Making Finance Accessible Everywhere to Everyone - Gustav Arentoft - Maker

Transcript

[Music] thank you very much garden let's say I'll just say give a handful we work for hosting us today yeah so so just just quickly to follow up on that so yeah we are members here we won't be sitting in the office all the time but we'll be here roughly once a month sometimes every six weeks and then when way here we are like sparing with the local projects and you know like trying to engage but like the local community more and more and then we get to host events for free in the event space so it's pretty pretty pretty cool cool so today I know I can see the some of you guys for the term London meet up last night

today I'll go a little bit more into detail specifically about some of the steps and some of the the things that have happened in like the last few months for for maker as some of you might be aware we launched multilateral died on November 18th and from that it kind of like have a few different takeaways I've also added a little bit of you know we've had a little bit of lash back on the community I'm also going to come in a little bit on that and then I have some crazy things that has happened in in in Korea doing our expansion there so I hope that you will you'll enjoy my talk today and by the way my name is Gustav and I'm responsible for the European business development for mega Dow I've also previously run a lot of

projects in Southeast Asia so I kind of like working like the peripheral Ike the the mega dog team and foundation and work a lot with our external partners so kind of like almost everything that goes into to our ecosystem goes through me so I have a few insights sometimes cool so I assume that most people here are familiar with with maker since this is a very maker focused meetup but basically you know very very simply put in our system now called vault this is mainly to you know emphasize that now it's called vaults rather than CDP's but you know people lock up collateral based on the value of the collateral they take out a line of credit in in dye and to

reira treat the collateral they need to pay back their debt plus interest everything is completely over collateralized we currently have a theorem and bat in the system but with the launch we did November 18th we are looking to move towards additional assets in the system that's now called multi-colored all died so basically where we're coming from what what is kind of like what has happened like through with us like in the last year many people have said that like 2019 has been like the year of defy of decent price finance where we have kind of like manifested ourselves as the the market leaders in that space and has

really you know spent a lot of time on working with the community and like growing the decent finance movement and currently right now we have almost 400 million dollars locked in our smart contracts and we had the total value in defiance almost at 700 million dollars and as you also can see like in like the debt outstanding currently Dai represents a very very large portion of it around 85% so dies by far like the most preferred stable coin and I think this really comes from like the core values that we come with which is you know taking like some of the core concepts of what crypts on blockchain was supposed to be which is you know this decentralized peer-to-peer global economic and financial system and then

we add stability to it so that that's some like very very important stuff for us right as I said previously we also have had a little bit of lash back from the community and that often happens when people look at like a project that is you know like being being relatively large in a space I guess when some of that stuff I'm also going to touch a lipid pond later it's kind of like the path towards decentralization because some of the things that is quite clear is of course as long as you have a dev team sitting and updating your contracts and building on your product it is very hard to be decentralized right because you actually have people sitting and working on it actively which is you know quite quite centralized in that sense cool so some of the things that we also

have been poking autumns cause like the etherium ecosystem like the theone community and we really try to continue to have like a very strong presence with the etherium space and and this is like really where we come from we're one of the third first if theory on projects all the way back dating from 2015 actually so we we actually predate the launch as well and and right now it really sits you know on top of like the tech tech stack of ethereum and we really see yourself as kinda like the stability layer within the etherium space and then of course we have you know the d5 protocols like compound new on dy/dx where like sometimes people you know mistake them as our competitors but we really see

ourselves like extremists energetic with them we really you know have like very very strong and good relationships with the other d5 protocols and we really believe that this isn't did as you know like a various energetic movement and like we couldn't I mean we probably could exist without them but like adding dye to those protocols is really like a big bonus for us right it's a very very strong use case and then there's like our partnerships so compared to I think a lot of the other stable current projects we see we really have like a very very like lationship focus on working on the application side of things so if you see for example tether or use DC there's still mainly exchange focus so they focus a lot on trading where we definitely believe that trading

is like it's it's still to this day like the most important use case encrypts all right speculation and trading but we do also see a future where we will start moving outside of that space so that's why we're really really focused on like establishing ourselves within like the application and like on like the more like grassroots level of the actual use cases of like everyday use cases of crypto and not just being focused on like speculation so there's also also resulted in us having like a very very strong partnership record we have more than 460 finished integrations right now so more than fond of 60 projects already uses died in in one one shape or another and this is of course like everything from like wallets to exchange is to remittance companies payment defy and so on and so on okay so going a

little bit into what happened like November 18th or like the the weeks following that so we basically we launched we launch multi-level dive it was like a very very big moment for us it was actually almost identical to the design that was mentioned in the white paper there was written and more than four years ago so being able to finally like launch multi-leveled I was really like a huge success for us and like a massive milestone we know that like MCD was definitely like a huge upgrade from single Claro die but even though it was a massive upgrade it wasn't still like perfect from day one right we still have like a lot of work to do but this was really like like a very very big milestone for us so some of the the like major features and some of the focus

that we have in x is that we have introduced the governance framework and set up for introducing multiple asset types right now we only have a theorem at bat so you don't really have that many asset type yet but you know over the upcoming years like the goal is to scale the could add all types in the system so you know not only in the hundreds but you know potentially over thousands and we really really expect to like mitigate some of the risk by introducing these non trusted assets by having a very very diversified portfolio and having like a very very strong decentralized governance structure around it where like the entire community comes in like helps approve these collateral types we have like not only you know like individuals looking at it but we would have like entire

community and groups of people looking at these assets ABS and validating the truck like the trust me trust fullness of them we have also launched what's called the die savings rate on deposits in the system so if you have followed die in like the last year you also know that like in the beginning of the year there was like some pretty crazy price movements with aetherium and only being backed by a theorem actually made us break the pic for like a little bit of time so dye dropped so like 96 97 cents which of course is far from ideal but that was really because back then the only level that we had in terms of like monetary policies was the ability to incentivize the dean sense about them

like the supply side so how do we you know control the supply and controlling supply when the asset is the theorem can be very very difficult especially if the price starts going up a lot in a very very short time then you basically have to prise what is the what is the price that people want to pay for leverage and if a theorem all of a sudden you know triples in price from like 72 like tuna and $10 and people think it's gonna continue they want to pay a lot for that leverage right so now we have the tie savings rate so that's basic like the other side of the monetary policy so that's weights in cents wise demand so right now dye gives an interest rate when you put it into this the dice I mean for a contract it's currently 6% so it's it's quite

high but this is like one of the livers that we're now using to increase the stability of the system I'll show you some screenshots what it looks like a little bit later to then we have the possibility to expand beyond crypto so you know when we start going into what we call like the legacy or like the traditional world assets this is where we've got to bring like like as the last one also says like scalability surprise finance right now we're like very dependent on the market cap of aetherium and like the market cap of the assets in the blockchain space and we do know that there sits so much value in so much collateral in the legacy world so if you want to scale up and really become like a global trusted currency we need to have that scalability some of these traditional assets can bring us this is

not problem amongst everyone by the way so maybe there will be some harsh questions about that afterwards but this is this is kind of like the path that that we at least at the foundation has seen for the system whether the community and some agreeing with us we will see what happens there but but this is at least like where we are we aiming supports we're going to compete like we're gonna maintain like the openness and like the transparency of the system so as before like everything is on chain you can go and verify every single transaction like the collateral ratios like every thing about the health of the system is still verifiable in the blockchain very important still and then we're moving towards like a completely doubt based govern and so this will happen during 2020 so we are already now taking like several of like major steps towards

like the getting like to the more and more decentralized point so this is some of the stuff this is like now I'm going to go into like a little like the migration data so so far we have migrated around 70% of the supply so since we being decentralized we cannot like force people to migrate to the new system right we can I try to incentivize them you know with the dye savings rate amongst other things but we really need the community to to migrate with us right however we also see that you know centralized exchanges still plays like a major role in this space so on December 2nd that was when most of the major European and American and Chinese exchanges they migrated so we had like

two days where like over 30 million dollars of thye migrated because they were sitting on exchanges and people were trading that on exchanges so even though we see ourself as you know this like very like decentralized company who does like a lot of stuff in defy and things like that we can still see that like a like a major part of the liquidity is still placed on these big centralized entities you know whether that's a good thing or not I don't really know but I certainly think that it's it's very very interesting right however these centralized exchanges also brings some crazy things with them so this is this is like some snapshots of what have happened with I in Korea so doing like the last 12 months we've had like a big expansion in Korea but like a

local team there however when you get Dai listed on the big exchanges and you don't educate them that is a stable coin you see things like this happening so we have for example here we have like died after it's a listing date you know down 43% we have over here so I don't know if you can see it very clearly but it's it's went I got listed on corporate which is the oldest Korean exchange people executed trades at $20 per die because they thought this was you know like some pom Mumbai Co project this this this up here is it's a guy like writing in like the Korean mega Dow Kakao chat that like he is it's in Korean of course but I'm gonna translate

what my Korean guy told me it was that like he was buying diet $3 and now it's back to one and he has to go back to his wife and this is like a very very difficult things for him so you know what he's just gonna go get drunk instead so he sends like the memes crying and stuff so like we still see that you know these players are like very very dominant and some of the things that like happens on decentralized venues is still like completely crazy right so yeah so we we have tried to like we even even came out with educational material when we could listed in these places but you know sometimes it's just not enough okay well back to the migration so this is like another pretty cool thing that we've seen happening now so this shot

over here that shows the the blue part is the year c28 died and then we have the red pod which is like the dye and the dye savings rate so the dye savings rate is of course like our interest rate product and we already now see almost 40% of the dye supply sits in the dye savings rate so kind of like the the theory that we had about the dye savings rate has really like started like proved itself that it is it will be this like very very powerful tool where we can help you know control collect the flows of supply into the system according to like the rates on it right so what happened here is that we increase the rates from two to four percent made it like a lot more attractive for people to put in and then it's been four percent

all the way up here and up here it hit 6% so yeah like it really really proved like some of the like the hypothesis we had hopefully we'll like prove true and like the dice I mean we will be like a very very important tool for us going forward in like you know maintaining the stability of the system we also have like these charts here like specifically the one over here that Cadillac shows the arbitrage relationship between minting and burning of time so another thing is like the way that we maintain the pack of dye is through the ability for people to make a patrasche right so dyes value does one dollar in the system and that means that you know whether you you take die out or whether you pay

Dipak it's valued exactly at one dollar so thereby you go in and you arbitrage in the market so if you see tight trading below $1 you're incentivize to purchase it cheaply you start to pay back your position because it still valued at $1 and the same thing if you see it you know being above $1 the market and cents about to take out alone and then you know put it to the market and when when the price drops back down and the peg is restored you can then easily pay back a positional score score bonus so that actually you can see here that even though like we were doing like migration the blue stuff is minting and the red graphs up burning you can see like the entire way through there's actually like a pretty symmetrical relationship between how much is getting printed and how am I

just getting burned so like the the the supply of thigh has like been steadily increasing but like behind the scenes there's actually like a lot of like fluctuations like kind of like going on because people's both removing and adding a lot of value to the system like every single day so you can see here on the 2nd of November we migrated 18 million but it was actually more than 30 million dollars printed in like one day which is like a very very large amount of like a supply moving back and forth and like one day so I think that it's like very very interesting and at the same time we also have seen like the transactional volume there has been like steadily going up however of course like December is a little bit slow with people doing Christmas and that's also what we have

we have seen in regards like my creation has been like very slow over here around Christmas but you know that was really to be expected and another interesting thing is also that like we have seen it like the the dye volume immediately started like relatively high but sighs still also had like a lot of volume even though we were we were migrating we have also come up like races like a rebranded Oasis so I don't know if how many of you are familiar with races but Oasis was the first Tizen was exchanged that we launched back in 2016 it's fully on chain exchange and now we've also evolved into having the other products of maker so this is like kind of like our own like official website for people to tacular small contracts who doesn't

you know have the desire take a capability to go in and interact with them directly we also see a lot of these products getting integrated elsewhere so you know we have like both the trade Baro and save function getting integrated on other platforms trade is the text Baro is like the CDP I like vault system where you can take our credit and save it's the die savings rate system die savings rate works a lot like this so you basically you're like a holder you need to deposit it into the contract as you know like the blockchain is not very efficient in like pushing stuff to people so like you know basically we're not able to do like an airdrop mechanic or something that we

could like push the interest rates of people so instead they need to put it into the die savings rate yeah and then when they pull it out they pull it out with the interest rate that it has accumulated while it's been there the UI looks like this so right now like if this was the live one it would just constantly take up here gives 6% and this is like our official one but we already see now that was like several other venues it looks to implement this and kind of like the vision we have for the dye savings rate is that it needs to be so easy and searching like integrated part of the system so no matter where you have your dye whether it's on a wallet on exchange or whatever you will just receive it automatically by like one click of a button right so this is

some of the stuff that we're working a lot unlike the business team is like getting our partners to move towards this thing here where everyone that has died can receive the claim that they have on the die savings rate no matter the venue so part of the strategy has also gotten us to launch this partnership here with ok EXO ok extra used to be the biggest exchange in the world by far and now they're still like in the top like four five I know that like they're not okay I mean they are centralized exchange so they're like a little bit shady sometimes of course but but you know we even know that okay but but you know they have like millions of users in China so it's still like a very important venue for us to go into because this is like some of the stuff that people look

towards in Asia as like the place to be right so they integrated the the dye savings rate and we have it available so any tie that's on that exchange automatically has a claim on the 6% as well and this is this is like a setup that we're looking to replicate towards more and more venues so like we hope you know by the end of the year we have like all the major exchanges to have this integrated as well some of the things that we also working on now and is doing you know some of the more like like like real work working with like emerging economies so this is like a pilot we've been running with the biggest remittance company from Malaysia through one of our partners called shuttle one where we

basically have used dye to be very very easy to very very easily transfer value cross border and go in and out of local currencies before like the current setup that they had the average actually like Forex rates we're at like 9.5% so like quite high and through the through this project here and we've also done it with with like like on mainly transactions as well we managed to keep the rates below three percent and still our partner has been profitable this is also some of the things that we're doing which is like a little bit you know further away from like what we see here in Europe but we do have like a very very strong focus on like emerging economies and emerging markets and this

is also where I put a lot of my own focus and like spend a lot of my own energy great and then I'm not sure if how many of you guys have followed it but there's been like a little bit of like controversy around some of the stuff that's been going on with mega as well we are moving towards decentralization in a meaningful well way but you know in this path and like in this you know like going to more debt we also see stuff like this coming up so you know we had a had a guy who went in and like talked about like a governance attack backed it was a system where he believed that you could take the like 20

million dollars worth of mega tokens used that you put in a proposal implement a new smart contract in the system and then steal all the collateral and the reason for this was that right when we launched multi-colored all died we had zero delay on implementing smart contracts if you had like the winning vote because basically when you implement like a new protocol right we had done a lot of work in regards to security but you can never really be 100% sure right so that means that if you have a delay on implementing an update to the smart contracts and you all of a sudden find a buck and you didn't put in the update and you have

like let's say like a 12 hour delay that basically means that people have 12 hours to exploit that buck so right when we launch the system we had made like the trade off and saying that like right about right after launch we believe that a governance attack is highly unlikely because you would need to accumulate like a lot of maker but you know having a buck in the code seemed more likely so therefore we had like the trade-off of having like what can you say like having a governance in Sag rather than being as like sub septal to like protocol attacks so like what we often see as I mentioned a little bit earlier is that like people that look towards us and they really like scrutinized what we

do a lot of the time and they can get like very very opinionated about some part of the system that they believe behaves in a way it shouldn't but the thing is that like almost everything with a decent light system comes at a trade-off right it's like you if you open up one thing and then you can close down for another thing but it's very very difficult in decent life systems to have something that is like completely failsafe against anything at any given moment so initially we believe that you know having a bug in the code was more likely than someone accumulating a very very large amount of maker to attack the system and this was of course something that you know a developer picked up and felt that this was this wasn't the way it could be but like of course we like very very open to criticism from the

community so we we engaged with the parties in that thing and I'll be able to answer any questions you have about that afterwards also like like I'm having like a little bit more stuff in here and I also I want to just talk a little bit about the project that we are opening up for with centrifuge so centrifuge is a Berlin based company specifically focused on bringing a standardized process to the NFT space so it can be used in a standardized format esqueleto and d5 protocols so the set up looks like this and you can basically take and if T's in this case would be for example in an invoice right like for our system it would be very difficult to

deal with thousands of invoices in its original format because each one of them will have very different properties right they'll have different amounts it will have different maturity dates we have different risk profiles different credit scoring and so on but what we've done in step two is that we use kind of like a standardized way of like bottling these invoices together with using the risk of them and then hopefully we'll be able to use them as collateral when it when it hopefully gets voted through so this is like some of the things that we're using to kind of like solve some of like the what can you say like and if efficiencies of like a blockchain they can only recognize like standardized formats as maker can like in its current form later on we of course hope to be able to solve these enough cheese

problems like a variety of different ways but it's like one of the ways that we hopefully will bring you know like trade finance to like the decent of ice finance space and go in and really start helping like SMEs right what I like the next things for dye we have what's called like synthetic assets I don't know if how many of you guys know like synthetics as a project but basically like synthetic assets have probably become like a lot more well-known since they started getting like I wouldn't say like a lot of traction but at least like a lot of pump in the price but but you know synthetic assets is basically like a way to mimic like prices from the

world and then creating like a derivative of did of that on the blockchain so dye is actually a dollar derivative right it's a synthetic acid already so we actually already had the technology for creating these synthetic assets and we will use the same principles of like use we have with dye the dollar dye currently we'll use them and apply them to be able to issue like euro die British pound I you know commodity pick dye and other kinds of like synthetic assets such as you know bonds and stark mimic prices of those right one of the big things behind this is that we will of course want to be able to bring like different currencies to people but we also see and kind of like there's been like hypotheses around

you know like why have we left like a lot of like emerging economies behind and actually there's like a like some speculation into that which is you know that they've been left out of like the developed world the ability to invest into equities from there right I mean almost no matter the money you put into like the US stock market like the 60s you have been like very wealthy today right so like this exposure of having these economies has like been growing a lot and these industries has been growing a lot has really been so far something that's only like you know the the top percentile of the world in terms of wealth could invest into but we want to bring this price exposure to like emerging economies and we want to use the flexibility we have on the blockchain sue to provide this then we have like the other collateral

types I wish I could give you kind of like the date for like when the next one will be de but as soon as like the migration is finished we will start focusing on getting these collateral types the nuclear adults have into the system and they of course we we hope that we would get like a lot of input from like the community and everyone who's like interested in seeing these things follow through that people participate in the process so you can really get you know like as many eyes looking at these things here so we can make sure that we only get you know what you know the community would objectively mean would be like quality collateral right we won't probably won't start with mortgage-backed securities but yeah so like legacy volkl at all very interesting and then we will continue to expand like our product offerings and

our partners so you always see some of them on races app and as you can see like the other credits have the synthetic assets will create like a whole new line of like products that can be offered there as well as we will start having a stronger focus on FinTech so if you guys are doing like Finn's tech conferences around Europe or here in London you'll probably see me and Maria running around and try to convince some of these you know different FinTech companies and you know playing with us and working with us a little bit and like figuring out like a pray a way of like breaking out of like just the Thiam community and really starting to like tag like a much broader audience alright thank you very much for listening to me I'll take a few questions afterwards yeah yes

oh it does already happen several times yeah so there's like mega replicates on neo on iOS we have yeah I think we have one on nem - yeah there's already like a bunch of companies that like already yeah Cabiria and like even like some of them they just copied like the like concepts but we also had some that I like just had like the Rick references to like our github library so for example I collapse they did one I'm caught they're doing like make on cosmos and they had just like like most of their lab riches like the Rick links to our github so you know some people they just do it like directly but but the idea is already happened yeah so I mean unlike internally we we like a hundred

and cent people in total right we have around sixty percent of that is working on tick and then like the the chorus mark contract teams has been around like ten people but then as you know like a lot of like functions around it like the Bell operations and and and stuff like that that you know cut you like a lot of other stuff and people who you know works with like the fun dance and like how do we everything everything gets set up how does everything play together right and then we also have people working we've had people working exclusively on the formal verification models so our smart contracts is written in a way that is like with with bearing in mind that it needs to be formally verified so it needs to be verified by

mathematics so we've had like the smart contracts built in like a different way yeah this is not only like we also have very weird functions so I don't know if any of you have looked at our code we have like meme functions but like apart from that it's also written in like a different way to like a lot of other projects yeah yeah yes I think so basically like initially the the Peck wasn't supposed to be the dollar the pic was supposed to be like a basket of like currencies and commodities and like it

was like a few different models but like the initial one described in the in the white paper was like not the dollar but the problem that kind of like like came into like the when when people start looking into like how do people actually accept you know this as like a currency right like just unlike some research around it then like introducing something like maker it's pretty complicated already if they know also have to like think about like another like pick like that would be too difficult for people to kind of like understand that's why I like the the dollar is like the biggest currency in the world so it was just easier for like understanding to use that one but like if something happens to the dollar we can like change the pack so for now we will keep that yeah but like over time

you know like as things move forward we don't know where people end up but like we're pretty flexible and if the governance wants it it will be changed yeah so I think just in general we believe that like people grow a lot with the industry right so I still believe that like the industry is that like a very very early stage and this is something that people hear a lot as like an excuse I guess but you know there's still like a lot of the products being billed are not finished yet and we also see that you know like you need to come up with stuff that can compete with what we have in the traditional world right people in general don't give a

about this advice station or you know like blockchain anything like that you just want to know is this a service that can do something better and cheaper than what I already have is yes it's attractive if no I don't care and I still believe that like a lot of the things happening is still like you know at a stage where it doesn't really compete that well with the stuff that we have traditionally so you know we need something likes like scalability we need like you know like more applications built that I should deals but with important stuff and like so I think it will take like some time but that's definitely like one thing I think like another thing is that still like a lot of like regulatory uncertainty and like most people in this room probably don't really catch much about that don't really give a right but like if you

look at like the traditional world where like a lot of this stuff it's still stuck a lot of the applications have to go through things like the App Store for example I go through the App Store can be pretty difficult for crypto application you also have to you know if you want to deal like banking connections or just like FinTech in general and stuff like there's like a lot of regulation in place in and like not a lot of projects they want to spend like a year in the sandbox to help the regulators to find out how to regulate them right so it's still like at a stage where like regulation a thing will you know keep on playing like a pretty important role and like how do you think would be like shape in the future but like we're like trying to help with that

as well and like we want to do a lot of like lobbying around that but I think that's like probably like the two things like yeah yeah so this specifically is something that I hope that it won't get voted through but like if it gets voted through then yes theoretically but the problem with that is then you essentially end up becoming like a fractional reserve bank right because you kind of like eat your own tail and I don't think that would be very very healthy for the system so I hope that like the community would be clear enough like not to seek that but but I mean it's not something like I cannot promise you that it won't happen yeah yeah yeah yeah I mean so like the

MKR token has like pretty bad liquidity which is something that enables people to do kind of like tricks like that I guess but like the weight of like where we're moving towards right now it's like we've moved towards like more and more like these noise governance so we have like created like some of the contract that like previously was like manually controls like have moved towards like purely like m'kay Arthur was governance we have some initiatives coming up of like distributing a lot of the maker more and more so we will get like more make out to like more people basically so with some of those things in mind we hope to like improve the market liquidity and kind of like the of course like the amount of people having the mega token

we've also I don't know if you guys have seen that but we will implement delegation as well so vote delegation there's people for and against this right but it's doubly something we believe will increase like the voter participation and we've already seen like the first people you know announcing you know the candidates here like maker politicians you know negative stability fee and just you know humming the supply but like we definitely have like some things coming out in regards to that but it's still something like when you when you haven't done a public sale and you have it something like maker where like a lot of the people holding maker you know is something that they really hold because they believe that this project still like in its early phase then you just have we have a head so bad liquidity

right so if you look like the top hundred tokens a thing be like one of the like number like we like top three of like worst volume per day right we only trade we trade like less than one percent of the maker turbines per day in the I click open markets and it's been like below like see 0.2% at some point but with such bad liquidity can be difficult to deal with some of these problems but we have some initiatives coming out trying to solve them in regard like regulation and like like the mega token I don't really think that we have like any any like too much around that but you know later on we really hope that the community will be able to like fully control the governance and I do it in like a meaningful way des will they will actually I move the party like

put forward in a positive way to right yeah yeah yeah yeah so the way we see the way that we see like that specific scenario like right now like I found the most available community is on ethereum the most assets on ethereum we're like very strong into the etherium community and we really believe in aetherium so like we definitely like honor theorem with like the main protocol but we also are working on bridges to other maintenance

because we only see it as like a positive thing if you know we can supply I to other maintenance like they they won't get like the code the full code base there but it will at least have like the ability to have like like died however we also believe that like the interoperability solution so far has been pretty you know like this like most of them is like very centralized you know like multi six setups where like a few companies would control kind of like what gets distributed them and we don't want that so we're really hoping to see some of these newer projects like rent protocol and like her ears that deals with interoperability and like like a more like decent wise way that some of these will start having access and it'll be like more pedal assisted so we can start moving die in

like a meaningful and trusses way to other other maintenance and we can like keep some of the main like properties of died on the other maintenance so like we definitely won't die we want as much died a man as possible right and if like people and like years once died I mean sure like I don't particularly like yes but you know if they can give us some vitamin they're sure like that would only be like a positive thing I believe for like the the ecosystem around us yeah I'll take it I'll just take two more questions now yeah okay

okay so so like like in single cloud or die we had I believe it was 13 Oracles who are running 11 price feeds each these workers are like completely anonymous so like no one knew what who they were except for like very few people like the Oracle team of course but like with multi kadhai we also upgrade our Oracle structure and like our construction now opens up the opportunity to have not only institutions run Oracle's but also keep on having like anonymous people running it so we will basically have you know like we're aiming to scale it up to having like more than 100 Oracle's I think we're setting like 15 now I did all of them run like a significant number of price feeds and we also have updated kind of like some of the

security around the Oracle framework in general so basically right now for example we have a one hour delay and any price features comes into the system and that's basically to have you know like like a time frame that even though we scale it up and we also use something called like the weighted median so like if you have 11 Oracle's running like 11 price fees running on the same Oracle even as five of them gets compromised you will still get the correct price because it can detect kind of like the very very large outliers in the system and like the way that we really see it is like if price if the price of like an asset drops with more than like 50 60 % like if if dropped more than 50 and 60 percent in one hour we would probably be in bigger trouble than not being able to

liquidate the positions fast enough right because you wouldn't even be able to liquidate them if something drops that fast so having active one hour delay is something that we have towards like the security of it we also launching something called Dow teams which will be placed in each time zone so that there will always be people sitting and like looking at the feet what's happening no matter what time of the day it is so this is like another way of the things that we're doing like towards like you know getting more decentralized that we actually have like these teams that I could be just separate from the foundation running Oracle's as well and like maintaining the prices like looking at them and then we also like in regards like to shion's you know there's for example there was like lot of speculation after

like our head of Oracle's and sergej from chain-link put out like a picture together and we are of course also looking to use some of the big like like providers in the crypts of space such as you know for example chain-link and also have institutions such as for example universities run public price feeds so people can kind of like go and look at that as well we also previously we used to post the data directly on the blockchain when it came in and then now it goes through like and the median asset contract which is where the weighted median gets calculated so we also have like extra like smart contracts like looks at like the feeds coming in and and and try to keep on maintaining that you know it is like the correct price that comes so we have like a lot of stuff you know should

be done still there but we believe that it's like an ongoing process that you know we hope to be able to have like the strongest Oracle's basically we already believe we have that but we we want to continue evolving on the Oracles that we have and make them you know yes decent wise as possible because it is something that you know has been like a critic in general that it is still something that is you know like one of the most centralized parts of the system alright the last question yes yes yes we are like aware and working with several of interoperability projects as I mentioned before like I don't believe

that necessarily like W PTC is like the most efficient way to do it if we see that this will be like the only thing that is still then like a year and like the community really wants it they might vote it in but we do see a lot of potential in some of the newer like solutions that has like a more you know like decentralized way of like approaching interoperability so like like we definitely want Bitcoin there and we hope that the community would want it to I don't know how the Bitcoin community is gonna you know view that but but you know we definitely see it as like like a very strong collateral right yeah okay I think that was the last question we have Edouard he's from kun DX he's getting set up in here where you

guys can try out like the POS and they have we also have some diet to give out and you guys can get some t-shirts if you want to go through the process with them we have like the the new tea search here we'd like to update it logos and everything and thank you guys so much for listening to me for like this little hour here [Applause] you