk and so and and here is where you have to it's a it's a it's a fine line that you're threading here and you have to understand that you are playing with people's money and resources and you have to be mindful of it but then again this are regulated fintech applications and so that gives it gives us the confidence that they're going to be putting users best interest in front of what they're doing so but that's just a small part of the equation perfect candle around is there anything else you want to add to that I think that summed it up very nicely I'll leave it with that awesome okay uh look I know we are a bit tight on time so I will leave you with this one final question top tips to survive bear markets by leveraging defy you can even suggest that they should perhaps Brew green tea every single morning whatever it might be um take it away I'll just say that bear markets are Builders markets so you know like what's this is the best time it's it's the least noisy time to kind of look at the fundamentals understand how these things work understand like what's done really well in these harsh conditions and what hasn't and just get back to kind of the basics I'd say I totally agree with what Kendall said I think um a strategy that we used in the last bear Market was um cut costs aggressively and get your team to buy into um taking tokens as compensation because ultimately if you you believe that this is the bottom of the market then this really pays off longer term you can like extend your Runway by getting them to cut the Fiat costs and then really get a payoff like longer term for everyone on the team well uh we are fortunate to have raised 20 million uh last year and we have enough Runway but and for the rest of the if there's Builders out there we're happy to support you guys if you're if you want to build uh decks on top of orderly or if you have any trading liquidity features in your app happy to chat um chat with you because we I know we're very supportive of um of Builders and we need that for for orderly yeah for us it's uh so we have a liquid staking SDK as well so if there's any Builders out there that would have built on top of it so I'll be mentoring tomorrow all day all night uh during the build build it on so uh hit me up uh on telegram or Whatsapp or whatever I'm glad to help you out if you're interested also in understanding better Emerging Markets by all means let's have a conversation you guys and gals send them you're building great products and sometimes where the value creation will be first seen or or where you'll be having a great impact is in emergent markets so I incentivize everybody to have a look at it and uh and yeah just hit me up there and I will glad to help you out anybody that's building on this hackathon brilliant thank you so much Ramona Claudio Kendall Rand thank you for all the wonderful information you shared with us today let's hear it for them I know we're low energy the party soon don't worry um and thank you very much","transcript_synced_at":"2026-11-04T03:52:19.482Z","segments":[{"start_seconds":0,"text":"all right look guys I I know that we uh we have a lot to talk about and we don't have that much time to talk about it and I'm going","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=0s"},{"start_seconds":8,"text":"to be perfectly honest with every single person in this room I'm under prepared so if it's a shit show well there's nothing you can do about it because you","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=8s"},{"start_seconds":15,"text":"can't get signal in here anyway and there's no Wi-fi so hey we're gonna be fine um for those of you who don't know what my name is is David Morrison as you can","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=15s"},{"start_seconds":24,"text":"see I'm on the screen right behind you I do all things social media and Beyond at the near Foundation but it's not about me it's about these wonderful folks here","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=24s"},{"start_seconds":33,"text":"so guys and Mona would you please go ahead and introduce yourself the project that you represent and what you're all about","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=33s"},{"start_seconds":41,"text":"cool I'll start so my name is Mona I got into the space in 2016 founded um one of the early D5 protocols it was","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=41s"},{"start_seconds":50,"text":"known as melon protocol at the time and it has since been rebranded to enzyme it was the first on-chain Asset Management","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=50s"},{"start_seconds":57,"text":"protocol um and yeah and I'll stop there because I know where on time hello everybody my name is Claudio I'm co-founder of","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=57s"},{"start_seconds":66,"text":"medical the first and leading liquid staking Solution on nier in Aurora and yeah we've been on mainnet for around 19","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=66s"},{"start_seconds":73,"text":"months and yeah Alive and Kicking so I can't complain about that hey everyone my name is Kendall I'm one","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=73s"},{"start_seconds":81,"text":"of the co-founders of proximity and we just try to help talented Founders like these guys be as successful as possible","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=81s"},{"start_seconds":87,"text":"building the D5 ecosystem on air hi everyone I'm Rand co-founder of orderly Network we are a decentralized","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=87s"},{"start_seconds":96,"text":"order book infrastructure powered by near and we want to power the next generation of D5 applications and any","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=96s"},{"start_seconds":105,"text":"apps that have trading needs to power to use orderly brilliant well thank you so much nothing","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=105s"},{"start_seconds":112,"text":"less than an honor to be here with you all um let's kick it off with something bad 2022 that was shit wasn't it for crypto","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=112s"},{"start_seconds":121,"text":"the world of web 3 but I think I speak for everyone in this room when I say that you know D5 kind of proved itself","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=121s"},{"start_seconds":128,"text":"there how did divide change over those 12 months and I guess in the first quarter of 2023 if it did at all and","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=128s"},{"start_seconds":136,"text":"what lessons can you take out of it for surviving things like what happened in 2022","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=136s"},{"start_seconds":146,"text":"okay cool I'll kick off then um yeah so I think 2022 oh let's start with 2021 there was a lot","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=146s"},{"start_seconds":155,"text":"of hype 2020 2021 there was a lot of hype there was this movement called D5 2.0 there was a lot of fast projects they were quick to Market","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=155s"},{"start_seconds":163,"text":"they were maybe not following all your typical procedures auditing Etc rushing stuff out and it was all about yield D5","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=163s"},{"start_seconds":172,"text":"became about yield which is you know what it's not really what D5 is all about so um 2022 that all came crashing down and","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=172s"},{"start_seconds":182,"text":"I think going forward you know going forward Came Crashing Down because people took too much risk people cut Corners people","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=182s"},{"start_seconds":191,"text":"um were not as transparent as they should have been and also investors got a bit greedy um and I I'd like to think that 2023 in","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=191s"},{"start_seconds":199,"text":"the recovery from that is actually going back to the D5 1.0 values which were built on","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=199s"},{"start_seconds":206,"text":"transparency decentralization easy access and cheaper access and I think that's something that near can really bring to the table","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=206s"},{"start_seconds":215,"text":"especially the last two yeah for us is we're liquid sticking derivative uh on near in Aurora yeah we","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=215s"},{"start_seconds":223,"text":"saw like this explosive growth uh based on The Narrative of like cheap transactions fast protocol and and we we","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=223s"},{"start_seconds":232,"text":"understood those were some of the fundamentals of why we built on near in Aurora but then again like the market","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=232s"},{"start_seconds":239,"text":"shifted right the liquidity went out right and there's a couple of rug pools and bad situations the Bad actors got","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=239s"},{"start_seconds":246,"text":"weeded out right hopefully um and for us the big learning is how do we go to fundamentals right uh for us uh","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=246s"},{"start_seconds":255,"text":"we provide a liquid sticking derivative which is esteneer it's a yield bearing asset it is the less risky asset right","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=255s"},{"start_seconds":263,"text":"now on D5 and then it's understanding who you partner with and how do you provide value and stay true to the","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=263s"},{"start_seconds":271,"text":"ethers of decentralization how can you build protocols that are running on Dows if if that can be achieved or not right","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=271s"},{"start_seconds":279,"text":"and so we'll continue building on top of it and we're bullish on it we're bullish on year on Aurora we understand also","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=279s"},{"start_seconds":286,"text":"that it's a multi-chain world and it's building those bridges and understanding how do you bring value to normal users","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=286s"},{"start_seconds":294,"text":"and more importantly how do you bring that big opportunity of participating in D5 protocols without paying 50 60 of","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=294s"},{"start_seconds":304,"text":"transactions for those fees I think near brings that and now we're back to the fundamentals of understanding how do we bring in Mass adoption into D5 for us","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=304s"},{"start_seconds":313,"text":"the big opportunity is going to be emergent markets and so that's where we cut our bread and butter we're a team that is based in Mexico Argentina","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=313s"},{"start_seconds":321,"text":"Ecuador and so we understand the pain points there and so that's where where we're building our future growth","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=321s"},{"start_seconds":329,"text":"yeah I mean I think you know both of you really nailed it it's it's very much you know this returned return of Sanity a return to a Roots a return to","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=329s"},{"start_seconds":337,"text":"fundamentals and it returned to building these resilient accessible systems and I think what was really positive about 2022 as you kind of alluded to is that a","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=337s"},{"start_seconds":346,"text":"lot of projects died and blew out fantastically um but a lot of even maybe not more projects but certainly many projects actually the right didn't Thrive but","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=346s"},{"start_seconds":354,"text":"they survived and they were incredibly resilient in front of a pretty insane set of circumstances with like one of the largest exchanges blowing up","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=354s"},{"start_seconds":362,"text":"overnight with Regulators you know stinking their teeth into as many projects as they can and a lot of these projects particularly the D5 1.0 and","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=362s"},{"start_seconds":370,"text":"some of these fundamentally driven projects are still here aren't as strong I would say even stronger than ever because now we know they can handle even the harshest of circumstances and I","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=370s"},{"start_seconds":379,"text":"think what's now returned for us looking forward is people are really thinking about how they can build systems that can actually withstand those extremely","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=379s"},{"start_seconds":386,"text":"harsh Market circumstances and most importantly provide new access to net new people which is really what D5 is kind of all about","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=386s"},{"start_seconds":394,"text":"absolutely brand anything you want to add yeah I think you guys covered um most of everything I started my career in C and","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=394s"},{"start_seconds":402,"text":"C5 traffic back in 06 during the financial crisis I was at Freddie Mac center of the financial crisis and","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=402s"},{"start_seconds":411,"text":"um what happened recently with FTX is also a C5 crisis reminded me very much of what happened back in 0608 it's no","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=411s"},{"start_seconds":418,"text":"different it's a centralized failure it's not it's not a cause of D5 it's not due to the blockchain I think D5 survived very well if you look at all","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=418s"},{"start_seconds":426,"text":"the protocols in D5 you know they survived so I think that proves that defy and we strongly believe","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=426s"},{"start_seconds":434,"text":"that D5 is the future first to replace well to take market share from C5 and then perhaps traffic that's something","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=434s"},{"start_seconds":441,"text":"that we we very much believe in D5 is very early the user experience the UI ux is not good it will improve its missing","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=441s"},{"start_seconds":449,"text":"order books and that's why you know we're building orderly so we are very bullish on D5 and defy on near awesome guys thanks so much","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=449s"},{"start_seconds":458,"text":"um let's talk about LSD or lsds liquid sticking derivatives I think we've seen","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=458s"},{"start_seconds":466,"text":"a lot of hype around these over the past few months particularly in the ethereum ecosystem and certainly uh Beyond but","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=466s"},{"start_seconds":474,"text":"what role do you guys think that they play in the realm of D5 particularly when we're in a bear Market","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=474s"},{"start_seconds":488,"text":"trying to push the ball the other way right now for us we understood last year um that there needed to be a middle","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=488s"},{"start_seconds":496,"text":"ground between institutional retail right and so we started onboarding custodial Services we announced last year at near con to support for fire","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=496s"},{"start_seconds":505,"text":"blocks uh then at staking Summit it was finoa now we're uh announcing that we're supporting Credo as well and we got a","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=505s"},{"start_seconds":514,"text":"another Ace of our sleeves but then that that'll leap for consensus sorry no Alpha today David","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=514s"},{"start_seconds":521,"text":"um and the reason for this is that we feel that there's still a lot of the the tokenomics around proof of stake Protocols are with institutional","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=521s"},{"start_seconds":529,"text":"investors and so that's why we supported uh custodial services and we believe also that this is a good way to also","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=529s"},{"start_seconds":538,"text":"bridge between um Web 2.0 or fintech applications that want to have access to liquid staking","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=538s"},{"start_seconds":546,"text":"derivatives but they have regulations that they have to comply to and this is where a solution such as fire blocks","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=546s"},{"start_seconds":553,"text":"creditor finoa can really become that bridge into web3 and also in web 2 applications on the financial side so so","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=553s"},{"start_seconds":562,"text":"that's that's at least uh our take on it and and it's just and that's everything right we're Alpha Beta Testing assumptions we're trying to make","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=562s"},{"start_seconds":570,"text":"educated bets into understanding how do we unlock liquidity in this proof of stake protocols and and having near as","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=570s"},{"start_seconds":578,"text":"the underlying infrastructure to build these Solutions makes it all the while better yeah","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=578s"},{"start_seconds":586,"text":"yeah and we've also been very focused last year using leveraging the bear Market to bring the Best of Both Worlds together","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=586s"},{"start_seconds":594,"text":"um and the you know enzyme is in the asset management space which is very heavily regulated whether it's on chain","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=594s"},{"start_seconds":602,"text":"or off chain and um finding that bridge is really where we've been the focus like we believe","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=602s"},{"start_seconds":609,"text":"that as these guys alluded to you know the future is more D5 not more C5 because we've seen from this","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=609s"},{"start_seconds":617,"text":"bear Market that Defy is you know came out of this relatively unscathed um but in order for a defy to be","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=617s"},{"start_seconds":626,"text":"scalable and the next bull market I really believe that the next wave up will be from institutions and new","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=626s"},{"start_seconds":633,"text":"players that we haven't seen before and for that the infrastructure needs a little bit more work and that's you know what people like metapol ourselves and","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=633s"},{"start_seconds":642,"text":"some others have been working on yeah absolutely um that's an interesting point that you raise money and it leads on to my next question uh feel free to chime in if you","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=642s"},{"start_seconds":651,"text":"want to answer it but Kendall ran the you guys are pretty well equipped for it for those in the room who don't know can you explain a little bit about the","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=651s"},{"start_seconds":659,"text":"differences between the D5 ecosystem within Nia and then perhaps some other trends that people are more familiar with","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=659s"},{"start_seconds":666,"text":"and if there is any major differences how can people really leverage these in turbulent times like today","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=666s"},{"start_seconds":675,"text":"yeah happy happy to kick that one off well I think what's interesting about the near defy ecosystem is that it started to kind of coalesce around some","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=675s"},{"start_seconds":683,"text":"areas that other ecosystems haven't been as focused on and and my personal favorite one to talk about is order books like the the guys that orderly are","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=683s"},{"start_seconds":691,"text":"building um and the reason that we're so excited about it is because if you look at the majority of price discovery that happens on the most liquid markets period and","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=691s"},{"start_seconds":700,"text":"that this includes crypto by the way that happens on order books and I think what's really fascinating about you know near and some of these higher throughput","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=700s"},{"start_seconds":707,"text":"changes that we can actually finally build these protocols on these chains whereas we couldn't on base layer Reef now some of the l2s maybe but certainly","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=707s"},{"start_seconds":715,"text":"not base Larry and so what's interesting is we're starting to see near be less about kind of copy like nearly D5 be less about kind of like looking at what","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=715s"},{"start_seconds":724,"text":"worked on ethereum and some of the design decisions that were made for protocols in ethereum and they're starting actually lean into the things that near enables they weren't actually","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=724s"},{"start_seconds":732,"text":"possible on those other ecosystems and you know specifically this is something like order books and so I think we're really excited to see how the entirety","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=732s"},{"start_seconds":740,"text":"of the near Dave hike system but even beyond that starts to evolve around these kind of New Primitives","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=740s"},{"start_seconds":749,"text":"yeah I'll just um uh at one point uh so just with the building um we took us you know we were on near","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=749s"},{"start_seconds":756,"text":"for about a year building orderly it's live for three months on mainnet um you know six pairs listen not much yet but a lot more perps coming uh very","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=756s"},{"start_seconds":764,"text":"soon three big Integrations with uis with a lot of users uh coming this month and the next that whole process has been","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=764s"},{"start_seconds":773,"text":"really smooth and here's the account system is actually very good for exchanges that's one point that a lot of other chains do not have I mean the fast","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=773s"},{"start_seconds":780,"text":"finality time the cheap transaction costs is really good for order books which are very high latency High TPS","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=780s"},{"start_seconds":789,"text":"kind of systems that require you know the fees are too expensive it just doesn't work but it's working properly now we don't have a ton of volumes yet","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=789s"},{"start_seconds":796,"text":"but we can we can really see a scale in an effective way that doesn't you know clog up the system or become too costly","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=796s"},{"start_seconds":804,"text":"all right brilliant um got a couple more questions guys I know we do want to keep it tight uh stable coins that's a Hot Topic right especially in the near","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=804s"},{"start_seconds":812,"text":"ecosystem perhaps um I think some people consider them somewhat a safe haven particularly in turbulent times and bear markets but how","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=812s"},{"start_seconds":821,"text":"can you best utilize stable coins to make sure you come out of a bear Market on the other side um a little bit better than when you","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=821s"},{"start_seconds":829,"text":"went in and if your answer is just leave them and don't fucking touch them then that's fine too I'm actually in the camp that right now","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=829s"},{"start_seconds":839,"text":"this is not investment advice you shouldn't be holding you shouldn't be doing anything with your stable coins because the yield in D5 is so low that","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=839s"},{"start_seconds":846,"text":"it's just not worth any of the smart contract risk um however I do think it's interesting times to start getting like for","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=846s"},{"start_seconds":855,"text":"companies that have a substantial Runway and that can take a little bit more risk I think it's an interesting time to start getting into sort of a little bit","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=855s"},{"start_seconds":862,"text":"more volatile assets as long as you can maintain like a healthy Runway because for me the interesting thing is that","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=862s"},{"start_seconds":869,"text":"since November 11th when FTX filed for bankruptcy we've had so much bad news in the space and all we've","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=869s"},{"start_seconds":877,"text":"seen is the crypto space drift higher which for me tells me that the Leverage is out of the system and anyone who is","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=877s"},{"start_seconds":884,"text":"going to sell has sold now and so it could be the basis of us bottoming out and maybe this is the time to start","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=884s"},{"start_seconds":893,"text":"accumulating more higher beta stuff again and then putting that to work where the yields are more exciting there things like yeah I'm not going to name","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=893s"},{"start_seconds":900,"text":"stuff because that is investment advice um so my two cents on stable coins and","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=900s"},{"start_seconds":908,"text":"and I believe here like just a show of hands who lives in an Emerging Market Argentina Mexico no no show hands okay","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=908s"},{"start_seconds":915,"text":"just one there and and this is a big thing right most of you don't feel the pain of inflation most of you do not","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=915s"},{"start_seconds":922,"text":"know what 300 inflation means so for you stable coins are right now at a bird market like like um","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=922s"},{"start_seconds":930,"text":"she said it's like it's it's useless right it's that don't don't go there but in Argentina it's a safe heaven Safe","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=930s"},{"start_seconds":936,"text":"Haven why because in this I'm going to quote my my co-founder Lucio when this bear Market started he said why are","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=936s"},{"start_seconds":944,"text":"people so so nervous about I live in a country which has a shit coin as a fiat currency like why why is everybody","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=944s"},{"start_seconds":952,"text":"worrying right and of course yes I I went there two weeks ago and they understood the value of a stable coin so","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=952s"},{"start_seconds":959,"text":"there are illegal money exchanges that trade Bitcoin ease usdc usdt for","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=959s"},{"start_seconds":966,"text":"Argentinian Pesos and and likewise as well and it brings a ton of value to emergent markets because it's the way","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=966s"},{"start_seconds":973,"text":"that you hatch inflation uh we're doing a um early POC with cressi.io it's a crypto","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=973s"},{"start_seconds":981,"text":"credit card in Mexico and so what we're doing with them is that we're allowing people to collaterize near and they grab","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=981s"},{"start_seconds":988,"text":"a loan in pesos but behind it on the on on on the back channel is or sorry on","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=988s"},{"start_seconds":995,"text":"the smart contract it's usdc usdt so that way you're hatching the the Crest is doing a great job there because","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=995s"},{"start_seconds":1003,"text":"they're hitching against inflation they know that they did an emission on Mexican pesos and so they're they're making a business out of that right so","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1003s"},{"start_seconds":1012,"text":"there are a lot of opportunities in emerging markets for stable coins so we're bullish on it but we understand that there's also a lot of risk and so","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1012s"},{"start_seconds":1021,"text":"and and here is where you have to it's a it's a it's a fine line that you're threading here and you have to understand that you are playing with","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1021s"},{"start_seconds":1029,"text":"people's money and resources and you have to be mindful of it but then again this are regulated fintech applications","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1029s"},{"start_seconds":1036,"text":"and so that gives it gives us the confidence that they're going to be putting users best interest in front of what they're doing so but that's just a","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1036s"},{"start_seconds":1046,"text":"small part of the equation perfect candle around is there anything else you want to add to that","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1046s"},{"start_seconds":1054,"text":"I think that summed it up very nicely I'll leave it with that awesome okay uh look I know we are a bit tight on time so I will leave you with this one final","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1054s"},{"start_seconds":1062,"text":"question top tips to survive bear markets by leveraging defy you can even suggest that they should perhaps Brew","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1062s"},{"start_seconds":1071,"text":"green tea every single morning whatever it might be um take it away I'll just say that bear markets are","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1071s"},{"start_seconds":1079,"text":"Builders markets so you know like what's this is the best time it's it's the least noisy time to kind of look at the fundamentals understand how these things","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1079s"},{"start_seconds":1088,"text":"work understand like what's done really well in these harsh conditions and what hasn't and just get back to kind of the basics","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1088s"},{"start_seconds":1097,"text":"I'd say I totally agree with what Kendall said I think um a strategy that we used in the last bear Market was","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1097s"},{"start_seconds":1104,"text":"um cut costs aggressively and get your team to buy into um taking tokens as compensation because","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1104s"},{"start_seconds":1113,"text":"ultimately if you you believe that this is the bottom of the market then this really pays off longer term you can like extend your Runway by getting them to","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1113s"},{"start_seconds":1120,"text":"cut the Fiat costs and then really get a payoff like longer term for everyone on the team","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1120s"},{"start_seconds":1129,"text":"well uh we are fortunate to have raised 20 million uh last year and we have enough Runway but and for the rest of","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1129s"},{"start_seconds":1137,"text":"the if there's Builders out there we're happy to support you guys if you're if you want to build uh decks on top of orderly or if you have any trading","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1137s"},{"start_seconds":1143,"text":"liquidity features in your app happy to chat um chat with you because we I know we're very supportive of um of Builders","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1143s"},{"start_seconds":1152,"text":"and we need that for for orderly yeah for us it's uh so we have a liquid staking SDK as well so if there's any","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1152s"},{"start_seconds":1160,"text":"Builders out there that would have built on top of it so I'll be mentoring tomorrow all day all night uh during the build build it on so uh hit me up uh on","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1160s"},{"start_seconds":1169,"text":"telegram or Whatsapp or whatever I'm glad to help you out if you're interested also in understanding better Emerging Markets by all means let's have","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1169s"},{"start_seconds":1177,"text":"a conversation you guys and gals send them you're building great products and sometimes where the value creation will","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1177s"},{"start_seconds":1185,"text":"be first seen or or where you'll be having a great impact is in emergent markets so I incentivize everybody to","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1185s"},{"start_seconds":1194,"text":"have a look at it and uh and yeah just hit me up there and I will glad to help you out anybody that's building on this hackathon","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1194s"},{"start_seconds":1201,"text":"brilliant thank you so much Ramona Claudio Kendall Rand thank you for all the wonderful information you shared with us today let's hear it for them I","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1201s"},{"start_seconds":1209,"text":"know we're low energy the party soon don't worry um and thank you very much","url":"https://www.youtube.com/watch?v=pFmvfy7r7RU&t=1209s"}],"youtube_url":"https://youtube.com/watch?v=pFmvfy7r7RU","url":"https://near-pedia.xyz/videos/pFmvfy7r7RU"}