Button uh under the video or in our channel uh section and you can also join our patreon patreon.com currency365 and we also have cash app and also PayPal for supports if you want to sell some seeds peace out God bless enjoy the video and keep the movement going Legends bye [Applause] thank you Yes we can then finally lunatic you’ve made it today yeah hey guys cool um should we get started with an update um I’ve got a few questions um but yeah we’ll get started with an update from fafi then you can go us Redline and Alex as well for an update Yep that sounds good uh so basically um it’s been like two weeks now that uh the prop passed and you know uh it was a prop so we described or at least a red line describes some mechanisms so the first step was how do we get from a Mechanism or something which has been described in the prop to something that we can actually run and try so figuring out the right I’ll go something which can work something which we can Implement and I think we’ve gone through this phase we’ve done that and uh basically we’ve been able to uh Implement the first version of the algorithm which was proposed in the proposal by Redline which is good we’ve started to uh to get some sorry to get some results which is also another nice things and of course one thing that you might be less interested in uh in The background is that there there was some work to basically uh be able to you know to have a tool to be able to use it to package it Etc so that’s more technical but that was needed as well so that’s what we’ve been up to and uh we Have put a report online we have provided like we have published um an update on Friday with the links and also you can go check it out and uh that’s where we are basically so we’re now in a position where we can actually start uh tweaking the parameters of the Algo having some very interesting discussion like where we put the peg uh what are the impact of the various parameters and all these things so that’s very good and also Alex I’m sure he’s gonna talk to you about that uh just after maybe later has been doing Some very good work regarding uh uh the usdc supply where it is uh the tokens which have moved or not moved and uh you know what how we can basically reduce the supply for usdc so yep cool that’s a quick intro um Red Line do you want to give an update from your Point of view um yeah so for those of eating too much of what 30 percent so we’re basically in a position now two weeks in that we can perform initial initial modeling and we have an initial tool set up and later still there’s more work to do in terms Of like modifying how our uh with the tuning in terms of modifying the volume as the tax increases and stuff like that so there’s still quite a bit to be done in terms of of modeling and making changes to the tooling but in terms of having initial tooling and modeling Dominating we’re actually in a great position now going forward and we’re probably ahead of time in terms of horizon clear we’re in a good position now with the initial modeling stages and we’re moving to to change the tooling and modify that to produce more comprehensive modeling now basically Okay thanks for that for Alex I’ve got a slightly different question um what’s your thoughts on the news that we had that SEC said the judge said xrp is not a security and its impact on crypto and potentially on lunk so um I think for for most crypto uh alt coins It’s a huge deal um like especially ones that uh that that have a really American uh kind of flavor to them like Solana or um you know like like significant number of American investors American developers um American management um um and I actually think it’s pretty bad for like the Like the I call them the dino coins the like like uh like Litecoin or um uh bch or um you know you know ethereum classic or whatever the like the the coins that are more that are that are either proof of they’re like older and or like like proof of work that Because it was thought that the SEC was was that was gonna approve those and not approve a lot of the the the newer proof of stake um proven stake ones so this this court I mean um the ruling it like it it’s uh it doesn’t really it doesn’t really help Ripple that much as far as I can tell because like like um Ripple is gonna have to fight continue fighting this for years this is just one job one District uh judge um but but and you know other District judges in the in the Manhattan uh District Court um could could issue conflicting Opinions or whatever but what’s really good about it is that it does that until another case surfaces um you know this is the law of the United States like it is it is it is officially legal to pay people in in tokens right it is officially legal to Like you can actually run a token based business in the United States until um until like a superior court um you know says otherwise or this is overturned on appeals so it’s a really big deal for Americans working in crypto and um and for uh and for a lot of like the newer Proof of stake coins yeah because if one coin would be a security it would be xrp if a judge says that xrpl selling xrp through exchanges is not a security then yeah a lot of the coins especially like Solana cardano would definitely not security that’s right Do you want to talk a bit more about the algo you mentioned that you’re finalizing that yes absolutely so uh one of the big challenge that we had is uh as I said was how basically do we move from uh like something which has been written on the paper uh to something That we can actually uh execute some code right so uh we describe or at least what was described is uh you know you have two components you have what we call the Divergence Divergence protocol and the buyback so essentially the idea is by children attacks when you have a Pack so say one dollar and then when the value of uh usdc goes under this Peg we’re gonna tax right so initially it was going to take like uh what red described was like we’re gonna take the entire difference between the the price the market price and Um basically the peg value right so if you’re at 90 cents you’re gonna take that 10 of the order that has been sent okay and that somehow uh how do you uh Implement that and also Is it feasible like with regards to the the you know the matching Engine that is used on the sex or if you’re on the decks uh with the the decks itself how does it work etc so that was the first challenge that we had what do we do basically how do we Implement that uh basically uh to make it even easier to understand is That uh you know do you tax before you send the trade uh to be executive or do you tax afterwise right so if I do for example ustc versus uh usdt or busd for example I’m gonna give like one busd which is one dollar and I’m gonna get Like a quantity of usdc bank so which one do we tax and how do we apply that so that was the first challenge that we had and we thought about it we discussed about it and all and basically uh what we decided to go for was to or one Implementation but we decided we thought about what’s going to be uh like feasible easy to be implemented and and something that could be actually uh done and and put on Charlie and hopefully uh showcase to the the partners that we did was to actually tax after the wife so What we’re saying is that uh you’re gonna have a you send your us your BSD so you’re buying usdc you’re sending busd so you receive a continuity of uh of ustc and then we decided to tax after so on this quantity that you received and doing that it seems like a very small Change it changes it makes it so so so much easier because and I’m gonna get a bit technical but trying not to uh uh not too much so people can actually understand so if you change the order beforehand first of all it means like you’re gonna have like to do some Calculation and these things have to go very fast so it’s a bit of an issue and then you have to basically take that amount of money put it aside but then what happened if the order is canceled right because uh people here maybe they think about uh like when you trade you Go you trade on the screen and you push a button and all which is fine you also have to think about a lot of the liquidity of the people trading it’s like boats automated trading and stuff like that market makers for example and the they basically have to like you know They’re often gonna put orders They’re Gonna Cancel orders etc etc and that can quickly be a hell to manage right because you’re sending an order I tax it I take some money uh aside but then the order gets canceled and you know I need to not forget to give you back the money That I put aside and all this stuff that makes it extremely complicated so where we went for which is taxing afterwards makes it so much easier because first of all you don’t have to do any work if the trade has been canceled right and and if You think of like the big players or the market makers and all you get plenty of order so that’s a lot of work to do beforehand and perhaps this work will be for nothing because the orders will be consoled right so we decided to go for taxing uh execution Which as I said makes our life much easier and then what do we do so you’ve given like say one busd and to make it easier I’m gonna say you’ve received like one uh 90 uh sorry 0.90 usdc right let’s say that uscc is at 90 cents and We’re all happy and all so you’ve received like 90 cents in usdc well what do we do is that we’re gonna take like that 10 percent and we’re gonna take you take it off uh the quantity that you have received so it’s really like uh we’re gonna take 10 cents and we’re Gonna take 10 cents away from you so you’re gonna get only 80 cents and we’re gonna get 10 cents back from us that allows us like for example you can put that as a collateral and all so we can defend the peg as well is that um when we do that It makes it like much easier but also it means that we might have to tax a bit more so that’s like what I say when I talk about like the parameters is like how much do we take from you so we have a usdc which is currently the pegging And we want basically to prevent people to sell all right so I’ve made a simple example here where I say like he has the packed by 10 percent and I said I’m gonna take 10 percent away from the short seller but we can also make that power better We can tax you like more we can tax like 20 percent first 30 so these are basically uh now the stage where we’re at we can like try these parameters and try to find the best thing between not preventing people to trade but also preventing people to debug or From debugging uh ustc which I think is quite interesting and that’s basically the the simulations that we’re doing so we haven’t implemented and that’s pretty cool I think that’s a nice Milestone and now we can tweak actually this algorithm and trying to see what works best so to summarize and Make it very simple uh we’re gonna tax post execution and we’re going to take basically uh like the difference between the peak value and the market value so when I say market value is the price that you’re gonna see on screen with binance or crack run or whatever and the Fake value is what we’re gonna decide which is going to be like say one dollar or whatever 10 cents if we start doing an incremental Peg and all so that’s how it’s going to work that’s what we have done and we still have like uh some work To do or no pen question is what do we do when we are above the peg right because we also want to prevent it has to be like a stable obviously the biggest issue that we’re going to have is when it goes under the peg but you Don’t want like a usdc at 10 ever right it’s not stable it has to be said between like ideally maybe 90 cents and 1.10 cents all right so we haven’t decided yet what we’re gonna do on the orders uh uh above the pack because it’s Less uh is less of an emergency it’s not going to hurt us but that’s uh where we are currently uh the other thing I wanted to say is that that’s only one component sassy just to interrupt so you need it a lot closer if you’re trading a lot of volume you need It a lot closer than 90 and 1.10 then if you’re trading Millions you don’t want to reduce 10 of value so you need the pick to be a lot closer than than ten percent that’s right so that’s a very fair point and that’s the thing we need To try with on the other hand you want to deter people so as you said If You’re Gonna if you’re about to trade Millions to short sell millions in usdc knowing that usdc is also uh depending do you actually want to do that do we want People to do that right we have to let them exit that’s true but we have to fine tune the values so that only people would need to exit because they need the money or whatever they can exit but we we want to to push back on the arbitrager and basically what we call The toxic flow if that makes sense so so that’s that’s literally where we are so we need to try to to find the right balance between if we put a spread which is too far and we we tax you too much obviously image will just won’t have any Volume and that’s useless right because we have okay we have said that usdc is one dollar but nobody can trade trade it and that doesn’t work so these are the things that you are basically trying to experiment or finding the right balance between or do We even want us to as you just said Rocco just now do we even want the tax to kick all the time right so do we want to put like a a certain volume threshold for example so if you’re trading like 500 or 1 000 maybe it’s okay but if you’re gonna trade 1 million a block do we want to allow that to do we want to put the tax only for various trades you know so that’s all the questions that we have and the good thing is that we have the tool to be able to experiment with it and try to Find out what makes sense what is good and what works best so that’s really where we’re at and that’s very good I’m very happy with that so because that’s really the important part of the work that we want to do right so that’s one thing runs the tax then on The other hand if you remember you have I say like two films is the the other question is like the collateral how much do we collateralize usdc and then finally is uh we wanted to do buy back so when we tax we want to get this Money and we want to reuse it to buy back usdc so basically when you buy you push the price up so your debugging your taxing you’re making some money and then you want to now uh like use this money to help yourself back to the page right And that’s basically what we call an execution problem so is it best to write away execute and buy straight away shall we wait shall we do it slowly slowly Etc so that’s the other questions that we have to answer and but we can also we Started to to work with so Kozak has a worked more on this part has been more on the Divergence tax which is cool and uh the other thing is that we did as well to to find like a share of uh of this money to give to the exchanges so We said that we want the exchange to help us or to work with us but we said that in exchange when we collect this tax we can give them a percentage for them and so but also what we discussed before but we wanted to make some Reports to be able to support uh you know uh our case I should say right so that’s literally where we are no and we’re starting to play with these parameters to fine-tune them and all and that’s really cool I’m very happy with that we still have some open questions Regarding as I said before what do we do and the price is above the Peg and another thing as well is that that’s a bit technical so so we said we thought you have surprised the peg which is for example one dollar you have the market price but what value Do you take do you take the execution price which is like the fill price so basically like some sort of average or do we take the the screen price what we call like the market price or the mid price so these are questions that we’re trying to answer or we’re playing with And that’s where uh what you’re doing currently so required few things in the tool to allow for this flexibility and to be able to do these things and doing the parameters and all uh Bilbo is in charge of that so you might not see it like this but if I Want to be able to uh tweak the parameters of the algo easily uh it means that I need a certain infrastructure in place or a certain design and so that’s what he’s doing or looking at because again perhaps you understand better why we took this path to test off chain and Offline using Python and all is you want you have to do a lot of changes very often right so imagine like we find like uh we’re not happy with this uh this version of the algo we want to be able to very quickly change it and deploy it And test it again and when you have to do that on chain is a pain it’s really complex it adds like a lot of work complexity and basically that takes a lot more time and with the time also comes a lot of frustration right so that’s why we took this path and that’s Why I think this path is like the right one for this kind of things it’s also like a standout so yeah that’s basically Where We Are okay thanks for that lunatic have you got any questions I’ve got loads of questions I can go ahead with if you’ve got a question now Um I think you can go ahead because mine is more like uh but something else or you can go ahead about this one okay I’ve got maybe a couple more questions and then other audience if you want to ask them a question as well go ahead or Message me I can ask them so the one of the points I wanted to talk about was the market module so if you could explain to me again I don’t know all the details of how it works I’m assuming it’s to do with the swaps the tokenomics Previously when luno and UST uh was at one dollar and could you talk about what is market module how it works and um the the the changes we will have to the redesign of it if it is if you are to repay usdc how that would work Yes I guess but uh I’m gonna take that one uh yeah the market module is very uh yeah it’s something we’ve been talking about a lot but something which is actually very complex so what is the market module so the market model is both it’s basically a market maker In crypto what you call Market maker is actually liquid liquidity provider so like we always talk about liquidity and all so you have a token you have a coin which is great now you want to be able to exchange it to buy it and sell it to swap it okay So for that you need someone to to do what we call providing liquidity so what happens is that a person is going to put tokens into two pools right and and then you can take token from one tool and put tokens in another one or vice versa right so I’m using the visual concepts of uh tools because it helps a lot but that’s basically what you do in the in Forex or whatever that’s called like Market making so I come I have a background I come from the sale sell side so that’s the banks so in finance basically Traditionally you’re gonna have the buy side and the sell side so Blackhawk is going to be the by side they’re gonna you know collect money from uh investors and then they’re gonna go and buy on the market all right so when I say I’m gonna buy Apple I’m gonna buy this and that And all and hopefully I’m gonna make like 10 or five percent or whatever uh return to a year and we’re happy that’s what um the buy side asset managers hedge funds do right A Bank what they do is different so they provide liquidity the market maker that dealers so They allow you to always be able to for example exchange your USD for euros if you’re going to travel to France or or or anywhere in Europe so whenever you want to exchange your USD you will never have a shortage it’s always here why because you have What we call market makers who are also could you repeat that again I think uh I missed it oh yes sir so basically Banks uh I was making an example so Banks they’re gonna be like Market making so they will provide you liquidity so if you want to exchange your USD for euros Because you’re going on a trip uh to France or in Europe you will always you will never have a shortage you will never find a situation whereby uh or you cannot swap there is no liquidity why because you have some actors what we call market makers or liquidity Providers who are always willing to buy at a certain price and sell at another price right and so the difference between the two is called the spread that’s what happens and you can see it even when you go to a counter like FX Challenge and all so that’s what Market making is essentially Now nowadays or even in Banks and all we do that algorithmically so we have like a market an automated Market maker IM even what does it do well it’s a program which is always going to be willing to buy at a certain price and sell at another price doesn’t matter the asset You can take like BTC busd you can take like a Pepe uh usdt Etc but uh like you will have like a market maker for example a big Market maker in crypto uh like exchanges sex have their own and then the big one um in crypto is called winter mute right So that’s a big Market maker how they make money they’re always willing to provide liquidity and uh obviously how they earn money because they’re always willing to buy at a certain price and sell at a higher price so they collect what we call the spread of course you Have risk which come with us which comes with that so to adapt this concept to crypto uh like is vitalik actually he came up with something which is called like uh an automated Market maker or constant product amml and basically you use what you call tools so You put your token in the pools and you have like a smart contract or program or whatever you want to call it which is going to make sure that is always willing to to buy at the price and sell at an overpriced right so that’s what you see the swap okay and That module is actually just that and I’m actually very impressed by how fast and how well the the implemented it or adapted it because these things came in crypto we have like I think it was 2020 was what we call the defy server so Defy is decentralized finance these things Are very new and uni swap came up with this um implementation of this uh crypto version of this Unchained version of the market making in uh I think it was like 18 or 19 but that triggered the last Bull Run so you saw like all the CPM and You saw like uh providing liquidity and all this stuff so and then right away and you can find it on Agora because this discussion we’re holding public and so that’s why we’re trying to be very transparent and to update you and and to talk to people like you know in the open because But also great for people who will come later so they’re going to find the the like the trade of what we have done and why we have done it so that’s very important and so when you look at the posts in on Agora I think it was like 2020 or or 21 I forgot they’re like they’ve been talking about it and they’ve implemented it very fast now what we’ve done we’ve tweaked it so everyone perhaps like is familiar with like uni swap or on Earth is going to be on auction it’s going to be like Terra Swap or Astro Port these things these are what we call like a custom product automated Market maker so but this product that I just named this uh uh this contract that you use they’re implemented in smart contracts right so what they don’t tfl that implemented the same but at the blockchain level Remember you have like L1 when you say so L1 team is because they worked on the Chain the code of the chain and then you have L2 but also the apps they’re basically Builders who work on products which or software which sit on top of the chain right so What they did because Cosmos all over so DK and all they decided to implement the same thing but on sale I personally find this much better it’s great because it allows to do things that you couldn’t do with a smart contract so that’s really powerful and when you think about it the market Module is just like uh somehow I’m gonna say just like a version of uh swap but implemented we sit within the chain itself it’s not a smart contract it’s not at the app it is at the L1 level so that’s really what it is now it’s got some specificities whatever First of all in Terra swap in osmosis in uh anyone can provide liquidity so you can take your token you’re gonna put them in what we call liquidity allowing people to buy and sell from them and you’re gonna earn a fee for for that you’re gonna earn like a transaction fee Uh in all cases the market module you cannot do that it’s only the protocol which can provide liquidity and I think that’s that’s one thing which is a bit better I’m not going to go into the specific of it but it is a simple change but again changes everything why because I’m gonna make it very simple when you provide liquidity obviously you’re gonna have risk what that’s what we call like uh impermanent loss right but then to pay you for this risk you’re gonna earn the transaction fee so every every time like Hong Kong or LL 69 or Alex the swap Against my pool I’m gonna get like for example if the transaction fee is like 0.3 percent I’m gonna get 0.3 percent uh on this trade but I have to share with everyone who is also providing liquidity right and because anyone can provide liquidity it means that is not bonding Is not bonded it’s infinite so you cannot estimate your Revenue because maybe I’ve put like right now there is like 1 million in liquidity so I’m adding like another one million that’s cool that’s 2 million and then maybe someone will come and put 8 million on top of me So basically uh you cannot if you take if you come and you ask me how much are you gonna earn by providing liquidity over the next year I cannot really answer this question because I don’t know how many I don’t know who is going to come and provide liquidity on top of Me right it’s not bonded it’s like an infinite problem and usually we don’t like infinite problems because when you cannot answer the question you cannot quantify and it means that as I said there are risks know how much you’re going to be paid for taking this risk and that’s extremely important right so The version that we have of the IMM on the Chain which is called like the market module this one well it’s only the protocol with rather provide liquidity so in the protocol if we decide to provide like 10 million dollars we know how much we’re going to Be providing liquidity for the next year it’s going to be 10 million dollars and then I can estimate how much volume I’m gonna get and from that I can estimate the transaction fee so I can get actually a cash amount to put next to the risk I’m taking and then I can see Is it is it worth it is it not worth it so that’s extremely important the way we have it on the market module means that you can actually manage risk and that’s really cool that’s one thing and that was we saw that it was a small change but it changes everything right so Now the other thing is that uh not with that and when I finish with the third point so the other thing is that when you trade against a pool like an amm basically you’re gonna change the balance of the tokens in each pool and but also it’s gonna change the price of Gonna swap right so basically what happens is that that’s a feature we rely on what you call arbitrageous like people who come and uh and and make trade specific trades to uh on the market that’s their job right so we’re going to rely on arbitrizer to bring Back the price of the pool in line to the market price so for example if you have the price of uh like you have an asset which is currently at ten dollars on balance it is also a ten dollars into your pool someone come and makes a big trade right It’s gonna go now it’s going to eight dollars and then the arbitration is going to come he’s gonna buy from eight dollars and he’s gonna buy until he pushes the price up to 10 and he’s gonna go and sell on violence and that’s how you always keep a balance Of you always keep the price of the pools or the IMM in line with the market that’s what happened now the fact that uh in our case I said that the IMM is implemented at the L1 level it’s obviously great because it means that we can do the Arbitrage ourselves so Basically the protocol is a market maker or an amm and an Arbitrage board both together that’s what the market module is right so that’s two thing usually it’s not contract there are Swap and all is just gimm and then obviously people who come and Arbitrage your pool They make lots of profit and you make lots of laws and you lose a lot of money in our case the market module is very clever because you have both the amm the Arbitrage button that’s why I think it has been implemented like this as L1 Not as L2 I personally propose to do a DEX on our blockchain and I wanted to have it on the L1 as well precisely for that because when you can get like some extra Revenue to offset the risk that you’re taking so that’s very important and finally the last part and that’s Actually is a bad one or the more tricky one is that how do they provide liquidity like Well normally you buy the tokens and then you put them into liquidity you log them well in the case of the market module the mint on demand So that’s how it works so when you do a swap you’re gonna swap you’re going to take some token out of the yoga that take some liquidity out right so the price has been moved and now the protocol is going to Arbitrage itself and to do that it’s going to meet some token And and basically use that to trade against itself and so during the crisis that because people were constantly pushing the price down it was constantly push uh meeting uh lunch to actually go and help itself and so that’s how you got like uh and then obviously someone realized that so He kept doing it and that’s how like you got like an infinite quantity of token uh minted so basically 6.5 trillion so to make it very simple what is the market module Market stands at 24 Market maker so that’s a market maker that’s uh an automated Market maker on chain with An Arbitrage board all together and also a mechanism to Mint and burn tokens okay thanks for that fluffy and I think Redline has to go so we’ll ask him a quick question before he has to go um it was just I don’t know how much you Can say red line there was just to be it’s just about the your communication with the exchanges how it’s going or if there’s anything that you can share I mean I know that you probably have to keep something to yourself whilst the communications are happening but if There’s anything that you can share with the community right now um at the moment no if anything we’re actually not allowed to comment on this The Exchange discussions in any capacity uh and I’m sorry put up between which I removed so like just by the discussions are ongoing The exchanges have asked us that we do not comment in any capacity on them so we have to respect that they’re the rules of the negotiations going forward if we break those we don’t have negotiations so unfortunately I cannot update yet at the moment but as soon as We get to go ahead from the exchanges or they give us permission to share something we will share that with you but at present we’re just not allowed the return discussions if I released any information yeah okay thanks for that um I understand that it’s in fact I know you talked a Lot about the market modules and so for the for this repack to work if if you know we can test it it looks like it’s going to work we speak to the exchanges we get the go ahead um so we’ll I’m assuming we’ll have to redesign everything right so we’ll have To do the swap set because the swaps are for when it was one dollar and usdc was one dollar so what uh could you talk a bit more about that process because that’s going to be quite important I guess um there’s been a few concerns from the community that you know we need To make sure that we do it correctly so we don’t have a similar type of Crash like we had with Luna so that if you could talk about that next or Alex as well I don’t know who’s the best person to answer that I I can’t take that one I can take that One so basically the thing is that uh obviously as I said is like we have the repair it works Etc as you just said uh there is one thing now I’ve described you as a market uh module in lots of details so you know that there are three Components right so you have like the market making strategy or the healthy strategy the our boat and then finally you have like the mint burn so for example uh what do we want so now we tokens have been maintained mostly right so uh certainly we don’t want to at Least like we may know do we want to Mint or or not so that’s the question we’re gonna ask and what’s the things we need to redesign so basically we have been like I’m gonna say uh straight away there have been like some ways maybe two Axes right uh like some people want to just tweak a bit the the swap on the market module and reopen it as it is but one uh side of foots and then myself I’m not a big fan of Vats right because uh because uh basically first of all it Depends what we want to do and also it also means that uh to me I think this is something which is quite old so but as I said it was like a uni swap V2 kind of mechanism and that has been like quite audited now now we are to use this from The free and unit swap before is coming and basically it’s a big thing which changes between these ones is like the market making strategy also LP strategy this is extremely complex so it’s it’s not easy to design the strategy and that’s like pure algo slash Quant slash Modeling and also it’s not even like blockchain work or whatever it’s just like we’re now we’re talking about the market making and algorithm and Quant finance and all this concentration liquidity of the V3 again right if you remember I spoke about that like in December so I think personally We should definitely go with that right because I think one of the issues we had during the class is that or basically when people talk about like we’re gonna add fail fail safe uh feature to the swap to me like the way you constrain a market maker is not by adding fair safe You can add a bit but is by changing the market making strategies the algo of the market maker itself so that’s a bit more profound that’s a bit more involved so and and for that you might if you want to do that that means that you need concentrated liquidity for those who Don’t know one of the big issue or big flow of what we have the market module or what we call like the um the IMM for example Terra swap or like against robot V1 and all is that when you provide liquidity it means that you’re always willing to buy and sell But you have to do so all the way to zero so basically you have to be willing to buy and sell all the way between zero and infinity and that’s what that’s why actually makes a rug possible because you’re always willing to buy and sell All the way to zero right so there is a new thing which came out again through uniswap which is called concentrated liquidity which means that you can choose to buy and sell for within a range so basically once you’ve uh like set the price of the assets that you’re Looking at is a twenty dollar you’ve decided that you want to be willing to buy and sell between like 15 and 25 if the price goes below 25 it automatically stops that’s very good that’s a great feature uh to me I think that’s at the very least what we should have now but This to implement that is not straightforward right so because once you do that I mean you can implement it and then you need the strategy to Define like the range that you want to to be in and that’s not easy thing to do right so to me the way to go Personally I’ve been like a big uh but again but uh what I think and that’s like we can have these discussions Etc and it’s completely fine uh I’m big I’m a big Advocate to at least move to uh um concentrated liquidity so you need to have briefly like uh decks and then on Top of it if you move to that it means that you need to have like a dynamic strategy so because in unisa V2 you are providing liquidity between zero and infinity it’s fine you can just have what we call like a static strategy and obviously you saw the issue with Village Is that uh it goes all the way to zero your minting and boom that’s what happens if you want to fix that and move to uh concentrated liquidity that’s cool but now you need to choose your range and that makes things a bit more complicated and involved so that’s Something to keep in mind so personally I think we should go down this road that’s one thing and then we have to think as well about the main burn mechanism so basically the way I look at it is that so if you want To the way it is now do you want to Mint and burn as it is I think it’s a terrible idea personally another thing that you can do is that if you make the right changes and you bring the right trading volume on chain for this Market Module then you can choose that all the profits that you make you actually use to burn right so you still have the burn you just don’t have it in the same place that you had before right now it’s like whenever you swap uh it’s gonna we said It’s gonna move the price and then it’s gonna Arbitrage itself automatically and format is gonna mint and all blah blah blah that’s cool but I’m saying is like this mechanism to me is too uh uh convoluted and it’s very hard to to handle as you saw like I’m a very uh I Have a very risk management approach and there are risk and not comfortable to take uh I I’m talking from the algo point of view so if I don’t have a clear visibility on the wrist that we’re taking for me is a big no because when you’re kind of relying on some sort of Chance or whatever and that’s why I propose to do like the testing of chain and all this thing so to me you need to have like some drastic changes in terms of the algo itself in the market module also we need to I think from from my uh Opinion my point of view sorry we need to revisit or think in which place we want to put the mint and the burn and I think it’s not necessarily the best thing to put it uh where it is now because uh either that you have to to have a very Unconstrained system which means that you can quickly end up like over minting like happen during the crash or if you want to constrain the system too much it means that basically no one will trade and it’s going to be useless and that’s what I think right now of Course I need to study this more and to run some more numbers and things like that and all but from what I have uh worked out to now to me if you just say oh we’re gonna change slightly the market module and add for example sales Is either you constrain it too much and at the end of the day it means that it’s so constrained but it’s not gonna move at all figure like if I attach you if I attach you too tight then you can’t move at all right and then it’s useless Because you’re going to put lots of work and efforts and all and at the end of the day it’s something that no one is going to use but then if I uh I release these types what’s likely to happen is that well the issues that you saw before basically right yeah Cool um someone just DM saying that can we let other people talk um other other members of the Quant team talk maybe they’re they’re tired of your voice Buffy um so maybe my next question comes to Alex I’ve got a few more questions for you if you’ve got I’ve got a few Questions from Rabbi as well that in this thing but maybe the next question is to Alex about the ustc supply lunatic if you want to go ahead with your question for Alex because I know that uh he recently tweeted that um I will stay with this like undercollator Light you know like not zero collateral but like undercolette drives that they’re not dead and um like what’s our strategy like do we have an idea are we going to have like uh you know what I mean like uh it’s going to be 80 collateral like 30 50 like do You guys also have stuff like this in mind so uh let’s back up for a minute um uh so I think the the community has been has been very clear that spoken very clearly that it does not want to um to provide collateral to be I guess to Be forced through governance to provide a collateral um for ustc right that’s basically the the no mint the no minting uh thesis now um the way I though so the way the way I looked the way I looked at it was kind of um accepting that reality was like okay Um so if if that’s just like like an and uh in a hard constraint to work with like basically like how can we reconstruct uh ustc into something closer to a functioning product like a functioning stable coin um without that right and um I think and so so so basically like like I so I had these ideas where I was like like listen like there’s a lot of stuff the community can do to like to get ustc a lot closer to the finished law to the finish line of like a fully you know viable product and there are stable Coins out there like like ample fourth which um which have highly restrictive um algorithm uh algorithms and are actually uncollateralized and they do not they do not death spiral now they have a lot of other drawbacks that that have made them not the biggest success ever but but but Though they’re still in a better place than like where ustc is today uh so and then and then and then I think and there’s also the possibility that if if the community does get it back together and rally around a common credible and viable Vision that um you know I I don’t the ustc I don’t think is going to go to 9.7 billion dollars for uh you know in its current state right but but if the supply of right now right now it’s 9.7 billion tokens and it’s like 1.1 cents per token so it’s like it’s Like one it’s like 120 actually actually I don’t know if I’m not sure if I don’t know if it’s moved a lot very recently but uh uh here again oh wow holy it’s like it rallied like 50 uh cool well I’m gonna take complete credit for that of course just kidding Um no but I think so so if it’s like 180 170 million market cap today right like there are there are coins like Pepe out there that that are literally a joke that stand for absolutely nothing other than a meme that have one billion dollar market caps right so I think with with a credible vision and a credible plan of of of kind of like uh compartmentalized steps that that that are that anybody can read and understand right I do think that that if we if we shrank the supply of ustc down to you know 500 million tokens or a billion Tokens or something like that and had and had a uh a somewhat of an amp a more ample force-like approach I do think that we could create a lot of market cap and a lot of value from a narrative like that and once and once the market is Kind of buying is to some extent starting to buy into that kind of a vision and the market cap grows then we can that gives us ammunition to to collateralize however we want later so so that so um the short answer to your question is We’re not we’re uh I mean I do think that that any one billion dollar market cap Plus stablecoin absolutely needs outside collateral in order to um in order to have like credibility and survive in the market uh but but we’re not at a place right now where we where Like we can just go to the community and and and ask the community to just stump up uh to stump up um that outside collateral yet because before we even do that we need to deal with the ustc bad debt the bad debt issue which is just like Um One Way or Another through through you know some combination of ideas proposals um we’ve got uh we’ve got to to shrink the supply effectively shrink the supply of ustc down pretty dramatically so um so the post that I made today was that that first step of like like how Can we as a community uh accomplish that to some extent with like in a way that makes all makes all the stakeholders better all the all of today’s stakeholders better off does that make sense it makes perfect sense uh I have another question that says it’s okay for you Rockwell because uh I don’t have the chance to speak to to Alex with Austin um so look when you when you talk about the depth because everybody’s talking about the depth right and everybody has like um a different idea of what it means like does the depth mean that People are going to dump no right now like what does the depth mean in this okay yeah and um yeah it’s so all I mean all I mean when I say that is like um so if uscc traded at one dollar it would be a 9.7 9.8 billion market cap Token right that would be it so that’s like if the debt were trading at 100 cents on the dollar okay now I mean any any just if you if you if you talk to anybody any financial analyst who covers like Banks or um anything like that uh deposits are like a liability Um they’re they are a debt right a bank takes in people’s deposits uh and lends it out to some to somewhere else and and the bank uh the consumer thinks of that as as like his asset like it’s it’s my cash and I put it in the Bank but to the bank the bank uh like owes that money owes that deposit back to the to the customer right so ultimately so so I guess um that’s the word that I’ve used and it’s it’s probably scared a lot of people to be honest Um uh because they think oh like I’m on the hook for 9.7 billion dollars now but I guess um I guess all I’m trying to trying to say but say by that is um for ustc to to trade at one dollar like without tweaking the supply at all You are expecting 9.7 billion dollars to show up from somewhere and do that for you and and you know and quote and quote unquote assume that debt and my argument is that is impossible there is no way in hell that is going to happen so we need To shrink the that so-called debt down to something way lower than where it is today in order to in order to make ustc viable again makes sense maybe maybe it’s not stupid but I was thinking um all these tokens you know they they somehow um they they lock tokens up for staking With resting periods over like three years for developers you know what I mean and then uh the market cap is like somehow artificially um shrinked right because the token they don’t count them in when they show you the market cap and you trade the token it’s like circulating Supply times the The price so I’m just thinking like if like two three four five large entities would be holding lots of us to see right and you could like somehow promised them future years you know what I mean they hold up this stuff anyways right they’re not selling right now so They can hold on anyway if they would think to lock it for like three years five years resting and wouldn’t it by the community time to to grow this again and you don’t have to you know you effectively kind of burn the token at this temporarily I I’m very opposed to that idea like first of all there’s no um there’s no such thing as ustc staking um staking when you use the word stake you’re you mean you mean that you are you’re lending uh your lunk or your ethereum or your yourself would be Something like a like a bond or whatever in a contract company yeah uh but but for it’s like like if you go into a bank if a bank if a bank down the street from you says we’re offering we’re offering 10 uh interest rate on deposits are you going To run in there with your money and deposit all your money there no because you’re going to be thinking well what’s what’s that money what’s the money going to that’s going to be generating enough income for that bank to afford to pay me uh 10 on my deposit right and it’s the Same no no in general it makes sense but but my idea is in that case they’re trapped anyways right they’re like the size of services their money the creditors their money is like trapped anyways right now and I’m thinking like if you guys want to like like Market Make and generate money for the community you know maybe if if a portion of that would be allocated to those people you know then you can generate yield for them and then maybe they would be agreeing to to lock their coins away and then we could I don’t know you know Well that is I mean I mean what um what the team is the the kind of the the centralized exchange proposal that the team has been working on does move in that direction but at the same time we have to acknowledge that a 180 million dollar market cap coin no Matter how much it’s traded you’re not going to generate 9.6 billion dollars of trading fees from that for an insanely long like like centuries or without for you know for thousands of years right so so it’s good to to kind of try things in that direction but it’s Also good to say that there needs to be um there needs to be a drastic kind of Supply adjustment as well and so I’ve I I was kind of thinking about about ways that the community could could do that um you know in in the way that that kind Of makes the most sense and respects everybody’s interests um everybody’s preferences the most yeah I guess I guess it’s a combination at the end you know and like you said if if there was a vision in over everybody was ready behind I mean we were like at 5 billion markets kept almost with long you know like it can it can grow quick if we our United you know it doesn’t have to also stay at like 200 million 500 million yeah I mean I I mean I do and I think I also think that if the Community you know rallied around like proposing a new slate of of Governors to the Luna Foundation guard right I think the community could get its hands on 45 million dollars that way um you know I have I have spoken in in some detail in the past with one of the Five board members on this topic and and I I don’t know I a lot of things have changed since that conversation but I do think that if if the community rallied behind a proposed you know an idea that respected their interests you know so they have very specific Legal interests that that and they have like you know uh very up legal situation right now um and you know we’d probably have to show a little more a lot more organization and sophistication than than what we have so far but I do think that if a slate of Like five credible articulate people were put forward by the community to to take over the administration of the Luna Foundation guard I do think that that that could happen right so so for everybody just to understand for what what you’re saying is one of the biggest obstacles we had Is the lfg locked qstdc Supply right because that should just be sent to the I mean that should just be sent to a burn address right yeah no no no uh yeah for sure but we couldn’t because it’s not in our control right but what you’re saying is The community has the ability to to get a hand on it yeah yeah but I mean by doing the right yeah I mean but I’m not like fighting all the time yeah but also you know um a little Foundation card I think has like uh uh 1.8 billion ustc in it or something Um but I did some work with with frag uh with frog verdict um he helped who you know um executed the the the request for me um like we basically know through um a lot of research that that us a very small number of centralized parties own At least 50 of all the ustc that exists and all these Central uh and and and so basically a huge like more than half of the ustc has not moved within the last year okay in the last six months that number is 70 so like in other words If if an account had you know one million 550 420 ustc six months ago it has the identical balance of ustc today so if you add up all the all the wallets uh where like the the where the the balance of ustc is identical to the like to six decimal Points uh from six months ago that’s that’s 70 of all the USD so that basically that’s 70 of the usdc that that has been just left uh left for dead is dust and that that that could be burned right so yeah it makes sense makes and also fedman last year said if I remember uh you know I I don’t know how credible Batman is because you know it’s controversial but I remember him saying uh when this detecting happened and he was like writing um all direct people behind him he was saying that he thinks the props or he said he has a Thought that says or whatever they did an editing and they said like um ten percent of orders is holding like 90 of the usdc and the rest is like more retail so like five to ten wallets hold maybe 10 wallets hold 50 percent of all the ustc well actually that’s probably too high But uh but it is very concentrated and and a lot of those entities that’s better because through governance we can we can do things to that to that ustc and and um you know probably have a bunch of it sent to you know ultimately to be burned Right to help to you know to to help yeah it makes sense makes sense but I also because it’s you know it’s Twitter and I saw a bunch of tweets where people are saying like um oh no there is the central entity and they’re holding so Much of it so they will dump immediately you know like that makes it no no we we have we have to deal with that before we these are all things we need to deal with before we re-enable the um the market module but but the good News is it’s pretty easy to deal with if the community just rallies around it right from a legal point of view can we do that through governance and burn someone else’s ustc I guess um we could we could like hard Fork it I I think um uh So so basically I think the chain could vote I mean I I don’t um I actually need to need to talk I I have talked in a lot of detail in the past with Ed and others and and everyone is very confident that one way or another it can be done Um uh but there are some differences in in exactly how it’s executed but um but I have I have and heard a lot of confidence uh in the past um uh in terms of how that could be done so now I think as far as ustc I don’t Know how I would really want us to the hard Fork of ustc to be honored by the centralized exchanges um because the centralized exchanges refused to honor the hard Fork then then we would lose those listings uh and and that’s that’s a key asset for us That we we don’t want to lose so um so that would be something to ultimately talk to the centralized exchanges about uh and get their uh you know get of the you know the the three or four really key players and and make sure that they’re okay with it um but um Yeah I’m sorry what was your question Rocco well you’re saying you’re just like was it is it kind of like legally and logistically possible I think it is um based on the conversations I’ve had with the you know people who are much better uh blockchain Engineers than me So would like hard Focus if you hold like five usdc you get like one uscc so like burn the supply that way yeah uh well I mean there are a million ways you could do it but um uh yeah yeah oh I’ve got another question for you so there’s a comment about burning Dormant ustc I’ve seen a tweet from you but someone said could you ask about it I mean this is what I’ve been talking about so I made this post on Commonwealth um kind of uh kind of talking about the dormant ustc that’s what I mean by the by by the 50 or over The sorry the 70 of ustc that that has been left untouched for for six months right that’s it’s dormant like it’s it’s basically dead um and so I I would say that the ustc that’s been that dormant is um is a really Prime candidate to get burned uh like it it um Um yeah cool I’ll have a read of your article um after this um if you guys have any questions we’ll probably go on for another 20 minutes half an hour and DM me or you can come up and ask yeah maybe I can ask one more and then We can let some people come up if they like to yeah go ahead mate um maybe maybe that’s too much just a little bit um so what I’m interested in is like I know office decision for the chain like um my question for Alex is like like Um do you have a vision or idea like because at the end of the day you guys want to repack USBC that’s that’s you know I would love it if my bags go up and everything and length of the Panic or whatever but like do you have an idea Like what are we going to do with the usdc at the end because we used to have this mirror thing and anchor and stuff like this and I’m like a fan of re-enabling this or we can actually do something you know even if it’s just just earning interest and let people teach them Trade and then be earn interest by borrowing the coins or whatever you know what I mean like something um do you have an idea or something in your mind so I mean I I can speak personally here um I uh you know I think I I think you know my My long-term vision is probably something pretty close to to kind of what I wrote in that 19 page white paper from almost a year ago um or nine months ago or whatever it was but I think I think everybody everybody here kind of agrees that a decentralized unit of Stable account is would be a valuable product if it can if it has a CR a decent chance of actually working uh I mean there there’s a lot of demand for it in crypto and and crypto right now is completely dependent on Tether uh for that and and that’s Just a very dangerous uh that’s an extremely vulnerable um state to be in and um I would say though um I’m I would be really opposed to re to restarting the old anchor because the old anchor just paid out 20 percent interest to everybody and it didn’t have Loans it wasn’t making loans at like 25 uh on the other side um and that’s why that’s why dokon had to bail anchor out uh he had to he had to he had to like literally bail it out um two or three times um and because anchor was burning tons of money Um because they like everybody loved it as long as they were getting 20 interest but they didn’t think about like like what was ultimately funding that that uh funding that interest right so um no that’s true that’s true but but it also fueled the usdp uh high price because everybody wanted like everybody Was yeah he was also there because everybody wanted to serve for 20 yeah I mean that that’s something that I’m I’m extreme I’m virtually certain that if you know if dokon were sitting down 10 years from now and writing his his his you know completely candid uh Memoirs of like what he would have done differently I am certain that he would have um uh he would have not bailed out anchor that that last time um because that was what caught that was what blew the final bubble um that that ultimately blew up and I Mean there were other things there were there were other things going on too but that was certainly like his big unforced error gotcha do you think do you think there is a let’s say um sustainable possible path of um relaunch or anchor like is it possible to redesign the protocol so That the quotes like realistic or sustainable race yeah I mean we I mean the good news is that you know overnight interest rates are at like five and a half five or five and a half percent right so uh and I know that’s what I’m thinking you know It was like just a little bit earlier I mean I mean I mean there are there are a bunch of tokenized uh of um real-world asset protocols out there now like tokenizing treasuries and stuff like that and um and I absolutely you know I I think but But the yield has to be grounded in reality right it can’t just be uh you know a number a 20 27 which is what anchor actually what wasn’t even it was like it was even higher than 20 it was like 27 for a lot of its existence um And that that’s not sustainable so it’s just like you know Banks just like a bank borrow short you know borrows money from deposits and then lends it out to to businesses that actually do reels do real things whether it’s uh you know selling something or you know that or um Uh or you know financing high frequency lending Capital capitalizing high frequency Traders or whatever it is um you know the the yield has to ultimately come from somewhere right so um so yeah I mean that that’s that’s far into the future but but it’s possible it’s certainly possible oh it makes Sense maybe we can pay from the community pool uh well I think a big part of this is actually to um start replenishing the community pool right because the I mean the market module is what is what feeds the community pool um in the or the Oracle at the Oracle Pool I should say um um and because the Oracle pool has been has been slowly um I mean it’s I think it’s it’s probably depleted like half of its value over the last year so um ultimately the you you reverse that by re-enabling the market module but you can’t do that until Until you’ve um until you’ve addressed the bad debt issue yes yes um yeah that’s a another conversation I think I’ll put a tweet out as well about community pool in our couple and what happens when they when they run out but bring that to bring the conversation Back to the usdc what would you guys like to see happen in the next couple of weeks um to share with the community like what can we expect from you guys in the next couple of weeks uh Alex you can go for it okay um well so I think so we’ve got we’ve Got kind of um we have the the proposal for the centralized exchanges and and that um that’s kind of um you know uh very much in progress but I but um also you know to centralize exchanges they’ve got all they’ve got a lot of other problems Right now they’ve got a lot of other stuff on their plate we don’t really know we have no way of knowing kind of when they’ll act and and so it in the meantime you know we should we should recognize that there’s a lot of stuff we can do on our own As a community to to um to to make to salvage a lot from from the wreckage here and so I think um I think all the stuff that I’ve talked about with on ustc is stuff that that the community could could get uh you know could get behind whenever Whenever it wants to and um and I think and and also the the Luna Foundation guard um getting involved in that process I think would would get the you know get some much needed money into into the hands of of the community and so I just think there’s if you just If you just zoom out there there’s a lot of ways that value can be created here and and I think it’s really just about building a unified um consensus and narrative around that and executing on it and I think I think you know I think a lot of market cap could Be created in a hurry if that happens we know a lot of us kind of saw a version of that um when when staking was re-enabled um a year ago and and I I don’t uh I think that was a that was a simpler Case but right but but I think I think a lot there’s there is a lot more low-hanging fruit here and it would be it would be really nice to to see consensus build there and um and rally rally behind that so thanks for that Ivan’s come up you want to ask a Question mate uh yeah I wasn’t sure if you were taking questions now I just hopped in so if you guys are uh still uh covering the bases I can drop back down and then I’ll come back up uh nothing you can go ahead we’ll start rounding up now there’s uh we’ll take a Couple of questions of yourself and want to do more and then we’ll we’ll start rounding up all right cool cool thank you um so uh I guess the uh first thing is um you know like we’re all going through a lot right now there’s a lot of BS on all of our plates Um you know so that kind of it sucks for all of us um but uh you know at the end of the day um where do you guys feel like uh and I’m sorry if you answered the question before um but uh like the intent is to like uh You know work and increments on the way through um you know what is you know kind of the projection for for that um you know as far as what you guys are working on and um like I I understand it’s super hard to find a timeline and you know to give that answer Um but you guys are working on it so I assume that there’s you know and I wouldn’t hold you to anything like that um but is there you know something you know for all of us to look forward to um and how are things going with the Cex’s I understand you guys are working uh on a lot and there’s a lot to it man it’s a monster uh that you guys are tackling so I I was just kind of curious as to um you know those couple of things sorry so what’s your question in like 10 words 10 words Um uh so if you know what is the foreseeable future as far as projections well I mean I think a lot of that depends on how how the centralized changes ultimately react to a finalized proposal and what the community is able to do on its own uh which I Think we’ve been talking about a lot of that stuff for the last uh hour and 15 minutes or so Um um so I don’t know um fatty if anyone else wants to uh like like I guess I would I guess I would say like um there’s I think you you there’s a lot that’s just up to the community and there’s a lot of different things that can be done that we’ve Talked about I guess I guess I would say like um listen to the replay or something um yeah yeah I can I I can run back Alex no problem um I I like I said I just came in um so I as far as the cexes go Um you know uh how has progress been going with that um if you could touch bases on that real quick for me um and you know how many more months are we going to get into the uh Market module for uh usdc so yes can you hear me yeah so basically on The sex we can’t uh talk about it uh so we mentioned that before uh Ivan uh we really can’t talk about it but something we can’t really address um on the I guess I’m gonna make a shortcut maybe or summarize your question as a how long it’s gonna take for like for This proposal or for usdc or yeah so so how does that is to decide what we want to do and who want to be right so working on this and uh but I think we’ve done some good progress and all but then there are many questions to to answer so You’re going to listen I guess to the to the recording and you’re gonna see uh but it’s many things but what Alex was trying to say is uh depends we need to start having these discussions in the open and try to be transparent and you know have some harmonious discussions For example doesn’t matter what we do let’s say that we managed to repay usdc what do you do with it right you don’t do nothing with it nothing is going to happen right so these are the kind of things that we really need to start thinking about and As a community and I think that’s why we try to push this kind of concept of being a uh of the dating or creating you a thread for on usdc on Commonwealth or you can discuss it on your on Twitter or whatever but we really need to start thinking of Uscc for one dollar then what you know and uh on the market module as well uh I I discussed that actually in great great great great data details uh before so you’re gonna listen and and see but more or less what I’m gonna say is that once We have a clear view of what we want to do you can like it it’s always like deciding what we want to do which takes longer or something all right so then it depends how many people we have available to do etc etc but and I’m not Gonna say because the other thing is that we have uh listed tokens I have uh personally for me like it’s like I’m very uh touchy around these things you can quickly say like hey guys in Fremont or even if that’s not what you meant like straight away people are gonna go Buy blah blah it can be like you know so we have to be a bit careful about that but I think we have something I personally think we have something pretty good here or we could make something good but it really depends on our ability to Rally unite and try to Come up with a like a vision and executive I guess that’s what Alex said before right yeah yeah definitely uh you know thank you for that faff and I’m sorry that I came in a little late I and I missed probably like 80 percent of what you Guys said so uh you know I just wanted to uh ask those questions um I I really appreciate your time and I I’ll drop myself back down thank you yeah thanks Ivan should we take two more questions Alex then we can finish okay I think classic was next yeah hi hi there Um hi Alex um hi everyone um I just got this uh idea for a while now um how about if we denominate ustc instead of trying to um buy back the you know the amount that’s uh Missing I mean the the debt that’s on ustc how about we denominate the coin for example If someone holds let’s say 1000 usdc and it’s worth let’s say ten dollars and then it gets like 10 coins with the same amount like for ten dollars is gonna get ten coins instead of one thousand and then we try to denominate it to the market Cap that we have for example now and just work it from there instead of buying back all the coins and or you know because we have to make the money that’s missing from usdc in order to repake it and it’s a law so what do you think about this Um so so basically uh create a new token and and airdrop it um exactly yeah yeah so I mean um one problem is so that was I I made a proposal at one point along those lines like many months ago but I think um there are there are issues with that Um I I think it’s going to be very hard to to list a new algorithmic stablecoin on centralized exchanges given the history of what’s happened to those uh in the past so ustc one very bad glass that the uscc does have is its listings on several centralized exchanges that gives It a lot of liquidity and actually Fiat interchangeability that that would be virtually impossible to get today if you were starting a new algorithmic stable point from scratch um so that’s one that’s one objection um and then I guess aside from that so I Mean I guess what what I a lot of things a lot of the things I’ve been saying with usdc are basically like do a reverse split of it through governance and that that accomplishes the same thing but you keep the the listing of ustc that’s on binance and and the other Venues which is very valuable right right okay right and uh one more one more question um at the moment we we are stuck with Terror Rebels um wallet um there’s any news regarding any development of a new wallet from you know to be able to be totally decentralized instead of like using I’m with you there I mean I don’t I don’t use the terror Rebels station um but I total wallet um whatever it is but uh my understanding was that it was maybe maybe long burn Steve LBA or um you know some some peoples that were credible and associated with the L1 task Force or maybe was the L1 task force itself actually put up a proposition to to fund that at some point and and it actually failed to pass um that that’s what I was told had happened um so I don’t know I guess Tara Rebels still has a lot of validator cloud or Something I somehow which I don’t really understand at all but um I mean I guess or maybe there was something wrong with the proposal I don’t know um but uh I would certainly I was actually just having a conversation with frag about that yesterday about just you know some of these Um really basic building blocks of of kind of a functioning Network and and I I think that was I think that was a frag or Steve said well the reason why we haven’t done that is that the community refused to fund it or something um I was surprised I was surprised when I When when they told me that so right right yeah because the proposal um didn’t pass I think happy cat crypto put it on but um didn’t pass so at the moment we stuck with that there’s nothing we can do at the moment at the moment so I would be very supportive of like like uh and you know an l1tf sanctioned um station and wallet solution okay then all right then guys uh I catch you all later on take care thank you for having me thanks for the questions that is a good question about the wallet and I think Matt’s Market was next hey what’s up guys um Alex got a question for you man um have you guys run any type of uh test environment uh like if you would just turn the market module back on right now being that they put the hard cap on the amount Of lump that could be minted have y’all done any testing to see what would happen well I I mean I’m pretty sure our position is that like we don’t we think it’s too early to to re-enable the market uh the market module I mean there’s there’s a bunch of things that Need to be done before that happens um um there has been a a bunch of um like modeling and testing in in our group but that’s that’s related to like how how ustc um you know how much kind of tax revenue it would generate under you know certain centralized exchange uh kind of Frameworks um I mean fappy do you want to this this is more in your wheelhouse if you want to elaborate on this uh not yet to be honest um uh not yet it’s like uh we have to tweak a little bit uh the tool that we have to Represent the market model in it uh because we’ve been I said earlier I don’t know if you were here we’ve been doing quite a few Challenge and also we need to stabilize the stabilize so we update everything but uh we haven’t done yet but that would be something extremely interesting to do actually All right cool I appreciate it thank you very much yeah welcome thanks Matt was there another question lunatic or should we start rounding up I think Mazel i i t um do you want to ask a quick question mate I think you’ve already joined yeah thank you thank you um yeah I also Came on pretty late so I’ll make a quick high five feet hi Alex how are you guys doing thank you Rocco for making this happen I guess like I don’t know if it was covered before but I know Alex was uh kind of doing a deep dive into assets On the chain and I wonder if you can ballpark that figure what have you found I know there was uh the monkey Sig that was off chain that was an old story but from all your research you can ballpark what is really kind of buried in the chain and What are what are the hurdles how difficult is it going to be for us to uh get control of those funds to help the effort here so Luna Foundation guard 45 million US dollars worth of assets um the the old cross chain multi-sig I think has about three million dollars of assets Um and then and then ustc that’s excluding ustc and then ustc we think we think about 65 or 70 percent of ustc is basically is basically left for dead um mostly in the hands of in of a very small number of um uh highly centralized uh entities dating from before the crash Um so so that which could theoretically be burned okay I mean and what kind of like it could just be burnt but someone is going to raise their hand and say excuse me um you know I mean how difficult is it going to be for us to actually get Access or burn These funds well through Governor I mean governance can ultimately control what happens to ustc in particular that doesn’t really require um because usdc lives completely on the the lung chain right so so lunk governance can can theoretically control uh what happens to that as far as the other Assets those assets do not live on the um on the lung chain right the the Luna Foundation guard is an off-chain legal entity and they they basically have an avalanche wallet for their avacs they have a binance smart chain wallet for their BNB and they have a Bitcoin wallet for their BTC Um and also those assets have um or at least the avax I know the for a fact that the avax like it has um they made some complicated like the Luna Foundation guard entity made a complicated made a very specific legal agreement with the the Avalanche Foundation over how that Avalanche could be Could be used um and and so if the community were to nominate five people to replace the five current uh members of the of the Luna Foundation guard board that board would have to hold a vote and and they would have to they would have to basically trust the community Nominees that these are that these are like credible people you know real intelligent um well-meaning people who like have who have a lot to lose like in in personal real world reputation or whatever if um if something really bad happens after control is handed over uh so they’d have to And they probably won’t they probably want those people to you know um if I were to let’s put this way if I were joke one or Canal Korea at jump or Jose Maria macedo um from Delphi right um uh you know they have all these Vault Those are three of the five uh Luna Foundation guard Governors and if I were in their shoes um you know they’re they’re basically fighting against this this you know fraudulent narrative that has been that has been um repeated over and over and over again that you know Um you know those guys were masterminded this giant financial fraud um and and they created a bunch of victims and owe a bunch of people billions of dollars when in reality it was a bunch of degen’s uh taking a risk on a highly experimental uh concept Um and and at the fan and as it often does in crypto and and we’ve all moved on and I think I think they would like to see they would they would like to see that you know the successor Governor like they would be they would not want to hand Over the the foundation card control to people who like who believe who subscribe to the false narrative right so it might help them to see some proof of work uh from the community that you know um you know we’re standing up for the the financial interests of the of the current Community which includes a bunch of people who are wrecked from like me who were wrecked during the the Luna the Luna crash and by the way we don’t we don’t buy into this narrative about about this giant premeditated financial fraud that got wasted onto people um so so anyway that’s a whole separate Complicated process that the the community would have to engage in and rally around uh it’s not something that that any one person could could just deliver um but I have I can tell you from my own conversations from like six months ago that they’re that there is there was definitely receptiveness to that That’s that’s what that’s the answer for the 45 million yeah um very very cool um yeah just one last comment because I know we’re winding down um yeah I mean almost 50 million dollars that’s that’s of course a lot of money but what’s actually more interesting I think is what you said about 65 of the circulating supply of usdc potentially be burnt I mean that’s a lot more than 50 million dollars and I mean hold on a second um uh you know you you have to if you think about um of course like like the mark to market Value is is I mean it was probably probably be about 110 million dollars today but if you look at a bid ask depth of uscc across different exchanges it’s like it’s it’s incredibly low right it’s something like you know plus or minus two percent um it’s probably like 250 000 of Liquidity right so if somebody sold a million dollars of ustc at the market they’d probably drop it like 30 percent right so so I would I would caution I I you know um no I understand I understand but what I was going to say was is that you know This idea of a reverse split it’s an interesting idea to help us get to the repad quicker but that uh basically takes away any appreciation for anybody that’s been speculating in this coin whereas if yes we wouldn’t do like a total reverse split straight to one we’d probably take It to I don’t know 50 cents 70 cents or something and leave a lot on the table for people who well yeah that’s right so so if you’re able to actually burn 65 of the circulating Supply before reverse split then you accomplish both things plus you show right right right right Right so that’s why I thought what you said was very interesting on that and I appreciate you as always Alex thank you fappy thank you Rocco I’ll talk to you soon guys cool thanks mate and I’ll ask the final question um and then we’ll start we’ll end this We’ll keep saying we’ll end it but then we’ll carry on it’s about you know for us to get this uscc repack to work we’ll have to all work together the Quant team the L1 team there seems to be a few questions that you know I don’t like the L1 team for some reason I don’t know why I was at a PSX is here he arranged it I think I was in a spaces with Steve before um I don’t know frag but couple of DMS within me he couldn’t join today and but yeah we’ll all have to work together the Community will have to work together so my question is if uscc is the next step you know you guys are going to test the algo um and then hopefully if it works I’m assuming you’ll have to work together with the L1 team to update the market Modules so if you want to talk about how the next steps will work with the testing working with the L1 team updating the working modules and yeah just to success factors how do you see if it is to work how will it work I um I feel like I’m talking too much but I I mean I can I can take that I guess um I I Look I mean I I’ve always I’ve always had good relationships with uh um uh you know had had disagreements but generally had to get a good relationship with with uh with Stephen especially fragg and um and I I don’t know the other guys well but I mean there’s there’s no reason why um In my mind there’s no reason why we we couldn’t work well together with the L1 task force so um but yeah you’re right it will take it will say I think it will take some kind of more um formalized cooperation uh than what Um as we get I like as we get closer to to what we’re trying to build right I mean it um maybe like right now this second might it might be a bit premature but yeah I mean that’s that’s definitely going to have to happen at some point Fappy do you want to kind of address kind of the rest of that so would you would you so after your testing would you make a proposal to the L1 team say look these are the changes we’ve tested it out we think this will work these are The changes we would like to make or would you come to the Community First for a vote and then go to the L1 team I guess across that bridge I mean so all the community makes all the decisions ultimately so I guess it’s it’s a you know cross that bridge when we get To it but it’s it’s it’s always the community’s call yeah I would say is that uh first of all the more we are the faster we are right but like a constant no matter what you do right it would make zero sense to try to have less people involved actually if I will be like stupid from a community perspective and that would be very selfish right so that’s one the second thing is that uh you know we know each other and uh I think we have a good relationship and also I think it’s not a I I think is that uh I don’t see it as a uh I don’t see it as a like you know them a nurse Etc I mean for example Alex is working quite naturally with a frog and that’s like you know we didn’t have to Put a pro for that or things like that the other thing I would like to insist on and because it’s a recording space and we have lots of people so at least I’ve said it and you cannot tell me uh later at all it’s to me it would make Literally zero sense to for example get rid of frag right you have someone who has been around again like Alex I don’t know the others but I guess he applies uh equally right so you have someone that you have like has spent time on learning the blockchain and working and All Etc and then you come and you say hey can you like move on no you don’t do that right so however like for example putting a proposal and second you implement that it just does not work like this right so if you go to a hedge Fund who does algo trading is like you have a team which is mixed between current and Dev because they have to talk a lot between themselves and that’s why I have in the if we have in the team Bilbo he’s got like a more like for example Dev profile but were integrated Together because there are things that will take me so much time to do or like forward Etc so you kind of need to reduce that bridge so I think personally uh I just think the the thing would uh I think it would work out more or less Naturally if if we were to do something in this area and don’t forget that the market model is a very small part of the code so we need earlier I spoke about like charging the strategy and you know for Market making then like it will have If it comes to that I will for example I will probably like implement the Strat and then like you know frag will have to review it and then like you know uh like maybe he’ll add to it or he’ll complete with the test I mean if you’ve been like Involved in the project of this size or all you see that like in a bank you have a team of fighting a team of quants and within the points obviously we have condemns and all but they they have to talk together the kind of the working together right so it’s I think Personally I see the the approach I think right now it’s like a bit new Fresh So it’s a bit of uh some you know it can be a bit of a sensitive topic and all but I think for me I focus mostly on trying to get the right things the right Solution once we have something which works and we know it’s going to work I think it’s gonna ease a lots of things because people will be thinking of we get that done no matter who does it or how it happens or whatever we get that done and let’s move rather than the Visa Focus you see what I mean foreign it’s not really it’s not really on topic but um it needs to be said um so somebody uh posted some um personal identifying information of some of the L1 uh task force members I think it was today maybe they they posted it once Yesterday and um and posted it again today after it was deleted and um and I just want to say that uh that is just completely outrageous and unacceptable behavior that I that um that just uh pushes uh you know it it makes it makes contributors to the chain Want to want to quit um because they’re they’re basically being put at some real put it some real risk if uh if the laws change and some regulator decides decides that they want to uh you know go after crypto more or you know this um Basically like like a lot a lot of you guys might you know for a lot of you guys long might be like the first real crypto project that you’ve been involved in but um it just it looks really really really really really bad it makes the community look look terrible Um you know to the outside world and and it just destroys what intellectual Capital there is that’s left uh in this in this little uh Community right A lot of people have you know some some talented people have already left to to do their own things And for all of them the the toxicity here um was a really big part of it and and as far as toxicity goes uh like one of the the most toxic things you can possibly do in crypto is doxing someone and you base you basically don’t do it Unless you have first-hand proof that that person is committing some crime like uh you know you know rug pulling the community basically uh you otherwise you just you just don’t do it um so I just wanted to say that no I mean I I was speaking to fathi About this I didn’t know if I wanted to bring it up to give it attention but it’s it’s absolutely horrible I used to do livestream I think it was four or five years ago and I shared a screen that had personal information and some people were retweeting it and stuff and You know I wasn’t completely dogs but it was horrible and even when I saw this today I was like do I wanna be in the long Community even myself you know if I want to be involved and I get DMS to be validator or support projects and now I’m scared that if I support a project what if in the future people attack me so it’s absolutely horrible um thanks for just mentioning Alex and and guys please don’t do it you’re gonna lose more talent and you want to be working together not you know attacking people I don’t know what advantage Unless someone’s rug pulling I don’t know what positivity or what advantage you get from it so yeah just to Echo Wireless it’s horrible right fafi lunata do you want to say anything else or even Alex to end it maybe I quickly so yeah um yeah guys that’s uh that’s our Project so you know we’ll try to share a bit of these ideas that we discussed tonight uh don’t or today don’t hesitate to get involved as well but we try to share as much as we can and whenever we get the information so try to or if you Have ideas or things will make the two like open source is not our property so go for it check it out see if you you know if you have some ideas and stuff and then yeah I think uh hopefully we can do something good uh you know if we Get together and while I rally together I know I think we can do something good yeah thanks lunatic we might have lost lunatic but again thank you for me I feel really like in a privileged position to ask you guys questions and educating myself as well So good luck to you guys I’ll speak to you guys maybe a couple of weeks time uh once you’ve made more progress and um yeah look to the Moon I guess good night all Patreon https://www.patreon.com/currency365 Donate SHIBA INU 0x76E3E8AaB977cfC4A9770c206Fba7805a9020207 “Cash App” $Currency365crew Paypal https://www.paypal.me/currency365 To Send Me Things…..P.O.Box 1470 Newington, VA 22122 365 VIP Crew https://www.youtube.com/channel/UCc8fCv4uuBvUfmIGG5U-LFA/join Patreon https://www.patreon.com/currency365 Patreon https://www.patreon.com/eyesopenmedia Donate VOLT INU 0x2F36F99e808B4308126bd40A3C0EE047d181F4Be Donate LUNC terra1htl0t6wu3eqgjst5hztf4szc633tmy9fzjf50n Donate SHIBA INU 0x76E3E8AaB977cfC4A9770c206Fba7805a9020207 Donate SHINA INU 0x2F36F99e808B4308126bd40A3C0EE047d181F4Be Donate GALA 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USTC-LUNC Repeg Update With Algo Quant Team (Twitter Space) | CoinMarketBag
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