►
From YouTube: Inter Protocol Community Call #9 (Feb 2023)
Description
00:00 Introduction
02:00 IST updates over the last month
04:56 Upcoming Community Proposals
09:40 Vaults Update and Internal Testing
13:26 Economic Committee updates
19:26 Cosmos News and Updates
22:20 Upcoming Event: InterOp by Axelar in Denver Feb 27-28
23:25 Community Questions
23:40 Agoric: Liquidation bids in IST or other collateral?
25:00 EC: Liquid-staked derivatives as collateral?
27:28 DCF: Will BLD become a liquid staking token?
A
A
The
other
one's
a
bit
of
a
mouthful
I
am
going
to
be
taking
my
first
turn
at
hosting
the
inter-protocol
community
call
this
month
and
really
this
reflects
the
ongoing
shift
that
you've
seen
elsewhere
of
trying
to
get
enter
protocol
onto
more
of
a
community
footing
and
so
going
forward.
We're
going
to
talk
a
bit
more
later
in
the
meeting
about
what
that
means
and
how
you
can
get
involved.
A
Let's
wait
till
we've
got
a
few
more
bodies
in
the
room
to
have
that
discussion,
but
that's
who
I
am
and
I've
got
some
guests
with
me
today.
I've
got
Fred,
who
is
the
inter
protocol
project
coordinator,
who
will
be
taking
us
through
a
summary
of
what's
been
happening
with
ist
and
inner
protocol
since
the
last
time
we
all
got
together
here.
A
I
also
have
Roland
from
agorik
who's
worked
as
the
product
manager
for
inner
protocol
during
its
nascent
development
period
at
agoric,
and
he's
going
to
be
talking
about
some
interesting
things
that
are
coming
down.
The
engineering
pipeline
that
I
know
you're
all
going
to
want
to
hear
about
we're,
also
joined
today
by
Chris,
who
sits
on
the
economic
committee
and
is
going
to
talk
to
us
about
what's
been
happening
with
the
economic
committee
and
some
of
the
interesting
discussions
that
are
going
on
right
now.
A
Then,
if
we
have
some
time
permitting,
we've
got
some
other
news
items
that
maybe
aren't
necessarily
inner
protocol,
but
certainly
affect
all
of
us
that
work
in
the
cosmos
world
and
then
we'll
wrap
things
up.
So
it's
probably
a
solid
30
minutes.
Today.
We've
certainly
got
enough
time
for
Fred
and
Roland
and
Chris
to
talk
about
things
and
even
some
time
for
questions
as
well,
which
we
hope
to
get
to
at
the
end.
So
without
further
Ado.
B
Greetings:
everyone
thanks
Rick
for
that
and
yes,
lots
of
things
have
happened,
there's
more
to
come,
but
it's
interesting
to
look
at
just
the
news
that
it
has
happened
for
inner
protocol
over
the
last
month
or
so.
If
you've
been
following
the
osmo
IST
pool
number
837
on
osmosis,
it
is
just
eclipsed
one
million
dollars
in
liquid
liquidity.
This
is
also
a
time
where
IST,
if
you
go
to
analytics.inter.trade,
is
showing
two
million
dollars
in
total
mint
at
IST
and
Crescent
has
on
their
decks.
B
They
have
multiple
pools
with
ist
and
they've
exceeded
over
one
million
dollars
in
TBL
for
IST
alone,
so
we're
starting
to
see
some
actual
traction
and
usage,
at
least
in
the
pools
for
IST
and
vaults,
haven't
even
come
out
yet.
So
this
is
pretty
exciting.
In
addition
to
those
main
pools,
there's
a
new
pool
which
is
on
the
osmosis
chain,
and
it
is
pool
number
908
if
you're
looking
at
it
by
number
it's
a
three
pool.
B
It
has
dye
IST
and
cmst
from
comdex,
and
this
one
is
one
of
the
stable
swap
pools,
so
you
can
swap
between
them
and
it
went
from
0
to
where
I
think
right
now
it's
at
570
000
in
liquidity
in
just
a
couple
of
days.
So
that's
an
exciting
one
as
well.
You
might
be
asking
about
cmst.
You
haven't
necessarily
seen
it
on
the
osmosis
Network
a
lot.
B
I
know
that
sounds
a
little
complicated,
feel
free
to
jump
in
the
Discord
or
in
our
community
Forum
on
discourse
at
community.goric.com
and
we'll
happy
to
go
through
any
of
those
questions
you
have
as
far
as
new
things
coming
up
today,
Umi
has
listed
IST
as
an
asset
for
both
borrowing
and
lending,
so
you
can
lend
out
your
IST
and
you
can
borrow
IST
on
the
platform.
So
that's
another
exciting
one.
That's
just
happened
today
and
over
the
next
few
days
we
have
a
couple
of
community
proposals
coming
up.
B
B
A
B
B
If
anyone
in
the
community
would
like
to
do
a
proposal
for
incentives,
for
example
on
osmosis,
you
want
to
always
create
a
discussion
first,
if
you
don't
do
the
discussion
first,
then
it's
at
risk,
and
currently
the
these
are
at
risk
a
little
bit,
because
there
was
not
a
discussion
created,
but
once
the
discussion
is
created
and
you
post
your
proposal
on
chain,
then
there's
a
whole
process
that
has
to
go
through
to
initially
post
a
proposal
on
chain.
You
need
to
post
a
deposit.
B
Now
these
proposals
were
on
osmosis
chain,
so
the
deposit
required
is
a
total
of
sixteen
hundred
osmo.
Since
it's
the
osmosis
has
changed.
If
we
were
doing
a
proposal
on
the
agoric
Chain,
it
would
be
whatever
the
deposit
is
I
believe
it's
500
billed
for
the
agoric
chain
currently,
and
this
prevents
spammers
from
coming
in
and
posting
a
whole
bunch
of
proposals
that
people
have
to
vote
on
without
having
anything
at
risk.
B
And
what
I
mean
by
at
risk
is
that
that
1600
osmo
gets
returned
as
long
as
the
proposal
either
passes
or
doesn't
pass
if
it
gets
no
with
veto
more
than
a
third,
then
the
deposit
is
burned.
So
that's
the
risk
of
doing
a
Spam
type
of
proposal.
Now
ours
are
not
spam,
but
the
the
community
proposal
went
out
with
the
vote
first
rather
than
the
discussion
first,
but
both
of
both
of
them
are
on
there.
Now
once
that
deposit
is
made
it.
B
It
starts
the
voting
period
and
the
the
person
who
in
the
community
that
wants
to
propose
one
of
these
new
on-chain
votes.
They
don't
have
to
do
the
entire
1600.
They
can
post
as
little
as
400
osmo
and
then
have
the
rest
of
the
community
come
in
and
post
the
balance.
So
this
starts
to
bring
in
a
little
bit
more
Community
voting
and
more
Community
participation
for
these
types
of
proposals.
So
the
kind
of
steps
that
we're
looking
at
here
and
summary
are:
we
do
a
discussion
post.
B
A
No
I
was
just
I
was
just
laughing
about
the
joys
of
Unchained
governance,
so
we
make
it
easy.
We
make
it
really
easy,
so
Community,
here's
a
call
for
you
all.
Please
get
out
there
and
vote
yes
or
no
on
these
proposals.
Let's
stay
away
from
the
no
with
veto
and
make
sure
that
we
protect
the
deposits
of
our
supporters
who
have
backed
these
proposals.
These
are
100
credible
proposals
that
Advance
the
agenda
for
IST
and
help
support
these
pools.
So,
let's,
let's
make
sure
these
don't
get
shot
down
in
flames.
A
C
Right,
wonderful,
so
yeah
when
vaults
I
think
is,
is
really
kind
of
why
I'm
here
and
you
know
I'm
happy
to
say
that
right
now,
I'm
looking
at
my
screen
at
a
vault's
test
net
and
UI,
where
We've
Just,
Started
internal
testing
this
week
on
the
vault's
front,
end
the
vaults
contract
code
and
some
of
the
ancillary
contracts
as
well.
So
things
are
progressing
really
well
there.
C
We,
we
largely
the
the
overall
schedule,
is
there's
some
functional
ux
testing,
that's
happening
over
the
next
week
or
two
liquidations
will
come
in
at
that
point
and
we'll
start
getting
tested.
Similarly,
and
so
that
will
have
to
go
through
not
only
sort
of
functional
testing
to
make
sure
that
it's
operating
the
way
we
expected
it
to
operate,
but
also
a
little
bit
more
of
a
stress
test
where
we
want
to
simulate
more
more
stressful
chain
environments
and
make
sure
the
liquidation
is
still
functioning
right.
C
And
then
we
also
have
the
Oracle
Network,
which
is
separately
being
tested
right
now
by
simply
staking
and
will
get
connected
to
the
vaults,
the
vaults
code,
or
rather
the
test
net
that
runs
vaults
shortly.
So
really
excited
to
see
all
this
come
together.
You
know
it's
been
a
lot
of
work
by
the
team
in
different
places
that
it's
it's
now
all
getting
stitched
together
and
just
seeing
honestly
being
able
to
create
a
vault
adjust
it
close,
it
is,
is
pretty
cool
to
watch
so
very
excited
there.
C
The
the
other
piece
that
we're
we're
excited
to
announce
is
that
there
will
be
a
closed
sort
of
beta
test
net
that
we'll
we'll
want
to
bring
people
from
the
community
into
and
that
will
get
announced
by
marketing
at
some
point
in
the
future
and
I
feel
like
I'm,
potentially
speaking
out
a
turn
here.
But
you
know
that
is
something
where
we're
really
excited
to
bring
community
members.
C
A
C
Yeah
so
internally
we
budgeted
about
four
weeks
for
testing
and
again
really
that's
that's
largely
because
we
we
want
to
be
sure
that
liquidation
is
working
right,
that
you
know
this
release
that
sort
of
increases,
the
the
risk
profile
of
IST
in
certain
ways
is
solid,
so
that
was
that's
sort
of
how
we're
thinking
about
it.
I
think
it
will
also
be
pending
external
audits,
and
so
it's
hard
to
get
exact
with
a
date
there.
C
You
know,
hopefully,
as
we
start
to
get
towards
the
the
closed
test
net
and
start
bringing
in
the
community,
we
can,
you
know,
be
a
little
faster
and
clearer
around
our
dates.
At
that
point,
once
we
have
gotten
a
little
more
confidence
in
the
in
the
testing
but
yeah,
so
you
know
still
targeting
for
q1
here.
A
Excellent
excellent
thanks
for
that
and,
of
course,
we're
happy
to
take
any
questions.
Anyone
has
related
to
the
vaults
release
or
anything
else.
Just
just
put
up
your
hand,
we'll
pull
you
up
on
here
on
stage,
and
we
will
take
care
of
that,
but
I'm
about
to
hand
it
over
right
now
to
Chris
Berg
and
for
those
of
you
who
have
not
seen
or
heard
Chris
on
these
calls
before.
Chris
is
actually
the
chair
of
the
economic
committee
and
is
calling
in
from
a
very
unfriendly
time
zone.
A
D
The
engineering
side
and
the
product
side
are
all
ready
to
release
the
volts
release.
So
that's
been
a
big
part
of
our
Focus.
Now
we
represent
or
we
don't
represent,
we
we
are
acting
on
behalf
of
the
Builder
Dow
around
risk
parameters
of
the
economic
committee,
so
we're,
but
we're
also
as
part
of
that,
we're
developing
out
the
processes
by
which
we
suggest
the
Builder
Dow
can
onboard
collateral
onto
the
Vault
system
so
over
the
next
week
or
two.
D
What
we're
going
to
be
doing
is
proposing
to
the
Builder
now
some
of
those
processes
for
feedback
for
for
discussion
around
governance
as
well.
So
that
includes
what
what
the
actual
process
is.
So
if,
if
there
is
a
particular
collateral
that
the
community
would
like
to
onboard
to
the
vaults,
well
we're
going
to
propose
a
way
by
which
they
would
do
so,
a
way
by
which
they
would
announce
that
they're
doing
so
provide
information
about
the
the
quality
of
that
collateral.
D
The
the
things
like
you
know
is
there
a
high
quality
Oracle
feed.
What
what
is
the
real,
the
sort
of
volatility
in
trading,
so
we're
gonna?
We're
gonna
provide
some
suggestions
about
how
that
process
will
function
and
I
I,
don't
think
I'm
speaking
out
of
turn
when
I
say
one
of
the
core
things
that
we're
going
to
suggest
about.
D
We
want
to
ensure
that
we
are
providing
a
service
to
the
into
blockchain
Community,
but
we
also
need
to
make
sure
that
into
protocol
is
a
very
conservative
and
reliable
token
for
everybody
to
use
so
that
that's
our
focus
at
the
moment.
A
lot
of
it
is
in
process
and
policy
and
you'll
be
seeing
a
lot
more
from
us
over
the
next
week
or
so.
A
That's
interesting,
Chris
and
and
I
felt
fortunate
to
be
able
to
attend
some
of
the
EC
meetings
and
watch.
You
guys
work
and
it's
kind
of
fascinating
to
see
how
you
approach
these
things.
Would
you
think
it
would
be
appropriate
to
share
with
the
group
how
the
EC
is
thinking
about
risk
for
Vault
assets,
yeah,
absolutely.
D
So
every
different
type
of
collateral,
every
collateral
type,
has
a
different
risk
profile
and
that's
across
many
different
dimensions.
So,
for
example,
is
a
I've
mentioned
one
or
two
of
them
already,
so
is
there
a
high
quality
price
of
that
asset
that
we
can
get
from
an
oracle
because,
of
course,
that
not
only
it
will
be
used
to
determine
debt
limits
for
any
given
user,
but
it's
also
going
to
be
used
to
determine
the
when
there's
a
liquidation
and
so
forth.
D
So
when
there
are
liquidations,
we
need
to
make
sure
that
they're
liquidating
against
a
correct
price
or
or
as
close
to
a
correct
price
as
possible.
There's
also
questions
about
well,
relative
volatility
is
this:
is
this
something
that
we
could
genuinely
recommend
users
use
as
collateral?
So
there's
a
bunch
of
risk
parameters
that
we
need
to
start
thinking
about,
and
we
need
to
recommend
that
the
Builder
Dow
starts
thinking
about
when
it's
choosing
to
onboard
or
a
robust
Club.
D
Look,
those
are
the
main
issues
so
we're
hoping
that
the
inter-protocol
Can
Build
and
Grow,
so
we
can
onboard
different
types
of
collateral
over
time.
It's
going
to
be
conservative.
It's
our
priority
is
robustness.
Our
priority
is
solvency.
Our
key.
The
key
for
us,
is
to
make
sure
that
the
inter
protocol
is
stable
and
then
given
those
parameters,
we
want
to
onboard
as
much
and
as
variety
of
collateral
types,
so
that
this
is
most
useful
as
possible
to
to
the
Inter-Community.
A
Excellent
excellent
yeah
I'm,
hoping
that
that
members
of
the
EC
can
at
least
periodically
join
these
Community
calls
going
forward,
I
like
really
exposing
what
you
guys
are
doing
to
the
community
and
being
transparent
about
what's
going
on
with
the
EC,
and
if
people
have
questions
about
the
economic
committee,
this
is
a
great
forum
for
them.
So
again,
just
put
up
your
hand
we'll
get
you
up
here
on
stage
and
you
can
ask
those
questions.
A
Okay,
we've
got
a
little
less
than
10
minutes
left,
so
I'm
just
going
to
sort
of
widely
open
it
up
for
questions
right
now,
but
also
you
know,
there's
been
some
interesting
stuff
happening
around
the
Cosmosphere
or
the
cosmo
verse.
If
you
prefer
across
this
last
month,
Fred
you
flagged
a
couple
of
things
that
you
thought
were
worth
noting.
Do
you
want
to
talk
a
bit
about
those.
B
Yeah,
absolutely
so,
if
no
one,
if
anyone
has
gone
to
a
map
of
zones,
it's
a
great
resource
to
look
at
kind
of
how
the
cosmos
ecosystem
is
growing.
And
if,
if
we
looked
at
it
a
year
ago,
we
would
see
that
up
until
now,
we
have
a
65
year,
year-on-year
growth,
so
we're
up
to
54
zones
in
the
cosmos
ecosystem
more
exciting
than
that
is
that
agoric
is
now
number
12
out
of
all
zones,
so
really
haven't
launched
that
long
ago
and
already
we're
moving
up
in
the
the
ranking
there.
B
Now
this
isn't
necessarily
A
a
specific
measure
of
anything
besides
the
tvl
or
the
the
transmission
volume
between
the
different
networks.
But
it's
it's
starting
to
show.
People
are
getting
excited
about
it
as
we're.
Getting
ready
to
launch
vaults
and
inner
protocol
is
launching
more
ist
opportunities
and
pools,
and
things
like
that.
A
There
seems
to
be
I
was
just
gonna
say
it
seems
to
be
there's
no
doubt
that
activity
in
Cosmos
is
is
accelerating.
We've
got
this
very
down
Market,
where
a
lot
of
negative
press
fud
is
out
there
and
Cosmos
seems
to
be
going
and
building
from
strength
to
strength.
I
know
there
was
a
lot
of
of
talk
in
a
chat
recently
about.
Are
we
poised
for
a
cosmos
D5
summer
in
2023,
and
certainly
something
like
IST?
Have
a
native
stable
assets?
Might
help
move
us
closer
to
that?
A
C
Yeah
and
Rick
one
thing
I'd
add
there
too
is
you're
starting
to
finally
see
liquid
stake
tokens
getting
added
to
defy
right,
so
there
have
been
staked
out
in
pools
for
a
while
and
largely
the
The
Stride
The
Stride
liquid,
staking
derivatives
but
Umi.
You
know
alongside
IST,
getting
added
added
St,
Adam
and
St
osmo
and
I.
Think
as
cosmos
starts
to
sort
of
absorb
liquid,
staking
derivatives
as
their
primary
assets.
You're
going
to
see
a
lot
more
defy
activity
because
it
no
longer
competes
with
staking
rewards
on
the
native
chain.
C
A
That
excellent,
excellent,
so
all
right-
we're
rolling
down
here
to
the
last
few
minutes
of
this
call
so
I'm
going
to
put
out
the
call
one
more
time
for
anyone
with
any
questions
and
as
you
sort
of
figure
out
how
to
get
up
on
stage
I'm,
just
going
to
post
out
a
couple
of
reminders.
A
number
of
the
inner
protocol
crew,
including
Fred
Chris,
Roland
I,
don't
know
rolander
you
and
interop
during
East
Denver.
A
Definitely
the
team
will
be
there
and
if
you
are
at
East,
Denver
or
interop,
there
are
some
side
events
taking
place,
we're
co-hosting
the
cosmos,
Peak
event
on
February
27th
and
we're
also
co-hosting
adore
hacks
event
on
March
the
3rd.
You
can
check
online
figure
out
how
to
register.
For
those.
You
know
this
eth
Denver
event
is
is
looking
like
it's
going
to
be
huge,
it's
really
shaping
up
to
be
a
good
one
and
we
hopefully
will
see
some
of
you.
A
E
A
A
C
C
And
so
we
want
to
make
sure
that
there
are
ways
for
people
to
perhaps
bring
Adam
or
bring
usdc
or
something
along
those
lines
and
have
Auto
conversion
into
IST
for
the
liquidation
or
they're
they're
sort
of
some
alternative
things
that
we've
we've
proposed
or
designed
so
at
launch.
It
will
be
IST
only
and
moving
forward,
we're
looking
for
a
additional
additional
capabilities.
There.
E
Thank
you,
Chris
I
have
a
question
for
you,
of
course.
Well,
when
we
go
through
the
process
of
getting
us,
the
community
involved
for
which
assets
will
be
available
as
collateral
in
that
governance
process
or
in
that
discussion
process
will,
will
we
also
be
talking
about
using
liquid
state
derivatives,
so
not
just
atom,
but
also
SD
Atom
from
stride,
for
example,
is
that
open
for
discussion,
or
should
we
just
concentrate
on
governance
tokens
only.
D
Yeah
look
I
mean
it's
absolutely
open
for
discussion.
It's
it's
not
really
our
decision
as
the
economic
committee.
It's
the
community's
decision,
our
suggestion
and
we're
going
to
put
up
some
suggestions
about
this
is
that
we
approach
this
very
conservatively,
certainly
in
the
first
few
months,
and
have
a
smaller
number
of
the
highest
possible
quality
tokens
as
as
possible.
E
C
Well,
one
point
one
point
of
quick
clarification:
there
is
what
Chris,
when
when
Chris
says,
the
Builder
now
has
the
power
to
add
new
tokens
that
that
is
true.
So
in
in
the
software,
the
ability
to
add
a
new
token
to
the
vaults
lives,
with
the
builder
Dao,
where
the
EC
has
their
their
Authority
is
to
set
minting
limits,
set
risk
parameters
and
and
so
forth,
and
and
so
what
we
expect.
C
E
B
That's
a
great
question
and
I'm
excited
to
hear
the
answer,
as
well
as
the
inner
protocol.
Project
Lead
I'm
really
focused
more
on
the
inner
protocol
side
of
things
and
I.
Let
Roland
and
Dean
kind
of
guide
where
build
is
going
so
I,
don't
think
I
could
say
to
anything
authoritative
on
that
standpoint,
but
our
BD
team
and
the
gorg's
BD
team
are
really
outgoing
and
so
pretty
much
anybody.
B
You
think
that
they
should
be
talking
to
they're,
either
probably
talking
to
or
feel
free
to
suggest
it
and
we'll
we'll
get
in
touch
with
them.
We've
actually
got
some
good
leads
from
people.
Saying
hey
you
guys.
You
two
should
talk,
and
so
that's
been
great
as
well,
but
unfortunately
I
can't
answer
that
specifically
yeah.
C
And
I
I
can
just
jump
in
quickly.
So
as
as
you
expect,
we've
we've
spoken
with
stride.
We
we
love
the
stride,
folks
I,
think
there's
sort
of
in
a
decision
from
the
agoric
and
the
Builder
Dow
community.
That
needs
to
happen
around
acceptable
risk
for
the
chain
and
things
along
those
lines
and
liquid
staking
derivatives
really
do
bring
up
a
number
of
those
questions,
and
so
it
hasn't
been
a
focus.
C
Yet
you
know
we,
we
really
are
focused
on
getting
the
full
platform
out,
but
I
expect
sort
of
at
some
point
this
year.
Some
approach
towards
liquid
staking
derivatives
is
going
to
get
discussed
by
the
Builder
Dow
and
likely
voted
on
then.
Ultimately,
you
know,
Dean
has
has
strong
opinions
about
this
as
well
and
and
so
it'll
be
a
topic
we've
mostly
held
off
for
the
moment.
A
Thank
you,
Opa
I,
appreciate
it
and
thank
you
to
the
speakers
Chris
Roland
Fred.
We
really
appreciate
having
you
guys
up
here
and
sharing
all
the
knowledge
that
you
guys
have
about
the
project.
One
quick
call
to
the
community
going
forward
as
as
I
hinted
at
at
the
very
beginning
of
this
call.
You
know
we're
we're
actively
trying
to
transition
more
of
inner
protocol
into
a
true
Community
footing,
and
that
also
comes
down
to
the
community.
Call
the
monthly
call
that
we're
on
right
now.
A
I
would
like
to
put
an
offer
out
there.
If
you
are
a
partner
or
you
are
a
user
or
you
have
things
that
you
would
like
to
talk
about
in
relation
to
Inner
protocol,
let
us
know
and
we'll
bring
you
up
on
stage
when
we
have
these
monthly
events.
We
also
are
open
to
ideas
about
the
format
and
structure
of
these
events.
Do
we
want
a
rotating
host?
A
Let
us
know
what
you
want
to
see
in
these
calls
going
forward
and
we'll
do
our
best
to
make
it
happen.
Okay,
that's
all
I've
got
we're
a
little
bit
over
time.
Thank
you
so
much
to
all
of
our
speakers.
Thank
you
all
of
you
for
attending
and
spread
the
word.
These
calls
are
recorded,
and
so
other
people
can
participate
in
them.
Even
if
the
time
is
not
right
for
them
and
that's
it
I'll
see
you
online
goodbye
foreign.