►
From YouTube: Inter Protocol Community Call #4 — September 2022
Description
Website - https://inter.trade
Discord - http://discord.gg/Gy25rwQuh5
Twitter - https://twitter.com/inter_protocol
00:00 — Introduction
00:33 — Launch Update (Dean — Agoric)
01:29 — Phase 1: Inter Protocol MVP (Rowland — Agoric)
05:25 — Phase 2 and Beyond: Reserve + AMM, Vaults, Oracles, Liquidation, BLD Boost (Dean — Agoric)
09:09— Economic Committee (Jason — Economic Committee)
13:47 — Industry Updates and Highlights (Zaki — Co-Founder, Sommelier)
17:20 — Upcoming Events (Santi — Agoric)
18:00 — Community Questions
18:11 — What makes IST different than UST or Luna?
19:40 — How is IST over-collateralized?
21:59 — Is there a simple diagram explaining IST?
25:56 — How does IST plan for buy/sell pressure of ATOM-backed stable tokens?
29:53 — Will BLD be used as collateral to mint IST?
A
I
think
we
can
kick
this
off.
Let's
do
this.
The
fourth
community
call
a
bunch
of
stuff
to
cover,
so
we've
had
had
somewhat
of
a
the
launch
update
for
the
for
the
community
today,
if
I'm
not
mistaken
dean,
oh
yeah,
I
think
we
should.
We
should
definitely
dive
into
that
yeah.
I
think
people
are
going
to
want
to
hear
what
this
is
and
you
know
cut
up
to
speed
on
it.
So
I'll,
let
you
take
it
away.
B
Good
so
yeah
this
is
this,
is
you
know
normal
engineering
activity,
but
we're
as
we're
closer
to
launch?
Now
it's
it's.
It's
a
lot
about
precisely.
What
are
we
launching,
so
the
community
can
pick
it
up
and
start
to
to
get
these
releases.
So
we
have
a.
You
know:
phased
launch
approach,
the
mvp,
the
minimum.
You
know,
minimum
viable
product
is
the
phrase,
but
it's
really.
What
is
the
minimum
we
can
do
to
get
ist
into
the
interchange,
so
users
can
bring
it
across
to
you
know
their
favorite
smart
contracts.
B
C
Sure
yeah
thanks
thanks
dean
yeah,
so
the
the
first
phase
of
of
the
launch
is
really
what
you
know
for
people
that
have
been
following
into
protocol.
It's
the
contract
known
as
the
parity
stability
module,
and
that
contract
accepts
an
external,
stable
coin
and
in
exchange
mints
ist
or
vice
versa.
It
will
accept
ist
and
burn
it
and
give
back
the
external
stable
coin.
C
The
implication
of
that
is
that
ist
launches,
as
sort
of
a
stable
coin.
External
stable
coin
backed
stable
token,
and
you
know
that
it
sort
of
allows
the
risk
to
be
weighted
by
the
econ
committee.
Using
things
like.
The
mint
limits
to
manage
bridge
risk
manage
the
actual
asset
risk
and
all
that
great.
B
It'll
be
and
it'll
be
really
useful,
I
think
to
to
as
we
get
multiple
of
these
different
bridged
staple
tokens
from
other
from
other
chains
or
from
outside
the
interchange
being
able
to
consolidate
them
into
one
fungible
thing.
That's
designed
not
only
to
incorporate
them
but
over
time
incorporate,
of
course,
all
the
other
mechanisms
that
are
that
that
have
been
developed
for
ist.
It's
a
really
nice
place
to
start
a
really.
You
know
a
really
clean,
stable
place
to
start
and
and
and
focus
on,
getting
ist
out
onto
the
interchange.
C
B
C
C
That
is
internal,
that
would
be
internal,
but
but
then
really
really.
The
goal
is
to
sort
of
target
a
a
chain
vote
for
an
upgrade
in
october
and
and
the
delta
there
between
now
and
october,
really
is
testing
security,
making
sure
that
we're
confident
in
in
what
we've
built
and
that
and
the
performance
so
that
that
sort
of
is,
is
the
target
right
now.
So
looking
for
a
chain
vote
for
launch
in
october,.
B
So
that's
the
that's.
That
is
the
mechanism
that
enables
adam
and
other
tokens
to
be
to
come
across
as
collateral,
fermenting,
ist
against
and
then
finally
build
boost
after
the
the
others
are
deployed
and-
and
you
know,
stabilized
and
all
that
sort
of
stuff
to
enable
minting
ist
against
locked
up,
build
against
the
the
the
rewards
from
the
locked
up
build.
And
so
these
will
be.
You
know
those
are
the
expected
stages.
B
Additionally,
other
people
in
the
community,
some
of
them
have
proposed
other
mechanisms
or
other
additions,
and
so
you
know
additional
pieces
might
come
out
of
the
community
following
the
the
the
launch
of
some
of
these
other
key
pieces,
so
so
looking
forward
to
to
how
this
grows.
Okay,
let's
anything
else,
you
want
to
add
on
this
roland.
C
Yeah,
actually
just
really
quickly.
I
I
want
to
quick,
give
a
quick
sense
of
what
the
user
experience
there
will
be.
The
the
psm
will
have
a
a
front
end
to
it,
so
users
will
be
able
to
come
and
use
the
ui
to
trade,
and
a
core
part
of
this
will
be
making
sure
that
it's
it's
straightforward
to
get
the
right
bridged
assets
over
to
the
agora
chain
right.
So
you
know,
if
you
know
the
the
key
bridges
we're
we're
looking
at
are
likely
axelr
and
gravity
bridge.
B
B
You
know,
deep
expertise
like
exactly
what
are
the
risk
tradeoffs,
and
so
this
is
what
the
design
for
ist
has
been.
Is
that
there
would
be
a
a
committee
of
experts
to
do
this.
Sort
of
thing-
and
I
claim
to
not
be
one
of
those
and
so
now
I'm
going
to
shut
up
and
hand
it
off
to
jason
potts,
professor
jason
botts
from
rmit
university
blockchain
innovation
hub
and
a
wide
variety
of
other
economic,
relevant
expertises.
D
Thank
you,
dean.
Thank
you,
dean,
so
yeah
good
morning,
everyone,
I'm
I'm
jason
potts.
So
I'm
professor
of
economics,
at
rmit
university
in
australia
and
co-founder
of
one
of
the
first
social
science
research
institutes
into
blockchain
and
we've
been
we've
been
deeply
involved
in
a
guy,
for
you
know
forever.
D
Economic
analysis,
but
also
law
policy,
risk
analysis,
technical,
particularly
sort
of
with
a
focus
on
on
cosmos,
technical
skills
to
put
together
what
we,
what
we
think
we
need
to
do
to
effectively
launch
just
the
best
stable
money
that
we
can
build
in
the
cosmos
ecosystem.
So
as
as
dean
was
saying
that
the
approach
here
is
in
ist
is
a
protocol.
D
We
we
aim
towards
decentralization
in
this
process,
but
we
need
to
be
able
to
move
quickly
and
fast.
Initially,
we
need
to
have
a
domain
of
experts
that
we
can,
that
that
can
provide
all
of
the
best
analysis
around
the
technical
risks.
The
sort
of
bridge
risks,
in
particular
a
lot
of
the
considerations
around
assessing
high
quality
collateral
and
and
being
able
to
put
that
together,
so
that
we
can
build
ourselves.
D
This,
the
you
know
what
we're
intending
to
do,
which
is
just
the
the
best
quality
stable
coin
that
we
can
possibly
make
here.
So
the
committee
we've
got
or
the
the
ticket
they're
proposing
is
myself
chris
berg
who's,
also
with
with
blockchain
innovation
hub
joseph
clark,
who's
a
one
of
the
world's
leading
experts
in
in
in
options,
design
and
and
risk
analysis,
long,
history
of
of
work
in
in
understanding
the
sort
of
risks
involved.
D
In
that
we've
got
joseph
and
ronnie
who's,
a
technical
expert
in
the
cosmos
domain,
we've
got
chloe
white
who's,
one
of
the
world's
leading
experts
in
understanding
political
risk
and
regulatory
risks
associated
with
the
entire
crypto
space
and
tebow
shrevel.
Who
is
one
of
the
world's
leading
academic
crypto
lawyers
and
done
a
lot
of
work
on
competition
policy
anti-trust
policy
in
the
space,
so
that
that's
a
that
subject
matter
team,
but
five
of
those
are
economists
in
in
the
group
is
this.
D
Is
the
we've
spent
quite
a
bit
of
time
searching
to
find
what
we
think
is
actually
the
the
strongest
group
that
we
can
put
together
to
work
on
that?
So
that's
what
we're
proposing
as
a
as
our
economic
committee.
There's
a
they're
high
functioning
team.
That
knows
each
other
quite
well,
so
we
can
work
very
effectively
together
to
assess
all
of
the
dimensions
of
risk
that
we
we
expect
to
to
need
to
be
able
to
manage
on
a
timely
basis.
D
B
Excellent
and
you
know
from
my
perspective,
you
know
the
the
one
of
the
early
things
that
you
will,
that
you
guys
will
also
figure
out
is
how
that
team
evolves
over
time.
You
know.
Are
I'm
excited
that
the
initial
you
know
econ
committee
is
a
team
that
has
the
relevant
expertises,
obviously
as
it
look
as
as
as
the
the
isd
ecosystem
grows
and
expands
and
evolves,
and
so
forth.
You
know
you
guys
will
need
to
define
the
process
by
which
that
that
that
team
grows
and
evolves
and
so
forth.
B
So
so
there
should
be
plenty
of
ways
for
the
rest
of
the
extended
ecosystem
to
participate
and
contribute
and
communicate
with
that
that
team
and
and
provide
their
expertise
and
get
get
on
board.
It
is
required,
but
but
I'm
really
excited
to
have
such
a
quality
team
to
to
start
with
and
kick
things
off
now.
There
may
be
other
people
that
that
that
have
that
have
questions
for
you
here
and
and
or
other
information
on
the
community.
So
let's
bring
zucky
up.
F
Well,
I
think,
there's
a
couple
of
things
like
one
is,
I
think
you
know
context,
you
know
the
the
you
know.
The
vision
of
of
ist
is
primarily
to
be
an
asset
that
is
deeply
sort
of
interoperable
with
cosmos
defy
so
right,
like
it
will
be
backed
by
cosmos
assets.
It
will
have
util
isd
will
have
utility
in
cosmos
d5,
and
it
will.
F
You
know
the
governance
mechanism,
the
the
economic
committee
mechanism
and
all
of
that
stuff,
you
know
is,
is
you
know
with
some?
We
also
decided
to
like
sort
of
launch
this
like
stable
coin
seller
first
and
in
this,
in
the
same
way
with
with
the
psm
we're
starting
with
sort
of
the
the
least
financially
complex
array
system,
so
that
we
can
like
so
that
we
can
all
take
the
minimum
amount
of
risk
with
all
the
technical
pieces
coming
together.
F
And
then
we
can
progressively
increase
complexity
by
adding
you
know,
volts
and
the
liquidation
mechanism
and
the
amm
and
all
of
these
pieces.
And
you
know
this
will
be-
hopefully
the
pattern
that
we
use
going
forward
with
the
evolution
of
ist,
where
we
are
going
to
be
adding
more
and
more
complex
things,
and
we
can
start
them
out
with
like
low
debt
limits,
and
then
we
can
progressively
take
on
more
risk
as
we
have
as
we
build
confidence
in
the
system.
So
I'm
very
excited
about
this
launch
strategy.
F
B
B
You
know,
input
on
how
quickly
they
can
absorb
new
mechanisms
to
manage
the
the
the
you
know
to
to
manage
to
ensure
the
continuing
robustness
of
the
token
is
going
to
be
critical,
of
course,
so
so
input
from
from
both
the
econ
committee
and
the
rest
of
the
community
for
for
the
technical
deployment
is
going
to
be
really
really
really
valuable,
so
excellent.
Well,
I
think
that's
up.
That's
that's
it!
On
the
the
the
technical
side
and
the
the
governance
side.
A
Yeah,
well,
I
think
I
think
people
have
yeah.
Definitely
if
you
have
questions
they'll
request
to
speak,
we
have.
We
have
a
few
people
here
who
probably
tackle
most
stuff
yeah
in
the
meantime.
You
know,
I
think
you
know
we
covered
a
lot
of
the
the
digital
world
here
and
I
think
you
know
to
bring
it
to
the
physical
world
quickly.
You
know
we're
we're
planning.
A
I
brought
this
up
before,
but
we
have
an
inner
protocol
a
bit
of
a
party
going
on
at
missouri,
we'll
have
a
page
up,
probably
by
the
end
of
this
week.
So
if
anyone's
around
definitely
recommend
you
know
keeping
keeping
an
eye
on
the
socials,
I
think
it's
been
a
very
fun
event
and
a
great
opportunity
to
meet
and
chat
about
in
the
protocol
in
ist.
So
it
looks
like
we
have
someone,
hey
cdn,
I
guess
that's
citizen
actually
isn't
it.
I
think
you
can.
G
Hey
guys
a
question
for
dean
or
zakiy,
whoever
has
an
answer.
I've
been
drinking
too
much
cosmic
kool-aid
to
be
objective.
Some
too
optimistic
right,
but
luna
happened
right
and
usd
happened,
so
how
to
the
newbies
that
I'm
trying
to
bring
in
or
that
you
guys
are
trying
to
bring
on
board
to
agorik,
bld
and
ist,
like
in
one
sentence.
If
you
can
maximum
three
sentence
like
what
makes
you
different
than
ust
so.
C
He
called
dean
out,
but
I'm
happy
to
take
it
on.
You
know
I
think
in
one
word
it's
over
collateralization.
That
might
be
too
technical
a
word
for
for
people
that
are
just
coming
into
the
system,
but
fundamentally
the
mechanism.
The
mechanism
for
how
an
asset
stays
stable
is
is
important.
It
is
the
driver
of
whether
it
succeeds
or
fails
at
staying,
stable
and
ist
has
a
fundamentally
different
mechanism,
design
than
ust
did
so.
G
C
I'm
not
sure
if
I
follow
the
distributed
risk
connection,
maybe
I'll
I'll
get
it
in
a
second.
But
the
way
I
see
it
is
the
the
at
the
protocol
holds
more
in
assets
than
the
ist
that
has
been
minted
and
as
the
market
as
markets
decline
as
the
value
of
those
assets
decline,
it
has
a
way
to
automatically
shrink
the
ist
supply
and
so
the
way
it
does
that
is
through
liquidations,
and
so
you
know,
obviously
different
different
protocols
have
different
models
for
liquidations
and
those
models
matter.
B
A
B
B
In
order
to
if
a
liquidation
has
to
happen,
it
can
be
sold
off
to
cover
the
debt
the
the
the
collateral
was
for,
and
so
that's
an
example
of
why
adam
is
great
collateral.
Is
it
it's
available?
It's
it's.
It
can
be
sold
in
many
markets.
There's
a
lot
of
interested
parties.
It's
it's
basically
easily
liquid.
B
G
G
B
So
go
to
enter.trade.
There's
definitely
you
know
relatively
simple
white
paper,
but
probably
still
not
quite
what
you're
looking
for.
But
I
you
know
what
you
say
is
absolutely
true.
People
need
the
il5
description
of
these
things
and
the
community
has
provided
several
good
video
reviews
and
discussions
on
this
and
you
know,
and
and
tweet
threads
about
how
it
works
and
that
sort
of
thing,
but
it's
definitely
the
kind
of
thing
where
we
need
to
gather
all
those
resources
and
then
gradually
get
the
the
explainers
that
make
it
clear.
C
G
I'll
all
right,
let's
make
this.
The
last
comment.
Good
question
like
when
I
was
talking
to
chad
barefoot
at
thor
chain,
so
he's
been
working
on
this
thing
called
thor
fi
right,
which
was
a
lending
protocol
and
all
that
stuff
be
right
before
the
lunar
crash
happened
and
that
so
the
thor
chain,
community,
which
is
cosmos,
obviously
hasn't
been
comfortable
and
they
haven't
been
warming
up
to
any
kind
of
stable
coin.
G
So
I'm
just
saying
all
this
because
I
think
the
we're
still
only
four
months
removed
from
the
biggest
trauma
that
that
happened
in
recent
memory
to
crypt
in
cryptoverse,
and
I
think,
having
something
that
makes
people
easily
understandable
and
comfortable
and
so
that
they
could
buy
into
it
without
having
to
go
to
a
second
party
to
ask
them
hey.
What
is
it.
D
G
D
G
A
A
G
Just
a
quick
question
that
was
really
interesting
what
you
were
saying
about
adam
being
sold
automatically
if
the
price
of
atom
starts
to
decline
and
we're
we're
hearing
about
all
these
new
stable
coins
coming
up
like
usk
and
ist
they're,
going
to
be
backed
by
adam
and
if,
if
all
of
this
is
automatically
sold,
if
adam
price
declines,
this
could
be.
This
could
be
a
big
hit
for
adam
price
at
the
same
time.
Right
so
we're
excited
about
this.
G
F
So,
okay,
there's
like
a
there's
like
a
subtlety
to
this
that
is,
is,
is
frequently
lost,
so
the
the
in
when
adam
is
being
sold
by
the
ist
stability
mechanism,
it's
being
sold
at
a
discount
to
what
the
trading
price
of
atom
is.
So
you
think,
if
you
know,
if
adam
is
selling
it,
if
you
know
adam's
price
has
gone
down,
it's
selling
it
a
dollar.
F
You
should
be
able
to
buy
atoms
from
the
ist
protocol
for
nine
dollars
because
of
liquidations
right
so
like
there's
some
discount
price
right,
which
the
system
is
sort
of
dynamically
optimizing
under
these
conditions.
So
it
does
it's
not
so
much.
The
question
of
oh.
This
is
putting
on
putting
on
this
incredible
amount
of
selling
pressure,
which
will
further
drive
the
price
down.
F
What
it's
doing
is
is,
is
it's
incentivizing
people
to
remove
ist
from
the
ecosystem,
I.e
to
take
ist
that
was
collateralized
by
adam
and
take
it
and
essentially
burn
it
like
take
it
out
of
the
ecosystem?
And
so
rather
and
like
we've
seen
this,
you
know-
and
you
know
there
are
countervailing
incentives
right.
So,
on
one
hand,
people
are
going
to
be
are
going
to
be
like
the
protocol
will
be
liquidating
atoms
that
are.
F
On
the
other
hand,
people
who
have
ist
vaults
that
are
backed
by
atoms
will
be
pouring
more
atoms
into
their
vaults
to
protect
against
liquidation,
and
so
there's
these
complex.
So
like
the
game
theory
of
this
is
not
you
know
as
simple
and
as
linear
as
okay,
like
price
goes
down,
atom
gets
cold
price
goes
up,
atoms
get
added
or
like
ist
gets
minted.
It's
a
it's.
It's
a.
F
It
is
a
bit
of
a
more
of
a
complex
game
in
which
there
are
multiple
parties,
each
who
are
trying
to
like
sort
of
maximize
their
outcomes,
and
some
of
those
parties
are
going
to
be
incentivized
to
put
more
atoms
into
the
system.
Some
of
those
parties
are
going
to
be
incentivized
to
put
stable
coins
into
the
parity
stability
module
to
get
ist
to
buy
those
discounted
atoms,
and
some
of
those
parties
are
going
to
be
selling
atoms.
F
A
E
E
F
So
there's
gonna
be
there's
like
this
expected
flow
of
isd
in
terms
of
staking
rewards
to
stake,
build
what
you're
essentially
doing
is
you're
collateralizing,
a
very
small
ist
position
with
with
that,
with
the
like
the
what
you,
the
expected
ist
flow
from
the
from
staking
your
build
right
and
so
like
what
you're
basically
doing
is
saying.
I
have
staked
build.
The
stake,
build
is
going
to
generate
future
flows
of
ist.
F
I
can
collateralize
my
ist
position.
This
is
a
also
just
like
a
relatively
small
mechanism
in
terms
of
like
you,
you
know
the
fraction
of
the
value
of
build
that
you
expect
and
the
fraction
of
of,
like
the
ist
economy
that
you
have
access
to
is
like
is
likely
to
be
like,
maybe,
like
you
know,
one
to
two
percent
of
the
ist
supply
and
like
one
to
two
percent
of
the
build
market
cap.
These
are
relatively
small
values
that
are
there
and,
yes,
you
cannot
look.
F
There
is
no
liquidation
mechanism
in
the
build
boost
mechanism,
so
we're
not
selling
builds
to
maintain
the
solvency
of
the
system.
It's
just
as
long
as
ist
is,
you
know,
continues
to
operate.
You
expect
that
there
will
be
this
flow
of
ist
that
will
be
balanced.
That
will
be
ensuring
that
the
system
remains
balanced.
E
Thanks
for
the
answer,
you
know
the
ist
flows.
You
know
that
that
definitely
makes
sense,
but
by
no
liquidations
for
bld,
assuming
everything
is
via
the
psm
and
let's
say
one
dollar
is
melted
out
of
bld
and
if
bld
prices
goes
down,
wouldn't
isp
be
slightly
a
little
bit
under
collateralized.
In
that
case,
well,.
F
So
you
know,
like
you
know
it,
it
will
be
advised
by
the
economic
stability
committee
and
the
the
and
the
and
the
and
a
choice
of
build
holders
when
you
know
when
and
if
there
might
be
some
world
in
which
build
can
participate
in
the
vault
mechanism,
but
like
it's
like
by
the
like.
The
point
I
was
trying
to
say
is
this
build
a
boost
mechanism?
F
The
like
boost
mechanism
in
general
is
a
is
a
very
separate
mechanism
from
the
vault
mechanism
in
terms
of
of
how
it
produces
ist
and
and
and
and
so
you
kind
of
like.
This
is
sort
of
the
pattern
right.
It's
like
there
are
going
to
be.
There
are
like
there
are
many
ways
of
making
there
go.
There.
We've
already
proposed
that
there
be
three
ways
of
creating
isd.
F
But
each
one
of
them
needs
their
own
independent
reasoning
about
why
it
maintains
stability
that
can
inform,
like
you
know
how
much
isd
that
mechanism
is
allowed,
should
be
allowed
to
produce
without
threatening
the
entire
system,
and
so
that
all
of
these
mechanisms
can
be
safely
composed
together
without
like
introducing
couplings
like
economic
or
software
couplings.
That
can
like
threaten
the
stability
of
the
whole
system.